# Tokenization Infrastructure and Institutional Crypto Adoption

**Podcast:** The Milk Road Show
**Published:** 2026-11-11

## Transcript

It feels like there's this army, this team of people in New York and in Hong Kong and in Singapore that are just knocking on everyone's door saying, hey, we want to tokenize your stocks.
The New York Stock Exchange just picked Avalanche to settle its tokenized stocks and securitize ripped more than 20% in a single day.
Meanwhile, Bitcoin just put its lowest price level since August.
Is it over for crypto or is this the beginning of a new leg of the institutional bull run?
Hello and welcome to MillCard Crypto, the show that now settles all of its takes on chain 24...
7 pending regulatory approval.
I'm your host John Gill and today is Wednesday and it is November 11th.
We are going to do another episode of Milk Road Crypto Rollup.
I'm joined by Kyle Reedhead, our head of research and Martin, our lead crypto analyst.
We are going to take a look at everything going on in the crypto markets.
There's a lot happening this week.
If that sounds good to you, make sure you like and subscribe.
Share this episode with somebody who's going to enjoy it.
And as a reminder, today's podcast is free and that would not be possible without our wonderful partners at Alumni Ventures, giving accredited investors access to private market investment opportunities alongside leading VC firms and Nexo, the digital asset platform that lets you earn, trade and borrow all in one place, all from one account.
So keep an ear out for more information about both of our wonderful sponsors later in the show.
But for now, let's get back into another episode of the Crypto Rollup.
Martin, Kyle, gentlemen, hello.
Welcome back.
How are you guys?
John, great intro.
Take a deep breath.
I always go through these as fast as I can because I want to get into the actual show.
And people started to notice, like, man, you're really booking it through those.
Yeah, you were.
You were.
It's wild.
Well done, though.
I like it.
Anyway, we're happy to be here.
Yeah, me too.
I wish Bitcoin could join us today, but Bitcoin is struggling to fight to hold on to $73,000, a dip below that recently.
Martin, I was curious to hear from you.
Kyle, I feel like you've been calling for this for a long time.
Martin, what's your reaction to the Bitcoin price action recently?
What's your updated outlook on Bitcoin here?
Yeah, well, right now we are sitting right at 200 moving average.
So that's usually a good thing to...
You know, a lot of people are watching these zones where it's, you know, either 200 moving average or 50 days moving average.
But like for me, I'm happy with my existing position in Bitcoin.
So I will just keep, you know, holding Bitcoin for years.
So I don't really bother about this volatility.
I think we are going to be much higher in a few years.
So like, I don't necessarily need to try to improve my enterprise.
I got pretty good price, I think something in 60s.
So yeah, I'm happy.
I think if there are some people thinking about buying, I think the bounce from this moving average would make sense to me.
So, you know, I would probably add something if I want to add.
And yeah, I think now it seems like the markets and especially AI after the yesterday's Corvius earnings being...
pretty positive and I think we will see green candles in today's market as well, then I think Bitcoin can start doing some green candles as well.
So now these levels, I tend to be more bullish than bearish.
All right.
Well, more bullish than bearish is a good take.
Kyle, how are you reading this?
Do you think we're done on this pullback?
Do you think that we might get a bounce here or do you think this is just the beginning of another move to the downside?
So, you know, I think the interesting part is we had a huge sell-off and capitulation event in the stock market.
So if I look at the NASDAQ, I'm just going to pull it up on the screen here.
We had that like typical capitulation moment where you have a super high volume day.
You, you know, you burn off all the RSI and it goes to oversold.
You had this huge, huge, huge red candle and then a big, huge bounce back the next day.
And then as Martin said, after the core we've earnings last night, markets aren't open yet as we record.
But.
you know a lot of the infra stocks are up big i think core weave is up like 18 right now in pre-market so like it's going to be another huge day and it looks like we're kind of off to the races once again after a huge capitulation event okay the problem with is in crypto kind of follow this right like as we've gone down crypto is a lot less volatile volatile i will say um you know if you look at the infra stocks they're insane.
Like we're going up 15% a day, down 10% a day.
Like it's crazy.
It's what crypto used to be back in 2020 and 2021.
And Bitcoin's actually just remained fairly resilient, like almost flat.
