From Coinbase Prime to Definitive: Jai Prasad on Agentic Trading

0:00Josh Han Welcome back to the content suite provided by Kraken and Codex. Today we have Jai from Definitive. Jai, before we get into what Definitive was working on, Please give a little introduction of yourself.

0:12Jai Prasad Yeah, super pumped to be here. Thanks for having me in lovely Singapore. So background, crypto OG, been in the space for eight years now. Originally started one of the first on-chain data companies Back in 2018 called TokenAnalyst. Built and grew that and eventually sold that to Coinbase. I worked on Coinbase for a few years, leading everything From DeFi to staking to launching chains like Solana Near on Coinbase. Been in this space for a while and then was really early Into the DeFi space and always been trading. And so eventually teamed up with some folks I met there And started Definitive, which is basically On-chain trading terminal.

0:59Jai Prasad Nice.

1:00Josh Han I mean, with the background in centralized trading getting Acquired by Coinbase, what about Definitive Or what was the real problem that you wanted to solve With Definitive? Yeah, good question.

1:10Jai Prasad So back in basically 2021, 2022, myself and my co-founders Were actually trading a lot on-chain. My co-founder was also managing at a hedge fund on-chain And we basically saw what we'd built in CeFi. We built Coinbase Prime for institutions like BlackRock And Elon Musk and we saw their problems and we realized If the same institutions wanted to get on-chain, There's just a lack of infrastructure for them. So that was the idea, the initial idea that sparked Definitive.

1:46Josh Han Nice. And when did you guys start Definitive?

1:50Jai Prasad We actually left our jobs right after FTX went down. It was a crazy time. It was quite contrarian then. And so it's probably like we initially started in 2022. We did a few different things before we got to where it is today. But yeah, it's been a crazy, fun journey.

2:08Josh Han Tell me about the story of where you guys Thought Definitive would be post-FTX crash To where you think the market has turned now.

2:17Jai Prasad Yeah, so post-FTX crash, We were really focused on on-chain risk management Because that's what we thought institutions wanted. So we built a lot of infrastructure to access DeFi But in a risk-controlled way. We initially started with a vaults product. We offered a bunch of yield strategies, et cetera. But over time, it turned out that the on-chain markets Became more retail-focused, actually. The institutions ended up going to the ETFs Or just stayed in CeFi buying Bitcoin And didn't really play on-chain. And so the market kind of moved from insto to retail. And so we've also adapted along the way. And our product, which was very insto focused, B2B sales, et cetera, is now a trading terminal For everyone and a mobile app for everyone.

3:08Josh Han Right. And as a retail trader, I think everyone gets With a bunch of opportunities, Whether that's chain-specific fees. How do you guys try to stand out in this market And where do you think the market is headed?

3:21Jai Prasad Yeah, great question. So I would say the main value prop of Definitive Versus some of the other products Is that we are for traders who like to trade size. So specifically pro traders. And this is because of our background Of building institutional trading. We brought that same rigor on-chain. And so things that we're really, really good at Is we're the only terminal that has advanced order. So we have limits, stop losses, take profits, VWAPs, TWAPs, DCAs on all the chains. So now if you want to buy a million dollars of some coin And you don't want to move the price, We're the only place to do it. So traders who care a lot about slippage, price impact, Actually getting great value And precision in their trading use us.

4:10Josh Han Amazing. So if you're trading size and you want the ability To have multiple types of execution, Seems like the place to go. Right now, I know you guys have a lot of traders That have been very loyal And have made a lot of money on the platform itself as well. And now with AI trading, You've mentioned that you guys are working On new agentic forms of trading. Where do you see the industry going In terms of AI and trading on-chain?

4:36Jai Prasad Yeah. The analogy maybe I'll use here is When the internet became popular, If your website didn't have Or if your business didn't have a website, No one used it. So I think similar things happening In the consumer space right now, There are a lot of agents like Instinct and Muse That come up and now people are using them To do day-to-day actions. I think the next paradigm shift is going to be In trading and in finance. It's going to be very intent-driven. Our deep insight right now is that While we build a terminal and mobile app, Which everyone uses, And that's how we make the majority of our money, Don't think that will be the case in six months. It will be fully agentic And there are all these different agents out there. Let's say that in this podcast, I give you some alpha And you want to buy it right now.

