The Entire Internet Hails Noam's Joining, But OpenAI's Loss Bill Just Got Thicker

marsbitPublished on 2026-06-19Last updated on 2026-06-19

Abstract

While the AI community celebrates Noam Shazeer, co-author of the "Attention Is All You Need" paper, joining OpenAI as Head of Architectural Research, the company's audited financials reveal a starkly different reality. In 2025, OpenAI reported $13.07 billion in revenue but a massive $20.92 billion operating loss. Even excluding a one-time accounting charge, the cash burn is severe, with $3.7 billion consumed in Q1 2026 alone. This high-profile hiring occurs against a backdrop of significant internal research talent drain, with key founders and researchers departing as the company's focus shifts from exploratory research to product iteration. Meanwhile, OpenAI's fundamental business model faces a deep crisis. It paid Microsoft $10.59 billion for compute in 2025, while its vast user base of 9 billion weekly actives includes only 50 million paying customers, making growth a direct driver of escalating costs. The article argues Shazeer's recruitment is less about technical necessity and more about crafting a compelling narrative for OpenAI's upcoming IPO, aiming to justify a rumored $1 trillion valuation to future public market investors. It contrasts OpenAI's strategy with Anthropic's reported path to profitability, which relies on a strong enterprise customer base and cost control, rather than star-powered narratives. Ultimately, the piece concludes that while Shazeer's architectural work may take 1-2 years to materialize, OpenAI's financial clock is ticking much faster, wit...

By | AI Chang Fan Tiao

Altman wrote on X: "Noam was one of the people I most wanted to work with when I started OpenAI. It only took 10 years. Worth it."

OpenAI's Chief Research Officer Mark Chen promptly announced: Noam Shazeer joins as Head of Architecture Research.

The entire internet lined up to cheer, "With the father of Transformer in charge, the next super-intelligence is guaranteed."

The same week, another document circulated within the industry: the first complete exposure of audited financial data shows OpenAI's 2025 revenue at $13.07 billion, with an operating loss of $20.92 billion. Including a one-time non-cash provision for restructuring, the net loss was nearly $39 billion. Even deducting that non-recurring accounting phantom loss, the real cash flow operating hemorrhage remains a bottomless pit. In Q1 2026, cash burn was $3.7 billion, exceeding half of the revenue for the same period.

So before hastily cheering that "OpenAI is steady," this isn't a technical success story at all—it's merely a check written on the back of $20.92 billion in operating losses. What OpenAI bought has nothing to do with the future; it's just a page in a story for the next round of investors.

Talent Is Leaking, Stars Are Filling In

Noam's resume is indeed dazzling. Core author of the 2017 paper "Attention Is All You Need," key contributor to Transformer, MoE, and T5. He left Google in 2021 to found Character.AI. In 2024, Google brought him back with a $2.7 billion technology licensing agreement, appointing him co-lead of Gemini. Less than two years later, he departed again.

Google proved one thing with $2.7 billion: Money can buy someone's time, but it can't buy the soil that makes them stay. Now OpenAI intends to try again with equity.

But OpenAI's soil isn't necessarily more suitable for pure research than Google's. Over the past three years, this company has been witnessing a talent swap: co-founder Karpathy left, Ilya Sutskever left, John Schulman left, and Jan Leike, head of the superalignment team, left. Large swaths of the core founding team have departed, leaving few in the core decision-making layer.

According to public industry data, research positions accounted for 23% of OpenAI's total hires in 2021 but dropped to 4.4% by 2024. Former internal researchers bluntly stated: The team's focus has shifted entirely from "exploratory research" to "product iteration." A few people jumping ship is just the surface. The truth that the research soil is being inch-by-inch squeezed out by product KPIs can no longer be hidden.

What he's facing is fundamentally not a lab starting from scratch. The system that Karpathy couldn't tolerate—and could only pursue "personal projects" within—is the mess Noam is inheriting. He's merely filling the hole left by the departure of Karpathy and others.

Sky-High Talent Buys Can't Save the Accounting Dilemma

Everyone is discussing what new architecture Noam can bring to OpenAI. But OpenAI's current predicament has nothing to do with "lacking someone who can write Transformer."

