Let me talk about Backpack. There's no actual trading volume. I know that teams that used to run Backpack cross-exchange arbitrage have stopped. The mainstream DEX arbitrage now is Bybit-Hyperliquid-Binance-Lighter; the latter offers slightly higher profits, but not by much—less than 20% annualized last month. However, as everyone knows, business and coin price are unrelated. $200 million TGE is impossible; I'd see 1B at the opening. I'm more concerned about how much airdrop I'll actually receive. It's best to have a clear statement beforehand to manage expectations.