
Agree on the rails. The liquidity is the part nobody has built yet. Saturday night, with Wall Street shut, chip-stock perps fell 6–7% in ten minutes. ~$51.6M liquidated, ~$38M of it longs. With no cash price to anchor to, the contracts traded off each other. It hit at 01:22 Sunday, Dubai time. By Monday morning here, the Micron perp was back above where it started. When a tokenized-stock venue pitches me, I skip the chain question. I ask who makes the market at 1am on a Sunday, and with whose balance sheet. 24/7 trading is solved. 24/7 liquidity is the company I'd fund.