54 Deployed on public blockchains,smart contracts offer a global, automated, and auditable alternative to rent-seeking intermediaries and legacy financial infrastructure. In the aftermath of the “crypto crisis” in 2022, several digital asset solutions gained S traction, including stablecoins, tokenized treasury funds, and scaling technologies. T C A R T N O According to ARK’s research, as the value of on-chain financial assets increases, C T R A the market value associated with decentralized applications could scale 32% at an SM annual rate, from $775 billion in 2023 to $5.2 trillion in 2030. Public blockchains are digital asset ledgers openly available for participants to access and are not controlled by a single entity. Smart Contracts are programs that exist on a blockchain and execute computer code when specific conditions are met. Sources for stablecoin usage, treasury issuance, and core development are provided in the corresponding slides that follow. Sources: ARK Investment Management LLC, 2024, based on a range of external sources, which are available upon request. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.