Tom Schmidt

If I'm going to be spending with a debit card out of my wallet or custodying my tokenized stocks in my wallet, I probably also want to be able to then go spend and not let everyone know what I hold.

And I think the numbers kind of speak for themselves.

Not financial-wise.

We do hold Zcash.

And I think it has kind of a special place in the industry and obviously give them a lot of credit for pioneering, I think, a lot of the ZKP research that has influenced and a lot of other downstream projects I've ended up using.

Yeah, I think, you know, in many respects, this is kind of just an extension of the shift towards off-exchange settlement for centralized exchanges that we saw post-FTX, where you saw stuff like, you know, Fireblocks and, you know, Copper Clearloop, you know, take off as a way to, again, segregate exchange from settlement.

um and i think you know i'm assuming a lot of anchorage customers um are probably asking for for hyperliquid i know i've talked to you a couple different um primes and and trading desks and they have a lot of demand for um hyperload exposure specifically people wanting to trade um perps or other instruments on hyperliquid um and so the answer is how do you go about doing that well we can plug it in like we do any other exchange and now this is a new venue that people are able to trade on and so um

I think it's the cool thing about crypto, as you've been saying, is, hey, it's transparent and programmable.

And so if you want to go and, you know, custody your assets on a single exchange and trade there, you can.

But, hey, you can also, you know, trade via a DEX and sort of see what's actually happening on chain.

It's all modular and transparent, which is kind of the ultimate crux of what a lot of the technology is about.

Yeah, I think it's kind of another flavor of this DeFi mullet idea.

I think of even, you know, Coinbase has more of an integration.

Yeah, is that the rule?

Maybe, maybe, maybe we'll, we'll debate this.

We'll, uh, we'll have a settlement offline, but, um, I, um, it, it does seem like this is a natural way for these, these markets to, to end up again, like the internet where you have different layers with standardized, um, you know, protocols that, uh,

you know really do their one single you know layer well and then kick the other responsibilities up to another layer of abstraction that can get more specific and sort of serve end clients and you know maybe the answer is we have you know one big global standard for for liquidity and everyone else can build their own you know brokerage or their own execution services or their own um you know apps on top of it or whatever it might be and so uh

I don't know.

It's very cool to see how rapidly this has been getting adopted as well as just, again, it feels like this is kind of the boring revolution of crypto where you're using it in the back end and you don't even realize it.

Yeah, I think like HIP3 volumes already hit like 40% of hyperliquid volumes and I think are growing.