Will Price

Because it's expensive to make a proof and you're unlikely to do it unless you are the exchange itself.

But it is cheap to verify a proof.

So from the user's perspective, as long as the proofs are being generated and they can trivially see that the rules are being followed, they should be happy.

Okay.

Okay.

Yeah, I mean, certainly lighter doesn't have the size or loudness of the community behind it at this point that hyperliquid has.

And so it makes sense that you didn't necessarily hear about it.

It also makes sense that real world asset volume is taking off for some of the reasons that you mentioned.

Specifically on Hyperliquid, I think there's also some speculation around a trade XYZ airdrop, for example, that might be driving some of it.

And, you know, in tandem with, as Flip mentioned, the fees on RWAs being significantly lower than they are on crypto assets.

All of that tends to induce a lot more volume.

LIDAR itself is listing more and more RWA assets every week.

There are various indices and commodities and equities, not just from the U.S.

market, but various markets around the world, and it remains a core focus area for growth.

Yeah, 100%.

So if you listen to Vlad on the last LIDAR investor update call, he talks about the regulatory licenses that LIDAR is pursuing.

And just as you say, the main reason is the size of the U.S.

market and our desire to participate in it.

Uh, in lighter lighters based in the U S the, the late token is issued directly out of the, uh, you know, Delaware C Corp.

And, you know, there's a presence on the ground, uh, with, you know, all of the important people making decisions on the regulatory side.