The real challenge facing on-chain finance is: The vast majority of tokenized assets are just sitting idle, lacking liquidity, unused, and left untouched for long periods. This kind of tokenization without circulation essentially just moves the way traditional assets are recorded onto the blockchain, at best functioning as an 'upgraded spreadsheet.' The core value of on-chain finance has never been simply about digitally storing assets, but truly achieving efficient, trustworthy on-chain settlement and transfer capabilities.