The financial figures are laid bare: In 2025 alone, R&D expenses included a $10.59 billion computing power leasing fee paid to Microsoft; total annual R&D cost was $19.18 billion; inference computing costs were $7.5 billion; and sales and marketing investments were $5.73 billion. On the other side are 900 million weekly active users, with only 50 million being paid users. Massive free traffic is a pure cost bottomless pit—the larger the user scale, the heavier the computing bill.

Even OpenAI itself is cutting costs: leaked documents show it has scaled back the Sora video model and trimmed non-core businesses to control costs. Cutting businesses to save money on one hand while spending exorbitantly to hire people on the other is anxious procurement.

The anxiety isn't unique to OpenAI; the industry wind has shifted long ago.

Microsoft's own Copilot Cowork has already abandoned the unlimited pricing model for a pay-per-use system due to high costs, and reportedly even considered integrating DeepSeek V4 as a cost-effective option. Even GitHub, under Microsoft, has turned to AWS for support due to AI computing shortages. If the financier's own computing pool isn't sufficient, who will foot OpenAI's astronomical computing bill next?

Cook publicly warned that the AI boom has driven storage chip prices up fourfold since 2024, a trend expected to continue until 2027, potentially increasing the price of the next iPhone by $270. These numbers serve more as industry indicators; the real hard math is inside OpenAI: computing hardware costs continue to climb, and efficiency gains from model architecture optimization simply can't keep pace with hardware price hikes. Noam can design more efficient model structures, but he can't fix the CFO's nightmare. Every additional free user adds another rigid computing bill.

The technical side offers no answers; the capital side must.

OpenAI is in a critical window of IPO preparation, with valuations touted as high as $1 trillion. Underwriters need sufficiently impactful stories to support the valuation. "The father of Transformer overseeing R&D" is exactly the kind of narrative material capital markets love most. The calculation for this investment isn't about how much model performance improved; the core question is whether it adds another highlight to the roadshow PPT.

Retail investors might get excited about "the father of Transformer joining," feeling the technical moat has thickened. But institutional investors, seeing the $20.92 billion operating loss in 2025, will only ask three practical questions:

Will this person suddenly make free users willing to pay?

Can he get Microsoft to discount the $10.59 billion computing bill?

Can he make departed research veterans return?

If the answer to all is no, then his value is merely a footnote in the valuation story. The biggest winners are always the early shareholders and underwriters. One more "genius in charge" story allows them to gracefully transfer the risk of $20.92 billion in operating losses to secondary market bag holders.

The Winner Between Two Paths Is Already Emerging

What is Anthropic doing during the same period?

In enterprise adoption rate statistics from multiple institutions, Anthropic's share has climbed to the 35%-40% range, significantly narrowing the lead with OpenAI and even surpassing it in some samples. More critically is its customer mix, with about 80% of revenue coming from enterprise clients; many Fortune 100 companies have already listed Claude on their procurement sheets. The company reportedly achieved its first profitable quarter in history and has confidentially filed for an IPO. Anthropic opens an office in Seoul, taking orders from NAVER and Nexon, earning real cash flow.

Anthropic didn't poach the "father of Transformer," nor does it rely on a single genius to prop up valuation. It relies on its enterprise-focused, compliant, neutral positioning, controllable token costs, and deep integration of Claude Code into development scenarios. What enterprise clients want has little to do with parameter counts; they want a "safety net that won't cause trouble" and a ledger that makes sense.

Google DeepMind's Hassabis hasn't moved in a decade, and Google didn't spend $2.7 billion to "redeem" him from outside. True innovative soil, which grows and retains research talent, cannot be bought annually for billions spent on external stars. The soil is only alive when it nurtures and keeps its own talent.

Anthropic has proven one thing: Profitability has little to do with individual genius; the foundation lies in the commercial soil.

OpenAI has also proven one thing: Individual genius cannot mask the hardening of commercial soil. Especially when you're buying talent at sky-high prices while watching your homegrown talent leave.

Conclusion

The next-generation architecture led by Noam will take at least 1 to 2 years to materialize. Yet, extrapolating from the Q1 2026 burn rate of $3.7 billion, annual cash consumption will not be less than $14.8 billion. This hasn't even accounted for the inevitably inflated marketing and compliance costs before the IPO.

Google spent $2.7 billion to rent one person for two years; OpenAI now intends to rent again using equity. The difference isn't the payment method. Google at least had its income statement to cushion it then; OpenAI's money for this is written on the back of $20.92 billion in operating losses, discounted by IPO valuation bubbles.

