BP25 takeaways: 1. Massive credit to @platis_e and @akshaybd, truly exceptional work 2. The real momentum is where it should be: market structure, DeFi and core protocol development 3. No flashy metas or narrative games, just thoughtful iteration, optimization and focus on the north star 4. Coinbase is taking Solana far more seriously than most people realize 5. Watching trading push protocol limits reinforced a belief I’ve had for a while: payments chains alone won’t work, payments and trading have to coexist 6. Solana teams have clearly matured, more CFOs and COOs, sharper operational thinking, and some great conversations around @altitude 7. While Solana clearly has a lead, the energy wasn’t celebratory, it was focused, disciplined, jobs not finished type beat 8. Had to endure more UAE cope than expected from US friends 9. 27 of 31 Squads team members made it out - surreal (and very motivating) to have everyone in the same room 10. The @solana ecosystem is ready to get banked by @altitude and we’re going to deliver.