Let's focus on this side a little bit.

So Arbitrum 1 is actually, if you look at perps, for example, as a category, perps first took off in Arbitrum 1 with GMX, of course.

And every large perps protocol, just about every large perps protocol has a history that runs through Arbitrum.

So there's GMX and gains that were, you know, early perps protocols that really started the category in the case of GMX and Arbitrum.

And if you go a little further, you know, uh, you know, uh, through time, hyperliquid historically source or all their USDC, uh, from Arbitrum.

And it wasn't because we formed it from some sort of partnership with them.

It's because they understood that that was the best product that, you know, ultimately helped them grow into what they'd become today.

How do you guys think about this at the moment and are looking to kind of solve that problem?

And also, what's your thought on how Ethereum is actually reflecting value of all this activity happening on one of its layer twos? It's actually capturing very little of the fees that are being paid.

Great question.

So, yeah, let me take those one at a time.

You know, in particular, when it comes to I'll take the Ethereum one first because that's that simple.

Then we'll go back.

When it comes to Ethereum, I think it's a mistake for people to look at, you know, sort of the only the very direct fee economics and say, OK, Ethereum is not doing well here.

Ethereum is doing, I think, quite well here.

So I don't know, what are some of these of the earlier lessons that you're starting to see, some of the gaps, some of the improvements that could be done to this model?

Anything else on the Robinhood deal that you guys want to talk about?

I guess one thing which we didn't really cover too much here, just to stress, like the coolest thing to me of this whole thing is that there are many actually like, I think many who think that crypto is sort of this like fringe asset.

You know, AJ mentioned before about DeFi and TradFi merging is what we're seeing here.

and in particular, like, hard to access.

Like, hey, you have, like, you know, crypto is only accessible if you can figure out how to get a wallet and, like, you know, back up your seed phrase and, like, connect to an RPC service.

And I think, you know, for many, like, that's what crypto is, and crypto will always be this, like, you know, almost like alternative system.

But the coolest thing of what we're seeing with Robinhood, which we really haven't seen from anyone else at this scale, is using crypto to build a product that's accessible to both crypto native users and non-crypto native users at the same time.

So I'm curious to just get your commentary here.

So that's off chain labs.

In March of 2023 was when the Arbitrum DAO and the Arbitrum Foundation were formed.

And let me talk a little bit about the roles of those entities.

That's the same time where the Arbitrum protocol was decentralized.

There was now an Arbitrum token.

And what did this token do? It's a governance token for these protocols.

What it means is it actually gave the Arbitrum community, the community of these token holders, real governance power over the future of Arbitrum in many ways.

How do you think about the role of Arbitrum One, which is this neutral... chain versus some of the more bespoke, dedicated chains that projects can build in terms of where ultimately a lot of this activity might sit? Is the future where Goldman Sachs is transacting with Bank of New York in the same block that a crypto gaming user is upgrading his sword? Or are those completely dedicated environments? Or does it even matter? The internet is sending packets of information that do both of those things simultaneously, and I don't think anyone thinks about that.