The ledger doesn't care about genius. The ledger only cares: How many quarters do you have left to wait?

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His insights into regulatory compliance were paramount in developing products like CRMON that successfully unify traditional securities with blockchain technology. With a team of professionals boasting substantial experience in both conventional finance and blockchain sectors, Ondo Finance's leadership comprises diverse expertise that covers every aspect of tokenised asset development. Justin Schmidt serves as President and COO, contributing unique operational expertise, while Chris Tyrell brings essential compliance knowledge. Investment Landscape and Funding History The investment landscape surrounding Ondo Finance reflects significant institutional confidence in its mission to tokenise real-world assets. The company has raised substantial funds through various investment rounds, attracting leading venture capital firms and strategic investors that recognise the transformative potential of tokenised securities like CRMON. Notably, Ondo Finance completed a successful Series A funding round in 2022, led by well-known venture capital firms. This funding success validates Ondo Finance's innovative approach to creating compliant, institutional-grade tokenised products. In total, Ondo Finance has successfully secured substantial funding, raising significant capital for product development and market expansion, including a noteworthy token sale that reinforced its governance structure through the establishment of the ONDO token. The diverse composition of investors reflects broad market confidence in Ondo Finance's business model, demonstrating support from both traditional and blockchain-native organisations. Operational Mechanics and Technical Implementation The operational framework supporting CRMON exemplifies sophisticated integration of traditional financial mechanisms with blockchain technology. The technical implementation introduces multiple layers of security, compliance, and operational efficiency to meet institutional standards while enhancing accessibility. The tokenisation process begins by acquiring actual Salesforce stock through U.S.-registered broker-dealers, ensuring each CRMON token maintains direct correlation with the underlying equity performance. Smart contracts automate operational processes, including dividend reinvestment and corporate action processing, facilitating a streamlined user experience. The Minting and redemption processes allow authorised participants to manage CRMON tokens effectively. During U.S. trading hours, institutions can mint new tokens by depositing stablecoins that are used to purchase corresponding Salesforce equity. This structure maintains a tight correlation with underlying assets, enhancing liquidity and price discovery. Additionally, the infrastructure supports twenty-four-hour token transfer capabilities, providing CRMON holders with operations outside traditional market hours. This represents a significant advantage over conventional securities ownership, thus promoting integration with decentralised finance applications. Plans for cross-chain compatibility through partnerships signal further ambitions for CRMON's market reach. By expanding to other blockchain networks, Ondo Finance aims to enhance accessibility and user engagement with tokenised equity products. Timeline and Historical Development of Tokenized Equity Innovation The timeline of CRMON's development and Ondo Finance's broader tokenised capabilities demonstrates a systematic innovation process beginning with the company's founding in 2021. 2021: Ondo Finance is founded by Nathan Allman and co-founders, launching initial products focused on structured vault offerings on the Ethereum blockchain. 2022: The company completes substantial funding rounds—both equity and token sales—totaling significant capital and launching initial tokenised U.S. Treasury products. 2023-2024: Ondo Finance experiences substantial growth, establishing partnerships with major financial institutions while expanding its product offerings beyond fixed-income securities. February 2025: Ondo Global Markets is announced, marking the transition into equity tokenisation with plans for accessing over one hundred U.S. stocks and ETFs. September 2025: The official launch of Ondo Global Markets includes CRMON alongside other tokenised equity offerings, marking a significant evolution in Ondo Finance's product ecosystem. This timeline highlights the organisation's rapid growth and its capability to adapt its technological and compliance frameworks to accommodate different asset classes effectively while maintaining security and regulatory integrity. Regulatory Framework and Compliance Approach Ondo Finance's regulatory framework showcases a sophisticated compliance strategy, essential for achieving institutional adoption in the tokenised securities market. The company's strong partnerships with U.S.-registered broker-dealers promote adherence to Securities and Exchange Commission regulations and apply robust investor protections. Acquisitions, such as Oasis Pro—a registered broker-dealer—significantly enhance Ondo Finance's compliance capabilities, ensuring thorough alignment with existing regulatory structures. The company employs independent verification procedures that foster transparency, aiming for a solid performance standards reputation. Furthermore, Ondo Finance's commitment extends to international regulatory compliance, ensuring token access remains restricted to eligible investors while adhering to pertinent cross-border securities regulations. Comprehensive attention to tax implications and reporting requirements fortifies the security and compliance landscape of CRMON, ensuring that investor obligations remain manageable. Future Prospects and Market Positioning The forward-looking landscape for CRMON and Ondo Finance illustrates substantial growth opportunities driven by institutional adoption of blockchain technology and escalating demand for efficient alternatives to conventional securities ownership. Market projections indicate the tokenised asset sector could value multiple trillion dollars by 2030. With plans to scale CRMON offerings significantly and integrate it with a dedicated blockchain infrastructure—Ondo Chain—Ondo Finance aims to elevate its institutional-grade tokenised asset operations. Additionally, the development of strategic partnerships enhances distribution capabilities while establishing the company's credibility in the financial market. Furthermore, the integration of tokenised equity with decentralised finance protocols offers new potential for innovative financial products and strategies previously impossible with traditional securities. These factors underscore CRMON's positioning to effectively capture increased market share and deliver innovative solutions for international investment exposure. Conclusion Salesforce Tokenized Stock (CRMON) symbolises a transformative development within financial markets, successfully bridging traditional equity ownership with blockchain technology to create unprecedented accessibility for global investors. Through Ondo Finance's sophisticated tokenisation framework, CRMON provides complete economic exposure to Salesforce equity performance while enhancing operational advantages that exceed traditional ownership. The launch of CRMON reflects the broader evolution of financial markets towards blockchain infrastructures that maintain regulatory compliance while delivering increased efficiency. Ondo Finance's extensive approach to regulatory adherence, institutional-grade security, and technological innovation solidifies CRMON as a model for future tokenised securities, delivering access previously unattainable in conventional brokerage structures. As the tokenised asset sector continues to develop, CRMON is well-positioned to address historical inefficiencies in capital markets while providing investors with innovative solutions for accessing traditional securities. The outlook for CRMON looks exceptionally promising, supported by ambitious expansion plans, technological innovations, and strategic partnerships, thereby representing a pioneering model of modern financial infrastructure evolving through blockchain integration.

