Getting a lot of the attention not too far from the springtime highs. Coinbase shares uh really not doing as much not matching a lot of that action it. What what fails to translate uh, perhaps into coinbase, excitement about the platform at this point yeah. I think what ultimately is going to get this stock going a little bit more is if we can get revenue diversification outside of just exchange trading uh and into some of the other product lines that we can see that coinbase can deliver on other product lines, including Staking some of these other areas, uh, theyre, building out derivatives, now uh and so thats. What i think is really gon na get the stock going for the for the most part, uh its traded, a little bit in line with bitcoin and ethereum weve started to see a rebound in bitcoin here, and we had a little bit of bounce back in the Stock, but but nothing too too too crazy here um, but i think you know part of that. Also, i think a lot of the folks on the street the buy side might be missing is that q3 volumes are actually going to be shaping up to be pretty strong here. So you know: coinbase facilitates trading outside of just the bitcoin ethereums of the world. They also facilitate trading in layer ones like solana and weve, seen uh really strong out performance in those assets over the last three to six months, um so theres been a lot of trading activity in the the solanas of the world, the avalanche of the world.

Some of these other layer ones, and so coinbase is as much levered to those plays, as they are the bitcoin ethereum, at least on the exchange trading side um. So i actually think youre going to shape up to see some pretty strong volume numbers for the platform. Yeah talk a little bit about those alternative type. You know solana, you mentioned, as you call them layer ones. It seems like where a lot of the enthusiasm is currently being channeled uh. Why is that? And who? Is that to the benefit of principally yeah yeah? So most of why layer ones are starting to get a lot of attention recently is were starting to see scalability concerns in blockchains right. So if youre transacting on the ethereum ecosystem, you can start paying what we call uh gas fees, and so these gas speeds are rising quite a bit. So anytime, you do a transaction on the ethereum network or any settlement layer layer, one network youre, paying these gas fees to process your transaction. Well, those fees have gone up quite a bit recently and so now, youre starting to get other competing. Ethereum platforms, like solana, avalanche that promise to do uh. You know more transactions per second at lower cost, and you do see that if youre transacting on some of those blockchains, you do have the lower cost. Part of that is because theres a lot more activity happening on ethereum, so there is more congestion on that network uh, but you are starting to see some of these other layer ones actually compete with ethereum on lower fees and so theres been kind of a rush.

You could call it into the investable buckets within these ethereum competitors, as market participants want to own potentially the next ethereum right so youre, starting to see a lot of activity in those names and coinbase lists a lot of those different assets on their platform. So youre, starting to see a lot of trading activity in solana, they recently added avalanche, which is another layer. One ethereum competitor, um, and so mostly due to these scalability concerns youre starting to see that movement, not only in transactional activity on these other layer ones, but also investments as well. The this urgency to find uh. You know the more scalable the less expensive ways to transact its its to what end. At this point, my point is: what are the projects? What are the the the actual um? You know the business of of transacting in these things aside from trading or arbitrage, or you know, creating synthetic. You know, income producing products yeah, it ultimately comes down to a few buckets, but defy decentralized, apps and decentralized. Gaming are big ones right now. So if you want to use a d5 platform, if you want to take out a loan, if you do want to use a decentralized exchange and transact on them, youre paying these layer 1 gas fees anytime, you interact with that network assuming its not on a layer. Two side chain, um, and so because of it d5 really can be much more scalable. If you get layer, one transaction costs much lower right, the same thing with decentralized gaming applications if youre using decentralized gaming applications.

You want those costs much lower to interact with the game right same thing with nft theres, a lot of activity in nfts if youre minting, nfts and youre paying sizable transaction costs each time, thats going to become prohibitive, right, so theres kind of those end users.