#资产代币化 This year, crypto financing exceeded $25 billion. Institutions have not exited due to the decline in market cap; instead, they continue to increase their investments—this signal is worth paying attention to.

Take a close look at the financing structure: LI.FI's $29 million is used to expand trading sectors, TenX Protocols' $22 million focuses on institutional-grade staking and validator operations, but the most interesting is the $29 million financing obtained by Real Finance, explicitly targeting RWA tokenization infrastructure.

What does this indicate? On-chain asset tokenization is no longer in the conceptual stage; institutions are already deploying real capital to build infrastructure. RWA has evolved from last year's hot narrative to this year's financing focus, with capital validating the commercial viability of this direction.

In terms of capital flow, large institutions (Pantera, Coinbase Ventures, DCG) continue to invest, indicating they have a confident outlook on the long-term track. Although the total market cap has fallen by $1 trillion, the financing scale has reached new highs. The confidence gap between institutions and retail investors is widening—this usually means institutions are accumulating chips and preparing for the next cycle.

A key point to watch is the actual progress of RWA tokenization network applications. Infrastructure financing is just the starting point; the real opportunity lies in whether these protocols can support the flow of real assets.