Citrini Research favors crypto projects AAVE, UNI, ETHFI, and PENDLE

UNI: UNI is the governance token for the Uniswap decentralized exchange. The report favors UNI as part of broader exposure to protocols that could collect fees from onchain trading of tokenized assets. AAVE: AAVE is a decentralized lending protocol. Citrini includes AAVE in its crypto token basket as a project poised to benefit from expanded onchain lending markets created by tokenization. ETHFI: ETHFI is associated with ether.fi, a crypto-based financial services protocol. Citrini highlights it for its role in decentralized financial services that could expand with tokenization of assets. Maple: Maple provides tokenized lending services. The report highlights Maple as a beneficiary of new lending markets opened by bringing traditional assets onto blockchains. Circle: Circle issues the USDC stablecoin and provides related financial infrastructure for digital assets. Citrini highlights Circle as a beneficiary of tokenization through its role in stablecoin issuance and payments within new onchain markets. Derive: Derive is a crypto project highlighted in the report for its role in financial services. Citrini views it as part of the broader set of tokens that could capture fees from tokenization-driven activity. PENDLE: PENDLE is a protocol that enables trading of future income from interest-bearing assets. The report includes PENDLE in its favored crypto tokens due to opportunities in yield-related products as tokenization grows. Lighter: Lighter is an up-and-coming perpetual futures trading venue. Citrini views it as a challenger that could gain traction in the growing perps market alongside established platforms as more assets move onchain. Coinbase: Coinbase operates as a major cryptocurrency exchange and financial services platform. The report highlights Coinbase as a key stock positioned to benefit from increased onchain activity driven by tokenization of assets like stocks and bonds. Aerodrome: Aerodrome operates as a trading platform on blockchain networks. Citrini sees it collecting fees from transactions involving tokenized stocks and other assets moving onchain. Chainlink: Chainlink provides decentralized oracle networks for connecting blockchains with external data. The report notes Chainlink in the context of infrastructure supporting tokenized assets and financial products onchain. Robinhood: Robinhood is a financial services platform offering trading in stocks, options, and cryptocurrencies. The report includes Robinhood among publicly traded companies likely to gain from expanded onchain trading and lending markets enabled by tokenization. Securitize: Securitize is a tokenization firm that maintains the legal and ownership records linking blockchain-based tokens to underlying securities. Citrini identifies it as a standout opportunity because it facilitates the infrastructure for bringing traditional financial assets onchain while preserving regulatory compliance. Hyperliquid: Hyperliquid is a blockchain-based platform focused on perpetual futures trading. The report notes its dominant position in perps and includes exposure to it via an ETF, while also discussing potential growth alongside emerging competitors as tokenization expands financial products onchain. Variational: Variational is an emerging perpetual futures trading venue. The report positions it as a potential beneficiary of increased perps activity driven by tokenization of traditional assets. Ondo Finance: Ondo Finance focuses on tokenized real-world assets and related financial products. Citrini includes Ondo Finance among crypto projects expected to benefit from expanded tokenization of stocks, bonds, and loans. Citrini Research: Citrini Research is an influential firm specializing in technology and markets analysis, including artificial intelligence, and it operates a widely followed Substack newsletter. In this news, the firm published the report 'Breaking the Wall' examining how tokenization of traditional assets could create new onchain markets for trading, lending, and payments, identifying specific beneficiaries among stocks and crypto tokens. Market Expansion Focus: Tokenization is expected to create new businesses in trading platforms, lenders, stablecoin issuers, and securities record-keeping as Wall Street assets move onchain. Tokenization Mechanism: Tokenization converts traditional assets such as stocks and bonds into digital tokens that can move between platforms and potentially trade around the clock, enabling uses like direct collateral for loans from digital wallets. Fee Collection Priority: Revenue models, fee allocation to token holders, and participation mechanisms matter more for token price performance than raw increases in onchain trading volume.