Pleasure to talk to the Scotts about the transition from tokenisation theatre to onchain markets 🏴
@sol3gga @BenWhittle14 @tokarchitecture [3/10] Session 2, Institutional DeFi.
@mfisher10x of @katana on the move from tokenisation theatre to onchain markets. Perps, spot and credit in one venue, with composability as the point rather than the wrapper.
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Fun fact, Magic Eden committed to debuting a new launchpad on Katana on Day 1 and backed out weeks before
If you don’t want to read the full Magic Eden article, here’s the TL;DR:
Magic Eden asked people to lock $ME for years.
Then, while those people were still locked in, almost everything around them changed.
• 225M $ME reserved for active-user rewards over 4 years
• 159M $ME allocated to ecosystem development
• Season 1 needed a 2.3M $ME corrective top-up
• The seasonal reward model changed
• The Community Fund launched with only 5M $ME
• Bitcoin marketplace support ended
• EVM marketplace support ended
• Bitcoin/Runes infrastructure ended
• Magic Eden Wallet shut down
• USDC revenue sharing became the new reward model
• Some major stakers are now publicly reporting claim issues
• Then Magic Eden committed $75M to Dicey
And while all of this was happening, many of the creators, researchers, Spaces hosts and community builders actually carrying the culture around $ME were barely being amplified by the team and accounts that were supposed to represent them.
That’s the part people miss.
This was never just “the token went down.”
It was people making long-term commitments to one ecosystem, then watching that ecosystem get dismantled and rewritten around them while they were still locked in.
That’s why I call it the $ME slow rug.
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Complete quests. Earn XP. Open Krates.
This week, we've seen 332% growth on quest users. Every completion enters you into the $10,000+ monthly rewards pool.
Have you signed up yet?
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2nd billion in cumulative volume, many more to come
Katana Vault is now live in OneKey App.
Go to DeFi → Earn and stake an eligible asset. For at least 30 days, the vault will offer at least 6% APY, including a total of $150K in user incentives paid in $MORPHO or $KAT.
Campaign starts Sep 1, 2026 (UTC+8).
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Great op-ed from @mfisher10x in CoinDesk on one of the biggest problems holding RWAs back.
And a very kind shoutout to @3f_xyz for working on it.
The problem isn’t tokenization. It's liquidity.
"I worked on bringing Apollo's ACRED onchain as collateral on Polygon PoS, alongside Securitize, Gauntlet and a Morpho-powered vault. It worked, to an extent. Some looped it, and it proved the thing could be done at all. It also proved what still had to be solved before institutional flows would follow — chiefly on-demand liquidity for atomic redemption. Redemptions on a fund like that come quarterly. Loop it 4x, and unwinding completely can take a year. The redemption path simply didn't make sense, and that isn't a smart contract problem or a demand problem. It's a duration mismatch between an instrument built for quarterly liquidity and a market that clears in seconds.
That's the actual reason RWA utilization is low, and it's nowhere in the debate.
It's also what newer entrants appear to be solving. Protocols like 3F, built on Morpho on the Ethereum mainnet, replace sequential looping with an onchain auction in which specialists front the full capital for the target leverage in one shot. Twenty settlement cycles collapse into one."
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Tokenized asset utilization isn't as low as the data says.
Restricted by design. Parked by intent. Used invisibly. Only the first is a failure.
Settlement is the real blocker on levering these at scale.
My op-ed for @CoinDesk:
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Perps traders.
I have an opportunity for you.
Comment, tag your friends, or DM me.
Limited spots.
Recently met a self described “activist PE-style investor” who is hunting for foundations and projects in this type of position.
He wants to buy them out, find the deep value and resell parts. He said “You wouldn’t believe how many projects aren’t even working anymore. Several CEOs I’ve talked to this summer said some employees haven’t signed in or checked Slack in weeks. And they’re too lazy to fire them. A few want a way out and want to build in Ai but not sure how to exit.”
Graveyard may be 10x bigger than what has been announced 🪦
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Founders with large treasuries who's companies are obviously a failure and lack PMF should not be allowed to slowly grift the treasury via salary to subsidize their lifestyles.
