Richest women in the world: the ranking updated to 2025
Who are the richest women in the world in 2025? Have there been any changes at the top compared to previous years? Below is the updated ranking based on net worth, which is calculated bysubtractingliabilities from the totalvalue of assetsowned, including real estate, investments, cash, and businesses.
To compile this list of the world’s richest women, we refer to data from Forbes, which annually updates its rankings of the wealthiest billionaires. It’s also worth noting the Bloomberg Billionaires Index, which provides a real-time snapshot of billionaire wealth. As aresult, the rankings of some of these women may fluctuate throughout the year.
Here are the 9 richest women in the world in 2025.
9. Marilyn Simons
Marilyn Simons, the widow of the renowned mathematician and investor Jim Simons, who founded the hedge fund Renaissance Technologies, served as the president of the Simons Foundation until 2021. The Simons Foundation is one of the largest philanthropic organisations in the United States.
The foundation provides scholarships and grants to support research and development in four main areas: science and mathematics, autism and neuroscience, society and culture, and life sciences.
8. Miriam Adelson
After the death of her husband, Sheldon Adelson, in 2021, Miriam Adelson inherited the majority of shares in the casino giant Las Vegas Sands. The Adelson family owns five casinos in Macau and one in Singapore, which are among the world’s wealthiest locations. With assets totalling $32.1 billion, Miriam is also a prominent philanthropist who has donated over $1 billion to medical research to date.
7. Abigail Johnson
Abigail Johnson is the seventh richest woman in the world, with assets totalling $32.7 million. She serves as the face of Fidelity Investments, the third-largest investment fund in the world, which manages approximately $5.3trillion in assets. In January and July 2024, Fidelity, along with other investment funds, launched two exchange-traded funds (ETFs) focused on Bitcoin and Ethereum, respectively. This event marked a significant milestone for the cryptocurrency industry. Additionally, Fidelity recently announced the launch of two stablecoins in collaboration with World Liberty Financial, a decentralised finance (DeFi) project supported by the Trump family.
Savitri Jindal, with assets totalling USD 35.5 billion, is the richest woman in India. She serves as the chairman of the Jindal Group, a major player in the steel, energy, and infrastructure sectors. In addition to her business ventures, she is also involved in politics. Following the death of her husband in 2005, she was elected to the Haryana Vidhan Sabha, representing the Hisar constituency.
5. Rafaela Aponte-Diamant
Rafaela Aponte-Diamant and her husband, Gianluigi, co-founded the Mediterranean ShippingCompany (MSC) in 1970. Due to their vision, MSC has become the largest shipping line in the world. Rafaela currently oversees a fleet of approximately 900 ships, with assets valued at $37.7 billion.
4. Jacqueline Mars
Jacqueline Mars, the fourth-richest woman in the world and heir to the confectionery and food empire Mars, Inc., has a fortune of approximately $42.6 billion. She runs the family business alongside her brother, John. Mars Inc. is renowned for its popular snack brands, including M&M’s and Snickers, as well as the pet food brand Pedigree.
3. Julia Koch
Julia Koch and her children inherited a 42% stake in Koch Industries after the death of her husband, David Koch, in 2019. With assets totalling $74.2billion, Julia Koch now leads one of the world’s largest private conglomerates, the second-largest in the United States. The company operates in various sectors, including oil, paper, and medical technology.
2. Françoise Bettencourt Meyers
Françoise Bettencourt Meyers, the heiress of the cosmetics giant L’Oréal, has lost her title as the world’s richest woman after holding it for five years. However, her fortune remains substantial at approximately $81.6 billion. She owns 35% of the L’Oréal group, which has experienced a 20% drop in share value this year due to a significant decline in sales, particularly in China. Additionally, after 20 years, Françoise Bettencourt Meyers has announced her retirement from the company’s board, handing over the reins to her son, Jean-Victor Meyers.
1. Alice Walton
Alice Walton, the daughter of Walmart founder Sam Walton, has seen her wealth increase to $101billion, largely due to a 40% rise in the company’s stock value. Unlike her siblings, she has not taken an active role in managing the family business; instead, she has focused on her passion for art. Walton founded the Crystal Bridges Museum of American Art, which features works by renowned artists such as Andy Warhol, Georgia O’Keeffe, and Mark Rothko.
This ranking highlights how some of the world’s richest women have diversified their investments across various sectors, including technology, fashion, mining, and art. Whether they are successful entrepreneurs or heirs to substantial fortunes, these women continue to make a lasting impact in the global business world.
US President Donald Trump has supported the duties with often false or inaccurate statements. Here we will look at the most sensational ones. Enjoy!
US President Donald J. Trump based his campaign on the need to make America great again – Make America Great Again – and did so to the tune of slogans and catchphrases such as ‘America First!’ and ‘return to the Golden Age’. The trade tariffs, imposed, then lifted, and then reinstated, are the result of this strategy and are justified by blows of impressive statements. The problem is that many of these are unfounded. Off to fact-checking!
Donald Trump, when talking about the United States, tends to inflate the figure.s
Donald Trump is a proud American and, as such, is prone to magnifying everything about the United States of America, including numbers. Let us examine some sovereignist flare-ups:
The Paris Climate Agreement cost the United States trillions of dollars that other countries were not paying. In Congress on 4 March 2025, Donald Trump justified his exit from the Paris Climate Agreement in this way: untrue, the United States has never earmarked even remotely similar sums for the Agreement. Joe Biden, when he took office, promised to allocate around $11 billion per year, a figure that was later scaled back.
‘Honda has just announced a new plant in Indiana, one of the largest in the world‘. Also at the Congress on 4 March 2025, the US President declared in a triumphant tone the construction of a new industrial hub by the Japanese giant: untrue, Honda had expressed its intention to build the latest Honda Civic in Indiana rather than Mexico, as reported by Reuters, without confirming this.
‘The US is collecting $2 billion a day from customs duties. ‘. Statement of 8 April 2025, during a speech to coal industry workers: false, the figure is in the hundreds of millions, not billions and, most importantly, the duties are borne by American importers, not foreign exporters.
“We were losing $2 trillion a year on trade“—sentence uttered by Donald Trump on 22 April 2025 during an interview with Time in the White House. Here, the POTUS refers to the US trade deficit with the rest of the world before his arrival: false, in 2024 the imbalance amounted to some $918 billion, in 2023 to $773 billion, in 2022 to $945 billion, and so on.
