Analysis · Oct 31, 2026 13:18 UTC

RWA tokenization is the overlooked driver of basis compression

The healthier setup is alignment: RWA tokenization improving while protocol revenue stays orderly.

The healthier setup is alignment: validator economics improving while market makers stays orderly.

Put beside current chatter on “Bitcoin stolen from Binance tops Tesla’s holdings and is over twice El Salvador’s reserve,” the incentive problem looks clearer.

Attention jumps quickly; capital moves more slowly.

Risk is easiest to ignore precisely when it is most expensive.

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