Winding down should be celebrated, and founders should be rewarded for doing the right thing.
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Launching a trading platform post-tge is playing on hard mode.
And we haven’t listed new markets or released new product features in months. This will change soon 👀
Meanwhile, great to see volumes going up 📈
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Perp DEX volume reached $739B in early 2026 as the shift toward decentralised venues accelerates. Tracking @katana Perps here which just doubled its weekly trading volume.
New ATH perps volume ✅
Katana engine starting to come alive?
Lets see! @katanaperps
First day hitting $100m of 24hr volume @katanaperps
Have been keeping some things closer to the chest this summer but will be sharing more soon
Pumped to have @camolNFT onboard to help evolve our brand, refine messaging, and expand user acquisition funnels ⚔️
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I'm joining Katana to grow the all-in-one home for DeFi.
Odds are, you've heard of @Katana. Hell, some of you guys probably used our tech or own $KAT… but you've probably been sidelined for a bit.
That's what I'm here to fix.
For those of you who don’t know Katana, here’s the rundown:
✅ $1.4 B+ in perps volume
✅ Bi-weekly trading competitions with $100k USDC in prizes
✅ First nine figure perps volume day was today
✅ Industry leading borrowing rates
✅ API for perps integration into any product
✅ Currently ~35%+ APY for staking
✅ A ton more…
Extremely excited to be steering the direction of Katana as a brand, onboarding the next million users, helping new builders join the ecosystem, and steering this next chapter as a company.
If you haven’t used Katana, check it out.
If you want to get involved, hit me up.
It’s time for a new winner in the DeFi arena 😈
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Amazing piece by @mfisher10x @katanaperps.
Where perps gets its latent demand:
Perps are most valuable precisely where the traditional market is most annoying, where it closes at night, gates you by geography, demands accreditation, or settles at a crawl. That’s why commodities, pre-IPO equities, and hard-to-reach foreign stocks got perpetuals first: enormous latent demand, hopelessly constrained access.
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Just opened another round of Krates on @katana
8.7k avKAT + 2.58m XP back
Too many ways to earn on @katana & @katanaperps on top of trading rn.
- $10k PnL Comp
- $90k Volume Comp
- $12.5k Quest raffle (XP share cube rooted, e.g. higher chance to win for smaller fishes)
And on top of that you have refferal rebates, points, builder rewards, vaults, ...
Katana might just. have the potential to be one of the big players in the future
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First $500M: 3.5 months.
Next $500M: 3.5 weeks.
@katanaperps crossed $1 BILLION in total trading volume.
Thanks to every trader who got us here.
Looking for expert feedback and analysis on a potential design that integrates ve3,3 into perps.
Will provide compensation for the right individual/entity.
Must deeply understand vetokenomics and actively trade perps. A rare combination...
Who should we speak with?
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Krates are back.
First introduced during the pre-deposit campaign, they now return as part of Katana Quests.
Participate in Quests to earn XP, redeem it for Krates, and open them for rewards.
Every Krate contains a reward. No empty Krates.
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New episode with @mfisher10x, CEO & Co-Founder of
@katana, is out!
We spoke about:
- Chain-owned liquidity & yield composition
- Institutions entering DeFi & what they need
- Whether Katana is still DeFi or something new entirely
- The super app vision & more
Timestamps:
00:00 Highlights
00:37 Introduction
01:30 Matthew’s Background & Katana
02:48 Building a Chain
04:05 Yield Composition
05:38 Sushi & Morpho
07:57 Gauntlet, Steakhouse Financial & Transparency
10:23 Staking Design
14:07 Governance vs Yield without Homework
16:45 Emissions & Chain-owned liquidity
19:36 Nasib Fathi & NFK Podcast
20:06 Attracted Builders
21:58 Institutions & DeFi
23:57 Katana in 3Y-5Y
25:37 Competition on Perps
28:15 Super App Vision
30:11 Integration of New Primitives
34:22 Risks Beyond Hacks & Bear Markets
36:32 Closing Remarks
37:10 Ending
All links are below.
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