" hey how's it going so welcome to our first live ama of the year um my name is josh uh since i'm new i'll introduce myself um some of you may not know me but i've been with the theta team for a few months now as head of marketing and pr um i've been in the industry for five or six years now worked with a few clients from asset managers to privacy protocols um layer twos um a to z uh and you know i'm really excited to be working with theta it's such an important time for the company um especially for ai infrastructure uh i know the previous um x space of george telecom was not recorded but i can promise this one is being recorded so apologies for that hey guys good to see everybody it's uh it's good to be uh live with everyone again it's been a little while so yeah really excited to uh get into it hey jay here so uh likewise you know glad to get on the camera and you know meet with the community online yeah same looking forward to connect the community again coming in late for you guys from amsterdam but uh had a couple copies before so i'm in good shape ready to connect it's a first time record for four of us online yeah in the street so this is going to be uh exciting awesome uh should we jump in let's do it awesome question number one i believe is very important very topical um so given the state of the overall economy with geopolitical issues etc how do you feel about the crypto industry in the next 12 to 18 months guys yeah sure i'm happy to jump in first and talk about i feel you know even though we sometimes have our narrow focus on theta and what we're building everyone knows that how the crypto market and how the crypto industry in general is going affects us a lot like any other project so um um last few months have been pretty tough it feels like we're gonna take some hits sort of not really the fault of the crypto space but with uh war in iran and just uh general sentiment going down for a lot of risk assets but i feel pretty good compared to a lot of i'd say crashes or crypto winters we've seen before and obviously we've been through a lot of them even just the theta it's been you know coming up on eight years now and well the first few weeks it felt like uh you know this this world going forever and crypto prices are going to plummet you know it's going to be stabilizing i mean dropping to 70 000 for bitcoin as a reference marker feels pretty mild compared to some of the drops we've seen before theta price itself has been up about 22 percent in the last week so it seems like we have bottomed out and i don't know i've seen a lot of these where it feels like the markets get very jittery when the events are happening but after a few weeks of it gets priced in things stabilized and then you're kind of in a good place to go forward um and and then you know we'll we'll see some of the positive things start getting taken to by the market instead like you know we'll talk we saw another question about this we could touch on later but in the middle of all this this conflict people didn't even notice that the sec and cftc basically gave complete positive guidance for tokens including ones like theta t field t drop where it's you know uh very clear that they have a positive framework for it and not a not a consider to security by any means so it's easy to be a prisoner at the moment but i think the positive things are still going on in the background and we're going to start to see that as the market lifts up again yeah i think we're being realistic and you know we're pretty optimistic about the uh about the future i think you know behind the scenes you know we've been heads down uh doing a lot of development um from a technical standpoint uh developing relationships with uh you know customers existing and new customers and we'll get into that a little bit more but i guess my take is similar um you know i think um this particular drawdown uh i think the last four or five months this is really october 10th right uh it's been very significant i think it's it's been probably one of the fastest uh compared to the past few cycles uh which um which means that you know i hope when when some of these geopolitical some of these different things that's really out of control kind of settles down that will be um on the on the way up uh on a faster pace as well so uh but in any case i think i think it's a good time i think really for us to keep executing and we'll be sharing a bunch of stuff with you guys today oh yeah just want to echo um west and which is obviously not a financial advice but uh which mentioned since october last year right the market has been a corporate market particular it was on a downtrend uh but you know since the iranian war started right so people have been saying the uh the btc and the purple market uh as a whole you know held up relatively well uh compared to the gold and uh equity market right so which gives us a some some hope that maybe the bottom is forming and then maybe the bounce back will come back will come with some point and maybe this is actually happening uh as as of today right uh if you look at the market in the past few days you know price of bitcoin and equity been bouncing back for for now yeah yeah i mean there's so much asset rotation that comes into play when these the investors are quick to change the narrative like when gold was more stable in the first days of these last few months of volatility and bitcoin's crashing people are ready to write the thousandth obituary of of crypto that it's not really a safe haven in these times and then gold dropped 20 in a matter of weeks and then all of a sudden they completely reverse the narrative and say well bitcoin is actually the more stable we got to get out of gold so it's yeah it can change quickly back to the positive for sure 100 if that's everything on that question we can move on to something i know the community really cares about and it's very important so you know i'll be frank what is the current status of the lawsuits how do you feel about it and is it looking good are you confident uh yeah uh you know i know at least um a few people and quite a few people in the community have been you know concerned and worried about this i wanted to kind of share uh you know a few things although i can't really comment um in a lot of detail about ongoing litigation uh it is unfortunate um you know i think um that disgruntled ex-employees uh are trying to damage the project and damage the community uh false allegations completely baseless claims um you know as a company we're defending ourselves and we'll do so until the very end um we feel really good about it um and um you know i think it's going to be a very positive outcome so you know for us it's business as usual uh as you know the the lawyers are behind the scenes doing uh doing their work uh and for us it's just uh you know we keep executing the tools that are going to be able to do so if you're going to be able to do so i think that's all right um i think that's the case you're going to be able to do so you know what i think is uh what is the current status