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Jito's Blueprint for Internet Capital Markets ft. @buffalu__
Recorded: March 9, 2026 Duration: 0:41:03Space Recording
Full Transcription
Thank you. Thank you. Thank you. all right that seemed to work we're actually on the timeline
elon has allowed us on the timeline we've been getting
we've been getting banged to the right hand side for the past few weeks so looks like it's working
I've been getting banned to the right hand side for the past few weeks so looks like it's working
Lucas how are you doing pretty good how are you yeah good thanks mate thanks for thanks for
jumping on um the market layer article fantastic uh great job on that one yeah um we've been we've
been floating this idea which we're actually launching a report in the next couple of weeks
called chain gdp when we said that when we seen that come out it was just like right we might not We've been floating this idea, which we're actually launching a report in the next couple of weeks called Change GDP.
When we seen that come out, it was just like, right, we might not be deluded after all.
So I want to pick this apart, actually.
So, yeah, so should we just get straight into it?
Like, why is now the right time to actually write that article?
Is it just a culmination of a lot of things that you guys have been building?
And do you want to kind of give people just a brief tldr synopsis of it yeah so uh yeah last i think uh two weeks ago i released this article called the market layer manifesto
just talking about uh like how that's kind of what um i think we've kind of struggled to
communicate what we work on and like tie everything together.
So like there's the whole block building side of the business. There's a liquid staking.
There's the JTO token.
And there's like other products that we're working on kind of in like a similar category.
And yeah, we ended up settling on this market layer category.
And we think that markets need a few things to be successful you need
execution you need capital and then you need economic capture and access and so on the
execution that's kind of what we're focusing on with bam and uh the gito solana client the block engine
basically since the beginning of gito and then there's the capital side which is gito soul
there's the economic capture which is jto and then the market access which will be uh revealing some
products on at a future date and uh so yeah just kind of like tying everything together and
there's a lot of discussion around markets right now.
I think with prices down, people are finding things to focus on.
And the system fundamentals are pretty popular right now with how Solana works and Hyperliquid and all these other chains.
And so it felt like a good time to release it and kind of put our stake in the ground
on this is what we're building yeah awesome so there's a few really interesting points that i
think are like extremely relevant um in today's market where you spoke quite a bit on speed
decentralization like these aren't the benchmarks that people can now just go and continue to raise
like these ridiculous hundred million dollar rounds and just fine tune some
tiny aspects of the stock.
That's a marginal improvement over like what's previously gone before it.
Like we obviously seen back when Ethereum got extremely congested 2019,
2020 and like an old L1 thesis appeared,
which always was going to happen regardless.
But then it feels like a lot of these teams have just continued with that narrative and a shitload of money has been spent on just
funding this fine-tuned idea like let's see how much we can ramp up the tps let's see how much
we can kind of like reduce gas like it's just marginal improvement and it feels like it's just
been this kind of circle jerk let's see what we can throw money at these are like the three or
four benchmarks that we're just going to be able to like justify spending a shitload of money on um but your
argument is completely against that it's where the economic activity actually lands now as opposed
to these whatever we've been doing for the past few years and like maybe the winners are already
actually here so don't know if you've got any thoughts on on that and like where we're headed next yeah everyone focuses on these easily quantifiable
metrics which is fine for uh like those are kind of table stakes like speed transactions per second
some people care about validator count and all that but uh that's i mean those are the bit that's
the bare minimum like you need a fast blockchain you need low fees
um that's not really a moat anymore like i think uh when solana started and launched it was
completely differentiated from that standpoint like they you know um ethereum was not super
focused on speed we saw i think like solana bsc polygon a lot of these l2s start to
pop up talking about speed and now there's a lot of blockchains that are fast and they're just going
to continue to get faster and faster solana is going to continue to get faster and faster
monad uh all these l2s um like Tepo, all these blockchains.
It's kind of just like the table stakes.
So it's not really something that we think is worth focusing on anymore.
It's more like making real markets work and getting people to use the chain and trade on the chain.
getting people to use the chain and trade on the chain.
And those markets,
obviously perpetuals have just taken the world by storm.
Like every man and their dog is now perpetual.
Everyone wants to be the next hyperliquid.
I think if there is any valid,
like even for me who's been an avid Solana proponent
since basically day one,
if there's any valid pushback, it's like,
why aren't we seeing a hyper-competitive DEX
and Perpetual's marketplace on Solana go to-to-to with Hyperliquid?
And I feel like that's really a battleground that needs to be pursued.
