Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
Lighter Vlad AMA R3
Recorded: Dec. 27, 2025 Duration: 0:45:42Space Recording
Short Summary
Leiter's recent Twitter Spaces discussion unveiled exciting developments, including a token launch expected during the holidays, strategic partnerships with Robinhood for tokenized stocks, and a commitment to enhancing user yield through innovative features. The project is rapidly growing, now ranking as the fourth largest Layer 2 by Total Value Locked, while also addressing regulatory clarity to bridge DeFi with traditional finance.
Full Transcription
Music Thank you. hey jess oh hey here we go all right i had a whole script saying you know this is my first
hey good to good to get you on. Yeah, I guess
take three, right? I had a whole section in my script as I started about how this is my first
Twitter spaces, so please bear with difficulties. And it was needed. Here we are. But I'm glad we
got through it. All right, so I'm joined by Vlad Novikowski, founder and CEO of Leiter. Today
we're going to be asking him questions that I have that we've pulled from Discord, from
Twitter, from trader group chats. Anything you want to say before we get started?
No, no. I feel like we have a lot of questions to get through, right?
Yep. Yep. All right. First right first question low stakes just want to
you know start it off um when's the token coming out well you know i think we've said that uh
the holidays are going to be lit right so you know i think uh the community uh can interpret that
in different ways but uh you know we've seen a lot of excitement in the community and I think
it's warranted all right moving on I want to start off by really asking questions about you know the
roadmap where you guys are thinking about taking lighter in the next few months few years first
off you know is there actually a Justin Sun ZK circuit?
Right.
So I think there was some fud online about that.
So that was a bit of a joke.
But the circuits we actually published this week.
And so I know a lot of folks have been taking a look at the code there, but
the, you know, I guess part of the thing is that the point system doesn't go through the
circuits, right? So, you know, when there were folks who earned a lot of points and
got allocations into the LLP,
that part was not verifiable, right? And in the future, when there's a way to use the native token,
like to stake it and get access to LLP and other products,
that will be verifiable, right?
But I think the existing point system was not until
that, that was kind of a joke that there was anything for any specific whales or anything
about the point system and the circuits.
Okay.
So sort of, you know, assuming every time I hear circuit, my brain sort of glazes over,
assuming that I know nothing about ZK and that I'm too
fried to ever really understand it properly, what are the practical outcomes of LiDAR using ZK
circuits? Right, so basically what it means is that everything that LiDAR does is verifiable
and it's posted on Ethereum and so you know practically speaking right like if
you're a trader you don't have to worry about that you know my order will get um filled in
a different sequence from another trader you know unfairly or i don't have to worry about oh you know
did i get liquidated at the wrong price like all those things are insured by the circuits.
And so I think as the scope of what Leiter does grows, you know, everything will still be verifiable.
And so it also means like the circuits can kind of live side by side with other things that happen on Ethereum,
as well as the EVM side card that we're working on.
So we can talk more about that, but essentially like, you know.
Can you give me an example there?
Like a practical example.
Yeah, so a practical example would be something like where you could use any kind of asset,
like let's say ETH can actually be used as collateral on LiDAR, right?
Or let's say an asset that's on Aave or Morpho can be used as collateral on LiDAR.
Okay, so I could bring in, I could integrate like existing DeFi protocols on ETHL1.
And is that how you generally see integrations working?
Are you looking to sort of integrate the existing L1 set? Or are you looking to build your own L2 ecosystem?
Right.
So I think the purpose of the L2, right, is to have a very high performance exchange on top of Ethereum.
And we've done that right like I think right now
the lighter L2 has by far the most TPS on Ethereum and it's kind of the fourth largest L2
by TVL as well but the purpose of the L2 is to enable kind of high performance applications that
you need for things like perps trading and,
you know, you'll need it for other forms of trading. But a lot of DeFi, you don't need that
high performance, right? A lot of that DeFi already exists on top of Ethereum. So instead of kind of
rebuilding all of that, we'll be able to compose with the existing DeFi ecosystem, we'll be able
to build, us and other builders will be able to
you know introduce kind of other applications that do need the high
performance and then there's a lot more stuff to build that doesn't even exist
yet right like I think there's new asset classes right like kind of things like
real-world assets right options and so on.
