Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 9

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 9
---
 in the same sort of format.

Rob Hadick:And maybe to put a really fine
point on that, like that's a good thing, right? And I think a lot of the investors you scroll through Twitter like they're upset about
the fact that you know if you look at on chain volumes and you know April and May and March the on chain volumes were awful like we were
we're talking about less volumes than we've had since call it you know the depths of the bear because people were in you essentially they
were they were trading on centralized exchanges but it wasn't even there really either they were trading equities right what actually
happened is all of the volatility that is previously existed on chain had kind of moved into equities and a lot of these equity vehicles
and we also saw it in Robinhood, we saw it in Coinbase and it's because people were trying to find ways to underwrite most of what was
happening in crypto and it was hard and is frankly it's impossible I think in many ways and so what we've seen is we've seen a sophistication
of our market and that sophistication has also meant that there is going to be winners and losers there is going to be more dispersion
there is going to be more traditional you know fundamental style underwriting and so things like Ethena and Hyperliquid and some other
core DeFi protocols. They have done well and they've done well because they have cash flows, they have users, they offer a product to
people that they cannot get elsewhere. Most of what exists in crypto and we see this all the time. I was chatting with somebody earlier
this week who was saying the list for new token launches through the end of the year is incredibly long because everybody's trying to
get out to market and it's all of these, you know, project founders who are just worried about the market and not worried about product
market fit. And that has been the problem with crypto is that people think they can get to, you know, market or get public quote unquote
with these tokens earlier than they can prove that they have a protocol that people want to use. And those things that that's misaligned
incentive and that's been a big part of the problem and so what I always tell the founders is build something people want to use then
worry about launching a token and that hasn't been the ethos of crypto because you know things have just done well based on the fact that
there's