The Rollup 2025 Awards Ceremony & 2026 Market Predictions

JP Morgan, Black Rock, DTCC, Fidelity, the entire thing was just institutions. It's just it's next level. This industry is going to the next level. And guys, I don't know what else to say. You said it. You finally said it. So boys, we're boys.

Corola is headed to the top. If we're not already at the top, we're going to the top. We're on fourth floor today. We're going to be on floor one and then we're headed straight to the moon, boys. Cheers to 2025 being over 2025 awards ceremony. Oh yeah, baby. It's 2:16 p.m. We're in Florida, man. It's warm. Merry Christmas. Happy New Year. Freaking new year. Freaking new year. It's been quite a year. If somebody told you that we would have had Trump launching his own coin this year along with Robin Hood announcing a chain announcing announcing a chain, Stripe announcing a chain. ETFs for altcoins. Yeah. I mean there's just a lot happened this year. I mean we the biggest thing that we can talk about is really just like the shift in the space. But man, so much happened this year. I think there was so much excitement.

remember November of 2024 is when Trump got elected and there was so much anticipation and so much excitement. Yeah. And then he came in January got inaugurated and the beginning of February he we liberated us. He liberated us from the trade imbalance world with the poster the liberation day and then we got tariffs and we got absolutely nuked on. And so that was how we started off the year. And if that feels like eternity ago, but that is how we started off the year. The run up to alltime highs coincided with the run up in the election as soon as he was inaugurated. Trump coin launched, Melaniacoin launched, and the market got whacked, and that was the top. And we've we've been in a we've been in a bare market ever since.

Well, that's what people are saying. We've been in a bare market since January. But I don't know. We we definitely got the adoption that we were looking for this year from institutional like the regulution like the regulations. We got the Genius Act passed. We I know that market structure bill is very close to being passed. That was exciting. We had so much so much happened this year. Soulja Boy launched a coin. Jesse's the number one holder boy coin. Yeah, Jesse just launched his creator coin. Oh, let's talk about what happened. Zcash Revival. Zcash Revival powered by Near Intense Hyperlquid Goddent. Let's talk about what happened very recently with this Nick Shipley character. Yeah. Going gigafiral. 10 million views. I don't know. 75 million, 80 million, 80 million. Maybe it was closer to 100 million. 75 80 million views on Twitter for this video that he did exposing the fraud in Minnesota and the taxpayer corruption and how he ended up monetizing more on Zora and base than he did from any other social media platform. Yeah. which has wildly shifted the landscape because now you have a real feasible opportunity for creators to go and monetize on platforms outside of traditional social media like creator coins.

I mean he was exposing some fraud, right? Yeah, there was I think it was upwards of hundred million dollars in taxpayer money that was collected from taxpayers in Minnesota and then was allocated to like shell companies like fake daycarees, fake learning centers. It was misappropriated to different departments within the Minnesota government and it was essentially it was an extension of Doge like what Elon was doing at the federal government level. He was uncovering some of this, you know, what do they call it? Waste, fraud, and corruption. Waste, fraud, and abuse at the state level in Minnesota. And he went on this documentary and kind of went on this tour exposing this. And this is like real journalism like which I think people got fired up. He launched the creator coin on Zora and he was very vocal about this on Twitter.

And it was strange because I think Bass and Zora, they didn't want to come out and publicly support this because it is politicized. And so this has been the biggest use case of their platform, but you didn't have Zora tweeting about it from main channels. You had Jacob from Zora, the founder of Zora, talking about it, but you didn't have public endorsement of this character despite his creator coin being the biggest creator coin and the largest social media viral post that has coincided with creator capital markets when you're talking your micro. Yeah, man. I mean, it was absolutely kind of a trippy trippy video that went viral. I was shocked to see that he was on Zoro. That was another thing that happened this year. There was so many new things that happened this year as far as like uh different types of like I got my zeners in guys zins to win it to win it all. creator coins, streamer coins on pump creator coins posts that were creating let's kind of talk about the bigger trends of the year.

