机构对代币化的兴趣超出了以太坊的控制范围

随着机构对代币化表现出越来越大的兴趣，以太坊以外的区块链网络因其在未来资产代币化中的作用而受到关注。 Polygon、Stellar 和 Provenance 等区块链以及 Hyperledger 和 R3 等私有选项正在展示代币化功能的重大进步。这些网络，特别是公共区块链，具有增强流动性、透明度和安全性等优势，使其成为各种资产类别（包括房地产和私募股权等非流动性投资）代币化的有吸引力的选择。然而，区块链之间的互操作性仍然是主流采用代币化的关键因素，因为它可以实现资产在不同平台之间的无缝转移，并解锁更广泛的流动性池。

Institutional Appetite for Tokenization Extends Beyond Ethereum's Grip

机构对代币化的兴趣超出了以太坊的控制范围

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.

随着机构对加密货币的接受程度不断加深，代币化已成为一个新兴领域，吸引了金融巨头的关注。虽然以太坊一直是该领域的主导力量，但行业专家越来越多地将目光投向提供卓越互操作性的区块链，预示着代币化格局的潜在转变。

Beyond Ethereum: A Broader Institutional Perspective

超越以太坊：更广泛的机构视角

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."

穆迪评级公司数字经济副总裁 Cristiano Ventricelli 强调，人们对代币化替代区块链的兴趣日益浓厚。 “其他网络也激起了机构投资者的兴趣，”文特里切利表示。 “Polygon、Stellar 和 Provenance 等公共区块链以及 Hyperledger 和 R3 等私有区块链正在取得重大进展。”

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.

代币化是将传统资产转换为存储在安全数字金库中并通过区块链技术转移的数字代币的过程，在增强资产流动性方面具有巨大的潜力。穆迪评级与其他行业观察家一起密切关注新兴的代币化行业，认识到其在释放房地产、风险投资、私募股权和艺术品等非流动性投资流动性方面的变革潜力。

Public Blockchains: A Gateway to Liquidity

公共区块链：流动性的门户

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 区块链背后的推动力量，已成为代币化领域的先驱。 2023 年 4 月，投资管理巨头富兰克林邓普顿 (Franklin Templeton) 在 Polygon 的公共权益证明 (PoS) 链（称为 Polygon PoS）上大胆推出了代币化货币市场基金。

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.

富兰克林邓普顿将其基金部署在公共区块链上的战略举措与贝莱德在以太坊上推出的 BUIDL 基金相呼应。两家公司都试图利用公共区块链提供的更广泛的流动性池，绕过传统金融系统的限制。

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.

另一条公共区块链Stellar全心全意地拥抱代币化。 Stellar 与资产管理公司 WisdomTree 合作推出了几款“数字基金”，类似于标准共同基金，但在 Stellar 或以太坊区块链上的二级股票登记处增加了安全性。

Interoperability: A Key Differentiator

互操作性：一个关键的差异化因素

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.

跨不同区块链的资产无缝转移或互操作性是代币化领域的一个重要考虑因素。 Ventricelli 强调说：“区块链之间的互操作性是主流采用代币化的关键因素。”

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作为高度连接的区块链脱颖而出，与LayerZero的Stargate、Across协议和Squid等著名的加密桥无缝集成，为投资者提供即时获取数十亿美元流动性的机会。另一方面，Stellar 的互联性较为有限，主要依靠 Allbridge Core 进行跨链交互。

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 升级引入了智能合约功能，有可能增强其互操作性，实现与更广泛的区块链的连接，并增强其对未来代币化努力的吸引力。

Conclusion

结论

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.

不可否认，代币化革命正在获得动力，虽然以太坊一直是主导者，但该行业正在见证越来越多的向提供卓越互操作性和连接性的区块链的转变。随着机构对代币化的兴趣持续飙升，更多互联的区块链的出现可能会挑战以太坊的主导地位，为更加多元化和强大的代币化格局铺平道路。