Sal Ternullo

And some of those things that are public again, like MPC nodes.

We started off with a mandate where there was no clear incentive system.

There were nine MPC node operators to date.

We wanted to scale that to 21.

We took an active governance role in delivering through the House of State decentralized governance forum and approval of an incentive system.

And then we ran a go-to-market motion to bring new MPC node operators on board, a number of which are coming on board today, literally actually today.

So...

That's kind of how we think about it, but the KPI split is across both the treasury and kind of capital markets piece, as well as commercial and go-to-market motion.

Yeah, I mean, candidly, more excitement than I've ever seen.

A number of liquid funds have taken positions directly through Spot.

Some of them did so very advantageously when Near was around a dollar, which obviously taking risk was uncertain where we would go from there at the time.

But

We've seen a bunch of liquid funds already take positions.

We've also seen flows.

I think you probably saw Hunter's piece yesterday.

This was the largest inflow week to the European ETP that they have for near staking.

I think there were 3 million inflows just this week.

And so the way that I would put the archetypes of investors that have interest today are family offices, liquid funds, and scaling into institutional capital.

And as VRN represents one of the best public markets exposure patterns that you can get absent an ETF today, given that they're still pending approvals.

But the sentiment has never been higher on near as an asset, largely as a result of all the things we've been talking about today.