day two, and today i went looking at the partnership thats supposed to answer the "wheres the adoption" question 😂
npex. an afm-regulated dutch exchange, licensed as an mtf, broker, AND ecsp, planning to bring over 300 million euros in assets onchain via dusk. not a memorandum of understanding, not an "exploring possibilities" press release.... a licensed venue with real assets under management, committing to migration.
why does this one matter more then the usual partnership announcement? becuase of who moves first in institutional adoption. no regulated institution wants to be the guinea pig, the first mover eats all the regulatory uncertainty, the integration pain, the career risk of being wrong publicly. wich creates the cold-start problem every institutional chain faces.... everyone waits for someone else to jump first. npex jumping is the event that makes the second jump easier, and the tenth routine.
now the skeptical pass, becuase i owe you one. "plans to bring" is future tense, and future tense is where institutional announcements go to hibernate. 300 million is also small by global capital markets standards.... a rounding error on one bond desk. if your measuring dusk against nasdaq, this is nothing.
but thats the wrong measuring stick, and heres my actual read. the value of npex isnt the 300 million.... its the PRECEDENT. a licensed european mtf running real regulated assets on this infrastructure creates the reference case every other mid-tier european venue can point thier board to. "npex did it and the afm didnt object" is worth more then the assets themselves. regulatory precedent compounds, aum follows.
the metric i'll actually watch, not the euro figure.... the number of licensed venues that follow. precedents are only precedents if someone cites them. clock three, the regulator clock, is officialy ticking.
@Dusk #dusk $DUSK
npex. an afm-regulated dutch exchange, licensed as an mtf, broker, AND ecsp, planning to bring over 300 million euros in assets onchain via dusk. not a memorandum of understanding, not an "exploring possibilities" press release.... a licensed venue with real assets under management, committing to migration.
why does this one matter more then the usual partnership announcement? becuase of who moves first in institutional adoption. no regulated institution wants to be the guinea pig, the first mover eats all the regulatory uncertainty, the integration pain, the career risk of being wrong publicly. wich creates the cold-start problem every institutional chain faces.... everyone waits for someone else to jump first. npex jumping is the event that makes the second jump easier, and the tenth routine.
now the skeptical pass, becuase i owe you one. "plans to bring" is future tense, and future tense is where institutional announcements go to hibernate. 300 million is also small by global capital markets standards.... a rounding error on one bond desk. if your measuring dusk against nasdaq, this is nothing.
but thats the wrong measuring stick, and heres my actual read. the value of npex isnt the 300 million.... its the PRECEDENT. a licensed european mtf running real regulated assets on this infrastructure creates the reference case every other mid-tier european venue can point thier board to. "npex did it and the afm didnt object" is worth more then the assets themselves. regulatory precedent compounds, aum follows.
the metric i'll actually watch, not the euro figure.... the number of licensed venues that follow. precedents are only precedents if someone cites them. clock three, the regulator clock, is officialy ticking.
@Dusk #dusk $DUSK