And obviously, you guys are going to feed into that
and maybe allow that solution to actually happen.
But can you like, because you're looking at it from a very unique perspective
right can you set the scene for people of what the current state of play is and how you guys are
you know coming in and maybe providing a solution for that going forward yeah yeah i mean there's
a few reasons or a few things that i think the uh that we can make perps more successful in solana i
think a lot of it is just like product and marketing so getting the users to come on chain
i think that's what hyperliquid has done super well they had the massive airdrop and have continued
to iterate super fast so yeah i think this weekend like um
people there there was a lot of volume on the crude um hyper liquid perp and because the normal
markets weren't open on the weekend and they are just that's just like a really good product
feature being able to trade these rwas that
they've been able to iterate on super fast and you know they that team shipping really fast
and so i think a lot of it is like that on solana where um just getting a faster iteration cycle on
the product side and then the thing that we really focus on um is on like the market microstructure.
So that's kind of the focus of BAM is like,
how can we make the system better today? And then how can we predict some of the use cases that are coming
and start to build towards them?
And hopefully like the products get better
and we will continue to innovate at like the actual block building layer,
making it more friendly for applications and trying to figure out what we can do to unlock new features for these applications.
And I think we'll be able to meet in the middle and blend those two things really well.
more professional traders and then making a on-chain trading venue that's super friendly
for market makers and uh just lets them provide the best prices to users yeah what's what's
currently preventing the best price has been quoted currently that's yeah um yeah i would say
it's uh there's a few things i would say like there's a lot of layers
to the onion for market makers so like understanding how the network works um from the like how do i
send transactions to how do schedulers work there's like at least uh i think there's like
seven or eight different schedulers running on the network right now,
or basically different. There's different algorithms that run depending on the leader on how those transactions are ordered. And so I think that that's kind of like one of the last
layers of the onion, in my opinion, is like, if you really want to get good, really understanding
what, how the current scheduler is running is super important.
So yeah, there's a different leader on Solana.
Every 1.6 seconds, you have like seven to eight different schedulers.
And so the way that the system works is basically changing every 1.6 seconds.
And I think this is kind of, yeah, as I mentioned,
it's like one of the last layers, the onion to peel.
And so we are trying to make that way more understandable through BAM.
So actually running scheduler in TEE,
so you get confidentiality,
and then you also get the verifiability component of it as well.
So you can say, okay, I know that here's the code on GitHub.
It's not open source yet, but we're aiming to do that this year. And then being able to go to the
system and say, hey, what are you running? What's the hash of it? And being able to compare those
two. And then also building in features, we call them plugins, but basically like some special logic for applications to use to kind of get some elements of application controlled execution.
Most popular form of this is the market maker priority.
So market makers getting kind of a small advantage, time advantage to update their orders compared to takers so that they can
quote tighter uh we don't do any trading on chain but from talking to a lot of traders
there's just so much time and mental uh mental bandwidth and like multiple people at these
companies that just are trying to think of ways to avoid getting taken on
by toxic takers and uh you know if there was i think if there's less time spent doing that then
they could be spending their time building better pricing models and things like that so uh yeah
that's kind of like the the thing that we're focusing on a lot with BAM.
Oh, I can't hear you.
Sorry.
Yeah, it's working now.
Yeah, so design choice of T's.
Was there anything else for consideration?
Maybe ZK's, FHE, or was like Trusted Execution Environments going to be the only choice for this?
Yeah, we kind of looked at those.
I don't think they're ready for primetime yet.
We're definitely open to reevaluating it.
I don't think any system is going to be perfect.
It's like everything has trade-offs.
There's no system where you can just say this is perfect.
It meets all of the requirements.
So yeah, we're definitely open to that.
We're going to keep an eye on those things
and how they develop.
But we felt that if we want people to understand
how the system works, we need some form of verifiability.
So people need to understand how the system works,
and they need to be able to verify that's actually
what's running.
And another thing with BAM is we want other people to be running the nodes.
And so when you have other people running software, the question comes up, how do I know that they're running that software?
And so the TE provides that capability as well, where you can make sure everyone is running whatever version of software
they're running. And the confidentiality piece of it means that even if they're running that
software, they can't see what's going on. They can't see the transactions going inside of the
system. They can't like parse them and play any games with them. So we felt that was the right
trade off at the time. And yeah, the TEs are kind of like the fastest
and easiest to develop on compared to ZK and FHE.
It's just like coding any other system.
Like we can run the same code inside the TE
and outside the TE.
