Direct RWA token exposure doesn’t work. The economic value from tokenization accrues to curators and issuers, not governance tokenholders - Kamino’s 80% deposit growth alongside a 16% token decline is the cleanest proof of this.
The leverage problem is the most interesting infrastructure opportunity. RWA settlement delays (up to 122 days of exit exposure) make atomic crypto-native looping strategies impossible to replicate, creating a structural gap that protocols like Keyring and 3F are building toward - but neither has a liquid token yet.
Morpho is the prime institutional borrow layer, but the token thesis is contingent on a fee switch the Association has no structural incentive to flip. $6.8B TVL and $120.9M in annualized fees exist entirely for depositors and curators - MORPHO tokenholders currently capture zero of it.
Fluid is the cleaner token expression of the same thesis, albeit more indirect. Dominant DEX volume share for key RWA-adjacent stablecoins (100% of sUSDai, 87% of syrupUSDC, 68% of reUSD), a revenue-linked buyback mechanism, and structurally cleaner governance make it the more compelling tokenholder vehicle - but its RWA exposure runs through yield-bearing stablecoins rather than direct tokenized asset markets.

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.

Bitcoin Rebounds to $74K on U.S.-Iran Framework Deal, But Market Skepticism Remains

bitcoin news Market Analysis Stocks

Bitcoin's recent rise to mid-$74,000 followed a risk asset rally linked to a U.S.-Iran nuclear framework, but skepticism remains due to flat Treasury yields and unchanged gold prices. The core issue of uranium enrichment persists, and while on-chain data shows BTC's gradual advance, options markets reflect doubts about a sustained breakout. Overall, analysts see the rally as temporary, with macro conditions still tight and potential downside risks.

GateNews6h ago

Cardano Traders Watch $0.243 Support Level as ADA Price Faces Critical Decision

Market Analysis Price Prediction

Cardano (ADA) is at a crucial support level of $0.243, with potential gains to $0.30 if it holds. A daily close below this could lead to declines toward $0.10. Currently, trading volume is around $500 million, with ADA notably below its all-time high.

GateNews7h ago

ETH/BTC Price Ratio Rebounds to 0.0313 in Q1 2026 as Ethereum User Base Surges 82%

bitcoin news ethereum news Market Analysis Capital Flow On-Chain Data

In Q1 2026, the Ethereum-to-Bitcoin price ratio reached a three-month high at 0.0313. Ethereum added 284,000 users and surpassed $180 billion in stablecoin supply. Bitcoin remained strong above $74,000, driven by significant ETF inflows.

GateNews12h ago

Why is Bitcoin up today? Trump says Iran is seeking a truce, and risk assets move higher across the board

Market Analysis Price Prediction Price Volatility Stocks

On April 15, Bitcoin rebounded about 6% after Trump said Iran is seeking to reach an agreement, breaking above $75,000. Expectations for the resumption of U.S.-Iran negotiations warmed up, lifting Asian stock markets. Technically, roughly $6 billion worth of short positions were forced to close, accelerating the rebound. Analysts said that if the U.S.-Iran situation continues to ease, Bitcoin could break through $80,000, and they predicted it may reach $150,000 by year-end.

MarketWhisper16h ago

Bitmine is promoted to the NYSE main board! Tom Lee: US stocks may be at a bottom, and selling pressure on Ether could ease

ethereum news Market Analysis Capital Flow Project Progress Stocks

Bitmine officially transferred from the NYSE American market to the main board, marking a significant milestone for the company. Despite a sharp drop in its share price, it still increased the share repurchase program to $4 billion. The company holds a large amount of Ether, and expects that a rebound in the crypto market will help improve its assets and share price performance.

CryptoCity17h ago

ETH 15-minute up 0.66%: On-chain large transfers in sync drove a net inflow of funds, boosting spot buying pressure

ethereum news Market Analysis Price Volatility Capital Flow On-Chain Data

2026-04-15 00:00 to 00:15 (UTC), ETH shows a local anomaly. The 15-minute return rate is +0.66%. The trading price range is 2321.93–2343.2 USDT, with a range of 0.92%. During this period, market attention increased, volatility slightly intensified, buy pressure in the order book shifted upward in the short term, and quickly pushed spot prices up into a key resistance area. The main drivers of this anomaly are large on-chain transfers and inflows of capital in combination. At the beginning of the window, multiple large ETH transfers appeared, including 8,676 ETH and 6,551 ETH, respectively, transferring from a large source to the

GateNews17h ago

Comment

0/400

No comments