Cheyenne Ligon

Cheyenne is a features and opinions editor at CoinDesk. Previously, she covered U.S. policy and regulation, with a focus on court proceedings and crime. She was part of the Gerald Loeb award-winning team that chronicled the downfall of FTX's Sam Bankman-Fried. She has no significant crypto holdings.

Cheyenne Ligon

Latest from Cheyenne Ligon


Opinion

Everything is becoming a perp

The perpetual — the 24/7, leveraged contract that crypto invented and then perfected — is no longer just a way to trade crypto, says Katana Network’s Matthew Fisher. It’s becoming the way to trade everything.

Traders (Getty Images/Jonathan Kirn)

Markets

Bitcoin and ether markets are ruled by perps. SpaceX showed how far their influence can go

Perpetual futures drive much of the price discovery for bitcoin and ether. When traders pointed the same machinery at a private company, they priced the biggest IPO in history more accurately than Wall Street, and then watched the stock walk away from them.

SpaceX's IPO in June 2026 (Getty Images/Spencer Platt)

Tech

As crypto perpetual futures boom, Ethereum’s role is shifting

Rather than competing directly with faster chains, some builders argue Ethereum's strength lies in supporting the layer-2 networks where trading is taking place.

Vitalik Buterin, Ethereum co-founder (Michael Ciaglo/Getty Images)

Finance

The inside story of how a hike in Hong Kong changed crypto trading forever

"We were a scrappy startup," Delo said of BitMEX back in 2016, when it launched the first perpetual future. "We thought, ‘Just get it out there. If it was any good, the market would show us.’"

MacLehose trail in Hong Kong at sunset (Getty Images/Tse Hon Ning)

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Tech

About $80 million ZEC crosses into Zcash's new Ironwood pool in the first day

Roughly 5% of the funds in the retired Orchard pool have gone through the turnstile. The rest sit in a pool that can no longer take deposits.

Bottom of a swimming pool. (xing419/Pixabay)

Opinion

The systemic-risk debate over perpetual futures is aimed at the wrong target

As perpetuals enter regulated markets, critics warn they import systemic risk. But the risk comes from venue design — leverage limits, margin rules, index construction, and default handling — not the contract itself, argues Chris Tyrer, President of Bullish Exchange.

Domino effect (Getty Images/Francesco Carta fotografo)

Opinion

SpaceX is a battleground Solana must win

Perps are a trojan horse to bring all of traditional finance onchain, argues Brian Smith, president of the Jito Foundation.

SpaceX Falcon Heavy Launch of Europa Clipper in 2024 (Getty Images/Brandon Moser)

Policy

Coinbase wants to be Canada’s ‘everything exchange,’ but says clearer rules are needed first

Coinbase Canada's new CEO, Eric Richmond, says permanent rules, rather than temporary exemptions, are needed as the company pushes to expand into derivatives, tokenized assets and decentralized finance.

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Finance

Ondo drops tokenized asset blockchain plans for private, high-speed trading network

The new network powers Ondo's recently-launched perpetual futures platform and will eventually support trading across onchain financial assets.

Ondo Finance CEO Ian de Bode 16:9 (Ondo Finance)

Markets

Wall Street veteran Don Wilson says regulators are getting perps all wrong

DRW CEO Don Wilson says perpetual futures aren't inherently risky crypto gambling tools, and it’s time traditional markets and regulators start embracing them.

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