What is Yield Farming?

The Decentralized Financial Movement (DeFi) is one of the forces at the forefront of blockchain innovation. But what makes DeFi apps unique? It’s permissionless, which means that anyone (or anything, like a smart contract) with an Internet connection and a supported wallet can interact with them. In addition, DeFi applications will save users from having to fret about their trust in any custody organization or middleman. In other words, they don’t need trust. So, what new use cases do these properties get enabled?

One of the new concepts that has emerged is yield farming, which is a new way of earning rewards from existing crypto assets using unauthorized liquidity protocols. Accordingly, anyone can earn passive income using the decentralized ecosystem built on top of Ethereum. Therefore, yield farming can change the HODLing way of investors in the future. Why keep your assets idle while being able to operate them?

What is Yield farming?

Yield farming is also known as liquidity mining, which generates rewards from crypto assets. In simple terms, it means locking in a cryptocurrency and getting a reward.

In a sense, yield farming can be done in parallel with staking. However, there are many complications. In many cases, it works with users called liquidity providers (LP) to add funds to liquidity pools.

What is a liquidity pool? Basically, a smart contract contains money. In return for providing liquidity to the pool, LP will receive a reward. That reward could come from fees generated by the basic DeFi platform or some other source.

Some liquidity pools pay rewards in multiple tokens. After that, the bonus tokens can be deposited into another liquidity pool to earn the next bonus, … You can see a lot of extremely complex strategies but basically LP depositing money into a liquidity pool. and in return a reward is earned, seen as a profit.

Yield farming is usually done using an ERC-20 token on Ethereum and the reward is usually an ERC-20 token. However, this could change in the future as most of this activity is happening in the Ethereum ecosystem now but is expected to be different.

Besides, cross-chain bridges and similar advances could allow DeFi application to become blockchain agnostic in the future. This means they can be run on other blockchains that also support the smart contract feature.

Yield farmers (profit farmers) will usually move their money pretty much between different protocols in search of high returns. Therefore, DeFi platforms can also provide another economic incentive to attract more capital to the platform. Just like on centralized exchanges, liquidity tends to attract more liquidity.

What makes yield farming explosion?

The sudden strong interest in yield farming could be due to the launch of the COMP token – the governance token of the Compound Finance ecosystem. An administrative token grants administrative rights to the token holder. But how to distribute these tokens if you want to make the network as decentralized as possible?

A popular way to start a decentralized blockchain is by distributing algorithmic governance tokens, with liquidity incentives. This attracts the liquidity provider to “mine” the new token by providing the protocol’s liquidity.

Although the yield farming invented, but the COMP launch event helped this type of token distribution model become more popular. Since then, other DeFi projects have come up with innovative plans to lure liquidity to their ecosystems.

What is Total Locked Value (TVL)?

So, what is a good way to measure the overall yield of yield farming on DeFi? The current most effective answer is the total locked value (TVL). The index measures the amount of crypto locked in DeFi lending and other currency market types.

In a sense, TVL is total liquidity in liquidity pools, so it is a useful indicator to measure the state of DeFi and yield farming market in general. It is also an effective metric for comparing the “market share” of different DeFi protocols.

A pretty good destination to monitor TVL is the Defi Pulse. Here, you can check which platform has the highest amount of ETH or other cryptocurrencies locked in DeFi. Accordingly, it can give you an overview of the current yield farming state.

Of course, the more values ​​that are locked, the more it proves that yield farming continues to grow. It is worth noting that TVL can be measured in ETH, USD or even BTC. Each will give you a different perspective on the state of the DeFi money market.

How does Yield farming work?

Yield farming is closely related to a model known as automatic market maker (AMM). It typically involves liquidity providers and liquidity pools.

The liquidity providers deposit money into the liquidity pool. This pool powers the marketplace where users can lend, borrow or trade tokens. The process of using the platforms incurs fees, which are then paid out to the liquidity providers according to their market share in the liquidity pool. This is the working foundation of AMM.

However, implementations can be very different, not to mention a new technology. More than that, we will see new approaches that are refined from current implementation practices.

In addition to fees, another incentive to add money to the liquidity pool could be the distribution of new tokens. Example: When there is no way to buy tokens on the open market in small amounts. On the other hand, can accumulate by providing liquidity for a particular pool.

