Will Price

And again, like I said earlier in the conversation, I think blockchains can offer like a better,

product, both from a permissionlessness, you know, verifiability and cost structure perspective.

But yeah, you're right.

There are, you know, many large, you know, financial services businesses in the US that are going to want to compete.

But one thing I would point to is how difficult it is to actually build like a, you know, highly performant venue.

And if I'm one of these

and I'm doing a cost benefit analysis, I'm going to look at, you know, how quickly can I get to market working with someone else as an infrastructure partner versus like how much money am I going to have to spend and how much time is it going to take me to build this in-house?

And, you know, one thing that we see a lot in the US is that talent density tends to converge at startups, which is why there's often room for, you know, new entrants to disrupt the status quo.

I would say less so Coinbase.

You know, they've been in the crypto space a long time.

But there are plenty of financial services people that aren't necessarily used to the, you know,

like crypto UX bar, shall we say.

Like crypto products generally have a much higher level of UX, in my opinion, than many trad products.

And I think, you know, there are a lot of hard things that have to happen under the hood to achieve that.

I see.

Yeah, well, I don't know exactly how it's going to shake out.

I think Lighter has a very good chance.

And at current valuation levels, I think that chance is underpriced.

Yeah, I view it a bit differently.

Yes, I am happy to see that the team has committed to token value accrual and that revenue goes to buybacks.