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Crypto Onchain? Tokenized Stocks, Stablecoins, & Neo-Banking | Fully Diluted with Messari Research

6 snips
Jul 2, 2025
Sonny Shi, a member of Messari's enterprise team, dives into the exciting intersection of traditional finance and crypto. He discusses how tokenized stocks on Arbitrum could reshape on-chain liquidity and attract retail investors. The conversation also uncovers Hyperliquid's advantages over centralized exchanges like Robinhood and the future of decentralized financial platforms. Sonny shares insights on the surge of stablecoins and the potential impact of upcoming ETFs on market dynamics, highlighting the evolution of financial super apps.
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INSIGHT

Perp Launches Expand Market

  • The launch of perpetual contracts by Robinhood and Coinbase will likely expand the overall market rather than harm Hyperliquid.
  • Hyperliquid's lower fees and on-chain composability give it a durable competitive advantage.
INSIGHT

Centralized and On-chain Markets Expand

  • The rise of Robinhood and Coinbase derivatives likely grows the overall market rather than cannibalizing Hyperliquid volume.
  • Market price action suggests these centralized offerings may also benefit on-chain venues over time.
INSIGHT

CEX Growth Adds New Volume

  • Centralized exchanges could reclaim some derivatives market share by aggressive product launches.
  • However, this volume growth adds new white space rather than subtracting from decentralized exchange growth.
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