I’m very happy to see the feedback from Backpack 🎒's @leoding0806x and @bitcoin10wu. This is precisely a reflection of the Die Hard community attributes. I believe the efforts of Ding in the MadLads group can be witnessed by the old group friends. My Backpack experience: In 2023, besides participating in Hyperliquid, I also got involved with Backpack 🎒. This was because I saw the potential of Armani as the Founder at that time. I bought a large amount of MadLads, over 1000 U-based, around 1000 U. During the first wave of hype in the 2024 Pre-season, I watched as the profits from my MadLads dropped from a high point of nearly 0.7M. Brothers who were playing along also participated in the Pre-season and lost nearly 300k at the high point of MadLads. However, I still hold a portion of my MadLads to this day, I have staked them and earned almost all the badges I could get. My view on Backpack: Why do I mention Lighter, Backpack, and Aster together? This is because the current mainstream thinking in the industry is like this, It can be categorized based on my framework. If we create a spectrum of value orientation for a project, the far left is Community, and the far right is VC. Hyperliquid, as a representative, is definitely on the far left: it does not accept VC financing, airdrops are basically given to the Community, and all profits return to the community. Lighter is currently on the far right: the Founder clearly does not care much about the community, and in the last 1-2 months, they have been running after big clients and market maker resources in Asia. Aster is also leaning towards the right: just follow BN and that’s it. Backpack is positioned slightly left of center. It leans left because Armani has indeed seen a path from the success of Hyperliquid. This can be seen in his multiple tweets where he recognizes the market's preference for the Hype model. At the same time, before the exchange opened, he worked hard to build the MadLads community, which clearly shows he wants to focus on community culture. This can be contrasted with Lighter/Aster, which is building from the top down, because the latter is currently focusing more on finding resources from big clients/exchanges. However, 🎒 has still received financing. The entire distribution of interests is like Sun Wukong wearing the tightening curse, there will definitely be a Placeholder class that will suck blood from it. Don’t you see that $TIA is also a Placeholder's bag? I can relate to that. Currently, it can be seen that the market believes 🎒 will separate coins and stocks, the coin part will be fully airdropped to the community. If that’s really the case, then one must admire Armani's efforts to balance the interests towards the community. I would love to see Armani allocate more benefits to the Community under the constraints of the current financing interest structure. The profit distribution in the Pre-season was a first attempt, at that time there were too many monks and too little meat, so it was a mess. Now there are more monks. If TGE also needs to distribute to the rent-seeking class, this balancing of interests is not simple. If it were an ordinary founder, I wouldn’t have any expectations at all. But with Armani, there is a chance.