‘I have signed 200 agreements. ‘. On 25 April 2025, in the same interview with the Times, when asked, ‘Not a single one (trade agreement, ed.) has been announced. When will you announce them?” Donald Trump replied with a dry “I have closed 200 deals”: untrue, there was – and is – no evidence to validate this claim.
Donald Trump and the European Union: not quite love at first sight
That the President of the United States of America has no excessive sympathy for the Old Continent is a well-known fact: just recently, he confirmed this ‘slight’ antipathy by raising tariffs to 50%. Let us see why:
“They don’t buy our cars, they don’t buy our food. They don’t buy anything.” On Sunday, 6 April 2025, Donald Trump told reporters aboard the presidential plane Air Force One that the EU would take advantage of the US: untrue. In 2024 alone, the EU imported almost $650 billion worth of goods from the US. Not exactly chump change.
“They don’t take our agricultural products“. Also on that 6 April, POTUS accused us of not buying goods and commodities for agriculture: untrue, as the US government itself reports, in 2024, the European Union spent almost $13 billion (+1% compared to 2023) on agricultural commodities. We like American dried (nuts) fruit.
“They put up barriers that make it impossible to sell a car. It’s not a question of money. It’s that they make everything so difficult: the standards, the tests. They drop a bowling ball on the roof of your car from 20 feet up. And if there’s a small dent, they tell you: ‘Sorry, your car is not suitable‘. This is beautiful. Monday, 7 April 2025, bilateral with Israeli Prime Minister Benjamin Netanyahu: untrue, there is no similar safety check in Europe, and most importantly, nowhere does it say that minor damage can cause the car to fail the test.
‘The European Union was created to exploit the United States of America‘: false. On 10 April 2025, Donald Trump is the protagonist of a tirade so vague that it is difficult to refute. In any case, numerous scholars – especially historians and economists – have been taken aback by this statement. John O’Brennan, a leading professor of European Integration, European Union Politics, and International Relations, said that this statement ‘could not be more wrong or inaccurate‘. And like many others.
From China with fury
That Americans and Chinese do not get along well is well known. US President Donald Trump, since his inauguration, has stepped up his game with a trade war based on extreme tariffs that was later suspended. Let us examine some of his recent mental gymnastics:
“We had massive deficits with China. Biden let the situation get out of hand. These are $1.1 trillion deficits; ridiculous, and it is simply an unfair relationship. It is 23 January 2025, and we are at the annual meeting of the World Economic Forum in Davos when these words come from the speakers: false. The fact checkers indicate that in 202,3 indeed the US trade deficit as a whole will be around that figure. Donald Trump, however, forgets one crucial detail: the $1.1 trillion deficit concerns the whole world, not just China, and only considers goods without including services in the calculation.
‘We have a deficit with China of more than a trillion dollars. ‘ This was stated by The Donald in an interview on Fox News Radio on 21 February 2025: false. As reported by the B.E.A. (Bureau of Economic Analysis), in 202,4 the trade deficit was around $263 billion; in 2023 the figure was close to $252 billion. In short, it was wrong by about $730 billion.
China has never paid even 10 cents to any other American president. Liberation Day, Wednesday 2 April 2025. Donald Trump announces tariffs for the first time and finds time to fire another propaganda bullet. By this, POTUS meant that before him, the Chinese were free to trade with the US for free: untrue. In 1792, Alexander Hamilton, then US Secretary of the Treasury, proposed the Tariff Act – also known as the Hamilton Tariff – to incentivise the consumption of domestically produced goods.
For Donald Trump, the grass is always greener on the other side
We close this review of rhetorical acrobatics with the United States’ neighbours: Canada and Mexico. These three great nations have always had very close trade relations, formalised by various agreements including NAFTA (North American Free Trade Agreement) and the USMCA (United States Mexico Canada Agreement).
The US has a ‘200 billion deficit with Canada. He emphasised this several times on 7 January 2025 at a press conference at his home in Mar-a-Lago: false. Again, the B.E.A. data tell us that in 2024 the imbalance between imports and exports with Canada amounted to $35.7 billion.
Canada is “ONE OF THE NATIONS WITH THE HIGHEST DUTIES IN THE WORLD“. All caps because Donald Trump, on Truth, often writes in caps lock. On 11 March 202,5, he published this statement: false, as also reported by the World Bank, which puts Canada in 102nd position out of 137 countries for weighted average tariff on all products. This indicator reflects the average import tax, calculated by taking into account the weight of different products imported.
“Canada does not allow American banks to do business in Canada, but their banks invade the American market. Oh, that sounds about right, doesn’t it?” he wrote in Truth on 4 March 2025: untrue, Canada does not ban foreign banks, much less American ones. They have recently tightened regulations, but banking institutions like Bank of America, Citigroup, and Wells Fargo have been operating in Canada for more than a hundred years.
“We have a $200 billion trade deficit with Mexico“. The US President said this on 9 February 2025, during an interview for Fox News: untrue. Again, the B.E.A.’s 2024 figures show a trade deficit of around $180 billion, half of what Trump said.
In short, we have only analysed one tenth of the falsehoods that the 48th President of the United States of America has been able to invent during these first five months in office. Knowing the data is very important and allows you to speak with full knowledge of the facts and avoid embarrassing and momentous blunders.
For this reason, join Young Platform and get informed so that you will have safe arguments with your friends during the Thursday afternoon aperitif!
How to retire early? Many people desire early retirement, and the 4% rule can provide assistance, despite its drawbacks. Let’s explore what it entails.
Early retirement is a dream for many working individuals, as it allows them to enjoy their savings while they still have the energy to do so. However, with the retirement age increasing almost every year, this opportunity often arrives later in life. The 4 % rule is one approach that can help people achieve their goal of early retirement. In this article, we will examine the 4% rule, including its benefits and drawbacks.
Early retirement and the 4% rule: the origins
The 4% rule originated in the United States, a country guided by the Latin proverb “homo faber fortunae suae,” which means “man is the author of his own destiny.” This mindset encourages citizens to rely on their own abilities rather than depending heavily on the government. As a result, Americans often gain familiarity with investments from a young age, driven by the belief that their future largely depends on their personal actions. This mentality has led to the development of various financial theories related to savings and retirement, including the popular 52-week challenge and the 4% rule that we will discuss today.
