Solana’s Changing Market Microstructure

I think what's at stake in Solana is just things like PERBs and club-style applications. One of the reasons that Hyperliquid has been so dominant against Solana in the PERB vertical, for instance, is that market makers consistently have adverse selection against toxic takers.

With BAM, what JTO is trying to do is just provide a more favorable market structure that enables Solana to be on the same playing ground as application-specific ones like Hyperliquid.

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Hey guys, welcome back to another episode of the Lightseed Podcast, our weekly roundup. Today, once again, I am joined by Carlos. He couldn't make it last week, but he's here this week. Glad to have you back on. And it's funny how you and Dan Smith are kind of just missing each other, ducking each other week by week.

Yeah, I was sorry to not be on last week, but happy to be back. Probably a very data-packed episode, so yeah, excited for it.

Yeah, Dan yapped as always. We also had Ian on to kind of fill the void of you not being with us. Hopefully, we can bring Ian back and maybe get a full crew for an episode in the future, but we're making it work.

I know a lot of you guys have been busy yourself involved in a bunch of different efforts going on at Blockworks. So, we make do with what we have.

Are you going to be in person in a month or so at DAS New York coming up end of March?

I'm going to be at DAS. Hopefully, we can shoot around up there.

Yeah, we'll see. I'm not really certain as to the exact plans for Lightseed specifically. I know Forward Guidance and one of the other podcasts is going to be kind of more central to some of the themes, but definitely for those out there, if you haven't gotten your tickets, you're interested in DAS, I think this is probably going to be the most impressive lineup of speakers, presenters, and attendees that we've seen.

You've got folks from the SEC, CFTC, the Federal Reserve Board. We've got folks from Tether, Binance, Coinbase, Robin Hood. Pick your poison, pick your favorites really, really all across the industry and then all across even the US regulation side of things and from the administration as well.

So, really, really packed conference. Very strong like institutional showing. So, certainly get your tickets. Light speeded 200 for 200 bucks off. I'm hoping that's still the right code. I think it is.

Come out, see myself, see Carlos. I'm sure a bunch of other Blockworks folks. I'm sure Dan Smith will be there for those of you that like Dan and seeing him and hopefully some of the other friends of the show, you know, Ian, who we had on last week, I wouldn't be surprised if he and the Kyros boys are there as well. So, definitely a great event. We hope to see you there come end of March. March 24th through the 26th, I want to say, are the dates in New York City.

We can move on from DAS though. You'll see us there hopefully. I want to talk to you've been busy writing a bunch of different things. One of those, of course, is the classic monthly note around Solana. So probably a great time to jump in and just revisit the high level what's been happening on Solana recently and want to get your takes on just how metrics are looking and kind of where the ecosystem is going.

Obviously, there's been a bit of a downturn pullback in the markets, but it'd be great to get a feel for kind of how the how the onchain metrics are stacking up lately.

Yeah, for sure. So I think January was quite positive, like despite Soul's price drawdown, like RB and app revenue surged, breaking a five-month streak of declines. I think also we had a couple of volatility events first on January 31st and then last week on February 5th where Solana once again proved to be the most performant general purpose chain in production.

We can talk about that, like Solana's metrics both in terms of throughput and medium fees against other EVM chains. I think looking ahead, there are some nice upgrades coming to Solana in the coming months such as higher block limits. I think the block limit will be increased from 60 million CUs to 100 million, which will further increase network capacity and support higher sustained TPS and this is even before Alpenlow goes live which is hopefully Q3 of this year.

Yeah, that's I think that's a great call out. So, we went from last year around 50 million CUs did the jump to 60 as sort of the tester. And I guess I'm glad to see that there, you know, broadly speaking, we're just sort of making, you know, as meaningful a jump as deemed feasible, rather than sort of incrementing all the way up there.

So I think that'll be great to see the big jump up to 100 million CUs. I guess kind of stepping through some things like on the price performance side of things, like obviously the market as a whole was hit, but I know you had just some comparison tables in there just to see this correlation of like Soul versus BTC obviously maybe underperforming there, but relative outperformance compared to ETH and maybe some of the ETH ecosystem.

I don't I'm not sure if this has held up since February 2nd. Maybe it has. maybe it hasn't. The markets have been quite volatile, but some interesting trends to see. And then I know looking down within the ecosystem, it's also been kind of maybe jarring to see the kind of like relative under and outperformance from like tokens within the Soul ecosystem.

