Infrastructure & Technology-BONUS: Episode 4: Custody & Security — Protecting Tokenized Assets in a Multi‑Chain World.

Custody & Security — Protecting Tokenized Assets in a Multi‑Chain World

Tokenized markets are scaling — but custody and security remain the foundation of trust. In this episode, Alex and Maya break down the custody stack, multi‑chain security risks, MPC key management, smart‑contract custody, and the future of programmable protection. This is the definitive guide to safeguarding tokenized assets in a multi‑chain world.

What You’ll Learn

• How custody works in tokenized markets
• The difference between real‑world and digital custody
• The custody stack: custodians, MPC, trust companies, smart‑contract vaults
• Multi‑chain security risks and how they emerge
• Why bridges and interoperability create new attack surfaces
• The future of programmable, automated custody

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Tell us: Which custody model will dominate the future of RWAs?

Transcript

SPEAKER_01 1:51

I want you to just uh close your eyes for a second. Imagine descending into these heavily fortified, completely underground vaults beneath global finance.

SPEAKER_00 2:00

Right, like the movies.

SPEAKER_01 2:01

Exactly. We are talking, you know, three foot thick steel doors, biometric scanners, seismic sensors. I mean the whole nine yards. And that is exactly where we're taking you today.

SPEAKER_00 2:12

Deep underground.

SPEAKER_01 2:14

Yeah. We are stepping into the deepest, most foundational layer of tokenized finance. And we brought a really massive stack of sources for this deep dive today. Oh, yeah, we did. We've got security audits from top-tier blockchain analytics firms, some pretty dense white papers on multi-chain infrastructure, and uh even internal reports from a few of the world's largest institutional banks.

SPEAKER_00 2:36

Yeah, heavy hitters.

SPEAKER_01 2:37

Right. And our mission today is to sift through all of this material to understand one incredibly critical thing, and that is protection. Protection. Because, I mean, everyone gets super excited about the shiny new rails of tokenizing real-world assets or RWAs, right? Like putting these assets on the blockchain, trading fractions of skyscrapers or, you know, treasury bills at the speed of light.

SPEAKER_00 3:03

It's just very cool.

SPEAKER_01 3:04

But the real magic, and honestly, the real danger here lies in protection. Who actually holds the asset?

SPEAKER_00 3:10

Right. Who holds the keys?

SPEAKER_01 3:11

Exactly. Who controls the keys? And well, what happens when those assets start moving around?

SPEAKER_00 3:16

It's basically the ultimate survival question for this entire industry.

SPEAKER_01 3:19

Yeah.

SPEAKER_00 3:20

Because, you know, in the traditional financial world, custody is a relatively solved problem.

SPEAKER_03 3:24

We have big vaults.

SPEAKER_00 3:25

You have giant banks with literal and metaphorical vaults. But looking through all the research we've gathered for you today, it's just abundantly clear that in this new multi-chain digital landscape, custody is fundamentally the trust layer.

SPEAKER_03 3:40

The trust layer.

SPEAKER_00 3:41

Right. And security. Security is the survival layer. Both of these layers are being entirely re-engineered just completely from the ground up to support tokenization.

SPEAKER_01 3:50

And the first thing that really jumped out at me from these reports is that custody in tokenized markets, it's not just this one monolithic concept anymore. It's actually a dual-layered system.

SPEAKER_00 4:01

Yes, the dual-layered dilemma.

SPEAKER_01 4:03

Right, because you have real world custody and then you have digital custody.

SPEAKER_00 4:07

Yeah, it's a huge shift. So first you have real world custody, which is exactly what it sounds like. It's the entity holding the underlying physical or you know traditional asset.

SPEAKER_03 4:16

Okay.

SPEAKER_00 4:17

So if a token on a blockchain represents a physical gold bar, well, someone, somewhere, still has to guard the actual gold bar in a physical vault.

SPEAKER_01 4:27

Right, you can't digitize the physical gold.

SPEAKER_00 4:29

Exactly. And then you have the digital custody layer. And this dictates who controls the tokenized representation of that asset. So the cryptographic keys that basically give you the power to move or sell or trade the token.

SPEAKER_01 4:42

Okay, let's unpack this for a second. I keep visualizing this like a um like a coat check at a really exclusive club. I love that analogy. Right. So real world custody is the physical coat. Your expensive jacket hanging in the back room, hopefully being watched by the attendant. Hopefully. Yeah.

