Most people discussing tokenized stocks are focused on access. Can I buy the stock onchain? Can I trade it? Can I use it across DeFi? But access is only one part of the problem. Imagine holding a leveraged tokenized stock while its underlying market is closed. The asset remains onchain, but trading in the underlying market has paused. It got me thinking about something easy to overlook: making an asset accessible around the clock doesn’t automatically make leveraged exposure to it well designed. A 2x position might sound straightforward, but the same multiple won’t make equal sense for every asset. Volatility affects how leveraged exposure compounds over time, and financing adds another cost to consider. The leverage needs to fit the asset, not just the number someone wants to multiply their exposure by. That’s what caught my attention about @2FactorFinance. Its Kelly-optimized approach separates exposure into senior and junior perpetual tranches. The senior tranche has downside protection, while the leveraged junior tranche has no liquidation risk. Its research puts Bitcoin’s target leverage at roughly 1.33x, a useful reminder that the right amount of leverage depends on the asset rather than the biggest multiple available. Now, 2Factor’s public beta is live on Base for Coinbase’s tokenized stocks ecosystem. I’ve joined the 2FactorFinance Points Program, and Season 1 has a clear incentive: the top 10 on the leaderboard split 1 BTC, paid in cbBTC. Points are earned through verified social activity, education and referrals. Buying, depositing or holding assets earns nothing, and Marks have no cash value and cannot be transferred. Want to take part? Join through my referral link: points.2factor.finance/r/ziz… When you look at tokenized stocks, do you think more about getting the asset onchain or about how the financial structure around it works?