At first I assumed the quiet disappointment waiting for a lot of tokenization projects, and it shows up the first time someone tries to sell. You can mint a perfectly compliant tokenized bond. But a token you can't sell when you need to isn't really an asset it's a screenshot of one. Liquidity, not issuance, is the hard part.

And liquidity is a strange thing, because you can't build it directly. It's a coordination problem. A market only exists when issuers, eligible buyers, and market makers all show up in the same place at the same time, on rails that talk to each other. Miss any one of those and you have a listing, not a market.

Compliance quietly makes this harder. The same eligibility rules that make a security legal who's allowed to hold it, in which jurisdiction also shrink the pool of people who can legally take the other side of your trade. Safety and depth pull against each other.

So the interesting question for something like Dusk Trade isn't "can you tokenize it." It's whether a shared, compliant venue can concentrate enough flow to matter, instead of leaving every issuer stranded on its own island of thin volume.

Who'd use it? Issuers and investors who'd rather share a deep book than each run an empty one. What kills it? If eligibility fragmentation and a cold start keep the books thin no matter how good the rails are.

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