$BONK
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Composability means there are only two outcomes: full settlement, or nothing happened. That distinction is what makes 24/7 markets operationally possible, not just technically possible. @Wesarn_real discusses the 2AM problem with @Santiag78758327 on @RealVision . [Spoken audio]: Addressing counterparty risk, the finality that comes with atomic settlement in these systems is a core component, because those risks are, as you said, the legal system is traditionally the way that it's been managed and mitigated. And now we have these systems that through code, and as long as you are on systems that are audible, that everybody can see that you're all playing by the same rules of the game, and that there's not one counterparty that I can change those rules in their favor, right? So that we're all in this level playing field. To me, that's the most powerful thing that you guys have built, right? Is that you've created a system where you can still bring in the legal protections and compliances that are required to operate in the traditional world. But in a technological framework that gives you these assurances and mitigates these counterparty risks, trade-off risks that you're talking about, that's very powerful. And I think that's what's gonna drive this next level of both digital asset adoption and the infrastructure underlying the digital asset system. So you're absolutely right. You've made it sound way cooler than it actually is. Let me give you another way I try to explain this composability thing. So imagine, everyone's talking about markets going 24 by seven, right? And again, it's not because these institutions don't want to service the demand. We'll get there. But right now, you have concentrated your best employees from Monday, Friday, 9 to 3, 9 to 5. And they are your people that know how to manage risk. If one of those settlements goes wrong, they know how to take care of it. They know how to scramble the jets, make something happen, resolve the problem in a timely fashion. Now, if you wanna go 24-7, you need to triple your workforce of your best people that can manage those real problems because if you get a 2 a.m. problem like that, you need someone who can resolve that in a timely fashion. Now, if you have composability, where the only thing that can go wrong is nothing happened or the full thing happened. It's a fundamentally different thing. Now I need 24 by seven IT and support with an escalation path to my highest quality people. And I think that that's really one of these like very subtle deeply unsexy enablers to 24 seven. Like if I try to mint a stable coin with $100 million of a treasury on a Saturday at 2 a.m. And it doesn't happen, but nothing happened. Okay, that's a support ticket. I'm frustrated, but it's a support ticket. If I accidentally delivered $100 million of treasuries and I didn't get my stable coin, that's a wake up someone senior problem, right? And just your reticence to want to go all the way through this automated high velocity 24 by seven system, those are the very real concerns this type of institution takes into account has to plan for, has to staff for, has to budget for the money that they're going to make from being available at that time, has to justify those expenses. So these unit cost calculations and these risks are super critical in the decision making that goes into making this possible. And so it's like sometimes people will call me overly principled on this or give me a hard time and say I'm letting the perfect get in the way of good enough. And I just I just don't think it's true. Like I think that we have this glass ceiling on the crypto ecosystem today precisely because nobody takes these things seriously and sees them all the way through. And so you can get to low single digit billion billions of TBLs and some of this stuff. But you can't get into the trillions and the quadrillions of TBL and volume that you see in capital markets today without seriously addressing these issues. And like I said earlier, you can address them head on and plan for it and account for it and make that a good experience for your participants. Or you can deal with it after the fact in a fire drill or as a bolt-on and be hamstrung by having a fight against your existing architectural design on the path to being able to do it. And I'm not going to pretend we got everything right. Of course we haven't. We're iterating and learning as we go, but I think we're a pretty strong starting point compared to others.
