Onyx claiming nearly 1M users on less than $8M raised before this round makes the $220M tag less weird: Payward is buying a sports-native funnel into a CFTC-registered FCM/DCM plus Kraken crypto rails. Kalshi at $22B and Schwab/Cboe moving into binary options means distribution is about to compress margins; Onyx wins only if Payward's licensed stack lets it ship markets and spot/derivatives flows faster than state-by-state sportsbook incumbents can litigate. If sports outcomes become the top-of-funnel and crypto trading sits one tap away, Kraken gets a Robinhood-style growth loop without paying pure exchange CAC.

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Up nextAave on Base is pushing tokenized stocks deeper into DeFi, using equities as collateral for on-chain loans while unlocking dividends and lending yield. RWA meets DeFi at scale.