#代币化 Seeing Animoca Brands and Republic promoting equity tokenization on Solana has stirred some ripples in my mind. To understand its significance, we need to look ahead.

I still remember the ICO frenzy of 2017, when many projects raised funds under the banner of "revolution," only to mostly become jokes in the end. Back then, tokenization was chaotic and speculative, lacking real asset backing. Now, leading game companies like Animoca are choosing to tokenize equity, which is entirely different—these are companies with tangible businesses, cash flow, and brand foundations exploring new ways of financing and governance.

Solana as the underlying platform is also intriguing. A few years ago, this chain was teetering on the brink of death, having experienced multiple outages and doubts. Now, it has become a preferred chain for onboarding traditional assets. What does this reflect? It’s a market obsession with high-performance public chains, and practical utility finally overcoming narrative.

The key question is: what will equity tokenization change? Increased liquidity is obvious, but accompanying risks include regulatory challenges, governance issues after retail participation, and market volatility impacting business operations—these are new topics rarely seen before. We learned a lesson after the 2008 financial crisis: excessive tokenization and derivatives can amplify risks. Now, we need to reassess whether this logic still holds in the Web3 era.

That said, this is indeed a signal worth tracking. From completely virtual assets to on-chain exploration of real-world enterprises, the cycle is progressing. But this time, we need to be more cautious.