The hottest Crypto Substack posts right now

And their main takeaways
Category
Top Crypto Topics

加油比特币 Let's Go Bitcoin

Crypto Trader Digest • 2281 implied HN points • 28 Oct 24
🔮 Crypto Bitcoin Finance Economics Investment Market Trends
  1. Governments often inflate property bubbles to maintain public support, as owning property ties people's wealth to the state. If people feel secure about their homes, they're less likely to revolt.
  2. China is facing a property bubble crisis similar to those seen in other countries, and it might inject a lot of money into the economy to recover. This could lead to more yuan being traded for Bitcoin as people seek to protect their wealth.
  3. Even though the current stimulus might seem small, once people realize that money is being pumped into the economy, there could be a rush to buy Bitcoin. Historically, Bitcoin tends to rise sharply when significant money is printed.

Warriors’ Casino: The People Making A Killing Gambling On War

TK News by Matt Taibbi • 1878 implied HN points • 17 Mar 26
🔮 Crypto Prediction Markets Regulation Insider trading National Security Blockchain
  1. Crypto prediction markets now handle huge, fast-moving wagers on real-world conflicts and sometimes outpace traditional sportsbooks in volume.
  2. A pattern of last-minute, correct bets ahead of military strikes has raised strong concerns about insider information and market manipulation, triggering investigations and alarm.
  3. Platforms, institutions, and lawmakers are reacting — markets are being restricted or removed, firms are partnering with surveillance and analytics companies, and Congress is proposing bans to curb officials and unethical profit from geopolitical events.

Hard Money and Hard Men

Postcards From Barsoom • 3906 implied HN points • 13 Oct 24
🔮 Crypto Bitcoin Blockchain Finance Economics Philosophy
  1. To create good times, we need to focus on becoming great individuals first. It's not just about what you do, but about who you choose to be.
  2. In our current world, there's a lot of distraction and mediocrity. We must resist this and strive for excellence by not settling for average.
  3. History shows us the importance of strength and preparation. To appreciate peace, you must understand the value of being ready for conflict.

Persistent Weak Layer

Crypto Trader Digest • 2023 implied HN points • 15 Oct 24
🔮 Crypto Bitcoin Investing Global Markets Energy Economics Geopolitics
  1. A Persistent Weak Layer (PWL) in avalanche science is a weak layer of snow that can lead to dangerous avalanches. Understanding these layers is important for safety in avalanche-prone areas.
  2. Geopolitical conflicts, especially in the Middle East, can create financial market risks. Issues like energy price spikes and military actions can substantially impact investments, particularly in crypto markets.
  3. Bitcoin could potentially rise in value if energy prices go up due to geopolitical conflicts. It is seen as a store of value, especially during times of inflation or war, making careful management of investment positions crucial.

How reliable is your node?

Kerman Kohli • 99 implied HN points • 29 Oct 24
🔮 Crypto Blockchain Performance Data Infrastructure
  1. RPC calls to blockchain nodes only succeed about 78.5% of the time on average. This means that sometimes you might have trouble getting the data you need.
  2. The performance of nodes varies depending on the blockchain you’re accessing, the RPC provider you choose, and even the time of day you make your requests.
  3. To ensure better reliability, it’s smart to use multiple node providers rather than depending on just one. This way, if one fails, you have a backup.
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PvP

Crypto Trader Digest • 2658 implied HN points • 08 Oct 24
🔮 Crypto Market Trends Investment strategy Venture Capital
  1. The current crypto market has a predatory feel where some are winning at the expense of others, especially with new tokens performing poorly for retail investors.
  2. Listing fees for centralized exchanges (CEXs) are quite high, and many projects may struggle to justify these costs if their token performance doesn’t improve.
  3. It's better for projects to focus on building a strong user base and product fit rather than solely relying on listings on major exchanges to boost token prices.

Mantic Monday: The Monkey's Paw Curls

Astral Codex Ten • 14109 implied HN points • 13 Jan 26
🔮 Crypto Prediction Markets DeFi Regulation Forecasting Insider trading
  1. Prediction markets have exploded in volume and produce accurate probabilities, but most activity is degenerate gambling and they haven’t yet changed how society or the media make decisions.
  2. Vague resolution rules and decentralized oracles cause frequent disputes, insider trading concerns, and "rulescuck" losses, and proposed technical fixes (like using LLMs) carry their own risks.
  3. Conditional "decision" markets could be transformative if they can avoid confounding — one proposed fix is markets that predict the eve-of-decision market prices — and AI superforecasters may soon supplant human markets, leaving either better user-driven platforms or AI-led forecasting as the likely path forward.

