Yusfirah

#GateLaunchesHongKongStockTrading
#GateLaunchesHongKongStockTrading
The launch of Hong Kong stock trading by Gate isn't just a new product—it's another signal that the boundaries between crypto infrastructure and traditional capital markets are disappearing.
For years, crypto exchanges competed on token listings and derivatives. The next competitive edge appears to be becoming a complete financial ecosystem, where users can seamlessly move between digital assets and traditional securities.
My Perspective 👇
The real innovation isn't that users can buy Hong Kong stocks. It's that capital is becoming increasingly "chain-agnostic." Investors no longer care whether value is stored in Bitcoin, stablecoins, or equities—they want frictionless access to opportunities.
If investors can use stablecoins like USDT to gain exposure to traditional markets, settlement becomes faster, global participation expands, and geographical barriers begin to fade.
What this could mean
🔹 Crypto exchanges may evolve into global investment super apps.
🔹 Traditional brokerages could face pressure to adopt blockchain-based settlement and digital asset integration.
🔹 Tokenization of real-world assets (RWAs) is moving from concept to practical adoption, bringing TradFi and DeFi closer together.
🔹 Hong Kong continues strengthening its position as a regulatory bridge between digital assets and conventional finance.
A strategic observation
The winners in the next financial cycle may not be the platforms with the most cryptocurrencies—they may be the ones that offer the widest range of investable assets within a unified user experience.
The future of finance isn't likely to be "crypto replacing stocks" or "stocks replacing crypto." Instead, it may be one interoperable ecosystem where investors choose exposure based on opportunity rather than asset class.
As infrastructure matures, the distinction between an exchange, a brokerage, and a digital asset platform may become increasingly irrelevant.
The convergence has already started. The question is not whether TradFi and crypto will merge—but which platforms will lead that transition.
@Gate_Square

#SpaceXMarketCapSurpassesMicrosoftRanksTopFiveGlobally
Equity Market Revolution: SpaceX Claims $2.94T Market Valuation in Historic Public Market Expansion
The fundamental architectural layout of the global equity markets has experienced an unprecedented realignment as Elon Musk’s aerospace empire, SpaceX, continues its historic public market run following its highly anticipated listing on the Nasdaq. Traded and analyzed globally under the defining market marker #SpaceXMarketCapSurpassesMicrosoftRanksTopFiveGlobally, the equity completely disrupted traditional tech valuations. Launching its public market debut at an initial offering price of $135 per share, intense institutional demand triggered an explosive 62% upward valuation surge, breaking through the $201.80 per share mark.
This incredible wave of buying pushed SpaceX's total market capitalization to an intraday peak of $2.94 trillion USD. This historic valuation allowed SpaceX to briefly leapfrog legacy enterprise giant Microsoft, which was sitting at a market value of $2.93 trillion USD. Consequently, the trend tracked under #SpaceXMarketCapSurpassesMicrosoftRanksTopFiveGlobally has become corporate reality: SpaceX has officially entered the elite inner circle of the top five most valuable corporations on Earth, moving past tech behemoths like Amazon, Alphabet, and Meta in active market capitalization.
The Strategic Catalyst: The $60B Cursor AI Acquisition
While the foundational valuation of SpaceX has historically been built on its heavy reusable rocket launch monopolies, deep government defense contracts, and the extensive global roll-out of Starlink (which now services over eight million active subscribers across all continents), the explosive catalyst for this historic capital surge is a massive move into artificial intelligence infrastructure. Wall Street and digital asset allocators responded with immense buy pressure following the formal confirmation of SpaceX's $60 billion acquisition of Anysphere, the parent firm behind the industry-leading AI-assisted coding environment, Cursor.
By bringing Anysphere under its corporate wing, SpaceX is merging advanced aerospace telemetry with cutting-edge software development models. The long-term blueprint involves deploying space-based, solar-powered orbital AI data centers, which are uniquely positioned to solve the earth-bound electricity and cooling constraints that currently cap terrestrial AI data infrastructure.
Analytical Risk Matrix and Balance Sheet Intersections
* Historic Capital Inflow Yields: The public listing successfully raised massive amounts of operational capital, drastically optimizing Elon Musk's personal net worth metrics.
