Lesley Fantin LINK Thesis Presentation 3/11/2026

So as I was I was saying we're doing an investment thesis presentation on chain link. I chose chain link to challenge

link. I chose chain link to challenge myself in two ways.

The first was to dive into an LUC pick list company and explore it as many of us have been doing. But the second one which is the main reason was for choosing link was to more deeply

understand the blockchain which was an absolute mystery to me before I joined this group. Um we are moving towards a

this group. Um we are moving towards a world that will feel almost recognizable for the one from the one we know today.

The scale of that shift is almost difficult to comprehend.

Institutions are already exploring tokenization and the movement of assets measured not in billions but in trillions and maybe even at some point quadrillions. At the center of this

quadrillions. At the center of this transformation sits a critical question. How does all of this connect, communicate and function securely in the real world?

This is where chain link enters the picture. Not as not as a side player in

picture. Not as not as a side player in the blockchain story, but as one of the core pieces of infrastructure that could

help make this entire new economy possible.

Hang on, it's not changing cuz zoom's in the way. Shoot.

the way. Shoot.

There we go. Before we dive deeper into chain link, let's understand the problem. It's working to solve the

problem. It's working to solve the connectivity dilemma. Imagine a world

connectivity dilemma. Imagine a world where every digital system is an isolated island unable to share information or interact seamlessly. This

fragmentation limits innovation and creates inefficiencies across industries. Chain link is best

industries. Chain link is best understood as a network of bridges. It

connects blockchains to real world data, smart contracts to off-chain systems, one blockchain to another, DeFi to

traditional finance, and increasingly even AI systems to secure onchain execution.

In a world where financial networks, data sources, and institutions and digital assets are all becoming interconnected, Chainlink provides the infrastructure that allows these

separate systems to communicate and operate together with greater trust and reliability.

Its role is not confined to singleuse case or sector. It is helping link the fragmented pieces of the new digital

economy into one interconnected framework.

To truly appreciate Chainlink's role, we need or at least I needed a basic understanding of a blockchain, which is a secure unchangeable ledger, a

distributed database that maintains a continuously growing list of record records. Each block in the chain

records. Each block in the chain contains a timestamp and a link to the previous block, making it incredibly secure. The decentralized nature is what

secure. The decentralized nature is what gives blockchains their power and resilience. It really helped me to

resilience. It really helped me to envision the blockchain as a living, breathing digital organism. And I'll run

through the different body parts.

At its core, the consensus mechanism acts as the brain, the decision maker that validates every transaction and ensures the entire network agrees on a

single truth. The nodes are the heart,

single truth. The nodes are the heart, constantly pumping data through the system to keep it alive and synchronized. The peer-to-peer network

synchronized. The peer-to-peer network is the circulatory system, the web of connections that carries blocks of data between every participant. Cryptography

is the immune system using unbreakable mathematics to shield the network from fraud and attack. Transactions are the nervous system sending signals and

transferring value between participants in real time. Smart contracts are the digestive system automatically processing inputs and executing

agreements without any middlemen. And

then there is the most critical system of all the chain link oracles which are the sensory system. Without eyes, ears and touch, the brain has no idea what is

happening in the real world. Without

chain link, the blockchain is completely blind, isolated, unable to see prices, events, or outcomes happening outside

its walls. Chain link is what gives the

its walls. Chain link is what gives the blockchain its senses.

Right now, you don't truly own your digital identity. Facebook does. You don't own

identity. Facebook does. You don't own your data. Google does. You don't even

your data. Google does. You don't even have full control over your money. your

bank does. Web 3 is the architecture that fixes this. As this slide illustrates, the key difference in is the shift from centralized control to

decentralized ownership from being the product to being the owner. In web 3, users, not corporations, control their own data, identity, and assets through

self-executing code known as smart contracts.

Every single one of these web 3 functions from decentralized finance and onchain gaming to global supply chain management needs to interact with the

real world. They need data. They need

real world. They need data. They need

computation. They need a secure bridge to off-chain systems. That bridge is chain link. The more the world

chain link. The more the world transitions to web 3, the more it will it will run on chain links rails.

So why chain link? The core challenge for any blockchain is getting reliable real world data without compromising its security.

This is where oracles come in, acting as the bridge between off-chain information and onchain smart contracts. Chain link

has emerged as the undisputed leader in this space, carrying billions in value across various networks. Their

decentralized network of Oracle nodes ensures data integrity and prevents single points of failure. This dominance

isn't accidental. It's built on robust battle tested infrastructure. We'll see

how this full stack approach sets them apart and how everyone else is just playing catchup.

Traditional finance is a 500 trillion plus world at a conservative estimate.

Global debt markets, equities, real estate, derivatives, and virtually none of it lives on chain yet. And that is the opportunity sitting in front of us.

The question is who builds the bridges?

What you are looking at on this slide is a direct feature comparison between chain link and its three closest competitors Python

and band. And the gap is not subtle

and band. And the gap is not subtle starting with one data models.

Chainlink operates a hybrid push and pull architecture. All the others offer

pull architecture. All the others offer only one of the two. Chain link is the only one to build excuse me to serve

both institutional and decentralized finance use cases simultaneously.

We then have scope chain link is a full platform. Every one of its competitors

platform. Every one of its competitors offers price feeds only.

That is the difference between a toolbox and a single screwdriver.

Three institutional partners. This is

where the conversation ends for the competition. Chain Link has

competition. Chain Link has Swift DTCC and 24 plus global banks. The others

have none. When the institutions that move the world's money choose an oracle partner, they choose Chain Link.

Another advantage that chain link has is its CCIP protocol which is its emerging enterprise and it or excuse me it is the

emerging enterprise standard for blockchain interoperability.

The others have no equivalent. Finally

five market share chain link holds approximately 70% dominance in the oracle market. Hey.

Oops. Sorry. I think somebody's got their mic on.

Finally, five market share. Chainlink

holds approximately 70% dominance in the oracle market.

Pyth sits around 5%. Redstone and band are each below 1%. This is not a close race. Chain link is the only full stack

race. Chain link is the only full stack bridge between traditional finance and defi. everyone else is playing in a

defi. everyone else is playing in a different league.

Before we move on to review and break down Chainlink's main services, let's imagine what the world might look like by 2035 or 2040, which realistically is

only 10 to 15 years away. As AI and web 3 accelerate into mainstream adoption, the world could change dramatically in a very short time. And chain link may be

one of the key pieces of infrastructure helping to power that shift. AI agents

in particular, potentially trillions of them, will be transacting and settling on chain around the clock and will need tamperproof

realworld data to act on. Chain links

oracles and their new chain link runtime environment CRA are what will give them their eyes and ears. We have blockchain

rails that make instant settlement possible. No waiting 2 days to settle a

possible. No waiting 2 days to settle a trade. Trust in this new civilization is

trade. Trust in this new civilization is mathematical.