So I think there's going to be a lot of stuff to build for sure.
But, you know, but there's already a huge ecosystem of DeFi already on top of Ethereum.
And so composing with that is a big unlock.
Got it. And, you know, you guys listed Spot a month ago, which sort of leads me.
And you mentioned that spot can
be used as a collateral asset, sort of leads me to the next obvious question.
How are you thinking about universal cross margin?
How are you thinking about design?
How are you thinking about risk limits?
Right.
So we'll work on that step by step.
Obviously, it's something that should be done in a way where we manage the risks, like even with the existing
systems around stablecoins, like liquidations and ADLs, like all these things need to be
thought through. I think there's a lot of discussion that was had in recent weeks about how ADL works.
And so even if the collateral is stablecoin.
But that being said, what we're going to do is first start with different stablecoins.
different stablecoins, right?
Like obviously USDC and then building in kind of
native USDC, right?
Which will actually, that's when we're working
with Circle on, right?
But then we'll be able to have other stablecoins
and use those as collateral interchangeably, right?
Once kind of that's done, then we'll be able to add
other kind of majors, right?
ETH and then BTC and others, you know, perhaps our native token as collateral.
And the risk model has to be adjusted based on that, right?
Like going back to kind of the how does the insurance fund work and everything, right? Like there needs to be, the liquidation fees have been a bit higher on lighter,
but because of that, there was fewer ADLs, right?
So similar to that,
like I think if you're using a riskier asset as collateral,
like there should probably be a higher liquidation fee for that as well.
And figuring out those risk models will take some time.
But that's one of the big priorities for us as we head into next year.
And as you think about risk models,
I think one level is the underlying collateral asset
and then another level is the asset that you're listing.
I wanted to sort of ask about how you're thinking about new asset listing expansion.
Right. So I think that one is another really interesting application where the native token will make a lot of sense
to kind of use that as a way to have a more permissionless experience.
But we're talking to a bunch of folks right now
about adding not just perps but spot assets on LIDR,
for example, tokenized stocks that Robinhood is working on.
But I think down the road, you can imagine a case where
when you have incentive and across the ecosystem where if you hold
a certain amount of the native token,
you'll be able to kind of add other assets
and have more, you know, more influence over the ecosystem.
That makes sense.
I think that sort of leads me into a question that I've got from
Skelly123, who asks, how are you thinking about tokenized stocks and other RWAs like Pokemon cards
and medals? And specifically, how do you sort of see the path to adoption given the regulatory
climate there? Yeah, yeah. I mean, I think it's, yeah, this is like a huge opportunity, I think, in the next few years, right?
As we're finally at the stage where, you know, DeFi and TratFi will be able to, you know, not only coexist piecemeal here, right?
not only coexist peacefully, right, but actually, like, kind of composed.
But actually, like, kind of compose.
And, you know, we've had conversations with, obviously, Robinhood,
but even other folks in TratFi, including, like, traditional exchanges
and, you know, major hedge funds, kind of figuring out what that's going to look like.
We've also spent some time in D.C.
also spent some time in DC kind of now there's like some serious conversations happening about
what does sensible regulation look like so I think there's going to be
a lot to do there you know probably like step one will be something like the tokenized stocks
products that Robinhood has already been working on but there's going to be a lot more to come from there. And how do you sort of think about that as a higher level
strategy? Do you stay on the decentralized side? You mentioned Washington. Are you going to
Washington and talking to them? How do you sort of see navigating that climate?
