#代币化资产 The data from a16z's report is quite interesting—stablecoin trading volume reaching $46 trillion, which already indicates the market's demand for settlement efficiency. But what truly deserves attention is the tokenized assets sector.

On-chain traditional assets are not a new concept, but based on the emphasis in the a16z report, RWA (Real-World Assets) has officially moved from the exploration phase into industry implementation. What does tokenization of US stocks, commodities, and indices mean? On-chain liquidity fragmentation is being integrated, and the infrastructure for large-scale capital entry is gradually improving.

I am particularly interested in the changes in capital flow—once institutional-grade RWA products go live, the pattern of large on-chain transfers will show clear differentiation. Behavioral characteristics of whale addresses and contract interaction data will reveal new signals. This not only impacts token valuation but also reshapes the liquidity structure of the entire ecosystem.

In the short term, focus on the growth of stablecoin trading volume; in the medium term, observe the actual adoption rate of the RWA track and the speed of TVL (Total Value Locked) inflow. These are key indicators for assessing the strength of the next cycle.