It’s very clear where the perps category is heading. It’s also very compelling from an investment POV. We are going to put every tokenized asset possible onchain and have them traded 24/7 with deeper liquidity and better pricing than any TradFi venue, starting on the weekends, and eventually 24/7. No matter what day, time, or place you're in, you'll be able to get a better quote onchain on a venue like Lighter. I firmly believe in this and it's evident in the growth that Hyperliquid has had as of late that we will see this vision through. We are starting now with 0.1%-2% of all volume onchain of some of these commodities like Oil during the commencement of the war. We will slowly get to 10%, 25%, and then the majority. I'm not sure that the entirety of trading volume will be done onchain, but I expect a lot of it will be. This was a really good conversation with Vlad about some of their upcoming updates to their pricing structures, $LIT tokenomics, their LighterEVM product, the valuation methodology, and his takes on current debates about perps design. Lighter looking good here. Enjoy.