Thank you. Thank you. Thank you. Thank you. you Hello, hello. Hey, how's it going?
Hey, give me just one minute.
I'm just setting up my other mic here.
Hey, Devin. Hey. Yeah. So, yeah, I just wanted to make sure we can all hear each other. But,
yeah, you sound great. And, Nomadic, you can hear me okay as well?
Yeah, I can hear you guys. Can you hear me?
Yes. Yeah, you sound great. Awesome, guys. You know what? Actually, we'll go ahead and get started right away only because for folks that are tuning in, we normally republish this as a podcast. So we
enjoy doing these live and just being able to have a conversation on a Friday together like this.
But yeah, we'll actually edit this and reformat it so that it's in our usual podcast
format. And so for anyone that is listening to the live recording, you'll want to go to
the hyphen edge dot XYZ and you can subscribe there. That's the best way to get instant
notifications once our podcasts go out, like this series that we call Yield Talks. But Devin, otherwise,
are you all good to get started here? Just again, want to make sure like your mic's working and you
can hear us all fine. Yeah, I think it sounds like my mic's working and I can hear you both well. So
yeah, we'd love to get started. Excellent. Cool. All right. Well, I'll kick us off then.
So everyone, thanks for joining us.
This is Yield Talks on the Edge podcast.
I'm DeFi Dad here with Nomadic.
Every Friday, we host a live space to review new and interesting DeFi to spotlight what
we believe is an on-chain opportunity more of you should know about.
So today we're joined by DeFi Devin, the co-founder and chief degen at GammaSwap.
GammaSwap is the first on-chain perpetual options protocol,
which allows you to create positions by borrowing liquidity from AMMs.
GammaSwap enables users to do things like hedge in permanent loss
and speculate on the volatility of any token.
So we're excited to talk about all of this, how it works,
and basically how can we earn
yield with GammaSwap. So Devin, why don't we start with a little bit more about your background
and GammaSwap and the founding of the protocol, and then we'll get right into the nuts and bolts
of how this works. Yeah, thank you for that introduction. Thank you for having me. Again, I think this is the second time. So really appreciate that and excited to talk more about the protocol and some of the opportunities for people to earn yield in various ways or hedge and permanent loss, de-risk their yield.
A little bit about, I guess, my background, the team's background.
So I'm one of the co-founders of GammaSwap.
I got introduced to the team because I was previously a part of Figment,
which does a lot of validated infrastructure for proof-of-stake blockchains.
We were judging a hackathon, and that's where I met the GammaSwap team.
And I had provided liquidity in AMMs before.
And despite some high yields,
I had actually come out unprofitable and lost money.
And so I thought there was something interesting there
because you can hedge different types of risks
or different types of asset exposure using perps.
But with AMMs, there was no way to hedge and permit
loss. So I thought it was really interesting and joined mid-2022. Our other co-founder, Daniel,
who's like the main quant and smart contract engineer, his background was on Wall Street.
So he worked for Goldman and then UBS as a quantitative engineer and developed some of their algorithmic trading strategies.
He left in 2016 to trade full time and, yeah, has been trading full time since then.
When 2020 came out and AMMs came out, he thought it was really interesting. And then as the yields decompressed, he wanted to find a way to essentially short that, make a profit, and also hedge some of that exposure.
And that's where the idea for GammaSwap came out.
And then our third co-founder is responsible for a lot of the front-end development and was previously a software engineer at Meta.
So we've all been working on this since like mid 2022.
The current version of the V1 protocol has been live since the beginning of 2024. And then,
yeah, we've had, you know, good testaments from different users on hedging and permanent loss and
the fact that it can work in a full range position and a concentrated liquidity position.
I would say one of the things we realized was that it's pretty complex for people to execute. One, you have to be sophisticated
to understand how this hedging works. And two, there's a lot of work in terms of managing the
positions and rebalancing. It might not be realistic for people who aren't full-time traders.
And we saw the success of products like Athena,
which commoditized like a basis trade.
