Arnav Pagidyala

One other thing you've mentioned is proof of personhood becoming a requirement.

Just before we started recording this, Arnav, I saw something on Twitter just came through my timeline.

It was kind of deep fakes of Stranger Things characters.

So it showed just some normal looking person and then he could apply an overlay to be each of the characters in Stranger Things.

And I mean, it's certainly passed the human Turing test for me.

As I was looking at the image in front of me, it looked exactly like the real characters here.

And the comment I think was like, KYC video verification is dead.

Can you talk about that and what implications that has on proof of personhood?

I know crypto is somewhat innovating here, but what more will happen in 2026?

Well, it strikes me that the entire world needs this, not just crypto.

I'm wondering, it sounds like crypto will be probably, from your perspective, on the frontier of this, though, and then it will filter down to maybe the rest of the world.

Are there billion-dollar unicorn types of plays here?

I guess you could argue WorldCoin is already one of them, if you look at its token valuation.

Is there more here?

Is there investable surface area?

Can you talk about a thesis that I've seen having some airplay going to 2026 and seems at least somewhat true, which is the fat wallet thesis, which is this idea that it's actually going to be the wallets, not the protocols that are going to capture the majority of the value moving forward.

Certainly seen some big moves with Fantom

Metamask has been a little more sleepy, but they're trying to keep up.

And there's just a lot of wallet innovation that can happen in integrating some of the DeFi protocols.

You can actually make a case even that they could be the disruptors of the exchanges, the Coinbases and the Robinhoods of the world.