William Bengen, an aerospace engineer born in 1947 in Brooklyn, New York, is the inventor of this principle. He earned a master’s degree in financial planning in 1993. The following year, he published an article titled “CalculatingWithdrawal Rates Using Historical Data” in the Journal of Financial Planning. In this article, Bengen analysed extensive historical data on the U.S. market and discovered that it is possible to sustain oneself on savings for up to 30 years. His method involves withdrawing 4% of one’s investment portfolioeach year and adjusting this amount for inflation starting in the second year.
It’s essential to recognise that the American pension system differs significantly from European systems and is structured around three primary pillars: social security, private pension funds, and personal investments, including Individual Retirement Accounts (IRAs) and 401(k) plans. A key aspect that helps us understand Bengen’s strategy is that the 4% rule is based on the idea that pensions are “dynamic” rather than static. This means that when Americans save for retirement, they typically invest their money ina variety of assets, including stocks, bonds, exchange-traded funds (ETFs), and mutual funds. As a result, their pensions tend to grow over time. The 4% rule is designed conservatively, suggesting that this withdrawal rate would generally provide enough income to live comfortably for roughly 30 years.
To illustrate this point more clearly, let’s examine a concrete example.
How does the 4% rule work?
To determine how much capital you need for retirement, start by calculating your averageannual expenses. Once you have this figure, divide it by the %age you plan to withdraw annually, which is typically 4% (or 0.04).
For example, if you anticipate needing 15,000€ per year for expenses (which breaks down to 1,250€ per month for 12 months), you would divide this amount by 4%:
15,000€ ÷ 0.04 = 375,000€.
This means you should aim to have 375,000€ in investments. According to Bengen’s perspective, this capital would be invested in the stock market and would generate an annual return.
Great! You can stop working and enjoy your free time. In the first year, you withdraw 4% of your initial amount, which is €15,000.From the second year onward, you will adjust your withdrawal amount to account forinflation, specifically increasing it by 2%. This means you would withdraw €15,300 in the second year, and continue to adjust this amount annually based on inflation. Meanwhile, the invested capital is expected to generate enough profit to cover these withdrawals, allowing the portfolio to remain sustainable even during years when the market does not perform as well as expected. However, there are some caveats to consider.
Bengen’s early retirement fails to grasp some critical issues
First of all, it’s important to recognise that this is a purely theoretical rule and may not accurately reflect real-life situations. While calculating average annual expenses can be helpful, it doesn’t account for unique circumstances, such as wanting to take a trip to El Salvador or managing unexpected costs like car repairs. In these instances, you may need to reevaluate the amount you plan to withdraw to cover these unforeseen expenses—unless you have a dedicated emergency fund set aside.
Additionally, it’s crucial to consider the costs and fees associated with managing your investments. The Total Expense Ratio (TER) encompasses all operational expenses of a fund, including those related to mutual funds or ETFs. These fees can significantly impact your net investment return. If you decide to work with afinancial advisor, their fees will also be factored in. For example, a gross return of 7% could ultimately result in a net return of only 5.5% after deducting these costs. Keep in mind that every euro spent on commissions is a euro that isn’t working toward your future. If you’re interested in experiencing life in a country that has adopted Bitcoin as legal tender, consider planning a trip to El Salvador. You can also explore clubs offering discounts through WeRoad. Furthermore, join the Young Platform to stay updated on relevant guides and news!
Young Platform’s community runs on social networks, let’s keep in touch
The Young Platform community lives and grows every day on social media. It’s where we share news, insights, educational content and curiosities — but also where we discuss the future of our ecosystem and listen to your ideas.
Our official channels are open spaces designed for dialogue and exchange. Each has its own personality, so you can choose where to follow us depending on what you’re looking for: updates, learning, interaction or entertainment.
Here are all our channels — and why they’re worth following 💚
Follow us on our daily adventure!
Telegram: discover what we’re brewing up, ask for technical support and share your ideas with the team and other members of the community. (If you’re Italian, here’s Telegram for our Italian community)
Instagram: unmissable curiosities and Live streams with the great pioneers of the Crypto world
Linkedin: the space for Young’s Senior Advisors, conferences and events around the world
Twitter: the great network of those who work on innovation in Italy and collaborate with us
Facebook: videos, interviews and the latest Academy releases
Disclaimer: The team will never ask you for your personal information, email or password to access your account. Beware of those who do so in order not to compromise the security of your cryptocurrency.
Transfer your cryptocurrencies via your preferred blockchain, to and from Young Platform, with Multinetwork.
Many in our community have been asking for the option to deposit and withdraw crypto through different networks, such as Layer-2 solutions. Here’s what that means and the advantages of Multinetwork.
What are networks?
While navigating the crypto market, you might use a wallet or a DeFi application.
To add cryptocurrencies to these wallets and use such applications, you’ll often need to go through an exchange to convert Euros into crypto.
At some point, you may also want to transfer the tokens you’ve obtained from these applications to the Young Platform—either to convert them or to store them in a simpler way for your tax declaration.
To move crypto from Young Platform to other crypto applications (and vice versa), you’ll need to use a blockchain network.
Here’s the key question: which blockchain should you use?
Every cryptocurrency is supported by specific blockchains (and networks). For example, BTC is mainly transferred via the Bitcoin network, ETH via Ethereum, and so on.
Over time, however, new blockchains have emerged—faster and cheaper ones—especially for moving Ethereum-based cryptocurrencies. Layer-2 solutions like Arbitrum, Optimism, and Polygon have made it possible for ETH and all ERC-20 tokens to circulate more efficiently and at lower costs.
That’s why many crypto applications now offer the option to use different blockchain networks. And now, you can do the same on Young Platform!
Which networks are supported?
Currently, Multinetwork supports ETH, USDC, and USDT—the most widely used cryptocurrencies in DeFi. More networks and assets will be added in the future.
You can always find the complete list of supported networks on the Fees and Prices page. For step-by-step instructions, visit our Support portal to learn how to deposit and withdraw.
Take advantage of Multinetwork to transfer your crypto in the fastest and most cost-effective way!
Warning: cryptocurrency transfers sent on the wrong network, or to the wrong wallet, or without a memo/tag may not be recoverable.
Whether you’re planning a spring getaway, an autumn adventure or a winter break, WeRoad trips with Young Platform Club perks are the perfect answer.
Planning a last-minute departure is never easy, especially if you want an authentic, well-organised experience.
Luckily, Young Platform and WeRoad make it simple — and more affordable!
What is WeRoad?
