#DeFi代币化证券与金融上链 Looking at Galaxy's 2026 forecast, many thoughts flashed through my mind. Over the years, I've seen too many cycles—from the ICO boom in 2017 to the DeFi explosion, and now the RWA wave—each turning point seems to repeat the same story—innovation struggling to survive in the regulatory gaps.

I'm not surprised by the slow approach of Bitcoin towards $250,000. Those who experienced 2013, 2017, and 2021 know that this market has never risen in a straight line. Macroeconomic uncertainties do extend cycles, but that also indicates institutional funds are entering and liquidity is changing.

What truly caught my attention was the prediction about DeFi tokenized securities. This isn't just a technological innovation; it's a turning point in rule-making. Over a decade ago, when we discussed whether blockchain could transform finance, we knew the biggest obstacle wasn't on-chain but in regulation. Now, with the SEC paving the way for decentralized finance, it means compliant tokenized securities can circulate on-chain—signaling a shift from confrontation to integration.

In contrast, Solana's story seems a bit awkward. The withdrawal of the inflation reduction plan and the growth in ICM market cap—what do these numbers reflect? The ecosystem is using memes and revenue-generating activities to cover up underlying infrastructure issues. I've seen too many high-performance public chains rise and fall; technology alone doesn't guarantee ecosystem stability.

The most pragmatic forecast is the DEX trading volume share rising to 25%. It's not a revolutionary number, but a key milestone in evolution. The speed at which market makers and traders migrate depends on liquidity and costs. When these two variables are optimized on-chain, shifting becomes inevitable.

The mirror of history is right before our eyes—each new cycle redefines the boundaries of the market. 2026 may truly be the year when rules are rewritten.