Just a couple of years ago, exchanges called DeFi a casino for anonymous users. Today, ICE, the owner of the New York Stock Exchange, announced that it’s building a U.S. venue for perpetual futures on Hyperliquid’s infrastructure and taking a stake in Trade[XYZ]. The HYPE token gained around 15% in a day. I don’t see this as crypto beating Wall Street, but the opposite: Wall Street simply came for what works. Perps on stocks, commodities, and currencies, 24/7—that’s exactly what retail traders have wanted for a long time and what the old system couldn’t offer. The irony is that a decentralized engine will operate under the regulator and clearing house of the world’s most conservative exchange. If the deal is approved, it’ll be the best advertisement for DeFi in history—only under someone else’s brand. Would you trade perps through the NYSE, or stick with Hyperliquid itself?