Yeah, I think one key theme for 2026 like and I think that was kind of like a similar theme we observed last year will be like return dispersion amongst the crypto ecosystem. So Soul generally has been a bit weak against bitcoin for the past few months but I think it is in a much stronger position that ethereum from an L1 perspective and I think the market is rewarding that positioning like with at least with year-to- date price performance.

If we look at here we see also the Solana ecosystem index like some of the Solana adjacent projects have been hit quite hard with a recent price drawdown. Most notably like Metaplex has been one of the worst performers. It's been the worst performer in our index for like three consecutive months now.

This is because POMP added a new instruction to their token create program which was an instruction that was previously provided by Metaplex. And with this upgrade, Metapex lost its largest source of income basically. So the market has been repricing that token downward.

Whereas we see pump performed quite well in January. It had like a week down below like two billion FTV. It performed it actually had a surge in activity in January like with many onchain runners like we saw things like Penguin rise from like basically zero to 130 million in the span of a few days and that kind of price action tends to be reflective in the sense that it tends to pull in new traders and create like a more speculative onchain environment like even if for a few weeks.

So pump saw a big surge in activity. It saw its highest weekly revenue at the end of January since midepptember which was before you know the October 10th crash which was also an interesting metric.

Yeah, I think great call out on the Metiplex movement. I do think it's quite interesting and like reminiscent of sort of pump and radium prior to the pump AMM coming or going live or being released. Very similar setup where just you know pump became so massive and such an integral part of the business model of those kind of like lower level kind of infrastructure providers I guess if you want to call it that that them then deciding to sort of go out and build it themselves ends up being a pretty massive downside to in this case Metiplex now on that create instruction probably a good scenario arrow where they benefit a lot from being sort of like the generally used standard, widely accepted standard like across the ecosystem.

But when you have, you know, if things ends up happening where you end up with this maybe barbell of where a lot of the activity tends to happen like hot spot of, you know, if it's pump or a few apps, then you can have a potentially big downside event if they decide it's worth building around it themselves.

Yeah, customer concentration risk is a big theme we see not just in Solana but across other ecosystems like you're right in Solana we've seen that with bomb because just because of its massive scale some other apps depended like very largely on its revenue like you mentioned radium you mentioned nome metaplex but across other ecosystems you see the same thing for instance think about like pendle a big part of its TVO was Athena and continues to be Athena to a large extent and so when you see like decline in like USD supply like Pendle is one of the most affected players in the ecosystem so I don't think it's a Sena specific thing I I think we see these across a lot of like crypto sectors and ecosystems just because of the size of some players.

Yep. I would I definitely agree with that. I think I think within Soul you could look to other applications like like a Jupiter like being such a meaningful kind of customer if you want to call it that for venues like prop AMMs for example such that if they were to make with if if when they make changes it's like very meaningful to kind of the the microeconomy that that happens among application teams.

And then of course Pump is a good example of that being just the dominant sort of like memecoin player. Maybe getting outside of the memecoin stuff. I we've talked a lot about protocol upgrades, the competition between the clients that are coming to market. There's been a lot of back and forth on the block building side of things. Getobam versus, you know, temporal harmonic.

I know you had some data here that I'll pull up just to showcase kind of the changes in stake that these different clients are getting. One of my takeaways from this, which is maybe not the key one, is almost, and I I think I tweeted this out last week, but like what what happened to Fire Dancer? I feel like, you know, a couple years ago, it was very much like the entire ecosystem was very, you know, strung up about, yo, Fire Dancer 2025, it's going to be the end all beall for Solana.

But increasingly more and more it feels like you know Anza is shipping like crazy and the jetto and harmonic validator or temporal kind of teams have been in this like allout war and fire dancer and and I guess franken frankindancer to a smaller extent are sort of like out of the main conversation it feels.

Yeah. I definitely agree with that. I think the ANSA team was underrated like maybe one or two years ago and people thought that fire dancer will gain like full adoption once it was released but it hasn't like been the case both in the sense that fire dancer has taken a long time to release like their full like client functionality like fire dancer is now live on mainet but it only has like three validators which are run by the jump team I I believe So even now that it's like sure it's on mainet but it's not even like open to everyone for use yet and I doubt that it gains like meaningful stake compared to Jetto or harmonic actually that's I I doubt that it gains meaningful stake compared to Agave better said in the coming months but yeah some interesting dynamics in terms of the block building landscape at the end of September Remember last year, Jeter released BAM, which is like its block assembly marketplace, which is a next generation processing system that basically executes transactions inside of a TEE to deliver privacy and verifiability to Solana's block building.

