After reading #真实世界资产代币化 Chervinsky's discussion, I truly resonated with the pain points I've encountered recently while researching tokenized assets. The framework of capturing on-chain value through tokens and off-chain value through equity provides practical guidance for my selection of follow targets.

Honestly, the recent policy environment changes have come faster than I expected. Many projects previously had to push all their profit rights onto equity, turning tokens into mere governance tools—this is actually a passive compromise. Now that the space has opened up, the problem has become more complex: I need to rethink the underlying value capture logic behind those targets.

The core of following is still to understand what the trader is betting on. If an expert is deploying a certain tokenized asset project, I need to clearly understand: is he generating actual value on the chain (traffic, transaction fees, storage, etc.), or is he just speculating on expectations? Clarity is indeed the toughest screening criterion. For fuzzy value models, I am now inclined to reduce the weight of following.

Tokens are essentially about the autonomy of digital assets. This part of the revenue is traceable, transferable, and does not rely on intermediaries—something equity can never achieve. However, off-chain income is something token holders cannot directly control, so high expectations for tokens in this area are unwarranted. Some traders adjust their positions dynamically based on the distribution of project value; this mindset is worth learning.

The experimental phase is beginning, and both opportunities and pitfalls will increase. A prudent approach is to select targets with clear value attribution and actual on-chain circulation, then judge the trader’s understanding of this logic based on their historical performance.