#代币化趋势 After a wave of official announcements from Solana Breakpoint, I have to say—tokenization is really nothing new, but the way it's being done now is completely different.

From stablecoins to stocks and bonds, and then to gold and asset tokenization, the entire ecosystem is pushing in one direction: bringing traditional financial assets onto the chain. It sounds great, but I need to be upfront about the pitfalls involved.

First, behind the explosive growth of stablecoins, don’t be blinded by the hype. The launches of JupUSD, USDGO, USDG may look lively, but the question is: who guarantees these stablecoins are truly "stable"? The conversion of 750 million USDC sounds substantial, but if any part of the process encounters issues, retail investors will always be the last to pay the price. This is a lesson I’ve learned over the years—things that are newer and hotter often carry the greatest risks.

Second, asset tokenization sounds like the future, but in reality, it’s just moving gambling onto the chain. Galaxy tokenizing its own stocks, Bhutan issuing gold tokens TER—these all send a signal: institutional investors are entering, and scale is increasing. But have you considered that once big money really flows in, old tricks like price manipulation and liquidity traps might not be far behind? I’ve seen too many projects that shout loudly in the beginning but run away after taking their cut.

Another detail worth cautioning—performance does not equal security. Solana’s TPS rising from 100,000 to the planned 100 million sounds impressive, but high-performance chains often mean more complex systems, which also increase the risk of bugs and vulnerabilities. I’m not saying Solana is bad, but the faster the chain, the quicker the losses when problems occur.

My simple advice: keep an eye on this wave of tokenization, but don’t be fooled by stories that look good on the surface. Do your homework and understand what you’re actually buying—whether it’s a genuine underlying asset token or just a traffic trap created by a project team. History tends to repeat itself, just under a different name.