Empire Where Are We In The Cycle, ETHs Outperformance & The Perpification of Markets
10 snips
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.
AI Snips
Chapters
Transcript
Episode notes
Tokenized Spots Often Behave Like Perps
- Tokenized spot equities without governance or dividend rights act like synthetic perps and offer limited real demand.
- Retail primarily wants levered, directional instruments (perps) rather than non-rights tokenized spot assets.
Design For Predictable Fees And Hedging
- Optimize for predictable pricing and fees rather than volatile funding-rate mechanics in nascent on-chain TradFi markets.
- Build hedging and settlement pools that absorb directional exposure and let a sister hedging entity manage sustained deltas.
Monetize Flow Or Leak Value
- Successful exchanges monetize both fees and order flow; on-chain venues must replicate that to capture value.
- If protocols can't monetize flow they will 'leak' value to LPs and struggle to sustain a high-value business.