#代币化资产与RWA Looking at Solana's 2025 summary, I feel a surge of emotion. $1.7 trillion in DEX trading volume, $766 million in ETF size, nearly 700 days of stable network operation—these numbers behind them actually represent a long cycle of repetition.

I still remember the 2017 cycle, when many projects raised funds under the banner of "revolutionary" ideas, only to mostly vanish in smoke. After experiencing the 2022 crash and the FTX turmoil, Solana has become even more resilient. Now, what stands out is the breakthrough in tokenized asset tools—this is not just about increasing trading volume but signifies the true penetration of on-chain finance from the virtual world into real assets.

I noticed the on-chain tokenized stock scale reaching $185 million. Compared to history, this marks a critical stage where RWA (Real-World Assets) are moving from concept to practice. In 2021, people were still debating whether DeFi could replace traditional finance; by 2025, the question has shifted to "how traditional finance can embrace on-chain assets." Flexible fee payments, improved prediction market tools—these seemingly minor feature iterations are actually paving the way for large-scale adoption.

The continuous 15-day ETF net inflow is even more interesting. It indicates that institutional recognition is steadily increasing, not just a fleeting trend. Having gone through multiple cycles, I’ve learned to focus on long-term trends rather than short-term fluctuations. If performance truly improves further in 2026, the path of tokenized assets might go even further than we imagine.

History always repeats itself, but each cycle is an iteration. What’s different this time is that both infrastructure maturity and application ecosystem richness are far beyond what they were before.