My bStocks thesis was that distribution beats issuance → Binance put tokenised stocks in front of an existing user base and took $276M in average daily volume, more than double the next four issuers combined (i.e. @OndoPerps , @xStocksFi, @RobinhoodApp, and @sunrise) While it did, @ArrakisFinance's holder data also adds a line item I hadn't priced in. > Distribution on bStocks came bundled with a volume multiplier, which saw farmers it attracted leave as quickly as the multipliers cut > On every other venue in the census, whales trade more often than small retail. bStocks runs the other way, with small-retail wallets logging 39 on-chain trades against 16 for its whales. Distribution still beats issuance. But it also has a price, and for a stretch this past summer bStocks seems to be paying it per trade.