Ryan

They do?

Okay.

They're just very small in terms of amounts?

Talk about that on-chain FX, because when you said quadrillions, that's kind of an interesting number to me.

That feels like a lot.

So when you say FX, right?

Are you just talking about for this type of use case, currency conversion from one fiat to another?

Is that what FX effectively means?

And when you say on-chain FX, what are you talking about?

And this is people going from dollars to yen to yuan to euros, back and forth to all the local currencies in Africa and in Asia and all over the world?

I guess this makes me think of two things.

Like one is if your thesis, which I think is part of the bankless thesis, is all finance goes on chain, right?

Crypto is not done yet, guys.

It's like barely even started.

If you think of the quadrillions in on-chain FX, if you believe all of that is going to end up on-chain, why?

Because on-chain is lower transaction fee, you know, better liquidity over time.

We are 0.00001% of the way in the on-chain FX market.

Like we're just getting started.

There's no way this crypto thing is done, all right?

Like...