Gold has almost taken over 90% of the market share in the tokenized products (RWA products) on the chain, with a total market value of approximately 5.3-6 billion US dollars (mainly PAXG+XAUT). What is the total market value of gold? The total market value of global investable gold is approximately $14-15 trillion (some estimates are even higher at the level of $30 trillion), including physical gold bars, coins ETF、 Central bank reserves, etc. Tokenized gold currently accounts for less than 0.04% of this huge cake, with enormous potential. If 20% of gold is on the blockchain in the future (approximately $3 trillion), the potential market value of gold on the blockchain could theoretically reach the $3 trillion level - which is already twice the current total market value of Bitcoin (approximately $1.53 trillion)! At present, the vast majority of them are issued on Ethereum, accounting for about 70-80% or more (PAXG is completely on Ethereum, XAUT main chain is also on Ethereum, and some cross chain to other chains). Ethereum remains the core battlefield for tokenizing gold. The proportion of other products is very small: • Silver (iShares Silver Trust, etc.): Only around $28 million Other commodities such as oil and agricultural products add up to only tens of millions of dollars Gold is currently the most successful and popular category among RWA institutions. Good liquidity, high trust, strong risk aversion, perfectly adapted to on chain gameplay. What is the future of "on chain gold" vs "digital gold" BTC? This is the most imaginative place: Short term (next 2-3 years): It is highly likely that on chain gold will continue to grow rapidly, reaching tens of billions to hundreds of billions of dollars, which is reasonable. It will become the favorite "stable safe haven+programmable" asset for institutions and large investors, capable of pledging, lending, 24-hour global trading, and can also be exchanged for physical gold at any time. In the medium to long term, if the tokenization ratio reaches 5-10%, the market value of gold on the chain can easily exceed trillions, and it will face BTC head-on. BTC is "pure digital gold" (decentralized+scarcity narrative), while on chain gold is the "digital version of real gold" (with physical endorsement, low volatility, and high compliance). The two are not completely substitutes, but complementary - one attacking high risks and high returns, and the other defending stability and hedging. The most likely scenario: In the future encrypted world, there will be a "dual gold" pattern - BTC is an offensive digital gold, and on chain gold (PAXG/XAUT, etc.) is a defensive physical gold. Both of them may be required in the institutional configuration combination: BTC hedge narrative and on chain gold value preservation. Who can better grasp the wave of global wealth redistribution? Regardless of who it is, Ethereum's value as a platform that carries both "on chain digital gold" and "on chain physical gold" will not be low.