SPEAKER_03 4:56

Yeah.

SPEAKER_01 4:56

And then digital custody is that little plastic ticket they hand you.

SPEAKER_03 5:00

Yes.

SPEAKER_01 5:01

If a pickpocket steals your ticket, the fact that your physical coat is perfectly safe in the back room, I mean, it doesn't help you at all. Not at all. The thief just walks up to the counter, hands over the ticket, and boom, walks out with your jacket.

SPEAKER_00 5:14

That is precisely it. That perfectly captures the vulnerability we're dealing with. And because of this dual-layer reality, the industry has basically had to develop three distinct custody models.

SPEAKER_01 5:26

To manage the relationship between the coat and the ticket.

SPEAKER_00 5:28

Exactly. So the first model is direct custody. This is where one single institution holds both layers, they guard the physical gold bar, and they hold the private keys to the token on their own servers.

SPEAKER_01 5:40

Oh, okay. So in our club analogy, the attendant takes your coat, refuses to give you a ticket, and just completely memorizes your face.

SPEAKER_00 5:48

Yeah, pretty much. It's all in-house. Then the second model is hybrid custody. And this is where a traditional custodian-like, one of the major legacy banks, holds the physical asset. But a separate, usually crypto-native tech platform, they hold the token and manage the whole blockchain side of things.

SPEAKER_01 6:06

So they split the duties.

SPEAKER_00 6:07

Right. And finally, there is smart contract custody. In this third model, immutable code enforces the rights and the rules of the asset on the blockchain, while a traditional custodian holds the underlying collateral off-chain.

SPEAKER_01 6:20

Okay, so out of those three direct hybrid and smart contract, the sources seem to clearly indicate that the whole industry is heavily pivoting toward the hybrid model. They are. But I mean, why? Wouldn't direct custody just be way simpler? One guy does everything.

SPEAKER_00 6:34

I mean, on paper it would be simpler, but in reality, it's highly impractical.

SPEAKER_01 6:39

Why is that?

SPEAKER_00 6:40

Well, traditional finance, they excel at guarding physical assets. Right. Yes. And navigating complex regulatory compliance. They've done it for centuries. Sure. But they are, frankly, often terrible at managing cryptographic keys and interacting with decentralized networks. It's just not their DNA.

SPEAKER_03 6:56

Yeah, that makes sense.

SPEAKER_00 6:57

And conversely, crypto native companies are brilliant at building really secure key management software, but they don't have the heavy infrastructure or the, you know, the regulatory charters to legally hold billions of dollars of physical treasury bills.

SPEAKER_01 7:12

Right. They don't have the real world vaults.

SPEAKER_00 7:14

Exactly. So the hybrid model basically pairs the best of both worlds. Okay. However, this model introduces its own massive risk, which is fragmentation.

SPEAKER_01 7:24

Ah, right. Because we aren't just relying on one giant bank vault anymore. If we're splitting duties, who exactly are the players holding the pieces? Let's map this out.

SPEAKER_00 7:34

Yeah, so this brings us to what the reports call the custody stack.

SPEAKER_01 7:38

The custody stack.

SPEAKER_00 7:39

Right. Custody is no longer a single vault. It is a vast, really interconnected ecosystem.

SPEAKER_02 7:44

Okay.

SPEAKER_00 7:44

Today's stack includes qualified custodians. So these are the crypto native heavyweights, companies like Anchorage or BitGo or Coinbase Custody.

SPEAKER_01 7:53

Got it.

SPEAKER_00 7:53

Then you have trust companies like uh Prime Trust or Fortress Trust.

SPEAKER_01 7:57

Okay, that's two.

SPEAKER_00 7:58

Sitting right alongside them are the traditional bank custodians that are slowly waking up to this space. So your BY Melons, your state streets. Right. And finally you have smart contract custodians providing the decentralized infrastructure like Gnosis Safe or Fireblocks.

SPEAKER_01 8:15

Wait, wait, wait. If I just go and buy a single tokenized treasury bill, why are there potentially four entirely different types of entities involved? Like how do they even interface with each other?

SPEAKER_00 8:26

It is complex. Let's just walk through the actual mechanics of a tokenized T-bill.

SPEAKER_01 8:29

Yeah, please.

