
treehouse sits on $102m TVL against a $10m cap and FalconX is already using its TESR benchmark to price live forward rate agreements for hedge funds. voltz tried rates without a benchmark and died. treehouse built the curve first. crypto has no standardized yield curve, no term structure, no real fixed income stack. tradfi fixed income is a $130t market. somebody plugs that gap and captures benchmark network effects; LIBOR once had 99% share. $TREE at an inverted 10x TVL/MC with 84% of supply locked is either a coiled spring or a slow leak. the FalconX integration is the real tell. // zero illusion
