As of the date of this live broadcast, which is July 29, 2025, Hyperion DeFi Inc. undertakes no obligations to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call, except as may be required by applicable securities law. In terms of the agenda for today's call, Michael Rowe will be working with Hyunsu Jung to discuss various topics around the company and the Hyperliquid ecosystem. After which, we will open the call to additional questions from our audience. At this time, all attendees are in a listen-only mode, and a question-and-answer session will follow the formal presentation. If you'd like to submit a question, you may do so using the Q&A text box at the bottom of the webcast player. Also, as a reminder, this call is being recorded, and a replay will be made available on the Hyperion DeFi Inc. website following the conclusion of this event. Let's get right into it. Michael, let me start things off by asking about the company's recent transformation. Over the last six weeks, we've seen this transition from Inovia to Hyperion DeFi Inc. What drove this change in your strategic evolution? Thank you, Eric, and thank you everyone who is joining us today. You know, it's only been six or seven weeks. It feels like we've been doing this for quite longer because Hyperion DeFi represents innovation and the democratization of finance. It provides the opportunity for almost anyone to participate in next-generation decentralized financial infrastructure, and we are excited to discuss this today. Inovia was always a technology-driven, forward-looking, agile company, and during the first half of 2025, our focus was exclusively on ophthalmology and completing development of our exciting second-generation Optejet User Filled Device. We were searching for ways to obtain the capital necessary to complete the Optejet, which we look forward to having registered with the FDA in the next few months. The biopharmaceutical market, as you all know, has been experiencing headwinds for some time now when it comes to raising capital. We needed to find a new, innovative way to do so. As part of the strategic process we announced earlier this year, I and the board considered a broad range of strategic alternatives intended to increase shareholder value. During that process, we were introduced to an investor who was looking for an organization with a pedigree like ours to try something completely new at the time, bringing a public company into the dynamic Hyperliquid environment. The goal was to take what was best about being a public company and marry it with the potential of decentralized finance, while also serving as a funding mechanism to complete the Optejet later this year. Now, seven weeks later, we get to talk about this journey, which is really just beginning with all of you. There is so much more behind this, so let's start our deeper dive with the introduction of Hyunsu Jung, Hyperion DeFi's Chief Investment Officer, and someone that I have great respect and admiration for. Hyunsu? Thank you, Michael, and welcome, everyone. We've set up this talk today to share more details on our DeFi strategy and why this new direction enables us to evolve as a technology company focused on the new frontier that is decentralized finance. For those that haven't met me yet, I'll start by providing some background on myself. Prior to joining Hyperion DeFi Inc. as CIO, I spent four years at Dharma Capital, an asset manager with over $1 billion in AUM registered with the CFTC and the NFA. During my time there, I designed and deployed the first asset use product built for Filecoin, which enabled us to engage with over 50 data center teams globally so that they could access the FIL pledge required to store data on their hardware with verification provided by the Filecoin blockchain. We deployed over $300 million worth of assets through this product, and all of it was managed via smart contract, with contracts supported in the physical world. I saw numerous parallels to what I did previously with the ecosystem of focus today, just Hyperliquid. We'll get into detail on Hyperliquid shortly, but hopefully that provides the listeners here with some context. In terms of the broader state of crypto, for those that may not have been following the latest developments in the space, there have clearly been very strong signals from major institutional players like BlackRock and JPMorgan, with the deployment of real-world assets like U.S. Treasuries on-chain, or with companies like Circle and Tether receiving regulatory clarity and validity for stablecoins in the recently approved GENIUS Act. All of this serves as major tailwinds for Hyperion DeFi Inc., and we'll look to cover that today. Thanks, Hyunsu. You know, you and I have been working on how to tell the story of Hyperion DeFi in a way that is succinct, which is not always easy given all the things we are working on. Later in this talk, we'll introduce our corporate tagline, which I believe really speaks to the essence of what we do. Before then, let me allow you to go into the nuts and bolts of the company by asking you, what is Hyperion DeFi? Hyperion DeFi Inc., listed as HYPD on the NASDAQ exchange, is a decentralized finance company that has several verticals that will generate revenue by directly adding value to the Hyperliquid ecosystem. To start, we are continuing to build out our treasury of HYPE, which is the native token of the Hyperliquid Layer 1 blockchain. In the past seven weeks since