Robinhood Chain：美國券商巨頭如何帶動鏈上牛市？Johann Kerbrat 對談

0:00Robinhood Chain 啟動牛市？

0:00我覺得在開始之前，大家應該給 Johann 和他的團隊一個掌聲，因為 Robinhood Chain 上線之前，市場真的很冷清，但自從他們推出後，你們都知道比特幣價格發生了什麼事。來，給他們一點掌聲吧！I think before we start, we should probably give a round of applause to Johann and his team for bringing on the bull market, because before Robinhood Chain launched, it was pretty dead, and since they launched, you know what's happened to the Bitcoin price. So maybe just like a quick round of applause to congratulate them.

0:22謝謝大家。能夠回到這樣的市場真的很有趣，也很興奮看到比特幣價格回升。我必須說，你們的上線是加密市場近年來最重要、最成功的事件之一。整個過程既漂亮又高效，資金大量湧入鏈上。我很好奇你們內部怎麼評分這次上線？Thank you. It's been a fun market to be back, and it's exciting to see the price of Bitcoin coming back up. I must say, I really think that your launch was one of the most significant and one of the most successful things to happen in the crypto market. It happened, it seemed beautifully and efficiently. A lot of money came onto Chain. I want to know how you scored. Internally, the launch, you must have had certain expectations. How did you score the launch now that it's happened?

0:49我們真的很興奮。不只是我們預期的社群進來了，還有機構、上市公司 CEO 主動聯絡我們，希望把他們的股票代幣化。這讓我們看到這不只是另一條迷因幣鏈，而是一個全新的運動。如果要打分數的話，我是法國人，通常都很嚴格，大概給個 7 或 8 分吧。Yeah, we were pretty excited. I think, you know, not just seeing the community that we were expecting to get into the chain, but also getting institutions, CEOs of public companies reaching out to have their stock tokenized. All of that really showed us that this was a new movement, not just another meme coin chain, for example. So out of 10, what would you give the launch? You know, I'm French, so usually everything is bad, so I will give it like a 7 or 8, I think.

1:18Robinhood Chain 上線經驗與挑戰

1:18你給了 7、8 分。那你覺得還有什麼可以做得更好？我們外部看到的可能是一回事，但你們內部一定有不同的期待。你覺得有什麼地方可以更好？Amazing. So you gave it a 7 or 8. What do you think could have been better? Because to us on the outside, we saw one thing. You obviously had a set of expectations and everything else on the inside. What do you think could have been better?

1:32我覺得我們做得最好的地方，不只是把鏈建出來而已，還深度整合到我們的 App 裡。像 Robinhood Earn 讓你可以把現金轉成穩定幣，然後直接質押到 Robinhood Chain 上的 Morpho vault，只要幾秒鐘就能把錢放到鏈上。這對美國 2700 萬個有資金的帳戶來說，是第一次有這種規模的鏈上分發。I think what we really did well was not just creating a chain that was, like, out there. We also integrated deeply within our app. For example, we have Robinhood Earn that allows you to turn your cash into stablecoin and to lend it into the Morpho vault that is on the Robinhood chain, just with a few steps. You know, really two or three seconds and you can have money on chain. That's available to 27 million funded accounts in the U.S. So it's probably the first time that you have distribution connected to the Robin chain, or to any chain for that matter.

2:03我們可以做得更好的地方，大概是沒有預期到成長會這麼快，應該可以更早規劃 gas 費，避免對部分使用者來說交易成本太高。這次有些人反映 gas 費有點高，但那也是因為太多人來鏈上炒迷因幣了。這其實是一種平衡，gas 費不能太低，否則會被機器人 spam，但也不能太高讓使用者卻步。I think what we could have done better is probably, like, expecting that the growth will come as fast as it did, and so we could have probably planned a bit more, like, the gas fees to make sure that it would not be too expensive for some of our customers to transact on the chain. So I think there was a little bit of pushback around gas fees, but I think that also came because too many people came to trade meme coins on the chain. That's right. It's a balance. You have to find, you know, you want to avoid the bots that are just spamming the chain, and so you want the gas fees to be a little high to make it not economically viable for the bots. But you don't want to make it too high that then, you know, customers are paying for it. So it's a balance to find.