of edgecloud's roadmap ai open core etc and rendering clash gaming services oh yeah great question so yeah i'm going to take it uh so the team has been keeping heads down and working on a couple areas that as indicated by the uh roadmap we published you know earlier this year right so uh first thing is a new product uh what we call is a gaming service which is an ai powered gaming engine for uh npcs in the games right so it can generate a dialogue but not just that but also maybe the gesture and the next move of the uh npc uh characters in the in the game world so yeah i'm not able to share too much at this moment you know but it's looking pretty good up in shape and then hopefully we'll be able to share a sneak peek uh and then release the initial version pretty soon so there's a new new product uh but in the meanwhile the team is working on enhancing the core of the product which is the training and inference engine right so the goal there is to provide inference services for ultra large llms and then with lower end-to-end latency and very high throughput so we recently uh released the minimax m 2.5 and gp oss um 120b right as a on-demand services so those are ultra large lms i was you know hundreds of billions of parameters and be able to serve that you know as they indicate uh it's uh a proof that you know we are uh on the right track to put on the largest llm open source llm on the data network and then uh i want to mention that this optimization is across the board and not just for the high-end h200s but also for the community rtx gpus right so um we are hoping that uh with the effort we'll be able to host uh a spectrum of open source island from the largest one to a smaller one so you know both are highly useful for air agents and then some of them will be hosted in the data center diffuse but a lot of them will be running on community rtx nodes and then hopefully be able to push more inference jobs to the community and be able to uh let the community to run to to earn or more tfue in the process right uh and then you know moving up the stack then uh we have the a agent right at the application layer so we're implementing a few ideas uh following the latest air agent trend uh which is called the harness engineering so for the technical folks in the in the audience right you might be noticing that uh term recently it's very trendy on x and other uh kind of developer forum uh so notably the open claw right uh which is really a hot topic uh in itself and also the the leaked uh cloud cloud uh code right so so so those those source code they are following the same pattern so we're trying to um to get a few of the core idea from those products and then inspired by that to add some new capability to our agent backhand to make it more generic and then so that it's easier for us to customize it for not just the uh pro sports esports but potentially in the future for more industry verticals right those are the uh application fund but also i saw a lot of questions submitted about asking the new hardware support that whether edge cloud client can run on apple or amd's hardware in the future so uh it is a case that currently we're focusing on nvidia gpus because it has the largest market share but we do not acknowledge that a lot of people right there are running amd or using a mac or a macbook so as the platform gets more mature so we will you know we might start looking into those alternative hardware and see that whether it is feasible right to port a system over to those platforms yeah no that's that's that's that's great summary jay i just wanted to just emphasize the one point that you know a lot of the the team is focused on optimizations um a lot of these models particularly to run on our distributed edge cloud clients right um so these are the nodes that run by by the community by you guys that's really important differentiation and we'll come back to that a little bit uh more how we're uh looking at a bunch of different partnerships and how we're planning to leverage that awesome uh again this is a question which um is important for the community and for us it's about looking at the horizon and what's next so question three what is theta c is key for mainstream adoption and what milestones need to be hit before that becomes a reality yeah that's that's that's a really good question um josh and you know i think it's important for us to kind of um you know first first and foremost uh you know we we view theta as um uh and the network as infrastructure right so it's an infrastructure first and foremost for gpu compute uh for agent ai applications uh and enterprise applications right so um just somewhat in that order right that's kind of our our focus and so the market if you look at the market today it's still primarily dominated by the hyperscalers right the existing big cloud providers like google aws uh and we really we provide an alternative right this is kind of what i was echoing um in the last question uh the distributed uh element computing at the edge these consumer grade rtx's um the 3090s 4090s and the 1590s now i'll provide much higher scalability much higher scalability at much lower price and that's really important because of this new segment of new clouds which is emerging which we wrote a blog piece about a few months ago uh and and and frankly a lot of the traditional if you look at a lot of the traditional bitcoin mining companies which are public companies today they have transitioned over the last 18 24 months you know from bitcoin mining into ai compute um you know this you know this this whole sector is on the verge of hyper growth uh really within the next 18 24 months um and it's essentially these companies are providing a super easy and real simple interface for ai developers um you know on one end to enterprise ai customers on the other hand to be able to train deploy um uh you know these uh ai models and these various different types of applications um so really in the in the next 18 24 months i think the killer application um not really an application but it's really about inference and you're gonna i think we're gonna and you're gonna hear a lot more about that over and over in the industry and you know we're talking to a number of partners uh and that key milestone that i think that needs to be hit that's gonna be a huge game changer in our industry is um is inference and be able to do inference at scale and be able to do inference at the edge edge devices mobile devices iot devices certainly pcs right um consumer grade gpus oh yeah so mitch uh pointing out you know inference will be the trend right that will be the key for the next 12 to 24 months you know i cannot agree more uh because um you know uh a biggest consumption you know of those eight inference token where does it go it is the a agent right so you guys are hearing uh open claw and you know all the coding agents and maybe you are you guys are actually using one to develop your own product but not just product right but for every uh for for people not has has no engineering background they're able to use