🟦 Base Eco & Coinbase System Update Mega Stream

Transcript

I'm above the I don't want the JP Morgan, Black Rock, DTCC, Fidelity,

the entire thing was just institutions. It's just it's next level. This industry is going to the next level. And guys, I I don't know what else to say. You said it. You finally said it. So boys, boys, I'm bullish. We're boys. How about the

[ __ ] the B. I'm above the Roll up is headed to the top. If we're

not already at the top, we're going to the top. We're on fourth floor today. We're going to be on floor one and then we're headed straight to the moon, boys. Boom. System update and base eco mega stream. I am back. It is Wednesday, December 17th. Coming in 3 p.m. Eastern. Where's Rob? He's rugged us again, guys. He has rugged us again. Uh he'll be back tomorrow. Uh we got his we got his X account back. Uh that was a whole just guys, you need to have 2FA. You need to have your stuff dialed on X. I've seen so many crypto accounts get wrecked.

We're glad to have Rob back. He's back. He'll be back tomorrow after a successful New York City trip, guys, which we have some insane updates for all of you who love watching Rollup TV day in and day out, week in week out. Whether it's clips, full screen, excerpts, uh graphics, whatever you enjoy. They are going to take the next step in 2026. More to come on that guys, but we have an amazing base eco mega stream today guys. Shout out to the base team, the Coinbase team. There is a lot of product updates, announcements, and more to cover. We're going to get right into it. We're going to pull up the Coinbase uh tweet, talk about it quickly. I'm going to get things set up on my end, and we're going to get this thing ripping. So, guys, we'll we'll

flow over to the Coinbase tweet, and we'll get this thing started. System update, baby. It's here. It is here. Um yeah, guys, don't miss our event tomorrow, which is obviously today. exciting product announcement, key business updates, lots of other cool stuff. Starts at 5:00 PM Eastern is when the stream will start. We're obviously a couple hours early. We're going to be covering the base ecosystem, control the stream, our base mini app that we've launched this year, and more. Uh, pretty stoked for this one, guys. We've got our first guest as well in the back, Lemon.

He's the one who's who rocked through the control the stream process with us. one of the more successful apps on base app right now. Guys, I think there's gonna be a lot of good news today. I mean, if you're looking at the charts, I I don't even want to look at them. I'm kind of scared. Um, my poor baby Hyperlid is under 25. Uh, BTC just chilling under 86. Not really too worried, but this is going to be a big stream. Hello. Hello. Um, so guys, we have probably the most influential uh stream for Coinbase a and just the most influential product announcement of 2025, but probably for the last couple years just because of the amount of

advancements and positive regulatory clarity and what we've seen from the development in in the space from institutions. So, what I mean is there's a little bit of alpha already leaked. Basically, what's happening is Coinbase is looking to launch prediction markets and tokenized equities in their app in their website. I think Coinbase is generally heading towards being a more of a bank. They have a a card that is a 4% cash back in Bitcoin card. Uh you have to have a certain amount of assets on the platform. I think it's 200K. and you and there's a um there's a monthly fee to get no fees on Coinbase one, I believe it's called, to get no fees on your buys and sells, but they're trying

to create this whole kind of neo concept in one. It's what Kraken's trying to do. It's what tons of other kind of apps are trying to do in the space. It's this neoank play. Honestly, Coinbase is the biggest neo bank in the space today. A big public company as many of us know. Um and we're stoked to have them on. So guys, we're gonna get Lemon up. We're going to get started. We're going to start the Coinbase system update and base eco mega stream. Before we do, we're going to have a quick break. You'll hear from a couple of our awesome sponsors and partners. I'm going to get Lemon set up, get everything finalized on our side, and we'll be right back in just a minute. See you in a sec.

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a Treasure at treasure.io. Go anywhere onchain instantly with relay.link. Relay is closing in on $10 billion transferred. Go to relay.link to bridge your assets now. Money shouldn't wait for Mondays. Following his real upgrade, Polygon is now one of the fastest chains for stable coin transfers and payments. Visit Polygon Technology to learn more.

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Go to habachi.xyz to start trading today. I'm I'm ready. Bada bing, bada boom. Coming up, we got Lemon, the co-founder of Building Garden. Guys, I just got the final setup, the final call from the inside, from the production, from the team. Everything's smooth. All the packets are being fired. We're going to get this mega stream started. We got the system update and base ecosystem mega stream with none other to kick us off than Lemon himself. The man who helped us create and did create the control the stream miniapp as well as is is a big active developer in the forecaster ecosystem and in bass.

Let's get lemon up. Let's get the show on the road guys. Welcome to the system update and base eco mega stream. I'm firing opener coke zero. Let's get started. Here we go. Lemon man, big day. Cheers, man. It's good to see you. >> Cheers. It's a incredible day. Yeah, super excited, >> man. So, you're you've been deep in the base ecosystem. What are you expecting today from Coinbase, from Bass? What you know, what what do you think is coming? >> Uh, like my my best guess, I think something we will been expecting probably like some big announcement on the on the base app. hopefully uh I know they announced it like in the last I don't know some months ago that it's

going to be like live before the end of the year so maybe today is the day uh and it's going to be like a great opportunity for us all like you mentioned control the stream mini app um >> y >> and also many others that we built as soon as the base app goes live for general access we're expecting like I don't know huge amount of traffic coming in so super excited >> I mean I mean for for tons of different reasons I mean I hate to just be that guy. But you you got to think with the base network token announcement, people are like thinking about hm if I get on base app, will I be eligible for some retroactive rewards? You know, how am I going to play this? And so, you know, we we had been distributing these BAS app codes to users to test Control the

Stream. You know, if if we can get this thing opened up, then I think that we could really see the next wave of of usage of Control the Stream and other base mini apps. Um, Lemon, man, it's been probably, I don't know, a couple couple weeks since we uh saw each other in Buenosares. Uh, yeah. What has it been like the last couple weeks building on bass leading up to this announcement, not just of kind of what's coming? I'm not exactly sure, but you know, just it's it seems like the bass team has been very locked in in Q4. What's it been like in like, you know, kind of from the internal dev side?

>> Um, I think like Buenosarees was great like to meet the whole base team. they had a like a big presence there and so we followed up on a lot of conversation both on like let's say um distribution and you know visibility help but also in terms of like uh tech spec and and feedbacks on all the SDKs and and toolkits right and so we spend the past couple weeks in updating and upgrading all the mini apps that we've been building making sure that they are up to speed with everything that the base team is uh is leaning towards like notifications for example is something that came up very recently. Um something that we are very excited also as builders is um builder codes. So there's now finally a way in which you as an app

builder can attribute uh transaction um to your hub and so this is going to be big hopefully because bass in this way is able to identify which are the apps that are most contributing to uh the network and the ecosystem and uh reward them accordingly. So that's something that we spent some time in, you know, up updating all the mini apps that we built so far. >> Man, I love it, man. So, so builders codes when I hear that, I think Hyperlquid, I I think how you can how uh Phantom integrated perks for Hyperlid. I think about how um you know some of the uh applications that have distribution can basically go in and then uh utilize some products underneath. Is it the same

idea here? What is builder codes in basis context? Um I'm not very familiar like with the uh other ecosystems. Um I I think they are using it also somehow to whitelist and identify who can access certain APIs or SDK or whatever. Um in base what what I know for sure that we we implemented and I know how it works there. It's a way to attribute transactions to an application to a builder. Um it's been something that B I know uh has been working for a long time. uh even with other companies with of other companies like talent protocol uh my friends uh from Portugal they've been doing great work to help base and and other ecosystem like identify talent

on chain especially and of course like all the data is open and available but with this builder codes is much easier because we will be really able to see >> um which are the apps that are bringing more transactions more volumes um if there are like users overlapping apps I don't know all these kind of analytics that I think it's going to be a big unlock. >> Okay, I see. H >> even for control the stream. Yeah. >> So, we we're going to be able to see how many transactions people are going to do in terms of like trading, in terms of like tipping uh and all the plugins that we implemented.

>> Beautiful. Well, I've got some people that are active on Control the Stream right now. They're uh they're getting excited. They're they're sending some some tips. Um, I'm I'm going to shoot over some USDC to some lovely new friends over here. Um, people like BASAP. I mean, people like the fact that they're early to it. They like the fact that they are able to uh, you know, use it uh, now on their phone. It people are pretty bearish right now about like just general crypto, I think. But like in the end of the day, I'm on base right now.

I'm sending funds. I'm using funds. It's like super simple. It's straightforward. It's an easy ex experience. Like I don't know, man. It's came a long way since since 2020 2021. I'll tell you that. >> Oh yeah. I mean even >> even if I think when they released let's say the first beta version I think was um this summer this summer or before that uh the base app has gone through a lot of updates. Um, and honestly like this last version that they've been pushing lately are, you know, like simplifying and reorganizing stuff in a way that I feel like it's much more familiar with for, you know, like mainstream consumers, you know, and uh, and that's probably like the goal even for general access, like making an app

that um, looks like something that, you know, the normies can use as well. >> Yep. Yep. Yep. I mean, it's it's got a ways to go. >> Of course. you know, it's a it's it's a journey. These these apps are similar to like gaming where it's like it takes three, five, 10 years to really build like a double AAA game. Um, and yeah, I mean, I think it's kind of the same things playing out here. >> Yeah. But I think it does something like really great, which is in the end like probably should be the end goal in connecting you with the global onchain economy.

>> Yeah. bringing you all these, you know, new types of economic opportunities, whether it's like through trading, whether it's through like payments that are global and accessible, whether it's like new mini apps that push like cool use cases, you know, like it can be really be anything. Um, and the fact that, you know, everyone that has the app that downloads the app as a wallet from start and can use it in in many different ways, it's it's super powerful just to get them, you know, started. And of course, as you mentioned, there's a lot to do still, but you know, I think it's a great starting point.

>> Yeah. Lemon, I'm going to go quick pause, quick standby. I'm going to get controller stream firing and we'll be right back for just a second. All right. >> Perfect. Let's go. Yet is built for big moments. The most fun you'll ever have with your crypto. Go to yeet.com to yeet into your next game. Not your keys, not your coins. From the team that pioneered cold storage, Treasure has just released its new wallet. Guys, if you are still using hot wallets in 2025, 2026, you are missing

the entire point. Secure your coins. Get a Treasure at treasure.io. Go anywhere onchain instantly with relay.link. Relay is closing in on 10 billion transferred. Go to relay.link to bridge your assets now. Money shouldn't wait for Mondays. Following his Rio upgrade, Polygon is now one of the fastest chains for stable coin transfers and payments. Visit Polygon Technology to learn more.

All right, Mon. Um, we are back. We are back. We are back. We are so back. Um, I'm curious what you think is the next kind of wave of mini apps or just kind of like how you see so like it is in in your idea is the current base app is this like a social app? Is it a finance app? There's like this trend happening where it's like social and finance coming together obviously you know I made a a post about the graphic for like pre-promoting the stream and that is like a coin like there's a value associated with my with my post on the base app. um what's your take on the state of kind of like the economics and and where that goes with regards to the base app? How does the base app economy potentially look in your mind from like

kind of like like the dev point of sight? >> Honestly, um I think that there's been also like a lot of chatter around like social finance in the new in the new forecaster in the forecaster client as well. Um but honestly like I think uh it it it's always been like more around finance like blockchain uh it's solving like one key problem uh if we want to call it a problem is around like >> transferring money on the internet you know like transferring information like social networks like that's been solved already in the past we are just you know like moving it on another layer and whatever it is but the most important thing is that now it's connected to the

final finance layer, right? And so this is very relevant because it it unlocks new use cases in which people can um you know move money with their friends, with their colleagues, with their teammates uh and whoever they meet online, it's their following or or whatever. So um I think it's always more on the finance side but then of course the social component in the base app uh as a varcaster client as a Zora client as well and an XMTP client is very important because it's what really augments the um the finance layer that we just mentioned.

