#代币资产发行与投资 Seeing this wave of tokenized assets, my mind still recalls the ICO frenzy of 2017. Back then, we witnessed what "everything can be tokenized" truly meant—from air coins to various innovative promises, most of which eventually vanished into nothingness. This time is different; we see the logic of bringing real assets on-chain gradually taking shape.

Since Ondo launched in September, its TVL has surpassed 400 million and trading volume has broken 1 billion. This growth rate is worth pondering. It’s not just storytelling; it’s speaking with data—tokenized US stocks and ETFs are becoming genuine demands. Leading players like Coinbase, Bitget, and Abra have almost simultaneously entered the market. What does this reflect? That the market is indeed willing to pay for these kinds of products.

But I must honestly share my feeling: this resembles the hype of crowdfunding in 2014 and the early days of ICOs in 2016. The difference is that RWA (Real-World Assets) are backed by actual assets, not empty promises. As long as this foundation remains solid, the ecosystem can continue.

USDAF, the staked version SDAF, and mechanisms supporting Delta hedging—all these are attempts to address the pain points caused by past stablecoin collapses. History shows that good designs can last a long time, while bad ones—even with re-innovation—cannot escape failure. The key is who can truly achieve decentralized governance, rather than just claiming to be a DAO.

What’s most interesting about this market rally is that it’s redefining financial access through crypto. Entering US stocks at $20, with trading 24/5—this is a direct challenge to traditional financial thresholds. Projects that can persist will change many things.