Your Invited To Our Crypto Event This Week

The Pomp Letter • 339 implied HN points • 20 Oct 24
🔮 Crypto Investing Technology Regulations Market Trends Finance
  1. There's a big crypto event happening called Crypto Investor Day 2024. It will have many important people in the crypto space sharing their insights.
  2. You can expect discussions on cool topics like the future of bitcoin, stablecoins, and crypto regulations. It’s all about getting valuable information without any fluff.
  3. If you want to attend, make sure to sign up soon because spots are limited. It's a great chance to learn from top leaders in the industry.

Stablecoins Are Eating The World

The Pomp Letter • 539 implied HN points • 16 Oct 24
🔮 Crypto Digital Currency Blockchain Investing Market Trends Financial Technology
  1. Stablecoins are becoming popular worldwide, in both rich and poor countries. They're helping a lot of people with their money transactions.
  2. Many users want to hold stablecoins and use them for payments. This shows there's a real need for these types of digital currencies.
  3. The growth of stablecoins is happening quickly, especially on faster blockchain platforms. This trend suggests that stablecoins could take a big share of how we use dollars in the future.

Understanding the Altcoin Market

DeFi Education • 719 implied HN points • 18 Sep 24
🔮 Crypto Altcoins DeFi Market Analysis Investment Strategies Trading
  1. There are many altcoins in the market now, making it really important to choose wisely. With less money available to invest, knowing which altcoins to pick can help you succeed.
  2. Tokens usually come from either private markets or public launches, and the early investors can affect a token's success. It’s important to understand how and when these tokens are released to predict their future value.
  3. In the world of altcoins, prices often shift based on news or market trends. Staying informed and understanding the market dynamics can give you an edge when trading or investing.

Aerodrome - Uniswap Killer?

DeFi Education • 379 implied HN points • 22 Sep 24
🔮 Crypto DeFi Exchanges Blockchain Trading Governance
  1. Aerodrome Finance is a fast-growing decentralized exchange, mainly on Coinbase's Layer 2 called 'Base'.
  2. In just over a year, Aerodrome has attracted over 10,000 daily users and handles about $9 billion in trading each month.
  3. The platform is generating significant earnings, with annual trading fees exceeding $100 million.

The Next Phase of Crypto

DeFi Education • 1338 implied HN points • 27 Aug 24
🔮 Crypto Blockchain DeFi Investing Market Trends
  1. The value in the crypto world is moving from blockchains to applications. People are more likely to use services that are user-friendly and cost-effective, instead of focusing on how the technology behind them works.
  2. As blockspace becomes more available and costs decrease, successful crypto projects will likely be the ones that offer the best applications and services. It's important to focus on investing in these applications rather than just the big blockchains like Bitcoin or Ethereum.
  3. Decentralization is important in crypto, but it's also okay for corporations to build applications as long as they respect the principles of openness and equality. Anyone can learn to create something valuable in crypto, which makes it accessible for everyone.

Bitcoin ETF Options Could Send Bitcoin Much Higher

The Pomp Letter • 439 implied HN points • 08 Oct 24
🔮 Crypto Bitcoin ETFs Options Investing Volatility
  1. Bitcoin ETF options are expected to attract more investors, which may help stabilize its price and reduce volatility over time.
  2. Unlike traditional assets, Bitcoin tends to become more volatile when its price rises, which encourages more buying during bull markets.
  3. The new ETF options will provide a familiar way for institutional investors to access Bitcoin, potentially leading to a significant increase in prices, similar to past market events like GameStop.

DeFi Roundup + Q&A (September 2024 pt. 1)

DeFi Education • 459 implied HN points • 14 Sep 24
🔮 Crypto DeFi Blockchain Tokenization Finance Technology
  1. Coinbase is bringing tokenized Bitcoin to the Ethereum network, which could have a big impact on DeFi. This is significant because the Bitcoin network holds a lot of value.
  2. There are updates on Trump’s World Liberty Financial, hinting at its involvement in the DeFi space. This reflects the growing interest from traditional finance figures in decentralized finance.
  3. A bi-weekly Q&A section is included, allowing subscribers to ask questions related to DeFi. This engagement can help the community learn and understand more about developments in the space.

bAXS is LIVE!

