Argues prediction markets are evolving a second layer analogous to derivatives built on stock exchanges. Covers three hedging use cases: crypto risk hedging via binary price markets, attention markets (Trendle) as sentiment hedges against binary positions, and cross-platform hedging enabled by DeFi composability (Gondor lending against PM positions, DFlow tokenizing Kalshi contracts as SPL tokens). Identifies liquidity fragmentation, execution risk, and UX as barriers to mainstream hedging adoption.

Examines Trendle, a perpetual attention market that treats social engagement as a tradable index. Covers the two-layer architecture (attention index + market layer), anti-gaming mechanisms (normalization, deseasonalization, quantile clipping), and funding rates that penalize crowded positions. Frames attention as 'the only scarce resource in the digital age.'