#代币化资产与RWA Seeing Solana's annual report, I have a familiar feeling. DEX trading volume surpassing 1.7 trillion USD—this number would have been unimaginable a few years ago. I still remember the 2017 cycle when everyone was debating where the ceiling of public chain performance was. And what happened? History always proves those early conclusions wrong.

The most interesting part is tokenized assets—on-chain stock market capitalization reaching 185 million USD. It may not seem large, but it’s a signal. Having experienced several bull and bear markets, I know that each major wave starts from edge products. The path of financial tokenization—from DeFi lending to derivatives, and then to RWA—is progressing faster than expected. Some people once said tokenized assets were just a gimmick, but those voices have now disappeared.

Continuous net inflows into ETFs and nearly 700 days of stable network operation—these seemingly ordinary data points actually reflect the true maturity of the infrastructure. Without reliable stability, institutional funds simply won't come in. Comparing to the various story-driven projects of 2021, the narrative has shifted: from "what can be done" to "what can be sustained."

2026 will be even more interesting. The real test isn’t whether trading volume can multiply several times, but whether RWA scenarios can find genuine, rigid demand. Projects built solely on imagination will continue to be ruthlessly eliminated in this cycle. History never repeats, but it always rhymes.