Well, it's interesting, right? Like some of the conversations that we had in, uh, you know, a couple of weeks ago, like, you know, people are a lot more
thoughtful about, you know, defy and what does verifiability mean? And, you know, even like,
you know, even ZK didn't seem like Greek to some of the folks we talked to, right? Like,
You know, even ZK didn't seem like Greek to some of the folks we talked to, right?
Like, so there's, I think, you know, there's like kind of the market structure bill that's being worked on now, right?
And there's a question of like how much of that is going to be left, how much of that is going to be kind of directly in the bill versus how much of that is going to be left to you
know SEC and CFTC to look at and how are they gonna you know is it because one
thing is clear right like it's not the same exact rules that work for chat fire
and just gonna work for DeFi right so but are there like things that actually do make
sense like if you codify some industry standards um you know i think there's several interesting
conversations out there like is there some you know for institutions to trade on d5 platforms
right like is there some form of like an on-chain kyc that you can actually do using zero knowledge
proofs, right?
Like all this kind of stuff is part of the discussion now
as opposed to like, I think three, four, five years ago
when the conversations were just like,
what is all this stuff like?
This is all bad, right?
And now it's like, okay, this is actually,
there's like a way that you can have,
you know, you can actually understand what the tech does and how to use it in a way that stays true to the ethos of DeFi.
But also, I think some of the big institutions do want certain safeguards as well.
safeguards as well.
Yeah, that makes sense to me.
that makes sense to me.
Sort of building on this, another question from Skelly
is, is there anything
that you'd love to implement if you had
full regulatory clarity or a magic
wand to make it all go away?
Yeah, I mean, I think that
besides the stuff that's
already being worked on, like the tokenized
stocks, I think one thing that would be really cool is
fixed income, right?
Fixed income is actually a huge space.
And I think a lot of it actually could work really well
in the DeFi context.
Imagine that you could have on-chain treasuries.
Or imagine that you can actually have a full
yield curve that's managed by smart contracts like i i think if that that's something to me
that's really exciting that it hasn't been talked about much yet but i think with
regular story clarity will will become possible they seem to have shut down so far everything
that has yield and has like a savings account yeah well I think that um that's
that's kind of um like you know the first step was like the stablecoin legislation right but
I think kind of going beyond that if you can actually do yield and like imagine
doing the basis trade
on chain, right?
That's going to really
introduce a lot of efficiencies
to the financial system.
Yeah.
Okay, moving on to a topic that's sort of
near and dear to my heart, which is
how are you thinking about mobile?
Yeah, so we've mentioned, I think, in the past that we've really spent a lot of time thinking about mobile, and we have been working on an app, and it's coming along quite nicely. I think a few of the early traders in our community have already tested it.
And we'll have an announcement to make on that in the coming weeks.
So kind of stay tuned for that.
But we definitely think having, I mean, of course, we welcome other developers to build apps too, and some have, like Liquid.
But I think for certain types of trading, it's a really good experience to have a mobile app that was built by the same team working on the core protocol and the core desktop app.
by the same team as the team working on the core protocol and the core desktop app.
So we're definitely spending a lot of time on that.
And we hope it'll be something that, you know, a lot of our traders use.
And is that when you talk about mobile app, I always think about splitting mobile into
sort of two categories where there's like mobile convenience for the people that are
already onboarded onto crypto.
And then there's sort of like mobile onboarding for people who may or may not already be on these exchanges. Right. How are you, is this, you know,
for the CT native that already is on the web version so that they can close their positions
on the go? Is this something that you're planning on a more mainstream push?
Yes. So in the mobile app, there's going to be kind of two modes, right? Like kind of a more professional mode, which is, yeah, like for the trader who's already actively trading on desktop, but, you know, happens to be on the go.
Yeah. So kind of the more professional and there's going to be a, you know, lighter mode for the more, you know, for somebody who's just getting into it for the
first time. And will that have its own sort of on-ramping, off-ramping, or will that be,
you know, will you still have to crawl through Arbitrum to get there?
