Hey @lex_node, got a question for you about MetaLex. Been thinking about the trad private credit drama. DeFi x tokenized securities would swallow that market (way lower cost of capital). But it'll be new firms that do it. Incumbents don't want price discovery or transparency. They stay exempt from registration via 3(c)(7) under the '40 Act so they never have to show NAV. To open this up to retail, you'd have to register as an investment company. I think we have the tools to automate most of that. …