* Passive ETF Index Tracking: Global index funds and major institutional exchange-traded portfolios are actively rebalancing their weightings to prepare for SpaceX's structural inclusion, ensuring a continuous stream of passive buy pressure over the next fiscal quarter.
* Valuation Multiples Friction: Risk analysts caution that the enterprise is currently trading at highly elevated Price-to-Sales (P/S) and Price-to-Book (P/B) ratios, while carrying significant legacy net losses from previous development cycles.
* Corporate Digital Asset Reserves: On-chain treasury audits confirm that SpaceX holds an estimated 18,700 Bitcoin directly on its balance sheet, forming a strong fundamental connection between corporate equity values and the macro digital asset market.
The massive attention surrounding #SpaceXMarketCapSurpassesMicrosoftRanksTopFiveGlobally highlights a major shift in how investors view industrial value. The market is no longer valuing SpaceX simply as a transportation company; it is being priced as an omnipotent planetary utility network that commands satellite internet, global defense infrastructure, and space-based computing resources.
#MyGateTradeStory
@Gate_Square

#GateSpotVolumeDefiesTrendRanksFirstInGrowthGlobally
In a period where many digital asset trading platforms are facing slower activity and cautious market participation, Gate has emerged as a standout performer by achieving the highest spot trading volume growth globally. This achievement reflects not only increasing user engagement but also the platform's ability to attract traders during a highly competitive and rapidly evolving market environment.
The cryptocurrency industry is known for its cyclical nature. Market sentiment can shift quickly based on macroeconomic conditions, regulatory developments, technological innovation, and investor confidence. During challenging periods, maintaining growth becomes increasingly difficult. This is why strong spot trading volume expansion often attracts significant attention from both industry observers and market participants.
Spot trading remains one of the most important indicators of genuine market activity. Unlike speculative products that may be influenced by leverage, spot trading represents direct buying and selling activity by investors and traders. Growth in this area can signal increasing confidence, stronger user participation, and expanding ecosystem engagement.
One of the key factors behind Gate's performance is its commitment to providing a diverse trading environment. As the digital asset market continues to mature, traders are seeking access to a wider range of opportunities across established cryptocurrencies, emerging blockchain projects, and innovative sectors within the broader crypto ecosystem. Platforms capable of meeting these demands often gain a competitive advantage.
Innovation continues to play a critical role in attracting users. The digital asset industry evolves at an extraordinary pace, with new technologies, decentralized applications, tokenization models, and blockchain solutions emerging regularly. Traders increasingly favor platforms that can adapt quickly and provide access to developing market trends.
User experience is another important driver of growth. In today's financial environment, traders expect efficient execution, reliable infrastructure, intuitive interfaces, and seamless access to global markets. Platforms that successfully combine these elements often experience stronger retention rates and increased trading activity.
Security remains equally important. As the cryptocurrency industry grows, users continue prioritizing platforms that demonstrate strong operational standards and a commitment to protecting customer assets. Trust plays a fundamental role in long-term platform growth, particularly during periods of market uncertainty.
The global nature of cryptocurrency markets also contributes to the significance of this achievement. Digital assets are traded across virtually every region of the world, creating intense competition among exchanges. Ranking first in spot volume growth on a global scale suggests strong momentum across multiple markets and user segments.
Another factor influencing trading activity is the increasing adoption of blockchain technology. Institutional participation, technological innovation, tokenized assets, decentralized finance, and growing public awareness continue expanding the overall digital asset ecosystem. As adoption increases, trading platforms often benefit from higher levels of market participation.
Market leadership is rarely achieved through a single initiative. Instead, it typically results from consistent improvements across technology, product offerings, liquidity, user engagement, and ecosystem development. Sustainable growth often reflects the cumulative impact of long-term strategic execution.
For traders, increased spot market activity can create several potential benefits. Higher trading volumes often contribute to improved liquidity, more efficient price discovery, and stronger market depth. These characteristics can enhance the overall trading experience and support a healthier market environment.
The broader cryptocurrency industry continues moving through an important stage of development. What began as a niche financial experiment has evolved into a global asset class attracting participation from retail investors, institutions, technology companies, and financial organizations worldwide. Platforms capable of adapting to this transformation are positioning themselves for long-term relevance.
Looking ahead, competition within the exchange industry is likely to remain intense. Innovation, security, user experience, and global accessibility will continue shaping the competitive landscape. Exchanges that successfully respond to changing market demands may be best positioned to capture future growth opportunities.
