代币化风潮下的现实挑战 RWA行业透视

Although token is the hottest trend in the field of encryption at present, especially in the field, it is actually just another form of securities token. Although it is feasible in theory to transfer traditional assets to the chain, it is far more difficult to operate in practice than people think, especially in the real world. Tokenization of assets has recently been hyped as the next subversive trend in the field of encryption, but most people don't realize that this trend is actually another form of securities token. The term has rarely been mentioned since, which is not without reason. Most people who advocate tokenization are wrong, but their starting point may be good. It is not anyone's fault that something has become a trend. However, if securities tokenization and all belong to the same technological evolution route, another bubble burst may be coming. Many current advocates of tokenization are actually some traditional finance that fled from decentralized finance, a hot speculation spot in the past. For example, BlackRock thinks that the recently launched Bitcoin is the first step in the chain of all things, but it is much more complicated to tokenize all financial assets. Supporters and opponents generally have misunderstandings that the physical assets tokenization industry is about to usher in its eighth year, which can be traced back to the end of the year. My company launched a fully compliant equity tokenization project in June, which is one of the earliest projects in the industry, despite many encounters. Challenges can't be listed here. We have changed from the initial role of token equity issuer to a gold mining tool enterprise software company, which is committed to connecting and supporting the digital asset ecosystem. Since we started to engage in the token of physical assets, heterogeneous tokens and decentralized finance have experienced expansion and subsequent large-scale shrinkage, and it is more user-friendly token technology application. For example, in accessible markets, you can buy computer-generated ones with tradable tokens. If I map the development process of artworks to the hype cycle, I will put it in the peak period and quickly slide to the disillusionment trough. For example, investors have written down their investment of $100 million to $10,000 because the wealth of the exchange is decreasing, and the once-hot market has also cooled down. Many projects now seem to be reshaping their brands and re-paying attention to real-world assets, including giants and reputation-promoting teams, and now take large traditional financial institutions as customers or partners. This makes sense, because many founders made their mark at Stanford University or Wharton Business School before they joined the Wall Street Bank. They were tired of the quantitative work to support bond salesmen and stock traders, but they were fascinated by the volatility and work-life balance brought about by decentralization. They were very familiar with the global financial world and currency, but were not interested in its rules, regulations and strictness. As keen trend observers, smart founders and their engineers and mathematicians. Seeing the writing on the wall, they quit the game of managing token airdrops in and began to readjust their marketing and strategies to create new things, that is, the marked results, large-scale migration and adoption of names, and getting rid of anything that seems to be copied and pasted quickly. This is the symbolic measure and risk of the unpopular world in 2008. Most projects usually manage assets and collateral mainly stable coins rather than actual hard assets, which is not a quiet riot if the current market is mapped. By the hype cycle, it may just fall in the position of the surge of suppliers today. Now it is actually a good idea that everyone wants to get involved in business and want to enter as soon as possible. Nowadays, the ownership of the target asset category of most private assets is tracked through spreadsheets and centralized databases. If an asset is restricted from selling, such as public shares, bearer bonds or cryptocurrency, there is no reason to invest in the obsolete data management base in the private market, which is easier to sell. Infrastructure is a function of inertia. According to supporters, tokenization solves this problem. Can tokenization really solve this problem? This little white lie has some truth, but the absolute fact is that although tokenization itself cannot solve the liquidity or legality of private assets, it also brings new challenges. Tokenization advocates can easily avoid this problem, and they can easily do this because most of the so-called real-world assets that are tokenized are simple debts or liabilities. Mortgage instruments do not comply with the same compliance and reporting standards as regulated securities. In fact, most projects adopt an old process called re-mortgage, in which the collateral itself is a lightly regulated cryptocurrency and the product is a form of loan, which is why almost all projects take the yield of money market type as their attraction, just don't pay too much attention to the quality of collateral. Lending is a big business, so I won't expect the future and long-term success of tokenization, but I will say that you will cash in. It is not accurate to bring real-world assets to the chain. It is only a small part and an important part of this difficult problem. When Larry Fink and Jamie Dimon talk about the tokenization of each financial asset, they are not talking about encrypted collateral. They are actually talking about the tokenization of real estate, private equity and ultimately public equity. This cannot be achieved only through smart contracts. First-hand experience has been established for more than seven years. A digital transfer agent and tokenization platform has tokenized nearly 100 million units representing the interests of nearly 100 companies. The reality of tokenization of public financial assets is much more complicated. First of all, tokenization is only a small step in the whole process, which is relatively simple and unimportant. Hundreds of companies can tokenize assets, which makes tokenization itself a commercialized business. The profit margin is quite limited. From the perspective of business model, the competition in the tokenization field will eventually turn into a fee. Because too many suppliers provide the same service, it will soon become a pure commodity. Secondly, more importantly, there is a fiduciary responsibility when tokenizing and transferring physical assets. This is the key part and the place where blockchain technology plays a role. The distributed ledger brings real benefits to the tokenization of financial assets by providing immutability, auditability and credibility, which lays the foundation for provable ownership and can record all transactions immediately and without errors. Without this, the finance that uses tokens will have a revolution, and the trust created by the ledger will enable financial professionals and their customers to support it. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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