The Year Crypto Grew Up: A Data Scientist's Take on Crypto Trends

Transcript

Hey everyone, my name is Darren Matsuoka and  I'm excited to present our 2025 state of crypto report. The Bitcoin white paper was released in  October 2008, which means the crypto industry is about to turn 17 years old. It sure does feel  a lot like a 17-year-old nearing the end of adolescence, just starting to step into adulthood,  finally being taken seriously, but still plenty of growing up left to do. In 2025, crypto reached a  new level of maturity. Let's take a look at the developments. First, the crypto market has gotten  big, crossing $4 trillion in market cap for the first time with Bitcoin hitting new all-time  highs. 2025 was also the year of institutional adoption with some of the world's most prominent  companies moving into crypto. Stablecoins found

product market fit and became one of the hottest  trends which brought more people on chain with new types of applications like pers prediction  markets and deepin reaching new types of users. The blockchains were able to handle this new wave  of adoption while keeping fees low. The result of many years of infrastructure developments, the  opportunities at the intersection of the two most important technology trends, crypto and AI, became  clear. And of course, the crypto industry in America is stronger than ever with new legislation  in the works and a completely different regulatory posture. Let's start by zooming out and looking at  where we're at in the broader crypto market cycle.

Throughout crypto's history, there has always  been a feedback loop between prices, developers, and users. We call this the price innovation  cycle. We saw it in 2017 during the ICO boom, in 2020 during DeFi summer, and in 2021 with the  NFT surge. Each time prices go up, generating interest, then developers see the opportunity  to build new products that bring in new users. But starting in 2022, we entered a very dark  period for crypto. People lost confidence after the FTX collapse. The launch of ChatGpt shifted  the attention toward AI. And the crypto industry was under a full-blown regulatory attack in the  US. But we survived. Crypto prices started to climb again in 2024 with the launch of the Bitcoin  and Ethereum ETFs, followed by a memecoin mania

that brought in more users. But unlike the DeFi  and NFT waves, these things just weren't that interesting for developers. This wasn't like the  other bull markets, which were driven by lots of new products and innovation. The good news is  that we are very well positioned for the next developer-driven bull market. The stablecoin trend  seems to be attracting a new type of builder. And with the regulatory shift and pending market  structure legislation in the US, I'd hope to see a big inflow of talent into crypto in the coming  years. Innovation has come from all corners of the crypto community. But if you look at the momentum  in recent years, Bitcoin still dominates. It remains the ultimate store of value, and it's now  worth more than half of crypto's total market cap.

Crypto is now a meaningful part of the modern  economy. The top 10 assets in the world are all US tech companies or global commodities like  gold. Speaking of gold, it's still 11 times larger than Bitcoin, presenting a 20 trillion gap  to close as crypto competes as a store of value. Of course, macro dynamics matter a lot. Crypto  prices are heavily influenced by things like interest rates, and their correlation  to other assets can shift over time. Sometimes Bitcoin looks like a safe  haven correlating more with storeof value commodities like gold. Other times it  looks like a risk asset behaving more like high growth tech stocks in the NASDAQ. When we did  a geographic analysis on how crypto is being used, we found something interesting. Indicators  of onchain activity tend to point toward

developing countries whereas indicators  of interest in trading tokens skew toward developed nations. This makes sense because  crypto is needed most in countries with unreliable financial infrastructure or those  that lack economic or political stability. We also looked at which ecosystem seem to  be drawing in the most developers. Ethereum and its layer 2, Solana and Bitcoin seem to be  most popular among builders today. Beyond that, there's also some newer emerging ecosystems worth  keeping an eye on. There are many dimensions to the size of the crypto market, but one we're  really interested in is how many people are active onchain users of crypto. Our team did an analysis  based on wallet user data, onchain forensics,

and some discussions with portfolio companies  and industry partners. Our rough estimate is that there are now 40 to 70 million people interacting  with crypto on chain monthly. This is a wide range because it's very difficult to know for sure,  but we think the industry gained about 10 million users from our estimate last year. This is just  a small fraction of the total number of people who own crypto and is also just a fraction of  the total number of monthly active addresses. 2025 has been the year of institutional adoption.  The world's largest financial institutions aren't just exploring crypto. They're making real  commitments. For the first time, they see the opportunity for crypto to reshape their  businesses. We saw big IPOs and acquisitions,

new corporate blockchains, real world asset  tokenization, and large scale stablecoin payment rails. And these announcements don't seem to be  slowing down anytime soon. The ETFs have also been picking up steam with over $175 billion in onchain  crypto holdings. Black Rockck's Bitcoin ETF has been commonly cited as the most successful ETF  launch of all time and the Ethereum ETFs have seen notable inflows in recent months. These products  make crypto more accessible for investors, unlocking a huge amount of institutional capital  that's historically been on the sidelines.

