令牌化将重塑所有资产类

在较早的一篇文章中，我介绍了“财富购物化”的概念，或者是链轨可以降低进入障碍的想法，并为财务顾问和财富管理人员提供了巨大的规模运营。正如Shopify使任何人都能在线开设零售业务一样，Crypto也使新一代的投资专业人员能够在没有Tradfi基础架构的遗产层的情况下开始和扩展咨询业务。

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，我介绍了“财富商店化”的概念，或者是链轨可以降低进入障碍的想法，并为财务顾问和财富管理人员提供了大规模扩展运营。正如Shopify使任何人都能在线开设零售业务一样，Crypto也使新一代的投资专业人员能够在没有Tradfi基础架构的遗产层的情况下开始和扩展咨询业务。

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.

建议的民主化预示了资产管理的更大变化。因为当您缩小顾问和资产之外的缩小时，您就开始看到其他东西：投资策略本身以及背后的机械中的转变。

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您正在阅读Crypto Long＆Short，这是我们每周的新闻通讯，其中包括专业投资者的见解，新闻和分析。在这里注册以将其在每个星期三的收件箱中获取。

Tokenization will reshape all asset classes

令牌化将重塑所有资产类

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.

除了建议之外，加密货币和令牌化有望通过使资产在全球范围内可访问，分数化，合成和可交易的24/7来重新工程整个资产类别。考虑一下稳定的稳定剂，该稳定币在链接转移的促进$ 27.6万亿美元的促进签证和万事达卡的总和。效率很明显：交易立即在全球范围内定居，摩擦和停机时间较低。即使传统上，货币市场基金（例如货币市场基金）也在链上进行。传统货币市场资金的费用约为10至25个基点，而加密货币轨道可以大大减少这些费用。一项波士顿咨询小组研究估计，基金引物可以通过消除运营效率低下来增加约17个年度收益（或全球约1000亿美元）的基点。简而言之，令牌化使市场始终开放，效率高，释放资产，为全球投资者基础提供。

From asset transparency to strategy transparency

从资产透明度到战略透明度

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.

现在是共识的观点，即令牌化还带来了更大的资产透明度。链上的储量和交易通常是实时可审核的。但是，积极的投资策略和经理仍然是黑匣子。我们可以在链上监视令牌化资产，但是当策略居住在链链外时时，如何管理投资组合的逻辑仍然不透明。虽然任何人都可以检查Defi贷款合同的股份，但仍无法以相同的方式凝视对冲基金的流量，分配和经济学。下一个边界是将相同的透明度和合成性带给策略及其经理本身，而不仅仅是基础资产。

Hedge funds today: large, exclusive and opaque

今天的对冲资金：大型，独家和不透明

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).

对冲基金是采用复杂交易和风险管理技术来寻求绝对回报的私人管理资本池。在全球范围内，对冲基金负责监督从股票和信贷到全球宏观和量化模型的策略的数万亿资产。他们的投资者基础几乎完全是机构投资者和超高净值（UHNW）的个人，通常是通过私人银行或饲养员资金访问的。直接投资通常需要成为认可或合格的投资者，典型的最低承诺为100万美元或以上（精英资金经常需要500万至1000万美元）。

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.

许多投资者通过基金获得敞口，该基金将多元化的多元对冲基金捆绑在一起，但增加了另一层费用，通常是〜1至1.5％的年度管理费，再加上基础基金的“ 2和20”费用的10％的绩效。这些车辆仍然不透明，披露了有关持股或交易的最少信息。投资者必须信任仅提供定期和部分见解其战略的经理。访问是独家访问，信息稀缺。