Yeah we’re a bit delayed with perps on Fogo but there’s actually no better environment to execute on our original vision. Why is that? (1) When we started there was a delusional vision of which L1’s were well positioned to compete for onchain trading and serious DeFi. That false narrative is now dead given the honest voices of traders and DEX’s coming out highlighting the inconvenient truths with L1’s not purpose built for trading. The truth will always come out when there’s such thing as arb and people are losing money/opportunity. (2) I always believed the Hyperliquid model was the winning model, and we also saw some gaps where we can do better – and we’ve been building towards that vision. The initial FUD campaign against the HL model has failed, and now people “get it”. Makes what’s were ultimately building with Fogo much easier to understand. (3) The trend is toward aggregated perps liquidity and cross-margin protocols abstracting that away for users. Given our background in whitelable and prime brokerage – the team is well positioned to pioneer that model onchain. This is why I’m supportive of multiple perps DEX’s to start on Fogo as it will ultimately all be aggregated. The environment is ripe, time to execute.