@TOKEN2049 Singapore through a market maker’s lens: more assets, more venues, more hours. Who’s providing the liquidity? Our conversations with institutions, venues and foundations pointed to three opportunities. >Institutions On October 8, @Securitize launched 12 tokenized US stocks on @solana, combining a PropAMM with Jump Trading as market maker. Tokenized equities introduce pricing, liquidity and hedging challenges that traditional AMMs were not designed to address. We’re building onchain infrastructure to address those needs. Are you issuing or listing tokenized RWAs? Let’s talk. @Nasdaq is taking a different approach. Its SEC-approved model allows eligible tokenized and traditional shares to trade on the same order book, under the same ticker and execution priority. The settlement infrastructure changes, but liquidity remains unified. Beyond trading, tokenization could unlock significant efficiencies in collateral management, capital utilization and prefunding requirements. But extending market hours doesn’t automatically extend market depth. >Venues Prediction markets have become a market structure business. @Polymarket, @Kalshi and emerging venues trade more like exchanges than bookmakers: order books, latency, inventory risk, adverse selection. Every book needs someone willing to quote, manage risk and provide consistent liquidity. Meanwhile, @HyperliquidX’s options ambitions and @coinbase’s upcoming options powered by @DeribitOfficial add another opportunity: quoting volatility and hedging across products. Coinbase’s unified portfolios bring collateral efficiency into the competition. Vaults face the same need for active risk management. Our view is that the vault model was misunderstood, not broken. A vault is not a feature a venue switches on. It is a strategy someone has to design, run, risk-manage and continuously optimize. Venues treating it as an ongoing service are still growing theirs. We run multiple HLP-style vaults, including FLP on @hibachi_xyz and MLP on @meridiandotxyz, plus a separate USDe credit vault on @WildcatFi. Are you launching a venue or reconsidering your vault strategy? Let’s talk: kappalab.io/contact >Foundations Foundations already carry substantial exposure to their native tokens. The question is whether their treasuries are capturing enough value from the token volatility. This is precisely the opportunity behind KLIP, our dedicated treasury yield strategy, designed to monetize native-token volatility while allowing foundations to retain custody of their assets. One question came up repeatedly in our conversations: What could our treasury have earned using KLIP? We ran backtests and shared results that generated considerable interest. Want to see what KLIP could have generated for your treasury? Reach out, your backtest is minutes away. klip.kappalab.io >What comes next? Some products are live; others remain roadmaps. Securitize has launched, vaults are running, and Nasdaq has secured approval for its model. The next wave is taking shape. Nasdaq targets 23/5 trading from December 6. @okx and @ICE_Markets plan a tokenized US stock venue using permissioned @Uniswap v4 pools. And Nasdaq and @Payward target Q2 2027 for Nasdaq Equity Tokens. We expect two things: more hours needing reliable quotes, and more tokenized versions of stocks whose prices need to stay aligned. Nasdaq’s model keeps one order book. The wider market may not. Different settlement, redemption and hedging arrangements make that alignment a market making problem. By the next TOKEN2049, we expect the conversation to move from who is tokenizing assets to who will keep them liquid.