Aerodrome Co-Founder: What Coinbase Just Did Changes Everything (Here's Why)

Transcript

It's incredible that it's already happening and it's also incredible that on day one, Aerrrome is delivering the best execution you can get on chain for many of these assets. Welcome to the rollup. My name is Robbie and every day we speak to the biggest and brightest minds in digital finance so that you can outperform the market. Take a moment, please, to subscribe, like, and leave a comment if you enjoy the content. We greatly appreciate it. Alex, you're on stage now. welcome back and congratulations, man.

>> Thank you. No, these are uh I mean unbelievably exciting times. I think the last time uh I was on I was up there in the tokenization tower and we were talking about exactly this that we've been building infrastructure for years to build the you know most robust, most robust, most accessible, most um dynamic market that has ever existed in history. And we're going to do that onchain, right? not just with this amazing like assortment of digital assets um that we've seen to date, but by bringing on as you were saying trillion dollar markets in global FX in tokenized stocks um in real world assets and uh making these things fully programmable,

permissionless composable and capturing the network effects. And so we're so excited, right, to be serving as the primary liquidity layer um for Coinbase tokenized stocks. We've been working with them on this for most of this year. So, it's I think really incredible to finally see it uh real and in the market. And I mean, I can just tell you that yeah, I think we're just about at the 24-hour mark right now since these things went live. And the early results here are overwhelming, right? It's it's blown past all expectations that I think we had uh for day one, all the expectations that uh Coinbase had uh for day one. Uh but this really is just the start. I mean, we've

got four assets live today. >> Um we know that already in these first 24 hours, we're delivering uh some of the best execution you could possibly get on these assets uh uh across any spot exchange or any issuer anywhere on chain. And the crazy thing is that we've even seen indications that we are beating the execution that you can get on something like uh IB today right which is the main like resource for um uh many folks trying to access these types of assets and traditional systems all over the world. So that's what we came here to do, right? We came here to build systems, better systems that uh are free of these intermediaries that

make the very act of market making uh totally open and permissionless. And uh I think we're seeing the beginning of of a whole new era here. >> Yeah. And and one of the things that I think we'll get to is how many people are now building on top. And I think that's something that's very exciting because, you know, when you have an equity in a brokerage account, sure, that's great. You get exposure to the asset, you know, the company's got good fundamentals. Sure. But making that asset that has strong fundamentals, you know, like a Google or, you know, an Nvidia or one of the assets that Coinbase has tokenized, making that available onchain makes it programmable and it makes it productive. And I think

there's all kinds of exciting use cases that people are now starting to think about, starting to get creative with about, you know, swapping and earning and lending and building on top. What is there anything that you're you're seeing like what give could you give us a sense of what you've seen over the last 24 hours? What did you expect? And and you mentioned, you know, your expectations have been exceeded. What have you seen over the last 24 hours? Yeah, I mean uh I think the first thing is like you know you're right to identify that the future is going to be you know these are basically programmable stocks right and they are composable and we will see play out over the coming months um new and novel things have buil uh people are

building on top of it but you can just be excited I think alone in thinking about the fact that in having these types of assets in permissionless uh AMMs and spot markets you know, you give everybody the opportunity to be Citadel, right? Um, you get every give everyone the opportunity to interact with assets um at 24/7 365, you know, almost anywhere in the world at any given time. And this is like the vision of these onchain systems is to create access to remove these intermediaries to redistribute all the value it creates to all of the participants. And so we're incredibly like excited about that. But I'll give you just one example of

something >> y >> uh we saw that uh we're very excited about and because it was actually happening on Sunday prior to the announcement, right? Um and on Sunday, you know, across AMMs, Airdrome was quietly doing more volume on these top assets, right, than um some of these uh other exchanges and other issuers were doing despite the fact we hadn't even announced it's live, right? And that is because of course Airdum's very great at bootstrapping liquidity and of course that these assets don't look like the versions that we've seen to date. You know, these aren't synthetic, they aren't rappers, they aren't derivatives.

