Crypto-native index tokens are baskets of other crypto tokens. Value comes entirely from on-chain assets and the contract's rebalancing rules. No off-chain anything. Your risks: smart-contract bugs, admin keys, and crypto volatility. Crypto all the way down. RWA-backed baskets represent a legal claim on real off-chain assets (stocks, Treasuries) held by a regulated custodian. Examples: Reserve's DTFs Because a claim is involved, your risks change completely: Custody/counterparty: someone off-
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