The Chopping Block: RWA Perps Go Parabolic, ClawdBot, & Superstate's $82M Raise

What It Covers

Superstate announces $82.5M raise for tokenizing securities. Real world asset perpetuals on Hyperliquid's HIP-3 markets reach $800M open interest driven by precious metals trading. Claude Code and agentic coding tools transform software development workflows. Crypto traders migrate to commodities markets amid low crypto volatility. Discussion of tokenization models and agent-based automation.

Key Questions Answered

• •Tokenization Models: Three distinct approaches emerge: issuer-led tokenization where companies directly tokenize official shares with same CUSIP and registration statements, back-office tokens used by NYSE and Nasdaq for settlement acceleration, and bootleg tokens where third parties buy stocks and issue derivative tracking tokens primarily for offshore investors without KYC requirements.
• •RWA Perps Market Shift: Hyperliquid HIP-3 markets hit $800M open interest with Trade.xyz becoming seventh largest perp DEX. Eight of top ten markets are real world assets, primarily precious metals and indices rather than individual equities. Mobile usage patterns suggest new user cohorts beyond existing crypto traders entering these markets.
• •Crypto Trader Migration: Crypto traders demonstrate asset-agnostic speculation behavior, moving to precious metals and commodities when crypto volatility declines. This cohort resembles generational shifts seen in poker players and Robinhood users, suggesting exchanges must evolve into everything-exchanges to retain users rather than crypto-only platforms.
• •Agent Coding Adoption: Anthropic engineering teams operate entirely on Claude Code without writing code manually, only reviewing diffs. Companies report 95% LLM subscription adoption with 40% using Anthropic, 30% Cursor. Effective use requires unlearning traditional software engineering practices, transforming engineers into engineering managers overseeing AI output.
• •Startup Cost Structure: Agent coding fundamentally changes software startup economics by reducing primary cost driver. New startups built ground-up for agentic workflows will iterate faster and spend differently than pre-agent companies. Hiring CTOs experienced with agentic development becomes critical differentiator, with code base LLM-readability serving as quality benchmark.