An Ephemeral Gift

Latest News from UBS: Following BlackRock's experimental footsteps, the Swiss bank is launching a tokenized fund on Ethereum.

A handful of protocols poised to capture to entire market.

While traditional tech investments require even mainstream products to constantly fend off competitors, open protocols follow a different path. Once adopted, they grow into resilient open networks, becoming harder to displace over time.

On top of that, when talking about tokenization, principles from traditional finance apply: established, trusted systems are nearly irreplaceable due to the critical role of security and trust. Liquidity, in turn, reinforces itself—attracting more liquidity.

Put together, it makes sense to expect that a select few decentralized protocols, each specializing in a core function, will make their competition irrelevant and eventually capture all tokenization-related fees.

On what chain will these protocols be? We believe there's no debate, as explained in our recent Substack article: it will be on Ethereum.

An ephemeral gift in disguise.

The sentiment on Ethereum is currently at a historic low, implying an opportunity to acquire associated businesses at an unfairly cheap valuation.

With the above in mind, our title’s intent should now be clear: this is a rare moment to gain affordable exposure to global finance’s future revenue streams.

The protocols we favor stand out for their lack of relevant competition, first-mover strength, solid leadership, and rapid integration momentum.