The article analyzes that after excluding assets that have never been transferred, correcting for holders and their reasons, and accounting for off-chain operations, the utilization rate of tokenized assets is close to 20%. Research by Bernstein also points out that among approximately $51 billion in tokenized real-world assets on-chain, about 47% belong to private credit, which also has low liquidity in traditional finance and therefore should not be included in composability metrics. Additionally, some assets are underutilized due to design limitations or holder intentions, and some are used as collateral off-chain, thus not captured by DeFi tracking tools. The article emphasizes that the main reason for the low actual utilization rate is that the settlement speed of tokenized real-world assets is slower than that of on-chain native assets, leading to inefficient operations such as circular lending, but new protocols are addressing this issue.