>> I mean at at the end of the day it is all DeFi. I I think uh we we've kind of gotten like all these different use cases and ideas of crypto, but and I hate to be like reductionary, but I think it is all DeFi. Um and so bringing that into the app sound like it it it's just like this creator economy onchain thing. And it feels like we're super early to I mean Jesse's been harping on this for so long and and you know, you ought to think that the guy's going to be vindicated in in in the sense that he's going to be right. Like people creators are going to want to make money. like I I'm with I'm hanging out with some uh hometown friends here. I'm back home for you know for the holidays and hanging out and it we kind of now

are all thinking about it. Those of us who have been on social for like 10 years, 10 to 15 years, we're kind of like everyone is their own brand online. Some people don't care about it and don't really post much. Some people post so much and there's like a like a full spectrum. But it it feels like this like it's finally not as taboo as it once was to like be a creator. Like it's still like an interesting thing because like there's like this stigma against influencers of different types. But all I'm trying to say is that the creator category as a part of the economic, you know, like the world G >> is growing and it's now like a new thing and it's like a so um it just makes sense to like make a way for creators to

make money. >> Now, is it sustainable? How how exactly is it going to change and iterate? Yet to be seen, but like it feels like the common thread of the idea here is is hard to argue against. I I totally agree because in the end even like this new creator economy I think it's rising because we all now understand how much like attention should be valued. Um, but we didn't yet find a way to value that correctly >> and I still don't really know to be honest process. But I'm super excited about the BAB, the Zora team, the Fcastaster team because like they're experimenting on like finding new ways for creators to actually earn money to actually own their audience, which is

like very important because when you own the audience, the distribution, that's when also you you can uh start, you know, being more impactful and hopefully like monetizing. >> Yeah. all all the work you do, all the content you create and the opportunities that you create also for other brands out there that want to use your brand >> y >> to distribute. Yeah. >> Yep. Most definitely. And and I think creators kind of some creators kind of struggle with that. Uh I'm curious kind of like what design patterns are emerging for viralbased mini apps like I if you know have you seen like some really popular mini apps? What are the most popular viral mini apps today? Give us some shoutouts. What are the patterns to create a successful base mini app so

far? >> Yeah, I mean in this context uh I want to give a shout out to the emerge mini app. I'm not sure if you tried it. It's it allows you to generate image um of your PFP uh with different AI models. And uh I think it's a very interesting use case because they really cracked uh virality and distribution. Why? Because the best way for a mini app on base to be discovered today is by uh it being visible on the feed. So if your users are going to share the mini app, whatever it does, whatever it produces for them on the feed where all their friends and followers are just, you know, scrolling and at some point they

they see the mini app. That's a key like to go viral. the emerge team I think they cracked it because not only they have a clear like sharable moment where let's say I one of my friends create this cool AI generation model just by you know simple prompting it's not nothing like about code like you just type hey like create a new model that transforms my PFP into um uh I don't know um cartoon retro cartoon vibe whatever I generate the image and as soon as I have it I want to share it on the feed because maybe it's Cool. Maybe it's nice and I want my I want to see my friends using the same, you know, workflow because it's fun. And uh so that's one key moment for them.

But the emerge team is uh also allows you to create these um AI workflows right in the feed. So I can just go on the base feed, I tag the emerge agent and I say, "Hey merge, create a new workflow that transforms me into a 2D character." you know everybody like sees that on the feed and so does he what's happening here what is he doing and then they recognize that they're using emerge and you know it's bringing new users in and so I think it's a great example u to summarize what what I think it's key for virality and distribution on mini apps on base sharable moments so fi find ways in the mini app find moments that your users are excited uh about sharing them

it could be a uh winning some money. It could be like minting an NFT. It could be like completing a a trade. Anything that is like a success moment, make them share it in the field. That's it. >> Love it. I love it. I love it, man. We saw um I actually got some news here that uh Coinbase is is is ready to launch prediction markets and tokenized equities. I think this could come into the uh you know, I think prediction market content can can be very viral. I know you had been working with Ki to integrate them into base. that type of content is super viral and people really love that. Um I think I think you're right about the sharability and that's a really cool app emerge. Had hadn't heard about that. Um but but generally like that's that's like the way to think

about it from like the content creator side, the dev side. Um I'm curious kind of what you think um is going on with the Farcaster saga here. So they put out this tweet. They're like, "Hey guys, um, we're pivoting." Dan Romero, their founder, kind of wrote this tweet and and I mean, I can pull it up real quick and read it pretty much verbatim um because it was pretty it was a pretty like good good tweet. Uh and basically he said like um that we're kind of changing directions like um you know Farcaster is working as it is and we've you know it's been going great but they've he I'm trying to find the exact

tweet. Uh and basically he's saying that they're that they're changing directions. Maybe you could just give us your quick and dirty on it. What's going on at Farcaster? >> So I I I've been on Farcaster for the past um three years. So I've seen all the experiments that they've been running. um trying to grow like the social network, try to grow like the number of users that use the app, that use the protocol, that create content. Um they tried with channels, they tried on boarding uh journalist college like >> many different experiments and uh uh none of them really worked at some point like growth stalled and of course it's a problem because even you know has like mini app builders like we want distribution and so the more users are

on forecaster the better is for us. So it's uh of course like the social network the larger it is the better it is because I can find more people more friends. Um and honestly like regarding like these pivots honestly I don't think it's a pivot is is not like a change of direction. um if there's something that maybe they they did wrong and I mean no place to judge of course is maybe like communication around this uh let's say new direction or like new focus that they're taking because what happened in the end is that the only thing that really worked that brought more traction more users more usage on the protocol and on the app it's the wallet that they introduced in the you know I know some

months ago so it's it's not >> it's not when they announced the tweet that they started building the wallet the wallet has has been having like traction for months >> and so they just said okay we want to focus on it because it's the best way that um uh we've you know seen that allows us to grow the network in terms of like data and everything um in terms of communication maybe that there was something that was not totally clear uh for for people out there honestly I I wasn't surprised that instead of them instead of focusing on decentralizing more the protocol we're focusing more on the because there's a an article by Dan Romero published on October 2022 that as the title productled protocol

development so up until like you don't find a product that is compelling for users doesn't make much sense like to invest a lot of time in decentralizing creating a protocol that is open and permissionless and which is it already now like you know it's sufficiently decentralized there's like certainly like more steps that they can do to allow better client diversity and more stuff. But at the same time, it's always been clear from start that they are very they always been like very pragmatic about it like figuring out the product first, the growth engine and then you know making it as decentralized and natural as possible. So to me as a user nothing really changed. As a builder honestly if

they think this is the best direction for growth I'm excited for that and we will you know talk about that maybe in months and see if that was true or not. Um there there was like some of course great part of the community not happy about it because in the beginning it was all about community and uh >> you know help just talking to each other supporting each other great founders great builders but when you want to grow you also you know enlarge the type of audience that joins the app and the protocol and start interacting with you >> and I don't think I don't think there's nothing really bad about it you know Um so to me all this charter has been

created mostly about you know poor communication. I is it really them realizing that to create like a profitable kind of like social app they need to to embed more financial components into it and then that's what people are like kind of the chatter is about or like what like what is the chatter that like what is the what is the opposition to to the move of like let's build more finance in the app >> that it it will attract more traders and not uh you know like >> quality users quality builders quality founders like it was in the beginning >> I Uh and traders of course like bring a lot of like digent vibes and all this stuff >> you might enjoy or not you know.

>> Yeah. Um but also in terms of like the content that that you see the notifications that maybe the forecaster app will start sending and they already started sending uh you know notification about like this token is trending or the the new clanker spotlight you know all this kind of stuff that people that don't care about you know trading and defy at all they find it um >> yeah so they didn't like the clanker acquisition then >> there there wasn't chatter about there wasn't any chatter about that So I don't know honestly. Um >> I was excited about it. I'm I'm still excited and uh again see as we were talking about the base app is it more social or more finance? I think it

should be finance first with social on top and that's where the the fun uh you know like the new interesting things will will happen you know. >> Yeah. Yeah. I was just super curious about you your take man. I got to give you a tip for that take. Um, great great great uh great conversation. You're kicking us off here. Um, I'm seeing I'm seeing at least five to seven tips on control the stream so far today. I'm getting my Telegram chat active. We got a long one today. So, we've got like four or five more guests uh talking about Bass uh ecosystem kind of just generally getting an update as to what's going on. Then we've got um Bri Brian Armstrong unveiling and leading the system update on Coinbase starting at 2

PM Pacific, guys. So we we will be streaming their stream in ours like a streamion commenting on it, showing you guys what's going on, and then we will end up rolling into um the final guest, David from Base on on the product side to talk about their big news. So um Lemon, thanks for kicking us off, for being a part of this. Thank you for the hard work on the mini app. I think next year for us, man, is like, okay, we've got clearly a product that works. We've we've got people that are using it. You and I are literally just using it on the stream today. Other people in our group are okay. So, now the next step is just basically, all right, how do we open this, you know, application up to more

users, get more people excited about it, keep onboarding creators. Um, and then I think it's I think it's just a matter of of getting and actually being posting on base. So, we've started to use that repurpose tool and starting to keep the streams going there. So, look, we're excited, man. Um, for us, first half of next year is um, you know, going to be elevating our content style, elevating our approaches, our production, and so uh, looking forward to keeping growing on base together. Hopefully, we can keep building out this app together.

>> Oh, yeah. I mean, thanks again for for inviting me today. Super excited for for the event later today. And uh of course like it's been great working with you on control the stream and um can't wait to see what we end up building next together like extending it with new things uh uh expanding it to more users like um there's a lot to do ahead. >> I agree. I agree. Well, you know, save your energy, man. We got a couple more hours and then we we we will be live with the uh actual system update stream. So I'll see you there. Tune in to Rollup TV, guys. We'll be doing a fun exciting version of of system update where I will be live reacting uh and and commentating

on the on on the show. Thanks, Leone. >> I'll make sure to send you some tips. Good luck, Andy. >> Thanks, boss. Bye, man. >> Bye. >> Boom. That is Lemon, the guy behind Control the Stream app. If you guys saw the tips coming up actually in the top part of the screen here earlier today during that episode in the beginning I was just getting the base app finalized and set up. Um they've been crushing man. I mean we we started working with them three four months ago and um absolutely stoked to just the work that we've done on the on the controller stream app and it's all onchain right.

So it's like a lot of these platforms like Twitch and these others they have such good tech already set. We built a lot of what they had in three to four months on chain and doing all tipping on chain. You can do token swaps. If you tip five bucks on the base app, guys, you can actually um you you can actually write a message. Um and there's just like more and more to it that's coming. So, uh we I'm I'm pleased with their work. Builder's Garden, shout out to them. Shout out to Lemon. Up next, guys, we've got Sahage, the co-founder of Avantis Finance, uh one of the leading per DEXes uh in in the entire crypto industry, but just generally uh predominantly on base. So excited to have Sahage up. Um they're primarily on

base. I'm going to pull up my trusty uh perpetual pulse.xyz um website that if you guys don't use that is it is probably my favorite per data website. Um, let me just make sure that they didn't take it down on me. No. Perpetual pulse.xyz. Perpetual pulse. Okay. I still So, it's basically just like a notion thing that is auto updated all the time. Um, and it's perpetual pulse.xyz. It's my favorite. Alvantis coming in with 35 million of OI, about 200 mil of volume in the last 24 hours. Uh, TVL at 100 million. Let's get Sahage up. Let's

get started. Let's talk all things Avantis Finance. Let's go. Yes, sir. Happy uh happy system update day. Coinbase base ecosystem mega stream. Thanks for coming on. Um man, the pers market firing this year, isn't it? Firing, man. I mean I mean look, I look at perpetual pulse. Let's just give give give the people some numbers here. If we're looking at at top exchanges by OI since 1010, Hyperliquid's OI is actually down 50% or so from about 15 billion down to about uh six or 6.9 billion right now.

