Empire Where Are We In The Cycle, ETHs Outperformance & The Perpification of Markets
Aug 21, 2025
Kaledora Fontana Kiernan-Linn, Co-founder and CEO of Ostium, dives into the evolving landscape of trading TradFi on-chain. She explains the concept of 'perpification' in markets and its implications. The discussion also highlights Ethereum's impressive performance and its vital role in the crypto ecosystem. Kaledora shares insights on the tokenization of equities, the competition between crypto and traditional finance, and the future of decentralized finance. Her expertise offers a compelling vision of a seamless trading future with stable coins.
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One Wallet For All TradFi Markets
- Ostium positions itself as the bridge to trade global TradFi markets on-chain with one wallet and stablecoins.
- They support large leveraged trades across S&P, NASDAQ, commodities and other global markets in one interface.
Cycle Calls Are Messy And Flow-Driven
- Market participants debate whether we're in late-cycle for crypto with a 3–6 month consensus view.
- Equity earnings surprises and liquidity flows complicate calling cycle timing and create both tailwinds and risks.
High Rates Can Be Stimulative
- High interest rates can act like regular stimulus payments for holders of treasuries, who then redeploy to risk assets.
- Short-term outlook can be bearish while long-term ETH and markets remain constructive.