SPEAKER_00 8:30

So the bank custodian, let's say BNY Mellon, they hold the physical piece of paper, the actual treasury bill.

SPEAKER_03 8:37

Okay.

SPEAKER_00 8:38

Because they have the ultimate regulatory authority to do that. But they don't issue the digital token. A trust company might be the entity that legally wraps that asset and creates the soakers.

SPEAKER_02 8:48

Right, right.

SPEAKER_00 8:48

Then a qualified custodian, like AbitGo, actually holds the cryptographic keys for the institutional investors who buy the token.

SPEAKER_01 8:56

Okay, I'll follow.

SPEAKER_00 8:57

And then they might use a smart contract custodian software like Fireblocks and PC to actually execute the transfers. Wow. So each tier solves a highly specific problem, right? Physical security, legal wrapping, institutional key management, and then decentralized routing. Because realistically, no single entity on Earth can perfectly handle the physical security, the cryptography, the insurance, and the global regulatory compliance all at once.

SPEAKER_01 9:27

Okay, but I have to play the skeptic here and really push back on that premise.

SPEAKER_00 9:31

Go for it.

SPEAKER_01 9:31

We are talking about institutions with literal billions of dollars to spend on security, right?

SPEAKER_03 9:36

Absolutely.

SPEAKER_01 9:37

Yet you read the news and it feels like, I don't know, a new protocol gets grained for$50 million every other week.

SPEAKER_00 9:44

Yeah, it happens a lot.

SPEAKER_01 9:45

So doesn't having all these heavy hitters involved, having more layers and more cooks in the kitchen, doesn't that actually make things vastly more dangerous? Like you're multiplying the number of doors a hacker can try to open. If four different companies are passing my data around, that just sounds incredibly fragile.

SPEAKER_00 10:01

You've actually hit on the core vulnerability of the entire tokenized economy. Yeah. The danger isn't necessarily within the individual institutions themselves. BNY Mellon's internal ledgers are basically thort knocks. Coinbase's cold storage is incredibly robust.

SPEAKER_03 10:19

Okay.

SPEAKER_00 10:19

The vulnerability, the actual cracks, appear in the spaces between them. The exploits almost always happen during the handoffs, like when assets start moving across different software systems and different blockchains.

SPEAKER_01 10:31

Oh, so protecting a single blockchain is like defending a heavily fortified castle. You build high walls, dig a moat, post guards.

SPEAKER_03 10:39

Right.

SPEAKER_01 10:39

As long as you stay inside the castle, you are generally pretty safe. But moving an asset across chains, it's like sending a treasure caravan out into the wilderness between five different castles.

SPEAKER_00 10:49

Yes.

SPEAKER_01 10:49

The ambush doesn't happen behind the walls, it happens on the road in between.

SPEAKER_00 10:53

Exactly. What's fascinating here is that security is no longer about protecting one chain, it's about protecting the connections between chains.

SPEAKER_01 11:00

That's a huge distinction.

SPEAKER_00 11:02

It is. When we analyze where these systems break down, the security firms we looked at identify four major risks.

SPEAKER_01 11:08

Okay, what are they?

SPEAKER_00 11:09

Number one is key compromise. Simply, someone gains access to the private keys. Number two is bridge exploits.

SPEAKER_01 11:16

The roads between the castles.

SPEAKER_00 11:18

Right. Number three is smart contract vulnerabilities where a developer simply wrote flawed code. And number four is custodian failure, where the actual institution holding the asset goes bankrupt, or acts maliciously, or faces some catastrophic internal error.

SPEAKER_01 11:34

And I imagine all four of those risks get exponentially worse when we stop talking about a single blockchain, like, say, Ethereum, and start talking about this multi-chain world.

SPEAKER_00 11:45

Oh, absolutely. The reports actually refer to this as the multi-chain multiplier.

SPEAKER_01 11:49

Multi-chain multiplier.

SPEAKER_00 11:50

Doing multi-chain takes these four risks and puts them on steroids.

SPEAKER_01 11:53

Great.

SPEAKER_00 11:53

Every single time you add a new blockchain to the mix, you introduce three terrifying new things.

SPEAKER_01 11:58

Okay.

