jakiro
Regarding the tokenization of U.S. stocks, one view is that the blow to crypto projects will be fatal, and there will be no chance for copycats in the future.The reason is that the money originally invested in crypto will be sucked away by high-quality U.S. stocks.It is undeniable thatSome of the funds originally invested in crypto will go into tokenized U.S. stocks..But, this is only one side of the coin, there is another side to the coin.
becauseThe tokenization of assets, including the tokenization of U.S. dollars, U.S. bonds, U.S. stocks, physical gold, etc., will bring about a significant increase in the amount of assets on the chain., and finance in the crypto field is composable. If Ethereum expands and solves privacy and other issues,One possibility is that the explosion of on-chain transactions is not only dex, perp, prediction markets, etc., but another possibility is that some of the original funds for playing US stocks will also flow into the encryption market..Funds that originally wanted to play U.S. stocks but had no chance to play U.S. stocks will also enter the market, which will increase liquidity overall.
What’s more,The circulation of U.S. stocks on the chain is not entirely one-way, but may also be two-way..But what everyone is worried about is that the income from encryption projects is not strong enough to win.But the wealth effect does not entirely depend on income. There are also industries in the world that have income but low market capitalization.
Of course, this also inevitably means the complete end of the widespread copycat season of the previous two cycles.ButHigh-quality copycats and on-chain infrastructure, including Ethereum and other public chains, DeFi, oracles, privacy technology, digital identity, wallets, etc.There will still be demand, even encrypted AI agents, asset tokenization, etc. have a high probability of being combined to create new gameplay, and new tracks similar to prediction markets/PERP will appear again.
The core meaning here is, don’t think that the end is bound to come and liquidity will be taken away just because U.S. stocks are tokenized.Once stablecoins, U.S. stock tokenization, etc. are put on the chain, they will not simply lie on the chain. They must become liquid, and the composability of encryption will be fully utilized.Once there is a good narrative and a good project, not only funds from the crypto circle will come in, but funds from outside the original circle will also flow in., this is just a competition on the same field.
Once there are a few high-quality projects in the encryption circle, once they have a narrative, their returns may not necessarily be lower than those of US stocks.In the next cycle, there is a high probability that projects such as prediction markets and PERP will appear. Such projects are not available in traditional financial markets and have crypto-specific market rates. I believe in the power of the new liquidity and composability on the chain..People’s desire for money and pursuit of innovation are so urgent that new crypto species are created from the bottom up through continuous exploration.
In addition, it is impossible to have a copycat season from the previous cycle.Even if there is no tokenization of U.S. stocks, the all-out altcoin season similar to the last two cycles has exited the crypto stage.However, there are still opportunities for a small number of high-quality encryption projects, especially those infrastructure and applications used to carry the tokenization of US stocks.
Finally, every cycle has version sons. In the previous cycle, the version sons in the previous cycle are different, and they will not be the same in the next cycle.
The most golden western world in the crypto field has gradually come to an end. With the entry of institutions, the crypto field has entered a stage of new financial innovation.
At this stage, there are still opportunities for big returns. Compared with the previous golden period, the probability of winning is much smaller, but it is not impossible.Maybe the son of the version of the next cycle is still in the fourth year of college, or maybe he has lost a lot of money this cycle and is lurking in the fields, waiting for the opportunity of flying dragons in the sky in the next cycle.