So we realized, okay, we can just create a composable token
that could represent something like ETH or USCC
that provides liquidity into concentrate liquidity in them,
uses GammaSwap to hedge EIL
and just creates essentially like delta neutral
exposure or spot exposure where the value accrues over time. And yeah, like where I see kind of
DeFi going right now is I think a lot of TradFi is going to eventually connect into DeFi
and basically like upsell these yield opportunities, right? Like, oh, if you don't want to self custody, you can, you know, provide some of your funds to GammaSwap for their yield
token, earn that yield, we'll take a cut, but we'll make sure your funds aren't at risk or maybe
give you, you know, give you some insurance in case of, yeah, like a smart contract hack or
something. And I think that's really where I
see like the space going is these yield kind of like bearing products really doing well in terms
of being able to connect into more like institutional capital and also, you know,
retail capital that might want to interact through like these trusted venues. So it's also
something we're just excited about in
the future that I think will fit in well with how the space is growing.
Devin, I want to reiterate a few things that you kind of went through there. So
in my mind, there's been almost like a gamma swap V1, which you said you started in 2022.
which you said you started in 2022. And I know a lot of people, including myself,
have been quite excited with this yield token offering that's coming imminently, I hope. I'm
going to ask you when at some point. But I think the appeal here is, as you kind of indicated,
managing a uni V3 position, concentrated liquidity position is extremely difficult, I think, for the average user.
And I want to just kind of dive into more of what the kind of like how this will look for a user.
So you touched on this as well.
And I saw this in one of your Twitter threads, which I thought was just a great example.
But you're kind of describing these yield tokens as, you know, what Athena did for the basis trade, yield
tokens will do for concentrated liquidity positions, which I love that.
But can you just break that down for us a little bit more and maybe like a simple way
way and kind of what this looks like to hold one of these tokens as a user.
and kind of what this looks like to hold one of these tokens as a user?
Yeah, I guess to dive into that a little bit deeper.
So how the strategy would work is let's take like a concentrated range on Uniswap v3.
So let's say there's an ETHUSCC pool.
We would have this essentially a vault contract that would provide liquidity into that range, like a specific range just based on the strategies.
Maybe it's like plus or minus 30%.
And then we know the math on how much of a notional basically loan and gamma swap you would need to hedge on permit loss. So to retain ETH exposure,
we would open a long in ETH USCC gamma swap,
but like a long volatility position where we're borrowing and the collateral
is more weighted towards ETH.
So replicates that one side we're balancing better.
And then if we wanted to create like a USCC token to retain USCC exposure, we'd actually open a short and gamma swap.
But this vault does that all for the user.
And you're essentially creating that delta neutral exposure.
So as a user, you know, it would be like holding ETH, but you're earning a yield through DEX fees that increases the price of your GEs token over time.
And then if there's any rebalancing that has to happen, like if it goes out of range,
then that would be reflected in a small drawdown in the yield.
So it's like a, I would say it's like a soft peg,
but eventually that yield should pay for like any type of drawdown that would happen
anyway. So would, you know, consistently be like maybe like 10 to 20% in terms of like
the price increasing versus ETH like each year, just depending on how that year is looking.
But that's essentially how it would work. So you get that receipt token in GETH and be
but it's accruing value over time you don't have to do anything at all like sc eth or usc
s usc s usde i mean devon can you give us like what what again are like ballpark estimates for the ETH yield once this GEF, so like little g and then ETH,
once GEF is live, yeah, what would you estimate?
Yeah, so we did a study that was done at the end of last year based on the data on DeFi Llama and the cost to hedge. And so we were starting with a safer strategy
with less potential for drawdown.
So I think the APY we estimated for the current strategy
that we're going live with was about 20% annualized.
So it's gonna depend a lot during the year
because yields in constant liquidity are super volatile.
But that's what we estimated.
And then as we collect more data and also as the strategies get more liquidity, we can get more aggressive the strategies to keep the yields as well.
So it could be up to 25 percent potentially.
And yeah, so it would be essentially like market leading in terms of some of these
yields. And I think the really interesting thing is, even though it's a vault, you have that
composable receipt token, like Athena. So you could, for example, trade it on Pendle. So when
maybe because these yields are so volatile, you know, one point point it could be earning 10%. Another point it could be maybe even earning like 40%,
So you could earn that fixed yield when it's really high
or you could trade the variable yields.
Maybe you think DEX volumes are low
and they're going to spike up towards the end of the year.
Maybe there's some like event that you're anticipating.
You could also trade like the variable yields on Pendle as well.
So I think it's a great product that could integrate well into other DeFi protocols,
or you could even loop it on Morpho for extra yield.
