Evaluating the Perpification of Real-World Assets

This report explores the emerging approach of "perpification"—offering synthetic exposure to real-world assets (RWAs) via perpetual futures rather than traditional tokenization. It examines current usage patterns across platforms like Ostium and Gains Network, highlighting that demand for RWA perps remains limited relative to crypto-native markets. The report also analyzes the structural constraints of peer-to-pool exchange models, particularly around directional risk and liquidity scaling, and evaluates the oracle layer as the most differentiated and potentially enduring component of these protocols. Ultimately, it questions whether current designs are well-positioned for long-term adoption or if significant architectural changes will be required as competition and expectations evolve.

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