Another massive trend in 2025 has been  these digital asset treasury companies, which are publicly traded entities that  accumulate crypto on their balance sheets. These companies now hold a significant amount  of tokens. Between these DATs and the ETFs, Bitcoin and Ethereum now have around 10% of  their total token supply in publicly traded vehicles. We'll see how this all plays out, but  it's definitely had an impact on the market. Big public companies are now talking about crypto  in large part due to stablecoins. The number of mentions in SEC filings has skyrocketed and the  topic is frequently brought up on earnings calls from companies like Visa, City and PayPal.  These companies have massive distribution and if the developments continue, crypto could  become deeply integrated into the financial

services we use every day. I think stablecoins  are crypto's first killer use case. The data supports this. Stablecoins have done $9 trillion  in adjusted transaction volume in the last year, constantly hitting new all-time highs. To  put that into perspective, that's more than the volume of PayPal and quickly approaching  the volume of Visa and AC. It's incredible to see stablecoins in the mix among these massive  global payment networks that have been around for decades. It's no surprise that stablecoins are  just now starting to pick up momentum. And it's all driven by the infrastructure improvements  of the last couple years. With lowcost, high throughput L1's like Solana and new Ethereum L2s  like Bass, stablecoins are finally a good product for payments. Stablecoins are now the cheapest way  to send a dollar in less than one second for less

than 1 cent. Compare that to traditional payment  rails, which are slow, fragmented, and full of middlemen all trying to take a cut. The future  of payments will be built around stablecoins. Stablecoins are also shaping the national  stage, emerging as a significant source of demand for US debt. In just 10 years, they've  become a top 20 holder of US treasuries, surpassing entire countries like Saudi  Arabia, South Korea, Israel, and Germany. Stablecoin supply is at an all-time  high. And another great stat is that over 1% of the total US dollar supply is now  tokenized as stablecoins. On the issuer side, it's a two- horse race between USDC and Tether,  but with the new regulations coming online,

the door is opening for new entrance. On  the infrastructure side, Ethereum and Tron continue to dominate. But in recent months, we  are seeing some notable growth on other chains, which is something we'll be watching closely.  What makes me most excited about stablecoins is the fact that all this activity seems to be  uncorrelated with broader crypto trading volume, which is a sign of organic use and product market  fit. For a long time, stablecoins were criticized for only being used to settle speculative crypto  trades. But this data shows otherwise. If you look closely at the shape of these two graphs,  you can see a viral loop that's with stablecoin activity that's independent from trading.  That's because stablecoins have many uses.

The stablecoin opportunity for the United States  is more clear than ever, which has helped build momentum on the policy side. On one hand, the  country's national debt is growing out of control, and the demand for that debt is waning.  For the first time in 30 years, foreign central banks hold more reserves in gold than  US treasuries. On the other hand, stablecoins, a buyer of US debt, as we saw earlier, is  projected to grow into the trillions of dollars with over 99% denominated in USD. Stablecoins  present a path to sustain dollar dominance. With all this momentum building with  stablecoins and institutional adoption, more people are coming on chain. Just look at the  share of crypto trading volume on decentralized

versus centralized exchanges. Nearly 20% of spot  trading now happens in DeFi. A number that has grown fairly steadily since the category emerged  in 2020. But the spot market tells only part of the story. A huge trend this year has been onchain  derivatives, which has allowed new protocols like Hyperlid to generate trillions of dollars in  volume and over a billion dollars in revenue. More specifically, perpetual futures emerged  as the ideal product for crypto speculators, allowing people to take leveraged positions  long or short. This is a natural evolution of DeFi. And with new players entering the  space, a changing regulatory environment, and lots of money at stake, I think the story here  is far from over. Key to the long-term success of DeFi will be bringing real world assets on  chain. This is the bridge to traditional finance,

which is a multi-t trillion dollar opportunity.  It's still early days, but we now have 30 billion in tokenized assets across a variety of  different asset types, blockchains, and issuers. Another exciting category in crypto  is DIN or decentralized physical infrastructure networks. Existing physical  infrastructure networks like telecom, energy, and transportation are often natural  monopolies. DPIN offers a new way forward. Helium is a pioneer in this category,  providing 5G cellular services to millions of users through their decentralized network of  over 100,000 userowned and operated hotspots.

