What are institutions trading on the crypto rails these days? @NikitaAFadeev, Managing Partner at @FasanaraDigital, on the instruments they're already trading and the market-structure questions still in play. #rwa# #perps# #cryptorails# #bullish# (Views expressed are those of the speaker and do not represent the views of their organization. This is not investment advice.)

Crypto spent more than 10 years building infrastructure before realizing normal people do not care about infrastructure. Nobody wakes up excited about blockspace. People care about products that make their lives feel faster, smarter, cheaper, or more fun. That’s why I think the real consumer crypto era is finally starting. And ironically, most future users may never even realize they’re using crypto. Polymarket was the first major wake-up call for the industry. Not because prediction markets are new. They’re not. But because Polymarket felt culturally relevant. For the first time in years, I saw non-crypto people sharing onchain screenshots organically during the election cycle. Not because they cared about decentralization. Because they cared about attention. That changed something. The biggest lesson from Polymarket: consumer crypto wins when it becomes culturally addictive before technically impressive. I think this is where most crypto apps still fail. Too many products are designed for crypto users. Very few are designed for normal internet behavior. The apps that will onboard the next 100M users probably won’t look like “crypto apps” at all. Personally, the crypto products I actually use weekly are: stablecoin payments, prediction markets, and onchain social tools. Not because they’re decentralized. Because they are genuinely useful. Sending USDT across borders in minutes already feels more practical than traditional banking in many countries. And honestly? Embedded wallets + account abstraction are massively underrated. The moment users stop seeing seed phrases and gas fees, adoption changes completely. I also think AI will accelerate consumer crypto harder than people expect. AI agents making payments, trading attention, coordinating services, and interacting onchain 24/7 suddenly makes crypto rails feel necessary instead of speculative. That’s why platforms like @RallyOnChain are interesting to me. Not because “engagement farming” is revolutionary. But because it experiments with something bigger: turning attention, reputation, and content quality into onchain economic activity. The next breakout crypto company probably won’t market itself as a crypto company. It’ll just feel like a better internet product. And most users won’t even realize blockchain is underneath it.

Crypto needs real GDP, not just speculation. @santiagoroel (Founder, @inversion_cap) returns to TOKEN2049 Dubai on 29-30 April. He's acquiring operating businesses and embedding crypto rails for payments, efficiency, and UX. This is what mainstream adoption actually looks like.

Bullish joins the crypto-rails oil market as a much-needed regulated entrant amid the Strait of Hormuz disruption, now in its 11th week. CoinDesk Research’s April 21, 2026 "Oil, ETFs, and the TradFi Perp Land Grab" reported $42.5B in crypto-rails oil derivatives volume during the prior three weeks and described the primary use case as "institutional hedging against oil price disruption and macro uncertainty." But regulated institutions typically cannot trade on permissionless DEXs and unregulated USDT-margined contracts – both fall outside standard institutional risk frameworks. Meanwhile, news impacting oil prices keeps breaking around the clock: during the April 17-19 weekend, WTI fell approximately 10% inside the 49-hour CME-closed window (Binance CLUSDT via CoinDesk Data). On May 6, Bullish launched its WTI perpetual — CMWTI-USDC-PERP — to address the market gap: → 24/7 continuous trading — never closes when Hormuz news breaks  → WTI front-month exposure — the benchmark index widely tracked by institutional oil market participants → Capital efficiency with portfolio margin, no haircut on the first $1B of USD and most stablecoins, plus 1.5 bps maker rebates. →  Regulated by GFSC (Gibraltar). The largest sustained oil shock on record doesn't observe after-hours or weekends. CMWTI is built for that reality, where regulatory alignment, 24/7 access, and front-month exposure converge. (Disclaimer: Derivatives products are offered exclusively by Bullish (GI) Limited, regulated by the Gibraltar Financial Services Commission. These products are not available to residents of or persons located in Hong Kong, the European Union, or the United States. Institutional clients onboarded with Bullish GI can access derivatives globally.)

imagine everything in one place inside your #binance# wallet @BinanceWallet crypto ,stocks ,etfs ,commodities → access US equities ETFs and commodities directly from your wallet → no broker no bank no switching apps → 24/7 trading with fast execution and global access → you’re not buying the actual shares → you’re trading their price via perps or tokenized products tracking the real market → no ownership no voting no custody of underlying shares Keep building @cz_binance @heyibinance bringing traditional markets onto crypto rails inside one unified system

price discovery for the largest AI tech IPO of the year happened on crypto rails through a decentralized perpetuals platform & gave retail an entry -50% lower than what it is going to open at on the Nasdaq

Just met with a digital assets lead of a Tier 1 bank in NYC, here's the top takeaways. 1. They are "all-in" on stablecoins for payments and wanting to build fintech applications on crypto rails. Its a very clear usecase and easy sales pitch to most of their divisions internally and the value prop is easy to see: 24/7 global payments for a fraction of the cost of a wire transfer. Easy. 2. They are not thinking about perps and Hyperliquid. Not one bit. Perps and trading onchain is something that they understand is coming, specifically 24/7 markets, but when I brought up Hyperliquid, Lighter, Variational, was not really in their scope. 3. They are however interested in tokenization and see it as a credible threat to their business as it stands. 4. CLARITY worries them, and they are just *now* taking stablecoins seriously. Why? Well, of course, because the worry of losing customer deposits. 5. They are actively investing serious amounts of capital into fintech teams and neobanks, albeit they are very early and still trying to figure it all out.

There were three fintech waves before: 1) Internet banking (PayPay, X com, etc) 2) Mobile (Venmo, SoFi) 3) Neobanks (Revolut, Chime, Nubank) And now 4th: Neobanks on crypto rails We are at the frontier of the 4th wave, and im super excited to participate in it!

We are thrilled to welcome @privy_io as a Supporting Partner for HYPE Miami!🌴 Privy provides secure, scalable onboarding and wallet infrastructure for leading applications built on crypto rails. 2000+ developers and businesses, including Klarna and Hyperliquid, use Privy to power over 120 million accounts and process billions of dollars in volume every month. Privy was acquired by Stripe in 2025 and continues to operate independently, helping developers build the next generation of onchain products. Catch the team at Queen Miami Beach in less than a week!