This is the most important line in the whole thread: "much of what gets called tokenization today is actually closer to digitization." A token that just mirrors an offchain ledger is a receipt. A token that can be used as collateral, remixed, and settled atomically is infrastructure. The 10x growth is real, but the next 100x won't come from putting more receipts onchain. It comes from making those assets actually do something. Composability isn't a feature of tokenization; it's the entire point. The bottleneck was never demand. It's scalable, low-cost rails that institutions can trust. That's the layer being built now.