So I think that's where the composability is a huge advantage over doing this manually,
is that you could essentially earn higher yield or,
capture a high yield when the market is doing well and,
and earn a fixed yield on that.
Yeah, this is, this is crazy.
I think when you say you can get potentially 20 to 25% yield holding ETH.
Yeah, that's, that's pretty nuts. So a few questions that come to mind.
I guess, can you maybe just reiterate for a small brain like myself, where that yield comes from?
And then I'm assuming it's denominated in ETH. Maybe you can clear that up too. Like what,
what is that 20 to 25% yield that people are going to be getting back from that?
Yeah, it's a good question.
So the yield is from the DEX fees from the underlying AMM.
So it could be Unisolve V3.
And then it's going to be a little bit lower than providing straight into Uniswap fee three because
you're also borrowing. So you have to pay for the hedge costs. One interesting thing about
the strategy, which is also an advantage over doing it manually, is that we're actually
whitelisting the yield tokens to not pay the hedge costs. Instead, it shares fees for the pool.
I remember that was like a concern people had about Athena's, like if the market were to go short and you had to pay to be short
on the perps, like would the yield go negative? So with these yield tokens, that wouldn't happen.
The APY would just compress instead, but it would never actually be negative and makes it much more
capital efficient. So that's where the yield is coming from.
And then how it's represented to the users.
Well, when you're providing liquidity into the AMM,
you're going to be earning the yields and the two tokens.
And then we compound it back into the position.
So if it's, you know, G ETH where it's supposed to represent ETH,
then some of those fees would be sold.
Well, it would actually be just be re-provided as liquidity.
And then the value of your receipt token in the vault would just increase over time.
So when you actually want to withdraw, it would represent more value in terms of the position.
more value in terms of the position. And so whenever we,
and so whenever someone enters the vault or withdraws the vault,
there's a small amount of rebalancing that occurs so that instead of it being
in the 50-50 ratio or whatever ratio it is, depending on the range,
you would get it in either ETH or USCC, depending on the vault strategy.
Devin, would it ever be possible for you to like work with Gearbox
to get some like looping going with those yields?
Yeah, it's definitely something we're looking to do.
I think what we want to do is first launch it
because there's going to be, you know, multiple AMMs and multiple tokens.
We want to see what's, you know, getting the most traction and focus integrations on that.
And then it's also possible that we could just aggregate, you know, like a GE token across multiple pools.
That could even de-risk it or stabilize the APY a little bit.
you know, that might be more or less attractive to people.
You know, that might be more or less attractive to people.
pursuing some of these integrations based on like the data we're getting.
So yeah, it would definitely be something we're interested in.
We'd be open to that type of integration for sure.
And I think that's where a lot of people could get value from this is,
you know, looping it or trading on Pendle.
Devin, does it matter? Oh, no, no, Matic. Go ahead. You go.
Oh, I was just going to ask Devin, just when it comes to the IL hedging here,
I'm assuming it's all done automatically, but maybe you can maybe address that. And then
kind of like secondarily, we see so many different types of markets.
You know, you can be in a bear market.
You can be kind of chopping.
You can be in a bull market.
How do the yield tokens function maybe across those three different markets?
Is there any differences in operation?
And again, is this kind of like all programmatic, automatic under the hood?
Or do you have like a thousand monkeys with a thousand typewriters trying to manage all these positions?
Yeah, so it's a great question.
We initially projected we could have this done beginning of the year.
And we ended up taking more time.
The reason we did that is all of before we were going to do more off chain.
And now all of it is happening in the smart contracts.
One, to implement more fail-safes.
And then two, it's also going to be more transparent,
which I think is great for users.
So how it works right now is we're starting with the simplest version.
It would be just targeting like Delta neutral
in terms of whatever token it's representing. So like,
let's say, EtherUSCC and an ETHUSCC pool, there'd be two strategies there. And we would pick a range
so that I think the initial range we're starting with is like plus or minus 40% or 50%, and then
narrow it down to 30% or 20% over time. And then we know based on that range, how much we would need in
GammaSwap to hedge. And the automation would be is that as it approaches the end of the range,
we would rebalance all the vault positions and then supply liquidity based on the new range,
like the same range, but based on the new price. And so that
would be what's happening automatically. And then also processing deposits and withdrawals. So
every day, if someone deposits a new position or withdrawals, netting what that is, and then
either adding liquidity or moving liquidity based off of that. So that's all the automation.
