#代币化趋势 After reviewing a16z's annual report, the tokenization trend is indeed worth paying close attention to. The figure of $46 trillion in stablecoin trading volume is quite shocking—over 20 times PayPal and nearly 3 times Visa. What does this mean? The infrastructure for capital flow is quietly shifting.

Tokenization of traditional assets is not a new concept, but the real boom is just beginning. The migration of US stocks, commodities, and indices onto the blockchain indicates that institutional capital is starting to seriously consider this path. The expectation of widespread adoption of decentralized payment systems by 2026 suggests this is not just a hype cycle but a structural opportunity.

From a follow-trade perspective, this means there are two types of traders worth watching: one is structural trend investors focused on the tokenization track, with longer cycles but relatively stable win rates; the other is agile traders capturing short-term arbitrage opportunities brought by liquidity shifts. The former is suitable for risk-averse followers, while the latter requires stronger risk management and discipline in stop-loss.

The key is not to be misled by the narrative. On-chain assets do not necessarily appreciate in value, and concentrated liquidity can also lead to increased volatility. The current choices will directly determine whether you can benefit from this wave of market movement next year.