There is a domino effect at play here. Last year MakerDAO, the largest DeFi protocol with $8.6 billion in total value locked, pushed further into traditional asset financing, with five traditional finance asset vaults and a $30 million DAI loan using bond token collateral out to a subsidiary of French finance juggernaut Société Générale. Then, a few months ago, private-equity giant KKR tokenized exposure to its $4 billion health-care fund on Avalanche. Subsequently, in November, Apollo announced plans to offer an upcoming fund on a public blockchain through Figure. Just last month Hong Kong’s government issued its first tokenized green bond worth around $100 million through Goldman Sachs’ tokenization protocol GS DAP.