One of the biggest challenges in finance today is that building a trading platform is still incredibly complex. Whether it’s stocks, commodities, prediction markets or digital assets, every new platform typically has to rebuild the same core infrastructure from scratch — matching engines, settlement systems, risk management, margin systems and liquidity frameworks. That creates fragmentation, inefficiency and high barriers to innovation. Today we announced Exchange OS, a major upgrade to X Layer that aims to change that model. The idea is simple: Instead of every company rebuilding financial infrastructure independently, Exchange OS provides a shared infrastructure layer that developers, institutions and businesses can build on top of. This allows builders to focus on creating new market experiences, products and applications without needing to recreate the underlying exchange technology themselves. A sports outcome market, a tokenized asset platform or a new derivatives marketplace could all operate on the same infrastructure rails while maintaining their own branding, user experience and operating model. The broader implication is important. Financial infrastructure may increasingly evolve the same way cloud computing did. Years ago, companies had to build and maintain their own servers and infrastructure. Cloud platforms changed that by giving developers shared infrastructure they could build on more efficiently. Exchange OS applies a similar concept to financial markets.(haider)