Now it is down, obviously it's been going down kind of every day, but very slowly, very lightly.
And while that like, it shows that there's a bit of strike there and there's a bit of demand for those that are selling.
The problem is it's not really having this like, we're done pattern and we've bottom pattern, right?
It's like RSI still not oversold.
Volumes are still quite small.
And it's just been this like slow drip downwards.
Now, what's interesting, if you look at like ETH and SOUL, they've had a bigger move down and potentially could be done their moves.
Again, didn't really have the typical capitulation event yet, but they have gotten down almost to, you know, kind of this, this like, I would call it a bit of a base.
Their RSI's did get pretty much the oversold both ETH and SOUL.
So potentially we finished.
The only thing is that some of the alts have remained fairly strong throughout this, like still Uniswap.
I've been watching this thing forever.
Has remained super strong, has not really put in bigger lows from what it did back in, I think this was the Binance hack here on October 28th.
Has not gone lower than that.
So Uniswap continues to be holding stronger.
I want to see that break down and it doesn't seem to be.
Some of the others are starting to though, like Sky has broken down a ton.
think Aave might have.
Yeah, hasn't either.
So like the blue chip defies are staying strong, which is interesting.
And these are the assets that, you know, it's less about speculation, more about just there's demand for their products.
We can see if there's growth, if there's not growth, they have revenue, they have buybacks, things like that.
So it's a bit of a different story than what's going on with Bitcoin.
So I don't know.
I don't feel confident we've bought them just yet, although we're getting close to the numbers that I said.
I said we'd hit around 71, 72K for Bitcoin.
I think we basically hit that yesterday.
But I still feel like we've probably got to come down into this area a little further.
So I don't know.
I want to see a capitulation and we're not.
And that's the thing that actually worries me a little bit.
Now, I would say that with a caveat, I'm not super worried.
I think the lows are in for Bitcoin.
We are in the early stages of a bull market.
But I just like to see it puke and it isn't really doing that.
It's kind of this slow grind down.
You know, one of the weird things about crypto is that the longer you're in it, the more accounts you seem to end up with.
You buy in one place, trade somewhere else, earn yield somewhere else.
And if you actually need capital, you end up having to sell something that you probably wanted to keep.
That's why we at Milk Road are partnering with Nexo.
These guys keep the whole thing under one account.
You can buy, trade crypto, earn interest on what you already hold, and even borrow against your capital without having to sell it.
All in one spot, all in one account, all on Nexo.
So if you need liquidity, but you don't want to give up your position, or you're already holding crypto and you want to be able to do more with it, I think Nexo is worth your time.
We love working with them.
I think you will too.
Tell them Milk Road sent you.
In crypto, you can get into a project long before it lists on Coinbase.
In tech, the early window mostly belongs to VCs, and companies now stay private for a decade or more.
Alumni Ventures, a partner of the Milk Road Show, gives accredited investors a way in.
Time and CB Insights both rank them as a top 20 US venture firm.
You can sign up for free to see the weekly deal flow or write one check into their foundation fund for about 25 private deals.
Venture is high risk and long term though, so read the details first.
Go to av.vc.milkroad.
Well, we all enjoy watching one of our friends puke sometimes.
Yeah, I kind of agree.
I think that Bitcoin is either going to form a base here at 73K and bounce from the 200-day moving average or you might go down and slap.
Yeah, or might go down and slap the 200-week moving average.
I've been watching $5,500 for, I think, four months at this point, being like, if that range low holds, then I expect this to go higher.
We finally lost that, so I think it's kind of like a coin toss on where we find a higher low, rather.
I don't expect this to go down below 60K again, but there's a lot of people...
watching that now and it's just it's a fascinating time in crypto to be paying attention because what's do you think it's the early phase of a new bull market so what's the catalyst that that moves the needle and brings these prices back up um because because one thing more buyers than sellers yeah of course the the macro side of things is just a little bit um it's weird right like it's like The price of oil has come down.
So you'd think, okay, that's good.
It helps with kind of financial conditions.
But then, and yields have also come down a little bit.
Then they kind of spiked up.
Was it yesterday when we got the CPI print?
We're likely going to raise, it's almost like 100% chance we're going to raise rates in December.
So there's kind of like mixed signals on the macro.
I guess the catalyst could be this.
