We feel genuinely fortunate to be the ones covering Hyperliquid and Trade[XYZ] this closely right now. Watching how fast things are moving has brought us real joy this quarter, and we don' t say that lightly. Nothing here is settled. Real risks remain around Hyperliquid, and the regulatory landscape is still being written in real time, so we won' t claim victory too soon. But what we can say with confidence is that Hyperliquid and Trade[XYZ] have outpaced any expectation anyone reasonably had for them, and did it through some of the toughest market conditions this year has produced. Seeing them consistently bring new growth drivers, new ways to create value for traders and investors everywhere, is not something we take for granted. What they are building is unprecedented in financial history, and we get to witness it happen. This is a story about rewriting the financial infrastructure the world has relied on for decades, and watching Hyperliquid and Trade[XYZ] change the playbook on what that infrastructure can even look like is genuinely amazing to be close to. We're grateful to be in this position, inside this ecosystem, watching it unfold right in front of us. And we're confident this is only the beginning: there is more to witness quarter over quarter, year over year, because this story is just getting started. Huge thanks to everyone involved within HRC for putting this together. Huge thanks to @guru__hl as well, @hl_eco clearly is the best partner we could have wished for. Hyperliquid.