How do all three kind of piece together?

Yeah, so the way to think about this, and a lot of this is, again, obviously... a function of sort of operating in a world in which there isn't complete regulatory clarity around how everything gets set up in different jurisdictions, right? So when the Arbitrum Foundation and the Arbitrum DAO and governance was established in 2023, there was certainly a lot less clarity, no pun intended, for how these business architectures should be operated and should be stood up.

Off-chain is... largely the core team that's developing the technology.

And the way to think about this is the foundation is largely the stewards that represent the underlying technology.

And this is true.

I can talk you through Arbitrum.

The exact setups are very different, for example, in different ecosystems as well because, again, both from a legal guidance perspective and also from a business perspective, people have been trying different things.

What does that really mean in practice when it comes to things like a Robin Hood? What do you think that unlocks from an innovation standpoint, from a scale standpoint? Because I think we're seeing the same issues that you are seeing, right? This desire for new types of capital on chain and how do we really bridge that? And obviously, we could talk about that gap for hours, but would love to get your thoughts on kind of all the things that we just mentioned together.