2:46迷因幣、RWA 與鏈上創新

2:46我覺得未來一定會有更多自動化交易機器人和 AI agent 參與。我們之前聊 Robinhood Chain 上線時，其實我沒想到會變成迷因幣鏈。你們有預期會這麼多迷因幣嗎？Yeah, I think the future is in actual bots and AI agents trading, and we'll get there. When you spoke about Robinhood Chain launching, we spoke a while back about it. I didn't expect, I didn't anticipate it to be a meme coin chain. Like, did you guys expect this that much of a meme coin?

3:03我有聽 Vlad 講過，他對迷因幣其實沒那麼正面。上線那天他還發了兩隻狼的梗圖，意思是你可以同時擁有 RWA 和迷因幣。其實我們一直希望迷因幣和社群都在，因為迷因幣帶來流動性和熱度。大多數大型中心化交易所和錢包都主動整合我們，這其實是迷因幣幫了很大忙。但我們強調 RWA，是因為這才是 Robinhood 能真正帶來價值的地方。Look, I heard Vlad talking about, you know, not being very positive to meme coins. On the day of the launch, he tweeted the two wolves, which was that famous thing: you can have both, you can have RWAs and you can have meme coins. Did you anticipate that you guys were going to be a meme coin degen chain, like? I think we always wanted the meme coin and the community to be there. You know, I think meme coin serves for a purpose. It brings liquidity, brings interest. The chain has been integrated with most of the platform. Most of the biggest centralized exchange or wallets integrated with us without even us asking for that, right? So the meme coin really helped there. What I think, you know, we were trying to say when we were saying, like, we want to focus on RWAs is that this is where we can bring most of the value, right?

3:55我們不需要 Robinhood 幫忙再發一個迷因幣，這很簡單，只要一個 smart contract 就行。我們真正能幫忙的是技術、跟造市商和監管的關係，創造新產品。像我們打造的股票代幣就是一個新型態，不只是 ERC-20，而是可以組合、被其他應用整合，這才是 Robinhood 能帶給社群的價值。我們會專注開發這類東西，但同時也要確保鏈對迷因幣和各種活動都很友善，像 gas 費、低延遲、使用者體驗都很重要。We don't need Robinhood's help to launch another meme coin. That's a pretty simple thing to do. It's a simple smart contract. What we can help with, or kind of technology plus our relationship with market makers and regulators, is to create new products. So the stock token is a new primitive that we built where it's not just an ERC-20. We make it composable so that people can build on top of it, use it in different apps, and that's where we think Robinhood can really bring value to the community. So I think that's more this kind of thing that we want to focus on as developers to build, but we want to make sure that the chain works very well for meme coin and for any type of activity. Gas fees is important. Super low latency is important. Being able to have everything as cheap as possible for the customer is also important. So that's all the stuff that we are looking at, not just RWAs.

4:42鏈上活動週期與未來展望

4:42如果看鏈上交易量，迷因幣熱潮現在雖然沒死，但已經冷卻、趨於正常。如果 12 個月後我們再聊，你覺得鏈上的活動會變成什麼樣？使用者會做什麼？If I look at the transactions, like they did this and now they're starting to come down. I think the meme coin hype, it's not dead, but it's just calmed down and probably, like, normalized. If we talk again in 12 months. What do you think the activity in the chain is going to look like? What do you think people are going to be doing?

