Arnav Pagidyala

What's your take on that?

Well, how much of this does depend on regulatory clarity or like the actual Clarity Act passing or some sort of market structures bill passing in Congress?

Arnav, I'm wondering what kind of pattern that you see for the successful DeFi protocols these days, because there have been many teams, many startups, maybe many seed rounds and beyond for Morpho type entities previously.

Yet Morpho is the one that has really emerged, right?

So look at Compound, Aave.

Aave was much more successful, right?

You look at Morpho, and there was Rari back in the day that was doing something similar.

Now that's gone, but Morpho has remained.

Is there some sort of pattern recognition that you have for the types of teams or founders that are able to actually deliver and execute on the promise?

Because this primitive was...

is nothing new.

What Morpho is doing is, at some level, it's just some variation of Ave.

We've known about it the entire time, but it really took Morpho to kind of take it to the next level.

What's special about that team and what they're doing?

Now of all of the different applications and projects that we've named, it feels like Hyperliquid has the most potential to kind of break up that duopoly we were talking about earlier, the Coinbase and Robinhood duopoly.

Of course, there's Binance, etc.

But when I look at Hyperliquid, I kind of see an on-chain version of Coinbase or an on-chain version of Robinhood

And it wouldn't take all of that much for them to expand back into some of Coinbase's core businesses just without the custody piece of things.

Do you think that's a possibility for an entrant here or like a competitor to the Robinhood versus Coinbase thing that the next...

thing is actually something that is much more crypto native and non-custodial and on-chain?