Aster at 2.4, lighter at 1.6, then it really drops off under a billion. Uh volumes for the top exchanges around seven six to seven billion. Um, and there's just a plethora of different exchanges for that people are using for their day-to-day trading, for their per um, and more. So guys, there is a lot of farming going on. Seage, there's a lot of incentives going on and there's just this massive shift towards PES. We saw NASDAQ uh, I think on on Tuesday say uh, put in an application to, you know, essentially bring 23 hours trading days, five days a week. So that's the context guys. That's where we're at. I would

love to just have a quick intro of Avantis for those of our community who is not who are not familiar with the app with the protocol. Uh what is Avantis? How long have you guys been building? What are your stats like? Uh welcome to the show, man. >> Awesome. Yeah, so much to answer, so much to get into Andy. So I'll get right into it. Um at a very high level, Avanthis is a perex built on and backed by Base where you can trade any global asset with limitless leverage. So what do we mean by that? Any global asset, gold silver forex commodities equities, and crypto. So not just crypto. Um as kind of all coins liquidity dries up, as they go down in value, um it doesn't really matter to us because we're hedging against all global assets. Um what does it mean by

limitless leverage? Well, we offer up to 500x. How? Because we are an EMM, right? So extreme degeneracy, extreme fun, extreme dopamine, um a lot of liquidations, a lot of wins, right? You don't see people winning um big amounts in a short amount of time on any other perp decks, but you do see that on Avantis. You'll see regularly people making 25x their money, 50x in like a day. Uh we've pioneered a net new type of derivative called the zero fee perp where you can pay simply from your profits. You only pay when you win. That's allows you to basically go high leverage. Zero drag on your capital, zero drag on your collateral, no fees.

So trying to experiment, trying to have fun in the space, you know, and today obviously we're super excited that um the system is updating and we're going live with the with the broader mass of people, not just your uh you know, crypto, Twitter, points farming, hot ball of money kind of dens, which obviously that's that's us right now on on this channel, but we are excited to get a bit of genuine retail onto Purps. Sorry. The thing that Bass and Coinbase nailed this year is this idea that um you can have any coin that is launched on a drum or these other kind of dexes

be on Coinbase the app, like the main app. The thing that that that they've nailed for for Morpho is that you can do Bitcoin backed loans on Coinbase app and uses Morpho. this kind of DeFi mullet theory concept here but they're also Coinbase has also launched their own per platform from what I understand so um when it comes to expanding the reach of Avantis how do you think about distribution within base within the base app and within Coinbase as a whole what are you working on there to expand your your your uh dist distribution flow >> yes so the build versus partner decision becomes very easy for a big company like Coinbase when they see what we're doing

differently. So if you look at Coinbase, they launched a Mac 7 future, right? You can trade uh a derivative on Mac 7. But you look at the OI on volumes there, it's actually only 1 million oi, 2 million volumes daily, right? You look at uh on the other hand about this X a silver alone traded $40 million volume just today, right? Um why is that? Again, we can just offer much more leverage. we can offer much more liquidity for these assets because retail all around the world is supporting that liquidity. So to get to your point, we are partnering up with base to be the leverage layer of the base app. What that means is that you will see Avantis everywhere on the base app. In the featured app section, you'll see it in the trading must haves category. Uh when you search for

perpetual avantis leverage, you'll see persp. So that's the first step. Uh but what really excites us is like step number two, step number three, um which is the potential for a native integration in the base app where you can natively trade spot. Well, how about natively trading persp um so we're super excited to get this product out to, you know, potentially thousands or millions of people. That's that's obviously our hope. That's what excites us a lot. Um you know per by itself has been done but the key kind of change here is who is trading these assets who is trading these uh these

instruments. Is it just crypto dgens anymore or is it like actual retail that wants to have some more fun and and wants to get exposure to uh perpetuals beyond the vanilla per that Coinbase offers. The Coinbase offers Bitcoin, ETH, Solana at 5x leverage. Well, do you want to trade higher leverage? Do you want to trade altcoins? Do you want to trade real world assets? Avantis is right there. It's built on and backed by Bass. It's available within the base app, >> man. So, with millions of people on the base app weight list, you're telling me that if I want to trade a per contract on base app, it's going to be directed to Avantis. It is you guys are the leverage layer for for the base app.

>> Yeah. So, what I'm saying is uh phase zero, phase one, which is where we're at right now, is that you'll see about this app like the per app, buy about this everywhere in the base app. So, If you want to trade per chances are, you know, we've done a pretty good job and you'll find us there. But the next phase is a native integration where, you know, base itself builds out um a native integration that uses the Avantis SDK to build yet another uh layer of uh perpetual trading for the users and that's up to them obviously, but I'm confident when they see the excitement um they'll hop on board. How do you anticipate the social like the social features within the base app a and just like trade sharing and pro and P&L screenshots and different social feeds?

How do you anticipate like the social aspect affecting per you know I I I traded on BitMX way back in the day. That's when I first realized that I was not a profitable trader. But there was always this troll box and in the the troll box is craziness. I mean, it was it was a mecca of racial slurs, of derogatory comments, of absolute degeneracy posting. It was bad. And I do not endorse that at all. But with social >> combined with this purpation, how do you kind of see that changing the dynamic for trading? Will it What do you expect from like user behavior when the social embedded element is so like, you know, prevalent on the app?

>> Yes. I think I wish I could pull up the app and show you right now. Uh, but the but the bigger point is that you can basically see a social feed where it'll show like Jesse got wrecked or like V. Armstrong bought like 50,000 Bitcoin. So I think it's it's more that like what are your friends doing? Are they making money or are they getting absolutely wrecked? And generally they're getting wrecked and you just love to see that when your friends get wrecked. So when you click on Jesse's profile, you can see all of his trades. You can see what he's trading right now. You can copy trade him. So copy trading won't be live uh day one, but yes, it's coming soon.

So, copy trading, seeing your friends activity, and then following the best traders and and surfacing alpha that way. Um, no comments, so no racial slurs. We we don't promote that, but everything else is is fair game. >> Yeah, that BitMX troll box was gnarly, man. I'll tell you that. Okay, cool. So, so it's kind of like a combination coming and it's like it's just these just these two worlds colliding here uh when it comes to um you know, per. So, uh zooming out of bass, let's talk per more broadly. Um, man. So, I I feel behind because I first of all, I didn't get the hyperlquid airdrop, but we bought so much the first day at $2, $3, $4 and did very well on that trade this

like that was like that saved our entire year. Um, >> wow. >> You know what I mean? Like every like this was a tough year in the market. I mean, like if if we look now, a lot of assets are are red. It it really helped the, you know, the portfolio. I I didn't really farm much on lighter or variational or any of these other advances. Um and I was pretty bummed. But then 1010 happened. And on 1010 we trust you. He says on on 1010, I feel like a lot of people got wiped who were trying to farm platforms, even if they were basis neutral, whether from ADL or from um just kind of like having to have their

positions liquidated because it went so down so fast or not. I I don't know, man. Um like what happened to the pers market after 1010? Like from your perspective, like will oi recover anytime soon? Um it like where we at just like holistically I'm curious where your head's at. I know it's 100x from here and and I'm super bullish but man it the market has not recovered from 1010. >> Yeah. So 1010 obviously u you know basically showed a lot of structural inefficiencies in the market and a lot of perexes have done made tangible efforts to improve after 1010.

So I think kudos to a lot of perexes. Um I wouldn't name all of them but they've definitely showcased transparency in how ADL is done. They've showcased transparency in how their liquidation engine engines work. I think every Perbex founder including myself um posted the same on very next day about how their platforms performed. Did uh liquidations go through as as promised? Did stop losses work? We're pretty proud of how we processed that day, right? It was like an all-time high fee day for our LPs. So we weren't taking any fees that day. um we give 100% to the LPs outside of liquidations and most of our money that day was not made from liquidations. That's the that's the part that you have to remember. Avantis does not have ADL to begin with. Um most of the money was made from uh win fees

actually. So people shorting the market and then paying from their profits using our ZFP product. Um and where I see the OI going after this is that if the OI is structured in in crypto assets specifically, it's going to go flat down only. But the good thing is with HIP3, with us Avantis, with Osteium, with other perexes like lighter bringing real world assets into the mix, a lot of real world makers and real world takers are coming on chain, bringing real OI and real interest to Pers again. So I think the the flavor of the month is still PERBs, but the ingredients are changing, right? The assets themselves are changing. And so for an OI recovery to take place either crypto prices go up or real world assets become even more

popular than they are right now. If you look at silver it just became one of the most valuable companies in the world. You shouldn't call it a company but the most it surpassed Google right as a commod as a commodity. Holy [ __ ] So um >> yo I bought silver in 2022 with my crypto bull run profits and I knew I was a boomer and I bought the physical. I bought the physical gold. >> There you go. There you go. Gold was 1,700. Silver was 20, 18 bucks, you know, couple, you know, multiple five figures of it. Threw it in a freaking safe.

>> Hell yeah. Hell yeah. >> Attached of it. And now it's like now I'm sitting on like a six figure bag of freaking gold and silver. Maybe not six figure bag, but like close to six fig like a two to 3x on like precious metals in four years. And I'm like >> crazy. >> I'm like, how did I just outperform everything in my portfolio except maybe Coinbase stock uh and hyperlid with [ __ ] silver? Exactly, dude. Exactly. Right. Exactly. >> To continue, please. >> Um, no. No. Ex literally, exactly. So, we we see uh our highest OI pair is not Bitcoin. It's the dollar yen coming in at $20 million alone of that 40 million today in Hawaii.

>> So, it's RWAS and forex happening on >> it is it is. And so, the the fee rig there might be lower, but the interest is genuinely high. Like these people don't care about incentives, XP. I've not from the trading behavior we see, they don't log in to check their XP accounts at all. They don't check how much XP they make. They just trade these assets. So I love to see that personally. >> Yeah. Interesting. Okay. So, so, so about 20% of the volume is this forex and commodities kind of markets for for you guys then. >> Yes. And the goal is I think for us I'll be very happy if it's much higher. Um because that's where we're leaning.

That's where we basically build onchain CFD. So contract for differences. That's how Trafi actually trades these forex, metals, commodities. It's called a CFD in the Trafy world. It's not a PEP. It's actually not a perp is a misnomer for what we've built um in a way. But more on that later. But the point is I'd be very happy to increase the share of RWAs on the platform and double down on the CF model to kind of scale volumes into well into the trillions from billions. >> Beautiful. Um so coming back to the general purpose market then did you see the Dan Robinson Tunatra back and forth?

I did. A lot of that was like technical ADL which I happily ignored because we don't have ADL on the platform. So, uh there's no point getting into that. Yeah. >> Okay. Okay. Good. Good. Good. Because it was it was it I I I couldn't understand it if I'm being honest. Um it was it it was very technical. Um so I man I'm just trying to think about like so people are listening right now. They're they're think about purpose is like a really big category. Like I firmly believe in the in a 100x in this category in terms of like per will take over futures trading.

Per will take over uh zero date options. Per will be there will be a per for most anything. I really see this rise of per and prediction markets kind of equally happening where it's like these both you can trade on anything on prediction markets and then per you can have a liquid market for most any asset. Um, and so like in the short to midterm, I feel compression happening though in per if we get a a multimonth kind of where we we've already been in a multimonth consolidation. If we get further kind of consolidation in the market, per volume dries up, I see kind of a fat trimming happening where we saw this explosion of per markets and then now I think it's going to kind of come back to reality a bit, but then I also see a long-term

100x here. From the builder's perspective, I ought to think it's very cutthroat. very I think it's a winner it's a winners takemostall market here. Um how do you see the purpose market evolving in 2026 through 2026 given the market conditions or market conditions aside how do you kind of see all these TGEs playing out um the the mercenary behavior like how do you just generally see the space evolving next year? >> Yeah, I think reality is good right? uh you can live in your phantom bubble but you have to come back down to planet earth which is where we are right now or getting closer in fact um and for for us yes it's a competitive space it always

has been the power laws have always been strong and the power loss for exchanges will always be strong where only 5% of your um traders are bringing in 95% of revenues and volumes that's just that's not a feature that's not a bug it's just how it is right but what excites us in the bare market personally as I've said before is that we have actual traders from the real world not from crypto basement um coming in to trade silver you know gold JPY for the first time and these assets will continue rotating sometimes it'll be crypto that's hot sometimes it'll be RWAS so in that sense we are pretty excited to diversify our volumes and diversify um from away from mercenaries into real traders right and

and here today like on the base app that's an opportunity to express that view it's an opportunity to tap into that view and be bullish. The entire per trading landscape on chain is not more than 100,000 wallets. You can't even say it's more than 100,000 individuals, right? Um it might be something like 40 50,000 whales trading uh 95% of the volumes today. Like that's cool, but like is that what we what we want to be as an industry? Like is that what we want to be proud of? Like I don't think so, right? Um we don't want to rotate a hot ball of money amongst each other in the form of air drops and losses and liquidations. That's it's a bit of a brain rot. And so we have already seen a 20% bump in our DAU while being in private beta on the base app. Yes, these

traders are not whales. It's okay. That's fine. But we're excited to bring like thousands on board and and cater to their real trading behaviors. And that's our alpha. That's our hedge in the bare market. >> I love it. And I think it is a bare market. It sucks to say it. Um but uh that again, reality is pressing. I think this last bull market was far different than the previous bull markets and I think this bare market will also be far different than previous bare markets. I personally think it's going to be shorter uh and not as deep and painful. Uh I think that would be in line with the like the general trends that we see in the space.