Gate's achievement in ranking first globally for spot volume growth demonstrates that even during periods when broader market trends appear uncertain, strong execution and user-focused development can drive meaningful results. It highlights the importance of adaptability, innovation, and market engagement within one of the fastest-moving industries in the world.
As digital assets continue gaining mainstream attention and blockchain technology expands into new sectors, trading activity will remain a key measure of market health and platform performance. The ability to achieve leading growth under such conditions reflects both increasing participation and confidence within the evolving cryptocurrency ecosystem.
For industry observers, investors, and traders alike, this milestone serves as a reminder that growth opportunities continue to emerge for platforms capable of delivering value, innovation, and accessibility in a rapidly changing global market. 🚀📈🌍💹

That margin debt number is terrifying.
Let me put this in perspective. US margin debt just hit $1.4 trillion. That is an all-time high. It spiked another $112 billion last month alone. Since 2023 the amount of debt used for trading has more than doubled.
What does this mean?
Margin debt is borrowed money. Retail and institutional traders use it to amplify their bets. When markets go up margin debt amplifies gains. When markets go down it amplifies losses. And when markets drop enough margin calls get triggered. That forces selling. That forces more margin calls. That creates the cascading liquidation spiral I have been warning about.
The timing could not be worse
The Fed just signaled rate hikes are back on the table. The 2‑year yield is at 4.2 percent. The S&P 500 lost a trillion dollars in market cap in hours. The Nasdaq is down. Bitcoin broke below $64,000. And margin debt is at a record high.
This is not a coincidence. It is a setup.
Let me compare this to previous peaks
In late 2021 margin debt peaked at around $900 billion. Then the 2022 bear market hit. The S&P 500 fell 25 percent. Bitcoin fell 65 percent. Margin calls forced massive liquidations. That was with $900 billion in leverage. Now we have $1.4 trillion. That is 55 percent higher.
Where is the leverage concentrated
The data does not break it down perfectly but we know a few things. Tech stocks have the highest margin exposure. The Magnificent Seven trade on thin air half the time. SpaceX just IPO'd and retail piled in with margin. Crypto is heavily leveraged through futures and perpetuals. And the bond market is levered up too – that is why the 2‑year yield spike caused such violent moves.
What happens next
If the S&P 500 breaks below its 200‑day moving average – roughly 4950 – the cascading liquidations could accelerate. The CBOE Volatility Index is already up 10 percent since the Fed meeting. Put options are expensive. The market is hedging. But hedging does not prevent liquidations. It only changes who holds the risk.
What this means for crypto
Bitcoin and Ethereum are not immune. The correlation with tech stocks is high. If margin calls force selling of equities some of that selling spills into crypto. The liquidations we saw on Wednesday – $58 million in one hour – are a preview. If the stock market drops another 5 to 10 percent crypto could see a much larger flush.
The bottom line
$1.4 trillion in margin debt is a powder keg. And the Fed just lit a match. The market is not crashing yet. But the conditions are in place for a serious correction. The only question is what triggers it. An inflation surprise. A geopolitical shock. A bond market seizure. Or just the sheer weight of leverage collapsing under its own gravity.
Cash is not trash right now. It is protection. And anyone holding leveraged positions should be very careful with their risk management. Because when this unwinds it will unwind fast.
#MyGateTradeStory
#WarshDebutsAsFedHoldsRatesSteady
👀This content is for informational purposes only and does not constitute financial advice.

#STRC跌破面值11%創上市新低
Saylor's pref hits a fresh low
Michael Saylor's cash cow cracked. Strategy's STRC pref closed near $89, ∼11% under its $100 par, a new low since its 2025 debut.
What broke: STRC – Variable Rate Series A Perpetual Stretch – is built to hug $100 via monthly dividend resets. BTC slide + cash reserve talk pushed it down. Price print: ∼$88.59, day low ∼$82.53, with heavy turnover.
Why traders care: STRC funds MSTR's BTC buys. Under par = ATM tap shuts, BTC bid slows. Rival Strive SATA offers a higher cash yield with daily pay, pulling flow away.