So we're, you know, that's some of the details we're working out. But yeah, I think certainly
the goal is to have a kind of seamless on-ramp, off-ramping. There are folks we're working out. But yeah, I think certainly the goal is to have a kind of seamless
on-ramp offer. I mean, there are folks we're talking to who are in that business that,
you know, will make that easy. So there's still a few decisions to make on that. But yeah,
that's definitely the goal. And, you know, I think being able to, like, this is something that Robinhood did really well, right?
Like the time from when you first hear about the app
to like placing your first trade,
like if you've never done it before,
should be very quick.
And that's definitely one of the goals we have.
I'm glad you brought them up because I was going to ask.
Sort of, you know, have you learned anything
from your friendship with Vlad? Are there sort of any synergies that you see going forward with
lighter and robin hood uh yeah for sure so i i mentioned the um the tokenized stocks
already and that's something where um you know we started to explore with them. I mean, there are other ways that,
obviously, if you think about what they're doing,
they have their centralized product,
but they're doing a lot with their wallet
and kind of exploring ways to enhance that experience.
Then I think you can imagine ways that Lighter can do that,
especially since they're also working on an L2 within the Ethereum ecosystem.
So there can be a lot of interesting ways to compose there. So we'll, I guess there'll be obviously more to say on that
once we actually have, you know, once that leads to specific products. But yeah, we're,
there's kind of, we're definitely looking at that and, and as well as the tokenized stocks.
But as far as what we've learned, I think just like, you know, this is something that I think not, you know, hasn't been as much focused on in crypto, right?
But like really being focused on the customer, right?
And the user experience, you know, that's really key. And then I think the other thing is like not being afraid to experiment with new business models
is another learning, right?
Can you say a bit more there?
Well, I think like Robinhood, you know, in the early days,
you know, it was kind of a crazy idea, right, to try a zero fee model.
And I remember
it was like even people on the team
or early customers weren't sure it would work.
And I think the same is true as when we
started experimenting with that on LiDAR, right?
But like, and I think you kind of,
you have to experiment across the space
of different strategies until you find,
like I think just like,
well everyone else does it this way,
so let's just have the same fee structure.
Like that can't be optimal, right?
Like that doesn't mean every new idea you try will work,
but there's so many different ways to innovate, right?
Both in terms of, I think, from our perspective,
perspective like you know having the best experience for retail and then that in turn
having the best experience for retail,
attracts a lot of the trading firms and market makers and that that's how you monetize that that
i mean that thesis in itself is really powerful but i think just like in general trying out
new business ones i mean this is also something i learned from citadel too right like you know
when citadel, you know,
initially it was a hedge fund, right? When they created their securities business, that was
thought to be a crazy idea. Like, why would a hedge fund have a securities business? Like,
that's the job of investment banks, right? But like now, a lot of big hedge funds have a securities
arm. Yeah, I think this leads me into sort of outside of tokenomics the most uh asked area was around the fee structure and the
sustainability and the revenue um there were a lot of people that were asking you know what happens
when you turn fees back on um so i i guess at a high level um how do you think about the business
model and and where are you really making your revenue from right well the fees have been um
your revenue from?
Right.
Well, the fees have been turned on since October and it's been, I think overall, like
we've added the premium tier, right? additional tiers for kind of even more
high frequency trading that would be enabled.
We've made a lot of improvements to the TPS, right? So now you can do
even higher tiers.
And so, yeah, it's been overall, I mean, the fees, we've actually been, I think they've been higher
than expectations for the first two months,
or I guess it's been almost three months now
of having fees.
And so, but what's been, one thing that's been interesting,
right, is like even some of the trading firms
that have been on lighter, you know,
I think there was like a concern that
would they trade less once these are introduced and you know I actually we
haven't seen that at all right like and I think some of the feedback we've gotten
from them is like they actually want this like, you know, multi-tiered approach to fees depending on latency, which, you know, makes it easier for them to model out different strategies.
