Powers BlackRock and Securitize's tokenization infrastructure - clients that need enforceable contracts that a DAO can't provide. They recently launched value accrual mechanisms and the market didn't care - bc a DAO and token don't make sense for this type of infra. $W is down 99% from ATH. Candidate for an ACX-style token-to-equity conversion (coindesk.com/markets/2026/03/12/across-s-acx-rocke…), and the token re-rates on announcement.

“Hearing rumors that apparently even more DAOs are considering this step for quite some time already, so wouldn't be surprised if we see a lot more of these.” x.com/sjdedic/status/2033196615113035887