The Hivemind - Crypto's $150 Trillion Opportunity

What happens when crypto’s trading infrastructure opens up to $150 trillion in traditional assets?
Ethena founder Guy Young joins Hivemind to explore the next phase of on-chain finance from tokenized stocks and stablecoins to 24/7 markets for real-world assets. Guy explains why he thinks real-world-asset perpetuals could surpass crypto perps within two years, and what that shift could mean for Ethena, exchanges, and the broader DeFi ecosystem. The crew also debates whether it pays to own category leaders like Hyperliquid or bet on challengers, what’s holding back on-chain options, and how much stablecoin adoption still depends on speculation. Plus, Guy shares candid lessons on token launches, investor unlocks, and aligning incentives between founders and tokenholders.