[ { "speaker": "Speaker 1", "text": "Evan, good to see good to see you here." }, { "speaker": "Speaker 1", "text": "Yeah, absolute pleasure to have you on, man." }, { "speaker": "Speaker 1", "text": "What's your What's your first reaction?" }, { "speaker": "Speaker 2", "text": "Everyone's here in suits. Yeah. You're wearing a suit or you're wearing a sport coat? All right. I'm wearing a sport coat, right? I got to wear some once in a while. So, might as well." }, { "speaker": "Speaker 1", "text": "Yeah, man. Well, welcome to the Rollup. It's your first time on. I think we're we're obviously quite familiar with your work as is our audience. So, let's just get right into it, Evan." }, { "speaker": "Speaker 1", "text": "What are you doing here? Why are you here?" }, { "speaker": "Speaker 2", "text": ">> [laughter] >> Well, apart from the great weather and seeing so many people in suits. Uh no, it's it's important regulation, especially around DeFi, around, you know, kind of we we all might kind of wondering where" }, { "speaker": "Speaker 2", "text": "we are with security bill and all that market structure, all these. So, it's important to talk to folks to share our perspective to make sure people understand what we are building for." }, { "speaker": "Speaker 1", "text": "Yeah." }, { "speaker": "Speaker 1", "text": ">> Yeah. Definitely. And I feel like this space has evolved so much in terms of it's the era of the professional." }, { "speaker": "Speaker 1", "text": "Obviously, folks are very focused on their institutional strategy and positioning." }, { "speaker": "Speaker 1", "text": "Tokenization, stablecoins, perps, vaults. Very like clean tunnel vision here on very specific use cases for blockchain." }, { "speaker": "Speaker 1", "text": "So much so that a reductionary view could say it's just finance." }, { "speaker": "Speaker 1", "text": "Is that true? Is blockchain just for finance? Or are we just in this kind of like intermediary period here where we're evolving through it? It's not just for finance, right? You think about you" }, { "speaker": "Speaker 2", "text": "generalize everything." }, { "speaker": "Speaker 2", "text": "What is tokenization of means? What does it look like?" }, { "speaker": "Speaker 2", "text": "Tokenize can apply to a lot of other kind of data, information, other things that doesn't have perceived value as what we think about tokenized assets today. So, clearly, this is a generalized" }, { "speaker": "Speaker 2", "text": "infrastructure. That say this is where the interests are. Yeah, definitely." }, { "speaker": "Speaker 2", "text": "People are always interested in their finance." }, { "speaker": "Speaker 2", "text": "The world is always interested in finance. So, it's not a surprise." }, { "speaker": "Speaker 2", "text": "This is where a lot of the energy is focused on right now." }, { "speaker": "Speaker 3", "text": "And so, what is what is Sui most focused on?" }, { "speaker": "Speaker 3", "text": "You know, you guys have a a lot of product market fit with USD Sui at 580 million in TVL. This is one of the main exports of this ecosystem." }, { "speaker": "Speaker 3", "text": "How do you start to build more products around this core infrastructure? Does it start with finance? You build out from there. Where are you seeing the most traction? So, if you've been following" }, { "speaker": "Speaker 2", "text": "Sui's sort of history, we have we build the layer one, we say this is the coordination layer you can build other things on top. And we've done that. We build wallets, we build seal, we build," }, { "speaker": "Speaker 2", "text": "you know, people the on-chain order book and all that. So, the way we think about it, we've been building the core underlying infrastructure. Now we're building the building blocks that make it easier to" }, { "speaker": "Speaker 2", "text": "build products on top of. Right, if you think about the complexity of anybody who is outside of web Sui community have to deal with all the blockchain terminologies and how do you deal with the the" }, { "speaker": "Speaker 2", "text": "interoperability of all this sort of thing. It is very very a lot to handle." }, { "speaker": "Speaker 2", "text": "So, we sort of moving up the stack in a lot of way. Um so, we're building a lot of products ourself. We actually have a few on the Sui launch pads where we're launching very soon. But these products