It looks very similar to what Solana is proposing in protocol with multiple concurrent proposers. It aims to add censorship resistance and also like privacy or like pre-trade privacy to transactions to provide less a more favorable like market structure for apps and users building on the ecosystem.

If we zoom out a little bit, I think what's at stake at in Solana is just things like PERBs and club style applications like and one of the reasons that hyperlquid has been so dominant against Solana like in the PERB vertical for instance is that market makers consistently have like adverse selection against toxic takers and so we bam What Jetto is trying to do is just provide a more favorable market structure that enables Solana to be on the same playing ground as application specific like ones like like Hyperlid.

After Solana released BAM in late September, Harmonic or the temporal team released harmonic which is like a competing block building solution and it presents like the first credible threat for JTO which has basically had a quasi monopoly on block building for most of Solana's existence. So the competitive dynamics there are really interesting and last month I think we discussed this but the jetto released IBRL explorer which is basically an explorer that measures how bioadators pack their blocks and to expose previously like unseen timing games in Solana's block construction which basically means that Solana is built as a streaming system.

So ideally valators pack block continuously in the slot which is usually 400 milliseconds. What you see in practice though is that some valators cluster the entire like like shreds which are like mini mini packets of data. They pack all the shreds in like at the end of the slot which include like in increases execution variance like increases network jitter and basically delays slot times.

Harmonic didn't fare so well by IVRL's like scoring methodology and they tried to dispute like what Jetto was presenting. So I think that there are some very interesting dynamics there and like both BAM and harmonic have gained about 10% of stake in absolute terms each in the past month. So I think we'll see like more adoption from both of this like validator clients in the coming months and it will be interesting to see like who ends up with the majority of stake.

Yeah, I think an an interesting point to consider and maybe I'll just pull this up one more time is just that we look at agave harmonic and agave jetto bam and obviously on the jetto side of things like they have agave jetto that stake might be sort of like migrating over from if they're sort of like a sticky customer of of jetto if you want to call it that.

So it'll be, I think, interesting to your point to see whether they basically recapture all of their stake now on Getobam or if, you know, if harmonic takes some of that some of that stake away basically capture some of that market share.

Yeah, I mean, Harmonic has been able to gain adoption by some like institutional clients, you just call it like exchanges like Coinbase or Kraken, I believe, have adopted Harmonic. And then like JTO is just like laser focused on increasing BAM adoption. So several governance proposals have recently passed to incentivize BAM adoption by validators.

This includes like JIP 28 JIP 31st like JIP31 like redirects 100% of revenue in the first two quarters of the years to validators running BAM. And like obviously if you put put in incentives you'll you'll see a big increase in in BAM adoption. So I do think to what you were saying Danny you we'll see a big migration from JTO agave client to the to the BAM validator client.

Yeah, I would agree with that and I think that's kind of a standard strategy we see with a lot of these client like double zero is very similar, right? They they have some incentives offered for folks to kind of operate the the double zero operate on double zero as as a validator. And it's not surprising to see kind of JTO do the same with JOBA and try to get folks onto that that client version as well.

I do like the points you made. Something I wanted to go back to is the the conversation around the pers. I've spoken to a lot of these teams recently. I had them on the light light speeded podcast. And what I find interesting is that I don't I'm curious about the path dependency, I guess, is where I want to take this in that I think BAM coming to mark maybe coming may have come to market at an awkward time where you've got several teams bulk bullets.

I'm less sure about Ellipsus and their Phoenix Pers design on how they're building some of that back end. I've yet to get into the details with them, but I'd love to find out more. Hopefully we can I think we'll hopefully have them on the pod here sometime in the next few weeks. But what I find interesting is that, you know, talking to the bulk guys, talking to the bullet guys, like they're not using Getobam to do, you know, advanced kind of like makeor taker logic.

They like went out and built their own thing and effectively have made you know called them roll-ups, called them layer 2s, called them their own execution environments. They've kind of taken like a hyperlquid or like a lighter approach where they've gone out and kind of made their if it's a sidecar, if it's its own chain, you know, roll up on top of Solana to get their own custom execution environment rather than use Geobbam. And I'm guessing that's a result of just they've been building for a while.

