#DeFi代币化证券与金融上链 Seeing Cantor Fitzgerald's year-end report, I actually feel a bit excited—not because of a possible "winter," but because this time is different.

In previous bear markets, large-scale liquidations and systemic crashes were common, leaving retail investors with nothing. This time, the difference is that institutions are leading the market. What does this mean? It indicates that crypto finance is moving from rapid growth to institutionalization and standardization.

More importantly, the on-chain fundamentals in DeFi, tokenized assets, and infrastructure are continuously strengthening, even if prices haven't caught up yet. This is like laying the groundwork for a bigger transformation—on-chain finance is gradually encroaching on traditional financial territory, and the future of tokenized securities has already begun.

The passage of the U.S. Digital Asset Market Clarity Act is a crucial turning point. The reduction of policy uncertainty will encourage more banks and asset management firms to enter the market with confidence. Short-term price pressures are not scary; what’s truly frightening is missing out on this institutional wave.

Whether winter comes or not doesn't really matter. The key is that during this winter, the infrastructure, legal frameworks, and quality of participants in Web3 are all upgrading. When spring arrives, we will already be at a different level. This is the reason for long-term optimism.