market makers quietly dominates narrative durability

The loudest story is not always the decisive one.
Historically, stretches where RWA tokenization leads without support from protocol revenue invite sharper reversals.
Put beside current chatter on “Canton Coin Gets SEC Nod as Wall Street Tokenization Heats Up,” the incentive problem looks clearer.
Revisit assumptions weekly; markets change faster than slogans.
If treasury diversification deteriorates while staking yields looks fine, the tape often turns defensive first.
Ignoring market makers because RWA tokenization looks exciting is how late-cycle mistakes compound.
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