5:01其實 Robinhood Chain 上線還不到三個月，連 100 天都還沒到。以我們看到的交易量和使用者數來說，真的很驚人。我們一度是成長最快的鏈，100 萬筆交易達成速度比任何人都快。接下來我們會更專注在鏈上實用性，讓它和不同前端整合更深。鏈上活動本來就會有週期性高低，我們更在意產品本身，像股票代幣就是我們很興奮、需求很大的東西。但這些代幣不能只拿來現貨交易，還要能當抵押品開永續、選擇權等衍生品，這才有真正的用處。Yeah, I think what I've just said at the beginning. Look, the chain is live for not even three months. I think not even 100 days just yet. So if you think about the volume that we've seen, the transaction numbers that we've seen, it's incredible. Like, we were the fastest growing chain for a while. We reached 100 million transactions faster than anybody else. I think what we are focusing on more is bringing more utility on the chain, making sure that it's more integrated with our different frontends. And we will see activities doing this kind of spikes all the time. Like, it's just cycles. It's what happened in crypto since the beginning, right? We don't really care too much about that. We want to really focus on the type of product that we launch. Stock token is something that we're really, really excited about, and we're seeing a lot of demand for. But for that, we also need utility around these tokens. It shouldn't just be spot trading. It should be able to use it as collateral to open perp position or to create options on it, like these kind of things.

5:57股票代幣的全球機會

5:57那你預期 12 個月後，Robinhood Chain 使用者的體驗會是什麼？你覺得這些事情發生的速度會有多快？So in 12 months, when a user has a user experience on the Robinhood chain, what do you expect the user is going to be doing? Because I'm trying to get a feel for. How fast do you think these things are going to happen and what people are going to be doing 12 months from now?

6:11我們對選擇權很有興趣，未來股票代幣不只會有美股和 ETF，還會有私募股權、其他交易所的股票。這就是我們想看到的，把美國傳統金融產品一個個搬上鏈。你一直強調股票代幣，這是因為全球任何人都能買賣股票嗎？還是因為 24/7？Yeah, I think option is probably something that we're excited about, seeing stock tokens not just for U.S. stocks and ETF, but also for private equity, also for other type of exchange. That's the kind of thing that I would expect to see, basically seeing more and more of Robinhood, the classic U.S. products that already exist out there becoming more and more on-chain. The tokenized stocks, you keep talking about it. It seems like that's the vertical that you're most excited about. Is that because now globally people can buy and sell stocks? Is that because of the 24/7 nature? What makes you guys so excited about it?

6:46對，這是第一次全球任何地方的人，只要有手機和網路，就能開錢包、參與全球最大經濟體。以前用傳統券商根本不可能，或是手續費高到沒意義。現在我們先專注美股，但想像一下，如果你在新加坡，想請紐約路人買新加坡股票，幾乎沒人知道怎麼開始。代幣化讓使用者能低成本接觸更多元的公司，還有即時結算。像 Robinhood 之前的 GME 事件，如果有即時結算就不會發生。第三點是 24/7，現在 70% 交易量都發生在週末或盤後，這證明市場不會在週五晚上就停下來，大家週末還是想調整部位、避險，現在有代幣化就能做到。Yeah, I think it's the first time that anyone in the world, you know... You can take any place, as long as they have a phone and an internet connection, they can create a wallet and they can get exposure to the greatest economy in the world. I think that's something that was not possible until now with classic brokerage system. Or if it was possible for you, maybe you had a ton of fees and it was actually not economically viable for you to trade this type of activity. And this, right now we're only focusing on U.S. stocks, but Think about Singapore, right? We are here. If I tell you tomorrow to ask someone in the street of New York to buy a stock on the Singaporean exchange, good luck. Most people will not even know how to get started. So I think that type of new products that tokenization can bring is just so unique that customers will have access to way diversified type of companies, and on top of that, at very low cost. So that's one aspect that we're excited about. The second one is instant settlement. You know, if you think about Robinhood, you also think about GME. Something like this would have never happened if we had instant settlement. And so that's a big game changer. And the third part is 24/7. 70% of our volume is happening on weekends or after hours when the— 70 or 72? Yeah, which is insane, right? Like if you think about that. It really shows that the markets are not stopping on Friday nights. You know, there is a lot of news happening on weekends. People want to be able to have ways to hedge their position, change their strategies. Now they can do it with tokenization.

