#跨链基础设施与互操作 Seeing JPMorgan issue a $50 million commercial paper on Solana, the first thought that flashed through my mind was— isn’t this just a microcosm of an era’s cycle?

Remember the wave in 2017, when everyone was hyping the ultimate vision of public blockchains, as if blockchain would overthrow the entire financial system tomorrow? But what happened? After a bear market, projects failed, retail investors got burned, and even the voices shouting "We will reshape the world" quieted down. Back then, cross-chain stories were even more extravagant—atomic swaps, cross-chain bridges, each sounding more impressive than the last, but most ended up as PPT projects.

But this time, it’s different.

JPMorgan is not a startup, and Coinbase and Franklin Templeton are not retail investors. These institutions are using real money to issue and settle bonds on Solana, still using stablecoins like USDC. From a technical perspective, this validates a key proposition—on-chain settlement is not only theoretically feasible but also practically comparable to traditional finance in terms of cost and efficiency.

The key is that they chose a multi-chain pilot strategy. JPMorgan explicitly stated they want to promote bond issuance on more public chains. What does this indicate? It shows that interoperability is moving from a grand narrative to a real demand. It’s not about "overthrowing" anything, but purely a cost consideration—whichever chain can process this transaction cheaper and faster, that’s where they’ll try.

Compared to the cross-chain utopianism of ten years ago, today’s logic is more pragmatic and also more frightening. It no longer requires a perfect decentralized ultimate solution, only one that works. This pragmatic shift is often a sign that a major cycle is truly beginning.