Why crypto infrastructure matters more than narratives in 2026

Transcript

there's a chance that we that crypto can sort of recreate this DeFi summer magic that hasn't happened in, you know, almost five years now. What's up everybody? It's LG Ducet here and welcome to the Milk Road Show, the daily crypto show where everyone says long-term bullish but secretly checks the chart every 5 minutes. We are back for another holiday episode with our friends at Deli Digital. And today we've got their reports on apps and on infra. This is a sneak peek of the reports. solo that by the time you're listening to this, it may already they may already be out, but we're going to be compressing hundreds of pages of research from these guys they've been working on for months into just like 30 minutes. So, buckle up. Today's episode is brought to you by Chain Link Links Web 3 to Wall Street Bridge. Send

stablecoin payments instantly simple global friction-free and reserved ETFs, the onchain equivalent of ETFs. Let's get them up here. Arcana and Jordan, welcome to Milk Road, guys. Happy to have you. >> Yeah, thanks for having us. >> Yeah, pleasure to be here. Let's get right into it because we have a lot of ground to cover. So Jordan, uh, I want to ask you first, this year ahead for apps 2026, listen, man, when I open this on the website, it tells me 96 minutes to read it. What the hell, man? You guys put out some serious stuff. What What is in this report? And what what if you had to take away like one line, what what in here should people look for when they eventually read it? That's that's hefty.

>> Yeah, this is a beast of a report. I think I think the the big thing that we wanted to convey in this report is that there's a lot of different angles that crypto has to attack this year as far as like growing the pie and growing the space, right? And the consensus one right now is super apps. Everyone can sense that this is bubbling up and and just with this regulatory regime and and just general like the institutional um sort of posturing towards the space is is is changing, everyone's like waiting for this big moment with the super apps, right? And so that's that's this big thing that we really unpacked that in this report it it it lays it out there a bit more cleanly, right? A lot of the talk around super apps right now is speculation. And the this report does a

really good job at laying out the business model for like each of these five leaders, right? Coinbase, Robin Hood, Binance, Kraken, and X, which is a bit of a dark course. Um so so it lays out like why this is important, how it's going to help crypto um grow and expand and then as well as like the different approaches taken by each of each of the major players. I think our like less consensus thesis in this report is the social fi is the new frontier and that's where we believe like there's a chance that we that crypto can sort of recreate this DeFi summer magic that hasn't happened in you know almost 5 years now that you know it's like win all season win all season like social could be that and and that's sort of like that's sort of our less consensus uh thesis in the

report. So, hold on. Let's let's rewind for a second because those there's two giant sections here. When you say super app, can you actually like define that for us? Because I feel like that's a that's a pretty easy term to throw around, but you've named five companies here obviously that are massive. How how do you define them as super app and what what goes into that? >> So, this was actually like a big part of our internal struggle with like creating this section, right? So like it means different things to a lot of people and I think that's that's a major source of confusion as we sort of this becomes more of a talking point. I view super apps personally as a distribution hack, right? Like the there's been a long time a long line of crypto projects with

great ideas and and and big, you know, big goals, big missions that can't execute at like at scale, right? Um, and there's been like, you know, one example of this is Teleport. Teleport was like a crypto take on Uber that shut down earlier this year, right? That's a great idea. It's taking it has um a proven like product market fit as far as the behavior that it's attacking, but it's it's difficult to bootstrap that AC at scale across like an entire nation, right? And so like a super app, if you have like Coinbase, Robin Hood, whatever, that's attacking these incumbent market structures where you have like the app store that takes this massive rake on on revenue and gate

keeps what apps can and can't be sold there, like whatever, you can sort of achieve this Amazon level scale at the push of a button, right? And so that's that's that's where like I I believe the super app is where it's like it it switches into uncharted territory as far as distribution that we weren't able to achieve before. Now other people like like there's this other side of it that that believes like okay this is simply an aggregation layer that that transitions crypto UX across this threshold that this invisible threshold that it wasn't quite viable before and and now it is right.

