#代币化资产 Seeing Abra's move, what flashes through my mind is the wave of 2017. Back then, the buzz around asset tokenization was everywhere, and during the ICO boom, tokenization seemed to solve everything. Looking at this news again now, it feels like history is indeed repeating itself to some extent, but the background and tools are different.

AbraFi's choice to launch a synthetic asset platform on Solana, introducing multi-asset-backed synthetic stablecoins like USDAF, has a clear logic behind it — solving cross-asset liquidity and risk hedging issues. This approach is much more mature than simply issuing tokens. Using SOL, USDT, USDC as collateral, with Delta hedging to maintain the peg, these are experiences accumulated through years of DeFi practice.

But I still want to say that the improvement of tokenization infrastructure is indeed a long-term proposition. The lessons from 2017 are very profound — when infrastructure is not yet mature, even the best ideas can easily turn into bubbles. Now, Abra daring to consider an IPO in the first quarter of next year shows their confidence in this system. However, it is also a risk signal — once it involves traditional financial IPO pathways, the regulatory story will become more complex.

From a cyclical perspective, this round of tokenization boom has gained some maturity compared to before, but also more uncertainty. Successful cases will accelerate ecosystem development, while failures will also provide lessons. It’s worth continuing to observe.