The "financial home", the "everything exchange", and competition: the holy grail financial experience for most consumers is having all of their assets and liabilities live in one place and, from there, being able to access every financial service with the tap of a button this vision, aka the "financial home", was virtually impossible to actually accomplish historically, but will rapidly become more achievable as the world's assets all tokenize becoming an "everything exchange" is a huge opportunity but is actually just a subset of the "financial home" vision every single consumer financial app (neobanks, brokerages, prediction markets, perp-DEXs, memecoin trading apps, etc etc) is marching towards this northstar and thus, every single consumer financial app will be meaningfully more competitive with one another going forward, whether they realize it or not of course, these markets are so enormous that there will continue to be many winners and room for startups more on competition: 1. existing platforms have more advantages (distribution, capital) than disadvantages (kludgy, frankenstein backends to make this all work) 2. owning order flow is always immensely powerful. if you don't own flow you're increasingly at risk of being disintermediated 3. infrastructure/protocols with very diverse flow should enjoy defensibility via liquidity network effects