And then there's potential to do this in like different ways in the future.
I think, you know, what we could, an idea we had was, you know,
we could do some like basically like statistical arbitrage.
So we make a prediction on how the market's trending,
and then we could lower the
cost to like hedge. You know, if we think it's going long, then we hedge less on the upside and
hedge. Yeah, well, we would hedge actually more, sorry, on the upside. So like hedging the aisle
in that scenario and then less on the downside and vice versa.
And then you could increase the yields that way with a little bit more risk.
So that could either be a new strategy or an update on the strategy.
And there's also the options to do like cover calls and covered puts.
So you could have like one ETF that's kind of popular in TradFi.
It's like a cover call ETF where people like it automates it all for like people, but you could sell like covered calls, collect the premium and you have like low principal risks.
And I think that's been printing like 30, 13% per year, which is pretty high for TradFi.
And I know people personally who I know one couple actually who like sold their house and put it all into that ETF and have been living passively off that income.
So those are types of strategies that I think are interesting.
So I think the solution actually would just be if these products are getting traction, we could open it up to like vault curators, like how Morpho does it.
Or I think Hyperliquid also does this as well.
And then people could just get a percentage of revenue for creating these strategies.
And we would have kind of these, you know, first strategies already implemented as well as like a framework.
So that would probably be like the most scalable way to do it.
But you could, there's like lots of different ways you could go with this.
And then the last thing I want to mention too was the yield tokens are kind
of a proof of concept for our V2. So with our V2, some of the things people have mentioned while
manually hedging IL is that the borrow rate's really variable, which can affect your cost to
hedge. We're solving this with the yield tokens in one way by whitelisting them to not pay and instead share fees with the pool.
But we also want people to speculate and hedge manually too, efficiently if they want to.
So in our V2, we're actually going to create like fixed rate perpetual options with much more leverage up to like 50x.
And then the LP positions for that would be like yield tokens.
So synthetically hedging the IL.
And I think there's even ways we could combine those yield tokens into like a lending platform as well to help scale out those yields.
So it would be something kind of like fluid in Euler, but in like a totally different way, not really actually providing liquidity into an AMM.
Instead, it would all be synthetic yields that they could earn.
So it would be like lending into GETH and then borrowing ETH against it to reduce the
spread and make looping or borrowing much more capital efficient.
Devin, when will these yield tokens go live and will there be a points program?
So yeah, we actually deployed on base the yield tokens like end of last month, like last
And yeah, the contracts are there for anyone to verify.
We're just finishing up the UI integrations right now,
and there's just some small thing.
There's lots of moving parts with these vaults
because of their balancing that's happening
and the math that's being calculated.
So we're just still testing things in the real world,
and there's some small bug with the minimum deposits.
Yeah, if someone deposits too small of an amount, it's going to fail.
So we're just not where someone will lose funds, but just some like small idiosyncratic like behavior like that that we're optimizing for right now.
But we're hoping to be live like very soon with it.
I mean, it's all basically ready.
And then, yeah, definitely launching like this month with it. I mean, it's all basically ready. And then, yeah, definitely launching
So we're going to start with base,
with ETH, then go to USCC,
then do more on Arbitrum,
and then also like launch on Ethereum after that.
I think if it works, which we're pretty optimistic about these tokens,
and it's just going to be, okay, how can we, you know, make this more capital efficient, increase the yield. Yeah.
Reduce dependencies in terms of liquidity so they can scale more things like
Amazing. I think I heard eventually launching this month.
Devin, one other thing you kind of touched on there.
You mentioned Fluid and Euler.
This trend that we're seeing of lending protocols becoming DEXs,
and you mentioned GammaSwap is also doing something similar.
Just maybe touch on that just a little bit more. Like, what do you think about this trend? And
like, again, how does that fit into the GammaSwap vision here as well?
Yeah, I mean, it's an interesting trend. I think you could already say we're part of that trend
because you're lending AMM liquidity and borrowing from that.
But I guess when people talk about lending, they're thinking about how money markets typically
work like Aave, which is not something we're currently doing. And I think the reason that
this trend is happening is that there are a few primitives that are working well in VFI.
Like lending is the biggest potentially right now, like lending and liquid staking.
And so it's a game of like increasing capital efficiency.
And so what people seem to want is, you know, like stable exposure.
