Hamas on Monday handed over all surviving Israeli hostages, a major step toward ending two years of devastating war in Gaza. Israel, on its part, freed two thousand Palestinian detainees and convicted prisoners. These exchanges mark the first phase of the ceasefire brokered by US President Donald Trump. The next phase calls for an international “Board of Peace”. But major challenges remain: who will govern Gaza, what happens to Hamas, and will Israel withdraw completely? For now, though, the world watches with cautious optimism as the first hostages finally return home.