8:17社群開發與鏈上創新

8:17你們 Robinhood 內部會自己開發多少？又有多少是期待去中心化社群幫你們做？How much of it are you guys building at Robinhood, and how much of it are you expecting the decentralized community to build for you guys?

8:25其實是結合，開發者很活躍。我們合作夥伴 Alchemy 公布 Robinhood Chain 是目前開發最活躍的鏈，這讓我很興奮。以前我是工程師，我希望看到更多開發者在鏈上做新東西，因為我們不可能想到所有點子。像把迷因幣跟股票代幣掛鉤這種創意，我自己都沒想到，但這其實是很厲害的創新。迷因幣帶來的關注也會流向股票代幣，這其實很有意思。I think it's a combination. Like, developers are really active. One of our partner, Alchemy, actually published that the Robin chain was the most active on the development side right now, and that's the most exciting part for me. Like, previously as an engineer, I want to see more developer activity on the chain, and I want to see people building new things because we can't think of everything else that the community is thinking about. For example, the idea of meme coin that are pegged to stock tokens, I didn't think about that one. I didn't think about it either, but it's actually, when you think about it, it's actually an amazing, amazing, amazing innovation. When I first saw it, I was like, What are you doing? You're pairing nothing to something. And then you think about all the attention that meme coin brings to that tokenized stock, and then you're like, Hold on, this is a serious thing.

9:11你甚至可以針對公司某個特定營收線做迷因幣，而不是整家公司。這些點子我們不可能全都想到，就算想到了，資源也有限，沒辦法每個都自己做。所以我們很依賴開發者社群，看他們在鏈上做什麼。很多時候我早上或在飛機上滑 Twitter，看到大家在鏈上做的東西，有些我會想『這什麼啊？』但有些真的很有趣。It's exciting, and I think, you know, also like the fact that you can look at a specific aspect of the company, not just like the entire company, but maybe you're going to target more one particular revenue line of that company. And that's the kind of thing that, you know, we'll never think about all of this by yourself. Or even if we think about it, we have a resources constraint, right? We can't build every single thing. So being able to rely on our community of developers. See what they are building out there. It's really fun. A lot of time in the morning or when I'm on a plane, I look at my Twitter account and I see what people are building on-chain. And, you know, sometimes I'm like, okay, I'm not sure about this one, but sometimes it's really fun.

9:47鏈上創新與永續合約

9:47我自己有個迷因幣配股票的故事。有次我買了一檔股票，結果大跌，我又不會交易就一直抱著。某天醒來發現股價竟然漲回來，才發現是有人把迷因幣跟這檔股票掛鉤，讓我能解套。這些創新真的有實際效益。兩種資產類型用一個 token 配對，這真的是創新。你還有看到什麼鏈上創新讓你驚艷的嗎？I must say, I'll tell you a personal story about meme coins paired with stocks. So I got into a bad stock transaction. I bought a stock and—Went badly down and I held it because I'm not a good trader, so I held it on the way down. And one morning I woke up and the stock was back up higher than where I bought it, which was a surprise. And the only reason why it was like that was because someone paid a meme coin with it. And so I managed to actually get out at the same price or higher than I actually bought. So these things, these innovations actually have, like, you know, real-world benefits. Absolutely. So tokens, meme coin tokens paired with stocks was an innovation. In fact, two asset classes paired together with one token was actually an innovation. What else have you seen on-chain where you've, like, looked at it and gone like, hold on, that's, like, really interesting?

10:34最經典的例子就是永續合約（Perpetuals），這是加密圈自己發明的傳統金融沒有的東西。我們對這很興奮，因為你可以用股票代幣組投資組合，不用賣現貨就能開永續倉位。現在不只散戶，連機構也用這種方式提升資本效率，尤其週末交易。像我們跟 Lighter 交易所合作，Robinhood 錢包就能開永續，看到很多使用者在用這個模式。Well, I think the most classic example is perpetuals, right? It's a primitive that was invented on crypto. TradFi didn't have that concept. We have options, we have futures, but so Perps is something that we are pretty excited about because you can have your portfolio of stock tokens. You don't have to exit your position. You can open a new perps, and we are starting to see a lot of usage of that, not just by retail, but also by institutions that want to improve their capital efficiency. When they are trading, especially over the weekends. So that's something that we are seeing a lot of innovation on, and being able to, for example, do that on Lighter, which is an exchange that we are partnering with on the Robin wallet for Perps, we are seeing a lot more of customers utilizing this model.

