OK, the pace of listing new coins and derivatives has slowed down a lot this year. And for listings, it's either old coins or major new flagship projects. As for contracts, they’re mainly filling gaps in traditional assets and stock index exposures. Exchange OS feels like it’s targeting the long-tail market that exchanges haven’t covered yet. The platform mainly focuses on infrastructure like matching and margin in this process. Compared to Hype’s HIP-3, HYPE is still primarily focused on the contract market. Exchange OS has a broader scope, covering spot trading, contracts, and prediction markets. But since HIP-3 has already produced a benchmark like tradeXYZ, what Exchange OS can deliver remains to be seen in the future.