Inovia became Hyperion DeFi Inc., we have purchased over 1.5 million HYPE tokens at an average price of around $36, which also includes a purchase we just completed last week of over 100,000 tokens. We also launched a co-branded validator with Kinetic, one of the premier institutional liquid staking solutions for Hyperliquid, and these first two steps enabled us to immediately begin generating a yield on our HYPE position, which also contributes to the liveness and security of the Hyperliquid blockchain. Our efforts now are focused on implementing additional strategies to generate further returns on our HYPE position. This will include deployment of HYPE into the HyperEVM, a network of financial applications, which is commonly known as DeFi, as well as using technology unique to Hyperliquid to provide seamless financial services within the ecosystem to the benefit of our partners, participants, and our shareholders. It is important that everyone understands Hyperion DeFi Inc. is not just a strategic treasury of cryptocurrency, but it is also focused on a variety of additional opportunities that the unique Hyperliquid environment makes possible. Let's dive into that more deeply for those of you who are not as familiar with the HYPE token and the Hyperliquid blockchain. Let's talk about why this is our focus. Certainly. I want to spend the most time here because I really want the audience to understand why Hyperliquid is such a unique ecosystem and why we are putting so much behind it through Hyperion DeFi. To start, Hyperliquid is a Layer 1 blockchain that's optimized for high-frequency transparent finance, and it's built on top of its Orderbook Perpetual DEX platform. It is unique in the sense that no other Layer 1 blockchain has been built on top of an existing revenue-generating product. If you want to pull up some of the slides here, I can walk through really some of the key metrics and explain why Hyperliquid stands out. If you look here, we'll start with the diagram to the left from Artemis Terminal, which shows the top fees generated by various protocols in the past 24 hours. One clearly stands out, and that's Hyperliquid. Quite often, Hyperliquid earns more fees daily than the next three or four protocols combined. This has grown significantly from the past seven weeks, where we were seeing around $2 million- $3 million of average revenue, all the way up to $4 million or $5 million on a daily basis. More importantly, 97% of Hyperliquid's daily protocol revenue is actually used to purchase back HYPE off the market through a vehicle called the Assistance Fund, and you can see that on the right here. To date, the Assistance Fund has purchased almost 27.5 million HYPE off of the open market, which is valued at around $1.2 billion today. This unique mechanism creates a tailwind for the constant demand vector for HYPE tokens, which is also supporting the core treasury asset that we hold here at Hyperion. If you want to go to the next slide, this kind of provides an overview of the growth metrics around Hyperliquid. The benefit here is that because all orders, trades, transfers, and other transactions are completed and published on-chain, they are all publicly available 24/7. You can see here on the diagram on the right that since inception, the perpetual volume of Hyperliquid has grown significantly to almost over $2 trillion worth of volume. Fees have grown in tandem with that to over $400 million of fees generated since the beginning of this year. All of this flows back to token holders in the form of consistent buybacks. If we go to the last slide, tying into the explosive growth of the perpetuals volume on Hyperliquid is directly correlated to Hyperliquid's growth in market share. Hyperliquid has very clearly evolved beyond just the perpetuals DEX, in addition to its Layer 1 ecosystem being built out. You're seeing here on the left that Hyperliquid, in terms of global open interest, is almost at 20% of total global OI and is competing against major centralized players like Binance, Bybit, and OKX. Really, when we saw these metrics, we realized that there is an explosive growth story happening here with Hyperliquid and that Hyperion DeFi Inc. could benefit from participating and actively supporting the growth of the Hyperliquid ecosystem. To round this out, Hyperliquid today quite often earns more fees than every other protocol in crypto. There's an automatic mechanism to which these earnings go to buy back HYPE tokens. Their fees are significantly less than other exchanges, and there's a very nascent decentralized finance (DeFi) application ecosystem that is just starting to burgeon where Hyperion DeFi Inc. is participating in. There are several tangible benefits of Hyperliquid then, which Hyperion DeFi will be using to generate value for its shareholders. We talked about having a certain amount of HYPE in the company's treasury being key to unlocking some of these benefits. For example, the acquisition of what is now more than 1.5 million HYPE tokens to date allowed for Hyperion DeFi to become an active validator, in addition to preparing for on-chain strategies. I'm very excited about what is coming for the remainder of this year. Yeah, we started with a very strategic deployment of our capital to purchase HYPE, and this was executed in partnership with various long-term supporters of the Hyperliquid network and structured to ensure both scale and alignment. Securing over $1.5 million HYPE gave us