There's no modifications that you need to make.
And they're actually way more performant
than you think they would be.
So yeah, we felt like that was the a good system
to move forward with yeah nice so so so with bam um i've seen you got the bam builders like
series coming out is there any like anecdotal unlocks that you guys have enabled with specific
types of teams that was previously not really possible or it's just enabled their product to be
drastically better?
Is there any kind of like just tangible stories
so people can actually picture it from a product-first perspective?
Yeah.
So I think zooming out,
in order for these things that we build in BAM
to be utilized by the network,
you need stake.
So if BAM is running on 5% of stake,
that means whatever the code BAM is running
that we work on is only running 5% of the time
on the network.
And the other 95% is whatever else people are running,
the other seven or eight schedulers.
So you kind of have this chicken and egg thing
where it's like, okay, we need more stake.
And then apps, you tell them you can build
these features and they're like how much steak do you have if you say five percent they're like okay
we should talk later because that's not super useful to us so i think right now we're around
like 27 of stake and we feel like this is a good time to start experimenting so we've been working on something the past like two or three weeks talking to
a lot of Prop AMMs about, and we'll have updates more on that soon. But yeah, that's kind of our
first version of what we call plugin. And yeah, there's been a lot of interest from the Prop AMMs.
We focus on that first because that's where a lot of the trading activity
is at on solana right now and there's a lot of innovation happening there so we feel like
we can kind of contribute to that innovation by building something specific for them and so
yeah we'll have that uh announced in like a few weeks and then um i think it's going in testing on like testnet this week and um yeah
from there we'll start to uh we'll continue to work with other apps on building things inside
bam whether it's prop mms perp dexes aggregators you name it uh there's a lot of interesting
things that you can do when you have tighter integration between the apps and the actual scheduler that's
running on solana yeah is is there like a is there like a step change in as more of the networks
continues to adopt bam is there like a like a threshold of where you guys start to see it
becoming like really really powerful like or how do you think about that? Yeah.
Yeah. I think that we will, we're definitely,
we'll definitely be measuring the outcome of this like new thing that we're
working on.
And so I'm pretty optimistic.
We'll be able to share interesting results there on, you know,
on better quotes and better outcomes for users.
better, better quotes and better outcomes for users.
And so I'm optimistic that will kind of catalyze
the next stage of growth for BAM.
So we're at like 27, 28% today.
Hopefully we can get to like 50 or 60 pretty soon.
And I think that once we start to like 50, 60, 70%, 80%,
then it starts to have a much larger impact on solana
so uh yeah we'll keep we're gonna keep building this measure it and then uh ship it and continue
to iterate pretty fast on it and uh yeah as uh we do that we'll start to kind of build out more
plugins for other applications that uh people can use to make their applications better.
Nice. Yeah, so I suppose the other key market, which a lot more people are adopting, a lot more people are becoming aware of, is prediction markets.
I don't know if you guys are working alongside any teams in that sector currently.
don't know if you guys are working alongside any teams in that sector currently is there any
unlocks that you guys could enable with regards to that because as i say it's solana's obviously
killed it on the speculation game and i feel like it actually it is becoming the de facto place if
you want to buy anything a lot of these integrations sunrise have done a great job being able to buy
any spot asset day one so many rwas coming on this line at the minute as well but
with perps kind of in the line
of sight of being able to be cracked and achievable the other obvious 800 pound gorilla in the room's
prediction market so from your perspective have you seen anything that's uh you know looking quite
bright for the future uh yeah we haven't really focused a ton on prediction markets. Definitely open to talking to teams and figure out how we can make their application better.
But I think that's another thing
where I want to see more prediction markets on Solana.
Because right now it's like Polymarket,
which is on Polygon,
and Kalshi, which is off-chain.
And so, yeah, there's been a few attempts
at prediction markets on solana but i
don't know if they've taken off i think it it just goes back to the thing that we were talking about
earlier where like we need better products and more user adoption and hopefully we can meet them
in the middle once that happens but uh yeah those are definitely very popular right now across those
and then also hyperliquid i think we'll be getting into that pretty soon here as well.
Nice.
And so Gito Sol has obviously been a success, to put it lightly, the liquid-staking token.
There's just been, I suppose, a shit ton of institutional interest in adoption.
And there seems to be an announcement every single week.
We keep a close eye on it because of our validator on solana um how's that been uh what's kind of next for that
is there any additional plans i suppose this is kind of the glue that holds a lot of this together
as well so yeah just any any good thoughts on that yeah um yeah jito soul is the largest LST on Solana. And yeah, I would say that the growth
in liquid staking on Solana
has kind of stagnated a little bit.
