Innovation in traditional markets has been constrained partly by the difficulty of replacing mainframes and by counterparties' dependence on predictable, slow-moving systems.

“Can, can you make like really nice smart contract native options contracts? You know, there, there's been a tremendous amount of innovation in the traditional markets that's, to some degree, like stymied by how hard it is to just move off of mainframes onto more modern things and take all the counterparties that are, that rely on the system being predictable and slow-moving.”