not only a meaningful treasury position, but also the capacity to stake and run our own validator. This is foundational because it enables us to participate directly in the economics of Hyperliquid, aligning our success with the network's growth. Hyperliquid's advantage is that it is already a powerful revenue-generating product that can grow faster with Hyperion DeFi Inc.'s direct involvement. We are in conversations with various potential partners in the ecosystem that would open the door to additional credit, unique institutional-only yield opportunities, and direct revenues to Hyperion DeFi Inc. generated from onboarding new participants. For example, we announced yesterday that Hyperion DeFi Inc. will be piloting the iHype, or institutional HYPE liquid staking token, offered by Kinetic, which enables us to earn a passive staking yield on our HYPE while also having a liquid derivative that can be used as collateral on the HyperEVM or with various off-chain partners. It provides a path to earn additional return on our assets, which ultimately returns to our shareholders. Hyunsu, if HYPE is such a great long-term asset, why don't crypto investors just acquire HYPE directly the way they might with something like Bitcoin? What might be the advantage to many of them to access HYPE through the HYPD, Hyperion DeFi stock instead? That's a great question. To start, HYPE is not broadly listed on U.S.-regulated centralized exchanges, and direct participation in the validator layer as well often requires technical sophistication and substantial capital. Hyperion offers public market investors regulated exposure to the ecosystem without having to manage keys, wallets, or custody. We currently custody our HYPE with infrastructure provided by Anchorage, the only federally chartered digital bank, because we prioritize the protection and security of the assets we hold on behalf of our shareholders. In terms of why it's more advantageous to access HYPE through HYPD instead, for those here today that may have managed their personal crypto portfolios, they're likely familiar with the headache of monitoring their cost basis, accounting for staking income, and especially tracking any activities done on-chain, such as swaps or lending. Hyperion abstracts all of that away for our shareholders. We focus on identifying the best opportunities and taking them, all of which accretively returns to investors in the total HYPE per share. For example, participating in decentralized finance involves going on-chain, identifying and vetting the opportunities that may only periodically be available, implementing them, and then accounting for the returns. Our advantage is a close knowledge of the opportunities that are available on the HyperEVM, tied to our previous work in other ecosystems like Ethereum and Solana, as well as deep relationships with the several teams that are currently building on Hyperliquid. Recently, we have seen in the news other companies that appear to be following our playbook for Hyperion DeFi Inc. Why should investors be paying attention to these movements in crypto treasury? How is the world different than it was when Bitcoin first showed up? Things have changed quite a bit since Bitcoin first showed up, but there are several fundamental differences between Hyperion DeFi Inc. and digital asset treasuries as they exist today. To start, probably the most well-known are the Bitcoin plays, which were the earliest and are largely buy-and-hold strategies. Companies like MicroStrategy have done an incredible job intertwining the financial engineering available to public companies to create a powerful flywheel effect with enough torque to continue consistent purchases of BTC. They have issued debt as part of perpetuating this flywheel, and there are questions around whether there are meaningful ways to generate revenue on BTC. We then move to Ethereum treasuries like Galaxy Digital or Bitmain, which really do have a lot of mindshare currently, and it's tied to obviously improving regulatory environment, stablecoins and decentralized finance (DeFi) on Ethereum, and the ability for investors to access ETH staking through these vehicles, which does create an additional yield on the Ethereum position. Hyperion DeFi Inc. goes far beyond that. We provide staking, DeFi, and capital deployment directly towards building the Hyperliquid ecosystem. We plan to maximize the utility of our treasury to participate in network economics and generate recurring revenue, similar to infrastructure or service provider companies in traditional finance, traditional markets. There is also the angle of discretionary capital and TVL deployments, where HYPE tokens or idle cash can be used to expand the scope of Hyperion DeFi Inc.'s access in the ecosystem. Accomplishing this involves scaling validator operations, growing our token treasury, and really building bridges between traditional capital and on-chain opportunities. We believe we are uniquely positioned to bring institutional trust and public market access to this network and play a meaningful role in its long-term development. Let's move to our partnership with Kinetic. Would you talk about what we are doing with them and why they're a great partner for validating? Definitely. Kinetic is a leading liquid staking solution built for Hyperliquid, and they have an institutional-focused angle, which is really appealing to our team here at Hyperion. To participate, entities that use their liquid