Introduction: The next round of DeFi competition may shift from “trading” to “asset management”
In the past few years, the crypto industry has gone through multiple stages of development.
From Bitcoin kick-starting the era of digital assets, to Ethereum driving the development of smart contracts, and to continuous innovation across tracks such as DeFi, NFTs, and RWA—blockchain is gradually evolving from a mere trading tool into a more mature financial infrastructure.
Nowadays, a new trend is emerging:
Traditional financial products are trying to enter the on-chain world.
Funds, yield strategies, quantitative investing, structured products—fields that previously mainly belonged to traditional financial institutions—are entering the DeFi ecosystem through tokenization.