The third phase of on-chain finance has already begun—institutional capital is rewriting the rules of the game.

The clues can be seen from JPMorgan's actions. They directly issued tokenized money market fund products on public blockchains, allowing qualified investors to earn US Treasury yields on-chain, with daily automatic dividends and interest compounded. On the surface, the report mentions "distributed ledger," but in reality, the amount settled on Ethereum each day reaches as high as $2 billion—this is the true on-chain scale.

Even more interesting is the application of ZK (Zero-Knowledge) proof technology. Systems like ZK-Vote can achieve fully verifiable voting while maintaining privacy. This is no longer just theoretical; it is a tool actively used by institutions.

From a data perspective, several figures are worth noting:
• Ethereum's quarterly settlement volume exceeds $5 trillion, approaching the scale of Visa
• Visa and Mastercard are conducting real-time cross-border settlements on-chain using stablecoins
• If the US GENIUS Act is finally passed, Ethereum will gain recognition as a national-level financial infrastructure

The first two waves relied on speculative sentiment, but this wave is different—funds are flowing into ecosystems with real applications and actual settlement needs. Institutions have built the pipelines, and capital will flow along this path. Only projects with core competitiveness within the ecosystem will truly seize the opportunity.

You may still see Ethereum as just a "cryptocurrency," but it has long evolved into the underlying trust infrastructure of the financial world. Once the pipelines are in place, innovative applications will naturally break through.