A few personal thoughts on competition. First, and most importantly, life’s way too short to have real enemies. So don’t ever take competition too seriously. Their job is to beat you and your job is to beat them. Everything else is tactics. Some of which can be very annoying, but never worth losing sleep over. Second, and almost as important, you shouldn’t go the other way and view competitors as potential friends. No matter how much you might get on with them personally or have shared experiences and interests. There’s too much at stake and if there’s the opportunity to have success at their expense you should take it and expect them to do the same. Third, it’s important to remember that most of what people see on socials is theatre. The first thing I did after posting the vesting cliff meme yesterday was send it to Marc. Sometimes he and I even chat about life and stuff. What you see on socials is not that deep. I really genuinely don’t care all that much that he’s left Aave. When he joins Morpho as a curator or whatever, I’ll wish him well. So to the social media warriors out there defending his honour: a) it’s just a joke; b) don’t be weird. Finally, most of the real competition in DeFi plays out behind the scenes. And there it can be absolutely ruthless. Private arrangements that make it much harder for smaller players to enter the market are very common and very frustrating. Long term I think this is bad for the industry. It makes it harder for smaller players to play on a level playing field and innovate. Serious businesses stay clear of working in a space where these kinds of tactics are used. And monopolies are often bad for consumers. So if there were one thing I would change about competition, it would be this! But I don’t know what the solution is. I don’t think we need European bureaucrats dishing out fines. It would just be nice if there were more transparency about the arrangements at times so that the power dynamics were more clear to people and smaller players could be judged more objectively on their merits. Anyway, life goes on, people move on. Competition is for losers, as they say.