Decentralized Financing on Bitcoin

We're going to talk about five big themes you're seeing among companies that are working in this cohort, companies that are applying. So the first one that we wanted to dig into was DeFi, quote unquote, DeFi on Bitcoin decentralized finance on Bitcoin. And I think for each of these, I'd love for you to talk just a little bit about what it is, why it's important and how you're seeing companies start to approach it.