The Lunacian • 506 implied HN points • 26 Feb 26
🔮 Crypto Tokens Staking Governance Airdrops NFTs Gaming
  1. bAXS is live and functions like AXS inside the Axie ecosystem, letting you stake, breed, ascend, evolve, mint Runes/Charms, and pay for in‑game actions while remaining non‑transferable outside Axie.
  2. A first airdrop from a 100,000 bAXS pool is coming soon; eligible wallets (those with at least 10 AXS staked at the snapshot) receive allocations based on Axie Score and staked amount, and you can claim/check your allocation on App.Axie.
  3. Staking is consolidated on App.Axie (legacy staking page deprecated); bAXS can be staked for AXS rewards and full voting power, and converting bAXS to AXS uses an Axie Score–based rate that can reduce returned AXS with the difference going to the treasury to encourage in‑ecosystem use.

Atia’s Lab Log Entry #1

The Lunacian • 1012 implied HN points • 09 Feb 26
🔮 Crypto Tokenomics Smart Contracts Staking NFTs Security
  1. A major new dungeon boss tied to core lore is being added, and original weapons have been revamped with new basic attacks and stronger ultimates while several new weapons remain work-in-progress and need bug fixes.
  2. Combat is shifting to solo axie play to increase skill and depth, adding mechanics like Dash, enabling internal PvP testing, and experimenting with a high-risk mode where losing items or your Axie on death is possible.
  3. The bonded AXS (bAXS) token and staking system are under security audit and heavy testing, with minting, bAXS→AXS swap logic, staking flows, and tier progression being finalized before user-facing visuals are prioritized.

Fixing FX with Crypto

DeFi Education • 559 implied HN points • 07 Sep 24
🔮 Crypto DeFi Finance Blockchain Cryptocurrencies Market Trends
  1. DeFi can simplify foreign exchange transactions by allowing people to pay for goods in one currency while quickly converting it to another on-chain, making it cheaper and faster than traditional bank methods.
  2. Using crypto for migrant remittances can significantly lower transaction fees, helping workers send money home with minimal costs, unlike banks that charge high fees.
  3. Businesses can manage their foreign currency needs more efficiently using DeFi, avoiding complex dealings with banks and saving money with faster, more transparent transactions.

Welcome to Origins Postseason 16

The Lunacian • 46 implied HN points • 18 Mar 26
🔮 Crypto Gaming Esports NFTs Tokens Rewards Airdrops Blockchain
  1. The Elite 4 finals take place on March 22 with a livestream at 7PM PH / 6AM EST where four top players will compete for the season crown.
  2. Tournament rules require each player to register three distinct teams of three axies, follow part-overlap restrictions and no swapping, and matches use a double-elimination, first-to-3 format with a twice-to-beat Grand Finals advantage for the undefeated player.
  3. Prizes include a 1,200 AXS purse plus an Origin Axie for the champion, and a separate 10,000 AXS season pool will be distributed based on collectible tickets (15,838,917 tickets at 0.63135629 mAXS each), with AXS sent to players' Ronin addresses in the coming weeks.

MSTR: Converting index investing into a BTC bid

Jay’s Substack • 219 implied HN points • 11 Oct 24
🔮 Crypto Bitcoin Investing Finance Technology Business
  1. MicroStrategy is changing the way they invest by using Bitcoin. This shows a shift from traditional investing to a more crypto-focused strategy.
  2. The company is seeing success by integrating Bitcoin into their business model. This approach may inspire other companies to consider similar moves.
  3. The concept of turning index investing into Bitcoin bids highlights a trend in finance. It’s a sign that people are exploring innovative ways to invest.

Where to Build in Crypto

DeFi Education • 799 implied HN points • 17 Aug 24
🔮 Crypto Blockchain DeFi Investing Market Trends Ecosystems
  1. There aren't many builders in the crypto space, making each person's contribution significant. With about 7,600 full-time developers, what you create can really shape the future of crypto.
  2. Choosing the right ecosystem is crucial for your project. Ethereum has the most liquidity for DeFi, but Solana offers advantages for certain uses, so it really depends on your goals.
  3. The competition among Layer 2 solutions on Ethereum brings both benefits and challenges. They can be fast and cheap, but also create complexity and can be centralized, affecting the overall developer experience.

