“If we’re right that stocks, commodities and other financial assets are moving onchain, then eventually all of the financial products built around those assets should follow them,” the report said.
Its analysis highlighted Aerodrome (AERO), a trading platform that could collect fees from tokenized stock transactions, and Maple
It also included Pendle (PENDLE), which allows investors to trade future income from interest-bearing assets, while Ondo Finance
Citrini’s crypto basket also included ether.fi (ETHFI) for crypto-based financial services, Chainlink
The report also highlighted Derive
It also gave a nod to up-and-coming perpetual futures trading venues Lighter (LIT) and Variational (VAR). Perpetual futures, or perps, are contracts that let traders bet on an asset’s price rising or falling without owning it, and unlike traditional futures, they have no expiration date. Hyperliquid (HYPE) has emerged as a dominant blockchain-based platform for perps trading, Citrini said the two challenger venues may gain traction alongside Hyperliquid as the broader perps market grows. The report also included exposure to Hyperliquid in its stock basket via the Bitwise Hyperliquid ETF (BHYP).
The Citrini report, however, cautioned that growing trading volumes and network activity don’t always translate into higher token prices. Investors need to look at how protocols make money, who collects the fees and whether token holders get a share of that.