So I think we've been happy about the fees so far and, you know, we'll kind of continue as we roll out new products, like we'll continue to experiment
with different fee models. Like the, so far, you know, the thesis that being free for retail
is good for everybody. Like so far, we've seen good data to confirm that thesis.
Yeah, I think that that makes a lot of sense. I know I used to be in that sort of securities business within within the big banks and, you know, PFOF giving retails priority execution because they're just in general such bad traders and feed the ecosystem. It has been a strategy for, you know, 10, 15 years there.
A follow-up from GLC research.
He's concerned about the market maker's sustainability
once their subsidization from the points is over.
Right.
Well, I mean, I think that at the end of the day,
the point system and how later that'll lead to tokenomics and, you know, all these
things, kind of the goal of all of that, right, is to have incentive alignment across different
participants, right?
It's like, imagine that somebody who was early trader at
Robinhood or something had a stake
there, or imagine that
if you're trading on the New York
Stock Exchange, you could get a stake
in Citadel
Securities or Jane Street.
That's kind of, that's what having
you know,
that's what DeFi kind of having a token structure allows, which I think is really,
you know, one of the things that's really, that's what's really exciting about this space.
So, I mean, I think that, you know, were there some traders who weren't really real traders and just,
you know, like doing wash trading? Yeah, there were some, and we actually slashed a bunch of those points this week.
But there are a lot of real traders, right?
I mean, that's like, in fact, most of them are still on centralized exchanges.
So there's still a shift that's going to happen from CeFi to DeFi, there's still going to be a lot of,
you know,
a lot of market opportunity from
kind of TradFi and DeFi merging, right?
So I think if we have
a really strong product in the space,
like,
there will be activity
that comes from that.
It's not, you know, I think it's like the market opportunity is actually kind of much bigger than what's currently on lighter and
so from our perspective like we're gonna keep building and keep talking to customers and I
think the incentive alignment is a good thing not a bad thing like if like it's that i think because it's defy right like there are going to be you know i think
like obviously the great thing about defy is that it's very um you know it's composable right there's
no kyc um and all that the the negative thing is it's easy to spin up a civil farm and it takes some work to distinguish
that from real traders.
But we know there are lots of real traders out there.
CeFi is a huge market, ShradFi even bigger.
And so as long as we have a product
that works really well for the customers
and we keep building and keep iterating,
like we expect a lot of growth from here.
At the end of the day, the product is all that matters.
And so that makes a lot of sense to me.
I guess, you know, that sort of pretty easily moves on
to the next point, which is, you know,
congrats on finishing up the season two of points. You know, you mentioned there at the end slashing cybles.
I think there were a lot of questions around that methodology, how you identified them.
What was sort of the offending behavior? Is there any appeals process for a user that was flagged by mistake?
Yeah, so there is an appeals process. We've gotten, I think, so far, the number of appeals has been, we've been surprised, actually, been pretty low. We definitely, like, if someone feels
like they have that, you know, that the algorithm didn't treat them fairly,
definitely please do fill out the form for that.
That's kind of in the Discord.
I guess I won't go into the exact algorithm we use, right?
Because we don't want people to try to game it
if we ever do something like this again.
But essentially it's like a lot of data science,
looking at clusters.
We have a whole quant team, right?
That's basically the team that, I mean,
their day job is to work on the LLP
and help onboard other market makers.
But they spent a couple of weeks on this stuff as well.
And so there's a lot of interesting data science like cluster detection and uh you know we we've also talked to some
people who've done it before um you know kind of both like there's some like other protocols that
i've done it before and some kind of individual civil hunters so yeah so we've we've talked to a
bunch of people and done a you know a lot of interesting data science around it, and we feel pretty good with the result.
Again, if there was a mistake made, please do use the appeals form.
And so obviously, you know, these points will be converting into tokens at some point,
hopefully soon. Can you sort of share the tokenomics structure and what percentage of supply is reserved for the points program?
Yeah, so we'll be making kind of the, you know,
the tokenomics at a high level, you know,
there'll be 50% kind of to the community, right?