3.3k Total ViewsPublished 2025.12.05Updated 2025.12.05

What is SHOPON

Shopify Tokenized Stock (Ondo): A Comprehensive Analysis of Real-World Asset Tokenization in Web3 This article delves into the Shopify Tokenized Stock (Ondo), recognised by its ticker symbol $SHOPON, exploring its implications at the intersection of traditional finance and blockchain technology. As a part of Ondo Finance's tokenized securities platform, Shopify’s tokenized stock exemplifies advancements in democratizing access to global capital markets through innovative digital assets. Introduction and Overview of Shopify Tokenized Stock (Ondo) Shopify Tokenized Stock (Ondo), or $SHOPON, portrays a pivotal innovation in the realm of tokenized securities, allowing investors to gain economic exposure akin to directly owning shares of Shopify Inc. This token, developed under the umbrella of Ondo Finance, not only provides investors with the ability to hold digital representations of the company’s stock but also integrates features such as automatic reinvestment of dividends. This advancement represents a substantial shift in the landscape of decentralized finance (DeFi), linking conventional equity markets with blockchain solutions designed to enhance accessibility, transparency, and liquidity. By eliminating geographical barriers and enabling 24/7 trading capabilities, $SHOPON is positioned as a bridge connecting traditional financial instruments and the emerging Web3 ecosystem. What is Shopify Tokenized Stock (Ondo), $SHOPON? The $SHOPON token serves as a digital manifestation of Shopify Inc.'s shares, engineered to provide a direct correlation to the underlying asset's performance. Through the utilization of blockchain technology, the token gives holders a mechanism to participate in the economic benefits associated with equity ownership, including capital appreciation and dividend distribution. The unique aspect of $SHOPON lies in its automatic dividend reinvestment mechanism, which allows returns to compound without necessitating active management by the investor. This feature inherently enhances its attractiveness as an investment vehicle, particularly for individuals seeking passive income growth alongside exposure to high-performing equities. The tokenization process is facilitated by the custody of actual Shopify shares through regulated intermediaries, ensuring that every $SHOPON token is verifiably backed by real equity. This structure empowers investors with the dual advantages of both traditional financial characteristics and the innovative benefits tied to blockchain technology. Who is the Creator of Shopify Tokenized Stock (Ondo)? The creator of Shopify Tokenized Stock (Ondo), Nathan Allman, is an experienced figure in the finance sector, formerly associated with Goldman Sachs. His rich background includes significant expertise in digital asset development, bridging the gap between traditional finance and cryptocurrencies. Allman’s educational journey, marked by studies at Brown University, provided him with a deep understanding of economics and biology, equipping him with analytical skills that inform his strategic vision. In 2021, he founded Ondo Finance, committing to developing tokenized securities that meet institutional-grade standards while leveraging blockchain's transformative capabilities. Under Allman's leadership, Ondo Finance has focused on creating compliant and innovative financial products that empower a diverse investor base. Who are the Investors of Shopify Tokenized Stock (Ondo)? The investment landscape surrounding Shopify Tokenized Stock (Ondo) is notably robust, underpinned by significant institutional support. Primarily, Pantera Capital stands out as a strategic partner through the Ondo Catalyst initiative, a $250 million commitment aimed at accelerating the development of on-chain capital markets. This partnership not only signifies institutional confidence in the potential of tokenized assets but also reinforces Ondo Finance's operational capabilities and market positioning. The funding pathways have included earlier rounds that amassed millions in seed funding and further structural investments, solidifying relationships with both venture capital firms and private investors. Moreover, the financial framework is complemented by strategic partnerships with established financial institutions and technology companies, enhancing Ondo’s infrastructure and operational expertise. How Does Shopify Tokenized Stock (Ondo), $SHOPON Work? At the core of $SHOPON's operational framework