Bottom line is neither is a claim on the underlying equity. That's still the biggest issue with tokenized equities. Robinhood's model may be better than Base's, but you're still buying a security issued by an SPV, not the equity itself. Same with dividends. You aren't getting the actual cash dividend as a shareholder. The token is just adjusted according to the product terms. From RH docs "When an underlying company pays a dividend, the dividend is automatically reinvested to purchase more shares of that stock. Instead of receiving a cash payout, your token's multiplier increases. This means your token dynamically represents more than one share of stock over time." It's a step in the right direction, but the problem hasn't been solved. The end game is when the token actually is the share. And when/if that happens the tokenized equity becomes much more useful as it unlocks true defi (24/7 markets/settlement, use of collateral) and the tokenization is now ownership and settlement layer, not just a proxy.(CryptoISO)