Web 3 humans own their data, their identity, and their digital lives.

Chainlink's privacy tools allow people to prove things about themselves, their age, their creditworthiness without ever exposing the underlying data. That is

true sovereignty. And the institutions on chain, Swift, DTCC, Black Rockck, JP Morgan, they're not waiting for this future. They are building on Chainlink

future. They are building on Chainlink rails right now. Every piece of this vision needs one thing above all else.

Above all else, trust in the data. This

is what chain link provides. It is the loadbearing wall of the entire structure.

This slide represents a significant evolution in chain links capabilities, moving beyond just their data delivery.

It highlights their continuous innovation and expansion into new areas.

This is the complete chain link platform. Six service pillars, one hub.

platform. Six service pillars, one hub.

No other company offers all of this under one roof. We have orchestration, interoperability, CCIP.

We have data, privacy and compliance, asset management, and compute.

This isn't just about incremental improvements. It's about strategic

improvements. It's about strategic advancements that broaden their ecosystem. These developments are key to

ecosystem. These developments are key to understanding their long-term growth trajectory. They are constantly pushing

trajectory. They are constantly pushing the boundaries of what's possible in a decentralized space.

So looking at each of the protocols, we'll start with orchestration.

Orchestration is where chain link truly shines, particularly with the chain link runtime environment, CR, which has only been operating since

November 2025. This is a gamecher

November 2025. This is a gamecher because it removes the computation the computational limitations of blockchains themselves. It enables a new generation

themselves. It enables a new generation of highly sophisticated and scalable decentralized applications. C is best

decentralized applications. C is best described as the agentic operating system.

Sorry, CRA is best described as the operating system for the agentic economy. On the left side of this slide,

economy. On the left side of this slide, you can see what feeds into CRA, AI agents, automated workflows, and raw AI

computations. These are all the inputs.

computations. These are all the inputs.

The CRA sits at the center acting as the unified orchestration layer that coordinates all of it, managing the logic, the sequencing, and the execution

of complex onchain tasks without any human in the loop. On the right, you can see what CRA connects to Coinbase for

402, which enables AI agents to make payments in uh autonomously and traditional systems, the legacy financial infrastructure that

institutions already use. We have real world examples in Swift and UBS, two of the most trusted names in global finance, both already building on chain

link runtime environment.

This infrastructure allows AI agents to go from simply making decisions to actually acting on them onchain in the real world.

If CRA is the operating system, then CCIP, the crosschain interoperability protocol is the internet itself.

Looking at this diagram, you have the public chains like Ethereum, Salena, and Bass. On the right, you have private

Bass. On the right, you have private bank chains, the kind of permissioned institutional blockchains that JP Morgan and other banks operate on. Right now,

these two worlds cannot talk to each other. They are isolated. CCIP sits at

other. They are isolated. CCIP sits at the center and enables secure token transfers and programmable messaging across chains so value and instruction

can move freely between public defy and private institutional networks. And as

you can see on the slide, CCIP is the only level 5 security standard cross-chain solution in existence. This

is not a marketing claim.

It is the highest security rating available and it is why the biggest names in finance trust it. CCIP is not only a bridge, it is the universal

language that allows every blockchain and every bank to speech to speak to each other for the first time.

Moving on to data services. This is

where chain link started and it remains the gold standard for data in the blockchain world. This slide shows three

blockchain world. This slide shows three distinct data services all flowing into the same ecosystem.

Let me walk you through each one. First,

secure price feeds. The shield icon says it all. These are industry standards

it all. These are industry standards for DeFi security. Every time a lending protocol like a needs to know the price of an asset before issuing or liquidating a loan, it calls a chain

link price feed. The data is decentralized, aggregated from multiple sources and tamperproof. If the price feed is wrong, billions of dollars are

at risk. That is why the entire DeFi

at risk. That is why the entire DeFi industry trusts Chain Link. Second, low

latency streams. Notice the speed lines on the icon.

Subsecond latency is for high frequency trading. GMX, one of the largest

trading. GMX, one of the largest decentralized derivative exchanges, uses data streams to execute trades at speeds that rival centralized exchange

exchanges. This is chain link competing

exchanges. This is chain link competing at the institutional level level. Third,

we have institutional data. The building

with the chart represents something significant.

Chainlink is now bringing traditional finance data on chain. The most

respected names in global market infrastructure are using chain link to make their market data and indices available on chain for the first time.

All three streams flow into the same pool at the bottom, powering both decentralized finance and institutional market simultaneously.

This robust data infrastructure is a core component of chain link's value proposition.

Privacy and compliance are paramount in the blockchain space and chain link tackles these headon. We're talking

about confidential compute and automated compliance engine ACCE which are vital for protecting sensitive information.

Confidential compute allows smart contracts to process data without revealing the underlying information which is a gamecher for enterprise adoption. Automated compliance engine

adoption. Automated compliance engine ensures data integrity and provide pre prevents manipulation building trust in the system. These features are essential

the system. These features are essential for regulated industries and any applications dealing with privacy data.

They unlock a whole new range of use cases for blockchain technology.

This slide covers the two remaining pillars of the chain link platform and together they complete the picture of what full stack web 3 infrastructure

actually means. On the left you have

actually means. On the left you have asset management represented by a glowing vault and a verification shield.

This covers two tools. The digital

transfer agent DTA and proof of reserve.

The DTA is essentially a digital version of the transfer agents that have existed in traditional finance for decades, managing the issuance, transfer, and

full life cycle of tokenized assets. The

difference is that it does all of this onchain automatically with full compliance built in. Proof of reserve sits alongside it, providing onchain

verification that every tokenized asset is genuinely backed by what it claims to be. On the right you have compute. The

be. On the right you have compute. The

circuit board and the gears represent the engine behind the scenes. This

covers functions, automation and verifiable random function known as VRF.

Functions connect smart contracts to any external API.

Automation fires contract logic automatically when conditions are met.

No human required. and VRF provides provably fair randomness which is the backbone of onchain gaming and NTF

minting. A uses automation gaming and FT

minting. A uses automation gaming and FT and NFT platforms across the ecosystem rely on VRF. Together these two pillars

asset management and compute are what allow chain link to scale onchain finance from a niche experiment

into global infrastructure.

So now that we've explored Chainlink's platform, let's talk about the size of the opportunity right now today in 2006.

Chainlink's total addressable market, their TAM is truly massive, reflecting the broad applicability of its services.

