Can you explain?

I think that this is where the industry is going to be going.

If you look at the actual kind of like economic value that is created by trading, there is plenty, right? Like you're actually contributing to the capital formation process, teams that need funding get it and so on.

Yield is the kind of thing that every single person wants, right? Like I talked to my cousin or whatever else they're probably not going to start trading tokens.

Maybe they'll buy and hold Bitcoin, and that's about as far as they go, and maybe a little bit of Joop, because they know me.

But if I tell them about interest rates that they can get, especially insured interest rates, that's something that's really interesting to everyone, from a grandmother to an 18-year-old kid who's fresh out of college and just starting to get some paychecks.

The total addressable market is basically everybody that has a savings account.

be an interesting business listen

So how does the lending product work, and who would you say it's meant for targeting, if anyone?

The latter question is easy to answer.

It's meant for everybody.

So Jupiter Lend is a permissionless protocol.

Anyone can participate.

We've had more than 100,000 users use it over the last nine or 10 months, which is, uh, pretty incredible.

Lending markets typically do not have so many users.

Yeah

And then what are some of the other products that are driving sort of profitability for Jupiter right now?

Yeah, we posted this kind of like long 30, 40 page 2025 year review, and we'll have one coming up for investors shortly as well.

So bear with me, I might get these numbers a little bit wrong off the top of my head.

But Perps is something like 50 to 55% of the overall business right now.

And that's for the obvious reason that Perps is a very lucrative product, as we all know.

It's limited to just three pairs right now because it uses the AMM model instead of the more normalized order book model that people tend to use these days.

The advantage of our model and the reason that we've had so much success with it despite only having the three pairs and despite having higher fees in many cases is guaranteed liquidity.

What else can you tell us about the state of Joop USD? Why should DeFi investors be looking at Joop USD? Anything that differentiates it?