Hyperdex Updates: 1. Spot & Perps Spot and Perps are in a very good place. The foundations are in place to accelerate growth and adoption. We've focused on building and releasing products we believe are innovative and one of a kind. 2. Pair/Basket Trading Pair/Basket Trading is currently going through testing. The goal is to let users long and short baskets of assets in one click, with each asset routed at the best available rate across @HyperliquidX, @Lighter_xyz, and @OndoPerps. We're preparing to release this shortly. 3. DEX Aggregator Volume - $1M+ Based on our current estimates, our DEX Aggregator alone has crossed at least $1 million in volume. This is a conservative estimate, as our current tracking doesn't yet capture everything across our integrations. We'll announce the exact figures soon. We're excited about this milestone, but we want to make sure the numbers are accurate before sharing them publicly. That's why we're taking a conservative approach until we can verify the full volume. 4. Unified Volume Tracking & @DefiLlama Integration Currently, only our DEX Aggregator and Bridge are integrated with DefiLlama. Accurately tracking volume across the entire ecosystem remains a challenge. With hundreds of integrations and more partnerships underway, maintaining accurate volume figures requires significant work. Every new service we integrate also requires updates to our DefiLlama integration. We're working with our partners to consolidate the data and establish unified volume tracking across our products. 5. $HYDX Buybacks & Burns Almost 2% of the total $HYDX supply has already been burned. Some of the fees we receive from partners are held on other chains and sometimes paid in tokens other than $HYDX. These fees still need to be consolidated, converted into $HYDX through buybacks, and burned. We'll also be adding our treasury and keeper wallets to improve transparency around these operations. Our target is to automate this entire process. We're currently working out the safest/automated way to bridge funds from other chains to Robinhood, execute the $HYDX buybacks, and burn the tokens. We'll share updates as we complete the process. 6. Partnerships & Integrations We're finalizing more partnerships and integrations across the ecosystem. A major focus is expanding our coverage while ensuring each integration is properly implemented and tracked. 7. Phase 2 → Phase 3 Phase 2 is almost complete, and Phase 3 has already begun. The foundations are in place. Now, the focus is on expanding integrations, releasing great products, and accelerating growth and adoption. Tokenization Supercycle.