The Vertical Integration of Cryptocurrencies

It almost seems like there's kind of like a convergence with the ideology of every protocol, not every. So do you think that these protocols will just continue to vertically integrate until you've kind of like reached that max capacity? What's your views on that? Yeah, absolutely. Everything's going to be vertically integrated. I think it all comes down to this. This is a really good thing about defy,. There's very little moats, actually. Things are highly competitive, and they'll, the margins are just going to drop to zero in the long run on basically everything where there are moats"

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