Some takeaways from conversations with FOs in EMs: > 5-6% onchain USD yield is not interesting These allocators have easy access to USD-denominated bonds (even foreign bonds) that give them 4-5% in the traditional banking system, getting them to go onchain will require 7% USD yield ++ > Private credits are coming The reservations mostly came because they know it's not easy to compete with $sUSDe yield when the market is risk-on; but if private credits can generate 10-12% at scale, there's definitely enough appetite for LPs to diversify between ENA and the new private credit protocols. The question remains if you have the offchain relationship to underwrite enough quality loans in a scalable way. > Lack of appetite for alts Not seeing real bid for alts (maybe $SUI as the #FARTCOIN for FO lmeow, real talk cool move lately), but broadly not seeing them being risk-on given the state of global liquidity. Many of them will participate in more onchain incentives via TVL deals especially as you can do more stuff onchain (trade gold, MAG7, etc.)