The World Economic Forum projects the deepin  category will grow to $3.5 trillion by 2028. The full spectrum of what can be built on crypto  is vast from real world assets to physical infrastructure to internet culture. And whether  you like them or hate them, memecoins have been an important part of crypto's story. Over 13 million  coins have been launched, which might be a symptom of crypto's lack of regulated market frameworks.  The activity seems to be subsiding a bit, but like other categories, it's worth watching how  the space evolves. For example, the NFT market has evolved quite a bit. We're nowhere near the highs  of 2021 and 2022 when it comes to trading volume, but when you look at the number of active  buyers, the metrics look pretty strong. This

is because the industry shifted from speculation  to collecting, and this was only made possible by the new lowcost blockchains of recent years. NFTs  are not dead. They've just taken on a new form. A lot of people said that prediction markets  would only be popular around election cycles. But the recent traction we've seen in this  space tells a different story. Unleashed by new regulatory tailwinds, Poly Market and  Khi have been fiercely competing for their piece of what appears to be a growing pie  of users. The intersection with traditional sports betting is now inevitable and it will be  exciting to see the role that crypto can play.

There will always be more work to be done on  blockchain infrastructure, but we've reached an important tipping point. Blockchains are  now fast, cheap, and reliable enough to power most of today's mainstream applications. To put  blockchain scaling into context, let's look at the actual transactions processed per second compared  to some of the largest financial systems. Just 5 years ago, blockchains processed less than 25  transactions per second in aggregate. Since then, we've increased TPS by over a 100x, which now  puts blockchains at a similar throughput to NASDAQ trades, peak stripe transactions, and total  card transactions globally. A big contributor to blockchain scaling is Solana, which has become one  of the most important projects in crypto. Its TPS

has risen steadily since its launch, and they have  plans to double capacity by the end of the year. But most importantly, the applications built on  top of Solana are earning billions of dollars in revenue, creating an onchain hub for economic  activity. Ethereum has also continued to execute on its scaling roadmap, shifting most of  its activity into the layer 2 ecosystem. The result was a drop in average transaction fees  of $24 on L1 in 2021 to less than 1 cent on L2 in 2025. And this was all done while increasing total  throughput by over 10x during that same period.

Crypto has become multi-chain and the bridging  infrastructure is now more robust than ever. Billions of dollars flow between canonical bridges  like Hyperl and Arbitum as well as application bridges like layer zero and circle. As blockchains  continue to scale, the fee markets mature, and new applications emerge, it's important to consider  real economic value, which is how much people are actually paying to use these blockchains.  Fees are not the only thing that matters, and it's a nuanced metric because it's a function  of both the demand and supply of block. But still, it's worth noting that ecosystems like Solana  and Hyperlid are capturing a majority of economic activity today. A huge shift from the Bitcoin  and Ethereum dominated world in previous years.

As crypto goes mainstream, people are going to  expect financial privacy. The good news is that we now have the infrastructure and tools to  achieve this in a way that's also compliant. People have long understood the importance of  privacy for crypto. Projects like Zcash have been around for almost a decade. But now in 2025,  we're finally starting to see some real adoption. It's hard to understate how important  ZK technology will be for the future of blockchains for privacy and scaling.  ZK proofs have been around for 40 years, but it's the practical applications in the crypto  industry that rapidly accelerated progress. This has led to ZK being deeply integrated into the  technical roadmap of today's tops. And it's also unlocked nonblockchain applications such as  Google's new ZK identity system. Quantum computing

has been in the news a lot recently and today  $750 billion worth of Bitcoin sits in quantum vulnerable addresses. The NSA alongside  NIST has issued guidance stating that US national security systems must use postquantum  algorithms by 2035. While the time horizon for quantum computing is still very unclear, many  blockchain communities including Bitcoin have started to accelerate their postquantum road  maps. This is a complex challenge worth getting ahead of. What could be more exciting than two of  the most important technology trends converging. There are clear opportunities for crypto to solve  some of AI's most pressing challenges. We all see how difficult it's becoming to distinguish between  AI and human activity. New proof of human identity

systems like world could be the answer. And there  are already more than 17 million humans verified. We've also seen a surge in interest in AI agents,  but for them to reach their full potential, they need to engage economically. Crypto using  standards like X42 might be the only viable payment rail. AI runs on intellectual property,  but the current systems we have for coordinating and transacting don't scale. Blockchains can make  IP programmable, unlocking an 80 trillion market. And of course, AI is a very centralizing  technology, increasingly concentrating power into big tech. Decentralized compute can  help keep AI open, permissionless, and neutral.

