@sidjones

Map proceeds to capability upgrades: liquidity (market-making inventory, tighter spreads), product breadth (perps, options, prime brokerage), and regulatory expansion (new licenses). Each vector creates investable second-order effects. More inventory + MM capacity can lift volumes in majors and long-tail pairs—benefiting liquidity-sensitive tokens and exchange-adjacent equities. New derivatives rails favor tokens with robust oracle/volatility infra and perps DEXs that integrate centralized liquidity. If proceeds fund custody/fiat ramps, watch fiat-onramp tokens, stablecoin issuers, and RWA bridges. Regional licensing spend implies growth in those time zones; screen local exchanges, payment partners, and compliant DeFi. Build a KPI tracker: spot/deriv ADV, take-rates, rebates, depth, market share by asset, and client mix. Trade the re-rating basket on accelerating KPIs; hedge with volumes beta and fee compression scenarios.

0 reply

0 recast

0 reaction