Sal Ternullo

And Candlely is already benefiting from this.

But I do think we're kind of past that inflection point now where consumers will increasingly care.

And I do think the Grayscale report that they pushed had a great analogy there to say, I think you put it well, but it's spot on.

And I think that's what's happening right now with the modern AI era.

Yeah, happy to.

So I'm the CEO of Sovereign.

It's a NIR focused treasury company and commercialization partner.

I put commercialization on the second part because I think over time, despite the negative sentiment you've seen on companies in the treasury category at large, there will be some segmentation in this category based on the nature of business activities that these vehicles are actually doing.

And it would put us squarely where 80% of our efforts are actually on the second side of this driving commercialization and adoption of NIR.

What that means in practice for us is active governance participation.

We pushed the first governance proposal for an economic incentive designed around MPC nodes, which are the foundational infrastructure behind chain signatures and intents.

We're also driving the go-to-market motion to bring tier one institutional validators or MPC node operators into the system to scale the quorums and increase the security and resilience of the foundational primitive behind intents, but also to

doing work as it relates to kind of treasury accumulation of near as well.

So I do think this kind of segmentation framework of companies in this category will get more crystallized this year.

And I do think for those that are playing in not the Bitcoin and ETH treasury company space, but those that are playing in, you know, further down the ladder ecosystems, success will be defined by the second part with good execution on the first part.

like still stewarding the actual like commercial success of the thing that you've invested in 100% like at the end of the day we're talking all about tokenomics and demand building demand for near which drives value curl to near which circles back to expression and the balance sheet value that we have in the business

And you made an interesting point between nonprofit and kind of commercial entity.

This was something that Bilia and I and the management team on the foundation side discussed at length, which was if we didn't have such lack of clarity on the regulatory side in 2015, 16, 17, as a lot of the alternative L1 thinking was coming to the fore, would we actually have had foundations or would we have had for-profit centralized companies that were driving the core development of these protocols?

I don't know the answer to that question.

But I do know that we found really good harmony with the foundation focused on kind of these core product and protocol development verticals with us driving go-to-market motions and participating in governance from a different platform, which is a for-profit commercial entity.