I think some of it is just like the price going down.
You know, like a year ago,
we were at like almost $300
and now we're at roughly $80.
So I think people are, you know,
it stagnated because I think people probably sold
some. But yeah, we're constantly thinking ways to improve that product. And we're still kind
of brainstorming like what's next for that product, because I think there's a there's a few
things that we can improve on like the yield, and like making operationally easier to run and things like that.
So yeah, I think there's ways to improve that product.
And we're also doing a lot on the institutional side. So yeah, we were the first team to meet with the SEC Crypto Task Force
under the Trump administration to talk about liquid staking in ETFs.
And you saw the output of that with the VanEck Jitosol ETF.
And then more recently, the 21 shares Jsol ETF,
which is 100% Jitosol staked.
And there was a lot of work that went into that.
It's not just like, go talk to the issuer and they'll launch it.
It's like, okay, how are they going to price Judo Sol?
Is there enough DEX liquidity?
Can the index only rely on DEX liquidity?
Or do you need more SEX liquidity and SEX volume for that to be more trusted?
So it's not subject to like some Oracle attack or something.
So yeah, there's a lot of focus on like getting it listed across multiple centralized exchanges,
getting deeper liquidity on those to like, how are they going to hold the asset?
So like if there's a GDOSOL etf obviously they need to be holding g to soul
and they like to use qualified custodians for that so there's a lot of work on like
getting anchorage and these other uh qcs to support that there's a lot of work on like the
tax side and the security side and all these things and so yeah it's not just as simple as
like go to the issuer and list it it's like
there's all this infrastructure and scaffolding that you need to spend a lot of time talking to
all these different parties there's a lot of stakeholders so that's a lot of that groundwork
has been laid and so now we're finally seeing like the 21 shares and the uh there's more progress on the VanEck LST GEDO SOL ETF. That's a result of our efforts on all the QCs and the indices and things like that.
So that continues to be a big focus and trying to expand into other regions as well,
like Asia and the Middle East and things like that for more GEDO SOL ETFs.
Yeah, it must be wild for you to sit back you probably don't actually take it in but like
starting out thinking all right i'd go and solve mev on solana and then yeah i mean it's pretty
interesting i feel like i'm learning more every day um between like rebecca and tom who were uh legends in their their respective industries like
uh just learning more about the institutional side and uh you know they don't think the same
that same way that we do um like oh there's this like lst i'm just going to deposit into it there's
tons of questions and due diligence and all these things that you have to go through so uh i think that's been helpful to learn that and kind of um focus on uh obviously continue to
be like degen and focus on that but also uh speak the institutional language yeah how do you um
how do you you know because from your perspective there's got to be like
a very easy trap to fall into a shiny object syndrome because there's so many opportunities
that you could go and chase and fulfill like how how do you guys like is there a framework internally
for right how do we get to what is priority number one how like what is the auto priority
from a builder perspective because as you say because you are now an enabler for other applications there could be quite a lot
of temptation to just be like oh it we'll just go and build it ourselves yeah it's very real yeah
uh yeah i think it's uh we've definitely fallen into that before there's a few products that we
built that uh we kind of had shiny object syndrome.
And I think it's just like a learning lesson.
So, yeah, I think we are more calculated now.
Trying to do less better, essentially.
So, yeah, I would say that our thought process is it's kind of a balance between relying on other teams.
Obviously, BAM is pretty reliant on other teams to build on top of it.
So trying to balance that versus other teams have their own priorities internally and i think making sure that we're fully aligned
with those teams is uh super valuable as far as like timelines and what's being built and all that
and then um yeah i would say like less trying to fall in the trap of like what's hot right now and more focusing on like um we're
here to play really long-term games with long-term people and so trying to uh zoom out get out of our
own bubble talk to other people i think when you're in a company like you get into you get
in your own bubble and you're like oh we need to build this so this needs to get built but uh you know we are so focused on jito we're so focused on solana that it helps to
get out and talk to other people whether it's investors other projects on solana other projects
on different chains um you know follow other ecosystems and like really think hard about what needs to be built and where we can contribute at.
So it's a constant battle.
I don't know if we've like fully figured it out, but we're definitely making strides to get better at that.
