“If our thesis holds—that equities, commodities, and other financial assets are migrating onchain—then the entire ecosystem of financial products built around those assets should follow suit,” the report stated.
The analysis singled out Aerodrome (AERO), a trading venue positioned to capture fees from tokenized equity transactions, and Maple , which administers blockchain-based lending solutions for institutional participants.
The basket also includes Pendle (PENDLE), a protocol enabling the trade of future yield from interest-bearing assets; Ondo Finance , a provider of tokenized U.S. Treasuries, equities, and, more recently, perpetual futures; Aave , which supplies lending infrastructure; Uniswap (UNI), operating a decentralized marketplace for asset exchange; and Ethena (ENA), an issuer of stablecoins that has expanded into digital finance with high-yield savings, card services, and payments.
Citrini’s crypto selection further features ether.fi (ETHFI) for crypto-native financial services, Chainlink for oracle data feeds, and LayerZero for cross-chain interoperability. All three stand to benefit as tokenized assets proliferate across financial platforms and blockchain networks.
The report also highlighted Derive , a decentralized options protocol that could gain traction if tokenized stocks and other assets drive derivatives activity onchain.
Additionally, the research noted emerging perpetual futures venues Lighter (LIT) and Variational (VAR). Perpetual futures—contracts allowing traders to speculate on price movements without owning the underlying asset and without an expiration date—have seen Hyperliquid (HYPE) establish dominance as a blockchain-based trading platform. Citrini suggested the two challengers may capture market share alongside Hyperliquid as the broader perp sector expands. The report also maintained exposure to Hyperliquid in its equity basket via the Bitwise Hyperliquid ETF (BHYP).
However, the Citrini report cautioned that rising trading volumes and network activity do not necessarily translate into higher token valuations. Investors must scrutinize a protocol’s revenue model, identify who captures the fees, and determine whether token holders participate in that value accrual.
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