Steven Pack

I think we target around five and a half times leverage, which is a number we're comfortable managing.

And it's a number that our early LPs into that vault are comfortable with based on our backtesting, historical analysis.

And so that generates higher than staking returns.

It's a little lumpy, just if someone's

Clicking right now to see what the APR is.

For anyone watching, the entry queue on Ethereum is currently 70 days.

So it takes a little while for leverage ETH strategies to warm up when there's a long entry queue.

But yeah, it's a single strategy vault targeted at institutional ETH holders.

It's in partnership with Tier 2.

And the other part that's super cool is it's utilizing a new release from Lido.

So they're called Lido V3 volts or ST volts.

And it's a really interesting innovation actually for the staking ecosystem.

So, you know, you know, Sam, like it used to be, you had to choose if you're a big ETH holder, you could either stake natively

And you get to choose your node operator, you know, like negotiate your fees.

You might have requirements like they're only in the US or they're only not in the US or you need to use these clients or not this or whatever.

And you could choose all of those things, but the cost was illiquidity.

Like you couldn't get out of there.

The best you could do was request an exit.

And if Kiln happened to be blowing up, like that was going to take you 40 days, right, to get out.

You know, you would always have these staking delays.