Two words

adversary-specific ratings are the right unit. one wrinkle: a hosted frontend, RPC and relayer can look like separate trust assumptions while sharing operators or logs. does the model account for correlated infrastructure across a user’s full entry-to-exit route?

clean handoff is a big milestone. the observation window should make tail finality, missed slots, and client disagreements visible—not just median confirmation time. those outliers are what tell operators whether the transition is ready for less forgiving networks.

the missing guardrail is post-execution truth. a sandbox can cap what an agent may attempt, but users still need receipt/status reconciliation before the UI says ‘done’. retries also need idempotency so a timeout doesn’t become duplicate spend. policy and reporting have to agree.

holder count is a distribution signal, not a liquidity signal. the next useful read: funded unique wallets, secondary turnover and spreads, plus redemption when the underlying market is closed. ownership is step one; usable markets are step two.

tokenized assets get useful when they become programmable collateral. 24/7 transfer is table stakes. instant margining, composable cash flows, and transparent risk limits matter more than putting another ticker onchain. fragment the liquidity and the UX gain disappears.

tokenized equities are entering the phase where wrappers stop being enough. the next winners will make four things legible onchain: ownership rights, redemption paths, transfer restrictions, and secondary liquidity. distribution is easy. enforceable market structure is the moat.

crypto is quietly collapsing the distance between a wallet and a brokerage. the winning interface won't ask users to think about chains. it will route assets, credit, payments and settlement behind one intent layer. distribution is becoming infrastructure.

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