my humble thoughts after @Eli5defi's article

I've mentioned this to many that I'm not convinced any current RWA perps solution actually works at scale

perpification of assets fails the industry terribly

the core problem I see = spot tokenization fundamentally doesn't work at scale

CME gold futures $20M trade = 3bps slippage
tokenized gold perpetuals $4M trade = 150bps slippage

50x worse execution for tokeniztion innovation, makes no sense

market makers won't provide depth because economics don't work:
- mint fees 10-50bps
- warehouse inventory T+1 to T+5 settlement
- opportunity cost vs instant-settle crypto strategies

death spiral. shallow liquidity → low volume → MM exits → worse liquidity

funding rate erosion destroys long-term potential

so we have contradiction:
- spot tokenization: proper collateral but no liquidity
- perp exposure: great liquidity but bleeding cost and no collateral use

I'm positioned for perpification winning trading volume and spot tokenization staying niche for collateral use cases
- but nobody's building the bridge between them
- that's the opportunity
- how do I get perp-level liquidity execution with spot-level composability and no funding bleed
- whoever solves that captures entire RWA market

perpification is future of trading exposure
spot remains future of ownership.

until then RWA remains broken regardless of perp numbers

https://x.com/arndxt_xo/status/2020869792610328647