We just submitted a regulatory filing to introduce margin on a subset of long-dated prediction markets. This will not apply to sports, culture, and a few other categories. We are very excited to be taking what we believe is our most important step toward institutional adoption so far. Capital efficiency has been the biggest bottleneck for institutions, and margin is the single most requested feature. Fully collateralizing long-dated contracts ties up substantial capital for months or years, making participation impractical for many institutions. It is very difficult for a large institutional market to develop without margin. Margin addresses that problem by reducing capital requirements, subject to strict risk standards. Some important characteristics of our proposal: • Margin applies only to a narrow set of categories, excluding sports and culture. • It is geared toward institutions and subject to strict eligibility requirements. • The risk methodology is modeled on approaches used by established clearinghouses and tested over decades. It incorporates conservative safeguards around volatility, liquidity, concentration, and event risks, as well as measures to limit sharp increases in margin requirements during market stress. The goal is a better trading experience for users. Greater capital efficiency enables more institutional participation, bringing deeper liquidity and better pricing. That makes our markets more attractive to more traders, whose participation further strengthens liquidity and improves the experience for everyone.