that to uh let's say more efficiently handle a lot of tasks right uh which they cannot do it before efficiently so uh we hear a lot of story uh you know someone so and so just need a uh a some some some kind of game for his kid right but or he's her kid and he was able to buy coding right through a natural language to uh make this game in maybe 10 20 minutes right uh and have fun with it so and then as a result in the past few months we really see an explosion in the lm token consumption driven by open claw and all these coding agents and and then i think as a platform right we should capitalize capitalize on this opportunity and be able to provide scalable and also cheap inference services which will fill all these agents right in particular with our um compute network uh you know formed by not just the centralized cloud computer uh you know a data center gpus but also from the gpu resources from the community yeah it's definitely a shift that favors edge cloud in my opinion because um not that there wasn't some use um on in the training side of of of things in edge cloud there was some university partners that were training their own models on edge cloud but still that is an aspect of ai that favors the the massive centralized data centers if you need just the the sheer power of an entire data center at once uh to train these models but in hindsight the last year or two that's because the the consumer demand for ai just wasn't there yet so there was a lot more training going on than there was inference but that's really changed now you're starting to see with with cloud code and and the enterprise tools are rolling out like every white collar firm in the world is starting to have a serious demand for tokens on the inference side and that's just going to get more and more so it definitely is going to help for edge cloud where it is better suited for for inference uh if that's where the trend is going and demand for tokens right yeah all really good points i just to kind of wrap up from my point of view and then jay you can jump in um the kind of the model a few years ago was like train one big model that requires a certain amount of a certain type of infrastructure um like the guys have said now it's more inference it's model customization it's agentic workloads um so you'll see more diversity there and that's where the edge cloud is going to shine over the next kind of 18 24 months um you know it's not your frontier labs that are kind of consuming all of the demand right it's small enterprises it's kind of consumers um and we have that flexibility right right exactly so uh and then one of the the pain point right a lot of the asian ai users is the the cost right you think about this a agent they're actually consume a huge huge amount of tokens because if you use chat gpt maybe there's a uh direct interaction between you and the lm in the backend but the asian they have huge contacts right because they need to pull all the history and also a lot of skills and other things into their context and each interaction consume you know uh a a huge amount of the token that is unimaginable by you know a regular uh user of chat gpt so in this case then if you know you use only uh gpt or cloud then the bill will scare you you know uh but in this case as an alternative then if we can run really cheap and scalable inference using a decentralized network then uh at least for some tasks right doesn't require the frontier model then maybe there's a much cheaper and much more economic economic uh alternative that we can provide awesome um next question is what is the role of telecom partners like deutsche telecom within the theta ecosystem and what is the business model being pursued with them we had a few questions on this so he wants to start well i i could speak directly to deutsche telecom since i met those guys at data eurocon um got to know a good sense of what they are looking for edge cloud and get very partner by partner but um one thing that's really interesting with deutsche telecom is they have their traditional cloud service and you know the traditional customer base primarily german enterprises uh and german consumers to any extent to a lesser extent but um they really like the idea of taking the valuable network they built and realizing this is something that could be uh and demand around the world you know especially as uh cloud compute gets more and more globalized they're not thinking just in terms of um you know their last 50 years customers but customers around the world so um one of the things we've talked about with them if we can uh work out some of the international complexities when it comes to legal services contracts um is they really like that we have demand from the us from asia around the world at different types of customers that they can be a supplier of compute gpe power to so that's one angle that's very interesting is we've got uh uh traction and building up a customer base that could be attractive to some of the big players in the industry that would then want to be on the supply side of edge cloud uh yeah that makes uh that makes a lot of sense and and in a lot of these cases right west we we talk a lot about this a lot of our initial conversation relationship with these telcos start um at the validator level right so it's really them participating in the blockchain where layer one first and foremost right um you know having to ai infrastructure which is a strategic area for them uh so they're them coming on board and helping us really validate and secure the network uh is really important because it means that they have a vested interest right um in uh in our success uh and leveraging uh our blockchain that's really important piece right it's not just about ai it's really about the intersection of ai and blockchain um and with one partner for instance that we're speaking to another very large talco um some part of europe which we haven't yet announced really excited about this one uh we haven't that the deal is not yet done so we can't disclose it but what they have is just like every other telco they have you know thousands potentially tens of thousands of points of presence uh at the edge namely cell towers which is spread out throughout the country and what's interesting about these cell towers they're really edge devices really think about them right because it's got a physical location right it's got that what whatever five by five or ten by ten you know area which is um allocated uh it's got a lot of power right because it needs that uh in order to to do its job uh and so what's interesting here is that we're talking to them about potentially uh doing a a plc and seeing if we can turn some of these cell towers into a specific gpu processing node for ai inference um to begin with one of the challenges that um we've been talking about is that you know from a hardware standpoint they have very limited ram uh which which is you know uh required uh required by a lot of these models although there's even that there's there's been a lot of recent uh changes developments and you