>> Um so I got people saying Gantis Avantis integrated into base. You've got some people excited. Um uh Coinbase guys Andrew Crawford is not happy about Coinbase. Not that's not our problem. Um, sorry about your fees there, buddy. Maybe try on trade on Avantis for no fees. So, last thing for you. How do you anticipate maintaining this gas sponsorship that you have and zero fees as you guys onboard millions of traders? Like, let's say BASAP goes live some point in the next, you know, 24, 48 hours, next month, could be today, could be tomorrow, who knows? Um, and how do you anticipate if you get an influx of users, are you going to keep sponsoring all their gas fees? How do you kind of

manage that? >> Absolutely. Normies cannot know what gas is. Even though gas on base is very expensive. Like it's sometimes gas on base will spike to like a dollar during congestion. We'll still pay for it. Don't worry, come through. It's all good. Uh and and the reason why we're we're okay paying for it is that number one, gas is trending down. Number two, zero fees is not zero fees. It's a preference to not pay fees until you win in the case of Avantis. In the case of lighter, it means a preference to not pay taker fees but be okay with worse spreads. Yeah. So, >> it's the Robin Hood model for lighter and it's the pay if you win model for Avantis, but it generally ends up being better for the trader, better for the platform. So, we we'll continue with that. We'll double down.

>> So, last thing for you then. Um, >> uh, Lighter's coming on saying no fees. You're saying Robin Hood model. You're saying pay if you win. Hyperl is just saying we're going to just take fees regardless. Do how do you see the fee models changing in 2026? Do you think lighter has enough oomph in it to force Hyperlid to to change its model or do you think Hyperlid is going to just be able to keep its model? Like how do you how do you like basically what I'm trying to get at is if I undercut you and then Paul undercuts you and Peter undercuts him, are we just going to undercut our way to the bottom or is there like some sort of like brand moat that like Hyperlid has kept or like the like the market makers are willing to pay the fee on Avantis for some reason

that they wouldn't want to pay it on another exchange? How exactly does the kind of game theory play out for 2026 with per fees? How do you envision? >> Yeah. Yeah. I think the game theory has so far played out on um retention via incredible airdrops. And so when Avantis was air dropped uh at the peak, it became the largest airdrop on base which was amazing to see. Our community was very happy. We're able to retain those users as well. People who want to trade high leverage do not go anywhere else because there's nowhere else to trade high leverage. So that's kind of our wedge into the market. lighter depends how the TGE goes depends how much they're able to retain their users as well because if users leave then the market makers will be like wait there's no take flow here like the spreads are

getting worse and the takers will it's a toxic cycle down right then zero fee means nothing if the spread is five bips 10 bits 15 bips right now it's like one bip or half a bip so it works out um hyperlquid rabbit community one of the best air drops probably that'll ever be I would say right I'll wager um >> and so at that point you've already have people that will support you no matter what you do and I don't think they'll shift to zero fee models because the spreads are just too good. >> Yep. Yep. Okay. Say haj man happy base app day or sorry happy uh system update base eco mega stream day. uh guys on your growth like I said when you came on man I mean 35 million of oi today in the

top top 10ish top 12 for oi uh top 15 on volume uh TVL man so you guys are doing great work I hope the distribution plan that you have works out in your favor would love to talk per again thanks for coming on man we got the base or the system update stream streaming on rollup TV at I think it starts at 5:00 p. p.m. Eastern. We're going to be commentating on it. Guys, stay tuned. Say hash. Thanks for being here, man. >> Thanks for having me. Thank you. Cheers. >> Cheers.

>> All righty. Peace. Boom. Man, as you guys know, I've been a mega mega mega hyperlquid bull for a while. Uh we, like I said many times, that's probably one of our best plays of uh the cycle. Um and one of the better plays that that we've had uh you know, ever. And so, uh, I hope that it keeps growing. I hope it keeps pushing. Uh, but there is more competition. There is lighter. There is others. Um, and right now it's getting washed out as we kind of expected. I mean, pull it up. Um, not to be a doom and gloomer here on such an amazing day, but I think hype's trading under 25 still. Avantis, I I think Sahage clearly has the right idea about

some of his models. I mean, there's trade-offs for everything. Um, but that was interesting to hear his takes on just like generally how he's thinking about the perp space because I truly think that you can actually um, you know, use use the perp model as the foundation of portfolio building like Hyperl and so I think that those tokens will probably be a bit more sustainable and have stronger rallies coming back than other types of tokens. Just realized he's live streaming from his bedroom.

Certainly not in my bedroom, bro. It is my study room. Get your facts right. We got Luke Young Bloodood coming up. Founder of Moonwell. Let's get him up here. One of the most prominent DeFi applications on base. Uh let's get Luke up. Let's get the show on the road. It's the system update and base ecosystem mega stream. We got Luke in the house. Luke, what's going on, man? Good to have you. >> Hey Andy, it's great to be here. Uh can you hear me? Okay. >> Yeah, man. You're live from the uh venue correct? >> That's correct. I'm here at Fort Mason in San Francisco. I'm sitting in a car outside the event uh live streaming you from the parking lot.

>> Oh, it actually looks like you're in the venue from your backdrop, man. So, all right. So, what's it like? I mean, are there people walking in? There's a lot of security guards. Where's the event at? Is there any energy or anything that you can kind of share as to what you're seeing so far? I know it's about an hour out from kickoff. Yeah. So, uh, there's a lot of people here in the parking lot. Uh, people are getting checked in just now. Um, sitting outside a coffee shop and there's a lot of people grabbing coffee and, you know, heading into the venue. Um, there's going to be about an hour for us to all get seated. And they've let us all know that if we're not inside the venue by 2 PM, we're going to get locked out, >> but um, the excitement is

>> a lot of big updates coming today. So, the excitement is palpable with all the builders like me that were invited. >> Yeah, man. And so I take you're not a San Francisco native then. >> No, I am. Uh I actually live here in the Bay Area, but um a lot of uh people flew in uh from other protocols like Aerodrome and others. Um a lot of the Coinbase people I know uh flew in. I used to work at Coinbase a few years ago, so I met with a lot of old friends last night. Um they've they've uh certainly brought, you know, a lot of really key uh execs and uh leaders here to the Bay Area for this big announcement.

>> Yeah, man. Okay. So, help me understand from your perspective on Coinbase's evolution, being an early employee. We we'll get into Moonwell. We'll get into base DeFi as well. Um, from my perspective, watching Coinbase grow, I first went on Coinbase in 2017, and all I could do was upload a debit card, ND, and buy Bitcoin, Ethereum, and Litecoin. Uh, it was actually very easy KYC. It was like just put your debit card in, get started, buy your coins, hold them here. I mean, since then, we've got staking, you've got base, you've got base app, you've got the uh Coinbase credit and debit card, you've got vaults, you've got curated um per I'm hearing whispers of tokenized equities and prediction markets perhaps being

announced today. You've got other X42 AI initiatives. And so, it feels like Coinbase is really becoming what has been a hot term, which is like this neo bank. Uh, for example, you have to have, I think, 200K in the app to uh get a card that gives you 4% cash back in Bitcoin. Gives you a whole other slew of of benefits within Coinbase. You can also pay a $30 a month subscription, I believe, for Coinbase One is is what it's called. Then you get no trading fees on the main app. Let's say you're a dollar cost average type of investor. You just set your weekly DCAs. You pay no fees on those. And so it really feels like they've gone from like we're a crypto exchange to like no no no we are literally building a bank a neo bank for crypto users primarily and we're kind of

basically trying to create a place where me myself I can have my entire financial kind of uh like one bucket of my finance portfolio on Coinbase with a card with trading and all these other things social base app that's my interpretation I know I threw a lot at you there But talk to us about this Coinbase evolution from like a a crypto exchange, a centralized exchange to like becoming a, you know, a public company and being what is now more like a neo bank. >> Absolutely. Yeah. Happy to talk about it. When I came to Coinbase in the late 2010s, um I was, you know, I was there pretty early, uh joined in early 2019 and I joined to launch staking rewards.

So back then like you said uh it was mostly just speculation on Bitcoin and Ethereum and a few other coins. Uh we rapidly evolved into offering services like staking. Uh and then it's been really phenomenal to see how the team has grown uh and how you know how Coinbase has grown into all these other lines of business since uh you know 22 or so since I left to launch Moonwell. Um, for example, like you said, um, they really want to be your primary financial account. And I think that's a big part of what we'll see today in the announcements. Uh, not only the new card product that's in partnership with AMX that offers up to 4% Bitcoin cash back.

Uh, but also um, loans, Bitcoin loans and Ethereum loans powered by Morpho, which you know, Moonwell supplies the borrowable USDC liquidity into that product. And then you can see them getting into newer spaces. Um, you know, futures, PERPS. Um, I think we're going to see some really cool announcements around tokenized equities and prediction markets as well. And, uh, something I can confirm that is going to happen in about an hour is the base app will be officially rolled out to everyone. It'll be generally available. And we're super excited because uh, the Moonwell mini app will be live in the base app and also MAMA, which is our personal finance agent, will be live in the base app today. So, in just under an hour, everyone in the world will be able to to

try the base app and it'll be generally available. That's pretty exciting, >> man. That is amazing, Luke. Uh I I will not be making any coms about the base app until it is announced, but thank you for sharing the the the alpha here. I have had the bass team uh you know, be be very certain. But man, have they made it obvious and so I'm excited for that, too. We have a streaming mini app on BassApp. You know, I can pull it up here. You can do live tipping of the show. So, I've got you up here. You can click play. You're You are actually quite live right now. I can go ahead and just uh tip you tip tip the account. Send in a easy tip. You can do tips. You can do trading. You can do

all sorts of stuff on the base app. And we are equally excited for this because from our perspective it's like hey uh we are going to be able to now have access to our mini app which is directly linked to our our streaming platforms to millions of of users on this weight list. And so this is massive. Um and so we're super excited but but I want to talk about the first two things that you said because these are somewhat confirmed in the newswire. They hit the newswire but they haven't really been yet talked about which is prediction markets. Why do prediction markets fit so naturally inside the base app experience? What what do you see happening for prediction markets to reach these non-cryptonative users through the base app and through

Coinbase? How do you see that playing out? >> So, I think prediction markets in general are really attractive to retail investors. I mean, if you look at, for example, sports betting, sports betting is super complicated, but there's tons of demand for people to predict the outcome of sporting events or the outcome of elections. Yep. >> And so prediction markets make it super easy to just buy the yes or no. And I think that it open it's opened up a new kind of wave of retail investing that really just didn't exist a few years ago. And Coinbase clearly wants to be part of that. Um and I think there's there's a huge um there there's huge reasons why. Um you know Coinbase really wants you to be able to trade every asset that's legal. You know trade

everything is I think the tagline for today's event. and uh they don't want to make judgment calls about you know what are people allowed to speculate on or not speculate on what crypto assets are are available on the platform and you can see this um by them rolling out onchain swaps you can see this by the you know allowing them to trade any token on base uh and on Salana um inside the inside the Coinbase app um you can also see uh this you know this desire to kind of like be the everything store for uh not only digital assets like you know Bitcoin and Ethereum and stake ETH and all those all the coins out there, but also um you know potentially tokenized equities. We might see some announcements on that today as well. And

