We will see lots of schemes fall over the next five years, both to quantum and AI.

If we build these systems correctly, if we migrate to this new crypto agile world that Alex is referring to, the first scheme we move to certainly won't be the last.

I would say if we, if as an industry we had a better way of responding in these instances such that we could secure those freezes more quickly. Actually in this instance we could have saved a lot of money.

That's why we understand that it is extremely important to monitor the state and monitor the invariance and the different condition of the protocol in order to be able to quickly react.

So what I'd say is that when I was running USDC at Coinbase, we and the Circle team literally practiced for moments like this.

And so really it's like, well, unless you go through these very, very specific steps and add a lot of friction and again, sort of add some protection for yourself, there's not really a way to sort of adjudicate.

The tagline or aspirational goal is housing all of finance. And I think the community is serious about that. So we can go into what that means. But the short of it is a neutral layer on which finance can ultimately happen.

I think physical settlement is. Well one is it's always going to have a very important place in society. I think this is kind of like a misconception about perps and honestly just about our general vision. Like we're not trying to displace anything.

Many of these benefits are illustrated through improvements to collateral mobility and liquidity management processes, which I view as the major use case for financial institutions.

I think physical settlement is. Well one is it's always going to have a very important place in society. I think this is kind of like a misconception about perps and honestly just about our general vision. Like we're not trying to displace anything.