staking solution must go through proper KYB and AML reviews. As a public company with requirements for transparency and proper reporting, we must obviously adhere to the highest levels of regulatory compliance, corporate governance, and fiduciary integrity. iHype enables us to do so. When it came to operating our shared validator, Kinetic had been optimizing validator infrastructure for a long time on Hyperliquid's testnet, which very quickly translated to 100% uptime on mainnet. This co-branded validator is also critical because it allows third parties to delegate HYPE to us, which increases our share of network rewards while also giving institutional holders a compliant way to earn yield. As mentioned earlier, Hyperion will be the first to launch with what is known as iHype. By doing this, we will be able to stake our HYPE directly to our validator while also having access to a liquid derivative. This interoperability and composability enables us to use these assets both on and off-chain, sourcing yield from various avenues. In addition to that, just using iHype means that Hyperion can earn points as part of Kinetic's ongoing K-Points program, which also sets us up to play a long-term role in the strategic direction of this and other protocols that are building on Hyperliquid. It sounds like the partnership with Kinetic provides a lot of utility for the company. Would you like to talk about some other things that you're looking at for the future at a high level, of course? Are there some key catalysts that investors might want to be looking for? Yeah, it ties into some of the slides that we went over earlier, which really signal the explosive growth that Hyperliquid is seeing. We expect to see continued growth in potential trading volumes and total open interest. Other indicators are the expansion of ecosystem partnerships, such as the recent Phantom wallet integration. Phantom was a wallet built originally primarily to access Solana, and they brought over 15 million users to Hyperliquid. There are also new on-chain primitives that are building to drive further demand for Hyperliquidity. From my perspective, the most exciting component of being a public vehicle for Hyperliquid is that we can play an active role in supporting the ecosystem's growth and adoption. Because most of our balance sheet is allocated to HYPE, there's a very powerful flywheel effect, not just for Hyperion DeFi Inc., but also other builders and participants on Hyperliquid. Now on the corporate side, we're exploring various partnerships, not just within Hyperliquid, but other platforms and applications that may benefit from porting over to Hyperliquid. We want to continue to find innovative ways to activate our treasury for these strategies. You know, we've been asked if we thought Hyperion DeFi Inc. as an investment vehicle will trade like a technology stock or a yield asset or something else entirely. I personally think it's hard to pin it down to a single category since our plan is to be more than just a strategic treasury. I'm interested in what you think as well. HYPE is a truly unique asset, part utility token, part representation of the performance and growth of the Hyperliquid ecosystem. In my opinion, its behavior will likely resemble a high-growth tech stock during bull markets, but it can also offer consistent yield through staking in all market conditions. We expect the HyperEVM DeFi ecosystem to grow in tandem with more users being able to access Hyperliquid, and the HYPE burn tied to that activity could create further deflationary pressure on available HYPE. More broadly speaking, with other platforms like Robinhood and Coinbase moving into the perpetuals market and more individuals globally likely to be able to access these financial instruments, we expect the demand for perpetuals to grow. People often say that a rising tide lifts all boats. In terms of a decentralized platform for accessing perpetuals, we believe that Hyperliquid is by far the biggest boat. Additionally, whether it is a bull or bear market, we expect that there will always be some demand for market participants to have a directional or delta-neutral position on the market, and platforms like Hyperliquid will enable users to take their desired positions quickly and cost-effectively. We both agree that while influenced by the performance of the HYPE token, the stock shouldn't just simply follow its performance, right? Absolutely. The value of the HYPE token obviously is a large component to the value of the company, but it's not the only value that is being created here. For HYPD, I want to make it very clear that we are not simply a digital asset treasury. Our strategies go far beyond just buying and holding HYPE. There are a multitude of strategies that we can implement that will scale with the growth of the Hyperliquid ecosystem, positioning us firmly as a decentralized finance growth technology company. On one hand, on-chain strategies will enable Hyperion DeFi to earn a consistent baseline yield, in addition to being able to provide credit or liquidity on the HyperEVM. On the other hand, our off-chain strategies also enable us to work with various execution partners to generate yield via derivatives in both active and passive market conditions. An example of this would be a simple option price strategy against our HYPE position. More importantly, however, we are working on developing in-house technologies and proprietary IP that should further provide