And of that, you know, a substantial part will go to, you will go to seasons one and two, and we'll have the exact breakdown very soon here.
But I think from what we've seen of the market expectations, I think those have been pretty in line with how it's going to look.
And can you make a comment on some of the large on-chain token transfers that we've seen to Coinbase and to other platforms?
Yeah, so a lot of that is actually not for, it's unrelated to the aird part, right? That the investors and the team,
I mean, those are going to be custodied by,
you know, we're working with two custodians on that.
And so that's what you're saying,
that that's actually unrelated to the airdrop.
Got it.
And so some people, you know,
as some people have seen,
there've been some concerns with, you know,
the VC raise and sort of the
equity uh token structure um can you make a sort of statement on equity token alignment yeah
absolutely we're definitely you know in of in the camp that the token is where the value will accrue
so you know and all the investors know that and that's, you know, they invested
with that in mind. So this is like I was saying earlier, right? Like the whole thing about
being, you know, alignment between different stakeholders and where the token is kind of
the single, you know, kind of the mechanism where, you know, early customers, early team investors are all in the same boat.
And that's definitely our philosophy here.
And so there's not going to be some kind of dual structure where the token has one value
accrued and then the equity has something else, like it's all going to focus on, on the token as, um, you know, as, as we, you know, the, the, I guess the kind of the,
we'll obviously announce more about how it's going to work, but that's the high level philosophy
and that's everyone who's been involved, you know, kind of signed up with, with that in mind.
kind of lined up with that in mind.
Got it.
Okay, so then, you know, I was going to ask, you know,
how will the value accrue to the token?
How are you thinking that through?
Yeah, so we'll have more to say about that.
But, you know, there's obviously a lot of,
we talked about revenue, we talked about ways to introduce new financial products.
I think there's going to be, the token will be there as a way to really expand the ecosystem of LiDAR and all the different forms of trading you
can do and the financial products on LiDAR.
And as part of that, value will accrue to token holders as that ecosystem grows. you can't really you know we um you know again if you think about like tradfire right like
like think about how like what what if every participant in tradfire had a stake in you know
brokerages and you know firms like citadel and like companies like bloomberg right like imagine
that all of those were kind of all of those incentives were aligned,
but now you're doing it on-chain.
I mean, that's kind of how I think about the token big picture.
But obviously, we're going to roll out specific use cases
and specific ways that value will accrue in the months to come.
Okay, so we'll learn about that.
Will you ever sort of publish the revenue and will the revenue ever be tied in sort of a programmatic way to the token?
specific ways to, you know, I think there will be some parameters around how that's
used and I think we'll kind of, we'll communicate that as those become clear.
But again, high level, you know, the kind of the goal here is for value to accrue to the token and to be used to grow the ecosystem
and then to increase the stake for token holders.
So the exact ways in which we do that will depend on the specific products we launch
and how they're monetized, right?
But that's, again, that's definitely,
that's the goal here.
Well, got it, got it.
So stay tuned for announcements there.
I guess zooming out a bit and taking a step back,
where do you sort of see the future of the perps market in the short term, you know, next year and in the longer term, you know, in the next five, 10?
We're starting to see that, like, even currently on LIDAR, right, like, a lot of the open interest is in the, you know, real-world assets, will move from CeFi to DeFi, but also perhaps will start to become a,
especially once there's clarity on the regulatory side, right?
Like I think perhaps will actually be a big part of traditional markets as well, right?
ball, right? You know, we hope that'll happen on chain. But like, I can see that, you know,
You know, we hope that'll happen on chain.
five years out, right? Like markets like, you know, five-year note, 10-year note, like S&P,
gold, like all that stuff will happen on chain. It'll happen through perps.
And sort of, you know, as you think about expanding into these markets and taking on potentially regulatory risk, how do you think about staying in the U.S. versus global? Are you U.S.-centric? Are you focused on outside of U.S.? How do you think about U.S. geo-restrictions?
you know, sort of like US geo-restrictions?