We're talking about a market that spans across traditional finance, gaming, supply chains, and many other industries. The need for reliable,

industries. The need for reliable, secure, and decentralized data and computation is universal. Starting at

the top, cross-chain volume through CCIP, the total market is 33 trill trillion. Chain link's current capture

trillion. Chain link's current capture is approximately 16.5 billion. That

sounds enormous in isolation, and it is, but it represents less than.5%

of the total crosschain volume. The

runway is almost incomprehensible.

Next, we look at custodial assets through proof of reserve, an $800 billion market with approximately 400 million in current capture. That's

roughly.5

of the market. Every custodian, every exchange, every tokenized fund that needs onchain verification of its reserves is a potential chain link

customer. The vast majority have not

customer. The vast majority have not signed on yet. Defi TVL through data feeds and automation has 105 billion in total value locked

with approximately 68 million in current capture again a fraction of a percent.

This is chain link's most mature business line and it still has enormous enormous room to grow. Web 3 gaming through VRF a 48 billion market with

approximately 960 million in current capture. This is actually the highest

capture. This is actually the highest capture rate on the slide at roughly 2%.

Reflecting chain link's dominant position in onchain randomness infrastructure and not to be forgotten tokenized real world assets through CCIP

and data currently a $25 billion market with approximately 12.5 million in capture today. That is

less than 0.1 of the market. This is the smallest segment on the entire slide and it is also the most the and it is also

the market projected to grow to 16 trillion by 2030. So this is the big one. The message is clear. Chain link is

one. The message is clear. Chain link is already in every one of these markets already generating revenue and already the dominant infrastructure provider.

If the previous slides showed you what chain link does, this slide shows you why the timing is so exceptional.

There are five powerful forces all converging at the same moment and every single one of them is a direct tailwind for chain link. Let's look at each of the five pillars. We have regular

regulatory clarity. The EU and the US

regulatory clarity. The EU and the US are finally providing legal certainty for digital assets. So institutions that were sitting on the sidelines waiting for regulatory cover now have it. The

floodgates are opening.

We have stable coin adoption which is reaching a major inflection point as foundational settlement era as

a foundational settlement era for global finance. PayPal, Visa and Stripe are

finance. PayPal, Visa and Stripe are integrating stable coin payments into their platform right now.

Every stable coin transaction that moves onchain needs the infrastructure chain link provides.

We have the defy tradfi convergence. So

giants like black rockck and UBS are actively merging their onchain and off-chain worlds. The wall between

off-chain worlds. The wall between traditional finance and decentralized finance is coming down and chain link is the bridge connecting the two.

We have AI agent protocols and this is so huge. As stated before, Coinbase 402

so huge. As stated before, Coinbase 402 and Chainlink CRA are already powering autonomous agents that transact on chain without human intervention. This market

is in is in is in its infancy and the growth potential is enormous.

And number five, realworld asset tokenization. the 867 trillion

tokenization. the 867 trillion opportunity. We have Franklin Templeton

opportunity. We have Franklin Templeton and JP Morgan already tokenizing real world assets on chain. Every tokenized

asset needs chain link to verify its value and transfer its ownership.

Five mammoth forces, one infrastructure headwinds.

Any honest investment thesis has to address the risks, and this one is no different. The slide shows three

different. The slide shows three friction points, each flagged as a warning sign, and a fourth note at the bottom. Let's look them over. one value

bottom. Let's look them over. one value

acrruel disconnect. The network is growing. The protocol is processing

growing. The protocol is processing trillions in value and yet the link token sits 83% below its all-time high.

That disconnect between network utility and token price is real and it is the most common frustration among link holders and you will definitely hear it

from the crypto bros on X. The thesis

here is that this gap is closing as the link reserve buyback mechanism which I will explain in more detail later matures and institutional demand

for the token increases but this gap has not yet closed. We have the oracle wars.

So we also have other oracles stepping up their game. Python and Redstone are real competitors, capturing highfrequency trading niches with faster

and more specialized solutions.

Chainlink's breath breadth is its strength, but in specific verticals, Nimler competitors are winning business.

This is an ongoing share battle.

This is a market share battle that is ongoing.

And the third here on our Tailwind slide, integration friction. The full

stack platform is powerful, but it is also complex and costly to implement compared to other simple singlepurpose

oracles. And at the bottom,

oracles. And at the bottom, we see institutional inertia.

Although banks are jumping on board, they move in 3 to 5ear timelines. The

partnerships are real, the pilots are live, but full-time scale development takes time. This is a patient's play and

takes time. This is a patient's play and despite these challenges, I believe Chain Link is well positioned to navigate them.

Chainlink demonstrates robust financial health with strong revenue growth driven by increasing demand for its Oracle services. We see a healthy balance sheet

services. We see a healthy balance sheet indicating prudent financial management and a solid foundation for future expansion. Looking at this snapshot, the

expansion. Looking at this snapshot, the numbers tell a remarkable story. The

market cap of 6.1 billion with a fully diluted valuation of 8.6 billion. For a

protocol that's processing trillions in value, that is the number that should make you pause. The core tension is that this fully stacked protocol is acting as a high utility trillion dollar

infrastructure processing massive volume but the market is pricing it as a relatively small to mid cap entity.

Next we have the revenue run rate of approximately 60 million. This is the fee revenue chain link is generating right now today.

And the number that should stop that should stop the rim is in the top right.

Year-over-year revenue growth of 1,174%.

Comparing Q1 of 2025 to Q1 of 2026, revenue grew by over 11 times in a single year. and alongside it net

single year. and alongside it net earnings of 11.3 million in Q1 2026 alone the protocol is profitable the

bottom half of the slide tells the scale story on the left total value enabled TVE we have 28.6 6 trillion. That is the

cumulative transaction value that chain link's infrastructure has facilitated not secured but enabled. The toll road has already processed 28.6 trillion

worth of traffic. On the right we see institutional adoption with approximately 70%

Oracle market share and 2,400 plus integrations. And once again, we have

integrations. And once again, we have big names in the mix. Swift, DTCC,

Euroclar, JP Morgan, Mastercard, UBS, BlackRock, and Fidelity.

These are not crypto native startups.

These are the most powerful financial institutions on the planet. These

financials underscore Chainlink's operational efficiency and its ability to generate sustainable value. This

financial strength is no accident. It is

a direct result of vision and the leadership behind chain link. And that

brings us to a key figure.

Hello Sergey.

Our financial snapshot just highlighted Chainlink's strong position, a position heavily influenced by its founder, Sergey Nazrav. Sergey Nazrov's focus on

Sergey Nazrav. Sergey Nazrov's focus on trust and decentralization is not just a philosophy. It is a core tenant of chain

philosophy. It is a core tenant of chain link's architecture.

