The evolution of Oasis Crypto has over-indexed on infrastructure and under-delivered on the consumer-facing value that makes any of it matter. There are exceptions, of course, but as a general rule this is true. This has been clear for a long time, and it's the reality we've refocused our strategy around. Oasis started at Berkeley in 2018, built around the idea that blockchains couldn't scale into something serious without confidentiality. That's the problem I'd been working on, and it became the foundation of what Oasis is today. The throughline from then to now has always been privacy. The recent surge of privacy-focused protocols and renewed focus on the topic validate this thesis we've held all along. What we've accomplished In that time, we built the most complete privacy infrastructure in the industry. Sapphire remains the only confidential EVM runtime in production. Runtime Offchain Logic extends that confidentiality and verifiability to off-chain compute. We've had five years of mainnet uptime, a validator set that's never missed a beat, and a clean security track record. The stack is mature. It works, and it supports real value today. What's been missing is that breakout application that makes the value of this infrastructure more tangible. This is why we're adopting a new strategy focused directly on the application layer. That is where the value is, and where the future will be decided. Where we're going next This is a big change, but one I'm excited about. It means realigning internally, resetting our strategy, and committing to fewer things done exceptionally well. The first result is live, and it's called @PrivanaFinance: DeFi built for humans. Private trading, smart yield, and automation with full self-custody. Everything we've built, combined into a product that couldn't exist without our tech underneath it. We'll keep supporting third-party developers building on Oasis. But shipping products ourselves is how we double down on the original thesis. We own more of the stack, and value flows back into the network. More applications are already in motion, with announcements coming soon. Oasis has been here through every cycle. This is how we lead the next one.