Obviously I think like big four tokenization, stable coins. Real quick, feel feel this sweater. AI soft. This feels like J Crew. That's cashmre. It's cashmop's been doing well, guys. Tokenization, AI, stable coins, payments. I have a lot ofrends. I have a lot to say about this. And so I think this started when we were in New York for SmartCon. And you know what happened was we we were invited by the Chainlink team to go out there and to live stream from SmartCon. And this was a very different conference for us, right? Because what happened, you know, we we started off in DeFi. We started off learning about a lot of cryptonative applications. And for as long as you and I can remember, I'm sure it's always been about decentralization. It's always been about this cryptonative ethos and we almost resented larger you know what what would have been called TradFi in previous cycles.

We resented these companies from coming in because this was the old guard. We didn't want to endorse these people. Like I mean I've had my funds on chain only in hardware wallet seven years. And so it it was almost like yeah these people have this institutional capital but we'd almost it's like keep that over there like we don't need you guys. We don't want you guys gunking up this good thing that we have going. But we went to New York and we realized, wait, they are actually bringing this to the masses. The masses trust the institutions. They trust the safety, the sturdiness, the longevity and sustainability of the companies that have been around for hundreds of years. And those are the brands that have a lot of trust. And we're not going to change consumer trust.

And so we realize that we're ultimately we ultimately have a very similar mission to the Black Rocks and the DTCC's and the stock exchanges and these these players because ultimately we want mass adoption. We want to bring financial access and democratization of capital to the globe. And that is a is a very similar mission. Stable coins bringing dollar homogenary homogyny across the world. And so what what I think we realized was wait the large companies that already have the consumer trust we don't need to convince people that crypto is the answer. We can let these institutions carry the flag of crypto to the masses and they are really the shepherds of mass adoption for this technology. And that is when I think you and I started to realize there's this new category for this category of institutional front-end or institutional brokers with decentralized and cryptonative backends and and decentralized financial applications.

And so you and I have been workshopping this a lot. We're calling this neo finance and we have a lot of conviction in this category as one that's sustainable and bridges the gap, crosses the chasm, if you will, between DeFi and TradFi, which we're no longer even calling TradFi and DeFi. We're just calling this finance, but what we're calling the cross-section of these two worlds as it evolves, we're calling that neo finance. Neo finance. Before Rob gives away all the alpha, we're going to take a quick standby. I'm going to refill my champagne and we're just minutes away from starting the awards ceremony, guys. We'll be right back, guys. We'll be right back.

All right. All right. All right. We're back. All right, guys. It's time to get the awards ceremony started. We put a lot of effort into the internal committee here. I'm just going to read some of our how we kind of ranked these teams that we selected. You know, we did a focus on core categories that we think are going to be very, very strong for 2026. Guys, if you're watching here on YouTube or X, there is a chat on both. Feel free to send in some stuff, whatever you guys like. Happy holidays. So guys, basically the way that we selected these awards was around data adoption and community. Our internal committee used a combination of benchmarks such as revenue, volume, open interest, other onchain metrics to decide the winners adoption. We're really focused on this new category of NEOance and institutional adoption. So for this we use institutional backing, ecosystem partnerships and real world integration across the digital asset landscape. And last but not least, community. The committee evaluates social presence, engagement metrics, overall sentiment, campaign participation and support mobilization ability. All very very important for this campaign. Cheers to the winners. So to be announced shortly. Without further ado, let's get into the first winner of the best in tokenization.

Well, first before we before we talk about the winner, I think we have to talk about the category. All right, let's break us down here. So, I've actually had people reach out to me that are not particularly crypto native asking about tokenization. So, I think that shows that this is breaking into the mainstream. So, what what is tokenization? Let's break it down, right? I think the best way to think about tokenization is an evolution of what we're seeing in finance. So early on and and we talked about this on the show, so I'll just do a quick run through here. For 200 years, you had physical stock trading. You had slips of paper. You can picture the guys on Wall Street shouting. You have to call your broker and they physically have to walk the slip of paper to the other side of the stock trading floor and trade it. Physically trade a piece of paper for some cash. And that is how you buy and you sell stocks for 250 years since d since since Dutch East India company first invented you know stocks.

