Tokenized stocks are the main theme of this RH rally, representing one of the few new narratives in this cycle. While applications are indeed rotating, these apps can gain traction only because tokenized stocks serve as the pricing asset, liquidity source, and narrative anchor. Without tokenized stocks, Pons/Long/Flap would merely be ordinary launchpads. All launchpad applications rely on superficial liquidity flows—tokenized stocks are what make this RH cycle a standalone narrative.
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