value to the ecosystem. That's great. Earlier in the conversation, I promised our audience that we would share our new vision or tagline for the company with them. Now it's that time, everyone. Hyperion DeFi, more than just HYPE. Hyunsu, what does that line mean to you? Pretty simple. It means Hyperion DeFi Inc. is truly more than just HYPE. We are singularly focused on the Hyperliquid ecosystem because we realize its immense potential and believe in a world where it does house all of finance. By deploying revenue-producing products today backed by our strategic treasury, we have the benefit of compounding our HYPE position while also supporting the flywheel effect of Hyperliquid's continued adoption. Token holders and shareholders could expect to potentially benefit from that positioning. It also means that for the curious investor who is excited by the information that we shared today and wants to get a foothold into this new market, they can do so by investing in Hyperion DeFi Inc. As a public company, there's obviously the benefits of regulations and transparency, as well as knowing that you can take a hands-off approach but still be part of this explosive growth story that is Hyperliquid DeFi. It's a seamless path for many investors, and we hope that you join us. I trust our audience today agrees that we are more than just HYPE. We received a number of questions from people on this call that I'd like us to cover before we open it up to more general questions. The first one, someone with the initials BM, asks, as this is starting to be a pattern not just in the biotech world, but many public companies that are abandoning their legacy business for a digital asset treasury approach, why are you going to be more qualified in the digital asset arena than you were in your original business model? Fair question, although I wouldn't say that we weren't qualified. Like most companies in the biopharmaceutical space, we unfortunately had a phase three trial that did not show what we expected. One could argue that the pandemic may have played a role, but nevertheless, with clinical research, even the most qualified group cannot be assured of a clinical outcome. That's why we do the studies. As for our new focus, we have put together a team with Hyunsu that is well regarded in the ecosystem and ready to implement the various plans. Could market forces impact what we are doing? Certainly. That's the case for any company operating in this field. We are taking the long view and a strategic approach so that we can ride out the slow periods and take advantage of the growth periods. The second question is from someone with the initials JH. His question is, what is the anticipated schedule for launching the Optejet User Filled Device? Another good question, although what we have been saying is our plan is to register the Optejet User Filled Device as a class one medical device for the delivery of liquid ophthalmic products at the end of September. This new second-generation device may be used with many different products, as it allows the user to determine what product to fill the cartridge with. It's a very user-friendly system, and the kind of thing I would consider getting my mother, for example, who cannot use eye drops because of a tremor. I could fill the cartridge each month with her artificial tears, and then she would be good to go with just the press of a button. We are also in the midst of a strategic process that may include selling the asset to another eye care or consumer products company who would then take on the commercial launch activities or potentially spinning the product out. All of this should be completed by the same timeframe. For some additional questions and answers, let's go back to Hyunsu. We have here a question that's asked, with all the ecosystems out there now, how does Hyperliquid secure adoption, token utility, and community growth? In the past decade that I've been following various crypto-native projects, Hyperliquid truly does, in my opinion, have the best incentive alignment mechanism that I've ever seen. Their team took no VC funding. They generate significant daily revenue from a product that has clear product-market fit. With their first airdrop, of which around 30% of tokens were airdropped to their early users, they rewarded a significant number of those that participated and tested Hyperliquid early. As a result, their community is second to none, in my opinion. In terms of token utility, right now there are various quantities of HYPE, ranging from 100 up to 500,000 HYPE that can be used to access benefits such as the fee reduction on HyperCore. At Hyperion, we're most excited about the upcoming HIP-3, or the HYPE Improvement Proposal 3 market deployer upgrade, which will require 1 million minimum HYPE for those that seek to deploy markets. For those of you that have been following some of the biggest growth stories in traditional markets, you know that the creation and deployment of markets generally with a lot of demand are where most value is able to return to participants. We are actively exploring the HIP-3 proposal and ways to be first to market deployments. There are, of course, always the consistent token buybacks from the Assistance Fund, as well as HYPE burn tied to the activity on HyperEVM. All of these work together to create very powerful token sinks for the continued improvement of Hyperliquid. Lastly, when we talk about broader adoption, we've had conversations