Ryan

Now, we have seen a huge surge in ICOs, especially led by MegaEthan Monad, which had some pretty gargantuan raises and some pretty pricey valuations.

But that has continued on.

And now we've kind of seen just a splattering of ICOs across different valuations.

The $20 million valuation from Ranger on the MetaDAO platform and the $100 million Infinix token sale.

So some pretty reputable projects are raising some decently sized valuations, all with public token sales.

Now, I have fallen into the trap of wanting things to be true and therefore making predictions that those things are going to happen.

But I want ICOs to happen.

I believe that they are a logical conclusion of capital formation.

We have ICOs in the trad world.

They're called IPOs.

Do you think, Arnav, that this fad is sticky and this actually just becomes the new paradigm?

Or might ICOs kind of just hit a wave and then teeter off because, I don't know, we haven't solved industrial protections or some other reason?

What do you think about this?

I want to turn to Morpho.

Morpho is something I think a lot of the industry is at least keeping one eye on.

It's seen a lot of growth in the last two years, especially with the integration on base and Coinbase, where you can use your Bitcoin and now also Ether.

You can put it into Morpho.

Coinbase will put it into Morpho for you and give you a loan based on the market rate.

Pretty cool integration.

Huge win for Morpho.