We co-authored a deep dive on tokenization & RWA standards with @redstone_defi and @gauntlet_xyz. Full stack coverage, from where compliance logic lives to how RWAs become productive collateral: → 4 distinct operating models emerging, all navigating the same tension: more compliance = harder DeFi composability → $840M+ RWA deposits on @Morpho, 87% utilization → T-bill collateral down 92%, tokenized gold up 7x — macro rotation is already onchain → No standard has won because the real prize is owning the reference implementation Full report ↓(Dune | We Are Hiring!)