令牌化將重塑所有資產類

在較早的一篇文章中，我介紹了“財富購物化”的概念，或者是鍊軌可以降低進入障礙的想法，並為財務顧問和財富管理人員提供了巨大的規模運營。正如Shopify使任何人都能在線開設零售業務一樣，Crypto也使新一代的投資專業人員能夠在沒有Tradfi基礎架構的遺產層的情況下開始和擴展諮詢業務。

In a previous piece, I introduced the concept of the "Shopification of Wealth", or the idea that on-chain rails can lower the barriers to entry and radically scale operations for financial advisors and wealth managers. Just as Shopify enabled anyone to launch a retail business online, crypto is enabling a new generation of investment professionals to start and scale advisory businesses without the legacy layers of TradFi infrastructure.

在上一篇文章中，我介紹了“財富商店化”的概念，或者是鍊軌可以降低進入障礙的想法，並為財務顧問和財富管理人員提供了大規模擴展運營。正如Shopify使任何人都能在線開設零售業務一樣，Crypto也使新一代的投資專業人員能夠在沒有Tradfi基礎架構的遺產層的情況下開始和擴展諮詢業務。

This democratization of advice foreshadows broader changes in asset management. Because when you zoom out — beyond the advisor and beyond the assets — you start to see something else: a transformation in the investment strategies themselves, as well as in the machinery behind them.

建議的民主化預示了資產管理的更大變化。因為當您縮小顧問和資產之外的縮小時，您就開始看到其他東西：投資策略本身以及背後的機械中的轉變。

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您正在閱讀Crypto Long＆Short，這是我們每週的新聞通訊，其中包括專業投資者的見解，新聞和分析。在這裡註冊以將其在每個星期三的收件箱中獲取。

Tokenization will reshape all asset classes

令牌化將重塑所有資產類

Beyond advice, crypto and tokenization are poised to re-engineer entire asset classes by making assets globally accessible, fractionalized, composable and tradable 24/7. Consider stablecoins, which in 2024 facilitated $27.6 trillion in on-chain transfers, surpassing the combined volume of Visa and Mastercard. The efficiency is clear: transactions settle instantly worldwide, with far lower friction and downtime. Even traditionally staid products like money market funds are going on-chain. Traditional money market funds charge around 10 to 25 basis points in fees, whereas crypto rails can trim those costs substantially. One Boston Consulting Group study estimates fund tokenization could add around17 basis points of annual return (or roughly $100 billion per year globally) by eliminating operational inefficiencies. In short, tokenization is making markets always-open and hyper-efficient, unlocking assets for a global investor base.

除了建議之外，加密貨幣和令牌化有望通過使資產在全球範圍內可訪問，分數化，合成和可交易的24/7來重新工程整個資產類別。考慮一下穩定的穩定劑，該穩定幣在鏈接轉移的促進$ 27.6萬億美元的促進簽證和萬事達卡的總和。效率很明顯：交易立即在全球範圍內定居，摩擦和停機時間較低。即使傳統上，貨幣市場基金（例如貨幣市場基金）也在鏈上進行。傳統貨幣市場資金的費用約為10至25個基點，而加密貨幣軌道可以大大減少這些費用。一項波士頓諮詢小組研究估計，基金引物可以通過消除運營效率低下來增加約17個年度收益（或全球約1000億美元）的基點。簡而言之，令牌化使市場始終開放，效率高，釋放資產，為全球投資者基礎提供。

From asset transparency to strategy transparency

從資產透明度到戰略透明度

It’s now a consensus view that tokenization also brings greater asset transparency. On-chain reserves and transactions are often auditable in real-time. However, active investment strategies and managers remain a black box. We can monitor tokenized assets on-chain, but the logic of how portfolios are managed is still opaque when strategies reside off-chain. While anyone can inspect a DeFi lending contract’s holdings, one cannot yet peer into a hedge fund’s flows, allocations and economics the same way. The next frontier is bringing that same transparency and composability to the strategies and their managers themselves, not just the underlying assets.

現在是共識的觀點，即令牌化還帶來了更大的資產透明度。鏈上的儲量和交易通常是實時可審核的。但是，積極的投資策略和經理仍然是黑匣子。我們可以在鏈上監視令牌化資產，但是當策略居住在鍊鍊外時時，如何管理投資組合的邏輯仍然不透明。雖然任何人都可以檢查Defi貸款合同的股份，但仍無法以相同的方式凝視對沖基金的流量，分配和經濟學。下一個邊界是將相同的透明度和合成性帶給策略及其經理本身，而不僅僅是基礎資產。

Hedge funds today: large, exclusive and opaque

今天的對沖資金：大型，獨家和不透明

Hedge funds are privately managed pools of capital employing complex trading and risk management techniques to seek absolute returns. Globally, hedge funds oversee trillions in assets across strategies ranging from equities and credit to global macro and quant models. Their investor base is almost entirely institutional investors and ultra-high-net-worth (UHNW) individuals, often accessed through private banks or feeder funds. Direct investment typically requires being an accredited or qualified investor, with typical minimum commitments of $1 million or more (elite funds frequently demand $5 million to $10 million).

對沖基金是採用複雜交易和風險管理技術來尋求絕對回報的私人管理資本池。在全球範圍內，對沖基金負責監督從股票和信貸到全球宏觀和量化模型的策略的數万億資產。他們的投資者基礎幾乎完全是機構投資者和超高淨值（UHNW）的個人，通常是通過私人銀行或飼養員資金訪問的。直接投資通常需要成為認可或合格的投資者，典型的最低承諾為100萬美元或以上（精英資金經常需要500萬至1000萬美元）。

Many investors gain exposure via fund-of-funds, which bundle multiple hedge funds for diversification but add another layer of fees, often ~1 to 1.5% annual management fees, plus 10% of performance on top of the underlying funds’ “2 and 20” fee structure. These vehicles remain opaque, disclosing minimal information about holdings or trades. Investors must trust managers who provide only periodic and partial insight into their strategies. Access is exclusive and information is scarce.

許多投資者通過基金獲得敞口，該基金將多元化的多元對沖基金捆綁在一起，但增加了另一層費用，通常是〜1至1.5％的年度管理費，再加上基礎基金的“ 2和20”費用的10％的績效。這些車輛仍然不透明，披露了有關持股或交易的最少信息。投資者必須信任僅提供定期和部分見解其戰略的經理。訪問是獨家訪問，信息稀缺。