#代币化趋势 The data from a16z's annual report is worth paying attention to. Stablecoin trading volume reaches $46 trillion, a scale that is already close to the size of traditional payment systems—three times the volume of Visa transactions. This reflects the genuine growth in on-chain settlement demand, not just market speculation.

Even more worth tracking is the tokenization trend becoming the top innovation direction for next year. On-chain tokenization of traditional assets is no longer in the proof-of-concept stage; the push to tokenize real assets like US stocks and commodity indices indicates a fundamental change in the underlying logic of on-chain capital flow. This involves two levels of on-chain signals: first, the trend of large-scale capital deployment into tokenized assets; second, changes in the activity of related infrastructure and smart contracts.

It is recommended to focus on the capital inflow in the RWA sector and the proportion of stablecoins used in these emerging on-chain assets. Records of whale addresses interacting with tokenized asset contracts and changes in large transfer patterns are important references to determine whether this trend is truly taking hold. The shift from outflows from exchanges to on-chain holdings often preempts the pace of institutional deployment.