Most people read @sam_battenally's roadmap as a to-do list. RWAs, liquidity, spot, margin. That's not what it is. It's the precondition for a primitive DeFi hasn't had yet: yield generated directly on tokenised equities, via borrow demand from market-making vaults, stacked with basis vaults capturing spot-perp spread on the same asset. Every past DeFi cycle recycled the same yield sources. This is the first real shot at a new one. Ship the boring list first. The interesting part only exists once it's done.
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