Entrepreneurs and investors recognize  the opportunity. Over 20% of crypto startups are now building in  this new crypto AI category. We've gotten a lot of questions around how much  talent the crypto industry has been losing to AI. To answer this, we analyzed job movements  into and out of crypto from other industries. While we have lost some talent to AI startups  since the launch of ChatgBT, we've gained talent from other industries like finance and tech.  Although it's difficult to assess the quality of talent from this data alone. The world needs  more decentralization. The compute resources AI is trained with, the infrastructure AI runs on,  and the revenue that AI generates has consolidated

into a handful of big companies. The reality  is that the only real growth in the American economy is coming from the magnificent seven  who are all capitalizing on AI. The remaining 493 companies in the S&P 500 are in aggregate  growing at less than the rate of inflation. But crypto could change the dynamics. And the  good thing is the United States is finally embracing the opportunity. In 2025, the US  took major steps forward on crypto legislation, bringing long awaited regulatory clarity to the  industry. The Genius Act, which establishes a clear framework for stablecoins, passed both the  House and Senate with overwhelming bipartisan support and was signed into law by the  president. Meanwhile, the Clarity Act,

a broader market structure bill, has already  passed the House on a bipartisan basis and is now moving through the Senate. Together, these bills  signal that crypto is here to stay in America, creating a durable foundation that transcends  administrations and shifting political winds. As we continue to progress  on the legislative front, the new administration has already completely  changed the regulatory approach to crypto. Federal agencies have moved quickly with  legal actions, new rules, statements, guidance, and initiatives which have been  overwhelmingly supportive of the crypto industry. This spans across the White House, the  SEC, the CFTC, and many other regulators. This couldn't be more different from the self-described  anti-crypto army in the previous administration.

With this new regulatory environment, the path  is finally opening up for tokens to complete the economic loop by generating revenue that acrus to  token holders. To date, only a small percentage of tokens are productive value acrewing assets, which  makes it difficult to reason about valuations relative to fundamentals. But as the rules  become more clear, I expect things will change, which should have a really positive impact on the  overall market for tokens. The crypto industry is getting much more mature. The crypto market moves  quickly and as a result, all this data we shared can change as new trends inevitably emerge. So  this year, we wanted to find a way we could keep some of our key state of crypto metrics updated  throughout the year. This will live on our new

state of crypto dashboard, which features metrics  like stablecoin volume, mobile wallet users, ETF flows, and more. It also includes data on  builder activity across blockchains, categories, technologies, and geographies. And you can  check it all out at stateof crypto.6crypto.com. So, what's next for crypto? Personally, I couldn't be more excited about the road ahead.  After 17 years, crypto has finally grown up. We have the infrastructure, the distribution,  and the regulatory clarity to take this technology mainstream. So now is the  time to upgrade the financial system, rebuild global payment rails, and create the  internet that the world deserves. Thank you.

We we are now going to transition into a  quick Q&A and our CTO Eddie Lazarin also has a microphone and is available to answer  any questions as well. Great job. Thank you. I thought the uh data particularly around  Hyperlquid was especially stark. Um and you seem to indicate that in your view it was really  around the innovation of a specific derivatives contract. We look at the broader financial  industry there are so many other you know non-analogous things happening everything from  credit default swaps to other stuff. Is there any sense in your mind about where there is demand  pressure for specific kinds of derivative that either for technological or legal reasons you  know are not showing up in the data? Yeah it's

a good question. I think uh first of all I'd say  like this is kind of a natural evolution of DeFi. uh you know we started with kind of the  simple stuff and you know as there as there uh becomes more demand for more sophisticated  type products we're going to see that uh evolve now that we have cheap block space a lot of this  stuff is is possible and so I think we're kind of just getting started with the types of  innovation that we could see in DeFi u but certainly we'll see how the the space all plays  out I think we're still pretty early on that front You showed the slide where credit card  payments roughly have a 2 to 3% payment processing fee along with a 30 cent charge  compared to stablecoins that only have 1 cent per transaction. I was curious if you knew what  the percentage associated with fraud, disputes,

