[a16z crypto: Most 'tokenization' today merely records on-chain without unlocking new functionalities] a16z crypto posted on the X platform, stating that not all tokenized assets truly and equally exist on-chain. Bonds are currently the largest category of tokenized assets, with a market value of $15.2 billion, but only about 5% of this supply is utilized in DeFi. Precious metals face a similar situation: while they are on-chain, most remain idle. Smaller categories, however, show a different trend. For instance, 84% of reinsurance tokens are deployed in DeFi, while the proportion for private credit stands at 33%. This makes sense: the categories with the highest DeFi usage were designed for DeFi from the outset, such as through protocols like Nexus Mutual and Maple Finance.