The growth of equity and commodity linked perpetuals has been the most exciting development in the space in the last year, with RWA perpetuals already growing to >50% of Hyperliquid crypto volumes last month, and aggregate Binance RWA volume at 2x BTC-USDT last month. High conviction view that this is one of the very few 100x left in the space, and I expect both open interest and volume to exceed crypto perpetuals across all venues within the next ~24 months. For Ethena this is the most exciting opportunity since we started: effectively expanding the underlying asset base from ~$2.5tn of crypto to >$120tn of equities. USDe peaked at ~$15b on crypto alone and we expect by the end of this next cycle the opportunity here will unlock scaling to a multiple of that number. While we would have liked to do this earlier, we took a cautious approach to what was a nascent market and waited until we saw deep, liquid markets with a data history we could study before moving into the opportunity at scale. Over the next weeks we will begin deployments into equity basis across the venues where we already execute crypto basis with the same battled tested infrastructure used to date. Become more clear this cycle that the very best businesses in crypto aren't just levered to the crypto cycle but can be flexible enough to reposition their businesses every 4 years when crypto is in the gutter. Going forward the growth and through-the-cycle resilience of Ethena will be tied more closely to basis on these markets rather than crypto alone.