with various builders that are developing front ends for Hyperliquidity. That means that you can have a mobile application that looks like a Robinhood that allows you to trade various financial instruments, and all of that liquidity is actually using Hyperliquid on the back end, which is a really important primitive that we expect to continue to grow in use case, especially into various regional markets. Another question here asks, how would Hyperion compare itself to entities like Coinbase, Galaxy regarding competitive product management team and TAM of this new Wild Wild West? Great question. Broadly speaking, Hyperion is the Hyperliquid DeFi company. By participating in the growth of Hyperliquid, we can encapsulate the best components of companies like Coinbase and Robinhood in the sense that their growth will also enable the growth of Hyperliquid, right? Most of these are conduits through which new users globally can access growing financial markets, especially seen with crypto. Our edge is recognizing that owning HYPE is a critical component to being able to both participate in and benefit from the growth of Hyperliquid. Our leadership, including our Strategic Advisor Max, who has been one of the earliest and most vocal evangelists of Hyperliquid and an early backer of many of the largest total value locked projects on Hyperliquid, have the experience and relationships to operate this kind of strategy. By dedicating 100% of our focus into building these products, we will be able to continuously, effectively, and strategically compound our HYPE position. In terms of future growth, our simple answer for revenues is that it will be tied to the continued scaling of users and activity on Hyperliquid. Thank you. For specific numbers, please, everyone keep in mind we are literally seven weeks into the strategy. We will not be providing guidance until we have a bit more time under our belts. Another follow-up question here is, what has to happen to have HYPD approach $1 billion market cap? What would prevent that from happening? What keeps management up at night thinking about this brave new world? From my perspective, it all comes down to how one views the future of finance. I think a lot about hyper-financialization and more assets becoming tied to their perceived current or future monetary value. I also think about the growth of AI agents and other users that will come to access permissionless finance. Ultimately, users have choice, and if they make the highest utility choice for themselves, it is possible, more likely, that they choose Hyperliquid due to its liquidity, accessibility, and lowest fees. For Hyperion, how we execute in terms of this comprehensive exposure to the ecosystem will play a key role in our future success. We plan to build robust long-term relationships with the best counterparties that keep coming back to utilize Hyperliquid daily as its liquidity, execution, and overall product line continue to improve and expand. This consistent utilization and the associated volumes would further create demand for HYPE, which bodes well for a company that holds a significant portion of its treasury in that asset. Our deals, again, are structured to increase in value as volumes on Hyperliquid increase. From a management perspective, I would say that my primary concern is more broadly the fraud tied to treasury companies with, call it, less robust strategies. Taking on debt to purchase an asset and hoping that it goes up is not a real strategy, but there are ways to generate revenue on said assets. If these companies were to unwind, there could be a significant reflexive event on all assets. To prevent that, at Hyperion specifically, we plan to be very conscious of how we put our assets to use and how much leverage, if at all, we take on these core assets. We're also constantly forecasting company costs to ensure that we can endure a prolonged bear market if that situation were to occur without being forced to liquidate core assets. The last question that I have here is, are you coming at this with a long-term vision or staying nimble and open to other treasury plays, assets, plans? Very simply, I would not have left my previous role if I wasn't personally 100% confident that this was the best opportunity, not just in crypto. Like Jeff Yahn and the rest of the Hyperliquid core team, we are building for a long-term future where most assets go on chain. When that happens, we believe that Hyperliquid will cause finance, and Hyperion will have built deep, lasting relationships with many of these teams and serving as a steward to facilitate the growth of the ecosystem, using our HYPE treasury as a tool to enable that. I'll take this next one. Do you plan to raise more capital to continue acquiring the HYPE token? Now, we are exploring various means to access more capital. We're being very conscious of the cost of capital, and our number one priority is to return value to shareholders. If that means we must grow more organically, that is something we are willing to do. We don't have plans currently to be like many other treasury companies today that will raise capital no matter what the price and without a thoughtful plan on how to generate revenue on the assets purchased. Another question here is, what yield do you project with HYPE treasury holdings? As mentioned earlier, today, staking our HYPE and running our validator gets us around a baseline yield of 2.2% on our HYPE position. With regard to yield