Rollups, Not Permissioned Chains: How RWAs Can Avoid New Gatekeepers
Opinion by Joaquin Mendes (Taiko COO) argues tokenized real-world assets (RWAs) should avoid permissioned blockchains and centralized layer-2s that reintroduce intermediaries and single points of failure. Regulators push identity, transaction monitoring and enforcement, but Mendes contends these needs can be met at the application level on public chains. He advocates for Ethereum-based optimistic and ZK rollups that inherit Ethereum security while allowing apps to implement KYC/AML and compliance without a privileged operator. Key points: permissioned or private chains limit participation and keep gatekeepers; centralized operators create regulatory and operational risks; public rollups provide decentralization, settlement finality, transparency and lower operational risk; the RWA market could reach trillions, so infrastructure choices now will determine whether tokenization opens access or simply reproduces traditional finance on-chain. The article urges institutions to adopt rollup infrastructure to enable compliance and broad access rather than rebuild legacy intermediation on blockchains.
Neutral
The article is an opinion advocating for technical choices (public rollups on Ethereum) rather than reporting an immediate market event. Short-term market impact is likely neutral because it does not announce institutional commitments, fund flows, or regulatory rulings that would directly move prices. Traders might see modest positive sentiment for Ethereum and rollup ecosystems over time if institutions follow this guidance, which could support ETH demand and layer-2 tokens. However, the piece also highlights regulatory concerns tied to centralized operators, a bearish structural risk if institutions persist with permissioned designs. Historically, technical advocacy pieces shift developer and institutional sentiment slowly; tangible market moves follow concrete partnerships, product launches, or regulatory clarity (for example, approvals or large ETFs materially affected flows). Therefore expect limited immediate price reaction, possible gradual bullishness for Ethereum/rollups if adoption narratives strengthen, and persistent downside risk if permissioned solutions dominate.