I met with GRVT CEO Hong Ye. I met him yesterday, but he was out all day, so I'm writing this late. It's been over a year since I've been in touch with GRVT and invested. We haven't seen each other often since he's been in Singapore, but it was nice to finally meet again. First, I congratulated him on his incredible achievement of being ranked in the top 5 on the Perpdex index. I was reminded of why I initially invested in GRVT, so we reminisced. While other Perpdexes have established strategies for securing volume, OI, and team positions, GRVT initially calculated points based on fees used, which was quite shocking to me. It was like saying, "You get what you pay for," and the team was willing to accept the consequences. I thought it was a rare model and aspiration in crypto, so after a brief meeting, we decided to proceed with the investment and onboarding process. After the era of Perpdex began and rising stars took over, there was a period of uncharacteristic slump. However, I believe GRVT, while not the best, always made the best choice. (Both are "the best" in English, so perhaps it was the best choice.) First, by securing $540M in investment from zksync and the Middle East, they built a profit tunnel with zksync's DeFi hub functionality. Second, they have a global sales force, including web2, to spread their product. Regarding the latter, some of the head-level BDs at CEX Korea who contact me recently asked me about GRVT. I was actually surprised to learn that just a few months ago, they hadn't even considered working with Perpdex, but now they're shifting their affiliate volume from CEX to Perpdex. This isn't just a Korean phenomenon; it seems to be a global phenomenon as the era of CEX BDs is coming to an end. However, as a BD, the biggest hurdles in transitioning from CEX to Perpdex are "research" and "discovery," so I believe GRVT represents a retail discovery. I told CEO Hong the two conditions I believe Perpdex needs to survive after TGE: 1. Become a global, purpose-built wash and clearing platform. 2. Build a sales force on par with CEX to attract real retail investors. We seem to be leading the way in Korea and several other countries on the latter. While some might argue it's not Web3-like, I believe that for investors and the company, practicality and competitive advantage are more important than appearances. We seem to be handling complex, interpersonal matters like offering a 10% interest rate, recruiting prominent YouTubers like Kang Hwan-guk, and recruiting trading teams. We're also very good at engaging founders to persuade them. CEO Hong seems to be actively involved in making a face-to-face appearance. As Perpdex continues to grow, the initial demand will gradually emerge within the platform, right? Now, I feel like I'm actually supporting GRVT as an investor. Even though they haven't successfully launched global events, seeing them consistently hold trading competitions, build a local BD team, provide support, and embrace feedback makes me realize that people make good fortune. This time in Hong Kong, I barely attended any side parties. It was filled with individual meetings, but I felt once again that the era of investing in projects is over, and an era of investing in people has arrived.