And, you know, there's a lot of moving pieces there, but i a, i like to start kind of at the beginning, cause it all starts with the depositor, right? And with crypto not being very transactional at the moment, there's obviously an opportunity there to enable clients to yield on their crypto by lending to certain institutions. But i'm just wondering how aure crypto, crypto lender s able to offer such high yields to deposit accounts.

Abeen habe to start on that one. And thi sa hat this is obviously the question that that genesis and the market at large s a lot. You know, if you look at where stable coin yields on us d c or wher us d t or dollars have been, you know, over the last three years, they've been edo probably in the eight to 12 % range, which, when compared to other markets, is a lot higher yielding. And even if you look at the coin, ituno yields their enoug proba two o three % range, so substantially lower. But we get the question, alott ad, how dyou, how do you guys afford to pay no depositors eight to ten % annualized onther their their stable coin deposits, or on their cash? And most people cone immediately that to there's anothere's more risk in the system, and because i'm getting a higher return, i must be taking more risk, which it's not a bad framework to think about things. But i'd say for crypto, it's less of that and more of, there's just more inefficiency in the market. It's much newer. It's much more opaque nas tint market than other unoacid classes. And with that becomes basically the ability to generate a higher return on investment via trading af our sophisticated institution. And so because ultimately the landing place of the capital is being lent into the ecosystem lands in the hands of sophisticated trading institutions, they can basicy figure away to generate a return on their investment in a market as nacent as crypto that's higher than the eight eg to ten % that we're willing to basically pay depositors. So you have genesis an folks like blocpy that kind of sit right in the middle and can basically act as the inf structure layer, the intermediary, the underwriter that can allow for the facilitation o capital to come in, offer to pay a certain uno rate to those depositors, knowing where they can lend out to the institutional, nosophisticated clients on either side, because they kind of understand the market structure and the different trade opportunities out out there. And if you are ta just kind of breakdown they, know, ote of thoese trading opportunities look like that can generate, no, eightto ten per there's a few of them. I think one of them is just basically a the ability to arbitragean spot in derivative markets. So if you have a access to cash, you can buy, you know, tecoin spot, you can sell bion future on sean or ther evenues an. You can kind of capture that implied basis spread between the and the spot. That's related the function of a lot of demand for clever products in our market. Ah, there's market making strategies out there. There's other quantitative trading strategies, all that kind of culminate, and oy that's historically been higher than eight to ten %. So, you know, i think the the thesis is that over time, these spreads will down and diminish, but because it's such an innovative, fast moving, evolving ecosystem, there just tens to exist a kind of natural uno arbitrage opportunity if you have a big trading operation and access to capital,

exactly what i said, eecting heas we look at this all the time. We get from the retail side, it's too good to be true. There's got to be some catch to it, or ther there's issues with the risk of my a, my assets. But really it comes down to bit, it's very much, you get into some of the traditional banking modls, it's that it's the margin between your institutional borrower and your retail linder as they give their ascets over. So because of the where we are in terms of t competition, the spreads are just much higher in terms of clients can come in and, you know, they borrow at 12, 13, 14 %. That gives us the ability to be able to offer that to our clients, to give them over the hump as they're trying to learn about crypto, and give them rates similar to six, seven, eight %. And that gets a new reta clice into the market. They want to be able to take advantage of these extremely high yields. And in doing that, we're able to provide liquid, liquidity into the market. And then we use the in between, really being to spread between what we lend outit. There

is this element of crypto where like, based on our explanation, it begs a question like why arthe why arter such arbitrage opportunities is available, where you can kond of generate eight to ten % on a riskless basis. And it really comes down just like an im balance between the demand for lever inn crypto, right? You have this whole retail market that wants to get long crypto, ah, and that historically has wanted to get long, but they don't necessarily have the capital to get long. And so they'r using lever products like futures or like swamps to basily express those views. And then at the same time, you don't have the lenders, or like banks or prin brokers, an you'd see in other markets, supplying cash to the arbitragers to basically compress those breads. And so you just get this naturally really wide deviation between derivative products and spot products that then just kindof of structurally exists in the market place. Where in traditional markets you might see a demand for rage spike at times, but then you also have other lenders that basically provide capital to market makers that ultimately immediately cantave crushed theas arbitrage opportunities. And that same dynamic doesn't really play out in cripto, because there's still a lack of capital. As cann't go round,

exactly, but there's not as many players a they're willing o play. The supply demandis just off now. And then overtime, as the compression happens, but at the same time, there's prob to be more institutions that 'll get inso i think, to what that said before, we'll probably see healthy spreads for a while as the market continues to evolve, because whe're still very nacent in the skin,

whi so it's also a symptom of the mark its maturity, you know, er o early days.