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Perpetual futures (“perps”) are futures contracts that never expire. Once a crypto-native hack, they took off onchain in 2025. They’ve become one of crypto’s biggest markets, covering traditional assets and trillions of dollars in trading volume. Last year, the top centralized exchanges cleared $86.2T in perp volume (+47% YoY), while onchain perpetuals grew even faster: Leading decentralized exchanges reached $6.7T (+346% YoY).
Brandon Millman, Jay Drain, and Robert Hackett 12.19.25 with @BChillman @jay_drainjr @rhackett Crypto wallets are no longer just wallets. They’re the front door to a decentralized internet. In this episode, Phantom CEO Brandon Millman joins a16z crypto Investment Partner Jay Drain and host Robert Hackett to unpack how crypto wallets are evolving into full-blown consumer finance platforms — and why they may be the most credible candidates to become the internet’s next super apps.
The economics of the internet are already changing. As the open web collapses into a prompt bar, we have to wonder: Will AI lead to an open internet or a maze of new paywalls? And who will control it — big centralized companies or broad communities of users? That’s where crypto comes in. We’ve discussed the intersection of AI and crypto quite a bit; but briefly, blockchains are a new way to architect internet services and build networks that are decentralized, credibly neutral, and ownable by users.
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