Because, yeah, there's a lot of shiny objects like, you know, right now it's kind of like ai and open claw and like stuff like that
or stable coin payments or agents or um try to think what else like privacy was really big like
four months ago with the whole zcash thing and like obviously privacy is always going to be big
but um that narrative has definitely faded relative to where it was uh a few months ago so
yeah just trying to uh think further out i think will be pretty valuable if you are suffering from
the shiny object syndrome and how we um i suppose that helps with solana's very very clear messaging as well of like increased bandwidth reduced latency
uh as opposed to some kind of like 20 30 hyper extended roadmaps that we've seen on the timeline
quite recently so um does that help i suppose that's like that is it it's two lines go and
build towards that and if you build towards that that's definitely going to be of net value to the to the ecosystem yeah yeah i mean you want to focus for far out but uh you don't want to go too
far out just because the industry changes so fast um so yeah it's a it's a it's a constant trade-off
of like ship now or ship for something six months out versus like start laying the groundwork for
things that are two three five years out and um how much obviously you see a lot of sensationalism
on the timeline around claude and codex and um all these co-generative tools like from someone
who's builder first and inherently technical like how much is this of an unlock for
for the team like how big how big is the team first of all and is it is it as drastic as people
are making out yeah we are 26 at labs and then jito foundation is like uh let's see i think they're around 11 people at judo foundation um and yeah we hired i think
uh around seven people this quarter so we've grown a decent amount this quarter um yeah it's
funny i was uh talking to another founder like a month and a half ago and we were talking about ai
and they're like does this change the way you
guys think or change anything about hiring or like how integrated are you guys with ai and
your workflows i was like yeah we're like kind of using it but like i don't think it really changes
much and then i think it's like a month ago everyone fell down the open claw rabbit hole i
went and got a mac mini and set it up spent like all day uh it's
actually on valentine's day my wife was uh i just got nerd sniped on valentine's day and set up this
open claw and uh i was like okay there's some really cool stuff here um being able to i've
been using a lot to like build apps so So yeah, it's like a whole computer.
It can touch the file system.
You can build apps and like deploy these things on it.
It has memory on it.
So it'll like remember what you talked about the day before.
There's all the skills and everything and the cron jobs.
So it can kind of like self-trigger.
So you don't have to prompt it.
It'll just like do its own thing
for you and i was like okay there's a lot more we can be doing at cheeto to uh get ahead of this
so i feel like we're kind of behind on this um a lot of big companies like are talking about using
ai a lot we saw block lay off like 40 of their staff for because of like intelligence tools or whatever
they called it uh we're not gonna like lay people off i think it's just gonna accelerate how much
work we can get done and so i've been thinking a lot in the past like two or three weeks like
how do we leverage this more how do we kind of make it the default behavior um how do we yeah how do we use it to to move faster and help uh information
sharing in the company so i think uh when you're working from home and everyone's remote like
there's some information silos that sometimes take place so uh trying to like make it easier to discover information, automate things like meeting notes and
start to
have it tackle GitHub issues
fully build out features on systems
and things like that.
Something we're spending more time
on and start dedicating more resources
to within the past two weeks.
Nice. Yeah.
My team are probably sick of me and mike
sending in a little task for them to do so claude team's plan this morning they've all been looking
at the anthropocleons like a 33 page document on building skills from a beginner so i was like
please everyone will create a skill yeah this is that more just called hard to read it and uh
that's what i've been doing it's like like, okay, here's like a new memory paper
or here's how to build skills.
I want you to build these skills for me using this.
Just like so lazy.
We were laughing internally,
saying that we'll be writing proposals for teams
for some of our clients and things like that and then sending them out
and we were like we'll be using like Claude to write some of this proposal and then they'll
probably just be running it through Claude to actually decide if it's a good proposal or not
it's just like what are we actually doing here
yeah um so are you using the feed just like your daily workflows like trying to reduce
boring mundane tasks so you can kind of free yourself up for what's important or
is it more sensitive uh yeah i would say most of us use cursor and codex uh cursor is just like a
ide to develop code in so it can write code in there.
You can use it to plan out features and then using it to like review pull requests and things like that.
And we're trying to figure out like how do we build like an intern level engineer or like a junior engineer with it.
So yeah, like it's not as easy as just like send something to to claude and like let it go like so you have to set up the skills and the context and like how do we prefer for work to
get done and uh there's like a lot of like um i would say like it's like a time investment like
it's not gonna pay off that exact minute that you're working on
it but the goal is to like pay off you know a week or two or three and hopefully i can just keep
compounding more and more so uh yeah there's like a lot of engineering stuff that we use it for and
then uh just kind of like the typical like google doc stuff. And we're working on some other things that we're going to start to use it for
to just get more stuff done faster.
