Cash flow—not revenue—is the defining constraint for small businesses. Yet today's system forces SMBs to wait weeks or months to access money they've already earned, while relying on slow, episodic lending to fill the gap. This begs the question: Is this a lending problem or an infrastructure problem?The panelists examine why cash flow remains broken—and what it would take to fundamentally shift from delayed access to continuous liquidity.

Small businesses don't just manage money—they manage a web of disconnected systems: payments, invoicing, payroll, accounting and financing. The result is manual reconciliation, limited visibility, and operational drag. This fireside chat explores the next battleground: owning the system of record for how a business runs its finances.

On-chain finance promises to address all three structural failures at once: Tokenized receivables to unlock instant liquidity; programmable infrastructure to unify fragmented systems; and real-time data to expand access to capital. But the promise of on-chain is not the same as widespread adoption by small businesses. This panel examines whether on-chain finance fundamentally changes how small businesses access and manage capital—or simply improves existing models with new rails.