Tokenized stocks solve capital inefficiency in RWA perps
The guest argued that using tokenized spot equities as collateral on perpetual swap platforms dramatically improves capital efficiency for market makers compared to synthetic-only platforms.
The argument
On synthetic perp platforms, market makers hedging their short exposure must lock up capital both off-chain (to buy the underlying stock) and on-chain (as a stablecoin buffer). By allowing tokenized stocks to be deposited directly as collateral on-chain, market makers achieve near 100% capital efficiency, which lowers their cost of capital and deepens liquidity for retail traders.
The thesis, stress-tested
✓ What validates it
- ✓Launch of tokenized stock collateral integration on Morpho, Camino, or Ondo Perps
- ✓Measurable increase in 24/7 trading volume and tighter spreads on single-name equity perps
▸ Risks discussed
- ▸Exchange bad debt if the underlying tokenized assets cannot be liquidated quickly during high volatility
- ▸Regulatory and compliance hurdles for offshore equity derivatives
Hear it yourself
"We are integrated into a lot of the large crypto wallets and exchanges, Binance, BitGit, Gate, OKEx, MetaMask, Phantom. So there's a lot of users. They have more users than us. So typically 80 to 90% of our flow in TVL right now is coming from outside of our own data. But it's still going through the intense route, correct? Because it would be silly to buy it on an AMM pool because the liquidity is not going to be as good as directly tapping into the market makers because those people are directly tapped into you and you're directly tapped into the actual exchange."
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