The next wave of crypto apps this cycle will be "money games" similar to Papertrade et al New kinds of contracts and synthetics that offer conditional payoff matrices based on different behaviors or environmental triggers Papertrade primarily orients around the price of Bitcoin/ETH, because it offers a persistent stream of bidirectional flow. Every great market needs two sides who actively disagree enough to put money on it. These environmental signals already attract so much attention from this userbase, and so it's easier to build on them than search for new ones. Nonetheless it still feels like we're extremely early here. These new products will likely use the same pooled counterparty structure that makes perp liquidity better than options, and winning products will need to decentralize quickly via smart contracts to avoid regulatory overhang and user trust concerns. These products will thrive precisely because they will level the playing field between retail and pro's, who will both be ~equally naive in their pricing of various outcomes in the payoff matrix. Retail wants to play games they can feasibly win, which means great money games companies will need to be extremely good at constructing creative (and genuinely unique) payoff matrices on a regular basis. My sense is that through this explosion of new money games, we will end up with 2-3 new contract formats that are extremely well designed for specific types of environmental signals - ie contracts that work well for high variance data feeds vs low variance etc etc. This is basically what is happening to perps as we speak. Because crypto tokens suffer from so much upward and downward reflexivity, perps become preferred over options by simplifying the contract for traders who can't reason about the specific date/price targets they expect. Perps allow you to be directionally correct, which is useful for trading price feeds where the error bands on forecasts are wider than in options-dominated markets. As more and more information feeds get brought online and made publicly available for agentic consumption, I expect we see new kinds of markets and money games forming around many of them. Enjoy the show!