We were able to fine tune an open weight model (Qwen3.5-9B) on proprietary internal data at @coinbase, and it out performed frontier models, at much lower cost and speed, for a specialized task (fraud prevention in this case). I think we'll see more of this pattern inside companies. The frontier models are amazing generalists. But increasingly you'll see specialist models out perform on more narrow tasks, either working on teams, or by themselves. We're making it easy to fine tune models internally for our employees. We even have a skill for it in our internal harness that makes it easy to spin these up and start training them: "/fine-tune-and-serve-llm I want to fine-tune Qwen for payments risk review. help me get started" I imagine we'll have some backend services that could be replaced entirely by this new architecture.

The biggest financial shift of our lifetime is starting, and Coinbase was built for this moment. Every asset on earth (stocks, bonds, commodities, real estate, etc) is going to move onchain. The hundred-trillion-dollar financial system is being updated, faster than the incumbents can react. A handful of companies will own the rails for this new system. Coinbase is uniquely positioned to capitalize on this generational transformation. We just released our latest earnings where we talk about our progress here. It was a tough market in Q2. Despite this, we continued to execute on the things in our control and build through the noise. Some highlights: - We store the most crypto in the world, and are the leading stablecoin platform - 90%+ of agentic stablecoin transaction volume was on Base - New ATH in our crypto trading volume market share (10.3%) - Revenue has significantly diversified beyond trading - Prediction markets revenue more than doubled, +106% QoQ