Bo Pei

Can you quantify the effective take rate compression from simple to advanced and Coinbase One users? Structurally, where do you see normalized consumer take rates settling

In the shareholder letter, you mentioned scaling back rebates and incentives in derivatives. Could you quantify how that's affecting take rate

You launched the broadest suite of CFTC-regulated crypto perpetuals in the U.S. What does the early traction look like? And when do you expect this business to become a material revenue contributor?

how flexible is Coinbase strategy across different market environments? Are there specific strategy areas you plan to emphasize more in bearish versus a bullish market?

this quarter, despite trading volume nearly tripling, the retail fee rate actually increased slightly sequentially. So could you just provide more insight into this dynamic?

How do you view the competitive landscape in this environment, specifically do you plan to compete with peers that offer a broader range of trading products beyond crypto?