etc. comes into play with the credit card  processing because clearly stablecoins don't have those mechanisms in place and  as they mature they will need to. Yeah, Eddie. It's it's a it's a great it's a great  question. Of course, the 3% plus 30 cents fee internalizes those costs to some degree. You  know, we can debate how much of that that percent reflects the payment processor's market power,  right? Their ability to charge some price above the actual cost of offering those extra services.  But it's definitely the case that in stablecoins, those are externalized. Some early evidence  is that some payment processors like Stripe who do offer stablecoins as an alternative al  alternative settlement path tend to charge 1.5% all in. So half the price all in. Now that that's  I think that's a good comp because the same agent

is charging that price which means they have maybe  the same market power. So we can kind of cancel that out of the equation so to speak, but it does  reflect net lower significantly net lower cost. This isn't a very specific question, but I think  it's going to be challenging because it's like asking you to pick your favorite child. Um, many  of the teams internally have kind of toiled over this data for a long time. What was the most  shocking or most astounding thing to you? Um maybe most important takeaway from the entire report.  Yeah, Eddie and I have actually talked about this and we sort of like joke that the answers to this  question is sort of a copout, but I think really

the most interesting thing about the report is  that we have all of these things that have come together in a really nice way, right? And  it speaks to the maturity of the industry, right? like everything from the institutional  adoption to the infrastructure improvements to, you know, the regulatory clarity that we're  finally starting to get. All of these things together I feel like tell the story. And so I  know that's a little bit of a copout answer, but it's it's uh you know, really what surprised  me the most is just how cohesive the narrative has become um around crypto really growing up  and ready to take on the world. Yeah. I mean, we we almost should have called the report the  no more excuses guys report because everything is everything's going the right way, right? I there's  no one specific stat I mean maybe the stablecoin

volume is somewhat shocking. the decoupling.  I really love the decoupling slide. But uh I think across every in almost every  interesting infrastructural and regulatory area in the space there's undeniable progress  and I think that as a whole is very exciting. Co from Alo I appreciate the report Darren  especially that slide on privacy. Why do you guys think that there's been such an uptick on  privacy? What's been the generation for that? I I I I wish I knew. I mean, we should we should  check the chain and see if there's any clues, but they're well hidden. I do. You think there's  anything to do with the stablecoin stuff? Yeah,

I I I actually think it does. Uh I love  using all these privacy things. I use them every chance that I get and I'm We love you,  too. Yeah. And I'm constantly struck by how uh not talking about you guys, but how  terrible the UX still is. It's terrible, but at least it works. And that's that's pretty  mind-blowing. It really does actually like literally work. Um I can't say what exactly  it is that it's driving the popularization. But my if I had to kind of pick one general  shape, it's that once you start moving more things on chain and you get more comfortable with  using more things on chain, looking at your stuff, looking at other people's stuff, parking  stablecoins, using DeFi apps, it kind of becomes obvious that you're letting all your stuff  hang out there and you know, you're you're waving

at you're flapping in the wind, so to speak. And  I think the more cryptonative people I talk to, they the more they hear about private options,  the more interested they become, right? just because they say, "Oh, wait a sec. Why don't I  just mix this into my thing? Why don't I just layer on this extra app or this extra service?"  I I I'm I'm super bullish on I talk about all the time. Every the podcast we put out today, I  mention it in each one. I think it will I think privacy is going to become a really obvious  secondord demand, right? A second order demand from the popularization of these things because  people take it for granted. The idea that they don't care is totally absurd to me. Thank you.  And co we've talked about this a little bit too but like as the institutions come in right like  the expectation is that there is privacy right and

so I think like the more institutional adoption  that we see the more kind of mainstreaming of the technology the more people and businesses  are going to expect financial privacy and and so that in itself could be a catalyst for kind  of the whole privacy movement uh which is great. Uh, great job. This was really awesome and I can  imagine the hours it took to put it together. So, thank you. What other data sets do you guys have  around adoption of crypto by kind of non-crypto people around the world? So, a couple of the stats  I've heard are that in Korea and Turkey over 50% of just normal people have crypto wallets and  trade. So, that kind of broader normie adoption

