 We started versioning PL early in our history, and that's a good way of shipping changes to an organization in releases that enables everybody to kind of re-adapt to a changing system. Early on, when you're a much smaller group, you can ship changes really quickly. It's easy to diffuse some new way of doing things, and then you can adapt. As you scale into larger and larger groups, especially if you work together with many other organizations and teams and people and so on, it can be extremely useful to adopt a release cadence, like software. So that's why we built our release schedule in a sense and break it down into minor releases every quarter and major releases every year. So today, we're in 2022, we're in PLV8. And we broadly encourage the network that whenever you're interacting with many other groups and shipping new programs and new releases, you try and bundle it across the quarter boundary or the yearly boundary and use that to kind of like re-infuse a lot of new programs and so on. Now, of course, you should be shipping early and often, right? MVPs ship when you need to, make the changes when you need to. But these quarter and yearly boundaries are great times to kind of advertise to everybody else, because you can think of like the entire network shifting gears in those moments, right? So imagine kind of a large scale operation if you try and change gears constantly. It can be difficult to do that well. So really lean on those kind of quarter and yearly boundaries to apply changes. Now I wanna tell you about some of the large changes that we started with from, that we kind of brought us into this year. So in PLV7, the landscape of PL looked like this. We had a set of teams that interacted and worked with a lot of groups. We had a number of investments across many different groups. And we also offered lots of grants to many groups across the broader ecosystem and across many companies and so on. And so one of the things that shifted very significantly from PLV7 to PLV8 was that we wanted to get rid of that kind of like cell wall boundary that prevented our teams from working together across the network. And so we turned the network into this, PLV8. This was a slide that we showed last year. And we set off to build the builders network, the talent network, and to help support the range of network teams and support them with a set of network services. At the time, we had a set of principles to help us guide us into this shift, things like scaling the network, investing in and empowering our growing ecosystem, and building upon existing teams. So this is helping teams sort of as they existed, growing to the network. We have a whole set of challenges and opportunities and we tackled a ton of them extremely well and we've now sit in the success of that. Now, as we shift into 2023, I wanna tell you about the new sets of challenges and opportunities, the new principles and what's gonna shift. So PLV8 was a very large change from PLV7 to PLV8 that was like a major shift. In PLV9, we are not gonna have a very large change at all. We're just going to double down on the successes and grow to add missing programs or things that we now know are really valuable. So we're gonna be as a whole community making adjustments and tweaks to various systems and building out some new programs. So this is one key slide and key framing that I want everyone to take away is this model of saying, hey, there's the R&D pipeline, there's the innovation chasm there in that early part of R&D. And what we're gonna do very well and be very successful if we can help more of those kind of very early stage research ideas translate all the way into successful companies. And so usually if you're doing something that is helping other groups and so on, find the spot of the pipeline that you're in. Could be that you are supportive across the board, but if you're sort of especially for one area, find the other sets of groups and teams that operate in that area and form common principles. Now, there's a set of new programs that we'll be developing over next year. We hope to build a, we hope to grow our worldwide events and now finally have a proper calendar. This is one of the most requested features across the network, to actually have a calendar with dates and commit to them. We hope to also have role and domain specific events. So one of the things that we have started trying out is to create events very focused across specific disciplines or specific industries to help bring the people and connect there and build relationships. So that's some of the things we'll be doing. We're also going to be improving a lot of the parts around starting new systems. So one part of that is reaching out to many more communities to talk about the offerings and programs that we have. Many times communities are super surprised to hear about the awesome programs that we have. So we're going to be doing a lot more outreach to many communities so that they can leverage these programs. And we're going to be doing a lot more requests for startups. This is one of the areas where we just get to see so many amazing business models, like sometimes way ahead. And if we do a lot more requests for startups, that'll help stimulate that environment. There's a ton of things coming around Filecoin. Earlier on, we saw DeFi and NFTs and so on about a year or two years ahead of the curve. So we hope that those are going to help people start earlier. And we're going to also start coupling some of our knowledge programs earlier on. So most of our knowledge programs have come after later in the pipeline. But some of them might actually be really helpful earlier on. In the capital side, in the venture capital part, you'll already heard from Brad about the SP fund and the FEM fund. Those are going to be really important components. There'll likely be some other things down the road. And in network capital, we hope to add and scale the structures. So there's a number of new programs that'll ship sometime next year. And many that are working really well, and we've demonstrated that this year, and we're going to be scaling them up. One of the things that I'm really excited about in network capital is to be able to start using things like impact evaluators and hyper certificates, direct crypto native instruments, to be able to drive some of this growth. On the talent side, we're going to be building talent attraction programs, a broader advisor network to help bring a lot of the knowledge from our much more extended