David

And I think we could almost call the fat wallet thesis the super app thesis at this point.

I think in many ways they are one and the same.

And to your point about, you know, Fantom competing directly with Coinbase, 100%.

I think centralized exchanges, you know, will face a lot of headwinds from wallets.

And the reason why is you think about historically, why haven't maybe wallets presented a one-to-one competition with an exchange?

Well, it's because to get to a wallet, you have to go through an exchange.

But if we have better fiat on-ramps, what if I can go directly to my phantom wallet?

And that's that.

I'm earning interest on my deposits.

I have access to perps, to lending, to everything.

I can trade all assets from one venue.

And I could hopefully do so with even lower fees than on Coinbase because Coinbase's spot fees are like egregiously high.

So absolutely, I'm very bullish on this spot, on this fat wallet thesis.

You call it the aggregation thesis.

And two interesting things to note here is number one,

The economics of whoever owns the front end are phenomenal.

If you look at whether it's Aerodrome or Uniswap for the average spot transaction, you're looking at like just a few cents in fees.

Whereas somebody like Phantom is charging like an average of a dollar, right?

That's like a 50 to 100x higher take rate.

So it's very, very, very lucrative and there's an extreme premium on owning the end user.