 All right, to Tom's question for the second part and see the previous answer if you want to see the first part of this question, why do DeFi projects have to have their own token? Let's answer the second part. And I think this is really important to answer. So thank you, Tom. Let me answer that one. What are the risks with DeFi? The risks with DeFi come from a whole variety of areas, but I think I can identify four or five primary risks. I'm not sure if it's four or five. So let's start from the top down. From the top down, you have the first risk, which is the risk of the financial instrument itself. So this is financial risk. So what is the risk of a loan? What is the risk of yield investment? What is the risk of a derivative? Well, it's the risk that whatever you're betting in goes in the opposite direction. So this is straightforward financial risk. Every financial asset has risk. What you are doing is you're making a bet on an outcome in the future for which you do not have a crystal ball. And usually when you're on that side of the bet, there's someone on the other side of the bet who's making the opposite bet. So risk number one is the straightforward financial risk. And of course, that's unavoidable. You have to take that risk and you have to diversify it across a portfolio and make sure that you have the right amount of risk for your risk appetite and that your risk is not correlated with other risks in your portfolio. So that means that when one of your risks blows up in your face, it doesn't blow up your entire portfolio. So that's just general portfolio management and risk management for the financial risks. So that's first, that's financial risk. The second one is counterparty risk. Now that depends on how D your DeFi is. If it's actually CFI, then you have a lot of counterparty risk. If it's completely DeFi, completely decentralized, then you don't have counterparty risk because there are no intermediaries in that engagement that can seize, freeze, go bankrupt, take your money, run away and bezel it, exit, scam, whatever. So that's counterparty risk. And that depends on how decentralized it is. Then we have contract risk. So you could think of that as two categories, which is primary contract risk and secondary contract risk. Primary contract risk is the contract that the DeFi platform is based on and it's not one contract. I mean, these often have dozens of contracts and they're fairly complex composites of multiple different contracts. But there will be the primary contracts, which manage whatever, the stablecoin or whatever. Then there's secondary contract risk, which is contracts that are used as building blocks or foundational components that are not part just of this DeFi application, but a part of multiple DeFi applications. One of the big benefits of doing DeFi in an open platform or open systems way as we see in places like Ethereum is composability. That means that if you need a multi-sig, you don't write a multi-sig for every project. You use the best multi-sig platform that exists out there and your platform uses that. If you need a governance solution, you use an existing governance token or platform or library that you can incorporate into your smart contracts in such a way that you don't reinvent the wheel. And the reason you want to do that is because what you want to do is gradually mature these fundamental components, these primitives so that they are robust, tested, they've worked across multiple projects, they've been tested in adversarial conditions. You don't want to try and roll your own because if it's not your core area of expertise, you might mess it up. So those are secondary risks because it's not the smart contract all, let's say your yield farming contract has primary risk, which is the contracts that do yield farming, but then maybe it has secondary risks that have to do with the governance library that they use or the multi-sig library that they use. So if either of those have a bug, that can have a ripple effect, either bringing down that one DeFi application and causing problems, including losses of your funds, or in the worst case scenario, which we saw, for example, with a parity multi-sig, bringing down a whole set of projects, which all used the parity multi-sig, which had a bug in it where the contract suicided. Ouch, that was a painful one. So that's primary and secondary risk of the contract. Then you have platform risk. And the platform risk is basically risks related to the platform on which the smart contracts are running. This would be the risk of Ethereum itself. And in that platform risk, again, you have kind of two categories of risk. One is risk that arises from conditions on the platform that make it difficult to execute your smart contract. And the classic example of that would be volatility in gas fees that makes it difficult for you to execute a transaction that has a timeliness component. Let me give you an example. Back in March of 2020, when we had a big drop in the price of Ethereum, a lot of MakerDAO vaults, which have collateral in ETH that backs dye stablecoin and dye stablecoin loans, became under collateralized. So in that case, the people who held these vaults needed to do one of two things, either deposit more dye back into the contract, so deleverage their loan, or deposit more ETH into the contract, or worst case, liquidate the vault completely before it was sold on a secondary market. But they couldn't. And the reason they couldn't is because at the very same time that the price dropped 50%, the gas fees shot through the roof and many of the wallets were unable to get transactions through. And so people were watching as their contracts became under collateralized and there was nothing they could do. So this is underlying platform risk that has to do with the normal operation of the platform. And then you have kind of platform vulnerabilities, which is what if there's a bug in the EVM in the Ethereum virtual machine? And so if you add all of these risks together, you get kind of the compound risk or the composite risk of the entire DeFi application. And so over time, the things that are at the bottom of the stack mature, and we find fewer and fewer vulnerabilities, fewer and fewer critical edge cases and exceptions, which makes the things above them more and more stable. And this is one of the primary reasons why DeFi needs to be on a platform that iterates really, really fast in order to be able to kind of wash out these types of vulnerabilities and problems through iteration and improve the maturity of these systems. So as they become more complex, the underlying components have been tested again and again and again and reused in different situations and they become more robust. So those are the risks. I think I gave you five distinct categories of risk. And if you think about a stack of DeFi applications, you start at the top, which is the actual financial instruments, you get all the way down to the virtual machine that's running the platform, the blockchain risk itself, and all of the in-between. on the incredible possibilities that this technology brings us. If you'd like to support that mission, subscribe to my channel and go on patreon.com slash a Antonop, where you can participate and help me build better content for more people. Thank you.