Index team is still cooking, but I see some problems in the Robinhood ecosystem @TheIndexFi claims they're still cooking, but legal issues and compliance prep are slowing them down. So a raise is definitely possible, but I see a problem with that... The issue with the Robinhood ecosystem is that there are no clear, strong leaders across any sector whether it’s memes, RWA, or perps. It’s missing that one spark across all sectors to trigger parabolic growth. Sure, Robinhood chain is growing by all metrics, but the average retail user has zero exposure to it, so they won't stick around for long. That’s exactly why we’re seeing record outflows from the chain right now, even though the project should technically be growing.