SPEAKER_00 11:58

First, a completely new attack surface, because every chain uses different programming languages and has different underlying architecture. Second, a new settlement layer. Meaning the mathematical finality of a transaction happens at different speeds. And third, a new interoperability dependency. You have to rely on third-party software bridges to let these completely different chains talk to each other.

SPEAKER_01 12:21

Right, those unpatrolled roads.

SPEAKER_00 12:23

And we need to explain how those bridge ambushes actually happen. Please do. Because it isn't a simple robbery. To move an asset from chain A to chain B, a bridge protocol usually locks the original asset in a smart contract on chain A and mints an exact digital copy. Essentially an IOU on chain B.

SPEAKER_03 12:41

Okay.

SPEAKER_00 12:42

Hackers aren't necessarily breaking into the castle to steal the gold, they are figuring out how to forge the IOUs on the road.

SPEAKER_03 12:48

Oh wow.

SPEAKER_00 12:49

Yeah, they trick the smart contract on chain A into thinking they've deposited assets, which causes chain B to print millions of dollars worth of fake IOUs that the hacker then just cashes out.

SPEAKER_03 12:58

That is wild.

SPEAKER_00 12:59

And because these bridge contracts hold massive amounts of locked assets, they are the most lucrative honey pots in the entire ecosystem.

SPEAKER_01 13:06

So they aren't even picking the lock to the back room. They are literally counterfeiting the coat check ticket itself.

SPEAKER_00 13:11

Exactly.

SPEAKER_01 13:12

And if these digital caravans, these IOUs, are moving at the speed of light across different networks, 24 hours a day, traditional bank vaults must be completely overwhelmed trying to keep up.

SPEAKER_00 13:24

Completely. And that reality introduces what the industry calls the multi-chain custody gap.

SPEAKER_01 13:31

The multi-chain custody gap.

SPEAKER_00 13:33

Right, real-world assets are going multi-chain. They are spanning Ethereum, Polygon, Solana, Avalanche, and all these L2's layer two networks.

SPEAKER_01 13:41

Those secondary highways.

SPEAKER_00 13:42

Exactly. Investors want the liquidity of a fast chain, the security of an established chain, and the low fees of an L2.

SPEAKER_02 13:49

Sure.

SPEAKER_00 13:50

But the custody infrastructure fundamentally isn't built for that kind of speed or spread. So assets simply move faster than human custodians can track them. I mean, a human compliance officer cannot manually approve every single microtransaction of a tokenized money market fund across five different global networks in real time.

SPEAKER_01 14:08

No, of course not. So if humans are too slow and traditional vaults are too static, what's the fix? How does the industry close this gap?

SPEAKER_00 14:17

The emerging solution, detailed heavily in these technical papers, is MPC, which stands for multi-party computation paired with smart contract orchestration.

SPEAKER_01 14:27

Okay, MPC. Break the mechanics of that down for me.

SPEAKER_00 14:30

Sure. So in traditional crypto custody, you have a private key, which is just a single string of alphanumeric characters. If you possess that string, you possess the asset.

SPEAKER_01 14:40

It's the ultimate master key.

SPEAKER_00 14:42

Exactly. And it's a massive single point of failure. MPC completely changes this architecture. It mathematically fractures that private key into multiple distinct shards.

SPEAKER_03 14:52

Okay.

SPEAKER_00 14:52

And then it distributes those shards across different servers, different institutions, and even entirely different geographic locations.

SPEAKER_03 14:58

Wow.

SPEAKER_00 14:58

The full key never actually exists in one place at any given time. Ever. When a transaction needs to be signed, the shards communicate with each other cryptographically to approve the move without ever reconstructing the full master key.

SPEAKER_01 15:11

That is so cool. It's almost like needing uh three different general to turn their nuclear launch keys at the exact same time.

SPEAKER_03 15:19

Yes.

SPEAKER_01 15:19

But the keys themselves are constantly changing shape and jumping between different rooms. So even if a spy gets into one room, they can't launch the missile.

SPEAKER_00 15:27

That is a brilliant way to conceptualize it.

SPEAKER_01 15:29

Yes.

SPEAKER_00 15:30

And when you pair that distributed MPC security with smart contracts, custody becomes programmable.

SPEAKER_01 15:37

Programmable custody.

SPEAKER_00 15:39

This is the new frontier. Smart contracts can now automatically enforce transfer permissions. They can check jurisdictional rules, for example, automatically blocking a token transfer if the receiving wallet is flagged by global sanctions. Unbelievable. They can verify investor eligibility, process redemption rights, and execute default waterfalls instantly.