And I talked about this on our rollup on the stock side is there's a world where with the Dems winning.
they sort of force Trump's hand to pass some of the things that he wants to get passed, where they kind of say, you end the war or we don't pass any bill for the next two years.
You know what I mean?
And so, you know, he's got a few different bills that he's trying to get through right now.
Is there a world where he lets them kind of take the win of, okay, I'm going to end the war and Dems, you get the reason for it?
Because what it's going to end up doing if they do end the war is, you know, the price of oil is going to just fall significantly.
Inflation is going to fall significantly.
Stock market is going to go to all time highs.
And, you know, by the end of Trump's term, he's going to look like, you know, he did an incredible job because the economy is booming.
Even through all this nonsense with the war and inflation, whatever, the economy looks fantastic.
Jobs look great.
Like everything looks really good there.
The only issue really is this war.
And so.
Can he just, if he just ends that, that is maybe the catalyst for crypto to take off.
Any thoughts there, John?
Yeah, I think that he's trying to and wants to and will end the war.
I think the reason the war hasn't ended is because the midterms were coming and they needed to, like, the Iranians wanted to make it as painful as possible for him.
But oil is coming down.
The war is going to end.
They're also negotiating now to end the conflict with Ukraine.
Maybe that'll work this time.
I think maybe that'll be part of the negotiations with Iran.
I'm not sure how this shakes out, but I agree with you.
The macro backdrop has been mud for a long time.
And I think we're going to get some clarity on some of that and that will improve things.
That's really been the big thing that's like, I think holding back a lot of these risk assets is a lot of this uncertainty and then just like macro headwinds in general.
John, do you still think, I don't know if you ever thought this, but for a long time, I think the whole crypto industry was sold on liquidity is what moves the price of Bitcoin.
Do you think, do you still believe that's the main driver for Bitcoin?
And do you think that that's going to increase in the coming year?
No, I do not think it is the main driver for Bitcoin.
I think it is the main driver for all asset markets.
And it has been and will be and it's going to continue to be.
It's just that Bitcoin historically has been the most sensitive to that.
It may not always be the most sensitive to that, but it still will be a main driver of all markets.
I think that the liquidity demands that we've seen globally have been increasing faster than liquidity has been rising.
I think this has been true of the US markets and European markets, also the Chinese markets.
The Chinese market went through like a 40% correction.
It's like one of the most cataclysmic events in their market history too.
So we're not the only people having these events, the Korean stock market, Indonesian, the Turkish market.
It's been a situation, right?
And so I do think that the demands for liquidity will eventually be met one way or the other.
And I think that that's bullish for all risk assets, Bitcoin particularly.
So yeah, I do think that's still the main driver here.
And that's one of the biggest things that's causing the mud in the macro landscape right now.
Okay, John, and when are we going to see more liquidity in the markets?
I feel like I'm being here.
We are seeing it.
We are took over this meeting and just grilling John with questions.
We are seeing liquidity being added always, but we need excess liquidity.
So there needs to be an overabundance of it.
And I think that that will come.
You know, there's it's hard to say exactly because they don't have total transparency into the People's Bank of China and what they're doing.
And that's actually a bigger driver than the Fed at the moment.
But I do think that the Fed is deregulating the commercial banking industry in the United States specifically to allow them to provide additional.
liquidity to the markets rather than doing it themselves.
But, you know, Scott Bessent and Kevin Warsh are not dumb.
They understand what game they're playing.
They have a strategy.
When Scott Bessent said the house always wins, it might lose a few hands, but it always wins in the end.
He's right.
He knows what he's doing.
He's not going to mess this up.
And he's like carefully engineering the situation in the direction that he wants it to go.
I think we have been talking about the next big catalyst as tokenization for, you know, years at this point.
But like...
what really needs to happen.
I feel like there is some tokenization happening, but like it still didn't hit the masses, you know?
So like imagine that, you know, these days you hold some tokenized stocks like Corvive and some shorters are paying you like 5% yield.
So you are lending your Corvive and you are getting a nice kind of dividend in a way.
So, you know, that would be something like super compelling.
And I feel like that would be the moment when people would be like, wow.
I want that the same, like even SpaceX or Tesla, you know, these stocks that there's a lot of people who wants to short them, they are willing to pay you the money and kind of lend the stock from you.