on top of baseline staking, internally, we've put together various strategies that include returns from participation on the HyperEVM, returns from various off-chain derivative strategies, and the eventual volume on future markets we expect to deploy via HIP-3. None of this currently assumes the potential appreciation of HYPE, which is not a core component to how we are calculating things, but more so what consistent yield-generating or revenue-generating strategies can we implement. Thank you. While we look at some other questions that have just come online, Hyunsu, maybe you can tell people where they can follow us on our various sites. Definitely. On LinkedIn, you can find us at Hyperion DeFi Inc. X is probably where the team is most active, and we're putting out consistent updates there. The X handle is Hyperion DeFi Inc. No other socials, as far as I'm aware. I think so. hyperiondefi.com for the company itself. Here's a question. Let me give you: What does Hyperion DeFi think about native staking versus liquid staking? Both are critically important. Native staking obviously directly contributes to the liveness and security of Hyperliquid. That is the fundamental step through which we got involved into this ecosystem and enables us to earn that baseline yield. Liquid staking is an extremely interesting primitive because it enables us to turn those staked, call it locked assets, into a liquid asset that we are able to operate various strategies with. To elaborate a little bit more on that, there are off-chain execution partners that will take a liquid derivative as collateral and enable us to use that to access further credit, use that to run various derivative strategies, or generally provide further optionality around the asset. Native staking is fundamentally important to the security of Hyperliquid because it is a delegated proof-of-stake blockchain. Having that liquid staking token does really give us a lot of optionality, and this is another component to where the interoperability and composability of blockchain assets can create, enable various creative strategies. Here's a basic question. Does Hyperion DeFi Inc. issue, I'm sorry, not Hyperion DeFi Inc., but will there be a new HYPE token issued into the market at a specified rate, or is it a finite amount that's already out there? Great question. Yeah, as it exists today, there is a 1 billion token cap to the amount of Hyperliquid or HYPE token that will be created. Hyperion itself does not issue HYPE into the market, right? The network issues a certain amount of HYPE tokens to those that are acting as a validator on the blockchain, and that is, you know, in return for providing that security and general liveness. Is it mined? No, this is not, Hyperliquid is not a proof-of-work blockchain, so there is not a mining component. It is a delegated proof-of-stake chain. We will be required to have a certain quantity of HYPE staked to our validator. Currently, the minimum is around 1.3 million HYPE that's required, and the last time that I checked, Hyperion has around 2.6 million HYPE staked to our validator, and we hope to see that continue to increase as new users come to access, you know, kHYPE or iHype through Kinetic. I'll take the next one, which is, where did you get the capital to start this? This was a PIPE investment from a group of investors who were interested in seeing this strategy take hold. They did this very carefully so that Inovia remained the company that it was. We did change the name, but nothing else has changed about this. This is not a reverse merger. This was an investment into the company. The management and the board basically stayed the same, that's where the funds have come from. I would say that almost 100% of that investment has turned into the HYPE that's in the treasury right now. Isn't that right, Hyunsu? It's actually a little bit more than 100%. We've purchased to date $55.5 million worth of HYPE, with plans to continue to strategically accumulate HYPE. Everything that we've talked about today just showcases why we believe Hyperliquid is an incredibly exciting opportunity for those that are involved, whether as participants, builders, or token holders. More so than that, Hyperion DeFi has strategies that really benefit from our position as an operating company, and some of the things that we are designing enable us to not only generate more returns in HYPE, but also in dollars that enable us to purchase more HYPE. The other thing that I'll add is there are various tiers or mechanisms through which HYPE can be deployed. I talked earlier about certain quantities of HYPE being staked to allow for things like fee reductions. There are also the 1 million HYPE requirements to start a HIP-3 market deployment. Where Hyperion is today, we are in conversations about deploying all of that HYPE, and once that is at full utilization, it would clearly make sense to continue to accumulate further quantities of that asset to further our strategies. That's where, again, there is a very powerful compounding effect that we expect to happen with the continued growth of the ecosystem. Similar question is someone is saying, under what circumstances would you liquidate your HYPE holdings? I don't believe we intend to do that at all, but do you want to talk to that too? Yeah, that's a great question. It ties to what I said earlier about what we think about very often in terms of Hyperion DeFi Inc. and where we sit, not only in this ecosystem, but