TLDR Tech / Crypto
Tokenized equity trading is shifting to RFQ exchanges
RFQ now accounts for 75% of tokenized-equity trading volume, up from earlier dominance by concentrated-liquidity AMMs and a PropAMM phase that briefly hit 50%, because equities are still priced by the underlying stock market and RFQ makers can hedge instantly against real shares without pre-funding pools for every stock-USDC pair.
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