Transcript (en)

yeah what we do on chain today is we so obviously on the on the front end we stream um hyperliquids l2 books like the other books l2 alpha books that's coming from uh hyperliquid nodes and we use hydromancer for this um and that's i'm not sure every like hyperliquid firm um does this um and then we do the hedging on chain uh and that's like a big part uh like execution of of of your BNA booking on-chain, I think, we're the only ones there doing it. Obviously, we have payouts on-chain and real-time payments and crypto, etc. But today, what is not on-chain for us is the, for example, the account state is not on-chain. Our rules are on-chain on IPFS. You can argue whether that's on-chain or not. But the big difference between Hypernova and us, for example, is that they persist the account state on-chain and we do not. I don't think they run the hedging on-chain and we do. So there are differences. For me, we've built proper super fast. Like development time, you know, I don't have the specifics on the other firms, but we went really fast. And in product development, you have to take, for example, if we go and we post the on-chain state on, well, the state of accounts on-chain, that's going to reduce our development time and that's not something that we want to compromise. So we have a