Kelvin Sparks

"Ethereum's still leading in RWA TVL. Solana over the weekend hit all-time highs for RWA holder counts was around like 146,000." While enterprise-focused chains are making institutional pushes, Ethereum and Solana are actively capturing the live, crypto-native RWA market. Base layer blockchains that win the RWA liquidity fragmentation battle will accrue massive fee revenue and network effects. LONG. The tokenization of real-world assets is a multi-trillion dollar total addressable market, and the leading Layer-1s capturing this Total Value Locked will see direct value accrual. Network congestion, fragmentation of liquidity across Layer-2s, or traditional finance migrating entirely to permissioned, bank-backed chains.

Kelvin points out that Robinhood is already making a ton of money from prediction markets in its earnings reports, more than he thinks the company anticipated when it entered the market, suggesting prediction-market expansion is a positive earnings driver for HOOD.

"Ethereum's still leading in RWA TVL. Solana over the weekend hit all-time highs for RWA holder counts was around like 146,000." While enterprise-focused chains are making institutional pushes, Ethereum and Solana are actively capturing the live, crypto-native RWA market. Base layer blockchains that win the RWA liquidity fragmentation battle will accrue massive fee revenue and network effects. LONG. The tokenization of real-world assets is a multi-trillion dollar total addressable market, and the leading Layer-1s capturing this Total Value Locked will see direct value accrual. Network congestion, fragmentation of liquidity across Layer-2s, or traditional finance migrating entirely to permissioned, bank-backed chains.