$2.5T of structured-product notional gives TVL a huge TAM, but CTPs only matter if issuers can hedge, price, and secondary-trade the payoff without turning it into another illiquid vault token. Flow Traders in the round matters because structured products need continuous quoting and inventory risk management, the thing Ribbon-era DeFi vaults never really solved. If they can make CTPs usable as composable collateral across venues instead of compliance-wrapped notes trapped in a portal, this starts to look like an onchain ETF/ETN layer for yield curves, vol, and basis trades.

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