So like if I provide USCC, I want, you know, like a safe yield that's going
to increase over time and not have much drawdown. So how can you increase that yield for people or
reduce the cost to borrow? And so I think that's where a lot of this is coming from. And, you know,
instead of increasing the, like the risk in terms of like, you know of adding impermanent loss or other leverage types of risk, it's how can we make that idle capital more efficient.
So I think it's an interesting trend.
I think it's going to continue in different ways.
Like I said, we're going to be a little bit different because I think in the V2, it's going to be all synthetic for us. But the benefit of that potentially is that the yields are going to be higher. It's just different type of protocol. variations of this trend because of like market demand and how,
how people are going to be able to compete with each other in lending.
I think the biggest thing is just how can you make it more capital efficient?
there's clearly a lot of excitement for ETH again,
And we're seeing all these treasury co's kind
of launch and people just acquiring ETH. It's wild. And you kind of touched on the institutional
aspect in the beginning here, that there could be institutional demand for, you know, obviously
a product that can yield 20 to 25% on an ETH position will draw a lot of attention.
I guess how much of it is that in your plan or on your roadmap for,
for gamma swap? Like, are you trying to attract these,
these types of parties like say like a sharp, like S bet,
like is that something that you ever see people kind of, you know,
aping into gamma swap yield tokens, like that type of user.
And then actually another one's just going live too that we've done a podcast with called
ETH Strategy. They just announced that they have a $7,000 ETH treasury that's
fully on chain. So I can see almost like a user like that being interested in this. But anyways,
I'm kind of rambling, but yeah,
Like, is that like an angle you're pursuing
Yeah, I mean, I would say yes and no, maybe.
Like how I see DeFi adoption is you kind of start
with like the DeFi native users.
And then as the product expands, you expand beyond that.
And I think like, you know, a lot of this is just do, like, do you have the right product for the right market?
And I think like hyperliquids are really strong like testament to that, that there's, you know, demand to trade perpetual futures, more capital efficient with lots of liquidity.
futures, more capital efficient with lots of liquidity. And then also people want to do this
in a way where they can do it permissionlessly without having to like KYC. And then once you
have a product like that, that's working well, I think it will naturally capture institutional demand.
But I think the other side of it too, is just trying to like forecast how like how the market is gonna evolve
like how the space is gonna evolve and that's where i that's what i kind of mentioned with
like institutional demand is i think like where i see like the market evolving is these like
yield bearing products for like yeah like these each treasuries you know might work like how we
see like uh you know, traditional like wealth
management company working where you'd have like a diversified portfolio that's like predominantly
low risk assets and then a small percentage that's allocated towards like higher risk
assets that have higher yield, but maybe more risk.
And so and a lot of these, I I think products are going to be things that
can be managed passively or a way where they can, you know, essentially like upsell their
current clients and get like a take rate on it by, you know, adding some value added service.
Maybe it's like custody for people who don't want to self custody, some type of insurance,
what have you. But I think these type of yield bearing products that
provide high yields on these large cap assets with different types of risk profiles and
where the yield can actually come from. I think that's how it's going to be. So maybe you'd have
one treasury company that's providing a certain amount of, you know, ETH to Pendle, for example, and now you're getting some
of your yield from yield trading. Maybe some of that is allocated towards gamma swap. So some of
that is, you know, coming from like DEX fees. And then some of that is coming from Aave, let's say.
So then you have all these different yield sources. And in case one category is underperforming,
you're balanced across that.
And of course, maybe across different assets too, depending on like the strategy.
So that's where I really see like, like I said, like the space evolving.
And I want to like position us to the protocol to do well according to that.
So I think part of it is building good products.
And then also part of it is building good products. And then also
part of it is like forecasting how like market demand might evolve. And I really see like the
market demand just based on like the success of ETFs continue to be like these automated yield
bearing types of strategies because ETFs are like a new thing. They came out in the 90s.
because ETFs are like a new thing.
They came out in the 90s.
Now they're like 20% of US like market cap.
And a lot of it is, you know,
there's a huge reason institutions like them
and there's a huge reason like retail likes them as well.
So they're really passive and then institutions,
you know, can capture a take rate on it
or, you know, build out all these like custom strategies.
