Moon Syn

We’ve arrived in Miami to attend @consensus2026 We’ve been building systems that understand markets. You’ll see them this week. Back to back.

Steven McClurg deconstructs the 12-month ETF pipeline and the reality of bringing new digital assets to the public markets. He clarifies that there is no shortcut—the S1 process is a grueling 12-month cycle of amendments and SEC feedback. But the technical roadblock is the requirement for a six-month established futures market. This is where most assets fail, as domestic exchanges only list protocols with significant liquidity and market depth. However, @stevenmcclurg points to @InjectiveLabs as a prime example of a "Hidden Gem" that institutional allocators are beginning to notice. While it may not sit in the Top 20 by market cap, it ranks in the Top 10 for onchain profitability and actual transaction value. It’s a protocol where users are "paying for the privilege" of transacting because the use cases are real. For @canaryfunds, the focus is shifting away from offshore derivative volume and toward the actual capital efficiency of the chain itself.