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Tokenized spot equities probably aren't that bullish for *insert your bag*

This narrative that tokenized spot equities is the light at the end of the tunnel for crypto that'll save us all is likely to leave most disappointed.

They'll be necessarily worse in all metrics compared to the TradFi experience (depth of liquidity, breadth of coverage, margin LTV, counterparty risk etc) due to poor liquidity and the addition of middle men, wrappers, and rent seeking issuers.

RWA perps is obviously an entirely different story; the @HyperliquidX HIP3 success story speaks for itself. But the key to that success here is deeply liquid 24/7 perps, perps being the actual point of differentiation.

The only differentiation on chain spot equities will offer is composability, and I'm failing to see exactly where that comes from. Where is the 0>1 improvement over Robinhood in the actual UI/UX (what the end user actually cares about, not "decentralization!!!")? You can already borrow against your equity portfolio, you can seamlessly cross margin options trading.

Who is jumping at the opportunity to buy $1m spot SPCX (hopefully you choose the right SPCX wrapper of 12 different options) on chain, slip 10-100x more than tradfi, pay higher trading fees, have a 50% LTV ratio instead of 70%, just to have a 5%+ annual chance you lose it all to a hack?

Even if there's some adoption, where will the value accrual be? I've been seeing $SOL bulls reference how Solana has 99%+ of tokenized equity trading volume right now, but would any of that value actually accrue to $SOL anyway? It's the same issue with the ethereum:native bull case being billions in tokenized T-bills and stables; where's the value accrual back to ethereum:native?

When $1 billion of RWA perps are traded on Hyperliquid, you know exactly how much value accrues to $HYPE. Hell, now when there's $1 billion of USDC on Hyperliquid, you know exactly how much value accrues to $HYPE.

How much value accrues to $SOL holders if there's $1B tokenized equities on chain. How much more at $10B? What's the ethereum:native take rate on $10B of tokenized T-bills?

Tokenized equities will likely be disappointing and boring with most of the (little) value accruing to Robinhood and Coinbase stockholders and tradfi arbitrageurs like Jane Street and Millenium. The only crypto platforms that can see meaningful benefit are at the DEX/trading level, hence my $HYPE, $LIT, $DRV and $AERO bets etc. (or $HOOD, $COIN, $BNB etc if the bad guys win). Money markets and chains cannot and will not be able to monetize on TVL significantly.

While I don't see the path to monetizing TVL for $SOL, they are considerably better positioned to benefit than ethereum:native right now. I still think chasing tokenized spot equities is chasing fools gold, but it's a good enough buzz word that $SOL probably catches some bid if they keep dominating the metrics.

I can't believe I'm saying it but $SOL also seems to have the least bad situation of the big 3 ($BTC ethereum:native $SOL) with regards to the overhang of having top blasting DATs with roughly half the supply in DATs relative to mcap.

TLDR:

Tokenized equities will probably suck for a very long time before seamlessly being integrated at the infra level that none of us can bet on, any amount of bullishness currently priced into your bags is probably too much, own tokens that can actually charge a fee if they do end up getting any traction, $BTC looks like garbage with a moron at the helm, ethereum:native looks like garbage with asleep-at-the-wheel communist morons at the helm, $SOL looks like garbage with sore loser morons at the helm but probably the least bad of the 3 surprisingly enough. Probably just buy $HYPE.