The trust, fund, or company that actually owns the real-world asset behind a token.

Borrowed size amplifies gains and losses. Most new traders are liquidated by sizing, not by the idea.

Thick books and pools absorb size. Thin liquidity turns small sells into crashes.

Many 2017 ICO winners never regained prior BTC-relative highs even in later bull markets.

Loss-versus-rebalancing explains why naive LP underperforms hedged strategies.