The market has received three major signals - the Fed's interest rate cut expectation for December has soared to 86.4%, and the expectation of liquidity easing is igniting risk assets.

Wall Street's penetration into the crypto world is accelerating. Nasdaq has included tokenized stocks in the SEC's priority approval channel, and the proposal submitted in September is progressing smoothly. Galaxy Digital is the first to test equity tokenization, and the boundaries between traditional finance and on-chain assets are becoming increasingly blurred. The RWA (Real World Assets on-chain) sector is gaining momentum, with institutional funds pouring in.

But beyond the frenzy, Vitalik sounded a warning. He recently publicly criticized ZEC's governance mechanism, emphasizing that "privacy is a public good, not a trading chip." The implication is clear: when RWA is rushing, do not let big capital manipulate and erode privacy, which is a lifeline, with short-term interests.

There is good news on the technical front. Deep Funding has launched an AI jury funding mechanism in its pilot program, paired with OpenAC's zero-knowledge proof solution, allowing mobile verification in just 99 milliseconds. The long-standing issues of KYC and privacy protection finally show signs of a breakthrough.

In addition, the Ethereum Foundation will come to Chinese universities to give talks in December:
- 12/4 Peking University Station: RWA and DApp Practical Training
- 12/6 Tsinghua Station: Digital Asset Technology Special Topic
- 12/7 Four Schools Joint Action: Stablecoin Mechanism and Risk Control
The core members of the Scroll team will be present, along with a developer workshop segment.

Interest rate cut expectations, RWA outbreak, privacy technology competition - these three lines are advancing simultaneously. Which direction do you have more confidence in?