As well as being one of the most important Italian Tour Operators, also present in France, the UK, Germany and Spain, WeRoad is the largest community of travellers in Italy.
Forget the old agencies that print your tickets by fax, crumpled brochures or buses full of tourists: with WeRoad, you book and manage your entire trip online!
On WeRoad, you find trips for curious and adventurous spirits who want to discover the world with new people and an experienced travel coordinator without having to worry about the organisational side.
How does the benefit work?
Thanks to the partnership with Young Platform, Club members can enjoy a unique advantage on WeRoad travels.
This is a coupon that can be used for 3different trips, the value of which varies depending on the Club:
Want to buy cryptocurrencies on Young Platform? The first step is simple: top up your euro wallet. Only after making a deposit can you exchange your euros for any crypto available on the exchange.
Before getting started, make sure you’ve completed identity verification. On Young Platform, you have several options to add funds to your account: you can deposit via bank transfer, debit or credit card, Google Pay or Apple Pay, or redeem a Gift Card.
Choose your preferred method, top up your account, and start your journey in the crypto world!
1. Deposit via bank transfer
Bank transfer is one of the safest and most cost-effective ways to deposit euros into your Young Platform account and start buying cryptocurrencies. You can make a transfer from an Italian account or an account in the EEA, with some differences in timing and steps.
All bank transfers are free of charge, except for any fees applied by your bank.
How to deposit via bank transfer:
Open the Young Platform app and go to Home or Euro Wallet.
Select Deposit and choose EUR as the currency.
Select Bank Transfer.
Specify whether your account is:
Italian
Foreign (EEA)
Intesa Sanpaolo
Copy the Young Platform’s bank details shown on the screen.
Open your banking app or online banking service and paste the details to complete the transfer.
If you have a foreign or Intesa Sanpaolo account, also enter the required amount and payment reference before confirming.
Send the transfer. Once completed, the amount will appear in your Euro Wallet on the Young Platform.
Processing times:
Instant transfer (Italy only): credited in 15–45 minutes.
Standard transfer: credited in 2–5 business days.
Deposit limits:
Minimum amount: €20
Maximum amount: depends on your verification level (KYC):
Level 1 – max €4,000 per transaction / €25,000 per year
Level 2 – max €8,000 per transaction / €50,000 per year
Level 3 – max €30,000 per transaction / €200,000 per year
Level 4 – max €60,000 per transaction / €200,000 per year
The bank account must be in your name (or jointly held by you) and match the name registered on Young Platform.
For foreign accounts and Intesa Sanpaolo, a payment reference is mandatory.
For the latest fees and limits, check: exchange.youngplatform.com/fees
2. Deposit with debit, credit or prepaid card
You can quickly deposit euros into Young Platform using Visa and Mastercard debit, credit or prepaid cards.
How to deposit:
From Home or Euro Wallet, select Deposit.
Choose EUR.
Select Credit, debit or prepaid card.
Add a new card or select a saved card.
Enter the amount (minimum €20).
Review the transaction summary and confirm.
Your bank may require authentication via app or SMS (SCA – PSD2).
Note: The first time you use a card, a small temporary charge will be made to verify it. This amount will be refunded automatically after verification.
Advantages: Instant deposit. Fees: 2.2% + €0.25 (Visa/Mastercard fees). Name requirement: The card must be in your name.
For updated fees: exchange.youngplatform.com/fees
3. Deposit with Google Pay or Apple Pay
You can also quickly top up your Young Platform account using Google Pay or Apple Pay.
To use this method: You must have Google Pay or Apple Pay enabled on your device and linked to at least one payment card.
Young Platform Gift Cards are digital vouchers worth between €20 and €250, redeemable for cryptocurrencies.
How to redeem:
Go to the Profile or Wallet section from the app or web platform.
Select Redeem Gift Card.
Enter the code you received by email or SMS.
The amount will be credited to your Euro Wallet and ready to use.
FAQs about euro deposits
What does “topping up my account to buy cryptocurrencies” mean? It’s the process of transferring euros into your Young Platform wallet, so you can then convert them into cryptocurrencies.
Do I need a subscription to use my account? No, your account is free. You can deposit any amount, anytime—no fixed costs.
How do I check if my deposit has arrived? Check your Euro Wallet balance. If the funds have been credited, you’ll see them instantly.
What if my deposit is delayed? Check the expected processing times for your deposit method. If it’s taking longer than expected, open a support ticket: support.youngplatform.com/hc/en/requests/new
Is it safe to link my card to the Young Platform? Yes, it’s safe. Just beware of scams: always make sure the URL is exchange.youngplatform.com/ or use the official app.
How many cards can I link? You can add up to 5 cards per month and 40 in total.
How can I withdraw my funds? Withdrawals are only possible via bank transfer or the payment card used for your deposits. Full instructions are available here: support.youngplatform.com/hc/en-us/sections/4559848673426-Deposits-Withdrawals
Why do I see multiple wallets in my account? On Young Platform, each currency (fiat or crypto) has a dedicated wallet: one for euros and one for each cryptocurrency.
Can I remove my card whenever I want? Yes! Go to Profile → Payments and click Remove card to delete any saved card.
Explore what banking risk is and how it justifies the extra profits earned by banks.
What is Risk Banking? No, it’s not the latest expansion of your favourite board game, although the dynamics of conquest and strategy that govern it bear a striking resemblance. This term, cleverly borrowed from the famous board game, describes the recent trend among credit institutions—especially those with a bit of extra capital—to engage in mergers, acquisitions (M&A), and amalgamations. It’s akin to when you’ve gathered enough armies in the game to start eyeing your neighbour’s territories with interest.
One key macroeconomic factor associated with banking risk is the change in interest rates, a topic frequently discussed in our articles due to its significant impact on various markets, including the cryptocurrency market. When central banks raise interest rates to combat inflation—while many of us witnessed rising mortgage payments—it’s often a boon for bank profits. These additional earnings will likely be reinvested to promote growth and expansion. So, prepare yourself; the banking risk landscape for 2025-2026 is shaping up to be quite eventful.
The health of Italian banks
Before exploring the main topic, it is helpful to briefly review the health of credit institutions to understand the context in which this risky phenomenon develops. In recent years, banks have greatly benefited from central banks’ decisions regarding interest rates.
In 2023, Italy’s largest listed banks reported a combined net profit of EUR 21.9 billion, which increased to EUR 31.4 billionin 2024. At the European level, the earnings of the twenty largest banks reached approximatelyEUR 100 billion.
