ResearchPrototype

Capital markets infrastructure

Future of financial markets.

An expandable map from underlying market formation through issuance, trading, risk, settlement and the infrastructure that makes markets work.

Core taxonomy

Market architecture

Underlying market formation
  • Resource and commodity definition
  • Product and contract standardization
  • Supply and capacity aggregation
  • Physical or spot-market procurement
  • Reference pricing and benchmark indices
  • Market data and intelligence
  • Collateral and residual-value assessment
  • Compute markets
Asset creation and issuance
  • Traditional securities
  • Tokenized securities and real-world assets
  • Crypto-native assets
Trading and price discovery
  • Traditional exchanges
  • Alternative trading systems
  • Onchain exchanges
    • Spot markets
    • Derivatives
      • Futures and options
      • Perpetual futures
    • Tokenized equities, commodities and indices
    • 24/7 markets
Clearing and risk
  • Central clearinghouses
  • Onchain clearing
  • Margin and collateral
  • Liquidation engines
Settlement and custody
  • Depositories and settlement networks
  • Blockchains
  • Custodians and wallets
Market-enabling infrastructure
  • Stablecoins and payments
  • Oracles and market data
  • Identity, AML and compliance
  • Interoperability and bridges

Thematic layer

Onchain capital markets

Blockchain-based, programmable, globally accessible and continuously open market infrastructure.

Case filing · Hyperliquid

Onchain market structure

Trading and price discovery → Onchain exchanges →Derivatives → Perpetual futures

Onchain market structure and the convergence of DeFi with traditional capital markets.

Specific filing: Onchain capital markets → Onchain exchanges → Regulatory integration / 24/7 cross-asset trading.

Blockchain infrastructureOperates its own purpose-built chain
Trading venueRuns an onchain order-book exchange
ProductsPerpetuals and tokenized cross-asset markets
Price discoveryCompetes to become the reference market
Clearing and riskHandles margin and liquidations onchain
DistributionProvides wallet-based, global, 24/7 access
RegulationCould converge with regulated US markets

Upstream market formation · Ornn

Financialization of compute

Underlying market formation → Compute markets

Underlying resource → standardized unit → aggregated spot market → reference price and index → derivatives and risk transfer → financing and structured products.

Ornn begins upstream of an exchange by helping turn compute into a standardized, priceable and hedgeable commodity, then stretches across the rest of the market stack.

Underlying market formationDefines and standardizes compute as a market unit
Trading and price discoveryAggregates capacity through a compute marketplace
Market-enabling infrastructureProduces compute indices, data and intelligence
Clearing and riskSupports futures, perpetuals and hedging
Asset creation and issuanceEnables structured compute-linked financial products