These are one to one, you know, very much the underlying thing with all the beneficial ownership. But the crazy thing is over the weekend we saw millions of volume being traded on tokenized uh Nvidia. Um and we saw a price divergence right between uh the close of the market on Friday and you know where the onchain markets which were basically engaging in the act of price discovery for Nvidia over the weekend and it diverged you know I think somewhere between 1 or 2% um between the market closed price and uh what was happening on chain now why do you think that is um the other assets were basically you know Apple meta and otherwise Guys, we're pretty close to

the market close. But why was Nvidia diverging? Well, Nvidia has earnings coming up this [clears throat] week. >> Yeah. >> So, if you spent your weekend researching, thinking about your own personal thesis on uh those earnings or where the market was going to open Monday, maybe you're willing to go out and buy Nvidia at the the price that is currently trading on chain. Um, and this is the promise of these onchain markets, right? is that traditional markets, they run at banker's hours, right? They're only open for about a third of the week.

And these onchain markets, they will trade 24/7, 365, and they will give participants the uh ability to basically uh engage in those acts of market making, of price discovery. And we think as the volume continues to grow grow, as the liquidity continues to deepen, this is like something people will be following very closely. Like I would be interested when the markets close on Wednesday and Nvidia um you know goes out and has their earnings call. You should just pull up the chart on aeradrome of Nvidia to see how it's trading because that is going to be the venue in which people are going to be speculating on uh those earnings and and things like that. So that's the future

we see and it's incredible that it's already happening and it's also incredible that on day one Airdrome is delivering the best execution you can get on chain for many of these assets and uh some of the highest volumes on them and you know we haven't really even turned on the gas yet so uh it's going to be pretty exciting in the next few weeks. Yeah, it it certainly is. And and I think it's some of the best execution onchain and offchain. Um, which I think honestly caught me by surprise a little bit. I I fully understand the 247 nature of these things, right? The market closes, it's maybe 215 or or less, right? And and so on the weekends after hours onchain makes complete sense that

you're going to, you know, sort of lead price discovery during those hours. But for the execution, the pricing of these assets to actually be more liquid and at more competitive prices even during market hours, I think is was, you know, maybe we would get there one day, but for to do that on day one, I think is extraordinary. And so, you know, given that this is the case, I think a lot of people might be, you know, looking at their brokerage and learning about this and now now realizing, wait, I can go get better execution on chain at this venue. What do you say to those people, the people that are just now discovering Aerodrome? How have you been able to coordinate liquidity such that it is

more liquid and at more competitive prices onchain than some off-chain brokerage venues? >> Yeah. So I mean I think this is the the secret sauce of of air and you know has been core to us becoming you know one of the top decentralized exchanges in the world and and taking this sort of dominant [clears throat] position. Um you know AMMs to date right have primarily been self-organizing marketplaces. You're basically connecting together folks who will bring the liquidity, liquidity is king, right, for any exchange, traditional or otherwise, to people who want to trade those assets and you are facilitating the exchange of value between those two parties. Um, Aerodrome introduced the idea of a coordinated marketplace and a coordinated marketplace allows

participants right by adding this group of the token holders who can allocate capital to markets to help bootstrap them even ahead of that demand uh being created. So the great like uh case study we have here which I think is a great teaser for what I think is coming here with Coinbase tokenized stocks is that you know for most of the history of DeFi the top traded um asset has of course been Bitcoin um and the venue for that was mainet Ethereum and the asset was WBTC wrap Bitcoin and when Coinbase came to us uh a few years back and they said hey we are going to launch this uh new version of wrap bitcoin called CBBTC.

And what we need to do right is we need to facilitate uh the growth of a lot of liquidity around this. And we think if we build enough liquidity, we will give the best execution on Bitcoin anywhere on chain. That'll create of course more volume that'll create more fees that will create a growth flywheel. It took us in working with Coinbase here just about one week before Aerome and Bass were now the top venue for trading the top digital asset. And that level of dominance has only expanded, right? Aerome most weeks now does more volume on Bitcoin than any other um decentralized exchange combined on any network. And that is a claim to fame that we also have around another very

important growth vertical which is tokenized uh uh FX exchange right between EURC USDC we host the single biggest FX market anywhere on chain and most weeks this year right we have done more volume there than than all the other exchanges combined. So I think when people think about what's the advantage here, right, we can attract um liquidity into these new markets right around um uh tokenized stocks or any RWA asset. If we've got the best depth on those, that's going to be the venue in which people trade them, right?

