Regarding the tokenization of U.S. stocks, there is a viewpoint that the impact on crypto projects is fatal, leaving no room for altcoins in the future. The reason is that the money originally invested in crypto will be siphoned off by high-quality U.S. stocks. It is undeniable that a portion of the funds that used to play in crypto will enter the tokenized U.S. stock market. However, this is only one side of the coin; there is another side.

The tokenization of assets, including the tokenization of U.S. dollars, U.S. Treasury bonds, U.S. stocks, and physical gold, will lead to a significant increase in the volume of on-chain assets. The financial aspect of the crypto field has composability. If Ethereum expands and resolves issues like privacy, there is a possibility of a massive explosion in on-chain transactions, not only in DEX, perpetual contracts, and prediction markets, but also that some of the funds originally intended for U.S. stocks may flow into the crypto market. Funds that originally wanted to invest in U.S. stocks but had no opportunity will also enter the market, overall increasing liquidity.

More importantly, the circulation of U.S. stocks on-chain is not entirely one-way; it could also be two-way. However, there are concerns that crypto projects may not have enough solid income to compete. But the wealth effect does not solely depend on income; there are industries in this world with income but low market value.

Of course, this inevitably means the complete end of the widespread altcoin season seen in the previous two cycles. However, there will still be demand for high-quality altcoins and on-chain infrastructure, including public chains like Ethereum, DeFi, oracle services, privacy technology, digital identity, wallets, etc. There is even a high probability that new combinations will emerge, such as crypto AI agents and asset tokenization, leading to new tracks similar to prediction markets or perpetual contracts.

The core message here is not to assume that the tokenization of U.S. stocks will bring about an apocalypse or that liquidity will be taken away. Stablecoins and the tokenization of U.S. stocks, once on-chain, will not simply lie dormant; they will need to become liquid, and the composability of crypto will be fully utilized. Once there is a good narrative and good projects, not only will funds from the crypto circle flow in, but funds from outside the circle will also enter, as it is merely a competition in the same arena.

A few high-quality projects in the crypto space, once they have a narrative, may not necessarily yield lower returns than U.S. stocks. In the next cycle, it is highly likely that projects similar to prediction markets or perpetual contracts will emerge—projects that do not exist in traditional financial markets, characterized by crypto features, believing in the power of newly added liquidity and composability on-chain. The human desire for money and the pursuit of innovation are so urgent that new crypto species are created from the bottom up through continuous exploration.

Moreover, the altcoin seasons of previous cycles were already unlikely to happen. Even without the tokenization of U.S. stocks, a comprehensive altcoin season similar to the last two cycles has already exited the crypto stage. However, a small number of high-quality crypto projects still have opportunities, especially those that serve as the infrastructure and applications for the tokenization of U.S. stocks.

Finally, every cycle has its version child; the version child of the previous cycles and this cycle are different, and the next cycle will not be the same either.

The golden era of the crypto field is gradually coming to an end. With the entry of institutions, the crypto field has entered a new phase of financial innovation.

In this phase, there are still opportunities for high returns. Compared to the previous golden period, the probability of hitting it big is much smaller, but it is not impossible. Perhaps the version child of the next cycle is still in their senior year of college, or maybe they lost a lot of money in this cycle, lying low and waiting for the opportunity to soar in the next cycle.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。