Will Price

And so the question then becomes, can you get the market makers on board to quote?

And then the question is,

who are the natural traders of these assets?

And, you know, do they need to hedge somewhere else?

Do they want to just structurally belong?

And I think in the case of, like, RWAs, there is some hedging demand.

And there are perhaps people trading on LIDAR that are able to, like, buy the spot token of the underlying and take the basis trade.

But there is a, like,

capital cost hurdle to overcome.

You know, if I'm a market maker,

I may not be willing to leave a bunch of orders open on the book because that takes up margin.

And margin means those are dollars that I can't be earning money market making elsewhere.

So Leiter's built a RFQ product on top of the order book that basically lets large traders signal to market makers that they want to make a trade and then the market makers can provide just-in-time quotes.

But all of it goes through the order book.

But we've got some very promising early feedback from the beta of this, and we're looking to roll it out more widely very soon.

Yeah, it's more instruments to trade, both in terms of number of perk listings, new instruments to trade like spot options, et cetera, and then more ways to trade them, whether it's directly on the order book, RFQ, et cetera.

Yeah, so it's worth noting that no one, including LIDAR, has a license to offer these products in the U.S.

right now.

From what I understand on the regulatory side, there's appetite to...

find creative ways to make sure that blockchain platforms can, you know, get licenses and comply with regulations that weren't necessarily written when blockchains existed.