And they're a lot more flexible
than like other types of vehicles so i see yield bearing products as like the d5 version of etf and
i think there's going to be a lot of different flavors of it but that's where i really see um
like the yeah like the space growing and integrating more um with capital, like more like traditional capital or different types of like sources that are outside like the current defense space.
Guys, we're probably getting close to the end here.
Before we close out, I really liked the analogy you made with these yield tokens being like Athena for concentrated liquidity positions.
So once this is live, the one opportunity we talked about is Gath. So can you just
describe for us, what can we expect to see as users? Are folks going to come to the platform
with just ETH or Weeth, and they're going to deposit that into this yield token?
And then will there be any other yield tokens that will go live when Geth goes live?
Yeah, that's a great question.
So how it looks for users, it would be like, it's essentially just the UI is just a swap page.
And it would be like minting. So either buying Jeff GETH with Weeth or, you know, selling your
GETH position into Weeth if you're burning your vault token. And that's it. And so once the
deposit window closes, you would have that token and you can just. And so once the deposit window closes,
you would have that token
and you can just hold in your wallet
or put in other protocols.
I would say a difference between
like a typical swap interface
is that deposits are processed every 24 hours.
So there could be like a small queue
where you deposit your ETH
and then you're waiting to get your G ETH
depending on, yeah, when the vaults are processing
so that's like a small difference but otherwise yeah it looks like very close to like what the
Athena UI would look like and what a typical swap UI would look like except for that deposit window
and then we're starting with GETH on base I think we can do other things like very easily because there's just a factory contract
that we can create these yield tokens from so we're probably within the first month going to
launch a lot of other yield tokens like uh on the l2s like base and arbitrum ethereum you know we
probably want to be a little bit more careful with the rebalancing and make sure just continue
to make sure that there's no way someone could try
to like front run it or do something weird because of the mempool that might take a little bit more
time but I think we'll be able to quickly launch a lot of different strategies on the L2s right
after the initial launch. Very exciting yeah I'm excited to see what other yield tokens then will launch
i'm imagining there will be a lot of appetite for any sort of like tokenized bitcoin um
all the other like derivatives of eth you know if you're able to you know deposit something like uh
you know like uh eeth by etherfi something like that. But I think this is a good place for us to close out, guys.
So I want to remind our listeners that they can learn more about GammaSwap
by going to GammaSwap.com.
They should follow GammaSwap Labs on X.
Follow Devin's personal account at 0xDeFiDevin.
And then Devin, thanks so much, man.
Great to talk to you again.
So excited to have you back on.
There's been just so much building
since we last had you on the Edge podcast.
Honestly, I think we had you on the Edge podcast
in maybe one of the first like 10 episodes.
And I think we're out to like 150 plus,
I guess if I count the yield talks,
we're probably closer to like 200.
So just really appreciate you coming on early with us
and really happy to have you back on
and we will look forward to having you back in the future.
But any final word for us before we go?
No, yeah, I just wanted to say thank you
to everyone who joined to listen today on the X spaces or also on the podcast that we posted later. So thank you for that. And then also, you know, supporting the Ethereum ecosystem as well.
Like I think that it's really important
to actually pay attention to like
what is, you know, credibly neutral
and decentralized in the space.
And I've been a huge Ethereum advocate.
and continue doing the great work.
And for anyone listening,
I highly recommend, you know, you perusing some of the other content they've posted.
They've done great interviews with the different Ethereum organizations that are popping up and other really interesting GIFAR protocols.
Yeah, there's actually a playlist on our YouTube.
It's under Ethereum's most innovative builders. And I know that Devin's original podcast is in that list there. So yeah, great week here for Ethereum builders. It's great to see ETH back above 3000 or right around 3,000. And it's definitely going to new highs this year.
And that's all in part due to, I think,
the hard work that protocol builders like you are doing.
So folks, if you listen to the live space,
just a reminder that you can subscribe at v-edge.xyz.
If you go to our link tree, it's edge underscore pod.
If you follow edge underscore pod on X as well,
there's always links there to get you to Apple, Spotify, YouTube,
And like I said, if you enjoyed the podcast or you enjoyed the space here,
you can end up sharing this in podcast format later.
So that's the way that I think Nomadic and I prefer to listen to podcasts,
despite the fact that there's a lot of folks watching video nowadays.
So anyways, everyone, happy Friday. Thanks for joining us.
Devin, thanks so much for your time and we will see you next time.
Yeah. Thank you. Have a good one.