From here, there will be some sort of settlement eventually. Number two, you know, ton is not in the US yet. And of course, much of the incremental capital in the last sort of year into cryptos comes from the U.S., which is changing.
You know, ton just listed on Robin Hood. We are listed on Gemini, and the coin bit listing is yet to come. And then thirdly, of course, like other altcoin ecosystems until recently, ton, ton did not have the institutional bid.
And I think this is really important, I think really to understand in retrospect, in terms of this crypto cycle. You know, of course, Bitcoin always tends to lead. But only Bitcoin had the institutional bid last year, the ETF, which was, of course, humongous, but also the Treasury companies. I mean, sale has been added for five years, and just God knows how many, you know, over well over 100 Bitcoin Treasury companies out there right now. And of course, we've seen what you know, the arrival of the Treasury companies in Ethereum has done to Ethereum.
What's happening, Solana, and we have all the reason to expect that this will be a massive positive for ton as well. We, of course, just started. But you know what I would point out is that this winner-takes-most game is in any ecosystem. I think you want to be a leader. Of course, if you have a massive ecosystem like Bitcoin, you know you have a couple of winners. So maybe that's true for Ethereum as well. But ultimately, I think Thaler figured out that this is a race.
A winner takes most race. There's just massive scale economies and raising capital, especially at the cost of the capital, of course, also the speed and the scale. And, you know, sailors are 30 times bigger than the next guys, right? And in Ethereum, there's a race. And in Solana, there's a race. In ton, there is no second-best ton treasure company. Now, I would even go further. We are more dominant in our ecosystem than Sayla is in Bitcoin.
