
Many MMs and onchain prime brokers we speak to are focused on RWA instant redemptions/liquidations but imo this isn’t the right sequencing from the perspective of servicing what users want. A big use case for RWAs is looping. The natural capital flow is then: 1. Help users build leverage on RWAs efficiently (@3f_xyz’s BFs carry out this function) 2. Once sufficient leverage positions are established, then maybe there will be liquidations and demand for instant redemptions Those who focus on 2 before 1 will see no flows and therefore no yield. TLDR: Become a 3F BF! ☺️
