Many people’s understanding of tokenization remains superficial—they think it just means minting a Token, then putting it on the chain, and that's it.

But once you truly engage with the issuers of real assets and institutional investors, you will find that minting is actually just the most insignificant part of the entire workflow.

The real challenges lie ahead—compliance framework, liquidity management, secondary market development, and investor education. These are the key factors that determine the success or failure of a tokenization project.

Those projects that were done early and done right often do not focus on the technical level, but rather engage in deeper thinking about institutional design and market operations. They understand what institutions need, rather than blindly chasing trends. This is where the true competitiveness of tokenization lies.