The next two years may very well mark the beginning of the next bull market!

The tokenization trend is now led by Wall Street, and the wind finally blows toward the application layer!

The earliest I encountered this concept was in 2018, when the market generally referred to it as chain reform, asset on-chain, followed by the 2020 DeFi boom, blockchain games, and art NFT copyrights going on-chain. In 2021, almost all celebrities worldwide issued NFTs—familiar names in Asia like JJ Lin and Jay Chou were involved, and there were even more well-known artists in Europe and America, including businessmen like Donald Trump! Back then, a parliamentary debate could spawn a meme hairstyle.

This round, first, various platforms are rushing to launch tokenized US stocks and gold tokens. Yesterday, ICE invested in Old Xu, and today BlackRock has started to make statements. BlackRock CEO: Tokenization will forever change the financial industry, enabling freer movement of investments. Wall Street has already begun to get involved, so this matter is basically settled for the future.

Every bull market must first have a widely recognized, sustainable concept and logic, gradually building momentum, and then the bull arrives slowly.

The driving force of a bull market certainly cannot rely solely on memes. Memes usually promote speculative and harvesting behaviors driven by emotional trading at the tail end of a bull market. The initial phase of a bull relies on sustainable, widely accepted concepts gradually gaining traction, such as the ICO boom in 2017, DeFi and DeFi infrastructure, stablecoins, and the explosion of Layer 2 solutions in 2019, laying the foundation for the 2020 and 2021 bull markets. From 2023 to 2025, it’s all about meme-driven on-chain frenzy. Besides the ETF approvals for BTC/ETH pushing Bitcoin and Ethereum to new highs, there aren’t many lasting marks. If you had to summarize the development of the crypto space over these two years, what would you choose as the defining milestones?