I really see them, you know, kind of gunning for traditional finance and saying like, "Hey, we want to be the everything store. We want to um we want to offer whether it's trading spot, whether it's trading futures, whether it's prediction markets, um whether it's trading altcoins on base, um they want to be able to offer all of those services to everyone in a single unified interface. Um, the base app is going to be different because the way I kind of think of the base app is that it's it's also the uh self-custodial part of Coinbase, right? Um, the retail app has a specific purpose, you know, for KYC retail users that want a really nice walled garden experience. The base app kind of like tears down the walls of that garden. And, you know, as Jesse describes it, he wants it to be a

bridge, not an island. You know, he wants it to offer the best of Salana, the best of other ecosystems as well. and and and that was an incredible uh campaign that that they put on there with the base and Salana uh kind of bridge and the and the and the kind of infighting that had a result of it. It was it was actually quite well done. On the tokenized equity side for Moonwell, you ought to be thinking a lot about this kind of like institutional tokenized equity, you know, capital allocator strategy. Um you know, we we've obviously seen this come out this year. I mean, this year has been the year of this part of the market. I mean, I describe it as inside of crypto, crypto native, there's like this this kind of uh contractionary phase happening, a trimming of the fat of

sorts, a reality check, a a kind of a coming to age. And then in the institutional realm, it's this absolutely expansionary regime happening of tokenized assets, uh, you know, using these inch in DeFi, onchain, uh, T- bill, stable coins, tokenization, SEC chair, chairman Paul Atkins is saying all markets are going to be on chain in two years. Larry thinking saying that we're going to tokenize everything. How does lending protocols and DeFi protocols like Moonwell plug into this future? How do you ride this wave and capture this market through base, through base, and just through your institutional relationships? What is your strategy for 2026 to really capture and keep capturing this tokenized equity

tokenization uh wave through uh through through the application? >> It's a great question. So first of all, you know, Moonwell is a decentralized lending app and we offer the ability to borrow against, you know, Ethereum, stake, Bitcoin, etc. And we would love to be able to offer tokenized equities as collateral to borrow against. I think a lot of retail traders want leverage. And unless you're, you know, an institution, you really can't get leverage in the traditional finance like through a brokerage like, you know, your, uh, Schwab account or something.

So um being able to offer leverage against tokenized equities, real world assets would be huge for the base ecosystem and also for the Moonwell protocol as well. And then secondly, we have a personal finance agent named Momo. And right now, Momo helps you um for people that are new to crypto, helps you earn, you know, twice the rate of inflation by simply lending your USDcoin out to Bitcoin borrowers, and it's super easy to use. We want to offer tokenized baskets of equities uh to MAMO users because it's a really great retail experience for people that just want to save and grow their net worth. For example, why couldn't you just buy a basket of like Mag 7 stocks um and deposit $100 a month into that and then have the personal finance agent buy them for you automatically? Um or why

couldn't you just buy a basket of founder NASDAQ companies since those seem to outperform uh the rest of the NASDAQ index? And we think that this will create a wave of new financial innovation products, you know, robo advisors in the form of personal finance agents like Momo that are unique and offer differentiated services you can't get from you know your Fidelity or your uh you know JP Morgan Chase bank account. >> Luke, I got to say I was wondering what the hell is this comment in the chat? Momo, momo mamo. So so help me understand this just a bit better. Um there on Moonwell I can go on this decentralized lending application and then you guys have like a you know for

lack of a better term a robo advisor that is an AI agent that actually is able to allocate funds on on the user's behalf but keep it in a non-custodial fashion and allocate to different yield pools based on risk tolerances or based on kind of what what uh you know the interaction is with with the human and the LLM. H how how has this been you know used so far? >> So um first of all mama was birthed at the Coinbase AI hackathon in February of this year. >> So cool. >> We won the grand prize and what we built is an agent that basically can be your personal finance companion.

>> Okay. >> And we built to our knowledge the only fully audited smart contract system where you as the user are the only one that can deposit and withdraw and we uh we deploy a dedicated smart contract for you. Uh, so you can simply deposit and withdraw USDcoin or Bitcoin and then the Momo agent will find the best rates whether it's among Morpho vaults or Moonwell core markets. So cool. Make sure you're always earning the best rate on chain by lending out your coins. >> And that's been a pretty good source of yield in the sense that it typically pays about twice the rate of inflation and it's more than a high yield savings account. And then more importantly, the the agent can also autoco compound your gains, you know, any reward tokens you might earn. So you don't it kind of takes care of all that DeFi heavy

lifting for you again in a non-custodial way where you can withdraw at any time. And then >> what's the uh sorry Luke what's the website for this? >> Momo.bot uh is the website. So if you want to try it out today or in the base app just uh look for Momo. It's one of the many apps there. >> Okay. Okay. Let's check it out. >> Yeah. And um and so and then the other thing is Momo is your personal finance companion. You can talk to it. We have a fine-tuned large language model that is trained on all of the best interest rates on base. It's trained on the Momo documentation. Um, and you can talk to it about your savings goals and just have a conversation with it. So, we really think we really think MAMA is kind of humanizing onchain finance and making it accessible to more people. Y

>> um you can bring your own wallet or we can even create a social login, an embedded wallet for you with like pass key or you know Google, Facebook, Apple login. So, we're really trying to kind of uh make a um an onchain app that's usable by normies that, you know, anyone can use even if they don't have any crypto experience. And we really think this is going to be attractive, you know, to a lot of retail investors just in the sense that, you know, why not have a personal finance companion that's making sure you're always earning the best rates, that's compounding your gains, and is doing all the DeFi heavy lifting for you in an automated way using artificial intelligence. I don't know if you guys can see this, but Luke, I really appreciate the explanation and and I understand what I'm doing. I have

just successfully deposited 0.000046 CB BTC into Momo on the base app. I now have uh a whopping $3.98 in my momo portfolio. Um, as you guys can see here, and I have an AI agent named Mamo taking my Bitcoin and doing with it as it as it will. >> Amazing. And you're you're earning uh yield on your Bitcoin now through a combination of Morpho Vaults and also the CVBTC core markets on Moonwell.

>> Yes. >> So, the agent will just like tirelessly find you the best rates and make sure you're always earning it. And now if I go in my base app, I can see I can see kind of where everything is and I've got it plugged in. I've got it saved here on the mini app. Man, that's awesome. And so so uh Moonwell is providing like the yield backbone as well as uh as well as Morpho. Um so that was easy for me. How do you think this kind of AI agents change how users will interact within the base app? is MAMO a good example of how kind of DeFi will work in the future, especially on like a mobile first, you know, for let's just say for non-crypto natives. Go in, have some

money on the base app, click the button, deposit, know that your yield strategy is going to be done for you. Again, kind of like robo advisores, be able to pull it out whenever. Um, I don't really need to like I don't I didn't even realize I was using Moonwell or Morpho, by the way. There was no So, is that the idea this DeFi mullet uh kind of idea? Exactly. Yeah. Moonwell is the core that powers that our Morpho vaults and our Moonwell core markets are the yield generation backend. You know what that's one of the most durable yields in DeFi is lending out your coins, you know, to Bitcoin and Ethereum borrowers on Coinbase.

>> And it's also a really safe yield. You know, we make sure you're only depositing into, you know, fully audited smart contracts that have good risk management. >> And uh we want to in the future offer, you know, differentiated products. So the agent will be able to talk to you and ask you what's your risk tolerance? you know, do you want to just invest in stable coins and where you don't have a risk of, you know, crypto volatility or maybe you want to um put some of your money into uh you know, stocks, tokenized equities. U maybe you want to invest in tech stocks and then uh the agent can kind of learn about your finance goals. You know, what are you saving for? Are you saving to buy a house? Are you saving to, you know, saving up for college? and then uh can

give you reminders, you know, like uh if you get paid on the first and the 15th of every month, we'll remind you to put away $100 in dollar cost. >> Yes. >> You know, um kind of build >> personal finance, >> right? >> It's kind of like I mean, look, man, look, we don't we didn't get uh taught finance in school, in high school, even in university, you kind of get taught some finance, but it's like finance finance, not like personal finance. Um, and so if there's a world where there are a a better a better opportunity set for uh people who are want to take control of their personal finance and it's enabled through some sort of agentic world. I think it's I think that's a win. I mean I think that's fantastic. Um, and I'm just glad that this is live that the fact that I was

able to do that in 5 seconds. I had no account. I had CB BTC on base and now I'm an active user of Momo. I have I have assets in there and I can just kind of set and forget it. It's it's it's really really cool. Um >> well, thank you for uh thank you for demoing our product live and nothing nothing more fun than a live demo. >> And also um we do see this as the future because DeFi is complicated. You know, if you've ever used DeFi apps, understanding how lending works, how borrowing works and you know, we're going to continue to add products and features onto the Momo. For example, we have a Moonwell debit card, but we want to have a Momo card where, you know, you can just simply either borrow against your uh assets supplied on Momo or you

can spend them like a debit card while you're still earning that yield. Um, but we think that this is going to be the future interface for a lot of, you know, onchain finance because, you know, apps are hard and nobody wants to learn how to use an app. In fact, I think in the future it may be something totally different. There may not even be like a glass phone interface. It may just be you talking to your earbuds and telling Momo to to help you save, right? >> Man, that's so cool. Luke, last thing for you. Um from from the perspective of looking ahead, what do you think are the most uh important market primitives that base really needs to kind of like or from the builder perspective? What what would be your ask of the base team as far as market primitives go,

distribution goes, uh flows go, you know, what are you looking for from the base team from from uh building on base uh for 2026? You know, what what are you gonna ship with Moonwell? And then what are you looking to see from the base team? >> Yeah. So, um I'll take the second part first. We're going to ship uh new features like, you know, Momo Card and Moonwell Card V2 that'll offer you cash back and, you know, incentives. And then we're also going to continue to add more functionality to the Momo agent and, you know, branching out from lending into, you know, tokenized equities and other other areas of interest. And then on the base side, I think it's going to be fantastic to see um onchain swaps really roll out um on mass to all the retail

users, all of the, you know, 100 million uh Coinbase uh account holders. >> Be insane. >> I think that's really what what I'm looking for what I'm looking forward to the most is having the ability for people to basically trade anything inside the Coinbase retail app. not having to worry about um for you know for most normal people they don't necessarily want to set up an onchain wallet but not having to worry about that having like the DeFi mullet products basically enable that for you. So on the back end you're using you know battle tested protocols like Aerodrome and Moonwell and Morpho but on the front end you're just interfacing with that beautiful Coinbase retail app experience. Um that's really exciting to me and I just couldn't be uh more thrilled to be building that ecosystem.

