Recently, there have been many discussions on RWA, but I think what is truly worth watching is not just "tokenizing assets", but whether it can enter more frequent and flexible trading scenarios after tokenization. This is also the reason why I have been following @ OndoPerps recently. What it does is very direct: it integrates tokenized stocks, indices, and commodities into the crypto native perpetual contract trading experience. You can trade AAPL, NVDA, TSLA, MSTR, COIN, NASDAQ 100, gold, silver, and other underlying assets, and it is a 24/7 market. The most troublesome aspect of traditional US stocks is the limited trading time, as financial reports, macro data, and breaking news often have to wait for the opening. But in structures like Ondo Perps, weekend and after hours events can also be instantly reflected in trading. I am more concerned about its three points: Firstly, the target is no longer limited to BTC, ETH, and altcoins. If you want to do macro, tech stock, gold, stock index related trading, it provides a gateway that is closer to TradFi but retains cryptographic flexibility. Secondly, multi asset collateral. Not only USDC, but also token stocks and treasury bond can be used as margin. This design is quite interesting because it allows assets to not only be "held", but also become part of the margin, improving the efficiency of fund utilization. Thirdly, basis and hedging scenarios. Perpetual contracts themselves are suitable for capital rate, Delta neutrality, hedging, and leverage exposure management. If the underlying assets are expanded to stocks, indices, and commodities, the strategic space will be larger than that of a pure cryptocurrency market. I won't understand it as a simple new exchange, but rather as a form of next-generation derivative infrastructure after RWA financialization. If you want to try Beta, you can use my referral code: CNHNMK Invitation link: https://app.ondoperps.xyz/?ref=CNHNMK