The next frontier for crypto isn't another memecoin. It's credit. @Matt_Hougan of @Bitwise explains why crypto is expanding beyond Bitcoin and stablecoins into preferred equity, digital credit, RWAs, and eventually the entire capital stack. Timestamps: • 03:28 Why Bitwise is expanding onchain • 04:24 Vaults as the next generation of ETFs • 05:50 Digital credit & DATs • 07:42 Strategy, STRC & preferred equity • 09:06 Why DeFi is more powerful than ETFs • 10:54 Is DeFi actually innovating? • 11:50 Flash loans, perps & crypto-native primitives • 13:37 Hyperliquid's breakout moment • 15:03 Why institutions must learn onchain markets • 17:51 What's still preventing everything from moving onchain • 18:49 Why regulation is the key unlock • 19:19 Why all assets are moving onchain • 21:45 Why the ability to exit the system matters Watch below. 👇