Gate take:
• MSTR / BTC beta stays heavy while STRC < $95. • Watch June 30 dividend reset – CEO Phong Le floated a hike to close the par gap. • For crypto traders: less MSTR buy flow = less spot tailwind for BTC. Hedge long deltas. • Yield hunters: 11.5% run-rate at $89 = ∼13% cash yield to par, but mark risk is real.
Bottom line: STRC must reclaim par to restart the BTC flywheel. Until then, trade risk-off, respect vol, wait for the dividend fix.
#STRC #MSTR #BTC

#HoldUSD1EarnYield
The Dollar You Hold Today Can Earn More Than Your Bank Will Ever Pay
Stablecoin Economy Growth
On June 20, 2026, the stablecoin economy has reached a scale that traditional finance cannot ignore.
Total stablecoin market capitalization has surpassed $310 billion, with Tether's USDT commanding $186 billion in circulation and Circle's USDC at $78.5 billion.
These are no longer just trading rails between volatile crypto positions.
They have become settlement infrastructure, cross-border payment plumbing, and treasury management tools for institutions and individuals alike.
The most compelling shift in 2026, however, is the yield layer that has grown atop these dollar-pegged assets.
The Yield Comparison
Consider the baseline comparison.
The average U.S. money market account rate sits at 0.47% APY, with the best available rate reaching 5.00% at select online institutions, according to Curinos data published June 18.
Meanwhile, stablecoin yield strategies in 2026 span from 4.1% to 11.8% APY across mainstream tiers.
The spread reflects genuine differences in collateral quality, custody arrangements, and liquidity risk.
The yield landscape has stratified along a recognizable curve:
• Tokenized Treasury bill funds anchor the low-risk baseline at 4.1 to 4.5%
• DeFi lending protocols like Aave offer 4.67% APY on USDC with no lock-up
• CeFi platforms deliver 6.5 to 8.5% on USDT
• Delta-neutral basis strategies push toward 11.8% for sophisticated allocators
Gate's Yield Approach
Gate's own yield product, GUSD, exemplifies the accessible middle tier.
Users stake USDT or USDC at a 1:1 ratio and receive GUSD as a receipt token, earning 4.4% APR with daily auto-compounding.
Yields are distributed directly to spot accounts, redemption is fast, and there are no subscription fees.
The design prioritizes simplicity and capital efficiency over exotic risk-taking.
For a portfolio allocating $20 out of every $100 to yield-bearing stable positions, GUSD provides a conservative anchor that compounds passively while the trader's active allocation works across BTC, ETH, and other volatile assets.
The Macro Tailwind
The structural tailwind for stablecoin yield in 2026 comes from the Federal Reserve itself.
Chairman Warsh's inaugural FOMC meeting concluded June 17 with rates unchanged and a hawkish tilt signaling potential hikes ahead.
The 2-year Treasury yield has risen to 4.189%, the highest in over a year.
Higher-for-longer rates increase borrowing demand across crypto-collateralized lending markets, which in turn pushes DeFi lending yields upward.
Aave's $40 billion in total value locked is absorbing this demand, and its USDC lending rate has already climbed from sub-3% levels seen in early 2025 to the current 4.67%.
The macro environment is mechanically expanding the yield available to stablecoin holders.
The Bigger Market Shift
Yield-bearing stablecoins themselves have grown from $1.5 billion in early 2024 to over $11 billion by mid-2025, now representing approximately 5% of total stablecoin supply.
Tokenized Treasury products have outpaced stablecoin growth for the first time in Q1 2026, adding $2.12 billion versus $1.19 billion for stablecoins.
This signals that institutional capital is increasingly treating onchain dollar products as a legitimate fixed-income allocation.
Ethereum lost over $8 billion in stablecoin supply in Q1 2026, the worst result since Q2 2022.
But yield-bearing variants like sUSDe, sUSDS, and sFRAX have partially offset outflows from plain USDT and USDC by routing basis trades, savings rates, and AMO mechanisms into single ERC-20 wrappers.
Practical Allocation Strategy
For the individual allocator, the practical strategy is tiered diversification.
• Anchor 40% of your stable allocation in low-risk products like GUSD at 4.4% APR for daily compounding and instant redemption
• Deploy 30% into DeFi lending on Aave or Compound at 4 to 5% APY for flexible exit
• Allocate 20% to CeFi yield accounts at 6.5 to 8.5% for higher returns with institutional custody
• Reserve 10% for tactical basis strategies if you have the operational capability
This layered approach produces a blended yield of approximately 5.5 to 6.5% APY while maintaining liquidity across all tiers and limiting concentration risk in any single protocol or platform.
