REN2140 on Farcaster

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https://warpcast.com/~/channel/ethfinance

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Thomas pfp

@aviationdoctor.eth

Feels like Ethereum is now in this endgame race for RWA tokenization supremacy, and the runway is getting shorter. Ethereum has all the right infra and characteristics (incl. credible neutrality, decentralization, trustlessness, etc.) but the TardFi corporate decision-makers remain largely unaware or indifferent. Every ETH maxi is hoping for a major RWA adoption announcement (by BlackRock, Texas Stock Exchange, etc). Yet proprietary L1s are cutting corners with marketing dollars and being able to present a smiling suit to board rooms. For all their talk about disruption, corporates still want the reassurance of a wet ink contract and a neck to grab, and a decentralized network won’t provide that. I’m aware of Etherealize & the new EF 1T security initiative; but also of Betamax vs VHS. This is not about price btw — I just worry about a future where lesser solutions (proprietary blockchains / glorified databases with some vague crypto jargon peppered in) prevail over a universal, civilizational ledger

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I think there’s a good argument to be made that tardfi does care otherwise why do they have most of their assets on L1 today?

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Thomas pfp

@aviationdoctor.eth

Sorry I’m not sure I follow — do you mean ETH L1 as opposed to L2s?

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ETH L1 is the home to the largest amount of RWA relative to all other chains

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Thomas pfp

@aviationdoctor.eth

Yes, but the show hasn’t really started yet — 99% RWA tokenization of the opportunity is still ahead. Background for my cast is Kinexys / JP Morgan just settled its first public transaction of tokenized treasuries, and it was on Ondo, some permissioned alt L1. They and a handful of others like BlackRock have the power to make or break the future RWA tokenization supremacy of any L1, and yet they haven’t indicated any strong preference for ethos over permissioned alt chains

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I’m curious to see how much TVL alt L1s end up attracting I think they face an uphill battle since they’ll have to build an ecosystem from scratch which is very hard to do while Ethereum just needs to get more aggressive with BD which I think has already happened

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@aviationdoctor.eth

You’re seeing the glass half full, I like that

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Haha i generally am optimistic we’ll see how it all plays out!

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@aviationdoctor.eth

That’s also part of my point though (not about you specifically) — I think the crypto space is generally too naive and reliant on hope and wishful thinking as a strategy. The competition is aggressive and cares not one bit about the Ethereum ethos. And the customers are agnostic about these issues and will be swayed by whoever lobbies the strongest and has the biggest Rolodex of senior decision makers in TardFi. And that’s generally not the Ethereum crowd

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I agree that we can’t just rest on our laurels I’m encouraged by what I’ve been seeing from etherealize and new EF leadership but we’ll still need to see results. I do think that the end customers are not completely agnostic and there must be some fundamental reason why despite many alt L1s existing in the market today that Ethereum still commands the majority of marketshare despite being weaker on the BD front

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Thomas pfp

@aviationdoctor.eth

Latest materialization of the kind of concern I was expressing earlier: a fully centralized and permissioned exchange (Kraken) working with Solana on a tokenized stock exchange: https://xstocks.com/

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I’m not seeing anything exclusive to solana here other than maybe they are launching it there first? I’m sure it’ll quickly be expanded to krakens L2 and other chains https://x.com/ak47ink/status/1925552034725728433?s=46&t=OVXmZqB_y8-sIjnpiW9SMg

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@aviationdoctor.eth

We can speculate about what may or may not come next, but for now it’s Solana only and I’m not seeing anything that suggests more chains to come: “Kraken selected Solana as the launch chain for xStocks because of its unmatched performance, low latency and thriving global ecosystem. As the most used public blockchain in the world, Solana provides the ideal foundation for bringing equities onchain at internet scale”

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