And so it didn't make sense. And so I do wonder like how that path that path dependency maybe plays into, you know, these products are going to come to market here soon. Getobam may have kind of missed the train a little bit. So, it might actually be a while before we see some live per products that actually incorporate that solution specifically.

Yeah, that's that's a good point. like it's not just like closing the gap versus hyperlquid, it's also keeping builders and users on the L1, right? So over the past like year, year and a half, we have seen Solana native teams that have explored alternatives ranging from SBM chains that a to overcome the current limitations of the L1. Think about Atlas or most recently Fogo. to exchanges that bypass the public transaction queue.

Like both wallet and bulk at the end of the day, that's what they're trying to do. They're just trying to bypass Solana's public transaction queue and they're doing like different architectures to achieve that goal. And it goes back to what we were saying like if Solana has like this like block building landscape that is adversarial to market makers, then you need to to look for other solutions.

Now that BAM is trying to offer a solution with that harmonic potentially and most importantly after MCP goes live in the next 12 to 18 months we'll probably see market makers come back or sorry applications being able to do this on the L1. The key question for me is that will it be too late which is like the like I don't know right like will it be too late for for Solana to to gain back what he has lost in the past year or so in that vertical.

Yeah, I think I think that's where I was kind of leading things and I I'm I'm wondering the same thing. I'm curious you know I don't know entirely quite yet how maybe the ellipsus design will differ because I do think they're taking something of a different approach applying the learnings from propm design to building a purpose exchange. Maybe they can build more of that actually natively on on chain on Soul but we'll have to see and get more details there.

I'm I'm unaware if they're using Ajito BAM or anything like along those lines or if they're building also something kind of custom for that purpose. But yeah, to your point, it's like if we need to wait 12 to 18 months for MCP maybe to go live and and then maybe is that truly enough to get things to a point where it makes sense? Like there's probably multiple questions there in terms of, you know, is the actual throughput scaling or to the fee markets, you know, are they kind of like uncontentious enough to get that much throughput through on a bunch of purpose exchanges coming to mainet? in addition to you know the finality considerations and all the other things like is the chain really going to be scaled enough to kind of plop maybe a hyperlquid on top of it? You you'd probably still have some questions at that point in time.

Yeah. I mean the last thing I'll say here is something I I thought about which is like BAM has a solution now right like we don't have to wait 12 to 18 months for BAM. you can theoretically use BAM and like achieve like better functionality that you have like in the past with other block building mechanisms. The problem is that it's not an improtocol enforced solution, right? And BAM has like right 20% of stake.

Imagine from the point of view of a market maker like yeah 20% of the blocks will probably be bam and then you'll have like a really nice market structure and so you you won't have adversarial flow but then the remaining 80% of the of the blocks you have this inconsistency where some blocks are good for you some blocks you have to wait and quote wider spreads because you maybe you'll get picked off and so one of the issues that I'm seeing is that because there's not any improtocol and force solution is this notion of you can't be evil versus won't be evil right like some percentage of validators if allowed will always like behave maliciously in my opinion so it's also like I think the optimal long-term solution is that you have like protocol enforced mechanisms that prevent this kinds of behavior because sure BAM can gain like 50 60% have adoption and maybe once it gets to the super majority we get a a much more favorable market structure but still like I I I fail to see how some percentage of validators will not always have this incentive to to behave to the detriment of of network health.

Yeah. I agree with that. I agree with that analysis. I think naturally you know there are going to be teams actors. It's funny to say actors, but just like you know people are economically motivated. So if there's an economic incentive that is available for them to if it's if you want to use the word exploit or just take advantage of or make use of then there will be folks who do so because that makes them money.

I think that's natural and so I agree with you like my expectation would be to just see behavior like that continue unless the at a core level the protocol changes the design in such a way that that activity no longer makes sense to do. So I think unfortunately what that means is that it's just going to take more time I think for probably generally speaking the network to scale more u is largely the main constraint but perhaps some of the particular you know features you know make or take relationships on on pers for example if there's a way to do some of this more advanced like specific sequencing and execution natively that might be a solution.

But yeah, we're it it's going to be some time before we see that. And so I think in the meantime, it won't be surprising to continue to see these teams like we mentioned, Bulk, Bullet, etc. kind of just do their own custom thing because they sort of have to for now.

