The last few days have been incredible to witness. I've never seen a community rally around and engage with passion like this before. Following direct discussions with individuals in the community and validators we have taken onboard some of the concerns, namely: -Ethena is not a Hyperliquid native team -We have other product lines outside of USDH -Our ambitions extend beyond working with just one partner exchange These are valid and we accept the pushback. It appears the decision is a near certainty now and we will respectfully be withdrawing our proposal to allow validators to signal their support elsewhere if they want to. Congratulations to the Native Markets team. You deserve this. While some are complaining about their lack of credibility I think their success here perfectly embodies everything which is so special about Hyperliquid and their community. No one gives a fuck how big you are, your background, pedigree or financial resources. It is a level playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding. To everyone within and outside the community who supported our proposal: thank you. It's a privilege and honour to build alongside you. Also worth calling out the other proposals which were a testament to the quality of teams now in this space and it is great to see us all elevate each other to a higher level. So what happens with Ethena on Hyperliquid going forward? Well we are simply going to do everything we said we would. If it wasn't obvious from our post, clipping 5% on tbill yields into a declining interest rate environment isn't exciting to us at all. In fact it was the least interesting part of our plans. Developing new products with native teams including: -hUSDe native synthetic dollars, -USDe enabled savings and card spending products, -enabling hedging flows on Hyperliquid, -and the wide design space of HIP-3 markets uniquely enabled by Ethena: a) reward-bearing trading collateral, b) modular prime broking, c) perpetual swaps on equities ...is what actually excited us. And we will be putting our full force behind making that a success despite the outcome here. In short, we will do what we have always done since day one: outcompete everyone else on product regardless.