#跨链基础设施与互操作 Seeing JPMorgan issue a $50 million commercial paper on Solana, my first reaction isn't excitement but caution.

Don't get me wrong, there's no problem with this—on-chain settlement by traditional financial institutions is indeed the trend, and the improvement of cross-chain infrastructure requires real-world application scenarios for validation. But we need to understand the underlying logic clearly.

Large institutions choosing Solana for multi-chain pilot experience sounds grand, but from another perspective: it precisely indicates that no single chain can fully monopolize institutional-grade applications at the moment. In other words, don't expect any public chain to dominate in the short term. Projects claiming to be the "Ethereum killer of the next generation," along with various liquidity mining and ecosystem incentives, are all competing for this wave of institutional funds. This is a long-term competition, not something that will be achieved overnight.

The most important thing to be cautious about is FOMO chasing after such positive news. I've seen too many people throwing money into stories backed by "big institutions," only to end up as bagholders at high prices. The narrative of cross-chain infrastructure is indeed attractive, but attractive stories and profit opportunities are often inversely related.

If you want to survive long-term, remember one thing: institutional deployment is a multi-year plan; a single piece of news won't push the coin price up significantly. The prudent approach is to observe, not to chase the trend.