The primary driver of growth during this period was the European Central Bank’s decision to raise interest rates in an effort to combat inflation. From July 2022 to October 2023, reference rates increased from 0% to 4.5%. This rise led to an improvement in the net interest margin, which is the difference between the interest income generated from loans and the interest expenses paid on deposits. In simple terms, banks raised lending rates on loans more quickly than they increased the interest offered on deposits.
However, the positive results were not solely due to this factor. There was also a rise in net commissions, particularly from asset management services. These elements have contributed to the current situation where banks, having accumulated substantial profits—akin to conquered territories or bonus cards in a game—now possess significant liquidity, or ‘armies.’ The next step for these banks, in both contexts, is to invest these resources for further expansion.
The banking risk
The metaphor of banking risk is particularly fitting, as the sector is increasingly resembling a competitive arena. However, unlike a board game, the push for consolidation among banks is driven by several strategic motivations that are essential for their growth and stability. Here are the main factors:
Seeking economies of scale: the primary objective is to unify operational structures and optimise costs through the rationalisation of internal processes and the integration of technology platforms.
Geographical and product diversification: expanding territorial presence and broadening the range of services offered enables banks to mitigate the risks associated with concentrating on specific markets or customer segments, while simultaneously increasing cross-selling opportunities and, consequently, revenues.
Increased competitiveness: larger banks generally have greater bargaining power and a higher capacity to invest in new technologies, human resources development and marketing initiatives, thus strengthening their market position.
Strategic response to industry challenges: M&As are seen as a response to accelerating digitisation, the need to comply with increasingly stringent regulations (e.g., on capital and liquidity requirements), and the urgency of addressing cross-cutting issues such as environmental and social sustainability.
Shareholder pressure: A relevant factor is the constant pressure exerted by shareholders to maximise the value of shares and dividends, and to attract new investors.
The banking risk: the most emblematic cases
The Italian banking landscape has experienced notable mergers and acquisitions (M&A) that have reshaped the credit sector. The merger between Intesa Sanpaolo and UBI Banca, finalised in 2021, is seen as a pivotal moment that sparked the latest wave of banking consolidation. This merger not only solidified Intesa Sanpaolo’s leadership but also catalysed further integration within the industry.
Another significant example is Crédit Agricole Italia’s acquisition of Credito Valtellinese (CreVal) between 2020 and 2021, which highlights the growing interest of foreign groups in enhancing their presence in key regions of Italy. Additionally, BPER Banca has remained an active participant in the market, acquiring Banca Carige in 2022 and engaging in ongoing discussions about a potential merger with Banca Popolare di Sondrio.
In the background, several hypotheses involving major players are circulating. There has been extensive discussion about UniCredit‘s interest in increasing its stake in Germany’s Commerzbank, as well as previous talks about a potential merger between UniCredit and Banco BPM. Currently, Banco BPM is working to finalise its takeover bid for Anima SGR, which is also attracting interest from UniCredit, with a bid exceeding EUR 10 billion.
Meanwhile, Unipol, having been excluded from the recent sale of public shares in Monte dei Paschidi Siena, is focusing on facilitating a merger between Bper and Popolare di Sondrio, in which it holds a significant stake.
Banca Monte dei Paschi di Siena (MPS) remains a central element in the mergers and acquisitions (M&A) dynamics, with the Italian government seeking market-based solutions for its eventual stabilisation and privatisation. In this context, there has been renewed speculation about a possible involvement of UniCredit..
What will be the following developments?
What will be the outcome of this phase of banking risk? It is complex to provide a clear answer, mainly because there won’t be an absolute or definitive winner. Banking risk, unlike the dynamics of a board game, is a continuous process that adapts to the changing economic and financial seasons.
The current period is undoubtedly critical. With interest rates falling, the exceptional profit margins that banks have enjoyed in recent years may begin to normalise. This situation prompts banks to reevaluate their strategies and develop new plans to maintain profitability and strengthen their competitive positions.
As a result, we can expect further consolidation within the industry. Large banking groups may seek to fortify their positions to compete effectively on a global scale, while smaller institutions will need to take action to avoid being left behind. This could involve forming strategic alliances or pursuing mergers to create national or specialised leaders in the market.
What about the customers and the economy as a whole? Proponents of these operations often emphasise the anticipated benefits related to increased stability, efficiency, and investment capacity. It will be crucial to monitor whether these significant manoeuvres lead to real advantages in terms of effective competition, service quality, and support for the real economy. In summary, the dynamics of banking risk are still ongoing, and the upcoming developments will continue to shape the future of the credit sector.
The Q2 2025 report on the YNG token. What happened? What are the next steps?
The second quarter of 2025 will be remembered as a strategic turning point for our ecosystem. It was a period of intense work that culminated in a historic event: the arrival of Young (YNG) on the decentralised market. The enthusiasm of our community was palpable, with the token’s price seeing a sharp appreciation following the launch announcement, rising from around €0.20 at the beginning of July to a high of €0.45.
This Report analyses in detail the significance of this step, the strategies that made it possible, and above all, the following exciting developments. On the occasion of an event as important as the Uniswap launch, we have decided to make this edition of the report entirely public and accessible to everyone. We want the entire community, and beyond, to fully understand the scope of this turning point.
This is a notable exception: starting from the next edition, the report will return to being exclusive content, with detailed insights into numbers and strategies, reserved solely for our Club members. Suppose you are not yet one of us. In that case, this is the perfect opportunity to experience the level of transparency and detail we offer and to consider joining the Clubs to stay informed about future in-depth analyses.
The launch of YNG on Uniswap and CoinMarketCap
As repeatedly stated, the YNG listing is just the beginning. However, the third quarter of 2025 is, in a sense, the most important of the year, as it will culminate in the realisation of key projects that propel us toward our ultimate goal: to become a digital hub that merges the best of traditional finance (TradFi) and decentralised finance (DeFi).
The launch of YNG on the decentralised exchange Uniswap took place on July 17th. From that moment, and for the first time in history, our token became accessible to a global audience, marking our official entry into the world of DeFi. Concurrently, we secured listings on CoinMarketCap and CoinGecko, ensuring maximum visibility and transparency from the very first minute.
The Unbox: Young Platform’s richest prize competition ever
But the news doesn’t stop there. In recent weeks, we also launched “The Unbox,” our largest and most ambitious prize competition ever, with the primary goal of freeing participants from their preconceptions about finance.