Then we had digitization right and so that's when things came online you know late 1990s we had mainframes then we had early 2000s we had the internet and up you get interactive brokers you get schwab you get online brokerages and that culminates in high frequency trading which was essentially the pinnacle of the digitization of finance enter this third era finance 3.0 if you will, which is tokenization. We went from physical to digital to tokenized. Now tokenization allows us to become composable between multiple digital sources of liquidity. I think this is massively impactful for the amount of liquidity that we're going to unleash and how we're going to democratize financial access around the world. We we have blockchains that are going to coordinate. A blockchain is essentially like a synchronized clock. And so now you're gonna get the stock exchange synchronous with futures markets, synchronous with global markets. You're going to have 247 markets. You're going to have unlimited financial access, instant settlement. All of that is a result of tokenization, not possible before.

So we have a few key companies that are really pioneering this particular category and they're doing the hard work of going into the real financial world, real world assets, stocks, bonds, equities, physical commodities, and they're taking what was physical products and then digital products and now they're making them tokenized products. And so why don't why don't we talk about some of the key companies in this category? Yeah. Um for sure. I think it's important to understand also just the a bit of the restrictions that a lot of the you know traditional markets have had. You've had these T plus2 settlement times. You've got just a lot of inefficiency happening because of the lack of ability to have this global 247 democratized access. Um, you've got teams like Tether, Securitize, Paxos, Ripple, Wisdom Tree, Plume, Ono, Coinbase, Superstate, Janice, Henderson, Centrafuge, Canton, Figure, Pacted, Franklin Templeton, and many more leading the charge.

But the winner, the winner is the largest platform by assets, 4 billion in tokenized assets under management. The they have top institutional partnerships from tokenized funds, Apollo, Black Rock, Hamilton Lane, Vanack, KKR, BNY, Melon. No competitor matches this breadth of TradFi players and expertise. Drum roll, please. They have a unique regulatory edge. The only company with fully licensed digital securities infrastructure in both the US SEC registered and EU with the DT pilot regime approval now for trading and settlement with revenue projected to be $70 million in 2025, profitable for a long, long time, and an upcoming $1.25 billion spa valuation. Planning fully onchain trading for real public stocks in 2026 with build having paid out over hund00 million in lifetime dividends. The industry recognition is clear often ranked number one for in the leading platform in reports. The best in tokenization winner is securitize. Let's go securityize. Congratulations to Carlos, Tom, and many of the other other winners of this category.

Let's get the camera here so they can really see the winners of Securitize here, right here, right now. Securitize is the winner of the best in tokenization category. Leo, can we get a camera flip for you, please? Look at this beautiful thing. Absolutely amazing. Best in tokenization. Thank you. Thank you. Thank you. Thank. So, cheers to Securitize, guys. The these guys, we've had Carlos Domingo, the founder of Securitize. We've had him on the show several times. We've also had a few other members of their team come out to some of our events. We've co-hosted events with these guys. So I think this is welld deserved. Shout out to Tom, shout out to Graham, shout out to Carlos. These guys are doing phenomenal work. It takes a lot of guts to go into the Black Rock office and talk to them about crypto. I they were the ones to tokenize Bittle, the number one RWA product, the number one tokenized product of 2025. I think I think securityiz is the clear winner.

I agree. They've been doing I I I just you know back in 2018 they had these STOs, security token offerings back when nobody wanted to, you know, nobody cared about what was happening. And these guys were doing it and they've been in the trenches for so so long. It was it was it was a really close close fight. As we said, Super Stage, Franklin Templeton, Janice Henderson, Coinbase, so many more are coming out and they have their work cut out for them in 2026. Securitize does they they do, but none of the you know a lot of great companies in this category like you mentioned a lot of them are tokenizing different sorts of asset classes. You got Tether tokenizing cash. You've got Janice Henderson tokenizing CLOS's. You've got tokenized bond markets. Tether's also doing things in in gold tokenization. But none of that would have been possible if it wasn't for Securitize leading the way. And I think Securityitize really showed the path to bring established incumbent financial institutions into the space and it showed a path of how to do these things the right way.

