In its infancy, the crypto sector was bent on creating entirely new types of assets. First came Bitcoin and its derivatives, then Ether and its competitors. Governance tokens, NFTs, and memecoins all followed a formula: create a new digital asset class and build a market around it.

As the industry has matured, however, its focus has shifted to creating new markets instead of new assets. We have now three major examples in the form of prediction markets, oil and gold perpetuals on Hyperliquid, and pre-IPO perpetuals. These products created real-time, continuously tradable markets around existing things (news, commodities, private firms) that previously lacked them.

It turns out that blockchain technology is very well suited for expanding the range of things that we can price. And that might end up being more relevant to the future of finance than the ability to create new, digital assets.

Annabelle Huang is the co-founder and chief executive officer of Altius Labs, an infrastructure company that designs high-performance blockchains.

Elections attract global interest. So do inflation reports, commodity prices, private company valuations, and major corporate milestones. The crypto industry is now pursuing the idea that attention itself is economically valuable. If people care about any given development, there is probably demand for a market that reflects collective expectations about it.

In effect, blockchain technology enables the transformation of observation into participation from anywhere in the world. Rather than simply watching events unfold, individuals can contribute to a market-based assessment of what those events are worth or how likely they are to occur.

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