Hey all, update to share on our current strategy and focus: ABC Labs and Confusion Capital are working exclusively on creating DTFs that will get organic product-market fit in 2026. We have been getting asked: which market? Who are you building for? This past week I made the call to fully focus on creating DTFs that the top 100 most involved people in the Reserve ecosystem personally want to buy and hold. Why this narrow focus? Why not target broad retail, crypto-curious noobs, or institutional investors? Because when you build something for yourself, you know what you want, and when you build for your friends and teammates, you can talk to them constantly for feedback to hone the product for them. This is the kind of rich and tight feedback we need right now in order to create great investment products on top of the Reserve platform. We’ve also concluded by doing customer interviews with team members, UGLYCASH users, and other friends and family, that there’s a good amount of overlap between what we want and what many others out there will want. Until now, we took the approach of supporting others who build on Reserve and not creating DTFs ourselves. That’s changing. I now regard it as a mistake not to directly create, because it leaves to chance whether the products launched are the right ones. We must take this into our own hands and hone our product offering until it’s drawing significant organic demand and growth. We still want Reserve to be an open platform, but we need to get the flywheel going ourselves. The top 100 people include the teams from ABC Labs, Confusion Capital, and UGLYCASH, along with the new DRF group. If you would like to join and be involved in this process, you are invited to do so, just tell @starl3xx and he will loop you in. Joining means you’ll have access and support to use our tools to backtest your ideas and create DTFs, be invited to meetings where we discuss ideas in motion, and participate in a dashboard where we share which DTFs we are holding in order to gauge early demand. Most won’t want this level of involvement and that’s fine, I just want to keep an open door for those who want to be a part of this. You never know where the winning idea will come from. DTFs that catch on within this group of 100 will then be featured on UGLYCASH and/or advertised to DeFi users, depending on their type and which kind of user is showing interest. DTFs that start to see traction in those external venues will be prioritized for listings and integrations with exchanges and fintech platforms. This will let us quickly and cheaply create and test a large number of ideas in our core community, de-risk them in easy-to-access distribution channels we control, and then only spend big on the ones we have reason to believe are destined for high growth. I shared this plan with our team leads on Tuesday, and with the full ABC and CC teams on Wednesday. On Friday, the market intelligence team has released a simple survey and dashboard out of google sheets that will let us measure weekly which DTFs are being held to what degree among these 100 people. On Friday, the fundamentals and metrics team deployed a backtesting tool that will let us test and analyze performance of many different potential DTF strategies and designs. Over the next week or two, the product and engineering team at ABC is making changes to clear the way for this process, getting ready for dozens of DTFs created by these 100 people. We’ll keep many of them unlisted while they are in testing so that if there are problems with liquidity, minting/redeeming, etc, that doesn’t lead to bad user experience for the general public. These changes also move us in the direction of preparing for fully open and permissionless deployment sometime soon. Our head of finance is preparing to help price each DTF that’s created so that it’s attractive to users while still bringing meaningful value to RSR holders and governors.