#代币化趋势 Seeing the SEC approve DTCC's on-chain custody of tokenized assets, I have to say a few words. This wave of tokenization is indeed a super narrative that could last 5-10 years, but precisely because of that, it’s more susceptible to becoming a breeding ground for rug pulls.

I’ve seen too many people light up at the words "tokenization, RWA, on-chain," as if they could get rich overnight tomorrow. But what’s the truth? Bringing traditional financial assets on-chain only improves efficiency and transparency; it doesn’t change the fundamental valuation. A stock of a bad company, even if tokenized, remains a bad company.

The most dangerous are those copycat projects under the banner of "tokenization." They exploit ordinary people's desire for new narratives, packaging it as "the next generation of finance," but in reality, it’s just a rebrand of the same old game played by the manipulators. I’ve seen too many such projects go from ICO to zero, and the pattern is always the same.

What’s truly worth paying attention to are institutional-level moves like DTCC—this indicates that traditional financial systems are gradually adopting on-chain infrastructure. This is an advancement at the infrastructure level, not a speculative opportunity. If you want to survive long in this cycle, don’t gamble on new tokens claiming to be tokenization; instead, understand that this trend itself takes a decade to mature.

Treat short-term volatility as if it doesn’t exist, hold onto core assets, and don’t be fooled by any new concept. The biggest harvesters in this market are always those projects claiming "grab the opportunity and turn things around."