And and you see Carlos talking about this all the time. You've got this very complicated pipeline of tokenization where you know you have the physical asset and the equity and it lives offchain. That's really the the register that is the actual security is offchain and then you've got the other way and then they just have this you know tokenized representation of it. Then you have what Carlos and Securize would argue is the correct way to tokenize, which is the the the real asset is on the blockchain. That's where it lives. That is the it's got the stamp of approval from the settlement agencies and the regulatory agencies. And I think you, you know, to your point, they do have their work cut out for them because a lot of other tokenization companies are doing this uh, you know, one-to-one representation where it's just sort of this paper that's traded on the blockchain. But shout out to Carlos, shout out to Securize Eiz doing things in tokenization the right way. Congrats. Cheers on a successful 2025 and best of luck 20 26 guys. Guys, we'll be right back with the next winner. Take a quick pause. Congrats to Secure Ties. Do a quick quick break.

Cheers to securitize. Congratulations on a big win, the first nomination of the world awards ceremony in 2025. Up next, we've got stable coins, one of the largest categorical growth this year, hitting 300 billion plus in 2025. I believe there's over a 10x this year in stable coin supply growth. If not closer to five to 10x. Absolutely insane. This category has been huge. Rob, bring us down what happened in 2025. stable coins. Why was this such a massive year? Genus act passed institutional adoption, tempo, arc, plasma, stable, you know, insert new chain here. All of it is happening. Stable coins are hot and then we can reveal the winner. But I think what we're seeing is part of a larger trend where we talked about how we believe this space is going to evolve as financial institutions move more of their assets, move more of their products onchain. First, it starts with tokenization. You need to tokenize these asset classes before they can come on chain. Before we get complex complex structured products on chain, you need the basic building blocks. You need cash on chain and that's what stable coins are.

And so I think what is really exciting is the potential once we have growth in stable coins. Obviously we had Genius Act that gave regulatory approval for a lot of these coins stable coins to come on chain. We now have 30 300 billion like you mentioned. and there's a push by the powers that be those in control of the money printer themselves to bring this number of 300 billion up to trillions. And so what I think is most exciting about this isn't just the sheer growth of stable coins. It's what comes as a result of a growth in stable coins. I'm talking about yield coins, interestbearing stable coins. I'm talking about structured products. Talking about real world assets that depend on stable coin growth. And I think that is only the tip of the iceberg once we have stable coin. But again, you know, our industry tends to get ahead of itself. A lot of times we get really in the weeds of financial experimentation. And I love it because it's a lot of creativity and a lot of imagination that goes into these products, but it takes really prudent business mentality to stay patient, take a step back, and focus on the fundamentals.

And we'll we'll have a return to fundamentals award later in the show, but I I do think tokenization, stable coins, these are the basics and the building blocks of which a lot of the the creative and and very imaginative financial product will be born. So we have stable coin category. Now there's been a ton of growth in this category over this probably the hardest one. This was a really difficult category to choose from. It it was I mean there's the obvious there's the obvious answer here. Tether. I mean, we've got Athena, Tether, MZ, Jupiter, State of Wyoming, even Forax, Sky Dollar, USDA, Falcon Finance, Circle, Paxos, Plasma. So many good companies here pushing the agenda. And again, it's Tether was is the easy answer if you look at just their pure sheer growth. But we kind of got creative here with regards to our data adoption and community metrics here. And the winner for the stable coin category is what we believe believe to be the biggest winner going for 2026. They had a massive year this year, taking over the number three spot in stable coins. They're the largest decentralized yield bearing stable coin. They had the fastest growth by percentages. They grew by 86% in 2025, outpacing broader stable coin market growth of about 50%.

