Most capital never reaches its best use.
Not because the ideas aren't good, but because the infrastructure to fund them wasn't built for scale. A $500M raise gets full investment banking support. A $20M raise with equally strong fundamentals? Often can't clear the cost floor.
Add cross-border friction and thin disclosure standards, and you get capital pooling in the same familiar markets while good opportunities elsewhere go unfunded.
Tokenization is starting to fix the plumbing, not the ideas: lower minimums, single-issuance multi-jurisdiction distribution, and onchain verification instead of periodic self-reporting.
We broke down how this is reshaping capital formation at a macro level here
https://blockmaze.org/how-toke....nisation-is-reshapin