All distribution rules will depend solely on the protocol implementation. The bottom line is that liquidity providers receive profits based on the amount of liquidity they are providing to the pool.

Funds deposited are usually stablecoins pegged in USD although this is not a general requirement. Some of the most popular stablecoins used in DeFi are DAI, USDT, USDC, BUSD, … Some protocols will mint tokens representing the amount of money you have deposited into the system. For example, if you send DAI to Compound, you will get cDAI (Compound DAI). If you deposit ETH into Compound, you will get cETH.

As such, many complex problems will arise. You can send your cDAI to another protocol that mints a third token to represent cDAI and cDAI represents your DAI… These chains can get really messy and difficult to track.

How is yield farming profit calculated?

Usually, the estimated yield yield for yield farming is calculated annually. Accordingly, estimate the profit you can expect over the course of a year.

Some of the commonly used metrics are Annual Percentage (APR) and Annual Percentage Rate (APY). The difference between them is that APR does not take into account the effect of compound interest, while APY does. In this case, compounding means directly reinvesting profits to make more profits. Note, however, that APR and APY can be used interchangeably.

Emphasize that these are only estimates and projections. Even short-term rewards can be difficult to accurately quantify. Why? Yield farming is a highly competitive and fast-paced market, and the rewards can fluctuate quickly. If the yield farming strategy is effective in a while, many farmers will take advantage of the opportunity, limiting high profits.

Since APR and APY come from legacy markets, DeFi may need to find its own metrics to calculate profitability. Due to DeFi’s rapid growth, estimated profit weekly or even daily will make more sense.

What is Mortgage in DeFi?

Usually, if you are borrowing property, you will need to have collateral to cover your loan. This is basically the same as securing the loan.

If the value of the collateral falls below the threshold required by the protocol, it can be liquidated on the open market. So what should be done to avoid being liquidated? That is to continue adding more collateral.

Again, each platform will have its own set of rules for this, i.e. their own required mortgage rates. In addition, they often operate with a concept known as over-mortgage, which means borrowers have to put in more value than they want to borrow. Why? To minimize the risk of market collapse, liquidation of a large amount of collateral in the system.

So let’s say the loan protocol you are using requires a mortgage rate of 200%. This means that for every $ 100 of value you put in, you can borrow $ 50. However, usually it is safer to add more collateral than necessary to reduce the risk of liquidation. With that said, many systems will use a very high mortgage rate (say 750%) to keep the entire platform relatively safe from the risk of liquidation.

Risk of yield farming

Yes, actually, yield farming is not simple. The yield farming strategies that yield the highest returns are complex and are recommended only for savvy users. In addition, yield farming is usually more suitable for entities with a lot of capital to implement (ie whales).

Yield farming is not as easy as you imagine and if you do not understand what you are doing, you can lose money. We just discussed the risks of collateral liquidation. But are there other risks that need attention?

One obvious risk of yield farming is a smart contract. Due to the nature of DeFi, many protocols are built and developed by small groups on a limited budget. This can increase the risk of smart contract errors.

Even in the case of larger protocols tested by many reputable auditing firms, vulnerabilities and errors are discovered continuously. Due to the immutability of the blockchain, it can lead to the loss of users’ money. You need to take this risk into account when locking your money in a smart contract.

In addition, one of DeFi’s greatest strengths is also one of its biggest risks. That is the idea of ​​association. Let’s see how it affects yield farming.

DeFi protocols need no permission and can be seamlessly integrated with each other. This means that the entire DeFi ecosystem is heavily dependent on each building block. As such, applications can be combined and easily work together.

But why is this a risk? Well, if just one of the building blocks doesn’t work as expected, the entire ecosystem could be affected. This is what causes one of the biggest risks to yield farmer and liquidity pool. Not only do you have to trust the protocol you send money to, you also have to trust all other protocols.

Typical yield farming platforms and protocols
How to earn this yield farming reward? Sadly, there is no specific way to implement yield farming. In fact, yield farming strategy can be changed hourly. Each platform and strategy will have its own rules and risks. If you want to start yield farming, you must be familiar with how decentralized liquidity protocols work.

Basically, users deposit money into a smart contract and earn rewards in return. But implementations can vary greatly. As a result, it is generally not a good idea to send money blindly and hope to get a high return. Following the fundamentals of risk management, you need to be able to be in control of your investments.