With a prize pool that includes iconic prizes (like a Rolex Datejust and a Moto Guzzi V7) and new game mechanics, this event is designed to increase our community’s engagement and put them to the test, allowing users to win incredible prizes as a natural continuation of their journey exploring the crypto world.
In this context, YNG is the absolute star thanks to the Boost Holder, a mechanism that provides a tangible advantage to those who hold the token in their Young Platform wallet. Specifically, at the end of each week, users receive an extra Gem bonus, calculated based on the amount of YNG held in their wallet (tokens held in Clubs are excluded). It’s a simple, automatic, and merit-based system: the more YNG you own, the more bonus Gems you get, regardless of the missions completed. This is our way of rewarding those who choose to keep their capital in YNG during this key phase of its evolution.
OTC Allocation for Strategic Partners
During this quarter, a strategic allocation of 2,000,000 YNG tokens was almost entirely completed through an Over-the-Counter (OTC) sale that began on July 1, 2025. To date, 100% of the sales target in Euros has been reached, for a total of 474.766,22 €, corresponding to 1.722.440,88 YNG.
This initiative was reserved for selected profiles, High-Net-Worth Individuals (HNWIs), and top users of the platform, to strengthen our ecosystem by involving actors aligned with our long-term vision.
The offer included a minimum purchase of €5,000 and a tiered bonus structure to incentivise larger investments:
5% bonus for purchases over €10,000
10% bonus for purchases over €50,000
15% bonus for purchases over €100,000
To discourage speculation and ensure long-term alignment, participants could opt for an additional 15% bonus by locking their tokens. The unlocking terms for these tokens include a 6-month total lock-up period (cliff), followed by a linear monthly release over the subsequent 6 months. The selection of participants was rigorous, ensuring that each partner shared our long-term oriented approach.
The proceeds from this allocation will be entirely reinvested to support YNG’s growth. Specifically, they will be used to finance upcoming marketing campaigns, potential listings on other centralised exchanges, and to fuel the token’s stability mechanisms, such as buyback programs and liquidity injections.
Given the success of the initiative, we have prepared a new allocation plan, which we will describe in detail in future updates. Unlike the OTC sale, this new plan entails that token purchases will be executed directly on the market. This means they will have a direct impact on the price of YNG. Further details on this future initiative and participation requirements, also based on Club membership, will be shared exclusively with Club members.
Economic Model Integration: Liquidity Injections and Periodic Buybacks
The following strategic step for YNG’s infrastructure is the activation of our new economic model, designed to support its value and liquidity over time.
The integration will be gradual: the mechanism will become fully operational only with the launch of new features, such as the payment account, the card, and perpetual futures trading, scheduled for the second half of 2025.
However, to provide tangible support to the token from its launch, we have chosen to activate an observation phase immediately. We have allocated a dedicated monthly budget and are ready to intervene to support the project if necessary. This initial phase will then be replaced by a portion of the platform’s revenues with the launch of the new features.
As stated multiple times, the economic model is based on two main actions:
Liquidity Injections: The funds will be used to add liquidity to the pools, making the market more stable and resilient.
Buyback (market purchase): If a liquidity injection creates an imbalance, the mechanism will use the funds to buy YNG on the market, realigning the value of the assets in the pool and supporting the price. The control and rebalancing between the quantity of Young (YNG), EURO, and USDC in the Pools will be carried out monthly.
To simplify, the process will work as follows:
Month 1: Assuming a monthly budget of €20,000, this entire sum is used to purchase the YNG token directly on the market. This buyback operation is intended to support the token’s price.
Month 2: The YNG tokens purchased in the previous month are paired with the current month’s budget. The asset pair (YNG and Euro) is then added to the liquidity pool, increasing the market’s depth and stability. The cycle repeats in the following months.
New Benefit for Clubs: Pulsee Energy
The second quarter of 2025 also brings a new, significant benefit for members of the Young Platform Clubs, designed to meet one of the most pressing needs of the moment and to enrich the user experience from a financial and practical standpoint.
In a context marked by the rising cost of living, we have forged a strategic partnership to offer a concrete and immediate advantage.
Pulsee Luce e Gas: a new energy for your finances. We have joined forces with Pulsee Luce e Gas, the 100% digital energy company of Axpo Italia, to give you greater control over your household expenses. This collaboration was born to offer you not only tangible savings but also an innovative and transparent experience, in line with the Young Platform philosophy.
Club members can now access an exclusive discount on their bills:
€140 discount on electricity and gas for Club Bronze & Silver members.
€160 discount on electricity and gas for Club Gold & Platinum members.
Pulsee offers energy from 100% renewable sources, fully digital management via an app, and zero paper constraints—a concrete way to cut costs where they weigh the most and protect your purchasing power.
This benefit adds to the others already active and demonstrates our ongoing commitment to enriching the value of the Clubs. New collaborations are already being defined to make the experience for our members ever more complete and distinctive.
Strategic Insights and On-Chain Data
The following section represents the level of in-depth analysis that is usually reserved exclusively for members of the Young Platform Clubs: confidential information, strategic data, and previews that are not publicly shared.
As a notable exception to celebrate the listing, we are making this content public. In these pages, you will discover the complete evolution of our ecosystem: from the organic growth of the YNG token, which we consider fundamental for it to remain “healthy,” to the new phase of our roadmap.
Listing on Uniswap, CoinMarketCap, CoinGecko
The launch of YNG on Uniswap was executed with a precise strategy, aimed at ensuring stability and maximum transparency for our community. In conjunction with the listing, we secured the presence of YNG on the two most important data aggregators in the world, CoinMarketCap and CoinGecko.
We are in direct contact with their respective teams to ensure that all information (supply, market data, etc.) is always accurate and up-to-date.
To create the market on Uniswap, we split the liquidity pools already present on our exchange, using part of those funds to develop the new decentralised pool on Uniswap V3. At the same time, to ensure clear on-chain visibility, we have structured the YNG supply into three main wallets:
1. Wallet: treasury & ecosystem rewards
This is our main wallet, containing 66 million YNG. Its function is twofold:
Ecosystem Rewards: A portion of the funds fuels the benefits for Club members, such as enhanced staking, contest prizes, and future cashback.
