Tokenization is about to move global capital markets at the speed of compute. After a decade in crypto, that's exactly what scares me. I watched the NFT mania come and go. I watched exchanges I trusted collapse. I've seen genuine, world-changing ingenuity sitting right next to some of the most shameless grift you'll ever encounter. After enough cycles, you stop reacting to the hype and start watching for the pattern underneath it. Here's the pattern. Crypto has spent ten years proving it can move value at the speed of compute. Tokenization is about to do the same thing for global capital markets. Not just our silly crypto silo anymore. The big leagues. But when you move value that fast, you move conviction just as fast. Momentum forms before anyone checks the foundation. People pile in for the wrong reasons. And the worst of those reasons is the simplest one: the asset isn't what they think it is. This is where the wrapper-versus-native debate stops being academic. I'm not going to litigate the whole thing here. But I'll tell you my bias plainly. I want the thing I'm buying to be the actual thing. Native onchain. Not wrapped three times over, not settling somewhere off-chain through a stack of intermediaries I can't see. The asset in my wallet should be the asset, and I should be able to see it and control it. Full stop. Benedikt Schuppli at @obligatecom just wrote the sharpest takedown on wrappers I've read. And the number at its center is hard to shake: 78% of tokenized assets today are wrappers. A token sits onchain while the asset, the originator, and the servicing all stay off-chain, controlled by the same intermediaries tokenization was supposed to disrupt in the first place. What scares the hell out of me is that a bunch of wrappers will blow up, hurt people, and set us back a decade. Read his piece. It frames the most important question in this space right now: are we rebuilding the stack, or just bolting a nicer facade onto the old one?