#资产代币化 Seeing Ondo's numbers surpassing $400 million in locked assets and $1 billion in trading volume, I am reminded of the feeling during the crazy ICO boom in 2017. Back then, everyone was hyping concepts, but very few projects truly settled and matured. What makes this time different is that asset tokenization is not just a lofty narrative—it is supported by real US stocks and ETFs, with an entry threshold as low as $20 allowing retail investors to participate.

Tom Lee hit the nail on the head: the mistake most people make is compressing a ten-year story into ten days to verify. Viewing tokenization over a 5 to 10-year cycle is like looking at a distant endpoint through a telescope. The expansion of assets on Ethereum and BNB Chain today essentially breaks down the barriers between traditional finance and on-chain worlds, a process that will inevitably involve repetitions and adjustments.

I was on-site during the 2020 DeFi summer, witnessing the frenzy of Compound and countless failures. The difference now is that tokenization addresses the urgent need for real asset rights confirmation. Ondo’s cross-chain capabilities and ecosystem expansion speed demonstrate one thing: this is not just a story about a single project, but an awakening of the entire sector. Short-term volatility is not worth paying attention to; the real question is: five years from now, to what extent will the boundary between on-chain and off-chain assets blur? The answer to this question will truly determine the significance of these numbers today.