I agree that equity perps never really scaled if mms had to fund the same position twice. stablecoin margin on the perp side, cash inventory at the brokerage for the hedge that destroys return on capital before the trade even starts. mms quote less size, widen spreads, traders get worse execution, volume stays thin... tokenized stock collateral collapses those two pools into one. an mm can buy tokenized stock as the hedge, post that same stock into @OndoPerps as margin, and use one asset to both offset the short exposure and support the rest of the book. 2x better capital efficiency → better MM returns → tighter spreads → more flow → more MM revenue → repeat. @Ondo has that structural edge today because the perp engine sits on top of the same system as Ondo Stocks. $3.8B volume and this is still early.