They had extremely high risk adjusted yield consistently around four and a half to 5% with a projection to maintain about 60 or 70 basis points over benchmarks like the uh you know treasury rate or the Treasury yield rate. They have extreme protocol strength $168 million of annualized profits plus 24% year-over-year. operating expenses down 61 and a half% massive buybacks and ecosystem dominance like the recently announced OEX incubator. The best in stable coins winner is Sky Dollar guys. Congratulations to Sky. Sky Dollar is the winner of best in stable coins. Man, congrats to Rune. Congrats to the entire team, Grove, to many of the other players who really made this happen for Sky. It's been a long journey with through the Maker Dow uh uh experience into what is now Sky Dollar and USDS. What a win for the guys. This is uh this may be a controversial pick. I I think obviously we have incumbents like Tether, like Circle, but you know, they went out on a limb. They changed what was one of the more fundamental brands in crypto, one of the first DeFi blue chips in Maker, and they sunset die, which is an incredible move. They move into Sky Dollar, which I think was the correct branding choice. You could qual about how much it costs them, but like you said, operating expenses, even despite the brand change, are down, profits are up. You can't argue with the fundamentals.

And I do think they are going about things a very very different way than Tether and Circle. And look, you you could say, look, their reserves are made up of, you know, some RWAs, which are which are, you know, centralized. But look, I still think of Maker and Sky Dollar as a decentralized stable coin. I think they are the only remaining decentralized decentralized stable coin that deserves this category. And shout out to keeping the crypto ethos alive. I think that is going to be extremely important as we we continue to cheers to that y'all. Yeah. Cheers to Sky Dollar. Cheers to keeping the crypto ethos alive and well because we're moving into a direction where it will become very easily to get commandeered by the financial institutions. We don't want to sacrifice the um the spirit that crypto was born with. And I think Maker and Sky are doing things the right way. They are certainly moving in the direction of a more robust uh and and trustworthy and and sturdy financial product, but they're not sacrificing on the ethos and the spirit that drives a lot of financial experimentation and and and frankly got crypto off the ground.

Man, I mean, if you guys needed the sky thesis, Rob just laid it out perfectly for you. Vance and Michael from Framework, shout out to those guys. They've really skypilled us here. I think we'll be tracking them quite a bit closely more next year. Also have been allocating in the public markets. We think it's one of the better positions to track for 2026. They are the most transparent when it comes to their their numbers. They're really thinking about things from a e expenditure revenue perspective and absolutely crushing it guys. So shout out to Sky Dollar. Guys, we're take a quick break and we'll be right back for for the next one. And congrats again to Sky. Boom.

all right the next award I mean I I am very fond of this award it is a term that I have coined back in June of 2025 this year it is a it is a term that the entire crypto ecosystem has started to use on Twitter can can I I want to ask you about the inspiration behind and the tweet of this category. Yeah. So, let let's unveil the category. So, is the Revenue Meadow Award. We had quite a few great teams in it. I'll read you guys out before we get into the the the teams in this category. You put out a poll, right? Was the original the the origin of this meta, right? And if I'm not mistaken, the poll was how long will the revenue meta be a thing? Was that generally the gist? Yeah, it was like how long is the revenue meta going to last? And it triggered people so hard because it was like bro you're literally asking about how long will business model development last in the world. It's like it's such a stupid question because it's like dude what do you mean how long is the revenue meta going to last? Like it's going to last forever.

And so the answers were like one to three months, three to six months, one year plus, two year plus. And like if like everything in life I've come to learn is it was barbell. It was like the majority was in two plus years which is signaling that it was going to last forever and then the second you know the second highest percentage was the was the shortest one to three months and lo and behold it is December 30th 2025 and that revenue meta is hitting hard. Everyone knows that the the winners of the of the market are going to be large revenue winners. In fact, lighter had their token launch today and their revenue is down 90% since 1010. And it is people are really concerned about it. A year ago this would not be the case. Nobody cared about revenue. We just announced Sky Dollar is the winner because well they generated $168 million of annualized revenue and I think that's based on like like the last two quarters of growth. And you know we had teams in this category like Axiom pumpf fun making what millions of dollars a day. Axiom hundred thousands of dollars a day. Etherfi absolutely on a generational run with Etherfi card. Sport.Fund has already $10 million of revenue. It's been live for like three months. Edge X also another purp of course with their Hyperlquid plugin. Crushing. Hyperlquid of course. Aerad Drrome also another big name.

