Larry Fink, CEO of BlackRock, compared the asset tokenization (RWA) to "the Internet in 1996". This statement can be seen as the beginning of the awakening of traditional finance in the era of encryption. He means that cryptofinance is a new financial infrastructure with great potential, but it is still in its early stage. Just like the Internet in 1996, most people have not realized that it will completely change the existing situation. In 1996, people were still reading magazines/newspapers/listening to radio/watching TV, but now newspapers and magazines are almost rarely read, replaced by online news/social media/live streaming/videos. Look at the Internet in 1996: Most people are still using dial-up internet (56K cats), and the internet speed is like a snail; Slow internet speed, ugly website, limited content, and ordinary people feel that 'surfing the internet is useless'; Amazon was founded just one year ago, eBay was born, and Google was only born two years later; • Professionals and geeks have been crazy, but Wall Street and traditional enterprises are still basically laughing at "the Internet is a toy"; The infrastructure (broadband/fiber optic/data center/browser) is not fully prepared yet; However, people with foresight at that time were already blowing the horn of the Internet: "This thing will eventually reshape all industries." Take a look at the current situation of "asset tokenization": Ethereum, L2 ecosystem, Solana, and others have initially built infrastructure to support tokenization. It is now possible to tokenize real assets such as stocks, bonds, funds, private equity, stablecoins, gold, real estate, etc. and turn them into encrypted tokens on the chain. However, the challenges faced by the chain in terms of TPS, cost, privacy, security, compliance, custody, and regulation have not been fully resolved. The difficulties we are facing now are similar to those in 1996. But currently, the evolution of Ethereum and the infrastructure situation are slightly better than in 1996. The market size is very small, but the growth rate has started to increase By 2025, the current total size of RWA will only be in the tens of billions of dollars, while the global investable assets will exceed $40 trillion, with RWA assets accounting for less than 1%, indicating a small scale; However, in the past two years, with the entry of institutions, the growth rate has increased. Many traditional financial institutions are still watching or mocking Some banks/institutions still say that 'blockchain is just for speculation' and 'tokenization is not secure'. This feeling is similar to the original saying that the Internet is a toy. It is also similar for traditional retailers to laugh at the illogicality of Amazon selling things online. A few top players are already all in However, even if some banks/institutions are not interested, players who see the trend, such as BlackRock, have already entered the game. BlackRock launched the Ethereum based US dollar currency fund BUIDL in 2024 and has been growing ever since; Goldman Sachs, Fidelity, Societe Generale, and others are exploring tokenized bonds and funds, and even real estate. Is it similar to the early Internet companies' attempts in 1996-1998? In addition to traditional players, more crypto players and entrepreneurs will become the protagonists of the future, such as AAVE/Uniswap/Hyperliquid/light/Polymarket, etc. Some may be replaced by newcomers, and there are still many new players on the way. The next 5-10 years will be another golden age for crypto entrepreneurship. If this trend judgment is correct: So, in the next 5-15 years of tokenization, achieving comprehensive tokenization of various assets will start with stablecoins, which are the easiest to circulate. Currently, stablecoins have become successful cases of asset tokenization, followed by stocks/bonds/funds/music copyrights/carbon emission rights Finally, the most difficult to deal with are gold/real estate... 24/7 real-time trading, global circulation, and instant settlement. In 5 years, due to the significant increase in public chain infrastructure such as Ethereum, transaction costs will also decrease to a completely acceptable level. In addition, the development of privacy technology and regulatory compliance will make asset trading and circulation increasingly feasible. The era of retail investors purchasing one ten thousandth of the property rights of a Manhattan office building may be realized within 10-15 years; And all financial products can be turned into programmable "smart assets", with automatic balance management/automatic dividends/automatic reinvestment/automatic triggering of collateral, and so on. To sum up, it seems that the current tokenization is not reliable, but just like the Internet in 1996, the soil is poor and it looks like a toy. But today's Internet has realized almost all the original ideas. The next 5-15 years will be the best era for cryptocurrency entrepreneurship.