David

And a lot of the decisions founders have made kind of work backwards from that.

Like, what do I need to do to get listed on XYZ exchange?

And oftentimes that is completely at odds with how to build a sustainable business.

But that's no longer something that founders have to do.

Like, as we've seen with MetaDAO, like you can ICO, right?

You don't have to go after, give two, three, four, 5% of your token supply to an exchange.

And instead, after you build like a sustainable business, revenue is growing and you haven't listed anywhere, you can go to these exchanges and try to get listed.

But it'll be on your terms this time because you have a good asset.

It's clearly growing.

And centralized exchanges are incentivized to list good assets.

Because they also have this, for lack of better words, a survivability problem.

If all of their launches and their tokens, you know, do not do well, well, they're going to churn users.

And if they see that you have a really good asset that's likely going to go up, you know, over the next five years, they're going to list you under more favorable terms, hopefully.

So it may be a little more of a hot take, but this is something not only it's more of a wishlist item I'm hoping for, but I think it's quite likely in this new market structure.

Yeah, I'm certainly, you know, it'll take a long time for us to disrupt TradFi itself.

Like, again, you look at the deeply entrenched moats of the GTCC, of Visa, of Swift, like, they definitely understand what we're doing is valuable.

And this is something we didn't get to cover today, but I guess I'll touch on it briefly.

One thing I'm very curious about this year is, you know, how they're going to come on chain, right?

Like, will it be through something like Canton?

Will it be through something like Tempo or Arc, right?