5:25Jai Prasad Ideally, you would just go to your agent And tell it, Hey, my friend told me about this coin,

5:30Josh Han Buy it.

5:31Jai Prasad We want to solve that buy it part. So what happens when your agent Decides to buy something? How do you buy something in crypto specifically? How do you get a wallet? How do you fund it? How do you have permissions? And how do you trade? That's everything that we're solving. So we're building a brand new product called Flash That is really focused on building the best-in-class Infrastructure for agentic trading.

5:52Josh Han That's really exciting about how things Are going more agentic. Let's say at Token2049, My friend gives me alpha on a chain That I don't have any ether gas on And I want to tell my Muse Instinct agent To buy it. What would that process look like?

6:06Jai Prasad Yeah, great question. And this is exactly what we're trying to solve. You would tell your Muse or Instinct agent To use Definitive to buy this coin. What happens under the hood is We would provision a wallet for you. Hopefully, you have me, I assume you have Stripe Link hooked up. The wallet would, you know, Stripe Link would deposit, Let's call it 100 USD, In the wallet. It doesn't matter what chain. Under the hood, Our infrastructure would automatically Bridge those assets to Robinhood Chain, Buy the token, Never have to think about gas, You never have to sign anything. And all you would do is have an idea And everything under the hood Would just be executed out of the box.

6:49Josh Han Nice. Amazing. For the agentic trading Or even if you're trading on a terminal itself, It seems like Definitive is the way to go. How do you currently, Or taking a step back, It's currently the end of, Almost the end of 2026. You've been in the industry For a pretty long time. How do you feel about the current state of crypto And where the market is headed?

7:12Jai Prasad Yeah, you know, I live in SF And no one talks about crypto, So it's a contrarian to be in crypto. So I think it could not be A better time to be in crypto. We're seeing more and more assets come on chain, Which is really great for us And a lot of the other projects building here Where I think the future of trading, Of finance, of commerce will be on chain. You've seen the growth with stablecoins, With tokenized stocks, etc. And so from our perspective, We want more tokenization. More assets means that it's not just a meme coin Or Robinhood Chain that you can buy. You can buy Tesla, Or you can tell your agent that, Hey, I want to run a basis trade on Tesla And using our infrastructure, It would buy Tesla's spot And short a perp, And you would earn yield.

7:59Jai Prasad So it's just the tip of the iceberg, And I think on-chain plus AI Is going to just be crazy in 2027.

8:08Josh Han So you could effectively run strategies That you would need a bunch of quants to do Through an agent, Which is really exciting. So I know Definitive launched this token EDGE In April of 2025. It's been a little over a year now Since the token has been live. Where's the current status of the token, And where do you see it going from now?

8:28Jai Prasad Yeah, great question. So first, I'll just start with liquidity. We were day one listed on Coinbase, And it's on Korean exchanges like Upbit And other tier one exchanges. But that's just one side of the coin. The other side is that it's a first class Citizen of our product today. We already have a program Where we already use 20% of our revenues To buy back the token and distribute it And distribute part of that to stakers. The other sits in treasury and is not in the market. So our token is already deflationary. No, we don't use any treasury to incentivize. Everything is from revenues. So that's a critical point. And second is that as we expand Into the AI trading world, This token is going to play a big part.

9:19Jai Prasad Not exactly sure how that will materialize yet, But maybe it'll be lower fees Or maybe it'll be faster trading Or more advanced strategies for agents who have our token. So agents will also want to own EDGE.

9:33Josh Han Nice, very good. In terms of buybacks and the current status Of your guys's treasury, How much in revenue are you guys looking at For the potential token holder? Could you break down what revenue And buybacks look like?

9:48Jai Prasad Yeah, sure. So I don't have the exact numbers of top of my head, But if I look at the maybe the last 60 days of revenue And annualize that, We're at or out between 8 to 10 million in ARR. And so 20% of that is going directly towards the token.

10:11Josh Han That's a significant amount of buybacks For a company in your guys's stage. Very exciting. In terms of where you see the rest of the conference going Or things that you want to share with the audience, Anything else on your mind, Jai?

10:26Jai Prasad You know, just buy the dip. It'll end at that.

10:30Josh Han Nice. Thank you very much, Jai, for your time, And we are very appreciative of it. Thank you so much.