Permissionless + transparency, in my opinion, are the most valuable traits of the entire industry. With this as the foundation, Hyperliquid, as the 'AWS of the liquidity layer,' is gradually realizing its long-term vision. The distribution side, as a highly valuable segment for capturing value, is completely handed over in HYPE's current strategic phase. We only focus on backend liquidity. The business model is also highly attractive: you bring in users, I provide liquidity, we share the benefits, and there are no boundaries—everything can be traded.