0xResearch Where Is DeFi Headed? | Jim Parillo
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Nov 28, 2025 Join Jim Parillo, Managing Partner at Figment Capital, as he explores the cutting-edge landscape of DeFi infrastructure. Discover insights on Hyperliquid's ecosystem and the exciting shift toward perpetual markets. Jim delves into the complexities of lending, equity perps, and the pressing regulatory landscape. He also shares what excites VCs at Figment beyond perps, touching on liquidity issues in prediction markets and the growing interest in crypto options. Tune in for a fascinating look into the future of decentralized finance!
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Build Around The Flagship Perp Product
- Hyperliquid's chain should be built around its flagship perp product, not generic L1 primitives.
- Complementary products that leverage perp liquidity will outcompete another basic AMM or NFT marketplace.
Complementary Perp Products Capture Value
- Products that directly complement perps (e.g., leverage tokens, pair trading, risk finance) capture more value than another generic lending AMM.
- These niche products can monetize immediately via builder codes and benefit from concentrated volume.
Complex On‑chain Flows Frustrate Users
- Jim described the cumbersome flow to trade on Hyperliquid involving multiple bridges and swaps.
- He used the example of depositing LST, borrowing HYPE, swapping to USDT, bridging, and finally trading perps.