I spent the last week touching grass. Highly recommend. Back to business. It was cool to reflect on our progress over the past few months. Here’s a bit of a brain dump In August, we cleared $1.05M in revenue, up 23% from July. August stats: - $3.05B perps volume, up 22% - $220M on our biggest day - Average OI $43.3M, up 126% - Peak OI $55.5M on August 31 One thing I’m seeing in the data is bigger traders are getting more comfortable, putting on more size, and taking risk on our books. The number of large orders $50k+, and $200k+ are steadily on the rise. Two months ago we launched our first RWAs. We now have 15 markets and RWAs are typically ~40% of our volume. This is even following a cooling off in the AI trades, which I expect to warm up again. Bottom-line, RWAs are here to stay. That $220M day was a great stress test. It exposed latency under peak load, and it was exactly the kind of pressure we needed to harden the venue for what’s next ($1B+ mark). Distribution is the other half. We’ve been aggressively exploring new markets and partnership opportunities and building IRL communities. One thing I’m particularly excited about is shipping banking on/offramps and experimenting with non-crypto distribution. We are working on new mechanics to reward traders who take on significant size and to reward those who join RISEx as new traders or bring in new traders. I won’t say too much yet, but I am super excited. Liquidity is getting better each week. Our process here is iterative. We deepen+tighten, then monitor the markouts, then repeat, adding more capital as required. Expect a 2-4x on all RWAs over the next week. Happy trading