And now that again, all that margin, all that potential for you as a holder is kept by the broker.
They might give you some, but not as many.
So the margins are huge for them and they do not have an incentive to do it and provide you like all the, you know, upside that they have.
But like once it's everything is on blockchain, that's going to be huge.
And I think, again, like we are going to talk about Securidize in a bit and they provide tokenization services.
So like this is all happening.
It's not just like, you know, one.
one big moment it's a more gradual thing and i hope that i would really love to see some big event that would just okay this is the moment this is this is now gonna change the game and we are all the races i don't know it's gonna be one big event but there has been a lot of little events that have happened this year um that have been huge i mean robin hood you know launching tokenized stocks on their chain uh was a big deal and started to you know there was some pushback from companies But it's at least getting people thinking about it, learning about it, understanding it, right?
So that was big.
Coinbase also launched token A stocks this year.
They actually have some decent volumes and are growing.
I'm trying to find the numbers here.
I think as Brian posted the other day, but they have the most volumes of any chain on base.
So they're seeing some growth there.
And then OKEx launched or is launching on November 23rd with the parent company of the New York Stock Exchange called ICE.
Weird name, but anyway.
They are launching basically tokenized stocks on X layer, which is the layer two of OKEx on Ethereum.
And they have 67, I think is the number, tokens or I guess stocks.
The problem is, is a bunch of the big names said no and actually refused to be tokenized.
So Apple, Tesla, NVIDIA.
They all said no, but you had the crypto equities that said yes.
So you've got Circle and Coinbase, et cetera, that all said yes.
And then a bunch of ETFs, which is quite interesting.
There was 59 ETFs that are part of this.
So that's really cool.
So and then what's also interesting about this is the way that this is working is they're using Uniswap to route all trades.
So there's a specific pool for this on Uniswap with V4.
And so all trades through this tokenized stocks is through Uniswap, which is like.
the bull case for DeFi, right?
The more assets we get on chain, the more things can happen through the DeFi applications.
Why I'm so excited about Uniswap.
And so again, this isn't the big splash that's going to change everything and everyone's going to be talking about tokenized stocks, but it's like...
you know you had basically every big exchange uh in the world for crypto launch tokenized stocks this year and they're all growing and marketing and they're basically having calls with every company in trad fi with every company to say hey let me tokenize your stock and so like It feels like there's this army, this team of people in New York and in Hong Kong and in Singapore that are just knocking on everyone's door saying, hey, we want to tokenize your stocks.
And so it feels like there's like there's momentum building there and you're seeing it in the supply.
You're seeing it in the volumes.
It's just slowly increasing.
I guess the moment will be like when one big company, NVIDIA or Apple or whatever decides to say, OK, we're in tokenize us and like, let's do it.
But I don't know when that's going to happen or if that happens.
This pullback on Bitcoin is scaring a lot of people, and I am not one of them.
So if you want to see what I'm not selling and why, what's on my watch list, and when I'm going to be deploying more capital into these markets, you can join Milkrow Pro today.
It's just a dollar.
The link is in the description.
I answer questions day and night in Discord.
I'll see you there.
All right.
I think this is a great segue.
I want to ask a question about this.
Securitize is a publicly traded company that has been tokenizing assets and funds.
for companies like BlackRock and many others.
They posted their first earnings report as a publicly traded company.
The stock jumped over 20% on the news.
Martin, I know this got your attention.
I'd love to hear your thoughts on this and why the market reacted so positively, what you're seeing in that report that got your attention.
Yeah, so these are the financials in Q3.
But just to be fair, they are still not profitable.
So Securitize, maybe I'll start with what Securitize is.
It's a tokenization platform.
You can think of Securitize in that way.
So they provide you if you want to tokenize your stocks, you go to Securitize and they will help you to do all the things and integrations and stuff.
And then that's the first revenue line.
And then that's the second one, which is they are going to provide you kind of back office for all that.
Right.
So like two revenue streams.
That's great.
And like.
I think Securitize was part of this OKEx and New York Stock Exchange deal.
I believe they're the ones tokenizing in the back end for those two companies.
What makes them different than anyone else?
Because now there is like hundreds of tokenized stocks versions, but you really want the one that is the most safe.
Like, I mean, they have all the licenses they have.
