joining us with more, antonio juliano, dydx founder and ceo. ave been tracking the rise of these so-called decentralized crypto exchanges. antonio: i think our biggest differentiator at dydx in the decentralized exchange space is we are focused on more advanced types of products like margin trading and derivatives. this is a really new market for defi or decentralized finance, and we think we are kind of the leader in decentralized derivatives. caroline: who is coming to trade with you? is it singular investors, traders, who have their heads around all of these? or is it more institutional types? antonio: it is some of both. there are a lot of institutional players who are crypto first order crypto native. a lot of them are trading on dydx already. there are a lot of investors based overseas data trade derivative products in a big way. i think crypto exchanges are offering to a blend of those type of customers and dydx is the same. joe: is it completely unchanged in dydx? antonio: it is a bit of both. dydx is known as a hybrid exchange. we have