Ryan Adams

And so what does that mean?

Is that post-trade, the DTCC, which is the clearinghouse for all the securities, the depository trust company, will just go through a tokenization like supply chain and then out pops a token on the other side.

Not for every asset, not for every equity, but for some that want to opt into this and the NASDAQ wants to help create that flow, a token can happen on the other side.

So settlement could happen in a tokenized context.

This is what winning looks like?

Yeah, I think it's a very big deal.

It's a very strong validation of Hyperliquid as a trading venue.

This is the S&P Dow Jones Indice officially licensing the index.

I think they're also probably creating the Oracle because Hyperliquid needs an Oracle and needs a price feed for the PERP to trade around.

But that is something that we have a robust price feed being piped straight into Hyperliquid from the S&P 500 Indice.

I think that's absolutely nuts.

Where else in the world, Ryan, can you go 50x long or short on the S&P 500?

Like, I don't think that's pretty cool.

Can I put on my pessimist hat for a second?

Sure.

So one thing we're watching happen is we're watching the banks just stall on clarity because they are just happy to stall on clarity.

I think they're kind of fine having clarity fail.

And what they're doing on the other side of things is they're also building in crypto at the same time.

So they're pumping the brakes on Clarity and also like therefore the rest of the crypto industry while they are stocking up their own crypto native businesses because they are behind.

But they're kind of playing both sides of the table here.