[Citigroup Research: Aave Poised to Become the Collateral Flow Infrastructure for Tokenized Capital Markets] The latest research shared by Citigroup suggests that viewing Aave solely as a crypto-native lending protocol is no longer comprehensive. As tokenized assets, stablecoins, and institutional participation gradually enter mainstream finance, products like Aave V4, Horizon, and GHO are driving its evolution into decentralized collateral flow infrastructure. The report highlights that tokenization addresses the issue of how assets are brought on-chain, while protocols like Aave can further support the collateralization, financing, and liquidity allocation of these assets. Collateral flow may become one of the most important application scenarios for tokenization.