Yeah.
Do you subscribe to this idea that I think I've seen Tully put out quite a funny tweet
actually that said in 2024, like the structure of the tweet is like 2024,
your chain is just full of bots with like a negative emoji connotation. Now it's like 2026, all chain is just full of bots with like a negative
emoji connotation now it's like 2026 all your chain is full of bots with like a positive
do you subscribe to the idea that people are going to build with that i suppose user group
in mind you know going forward as opposed to actual users. Yeah, for sure.
I mean, Solana's kind of already built like that.
It's fast and cheap.
Does Rust help with this as well?
Does Rust help with this as well?
I'm inherently non-technical,
but I've seen a lot of people speaking that.
Yeah, I think Rust is a pretty safe language.
When you are building the software,
you kind of know if it's going to work or not
before you actually run it.
So it's easier for the agent to iterate on it
compared to something like Python,
where you don't really know if the Python is going to run.
It's not a compiled language.
So there's no errors ahead of time.
You'll just randomly run into errors when the software is running compared to rust where that doesn't really happen
um yeah i think salon is built for this um it's not super clear to me like what
uh there's like the x402 payment stuff and all that. There's like the new meta that people are talking about
is like building for agents.
I think some of that's interesting,
like just making it easier for them to use your software
and APIs and things like that
through skills and tools and whatnot.
Yeah, everyone's dropped a CLI over the past few weeks.
Yeah, like Helios has something for MCP and skills,
and there's a ton of other projects that are doing this.
I think Solana has some stuff there too.
But I haven't really spent enough time thinking on what else is there
to build for agents that uses crypto.
Because these things are pretty smart.
They can just spin up wallets.
They can read code, write code, and kind of do their own thing. that uses crypto because like these things are pretty smart they can just spin up wallets they
can like read code write code and like kind of do their own thing so i don't know if i have a
well-formed thoughts on like what what can you build for agents that has network effects that
they can't just build themselves um because yeah i mean i'm having it build like pretty complex features when I sleep and it's
like doing it's doing pretty good just kind of like letting it rip so yeah I don't know what
what people will build for agents other than like the the base blockchain yeah I suppose like the
I seen this line of payments account set up like the other day.
So I don't know if that's like an internal push.
But you kind of take a step back and like payments and just being able to have access
to multiple different currencies, obviously for a lot of people around the world with
highly volatile local currencies, just even getting access to dollars on chain is like
mind blowing to me.
I've lived out in Asia for, well, previously i'm just moving back to europe but living out in asia you kind
of just see how like impactful that can physically be but um how much of like uh internal with regards
to solana how close you guys are to them and hearing them speak about payments is this something
massive that they want to go and attack because you know you've got the likes of tempo coming
online that gonna try and like slot into that um slot into that sector i suppose yeah um yeah i think it's
good to focus on it is kind of table stakes in my opinion and like everyone's going to do that
um the thing about payments is it doesn't really generate REV. I was talking to another investor this weekend,
and we were kind of talking about payments and all this agent stuff.
And it's like, yeah, that's great,
but it doesn't really generate meaningful revenue.
They're pretty price sensitive compared to traders trading meme coins
or like RWA perps or whatever it is um where you
kind of have this like spiky activity that pays a lot so i think it's good to focus on but uh you
need people trading on your chain and you need uh yeah you need markets on chain so i think that is
more important to focus on than payments.
So yeah, is there anything else we might have missed?
We appreciate we covered quite a lot there.
Like what's coming next down the pipe?
Anything you want to push people's attention towards?
Yeah, if you want to check out my market, Larry Manifesto,
it's on my sub stack.
You can probably just Google buffalo sub stack find it
um yeah teams focus a lot on bam and then uh we are starting to kind of build out a new product
here that we'll announce later this year that we're pretty excited about i kind of hint at it
in the the market layer manifesto but focusing on market access so uh we think there's a lot to build
in this area and uh you know we have had two pretty successful businesses in solana i think
this is going to be another one so we're pretty excited to get that out and reveal more about that
later this year awesome well lucas thanks for your time it um that was great and uh hopefully
when you roll that out,
you'll come back on and tell us all about it.
But yeah, thanks.
Thanks very much.
And thanks for listening, everyone.
We'll see you maybe next week now.
I'm out the office for the rest of the week.
So yeah, see you next week.
All right now.
Henry, Josh, you can take it away.