So like Infinex is a good example of this, right? Where it's like, all right, a lot of a lot of crypto apps like they're all siloed. They're all there's all these different frontends. No one wants to figure out how to do this stuff. And if Infinex executes, right, Infinex is this like magic app where it's like, okay, you download one app, you access all these different things and and crypto sort of may click to you where it didn't before. Um, so so the the truth probably lies somewhere in between there. Um, but the there's sort of the spectrum and we and we discuss we discuss like the the definition of a super app and you know both sides of this in the in the report. This is the biggest year ahead for crypto AI and the macro. But the real moves aren't in predictions. Join Milk Road Pro today to

see our live portfolio, buy sell signals and the AI investing portfolio which launches in January. The link is below. uh for people that are listening on audio only, we're looking at a quadrant chart where I guess the y-axis is hybrid and the y is uh or the x axis is onchain versus off-chain. So we don't only have those five companies or you guys don't only have those five companies in here. You have wallets, you have unis swap, you have hyperlid, infinex like you me mentioned, and then you have all the way at the back here things like grabb u which I think is a a scooter taxi service in Southeast Asia, but uh I'm assuming they probably have new features that have qualified them for this uh quadrant chart. Is there is there any

particular reason that you guys included Kraken? cuz it it I know that they do a lot and they fit that criteria, but out of if you had to pick five from here, I find it interesting that they they're in here because I don't feel like I hear about them the same way that I hear about Coinbase, Robin Hood, uh or even or even like an X, right? Yeah. Or Binance obviously. >> Yeah, absolutely. I think Kraken's a bit of a sleeper, but also like I I would put I would put Coinbase, Robin Hood, and X as the three big ones, right? And then Kraken and Binance are a bit more like, you know, they're centralized exchanges. They're kind of roughly like like generally speaking taking the same path as like a Coinbase, right? But just different sort of approaches. Kraken's taking a less everything approach and

doing a bit more like unbundling the entire stack of this like of tokenizing stocks and going like, you know, they're doing a lot with Legion right now for um for capital markets. So there's Kraken's taking like a bit less of a headline grabber approach, but but it's it's it's a very instructional instructional like method of um approaching the super app thing. But but in general like like X is X is you know like there's not really like confirmation that they're going to take this sort of crypto super app. you really have to dive into X because the the opportunity there is so large like they have when it when I think of super apps I think of distribution right and like Coinbase in my opinion has the best

sort of um I guess like crypto improving stack right like they're expanding the skill set of the crypto ecosystem the most right whereas Robin Hood isn't isn't restricted to the crypto like they're bringing Robin Hood's bringing crypto to like a a fundament ally new market segment, right? Like a lot of people ma Robin Hood for their financial livelihood, right? Like Schwab, Fidelity, Robin Hood, whereas X has a a vast like, you know, financially agnostic user base that like if they flip a switch like you're like this is the WeChat. This is like the the crypto WeChat everything app where if they decide to do this, they could execute

quickly, fast, and and like really shake things up. So, one thing that's in this chart right now that I just opened up for Robin Hood, uh, are their different business lines and kind of what they've added year-over-year and in 2025, you have here prediction markets. I know you guys have another another section about it, Jordan, and I don't want to spend too much time talking about prediction markets because I don't know if it's something that our audience does that much, but do you personally or you know, Arcane, I don't know if you're around here, too. Um, I don't know if you guys have an opinion on this. Is the prediction market hype real? cuz it's something I think that I'm thinking about in the new year is like, well, you've got billions of dollars of funding for these apps. Um, obviously that's all the rage, but is it something

that's going to actually take off? Uh, and obviously the, you know, the race is largely between Poly Market and Koshi, but you obviously have Robin Hood and I think Coinbase as well trying to get a piece of that pie. >> Yeah, I I have some spicy takes here. I think I think prediction markets are 100% here to stay, right? Um, and this uh I guess the the maybe one flaw of this of this report here regarding like prediction markets and super apps is the timeliness of it, right? So like Robin Hood um had that big live stream last night and and Coinbase has like a ton of announcements lined up. So like this this space is moving thick and fast. Um, a lot of updates are coming like Robin Hood just announced like they're they're

branching into like player props and parlays for prediction markets and like they're integrating K sheet and like you know like there's the big players are definitely uh adopting prediction markets. Normies are are very much interested in prediction markets. Um, I think for me, one thing that stuck out from the Robin Hood, um, announcement last night, um, was when Vlad mentioned how like, uh, the prediction markets could take on like the the$8 trillion insurance industry. And like I in theory, I don't disagree with anything he said. I think is like a sharp take, but it's one of there's this meme in crypto where it's like oh like the way that it's going to go is is like in how in cryptonatives it went from like

