#真实世界资产代币化 After reviewing Pantera researchers' predictions for 2026, several data points are worth noting.

The most interesting is the contraction expectation in the DAT sector—shrinking from a currently vibrant landscape to only 2-3 leading projects. This reflects a rational return to real asset tokenization in the market. Currently, on-chain observations show that funding inflows into many small and medium DAT projects have significantly slowed, and the concentration of holdings in whale addresses is gradually increasing, indicating that institutions are focusing on top assets.

A key judgment is that tokenized gold is becoming the main driver of RWA. From the flow of funds, the contract tracking data for precious metal RWA is indeed rising, with trading volume growth surpassing other asset tokenization categories. This may suggest that the balance point between liquidity and risk premium has been found in the gold asset class.

Additionally, the expansion of stablecoin applications in cross-border payments will directly impact the integration of mainstream fintech companies with on-chain ecosystems, which in turn will promote the consolidation of DEX ecosystems. Hyperliquid's market dominance continues to strengthen, as evidenced by the on-chain derivatives trading contract data.

The key to future observation is the movement of whale addresses and the inflow and outflow of funds in these leading DAT projects, which will be crucial indicators to verify whether this predictive logic holds.