Um that's going to be the place uh where if you want to exchange between these things, you participate. um you know you're certainly not going to go somewhere where you're going to lose as much on you know slippage or execution as you might on a traditional brokerage right that's not what we came here on chain to do and so I think what people should be like very excited about is that we've got four of these live today and my expectation would be very very soon we will have a lot more of these and that whether or not you are coming on chain to trade you know amazing new digital assets core DeFi blue chip uh onchain FX or these tokenized stocks, we will be the venue that will give you

the best execution on these assets and that will be 24/7 365. And by the way, the one big difference here, right, between a Perfs market is it's not just trading that's available to you. You can um engage in the very act of market making. And like one way to think about um concentrated liquidity, right, which is something that I think if you're not deep in the weeds of onchain market making might be confusing, but it is in many ways like an onchain order book. You can position your liquidity, right? Either on the buy side or sell side of any given moment and you can help make those markets and then you know as the price moves it maybe comes into either side of your bid just like an order book. Now, you can't do that on a

centralized exchange unless you, you know, are basically a a institution or a marketmaking firm. You certainly can't do that in the Tradfi world unless you're accredited. This gives that same access, you know, that gives you the ability to uh play the role of Citadel. Um, you know, no matter who you are, no matter where you're from, no matter what you're bringing to bear, and I think that's the full stack, right? And that's why you open this question of like, well, yeah, Hyperl has done a lot of this, right? in perpetual markets. Um, but spot markets will do the same thing and that is why we have been laser focused on becoming, you know, basically the hyperlquid of spot markets and dominating EVM.

>> Alex, I think uh I I think I know what you're going to be for you're going to be Ken Griffin for Halloween this year because uh you're bringing the [laughter] the uh the barrier to entry for anyone to be Citadel, anyone to be Ken Griffin much much lower opening access which is which is fantastic. ethos of this industry. >> You know, be before you you you hopped on, we were just talking about one of the the thesis that we have that we're kind of moving forward with for this cycle, which is the revenue meta. And and you're familiar with this. Um part of that is the legitimization of this industry. It is the tokenization super cycle. It's the fact that we're tokenizing these equities. These equities come on chain and they flow into the DeFi protocols such as

Aerodrome and everything gets rerated because this is a much larger TAM than we've been projecting for this industry for a long time. Some people have had it in mind and that's what keeps them around and not pivot to AI and other people lose sight of that. And so given that now we have you know not just four but we expect several like lots more tokenized equities coming on. This is a hundred trillion dollar asset class. What do you anticipate this is going to do for Aerodrome and the industry at large as we increase the available assets that are available on chain? And obviously tying in, you know, more assets means more activity means more volume means more revenue means more uh

revenue meta and value acrruel to the tokens in this bucket. Can you just help walk us through the mental model of how we should be thinking about this progression going forward? Yeah, I mean this comes back to a core thesis that we've held, you know, basically since day one. And you know, if you're not familiar with us, you know, we started as five guys, you know, in a discord, mainly Anon, and we never raised any money. Uh we never sold any tokens, right? And we we sort of scrappy uh approached our scaling up right to now being one of the largest decentralized exchanges in the world on the verge of launching our allnew arrow our latest dex operating system and

going for the number one most dominant spot in our expansion to uh chains like uh Ethereum and circles arc. But our thesis has been that the biggest prize out there on chain is onchain spot markets. And you don't need to take our word for it, right? You can just look at uh last year in 2025 um outside of stable coins, more fees were created um via onchain dexes, onchain spot markets about 5 billion than almost any other chain in the on or any other vertical in the onchain economy, right? I think uh derivatives did about three billion, you know, chains did, you know, two or three or something like that. Lending did uh

even less than that. So this for us has always looked like the biggest prize and so far we've been servicing you know about 5 to 10% of the the total total addressable market of these onchain spot markets. So we thought that there the biggest prize was capturing that town even if you didn't think about tokenization right even if it was just the pie that we had available to us today. If you add on top that that's not only the biggest prize onchain plus onchain FX is going to grow significantly and we're very excited about um what circle will be doing with ARC and us growing our uh already existing dominance of onchain FX

markets. If you think about uh the growth of onchain uh stocks like we are seeing with uh tokenized uh stocks on base that it's not just going to be that we're going to be able to capture and redistribute more of the value of this $5 billion pie but this $5 billion pie is going to look tiny compared to uh what it will look like in a few years. And like I I like to say uh or call back to something Brian Armstrong said during our earnings call last year. You know, Coinbase has been very very focused, right, on being sure that they were going to win in the onchain economy.

