And you're seeing it in some of the other markets that are sort of leading edge when it comes to crypto. The, you know, the Abu Dhabi global market, for example, they approved their their the equivalent to their FINRA, if you will. You know, approved custody for Tom coin. This was a huge regulatory milestone, right? And these are sort of leading jurisdictions.
And then there, of course, are others that you know have also had their financial regulators approving ton coin for institutional trade. So you know that part of it combined with a, you know, a ton coin valuation that looks washed out relative to where cost basis are for most of the holders, combined with, you know what I see to be pretty nascent and but growing utility for the coin. I mean, it only takes one use case like peer to peer payments.
I mean, look at, look exactly and what's WeChat pay, you know, for this thing to potentially blow up. And the other thing is, I think that people don't really focus on is the fact that, you know, this is layer one blockchain, right?
So you've got Elon, you know, trying to bring aspects of x onto a blockchain, whereas you've already got the backbone here. So you can start building things, you know, on chain, onto that.
Maybe you can talk a little bit about how important that is, in terms of where you're seeing, you know, the puck go to right skates, where the puck is. For sure, these things are being built on chain. And, you know, Elon wants to build features on chain for reason, and you're already providing those, you know, those reasons?