Stock perps grew 65% last month while the overall Crypto perp DEX volume fell 24%. Their share of total volume more than doubled from 5.8% to 12.5%. At first I thought it was SpaceX’s IPO driving this, but it’s not. SpaceX contributed just 3% of the total increase in stock-perp volume. So, what actually drove it? Three memory and storage stocks: • SK Hynix: 53% of the increase • Micron: 15.6% • Sandisk: 15% Together, they accounted for roughly 84% of the growth. The stock-perp boom wasn’t broad-based demand for onchain equities. Crypto traders found another way to trade the AI memory boom, 24/7 with leverage. I started with an “onchain Robinhood” thesis. That was too broad. Perp DEXs are becoming leverage rails for whatever speculative trade has the most heat, even when the underlying stocks trade in Korea or the US.(Edgy - The DeFi Edge 🗡️)