Steven Pack

That's true.

And this is why, so there are people that do this themselves, but you become a kind of a hedge fund manager, whether you like it or not, because you have to manage, you have to be monitoring the borrow rate, as you said.

Yes.

If it's going, you don't just want to know when it gets higher than the staking rate, because by that time it's kind of too late, you're losing money.

And then you've got to deleverage and it actually takes time to deleverage.

And I won't go into all the details why.

So that's why it's much better to have it managed by, you know, a 24 hour on team or teams in our case with monitoring with tools.

This is happening now, actually.

There's some big movements of ETH happening in the market.

And so we, for example, have deleveraged some of the position as we saw it growing.

Not when it became unprofitable, but when it's going directionally that way.

And so that

It's like everything has risks, right?

But the thing with a looping strategy is the risks are quite well known and there's a certain amount of data you can backtest on as well.

And there are mitigating strategies to be able to get around them.

But it's much easier to do as a fund with relationships and with tools and, you know, than it is on your own.

That's a really good question, Sam.

And yeah, tokenomics is a weird and wonderful world.

Although maybe not having its moment in the sun at the moment.

I don't know.