11:22另一個重點是 AI，今年大家都在討論這個。看到很多人直接跟鏈整合，做 smart wallet，讓不同 bot 之間資產流動，尤其是跟股票代幣結合，完全改變了玩法。再加上資產可分割、即時結算，現金和股票可以瞬間轉換，這些都是我們看到的發展。So the other part is around AI. You know, obviously it's a talk of the year, I think. But seeing the amount of people integrating with the chain directly, creating a smart wallet, moving things back and forth with their different bots, but being able to do that with stock tokens really changed the way that you can do that. Fractionalization, again, instant settlement, you can move from cash to equities very quickly. So, so we're seeing a lot of development on that.

11:51Lighter、Bitstamp 與 Robinhood 生態

11:51能用股票代幣當永續合約抵押品，真的能解鎖更多資本和交易量。你剛剛提到 Lighter，還有你們最近辦的 Robinhood Out of Space 大會很精彩。不過大家對 Lighter 有點失望，因為大家以為你們會宣布在 Lighter 上做永續，結果是用你們自己擁有的交易所。你們跟 Lighter 有合作嗎？I must say, being able to use stocks, X stocks, or tokenized stocks as collateral for perp positions is, yeah, it unlocks so much more capital, so much more trading volume. You mentioned Lighter, and you had your Robinhood Out of Space conference the other day, which was amazing, by the way. You guys, yeah, it was really amazing to watch. I think one of the disappointments was around Lighter. I don't know if you saw the Lighter chart, but the price went up and the price went down. I think everyone was expecting you guys to announce that you were doing perps on Lighter, and you announced that you were doing it on an exchange that you guys already own. Is there a partnership with Lighter? Like, is there?

12:27我們跟 Lighter 有合作，已經整合到 Robinhood 錢包。你在 Robinhood 錢包開永續倉位，會直接走 Lighter。至於 Robinhood 的中心化交易所，我們用的是 Bitstamp，這是我們幾年前收購的交易所。主要原因是我們想提供合規產品，Bitstamp 在歐盟有 MiFID 執照，這對我們很重要。未來還會跟 Lighter 做更多合作，但目前這個產品是用 Bitstamp，跟我們在歐盟其他地方推出的產品一樣。We have a partnership with Lighter. It's integrated with the Robin wallet. So when you open Perps position on the Robin wallet, it will go directly on Lighter. On the centralized exchange on Robinhood, we are using Bitstamp, which is the exchange we acquired a couple of years ago. And for us, the main reason for that is we wanted to offer a regulated product. Bitstamp is licensed in the EU under MiFID, and it was important for us to also being able to support, like, more type of products. But it doesn't mean that we won't do more with Lighter. I think it just means that for that current product that we launched last week, we are currently using Bitstamp, which is the same product that we launched also in other places, like in the EU.

13:09簡單說，如果你在 App 裡中心化交易，就是透過 Bitstamp；如果你用錢包，swap 就是走 Lighter。那 App 和錢包使用者有多少比例互動過 Robinhood Chain？So to clarify how it works is if you're trading centrally in the app, you're trading through Bitstamp. But if you're trading—From the wallet, your swap is being directed through Lighter, basically. That's exactly right, yeah. So the app and the wallet, how many people, what percentage of the Robinhood base on the app have interacted with the chain?