And that's super important because if I if I own, you know, tokenized stock on, I believe, Robinhood.
I don't have any rights or whatsoever.
So it's just some kind of a what if.
But here, it's pretty much one to one equal if I hold stock in my broker or if I hold stock that is tokenized by Securidize.
So that's an important thing.
And I think that what Coinbase also wanted to do is they wanted to have like one on one equal tokenized stocks.
They didn't want to have any, you know, a beard version where you still do not have rights.
and stuff like that.
So that's what SecredEyes do and they are probably the best at this because I believe BlackRock has some huge stake in this company and they wouldn't do it if they don't think that they have some you know advantages compared to the competitors.
Now Q2 was pretty big fail for the numbers but Q3 was actually a surprise and now you can see revenue is growing and like pretty much everything is growing that's nice um the only thing is that the assets on the platform the emma you can see here uh everything is growing pretty nicely but it's still not profitable so they are still you know break even adjusted a bit that is just you know let's say they are at break even right now so it's still not profitable company but at this stage, you are betting that this is going to be a huge kind of infra player that is going to bring hundreds of billions or trillions of stocks on the blockchains.
And so if you really think and you are bullish on tokenization, I think this could be one of the best plays probably because this is the player everyone goes to when they want to tokenize their stocks properly, not through some derivatives or anything.
The stock is doing pretty well.
Right now, the market cap is 1.3 billion, I believe.
They also have a pretty big balance sheet and cash, I think about 300 million.
So we are talking about the company that's worth 1 billion right now.
They are still not profitable, but they've got a lot of licenses.
They have got a lot of institution players that they already work with.
And so this is becoming quite interesting.
It's still not super bullish.
And they don't have a ton of competition either, I feel like.
It's kind of like if you want to tokenize stocks, you're going to securitize.
There's not really...
Yeah.
You either do it yourself or you're going to securitize.
Yeah.
I mean, like, probably everyone follows BlackRock, I feel like.
So if BlackRock is using something, like, everyone is going to do the same thing because, you know, BlackRock is just the biggest, biggest player in this market.
So the problem is that the guidance for this year is...
was reduced in q2 and now it was just confirmed during this latest earnings that it's gonna be revenues are gonna be around uh 80 million which is not that much but you know again as we were just talking about like we haven't seen that kind of chat gpd moment for tokenization yet right and so it's it's pretty decent right now i'm not sure that it's gonna do like extremely well anytime soon but once we really see tokenization picking up and there is going to be much more accelerated pace of tokenization, I think Securitize could be one of the winners here for sure.
The CEO of Securitize.
who's been on Milk Road before.
So if anybody missed that episode, go check that out.
But he said that he views stocks, stocks as a longer term play.
The next big opportunity is credit.
And they just agreed to buy a lending platform called River One to sort of expand that business there.
So I think that's just an important context that securitize themselves and sort of expanding their products, expanding their strategy and going in a broadening scope with their strategy here.
Kyle, go ahead.
I was just about to say the problem with Securitize is they remind me a little bit of Circle where it's like they just have one product and one revenue stream from it and they need that one product to grow.
And then you stepped in and told me that they just bought another company to expand.
So I love that.
I think it's a great idea.
This is what they should do is and I assume I don't know what River One is, but I assume that's allowing them to lending for the tokenized stocks.
So it's like adding network effects to their existing product, is it?
Yeah.
Okay.
So super cool.
So that's what I think they do need to do is, yeah, move to financial services for institutions around the stocks that they're tokenizing.
I think that's the key thing.
It's kind of the Coinbase playbook, right?
I don't think they use Securitize.
I think they just tokenize their own stocks.
They're probably one of the only ones that do it their own way.
And then they're building a ton of different services around it so they can make additional revenue streams.
That's what Securitize needs to do as well.
This slide from their presentation just shows the potential.
Sablecoins are already hitting 300 billion and tokenized stocks are barely 5 billion right now.
And so obviously the potential, like the US markets, if you look at S&P 500, it's worth like 60 trillion or something like that.
So the upside is really, really huge.
And I would say I'm pretty confident that, let's say in 20 years, there's going to be much more tokenized stocks than like in stocks not on the blockchains.
Well, you also have a double con.
So with stable coins.
the stablecoin itself doesn't go up in price.