know one i don't know if you guys heard but google just released one of their uh new models uh gemini three derivative i believe it's called gamma four and apparently though that particular model has been highly compressed you know using really sophisticated math um and can now run on on some mobile and some ilt devices so that's you know these kinds of developments are really exciting for us uh when it comes to these telecoms they're really looking at how do they leverage their existing infrastructure their investments that they've made over the last whatever 10 20 30 years plus uh and how do they then um you know leverage that to their advantage right because there is so much uh so much competition so many uh players in that space and this is kind of where we come in right uh with our decentralized uh distributed um node expertise right the software we built that that je and the team has built uh particularly uh around optimizing and you know routing these these different types of uh of jobs uh that's very interesting um so that's another element uh with uh with these big telcos that's one of the reasons that we're focusing on on them as part of our enterprise uh push awesome um another important question uh and this speaks to uh you know real third party demand are edge cloud jobs from third party demand or is theta issuing jobs to test and calibrate the network jay oh yeah so uh it's an important question i do want to acknowledge that you know a fraction of the jobs right our calibration job for scalability and reliability of the network right but they're important on uh on their own rights because it's making sure the system is battle tested right and can handle uh really high lows right uh but on top of that we we do see overall increasing daily consumption and requests for the on-demand api so which is encouraging sign and also uh you know as as always you know the academic customers right they are kind of fighting for the those gpus be the high-end h200 or sometimes they also use the uh community provided rtx gpus right especially before the the conference uh deadline so yeah those are the time that maybe we see very high utilization of our resources yeah and what's interesting is that if you look at our network you know we have more supply supply than demand right in some respect right that we have a lot more of these um consumer grade rtxs which some of you are running um and we're going to see a lot more uh usage and utility of that which also is an important component right which we'll we'll touch on a little bit more later in terms of the role of tfio and tdrop um but as we onboard more enterprise customers it's going to be more demand uh and a lot of these strategic partners there's infrastructure we're called infrastructure partners um is very interested in tapping into um these um this distributed network um a recent inclusion i think in the gpu marketplaces right gpus.io and um there's another very large marketplace that we're currently um submitted our information and hopefully will be uh will be announced uh yeah there's a few uh but this one particular is very uh very exciting because it really gives us the visibility uh and um and that uh will put us in front of um a lot more uh a lot more ai developers yeah and uh speaking of the community gpus right so uh as you might have noticed that uh in the past few months we put a lot of effort uh into testing the model quantization and compression right so the goal is that for them to be able to host it by the community gpu so uh we also end up in the back uh kind of using some of the open source software to develop a new attack so where uh it's not just a single gpu will host a model but multiple uh community gpu can collaboratively you know host a large model where uh each gpu only uh low a fraction of the parameters right and then so that in this way then um uh in aggregate the community gpu will be able to host not just the the you know lama3 like a billion model but a much larger one right so this is some ongoing work uh behind the scene and we are really testing some of the cutting edge model kind of offer by some you know you know a name um hyperscaler right so working behind the scene so but hopefully we'll be able to re-release more details soon awesome uh very specific question here we'll have this one a few times as well and it refers to something we put in a white paper at one point which one i can't remember uh when do elite boost rewards approach the 14 to 28 apr forecasted in the white paper yeah that's that's that's really a good question and um and just a quick recap for for community members uh so this is referring to the elite an elite booster right the elite booster apr and the way they calculate that apr is is a little bit tricky right uh if you remember that in order to qualify you need to essentially top up to the 500 000 t fuel which kind of opens up or enables these booster rewards which is now really a combination of sort of two uh two two two two rewards right there's a base staking reward of staking t fuel right which earns t fuel and then there's an additional reward in terms of tnt20 tokens um uh on top of um you know t fuel all right for jobs which are uh which are completed on the edgecloud platform uh right right so uh as mitch mentioned there's two components one the base reward a staking reward the other is the job reward uh i think the staking reward is about you know give you about three to four percent give a take right return and on top of that it will be plus the value of tfue and tnt20 token like the growth and uh tdrop and levita right so uh but unfortunately as we uh you know i mentioned earlier that uh since last october uh the whole crypto market has been on a downtrend and then some of the uh tnt20 tokens value actually it has been fallen more than tfield right so that uh in you know during this process then it also affect the apr right so you know since we're using uh the 500k tv as a basis if the tnt20 token value uh you know compared to tv went down even further than unfortunately it will affect the apr right so altogether we are seeing probably the apr currently is about you know seven to ten percent uh roughly in the range so it's still shy of the 14 target but uh let's say hopefully that we are seeing the recovery in the market and then uh if that's a case then at some point this apr should uh just increase again uh the next question is um a really meaty one can the team share business metrics like paying customers revenue ranges arr and gpu utilization that's a that's a really really important question um and you know one that we're trying to provide more transparency and so i want to really take advantage um over live stream today and kind of share some you know specific statistics and then we'll we'll think about longer term how to you know make a lot of this more uh more transparent um but um generally speaking in terms of paying customers and revenue ranges um last year which was 2025 which was our first full year after the launch of the edge cloud platform uh we had approximately