According to a report by Deep Tide TechFlow, JPMorgan's latest research indicates that the development of decentralized finance (DeFi) and asset tokenization has not yet reached expected levels. The total locked value (TVL) of the DeFi ecosystem is below the peak in 2021, with major activities concentrated among native cryptocurrency users and retail investors.

Research director Nikolaos Panigirtzoglou stated that despite the development of compliant infrastructure, such as licensed lending pools and KYC-supported vaults, institutional adoption remains low. Major obstacles include regulatory fragmentation, unclear legal status of on-chain assets, and issues related to the security of smart contracts.

In terms of asset tokenization, there are approximately $25 billion in tokenized assets and $8 billion in tokenized bonds, but most projects are still at a small scale or experimental stage.