So, what are the most common platforms the yield farmer uses? Below are a few of the core protocols that users can create in order to create the appropriate profit farming strategies.

Compound Finance

Compound is a cryptocurrency marketplace that allows users to lend and borrow property. Anyone with an Ethereum wallet can supply assets to Compound’s liquidity pool and earn rewards that immediately start calculating compound interest. The interest rate is adjusted algorithmically based on supply and demand.

Compound is one of the core protocols of the yield farming ecosystem.


Maker is a decentralized credit platform that supports creating DAI, algorithmically fixed stablecoins with value in USD. Anyone can open Maker Vault where collateral is locked, such as ETH, BAT, USDC, or WBTC. They can create DAI as a liability on the collateral they have locked in. This debt is subject to interest over time known as a stability fee – the rate set by the MKR token holder.

Yield farmer can use MKR to cast DAI and be used in yield farming strategies.


Synthetix is ​​an aggregated asset protocol that allows anyone to lock (stake) SNX or ETH as collateral and mint aggregate assets. What is aggregate assets? The fact that anything has a reliable price feed allows virtually any financial asset to be added to the Synthetix platform.

Synthetix can allow all property types to be used to make yield farming in the future. Do you want to use your long-term Bitcoin in yield farming strategies? Synthetic assets can be the effective path.


Aave is a decentralized protocol for lending and borrowing. The interest rate is adjusted algorithmically, based on current market conditions. Lenders receive “aTokens” in exchange for their money. These tokens immediately start making money and calculate compound interest based on the deposit. Aave also enables other advanced functions, such as quick loan.

As a decentralized lending and borrowing protocol, Aave gets the farmer yield used a lot.


Uniswap is a decentralized exchange (DEX) protocol that allows trustless token swaps. Liquidity providers deposit the equivalent value of two tokens to create the market. The traders can then trade in the liquidity pool. In return for providing liquidity, providers earn fees from the transactions that occur in their pool.

Uniswap is one of the most popular platforms for trustless token swaps due to its frictionless nature. This can be useful for yield farming strategies.

Curve Finance

Curve Finance is a decentralized exchange protocol specifically designed for efficient stablecoins swaps. Unlike other similar protocols like Uniswap, Curve allows users to perform high-value stablecoin swaps with a relatively low reduction (spread).

As you can imagine, due to the abundance of stablecoins in the yield farming context, the Curve pool is an important part of the infrastructure.


Balancer is a liquidity protocol similar to Uniswap and Curve. However, the main difference is that it allows the allocation of custom tokens in the liquidity pool. Accordingly, liquidity providers create custom Balancer pools instead of allocating 50/50 as required by Uniswap. Just like with Uniswap, liquidity providers earn fees for the transactions that occur in their liquidity pool.

Thanks to the flexibility that the protocol provides for liquid pool creation, Balancer is an important innovation for yield farming strategies.


Yearn.finance is a decentralized ecosystem that aggregates lending services like Aave, Compound, … It aims to optimize token lending by finding the most profitable loan services algorithmically. Funds are converted to yTokens upon deposit for periodic rebalancing to maximize profits.

Yearn.finance is useful for farmers who want a protocol to automatically choose the strategies that are best for them.


After yield farming, what else can the decentralized financial revolution bring about? It is not possible to predict what new applications may emerge in the future built on these existing components. However, trustless liquidity protocols and other DeFi products are undoubtedly at the forefront in the fields of finance, cryptocurrency economics and computer science.

Without a doubt, the DeFi money market can help create a more open and accessible financial system for anyone with an Internet connection.

Huobi’s Vision for Crypto

The world is at an interesting juncture in a number of sectors, but, if we look at the cryptocurrency space and the way in which Covid-19 has impacted our everyday lives there appears to be the potential for big, and positive, change.

Cryptocurrency has always promised to disrupt the financial system as we know it and empower those who have become generally oppressed by the legacy that has been established. At the same time, the impact of the pandemic has put a further strain on individuals and the financial system as a whole leaving a gaping crevice for a new system to work its way to the fore.

We, at Huobi, believe that this system is once based on blockchain and cryptocurrency and have the vision of crypto reaching into a 100 million households. This vision is an extension of Huobi’s long standing mission to empower financial freedom and create new global wealth. As a company, we want to help create an equitable and inclusive financial ecosystem for everyone and we believe digital assets play a central role in that future.