Treasury: The other part serves as a strategic reserve to support the token’s long-term growth, financing the buyback mechanism, liquidity additions, and other future initiatives. We have chosen not to define the breakdown of these funds rigidly. This flexibility is crucial to seize opportunities that will arise in the coming years and to continue rewarding our most loyal users, while always keeping inflation under control.
This wallet contains approximately 24.9 million YNG and represents the circulating supply held by users on our platform. If you are a YNG holder on our exchange and have not withdrawn the tokens to an external wallet, your funds are safe here.
7% share of the total YNG supply, equivalent to 7 million tokens, has been allocated to an incentive plan for the team. The objective of this reserve is to align the interests of our staff with the long-term growth of Young Platform, rewarding their strategic contribution. The distribution of 5% of the total token supply will begin in early August and will follow a four-year gradual vesting mechanism. This system ensures a constant commitment over time. Should a team member end their collaboration with the company, they would forfeit the right to receive the unvested portions of the tokens. Furthermore, to support the company’s expansion goals, the 2 million YNG (equal to 2% of the total supply) not yet allocated will be reserved for the recruitment of future talent.
Wallet Address (Etherscan): 0xA26Cbb76156090f4B40A1799A220fc4C946aFB3c The management of the entire reserve will be carried out with maximum transparency; it will be possible to monitor the amount of tokens released into the market by directly analysing the holders section on Etherscan. Moreover, the issuance of these tokens will be regulated by a mechanism linked to the market capitalisation, which will align the increase in supply with the project’s growth.
4. Wallet for Uniswap Liquidity (LP Token)
This wallet contains the tokens that represent the liquidity provided by Young Platform to the decentralised exchange Uniswap.
What are LP tokens? When you provide liquidity to a pool on Uniswap, you deposit two tokens in a “pair” (in this case, YNG and another asset, like ETH). In return, Uniswap issues LP (Liquidity Provider) tokens.
These tokens act as a “receipt”: they prove ownership of a share of that liquidity and entitle you to receive a portion of the fees generated each time someone trades the tokens in that pair. This wallet holds these LP tokens, guaranteeing YNG’s liquidity on the decentralised market of Uniswap. As of 07/27/2025, the liquidity locked at this address corresponds to 1,732,074 YNG.
Let’s now turn to the numbers from the last few months. As you know, YNG is the utility token of Young Platform and grants access to the Clubs: subscription plans that offer significant advantages both on our crypto services and on a selection of brands designed to enrich every aspect of your financial life. First, a clarification is necessary: due to a tracking error related to past promotions, the member data reported in previous reports was not entirely correct. Specifically, some users who were taking advantage of a promotional access to our first Club level, an initiative aimed at testing new engagement strategies, were mistakenly counted. Below are the updated and certified data.
As of 07/27/2025, the Clubs are composed of 1,830 people, divided as follows:
1,205 for Club Bronze;
275 for Club Silver;
156 for Club Gold;
194 for Club Platinum;
This data also allows us to analyse the token’s distribution. The more people join a Club, the more YNG is locked, thus reducing the circulating supply. Consequently, this dynamic contributes to greater price stability for YNG. At the end of the first quarter of 2025, Club members numbered 1,797, marking a growth of about 1%. At first glance, the growth may seem modest. Still, the data must be interpreted in light of another factor: the choice of many users to leave the Clubs to have their tokens available for the listing and to capitalise on a potential price increase of Young (which did indeed happen) to realise a profit.
Below is a chart summarising the growth of Club members from the launch of Young (YNG) on our platform to today. We intend to build a dedicated dashboard accessible to Club members through which it will be possible to see, in real time, how the adoption of our loyalty programs evolves.
YNG Token Distribution
In the period between early April and late July 2025, the circulating supply of YNG increased from approximately 24 to 27 million tokens. It is crucial to clarify the nature of this increase immediately: it is not the result of new emissions, but the consequence of a strategic OTC allocation, as previously discussed in the report. These 3 million tokens are now included in the circulating supply calculation because they have left the treasury wallet. However, most are subject to vesting periods and are therefore not immediately available on the market.
This strategic dynamic is coupled with the protocol’s organic inflation, stemming from rewards, which, by contrast, has remained at exceptionally low levels. The analysis of the second quarter (Q2) of 2025 confirms this:
Step Rewards: 33,851 YNG
Staking Rewards: 3,929 YNG
Total Q2 Emissions: 37,780 YNG
This total represents a quarterly inflation rate of just 0.14% relative to the circulating supply.
Having defined the composition of the supply, let’s move on to its distribution across the markets. With the listing on Uniswap, YNG’s liquidity was split to support both the CEX and the DEX. As of July 27, 2025, the situation is as follows:
YNG/EUR Pool (on Young Platform):
621,000 Euros
1.734 million YNG
YNG/USDC Pool (on Uniswap – Ethereum):
723,905 USDC
1.733 million YNG
This configuration is the result of the purchases and sales made on the two markets where Young (YNG) is currently active, summarised below along with the price trend.
What happened during Q2 2025 from a tokenomics perspective?
From a tokenomics perspective, the quantity of tokens issued during the quarter remained in line with previous periods, consistent with our policy of controlled inflation.
This approach, which limits the increase in supply much more significantly than the crypto market average, represents a fundamental strength for YNG’s stability. This characteristic, combined with the new economic model that will be implemented with the launch of new features at the end of Q3 2025, strengthens our prospects for sustainable growth.
A more in-depth analysis of the current circulating supply reveals a strategic division between locked tokens and freely tradable tokens:
Illiquid YNG: approximately 11.2 million YNG (just under half of the circulating supply) are not immediately available for sale. This figure includes tokens deposited in Clubs, those subject to lock-up periods following the OTC sale, those contained within the liquidity pools, and those on Step.
Liquid YNG: consequently, the amount of tokens actually “sellable” on the market amounts to approximately 8.6 million.
The rest of the circulating supply is distributed within the ecosystem, mainly on Step and in the two currently active liquidity pools.
The Price of YNG
The second quarter of 2025 marked a turning point for Young (YNG), characterised by exceptional price performance and the achievement of a fundamental strategic objective: listing on a decentralised market.
After a phase of remarkable stability for much of the quarter, with the price hovering around the €0.20 level, the situation changed radically in early July. The announcement of the imminent listing on Uniswap triggered a sudden surge, fueled by the positive reaction of the community.
Intense buying pressure pushed the token above €0.27 in a single day, and then, within a week, it broke the previous all-time high of €0.30. This rally peaked in the week of the launch, when YNG set a new all-time high around €0.50, marking an appreciation of about +120% since the end of June.
