Franklin Templeton @FTI_US is now the 9th largest project by total locked value on Arbitrum. Upon seeing this news, my biggest feeling is: in the past, we talked about DeFi as an experimental field for idealists, but now it is being recognized, accepted, and even adopted by real capital markets. I want to approach this from the perspective of "trust migration": Traditional financial institutions have always been seen as representatives of risk aversion and conservative stability. In the past, companies like Franklin Templeton, which manage trillions in assets, had a more cautious and observant attitude towards on-chain assets. Now, not only have they issued a compliance fund based on on-chain assets, but they have also actively deployed into DeFi mainstays like Arbitrum, becoming the 9th largest project by TVL. This action itself sends a signal: trust has migrated from off-chain to on-chain, from centralized systems to smart contracts and public chain ecosystems. What does this mean for the entire Web3 industry, especially for Layer 2 scaling solutions represented by Arbitrum? It means this chain has jumped from being "technically feasible" to "capital reliable." Furthermore, this migration of trust will also change the entire narrative structure: in the past, when we talked about blockchain, we always emphasized "decentralization," "anti-banking," and "trustlessness equals value," but now we are talking about "on-chain funds," "tokenized government bonds," and "compliance entry," not to overthrow the financial system, but to become its new framework. This is not only a milestone for @arbitrum but also a turning point for DeFi to enter the realm of mainstream asset allocation. In the future, more funds, more chains, and more assets will follow this path: on-chain trust has turned from vision into reality. Arbitrum is everywhere 🫡 @arbitrum_cn