AMA Recap: TradFi Meets DeFi

On February 4, 2026, Phemex hosted an X Space bringing together voices from crypto infrastructure, on-chain trading, and institutional finance. The discussion focused on how TradFi and DeFi are converging, which asset classes are gaining real traction on-chain, and what trading platforms need to deliver as institutional participation increases.

Listen to the full Space

The Panel

Topic 1: What Signals Show That TradFi on DeFi Rails Is Real?

The panel opened with a question about what separates genuine institutional adoption from hype. The consensus was clear: regulatory maturity, infrastructure readiness, and real capital flows are converging at the same time for the first time.

Federico (Phemex) pointed to the convergence between traditional markets and crypto as a long time coming, with perpetual futures and on-chain trading products now reaching a level of maturity that institutions can actually use.

Val (F/Stocks) agreed, emphasizing regulatory maturity as the key unlock. Frameworks being developed in the US, UAE, Singapore, and Hong Kong are giving institutions the clarity they need to move capital on-chain. F/Stocks launched in July 2025 and has already done over $17 billion in total trading volume with 57,000+ unique on-chain holders, with Tesla being the most popular xStock by demand.

Teagan (Canton) echoed the maturity point, highlighting both regulation and rails. He noted that the convergence of regulation, infrastructure, and custody is what makes this cycle different from previous ones. He gave a concrete example: DRW Cumberland could potentially save hundreds of millions per year through on-chain settlement, showing how meaningful the efficiency gains are for institutions at scale.

Janesh (Pharos) agreed on the regulation side, noting that frameworks are being designed globally across the US, UAE, Singapore, and Hong Kong. He also shared that Pharos recently announced a $10 million RealFi incubator program backed by Hack VC, focused on bringing RWA and payment adoption to the Asia region. When asked about mainnet timing, he teased "very soon" but declined to share specifics.

Liam (Standex) pointed to Larry Fink openly promoting tokenization as a signal that no longer needs interpretation. He noted that stablecoins are a key part of making TradFi comfortable with on-chain infrastructure and highlighted Standex's position as a perp DEX with its own yield-bearing stablecoin. Kenny noted that Standex did over $1 billion in volume on XAU (gold) and XAG (silver) perpetual contracts in the prior month alone.

Topic 2: What Will Be the First Breakout On-Chain Asset Class?

Kenny shifted the conversation to predictions: among stocks, indices, commodities, and fixed income, which asset class will break out on-chain first?

Val (F/Stocks) said Tesla is by far the most popular on-chain tokenized stock, with significant demand across F/Stocks' platform. The growth since their mid-2025 launch shows the appetite is already there for equities on-chain.

Liam (Standex) gave stablecoins as his answer, calling it "maybe a cheat answer" but arguing that stablecoins are the foundational layer that enables everything else. He also highlighted commodities, noting that gold dropped by roughly three times Bitcoin's entire market cap over a weekend, then posted its highest single-day upside since 2008. That level of commodity volatility creates demand for on-chain trading access.

Teagan (Canton) offered what he called a "spicy take": the first breakout already happened, and it was fixed income. He noted roughly $300 billion in tokenized fixed income products already exists on-chain. This take energized Val, who asked to continue the conversation offline, with both agreeing to collaborate after the call.

Janesh (Pharos) agreed with Liam on stablecoins, adding that they are already introducing new payment rails and represent the clearest path to mainstream adoption.

Federico (Phemex) echoed the stablecoin consensus, saying stablecoins will be the big winners as more traditional finance moves on-chain.

Topic 3: What Capabilities Do Trading Platforms Need to Stay Relevant?

The discussion shifted to what on-chain trading platforms need to build as TradFi adoption accelerates.

Federico (Phemex) identified product design, liquidity, and fees as the key areas. He noted that it is still not as efficient to trade on-chain as it is on centralized platforms, and that closing this gap is critical.

Val (F/Stocks) took a less orthodox angle, arguing that platforms need to actively shape how TradFi comes on-chain rather than just building features. The goal should be helping traditional finance understand and use on-chain rails, not just replicating what already exists off-chain.

Teagan (Canton) strongly agreed with Val, adding that Canton is taking an active approach to shaping how institutions interact with on-chain infrastructure. He emphasized security of the underlying chain as a non-negotiable requirement for institutional participants.

Liam (Standex) highlighted speed and product design as the most important capabilities, noting that Standex's focus on deep liquidity is what allows institutional-size trades to execute without slippage.

Topic 4: Where Does On-Chain Finance Go From Here?

For the final round, Kenny asked each panelist for their forward-looking view.

Janesh (Pharos) said payments will lead the way, and that building reliable infrastructure for on-chain payments is the prerequisite for everything else.

Liam (Standex) threw out a specific target: if on-chain assets cross $1 trillion by 2027, the growth from there becomes exponential.

Federico (Phemex) focused on price discovery, arguing that when major assets start being priced on-chain rather than off-chain, the entire dynamic shifts.

Val (F/Stocks) agreed with Federico, adding that once price discovery moves on-chain, the implications are massive for how markets function.

Teagan (Canton) closed by saying the floodgates are already open. From his conversations with institutions, the question is no longer "if" they come on-chain but "when" and "how."

Audience Q&A

The session ended with a brief audience Q&A. A listener directed a question to Federico about whether crypto-native institutions would trade traditional markets as well. Federico confirmed that the crossover is already happening, with crypto institutions increasingly looking to trade traditional assets through on-chain instruments.

Key Themes

Regulatory maturity is the unlock. Every panelist pointed to regulatory frameworks in the US, UAE, Singapore, and Hong Kong as the catalyst enabling institutional on-chain activity.

Stablecoins are the consensus pick. Multiple panelists identified stablecoins as the foundational asset class that makes everything else possible, from payments to trading to settlement.

Fixed income is already here. Teagan's point that ~$300 billion in tokenized fixed income already exists on-chain was the session's standout data point.

Price discovery on-chain is the next frontier. Federico and Val both pointed to on-chain price discovery as the shift that will fundamentally change how markets operate.

Infrastructure gaps remain. On-chain trading is still not as efficient as centralized alternatives in terms of fees, speed, and liquidity. Closing this gap is the shared challenge for every project on the panel.

Listen to the Full Podcast

This recap is based on the live X Space held on February 4, 2026. Some statements have been condensed for clarity. Views expressed by panelists represent their personal or organizational opinions and do not constitute financial advice.