“Perpetual DEXes continue to dominate the shifting crypto landscape. While early perp DEX volume was overwhelmingly crypto-native, an increasing share now flows into "Real World As”
“Perpetual DEXes continue to dominate the shifting crypto landscape. While early perp DEX volume was overwhelmingly crypto-native, an increasing share now flows into ...”
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.