Building the next chapter of Extended Over the past 1.5 years, Extended has grown into a proven crypto native trading venue with strong adoption, deep liquidity and a rapidly expanding product offering. We launched a novel implementation of RFQ markets, enabling endless markets while retaining the benefits of a competitive order book market structure. We expanded to 280+ markets in total, including 100+ RWA markets, and continued building the product and liquidity infrastructure behind a much broader market offering. This is the foundation. Now we are building on top of it. The next step: unlocking Europe CFD brokers, fintechs, and distribution partners already reach millions of European traders who want perps, prediction markets, and on-chain products. This is where we see an opportunity in Europe to combine crypto-native product depth with a regulatory framework designed to support broader distribution. That is why we are building a regulated path into Europe as a major expansion of our existing business. Extended remains a global, crypto-native venue. The European setup adds a dedicated regulated framework designed to unlock two channels that are otherwise closed: direct access to EU retail users and B2B distribution through brokers, fintechs and consumer platforms. We believe Extended is uniquely positioned for that. Today, we already have: - Product: one of the widest RWA offerings across order book and RFQ markets - Liquidity: battle-tested infrastructure and Tier 1 liquidity - Distribution: 500+ affiliates built with zero paid marketing, a partnership with one of the largest CFD brokers and growing demand from other major distribution partners What this means for TGE Choosing a regulated path in the EU also shapes how we prepare for TGE. What that involves: - Regulatory work: progressing the legal and regulatory process around the token and our broader setup in Europe - Corporate structure: putting in place the entities required to support the token launch, our broader regulatory setup and the next phase of products, including spot. - Token framework: developing sustainable tokenomics. Full tokenomics will be shared ahead of TGE. We are optimising for the right balance of speed and long-term strength, building the structure, liquidity and distribution needed for the launch to hold up at scale. The ambition is bigger than a TGE. We want Extended to become a leading on-chain trading venue combining: - crypto native infrastructure - deep liquidity with strong execution across core order book markets - the ability to list endless RWA and long-tail crypto markets through our RFQ system - distribution across crypto native and traditional trading audiences, both directly and through partners - a regulatory foundation built for scale There are still important parts of this roadmap that we are not ready to share yet, but we are committed to keeping the community informed and sharing more as soon as we reasonably can.