CLOBs may not be enough to scale RWA markets
Bootstrapping liquidity market by market remains a structural bottleneck, especially when TradFi already operates with deep, multi-trillion-dollar liquidity across underlying assets. Brokerage-style models that aggregate and route this existing liquidity are emerging as a more scalable alternative.
@variational_io explores this approach by focusing on bringing off-chain liquidity on-chain, rather than rebuilding it from scratch.
Check their full thesis here ๐