Frank Chaparro@fintechfrank23H
bullishReally enjoyed this conversation on “The New Shape of Market Structure” at Definition 2026 during Token2049 Singapore, with three legends of crypto market structure: David Lawant at Anchorage, Stef Wynendaele at Keyrock and Joshua Lim at FalconX.
We covered:
- Why everyone wants to be a prime broker, and why the term still means something different in crypto than in TradFi
- Why institutions seem focused on tokenization and RWAs, and not buying the long tail of crypto assets (hedge funds can already hold tokens but risk-adjusted return versus equities doesn't necessarily seem worth)
- How credit is coming back in secured form, with tokenized equities as collateral a major tailwind
- Why crypto market makers are better off focusing on what they know, like tokenized and DeFi-issued assets, than trying to out-trade established TradFi market makers in large-cap equities
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