They created this beautiful this elegant vertically integrated stack from Coinbase down through base through to the base ecosystem. Why have they remained so laser focused on that? Well, their thesis is that in the next five years, 10% of global GDP will come on chain. I remember when I started saying this, you know, um, you know, maybe 6 or 8 months ago in the depths of the bear, you know, I would see some eyes roll, right? And I would see some uh, well, that's uh, you know, that's very bullish of you, Alex, but it's kind of hard to see right now. But um you know if in one day uh and in one weekend um before we even go out and announce the product we

can have a shot across the bow of uh you know one of the biggest international brokerages and the execution we can provide to customers and we're seeing folks like Bitwise begin to introduce like products built on top of these. Um I think it's going to happen so much faster than people expect because fundamentally all we are talking about here is the same thing that's driven every technological revolution uh to date. Computers were just better than the analog components. The internet created larger network effects than uh you know traditional ways of distributing and collaborating and all that sort of stuff. the onchain world and all the infrastructure we've built

from the chains to the exchanges. It's just a better product. It's just better technology. It's better for all the users because there's it's free of all these intermediaries and you can redistribute all the value. It's 24/7. It's 365. It's globally accessible. And you know, if you had any doubt about this, just look at all the folks who were so critical of our industry for so long. um the major banks, the major institutions who are now rushing to play catch-up here. And you know, I think on the last one I said this, you know, when you think about an exchange like Aeradrome, you know, certainly we've got a competitive dynamic with with other exchanges on chain um with different models and things like that. But the

ultimate goal, right, is for us to compete with the exchanges of the world, the NASDAQs, the um New York Stock Exchanges and things like that because how can you compete with distilling institutional level scale into code and redistributing all the value of that to the participants? I don't think you can. And that's how I think like we win as a drone. But I also think that's how we as an industry win against [clears throat] some of the biggest most well- entrenched incumbents that history has ever seen.

>> Yeah. Yeah. very I mean that's extremely well said and 10% of GDP I think is uh becoming a little bit more rational in uh you know people's eyes as this uh as this industry develops and it gets recognized and legitimized you know by the the powers that be and uh I got to say those institutions I mean we saw you know the the president of inter international uh continental exchange um you know the the president of NASDAQ these guys look like they're kind of on their heels they're kind reacting to what's out there and what they now sense is coming to them. Do you anticipate, you know, these guys are are going to kind of go go quietly into the into the good night or, you know, are they're

going to I I think they're going to put up a fight and I'm just curious how you anticipate going toe-to-toe with the likes of NASDAQ and New York Stock Exchange. It's a great question and and yeah, I saw um something last week right as we were preparing for the uh big launch where you know NASDAQ was talking about uh you know putting a proposal forward to get trading 24/7. I don't think there's much of a coincidence here that that they're suddenly on their back foot trying to react and to to um bring something that at least on one dimension might be comparable. Um I think it will absolutely be a fight. Um I think of course uh there are very entrenched

interests very interested in maintaining uh the the status quo but uh you know I spent a number of years about six years working at at Apple and uh the thing that I always think about um with this sort of disruption coming down the chain is when um you know Steve Jobs announced the iPhone which turned out to be one of the single most disruptive uh you know technology innovation certainly of of uh my lifetime. You know, Steve Balmer, the CEO at that time of Microsoft, has this classic clip where he's just laughing it laughing it off, saying, you know, who would ever want this thing? There's no keyboard. It's too expensive. It's all

all of that. And the rest is basically history, right? The iPhone took over the world. Uh smartphones took over the world. And they largely look and act, you know, just like iPhones. And so these institutions will absolutely try to play catch-up, but unless they can remove all of the friction that we can do right now just by shipping some immutable code, unless they can remove all the intermediaries, which by the way, in many cases they are the intermediaries. So they'd have to remove themselves unless they can make it globally accessible 24/7 fast and cheap.

Unless they can give, you know, permissionless access to a network of of uh, you know, onchain market makers from all over the world, they aren't going to be able to compete. It's it's like, you know, the horse and buggy was never going to compete with the automobile. Um, and you know, what we've got here is I think uh not just an automobile, but you know, like a supercar, man. Um, so it's going to be a fight. Uh, but I think a lot of these folks might pivot, right? They might pivot to things and come participate in the onchain economy, but it'll just be in a different way.

you know, Blockbust Blockbuster reinvented itself a few times, you know, I think before completely uh disappearing behind, you know, folks like Netflix, but uh yeah, we've distilled institutional level scale into code and we reward everybody with 100% of the value uh platform creates and that's difficult to compete with. If you are on chain and building something that looks more like a traditional business, it's going to be near impossible for these institutions to compete with. >> Yeah. and and I do want to cover which we've covered before on this show but uh the you know the the revenue model and value acrruel thesis that you guys have.

