a16z researcher reveals blockchains could remove the supply bottleneck that long limited new financial markets with perps as proof

TLDR - For most of financial history, supply of new markets—not demand—was the bottleneck; I believe blockchains unlock an explosion of net new markets. Markets transfer risk along two axes: the unit of exposure and the instrument that transfers it. Listing committees, legal frameworks, and geographic fragmentation throttled supply; blockchains make issuance permissionless and distribution global. Crypto created new units—events, credit, attention, pre-IPO equity—and new transfer mechanisms: AMMs, perps, binaries, and bonding curves. Perps prove the thesis: existing risk meets a new instrument onchain, so price discovery and volume follow whatever the world wants to trade.

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