some of the best risk-adjusted returns right now are not in tokens. they are in market making on prediction markets and tokenized equity perps

spreads are wide/books are thin and most PM markets have almost no liquidity + tokenized equity perps have spreads that wouldn't survive a second on nasdaq

structurally similar to early crypto arbitrage (circa 2017). not as easy and not riskless but the same pattern. early infrastructure, few sophisticated participants, outsized returns for the first movers. also a reminder that some of those early crypto MMs are still dominant today

the quant firms are investing billions in PM infra and that capital is not here to sit.when they finish building their desks this window closes

now is probably the best time to get active

https://x.com/thenarrator/status/2052565474941001738?s=46&t=hr2fbvcHJGpvp_SbDstdzg