Yeah, completely agree. I guess maybe speaking the opposite direction, things that have taken off natively on Soul, propm still a big story of course. I think in your monthly note go into and there's been some conversation here and I'd love to get your take and maybe dig a little bit deeper into the data but bison has been a big sort of upandcomer I guess they've they've taken off in terms of overall DEX volume since launching.

I think there's what I would say is I there's some rumors thrown around that maybe they're just like losing money to churn out a bunch of volume. I'm curious if you have a deeper data view to this because I as a layman I don't really have the expertise to say what exactly they're doing here to blow up so quickly.

So basically this is like the monthly dexolio marketure between Solana AMMs. You see that beginning of July 2025, Humidify started to gain a lot of traction achieving like an all-time high in market share in December and then you get this new entrison who has gained a lot of volume in January of this year.

However if you look at prop AMM marks which are a good measure of adverse selection for prop AMMs you'll find that humidify sulfi maybe even tacera consistently have positive markouts which means they are basically profitable whereas if you look at bison vice like markouts you'll find a lot of negative values which means they are probably getting a lot of toxic flow and are being unprofitable like despite the search in volume.

So that is a very interesting like metric to showcase like we can see here this is a dune dashboard by the Solana team. We can see here that Bisonfi consistently has negative markouts on the 5-second time horizon compared to like humidify sulfi and and tacera and that largely applies across other like time horizons. If we look at the 32nd P&L, we see a mix like the story is not so clear there, but still like you see humidify, sulfi, and tacera are like consistently better marks than than bisonfi.

So yeah, it's it's really interesting like people often look at like the headline metric which is volume. But for prop AMMs you also need to look at at markouts to see if that volume is actually due to the prop AMM being profitable or if they are just being picked off.

Yeah, this is great data. And I know I know Dan and the Blockworks data team have also been working on kind of some I don't know if we have much of this public yet, but just working out basically revenue earnings for propm essentially based on you know markouts and other related data here. That is a big piece of the story that we don't have so transparently presented quite yet.

But is important to understand. like you mentioned, it's not just if you put up a big volume number, you could be hemorrhaging a bunch to, you know, getting picked off to unprofitable trades basically. So great to figure that out and hopefully we can kind of iterate on that and continuous continuously have a clearer view of like what's going on in the in the sort of prop AMM wars.

I do think one thing I wanted to call out that we mentioned beforehand was noticing that even on the 5-second time slot the agave bam on the agave bam blocks like bisonfi doing well there although like like you said humidify sulfi tacera they they are much more consistent kind of across all of the clients so it was it is just sort of interesting to see like such a significantly like positive outcome justeneral Generally speaking on agave BAM for bisonfi I don't obviously it's hard to say like I don't know what kind of strategy they might be operating under but just an interesting finding from this data that we did not have previously.

Yeah. I mean like the methodology is not is never perfect. you can know for sure like this isn't like a direct composition of their P&L but directionally it tells the story of some prop AMM being consistently profitable and some prop AMM being consistently picked off and and I I think that's what we're seeing here with the recent surge in bison volume maybe just an interesting data point for people who might think that bison is increasingly becoming a dominant player in the propm landscape. I would say like just take that with a grain of salt maybe.

Yeah. And we'll have to see. I mean the I think the big thing certainly to watch within the prom space is just the relative level of competition. So you know who knows they could be taking this as sort of a learning opportunity to kind of figure things out very quickly. Unclear.

But I think general expectation from conversations that I've had is that we actually expect even more teams to sort of enter into this space and maybe get a bit more specialized. Like of course today you see a lot of the competition around like the sole USD pairs or sole stable pairs. Perhaps we'll see that but for different kind of like asset class breakouts on the chain. And that that might end up being quite interesting.

Because today I would say you know largely it's like we're looking at you know humidify and sulfi etc volumes in relation to the centralized exchanges. But that's really just for that for that those soul USD pairs and we're not quite there yet on other assets but it will I think the story will become a lot more interesting when you see that dynamic maybe across the board if that if that evolves in that way such that spot trading is like dominant on Solana relative to sexes sort of generally speaking.

