Kappa Lab

TOKEN2049 Singapore takeaways A bit late with this post, but here it is. I left more optimistic than I arrived. Bull market energy is back, and so is retail. The crowd felt younger — more people there for themselves rather than a company badge. I didn’t see a booth I’d call fluff. A few things stayed with me: - Prediction markets have my attention. Once you’re inside the book, @Polymarket feels closer to a crypto exchange than a traditional bookmaker. Quoting, latency, inventory risk, adverse selection — the problems are familiar. I think there’s more room here than people assume. - Tokenized stocks are launching with a market maker already in the seat. @Securitize launched on Solana with Jump. Nobody is waiting for liquidity to show up on its own. - Nasdaq plans to move to 23-hour trading, five days a week, from December 6. Longer hours make liquidity harder. Overnight books can be thin, and someone has to keep quoting. - The same stock is trading as different tokens across different venues. Keeping those prices aligned means understanding what each token represents and how you can hedge or redeem it. There’s a lot of market making work ahead. - I also heard that “vaults are dead.” I don’t agree. People underestimated the work involved. Launching a vault is the beginning. Designing, running, and risk-managing the strategy is the ongoing commitment. We’re building in this space at @KappaLab_io. We run three HLP-style vaults, including FLP on @hibachi_xyz and MLP on @meridiandotxyz. Separately, we run a USDe credit vault on @WildcatFi. If you’re issuing or listing tokenized assets on your exchange, or launching a venue / rethinking a vault, my DMs are open. We can help with both the liquidity and the strategy behind it. We had more KLIP conversations than I expected, too. Foundations already hold their native token and bear its volatility. KLIP is our dedicated yield strategy for your treasury’s assets. It generates yield from the volatility while you retain custody. People wanted to know what their treasury would have earned. We ran the backtests, and they were impressed by the numbers. Curious what yours would look like? Request a free backtest at klip.kappalab.io. Results within 48 hours. Also, some of the sharpest trading conversations I had came from very small teams. There’s more good work happening outside the big names than the headlines suggest. Thank you to everyone who made time for a meeting, a coffee, or a conversation that ran far too late. I came home with new connections, and I expect a few of them to turn into things we build together. See you at the next one.

Looking forward to meeting partners at Token. This year's event is looking big! Dm me if you'd like to meet.