- RWA is the core thematic trade: tokenized assets reached $38.6B across 39 networks from ~$5–6B at the start of 2025, while forecasts reach $16–30T by decade-end.
- Issuers, stablecoins, DEXs, lenders and cross-chain rails monetize on-chain liquidity; multiplying the asset base could expand their revenue in multiples, not percentages.
- The author expects a correction and prefers staged entries, including ONDO at $0.40/$0.34–0.35, AAVE near $120, UNI near $6 and ENA around $0.22/$0.20.
- Risks are material: ONDO’s January 18, 2027 unlock adds 1.94B tokens, about 17% of total supply; AAVE TVL remains roughly half its pre-exploit level; and ONDO’s token-business linkage was initially doubtful.
Investment pitches
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