Tokenizing an asset solves distribution, but it does not solve architecture. Bringing real-world assets onchain allows them to trade 24/7, but without a native capital structure, long-term investors are left with a crude choice: hold spot exposure or pay the friction associated with conventional leverage. This structural gap is why the @2FactorFinance public beta going live on base is an important development for onchain equities. Traditional leverage creates two problems for long-horizon holders: volatility drag and financing drag. Daily compounding makes the path of an asset’s performance matter, while the capital used to create leverage comes with an ongoing cost. 2Factor approaches this differently by partitioning an asset’s volatility into two perpetual tranches: A senior tranche with deep downside protection, backed by capital seeking stability. A leveraged junior tranche with no liquidation risk and no external hedging counterparty. Rather than pricing leverage against the cost of short-side financing, 2Factor sources it from capital seeking stable yield. According to 2Factor’s calculations, this approach reduces the estimated all-in cost of maintaining leveraged single-stock exposure by roughly 75% compared with conventional structures. Sizing also becomes a measurement rather than a guess. Through Kelly optimization, leverage targets reflect the individual characteristics of each asset. Bitcoin, with volatility near 60%, closes the productive leverage band relatively early, resulting in a target of approximately 1.33x for cbBTC. Lower-volatility assets can support different levels of exposure. 2Factor’s research estimates approximately 2.1x for the S&P 500 and 2.35x for gold. Bitcoin was the harder case for proving the mechanism. Coinbase’s tokenized stocks on Base provide an opportunity to extend this approach to a wider range of assets. I joined Season 1 of the @2FactorFinance Points Program to follow this development. Marks are earned through verified educational, social and referral actions, not through purchasing, depositing or simply holding assets. When Season 1 ends at protocol launch, the leaderboard freezes. The top 10 accounts share 1 BTC, paid in cbBTC, according to a fixed rank-based distribution. Marks have no cash value, cannot be transferred and are not a claim on any token or asset. If you want to explore the program with me: points.2factor.finance/r/azx… When assets migrate onchain, which matters more to you: 24/7 accessibility or native capital structures designed for long-term holders?