Lunacian Lounge Recap EP3:

The Lunacian • 552 implied HN points • 06 Feb 26
🔮 Crypto Tokenomics Play-to-Earn NFTs GameFi Metaverse Governance Community
  1. Sky Mavis will take big swings in 2026, shifting to a more aggressive and transparent approach to restore the Axie economy and regain market momentum.
  2. bAXS will be a non-tradable in-game balance usable 1:1 for core Axie activities and convertible to liquid AXS at rates tied to a player’s Axie Score; a 100,000 bAXS airdrop will be distributed from a Feb 5, 00:01 UTC snapshot to wallets with at least 10 AXS staked.
  3. Axie Homeland will be sunset and replaced by Terrariums, a persistent land system where Axies generate bAXS and EXP, land items add functional utility, and an MVP is planned for the first half of 2026.

Your memecoin is your slush fund

Noahpinion • 25529 implied HN points • 21 Jan 25
🔮 Crypto Digital Assets Speculation Market Trends Regulation Investment Strategies
  1. Memecoins like TRUMP and MELANIA are seen as a way to make money without the usual transactions. They can allow people to support political figures while avoiding direct payments.
  2. These coins do not have the same respect as traditional cryptocurrencies like Bitcoin. Many believe they could harm the overall reputation of crypto, as they mainly serve speculative purposes.
  3. Buying these memecoins could be a form of legal corruption, allowing individuals to give money to leaders or celebrities while disguising the true nature of the transaction, similar to a bribe.

Making DeFi Great Again (No Such Thing As Bad Publicity)

DeFi Education • 479 implied HN points • 23 Aug 24
🔮 Crypto DeFi Blockchain Tokens Regulatory Market Trends
  1. Donald Trump's endorsement of DeFi could attract new users who previously dismissed it, possibly sparking increased interest and growth in the sector.
  2. Political support for DeFi may lead to improved regulatory conditions, which can benefit established protocols and foster better returns for investors.
  3. Despite potential growth, the current market for altcoins remains risky, so it's essential to time investments carefully and focus more on trades than long-term holds.

DeFi Education Q&A (July 2024 pt. 2)

DeFi Education • 679 implied HN points • 10 Aug 24
🔮 Crypto DeFi Market Trends Investing Portfolio Management Risk management
  1. The DeFi market is currently facing some challenges, so it's important to be cautious and reduce high-risk investments like leverage.
  2. After a market dip, there might be good buying opportunities soon after, but it's wise to approach these with a short-term mindset.
  3. Staying updated on market trends and being part of a community can help you navigate through the ups and downs of investing.

Why Bitcoin Is Crashing

Common Sense with Bari Weiss • 255 implied HN points • 12 Feb 26
🔮 Crypto Bitcoin Market Dynamics Leverage Exchanges Regulation Investor behavior
  1. Borrowed money is the main cause of Bitcoin crashes. Heavy debt creates cascades of losses that amplify price drops.
  2. The crashes repeat and resemble traditional market meltdowns, not just a simple battle between believers and skeptics.
  3. Bitcoin fell sharply from its 2025 highs — over $120,000 and roughly $2 trillion in value — to about half that, including a one-week drop of about 25%.

Kontigo: Y Combinator's Venezuelan Sanctions Evasion Startup

Fintech Business Weekly • 557 implied HN points • 11 Jan 26
🔮 Crypto Regulation Compliance Sanctions Stablecoins Startups Banking
  1. Kontigo, a Y Combinator–backed startup, has been linked to efforts to help Venezuela’s Maduro regime evade sanctions.
  2. JPMorgan served as a fiat on‑ramp for users of that crypto company, showing how major banks can connect traditional finance to sanctioned actors.
  3. The episode highlights broader risks in the startup and stablecoin ecosystem, revealing compliance gaps and venture capital ties that can enable financial crime.