Man, I the the the DeFi mullet distribution, DeFi underneath, easy sexy UX available for mass distribution on top. It does feel like Morpho, Moonwell, Aeradrome are in a really damn good spot here. If Bass App can grow the next couple of years, Coinbase keeps growing, I mean, you guys. So, let me just I I know we're getting over time here. Last thing, there's the fintexs or like the Robin Hoods and the Revolutes and the Coinbases. I mean, they're, you know, kind of like semi-fintech. They the theory that I'm kind of like starting to like, you know, see and like think think more about is they're going to select their partners, their like DeFi partners

that they're going to be the distribution partner for, take some cut of the token supply, create some deal, etc. I'm sure you you know better than I do how these things work and basically uh select their partner and then that's who the fintexs are going to work with for a very long time the each individual fintech will likely choose different partners for example if coinbase and base is using morpho then you know you know let's say uh a revolute might use a or etc etc they don't want to have a commod commoditizable product offering so they're going to select a different partner still a really solid one for for the best ones and you know have this product the the DeFi apps that are are the recipient of that deal and who can strike those distribution deals are

going to absolutely usurp those who do not and those who are still relying on let's just say like DeFi power user flow because that is being compressed I think a lot but what is really opening up is that distribution from the fintex um agree disagree I I I think you would probably agree but you know talk to me about like how you see that playing out a bit and then let's close this out >> yeah I agree I I definitely agree with that vision. I think you're going to see consolidation across um you know like you said the Robin Hoods, the Revolutes, the FinTechs of the world and what they're going to integrate with. You know, we saw Robin Hood integrate with Koshi and then maybe uh build their own prediction markets and we're going to see a similar thing play out across the DeFi landscape. Now I will say that in

general the one thing I want to add to your uh to your point is that um in general uh these large fints are going to choose to build on top of decentralized protocols that don't have centralized governance. And what I mean by centralized governance it's not necessarily like you know for example a has a big DAO but um there are protocols like Morpho that are newer that are permissionless that are more like unis swap where you know a market on Morpho will live forever uh as long as Ethereum keeps operating. And so I think that's something that uh Fintex will look to integrate with more uh readily than you know than a protocol that has centralized governance or governance through a DAO simply because governance can change risk parameters that can

cause bad outcomes. And so I do think that these newer permissionless protocols like morphos like you know like unis swap are going to be the primitives um that people choose to build on top of. Aerodrome is another primitive that people can choose to build on top of as well. Uh but basically that means that you know if for example if Revolute wants to create a a new market that their let's borrowers borrow against tokenized equities or real world assets they can do that and they can have the confidence that it will last for decades as long as the Ethereum world computer operates. And I think that's really what these fintexs are looking for and I love it man. And I agree I don't think that they're going to go down the line to some random infra provider that has not much of a track record and put their

trust into it. these institutions they they move way slower and they require a huge level of risk management and basically um risk aversion and and risk you know neutralization to work with any any of these teams and I don't know Luke all I'm saying is I think the winners at the table are being set and I don't want to hold you too much longer I don't want to be the guy who doesn't get you in so Luke Young Blood calling in directly from San Francisco man I am stoked to see this we are about 40 minutes out from the start here you got 37 minutes to get your ass inside. All right. Thank you so much for joining us today.

>> Thank you, Andy. It's great to be here. Have a great rest of your show, >> man. Looking forward to it. >> Cheers, man. >> All right. >> Bye. >> Boom. Guys, we are 37 minutes away from the Coinbase uh starting of the stream. Uh Luke is a Luke I had I had no idea Luke was an excoinbase employee. Comes in, starts dropping immediate alpha. He's like, "There's definitely going to be a prediction markets announcement. definitely going to be a tokenization of equities announcement and there's definitely going to be a um a uh base app, you know, opening of some sorts. We don't yet know. I am not the messenger.

Do not shoot me. I am just here streaming away. We've got AJ Romero, the CFO at Football.fun. I'm pretty sure these guys got an ICO going right now. I could be mistaken, but this guy's calling in. He's got a full-on ICO raging right now. So, there's clearly something to talk about. Um, that was a great segment with Luke. Um, it's 4:24 PM Eastern time. We got 8,000 viewers here on Twitter. We've got a couple hundred live on YouTube. Guys, we're firing today. I am so excited. We're 36 minutes out from playing the base app stream on the Rollup TV. I will be commentating it with Alex Cutler from Aer Drrome. He'll stay with us for a bit

of it and then it'll be me by myself. I'm stoked on that. Let's get AJ up here. Let's get him up. Let's get firing. AJ Romero live on Rollup TV. >> Man, system update. Do you feel the system updating in your mind? Like as you watch the ICO number just keep going up up up. What are we at now, man? What the numbers? What's going on? >> One tab. Your producer let me keep open. Um we we just crossed five million which is pretty exciting. >> Wow. Wow. >> In this market, man. I'm stoked >> in this economy.

>> This economy. Hey, revenue meta, baby. >> Revenue meta. You heard it here first. It's been about eight months of it and damn, it is not that fun anymore. It was fun for three months and then now it's no longer a joke, is it? >> Well, we're ticker fun, so come on. >> Yeah, there it is. Oh man, you're not going to like this take. I thought that the fun uh I like fun brand ticker name is gone. But maybe you can maybe you can take me off that hill. Explain to me why do fun is still going to work in this economy.

>> Because sports are fun. That's really what it comes down to. Um sports is the last remaining thing, man, that like normies and consumers have that they like still care about and they'll put everything behind. >> Yeah. No, I mean I totally agree. >> Hey man, I was in the trenches with everyone else and like memes were super fun, but like am I supposed to care about that peanut squirrel and the hippo or whatever the heck it was? was like, I don't even know what was that. That was >> Yeah, >> AJ, man, you look like you're calling in from an American household kitchen. Um, I have no idea where you are, who you are, or what you're up to, but shout out to Mr. Dudas for connecting us. Good friend of mine, and of course, a big investor into football. Fun and Sport.

Fun. I'm not even sure what the difference is. We got to get this started. So, AJ, what is your background? Do you have a sports background? Do you have a crypto background? Both. How did you guys come up with this idea? and talk to us about some of the traction that you've seen because I feel like you guys have been on a pretty good run. >> Thank you. Appreciate it. Yeah, shout out Dudis. He's been an investor since April. He's just been amazing, an amazing supporter. Um, yeah. So, me personally, I have a weird background, but honestly, I think everyone in crypto at this point just has a weird background. I have a traditional finance background. I pivoted into data science because I just thought that was super cool. I was working at Amazon. COVID hit, quit my job because screw that and just rode DeFi summer. Um, found NFTTS

and fell down the sports NFT rabbit hole. So, I was, you know, one of the biggest accounts on So Rare for many years. You know, it wasn't in Topshot, but was definitely around and watching all those people, had friends there. Um, the last four years, I I was a portfolio manager at Spermian, which is crypto investment fund. And through that, I met Adam about a year ago. And the funny story that I like to tell is that I actually ignored his message for two months because I was just like, "Come on, man. Another sports crypto thing. Are we doing this?" You know, because I've just seen so many bad ones. Uh I finally decided to like respond to the message and just like be nice to the friend who made the intro. And by the end of the call, I was like, "Adam, you

need to take my money. I'm writing an angel check here." He had answers to everything. So that was a year ago. And then I was advising them all throughout the year. uh really just you know working closely with them and when the product went live in August the paid version and they just took off I mean it was just clear to both me and Adam I was like I need to come over full-time so I've been here since you know beginning of September I couldn't be happier. >> Yeah man talk to us about some of the growth man I mean you guys launched this thing what in in did you say like over the summer?

>> Yeah. >> And so that was July. >> No no August 12th was when we launched. >> Yeah. Brain. >> Yeah. So, it's only been what is that four months that we've been live? >> That's like as long as my longest, you know, girlfriend ever. I mean, come on. This is like this is crazy talk. >> I think football. Fun is wife material, man. >> Come on. >> Ma's dauus transactions. Talk to us. >> I got you, dude. Yeah, we got a Dune out there that, you know, maybe we'll publish on a tweet later, but yeah, we have over 20,000 paying users. Um, >> and paying subscription like >> Oh, yeah. So the whole model is like it's basically I'd say a stock market for athletes is sort of the first pitch where you come in. So all athletes have uh ERC20s essentially, right? They're

tokens. You can buy fractional shares of them. Price moves up and down on an AMM. >> Um there's then the game which is sort of the focus, the fantasy sport element of it. And you want to have as many shares of the best performing athletes each week. Okay, they're playing whether that be NFL or soccer. Those are the two sports that we have now. And so, you know, the dynamic between those is very interesting. You have people who just want to come in and trade because they're going to trade news. Oh, this guy got traded or so, you know, he has a new quarterback. I think he's going to be amazing or whatever. So, you trade based on that and then you play the game. There's people who just play the game. They own Patrick Mahomes and they just sit on him because they love him.

Although, just his ACL. >> He just ACL. What What a week for the NFL. Patrick uh Mahomes ACL and then that big linebacker guy, what's his name? Um, help me out here. >> I forget, man. We don't we don't have linemen in the game. So, >> okay. Okay. Micah Parsons, uh, the guy that was causing a massive fuss about being on the Cowboys, put out that public note earlier this year that went super viral on X, saying like, "Get me out of here. Jerry Jones is the devil." And then Karma slapped him six weeks later. I mean, I feel bad for the guy. It's [ __ ] I'm I I'm sorry. But [ __ ] what a terrible week for NFL injuries.

Two stars going down. Not Not a great look for the uh ticket sales. >> That's true. That's true. Okay, so you have these two. >> Well, back to our numbers. We have 20,000 paying users and so how they pay is a trade fee, right? So, we we take a clip on every trade that's happening and that's really it. Um, we've done 95 million in trade volume since we launched, which I think is super exciting. We're about to hit that 100 mil mark and we've made over 10 million in revenue. So, the fee is the fee is dynamic. If you were to do the math, you're going to think, wait, how'd you get the 10 million? Uh, the fee is dynamic. when prices are are going down a lot or during like high traffic events the fee goes up to try to you know make it a

little bit more fair for the casual users uh as well when we initiate a new sport or add new athletes to the market you know that's also a revenue generating event for us so those are fewer far between but chunkier revenue events >> yeah man I mean revenue meta strikes again um very clear that people are wanting to invest in protocols that have a consistent form of revenue I think buybacks potentially are a bit uh they're important but they can be viewed in different ways. I think all that matters is like that there's this clear business model. Um and you know Mike Mike Dudas is the first one the ape on these things. So shout out to that guy.

Um my my thing to you though is there's this so Mike is on one side of this this equation where he's like it's cryptos app moment and then the other side of the equation is like um I believe the vector.f fun app. That was the uh Tensor guys. They just sold their equity to a different company. I forget who it was. Um and people are saying, "Why would I ever hold and invest in an application token if the Football Fund team can just go sell their equity, leave token holders in the dust? They get paid. They get their exit. Token holders are kind of left like wondering what claims on ownership they have." AJ, why is football fund, sportfund different? How like why is this token this ICO different? How do you kind of uh see

this playing out for you guys um in this kind of landscape where crypto investors have been looking to applications to invest in for so long? There's been this infrainfested VC loop that has now shifted but now those who are doing it are seemingly feeling like they might get rubbed by their own team founders who are going to exit. >> This is a really good question. Um, I think based on Dudas's tweets in the last few days around this, I think you know where we stand. So, Adam, the founder, right, he's been super clear with like anytime we meet investors or talking to anyone about the company that like he does not want to sell. He's like, I built this company not to make money. He's like, I built this company because I want to play this

game. He doesn't need to work. He could just ride off into the sunset, but he was like, I want to play this. >> Yes. So whenever investors are like, "Oh, what if DraftKings wants to buy you for a billion dollars?" He's like, >> "Sorry, I don't know if I'm allowed to curse on this show, but he's like, "Fuck them." Like, "I'm not going to >> [ __ ] them. >> That's Wow, that's crazy though. >> All value acral is for the token, man." So you're telling me while they are separate structures like there is an equity and there is a token the the way you guys are thinking about it is whatever the equity people are getting whatever equity there's any benefit to equity it's going to directly to token holders one to one if we sell this thing we'll you know we're sharing the profits

amongst token holders if if there's you know buybacks and distributions they're going to token holders the equity and token split in your model there is no split it is just one while sure legally there is probably like a a foundation or labs or however that works. But you're telling me that basically you guys will always reward the token holders and prioritize them as the core shareholders as if they were the equity holders. >> That is definitely the ethos of Adam and the team. >> Good. I'm not >> I don't think any of us could sleep at night if we were like, "Yeah, you know what? Let's take a billion dollars from DraftKings and all those guys who supported us through thick and thin and have been here the whole time. They'll get over it." I I mean, I don't know how

you could ever show your face again. >> Love it, man. All right, let's talk Legion. Um, I'm pulling up Legion's site right now. Um, talk to us about using USD1 as the asset to purchase. I see $4.5 million deposited and it's not stopping. Footballf fun hitting on Kraken, FX, and Legion. Kraken distribution for ICOs is absolutely goated, by the way. Like, shout out to uh Fab. Fab. Fab and Maddie are like my close friends. I was surfing with Fab in Bali last October before he had even like barely launched this thing and I was like, "Oh my god, dude. This is going to be huge." Um, so, okay. So, um, let's talk the ICO. Let's talk what we're looking at here. Um, I I like I

said, I don't have much info on it, but I got you. >> Yeah, please. >> Yeah. Well, every story I've heard of Fab is about surfing, and he's amazing. I mean, he and Matty are absolute killers. Like, >> Fab and I had like a 10 foot day. It was insane involving like multiple like well overhead days getting barrel. It was It was gnarly. It was insane. >> Oh man, >> he's an animal. He's an animal. All right. >> He is an animal in business and in life. Definitely. Yeah. So So we're raising 3 mil at a 60 mil FTV. Uh we have a hard cap at four and a half mil to to raise if it's like you know over subscribed which we are. I think we're over five now in total at least the backend numbers I can see. Yeah. So so why are

we using USD1? I think a lot of what we are aiming for is to to be American focused. We we chose to launch NFL as our second sport. We really wanted to lean into the Americans. You know, we launched with soccer, which is a huge obviously massive global sport, biggest sport in the world. >> And it's doing great and we love it. But we had so many Americans in our DMs, right? Being like, "This is a great game, but I don't know who the hell these people are. Give me NFL." You know what I mean? So, we went with NFL, leaning into the American theme, USD1. What could be more American than USD1? And also something interesting to note on the Kraken ICO is that is actually it is available to nonacredited US persons.

