Podcast episode

Tokenized RWAs, Open vs Permissioned DeFi & Retail’s New Role

Tokenized real-world assets, access to DeFi and the changing role of retail participants.

BR LabsEpisode 05August 3, 2026

Episode overview based on BR Labs' published description. Watch the original recording for the full discussion.

Episode topics

The episode examines the difference between putting an asset on-chain and making it accessible within DeFi. Rezo Shmertz discusses institutional distribution, permissioned and permissionless products, and the shift in retail participation from market making toward depositing and longer-term holding.

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Tokenized assets and DeFi access

Tokenization, distribution and composability describe different parts of an asset's use. This BR Labs episode focuses on whether on-chain products can participate in decentralized finance, not simply whether they have been issued on a blockchain. Retail participation is considered alongside the role of institutions and professional market makers.

The conversation builds on Episode 4's discussion of open and gated DeFi. For Rezo Shmertz's related writing on market transparency, read Non-Custodial Isn't Enough. More episodes and public appearances are available in Media.