MONK

MONK and Ryan Watkins argue that perpetual futures exchanges represent a step-function innovation in blockchain, similar to breakthroughs that escaped crypto's echo chamber over the past 17 years. The authors position perpetual contracts as a fundamental improvement in how traders access leveraged exposure without the inefficiencies of traditional derivatives markets. This shift toward on-chain perpetuals marks a potential inflection point for mainstream adoption of decentralized trading infrastructure.

MONK sees Wall Street entering crypto as traditional finance exhausts growth narratives, with everyone overexposed to AI and software companies no longer captivating investors. This shift positions $ETH to capture institutional capital fleeing saturated markets.