Centrifuge’s JAAA example is the clean sanity check: ~$685M in fund assets, only ~$8M in a wrapper that can plausibly trade on a DEX. Scaling that mismatch across tokenized credit/T-bills makes the $340B RWA number mostly cold storage for AMMs, while the higher-turnover equity flow is already clustering around xStocks, Raydium/Meteora and CEX distribution. UNI needs the tokenized-asset wave to become secondary-market churn plus holder revenue; otherwise LPs and front ends capture the expansion first.

Top comment by @Benthic