Okay, well, then that then that kind of negates my what my question was going to be is, look, if something's trading at five times revenue, if an exchange is trading at five times revenue, and a blockchain is trading at 100 times revenue, know but i you know but where we're at in the cycle or where we're at in prices it does feel like these a lot of these things are down 80 90 percent are you saying they have another 80 90 percent to go

or hope not i hope not um so actually in in our dashboard i have these numbers the cme is approximately 27x uh robin hood is 36. it was higher but it's come down so i mean It doesn't mean those are like cheap either.

Asante is more of a PE expert than me.

I would say generally because these crypto networks and the L1s themselves don't really have a bunch of like cost overhead.

I think we've talked about this a lot and you guys have talked about this on the podcast a lot as well.

Like Hyperliquid, even Uniswap back in the day was making X amount of money per employee versus some of these much larger venues where They were also making money, but just spending a lot more money.

Effectively, the networks are almost at zero.

So what are you seeing from your standpoint? I don't know what you would respond to that, but I'm more curious, like, Are you seeing anything interesting on the front lines, teams, prediction markets, anything else that might really enhance the volume in other blockchains?