#代币化趋势 Seeing Huaxia Fund launch Asia's largest tokenized money market fund on Solana, my first reaction isn't excitement but caution.

Don't get me wrong, this doesn't mean there's a problem with the project, but as such innovations become more common and more "hot," we need to stay clear-headed. Traditional financial institutions entering the tokenization space indeed lowers barriers and increases transparency, but at the same time, we must think carefully: when large funds and big institutions flood onto the chain, where are the opportunities for retail investors? And where are the risks?

I've seen too many "innovative projects" go from glamorous to defunct. The trend of tokenization itself isn't wrong; the problem is that most people don't ask these four questions before entering: What is the real demand for this product? Is the liquidity really good? Will there be pitfalls when exiting? Is there a possibility that institutions might cut the leeks at some stage?

The multi-currency design involving HKD, USD, and RMB may seem to cover a broad range, but in reality, it also means different levels of risk diversification. This isn't to say there's necessarily risk, but you first need to understand clearly what you're truly earning—are you gaining profits or just part of an arbitrage?

The secret to surviving in a big wave is: don't be blinded by the halo of innovation. First, ask what practical benefits this offers you, and then consider what the worst-case scenario might be.