Final Thought
The dollar you hold is no longer inert.
In 2026, it compounds.
#MyGateTradeStory
@Gate_Square

#TradFiCFDGoldMasters
Rising Inflation Takes Center Stage as Markets Reassess Rate Expectations
Markets are once again being driven by macroeconomic data. The latest U.S. May CPI report came in at 4.2% year-over-year — the highest level since April 2023. That single number has shifted sentiment across global financial markets.
At the same time, **Bitcoin is trading around $61,472**, while gold has climbed roughly $20 in a short period, as investors rotate toward traditional inflation hedges.
Why Inflation Matters More Than Bitcoin’s Short-Term Moves
Personally, I believe the inflation data is far more important than Bitcoin’s hourly price fluctuations right now.
When inflation stays elevated, markets start questioning whether central banks will be forced to keep interest rates higher for longer. That directly impacts:
· Liquidity conditions
· Risk appetite
· Capital flows into crypto, equities, and commodities
This isn’t just about one CPI print — it’s about the policy reaction function going forward.
The Divergence Across Asset Classes
Another critical factor is how different assets are responding:
· Gold → Benefiting from renewed inflation fears
· Risk assets (stocks & crypto) → Becoming hypersensitive to every major economic release
· Markets → Increasingly pricing in delayed rate cuts if inflation continues accelerating
We may be entering a phase where macro data dominates market direction more than crypto-native catalysts.
Every CPI report, employment release, and central bank statement now has the potential to trigger sharp moves across stocks, bonds, commodities, and crypto.
Bitcoin’s Position: Resilient but Fragile
Despite renewed pressure, Bitcoin continues to hold above key support levels. That tells us investors haven’t abandoned risk assets entirely — but confidence is fragile.
The next major question for markets is simple:
Was this inflation spike temporary, or the beginning of a new inflationary wave?
The answer could determine the direction of global markets for the weeks — and possibly months — ahead.
Final Takeaway
Right now, crypto traders need to watch macro just as closely as charts. Inflation expectations, Fed commentary, and liquidity trends will likely drive price action more than any single technical level.
Stay informed. Stay disciplined.
📢 Share your view:
Do you think inflation will cool by Q3, or are we heading for higher-for-longer rates?
Hashtags for reach:
#GateSquare #CreatorCarnival #TradfiTradingChallenge #USIranConflictEscalates

#USIranTalksPostponed
Risk reset hits crypto
Geneva chairs stayed empty. The US-Iran meet set for Bürgenstock, Switzerland, was pulled at the last minute, and risk assets slid with oil bid up.
What happened: Friday talks were called off. VP JD Vance called off his Geneva trip. Iran's FM says a fresh date will come in coming days, with a prior MOU still live for a 60-day truce track.
Why now: a flare-up in Lebanon, Israel-Hezbollah fire, pushed Tehran to tie talks to calm in Lebanon.
Market read: crude up, equities soft, BTC and ETH down with risk-off flows. Stablecoin dominance rose, perps funding turned flat to negative, vols spiked.
Gate Square trader take:
• Trade the vol, not the hope. Keep lev low, use hard stops. • Oil beta back in play. Watch energy-linked RWA and oil-correlated FX. • Safe haven bid: USDT/USDC share up, alt risk down. • Trigger list: a new Swiss date = fast risk-on flip. Calm in Lebanon = key green light.
Bottom line: Delay, not a break. Iran says talks resume soon. Until envoys sit down, hedge tail risk, keep cash ready for the headline pop.
#USIranTalksPostponed #BTC #Oil #Geopolitics

#BitcoinBouncesBack
#PredictWorldCup🇺🇸vs🇵🇾
⚽🏆🇺🇸🇦🇺🔥📈💰🎯🚀🌍⛓️
🔥 Daily prediction challenge for the World Cup on Gate DEX.
🇺🇸 USA 🆚 🇦🇺 Australia | Group D.
⏰ June 19, 2026, 22:00 (Kyiv).
⚽ The tournament hosts take the field supported by their home fans, while the market favors the US team. But do the odds on Australia still hold enough value? Only you can decide.
💡 Make your on-chain prediction, and the results will be automatically calculated according to market rules.
