tokenization is commoditized. the hard part has moved three things i took from a week of allocator conversations at @token2049 in Singapore - distribution is the bottleneck. capital willing to go first into a new asset class is scarce, and reaching it is harder than issuing - the market is growing up. speculation is cooling and a new cohort is turning up for yield they can underwrite - LPs want their blue chips productive onchain. hold the position, put it to work, and use that as the entry into the next build cycle, AI infra included that is a different buyer than the one this industry spent two cycles selling to good conversations all week, thank you @julian2kwan, @investax rayad, rayad group @edwin_mata, @Brickken @oct_florian, @OnchainLabs_ amay, atomic digital eric, @JSquare_co @lloydp, @FunFairVentures mariana, @scventuresDNA adrian, @binance @yaroslavwr_, @Faculty__Group paul kim, @libeara_ @BalderBomans, @Maven11Capital kate, @OnigiriVC @ArtemTolkachev, @falconfinance sood, curious ventures yuri, @vntrcapital samantha, j2 capital steve, @Compound_xyz david, @AccountableData