Pathways are important, but I want to talk more about the ultimate vision. Suppose the operational efficiency on the chain truly surpasses that off-chain, and considering the derivatives tools we already have in hand—tools that are even more aggressive and efficient than traditional finance—then our consideration should go beyond simply bringing assets on-chain. The real question should be: will there ever be a day when the on-chain trading market becomes the central hub for global price discovery? The significance of this shift far exceeds the mere migration of assets.

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