Instant settlement is something that literally was a fantasy until blockchain made that possible. But I think onchain settlement, onchain post-trade, that's really the unlock. Our onchain matching systems, at NYSE we use a system called Pillar.

These are ultra-high performance computing systems. They process trillions of messages a day, millions of messages per second, with tens of microseconds in latency. After the trade, the post trade systems are running on mainframes, and nothing against mainframes, but like we can do better now. We're really excited about our NYSE tokenized equities platform, because that's going to allow for 24/7 trading. It's going to allow for fractional share orders. Investors will be able to place orders on dollar terms instead of share quantity terms, and allow, for instance, settlement versus stablecoin, All three of which are really, really attractive retail use cases for the crypto native investor.

First thing an ordinary investor would notice when they sell a stock, they could immediately use that cash to buy another stock, to withdraw, purchase something in the real economy. That instant will be something that, up until now, was only available digital assets. What you will struggle to recover is a breach of trust. So I think starting with the premise that we cannot let users on our platform fail. We have to preserve when people transact on our platform, reliable, dependable, and regulatory compliant. That's critical component. And if it's lost, it's very, very hard to recover. Avalanche checks a lot of those boxes in a way that many other protocols don't yet do.

I think avalanche is bringing some of critical characteristics of financial infrastructure forward in the blockchain space. I also think the Avalanche team has been engaged with TradFi market participants in a way thats really productive. See the use cases and try to understand the use cases and enable them, in a way that's been very effective.