So the revenue meta award goes to the highest revenue amongst all perexes in all D5 protocols. $844 million in revenue for 2025. uh making it the most profitable onchain trading venue and blockchain just actually just behind Salana in terms of REV or L1 revenue. It kind of depends where you get your sources. Shout out to Block Works. Massive scale, $2.95 trillion of cumulative trading volume, an average of about 8 billion a day, about 200 billion transactions, 610,000 new users, and peak open interest records throughout the year, upwards of$15 billion. outperformed all competitors, captured up to 70 or 80% of market share in per market at peaks, deepest liquidity, centralized exchange level execution, 200,000 orders a second, over 15k TPS, 99% of fees, funding, buybacks, industry impact, broke the industry, broke the entire industry's mental model for how to create a protocol and how to value these things. The winner of the revenue meta award is Hyperlquid. Shout out to Hyperlquid.

This also happened to be the most profitable investment of the rollup portfolio in 2025. Thank you, Jeff, for all your contributions, for rugging us on the terms and conditions on the airdrop, to not receiving the airdrop, to buying this damn thing the minute it launched in a Hong Kong airport after a dinner with some junior level liquid fund guys telling us that they're going to ape eight to nine figures on this thing if it launches below five billion just for some little little plebeians like us to throw our little bag at it and hit a nice 25x 20x tax on her. So, shout out to Hyperlquid. Yeah, this should come as no surprise. Hyperlid was the largest revenue producing app. You could call an app chain. They're up there with all of the chains in terms of the amount of money that they were able to produce. And you're right, they absolutely did break the mental model of crypto because up until then you, you know, basically put that you were an L1 in a pitch deck and VCs would give you trillions of dollars and it didn't matter if you ever had revenue, trillions, trillions, trillions of dollars, trillions of dollars. That that goes to the last category of stable coins. We're getting to trillions. So is Hyperlid getting to trillions as well.

A lot of the the stats that you brought up, they sound like a financial institution. They sound like the New York Stock Exchange or the CME when you talk about billions of transactions, billions of dollars of open interest and volume. These are the numbers that a decentralized exchange is running. Now, granted, they have four validators, so how decentralized are they? But it doesn't really matter because we're getting into the category of it doesn't matter the amount of decentralization you have as long as you have the right checks and balances in place. And so I think we're going to see a lot more of this blend between centralized and decentralized finance moving forward and and I I think hyperlquid is square in the neo financial category as far as finding that that balance. Now, Annie, I got a question for you because a lot, you know, the the two winners that we've selected so far, Sky Dollar and stable coins, securitize in tokenization, and a lot of the categories that we have coming up, these are teams and winners that we believe will continue to win in 2026. That was part of the criteria that we used to determine our winners for 2025. Now, I'm curious about the stickiness and the sustainability of Hyperlid going into 2020. Obviously a remarkable year from Hyperlid in 2025, but when you're looking ahead to 2026 and you're looking at the per category, how sustainable do you think Hyperlid success is?

I mean, I think that PERPS got wrecked on 1010 and Hyperlid OI hasn't even it got cut in half 50% or so from 15 bill to seven and a half bill. The entire market got is if you look at the charts all the volume and and revenue has just been down since 1010. Look I think lighter is the main competitor here. I think they are something to watch for. Man this fire is kicking by the way guys you don't feel it but it is it's it's to you would not know that it's Florida where we are. It is very warm. It is very warm. And you know so look I think Hyperliquid and Lighter Light Lighter have firmly secured the number one and two spots. And I think Hyperl is going to win and and I think they'll win and I think they will win big. I think Lighter will win 10%, Hyperlink will win 80 and then the rest of the 10 will get distributed against another 20 or 30 perexes. I think that's generally right.