Um but but before we we do I'm just curious one of the things that I've seen on the tokenized equities world because it seems like everyone's sort of waking up to this at the same time. everyone's kind of got their derivative and I I'm seeing some fragmentation in the tokenized equity space and you know we've seen this before with stable coins. Uh we've seen this with ETH when the rollup ccentric roadmap was announced and how you know uh ETH on optimism is not the same as ETH on uh you know arbitrum and you know wrapped versions of tokens and these sorts of things. We see you know B stocks and D stocks and tokenized equity here and there. I I I think we're going to run into very similar user experience issues

if we don't solve this early if we end up with different varieties of tokenized equities spread across all of these different chains. Given that one of, you know, your your your primary things that you're thinking about here is coordinating liquidity across these different equities. You know, we're primarily on base right now and Coinbase, you know, and and and and Bass is kind of the primary launch partner chain there. But as these tokenized equities start to propagate across all of the chains, how do you think we should reconcile the fragmentation that we're seeing in tokenized equities these days?

>> Yeah, I mean, look, there there is going to be an expansion moment here, right? Because everyone is going to want to win the race to be the definitive tokenized version of these real world assets um on chain. And you know, to date, we've seen an explosion, right? And I think some of these do have, you know, various degrees of pros and cons, but, you know, we've seen wrap derivatives, we've seen uh debt securities, we've seen um uh a bunch of different versions of these things, but these were like kind of the things that I think were largely like the the betas, right? Um the the early versions of these things. And I think uh what we've seen from Coinbase here is

like a leapfrog moment where you know uh they actually represent and hold these things, custody them and issue them from a a trust that conveys beneficial ownership, right? Uh to people who use them. They have um splits built into them. They've got dividends built into them. And I'm sure that Coinbase wants to continue to like bring even more of that full experience. So, um I think the market will probably consolidate faster than what we've seen from other types of expansions of different versions of of different assets. But I would expect kind of like the iPhone analogy. There was a lot of different versions of phones, smart or otherwise, and slowly

it all started to consolidate around something that looked like the iPhone. And I think you'll see all of these versions forced to consolidate around something that looks more like what um you know Coinbase has brought in these tokenized stocks because if in 24 hours you know they can grab you know this much market share um other folks are going to have to react very quickly. But from our platform standpoint you know um we'll be going live uh with the allnew Arrow built on Metadex3 very very soon. And our intention right is to be the dominant exchange layer across all of uh EVM. One of the aspects of that right whether it was the uh fragmentation of the chain experience or whether it's the

fragmentation of the token experience we want to abstract that all away from you. So, if you are on uh mainet Ethereum, maybe you've never even used banks, right? Uh how do we make it very easy for you to to find the best token or asset? Well, you just go to Arrow, you look for tokenized Apple, you find it, and we take care of everything on the back side. You know, bridge over to base. You don't have to worry about gas. We're going to give you the best execution on that asset, whether it's on base, whether it's on another chain or things like that. So we will make discovery of these things very easy. I think that also helps to consolidate the market because it won't be fragmented about which version is on what chain and

where are you. It's just going to be hey I've got a point of view. I want to buy this asset as fast as I can. I want the best execution. You only need to go to one place and we'll be sure to give it to you uh on the back side. >> Incredible. Um and and I I think you know this is uh a protocol that's in position to subsume so much uh uh volume as a result of just the the onslaught of tokenized equities that we anticipate coming on chain. Can you walk us through the value acrruel mechanism the value flow? You know let's say aerodrome adds a couple billion in trading volume on the heels of tokenized equities. I think that's probably a conser rather

conservative actually. How does that increase in volume translate into increased arrow meaning meaning you know this uh volume you know creates fees and earnings for you know liquidity providers these sorts of things. Can you walk us through how the the trading volume eventually transforms into you know value acrruel into the token? Yeah. So, um, to explain this, I would think like most people are familiar with the platform model, right? This is the classic sort of web two model and you could think about something like the Apple App Store, right? The Apple App Store says, "Hey, come launch a product on us. We are going to give you distribution to all of our users and in

