I think @paretocredit’s $3B in credit extended is more interesting when you look at it as proof of infrastructure, rather than just a volume milestone. Every completed lending cycle adds another onchain track record: borrowers draw capital, pay interest, repay the loan, and potentially come back for the next cycle. > For private credit, that is the part that matters. The longer the repayment history, the more data lenders have to assess risk. At the same time, Pareto builds up infrastructure that has already processed billions of dollars in real credit flows. > That creates the foundation for Pareto to turn the same stack into Pareto Studio. Instead of every borrower or credit manager rebuilding the legal structure, settlement, compliance, and accounting layer from scratch, they can launch a new facility on top of infrastructure that has already been battle-tested. From my view, the $3B milestone is bigger than the volume itself. It shows onchain credit infrastructure can now be standardized, reused, and scaled.