a16z crypto diagnosed that “blockchain can lower the entry barriers of traditional financial markets, such as listing reviews, legal frameworks, and regional market fragmentation, by supporting permissionless issuance and global distribution.” It added, “Perpetual futures and spot decentralized exchanges (DEX), prediction markets, lending, meme coins, NFTs, and Real World Asset (RWA) tokenization are representative markets that have grown by utilizing these characteristics. Perpetual futures are particularly noteworthy. In July, the on-chain RWA perpetual futures trading volume reached an annualized $1.4 trillion, accounting for about half of Hyperliquid (HYPE)'s total trading volume. It projected that in the future, based on mechanisms that lower the market opening threshold, such as HIP-3 and HIP-4, the on-chain market will expand beyond commodities, foreign exchange, indices, and 24-hour stock exposure to areas that were difficult to commoditize in traditional financial markets, such as CPI, computing power, music, social trends, and sports.”
