HOT TOPIC: $5B whale bet says bitcoin:native hits $70K Nearly 18% of all Deribit open interest is now stacked at just two strikes. That kind of crowding is either smart money or a trap 👇

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I still want to be long the Hyperliquid ecosystem but I need some asymmetry. It’s time for an options dex to properly take on Deribit. Hypercall, owned by $SYN, is that challenger. Let’s see if they can cook.

Crypto options are coming to Coinbase later this year. Giving U.S. users access to the full suite of derivatives. With our Deribit integration, you’ll be able to access some of the most liquid crypto options in the world. Alongside deep liquidity for spot and perpetuals.

Investors are not betting on tokens as much anymore, and we have been thinking why. There are three kinds of assets that have accrued value in the past 18 months. 1. Assets that commit revenue to buybacks. Hyperliquid is an instance of this. 2. Assets that commit to governance through tokens requiring institutional partners to purchase the token to own a stake in the network. Morpho is an instance of this. 3. Ones that do not issue tokens but issue equity directly to private investors. Deribit, Privy, Rain fall in this camp. The market has wised up and is no longer willing to pay ridiculous multiples for low-revenue tokens without a great future. Pre AI crypto was the hot asset class. In 2026, AI takes that crown. So where does value go? Tokenisation is the trend that has been winning. Stablecoins were the first attempt at it. On-chain stocks are the second iteration. Blockchains will become the infrastructure layer where the world’s assets will be traded and settled. These assets will not be issued by foundations and labs with funny piecharts for token distributions, but more often than not by large institutions. The assets represented would be on-chain equivalents of traditional assets alongside native ones. 1. Ondo has 438 assets represented on chain. 2. Blackrock’s BUIDL has $2.3B represented on-chain. 3. Similarly, Centrifuge has scaled to $1.62B in TVL by focusing on treasury funds ($870M ) and a AAA corporate fund ($686M). None of these are what would be considered “tokens” in the conventional realm of digital assets. But in 2026, they are all digital asset representations of where the industry is headed. If you are into issuing tokens, pivot to capturing value from tokenisation. The reason for this secular trend is fairly simple. In 2022, there was the hope that radical decentralisation and DAO-native models that are run by token holders will upend traditional firms. And tokens represented a meaningful premium. In 2025, that premium turned into a discount as most asset Users see the value in tokenised representations of real world assets due to improvements in accessibility and cost. They do not value the 50th dex on the 18th L2 Tokenisation is the easiest mechanism to export the best assets from mature markets like the US and Korea to the world. It gives a mechanism for financial primitives to communicate with the marvel that globalisation itself was. The rails on which these assets move, settle and are stored will be valuable. We think, for investors and founders, this really just means four things 1. Crypto has reached a level of maturity where moats and network effects matter. The players that have emerged and dominated in the last 24 months were capital-intensive, walled IP ecosystems that spoke to finance at scale. Both Ethena and Hyperliquid had moats of capital and networks that can’t be rivaled. 2. Value accrual will increasingly be in the equity side of the equation. If you are trying to raise, seeing where tokenisation unlocks new markets or business models may be far easier an answer to find than to compete with being the 50th iteration of a Hyperliquid trading interface 3. Geo-specific markets are not as mature as the ones in the US. Tokenisation unlocks fintech primitives that were not possible earlier in emerging markets. Cracking distribution, UX and business models can lead to economies of scale in these new markets 4. Lastly - question what can be tokenised and why?. USDAI tokenised the debt markets around GPUs. There are players tokenising energy markets. A good place to start is to revisit the graveyard of dead startups in 2017 and explore what could come on-chain today due to changes in regulation and infrastructure not just beacuse it can but because there is demand. Blockchains are capital rails, but the new winners among startups will be ones that redefine what forms of capital can be pushed in these rails Where tokens allow anyone to be an asset issuer, tokenisation focuses on bringing productive assets to the masses. It creates a pathway to retain the benefits of DeFi - be it composability, 24/7 markets or global access, without the risks of buying into a random token. As consumers look towards better alternatives to hedge their own savings and diversify asset classes, tokenisation will become the common trend. For founders and investors, the fork in the road ahead asks a simple question: do you bet on a private, equity-native vehicle or do you bootstrap a network from scratch with a token? Right now, we are leaning away from tokens and towards equity.

Big week for Coinbase! Like I said on stage, thanks to all the Coinbase employees (and their thousands of AI agents) whose hard work and dedication made all of our announcements possible. The everything exchange now includes pre-IPO perps, stock options, and tokenized stocks soon. We also redesigned Coinbase Advanced, and started to combine our global liquidity (between US and international users, and also Coinbase and Deribit users) @CoinbaseDev is bringing the benefits of stablecoin payments to businesses everywhere, with fully custodial accounts using our compliance stack, and launched an awesome new dashboard for all dev tools. For @base, we announced private transactions and Base App on web. And finally, Coinbase is also becoming the financial account for AI - give your agent a wallet, get AI-powered financial advice, and connect your Coinbase account to your favorite LLM.

On-chain options are the next trillion-dollar primitive, but the industry hasn't solved liquidity and usability simultaneously. Until now. @layerv_official is the volatility layer for on-chain options: - Order book for continuous trading - RFQ for multi-leg execution - One-click strategies for retail, institutional terminal for pros $35M TVL commitments at launch. 2 primary market makers and 1 regulated asset manager onboarded. Built by operators from Deribit, Flow Traders, and Morgan Stanley. Catch Layer V at EASY Residency S3 Demo Day.