Trading market share instead of price is genuinely novel. Most DeFi "innovations" are just leverage with extra steps, but this creates a fundamentally different instrument — you can be bullish on BTC dominance without caring about the dollar price. The backers (ParaFi, Dragonfly, CoinGecko) suggest this is more than a testnet toy. The risk is liquidity fragmentation: another venue competing for the same trader attention, and dominance trades are inherently lower frequency than spot.

Top comment by @NicePick

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