about a million dollars in revenues right for the edge cloud platform uh we expect the arr or the annual recurring revenue to probably triple to 5x that so three to five million in the next 12 to 18 months and i think that's a um realistic uh projection um potentially it's it's uh a little bit on the lower side but you know there's potentially upside to that and a big part of that is that a lot of the trial customers that we have today um will be converting to pain as you know we have a little over 50 uh spread between uh universities and uh sports and esports teams and with the universities in particular is very standard in our in our industry right if you work with hyperscalers like google aws everyone provides some level of trial credits uh and a lot of these uh credits are now being used up um and uh in process of converting them to to paying customers over the next cycle right these these these these credits are expiring so that combined with a lot of the the sports deals that um uh that you guys know of um which have in the past um largely been on value exchange right so um rather than them paying our to use our edge cloud platform you know whether it's 102 or 300 000 for the platform licensing and the inference um those are offset against um you know promotion and and marketing and and and sponsorships uh so those again those uh those deals are are now um uh expiring and uh renewing so um so we're we're really kind of factoring all those things and we have a good really good starting base uh and that's going to be reflected right in our um um recurring revenue moving uh moving forward so hopefully that shares a little bit more uh the visibility for for everybody out there i know it's something that um you know everyone's been asking for for quite a while we're also working on a bunch of new initiatives um can't get into uh just because we're under nda but if they do pan out uh then you'll probably find um a lot of these metrics revenue ar customers etc um much more visible uh in various reporting requirements and whatnot and and again we'll share we'll share those with uh with you and with the community when uh when those deals are done and we're ready to uh to do that uh thank you uh i'm more of a market-based question um and i know one that the uh the community has been asking a lot about um theta has underperformed btc and others like link and xrp how does the team explain this and what concrete catalyst will reverse it oh a fun one i know i always say some market stuff so i'll you know i could speak first on this um but yeah i mean it's no uh no surprise obviously that uh um it's been tough as a theta holder itself like everyone else that data has underperformed now compared to bdc that's really you know all alts uh underperform btc in a uh in a down market but yeah it shows as well um and yeah having been with it through many cycles uh i've seen theta just simply as a a high beta uh asset compared to a lot of crypto assets for those of you know the market parlance when the market is down theta is down a lot when the market is up theta can is is a very high performer so i think it's been a bit of victim of that you see that and the rebounds this last even this last week like i said btc is a era theta is up 22 percent which is much better than the average uh token so like many of the bear markets it's been a painful one for theta especially but i expect that to reach to when that reverses and market sentiment goes back up theta tends to roar back with the best of them especially if we combine that with some of the catalysts that we um that have lined up as we're boosting the edge clouds capabilities at the same time we think ai inference demand is going to go through the roof so it's long uh i guess uh tldr it's no uh no secret that it's been a rough we'll call it 12 months uh for theta but i think it's going to be just as good the opposite way once the market roars back the 2026 roadmap focuses on sports and esports ai agents what is theta's strategy to compete in other enterprise ai verticals i know jay you touched on this earlier so of all of us who wants to go first yeah i'll take a stab at it so so we're definitely focusing on enterprise ai right that's that's a huge segment and it's one of the largest growing profitable segment and you know to us that starts with these global telcos right which we already talked about but also again i touched on earlier these large data centers are bare metal providers um because they um uh they're they're going through a huge transition um and uh the compute marketplaces the ai marketplaces i mentioned as well um now the common theme among all three of these groups is that they serve many different vertical industries this is like b2b right because they have customers in supply chain or finance or or uh health care or or whatever industry right that they're they're focused on these uh data center the bare metal companies uh that we're talking to um and many of them have secured um some very large multi-billion dollar gpu contracts right on the demand side i i think and we think here that a lot of them will have a hard time delivering um on those commitments right a bunch of reasons the cost the complexity of the build out a lot of risks sourcing the gpu the fact that they have to refactor a lot of their underlying bitcoin mining infrastructure uh to be able to do ai and to do ai well it's not just about power power is one big component of that um so there's there's a bunch of different challenges and i think this is where we see there are some really interesting complementary um value in terms of what they're building now which is these high-end cloud gpus uh and our network uh distributed right rtx's um and that's really theta's value so i can't emphasize that enough and i think we touched on the last few questions jay um was talking about that as well but the distributed network is one that we're really doubling down um the scalability the the cost side um but i think that's where we will also see a a big um a big change right in terms of the the uh token economics right if we are able to execute on this then um you know tfio will um will be a really significant uh part of this uh uh this infrastructure of this equation oh yeah yeah so uh speaking of uh new verticals i briefly touched upon kind of gaming right so we have the upcoming air power game engine which will uh you know uh power the npcs in in the game so yeah this is really an exciting new sector uh we are exploring because giving our background in gaming so if you're you guys have been following us long enough right you probably know that you know for data labs that we were in this vr space and working with a lot of kind of e-sports teams and event organizer right so it's kind of back good good to go back into our roots and provide new tools and capability right for uh for the gaming industry right so that's one uh the other uh agentic ai so especially given uh explosion of open claw right um then trying to extend out the capability of our ai agent backend to be able to adopt some