are going" }, { "speaker": "Speaker 2", "text": "also going to be sort of building blocks that other you can integrate into other surfaces. Could be integrated into your favorite trap fight integration surfaces uh to to solve a lot of this fusion. So," }, { "speaker": "Speaker 2", "text": "that's what we've been building. We kind of building up the layer. Yes, a lot of focus is on finance right now, but we always have our eyes on what's happening. The overall trend is everything in the world" }, { "speaker": "Speaker 2", "text": "is going towards automation. Yeah." }, { "speaker": "Speaker 2", "text": "Humans are sort of coordinating. Right, this this stuff hearing the word orchestration, coordination when people talk about AI as well." }, { "speaker": "Speaker 2", "text": "So, the trend is very obvious." }, { "speaker": "Speaker 2", "text": "Everything is being automated, including some part of your financial, you know, world." }, { "speaker": "Speaker 2", "text": "Let's get used to it. Yeah." }, { "speaker": "Speaker 1", "text": ">> Yeah, definitely." }, { "speaker": "Speaker 1", "text": "So, you guys will know this question already, and I've asked quite a few people. You have an interesting perspective here as the CEO and co-founder of a very successful blockchain. The question is" }, { "speaker": "Speaker 1", "text": "if the tokenization thesis is correct and trillions of dollars of assets are going to move on chain in the coming years, which company will benefit the most?" }, { "speaker": "Speaker 2", "text": "Which company will benefit the most?" }, { "speaker": "Speaker 2", "text": "That's an impossible question to answer." }, { "speaker": "Speaker 2", "text": "Like we have already seen if you depends on your horizon, right? In the near term, you see the what the Hyperliquid, you know, in very short amount of time benefit tremendously. You see" }, { "speaker": "Speaker 2", "text": "Robinhood really really embracing and benefiting from tokenization, things happening on chain, trading cryptocurrencies." }, { "speaker": "Speaker 2", "text": "You're going to see other fintech that build better product, maybe in payment and payment is very broad, cross-border payments, all that. But I would like to think everybody could benefit." }, { "speaker": "Speaker 2", "text": "Um because ultimately consumers should benefit from it. It's all about which business adopted quickly, which one adopted best, understand what how to take advantage of the technology" }, { "speaker": "Speaker 2", "text": "advancement to build better product for the consumer." }, { "speaker": "Speaker 2", "text": "Uh maybe there's a world where the you don't think about separating our finance and other kinds of product. It's all integrated. Right. So, what I hope for is consumer benefit from it. Yeah." }, { "speaker": "Speaker 1", "text": "Well, I'm I'd like to just build on something that you asked earlier and that you answered Evan, which was around this USD sweet asset growing in total TVL. And then you kind of answered with" }, { "speaker": "Speaker 1", "text": "this verticalization thesis almost. And we're going to go dog food our tech, build our own applications on our blockchain. And I feel like there's a this is part of this bigger regime shift" }, { "speaker": "Speaker 1", "text": "of building applications on chain now." }, { "speaker": "Speaker 1", "text": "Is we originally started with like, let me build this credible neutral blockchain, this decentralized set of of nodes, and let me invite builders to come build on our blockchain. We'll do" }, { "speaker": "Speaker 1", "text": "grants, we'll do special uh ecosystem programs, we'll have a head of ecosystem, and we'll kind of leave it to builders to build on our fertile lands." }, { "speaker": "Speaker 1", "text": "But that's changing. These blockchain from the the top down are trying to go and start to build a lot of their own products because they're trying to generate revenue to get to basically" }, { "speaker": "Speaker 1", "text": "come back to the token to create a business model for for the chain that's not just relying on transaction fees." }, { "speaker": "Speaker 1", "text": "Is this thesis right? Is this verticalization regime regime shift thesis right? How is this happening?" }, { "speaker": "Speaker 2", "text": "It's not or, it's and. Okay." }, { "speaker": "Speaker 2", "text": ">> So, attracting