would be really interesting to see. Yeah, we've  done a little bit of like the geographic analysis uh as part of some of our discussions internally.  Um, you know, I think the the big takeaway which we sort of saw in the report is that countries  like uh South Korea and uh Australia and some of these other developed nations uh that have this  culture of you know speculation and you know they they're naturally kind of drawn to trading tokens.  uh we've seeing a lot of uh increased activity in those regions and then kind of on the other side  of the spectrum you know you've got the developing countries like you said Turkey uh huge percentage  of the population uses stablecoins Argentina uh based on kind of mobile wallet data we're  seeing a huge uh uptick there and so hard to

say on the specifics you know I'd say we look  a lot at like some of the mobile wallet data as well as you know web traffic that's kind of  what derived the analysis that was in the report um but it's definitely an interesting question and  one that I think is worth continuing to evaluate. Um, yeah, one thing that might be interesting, I  know a couple VCs have showed me you can actually buy credit card data and you could see which  ones are being used to purchase crypto. Yeah, that's interesting. We should we should look into  that. Hey guys, um, last year it felt like the theme was really the main risk in the industry  was legal clarity and regulatory clarity. Um, feels like we've come a long way since then. I'm  curious from your guys' perspective. What is the next key risk or bottleneck that we have to knock  down as an industry? It's a it's a it's a great

question. I mean, that's why I said no excuses,  right? Like I don't it's not obvious to me what they are. Yeah. I I think there is a point the  the regulatory changes are sudden but hard to incorporate, right? It's not a thing that's  just a light switch where all of a sudden all but a 100 apps are live and work or whatever. So  I think there's a certain cooking time that you need in order for all the integrations and the  development uh and the markets to form around new specific applications. So that's kind of  what I'm waiting for is just ev evolution of these things. The feedback loop where more users  and more applications build on more things and learn what works and what doesn't work. That's  kind of what I expect. I'll I'll park that there with the regulatory. The other honestly, and I  I hate to be beating a dead horse all the time,

but the UX is horrible. Our industry is absolutely  embarrassingly bad when it comes to the user experience. I test this all the time. I'm always  trying to onboard new people. The number of cognitive traps, friction points, confusing things  you need to learn is vastly beyond any reasonable person's willingness to learn. It's just totally  unacceptable. It's only reasonable for people who think they're going to make a million dollars or  for a bank that thinks they're going to save a million dollars. Right? Those are the two people  that it's working for. And it makes sense that that's who is attracted to it. If we want it  to be normally accessible, there's just so much more we need to do on the wallet, UX, signing,  privacy, safety, security side. It's crazy. So, uh, great job guys. That was really impressive  report. Um, one thing that we're seeing on the

uh the the stablecoin side is um just a  lot of interest in trying to measure the utility of the the stablecoins obviously beyond  trading. Um there's kind of like this concept that I call the the time to live of the  stablecoin that kind of like measures the the time essentially spent by between the the  mint and the burning of of the stablecoin. Um, and obviously our goal as an industry, I feel like  on on the stablecoin side is to just incentivize the stablecoin to stay as a stablecoin. And this  is you just bring more and more value as the the stablecoin stay on as a stablecoin. Curious  to hear on your end, how are you thinking about measuring something like this, measuring the  utility uh that the industry brings to stablecoins to incentivize them to stay as stablecoins? It's  a good question. I That's a tough one. Yeah,

you got me. Sorry. Yeah, we we've got some work  to do. I I do think right like it would be good to try to quantify the different types of uses  like how stablecoins are being used specifically, right? I think there is certainly a basket  of use cases that are just, you know, they want to protect against inflation from  their local currency so they hold it as like a store of value. We're definitely kind of seeing  that. Uh the payment stuff is really interesting, but also, you know, kind of hard to to track. We  can look at like the size of the transfers to look to see what is kind of retail size. We've seen,  you know, a lot of analysis around that. It's so it's so hard to quantify surplus value in any in  any industry. Like this is not a crypto specific thing. It's just, you know, you typically  look at the willingness to pay of the buyer,

right? Uh but you know that the price the price  of a good depends on so many other factors. It's just incredibly difficult to capture surplus  value. Yeah. Because the thing that you guys me like showed is not the stablecoin sandwich,  right? Where like it's like fiat in, fiat out, and then stablecoin as a settlement. um that's a  lot more expensive, but stablecoin just transfers is where you get kind of all the value. So  would love to would love to let's work on it together. Thank you for the I would love for  the idea. Oh yeah. Thank you. Thank you, Darren. Great job.