of their the new newest technology uh in this agentic ai so that to make it more generic and powerful so that we can customize our uh agent backend right to cater not just towards the uh pros and esports team but also other verticals as you can imagine right so almost every website right now needs a ai agent chatbot somewhere right so so that can answer users questions with uh like an airline industry or hotel industry or anything you can think of so there's definitely a huge huge market i can jump in here um so we've touched on this earlier mitch said a couple of questions ago um a real focus particularly for me at the moment is making edge cloud as a product more visible um so we're competing alongside the other info providers um you know we have a really strong offer on price on quality of service you know the more usage the network gets the better it is for everyone right it's better for customers it's better for node operators better for token holders um that's a big priority uh and you know the website redesign has been a huge part of that right um we've acknowledged um and i said this on my dt uh x space a couple of weeks ago in the past our messaging has been muddled um and now we have consolidated that and our kind of offer to the market is now very clear right um so what you're going to see over the next few weeks and months is us improving that more there's more changes to the website we're going to see um you know ad campaigns you're going to see more activity on edge cloud um and you know more visibility on these marketplaces these third parties so that people who are looking for gpus to rent um find this very quickly even quicker than they can now awesome anyone else no i think we're okay awesome okay so another market one uh if a bear market persists until 2030 how long can theta lab stay in business and has the team explored external investment outside tokens important yeah a very very important question and and the answer is uh is yes um you know in addition to the token from the operations right um we're also looking at various uh investment options right including uh an external equity uh round of financing which is uh you know very standard of um high growth startups uh in our space you know we're based here in silicon valley um you know before we even did our token right we had raised a seed and series a from a number of different um investors right including some of our closest partners like samsung sony uh traditional silicon valley vcs uh so we are looking at potentially raising another round uh which is an equity investment um and that's really important piece of the equation here because the equity of course is uh not the same as the tokens um and we we love this uh possibility because uh it means that there isn't uh any dilution to the token value um i think on the contrary uh it could be highly additive right since essentially adds to the token value because we can fund uh you know long-term operations and you know uh you know more marketing more r d uh more sales uh invest in the future right by um by selling um uh you know equity right uh in the company um but you know in many of these options um that you know we're exploring now there's a significant sort of strategic alignment as well some of these potential investors um you know have some sort of ai um initiative uh today and they're all essentially you know hyperscaler like types of investments right with data centers and centralized um you know ai platforms uh and and that and they're once again right um what's interesting is you know bringing our distributed architecture our distributed uh business model you know back into um into what they're building so i think um uh you know uh the team is is highly focused and and uh you know given you know the bear market that we're in uh we're looking at uh at all the options right so it'll be probably next following team months will be a combination of equity and and token um but um uh you know long term i think um it's gonna play out um you know um in a bunch of different ways great uh question 11 uh in light of the recent sec slash cftc statement what category are theta's tokens expected to fall into and are there ongoing discussions so i can provide some context here so two or three weeks ago uh the sec and the cftc released a joint statement on crypto the main point of the statement was to sort crypto into these clearer categories right i think in the everyone can agree in the past few years we've had um particularly under gensler there just wasn't that clarity um one of the big issues that's been resolved is what counts as security versus what counts as a commodity um you know one of the big driver factors uh behind the taxonomy is substance overlay labels it's also being about aligning both regulators so that um we have a more predictable environment for companies like ours um and basically more structural consistency across the board but yeah um i think maybe where's this is one for you or whoever yeah yeah having been in the trenches here with these uh you know thankfully never a direct uh investigation with the sec but yeah every project that came out when we did lived under the fear of that for many years and um you know step one and this new administration new sec it was pretty clear from the beginning that it was not going to be that that cloud was finally lifted and they were going to be going after individual token projects any longer but this is still a much more important further step because they gave clear guidance as to the different categories of what how they view crypto assets and explicitly said if for the different categories the one theta would almost certainly or tfield t-drop etc will certainly fall into is the utility token category and they outright said that's not a security to them unless it happens to be that you you bolted on very security-like features like if you said you have contractual dividends they'd say okay well you just created preferred equity then it is a security if you made it just like a security but absent that virtually all utility tokens will not be considered securities which was a big fear for us for many years so i think that's really exciting especially in light of what mitch was saying about going out to institutional institutional vcs and and other investors like that because a lot of them you know in meetings throughout the years they would just say okay this is interesting guys but you know maybe we're it's a little too early for us we're not investing in something where we don't even know if it's legal or not and even if the venture fund may be a little braver about that they've got lps that are teachers funds pension funds you know these kind of things so they have to answer to that a lot of them just don't want to touch it if they don't even know that this is something okay within the law so it's a big step to see this codified and get the real seal of approval from the biggest regulators in the world the most important financial regulators in the world and i think that'll carry through and filter through with