#代币化资产 After reading Tom Lee's discussion on tokenization and observing the recent activities of Tether, Pakistan, and Ondo, I have to be honest: tokenization is indeed a long-term narrative, but it’s also the easiest place for people to get trapped.

The idea of a $100,000 end-of-ten-year price sounds tempting, but the problem is—you have to live until that day. I’ve seen too many people blinded by the concept of a "super cycle," mistaking short-term volatility for long-term opportunity, only to cut their losses and exit during a sudden crash. The "instant gratification" mindset Tom Lee mentioned is precisely the biggest enemy for retail investors.

What we should really be cautious about is: now that tokenized assets are booming, various projects are rushing to launch. Ondo’s US stock tokenization looks regulated, but tokenization itself adds layers of risk—smart contract risk, cross-chain risk, regulatory risk. The $20 low threshold sounds friendly, but it also means a large influx of capital into immature sectors.

Tether has raised $20 billion, and Pakistan has $2 billion worth of assets on-chain. These are not positive signals; they are signals that big players are setting the rules. When institutions and national-level capital enter the scene, retail investors should not follow the trend and chase prices. Instead, they should observe—what are they doing, how are the rules being set, and where do they stand?

Tokenization is the future, but the future doesn’t mean next year. Protecting your principal is the only way to have a chance to see that day.