Blockchain protocols target US onshore perps
The guest argued that blockchain-native platforms are uniquely positioned to capture the untapped $100 billion US onshore regulated perpetuals market by offering lower structural costs and superior UX compared to traditional incumbents.
The argument
The discussion highlighted how agile startups can act as white-label infrastructure partners for traditional institutions (like Charles Schwab or Fidelity) that want to offer perpetuals but face high in-house development costs. While giants like Coinbase and Robinhood are also competing, the guest argued that talent density at startups gives them a time-to-market advantage.
The thesis, stress-tested
✓ What validates it
- ✓A decentralized platform securing a US regulatory license for perpetuals
- ✓Announcement of a white-label integration partnership between a blockchain protocol and a major TradFi brokerage
▸ Risks discussed
- ▸Regulatory uncertainty from the SEC and CFTC
- ▸Intense competition from established giants like Coinbase and Robinhood
- ▸High compliance and KYC hurdles for on-chain platforms
Hear it yourself
"So they are willing to pay more in fees because they are more profitable per dollar traded against that type of flow versus a hyperliquid where you might be trading Jump might be trading against, you know, and one of the other market makers, Wintermute, and that's not a very advantageous trade for them. First here, it's like, okay. I I kinda know I'm trading against a lot of retail, so I can be quite profitable on that. And so in order to do that, you you charge your fees to to the taker, the retail user, the front end user, and then market makers, you you pay a little bit."
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