He understands that the integrity of data is param paramount for blockchain applications and he's built chain link to address this fundamental need. His

vision directly tackles the inherent trust issues in traditional data sources offering a verifi verifiable and secure alternative. This

deep understanding of trust is a is central to chain link's value proposition. But who exactly is Sergey

proposition. But who exactly is Sergey Nazerof and what drives this vision?

The subtitle on the slide says it all.

Philosopher, engineer, builder of the financial internet. Let me walk you

financial internet. Let me walk you through the three columns. The origin

story on the left tells you who this man is before chain link. Born in Russia in 1987, he came to New York in 199 1990. He

studied philosophy and manage management at New York University NYU. And that

philosophical foundation matters because it has shaped everything he built. He went on to work as a as a

he built. He went on to work as a as a Google engineer and as a venture capitalist at for smart capital.

Critically, he's been in blockchain since 2010, one of the longest tenurs in the industry.

And here's a little side note. It is

rumored he registered smartcontract.com, which is another company he's owned, in October 2008, just 6 days before the Bitcoin white paper was published. So

this is not someone who arrived late to the party.

Power and influence in the center column show you where Sergey sits today. He is

now on the CFTC innovation advisory committee as of February 2026 and is helping to write the rules for digital assets at the highest level of financial

of US financial regulation.

He was at the White House digital asset summit in 2025 and he signed the Genius Act alongside President Trump. The list

of institutions he has personally driven to adopt Chainlink reads like a who's who a who's who of global finance.

Coindesk named him the most influential in the tech world in 2025.

The philosophy on the right is where it gets personal.

Three quotes that define his worldview.

Don't trust, verify, which is the founding principle of cryptographic truth. The next quote,

cryptographic truth. The next quote, agreements should be mathematically guaranteed, not just promised, is the reason smart contracts exist. And once

again, the one that cuts through everything from don't be evil to can't be evil. The shift from asking

be evil. The shift from asking institutions to behave well to building systems where misbehavior is simply impossible.

At the closing line at the bottom of the slide, Sergey has said we are approximately 30% of the way to global onchain adoption.

30% means that we still have 70% of this journey ahead of us.

Chain Link is not a one-man show. It is

a collection of some of the brightest minds in computer science, cryptography and enterprise technology. We have Steve Ellis who's the core the co-founder and

CTO.

He is a brilliant engineer who has been building the technical foundation of chain link from day one. We also have Ari Jules, the chief scientist who is a

world-renowned cryptographer from Cornell University who has literally written the leading foundational ac academic papers in this

field. And beyond these two, the team is

field. And beyond these two, the team is a blend of OG crypto talent and seasoned executives recruited from major techn

technology companies and prestigious universities. The caliber of this team

universities. The caliber of this team is a direct signal of the quality and the legitimacy of the project. The fact

that chain link can attract and retain this level of talent is in a highly competitive market as a powerful indicator of the organization's

strength. This is not a startup in a

strength. This is not a startup in a garage. This is a worldclass institution

garage. This is a worldclass institution executing on a worldchanging vision. And

this team has cultivated a culture that is absolutely relentless in it in the pursuit of its mission.

The people building Chain Link matter just as much as the technology itself.

And this slide tells you exactly what kind of organization Chain Links Labs is. It is a fully distributed team

is. It is a fully distributed team operating from anywhere in the world with radical autonomy and zero micromanagement. People are trusted to

micromanagement. People are trusted to their own outcomes. Builder culture is about productivity and smarts.

Engineers, researchers, and product leaders are empowered to build from first principles. Solving problems that

first principles. Solving problems that have never been solved before. This is

not a maintenance organization. This is

a frontier one. Talent density. Talent

density, worldclass minds only, exceptionally capable and deeply mission aligned. The stars on that icon are

aligned. The stars on that icon are earned.

The rapid growth rocket says says it all. As revenue just grew

all. As revenue just grew uh 11 times year-over-year, team members grow with the protocol, gaining exposure to exposure to institutional partnership

at the frontier of global finance. This

is a hyperrowth environment.

They have competitive rewards with top of market compensations including base salaries, link and link token grants and long-term upside tied directly to

the protocol success and adoption. When

the protocol wins, the team wins.

Worldclass support from onboarding to ongoing development. The team is backed

ongoing development. The team is backed by strong internal infrastructure, mentorship, and culture of continuous learning. This is not a company that

learning. This is not a company that stumbled into a good product. It is a team that was built deliberately to succeed.

Looking a little more deeply into policy and regulation, the tagline at the bottom of this slide says it all.

Chain link does not just participate in regulation, it writes it.

Looking at these five people, we see right away that they are not lobbyists hired from the outside. These are

Chainlink's own people sitting inside the rooms where the rules are being written. Sergey Nazerov is now part of

written. Sergey Nazerov is now part of the Commodity Futures Trading Commission, the CFTC, sitting on the Innovation Advisory Committee, which we touched on a couple of slides back. This

man is building the infrastructure and is now also helping to design the regulatory framework it will operate within. Next we have Ben Sherwin chain

within. Next we have Ben Sherwin chain links general council who was appointed to the CFTC as well the digital asset

market subcommittee advising the very regulators that oversee markets chain links serves.

Taylor Limpen, former deputy general counsel at Chainlink for five years, moved directly to become chief counsel of the SEC

crypto task force in February of this year as well. And in the bottom row, we have Angie Walker.

Her role at Chain Link, she is the global head of banking and capital markets.

Right now she is shaping global standards through the Abu Dhabi Global Management Finance Center ADGM

as well as Swift and GLF an organization with the mission to reinstate trust and transparency in global financial transactions.

Last but not least, we have Adam Minhart, head of public policy at Chainlink, who is currently on Capitol Hill advocating for the Genius Act and

crypto market structure legislation.

Nobody wants a repeat of Gary Gensler.

All right, so let's talk about scale.

The top two left tiles on the slide cover token supply. Chain link has a max supply of 1 billion tokens, a hard cap

that never changes, so there's no inflation and no surprise dilution of that 708 million link

70.8% is already in circulation. The

supply story is known and fixed.

Next we look at total value secured TVS which is 40.56 billion. That is the value of the DeFi assets that chain link

oracles are actively protecting right now. If chain link's data feeds went

now. If chain link's data feeds went dark 40 billion in lending, borrowing and trading positions would be at risk.

This is how missionritical the infrastructure is. And next to it once

infrastructure is. And next to it once again we have transaction value enabled 28.57 trillion

cumulative since inception not secured enabled that is the total economic activity that chain links infrastructure has made possible. The bottom row tells

the staking and growth story. 40.9

million link is staked in the 2 pool and that pool is 100% full. Earnings are

4.32 annual percentage with an annual percentage yield of 4.32.