This has become an undertaking on our behalf and we know that such ambitious visions and goals need to test an enterprise’s comprehensive ability, including long-term strategic vision, sensitivity to global market changes, as well as diversified industry chain layout and product development that are compatible to market needs. For a crypto exchange in particular, risk control, compliance and better user experience require constant effort, perseverance and product polishing.

In order to achieve our goals to empower 100 million households worldwide to own crypto assets and drive mass adoption, we approach corporate compliance as foundational to our business.

And this is a particularly exciting time for blockchain and crypto. Crypto adoption is accelerating at a rapid pace and more nation-states and regulators throughout the world are embracing digital assets as a necessary and legitimate asset class within the broader financial ecosystem. Crypto has become much less taboo that it was years ago.

The role crypto is playing in the global economy

To say that 2020 has been a challenging year would be an understatement but there’s always a silver lining. The world was already moving toward a digital economy but this year’s events like the coronavirus pandemic and increasing geopolitical turmoil are accelerating that transition by years.

First, let’s address the pandemic. COVID-19 is something no one could have anticipated. It’s a black swan event that has completely upended our lives and the global economy. While countries around the world are making progress, the effects of the coronavirus on the traditional financial markets will be long lasting.

In addition to the uncertain economic landscape, there are major geopolitical movements as well, such as the upcoming U.S. presidential election and the ongoing friction between China and other nations like India and the U.S. We can continue to expect some level of market volatility for the foreseeable future but that’s a very natural part of market cycles. Most experienced traders will agree that volatility offers a potentially advantageous opportunity.

Beyond trading opportunities in volatile markets, the current macroeconomic landscape creates the perfect environment for Bitcoin and other crypto to thrive as an alternative asset class for both institutional and retail traders. Governments and central banks around the world have responded to this unprecedented pandemic with aggressive monetary policy measures like quantitative easing. You don’t need to be an economist to know that printing large sums of money in a short period of time carries high inflation risks, and some countries are already seeing the impacts of inflation in basic necessities like food prices.

While the response of governments and central banks are well-intentioned, it reveals the limits of government-issued currencies. That’s not to say cryptocurrencies should replace all fiat currencies, but they can provide hedge against inflation and future monetary policy measures.

The best example of this is Bitcoin. Bitcoin is a digital asset with a finite supply. No central organization or nation controls Bitcoin. Changes in monetary policy have no direct impact on Bitcoin. It cannot be manipulated by any one person. As unfortunate as this current economic environment is, the timing couldn’t be more perfect for Bitcoin. With the recent third halving cutting mining rewards in half, Bitcoin is now more scarce than ever, which is something that can‘t be said about traditional currencies. In fact, Bitcoin has now seen its inflation fall below 2 percent — lower than what most central banks aim for with currencies. Bitcoin’s scarcity will likely have a positive impact on its price for some time to come as more people turn to the digital asset as an alternative store of value amid global uncertainty.

People are also becoming increasingly aware of how adaptable digital assets are. Early critics argued that crypto is not an ideal medium of exchange and not fit for everyday transactions because its value fluctuates but stablecoins like Tether and HUSD have shown that digital assets can in fact play a transactional role. Governments and central banks in particular are taking a similar approach with CBDCs, or Central Bank Digital Currencies. The most notable is China, which plans to come out of COVID-19 with its own digital currency to rival other popular cryptocurrencies. The Bank of England is also leading collective research into digital currencies, along with some of the world’s largest central banks like the Bank of Canada, the Bank of Japan, the European Central Bank, and the Swiss National Bank.

All of this is driving new interest in crypto across all categories, retail, institutional, and government, so there’s been a surge in adoption and trading volume. The landscape is heating up as we’re just now getting into DeFi season so we expect a lot more activity in the second half of 2020.

Making crypto more accessible

A big part of driving crypto adoption is making it more accessible to all types of users across many different markets. We take a product-driven approach to empower users on our platform.

As mentioned earlier, Huobi has set up a vision to empower 100 million households to own crypto assets. And we are confident in this because we are executing a continuous strategy to achieve this goal.

As of today, Huobi Global ranks THE FIRST among top exchanges regarding aggregated funds deposited. According to popular data provider Bituniverse, the user capital deposited on Huobi recorded $5.73 billion, which accounts for 5.2% of the entire digital asset market capitalization, noting that this is only user assets. The deposit of funds is the least falsifiable and most meaningful indicator to measure an exchange’s true liquidity as users put their money on the exchange in order to trade.

