As far as I know, Pump actually has three rounds of direct financing from the project party, excluding other types of second-hand resale. 1. In the early days, this project was called Caviar, which was an NFT AMM project. At that time, the rounds were 20-30M of equity. After the transformation to Pump, it was mapped to investors, and the percentage was based on contribution. 2. From the second half of last year to the first half of this year, we raised a round of equity financing at a valuation of 2 billion yuan, with token mapping and approximately 10% financing. The tokens are locked. 3. This round is an institutional+community round, with a Cap of 1 billion. The remaining amount invested by the institution belongs to the community, with no equity and full circulation of tokens. Both institutional and individual investors have equal rights. In terms of credit limit, I don't know if anyone has a discount this round, but there are two situations that I know: 1. A group of Dubai institutions and KOLs who are close to the team have received institutional rounds, according to them, at the original price. 2. Before making the payment last month, there were institutions willing to offer a 10-15% premium, and there were also institutions willing to take on those who couldn't get on the bus.