Gold, humanity's oldest vessel for shared value, is undergoing its most profound infrastructure shift in five thousand years—moving from safes in London vaults to verifiable ledgers on the blockchain. When the real interest rate framework fails and central banks become marginal price setters, how does the on-chain price discovery mechanism for tokenized gold (XAU) operate? When PAXG and XAUt enter Aave and MakerDAO, how do low-volatility assets reshape DeFi lending models? When Tether accumulates gold at a pace of 1-2 tons per week, how do on-chain actors participate in the distribution of pricing power? This article outlines six questions, systematically dissecting the value reconfiguration, price migration, and ecosystem integration of gold in the digital age. It does not provide price forecasts, only structural analysis.
$XAU Essential positioning: a vessel for value consensus