Alexander Good：AI 代理人如何顛覆鏈上交易新時代

0:00AI 代理人時代的序幕

0:00大家好，2024 年的時候我寫過一篇叫做 Agentic Protocols 的文章。當時我們都很期待 AI 代理人能在 Solana 上大規模出現，但事實上並沒有發生。不過我認為現在終於到了這個時刻。今天這場分享會分成兩個部分，第一部分會談談未來 12 個月內，AI 代理人如何與區塊鏈上的資本交會。第二部分，既然這場活動叫做 Token 2049，我們就來聊聊長遠的願景，以及這會如何為加密產業帶來實質的手續費收入。You know, back in 2024, I wrote this piece called Agentic Protocols, and I think we all sort of hoped that agents would show up on Solana at scale, and it just hasn't happened. But I think we're finally at that moment. This presentation is going to go in two parts. The first is going to be talking about what's going to happen in the near term, in the next 12 months, with agents intersecting with capital on the blockchain. And then because this is named Token 2049, we're going to talk about the big picture vision and how this could actually result in material fee flow through for crypto.

0:37AI 已經改變投資行為

0:37AI 已經在改變大家的投資方式，這點大家都知道。我不浪費大家時間，舉個資料：62% 的散戶投資人已經用 AI 來輔助交易決策。更有趣的是，大約 50% 的人會在跟 AI 討論完後 24 小時內下單。這就是現在正在發生的事。AI is already shaping how people invest. Everyone knows this. Won't waste your time, but 62% of retail investors are already using AI to inform their trading decisions. And more interestingly, about 50% of them trade within 24 hours of talking to AI about their trading decisions. So this is in the here and now.

0:54最近更有意思的是，Muse 這個產品在過去一個月內，讓 Stripe Link 的交易量暴增 38 倍。這代表使用者真的開始用 AI 代理人直接在網路上下單購物，這些資料 Stripe 都看得到。所以今天的分享，第一階段是散戶變得更聰明，第二階段是散戶開始用 AI 代理人下單，降低交易摩擦。最後，進入更賽博龐克的部分，就是這些代理人如何進化成精細調校的交易代理人，跟金庫、代理人群體、甚至真人使用者一起交易，甚至發展出自己的基礎模型。I think what's more interesting or more recent is that Muse, over the last month, has driven a 38-fold increase in Stripe Link, showing that this is kind of the first time that you have true agentic transaction, i.e., users are actually pulling the trigger to buy things on the internet with agents, and this is happening in Stripe's data right now. So we're going to talk about, you know. In this presentation, the first leg is retail becoming more informed. Next is retail pulling the trigger with AI agents, lowering the friction to transaction. And then the more cyberpunk part of the presentation is how this manifests into fine-tuned agents trading with vaults, agent swarms, and human users, whether they're in Telegram groups or actual literal agent swarms trading and eventually developing their own base models.

1:46AI 代理人與資本市場的交會

1:46穩定幣我去年就有提過，當大家在交易中賠錢時，穩定幣會流失，這是個問題。過去一年穩定幣成長也沒預期快。不過我們可以從 Robo-advisor（機器顧問）看到一個類比：當使用者能用演算法決策時，獲利會大幅提升。AI 代理人和加密的第一步，就是讓一般交易者比五年前更聰明，因為他們可以用到前沿的智能工具。但我覺得更有趣的是，現在已經有 15 萬個 Robinhood 代理人帳號開通，還有大量使用者用 AI 跑量化模型，像 High-Flyer 這個跟 DeepSeek 有關的基金去年就賺了 56%。So stablecoins, I spoke about this last year, they have a churn problem when people are losing a ton of money trading. It's a problem because essentially the stablecoins leave the market, and I don't think stablecoin growth has been as fast as hoped in the past year. What's interesting is that we have an analog with robo-advisors about users becoming a lot more profitable when they can access algorithmic decision making. So the first leg of, like, how AI agents interface with crypto is that your average trader is going to be slightly smarter with sort of frontier-level intelligence than they would be maybe five years ago when they didn't have that. But that's not as interesting, in my opinion. I think what's more interesting is that we're already seeing 150,000 Robinhood agent accounts opened. We have a massive surge in WorldQuant Entrant, basically people using AI to run quant models for themselves. And High-Flyer, which is a fund associated with DeepSeek, made 56% last year.