developer, helping them build credible product, help them build successful business is going to be ongoing. But if you look at this is a unique sort of industry. If you look at" }, { "speaker": "Speaker 2", "text": "successful platforms, if You when what comes to mind, you think about iOS, you think about Microsoft Windows platform, you think about Android, you think about all the other platform, you think about Roblox." }, { "speaker": "Speaker 2", "text": "Almost all of them go top-down." }, { "speaker": "Speaker 2", "text": "They started by having launching successful product and then see other demanding want to build on top of what they build and become the platform." }, { "speaker": "Speaker 2", "text": "So, because the nature of business, you kind of have to build the infrastructure first and open up for other builders, doesn't mean that's the only strategy to building a platform." }, { "speaker": "Speaker 2", "text": "So, the question is how do you go about building this product or top-down?" }, { "speaker": "Speaker 2", "text": "What you going to see is our product are more product infrastructure that others can integrate or using as building block." }, { "speaker": "Speaker 2", "text": "Uh you know, Deep Book is very good example. We had that for almost at the beginning of Sui and and build builders been building other kinds of product, you know, a front-end for trading or integrating" }, { "speaker": "Speaker 2", "text": "it for liquidity and all that. So, that's the way we approach it. Uh so, it's not oh, we're going to to take all the opportunity and build ourselves." }, { "speaker": "Speaker 1", "text": "That's insane. That's never going to work. Okay, so you don't want to like compete with your own ecosystem, but you realize that you know, you want to be building applications and business lines that are" }, { "speaker": "Speaker 2", "text": "complementary to the ecosystem." }, { "speaker": "Speaker 2", "text": "Yes, because we have the insight, right?" }, { "speaker": "Speaker 2", "text": "As you build, you work with other, you have the insight what is needed. And there's also the recognize, you know, recognizing the difficulty of building. So, especially now you're seeing different kinds of builder, they" }, { "speaker": "Speaker 2", "text": "may not be as comfortable dealing with all the blockchain complexity, they want solutions. So, you build solution for them so they can integrate into other types of products." }, { "speaker": "Speaker 3", "text": "I'm curious how you're incorporating AI into the stack. Uh this that a lot of teams are starting to incorporate. uh Uh both, you know, could be AI-managed wallets, could be managed vaults, uh" }, { "speaker": "Speaker 3", "text": "more in the financial world." }, { "speaker": "Speaker 3", "text": "Sui is one of the most scalable blockchains available. And so, as greater throughput becomes available, more use cases become pragmatic and feasible." }, { "speaker": "Speaker 3", "text": "How are you starting to see AI playing into some of the applications that could be built on top of the Sui base layer?" }, { "speaker": "Speaker 2", "text": "So, I think AI is going to be everywhere, right? So, we recognized a while ago there's no such a thing as a developer that don't think about AI. So, it's about what you can integrate with" }, { "speaker": "Speaker 2", "text": "into that world. Development is going to look very different. People are not thinking about what stack I'm going to be using before when they start a new project. They're going to talk to their" }, { "speaker": "Speaker 2", "text": "AI or using whatever tool they use to kind of turn their idea into a product, right? So, you kind of have to be part of that. So, for us, we are thinking less around how do we use AI to make our" }, { "speaker": "Speaker 2", "text": "product better right now. We're thinking about what can we do to integrate with AI to help address some of the shortcomings of AI or the limitation of AI." }, { "speaker": "Speaker 2", "text": "Anything from or everybody's talking about gender commerce, you want to give the agents a wallet, a payment rail, and all that. So, these are very obvious, right? I think we all at the industry at" }, { "speaker": "Speaker 2", "text": "a at a point where doing the obvious everybody's doing the obvious. You got to see You got to think a little bit deeper." }, { "speaker": "Speaker 