Pantera Says Tokenization Is Still In The Early Wrapper Phase



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  • Pantera says the tokenization market has grown to $321 billion, but remains immature.
  • The Tokenization Progress Index found that many tokenized assets still function as collateral for traditional financial institutions.

Pantera says a symbol It’s growing fast, but before that, a lot of money in crypto is waiting.

Most tokenized assets are still wrappers

The crypto asset manager analyzed 542 assets in 11 asset classes using the Tokenization Progress Index, a framework that rates issuance, transfer and consolidation from 1 to 5.

The average score was just 2.04. This information is required. According to Panteraabout 77.6% of the products that are tracked are in the “wrapper” category, meaning that they often make traditional investments in chains without changing the way the products work. Another 11.1% qualify as hybrid, while only 2.7% reach the native category.

Pantera described the current phase as similar to putting a newspaper on a website. The content is digital, but the format has not changed yet.

That’s a big criticism. Tokenization has brought things like Treasurys, coins and debt products blockchains. But many still rely on gated releases, controlled redemptions and popular offchain methods. Pantera found that 91.1% of its acquisitions are still using low-cost delivery and redemption methods.

Natural Resources remain scarce

The report states that many providers are still copying market trends rather than building around continuous improvement, stability and onchain control. Only 13 factors achieved independent or partial correlation with burnout.

DeFi integration is limited. Only 10.6% of the assets reached Pantera’s threshold for efficiency, where tokenized assets can be naturally used for lending, collateral, financing and other onchain transactions.

Stablecoins remain different. It is the only financial group that is active in the financial sector and reflects the real needs of the onchain.

This leaves the $321 billion tokenization market in a difficult position. Growth is real. The interest of the organizations is real. But the market is still building digital versions of old devices, not the financial infrastructure that blockchains are supposed to support.





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