Marc Arjoon, CFA 🟪(@marcarjoon):Tokenized equities are starting to fragment across RFQs, PropAMMs and CLMMs. My current view is that each market structure is likely to excel in different environments, rather than one universally replacing the others. Offchain liquidity → RFQs DeFi-native composability → PropAMMs / CLMMs Native price discovery → Order Books What am I overlooking? Poke holes in this framework.

Marc Arjoon, CFA 🟪

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Marc Arjoon, CFA 🟪@marcarjoon

2026.07.29 14:00

Tokenized equities are starting to fragment across RFQs, PropAMMs and CLMMs. My current view is that each market structure is likely to excel in different environments, rather than one universally replacing the others. Offchain liquidity → RFQs DeFi-native composability → PropAMMs / CLMMs Native price discovery → Order Books What am I overlooking? Poke holes in this framework.