Kevin

Kevin × Jason × José × Yan × Ceteris × Jake Sylvestre

Attack costs may have fallen “probably 100, maybe 1,000 fold,” while defenders spend 10–1,000 times more; compromised trust infrastructure lets one entry point seed further attacks, a panelist says the demand is “very bullish compute.”Anthropic’s cash and no customer exceeding 10% of revenue ease near-term financing fears, but open-source commoditization and whether demand absorbs efficiency gains remain unresolved.

Ceteris × Jason × Yan × Kevin × Jose × Guy Young

Tokenized real-asset perpetuals could expand crypto derivatives from a $2.5–3 trillion base toward a $150 trillion market, with Guy Young expecting non-crypto contracts to surpass crypto derivatives in open interest within 24 months. 24/7 access, leverage, and liquidity extend reach beyond US brokerage accounts and could keep capital on-chain through cycles, while DEX cost advantages remain tempered by Ethena’s preference for CEX hedging and dollar insurance funds.

Ceteris × Jason × Yan × Flip × Kevin

ETF and corporate buyers absorbed “tens of billions,” while Delphi models bias real rates higher over roughly six months, challenging Bitcoin’s near-term support.Meanwhile, HYPE, Venice, Zcash and Lighter are decoupling from BTC, with Lighter’s zero-fee retail flow potentially lifting take rate quickly; Saylor’s liquidity runway and HYPE’s unlaunched buybacks remain risks to monitor.

Ceteris × Jason × Yan × Jose × Kevin

Crypto’s 2026 stock-pickers’ market favors structural flows, revenue, or strong narratives; Venice shows the fundamental case with roughly $60M ARR and weekly additions above $2.5M.Falling VVV issuance and a clean, self-funded structure could support at least $200M of additional ARR, but value transfer is not guaranteed as L1 token accrual breaks down and HYPE expands beyond crypto.