1:1 would be nice. Might be a way off it seems. Not sure there is many with funds to spare for future RWA launches (we won't be doing much in the future, have a fair chunk of our balance sheet tied up already).

If sLEO rewards restart and are decent that could be a catalyst. Not sure what dry powder Leostrategy is sitting on, I do know they have slowed down their buying, seem to be holding out for lower prices.

Could be a long haul back to 1:1 tbh. I hope I'm wrong.