So you just actually need to go to 300 billion, 400 billion, you actually need that much cash.
With stocks, the stocks also go up every year, right?
I mean, in most years.
And so you can put 20 billion in and then that can just go up to 22, 23 billion on its own without more inflows coming in.
Stablecoins don't get that.
So it should actually grow much faster, assuming we're in a bull market and things are looking good for prices of stocks.
But go back to that slide.
I think the most insane thing that for whatever reason no one is talking about and i think it's because everyone's just like doesn't know why and we're all just scared and don't want to talk about it but come on guys what are we doing here let's bring this up there we go uh is how are stable coins not just flat anymore i brought this up a couple weeks ago that they were flat for the last year now they're actually plummeting downwards so we went from like 304 billion to i think we're at 288 billion in the last like two weeks or three weeks which is wild.
I feel like it's probably fears around Binance.
So people just don't want to hold assets on chain at the moment until things get figured out.
That's my guess.
The other reason why I think it could happen is there are a lot of good yield opportunities in TradFi right now, especially because of AI and the debt that's coming up from hyperscalers.
You can get some serious returns beating the market, 7%, 8%, 9% and more.
And so I have no idea if that's where it's going.
I just think, you know, obviously when there's better yield opportunities on chain, you see stablecoin market cap go up.
But right now there's just a lot better yield opportunities off chain.
And so I think, especially in size, and so I would assume institutions are kind of...
you know, pivoting some of their yield opportunities to there.
This is my guess.
I don't know if you guys have any more theories on why the stablecoin market cap is just not growing and actually falling off a cliff right now.
I think it's because a lot of these institutions want to own the stablecoin industry, not to just participate in it or put their capital into it and let other people benefit from it.
I think a lot of people forget Goldman Sachs, Citigroup, and a big group of other banks put up, I think it was like 270, 275 million dollars to collaborate on a project to launch their own dollar backed stablecoin.
But that doesn't go live until 2027.
So once those projects start going live, once the Genius Act is fully out in 2027, and we see a lot of these institutions start to compete in the stablecoin space, I think this is going to explode.
But I just think that they want to own the stablecoins and control all of that capital.
They don't just want to put it into somebody else's stablecoin asset.
So I think that's one of the things weighing on it right now is that the next wave of capital that's going to come to stablecoins is coming.
But it's going to come once they've launched their own products that they fully control as opposed to using what's already on the market.
And I think that's one of the things that's holding it down right now.
But I agree with your analysis of everything else there.
Yeah, but that's, I think, a 2027 thing.
Okay, I have a question about this because I do think that there's something we haven't spoken about about this yet.
The New York Stock Exchange picked Avalanche to settle a lot of their tokenized stock trading on.
And I'm kind of curious your guys' updated thoughts on this.
So, okay, I think this kind of...
It raises this old question we've been asking.
It's like, if everybody's moving to stable coins and tokenized asset trading, where does that value accrue?
Does it accrue with the Intercontinental Exchange, ICE?
Does it accrue with Avalanche?
Does it accrue with Securitize?
Does it accrue with Uniswap?
There's a lot of people who are in projects and companies and assets that are touching this at some point, but it's not yet clear to me yet where the value capture is or who gets the biggest advantage here.
Martin, let's start with you maybe on this because Kyle looks like he's deep in thought.
What do you make of that choice to pick Avalanche?
And does that make you bullish on Avalanche?
Does it make you bullish on Securitize?
What's your thoughts on that?
Yeah, I didn't know why they chose Avalanche, to be honest.
Is there something happening on Avalanche?
I didn't say anything.
I mean, I could...
I can tell you why they publicly said they chose Avalanche.
I don't know why they did it behind the scenes.
They did it because it's secure, fast, and predictable fees, like stable gas fees.
And they can spin up their own Avalanche subnet or their own Avalanche L1 that they kind of have full control over.
And so that's, I think, sort of what went into that decision there.
But you can read their press release on that.
I don't want to misspeak.
But yeah.
They could do the same thing on Ethereum, right?
I mean, every chain is like that now.
This is in 2021.
We don't have like insanely spiking gas fees up to like 20 bucks when we launched like metaverse land and stuff.
Like every chain is fine at this point.
You know what I mean?
Yeah.
