David

The second thing I want to mention is the fact that value will continue to be pushed up towards these front ends, interfaces, super apps, whatever you want to call them that own the end user.

So a good example of this is stablecoin margins, Metamask wants to own stablecoin.

Everybody wants to internalize the stablecoin margins, right?

That's very table stakes.

But beyond that, internalizing MEV is something, right?

And actually enforcing this distribution power on protocols, right?

So let's say, you know, MetaMask wants to integrate a Perp Dex.

Well, why wouldn't they go to that Perp Dex and be like, hey, I want, you know, an eight-figure kickback if I integrate you within my front end.

They can do that.

And I expect that to be a very defining trend this year.

In 2026, I'm not sure.

But it is definitely a when, not if question, whether X is going to, you know, dive into this space.

Like, there is absolutely zero question in my mind.

They are going to participate, you know, with stablecoin pay-ins, payouts.

And how deep they go on the neobank side, I'm unclear.

But we know they want to push towards this everything app vision.

And...

the best conduit to do so is going to be on-chain.

Totally.

I mean, I expect at least one, if not multiple sub five person unicorns this year.