We have link reserve. We have the link reserve holding 1.7 million link which actually has probably grown since I grabbed these numbers a couple weeks ago.

Link reserve is a buyback mechanism and is growing every day. This is a new protocol buying back its own tokens from the open market using protocol revenue.

For to the right we have total verified messages 198 billion which is the cumulative number of oracle outputs published on chain.

Every single one of these real world data points delivered with mathematical certainty and the number that should impress everyone. The annual transfer

impress everyone. The annual transfer volume, which is the specific metric used to calculate the flow of value through CCIP, crosschain

interoperability protocol, is 7.77 billion, up 1,972% in just 15 months from 375

million. That's not growth.

million. That's not growth.

That's fire.

Okay, let's look at the economic growth as the utilization of all of Chain Link's services and protocols increase.

The bar chart on the left shows that in Q3 of 2023, Chain Link generated 360,000 in quarterly revenue.

Just look at what happens next. The bars

stay small, under a million dollars, all the way through to Q2 2025. So that was just last spring. And then something

changed. Q3 2025, 9.4 million. This is

changed. Q3 2025, 9.4 million. This is

the moment CCIP started scaling. Q4

2025, you see 15.68 million, a record quarter.

And this quarter, which is not even closed yet, we have reached 12.29 million. This is a protocol that has

million. This is a protocol that has crossed an inflection point.

The four tiles on the right quantify exactly where that puts us today. An

annualized revenue of 56 to 60 million as of this month.

And the gross margins are sitting at 90 to 93%.

As this is an extremely capital-like protocol, there are no factories, no warehouses, no physical infrastructure to maintain. Almost every dollar of

to maintain. Almost every dollar of revenue flows straight through. We have

the full year of revenue for 2025 at 26.7 million up 1,235% year-over-year from just 2 million in

2024.

The price to sale ratio is approximately 109 times calculated as the 6.1 billion market cap divided by 56 million in

revenue. Chainlink's economic structure

revenue. Chainlink's economic structure is designed for longterm growth and profitability. It is a testament to the

profitability. It is a testament to the fundamental value provided.

So we have another slide on projectable uh projected addressable market. So

looking at the TAM of 2030, starting at the top, crosschain volume by CCIP. This time the total market is

by CCIP. This time the total market is projected at 1 trillion. So chain link's estimated capture is around 25 billion.

That's a fraction of a percent of the total, but on a 100 trillion base, it's an enormous number. We have custodial assets through proof of reserve $16

trillion market with an estimated with an estimated 1 billion dollar capture. We have the tokenized

dollar capture. We have the tokenized real world assets also 16 trillion also at 16 trillion with around 4 billion in projected revenue. Uh we have the web3

projected revenue. Uh we have the web3 gaming through VRF six $6 614 billion market and actually

one of the highest capture figures at 12.3 billion reflecting chain link's dominant position in onchain randomness infrastructure

and we have the defy TVL through data feeds and automation a $1 trillion market with 650 million in projected

capture under pin by chain links 65 to 70% oracle market share. The bottom card summarized the capture numbers directly.

These are conservative base case assumptions and have so so much more room to grow.

Let's talk about chain links moat and their flywheel.

This slide answers the question every serious investor asks. What stops someone from

investor asks. What stops someone from just copying chain links products? The

answer is on the left side of the slide.

Six moes each rated by strength. We have

economies of sc of scale. So 70%

of market share 70 to 80% of market share and each new integration lowers unit costs to near zero.

network effects. More protocols bring more operators which brings better data which attracts more protocols. So in and itself it is a flywheel.

We have switching costs. So when the likes of Swift and DTCC or JP Morgan have started the job of

building on chain links infrastructure chain switching the rails is a business continuity crisis. Well, once

you've committed to chain link, you're most likely going to stay with Chain Link. We have brand power, so trusted by

Link. We have brand power, so trusted by leading institutions and the CFTC for eight plus years. And also again,

there's been zero critical failures with chain links protocols.

Process power. So this is its strength here comes from the powerful way chain link processes data. Its decentralized

oracle network and off-chain reporting system help it to deliver information securely and efficiently in a way that most competitors cannot easily match. So

it makes it very hard to replicate what they do.

And at the bottom we have the flywheel defense which has the full five stars. This is

the most important one and it comes directly it connects directly with the diagram on the right.

So we start with adoption. Adoption

generates revenue. Revenue funds the link reserve buyback program automatically converting protocol fees into link. More link in the reserve

into link. More link in the reserve attracts more node operators. More

operators means better security and data quality. Better quality drives more

quality. Better quality drives more institutional trust. More institutional

institutional trust. More institutional trust drives more integration. More

integration drives more adoption and the cycle repeat repeats stronger every time it turns.

So now we get into the fun stuff. Value

chain link. And this was complicated maybe for me. Anyway,

don't think of link as a crypto token in this scenario. Think of it as five

this scenario. Think of it as five separate businesses or services each with its own TAM market share and fee structure. So we have used some of the

structure. So we have used some of the parts breaking it into parts valuing each one adding them up and then

dividing by circulating supply to come to our price per link token. We have

five main services or protocols that make up the SOTP model. So first we have the bridging businesses which is the

CCIP and the real world assets.

You've got BCG and Black Rockck projects with 16 trillion in tokenized assets by 2030. So, chain link takes a fee on

2030. So, chain link takes a fee on every bridge and this is obviously will grow. The data business representing

grow. The data business representing DeFi oracles is the second some of the parts. A synthetics and over

2,400 protocols pay chain links price feeds in which we've said before they have up to

70% market share. The third is the hidden tax from something called the Oracle extractable value. So when

markets crash, chain links smart value recapture captures liquidation profits that used to go to bots. So this is very

new with a high upside with a high upside and um the very conservative value assumptions have been applied here. Then there's their identity

here. Then there's their identity business which covers privacy and DCO which is chain link's privacy preserving oracle protocols that use the ZKPS the

zero knowledge proof infrastructure for banks to verify identity without exposing private data. Then we have the

gaming business, the gaming sector, the VRF, provable fair randomness for loot drops, NFTt mints,

and game matching. And each of these are sold as services. So we have five businesses, five revenue streams, one

token. Um, we'll go on to the next slide

token. Um, we'll go on to the next slide to see what the math produces.

All right. So, this table breaks down chain links 2030 revenue by business line. We have the revenue from

business line. We have the revenue from CCIP and the real world assets. We have

the data businesses, the decentralized finance articles. We have the OEV. So

finance articles. We have the OEV. So

remember that this is where they are capturing liquidation profits that used to go to bots.

