Haseeb

Look, I do think it's true that they're very simple for retail.

And I think that's the real virtue of perps is that it's so simple to just be like, yeah, buy the thing and lever up this much, the end.

You know, doing that through options, doing that through futures, having to roll, you know, blah, blah, blah.

You know, CFDs, okay.

There is just a virtue of the simplicity of perps.

And I agree that that's a real thing.

But it's really only true for retail.

It's much less true for institutions.

Yeah, yeah.

I'm very excited.

So we're big investors in Athena.

We led their seed round.

So we've known this team for a long time.

And we had a small role to play in kind of bringing the relationship between Coinbase and Athena together.

And so it's very exciting to see this actually come to fruition because not everything like this actually does.

And Coinbase obviously has been super supportive of things at DeFi.

They've always been very forward in adopting things and offering stuff and kind of going to the C DeFi type construct like they did with Morpho.

So I think that's awesome.

So it's important to call out that Athena has evolved quite a bit from the early days.

You know, it used to be that almost all their yield came from the carry trade or the basis trade.