Can tokenized assets continue to scale faster than the revenue models behind them?

Securitize closed its first quarter as a public company with average tokenized assets under management hitting a record $4.3 billion, up 16% year over year, while transaction volume on the platform jumped 147% to $5.3 billion.Total revenue fell 5% to $14.4 million, tokenization revenue dropped about 12% to $7.8 million, and adjusted EBITDA swung to a $5.5 million loss.The company put more assets on-chain and processed far more activity than a year earlier, and earned less money doing it.MetricQ2 resultYoY changeWhat it showsAverage tokenized AUM$4.3B+16%Assets on-chain are still scalingTransaction volume$5.3B+147%Platform activity accelerated sharplyTotal revenue$14.4M-5%Activity did not translate into higher revenueTokenization revenue$7.8M-12%Core tokenization economics weakenedAsset-servicing revenue$6.6M+3%Recurring/admin revenue held up betterAdjusted EBITDA-$5.5MSwing to lossCosts and weak monetization pressured profitabilityThe CFO explains the gapSecuritize CFO Francisco Flores said on the earnings call that AUM-based revenue is not material today and that very little of the platform's transaction volume is currently monetized.He added that most tokenization revenue still t...