#资产代币化 Looking at this set of funding data, my mind once again drifts back to those years. $25 billion, the total amount raised this year—this number is enough to make people pause and think—especially when the market cap has actually decreased by $1 trillion.

This reminds me of the ICO frenzy in 2017. Back then, we saw a surge of hot money and projects everywhere, but most of them eventually vanished into smoke. This time is different because institutional investors are filtering. Old players like Pantera and Coinbase Ventures are still betting—they're not gambling on hype but on infrastructure and real-world scenarios.

The $29 million funding for Real Finance is particularly intriguing—asset tokenization. This time, it's no longer an elusive concept but a real attempt to connect the real world with the blockchain. I've seen too many "revolutionary" promises that ultimately turn into PPTs, but this time is different because there are institutional capitals like Nimbus Capital taking it seriously. They won't buy into stories; they invest in infrastructure.

The funding rounds for LI.FI and TenX also reflect the same logic—trading depth, cross-chain liquidity, institutional-grade staking. These are not things that can be built up through marketing hype. It reminds me of the DeFi explosion in summer 2020, when everyone thought liquidity mining was the future, but in the end, only protocols with real products and depth survived.

The market is adjusting, but true builders have never stopped. This might be the healthiest signal—institutions are still seriously investing in infrastructure during the bear market. History tells me that such periods often give birth to giants in the next cycle.