#资产代币化 Seeing this wave of asset tokenization, I feel a complex mix of emotions. From the ICO frenzy in 2017, to the project clean-up in 2018, and then the wild growth of DeFi, I have experienced every cycle. The current scene on Solana is essentially another cycle in history—only this time, the players have changed, and the story has become more mature.

Galaxy Digital's stock listed on Nasdaq moving onto the chain, Animoca's equity tokenization, Bhutan's sovereign gold token... These are no longer just air projects but real assets being tokenized on the blockchain. I have seen too many promises of "revolution" that eventually fade away, but this time is different—backed by institutions and countries with real value.

In 2013, I witnessed Bitcoin's transformation from a geek toy to a financial asset, and at that time, no one believed. Now, seeing Solana's TPS compared to Nasdaq's settlement efficiency, the once-dreamed infrastructure is becoming a reality. Speed, cost, efficiency—these were once mocked as "pseudo-necessities," but now they are key metrics for institutional applications.

But the warning bells must also ring. History shows that each technological upgrade comes with risk accumulation. The prosperity of tokenized securities means closer regulation, and increased liquidity can amplify volatility. We must remember how many seemingly perfect ecosystems have collapsed due to systemic risks.

This time, we finally see that RWA is no longer just a slogan but a real capital flow. But the smart approach is to remain respectful and cautious.