Huobi has a global appearance and has opened a dozen fiat gateways and licences worldwide, including Gibraltar, Thailand, Japan. In the Q4, Huobi will cooperate with more third parties to open additional fiat gateways to make our services more accessible to users all across the world.

At the moment, we are working with Simplex, a payment solution provider to allow users to purchase crypto with fiat. Huobi will announce three more payment solution partners in the following month to expand our channels to allow users worldwide to purchase crypto with their local fiat currency and experience professional financial services at Huobi.

We also offer a wide range of products and services to cater to all kinds of users. From stable savings products with sustainable interest rates, to lending products and derivatives trading like futures trading and perpetual swaps, to liquidity mining and staking, Huobi can meet the needs of users at different levels of financial management.

One of our latest additions is Crypto Savings, a crypto investment product with a stable interest rate. It is suitable for users who are new to the crypto space and want to earn some stable interest before they start exploring crypto trading. After a user is onboarded to Huobi, crypto savings should be a must-use product as it is incredibly flexible to set up new accounts with Huobi Crypto Savings. It enables users to make deposits and withdrawals at any time and interest is paid out daily. It’s a great way to earn interest when you’re not actively trading.

Crypto Savings is also suitable for users who are underbanked. Cryptocurrency has long been touted as a tool for the 1.7 billion-strong unbanked population globally with its inclusive and more flexible nature. The use of cryptocurrencies for the unbanked and others in underdeveloped markets is clear and obvious in terms of transactional usage, but Huobi Crypto Savings aims to drive new financial empowerment. The current annual yield for deposits in USDT is 8 percent, while deposits in Bitcoin yield 3.5 percent. There is a clear and obvious demand for such a product, especially for those who have been excluded from the traditional banking sector.

The product has only been live for a little over a week but all of the traction has been organic. We’re seeing interest from a lot of users who want to keep their assets in one place while earning good profit without any risk.

Creating a more robust market for users

Another way we’re paving the way for the widespread adoption of crypto is by strengthening the markets with more liquidity, a wider variety of highly-vetted digital assets, and sophisticated trading products. We’re also investing into building the digital asset ecosystem.

For example, Huobi has different listing channels and Huobi has been really careful in selecting the right asset through the right channel. In August, Huobi Global launched a new token listing pathway Huobi Inno Hub. Huobi Inno Hub is an essential part at Huobi Global’s main page and the key strategic deployment of the Huobi’s blockchain ecology. We opened the pathway with an open attitude; believing this move will provide opportunities to our users with high-potential blockchain projects in various fields.

DeFi tokens YFII and YFI were the first ones to land in the global observation zone. DeFi Liquidity Mining is an inevitable topic for 2020. DeFi is developing at a rapid speed with drastic changes as a type of new layouts in digital finance. Many expect DeFi to become the foundation of a world-wide open finance ecosystem and to give birth to a number of great projects with huge wealth opportunities.

As a leading company in the blockchain industry, Huobi has taken it upon itself to support and lead the development of DeFi. Huobi Global introduced a DeFi section and dozens of new projects that covered multiple applications in businesses like lending, prediction, DEX, derivatives, and public chain, etc. We also announced our DeFi lab and established a DeFi alliance. We strongly believe that a decentralized world will push the industry toward greater efficiency and give more people financial freedom in the long run.

Last week, we also started a DeFi liquidity campaign. Huobi Global has kicked off with 5,000,000 USDT worth of block chain assets for DeFi Liquidity Mining, and more rounds will be held after with a total 10 million USDT worth of block chain assets. Rewards (all income) generated from DeFi Liquidity Mining will be distributed to all qualified participants who stake HT/ HPT.

And in terms of staking products, Huobi Global has just announced the H-token series – a suite of assets that are issued on Ethereum and backed by cryptocurrencies from other blockchains to bring more digital assets to the Ethereum DeFi ecosystem. The staking will include DOT, LTC, and BCH. The combined market cap of these assets has approximated $1.1 billion and they are welcomed by crypto enthusiasts around the world.Up to now, approximately 5,000 HBTC has been minted, and these tokens enable users to seamlessly access decentralized protocols such as Uniswap, Curve, Balancer, Nest, and ForTube. In the near future, HBTC will also be used as DAI collateral on MakerDAO. HBTC’s growing use cases prove that its value has been recognized by the market.

