According to CoinMeta, Wu said that Pantera Capital Research released its September report titled “The State of Tokenization”. The report indicates that the total market value of the 671 tokenized assets it tracks amounts to 331.8 billion US dollars, with non-stablecoin assets experiencing a 13.3% growth in the second quarter. The report points out that the focus of competition in the next phase is shifting towards compliance, liquidity, distribution, and capital efficiency. Data shows that in June, the trading volume of stock perpetual contracts on Hyperliquid and Lighter was approximately 67.8 billion US dollars, which is about 16 times the 4.2 billion US dollars in trading volume of spot tokenized stocks on the chain during the same period. By the end of the first half of the year, the open interest in Hyperliquid stock perpetual contracts was around 2.5 billion US dollars, equivalent to 121.3% of the circulating market value of the tokenized stocks. The report also found that among 110 non-stablecoin products with a market value of at least 10 million US dollars, products with open access accounted for 41% of the value but contributed 99.8% of the trading volume on the chain in June. Of the 48 whitelisted products, 46 had a monthly turnover rate below the 1% threshold.