The DTCC custodies $99,000,000,000,000 in assets. Today they received a no-action letter from the SEC regarding the tokenization of their equities and ETFs. I don't know why but I don't see people talking about the clear overlap with perp DEXs? The key thing people are missing is that the DTCC is not an exchange itself. It's a depository. What does that mean? It's the institution that actually custodies the $99 trillion (actual amount, check their press release from today if you don't believe me) in assets that trade on a daily basis on exchanges like NYSE and NASDAQ. Ok so why does that matter? Because through the absurd, regulation-strangled evolution of the U.S. financial system over the past 100 years we ended up with one company that custodies the entire U.S. financial system (and more). The key thing that for some reason I haven't seen anybody cover: Because the DTCC is not an exchange, as it proceeds with tokenizing it's $99 trillion in assets, it will need exchanges to actually facilitate trading onchain in a similar way to the role that NYSE and NASDAQ provide it offchain today. * ahem ahem * @HyperliquidX @Lighter_xyz @extendedapp i don't really care which one you think is awesome and which you think is trash, that's not the point of this post. The point is that a majority of this space is drastically underestimating the market opportunity for becoming the most performant DEX and thinks this "perp dex meta" is just the latest farming rotation. The race happening right now is basically to become the most battle tested, and legitimate machine for processing trades using permissionless ledgers in preparation for the traditional financial system adopting that technology (Like the DTCC clearly signaled today). This is going to be a heated, multi-year battle because of how big the opportunity is. As the DTCC becomes the tokenization engine for the U.S. financial system they are going to find complementary businesses to fulfill onchain trade execution in the same way that they have NYSE and NASDAQ fulfill offchain trade execution. This is the addressable opportunity for the perp DEXs of today. It's simply to become the best DEX, and inhale all of the liquidity that will be tokenized. Some people think we are building @Nomina because its probably the best way to get points on these exchanges right now, but that's so shortsighted. We're building it because when Trump got elected we took a huge bet that he would actually follow through with moving the financial system onchain, and serious traders would need a unified portal to access this new system without getting buried in the weeds of bridging, different wallets, gas tokens or any of the other absurd stuff we force into the UX of crypto today. Everything we have seen so far is peanuts. We trade dump vaporware coins at 50x leverage. The absurd reality is that through our degeneracy we are bootstrapping machines that are going to become the foundation of the global, internet native financial system. And somehow in the process they are sharing ownership with us in exchange for this activity? Don't question a good thing, just lock in and capitalize.