1", "text": "Yeah, I mean, this this agentic finance kind of conversation is rapidly evolving. And so much so that there are narrative peddlers out there saying we need billion TPS blockchains to" }, { "speaker": "Speaker 1", "text": "facilitate agentic finance." }, { "speaker": "Speaker 1", "text": "Are we just overhyping the next era of slightly incremental higher TPS blockchains, or do we really need a step function in performance to facilitate agentic commerce? Well, so on one hand" }, { "speaker": "Speaker 2", "text": "he's not wrong. If you look at Sui's thesis at the beginning, it should be you don't want to talk about cap in terms of capacity, right? You will grow with with the demand." }, { "speaker": "Speaker 2", "text": "That's true. So in a very very long-term time horizon, the number, the requirement, the need is going to be as high as going to be. We don't know, right? If you look at the internet, sort" }, { "speaker": "Speaker 2", "text": "of think of the internet as the the layer for moving data and blockchains on top of that for moving assets." }, { "speaker": "Speaker 2", "text": "You would say, well, they probably will grow to eventually roughly equivalent in terms of capacity needs. So it's true." }, { "speaker": "Speaker 2", "text": "But what that will look like, or is it one blockchain, or is it interconnecting a lot of different blockchain, or is a blockchain only one of the building blocks for this?" }, { "speaker": "Speaker 2", "text": "Uh I'm going to bet on the latter, ladder, right? It's going to be a a blockchain like Sui that build with growing with the increasing capacity with demand in mind. There's going to be" }, { "speaker": "Speaker 2", "text": "layer on top to enable these sort of massive amount of you know, sort of transaction going through, transfer asset going through." }, { "speaker": "Speaker 2", "text": "Um so I think hyping I say, well, we need this today." }, { "speaker": "Speaker 2", "text": "People are rightfully skeptical. Uh but in the future, yeah, it's probably going to be true." }, { "speaker": "Speaker 3", "text": "Um I'm curious what you're most excited I did about as far as the regulation that's coming out of DC. We're in DC." }, { "speaker": "Speaker 3", "text": "The regulation that's coming out is extremely promising for the entire industry. The SEC and CFTC are now working closely together. Congress is working on some exciting acts as well." }, { "speaker": "Speaker 3", "text": "What are you most looking forward to?" }, { "speaker": "Speaker 3", "text": "We've talked about the Clarity Act." }, { "speaker": "Speaker 3", "text": "We've talked about the innovation exemption." }, { "speaker": "Speaker 3", "text": "What does some of this regulation mean for Street?" }, { "speaker": "Speaker 2", "text": "I think what we all looking for is clarity. Right now, just the clarity bill. Right, it's clarity what the rules are. Because if we that being clear, we can build for it." }, { "speaker": "Speaker 2", "text": "Right, we can build with it. Without you kind of have to guess. We Even if you have to guess, you're going to perhaps not taking the step you need to do." }, { "speaker": "Speaker 2", "text": "Uh so, we're going to see innovation, the pace of innovation move not just grow tremendously uh when we have that level of clarity." }, { "speaker": "Speaker 2", "text": "Now, obviously, you are we are here to make sure you know, the wrong kind of regulation the one that really choke innovation or shift the liability onto developer that innovate don't happen. Cuz that can be really," }, { "speaker": "Speaker 2", "text": "really bad for us. But so on the other, you kind of know because the whole space is moving. Technology is ever evolving. You're not going to get a perfectly right. Right, regulation" }, { "speaker": "Speaker 2", "text": "usually always trail technology development. Uh we recognize that. But having some of the really important questions answered will be a tremendous boon for the industry. Yeah. So, Evan," }, { "speaker": "Speaker 1", "text": "um regulatory clarity is amazing for the spurring the next era of innovation. But part of me worries about a lot of the existing protocols, companies in the space being held to the same standard as the rest of" }, { "speaker": "Speaker 1", "text": "the market inside of the digital assets market and outside. Notably, this new administration came in, kind of reduced the need for what we call on the show decentralization theater or this kind of" }, { "speaker": "Speaker 1", "text": "fugazi Dow governance. Trump came in and was like, \"Look guys, you know, like let's just operate under maximum efficiency, launch the meme coin, done all this crazy stuff.