“…The enzyme is specific for 5′‐5′‐linked dinucleotides or very small capped oligonucleotides (H. Liu, Rodgers, Jiao, & Kiledjian, ; Z. Wang & Kiledjian, ); long mRNAs are not targeted (L. S. Cohen et al, ; H. Liu et al, ; Z. Wang et al, ). In metazoa, the resulting product, m 7 GMP, is further degraded by the GMP‐specific nucleotidase III into 7‐methylguanosine and inorganic phosphate (Buschmann et al, ; Monecke, Buschmann, Neumann, Wahle, & Ficner, ); in yeast, m 7 GMP degradation yields a different product via an unidentified enzyme (Buschmann et al, ; van Dijk, Le Hir, & Séraphin, ). It has now become clear that DcpS has a second function—the degradation of m 7 GDP, originating either from the decapping reaction of the 5′→3′ decay pathway, for example, by Dcp2, or from the scavenger activities of the Fhit/Hnt2 enzymes (discussed below) (Taverniti & Séraphin, ); this had been a matter of debate in the past (H. Liu et al, ; Malys & McCarthy, ; van Dijk et al, ; Wypijewska et al, ).…”