Let’s learn about multipli instead of money. Popular @multiplifi as a weekly reward on Kaito. It has received substantial VC investments from firms like Pantera, Sequoia, and Spartan, but first, let’s briefly understand what this project aims to do. Multipli currently accepts deposits in three assets: USDT, USDC, and WBTC. When you deposit these, it mints x tokens, namely xUSDT, xUSDC, and xBTC, which can be utilized in DeFi as liquid tokens. Multipli generates profits by employing various strategies with the money received from users, with the main profit generation being delta-neutral spot/futures arbitrage. (For instance, holding a long position in spot while shorting futures to capture the funding rate...) That's right. It is very similar to the operational strategies of Ethena or Falcon. No, it’s identical. Ethena or Falcon issue stablecoins like $USDe and $USDf using the deposited assets as collateral, while multipli issues x tokens, which are liquid proof tokens. Multipli's x tokens are 1:1 liquid tokens, so you don’t have to worry about liquidation risks, but if there’s no place to accept these x tokens, they are essentially useless. However, if multipli's x tokens can be utilized in DeFi, users will be able to maintain an interest rate of over 5% on USDC, USDT, and BTC, allowing them to leverage this as money legos. In other words, securing partnerships with DeFi protocols or CEXs will be very important. Multipli's strategy has been somewhat validated as Ethena has shown significant interest rates, especially in bull markets, and Falcon has also been steadily showing decent rates and growing. Although the total deposits have not yet reached 100M, there are plans for managing RWA assets and partnerships with traditional asset management firms like Nomura, making it a project worth looking forward to.