The gap is not what gets built. It's what gets used.

A survey of 150 operators just confirmed what the Value Capture Triangle has been pointing to for months.

The supply side of tokenized assets is solved. The product exists. What the market is missing is the infrastructure layer that makes those products move — across venues, into collateral frameworks, through lending markets, onto platforms where institutional capital actually sits.

86% of operators agree: distribution matters more than launching new products. That is the broadest consensus in the entire survey — wider than any single view on regulation, liquidity, or technology.

This is not a product cycle. It is an infrastructure cycle.

The Rectangle of REKT lives in anything that raised on issuance narrative and has no answer for what happens after. The Value Capture Triangle lives in anything sitting at the intersection of the asset, the credit market, and the distribution layer — simultaneously.

A few projects on the Signals page are converging on exactly that intersection. And one name you haven’t seen here before just completed the stack.