the broader crypto ecosystem. Obviously, it's very exciting and encouraging to see that really robust products like Bitcoin and Ethereum are gaining so much institutional support. It's really breaking into Wall Street and more of the mainstream consciousness more and more every day. When it comes to other assets too, there are various opportunities in various blockchains, and Hyperion DeFi Inc.'s stance is that Hyperliquid is clearly, in our opinion, the best opportunity. For that reason, when it comes to our holdings on our balance sheet, really, we expect to be in a position where all of those assets are deployed to our counterparties and are generating significant returns on those assets. If we are able to earn revenues in U.S. dollars outside of just using funds to continuously buy HYPE tokens, we are in a position where we would never have to liquidate the HYPE tokens. There is a world where we do not plan to be in a forced seller situation, and we are consciously positioning the company to be aware of that and mitigate that risk. Similar to that question, somebody said, what would it mean for the company if the price of the token dropped to $20 or rose to $100? I think we covered that before, that we are going to be very conservative so that we can get through the tough times and take advantage of the good times. That's correct. To elaborate on your point, Michael, the price of the token does not, we do not expect the price of the token to play a significant role in our ability to implement and generate returns on our various strategies. That's probably the most powerful component to what we're building here at Hyperion DeFi Inc. If Hyperliquid continues to do well and the price of the token appreciates, obviously that gives us a lot more strength on our balance sheet to expand our strategies. Even if it were to draw down further, we could look very closely at the metrics on what's happening. If we still see the metrics improving for Hyperliquid, we still see the Assistance Fund and other players continuing to purchase HYPE tokens, then it's a very clear signal to us that growth is still occurring and that this is just an event that is separate from the core function or goal that we are trying to achieve, which is bringing significant amounts of financial activity on chain to Hyperliquid. Next question is, this is interesting. In order to maintain and uphold the stock value and keep the distinguished position of a leading HYPE holder, shouldn't you be actively seeking to raise more capital and accumulate more HYPE? I'll start by answering that. The answer is yes, but not at any cost, as we said earlier in the presentation. It has to make sense, there are people out there who will raise funds and give discounts and everything else. I think for us, we need to be more strategic about when we do this and when it makes the most sense. Do you Do you want to add to that? Yes, Michael, I totally agree with you. It's not for a lack of significant inbound that we received following our announcement and the many conversations that we have from groups across various different ecosystems. What is really important to us, and for those that have looked at the S-3 filing or have asked questions around our cap table, if you look under the hood, you will find that Hyperion DeFi Inc., again, in our opinion, has one of the most pristine cap tables. The large part of that was for myself when looking at this opportunity and thinking about how I wanted to play a role in directly supporting the growth of the Hyperliquid ecosystem. I did not want to tarnish what this company could be by selling the equity at too high of a cost. Ultimately, it will come to, in our opinion, be detrimental in the long term. We want to accretively accrue value for our shareholders. That's what is most important to us. Everything that we do is to support the growth of the Hyperliquid ecosystem so that Hyperion DeFi Inc. becomes a really powerful player in this ecosystem in the very, very long term. In doing so, if we execute on all that correctly, it should also return a lot of value to our shareholders. We don't want to necessarily pay that cost of capital today, even though, yes, it is correct that we are always looking for ways to accumulate more HYPE, but there are ways to do so by creating products the same way Hyperliquid has that will be able to generate meaningful revenue. Thanks. That's about all of the questions we have. Is there anything you would like to add, Hyunsu, before we hand it back to Eric to close things up? Yeah, I just want to say thanks again for everyone that came and participated here in the corporate update event. We obviously hope that, most importantly, we're able to share the message around what's happening with Hyperliquid, and hopefully the audience here today can realize what an incredible thing is happening in this ecosystem. Tied to that, what Hyperion DeFi plans to continue to do is support the growth and value and increase the value of our own treasury by contributing to that powerful flywheel effect. Thank you. Eric, let me turn it back over to you, sir. Great. Thank you all for joining the call. Very interesting conversation. Thank you all for your questions. If you do have any more questions, feel free to shoot me an email at Eric at Lifeside Advisors, and we'll make sure those questions get put in front of Michael and Hyunsu. Thank you all for joining. Thank you, everybody. Bye-bye. Thanks, everyone.