After years of involvement in this circle and witnessing the evolution of blockchain and fintech, a very clear signal recently is that asset tokenization is gaining momentum.

But to be honest, we're still just at the opening stage; what we see is only the surface. In the next few years, regulatory frameworks will be reorganized, and traditional large institutions will accelerate their entry. By then, the entire financial market logic on the chain may need to be completely rewritten.

In this wave of transformation, I am more optimistic about projects that have already laid out foundational infrastructure. Because compliance and privacy have always been two hurdles that cannot be bypassed when bringing assets on-chain. Compliance issues determine whether you can survive, and privacy issues determine whether you can use the system. Truly solving these two problems and building a complete underlying infrastructure is what qualifies a project to claim it has grasped the future.

Looking at it from another perspective, when the market truly enters the next stage, most projects will still be busy patching vulnerabilities and building frameworks. What will happen to those that have already prepared their supplies? Clearly, they will be sitting and waiting for the right moment. For participants, this is no longer just about watching the excitement; it’s about whether they can preemptively position themselves and witness this paradigm shift in finance firsthand.

Right now, it feels like everything is brewing. The next wave of changes in on-chain finance could come faster and be more profound than most people imagine. In this process, whoever can proactively lay out compliance and privacy strategies will have the opportunity to become key players in this transformation.