#代币分配与空投 These past few days, I saw that DTCC has been approved to custody tokenized assets on-chain, and Coinbase is also moving into tokenized stocks. It sparked some thoughts. Over ten years ago, when we discussed Bitcoin, many people were still asking, "What’s this thing good for?" Now, Wall Street is reversing course and bringing traditional assets onto the chain. History always repeats in interesting cycles.

Do you remember the ICO boom of 2017? Countless projects raised funds through airdrops and token distributions, but the vast majority ended up worthless. The lesson from that era is that tokens without real asset backing are essentially just playing digital games. But RWA (Real-World Assets) is different—it involves bringing real value onto the chain, which changes the entire logic.

The SEC’s "No-Action Letter" is particularly intriguing. The shift from opposition to compromise, and now to actively participating in framework design, has taken years. I’ve seen too many projects fall due to policy risks, and now policies are paving the way for regulation. The approval of a three-year pilot by DTCC indicates that the US financial system is taking this direction seriously.

Looking at the history of token distribution, early projects often underestimated the importance of liquidity and ownership rights. But now, it’s different—Coinbase developing tokenized stock products internally means the infrastructure is mature enough. This isn’t hype; it’s real-world application. The projects that once attracted retail investors through airdrops are being replaced by institutionalized asset ownership.

The cycle continues, but the game rules are being rewritten. Truly valuable things will ultimately survive.