BLOCKCHAINS CREATE NET NEW MARKETS

Summary from the TLDR Crypto newsletter

Markets have always had latent demand. What throttled supply was listing committees and geographic fragmentation, not any shortage of counterparties willing to trade. Blockchains remove both constraints via permissionless issuance and global distribution, and perps, AMMs, prediction markets, and peer-to-pool lending each serve as empirical proof of this thesis. Hyperliquid's HIP-3/HIP-4 framework shows the mechanism at scale: onchain RWA perps reached a $1.4T run-rate in July 2026, and during February's oil shock, WTI found canonical price discovery on trade.xyz while CME was closed. The addressable universe extends to any oracled, two-sided exposure, including compute futures, macro indicator perps, and social trends, and the protocols that issue those markets, along with the venues that exchange them, capture the value.