David

I don't have a very strong take on exactly how we should value L1 tokens, and I don't think I'm the best person for that.

But what I can say is I strongly believe that builders and activity and liquidity and users are going to converge very, very clearly on these two ecosystems.

And by extension of that, I imagine the assets will perform well.

That's the extent I believe.

Yeah, I'll start by saying I do like MegaEthan Monad.

I think it's very talented builders in each ecosystem.

And I'm definitely not saying Solana doesn't have to work hard.

They're working very hard.

Again, with FireDancer, the type of work that's gone on Alpenglow, the work that Jitto and Harmonic is doing to improve microstructure.

I would say they're crushing it.

And again, on the Solana Foundation side, they're taking a very proactive role in growing the ecosystem.

So they definitely do have to work hard to maintain their position.

But on the other side of that, you know, MegaEth and Monad kind of serve maybe their own special function in that, again, they are tabbing more into the network effects of the EVM.

So it's maybe not one to one competitive, but no, it's definitely going to be a very competitive battle.

I think it's very consensus that it's likely to be Robinhood, but that's not to say Coinbase couldn't be a dark horse here.

And to kind of break that down, you know, Robinhood has had a phenomenal 2025.

They've shipped 11 new products crossing over $100 million in run rate.

They were the second highest performing stock in the S&P.

And they've shipped a lot of cutting edge crypto and non-crypto products.

So it's very hard to not believe we're going to see continuation of this moving forward.