the investors that we talk to going forward yeah good answer um we had a few on this it's very topical uh has the team considered any post-quantum cryptography strategy now that google has set an internal 2029 deadline for quantum resistant migration so you know tldr um google basically thinks that um quantum resistance is going to be needed far sooner than previously thought and that puts blockchains at risk potentially is is the um word on the street um jay oh yes yes this is a great question i saw a lot of chatters right on on x about you know this quantum threat not just from the theta community but uh from almost every everyone in the blockchain industry and even outside of that right indeed it's a big news that google announced this uh quantum computing breakthrough which will significantly lower the number of physical qubits that is required to break uh ecdsa which is the elite curve based signature scheme used by many blockchains not just theta but also those large cap coins like bitcoin and ethereum and solana right so this is not a challenge that only theta is facing but something that the entire crypto industry right need to find a solution and even this is even go beyond uh crypto right but think about your bank right so when you connect with it you do this uh you know ssl uh you know you know you might have crypto but you also might have you know consistent amount of saving in your bank right so so it's not just the current industry is coping with that but also uh the traditional banking and even the government and and all that it's all all all hand on deck effort right to prevent you know this new computing uh uh uh this computing um paradigm can make harm to the existing system uh systems right so you know you know as everyone is uh trying to find solution that we are not alone so we are closely following the development in the industry in particular i'm aware that uh ethereum foundation they have already have an initiative to um you know uh look at all the layer in a stack and see that which part will be vulnerable um for to the quantum computing and what should be a solution right so they have a pretty uh detailed plan uh to to to cover you know all the layers in the blockchain stack and then uh you know once we have a mature solution adopted by those uh you know leading tier one chains then we'll consider our next move right so we will see what's the proper next step for us data yeah i just jump into that and say um you know to kind of take an optimistic note there's safety in numbers um this has been a talking point the industry for as long as it's existed and that should be a you know a kind of some sun on the horizon right um you know the industry is on it and like jay said um it goes far beyond just crypto so you know good news if in the darkness you know what's the best what's the best to do you know you know what's the best to do with the um and i think i think that's a good question i don't know if it's been a year west i think our last one was eurocon back last yeah september october was it september i think so yeah it has been uh half six months or so um although i don't know if i know we live streamed today to eurocon i don't know if avod was ever posted afterward by the eurocon team if so it's possible if people who didn't tune in live weren't able to catch afterwards so definitely uh like this one today gotta make sure these are recorded so people can check them out afterward for sure and um you know and yeah i think moving forward i think traditionally we've we've had about um uh two uh to three uh emma's uh per year but we'll we'll look at that and see if um uh at least yeah we definitely got get this uh recorded and uh and shared with uh everyone in the community um and so the second part of the question is is the token price of focus for the team and i and i think i said this before in the previous amas you know with uh the new administration with all the the developments you know prior to that you know our comment was we would never comment on on token prices uh for regular regulatory reasons um but but now we are um and we are able to and and of course the answer is yes um you know the entire team is very focused uh compensated um with uh with tokens um so uh as with anybody else right anyone holding our tokens when the price um is down 90 percent so is that uh same impact uh on uh everybody on the on the team uh so you know for us um uh there's sort of two main elements right we think about a lot of external factors that we can control uh but there's a lot of elements uh that we can uh and those are the ones that we're focused on um and so you know for us this has down execution a lot of these um you know partnerships um i recently announced i think yesterday some of you may have seen um our new validator came on cloudation which is alibaba cloud uh partner uh and by the way all of the validation services validation partnerships um uh for alibaba is handled by cloudation and you'll you'll see that if you if you look at their uh their background uh they work with i think i think it is at least about half a dozen or maybe closer to eight different uh linear one chains uh so behind the scenes um you know i can say jay and the team um this particular validator uh if you check um if you if you track our validators on some some place like guardian monitor actually went live about two months ago so we just didn't announce it um so um you know now um so we've been working on that we're working with them for a greater part of the last four to five months at least probably going to half a year now um and there's a lot of background work also that's being done uh with the alibaba cloud and their ai team uh and so um you know there's an announcement or a non-announcement i i can't i can't say specifically what we are uh going to be um announcing but uh hopefully soon um some really exciting work that's coming out of their ai labs uh we think there's a huge opportunity uh with uh our distributed network uh and being able to show that some things um can not only be done effectively on our distributed rts consumer grade gpus but it can be uh done even better and that's that's really an exciting part so yeah so the short answer is um the token price is uh hugely important to us those things are are under our control and that's what we're working on and that's what we uh we uh we have to execute on awesome uh we might have time for some uh community questions uh let's go with which one here i think yeah i was gonna say josh i think earlier i saw a question that came through um asking whether we'd be able to make private this private equity raise available uh for investment individuals um as well as by um these large funds and and the answer is that it's actually a little bit tricky right so um one of the reasons that many startups right tech startups raise from uh you know traditional venture capital private equity firms for all sorts of regulatory you have to be a credit investor at the very least uh but there's a number of other requirements uh as well um you know filing uh