機構對代幣化的興趣超出了以太坊的控制範圍

隨著機構對代幣化表現出越來越大的興趣，以太坊以外的區塊鏈網路因其在未來資產代幣化中的作用而受到關注。 Polygon、Stellar 和 Provenance 等區塊鏈以及 Hyperledger 和 R3 等私有選項正在展示代幣化功能的重大進步。這些網絡，特別是公共區塊鏈，具有增強流動性、透明度和安全性等優勢，使其成為各種資產類別（包括房地產和私募股權等非流動性投資）代幣化的有吸引力的選擇。然而，區塊鏈之間的互通性仍然是主流採用代幣化的關鍵因素，因為它可以實現資產在不同平台之間的無縫轉移，並解鎖更廣泛的流動性池。

Institutional Appetite for Tokenization Extends Beyond Ethereum's Grip

機構對代幣化的興趣超出了以太坊的控制範圍

As the institutional embrace of cryptocurrencies intensifies, tokenization has emerged as a burgeoning sector, attracting the attention of financial giants. While Ethereum has been the dominant force in this realm, industry experts are increasingly casting their gaze towards blockchains that offer superior interoperability, heralding a potential shift in the tokenization landscape.

隨著機構對加密貨幣的接受度不斷加深，代幣化已成為一個新興領域，吸引了金融巨頭的注意。雖然以太坊一直是該領域的主導力量，但行業專家越來越多地將目光投向提供卓越互通性的區塊鏈，預示著代幣化格局的潛在轉變。

Beyond Ethereum: A Broader Institutional Perspective

超越以太坊：更廣泛的機構視角

Cristiano Ventricelli, vice president of digital economy at Moody's Ratings, underscores the growing interest in alternative blockchains for tokenization. "Other networks have also piqued the interest of institutional investors," Ventricelli states. "Public blockchains like Polygon, Stellar, and Provenance, along with private blockchains such as Hyperledger and R3, are undergoing significant advancements."

穆迪評級公司數位經濟副總裁 Cristiano Ventricelli 強調，人們對代幣化替代區塊鏈的興趣日益濃厚。 「其他網路也激起了機構投資者的興趣，」文特里切利表示。 “Polygon、Stellar 和 Provenance 等公共區塊鏈以及 Hyperledger 和 R3 等私有區塊鏈正在取得重大進展。”

Tokenization, the process of converting traditional assets into digital tokens stored in secure digital vaults and transferred via blockchain technology, holds immense potential for asset liquidity enhancement. Moody's Ratings, along with other industry observers, closely monitors the nascent tokenization sector, recognizing its transformative potential in unlocking the liquidity of illiquid investments such as real estate, venture capital, private equity, and art.

代幣化是將傳統資產轉換為儲存在安全數位金庫中並透過區塊鏈技術轉移的數位代幣的過程，在增強資產流動性方面具有巨大的潛力。穆迪評級與其他行業觀察家一起密切關注新興的代幣化行業，認識到其在釋放房地產、風險投資、私募股權和藝術品等非流動性投資流動性方面的變革潛力。

Public Blockchains: A Gateway to Liquidity

公共區塊鏈：流動性的門戶

Polygon Labs, the driving force behind the Polygon blockchain, has emerged as a pioneer in the tokenization arena. In April 2023, investment management behemoth Franklin Templeton boldly launched its tokenized money-market fund on Polygon's public proof-of-stake (PoS) chain, known as Polygon PoS.

Polygon Labs 是 Polygon 區塊鏈背後的推動力量，已成為代幣化領域的先驅。 2023 年 4 月，投資管理巨頭富蘭克林鄧普頓 (Franklin Templeton) 在 Polygon 的公共權益證明 (PoS) 鏈（稱為 Polygon PoS）上大膽推出了代幣化貨幣市場基金。

Franklin Templeton's strategic move to deploy its fund on a public blockchain mirrors BlackRock's BUIDL fund launch on Ethereum. Both firms sought to tap into the broader liquidity pool offered by public blockchains, bypassing the limitations of traditional financial systems.

富蘭克林鄧普頓將其基金部署在公共區塊鏈上的戰略舉措與貝萊德在以太坊上推出的 BUIDL 基金相呼應。兩家公司都試圖利用公共區塊鏈提供的更廣泛的流動性池，繞過傳統金融系統的限制。

Stellar, another public blockchain, has wholeheartedly embraced tokenization. Partnering with asset manager WisdomTree, Stellar has launched several "digital funds," resembling standard mutual funds but with the added security of a secondary share registry on either Stellar or Ethereum's blockchain.

另一條公共區塊鏈Stellar全心全意地擁抱代幣化。 Stellar 與資產管理公司 WisdomTree 合作推出了幾款“數位基金”，類似於標準共同基金，但在 Stellar 或以太坊區塊鏈上的二級股票登記處增加了安全性。

Interoperability: A Key Differentiator

互通性：一個關鍵的差異化因素

The seamless transfer of assets across different blockchains, or interoperability, is an essential consideration in the tokenization realm. "The capacity for interoperability amongst blockchains is a critical factor for the mainstream adoption of tokenisation," Ventricelli emphasizes.

跨不同區塊鏈的資產無縫轉移或互通性是代幣化領域的重要考慮因素。 Ventricelli 強調：“區塊鏈之間的互通性是主流採用代幣化的關鍵因素。”

Currently, Ethereum and Polygon stand out as highly connected blockchains, seamlessly integrated with renowned crypto bridges like LayerZero's Stargate, Across protocol, and Squid, providing investors with instant access to billions of dollars in liquidity. Stellar, on the other hand, has a more limited interconnectedness, primarily relying on Allbridge Core for cross-chain interactions.

目前，以太坊和Polygon作為高度連接的區塊鏈脫穎而出，與LayerZero的Stargate、Across協議和Squid等著名的加密橋無縫集成，為投資者提供即時獲取數十億美元流動性的機會。另一方面，Stellar 的互聯性較為有限，主要依靠 Allbridge Core 進行跨鏈互動。

However, Stellar's recent Soroban upgrade, which introduces smart contract capabilities, holds the potential to amplify its interoperability, enabling connections with a wider range of blockchains and enhancing its appeal for future tokenization endeavors.

然而，Stellar 最近的 Soroban 升級引入了智能合約功能，有可能增強其互通性，實現與更廣泛的區塊鏈的連接，並增強其對未來代幣化努力的吸引力。

Conclusion

結論

The tokenization revolution is undeniably gaining momentum, and while Ethereum has been a dominant player, the industry is witnessing a growing shift towards blockchains that offer superior interoperability and connectivity. As institutional interest in tokenization continues to soar, the emergence of more interconnected blockchains will likely challenge Ethereum's dominance, paving the way for a more diversified and robust tokenization landscape.

不可否認，代幣化革命正在獲得動力，雖然以太坊一直是主導者，但該行業正在見證越來越多的向提供卓越互通性和連接性的區塊鏈的轉變。隨著機構對代幣化的興趣持續飆升，更多互聯的區塊鏈的出現可能會挑戰以太坊的主導地位，為更多元化和強大的代幣化格局鋪平道路。