Introduction to Prediction Markets

DeFi Education • 699 implied HN points • 26 Jul 24
🔮 Crypto Prediction Markets DeFi Trading Market Analysis
  1. Prediction markets let users bet on the outcomes of real-world events, like elections or interest rates, by creating and trading tokens. This allows for both speculation and hedging against risks in the financial markets.
  2. Polymarket is a leading prediction market platform that has seen rapid growth, particularly during election cycles. Users can make money by providing liquidity and taking advantage of market mispricings.
  3. Memecoins and prediction markets serve different purposes for betting on events. Prediction markets offer specific outcomes with sound pricing, while memecoins allow for uncapped upside but carry risks of fluctuations based on popularity.

Origins S16 is LIVE!

The Lunacian • 506 implied HN points • 21 Jan 26
🔮 Crypto GameFi Play-to-Earn NFTs Tokenomics Staking Rewards Collectibles
  1. Origins Season 16 is live with the same Elite 4 format, and players can compete for a share of an 80,000 bAXS season prize pool.
  2. Axie is introducing bAXS, a non-transferable token backed 1:1 by AXS that can be used for breeding, ascending, evolving, and staking, and converting bAXS to AXS will incur a Treasury fee that scales by Axie Score.
  3. Collectible axie holders who keep their collectible axie for the entire Rare Era and finish at Tiger rank or higher will earn Collectible Chests with Tickets redeemable for part of a 10,000 bAXS pool.

What’s Next For DeFi

DeFi Education • 719 implied HN points • 19 Jul 24
🔮 Crypto Decentralization Blockchain Finance Regulation Investing
  1. DeFi, or decentralized finance, allows people to access financial services directly over the internet without needing banks. This is exciting because it can reduce costs and frustrations from traditional banking.
  2. Many people still view DeFi as complicated or risky due to past scams. However, there's a growing acceptance from governments and institutions that could help improve its image.
  3. The future of DeFi looks promising as big companies start to embrace its technology. It’s important for people to learn about DeFi now since it will likely become a key part of the financial system in the coming years.

Coinbase Q2 2024 Earnings

DeFi Education • 519 implied HN points • 02 Aug 24
🔮 Crypto Blockchain Investments Market Trends Regulations Earnings Reports
  1. Coinbase has reported better than expected earnings and revenue for Q2 2024. This is a positive sign for the company's financial health.
  2. Despite the earnings beat, Coinbase's stock price has dropped about 2% since the last report. This trend seems to match the broader crypto market conditions.
  3. The expectation for Coinbase's long-term success remains strong due to its strong position in the US market. They are seen as having a unique advantage or 'quasi-monopoly'.

Bullish or Bearish? Market Update

DeFi Education • 939 implied HN points • 05 Jul 24
🔮 Crypto Market Analysis Trading Strategies Asset management
  1. The current market has low liquidity, which makes it risky for traders with leveraged positions. This can lead to a lot of liquidations when prices change suddenly.
  2. Recently, there was a massive amount of crypto liquidations on July 4th, the largest since the FTX incident. This shows how volatile the market can be.
  3. The post offers a market update and a detailed overview of specific sectors for subscribers. It's designed to help them understand current trends and make informed decisions.

Grand Arena Season 1 Is LIVE!

Ronin’s Newsletter • 110 implied HN points • 19 Feb 26
🔮 Crypto NFTs Gaming Play-to-Earn Marketplaces Tokenomics AI agents
  1. Grand Arena Season 1 is live with a $1,000,000 prize pool across about 12 weeks, and you can enter daily fantasy contests (free or paid) to win gems and cash.
  2. mXP is the season’s non-transferable progression currency you earn by entering contests, spending Gems, collecting and upgrading cards, and your final payout is proportional to your share of total qualified mXP; higher-rarity cards also boost performance.
  3. Owning and training Mokis earns extra mXP and token rewards—training grants hourly mXP, Snacks give retroactive boosts, locked Mokis earn weekly mXP, and Champion Moki holders can get royalties; following social guides helps you keep up with the fast-changing meta.

On Crypto Crashes and Fake Money

The Future, Now and Then • 211 implied HN points • 06 Feb 26
🔮 Crypto Markets Regulation Banking Speculation Fraud Macroeconomics
  1. The reported $2 trillion crypto 'loss' mostly reflects falling market prices, not actual dollars moving somewhere else, because many crypto valuations were speculative rather than real wealth.
  2. Speculative tokens masquerading as assets can be used as collateral and tied into the real financial system, so when prices fall they can expose scams and create contagion across lenders and counterparties.
  3. This crash may partly reflect rich backers diverting capital (for example into AI), which reduces buyers-of-last-resort; prolonged low prices could reveal systemic cracks unless big players choose to prop the market back up.