\" Then Hyperliquid" }, { "speaker": "Speaker 1", "text": "comes in, launches their token, and says, \"Hey, we're going to just buy back our token with maximum amount of daily revenues and just do it. And you're either going to compete with this or" }, { "speaker": "Speaker 1", "text": "you're going to have to come up with a better reason for other people to own your asset.\" And so I guess like the circle that I'm coming to here is how do Sui and Mysten Labs plan to" }, { "speaker": "Speaker 1", "text": "adjust to this new environment where investors are looking at you with a P/E ratio? They're asking you about your business lines, and they're asking you about how you plan to grow this thing to" }, { "speaker": "Speaker 1", "text": "create buybacks, buy pressure, and create it a kind of flywheel here. I'm not asking about token price. I'm I'm not asking about what you're going to do in that regard." }, { "speaker": "Speaker 1", "text": "Broadly, where does the industry go from here at as it's kind of at the big boy table now? It's no longer what it used to be." }, { "speaker": "Speaker 2", "text": "Well, if you look at our strategy, our aspiration has always been pretty great, right? We believe everything needs this layer on top for to facilitate, you know, all these exchange of information, assets, to" }, { "speaker": "Speaker 2", "text": "coordinate. And you start to see that will be true." }, { "speaker": "Speaker 2", "text": "Uh so we've been playing a very long game." }, { "speaker": "Speaker 2", "text": "Not that we don't care about short term, but we're not stuck sacrificing our future for short-term benefits. So, there are things we could do to compete directly with a Hyperliquid," }, { "speaker": "Speaker 2", "text": "which ultimately is well, trading all the asset, right? It has one purpose. It has a tremendously great business model." }, { "speaker": "Speaker 2", "text": "It's capturing a lot of attention, a lot of benefit benefit today." }, { "speaker": "Speaker 2", "text": "If we shift all that, do we give away some of the opportunity for the future that may be greater, right? If you ever seen the long-term success that child always look like flat flat flat until it" }, { "speaker": "Speaker 2", "text": "goes like that. Where is that point for us? That's what we focusing on right now. So, maybe early on relative to Hyperliquid, you're saying it was flat." }, { "speaker": "Speaker 2", "text": "But, relative to some other, we're doing quite well. So, uh so, we're finding that balance, right? We care about the near term because we're a company, we have to be successful, we have to be able to" }, { "speaker": "Speaker 2", "text": "continue to grow and innovate and invest in new opportunities. But, at the same time, we're not giving up the future when this goes vertical like this because we want to build something that's" }, { "speaker": "Speaker 2", "text": "generalized enough for that 100x bigger market down the road. And if you are sort of building for just what we need now, we may not have that opportunity." }, { "speaker": "Speaker 2", "text": "So, these are the balancing act, right?" }, { "speaker": "Speaker 2", "text": "As a business owner, a leader, we have to think about. We think we are doing the right thing. Um okay. We as a startup that have now just one cycle under its belt with DeFi alive, we have" }, { "speaker": "Speaker 2", "text": "market recognition, we have community, we have some success, some not successful ex- experience. We're learning from that, we're adapting. We are really so excited about what we're" }, { "speaker": "Speaker 2", "text": "building right now. A lot of them are just around the corner, we're going to launch. We're going to see how it goes." }, { "speaker": "Speaker 2", "text": "But, the gap between uh Hyperliquid and Sui today is not as big as you think. That's what we believe. Just like you rewind a year ago, Hyperliquid was just starting out and Sui was doing quite well at that" }, { "speaker": "Speaker 1", "text": "point in time. And very suddenly, they they passed us. These