This is what I want from @reserveprotocol. A product that either works in week one or never works at all. As some of you know, Index DTFs have a property most crypto products hide from you. The fee runs buy-and-burn on $RSR . So the question was never whether the tech is good. The tech is fine. The only question that moves RSR is whether the product gathers capital, because capital is the input the burn feeds on. And capital gathering in this category is brutally binary. Look at what just happened in TradFi. A memory-chip ETF went from zero to roughly $9B in a little over a month. The index was not clever. Foreign retail genuinely could not touch Samsung and SK Hynix any other way. The product solved a real access gap. The flows followed the gap. Now the counter-example, same season. A photonics ETF launched into the same hype wave. Six weeks, around $340M. Below the memory trajectory at the same point. Same theme, same AI supply-chain story BUT a fraction of the flows. The reason sits in one detail. The photonics winners are already US-listed and tradeable. No access wall to break. No reason for the flood. That comparison is the whole thesis. A tokenized equity DTF wins for one reason. It reaches buyers locked out of the underlying everywhere else. Non-US, crypto-native, no clean path to the stock. When that lockout is real, the product explodes. Zero to billions before anyone writes the thinkpiece. When the lockout is thin, the same product is a rounding error. $5M in week one, $5M in week ten. Dead on arrival, wearing the costume of "innovation". This category has no slow build. The chart in week three is already written by the flows in week one. So here is the filter I am holding. If the first equity DTF opens on an underlying that non-US capital genuinely cannot reach, the burn catalyst is live and the re-rate is mechanical. If it opens on names already liquid and listed and reachable, it's a beautiful product solving a problem nobody has... and the fee accrual to RSR stays noise. One more thing nobody is pricing. This whole structure rides on the tokenizer that issues the underlying. Launch day is chained to their release day. We already watched one tokenizer this month get forced into refunds north of $1B over botched IPO allocations. The fragile point is the entity minting the shares the index holds. So I am not watching the marketing. I am watching two data. First: Week-one flows. Second: Which underlying they open with. Everything else is noise at this point. 🐸 AD MAIORA! 🌊

Now live: 173 new tokenized stocks and ETFs. Ondo Global Markets now spans 430+ tokenized stocks and ETFs, with the latest batch covering the hottest sectors and trends: → AI → Robotics → Quantum → Defense tech → Critical materials → Data center energy → BlackRock active ETFs → Covered call income strategies → & many more With 430+ tokenized stocks and ETFs now live across Ethereum, Solana, and BNB Chain, Ondo Global Markets is expanding access to the world's most in-demand assets.

The portal is opening for tokenized securities @reserveprotocol DTFs were built for this moment $RSR

#️⃣ $RSR emissions update: 8.3B RSR unlocked in 2025, but only about 855M actually entered circulation when all was said and done, representing a ≈1.5% expansion to circulating supply. Since there is no need for any additional RSR in the near term, and since conversations are underway to explore potential improvements to how RSR is unlocked and allocated, Confusion Capital is pausing all RSR unlocking until further notice. To catch up on the RSR unlocking and allocation conversation, check out @nnevvinn's latest post on the active forum thread on the subject: forum.reserve.org/t/rfc-rsr-…