Is there an advantage that LIDAR gets from this technology solution they've applied here?

So we can think of an exchange having three parties.

You have the exchange itself, you have the market makers, and then you have call them normal discretionary traders.

And some of these can be systematic as well.

This is retail, prosumer, hedge funds, the exchange, market makers, things like this.

you kind of have to like exchange has to satisfy all three parties generally speaking you see an exchange charge both retail and market makers we decided uh we wanted to charge retail zero fees we think that's a competitive edge when it comes to getting partners and growing our distribution especially here in the us i think you can look at brokerages and exchanges in the 2010s 2015 really through 2020 and you saw zero fees really take off there.

I think we think something similar happens with perks over time, especially as the US market opens up.

So that all makes sense strategically.

Maybe just stepping back for the listeners, maybe you could tell us a little bit about what a Perpdex is, how that kind of compares to other different types of exchange models, both in the traditional sense, whether it's CME or Coinbase, and then maybe even in the more what you'd call on-chain Web3 different competitors and what some of the advantages are of that model, why you think it's a great category for growth.

Yeah, absolutely.

You can think of it very similar to the nice-year ice from an exchange business.

We think perpetual futures are this unique way in which to express a bet.

It's not futures.

It's not spot.

It's not options.

Maybe tell us kind of what customer bases do you kind of see yourselves and just the on-chain products competing in now? And then how do you think that evolves? And maybe it's evolving already with this Robinhood integration in the future.

Can you just give us a little background? How did that even come about? What went into the decision making on Robinhood side where they're like, hey, we want to actually do a partnership with Lighter and have them build out the infrastructure instead of just doing this in-house ourselves?

Yeah, I mean, I think Vlad Tenev and the crew at Robinhood, the team, I mean, they've been kind of on the bleeding edge of financial technology for quite some time now.

So it kind of makes sense for them to launch the hood chain.

And I know that had been speculated for many years in crypto.

And so it was incredible to see them finally come to market with that.

And then we have a great relationship with Robinhood.

Vlad, our founder, and Vlad Tenev, the Robinhood founder, have a great relationship that they've known each other for many, many years.

That's a unique component of, of lighter kind of taking the forward deployed, like white glove instance approach first, like what hyperliquid does on, on the hip three side, like, what do you think about the benefits and trade offs of each of the designs? And, and how do you think it kind of gives lighter an edge maybe over some of its competitors?