Bitcoin and then to ETH and then to DeFi summer and then to memes and and so on and everyone thinks like the same thing is going to happen when we reach like you know mass adoption with institutions and then normies and and I feel like this is an example of that playing out now because we've done this already like in DeFi summer we had cover which is basically the sort of like binary options prediction market like packaged as like an insurance protocol and like that's a far more elegant solution than the Nexus Mutual approach which is a sort of like boomer trad like business that you're just putting on chain and you have the same issues that you had before but it it the critical flaw with it is it doesn't scale like you're not going to be able to like like get liquidity for an insurance policy on

like your house like like doing like and so it doesn't work. It's a dead end, but it's but in theory, like it's the correct way to think about prediction markets and the vast opportunity set that they provide and like why they're so appealing to people and why like they're not going anywhere. Stable coins are the biggest use case in crypto right now. But let's be real, using them on chain is still way too complex. That's exactly the problem Bridge is solving. Recently acquired by Stripe. Yep, that's Stripe. Bridge helps businesses send, store, accept, and launch stable coins instantly. Explore the future of global financial infrastructure at milkroad.com/bridge.

Sure, tokenized financial products are the future, but there is a big sticking point. They all need to speak to each other. This is a tough problem to solve, but chain link does exactly that. It's the universal language for financial markets, linking Wall Street to web3, banks to blockchain, and so much more. See how chain link is linking the world by going to milkroad.com/chainlink. Are you a prediction market player? What do you even call what do we even call ourselves if we use prediction markets or a predictor? A prediction? Yeah, I'm a prediction market. >> Prediction expert? >> Yeah, prediction. A fortune teller. A fortune teller.

>> Are you Do you participate, Jordan? Are you do you do you you do anything on Cali or anything? >> Um yeah, I I use I use the prediction markets. I try and be a little bit more opportunistic than like I I don't just like have money sitting on a prediction market and like I'm just doing this every day like like a sports better would. Um I I used it a lot around the election because I think like first of all the election markets are like very liquid and there there's a war of like information angles during the election. So, it just seems like there's a lot of like opportunity around that sort of thing. I think like where I guess the dark side of prediction markets would be like there there's been some tweets and takes of like I saw this one where it

was like prediction markets are a transfer of wealth um to insiders from people that are dumb enough to use them, right? And like I disagree with there's some truth to the tweet. It's also a bit hasty and like, you know, ridiculous. But the idea is like these if if you're just using a prediction market as a substitute for like other gambling, I do think you're going to get wrecked. Like you shouldn't be like the Brian Johnson thing where they had the earnings call and then at the end of it he just like rattled off the names from like will Brian Johnson um uh Brian Armstrong, sorry. Will Brian Armstrong say this darn or anything? If you're if you're gambling on these super niche like keyman risk markets that have like $2,500 in volume like you that's where it's like okay you are a gambling addict

and like you probably are going to get wrecked and like that's no one's fault but your own and that's not an issue with the the financial instrument here that's your fault. Um and so like there there's like look when people critique prediction prediction markets I think like that that's the main issue whereas it like they don't look at it with nuance gambling is a spectrum and and like you have to look at like the financial instrument what it provides like the the war things another example like there was a lot of issues um and like you know like valid valid opinions on both sides but um yeah I mean I I I enjoy prediction markets with uh you know within a reason.

>> Yeah that's fair. It's nice if it stays moral and it's everything will be flawed too. One thing I think people don't realize and not to for me to talk about something that you wrote a giant report on is like even the NBA has a has a sports betting problem right now where players are being caught betting and and like purposely like giving the ball away so they can hit their under or whatever. It's ridiculous. So, you know, now that's a big problem for prediction markets to maybe figure out and lead on their own. Uh let's get back to some of the more important stuff when I think that one section that you have in here that's very interesting because it's something that I was really into a year ago prior to being on Milk Road uh is Social Fi, right? Uh I was a big gapper,

you know, I was I was on some of those leaderboards and you've got uh and I think at this point in time, at least last time I checked the timeline, everybody's like, "Well, Social Fi is kind of dead." Like it's we're we're tired of hearing we're trying tired of all these AI bots trying to yap and trying to rank up their social score, but you've got it here. Socialifi as the new frontier. Tell me more about that, Jordan. >> Sure. So, look, I I've been a DeFi nerd for most of my career so far. So, it was with like great reluctance that I sort of accepted this reality to me, right? And I I don't take that lightly. Like to me, and I think to a lot of people, Social Fi is or was cringe. Um, and I think like if if you just look at this