Apart from the expanding DeFi market, the core of Huobi’s business still lies in CeFi. Huobi focuses especially on the derivative side, Huobi Futures has seen trading volume of $877.8 billion in the first six months of 2020. Interestingly, Q1, which was a good quarter for the cryptocurrency space, has been matched by Q2 on Huobi despite the second quarter being impacted by a major bitcoin market collapse. For Q1, unilateral trading volume totalled $444.2 billion while Q2 was USD433.7 billion. Even though Q2 was characterised by a market drop and then sideways trading, the transaction volume saw no significant decline.

Huobi only recently launched its own perpetual swap product, but it has been an instant success, keeping up with, and sometimes outperforming BitMEX, one of the leaders in the space. In its first full quarter, Huobi’s perpetual swap trading volume came in at $21.65 billion in April, but rocketed up to $79.5 billion the next month, falling just short of BitMEX’s trading volume. Then, in June, Huobi overtook BitMEX with a total of $50.2 billion.

Huobi has also managed to push new boundaries against other well established exchanges when it comes to futures trading volume as the coin-margined futures trading volume for the last three months has been better on Huobi than our competitors.

April saw nearly a hundred billion dollars traded on these futures contracts at Huobi while May managed to cross into the hundred-billion-dollar range. June dropped back a bit as $74.05 billion was traded, but all three of these months outperformed our major competitors.

Weekly contacts trading was another area where Huobi managed to thrive as it registered on average more than $5 billion across April, May and June. Huobi recorded more than double the trading volume of its competitor through these three months.

While for bi-weekly contracts trading, Huobi finished the quarter with $3.82 billion in trading in June.In terms of quarterly contacts, Huobi was again at the top in volume registering more than double the trading volume of major competitors. Also on September 1st, Huobi Futures, after successfully launching Huobi Perpetual Swaps in April this year, has set its eyes offering more opportunities for its traders with the unveiling of Futures Options.

Liquidity is also a priority for us. Cryptocurrency exchanges have a vital role to play in the use of these burgeoning digital assets as they provide a direct link for people to access, use, trade, sell and buy. Exchange liquidity is one area that Huobi prides itself on, and according to popular blockchain data site Coinmarketcap, Huobi ranks first in this metric. The depth indicator mainly refers to the quotation depth, in other words, the number of orders at a specific price (usually the best bid and offer price). The better the depth, the more obvious the restraining effect on the extreme market, which can prevent large scale of artificial intervention in trading and improve the trading experience of leveraged users. A look over Coinmarketcap’s liquidity ranking index on September 13, it shows that Huobi Global’s average liquidity index score is 502 points, ranking first among the average liquidity index of global exchanges

However, we like to take it a step further and also provide low slippage, another important metric of a professional exchange. The slippage spread indicator is the most commonly used liquidity measurement method, because slippage reflects the difference between the estimated transaction price and the actual transaction calculated by the market. The smaller the slippage, the lower the cost of placing an order.

Huobi’s liquidity advantage is more prominent at present. The slippage of various amounts such as BTC/USDT is significantly ahead of other exchanges, and the gap has a further widening trend. Whether ordinary users or professional institutional users, whether spot users or leveraged contract users, they can choose a trading platform with better liquidity when trading digital assets.

Continuing to serve excellence

In the 7 years we’ve been around, our exchange hasn’t been affected by a major security breach and we plan to keep it that way. Even as we see record trading volume and user activity, we continue to prioritize our users’ safety. Huobi has over 500 in-house developers to maintain the network and ensure users safety. We’re also proud that our exchange hasn’t experienced any major outages and has kept a record of 0 claw back during extremely volatile moments when there are a large number of concurrent users. We’ve been able to maintain the uptime unlike some of the other major exchanges because we’ve invested heavily into our backend infrastructure.

Our exchanges now serve millions of users in over 170 countries. Both our spot exchange and our derivatives exchange top the market in terms of liquidity, trading volume, market depth, compliance, and security, all of the key factors that define a safe and sustainable trading environment. We operate localized and regulated exchanges all over the world, both directly and through trusted local partners, and we operate in full compliance with all of the necessary licenses for each jurisdiction.