exchange we're going to ask for about a 25% cut of what you make." And Apple gets to do that, of course, right? because their platform is one of the most valuable. And so whatever you gain in that distribution or access to those customers is likely going to be far uh in excess of the the tax that uh they put on you. Now, we do see some folks on chain trying to move to this platform model where they are basically going to say, well, you can use our software, but we're going to take some degree of a of a fee on top of that, right? and we're going to use that to redistribute value to a different stakeholder or something like that. We believe that reintroducing that sort of platform economy like model

which is like if you go back and read like read write own this is one of the big cases for web 3 and the things that we're going to create is that we weren't going to reintroduce these intermediaries or extraction layers. So we believe a 100% of the platform's value should be redistributed to users of it and we have encoded that since day one uh in immutable you know unchanging code so more fees on aerrrome more revenue streams on aerrome 100% of that value gets redistributed right back to users of our token you know folks who take their arrow stake it and participate each week let me tell you about one of the really exciting things because we've talked a lot about this and you know folks say it's complic

licated, but it shouldn't be too complicated. Arrow is a claim on 100% of our exchanges, you know, revenue. That's how it can be used. Uh, but one of the most exciting aspects of V3 that we're going to introduce is this idea of predictive allocation. So you as a staker of Arrow, you don't just have access right to claim the value that the platform uh creates uh but you have the ability to allocate capital and to allocate capital to markets that you believe will be productive. And the intersection here between tokenized real world assets trading 24/7 and this entirely new onchain primitive of predictive allocation is really

powerful. And we'll go right to that example of Nvidia um doing millions uh in volume generating a ton of fees in uh weekend trading ahead of an earnings call. You could for instance as an S arrow allocator direct um arrow rewards to that pool. You are essentially helping to build that market. Liquidity will flow into it. And if you are right that there's going to be a lot of volume, a lot of speculation and a lot of activity, you can then earn back an asymmetric reward uh by having basically bet not on an outcome but being bet on that that market will be used, right?

It'll be productive. There will be volatility. And so we see this as like a really cool new aspect of the combination of Coinbase tokenized stocks and predictive allocation is that you know you as Robbie if you think hey market's about to close and I think there needs to be a ton of liquidity on Nvidia uh USDC because people are going to trade it like crazy. I don't have a point of view necessarily on if they're going to beat or miss earnings. I just think there's going to be a lot happening there. You can make that bet just like a prediction market. If you are right, you get an asymmetric reward.

So you can see the way in which more activity will certainly lead to more value, but it also leads to this entirely new primitive and your ability to earn like outsized rewards in proportion to how right you are about where markets need to exist and the value they produce. >> Incredible. And so you'd suggest that this is probably one of the best ways to utilize the Aeromerum platform is look at the markets out there. We know Nvidia earnings are coming up. Some more of these tokenized equities are coming online. Be one of the early providers of the liquidity to make that market and reap the rewards in the form of the Arrow token.

>> Yeah, I mean I like to say, you know, when I came on chain in in 2021 2022, I certainly tried my hand at uh trading, right? Um, but I think I learned pretty early on I'm not a particularly good trader. U, that's uh that's not where my uh edge comes in. But I >> You're a builder, Alex. >> Well, I'm I'm a builder, right? And I think the kind of bets I can make, right, are will people trade these things? Will people trade a lot of them? Is the pie going to shrink or is the pie going to grow? And the thing that I've loved right about, you know, just myself being um a locker of Arrow and having used this now for years is I just get to

be, you know, more or less directionally bullish on the idea that more assets are going to come on chain, more people are going to trade them. I'm going to use that token to allocate, you know, capital and rewards to those markets, and I'm going to earn back what those markets make. And for me at least, that's a bit more of a cozy position than will this token go up, will that project rug, you know, and all that sort of stuff. I can just be long exchange onchain. Incredible, Alex. Thank you so much, man. I mean, incredible work. Uh, you guys are leading the charge. Tokenized equities, hundred trillion dollar asset class. Uh, Aerodrome, one of the primary venues to trade tokenized equities. Now,

uh, as a result of the partnership with Coinbase, crushing on base and crushing on all chains, including mainet soon. >> Yeah. >> Awesome, Alex. Thanks so much, man. I'm sure uh I'm sure it's busy times, hectic over there at Aer Drrome. So, uh, keep cooking and, uh, we appreciate you coming on. >> Thanks. Adios. >> Absolutely. We'll see you again soon. Thanks Alex.