There's a difference between low fees and exactly stable fees.
And I think that's a different, but anyway, yeah, everybody from every chain would debate.
You'd be like, Oh, we could have done this too.
And like, you know, it's up to them to make that decision.
Ultimately.
They got like, ultimately.
When you ask who's going to benefit from this, I would say some DEXs on Avalanche, some lending markets on Avalanche, but I don't know any of those on Avalanche because I only use Ethereum or Ethereum Layer 2s and Hyperliquid and Solana.
But anyways, the point is that I don't really understand this move.
Like, yes, if it was paid, then maybe...
Like, yes, but I would expect that everyone is going to look into the future and see like, I don't want to launch my product on some isolated chain.
So I think that's the best kind of value proposition for Ethereum and their future roadmap, because it's like, hey.
you can do the same thing that Coinbase, OKEx or Robinhood chain, they will eventually be all connected into one ecosystem.
And so everyone is going to benefit from that.
So that's the most strong argument for Ethereum, I feel like.
So when everyone is launching on something else, I don't really get it, to be honest.
And so, yeah, I was about to say that DeFi on Avalanche is probably going to benefit from this if this is happening and there is some traction.
But, you know, Again, I don't know any projects for an Avalanche.
But I don't think that the way that they are trying to play this is like you're going to go and have a MetaMask wallet or whatever wallet you can use for Avalanche and like go trade around inside of DeFi.
I think they are tokenizing these and then you're going to use them inside of like centralized exchanges, brokerages, etc.
So I don't think this is like...
necessarily matters to the whole ecosystem.
Now that said, they will need to use some DeFi to route kind of like we just talked about with ICE and OKEx.
Uniswap is on Avalanche, so I would imagine that's what they're going to use.
It seems everyone seems to be picking Uniswap for the routing.
So I would say.
there's there's the like blue chip defy is going to benefit from this because that's the like routing that they're going to do under the hood again i don't think this is just like we're tokenizing it's not 2020 anymore where there's just like billions of people that want to go and trade nfts and defy summer 2.0 it's not that but those those offerings will be available inside of some exchange or inside of some brokerage or whatever so i think blue chip defy that institutions are actually kind of approved to integrate, which is Uniswap, probably Aave.
Honestly, there's not a lot more, but I would say those two for sure.
And then I would say it's exchanges are going to win from this because where are most people going to actually end up using tokenized stocks?
It's going to be on Coinbase.
It's going to be on Robinhood.
It's going to be on OKEx.
And so I think whoever is front facing to the user is going to win because ultimately what tokenized stocks do is allow you to offer more products.
at a better price and get better, you know, yields on these assets to your users.
So whoever has the users is going to win here, I think.
And so I think it's going to be exchanges or, I don't know, maybe in some weird world, the banks decide to integrate tokenized stocks and, you know, now they can provide better products.
I don't actually believe that that's going to happen anytime soon.
But all I'm saying is those who have access to the users are going to win, I think.
I want to.
point out that uh for our milk road pro users i wrote a very lengthy report on avalanche on avax on how i think about that asset and that ecosystem and if you're in our milk or pro community you can access that now the link is in the description you can join for just a dollar i would also like to point out that we are now going to switch to milk Pro after hours and talk about what positions we are changing in our crypto bags, what we're buying, what we're not selling and a lot more.
So if you want to see that conversation, you can also join Milk Road Pro in just a dollar and come join us behind the paywall and get a deep dive breakdown on everybody's portfolios and what moves they're making.
But for now, unfortunately, we are out of time.
So we're going to have to jump to that conversation now.
But thank you all so much for being here.
Stay safe, stay educated, stay bullish.
We will see you on the next episode of Milk Road Pro.
Thanks for being here, everyone.
Bye.
Thanks for listening to Milk Road.
If you enjoyed the show, make sure you like and subscribe.
And if you're struggling to find winners in the market, that's exactly what Milk Road Pro is built for.
Our analysts have called some of the biggest winners early and Pro lets you see what they're buying next, every trade they make, and the research behind every position.
Check out Milk Road Pro at the link below.
Everything you hear on Milk Road is for informational purposes only.
These are our personal opinions, not financial advice.
And we may own some of the investments we talk about.
Always do your own research and make the decisions that are right for you.
See you next time.