Some discussions/opinions from the roundtables I attended (under Chatham House Rule and NFA):

1) Agent:

- Giants already own data and distribution, so startups can’t win head-on. They need a different wedge.

- The frontier version of that data advantage is a Financial World Model. Whoever builds it inherits the edge.

- Asset creation is increasingly driven by users themselves and by social impact, not top-down issuance.

- On liquidity, the answer isn’t one deep pool but diversified strategies.

- No single universal model wins this category.

- Win rate in trading is low, and even with agents, which means many trading is entertainment, not profit. People are paying for the experience.

- If agents actually trade cautiously, that could mean lower volume on venues, not higher.

- Top traders already figured this out: they monetize reputation rather than alpha. Reputation is the distribution channel.

- A customized trading terminal may help users find tickers and strategies.

2) Privacy:

- Confidential DeFi is getting adopted

- Physical cash would be banned before ZCash (if it is technically possible) lol

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