The true meaning of Backpack's compliance is not to express that licenses are invincible, but rather to choose a more expensive, slower, and fragmented path that is theoretically more sustainable. The points that are truly worth questioning have never been whether we have licenses (regardless of technology, team background, or innovation), but whether these licenses can ultimately be transformed into a sufficiently good product experience, fee levels, liquidity performance, and user retention. And this is precisely what we have always valued the most, and it is something that is visibly progressing. In the past few months, from launching in the EU, expanding to Japan, to the design of Borrow/Lend, prediction markets under unified margin ci, token/equity/IPO allocation, and the construction of vault products, we have been continuously transforming our compliance capabilities into product capabilities that users can truly perceive. Of course, you can question our execution pace and the priorities of different matters, but you cannot treat subjective speculation as established fact, nor can you replace the ongoing construction with conjecture. Rome wasn't built in a day, and we thank all those who are patient; we will not disappoint. Hold token - Get equity - See you at IPO. @Backpack