We have the identity business which adds 350 million and we have the gaming market. So the total

market. So the total uh 2030 projected revenue here I have 24.8 billion. So the magic formula at

24.8 billion. So the magic formula at the bottom is simple simple revenue times multiple

divided by circulating supply with approximate approximately 750 million link in circulation by

to by 2030 sorry we have we are now able to calculate bare case base case and bull case. So

bull case. So we have you can see

the 10 times multiple 330 per link in 2030 at a growth of 3,737%

from today. And this requires really

from today. And this requires really only a modest adoption of the different services and or um protocols that chain

link offers. We then have the base case

link offers. We then have the base case which is a 15 times multiple. So 496

per link which is a uh 5,556 um percentage growth from today and this really really

requires uh CCIP to scale and real world to scale as well. And then we have the bullcase which is 20 times the multiple

at 661 per link at a growth of 7,575% from today. And this requires the CCIP,

from today. And this requires the CCIP, the RWAS, the OEV, the gaming, everything. We we would want everything

everything. We we would want everything to hit its full potential.

And I acknowledge that these numbers actually don't reflect um the growth of the AI agentic market which is so so new

because it really only came online about a month ago. Um it isn't added in here.

Um, our base case reflects a conservative yet optimistic view of adoption and market growth, offering um,

offering a solid foundation for our projections. The bullcase outlines the

projections. The bullcase outlines the potential of chain link achieves widespread integration across multiple industries showcasing significant

upside. And even our bare case

upside. And even our bare case demonstrates resilience indicating a strong underlying value even in less favorable market conditions. These

targets illustrate the significant potential for links price appreciation.

We've discussed the numbers and I will now outline the driving force behind them. This isn't just about price

them. This isn't just about price targets. It's about fundamental belief.

targets. It's about fundamental belief.

The fundamental belief in chain link's future. We're looking at a project that

future. We're looking at a project that solves a critical problem in the blockchain space. The network the

blockchain space. The network the network effects are growing and the adoption curve is steep. This conviction

isn't just mine. We're Jeremy's. It's

shared by a growing number of developers and institutions. This slide outlines

and institutions. This slide outlines two principles to back up our price targets.

The first first principle on the slide chain link is the TCPIP of institutional blockchain. So TCPIP

is the fundamental suite of rules that allows computers to communicate over the internet and private networks and has been the invisible but essential

plumbing of web 2. And nobody in 1994 or moving into the 2000s predicted how val chain link is becoming the same thing.

Vulcanized financial system the invisible but essential data and settlement layer. The critical

settlement layer. The critical difference is that TCP IP captured zero fees. So chain link is set to capture

fees. So chain link is set to capture more and more fees directly across their protocol lines.

First principle number two, the flywheel has already started. So we discussed what made up the flywheel uh and

supportive moes. We are early revenue

supportive moes. We are early revenue grew last year by 1174% as we pointed out year-over-year the

staking pool the staking pool is 100% full and was 100% full 6 hours after the door doors were open there is 20 new

integrations in February 2026 alone and at this is may not be accurate today but 8 points But $8.61

US, the market has not priced in the full um the full scope of chain link, the full sum of the parts scenario.

The bottom of the slide shows why this works.

This is the value capture mechanism.

Higher revenue from the five protocols means stakers earn yield, which means more buyers lock link. That creates

supply squeeze. And as real world asset value on the network grows to 16 trillion, node operators must post more link as collateral shrinking

supply.

So this drives price appreciation. Yay.

Higher yields, shrinking supply, growing demand. a self-reinforcing cycle. The

demand. a self-reinforcing cycle. The

thesis is simple. The infrastructure is real and the flywheel is already spinning.

So why am I invested in chain link with high conviction and why will I continue to add to my portfolio? The first reason which I now understand much more deeply than before is that chain link is not

even really an oracle platform the way most of us still describe it. It has now grown instead to be what could be described as a verifiable computing platform. It is an all-encompassing web

platform. It is an all-encompassing web 3 infrastructure. The same

3 infrastructure. The same infrastructure that again Swift, DTCC, and Black Rockck are already running on.

This is not a bet on whether giants like the continue to move bet on who operates the toll roads when all of

TRDFI does.

So second reason the market is still pricing chain link like it's 1999 no sorry like it's 2021 or 2023

before the institutional partnerships before the ETFs before the revenue explosion that gap between what the market thinks and what is actually

happening is where the opportunity lives and third very important is AI every AI agent that needs to transact in the real world

and there will be trillions of them need a trust layer. Chain link built it first. It's already happening.

first. It's already happening.

Fourth is the risk profile. So even in the most conservative bare scenario on the previous slide, the downside is bounded by the fact that the world's largest financial institutions have

already committed to this infrastructure. And as we discussed, it

infrastructure. And as we discussed, it would be very complicated and expensive to pick up, shop, and move business elsewhere once you have committed to implementing chain links broad

infrastructure.

And the fifth, Sergey, 16 years building towards this exact moment is he is the right person at the right

time with the right philosophy.

that threw me off. Right, second to last slide here is a great quote. I think the pinnacle, the absolute pinnacle of success for somebody building this

type of infrastructure is that they build something that becomes a public good that is important to how society

functions properly. Um, Sergey Nazerov

functions properly. Um, Sergey Nazerov um, articulates his vision perfectly in this quote.

Chain link isn't about hype. It's about

utility and integration. We're seeing

this play out as more and more traditional enterprises in chain link into their operations. And

it is a testament to the team's foresight and execution. So with that, then I'm slightly over time. I want to thank you

And I hope I've provided a compelling case for chain link as a high conviction conviction investment if I could talk. I

am looking forward to answering any questions you might have as best I can.

Thank you very much.

How you feeling?

Oh man. Yeah, pretty okay.

Oh, well, uh, you did fantastic. The

chat agrees.

Well done.

You know what? It's so crazy to know the chat is going on while you're doing this. I kept thinking in my head, oh, I

this. I kept thinking in my head, oh, I wonder what's going on in the chat cuz I'm so used to, you know, just sort of reading and paying attention to it all.

So, yeah. And really, thanks for your patience, everyone. I feel that the more

patience, everyone. I feel that the more nervous I am, I can't pronounce words.

Uh but uh yeah, here we are.

All right.

So, we had a a little hiccup with um the panelists uh one of whom is is overseas and the United States had their time

change this past weekend and their time changes in a couple weeks and so they uh woke up 10 minutes ago thinking that the

presentation was about to start. So,

So, we've got uh Kelly who's going to be one of the panelists and then we can open uh a spot for if if anybody has done some due diligence on Chain Link on their own and was paying attention

throughout the presentation and wants to hop in uh impromptu on to the uh panelist side of things and ask a question, we can do that as well. If

you're interested in that, post it in the chat. First person that shows

the chat. First person that shows interest will pull up for Q&A. But, uh,

Kelly, if you want to start things off, I will get the timer the timer going here.