Um this is I think definitely the first time Kraken has done that and it is only the ICO that second ICO I'm aware of after the Monad Coinbase ICO which was also available to US people which was a big deal. I think it's a huge deal. It sucks every time Americans are like oh this is so exciting wamp wamp I can't get in. Um, so yeah, we had a lot of angles or just like the game has the NFL angle. We got the Kraken US people can get in. Let's do USD1. You know, the guys over at World Liberty are like they are also goated. I mean, my goodness, what they've been doing and how they've been scaling. We just definitely wanted to partner with them.

>> I love it. So, you you use USD1. The applications opened yesterday at 1 PM UTC. They have been it's already oversubscribed over I think we're Yeah, we're sitting over 5 million now. Applications close tomorrow at 1 pm UTC. So that's less than 24 hours away. It's actually quite a bit less than 24 hours. More like 12 hours away, 16 hours away. And then the sale resolution happens December 20th at 1 p.m. UTC. So very fast turnaround time here. >> Yeah. And we're we're a really fast moving company. Yeah. >> Nobody sleeps. We have no weekends, no nights. Yeah.

>> And you're ready to launch this thing, aren't you? You're ready to go. >> Yeah. Yeah. >> It it'll be in January. >> It'll be in January. It'll be in January. All right. All right. All right. All right. So last thing for you, AJ. Um, Bass system update, Bass ecosystem. Why was Bass the right chain to launch and scale Sportfund so quickly? What has it been like working, you know, creating an application on Bass? What kind of uh support from them has made the like the biggest difference early on uh in in in your growth? >> Totally, man. Bass Bass is the Well, the team has been so supportive. I mean, they're there 247 in our group chat.

anything that we need. They're they're so helpful. Love that. Um Bass, I think, is the right chain because like our game ultimately we want normies to play. This is not like a hardcore crypto web 3 only people. Yeah. Like we're starting with them because they're the best test audience in the world. Um but ultimately I think Bass is a more normie chain, right? That's the normies are on Coinbase. The easier more seamless things get between the the Coinbase app and as that's what today's whole event is. how can they just get the base app and and there's just like you know applications in there where you can sign with a wallet using face ID and like we also I saw you had Vantis on earlier they sponsor gas we also sponsor gas users don't have to know what ETH is they don't even know what's happening um

and all that's possible via Bass because we have the smart wallet uh we do gas sponsor we basically utilize all the amazing features that Bass has that just makes this feel like a web 2 really good application but is actually web 3 underneath And last thing for you, what is your trajectory on the rev side for 2026? I mean, what you said 10 million in rev this year so far. Um, >> exactly. So, if we do no growth next year, we'd be looking at 30 million. >> And pretty exciting.

>> How's the margins looking like over there? >> Pretty juicy. Pretty juicy. But >> juicy, right? Because >> Yeah. It's digital product. >> There's no cost of goods. There's no like I mean you spent some money on user acquisition I assume but like it's pretty it's pretty nice aren't they? >> Exactly. And so that's why we've committed at minimum to put 40% of revenues back into buying the token on a programmatic basis. >> Wow. >> Yeah. So I think we're combining the best of everything to be honest. >> So as soon as the token launches are you got is there there's a plan to just start kind of doing a T-W consistently effectively?

>> Yep. From day one whatever revenues are made that day 40%. >> Wow. And but what about the the retroactive revs? Those are just for the those are just for the boys. [ __ ] the token holders. Is that the vibe, Mr. CFO? I thought you were >> I thought you were Mr. Token. Mr. Token, dude. >> Let's say let's say that would be more discretionary. >> Okay, understood. And um what what is going to get you to 30 mil or you know, let's say we do the same thing 30 mil. What's going to get you to 60 to 90 to 120? What's on your mind? >> Dude, we're we're only at 20,000 paying users right now. Fantasy sports globally is like over 200 million users. Yeah, there's a huge market here. We've done amazing comp analysis. Um our so we're just going to scale users. We actually

have official partnerships with Rotoire which I'm sure you know in the US. We have one football which is a global soccer uh data analytics platform. Yeah. >> Fantasy football scout UK. So we have tons of like normie fantasy websites that we're partnering with. They're going to push us. Um, we're gonna start getting a lot more of these normie users. We're going to grow users and more sports. >> So, definitely on the docket, NBA. I think >> I think there's some awesome sports that like aren't as big but have diehard fan bases and they have nothing to do. Like, how do they enjoy their fandom if you think about F1, golf, esports, like >> I think these people would love playing.

>> What's your take on UFC? >> Oh, yeah. Actually, yeah, I've been getting a lot of UFC people pushing me now. And Yeah. Yeah. one of our team members, he's like, "Dude, he's super deep into MMA and UFC." So, like he'll know exactly what >> because I'm thinking like there's not I mean I at least my knowledge there's no like fantasy sport UFC like there's not like a let's let's get together and do an annual like UFC league. I mean because it's so variable. It's so different than kind of like traditional sports in terms of like scheduling and stuff. But man, that global fan base is insane. And they're already exposed to crypto all the time. They see Vchain, Crypto.com, all these other things since for the last four years, man, I'd be looking at at UFC as a priority. I'm obviously not a product guy. Um, you

know, who's going to tell you what to do here, but I I just know that my >> But you know what the people want, so that's important. >> My buddies, they will drop it all on a Saturday evening afternoon to watch UFC no matter what's going on. So, that's just that's the state of affairs. >> There's so much possibility for us to be honest. >> I love it, man. >> It's just sports. Yeah. >> Asia, man, thanks for joining. We got about 19 minutes until our lovely system update stream starts. We're going to be streaming it live here on Rollup TV. The whole thing. We'll be commentating. I think we've got Alex Cutler from Aerrum up next. He'll be joining us for the beginning of that as well. Um yeah, man. System update base ecosystem mega stream. It it really feels like the last thing that I'll say that that I told

Luke from Moonwell is it feels like there's this category of fintex right now. they are going to adopt DeFi protocols underneath uh you know uh Coinbase has done it for Morpho they've done it for Moonwell uh Robin Hood is I think they just ink deal with lighter so I think Robin Hood's going to use uh lighter uh obviously like Phantom and MetaMasks uh they support hyperl so like there's this general category of like distribution happening and select D5 primitives underneath being chosen as the partners to do so and I truly truly believe that there is a massive massive bifurcation coming next year and the following year of teams that are solely reliant on let's call them like DeFi native DeFi power users and those who

just get all of their flow from let's say more uninformed flow from applications that are just way more present in in consumer's day-to-day life and those like the numbers on those applications that capture that are going to be massive and so as you mentioned some of your distribution partners as well as the general base app seems to me this is This is now starting to be like a race to to create deals with distribution partners at scale uh for crypto uh blockchains apps. >> The thesis makes perfect sense, man.

Makes perfect sense that like yeah those distribution partners, they get more crypto exposure in terms of the tech and like talent on their teams that they're working with and they get better products to push to their current users. And like for us, I think it makes perfect sense for us. We fit right in there. Imagine if you can go on Robin Hood and buy shares of Patrick Mahomes and you game. >> It's insane. It's beautiful, AJ. Man, thanks for your time, man. I hope you enjoy the rest of the show and and keep up to date on the Coinbase system update as well as the big base news today. I think a lot of us know what's coming, but we're gonna we're gonna put it under wraps and we're gonna we're gonna bring it out in about an hour. Thanks, AJ.

>> Awesome. Thanks for having me. >> Cheers, man. Bye. >> Boom. AJ, baby, CFO of football. fun. One of the larger Legion I larger Legion successes of the year. They still have about 12 16 hours left to get that over the line. Guys, we got Alex Cutler, the co-founder of Aerome. Coming up next, it's 4:44 p.m. here in Florida. It's 1:44 p.m. over there in San Francisco.

The event is starting in just a couple of minutes, guys. We're going to take a quick break before we get Alex up. We're gonna talk to Alex about Airrunk, about this distribution partnership they have with Coinbase, updates on the metadex since we last spoke in Argentina. And then we're gonna have Alex join us for the beginning of the system update stream if he's so willing to share some time and commentate live with us as we watch. We'll be right back. Quick break and we'll get Alex up here. Yeet is built for big moments. The most fun you'll ever have with your crypto.

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Infinify gives you just that. Deposit stable coins and earn far more than the current savings rate. Infinify is a battle tested, reliable DeFi platform that is ready to go. Head to infinifi.xyz. Holiday is unified crypto payments. All righty, guys. We got Alex Cutler live from the Gateway Pavilion in San Francisco right now. He is at the Coinbase event. I was not expecting this. This is a pleasant surprise. Shout out to Alex for coming in clutch. Let's get him up. Let's get started. And let's

let's do our last guest before the event commences. Man, Alex, look at you, man. It's all blue behind you, man. >> I'm wearing my uh Coinbase blue today, I guess. >> Yes, man. It looks looks like a vibe. What's the energy in the in the venue? You you're obviously in San Francisco. It's getting to be 2 PM there. Uh how's the crowd? How's the vibes? What's been like what's it been like for the last 24 hours or so? >> Yeah, I mean, I think it's been palpable out here. You guys probably saw there was a big drone show last night. Um, the space here has been filling up and uh I think folks are just excited to to see what uh you know Brian and Jesse and the

whole crew uh want to be sure to tell us before the end of the year here. >> Oh, I I I've I've heard some rumblings. Prediction markets, tokenized equities, base app. I'm sure there's going to be more on the AI side, more on the on the Coinbase NEO bank side. Um, Alex, man, I I just I keep coming back to this idea with this stream specifically and just generally as I speak to different uh, you know, founders that are kind of getting their feet wet in the institutional world and doing more of that kind of uh, brand development, which is that there are these fintexs that that are really capturing distribution at large for finance.

You've got Robin Hood, you've got Coinbase, you've got uh, Revolute, you've got uh, you know, name name these apps. Of course, you got the base app, which is, you know, more of a kind of crypto native application, but will soon be available for all, you know, Coinbase users as well. And these fintexs are selecting trusted Lindy DeFi partners under the hood to power their products. Morpho is powering CDBTC. All of Aerome's tokens that are uh listed tradable on Aerome are also tradable on Coinbase. um you've got this de distribution edge that that is uh occurring across the stack. My thesis is generally different fintexs are going to choose different defy protocols. So you know if Coinbase chooses Moro then maybe

Revolute or you know Kraken chooses a u there's like these different kind of like non-commoditizable product offerings that that they want to create for their customers and that they're going to kind of select these core DeFi partners. You guys have literally been a example of this so far. talk to us about this new distribution wedge Airdrome has created with Coinbase, how that's benefited your DeFi application and honestly bluntly why other dexes just won't be able to compete if all of your trading activity on Aerome is available for all of Coinbase's users, base app users. Same thing goes for other fintex.