The enthusiasm was such that, at the time of listing, the price even briefly touched the one-dollar mark on the on-chain pool. While we appreciate this performance, our goal remains steady and organic growth, avoiding excessive volatility and linking the token’s value to its real utility within the platform.
The Next Steps
The listing on Uniswap is not a destination, but the beginning of a new phase of expansion. Our strength lies not in short-term hype, but in building a solid, secure, and valuable ecosystem. Our course for the coming months is set and is based on three fundamental pillars:
1. Global Expansion and Targeted Marketing
The launch on Uniswap kicks off our first true international marketing campaign to make the project known far beyond Italy’s borders. It’s not just about promoting the token, but about making the entire Young Platform ecosystem accessible and attractive to a global audience, increasing its utility and avoiding purely speculative logic. We will act with a strategic and measured approach, collaborating with agencies and KOLs (Key Opinion Leaders) specialised in the Web3 sector. Thanks to a flexible structure, we will analyse data in real time to focus investments on the highest-impact activities, thus ensuring organic and sustainable growth.
2. Continuous Platform Development
While the market focuses on price, our team remains focused on our primary mission: building tangible value. Our development roadmap continues unabated, and the release of the announced new features, such as the payment account, the card, and the integration of futures, is our top priority. We firmly believe that the growth of YNG’s value in the long term will not be dictated by hype, but by its real utility. Every new product we integrate into the ecosystem creates new use cases for YNG, increasing its organic demand and offering our community more concrete reasons to hold and use it.
3. Strategic Activation of the Economic Model
In parallel with development, we will activate our new economic model, designed to link the platform’s successes to the token’s stability. The implementation will be gradual: in an initial phase, until the launch of the account and the card, we will be in “observation mode,” carefully monitoring the market to act with targeted support operations where necessary. Subsequently, the mechanism will become fully operational. A portion of the platform’s revenues — generated from trading fees, the Step app, and staking — will be systematically used to perform YNG buybacks or to inject liquidity into the pools, creating a virtuous cycle that supports the token’s value over time.
Conclusions
The second quarter of 2025 concludes by marking a historic turning point for the Young Platform ecosystem. The listing of YNG on Uniswap was not just a technical milestone, but the beginning of a new era of global accessibility and integration into the world of decentralised finance. The enthusiasm of our community and the positive market reaction, which brought the token to a new all-time high, confirm the validity of our vision.
As we have detailed in this report, every step — from the strategic OTC allocation to the launch of The Unbox competition — has been guided by a single principle: the construction of long-term value. Our course remains firm and focused on organic growth, the real utility of the token, and the constant strengthening of our ecosystem, shielded from purely speculative dynamics.
The coming months will be just as intense. We will proceed with determination along the three strategic pillars we have outlined: the expansion of our marketing globally, the release of new and fundamental features like the account, the card, and futures, and the progressive activation of our economic model. We are convinced that these initiatives will further consolidate the position of YNG and our ecosystem.
Your support as Club members is and remains our greatest asset. We thank you for your trust and invite you to continue following us in this exciting chapter of our journey.
After years of growth within our ecosystem, we are ready for one of the most important steps in our history. This is why the launch of YNG on Uniswap is not a destination, but a new, exciting beginning.
On 17 July, something we have been waiting for a long time will happen, a fundamental milestone in our journey. We are incredibly excited to announce that our token, Young (YNG), will be officially launched on the Ethereum blockchain, specifically on the decentralized exchange Uniswap and simultaneously listed on CoinMarketCap.
But that’s not all! In the coming days, we will also kick off a new, incredible prize competition in which YNG will be one of the main protagonists. This is not just a listing. It is the moment we open the doors of our ecosystem to the entire world.
What does this launch mean for the Community and for YNG?
Since its inception in 2018, YNG has lived and thrived within our ecosystem. It has been the tool to reward education with Step, the key to accessing exclusive Club benefits, and the symbol of our community’s trust.
Until today, however, it was a treasure shared only among our users.
With the launch on Uniswap, everything changes. YNG becomes a global asset, accessible to anyone, anywhere, without barriers. It enters the world of decentralized finance (DeFi) on Ethereum, opening up to a universe of new possibilities and an international audience. For you, who are part of our community or are approaching YNG for the first time, this means more visibility and the first, true interaction of our token with the global market.
The foundations supporting the launch
We arrive at this moment after more than six years of work and strategic choices designed for long-term stability. This launch is not a gamble, but the next step in a journey built on solid pillars.
A “Community-First” philosophy: our company’s growth has been supported by top-tier institutional partners like Azimut, who have invested in our company’s equity, not in the token. We have consciously chosen not to sell YNG to Venture Capital funds to protect our community from dilution and speculative sales.
A tokenomics based on scarcity: the strength of YNG lies in an economic structure designed to create real value. Scarcity is one of its cornerstones: a huge portion of its circulating supply (currently more than 70%) is locked in our Clubs, on Step, or in liquidity pools.
A sustainable economic model: the economic mechanism that we will integrate shortly, fueled by buybacks financed by platform revenues and by liquidity injections, will allow us to actively support the token’s value.
Why Uniswap?
For such an important event, we chose not only the best platform, but the best technology. The launch will take place on Uniswap V3. This technical choice was made for a specific reason: to protect and stabilize the YNG market from the very first minute.
Reaching this milestone is not a finish line, but a new starting point. It is the moment when the project we have carefully cultivated with our community presents itself to the world.
We are proud of the journey we have made and incredibly excited for the future we will build, now more than ever, together with you. The next chapter of our story is about to begin.
But the best is yet to come…
The utility of YNG is constantly expanding. In addition to the real benefits already available to Club members, such as up to 90% discount on trading fees and a boost on staking returns, we have formed exclusive partnerships with successful brands like WeRoad, Serenis, and Milano Finanza, to offer value that goes beyond the crypto world. Consistent with our roadmap, Club members will get privileges like cashback on the debit card (up to 3.6%) and exclusive benefits on Futures trading.
And that’s not all: YNG will be one of the protagonists in the new prize competition that we will launch in the coming days. Reaching this milestone is not a finish line, but a new starting point.
We are proud of the journey we have made and incredibly excited for the future we will build, now more than ever, together with you. Are you already a YNG hodler? Buy Young (YNG) and join the Clubs now!
