A deeper dive into bond dynamics. We have about 2 billion in Bitcoin capacity that we can deploy in coming months. The rough math is that we can sustain 3x the market cap of STX for BTC deployed. So far we’ve used very little capacity, like < 1,000 BTC. Why? Because we’re in the bootstrapping stage, what matters in these early days is (a) institutional custody integrations, (b) onboarding large institutional clients, but not deploying too much of their capital. For now. First, you establish the distribution network and then scale it out. Let the market absorb the information that BTC native yield is real. Capacity grows with Stacks' growth. Two years ago, at the height of interest in BTC DeFi, we could support 15 billion in BTC deployed. We’ll get back there and more. I see this as a 100 billion-plus market that we’re slowly unlocking. That’d be just ~6.4% of BTC deployed. Ethereum has 36% staked. So these numbers are conservative. What I’m most excited about is that, when this plays out as designed, it finally opens on-chain flows for BTC. We fulfill the decades-old dream of bitcoin culture: to make BTC more than just a store of value. BTC starts moving for trading, lending, yield, etc., on-chain on the Bitcoin execution layer. A circular BTC economy with gas fee revenue starts to emerge. People forget how large BTC already is. When it moves, it moves in size. Then we focus on privacy and post-quantum and overcome the upcoming BTC challenges. That’s the long-term open secret plan. For now, the first dominoes are the Bitcoin bonds and how we launch them. Back to the 2 billion capacity: we will be releasing some of it soon in bond 3. Every bond results in STX being purchased and locked on-chain as a capacity limiter for BTC staking yield. As this dynamic plays out, the world starts to notice our work. Doubts about the feasibility of bitcoin capital markets start to fade. The machine starts humming. Forward!