Crypto Long & Short: The Reality Behind DeFi Yields and Market Fragility

In this week's Crypto Long & Short, CoinDesk's Joshua DeVos highlights the rapid growth of tokenized equities, noting that perpetual futures volume surged from $16 billion to over $590 billion in one year. However, he warns that this growth masks critical structural risks. Because tokens with the same ticker can represent vastly different rights—ranging from actual ownership to synthetic claims—investors must scrutinize the underlying structure to understand their true protections and risk exposure.