#代币化趋势 Looking at a16z's annual report, the tokenization trend indeed deserves special attention. The figure of $46 trillion in stablecoin trading volume is quite shocking—more than 20 times PayPal and close to 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 chain indicates that institutional capital is starting to take this path seriously. The expectation of widespread adoption of decentralized payment systems by 2026 suggests that this is not a hype cycle, but a structural opportunity.

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

The key is not to be fooled by the narrative. On-chain assets do not necessarily appreciate, 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.