is a sophisticated system integrating traditional finance mechanisms with blockchain technology. The custody of actual Shopify shares ensures that token holders retain authentic economic exposure, safeguarding their investments in line with recognized legal structures. The smart contracts employed in managing $SHOPON handle various functions, including automatic dividend reinvestment and ownership transfer, offering instant settlement and increased liquidity, marking a significant departure from conventional trading systems plagued by multi-day settlement delays. By providing interoperability with other decentralized finance applications, $SHOPON empowers holders with potentially lucrative opportunities for advanced investment strategies, including lending and automated market making. This complex integration presents a unique value proposition, catering to both traditional and crypto-native investors. The innovative structure of $SHOPON also allows for real-time settlements and transactions documented on the blockchain, delivering unparalleled transparency and security—a major advancement over standard equity trading practices. Timeline of Shopify Tokenized Stock (Ondo) March 2021: Nathan Allman establishes Ondo Finance, initially focusing on decentralized finance yield optimization. August 2021: Completion of a $4 million seed funding round led by Pantera Capital. January 2023: Launch of initial tokenized treasury security products, laying the groundwork for future equity tokenization. July 2025: Announcement of the Ondo Catalyst initiative, a strategic investment program valued at $250 million, aimed at propelling the development of tokenization in capital markets. September 3, 2025: Launch of Ondo Global Markets featuring over 100 tokenized U.S. stocks and ETFs, including $SHOPON. Technical Implementation and Blockchain Infrastructure Shopify Tokenized Stock (Ondo) operates on a technical architectural framework that marries blockchain protocols with traditional financial custody arrangements. The ecosystem leverages Ethereum's smart contract capabilities, providing seamless transaction management while ensuring compliance with regulatory standards through established financial custodians. Central to this architecture are security measures and transparent transaction records that affirm the legitimacy of each tokenholder's economic stake. With automated features managed by intricate smart contracts, $SHOPON not only streamlines ownership transfers but also allows for the tactical reinvestment of dividends—a hallmark of modern investment strategies. Moreover, the incorporation of LayerZero technology facilitates cross-chain interoperability, making $SHOPON accessible across multiple blockchain environments while preserving its functional robustness. This forward-thinking technical design positions $SHOPON as an adaptable asset within the larger DeFi milieu. Regulatory Framework and Compliance Architecture $SHOPON's regulatory framework is built upon the meticulous navigation of existing financial regulations that govern securities. The custody arrangements for the underlying Shopify shares are managed by U.S.-regulated broker-dealers, ensuring compliance and protection for investors. By maintaining a separation between the blockchain tokenization process and traditional custody, $SHOPON adheres to legal requirements while offering innovative functionalities that challenge conventional constraints. This dual-layered compliance approach enhances investor confidence and underscores Ondo Finance's commitment to regulatory integrity. Notably, the availability of $SHOPON is tailored to international investors from regions such as Asia-Pacific, Europe, and Africa, as regulatory parameters in the U.S. and U.K. present challenges in accessing tokenized securities. Market Access and Global Distribution Strategy The distribution strategy of $SHOPON is keenly designed to optimize global access while conforming to regulatory standards. The platform aims to establish comprehensive coverage for eligible investors across multiple regions, effectively dismantling traditional barriers through the implementation of blockchain technology. Integration with various cryptocurrency wallets and exchanges also promotes user-friendliness and accessibility, establishing a streamlined experience for investors to manage their holdings. Moreover, the 24/7 trading capabilities afforded by the tokenized model allow participants to react promptly to market shifts, fundamentally transforming how global equities