Onchain traders already use perps for equities, so tokenized stocks have to win over the long term holders. Perps appeal to traders because leverage lets them take a large position without paying for the shares. On a single venue those contracts cleared more than $39B over a recent 30 days, roughly four times the $9.7B traded in all tokenized stocks on DEXs. That advantage fades the longer a position is held because perp longs usually pay a funding fee for as long as they stay in the trade. A stock token costs nothing to hold and pays its dividends straight to the wallet. A token that is cheap to hold becomes far more useful once it can also earn. A holder can borrow against it, lend it out for interest, supply it to a liquidity pool for fees, or deposit it in a covered call vault. The list grows as more DeFi apps support stock tokens. Only about 6% of the roughly $3B in tokenized stocks is put to work in DeFi today. Most tokens still lack markets deep enough for a lender to sell the collateral quickly if a loan goes bad. Short-term traders will keep using perps. Tokenized stocks will grow as longer-term holders become able to borrow against them and lend them out.