stuff from first principles, like that's just not the case anymore. like it it may we may not have fully escaped that for us yet, but like it's it's not cringe anymore. You can sort of start to see like what this is going to look like and like you've got to start paying attention now. You got to start immersing yourself now if you want to be well positioned for like what's coming, right? And like even like I love DeFi. I'm super passionate about DeFi, but like we've started to like reach an impass there where like a lot of the improvements are these are these nuance incremental improvements in like market structure and and like intense design and like AMM stuff, right? Like social is this vast expanse of like broken markets that that crypto is just is is purpose purpose-built to like like you know completely um fix, right? And and

so like that's like this this chart's a great example of like okay in a nutshell web two social media platforms are a peer-to-peer marketplace like Uber, like Airbnb, like Door Dash, matching like consumers of content with creators of content. And and a lot of like my thesis here is that um the social media apparatus as we know it is sort of like propped up by these data silos um like where you know like these walled gardens of data like you can't bring your data elsewhere. You can't port your algorithm to another social media platform and if you're a creator you can't port your audience. Um and so if you have this sort of open social graph like you can completely rebuild the e the economics

from the ground up. Um, and then you can also have this sort of like modular decentralized frontends where you have like a FOMO or a clanker or like a Farcaster or like a pump fun and just all these different experience for users without sacrificing as a user you want your algorithm you want your sort of like structure with the way that you consume your content and as a creator you want freedom to reach your audience without permission from like some centralized intermediary, right? So, this is a good way to actually kind of come back around to Coinbase, which I think something that's very hot in Milk Road these days was talk about Coinbase's future and and we're recording this unfortunately like just a few hours before their big announcements. Uh, which would have been it would have been perfect to do it

after. Um, but one thing that you have in here that at least was a big topic for me, especially when I was um doing a DJ show for for Milkro is Zora, right? And Zora, Coinbase has positioned as like this is our social app. This is our Instagram. They're trying to get creators to come over from YouTube and Instagram to start making content here. Uh, in some cases only fans creators are coming over to Zoro to do stuff, right? Like literally everything from other social apps coming here for ideally a better experience from a revenue standpoint and from a collector and fan standpoint. You have it in here. How vital is this to base and to Coinbase to for for Zora as their social network to succeed?

>> I think it's incredibly vital. Like you can see if if if you're watching like the moves from Coinbase like they are dedicating a ton of resources to this and and like this is where like I have a ton of conviction in Zora and with BSAP. I think like a lot of people I've at times been frustrated with their comms and the way they go about things. Um, but like unlike a lot of other people, I'm willing to like put that aside and and not miss the forest for the trees and be like, look, they're cooking something big here and this is a massive hundred billion dollar company or like until this like correction hundred billion dollar company that's dedicating like a ton of resources into this and like you don't have like Salana's like Salana these are like you know like 10 hundred billion like these are massive

entities as well but like Coinbase is putting their entire muscle behind this they this is this is like what they're pushing this this singular like app ecosystem around social and it's like why are we like obviously there's going to be some like growing pain some issues like they're not entirely they're not as cryptonative as a salani ecosystem but my view is like if you're going to reach a normie do you want to port a normie into like the delusionally positive arms of like Jesse and the base ecosystem or do you want to throw them into like the salana trenches and it's like like what they're cooking you're like Look at the the ad revenue here. Like no one if you really look the um the scroll up just a little bit. Like they're they're doing

this um they're rolling they're slowly rolling out this ad program with spindle. >> And so if you if you look at what they're doing like no one talks about this and like I think Coinbase admittedly could be a bit more direct with like okay look we have spindle like this is this is some of the stuff we're doing in the background. um that would help a lot. But but the receipts are there and the breadcrumbs are there and it's like they're they're building they're rebuilding the entire stack that exists now in an open social graph like with Farcaster and stuff and like if you don't like the way Bass does it then you can you can build your own front end, right? And like that's sort of that that is the endgame for how this stuff is going to work.

>> Okay, Jordan, one last question for you because I do want to save some time for the info report with Arcana. Um, what are you most bullish on for next year? Coinbase or Robin Hood? You can only pick one. >> That's a tough question. Okay, so and Arcana, you're gonna answer that, too, and we'll segue that into Infra. >> I guess I'm going to say Coinbase, but I also I do want to say that like a lot of CT pits them against each other. Um, I I like I disagree with that. I think if you look at the Coinhood chart, like it's down only, and that's that's why people like to pit them against each other. But I think like Coinbase has the lead in this onchain stuff and like Robin Hood's L2 like I think Robin Hood they're they're both gonna succeed.