community and help support the network. So think of actually reaching into professors in different universities and experts across the industry. And we're going to be building a PL Academy system to help the many thousands of people in the network level up and upscale in a range of disciplines. The kind of thing that we want to do here is help facilitate the creation of content in Web3 that's not there yet. So think of deep courses on, say, zero knowledge proofs or how to run people systems in crypto native teams. And we want to kind of structure a lot of that learning through kind of this more course-oriented structure. The other part of that is being able to leverage the vast quality of resources available today and kind of connect it. So I often thought one of the most valuable things that university classes ever had was a syllabus. And that distillation of helping you navigate the vast material out there is one of the most useful things that professors ever do. So we're going to be thinking of doing that to help distill what's like the really high quality material out there to help support you. On the knowledge area, we're going to be doubling down on the advisor network, so connecting that network to office hours so that you imagine being able to build on that office hour program to find a lot of knowledge there. We're going to double down on the team summits and scale those. And we're going to start tweaking kind of the office hour structure to try and make it even more efficient, find ways of facilitating that time and potentially building feedback structures and so on. On the services side, we're going to continue growing the marketplace structure. And we're going to be instrumenting with metrics and feedback and so on. So a lot of the teams here build on top of IPFS and FilePoint. So here's a glimpse at some of the major things that we see on that roadmap for next year. There's a lot of optimization that needs to happen. So think of many systems growing and improving. And some major breakthroughs that are going to be shipped. So FileCon Saturn is going to ship an early version later, I think it's later in the week. The FBM, which is already powering the network, is going to ship out in Q1 to be able to support a lot of new smart contracts. Station and ceiling of service will arrive then too. Then there will be a whole host of new networks that appear and ask the FBM supports L2. So think of a lot of computer-over-data networks powered with back allow or things like Medusa. We also have a whole range of improvements that are deeper, things like interplanetary consensus arriving to help scale the entire network and things like HILO2 and so on. Now, of course, this is like only a small snapshot of all of the amazing things that are going to happen across the network. We don't yet have any kind of integrated way of seeing all of the roadmaps and so on. Everyone kind of builds, of course, their own natural product offerings and roadmaps. So it definitely encourages you to navigate the network and see what everyone's working on. Maybe next year we'll have a way of being able to navigate this space better. Now, I want to give some principles to the whole network for next year. One is optimize and scale. So think of doubling down on what's working, change what's not. We have a lot of really valuable systems and programs. Let's kind of grow them. Think about how to optimize them well with impact metrics and feedback and so on. I see a lot of groups doing some extremely valuable work, but they're not really measuring what matters or they're not getting feedback from the users. And if you're not getting feedback from your users, then you don't know how to orient the product. We also need to ship many breakthroughs into production. So there's a lot of teams across the network that are building some extremely new exciting things that need to land. So really focus on shipping that and driving usage. I also hope that most of the second major principle is to focus on the end user product experience. A lot of teams have been building really amazing new technology, but it doesn't yet have the extremely high quality product user experience that the broader world in web 2 and mobile interfaces and so on expect. So you need to kind of instrument your products and optimize for extremely good product user experience. Find good ways of doing it in a privacy-preserving way. Find good ways of doing it without sort of collecting personally identifiable information and so on. That's very possible. Don't let decentralization or security get in the way of optimizing a good product, meaning find a way to have both. Now, that also applies to all of the programs to support the network. We need to instrument and get feedback across all of them to make sure that those programs are good products that everyone can benefit from. The third major principle is to strengthen the connectivity of the network. We want to deepen the relationships, invest deeply in office hours and kind of gathering in those team summits, double down with events and so on. And I want to encourage all teams to work openly. So we've had major successes across the network with many groups publishing all of their roadmaps, publishing all of their notes, publishing their maps and so on, all hands, and so on. That's extremely useful to help many teams across many parts of the network work together. So think of leaning into that. Now, for some challenges, so this has been a very intense year. The macro environment has totally plummeted. It's very hard for a lot of companies. And that macro environment also took down crypto. Now, fundraising is already really hard this year and it's going to be harder, my guess is that it's likely going to be harder early next year. Now, of course, who knows. But the market could recover very quickly. But my prediction and my expectation is that it will actually be quite hard. And especially for the companies going from C to series A or from series A to series B, those will be very hard jumps. So kind of expect a significant series A crunch early in the year. Maybe the market will warm up, so maybe the latter part of the year will be fine. But don't count on it. You really plan out your runway and so on. And if you don't have a runway to last you into 2024, you should be thinking about how to make sure your team has a good, safe path into that. And of course, you want runway much further out. Like, ideally, you have many years of runway. But most small startups always have