I’ve long thought DeFi had an asset problem, not a tech problem. Take a look at the top volume and revenue drivers across lending and exchange markets — 70%- 90% of activity is done in majors and stablecoins. The long-tail of assets is poor quality and high turnover, leaving the size of majors as the limiting factor on growth for the onchain financial system. This is fine in a bull market when BTC and ETH are rising, but means activity falls off a cliff in bear markets. Uploading real world assets to blockchains changes this in profound ways. Global equity markets alone are > $125 Trillion in market capitalization. Just a fraction of these assets moving into DeFi creates a wealth of value for lenders and exchanges to monetize. Large, liquid, high quality, low volatility assets are the cornerstone of collateral markets for DeFi lending. A similar opportunity exists for exchanges. Take Hyperliquid for example. Equity perps both expands the fee opportunity and reduces revenue cyclicality dramatically. It’s an easy bet to believe people will be trading equities in five years, not so much shitcoins. RWAs and tokenization aren’t just a Wall Street fascination. The biggest beneficiaries may actually be the onchain protocols themselves. This is the biggest opportunity for blockchains for the foreseeable future next to stablecoins.