They're both going to do great. I think Robin Hood's bring like like I said before like they're bringing crypto capabilities to a new segment that wasn't really interested in them before. Whereas Coinbase, you have to already sort of be interested in crypto to be on Coinbase. like Coinbase is going to be like the Apple the Apple app store for crypto apps. You're going to be able to be a startup. You're gonna be able to achieve like your dreams as far as like, oh, I have this idea. I want to put this and and get immediate distribution to all these people that are at least open-minded and receptive to the possibility of a really cool crypto app, right? I think as far as like our bags, our cryptonative bags and like what it means for the ecosystem, I think

Coinbase is is going to be more successful there. And as far as like their relevance to the cycle at large. >> Okay. Wait. So, hold on. Wait. If you if you're picking one, you're buying one stock today and in a year we're circling back, which one which one has the most gains or the fewest losses depending what happens? >> Yeah. I mean, I don't know. I I I low conviction choice, but I'll go Coinbase. You get the meaner version with with Robin Hood. And I think that I think their broader plan is a little bit closer to to launch than Robin Hood's.

So there there's the time the time discrepancy there as well. >> ETFs provide investors with a structured, disciplined, and diversified approach to crypto, which is cool, but the world is moving on chain. We need a crypton native equivalent. That's exactly what Reserve's decentralized token folios bring to the table. Reserve ETFs are rule-based baskets of crypto assets packaged into a single token like Coin Market CMC 20, crypto's version of the S&P 500. Go to milkroad.com/reserve to find out what's on offer. Arcana, welcome to the show, man. We haven't we haven't chatted with you yet in the first 20 minutes here, but maybe it's a good segue for you to answer the same question if you have an opinion there.

Coinbase or Robin Hood for next year? >> I'm not too opinionated on it. If I had to pick one, I'd uh probably lean towards Coinbase. Um but that really depends. I think uh Robin Hood still has more of like a larger distribution, especially if we're considering um like non-crypto natives. >> You can just keep it. You can cap it there, man. You can just say, you don't have to give a deep answer. You don't have to give a deep answer. >> Uh so, Arcana, we've got this. We've got a report that I think you were a lot more involved here with the year ahead of infra 2026. Also an absolute beast, an 81minute read. um and just came out just came out as we are recording this.

I think it would be a good way to start here. Arcana too is there's so much material and we have we want to talk about stable coins. We want to talk about privacy. Uh but we were just speaking with Jordan about uh uh prediction markets and he was mentioning Pump and Zora. You've got a section in here about Salana which is largely known for its more like DGEN appeal. Tell us about you know kind of what the year is going to look like for Salana. this section. So when when uh we were approaching the uh Salana section um we kind of um approached it from the perspective of um central limit order books covering all of Salana's um current upgrades was um something that we were discussing uh but we kind of

wanted to tie it under something um more of this this narrative of um how it's uh kind of losing its um competition when when it comes to the central limit order book space uh and the decentralized NASDAQ vision I think it's I think it's pretty clear that people within Salana have kind of recognized that um we are kind of losing that race uh when compared to something like a hyperl so basically uh this section kind of uh covers that we go through everything from like fire dancer to uh implementations with double zero elpllo we cover some of the uh new protocols like Raichu and Harmonic and kind of how

it indirectly relates to enabling a um infrastructure where we're kind of catching up to parody with centralized incumbents. >> Right on. Okay. Is there is there what is probably the biggest takeaway for this then for Salana? Like what what does that mean from I guess a chain growth perspective and for it to like compete with a light hyperl like what is it doing that would give it an advantage over a hyperlid coming into the new year? >> Yeah. So a lot of it is like base level infrastructure um upgrades. So 0ero double0 is doing a lot of uh upgrades more on like the core level infrastructure to enable like higher throughput. So I guess like the overall um the trend here was uh trying to bring

like internet uh internet capital markets on Salana as the main hub and uh the thing with hyperlquid is um arguably it is kind of like a centralized application. I mean, u there's what, like four four sequencers. So, the main takeaway is, um, it's it's really hard to compete with, um, something that's specifically focused on one application. Um, for something like Salana that's more general purpose, it's hard to, uh, compete with, um, like a Hyperlid, which is specifically focused to, um, you know, just the central limit order book.

