Over the past three decades, the global semiconductor industry was built on a highly efficient model of specialization. The United States controlled chip design, EDA, IP, and end-platform ecosystems. Taiwan became the center of advanced foundry manufacturing and packaging. South Korea dominated DRAM, NAND, and memory supply. Japan retained key positions in materials and equipment. China provided massive electronics manufacturing capacity and end-market demand.

In the limit, Backpack and Perp DEXs are going down completely different paths. Perp DEXs are going to eat the entire unregulated offshore speculation market currently dominated by the large CEXs like Binance. This is a huge opportunity, and this is a good thing for the industry. The world needs trust minimized DEXs to replace the status quo that has dominated for far too long. Backpack isn’t trying to compete here. Please use your favorite DEX and use it with the Backpack wallet to on/off ramp, to bridge, and to access any decentralized app on any blockchain. Ultimately, Backpack isn’t trying to compete with any crypto company. Backpack is trying to go after Wall Street, so that we can grow crypto from the small, mostly irrelevant market it is today into the backbone of the entire world economy. There’s a reason why you don’t have good fiat rails on any perp DEX. There’s a reason why you can’t access real stocks with cash dividends, voting rights, and legal protections (e.g. in the event of bankruptcy) on any perp DEXs. Accessing these regulated products is a completely different game. For better or worse, banking laws, securities laws, KYC/AML all apply and they aren’t going anywhere. You aren’t going to get a bank account in Japan for JPY without that. You aren’t going to get a master account with the Federal Reserve without that. You aren’t going to legally be the official owner of a security/stock without that. Wall Street needs to change, and the world needs a trust minimized crypto native financial institution to go after that opportunity. That’s Backpack. While the small CT bubble argues over whose token is better, keep in mind that there are much larger stakes at play. The offshore CEX monopoly needs to be disrupted, and it’s not done yet. Wall Street needs to be disrupted, and it’s not done yet. The jobs not finished, so keep your eye on the prize.

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Pennsylvania is beginning to dominate in the life sciences space. Our NEW Innovate in PA 2.0 initiative is going to build on the foundation we’ve laid — providing capital for startups, speeding up clinic trials, and developing a workforce pipeline that will help early-stage companies succeed.

Closed-source models dominate consumer markets both in China and the US — ChatGPT in the US, Doubao in China. When it comes to enterprise use, open-source models will inevitably become mainstream. Do you agree ?