There we go.

Oh yeah.

There you go.

Okay. Can you hear me?

Sure can.

Great. Okay. So, my questions are kind of random and all over the place. But my

first one is um so you talked about how chain links roadmap just increasingly depends on the traditional financial

institutions adop adoption and we know those to be slow, right? Um, is there is

there a plan B or is there a um kind of a middle of the road? Something

to do in between the two if things slow down. From your presentation, it doesn't

down. From your presentation, it doesn't sound like it's going to, but kind of a just in case safety net, I guess.

Yes, I hear you. I am rolling answers around in my head.

So, I'm just Well, to give you an extra second, I just want to say if you hear weird noises, I have dogs snoring in the background. So,

background. So, that's okay. I'm actually looking for a

that's okay. I'm actually looking for a slide that Chainlink posted on X a couple of weeks ago that Brian was passing to me and I had I had already

seen on X. But honest to God, in this thing, it it must have, you know, at least

70 companies listed on it. And so I think maybe if I've done this in my presentation, maybe I didn't mean to. I felt I really

had to work hard to condense information. There's so many layers to

information. There's so many layers to chain link. Um, I I actually went back

chain link. Um, I I actually went back and took out company names in on certain slides just to have a little bit less to

say just to stay within that 1hour framework. But there are so many

framework. But there are so many companies that they're working for. And

I might have been using, you know, the Swifts and the Black Rocks and the JP Morgans just because they're big and they're very, very familiar. Thank you,

Brian. he's just linked to the little diagram we were looking at. And I think that they're not only working with the

larger institutions, but I think one of the most impressive and important and conscientious moves that chain link is making is that

they need to keep pushing those financial institutions. like uh from

financial institutions. like uh from listening to many hours of Sergey talk on podcasts and stuff like that is his greatest desire. And if you if you just

greatest desire. And if you if you just go back to my last second last slide and it had the quote from him like he that quote he was actually u talking on a

podcast about something like he wants chain link to be like the postal service in America like just like the backbone

of I don't know how systems function and how they're upheld. So yeah, maybe like things might be a little stalled

because they're waiting for the banks, but and I'm sorry that I can't offhand think of smaller companies cuz of course you really do um you know you get taken

with the bigger names, but I just he's on a mission. So I guess like he's going for gold. And just as an aside, he's

for gold. And just as an aside, he's getting a lot of um exposure now because he's working in the US, but he's been working really

relentlessly all over the globe for the last few years because during the Biden administration, like crypto was a very scary place in the States. And so he's

been in Hong Kong, he's been doing things in South America, he has a couple of countries in Europe, he's been working with central banks. Like the,

you know, like the web is so large.

Yeah. I hope that answered something.

Do I do I get to go again?

Oh, I think so.

Okay. All right. So before chain link, Sergey founded three separate um blockchain ventures that never really got a footing and took off. Has in all

of your, you know, hearing him speak and or uh research, did he ever mention like what he learned from those, I guess,

failures that directly shaped how chain link was built differently?

So I don't know so much about three companies. I did a little reading up on

companies. I did a little reading up on smart contracts which was his I think like he was a venture capitalist so I think he was dabbling right he was he

was jumping into a lot of a lot of projects and testing a lot of water. um

smart contracts is actually still operating, but it has essentially just been um enveloped by

chain links. So, I don't really know

chain links. So, I don't really know that smart contracts was necessarily a failure. I'm trying to think, you know,

failure. I'm trying to think, you know, it was just that it was like the stepping platform and then when he met his um the co, you know, like his his

team um when he met Ellis, they moved to use like to to springboard off of smart

contracts. So

contracts. So like he was he was already thinking a lot about data and truth and security from you know right the get-go

from right from university. So, I can't say that I'm so clear on like these big failures that I have, but I I know that he was always willing to take risk to

continuously turn the wheel to move towards this larger goal. From what I know of listening to him and reading up on him, like the goal has been this understanding that like there is so much

valu structure that we have now that we would want something that was didn't even have to worry about thinking

about trust but just thinking um you know about provability the mathematical component of it. So, do you could you tell me, Kelly? Do you know what the other companies are that went

belly up? Cuz actually, I

belly up? Cuz actually, I don't know what they're called. I don't

really know that it was presented that they went belly up. They just only got so far and then they're no more. And I

wrote these down in my handwriting, which is terrible. So, I hope I wrote all the correct letters. QEP Capital

Crystal Mail Secure Asset Exchange.

Okay. Yeah. I'm not familiar with really like what those fed into. I have to say maybe I had some blinders on, but I definitely took in some information about smart contract.com, but didn't

know. I do I do think that I get the

know. I do I do think that I get the feeling um you know from the combination of the philosophy degree and the venture capitalism work and then the just the

passion around the blockchain from a very early age.

like he's just been willing to go wherever, you know, it whatever opportunities would continue to feed his larger goals.

And I think he's been, like I said, he's been looking from a philosophical make change in the world view for so long that I could see it would be in his

personality jump around. Yeah. Okay.

This is purely I think an opinion question, but um so it's been said that Chainlink has an unusually intense like

online fan base. Apparently they're

known as the link marines and they're pretty aggressive about protecting um the reputation. So, with

that being said, do you think that there's a possibility that um

let me read this like that cultlike community loyalty has shielded it from some like appropriate

criticism. Kind of the same way people

criticism. Kind of the same way people will just protect their political parties at all costs and or their sports teams or anything like that.

And so you feel like they're not seeing their weak spots. Like do you like do you think your question is reflecting on

what the token costs and why they're not coming out and saying, you know, we have all this great revenue and growth, but why is the token in the toilet and

nobody Yeah. Well, I can I can feel I feel you

Yeah. Well, I can I can feel I feel you because I'm you know, I just briefly mentioned in the um in the presentation that like, you know, I've been slowly

learning more and more about the crypto world and then, you know, like really changing what I see on X and I actually

sometimes feel annoyed at these like you know, you know, announcements from chain link or even having consumed a lot of information on the

I still was searching for more um feedback on why the token wasn't reflecting the move. So

whether you know this hardcore the hardcore groupies are you know creating some sort of block so we're not getting the truth per se. I

don't have much insight on but I will say that if the reason for your question is I sort of feeling like although I tried to address it in the

presentation it is a can of worms right to sit and talk about what the um what I would perceive is the well there's lots of emotion that's it right like there's

and frustration every time there's a post or an announcement on a new development of like I go straight to the comments because I want to hear what people say, right? And it's just like

everybody is just going, "Yeah, but you know, anyways, lots of lots of sarcastic stuff." So,

stuff." So, a yes.

Yeah. Where do you do you see these these guys like other than their mad comments underneath? No.

comments underneath? No.

