I appreciate that over the past few months we haven’t been able to provide the level of updates or communication that both communities deserve, and today we can finally explain why. After several years building custom liquidity infrastructure through Camelot and Cypher, we ultimately had to accept that the model we had built around was no longer sustainable. We exhausted the alternatives, but it became clear that continuing to compete with Uniswap made less and less sense when we could take everything we had learned and build on top of it instead. I genuinely believed in the original Cypher vision. We wanted to build native liquidity infrastructure on Ethereum that could be owned by its users, while giving new teams the infrastructure and hands-on support they needed to launch and grow. I still believe there is a huge amount of value in that idea, but ultimately the market has to validate what you build, and conviction alone doesn’t make a product sustainable if people aren’t using it. Like any business, we also have to be realistic about where we put our resources. It doesn’t make sense to keep funding developers, audits and infrastructure indefinitely while waiting for the market to change, and at some point you have to focus the team on where it can create the most value. This is why I believe so strongly in the direction of Frontier. This isn’t simply a pivot because Cypher didn’t work, it is the result of realizing there is a much larger opportunity to build the ecosystem layer on top of Uniswap, where the users, liquidity and distribution already exist. Instead of spending our resources trying to recreate that foundation, we can focus entirely on creating value on top of it. There is still a huge amount missing between having liquidity infrastructure and actually helping projects build successful markets. Frontier can become that layer, working directly with builders across Ethereum on launches, distribution, liquidity design, incentives and long-term market support, while building new products through v4 that extend what is possible on Uniswap itself. In many ways, that lets us pursue the most important parts of the original Cypher vision from a much stronger foundation. We still want to give new teams better infrastructure and hands-on support, and we still want to build products that create value for the ecosystems around them, but now we can do it where the users and liquidity already are rather than fighting to bring them somewhere else. We also didn’t want to announce a pivot and then ask everyone to wait while we figured out what came next, so we spent the past several months quietly building, testing and auditing Frontier first. It is now live, the product works, and we are ready to consolidate everything around it. I still believe strongly in Ethereum mainnet and Frontier will be live there soon, but Robinhood was the best place to test and validate the new infrastructure first. I think mainnet remains severely undervalued, but we also can’t ignore what the market tells us, and if activity is growing elsewhere, Frontier should be there too while remaining entirely EVM and Ethereum aligned. This is a significant change and definitely not a decision we took lightly after everything that has gone into building Camelot and Cypher over the years, but I genuinely believe Frontier gives us a much stronger foundation to create long-term value for our communities and the ecosystems we build for. Building things is hard and the reality is that most startups and new businesses fail. Rather than simply letting everything shut down, we’re fully focused on building something that can actually find users and market fit, create real value, and make sure as much of that value as possible flows back to the people who have been involved since the beginning. We’re trying to be as transparent as possible throughout this process and give existing holders the best options we realistically can. They will be the only people given access to FRONT before it goes public, while those who don’t want to make that transition can redeem through the remaining treasury. Ultimately, this is the best solution we could find that gives holders a choice while still giving us the opportunity to keep building and create value from here. I’d encourage everyone to read the full post. It explains exactly why we made this decision, what happens next, and all of the details around the GRAIL and CYPH migration and redemption options. Thank you to everyone who has supported us throughout the journey so far. There is still a lot more to build.