are accessed and traded. Technology Integration and Cross-Chain Functionality The remarkable technological underpinnings of $SHOPON propagate its multi-chain functionality, set to expand its reach beyond Ethereum to networks such as Solana and BNB Chain. Such cross-chain capabilities allow users flexibility when navigating between blockchains, concurrently leveraging distinct network attributes to optimize their trading experience. LayerZero serves as the backbone for ensuring decentralized transfers between networks while providing the requisite security and speed, quintessential for maintaining investor trust. This comprehensive interoperability illustrates $SHOPON's commitment to being a versatile, user-centric asset in the evolving investment landscape. Ecosystem Integration and DeFi Compatibility Incorporating $SHOPON into broader DeFi protocols signifies its potential beyond traditional stock ownership. Token holders can leverage their holdings for various sophisticated strategies and applications, enhancing investment returns and liquidity management. By establishing a presence in lending protocols and automated trading systems, $SHOPON effectively democratizes access to advanced financial strategies previously limited to institutional investors. Such integration contributes to a more competitive and dynamic financial landscape, where individual investors can capitalize on tools typically reserved for larger entities. Risk Management and Security Framework Security remains paramount in the operational infrastructure of $SHOPON. The tokenization framework employs multiple layers of protection—beginning with regulated custody of the underlying Shopify shares. The operational protocols establish rigorous auditing, key management, and transaction monitoring standards, thus safeguarding against potential vulnerabilities. Moreover, meticulous adherence to evolving regulatory requirements provides an extra layer of security, fortifying investor protections and institutional compliance. Market Impact and Industry Implications The introduction of Shopify Tokenized Stock (Ondo) heralds a transformative shift in how financial markets operate, emphasizing the potential of tokenized securities to reshape traditional investment paradigms. The successful integration of $SHOPON encapsulates the efficiencies inherent in blockchain technology and opens avenues for new user demographics previously barred from extensive market participation. The impact extends beyond the immediate benefits to token holders, indicating broader trends that may challenge the status quo of investment services, particularly in addressing geographic restrictions and operational costs typically associated with traditional brokerage platforms. Undeniably, $SHOPON encapsulates the potential for traditional institutions to innovate further, leveraging the increasing demand for seamless blockchain access to complement existing financial infrastructure. Future Development Roadmap and Strategic Vision As Ondo Finance looks forward, the trajectory of $SHOPON rests on ambitious goals aimed at broadening the spectrum of available tokenized assets significantly. Over the next few years, plans are in place to expand to more than 1,000 tokenized securities, further enhancing market participation and investment options for individuals worldwide. Continued integration with traditional financial actors, development of specialized institutional products, and enhancements in automated trading capabilities will ensure that $SHOPON maintains its position at the forefront of financial innovation. Regulatory collaboration will also remain a focal point, establishing a framework that not only supports the compliance requirements but also promotes a healthy environment for tokenized asset proliferation. Conclusion and Market Significance In summary, Shopify Tokenized Stock (Ondo), represented by the ticker $SHOPON, is more than merely a tokenized equity offering; it embodies the innovation possible when traditional finance collides with modern blockchain applications. With a robust technical architecture, a commitment to compliance, and a clear strategic vision, $SHOPON exemplifies the potential for tokenized assets to enhance liquidity, accessibility, and functionality in capital markets. As the global investment landscape evolves, the transformative implications of $SHOPON extend beyond individual investors to revolutionize how financial instruments are perceived, traded, and utilized within both traditional and decentralized frameworks.