Nathan McCauley ⚓
@nathanmccauley
Co-Founder and CEO Anchorage Digital @Anchorage #bitcoin#
가입 March 2009
1.2K 팔로잉 중 16.7K 팬
Tokenizing an asset means running the legacy stack and a new one on top of it, so the cost lands at 101%.
Synthetic exposure is winning on volume because it skips the expensive part.
A perp carries no such bill.
Tokenization wins the volume argument the day an institution retires the old ledger and that is a decision nobody has made yet.
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