Great research piece put out by Geoff and Standard Chartered on the revenue story and growth mechanisms in place for @arbitrum and ethereum:0xb50721bcf8d664c30412cfbc6cf7a15145234ad1. One part I wanted to double-click on and offer my personal perspective is with respect to buyback mechanisms or other "direct" value accrual to the token. From my perspective, Arbitrum has the potential to tackle an unbelievably massive opportunity: be the execution environment for all financial services and the backbone of the programmable economy. This vision requires a lot of investment in technology and growth. A lot. If the entirety of the Arbitrum treasury was denominated in ethereum:0xb50721bcf8d664c30412cfbc6cf7a15145234ad1 or relied on the price of ethereum:0xb50721bcf8d664c30412cfbc6cf7a15145234ad1 to go up in order to accomplish that goal, Arbitrum would be introducing an immense amount of risk into its vision and plan. Arbitrum has been amassing a very meaningful treasury of assets derived from its various revenue sources and totals approximately $125m today (outside approximately $400m worth of ethereum:0xb50721bcf8d664c30412cfbc6cf7a15145234ad1 in the DAO treasury). Multiple years of runway irrespective of token price. These assets are all controlled by token holder via governance and can only be deployed or moved in accordance with tokenholder wishes. Personally, I believe the Arbitrum treasury balance needs to grow a bit larger to ensure that the vision can be accomplished. Our partnership with Robinhood has proven the economics and the revenues can meaningfully scale. We need to be able to meet the moment. That does NOT mean that Arbitrum should hold off on buybacks or other direct value accretive approaches to the token in perpetuity. It means that we just aren't there yet today. The journey is just beginning.