#代币化趋势 a16z Annual Report data is worth a close look. The trading volume of stablecoins at 46 trillion USD indeed reflects the maturity of on-chain financial infrastructure—approaching three times the size of Visa. What is behind this? Is it the concentration of liquidity or the explosion of genuine demand?

What’s even more noteworthy is that the tokenization trend has been listed as the top innovation direction for next year. Bringing traditional assets on-chain is not just a technical concept; it means new channels for capital inflow are opening. Tokenization of assets like US stocks, commodities, and indices fundamentally changes the supply side of asset liquidity.

From an on-chain data perspective, this trend will be directly reflected in several signals: first, the growth trend of TVL in tokenization protocols; second, the timing and scale of institutional funds entering these protocols; third, changes in the interaction frequency of related contracts. Early on, there are often clues—whale addresses’ strategic movements tend to preempt market expectations.

If tokenization truly becomes the main narrative next year, current on-chain allocations are worth tracking. The key is to see who is positioning early and which addresses are flowing into which protocols.