#RWA代币化与资产 Recently, the discussions around tokens vs. equity have become increasingly interesting!

This time, the perspective of Jake Chervinsky, Chief Legal Officer of Variant Fund, really opened my eyes—tokens should capture on-chain value, while equity should capture off-chain value. This straightforwardly cuts through what seems like a complex issue with the clearest logic.

Imagine: the on-chain world is a paradise of decentralization, programmability, and autonomous custody, while off-chain still relies on traditional intermediaries. So, the greatest superpower of tokens is not "copying stocks," but enabling holders to directly own and control on-chain infrastructure without relying on off-chain intermediaries—that's true self-sovereignty!

Most importantly, it's no longer a choice between "tokens or equity," but two paths evolving simultaneously. DTCC is upgrading the efficiency of the existing system, while direct ownership models are opening up new possibilities for self-custody, programmability, and on-chain composability. One path maintains stable scale, the other unleashes innovative potential.

This experimental phase has just begun, and we have the opportunity to witness the reshaping of asset ownership firsthand. The future winners will definitely be those who offer investors more choices. Clarity, flexibility, and space for innovation—these are the true values of Web3 in the financial realm.

Stay tuned to see how all this unfolds! 🚀