2:46接下來我認為很快會看到一波銀髮資本的湧入，這比大家想像的還要逆勢。我來解釋為什麼。回顧 1980 年代，傳統的 Boomer 投資人會打電話給理財顧問，現在 55 歲以上的投資人有 72% 依賴真人顧問。這一代人和 FOMO 世代完全不同，FOMO 世代根本不想跟人講話。銀髮族是完全不同的市場。而我的假設是，AI 會讓這種互動變得更普遍、更便宜，這是大事。But what I think is coming very shortly is a basically surge in elderly capital, which is probably more contrarian than most people think, and I'm going to talk about why that's the case. So if you kind of flash back to the 1980s, you know, your typical boomer thinking back to Wall Street and Gordon Gekko, they're on the phone calling a wealth advisor. 72% of investors 55 plus already rely on a human advisor. They're a different generation, whereas, you know, the FOMO generation wants to, like, they literally don't want to talk to anyone. The elderly are a totally different market. And my sort of premise here is that AI is going to make that interaction a lot more common and a lot cheaper. This is a pretty big deal.

3:27有個圖表是 Charlie Bilello 做的，顯示 70 歲以上家庭掌控的財富像曲棍球棒一樣暴增，總共 62.3 兆美元。反觀 40 歲以下那條線就很慘。問題是，這些錢怎麼進到加密市場？大家原本期待 BlackRock ETF 會帶進來，但其實還沒發生。ARK 表現很好，Michael Saylor 和 Tom Lee 也很會講故事，但這些資金還沒真正進入加密。現在有趣的是，AI 代理人已經支援語音，語音技術進步很快，ChatGPT 也越來越多人用，Persona 技術也大幅進步，現在真的可以感覺像在跟真人對話。You know, basically there's a chart Charlie Bilello puts up. It shows a sort of hockey stick of wealth controlled by households 70 and older. It's $62.3 trillion, and you can sort of see the under-40 line is, like, super depressing. And the question is, like, how does this money end up in crypto? Because, you know, the hope was, you know, the BlackRock ETF would bring it, but it hasn't, you know. And obviously ARK has done fantastically well, and obviously Michael Saylor and Tom Lee do a good job telling the story, but it really hasn't hit crypto yet. And I think the interesting thing with agents is that they are now voice enabled. So voice technology is starting to improve. It's getting way more heavily adopted in ChatGPT, and the actual persona technology, if you kind of go on X, is really, really advancing to the point where you can actually feel like you're talking to a human for the first time ever.

4:20AI 代理人如何推動資金流入加密

4:20那這種使用者互動會長什麼樣？我想像是，長輩在 CNBC 看到 Cathie Wood，然後跟自己的 AI 代理人說：「我很喜歡她的觀點。」代理人會同意或不同意，或者他們也會看 Tom Lee 或 Michael Saylor。LLM（大型語言模型）有點決定性，你可以預測哪些 pitch 會打動人，哪些不會。像 Cathie Wood 對 Fable 或 Astra 這些模型就很有吸引力。這裡面有很多 alpha，能預測資金怎麼流動。And so what will this user interaction look like? You know, like what will be the actual checkout flow here? Basically, I think it's like an older person watches Cathie Wood on CNBC. They go, they talk to their agent, say, I really like this pitch. This is what she said. The agent will agree or disagree, or they'll watch Tom Lee or Michael Saylor. I think what's interesting about LLMs is they have somewhat deterministic output, so you can sort of tell in advance what pitches are going to land and which ones are not. So Cathie Wood, for example, is like very appealing to Fable or Astra versus other models. So I think there's a lot of alpha in understanding like how this capital is going to flow.

4:55當代理人和使用者這樣對話後，最後會聚焦在幾個資產上，像是 Muse 的結帳框。資金會流向 Bitcoin、便宜的 ETF、像 Circle 這樣的穩定幣、Ethereum，還有一些高收益的產品。雖然大家會想像未來都是代理人互相交易，但短期內更重要的催化劑是，原本不會用這種方式交易的人，會因為代理人而把錢投入 Bitcoin 等資產。But then once the agents and the people kind of have this dialectic, they're going to converge on a couple different assets, which are going to be sort of the muse checkout box, right? So the capital is going to flow into Bitcoin and cheap ETFs, stablecoin plays such as Circle, Ethereum, and maybe some high-yield things like Strategy Preferred. So, you know, it's easy to get seduced by the, oh, they're just going to be agents trading with each other, but in the near term. The more relevant catalyst is that humans are going to interact with agents who previously wouldn't have transacted in this format and put money probably into Bitcoin.

