Citrini Research states that the tokenization of traditional assets is expected to expand the on-chain trading, lending, and payment markets. The firm is bullish on crypto projects such as ONDO, AAVE, UNI, ETHFI, and PENDLE, as well as companies like Coinbase, Robinhood, Circle, and Securitize. It also specifically mentioned Hyperliquid, Lighter, and Variational. The report notes that higher on-chain trading volumes do not necessarily lead to higher token prices; revenue models, fee distribution, and token holder participation are more crucial.