13:21使用者規模與鏈上滲透率

13:21這點很有趣，因為我們在 App 裡的 Earn 產品會自動幫使用者建立 smart wallet，讓數百萬使用者直接接觸鏈上。錢包則是自我託管，全球 120 多國都能用，所以使用者族群和美國本地不太一樣。我們才剛開始讓這兩種技術融合，未來會讓 Robinhood Chain 更深度整合進 App，這樣美國 2700 萬個有資金帳戶都能互動。目前如果沒記錯，Robinhood Crypto 有 2400 萬使用者，App 則有 2700 萬美國使用者、全球 2800 萬個有資金帳戶，總共大約 5500 萬。實際有互動鏈上的錢包大約有 2000 萬個，但錢包數很難精確，因為一個人可以開很多錢包。Well, so that's one of the things that is really exciting is because of the Earn product that we have within the app, where we create a smart wallet, we actually have—Now exposure to the chain to millions of customers. The wallet is a bit different. It's a self-custody wallet, so it's available in 120 plus countries. So we are seeing a different user base than the one that we have in the U.S. But we are just at the beginning of kind of converging the two types of tech. But we expect to integrate more and more the Robinhood chain within the Robinhood app, and that way you can get the 27 million funded accounts in the U.S. to interact with it. So currently, if my numbers are right, and I may be wrong, I think you've got 24 million customers? On crypto, yeah. On crypto, yeah. And how many in the Robinhood app? It's about 27 million in the U.S., 28 million funded accounts across the world. So that's 55 million more or less. And how many actually have interacted with the chain in any shape or form? I don't have the number because, you know, wallets is always complicated. You can create multiple wallets, so it's always a bit funny to calculate. But we are seeing, I believe, about 20 million wallets that are active on the chain right now.

14:38Robinhood 的資源分配與創新策略

14:38如果 Robinhood 的資源分配 100%，你覺得未來有多少會放在加密貨幣？Robinhood 是超級多元的公司，有 13 條年營收超過 1 億美元的業務線，所以不管市場怎麼變、牛市還是熊市，公司都能靠不同業務平衡收入。加密這邊我們絕對是創新前線，無論是區塊鏈、永續合約還是資產代幣化，我們都想推動。你看美國其他大型券商，根本沒人在想這些。我們還很重視 AI，上週活動也宣布了很多新東西，像基礎設施裡可以做 loop，未來也想更多放到鏈上。現在大家還把 AI 當成資訊工具，但我們看到鏈上其實已經有人用 AI 當 24/7 自動交易員了。If I were to think about Robinhood's 100% of their resource allocation, and when I say resource allocation, I don't mean current resource allocation, I mean share of mind, share of investment in the future. How much of that is going into crypto and how much of that is going into everything else? So, you know, Robinhood is a super diversified company. We have 13 different business lines that are making at least 100 million dollars in revenue. So it's really creating a situation where, no matter the market condition or no matter the cycle, is it a crypto boom or is it a crypto winter, the company is able to balance the revenue from different business lines. On the crypto side, we are definitely at the frontier, I would say, of innovation. We want to push. On the blockchain, we want to push on perps. We want to push on tokenization. All these things that, you know, when you look at the incumbents, like you look at the other big brokerage in the U.S., they are not thinking about that, right? So we want to push on that a lot. The other thing that we've been really focusing on is AI. Last week at the event, we announced a lot of things where you can build loops within the infrastructure, and we want to do that more on-chain as well, because right now. I think that people are still thinking about AI just more as a way to get information, not as a way to trade. But we actually see the opposite on-chain. People use AI to basically be a 24/7 trader on-chain.

15:59Robinhood 為何要贏下加密戰場？

15:59你覺得 Robinhood 為什麼一定要在加密領域勝出？或者說 Vlad 為什麼這麼重視？他現在幾乎變成加密圈主角了。像 Brian Armstrong 一直在立法戰場奮鬥，Vlad 也很認真投入。你覺得他為什麼這麼在意？Why do you think that it's so important for Robinhood to win in crypto? Or why do you think Vlad—I know you think that because you're the head of crypto—but why do you think Vlad is so... he's come out and he's become... You almost become a main crypto figure. Absolutely. I mean, I don't want to compare him too much to Brian Armstrong, but Brian Armstrong's been pushing in the trench—not in the trenches trenches, but in the crypto trenches—fighting for legislation for a long time. And Vlad rocks up, and Vlad becomes a main character, and he's taking it very seriously. Why do you think it's so important to him?