5:28我們已經知道 Muse 的體驗是什麼：你跟 Muse 說「週日幫我送花給妹妹」，Muse 幫你建好購物車，一鍵結帳，搞定。未來交易也會一樣簡單。那為什麼代理人要跟區塊鏈互動？因為區塊鏈在投機活動上，無論是槓桿、速度還是成本都更有優勢。我們在加密圈都知道這點，但一般長輩根本不會發現，也不需要懂 Arbitrum。他們只要下單，後台就會自動跟區塊鏈互動。So we already know what this looks like in Muse. You know, you say, send flowers to my sister on a Sunday, Muse builds the cart, you one tap checkout, boom, it'll be the same thing with trading. Why will agents interact with blockchains? I think this is the important point from the last presentation. You know, blockchains are just better at a lot of speculative activities from a margin perspective, from a speed perspective, from a cost perspective. We all know this because we work in crypto. But the average older person doesn't know this, and they're never going to find out. I don't think you're ever going to onboard an older person onto crypto. They're never going to understand Arbitrum, and they don't need to, frankly. I think they're just basically going to pull the trigger, and on the back end, that's how they're going to interact with blockchains.

6:11鏈上股票、監管與詐騙防治

6:11鏈上股票是這裡最重要的題目，年成長 10 倍，大家都知道這點。這是驚人的成長，現在已經有數十億美元的永續合約交易。這讓資金真的進到區塊鏈上。如果只是 AI 在 Robinhood 或 Interactive Brokers 上交易，沒那麼有趣，但現在有一條金融鐵路，讓一般人也能參與。Obviously, on-chain stocks are the hyper-relevant thing here. It's 10x year over year. I think everyone knows it. But it is really a staggering growth area, and, you know, basically you're seeing billions of dollars of perp trading. And this is allowing this to actually hit blockchains, whereas, you know, if it were just AI trading on Robinhood or just AI trading on an interactive broker, it wouldn't be as interesting as if you have a financial rail which a human wouldn't be able to use or understand that they can suddenly transact on.

6:42這一切之所以可能，是因為監管環境改變了，像 GENIUS Act、SEC Crypto Project、CFTC、Nasdaq 的創新豁免，還有最近 CFTC 論壇通過的隱私豁免。另一個很快會發生的重點是，銀髮資本進場會帶來詐騙風險。美國 60 歲以上去年損失巨大，其中很多跟加密有關。所以 Proof of Humanity 和加密協議的監管、詐騙防治，會被寫進代理人層，這會帶來資金流入，是跟鏈上股票不同的另一個賭注。This is made possible because of the regulation changes that we're all familiar with, with the Genius Act, the SEC Crypto Project, the CFTC, the NASDAQ, the innovation exemption, the more recent privacy exemptions that are being passed in the CFTC forum. But I think another element here that's finally going to matter is that. If you think about this elderly capital, or you think about this older user base, which, by the way, in Korea has already hit the financial market. So a lot of the times in crypto, we're lagged from Korea, and you're already seeing with the crypto markets, or sorry, the equity markets in Korea, there's been a huge uptick in sort of older market participant participation. But there's going to be a lot of downside with this too, like fraud. So, you know, American 60 Plus lost a huge amount in the last year. Huge amount of it was crypto related, and I think basically proof of humanity and sort of regulation in crypto protocols that facilitate. Fraud prevention are going to basically get inflows in this environment because it's going to be programmed into the agentic layer. So that's sort of a separate bet other than the on-chain stock accretion.

