Tokenized stocks went from $15 million to over half a billion this year. You can now swap stablecoins for stocks in the same Jupiter app you use for everything else. All you need is a wallet. But equity perps could be the real battleground. Hyperliquid, Ostium, Vest, and many more are all competing for what could be a massive market. With the perps format, there are no expiries or strikes to choose and no Greeks to sort out. For most people, this is a more intuitive way to trade stocks and macro than other TradFi derivatives. The open design question is CLOBs versus RFQ-style execution. The RFQ model resembles CFDs, which already do tens of billions in daily volume outside the U.S. With onchain settlement and no accounts to close if you are too profitable, these products could take meaningful share from offshore CFD brokers by the end of 2026. Then comes prediction markets. These are moving from a fringe product associated with sports betting to a serious institutional instrument. Eventually the brokerage account could become self custodied.(Delphi Digital)