David

Or will they just launch, will BlackRock launch its own new chain?

I don't know, but my intuition is that this year, a lot of these institutions will understand that specifically building on a chain that already has very deep network effects is going to be incredibly important.

But it's very hard to come to terms with that because this is a chain that does not care about you.

It doesn't care about your business and how well you will do tomorrow.

And you have no say in that chain either, right?

Ethereum is not going to push a certain upgrade just because JP Morgan wants it.

And that's not a world in which they are used to.

So I don't know, something that I am very much thinking about as we move into this year.

Yeah.

And they may very well.

I think a very important question to ask is for a set institution coming on chain, how important is composability?

How important is global access to users?

If the answer to those questions is no, and they're kind of building their own closed loop system, that's just more efficient.

Then yeah, you know, building another chain is totally cool.

So make every dish the greatest and eat the GOAT.

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