Frictionless

Logan Jastremski × Armani Ferrante

Backpack pairs each freely transferable Solana token with a one-to-one real share, enabling arbitrage between Nasdaq or NYSE and on-chain markets.Ferrante says this produces “40X, 45X” better pricing than comparable Robinhood Chain stocks.Backpack sacrificed $100 million to $200 million in foregone profit for a unified regulated layer that could replace idle cash and delayed settlement, but still has “a lot to prove” against incumbents within one or two years.

Logan Jastremski × Tarun Chitra

Crypto’s investable edge is shifting from protocol tokens toward wallets, order flow, and execution as the sector becomes “TradFi plus.”Stablecoins rising from roughly $300 billion to $1 trillion could drive more than 3x lending and trading growth, while Hyperliquid offers clearer accrual.Agent-directed retail flow at 20-30% of volume could reshape market timing, with wrapper economics and compute settlement still unresolved.