On July 3, Barry Plunkett, Co-CEO of Cosmos Labs, commented on the collaboration between dYdX and Robinhood to launch Arcus. dYdX has proven its ability to operate seriously on-chain and has driven industry development, but in recent years it has faced competition from new generation perpetual contract competitors like Hyperliquid and Lighter, a decline in the overall DeFi market, and pressure from Web2.5 products like Kalshi. Plunkett views dYdX's partnership with Robinhood, which has strong distribution capabilities, to pivot towards Real World Assets (RWA) as a 'rational choice.' Regarding the impact on ATOM, he believes it is very limited. The dYdX Chain has always been a sovereign chain, and its fees, security, and value accumulation contribute little to ATOM. The ATOM community did not pay for dYdX's migration to Cosmos. This further confirms the Cosmos team's judgment: for teams with distribution capabilities and leading products, having an underlying platform is very important. Cosmos is currently focused on building tokenized deposit solutions for banks.