On August 7, Dow Protocol, an RWA platform for e-commerce operations financing, announced the completion of a $10.5 million Seed round funding. The round was co-led by MH Ventures and Mapleblock Capital, with participation from Animoca Brands, Arcane Group, Hashkey Chain, Essentia Partners, and Quartet Group. Dow Protocol provides operational funding to merchants on leading global e-commerce platforms based on their sales receivables and real operational data. The underlying asset service system is embedded in mainstream e-commerce platforms, allowing direct access to merchants' original operational data for credit assessment and risk control. Additionally, through partnerships with platforms, repayments are directly deducted from the platform side, bypassing the merchant's account, thereby controlling repayment risks from the source and establishing a leading receivables mechanism in the industry. On the funding side, Dow Protocol leverages the instant settlement capabilities of stablecoins to compress the lengthy loan disbursement process in traditional lending to same-day transactions. In the cash flow-sensitive operational funding market, the speed of loan disbursement itself is valuable, leading to a willingness to pay a premium for this efficiency. At the same time, Dow Protocol promotes a new logic for on-chain native generation of operational financing, enabling financing terms to be executed in a highly granular and programmable manner, thus reconstructing the underlying operational logic of supply chain finance. Dow Protocol is positioned as a universal PayFi RWA financing protocol for e-commerce, with a framework that can be extended to various supply chain financing needs in e-commerce, dining, payments, gaming, AI computing power, and more.