The quietest but most exciting category expansion going on crypto right now isn't stablecoins or tokenized stocks, but the reemergence of tokenized strategies. After DeFi summer, the only thing left standing here were LSTs. Yearn TVL died down, most "farms" disappeared, long tail credit facilities were hacked or died off, yield sources were few and far between, and fixed rates were no longer interesting as yield sources (mostly staking or lending) had no little-to-no volatility. This is all changing. An entire supply chain is being built to bring new tokenized strategies to market : - Critical Vault & CeDeFi infrastructure - Reputable Risk curators, Strategists & Asset Managers - Isolated Lend-Borrow markets for rapid credit listings - Reemergence of fixed rates Everything the industry wasn't ready to sustainably offer in 2020-2021 is finally reaching product-market-fit now. And it's driving more growth to actual DeFi applications than stablecoins despite there not yet being a comparatively large or cohesive narrative tracking it. The design and use space to explore for tokenized strategies is massive. Infinitely programmable and composable funds of all types. Have a feeling the narrative will catch up.