>> Arcana, can you tell me a little bit more about stable coins? It's not exactly the sexiest topic, but obviously it's been something that has grown the most this year. If you had to kind of wrap up a crypto story of the last two years, it's it's stable coins and it's not something that we can really speculate on the same way outside of I guess buying the companies that are making them. Um, but obviously you're leading off the your report here for 2026. Are you expecting as big a year for stable coins in 2026, if not bigger? >> Uh, yeah. So, stable coins was actually a um huge part of our uh of our report. In fact, almost more than half of it kind of touches on stable coins to uh some degree or another um outside of maybe the uh Salana section. But yeah,

going into the new year, we do think that this acceleration in stable coins is only going to continue from here on out. We're seeing this with a lot of uh institutional adoption. In the stable coin section, I did cover a specific part discussing the uh stable coin chain wars. Kind of alluding to last year how we saw very reminiscent to the L2 L2 wars. This year we've seen more of a proliferation with these stable coin specific uh chains and um we're almost seeing a return from um some of these corporate style chains also entering the space with uh the arcs and uh tempos of the world. I definitely think that um this momentum with stable coins is only going to carry on going into the new

year. I think it's going to enable a lot more um use cases under the umbrella of stable coins. Um you know, payments being a huge one, crossber payments being one of the biggest narratives, you know, for the longest time now in the space. I think we are going to see uh more of these stable coin specific chains. I think more so than that, we'll probably end up seeing more corporate style chains. I know um I know Western Union was in talks uh about launching their own chain. Swift was also mentioning something about launching their own chain. So yeah, I I definitely think uh with stable coins being kind of like the backdrop uh we are kind of pushing more into this institutional adoption um kind of this convergence

between the institutions finally adopting crypto. If you had to pick if you had to pick one company Arcana to watch or for us to really like keep under the microscope this year for stable coins, who would it be? >> The one that's on my radar right now is actually Tempo. I think a lot of people were kind of surprised when they came out and um released their list of partnerships and all the companies that they were actually working with. That being said, I think Stripe also has a huge distribution as it relates to uh stable coins. And um as stable coin issuance begins to commoditize, you're going to see more of a I'd say the more stable coin issuance commoditizes, it

becomes a much easier landscape for um the players with larger uh distribution to win out. And uh currently uh Stripe is uh one of those players. They already have the existing distribution. Um, and uh I mean they're pretty much uh trying to uh take control of their entire stack. >> One last thing to ask you, Arcana, is that you've gotten here. Section 5, your report states privacy is cool again. And I think a lot of people have been sidelined in the last couple months on the Zcash super pump, right? That has retraced, but it did that was a pretty massive runup that it had, especially with a lot of bigname supporting. is that tell clearly you guys see this as something that is quite real and I'll

Zcash is just one small part of it quick very quickly for for me please summarize kind of this section uh and why you guys are are bullish on privacy going into the new year >> uh yeah so I guess it's no surprise um that uh privacy is kind of catching uh momentum as well um on the back of uh the recent Zcash pump and this actually does tie back into the uh stable coin section we are seeing a lot institutions um demanding um privacy in order to you know fully integrate with crypto. At the moment you know crypto is well known for having um anonymous accounts and uh public transfers for financial institutions and um banks. They actually

require the complete opposite. Um they're looking for private transfers and public accounts. Uh so that was that was something that we touched upon in the report. Um, another big thing is, uh, I'm sure a lot of people have noticed, um, a lot of the over overarching surveillance laws coming out of the EU recently, a lot of these cash limits that's being proposed. And, um, I think uh, it's just putting more um, spotlight on how privacy should actually be uh, the default um, some of these uh, issues.

>> Excellent. Okay. Well, that makes a lot of sense. I think people will probably keep an eye out there. I guess if there's one company, same question for you Arcane. If there's one company in privacy for people to pay attention to, who would that be? >> Yeah. So, uh, we covered it a couple times, covered a protocol called Seismic, I think is pretty interesting. They are actually, uh, catering more so to the FinTech. There's a big debate about uh, a lot of these new NEO banks and, um, them not being private and, um, Seismic is actually one of these protocols that is actually addressing um, this problem. Aside from that, we also did cover uh Canton um as well as more of like an institutional player on this front. So, yeah, those are those are a couple to keep track of.

>> All right, we'll keep an eye out. Gentlemen, thank you so much for your time. Uh Jordan, you're on here as well. Uh great to have you on and thank you for sharing those reports. Our pro members are getting a sneak peek of those a couple weeks uh before these come out in public. So, thank you also to Defi Digital Digital for that. Uh and hopefully we see more of you guys in the new year. >> Awesome. Thanks for having us. Yeah, thanks for having us. >> Want insights on what's moving crypto markets and how we're trading each event? Subscribe to our channel and join the Milk Road Daily and Pro Newsletters and start investing like the top 1%. This show is for educational purposes only. Nothing we say is financial advice. Investing is risky. Never invest more than you can afford to lose.