"Tokenizing assets" right now—bringing real-world assets onto the blockchain—is mostly still at the stage of "scanning paper documents into PDFs and uploading them online." It might look like there’s some scale on-chain, but at its core, it’s still the same old system. Pantera Capital’s report points out: Of the $320 billion in tokenized assets currently, 77.6% are just "digital copies/wrappers." It’s like taking a photo of a property deed and uploading it. Buyers still have to go through the old offline processes for redemption, settlement, and compliance—it’s all the same traditional workflow. The truly game-changing approach should be using crypto to reinvent finance: automated execution, smart contracts, 24/7 instant trading, programmable yields, seamless global distribution… Just like how the internet back then wasn’t just about putting newspapers online—it eventually gave us new media: Weibo, TikTok, the influencer economy, and more. In summary, the current stage of asset tokenization is like moving newspaper content online. But the bigger future is on its way—similar to how the internet completely reshaped the news industry, creating new models, new revenue streams, and new ways to play the game. On-chain finance will be an even bigger future. The real money-makers will be those native to the blockchain, using crypto as a super engine to create new financial products (like automated private credit interest distribution, AI-powered trading agents, etc.). We’re just getting started—there’s still a long way to go and a lot of room to innovate.