somewhere between six and 24 months of runway. So this time it's going to be hard for all those groups. That means lean into the programs that we talked about today, all the capital fundraising systems, and come talk to us. We're here to help you think through this. All of this kind of stuff can be done much easier if you have time to plan. I highly recommend one of the default data or default alive essay from, I think, PG wrote this. It's an extremely useful way of thinking about how your organization is operating. You want to have enough runway to be able to make significant movements to fundraise. So you want to have always more than six to 12 months of runway. Now, again, come talk to us if you need help with that. We're here for you. We're here to support. And with more time, we have more ability to help you shape a good runway. So think of things like, hey, actually, your product is actually quite good. But you have enough time to adjust this thing, focus on this growth, and then prove that you can do this, because that seems to be the major thing holding people back. That's the kind of feedback that we can give you when you have time. Now, one of the things that's going to help us help you with this kind of thing is getting regular updates from you on how you're doing, especially around runway and burn and so on. If you share some of that knowledge and info, then we can help you map on to what other groups are doing and so on and help you advise you. We sometimes see very early teams just spend way too much money and not too much money too fast, and then they kind of run out of money quickly. So we can be a sounding board for you to help you optimize. Now, like I mentioned earlier, a lot of our products have amazing, really cool, high-quality technology, and they work really well on Web 3. We have to cross the chasm and get to Web 2. So really encourage everyone to focus on extremely polished UX, focus on getting to high-quality, valuable use cases that can bring in the growth and adoption into the hundreds of millions and billions. Today, most of Web 3 is kind of topping out at like 100 to maybe 200 million users. Some rare exceptions have more or something. But for the most part, Web 3 is quite small relative to Web 2 by usage size. And that's because of the kind of primarily financial set of use cases and really bad UX. So if we solve the problems that can yield extremely good UX, then we can get to billions of users. Again, I see a lot of things that need optimization, so focus on that. And ship your breakthroughs, gain users. One thing that is also pretty interesting right now, which is a challenge that you can turn into an opportunity, there's a lot of teams across the network that need to hire a lot, especially groups that raced recently. Hey, in crypto macro winter time, it's way easier to hire. So this is a great time to find amazing people to help to join you. Definitely lean on us and work with the talent team. So now that's the challenges up ahead of us. Let's focus on the opportunities. Winter is a great time to build. Just PL itself started in a crypto winter. Think of Ethereum scaling massively through building a ton of itself and its early systems through winter. And you want to use this moment in time to level up your systems. Really stay focused on getting to the next important masons. If you don't have a roadmap right now, you don't quite know what you're shooting for, really think of having some set of concrete goal posts that can help you and your team and community stay focused on delivering that goal and keep sort of compounding that improvement. These major macro winters tend to, you can go back through history. Of course, who knows what the future holds, but if it's anything like the last couple hundred years, then these kind of winters only last somewhere between one to three, maybe five years in the extreme cases, and usually markets return. So stay focused, deliver improvements, and build. And of course, leverage the network. We have an amazing group of people that's growing a ton, leverage that group to help solve your challenges. Now, there's a lot of products that are really working well. And a lot of networks that have seen a lot of early success compound that growth. I've seen a lot of teams start getting distracted with way too many feature sets. Growth matters tremendously in these kinds of systems. Focus on the kinds of things that are going to give your operations and systems a lot of growth. Because if you do that, you'll end up with larger and larger groups that create and bring a lot more value. So because we're primarily building large scale products for large networks, that growth in users or that growth in participants ends up bringing a lot of value alongside with it. So in many cases, some notable exceptions, but most very successful companies and groups in the last 20 years have been extremely hyper focused on growth and use that to drive a lot of your decision making. Now, we have extremely strong teams across the network and they're growing. Focus on their growth. So think about, really encourage everybody here, no matter how early you are, to be thinking about the growth of the people in your organization. Think about leveling them up. Think about their career paths, their growth trajectories. Think about how to support them to learn more. Startups are a grind. They're really hard. And it's very easy to lose focus away from people's growth. You're kind of constantly in this reactive immediate mode. It's very, very useful to have a good trajectory to know how to compound your own personal growth because that's going to enable you to level up and have even more impact in the future. Again, a whole host of opportunities will come from major breakthroughs like FVM, Saturn, and so on. And there's going to be a bunch. My guess is it's going to be a bunch of new crypto networks that many of you go out and start in the next year or two. Many computer-over-data networks, CDN networks, and many more. So looking forward to a lot of really awesome things there. And so that sums up PLV9. Really focus on these six offerings. Build the network. Help people start projects. Help fundraise capital. Help find amazing talent and help it grow. Help gather and systematize our knowledge and help access world-class services. Let's remove that innovation chasm so that the pipeline can flow really well. And let's help every one of these organizations and companies level up and grow. Thank you so much. Thank you.