I just reviewed a very interesting analysis about tokenized assets and the problems they are facing in the market infrastructure. Apparently, the companies operating this infrastructure are raising their voices about something many do not see coming: operational costs are much higher than most expect.

The main issue is liquidity fragmentation. Without true interoperability between platforms, tokenized assets end up divided across multiple chains and systems, creating a weak liquidity chain and making efficient execution of transactions difficult. Imagine having your asset in three different places but unable to move it freely — that’s basically what’s happening now.

What strikes me most is that infrastructure providers are warning about this right now, just as interest in tokenization is growing. They say that without solving the interoperability problem, costs will remain prohibitively high. The fragmented liquidity chain not only affects margins but also discourages institutional participants seeking efficiency.

This makes me think about why the industry continues building in silos. The solution seems obvious: we need common standards and functioning bridges. But until that happens, anyone wanting to operate with tokenized assets will have to deal with these high costs and a fragmented liquidity chain that prevents optimal flows.

It’s one of those infrastructure issues that doesn’t make headlines but determines whether tokenization truly takes off or remains limited to niche use cases. It’s worth paying attention if you’re involved in this space.