Right. So we're, you know, we're pretty close to the rules being clarified, right? And we're,
as we were saying earlier, like we're part of those conversations as well, as far as,
you know, what the sensible regulations could look like that would be, you know, that would
really make sense in the context of DeFi, right?
But yeah, I mean, as soon as those rules are clear, we, you know, certainly would open
up to U.S. customers.
I mean, it's a great market.
I mean the company is based in the US and so you know I think it's been
I mean, the company is based in the U.S.
obviously shame that the US up until now has been behind in this but now it's
quickly working to catch up and I think we're pretty close on that.
Exciting and then I sort of share that opinion that it's been a long time
coming. I have a question from Discord, which is for Chinese
speaking and for other non-English, more global communities. What are your plans for local
language support? Well, we have, I mean, I think we have like something like 10 languages now.
is the question around
support when it comes to
WeChat groups, regional CMs
I think more ongoing support
I think that's fair, we're definitely building out a team
that will be more local
we do have a couple of people already
in in asia and we're building out more um structure there and uh hiring some folks for
sure so from that perspective yes cool and then i guess that's sort of like you know
like expanding uh with ecosystem and grants
do you guys plan for a developer grant program any any sort of like builder ecosystem
yeah so we're there's definitely different parts of that right like there's um
you know we view all of that as as community right but you know there are some partnerships that would make sense
in the context of integrations with lighter right there there's there's some
you know maybe some new like I mentioned like stuff like you know like fixed
income on chain right like maybe projects like that could be you know new new projects where there are grants for those, but also I think that just enabling third-party
apps on top of LIDR to monetize.
Like I said, we want to experiment with different business models, but third-party apps should
also be able to do that. So giving them that flexibility,
I mean, I think that's kind of another aspect to it.
But yeah, we're kind of very open
to different types of partnerships with builders,
whether it's like new builders,
whether it's existing protocols on top of Ethereum
or kind of front ends or other applications on top of Ethereum or, you know, kind of, kind of front ends or, you know,
other applications on top. Got it. And sort of that'll lead me to my last big high level question,
which is, you know, at a very high level from lighter strategy side, how are you guys thinking
about sort of building some of these very attractive components yourself versus, you know, outsourcing that to external developers?
Yeah, I think that's a great question.
I mean, I think, for example, in some cases, right, like with lending, as an example, right,
like there are already some very, you know, well-established protocols there, right?
And so it will be that already have a lot of TVL and a lot of users, right?
So it makes a lot more sense to integrate, especially since it'll be kind of the composability
on Ethereum will make that much easier.
I think there's some other cases like the mobile example
where we actually think having our own app will be really important,
especially with really seamless user experience.
So I think in that case, we would go in that direction. And I
think there are some other cases where it will be an interesting decision to
make. Like for example, when we look at options, right? Like should options, should the core team build options? I have a very strong opinion here.
Yeah, exactly. I mean, I think stuff like that, we'll have to kind of make those decisions as,
as we go along, but, but, but I don't think it's like, I guess it really depends on like,
again, at the end of the day, it's like what creates the most value for the customer, right?
Like if in the case of something like mobile,
like we think like vertical integration creates a lot of value
in the case of like integrating with, you know,
let's say like stable coins or lending,
like we think there's no reason to reinvent the wheel.
And then for other use papers,
it's really, it could go either way.
Got it.
Anything, I think that's most of the questions
that people had.
Thank you very much for your time
and the thoughts spent answering. Anything
else you want to stay before we wrap up?
No, no, thanks so much. It's been great to talk today. I guess we're, as you can imagine,
our team is kind of heads down right now. So it's good to come back up for air and take some questions from you in the community.
Yeah, very enlightening.
We'll let you sort of get back to it, you know,
excited for the next week.
All right, thanks so much, guys.
All right, thanks, Vlad.
Bye-bye. Thank you.
Insights
Project L
Token L
P