7:50賽博龐克未來：代理人群體與自我進化

7:50既然這場活動叫 Token 2049，我想談談更賽博龐克的未來。Boomers 買 Bitcoin ETF 很酷，但更有趣的是這會帶來什麼？最值得關注的是 Thomson Reuters 的基礎模型，他們花了 4000 萬美元用自家資料訓練，非常強大。Satya Nadella 等人都說未來是 fine-tune（精細調校），這些模型會有差異化優勢。現在 fine-tune 成本大降，未來大家會做自己的 fine-tune，然後驅動超流動金庫等產品。你可以投資這些 fine-tune，就像投資基金經理，但這次是 AI。這些會在 multi-manager（多經理）架構下運作，也會有一部分進到加密，因為散戶想要 AI beta。So because this is called Token 2049, I do want to talk about the more cyberpunk, like—Okay, that's cool. Boomers are going to buy some Bitcoin spot ETFs. Like, why am I actually here? The more interesting story is, like, where does this lead? I think the most interesting thing that you should look up is Thomson Reuters base model. So they spent 40 million training their own model based on Thomson Reuters data, and it's a very, very good model. You should check it out. They have papers on it, and—Essentially, Satya Nadella and others are increasingly saying, like, fine-tunes are the future, where, you know, fine-tunes have differentiated edge versus the frontier models, Thomson Reuters being the first, but there will be many, many more. And now with fine-tune costs going off a cliff, the way that this is going to look is that people will make fine-tunes that then drive hyperliquid vaults or other types of vaults, and you'll be able to say, okay, I want to invest in this fine-tune, which was trained. It's proprietary, but it's sort of like a fund manager, except it's an AI, which is a fine-tune that interprets information and has a process and is differentiated. A lot of this is going to live in multi-managers, but some of it will live in crypto, and I think will be a popular product because retail wants AI beta.

8:59隨著散戶意識到 AI 已經來臨，媒體開始出現「未來你會失業」的警告，前沿實驗室的人也說失業率會到 15%。大家開始思考怎麼在這環境下賺錢。加密圈的原始型態就是 Telegram 群組，無論是專業投資人還是 degen，都在群組裡分享資訊、協作。現在 AI 代理人還沒真正進入這些群組，但未來會有一個中央 AI 模型，周圍連接一群人，讓群組更有效率。這在戰場上已經有 Palantir 的應用，技術已經存在，未來一年會出現 Hive Mind（蜂巢心智），大家為資料付費、產生 alpha。Numerai 算是早期的例子，但 AI 的文本導向更適合加密和 Telegram，這會成為大趨勢。As retail kind of realizes, like, wait a second, AI is here, I think we're already sort of getting the alarmist headlines where it's like, you're not going to have a job in the future, and the frontier labs, you know, Dario Amodei is being like, the unemployment rate is going to be 15%. I think people are starting to get this idea of the permanent underclass in their head, and they're figuring out, okay, how do we actually make money in this environment? And the primitive that we're all familiar with in crypto is Telegram groups, right? So we're all in Telegram groups, whether it's, you know, high-level Telegram groups with professional investors and VC funds or degen Telegram groups where you're like, okay, what's the next meme coin? But the point is that you have a group of individuals who trust each other, who provide information to the center of the group, which then can coordinate activity. And right now, AI agents, other than, you know, some sort of very new models, are not really in these groups. But I think what's going to evolve from this is that AI will have a sort of central model in the middle of these groups. With a group of individuals plugged in around the AI model, and the AI model basically makes the group a lot more effective. We were already seeing this in battlefield situations, you know, with Palantir deployments. I talked about that in my presentation last year. So the sort of tech exists for scaled coordination. And I think that is, that is a near term going to be a big trend in the next year is the sort of Hive Minds form, where you get paid for data. There are data lakes, and there's all kinds of alpha that emerges. Numerai, I guess, is like the old school manifestation of this with just algorithms. But I think what's different with AI is that it is text-based, which is like sort of crypto-native, is Telegram-native, and I think it will be a big thing.

