According to news from CoinWorld, JPMorgan analyst Nikolaos Panigirtzoglou stated in a recent research report that the growth rate of the DeFi and asset tokenization markets remains disappointing and pointed out that the recovery speed since the cryptocurrency winter of 2022 has not been fast. Currently, the total value locked (TVL) in DeFi is still below the peak in 2021, and most of the activity is still driven by crypto-native users and retail investors, with institutional adoption lagging behind. In the asset tokenization market, the scale of tokenized assets has reached $25 billion, with tokenized bonds reaching $8 billion, and the adoption rate of money market funds is also continuously increasing, but most projects are still small in scale, have insufficient liquidity, or are in experimental stages.