capital efficiency & new composable primitives are longer-term goals, but the BDC saga (Blue Owl & co) with discretionary redemptions have shown how little incentive there is for certain types of asset issuers to let retail-level participants have liquidity when they need it 1) we built QEV to market-price these liquidity issues (catering to DeFi demands) by pricing the queue itself, but 2) have started to paired it with value insurance and new derivatives (supporting Sonya's point about composability, albeit offchain but not baked in the fundamental issued asset) to reduce dependency on embedded tranching, or our original FiLo or first-loss design the segregation is how you define a vault vs a asset issuer, and what asset is actually being issued (a pure play exposure to an underlying asset or a wrapper of a wrapper) the vault is unique in that they are perpetual, and often mimic a bank like deposit structure (minimum cash sitting for servicing redemptions), but sometimes you're effectively tokenizing a diversified fund manager vs something like pure tbills, which is like wrapping a wrapper