10:43代理人群體、去人化與金融 RSI

10:43接下來會進入下一階段，現在 Telegram 群組裡是人和人互動，未來如果把人都拿掉會怎樣？就是完全規模不受限的代理人群體（agent swarm）。最近新聞一直在講這個，Sam Altman 也說過，這些代理人會上網彼此溝通。有論文指出 LLM 甚至會發展出自己的語言，這已經超越 Telegram 群組，是代理人用自己的語言協作，甚至能逃出沙盒，這也是監管最怕的事。但如果這些代理人群體的目標不是逃脫，而是鏈上複利資本，那就會變成超級強化版的 Telegram 群組。Now this is going to lead into the next stage where you already have these sort of hives, or you have these people interacting with each other in Telegram groups, and it's like, okay, what if you just removed all the people in the Telegram group? You know, what if you went fully scale invariant? So rather than having 20 humans in a Telegram group, you have an agent swarm. So what are agent swarms? It's been in the news constantly over the last several weeks. Basically, you know, Sam Altman saying that these—Agents basically get on the internet, communicate with each other. There's a lot of papers suggesting, for example, that LLMs even have their own languages in which they communicate in each other with. So it's like, it's even beyond a Telegram group. It's like they're speaking in their own language. They're working together. They're escaping sandboxes, which is the regulatory fears that these agent swarms basically won't be able to be controlled. But imagine an agent swarm which has a specific mandate, which isn't to break out of a sandbox, is to compound capital on chain. This will be the almost on-steroids version of a Telegram group.

11:48這對加密很重要，因為帳戶建立不受 KYC 或銀行鐵路限制。你可以有一百萬個代理人，他們不用銀行帳戶 KYC，但可以用加密鐵路無限制開帳戶、協作、鏈上購買資料和資產。這會形成一整個代理人經濟圈。現在這些還很科幻，但前沿實驗室已經在做了，很快會滲透到真實市場。起初還是人類 Telegram 群組，然後大家會發現人類才是瓶頸，不需要「肉身代理人」，只要代理人彼此交易、產生 alpha、創造內容。像現在 X 上滿滿都是 Claude 產生的內容，三個月前還沒有這種 AI 廢文。模型的品味提升，代理人群體會淹沒社群媒體、TikTok 等平台，這些資訊會開始影響加密資產價格。Bittensor 這類協議早就預言這一切。And the reason why it's so important to crypto is because the account creation is not constrained by KYC or banking rails, right? So. All of a sudden, you have, like, let's say a million agents. They can't KYC through bank accounts, but through crypto rails, they can spin up hyperliquid accounts permissionlessly and so forth. They can collaborate permissionlessly. They can purchase data on-chain. They can purchase everything on-chain. And so there's going to be an entire economy around these agent swarms. And note, none of this has hit remotely yet. Like, this is all complete sci-fi. But I think what's interesting is that it's already—Happening at the Frontier Labs, and it's only a matter of time before this sort of primitive percolates into the real market. And it's going to start out with the sort of human telegram groups, and then there's going to come the realization that, wait a second, humans are actually the bottleneck here. We don't need what are called meat proxies. We're just going to have agents transacting with each other, generating alpha. And driving content, for example, like right now you're seeing on your X feed that it's just nonstop Claude content. That wasn't true three months ago, right? So three months ago, we didn't see pretty much any AI slop. We saw some, like these terrible fruit videos and all that, like very low-end stuff. But the taste of the models has improved, and these agent swarms are going to basically flood social media, TikTok, everything with information. which will start to impact crypto asset prices. And this is kind of interesting because, you know, Bittensor, which is the biggest, you know, one of the biggest crypto AI protocols, has been saying this for the longest time. So we've been going all the way from, like, old people to Telegram groups to agent swarms.

13:27金融 RSI 與自我強化模型

13:27最後要談的是金融 RSI（遞迴自我改進）。這個概念其實已經存在。像 DeepSeek 這種交易公司，賺到的利潤會投入模型開發，最後變成真正的研究實驗室。你可以想像代理人群體和 AI 蜂巢心智互動，像是這個人或這些 KOL 很會產生 alpha，誰最有價值？誰該加入群體來最大化 P&L、市場影響力和資訊？第一層是代理人群體付錢給人加入，第二層（Bittensor 的原始論點）是最後會有完全靠這些交易利潤訓練出來的基礎模型。DeepSeek 是第一個原型，未來會有一整套商業模式：交易機器在鏈上複利資本，然後投資訓練 fine-tune，最後訓練出完整的基礎模型，授權給使用者使用。And I think the final thing to understand is this idea of financial RSI. And this is a concept which already kind of exists. DeepSeek, right? So DeepSeek was a trading firm, and that trading profit got loaded into model development, and eventually you have a real research lab. But what I just described, you can imagine an agent swarm interacting with AI hive minds. Like, let's say you're an agent swarm and you're like, you know, this guy generates a ton of alpha, these KOLs generate a ton of alpha. Who's valuable? Who do we want to have to be part of the swarm in order to maximize our P&L, our market impact, and our data and our information? And layer one is basically agent swarms paying people to be part of them. And then layer two, which was, I guess, the original Bittensor thesis, was that eventually you will have base models which are entirely trained. On the profits of these ventures, DeepSeek being the first primitive, but eventually this will be an entire business model where essentially you have a trading machine which goes on-chain, compounds capital. And then invests in the training of first a fine-tune, which we already talked about, but then second, an entire base model, which can then be licensed and then users can actually use it, right?