I I have a little bit of a different perspective. I I think within the crypto perexes, you're absolutely right. hyperlquid 80% lighter 10 and and a long tale of perplexes. Beyond that, I do think that we're going to see centralized exchanges. We're going to see stock brokerages. We're going to see regulatory approval of perpetuals as an asset class and a financial product. And that is going to bring about large institutional companies and in institutional brokerages into the space to compete with what has traditionally been a cryptonative product. And so I wouldn't be surprised if we see Robin Hood, if we saw Coinbase, I think already has a perpetual product, if we saw other centralized exchanges and and really incumbent financial institutions, Interactive Brokers, Charles Schwab, Fidelity, I would be surprised if these players don't bring about a perpetual product sometime in 2026. And I think Hyperlid is going to do great within the crypto dynamic of purpose exchanges. But I think when it comes to the large swath of financial institutions that are going to enter the perpetual space, Hyperlid has got to step their game up if they want to to compete with the likes of Charles Schwab and Fidel and Interactive Brokers.

I mean, the thing is they're going to swallow those markets, right? Like they're going to do tokenized equity per they're going to do commodities there. It's it's it's already kind of happening. And so, it's the it's the tried, it's the same phrase as what we've seen a lot of these early innovators. It's, um, you know, the Schwabs, Fidelities. These have massive distribution, but Hyperlquid's got an advantage in the tech right now. And so, it's can the incumbents, uh, innovate on the tech faster than the innovators can reach distribution. Yeah. Yeah. Guys, that's the Revenue Meet Award. Awesome. Shout out to Hyperlid. Absolutely crushing it. and um they they will just firmly take security's spot. Shout out to Tom. All right, guys. Um we're gonna keep it moving along. The next category is best in privacy. So, privacy has had the biggest narrative comeback of any narrative I've seen in crypto for a while. It it completely soared this year. It really took the entire space by storm. I mean, we are seeing privacy absolutely dominate the landscape. Zcash looks great on the chart. Monero looks ready to go out of a seven-year pattern and break to all-time highs even though it's got 51% attack this year. You've got all these different teams that have just absolutely really stepped up and now it seems like privacy is going to be making a huge comeback. We have coming on for 2026 market predictions next. I believe he will probably have some takes on privacy. He's definitely a big invest in investor in this category. You got teams like Zama, Succinct, Boundless, ZKYNC, Near, Aztec, Alio, Miden, and many more leading this category. This is one of the musthaves for this next wave of adoption. These these companies that are coming on chain, they do not want to operate in a public only blockchain sense. Privacy is needed. We have the bre best in privacy category up next.

So obviously there there is a very strong barbell of things that are happening in the industry coming from multiple different swim lanes. And so yes, we are getting this move towards tokenized products. What is that going to do? Well, it's going to connect a lot of currently fragmented brokerages and pools of liquidity. These are going to become composable with one another. But one of the reasons that they're fragmented right now is because they don't want public information flows between the two. And so we want privacy with composability. And so one of the ways that this has been done in crypto has been ZK. And ZK was, you know, earlier in the year we were talking quite a bit about technology. This has been one of our bread and butter. We've talked a lot about ZK in the past couple of years, not just in 2025, but in 2025 is when we really saw performance improvements across the board. We saw ZK proving really become valid and and and uh uh you know pragmatic where now there are apps that are actually using ZK because it's become affordable, it's become performant. We're also seeing privacy in a sense, you know, not just private stable coins, but also private transactions and and this is this is a broad trend that we believe is going to continue to occur because we're seeing more institutional adoption and it's extremely important that we don't recreate an existing financial system. Shout out to Hester Pierce, this regulatory commissioner that isn't just looking at regulatory approval and trying to enrich the incumbents that