When it comes to on-chain financial products, many people's first reaction is to simply understand them as "strategy packaged into tokens"—as if just wrapping a certain yield logic into a token allows users to participate by buying the token. In fact, this understanding completely misses the core of the issue.

What is happening now is not "strategy tokenization," but true "share-based financial on-chainization." Is there a big difference? Think about it this way—you'll understand:

Strategy Tokenization = turning a musical note into a token
Share-based Finance = share-based version of an entire sheet of music

The former is fragmented; the latter is structured.

Traditional funds can traverse decades of market cycles, and the secret lies in this "share structure." It is not just a simple bookkeeping tool but a complete rights unit, capable of layering, combining, and allocating yield rights. Now, this time-tested financial logic is being brought onto the chain.

Looking at past DeFi product designs reveals where the gap lies. Most of the time, after funds enter a pool, what is the "LP Token" that users receive? Simply put, it’s a certificate of "you were here," not a true share structure. It lacks yield layering, compositional logic, and structured rights design.

The next step for on-chain finance is to fill in these dimensions one by one. That is the real upgrade.