Gold Onchain Has Never Paid You Back 🟡
$ENA is the proof of what happens when the market finds structured yield backed by real economic activity rather than token emissions. Capital rotated fast.
The same logic is moving into commodities.
PAXG and XAUT solved gold custody on-chain. Both products work. Neither generates a return for the holder.
The global gold market is worth $13T. Gold ETFs crossed $669B in AUM. Every ounce in those products earns zero while costing holders 0.5 to 1.5% annually in storage fees.
GLDY launched as a tokenized gold security backed 1:1 by physical bullion, generating 3.5% APY monthly in gold through Monetary Metals leasing. Every ounce verified on-chain through Chainlink Proof of Reserves.
$100M in indications of interest came before the product was live.