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The other thing that I'd add, though, is that there is an interesting market dynamic where, I would say, tokens right now are are lagging the the equities that are launching, which, I think further drives this dynamic to play out in that liquid investors in in crypto, should be open to investing in in crypto equities in the same way they should be interested in investing in tokens in theory. And so these are close to direct substitutes for one another. And so for every high quality company that launches a public equity, some percentage of capital that would otherwise potentially buy tokens is
up, guys? Just wanted to give a quick shout out to today's sponsor, Aptos. We'll hear more about how Bitcoin DeFi and Aptos is heating up later today. But for now, let's get into the episode. Nothing said on Xerox Research is the recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Ryan, and our guests may hold positions in the company's funds or projects discussed. Alright,
everyone. Welcome back to another episode of Zero X Research. We are doing it live from permissionless joined today by, Felipe and Noah of Thea, and it's a pleasure to have you guys on. How how are we doing today,
fellas? Good.
Thank you for having us on. Yeah.
Likewise. Yeah. Awesome.
How how are the vibes of the conference? Feeling good? This is, day three, so we've got two days under the belt. Yeah.
It's great. I can't complain. I'm a New York native, and I'm a big fan of Industry City, so it was great to see that it's out here.
It's been great. I mean, the whole year has been conferences in New York. We we, our travel budget decreased by 90% this year. So we we're pretty up about that. Yeah.
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