Arnav Pagidyala

In fact,

Coinbase and Robinhood, of course, they have their own crypto wallets as well.

So they are product competitors in that world.

What do you think of the continuation of the fat wallet thesis?

Do you think that's going to accrue more value in 2026?

Now, a dark horse here I want to throw at you for this category, the fat wallet thesis category, Arnav, is existing social media apps and platforms.

In fact, this has always been a backburner narrative that I feel like we've had.

Well, wait until meta enters or wait until X enters.

You can actually, if you squint, you could see the possibility with something like

X entering the fat wallet space in general.

And what would they need to do?

Well, all they need to do is integrate some decentralized DeFi protocols that the Coinbases and Robinhoods of the world already have.

Maybe a Morpho, for instance, and with a few bells and whistles and some product positioning and added features, they too could have some sort of crypto fat wallet

In fact, they already have the social element that Coinbase has kind of been going for with its creator coin push that you saw smart tags being added to X just this week, which is the idea of like social trading.

You'd have to squint to see it.

And it would take some product finagling, of course.

But can you see an existing social media company enter this space in 2026?

Let's talk about AI a little bit and maybe sort of vibe coding and the possibilities that open up for small development shops.

So Opus 4.5, I know you've been playing a lot with models like that lately.

What do you think this is going to do to builder velocity, especially with smaller teams?