SPEAKER_01 15:57

Okay, default waterfalls. That's a term we see constantly in traditional finance. Basically, if a borrower defaults on a massive loan, there is a very strict hierarchy of who gets paid out first from the liquidated assets.

SPEAKER_00 16:10

Right.

SPEAKER_01 16:10

And usually that takes armies of lawyers, months, maybe years to sort out.

SPEAKER_00 16:14

But with programmable custody, if a default occurs, the code automatically liquidates the collateral and distributes the funds down that hierarchy to the investors in seconds.

SPEAKER_01 16:25

Wow.

SPEAKER_00 16:26

No lawyers needed. It just happens.

SPEAKER_01 16:28

Here's where it gets really interesting for you listening. This is custody as code, not paperwork. Exactly. Think about what this means. The compliance rules, the legal restrictions, the payout structures, they aren't sitting in some PDF on a compliance officer's hard drive anymore. They are literally baked into the DNA of the asset itself. The token physically cannot move unless it mathematically satisfies the legal requirements written into its code.

SPEAKER_00 16:55

And honestly, it is the only way tokenized markets will ever scale globally. You cannot have a global 247 financial system running on manual compliance checks. Right. However, custody as code requires a completely flawless foundation. If the code is the ultimate arbiter, the code cannot have bugs. Yeah. This completely changes how we must audit these companies. How do we know if a system is actually secure? You can't just look for balance sheets of the physical vault security anymore.

SPEAKER_01 17:20

Right. So how do we actually know? Whether you as a listener are actively researching a new tokenized platform to use, or maybe you're prepping for a meeting at work about integrating digital assets or just trying to navigate this complex frontier, you need a BS detector. You really do. And the sources we reviewed outline a definitive framework for this, a sort of ultimate survival checklist. And I want us to go through these requirements so we can really understand how to hold these companies accountable. Let's start with the digital core.

SPEAKER_00 17:51

Okay, so the digital core, number one on the checklist, it must begin with key management.

SPEAKER_03 17:56

Right.

SPEAKER_00 17:56

We just discussed the necessity of MTC and cryptographic sharding. If a platform relies on a single signature private key or lacks battle-tested recovery protocols for when a server goes down, walk away. Just walk away. Never accept a single point of failure. Paired directly with that is number two. Continuous smart contract audits.

SPEAKER_01 18:15

Okay, wait, I want to push back on the word continuous. Because if a smart contract is supposedly immutable, right? It can't be changed. Why does it need to be audited more than once? You check it, it's good, you're done.

SPEAKER_00 18:25

You'd think so, but it's because the environment around the contract changes.

SPEAKER_01 18:29

Ah.

SPEAKER_00 18:29

The multi-chain ecosystem updates daily. So a smart contract that was perfectly secure in 2024 might become utterly vulnerable in 2026 because some connected protocol updated its code, creating a completely unforeseen loophole.

SPEAKER_01 18:45

Oh wow.

SPEAKER_00 18:46

Security is a continuous state, it's not a certificate you just frame on a wall.

SPEAKER_01 18:49

That makes perfect sense. Okay, so number three. If the ecosystem is constantly shifting, what about when an asset moves across those unpatrolled roads?

SPEAKER_00 18:58

Yes, that is requirement number three. Chain coverage. A platform must have robust multi-chain and L2 support. If they only custody assets on the Ethereum mainnet, but all the liquidity in the market moves to a faster layer too, well, your assets are stranded.

SPEAKER_03 19:14

Right.

SPEAKER_00 19:14

They need the internal infrastructure to secure those digital caravans across multiple networks without constantly relying on those vulnerable third-party honeypot bridges.

SPEAKER_01 19:23

Okay, so that covers the digital side. We've got NPC keys, continuous audits, and secure chain coverage. But what happens when the physical coat check burns down?

SPEAKER_00 19:32

Which brings us to the physical and legal integration. So requirement number four is insurance. And it is remarkably tricky in a dual layer world.

SPEAKER_01 19:41

Why is that?

SPEAKER_00 19:42

You must ensure the platform has dual coverage. They need a policy for the digital layer, obviously, protecting against hacks and private key loss. But they also need physical insurance, protecting the real world asset from theft, fraud, or natural disasters.

