Some thoughts on Q4, Flare and the future: It is no secret that we don't have that clean “everything pumps” setup people want. Global growth seems to be holding up, but inflation remains a concern and there is still significant uncertainty around several geopolitical tensions. That being said, crypto adoption and institutional rails continue to improve. It is as simple as looking at the new wave of social trading, RWAs, stablecoins and tokenization. The industry is clearly maturing and demanding higher standards. Now, if you look at Flare's role and growth during this year, I think it's fair to say it has been a year of consolidation: FIP.16 significantly improving tokenomics around value capture and inflation reduction, the creation of the largest DeFi ecosystem around XRP, infrastructure now powering unique use cases the industry needs, like DeFi cover, and the foundations being laid for Confidential Compute, something that opens doors people are only beginning to imagine. We haven't seen explosive growth, which isn't surprising given the broader macro environment, and the path for XRPFi growth has not been easy. But if you take a minute to reflect, you'll see the slow, consistent progress. On my part, I know we still have key deliverables before EOY, some of which I think very few people expect, particularly around broader industry recognition and adoption of some of our core protocols, and Flare's role in an increasingly interoperable world. The future is uncertain, and perhaps the bear phase is not finished. But one thing is clear: those laying the foundational pieces for growth are better positioned for when the next positive sentiment catalyst arrives. I'm very optimistic about everyone building now and playing this game with a long-term horizon.