Why Pre-IPO Perps on Hyperliquid Are Safer Than Tokenized Shares

22 May 2026 · 33:28

Dio Casares, founder and CEO of the private neobank Patagon, joins Unchained host Laura Shin to explain why pre-IPO perpetual futures on Hyperliquid may be safer than tokenized shares. He breaks down the structural differences between derivatives and tokenized spot markets, the legal risks in multi-layer SPV structures, and why more of this trading activity is happening on Solana than on Ethereum.

Speakers

• Dio Casares

Topics

• RWA
• Tokenized Securities
• DeFi