💰 Prize pool — 50,000 USDC.
🎁 Additional bonuses:
✅ Check-in for the match — one prediction from 50 USDC earns 5 USDC regardless of the outcome. Daily for the first 100 users.
🆕 New users — receive 10 USDC for their first transaction of at least 20 USDC. Offer valid for the first 1,000 users.
📈 Trading activity — reach a trading volume of 500 USDC to earn a share of the additional prize fund of 5,000 USDC, distributed proportionally to trading volume.
📖 Promotion details:
[https://www.gate.com/announcements/article/100240]
#MyGateTradeStory
#MyGateTradingMoment
#WorldCup
$BTC ‌$GT ‌$SOL ‌@Gate_Square
@Gate 广场
@Gate Live 华语

#PredictWorldCup🇩🇪vs🇨🇮
Germany vs Ivory Coast 2026 FIFA World Cup Match Prediction
Match Details:
Germany and Ivory Coast face off in a crucial Group E encounter on June 20, 2026, at BMO Field in Toronto, Canada. This matchday 2 fixture carries significant weight as both teams enter with 3 points from their opening games. Germany demolished Curacao 7-1 in their first match, while Ivory Coast secured a hard-fought 1-0 victory over Ecuador courtesy of a late Amad Diallo strike.
Polymarket Prediction Market Analysis:
According to Polymarket data, Germany holds a commanding position in the Group E winner market at 74 cents, with Ivory Coast trailing at 21 cents. This represents one of the most lopsided markets across the entire FIFA World Cup ecosystem on the prediction platform. The market sentiment heavily favors the four-time world champions, reflecting their overwhelming squad depth and attacking prowess demonstrated in their opening match.
Team Form and Statistics:
Germany enters this fixture in scintillating form under manager Julian Nagelsmann. Die Mannschaft have scored 10 goals across their last three international matches and found the back of the net first in 9 of their last 10 outings. The attacking quartet of Jamal Musiala, Florian Wirtz, Kai Havertz, and Thomas Muller provides creativity and finishing ability that few teams can match. Germany's defensive solidity was evident despite conceding once against Curacao, a match where they dominated possession and created numerous chances.
Ivory Coast arrives with confidence after their first World Cup appearance in 12 years. The Elephants have won five of their last six matches, including a notable 2-1 friendly victory over France. Their defensive organization against Ecuador showcased their ability to grind out results, with Yan Diomande earning FIFA Player of the Match honors. However, they will be without striker Elye Wahi, who was denied entry to Canada due to match-fixing allegations, potentially weakening their attacking options.
Head-to-Head History:
These nations have met only once at senior level, playing out a 2-2 draw in a friendly at Veltins-Arena in Gelsenkirchen on November 18, 2009. That historical result offers little guidance given the vastly different circumstances and personnel involved 17 years later.
Tactical Breakdown:
Germany's approach centers on controlling possession through their technically gifted midfield, stretching opponents with overlapping full-backs, and exploiting spaces with intricate passing combinations. Nagelsmann's system demands high pressing and quick transitions, overwhelming opponents with sustained attacking pressure.
Ivory Coast will likely adopt a counter-attacking strategy, utilizing the pace of Amad Diallo and Yan Diomande on the break. Their success against Ecuador demonstrated discipline and organization, but facing Germany's relentless attack presents a different caliber of challenge entirely.
Key Factors:
The Toronto venue favors neither side significantly, though Germany's experience in major tournaments provides a psychological edge. Ivory Coast's confidence from their opening victory should not be underestimated, yet the quality gap between the squads remains substantial. Germany's ability to rotate fresh legs while maintaining performance levels adds another dimension to their advantage.
My Prediction:
Germany will secure a 3-1 victory over Ivory Coast. The Germans' superior attacking firepower and squad depth should prove decisive, though Ivory Coast's counter-attacking threat means they will likely find the net. Expect Germany to control possession from the outset, creating numerous chances through their creative midfielders, while Ivory Coast attempts to stay compact and hit on the break.
The match promises to be an entertaining encounter with Germany ultimately demonstrating why they are considered among the tournament favorites. Their combination of youth and experience, tactical flexibility under Nagelsmann, and momentum from their opening demolition of Curacao positions them strongly to claim all three points and effectively secure passage to the knockout stages.