Reya has launched spot trading and started collaborating with Engien, making things much faster while continuing to focus on liquidity depth. Basically, everything is moving towards making it easier for institutions/robots to trade and arbitrage. The direction and products are actually fine. The main issue is the TGE timing. On Polymarket, the current probability of a $300M FDV is around 40%, but it used to be about 25%. Hopefully, it can hold steady.