Ethereum base and sliner are where we see most of the building at the moment.

But when it comes to challenger ecosystems, the dark horse that I continue to hear a lot about

is the TAN ecosystem. I think there's been a lot of interest there, particularly given it has

a mobile first user base. Everybody in crypto is using telegram. And so the fact that you can

have applications that could be directly used in there,

I think is very attractive for the TAN ecosystem.

Hello and welcome to Markets Daily hosted by me, Jensen Assy, on this show. We navigate the

current shaping the crypto markets. So

whether you're actively treating or simply fascinated by the volatility that is the crypto markets,

this show is your compass to understanding what's happened, where we are and where we're going.

On today's show, we have Maple Finance CEO and co-founder Sid Powell, Sid. Welcome back.

Thanks for having me, Jen. Glad to be here.

Of course, glad to have you here. I've said this to probably all the guests I've had for the past

week. What a time to be alive when we're looking at the crypto markets. Talk to me about what

you're watching as we head towards the end of the year.

Yeah, definitely. I think some of the interesting stuff we've seen so far heading into the end of the year has been definitely more demand for leverage from folks.

So trading shops, exchanges, hedge funds. We're seeing a lot of borrow demand. We're also seeing a lot of interest in new stable coins coming through. So you've seen, I think, Binance the other day launched a new one that's going to be tied

to delta neutral positions.

And so as a company involved in a lending space, we see a lot of interest in that.

And then also just a lot of

momentum around defy coming through. I think particulars we head into the end of the year and the

possibility of regulatory change, that's definitely top of mind for folks. Let's talk about each one of

...