16:31有兩個原因。第一，我們一直很專注加密，2018 年熊市底部就推出加密服務，這代表我們真的想讓使用者能接觸這個產品。很多人都想要加密和券商服務一起用。第二，雖然我們有時候比較低調，但其實在監管上我們做了很多努力，像在美國 50 州拿到執照，全球也有許多牌照。Robinhood Chain 就是我們想讓大家看到我們真的做了大事，因為能把 2800 萬個有資金帳戶帶上鏈，全球只有 Robinhood 做得到。Well, I think there are two aspects. One is we were always really—Very focused on crypto. We actually launched crypto in 2018 at the bottom of the winter cycle. I remember. And that tells you how much we wanted to give access to our customer to this product. A lot of people were asking to be able to access crypto and also access brokerage and all the other services that we have. The other part is that a lot of time we are maybe a bit more quiet on some of the... Of what we are doing, but obviously, for example, with regulation, we've been working for a very long time to bring regulation to the U.S. so that we can launch products across the 50 different states. We have licenses across the world. We've been doing a lot of work, you know, outside of the States, but we are still very involved. And I think the chain is just like the moment where we wanted to really make it visible that we've been doing something big. Because again, like the idea of bringing 28 million funded accounts on-chain is just the only company capable of doing that is Robinhood, basically.

17:33社群力量與未來計畫

17:33你們真的幫了我們很多，因為你們來之前市場超級冷，大家都在等 10 月再破底。Robinhood Chain 上線讓大家重新關注加密，甚至可能是讓市場回升的關鍵。那我們能幫你們什麼？現場大家都是社群成員，加密圈就是社群，有什麼是我們可以回饋、幫助你們的？So I'll say this, you've done a lot for us because before you guys came, we were in the pits of a bear market. Everyone was waiting for like one big leg down in October, and I think I want to say that, you know, the launch of the Robinhood chain brought attention back to crypto, and maybe it was—Semi responsible for the market going up. What can we do for you? Like, there's people here. Everyone here is a community member. You know, in crypto is about community. What do you guys need? You seem like, you know, you're the big American behemoth and, you know, you're growing internationally. But is there something that you need from the crypto community that we can give back to help you guys in your journey?

18:13我們最想聽到開發者的聲音。鏈上很多地方做得很好，但我們也知道還有問題。希望大家多跟我們反映哪些地方不順、你們希望我們開發什麼、你們需要哪些基礎元件來打造下一代應用。請多在 Twitter 或其他平台聯絡我們，我們會看，也會讓產品規劃符合開發者需求。現在才三個月，還在早期階段，接下來還有很多新東西會上線，Robinhood Chain 的旅程才剛開始。Yeah, we want to hear from the developer. You know, there's a lot of things doing very well for the chain, but we also know that there are problems. So we want to hear what's not working. What are you expecting for us to build? What are the primitives that you need to really build your next, like, application? And so, you know, tell us what's going on and reach out to us on Twitter or on other platforms. We've been looking at them and we are, you know, trying to make sure that the roadmap aligns with what our developers are looking for. And there's a lot more coming on the chain. Like I said, it's three months in, so we are still at the very beginning of our development cycle. But the roadmap is full, and we are going to make sure that the chain continues on its journey.

18:53Johann，我很尊重你的時間，你的幕僚已經警告我如果不準時結束會被拖走。謝謝大家，給 Johann 和 Robinhood 一個大掌聲！Johann, I'm very respectful of your time because your chief of staff warned me that if I don't have you off exactly on time, he's coming to drag you, so. Thank you very much, guys. Thank you very much. I think a big round of applause for Johann and for Robinhood. Thank you.