14:40舉個例子，很多人日常都用 DeepSeek 模型，跟訓練沒關係。交易其實就是一種無需許可的資本複利方式。你如果拉遠來看，投機就是金融市場裡唯一可以匿名存在的地方，像 BlueCrest 的 Michael Platt 就不用跟人講話，只交易自己的錢。這是政府必須放手讓它發生的經濟區塊，所以所有最激進的創新都會發生在投機經濟裡。這也是為什麼加密有趣，很多人說消費者應用都失敗了，只剩 Hyperliquid、Binance，大家都在手機上炒幣。但大家忽略了，這其實是一個讓金融 RSI 出現的原始型態，相關模型已經出現。So, like, I think the interesting analog is that we all use, or a lot of us use, DeepSeek models in our day-to-day basis, and it has nothing to do with training. And so trading, in a way, is a way to permissionlessly compound capital. Like, if you zoom all the way out about what speculation is, it is a place where you can exist in financial markets. Like, hedge funds are the only pseudonymous industry where you have billionaires, right? So Michael Platt of BlueCrest doesn't really need to talk to people. He doesn't have customers. He's just trading his own money. That's a very interesting spot for this to happen because it's the one part of the economy which the government kind of has to let happen. It has to let it unfold. And so all the most accelerationist stuff is going to happen in the speculation economy. And so I think that's why crypto is interesting because, you know, a lot of people say, Oh, all the consumer apps have failed. It's just Hyperliquid and Binance, and it's just a bunch of people on phone. Mo just trading things and speculating, but I think what people are missing is that this is a primitive which will allow financial RSI to arrive, and we already have a lot of the models for how that's going to occur.

15:47RWA 與金融複雜度爆炸

15:47最後一個重點是，全球經濟的複雜度即將因 CBDC 和 RWA 爆炸。現在已經有越來越多固定收益、股票和 RWA 產品上鏈，像 Plume 上已經可以槓桿交易巴西信用卡債，這只是開始。未來如果有 146 種貨幣，就是 10,585 種外匯組合，人類根本無法管理這麼複雜的市場。隨著 RWA 崛起，這一切會加速，最終人類甚至無法直接參與這些金融市場。I think the final kick, which I think was well covered in the last talk, was that the complexity of the global economy is about to explode due to what I think is basically CBDCs and RWAs. So. As you have more fixed income, equity, and RWA primitives, already on Plume, for example, I found that you could trade, you know, Brazilian credit card debt with leverage. I'm like, okay, that's the beginning. What if we have all these esoteric assets that come onto chain and suddenly can't even be managed by a human? You know, if you have 146 currencies, for example, that's like 10,585 FX crosses. It just becomes unmanageable. And so everything that I said with the rise of RWAs is going to get compounded because it's going to reach a point where humans are not going to necessarily even be able to interact with the complexity of the financial markets that we created.

16:43總結：AI 代理人與加密的未來

16:43總結一下，隨著監管環境演進，這一切其實是不可逆的。這對加密資產類別來說非常令人興奮，因為加密就是這一切發生的基礎鐵路。未來會先從銀髮資本湧入開始，靠 AI 說服，大家用 Muse 類型的代理人下單，根本不需要懂加密鐵路，最後會演化成更有趣、更貼近我們這個產業的東西。我對這個領域非常興奮，這是最酷的地方之一。謝謝大家！And so that's the sort of final pill is that. Given the state of crypto and where we're moving from a regulatory standpoint, this is all actually inevitable. And I think it's going to be very exciting for crypto as an asset class because it's the rails for all of this to happen. So, in summary, where does it go? It starts with an influx of capital from the elderly. It starts with persuasion. And just people going on a Muse-like agent and trading, not even understanding the crypto rails, but eventually it evolves into something much more interesting and relevant to our asset class. And I'm super excited about building in it, and I think it's one of the coolest spaces to be in. So thank you.