Transcript (en)

Timing is really important and we always knew. I feel like the first time I joined UIDX, I started to realize how amazing an instrument perps were. I think Say did too, and our whole team did, but the products were too technical. There was no way for consumers to access them, especially in the United States. And that's still true. And I mean, some centralized exchanges are starting to get licenses now, but, and the way people were trying to explain what it is to consumers just wasn't working. So there was no adoption and there was just no interest. But I think as soon as the institutions had this aha moment where they're like, this is a massive instrument, let's adopt it. Then consumers started to build more trust. And they're like, what is this? It's time to get educated. And then people put more resources to actually educating people what they want or what it is. And I think I still it's kind of missing the mark. Like most people still don't know what perps are. But I do think over the next few years, it'll become much more obvious what they are. And fundamentally, like perps sound like a very complicated thing, but under the hood, they're actually very, very simple. Yeah.