My takeaways from Token2049 for TrueNorth 1. Agentic trading is now an industry • 2025 to 2026, our first year building TrueNorth, was slow. "Agent" was a new word, and everyone defined it differently. • That has changed. As AI matures, more teams are building toward agentic trading, and more exchanges and consumer apps are adopting it. • We had a head start: almost two years of learning what the tech can and can't do. 2. Perps and spot are two different games Perps: AI as copilot • Stateful, isolated by venue, not composable, low time frame • Still human-centric, with hands on the wheel • AI helps you discover, execute, manage risk, and personalize • We've tested a lot here, and we know what works Spot on-chain: where AI shines • Stateless, composable, higher time frame • Trading moves from a single order to an intent, and intent is programmable software • An agent researches fundamentals, technicals and macro. It builds a portfolio around your intent and routes it to the best on-chain venues. Then it rebalances and manages risk for you. What this disrupts: • Financial advisors, replaced by your personal agent • Single stocks and ETFs, too coarse for your actual risk and return preferences 3. Why on-chain? Three bets • Everything gets tokenized. • AI gets very good, and people everywhere want access to assets that regulation or geography kept from them. • Incumbents won't open their doors. Agents have no brand loyalty. They move money to the best liquidity, security and yield. No bank will let outside agents tap its users' idle assets. 4. The blocker is trust • These systems keep getting smarter and harder to understand, and they're handling people's savings. • Money moves at the speed of trust. • So we avoid "here's a vault, delegate and make money." Our model is human-centered: strong guardrails, clear risk parameters, semi-automatic. Copilot first, then surrogate. Full autonomy comes later. • Agents should never hold your API keys or private keys. 5. Agents capture beta. Alpha stays with you. • Real alpha makes money, so it stays private, with the human and their own agent. • Agents capture beta by pulling from data sources as fast as possible, running 24/7, using pro trading tools most people never learned and splitting intent into smaller orders for better execution and timing. 6. What's next • After almost two years, people are starting to believe. Growth, retention and time spent on TrueNorth are all climbing fast, with steady inbound from both B2B and B2C. • We think we're at the start of a hockey stick. There are many approaches to agentic trading. We're building the one we think is best for our users.