Bd interesting about @turtledotxyz is how the business side and the network side are developing without being treated as the same thing. Turtle and Lunar Strategy generated $1.04M in Q3 revenue on a cash-in basis, net of intercompany activity. That revenue came from services and distribution, showing that the team is already generating income while continuing to build out its infrastructure. There are also tangible developments happening across the ecosystem. Hare launched with GSR, with $100M committed over several years, Creator Wire shipped in late August, and Streams became self-serve. These are important steps towards expanding distribution, adoption and the infrastructure supporting tokenized assets. On the token side, $TURTLE is the single instrument tied to coordination access on Turtle. Its utility should be understood separately from the company’s revenue. The $1.04M generated in Q3 is business revenue, not an automatic distribution to token holders. Streams incentives are also a separate mechanism and shouldn’t be confused with vault yield. This distinction matters because the market Turtle is building for continues to grow. Tokenized assets excluding stablecoins reached $46.1B on November 4, and connecting those assets to liquidity and capital requires more than simply bringing them onchain. I like that Turtle’s update gives us different things to evaluate, revenue from actual business activity, progress on infrastructure and the role of $TURTLE within the network.