Yeah, I agree with that. I I think we'll never see like prop AMMs dominate longtail assets. Like think about like recently created meme coins. Like it's too risky for them. I don't think it makes a lot of sense. I do think we'll increasingly see propm volumes for like the BTC pair on Solana like maybe like migrated like L1s like from other ecosystems like the Mon USDC pair and I think we'll also see prop AMM volumes take off for tokenized equities probably once we have more b more more activity on that side.

For tokenized equities, it would make a lot of sense because theoretically you can just redeem against the the underlying and have some nice arbitrage there. So I don't see why propm wouldn't be able to take over that vertical.

Yeah, I agree with that a lot. I think I think that's probably going to be I mean there is a lot of excitement around equities on chain and so I would agree. I think that's going to be an interesting area to watch certainly for these guys. I will say maybe just a point on the on the memecoin side of things or the longtail side is that I I would almost posit that like we don't call them prop AMMs but would almost make the argument that like propm for memecoins kind of do exist in the sense that you certainly have there are individuals and like bots that operate with advanced algorithm algorithms to buy and sell memecoins and maybe some of it is based on like different signal in terms of you know this address bought something therefore I'm going to tail it into it and then you know sell based on some criteria and like there are certainly bots and algorithms like sort of buying and selling and and making quotes on on those assets but I would agree with you that like it's it's very different than you know quoting soul or quoting gold or you know bitcoin entirely different game so yeah I would not expect to see you know volumes on 5k market cap coins evolve in the same way it's it's always going to be sort of a a longer tale activity.

Maybe speaking, we can get outside of maybe Solana generally. Something I wanted to talk to you about specifically because I know you've been big into what Metadau is doing, but one of the more recent announcements from them or I guess launches sales from them is going to be Huru Pay is doing an ICO. And really the only data point that I have on this one, I've not looked too much into Huru Pay specifically, but this is their first uncapped raise.

So they're kind of playing with the mechanism. There's we've talked before about the challenges of having sort of like not an explicit cap but folks can basically contribute as much capital as they want into a metadow ICO like fund raise and then you know the teams sort of like generally speaking you know choose a cutoff point and then return excess capital and then proada distribute the tokens which has the unintended kind of consequence or side effect that you see a lot of overallocation of just trying to secure, you know, as much as much as you're hoping to like receive from the token allocation.

So whales kind of dumping in TVL and and games around maybe some of the poly markets as well in terms of like how much gets allocated, but ultimately like makes the process a bit confusing and kind of convoluted. So, interesting to see an actual uncapped raise like the amount raised is the amount raised, and some other mechanisms mechanisms around that. I'm I'm wondering if you have like any views on kind of like this was the right choice like how how things evolve from here.

Yeah, I think this was the right choice. Like the problem with the previous capped race mechanism is that it incentivized whale games as you were saying like basically people knew that the sale was going to be capped at some like relatively reasonable number. So they were able to contribute a lot knowing that they'll just get refunded and then they'll gain a big allocation relative to the total supply and they can also manipulate like the poly market odds on the committed amount.

The problem is that that committed amount didn't reflect true funding demand because the majority of people contributing like to that race were just hoping for a refund and just playing short-term games. So what Metad was trying to achieve with a uncapped race was basically remove this short-term like traders and remove these short-term games and just pull in patient capital which at the end of the day is what you want with a venture style investment such as Europe.

The problem is that the sale happened at probably the worst time in the market we've had over the past two years. So I mean you can't unfortunately like unattach I don't know what is the right word like a token sale from market conditions and just hear her pay had the tough luck of being like at a very tough time for for the market overall and a very risk of sentiment like I I 100% think that if her pay had launched I don't know before October 10th of last year, like maybe December of last year, I don't know, they probably would have filled the 3 million that they were looking for, but it happened at a time where like prices were down.

People are generally like a bit riskoff, a bit more cautious. It also happened right after Rangers ICO which did not perform up to expectations. So I think Metadal wasn't able to pull in like enough of the patient capital that that they would have been able or that they would have liked. I think like this week profit will probably release a monthly update for Metadow probably go through some of the learnings during that sale.

Overall I think one of the key like lessons going forward is that I I do favor like uncapped races. I do think Metad needs to figure out a better way to pull in that long like patient capital. And the other thing is I do think they need to go permissionless. even though like curating races made sense at the beginning and it has been one of the big factors that they really like people really trust the team like I I think at this point you can't expect them to perform due diligence on every project aiming to race on the platform and just like um yeah like eventually you're going to get things wrong and eventually you'