“If we’re right that stocks, commodities and other financial assets are moving onchain, then eventually all of the financial products built around those assets should follow them,” the report said.
Its analysis highlighted Aerodrome (AERO), a trading platform that could collect fees from tokenized stock transactions, and Maple , which manages blockchain-based lending products for institutional investors.
It also included Pendle (PENDLE), which allows investors to trade future income from interest-bearing assets, while Ondo Finance provides tokenized U.S. Treasury, stock products and, more recently, perpetual futures. Aave offers lending infrastructure, Uniswap (UNI) provides a decentralized marketplace for trading, while crypto protocol Ethena (ENA) issues stablecoins and recently expanded into digital finance, combining high-yield savings, cards and payments.
Citrini’s crypto basket also included ether.fi (ETHFI) for crypto-based financial services, Chainlink for market data and LayerZero for connecting blockchains. All three could benefit as tokenized assets spread across financial platforms and blockchain networks.
The report also highlighted Derive , a decentralized options trading protocol that could benefit if tokenized stocks and other financial assets bring more derivatives trading onto blockchains.
It also gave a nod to up-and-coming perpetual futures trading venues Lighter (LIT) and Variational (VAR). Perpetual futures, or perps, are contracts that let traders bet on an asset’s price rising or falling without owning it, and unlike traditional futures, they have no expiration date. Hyperliquid (HYPE) has emerged as a dominant blockchain-based platform for perps trading, Citrini said the two challenger venues may gain traction alongside Hyperliquid as the broader perps market grows. The report also included exposure to Hyperliquid in its stock basket via the Bitwise Hyperliquid ETF (BHYP).
The Citrini report, however, cautioned that growing trading volumes and network activity don’t always translate into higher token prices. Investors need to look at how protocols make money, who collects the fees and whether token holders get a share of that.