things move very quick. Yeah. Yeah, no, and I don't mean to like, you know, grill you, but I'm I'm going to ask you another one here." }, { "speaker": "Speaker 1", "text": "Um Okay, so, there was a point in time where the L1 or the base layer construct was it was the transaction fees like the gas fees or transaction fees. You would multiply that over a 365 annualized day" }, { "speaker": "Speaker 1", "text": "kind of like forecast and you get like this like revenue generating network. It's not a business, it's like a network." }, { "speaker": "Speaker 1", "text": "These across all chains have significantly decreased. Bear market." }, { "speaker": "Speaker 1", "text": "Very very classic speculative activity slows down. Scaling the chain reduces the fees. Right. And so like there's kind of weird incentives with base layers where like you don't really want" }, { "speaker": "Speaker 1", "text": "to have a lot of fees because you don't want to cuz you want to compete with other chains and etc. But I guess like the crux of the question here is like is that part of like the business model" }, { "speaker": "Speaker 2", "text": "for Sui? Is that [clears throat] still in your mind as like a part of the business model? No. Okay, no. No. No. I mean, if you any business, any software business, you know, right? When if you" }, { "speaker": "Speaker 2", "text": "are selling a commodity, the price drive down to the Okay. as low as possible, you're going to get a lot of market share, but ultimately you're not moving your you're not making money, you're not" }, { "speaker": "Speaker 2", "text": "moving your business forward. The business model has never been there. It will always shift, right? So, you do that early because you want to sort of have this locking. You want to" }, { "speaker": "Speaker 2", "text": "have more people using that. But over time it's not about jacking up the price, it's about other ways to make money." }, { "speaker": "Speaker 2", "text": "So, the way why we have uh Sui dollar Sui USD Well, the yield, right? The more Sui USD being minted, the yield comes back into the the ecosystem and that's another sort of way to grow the ecosystem. So," }, { "speaker": "Speaker 2", "text": "all these things, right, we already have sort of we're planning for the transition into a different business model. Uh so, a lot of these things came sort of overcome the diff the the challenge of" }, { "speaker": "Speaker 1", "text": "the the fees It's lower and lower. Yeah. I I appreciate these answers. This is like a investor update here. So, thank you for bearing with me here. I I've got a bit of a different question, Evan." }, { "speaker": "Speaker 3", "text": "Um you know, you left Facebook when you were 50 years old. Uh I'm curious, do you ever think that with the administration we have in office now, the Libra project would have been able to launch flawlessly," }, { "speaker": "Speaker 3", "text": "successfully?" }, { "speaker": "Speaker 2", "text": "Do you ever think about that? What What How do How do you think about this? I don't really think about it, right? Cuz back then, when I left, it's not just because Libra wasn't happening, right?" }, { "speaker": "Speaker 2", "text": "Cuz I I wanted to do something a little bit more broader and more general. Yeah." }, { "speaker": "Speaker 2", "text": "Uh I you know, it's like our thesis is if you build a chain just for payment, primary payment, your design is going to lock you down to that use case. Uh and it's really, really hard to loosen up" }, { "speaker": "Speaker 2", "text": "and generalize it later. We'd rather go the other direction, much more generalized platform that we're believing, and then we can easily build rails on top for payments or other, right? We'll see if that thesis play" }, { "speaker": "Speaker 2", "text": "out, right? We We talk about this difficulty of like going bottom-up versus top-down. Uh so, yeah, in what On one hand, yes, I completely agree with you. It's like Libra 2.0 is spinning up here and there," }, { "speaker": "Speaker 2", "text": "Tempo and other uh basically following the same playbook and learning from that experience. It would have been great that Libra had launched back then and had been tremendously successful," }, { "speaker": "Speaker 2", "text": "but I still I'm very happy that we exist today." }, { "speaker": "Speaker 3", "text": "Um and that's sort of to our