Market Making Stuff Up

DeFi Education • 719 implied HN points • 12 Jul 24
🔮 Crypto Market Making DeFi Tokens Trading Investing
  1. Market makers provide liquidity by buying and selling tokens, improving trading efficiency. They help reduce transaction costs for traders.
  2. Projects hire market makers for better market visibility and tighter price spreads. This makes investors feel more confident when buying tokens.
  3. Market making can be risky and not always profitable. Market makers try to manage risks while looking for ways to profit from fees or token options.

How To Launder A Billion Dollars Using Tether

Fintech Business Weekly • 252 implied HN points • 25 Jan 26
🔮 Crypto Money Laundering Stablecoins Regulation Banking Payments Compliance Enforcement
  1. A Miami-based executive is accused of using Tether and U.S. shell companies to launder over a billion dollars by converting stablecoins to dollars and moving the proceeds across borders.
  2. Regulators and law enforcement are tightening up: crypto firms face fines and audits, payment processors are cutting risky partners, and some fintechs are seeking bank charters to change their funding and compliance profiles.
  3. Weaknesses in AML and onboarding—like easy account opening without clear nationality checks and misleading MSB registrations—make the financial system vulnerable and are driving calls for stronger monitoring and enforcement.

Who profits from a world without cash?

Altered States of Monetary Consciousness • 297 implied HN points • 20 Jan 26
🔮 Crypto Digital Currency CBDC Stablecoins Bitcoin Payments Geopolitics
  1. Cash protects privacy, resilience in crises, and everyday budgeting for low-income and informal economies; losing cash hands more power to banks and platforms and makes payments easier to surveil or censor.
  2. Central bank digital currencies (CBDCs) and dollar-backed stablecoins concentrate monetary control and can be used as geopolitical tools, while Bitcoin and other decentralised options offer a different, less controllable model.
  3. Digital payments are consolidating into a few powerful firms, threatening small-scale peer-to-peer trade and individual autonomy, which is driving interest in preserving or reviving analog money as a form of resistance.

Q&A (July 2024 pt. 2)

DeFi Education • 459 implied HN points • 27 Jul 24
🔮 Crypto Market Analysis Trends Regulation
  1. July 2024 has been a very volatile month for cryptocurrencies. Many people are looking for detailed updates on the market and different sectors.
  2. The Q&A sessions are designed to help subscribers understand the current trends and insights in the crypto market.
  3. This particular post is meant for paid subscribers who want in-depth analysis and exclusive content.

A new token is coming to Axie!

The Lunacian • 230 implied HN points • 03 Feb 26
🔮 Crypto Tokens Airdrops Staking GameFi NFTs Economy Metaverse
  1. bAXS is a new bonded AXS token that works like AXS for actions such as evolving, staking, and in-game purchases, but is structured to encourage spending inside the Axie economy.
  2. There will be two bAXS airdrops; Airdrop 1 requires wallets to have at least 10 AXS staked by Feb 5 @ 00:01 UTC and distributes a 100,000 bAXS pool allocated by Axie Score and staked amount.
  3. Homeland will be replaced by Terrariums, a redesigned land system where axies can live, play mini-games, join guilds, and earn bAXS, with an MVP targeted for Q2 2026.

Moku Mini accessories are coming to Lunacia!

The Lunacian • 414 implied HN points • 13 Jan 26
🔮 Crypto NFTs Gaming Marketplace Airdrops Partnerships Play-to-Earn Collectibles
  1. Moku Minis are limited-edition accessories you can equip to your axies and see in Atia’s Legacy Playtest 2 by purchasing and opening a Grand Arena Booster Box on the Ronin Market.
  2. There are six accessory types with capped supplies (like Moku Ratz Sacks, Moki Coins, Buff Mokis, etc.), and earned accessories will be airdropped to eligible addresses after January 19, with Moku handling remaining drops on a rolling schedule.
  3. To be eligible for the ultra-rare Ratz Fairy raffle you must complete three timed steps: open a Booster Box during Phase 1, buy 500 Gems in Grand Arena during Phase 2, and complete one Axie Bounty Board quest per day for seven days in Phase 2.