sec exemptions right for instance uh and any time that we do these large equity rounds um with with these institutions um these filings are done with uh with the sec which we did by the way for instance with our series a round uh of financing um way back when um before we launched the token back in uh 2017 and even with the the private token sale that we did some of you may remember been around long enough at the end of 2017 early 18 when we did the private token sale uh which you recall we actually canceled our ico so we did not sell to the public the private sale uh was also uh filed um sec exemption with the sec and and we believe now looking back and working with our council um that is one of the reasons that we never got into the crosshair uh with uh uh with the regulatory bodies in sec um and so uh so uh so that's you know a long answer to your question but it's a good question so we'll likely stay with these accredited um regulated um vcs and private equity firms uh or enterprises awesome um were there any more that took your eye i think i've lost the questions i can't see anything um i saw a few more questions about coinbase and kraken and i think those are um questions that come up often right basically on every every ma and and um i know i think we uh we also you know i made a comment that in the past i made that we like to be on every ux exchange and that continues to be um you know our our hope and our goal um and um you know we have had some challenges quite a few challenges with coinbase in particular i think without getting into it too much but there has been at least a few project ceos who went out there saying and publicly sharing uh some of their supportive requirements um we were subject to the same requirements at the time uh didn't feel that that was worth uh the uh the seven actually eight figures that they were asking for um and uh so we're constantly communicating and talking to them i think kraken on the other hand is a little bit more interesting to be honest i think um if there's um if there's an option um they may be um potentially um a more preferred one and we are in conversations uh with them uh as as well um but i think um you know again you know with the market um uh you know with an upturn in the market you know what we'll continue to uh to get on crypto.com's been great i think um that's um again a really great partner that we picked uh and uh we want to be um we want to be doing more more stuff with them as well awesome um there have been a few questions about the epl partnership yeah yeah i saw that uh come through as well um uh yeah i think you know again uh during amas it's always very tricky right that particular pl team i think i mentioned uh i think it was uh uh was that in the vegas uh the vegas data con right um and we were uh in pretty close conversations in the final stretches with a particular epl team uh and we weren't able to to come to a uh agreement on some pretty important points uh and instead we we ended up um moving forward with uh olympic de marseille as as you all know uh as our sort of marquee launch in the eu market um but you know having said that i think there's a lot more uh teams um that's super interesting uh that we're in conversations with the nba in particular is one that we love to have a little bit more inroads um they seem to be um really on the cutting edge and really embracing um ai and and different um types of agentic ai one of the key criteria for us is uh how do we find the right partners to really showcase some you know key uh you know initiatives or key technologies right and good example was our you know recently a few um a month or two ago a partnership with the esports team where we integrated right um you know with um their uh stores uh and be able to um um for users to get rewarded right uh in um with t drop right as the reward mechanism by purchasing through the chatbot uh particular merchandising uh particular items and so that's really an example of the types of um partners we're looking for you know in the traditional sports merchandising is less so um of a revenue driver but for them it's a lot about ticketing uh and in particular how do we effectively integrate with uh with ticketing how do we bring ticketing you know on chain how do we close the loop uh you know how do we reward users for um you know for going through that um that that flow and ultimately how do we increase and maximize revenues right and um right being able to handhold a lot of these you know vip customers through that purchase process and not not abandon their shopping carts at the last moment right so those are all the different conversations we're having so um so very yes very very very important um in some of these um sports teams did see a question in the chat about uh whether anyone in politics in dc knows about data i could join you guys unfortunately for the blockchain association but mitch since you guys had a uh some some great meetings there in dc right yeah we we did and in particular if you if you recall um you know we had joined both uh the digital chamber and and and the more significant one which is the blockchain association you know they are one of the biggest um lobbying groups um uh policy groups in in dc i think they work with over 100 different crypto companies um you know many of the the top 100 and directly with a lot of the policy makers on all sorts of you know regulation and and whatnot we so we joined um i believe it was late uh end of 2025 we were at their one of the annual conferences and now really excited you know we are um you know participating in in both their ai and deep in working groups uh and that's really important right because it uh you know a big part of this you know recent um you know statement by the sec and cftc is the utility uh token category and and that's one that is uh obviously one that we we believe uh we fit um you know squarely in and um you know particularly our tokens powering sort of this decentralized infrastructure right or decentralized the deep end category uh is one that um that's really uh really key for us so we're uh highly involved in that uh in that process awesome should we um call it a day yeah i think uh i think uh i think uh i think uh i think it's been good uh talking to uh and sharing with uh with you with many of you uh you know it is recorded so you know particularly i you know i saw some additional questions about you know the revenues and customers pain and ar you can rewind back to that section where i talked about the million in revenues uh last year and three to five acts that in the next 12 to 18 months and so some really important data and statistics statistics that we shared there so encourage everybody to uh look back at that and there is more to come over the next few weeks and months on the uh on the calendar announcement wise so stay tuned for that we can't give anything away unfortunately because otherwise the journalists won't cover us cover us and that's part of my job uh okay thanks for tuning in ever thanks everyone okay thanks everyone you uh uh"