David

But related to this, something I am very curious about is the option space obviously is incredibly large, specifically zero day to expiry options, zero DTEs are growing like crazy in the US in particular.

And I'm very curious to see whether these traders are going to switch over to perps, whether it's more intuitive to them or not.

And the reason why I suspect they will prefer perps

perps over options is because options predominantly give you exposure not only to the delta but also to the um volatility but most people they just want to speculate on whether something goes up or down perps are objectively a better asset to do so

Yeah, Ryan, that's a fantastic point.

I think we're in this world now where agents are flooding the internet and it's becoming almost indistinguishable to determine is this a human or is this an Opus 4.5 agent interacting with my platform, right?

It's impossible to know sometimes.

And that's why like I'm very, very bullish on specifically privacy preserving, either biometric or even using your passport, NFC chip, KYC.

Like, of course, nobody wants the KYC.

And one of my like personal apprehensions with KYC is you have countless data leaks out there.

And, you know, that's like pretty infuriating to think like, OK, KYC with this platform and my data is now on the Internet.

I'm never KYC again.

The beautiful thing with a lot of the technology we have in crypto, whether it's MPC or ZK or even FHE, probably in the near future, is we're able to KYC without our counterparty actually storing that data locally.

Therefore, it can never be leaked.

So I'm very, very bullish on this.

And probably the last thing I'll mention on this front is it's kind of funny.

I remember back in 2021, WorldCoin was announced.

And I'm like, my immediate reaction was like, I am never scanning my eyeball for this Fed chain.

Absolutely.

Absolutely no chance, right?