kind of vision what it looked like. We just have a lot of more work to do to prove our final thesis. So, you You made the right decision. Now, I'm curious," }, { "speaker": "Speaker 3", "text": "today, do you think Facebook tries to relaunch something similar? I did hear something about that." }, { "speaker": "Speaker 2", "text": "I think Facebook is too busy with other stuff. Honestly, right?" }, { "speaker": "Speaker 2", "text": "Yeah, I think I think it's not like the company to go back and revisit past project. But if you look at what they focus now, right, it's elsewhere. I think they will absolutely at some point" }, { "speaker": "Speaker 2", "text": "in time make use of stable coin for payment." }, { "speaker": "Speaker 2", "text": "Whatever will make their business more efficient, move faster, they will adopt it. It's a very smart company, just like every other company out there. Now, it doesn't matter if it's big or small." }, { "speaker": "Speaker 2", "text": "Whether they do something like a Libra again, I doubt it. Yeah, I really really don't see a reason for them to reboot that. Yeah, I'm not sure that they will either. Evan, I know I know we got to" }, { "speaker": "Speaker 1", "text": "let you go here." }, { "speaker": "Speaker 1", "text": "Last thing here about this kind of like fees and valuations and business model stuff." }, { "speaker": "Speaker 1", "text": "Like when you're speaking to institutional allocators, whether that's on tokenization side, the equity side, you know, RWAs in general." }, { "speaker": "Speaker 1", "text": "Like what do these conversations look like from from the base layer perspective? Like what what kind of what kind of investment appetite is there into Sui, the asset? What what type of" }, { "speaker": "Speaker 1", "text": "allocation appetite is there to bring tokenized assets onto Sui? Like where are you guys at with that conversation and how is that developing?" }, { "speaker": "Speaker 2", "text": "I think there's tremendous amount of interest in Sui as well as basically the possibility of building on top of Sui." }, { "speaker": "Speaker 2", "text": "We in particular has had tremendous sort of interest from Asia." }, { "speaker": "Speaker 2", "text": "For whatever the reason, this is where we are the strongest." }, { "speaker": "Speaker 2", "text": "There's going to be a lot of things coming there." }, { "speaker": "Speaker 2", "text": "Uh you know, if you look at it, like we are the only blockchain that have relationship with uh the big three of China, right? The the ByteDance parent company, the Alibaba, the Tencent. I think we have a" }, { "speaker": "Speaker 2", "text": "relationship with all of them." }, { "speaker": "Speaker 2", "text": "Uh we have a lot of other interests from institutions in Asia." }, { "speaker": "Speaker 2", "text": "Uh I think US Wall Street there's a lot of interest. Obviously, everybody's thinking about it. Everybody's talking about it. Everybody's energy's here, too. Focus here. There's a lot of" }, { "speaker": "Speaker 2", "text": "competition. We see a lot of good feedback. A lot of folks understand a lot of these institutions understand what we build are differentiated, right?" }, { "speaker": "Speaker 2", "text": "But I think the right now what we're seeing is US and Wall Street are a little bit slower moving in terms of adoption." }, { "speaker": "Speaker 2", "text": "They are looking for more turnkey solution." }, { "speaker": "Speaker 2", "text": "Uh so you will see a lot of exploration, uh a lot of POC being built, a lot of you know, sort of these uh tests being done with us, with other." }, { "speaker": "Speaker 2", "text": "Uh broader adoption, I think it's going to happen." }, { "speaker": "Speaker 2", "text": "Uh when that's will happen, less clear. Uh but we're we're we're going where the demands are. Right now it's Asia. Uh that's just going through the roof. So, yeah, interesting. Interesting. Evan, thank" }, { "speaker": "Speaker 1", "text": "you for your time, sir. Thank you very much." }, { "speaker": "Speaker 1", "text": ">> Enjoy your time here. Thank you for coming to NDC, all right? All right." }, { "speaker": "Speaker 1", "text": "We'll see you next time. Tell tell Trump that we say hi." }, { "speaker": "Speaker 1", "text": "All right. And you speak to him, all right?" }, { "speaker": "Speaker 1", "text": "Thanks, Evan. Thanks, Evan." } ]