No, I I don't. That's why I just wanted to know your opinion and see if you had like come across any of that in your research. I just uh you know found it

research. I just uh you know found it and I thought that was interesting that they I don't know if they call themselves the link marines or if that's just kind of something else. I think

Jeremy just said they do. So trust him in that. Yeah. That that is the name of

in that. Yeah. That that is the name of of this cohort. But yeah, and yeah, it'll be I think it's important for

holders, token holders to sort of hear, you know, good solid reasonings as to why. I mean, I did come up I did read a

why. I mean, I did come up I did read a few things that said like, you know, they have to very slowly incrementally increase the fees that they charge for all of these,

you know, all of their data streams just essentially for all of these things that they're prototyping right now because they don't want to put themselves out of

business. I hope I'm relaying that

business. I hope I'm relaying that information correctly. So, it's like

information correctly. So, it's like there's a it's very it's caution.

They're being very cautious and so there could be more revenue. There could be higher token prices, but they're although they're announcing a bunch of

stuff like it's very much a lot of it is still new and pro, you know, new and prototypes and on trials and

t. Yeah.

t. Yeah.

I have one more question.

Hey, got it. and it's going to be super unpopular, I'm sure. Um, you laid out beautifully and very convincingly why chain link is just head and shoulders

above the rest and the chat was, you know, going off agreeing with you.

However, due to my age, I am from the time when MySpace was a big deal and then it was called like the Facebook and nobody thought that was going to be

anything and we kind of see how that's gone. Is there any of the competitors

gone. Is there any of the competitors that's even like a little bit closer I shouldn't say closer but a little bit better than the others or more of a competition than the others?

No.

Nope. They all suck.

I don't think Well, and I don't think it's that they suck. I don't think it's that they suck. So, okay, this is coming from someone like my disclaimer was at the beginning. you know, not only was I

the beginning. you know, not only was I trying to learn and understand chain link, I was just trying to understand like what web 3 is because you just said

coming from my age, like yeah, my age like I just, you know, like web 3 is not this is not, you know, this is just I

just I love talking about it now. I'm so

obsessed. People are just like, "Okay, stop." You know, um it's Oh, it's so

stop." You know, um it's Oh, it's so great. It's so interesting. Um,

great. It's so interesting. Um,

let me think. I'd like to I don't even know that I've really answered any one of your questions directly. I just

trying to pull out from Yeah. pulling

out the information that I have in my head to compliment you. I kept asking over and over and over and I used five

different AIs. Um, I used Giggle,

different AIs. Um, I used Giggle, Google, Perplexity, Manis, Chat. Um, no,

just four. and kept saying like what is chain links competition who are the oracles and you know there are six or seven of them come up generally uh you

know redstone pip band they seem to be but I had said in my chart right they have 1% of the market 5% of the market and um chain link has over 70 and that's

because I think they came into the market first but also because yeah I don't I don't know like Sergey has just had grand much larger vision right so

they've just been working on just nailing you know all sorts of things yeah I just don't think there is anybody I just I don't know that could be that's from my limited knowledge but they've

just um and you know in the presentation how it said like a screwdriver versus a toolbox like that's kind of what I think summarizes it really is it's just um or

I read another analogy where like most of the oracles are you could describe

um you know oracles as phones, but chain link is a smartphone that we never knew. You know what I

mean? That we didn't know was coming.

mean? That we didn't know was coming.

So, um I just think they're so ahead of the curve. Yeah. I really really believe

the curve. Yeah. I really really believe that now. Like I I wouldn't have said

that now. Like I I wouldn't have said that with any particular knowledge or passion behind it, you know, a few months ago, but wow, like everything I put in

there is so much more. Didn't even how to add little side project with more acronyms with more.

So crazy.

Thank you, Kelly.

Great questions. Uh, take up most of the time for the Q&A. Um,

I got a question for you. So, at the beginning of the presentation, me?

Yeah. Mhm. Um,

sorry, it just froze. I was wondering if it was me.

Oh, yeah. uh at the beginning of the presentation you said you know you you did this to learn about chain link but also to learn about about the blockchain in general

having gone through this process um you know how what was your perception of cryptocurrency as a whole prior to doing

this research and where do you see like the asset class as a whole Now, yeah, thanks. That's a fab fabulous

yeah, thanks. That's a fab fabulous question.

Um, I feel much more educated just in a way that, you know, like so many people brush off crypto and people don't even know what it means when you

call it web 3 in the first place, but brush off crypto and just think it's a bunch of dgens, which I know that there's reasons why there's a bad reputation for for crypto, but I really

finally understand that like there is a real need and purpose for this infrastructure and that it really really Yeah, you're a

DJ.

That's okay. Um,

yeah, just really good quality. Uh, I

don't know. I'm trying to Sorry, someone's knocking on the door cuz I told them I'd be off at 7:15. They're

distracting. Um, yeah, I um Yeah, this is the future.

And what I will say is that I was one of those uh conspiracy theorists that thought generally anything

that resembled CBT CBDC's or digital technology that might reflect control measures by a you know by a a state a

country.

This has really taken out actually a lot of the fear around those narratives because I just see that in a very practical way. This actually and of

practical way. This actually and of course if you listen to a lot of Sergey like he's you know he's preaching from the pulpit like you're like yes yes you know like let's just do this in a

mathematical way. Let's take out the

mathematical way. Let's take out the emotion. Let's take out the

emotion. Let's take out the um I don't know. Sorry I'm rambly. Uh

yeah, I I just I feel like there is I wish I could more elegantly put this together. Um yeah, there's I can just

together. Um yeah, there's I can just see why Web 3 exists and why we would go and to be fair now that I've been listening or excuse not listening but like reading up on all you guys with

your open claw and stuff which is absolutely insane. Um like you can see

absolutely insane. Um like you can see that the identic use for tokenization and having all this stuff on rails is just like the absolute

um like it just makes sense like it's the it really is everyone you can remember you know like in the on Slack everyone's like whoa why didn't we know this now we

know this yeah anyways I feel so much less fearful and seeing that all my crypto you know has turned resistantly not is not in a very good place. I'm

glad I did chain link because I actually feel much safer and much more patient.

Thanks Nick.

Amazing. Yeah, thank you. This was a fantastic presentation. I'm pretty sure

fantastic presentation. I'm pretty sure everyone on the call agrees after looking through Oh my god, Ellen. I'm just Katherine Austin Fitz. listened to something

Austin Fitz. listened to something and I I was like, "No, now that I know what the blockchain is, I actually don't feel like I can go down her rabbit hole

as far." So, I felt good about that.

as far." So, I felt good about that.

Anyways, I see that.

Yeah. Awesome.