RWA perps on pre-IPO stocks are now a thing and I can't tell if this is DeFi maturing or just leverage on things that can't be hedged.

ASTER has launched perpetual contracts on pre-IPO assets including SpaceX shares and Hong Kong stocks with 3x leverage, providing retail access to previously restricted investments. The development raises questions about whether this represents genuine DeFi innovation or problematic leverage on assets lacking reliable price discovery and hedging mechanisms.