SPEAKER_01 19:57

Okay.

SPEAKER_00 19:57

Because digital insurance will absolutely not cover a physical vault fire, and physical insurance will definitely not cover a smart contract exploit.

SPEAKER_01 20:05

So if I buy a Turkenized piece of real estate, I need to know the smart contract is insured against hackers and the physical building is insured against hurricanes.

SPEAKER_00 20:13

Precisely. You need both. And tying the digital and the legal together is requirement number five, compliance integration. KYC and AML so know your customer and anti-money laundering checks. They cannot be an afterthought. They can't be a manual process handled by some back office team. They must be baked directly into the custody layer, automated by those smart contracts.

SPEAKER_01 20:34

So the token literally enforces its own legal compliance before it allows itself to be moved.

SPEAKER_00 20:39

Exactly. And the final piece of the checklist number six is settlement guarantees.

SPEAKER_01 20:43

Settlement guarantees.

SPEAKER_00 20:44

Right. In a world where assets are zipping around at the speed of light across different chains, the custodian must be able to guarantee that when a trade settles, it is mathematically final. The ownership records must be perfectly and instantly reconciled across both the digital blockchain and the real world legal registry.

SPEAKER_01 21:02

Okay, let me just quickly synthesize this framework for you listening. It's basically a two-part survival guide.

SPEAKER_00 21:06

Yeah.

SPEAKER_01 21:07

On the digital front, we demand MPC key management, continuous code audits, and secure chain coverage. And then on the physical and legal front, we demand dual layer insurance, automated compliance, and guaranteed settlement reconciliation.

SPEAKER_00 21:20

And the start, bottom line of all this research, the warning here, is that if any single item on that checklist is weak, the entire product is compromised.

SPEAKER_01 21:29

The entire thing.

SPEAKER_00 21:30

Hackers do not attack the strongest point of a fortress. They look for the single unbarred window.

SPEAKER_02 21:36

Right.

SPEAKER_00 21:36

So if a platform has incredible MPC key management but poor smart contract audits, the code will be exploited. If they have great digital security but no physical insurance, a real world disaster wipes you out. The chain is literally only as strong as its weakest link.

SPEAKER_01 21:54

Man. So let's zoom all the way out here and look at the grand synthesis of everything we've uncovered today. We started by walking into the traditional physical bank vault. And what we found is that the vault itself is basically being dismantled and completely rebuilt as software. It is. Tokenizations simply cannot scale without custody. You can build the fastest blockchain in the world, but if institutions don't trust who is holding the keys or how those bridges function, no capital will flow into the system.

SPEAKER_00 22:22

And custody cannot scale without security. We have firmly moved out of the era where secure meant a thick steel door. Security Today means cryptographic sharding, continuous code auditing, and actively defending the interoperability between chains.

SPEAKER_01 22:39

And finally, in a multi-chain world where assets are constantly moving, security cannot scale without automation. Human beings are simply too slow. Custody has to become code.

SPEAKER_00 22:49

It has to.

SPEAKER_01 23:08

Which leaves us with one incredibly provocative final thought for you to mull over. We've talked extensively today about the beauty of Custody's Code, where these immutable smart contracts enforce everything from global jurisdictions to default waterfalls with absolute mathematical perfection.

SPEAKER_00 23:23

Perfection.

SPEAKER_01 23:24

But we live in a messy human world.

SPEAKER_00 23:26

We do.

SPEAKER_01 23:27

What happens when a complex real-world legal dispute directly contradicts the flawless code?

SPEAKER_00 23:34

Oh, that's the big question.

SPEAKER_01 23:35

Right. Let's say a human judge orders a tokenized asset to be frozen or seized due to a lawsuit. But the smart contract, which cannot be altered, mathematically refuses the transphobe doesn't hold the right cryptographic keys. Is it the person recognized by the physical court or the person holding the unbreakable digital ticket?

SPEAKER_00 24:03

It is without a doubt the defining legal question of the next decade.

SPEAKER_01 24:07

Something to definitely keep you up at night. Thank you so much for coming along with us on this journey to the very bottom of the vault. Keep holding these platforms accountable. Use that framework to audit the digital and physical layers, and as always, keep questioning the infrastructure of tomorrow. We'll catch you on the next deep dive.