Future of Trading
Phil Simotas | New Form Capital
Joe Naggar | Feynman Point Asset Management
Greg Girasole | Motus Capital Management
Session Video
Overview
The panel focused on how professional liquid investors distinguish lasting adoption from temporary crypto narratives and translate real-world blockchain usage into investable opportunities. Joe Naggar of Feynman Point Asset Management emphasized fundamental underwriting, catalysts, and understanding where value actually accrues, while Greg Girasole of Motus Capital Management stressed product quality, organic usage, and token-level value capture as the key tests for separating durable businesses from hype.
Core Themes or Shifts
Adoption cannot be measured with a single metric; the right indicators depend on the underlying protocol, application, or business model. Transaction volume, users, fees, stablecoin liquidity, revenue, and competitive behavior can all matter, but headline metrics can also be highly reflexive or artificially inflated. A more durable signal is when blockchain-based products begin forcing incumbents to adapt because users are choosing them for better economics, speed, functionality, or capital efficiency.
Key Strategic Insights
Durable investment opportunities tend to combine demonstrated product-market fit, measurable value accrual, and a clear catalyst for rerating rather than relying on long-term narratives alone. Investors need to examine whether usage is organic, whether the product is genuinely superior to alternatives, and whether economic value ultimately flows back to the token, equity, or other investable asset. The discussion also highlighted that blockchain adoption may create value through cost reduction as much as revenue growth, making settlement efficiency, balance-sheet efficiency, and infrastructure advantages increasingly important parts of fundamental underwriting.Durable investment opportunities tend to combine demonstrated product-market fit, measurable value accrual, and a clear catalyst for rerating rather than relying on long-term narratives alone. Investors need to examine whether usage is organic, whether the product is genuinely superior to alternatives, and whether economic value ultimately flows back to the token, equity, or other investable asset. The discussion also highlighted that blockchain adoption may create value through cost reduction as much as revenue growth, making settlement efficiency, balance-sheet efficiency, and infrastructure advantages increasingly important parts of fundamental underwriting.
Implications for Builders or Investors
For builders and investors, the opportunity is shifting toward platforms and applications that convert blockchain adoption into clear economic advantage, including stablecoins, tokenization, decentralized exchanges, financial infrastructure, and businesses using onchain settlement to materially reduce costs. Portfolio construction also requires attention to both traditional macro conditions and crypto-specific leverage cycles, while the longer-term opportunity may come from regulatory clarity, tokenization, AI-enabled payments, and more efficient onchain margin systems that allow traditional financial activity to move onchain at meaningful scale.
Speakers
Philip Simotas
Co-Founding Partner
New Form Liquid Capital
Joseph Naggar
CEO
Feynman Point Asset Mgmt.
Greg Girasole
Founder, Managing Partner
Motus Capital Mgmt.