Crypto Market Disruption - Crypto native products are maturing and disrupting global financial infrastructure in real time [1] - Perpetual futures and event contracts are expected to dominate the market [1] Asymmetric Opportunity - Building a brokerage using Hyperliquid and Polymarket as liquidity backends presents an asymmetric opportunity [1]

RT trade.xyz (@tradexyz)https://t.co/RgobPmaA23 reached several key milestones today.We set a new 24-hour volume record with over $200M traded. We also crossed $2B in cumulative volume since inception, while open interest reached a new high of $103M, up from $70M last night.During NVDA’s Q3 earnings, traders used perpetual futures to express an after-market earnings view for the first time, a meaningful step forward for 24/7 equity markets. ...

Investment Thesis - Quanto, with a ~$9 million fully diluted valuation (FDV), presents a high-risk, high-reward investment opportunity in the perpetual futures exchange market, potentially offering 20x+ returns [1] - The core innovation lies in allowing users to deposit a wide range of crypto assets as collateral for trading perpetual futures, differentiating it from competitors like $HYPE, $DYDX, and $GMX [1][3][17] - The $QTO tokenomics, featuring a burn mechanism where 70% of fees are used to buy and burn $QTO, aims to create a deflationary effect and drive value accrual [5] Tokenomics and Flywheel Effect - Quanto's design incorporates a reflexive $QTO flywheel: fees are used to buy and burn $QTO, potentially burning 12% of the total supply and 20% of the circulating supply annually [5] - The remaining 30% of fees are allocated to the native liquidity providing vault (QLP), similar to GLP or HLP, supporting QTO liquidity [6] - Winners on the platform earn $QTO, and if the losing trade uses non-$QTO collateral, that collateral is automatically sold to buy $QTO, creating on-chain buying pressure [7] Risks and Considerations - The platform's support for a large set of smaller cap coins introduces the risk of market manipulation [12] - The reflexive nature of the $QTO flywheel can work negatively if $QTO price or trading volume declines [13] - Despite the risks, the unique functionality of allowing any coin as collateral provides a strong base of users [13] Competitive Advantages - Quanto's key differentiator is its cross-margining system, enabling users to deposit virtually any crypto asset as collateral to trade perpetual futures [3][5][17] - This feature unlocks capital efficiency and allows trading of a wider range of assets, including memecoins and altcoins [3] - If Quanto were to grow volumes and catch up to competitors, it would be a 19x to GMX's market cap and a 58x to DyDx's market cap from it's current $8 million FDV [17] Financials and Metrics - Since its launch on July 12th, Quanto has generated 25 million $QTO from fees, with 175 million $QTO burned (70% of fees), equating to approximately 330 thousand $QTO burned per day [15] - Annualizing this burn rate results in 120 million $QTO burned per year, representing 12% of the total supply or 20% of the circulating supply [15]

cross-asset collateral, tokenized vaults, spot markets, integrated lending…all coming together to deliver a next-level perps experience.and it’s happening on Starknet. https://t.co/GvoirPjR0d ...

Joining me now is Andy Bear, managing director of Coindesk Indices, who watches all of this very, very closely. Andy, it's great to have you here given the action that we've been seeing lately, which has been really interesting. So, there's all of the sort of fundamental enthusiasm that's going on, institutional adoption, what's happening in Congress during so-called crypto week, and then as always, there are sort of technical effects in the market.So, how do we, you know, how do you attribute sort of each ...