It really feels like there's a there's a big gap being created here amongst DeFi protocols with distribution. You know, I think uh the way we think about is there's probably going to be two paths here. Um one is I think uh these uh DeFi mullets, right, and the sort of distribution arm of them will at times I think look for those sort of bespoke or um partnership level uh things with the infrastructure that they go and distribute. Um but I think that probably happens a bit more in more niche uh like scenarios. Um because what they're also going to do is ensure that they are tapping into the best

infrastructure. Um and it's going to be important to them that in many cases that infrastructure is neutral. Right? There's a reason why um base is built on top of Ethereum and it's not an alternate layer one. Um, there's a reason why, you know, they tap into DEX's liquidity infrastructure because it is decentralized and in the end, you know, they're going to want to work with and distribute whoever is giving their customers the best execution. And so I think for DeFi protocols like us, right, as we think about mullets like the the Coinbase mullet and we think about a future where there are a lot more mullets, it emphasizes why it is so important to focus on being the best

infrastructure because if you are the best infrastructure, it doesn't matter if it's Coinbase, doesn't matter if it's Robin Hood, doesn't matter if it's any of these other folks. they're gonna have to use your rails just like you know they have to tap into Ethereum and that is an an extraordinary opportunity for us infrastructure builders because they are distributing you know basically our rails to hundreds of millions of users which is just so much larger than the usage base that you'd see as sort of core DeFi. So that's why we're very very focused on this. But yeah, I think it's going to be a mix of both. Uh but we want to be that neutral infrastructure for everybody, right? We want to help Coinbase win. We want to help anybody else who owns and builds these types of

things win. And by doing so, you know, we get wider and wider distribution. >> Let's go, man. Let's go. Let's go. >> Um man, what have your conversations been like in SF? Right. You guys have become the dominant liquidity hub on base in 2025. you know, as a protocol rises and your kind of personal brand has grown, you know, you kind of become the man a bit. People want to talk to you. They want to pitch you things. They want to give you ideas. They want to congratulate you. They want to work with you. What is it like right now for you and for Aerome? What, you know, are you guys seeking new partnerships there? Are you guys, you know, catching up with new friends or sorry, with old friends?

What's been your personal experience like as as kind of creating this amazing application on bass? Not to glaze too hard. You still got a long way to go, buddy. I'll tell you that. But what's what's it like now kind of like establishing this dominance, being a winner in base? What's your experience been like uh you know, over the last month, but even just in the last couple days there in San Francisco? >> Yeah, I mean, I think that it's very very special anytime we get to get together with the Coinbase team and the base team because we've been on the same journey with them from day one. And I think people forget uh just how faded base was initially, right? There was the entire zygeist told you that uh you know

there's no way Coinbase and Bass is going to succeed. You know at that point it's oh they're not going to have a token or it's a Fed chain. And our entire thesis was betting on this DeFi mullet strategy was betting on here is a Fortune 500, one of the most well- capitalized entities in the entire space coming on chain and we want to be a part of it. So, it's really meaningful anytime we get to check in and on a big day like today go look at how far we've come. Look how far Bass has come. Look how far Aerot Drrome has come and we get to kind of enjoy the moment. Um, so I think all of us are also talking a lot about this next big phase. I mean, we're obviously going to hear some big news today from the Coinbase team. We shared

our big news, you know, in November. Um, I think we are both betting on the onchain economy growing significantly over the next few years. And so we're going to go, you know, and expand Arrow to mainet Ethereum to circles arc. And we want to unite liquidity across Ethereum and bring the metadex, you know, to users all across Ethereum. And so I think there's also just a lot of collective excitement about the year we all have ahead. And and I totally agree and I think if Bass app is going to onboard the millions of users that are on the wait list and if I go on Bass App and I do my swap. So we have a a control

the stream mini app here on Bass. uh we've spent the last I don't know three to four months building >> it out and basically you know you're live here on the show and uh and what I can do is I can actually swap between uh tokens directly on the on the mini app here um y and >> if I'm not mistaken this probably is happening on aerody >> yeah it's it's using aggregation but because um we win the vast majority of the flows on base. You know, more likely than not, you will end up using a drone without even knowing you're using it.

>> Just did a USDC to chain link swap. And I'm pretty damn positive it's going through a drone. >> Yeah. There you go. It's like >> connect to wallet. Don't have to choose my just super easy on my phone. Two seconds. Face ID. Done. >> Exactly. And like that's why, you know, going back to this idea of our focus is laser uh focused on being the best infrastructure because the users don't care where their trades execute. Uh even if you're into DeFi and using like yield products or anything like that, you know, you don't really care. You're just looking for the best reward. And so what we will ensure that we can deliver, right, is the best execution on your

swap. Whether you are doing that on a drone, whether you're doing that on an aggregator, whether you're doing it on the base app, whether you're doing it on Coinbase and uh if we do that well, that means uh as the pie grows, more and more flows coming through to our infrastructure. And you know, we don't want to compete with Coinbase. We want to be their partner. We don't want to compete with a Robin Hood. We want to be their partner. And I do think that is one of our differentiators like within the broader DEX landscape. >> I love it. I love it. Yeah. I mean, do you do you do do you anticipate uh to to see an uptick in new user activity? Not necessarily volume per se, but new user activity on Aerodrome as a result of base app potentially being more

available. Do you see this millions of users who want to buy and sell creator coins? Every time I I make a post here on base app, I I I create a coin. um you know how do you envision kind of these these trading activities of creator coins on Aerodrome and what's your expectations for new users and activity following uh you know a potential new entrance of millions of of weight listed users on base. Yeah, I mean I think it's going to be um it's going to be great. Uh especially because I think the base app is oriented towards not just onboarding the types of users that already use Coinbase.com or who use these onchain products. Uh the base app

is designed to go onboard the world as Jesse likes to say, right? To onboard an entirely new set of users, new types of assets. Um I I can see that wallet evolving into something that isn't just your wallet on chain but is your wallet in real life and whereby if you want to exchange currencies right you are executing that trade on base on aerodrome at a rate that's 300 times better today than you can get via your traditional bank and I think that's the future we're all building for and things like the base app are going to be a major step in that direction.

>> I love it. And with regards to creatorcoin specifically, um are are these all tradable on Aerome and thus on Coinbase? Is that is is that the right thought or like how exactly does the creator coin thesis fit into Aerome's vision? I know it's small still. I know it's not like Wales trading ETH to USDC and needing really good slippage on 1020 million swaps. It's still small, but it's growing. How do you kind of see that playing into a drunk? What is your what is Alex Cutler's creatorcoin thesis? >> Yeah, I mean uh I think we're we're getting started here, so I'm probably going to have to uh wrap it up, but uh we just like Coinbase wants to be the everything exchange. Um you know, for

all these different types of things, we want to be the onchain rails of that everything exchange. And that means creator coins, that means global effects, that means RWAs, that means memes, that means everything. Anything people are trading, we want to support it. So with that, I'm hearing some deep bass and so I should probably get over there. >> Let's [ __ ] go. >> We will talk soon, my man. >> Alex, see you later, man. Trade everything, baby. Trade everything. See you. >> Sounds good. Bye-bye. >> Bye. >> All righty, guys. Well, you know the deal. We're going to take a quick break and we're going to get the stream started. As soon as Coinbase gets their stream ready, we will get it live on X and YouTube here on Rollup TV. If you're watching on YouTube, stay there. Stay in

the chat. I will be reading the chat throughout the stream. We'll be commentating on the stream. We'll be playing it live for you here in just one moment. As soon as the Coinbase stream is up, we will be playing it live here on X on YouTube. If you're watching, say what's up in the chat. I'll be commenting on the stream. Get it. I'm all in. coin [ __ ] better be bullish from closing my coin account. All right, guys. I'm fired up, too, guys. Give me one minute. We're going to get the full stream up. We're going to get Brian Armstrong doing the opening session here in just a moment, guys. I'm stoked. This is what we've been waiting for. The Coinbase account is officially live.

I'll be right back. Thanks, guys. Is built for big moments. the most fun you'll ever have with your crypto. Go to yeet.com to yeet into your next game. Not your keys, not your coins. From the team that pioneered cold storage, Treasure has just released its new wallet. Guys, if you are still using hot wallets in 2025, 2026, you are missing the entire point. Secure your coins. Get a Treasure at treasure.io.

Go anywhere onchain instantly with relay.link. Relay is closing in on 10 billion transferred. Go to relay.link to bridge your assets now. Money shouldn't wait for Mondays. Following his Rio upgrade, Polygon is now one of the fastest chains for stable coin transfers and payments. Visit Polygon Technology to learn more. Colshi is the world's largest prediction market. You can trade on anything in all 50 states. Go to kshi.com to trade today.

Talk to AI like your lawyer or your doctor or your therapist. Yours, private and here today. Visit near.ai to have a fully private chat experience. Havachi is fast and private per trading secured by ZK with Celestia underneath. Go to habachi.xyz to start trading today. >> Make sure that you can hear it. Oh. All right, guys. We're getting it up here. Uh, just one moment. Here we go.

Boom. Our boy Brian is up. Guys, welcome to the Coinbase system update event live from San Francisco on the Rob TV. I'm going to shut up. We're We're going to let Brian do the intro. You know, customers know that we're the most trusted name in crypto, so they store their assets with us, and they're more likely to use products where their assets already reside. This drives customer retention, allowing us to invest back in trust, and the cycle repeats, accumulating more assets on Coinbase. Today, to the best of our knowledge, Coinbase stores more crypto than any other company in the world. In fact, our assets on platform have grown 5x over the past 3 years. And as of Q3, we had more than Brian looks like such a crypto

assets on platform. >> Looks like Steve Jobs. >> Our goal is to become the number one financial service app in the world. And to do that, >> we need to be the most trusted place to manage your entire financial life. So to that end, we've been building across these three phases of crypto adoption. Number one, investment. Number two, financial services. >> Financial services. an app for developers to build >> ASAP baby. >> So let's start with investment and trading has always been crypto's first use case and Coinbase has been the leader in US spot trading. So we started by offering trading of just a few crypto assets. Then we got to a few hundred and there are now millions of assets on

Coinbase with decentralized exchange integration available for trade placing us far ahead of the competition. >> Wow. Now, people love trading crypto, but they're also looking to build wealth with a broader set of assets. So, in a few moments, you're going to hear how Coinbase is now the best place to trade every asset, not just crypto. And customers want one place where they can trade equities, prediction market, >> the best place to trade. That's what they want. They want to do everything is what I heard the model. >> Class comes on chain. We can build faster, cheaper, and more global markets.

>> So, Coinbase is no longer a place to just trade crypto. It's a place where you can trade everything and the everything exchange creates a future where every asset is tokeniz one seamless secure user friendly experience. So that's investment. >> Now we're not just a trading platform. We're also building a place to manage your entire financial life. And so when we bring financial services onto Crypto Rails, we're able to offer services that are faster and cheaper with greater rewards. So today we'll share some new ways that Coinbase financial services can unlock opportunities beyond what traditional banks offer.

Finally, we'll talk about how we're building crypto infrastructure that any business or developer can use. Coinbase developer platform or CDP is our crypto as a service offering which makes it seamless for any company to integrate custody trading payments and stable coins. And today we'll share a slate of new APIs and services for CDP. Uh we've also incubated the most popular layer 2 blockchain on top of Ethereum called BAS which gives developers a powerful foundation to build crypto utility into any app. Today we're going to share the latest product updates on the base app, our self-custodial wallet that makes it easy for anyone to get on chain anywhere in the world. So, over the next hour, you're going to hear why we believe the

future of finance is on Coinbase. And to walk you through some of these exciting announcements, here's Max Bransburg. >> Wow. Let's go. The energy is a leak. I wish I was there. All right, guys. I'm going to go to full screen. Let Max take us well. I'll be right back. >> Thanks, Brian. The system update has officially begun. Crypto has shown us that markets are always on efficient and accessible anyone anywhere in the world. It has shown us that when people have access to open markets, they can achieve better financial outcomes and increase their economic freedom. And Coinbase has made it safe and easy to participate trading,

saving, borrowing, lending, and spending in ways that are more rewarding, efficient, and accessible. And now it's time to expand that impact even further. millions more crypto assets, new ways to invest, and even new asset classes, all in one place with the Everything Exchange. So, you can trade every asset from wherever you are in the world on one single trusted platform. Which is why today we're introducing our next major asset class. Stock trading is now available on Coinbase.

So, let's see how this works. I open up my Coinbase app where I can now see a dedicated section for stocks on the trade tab. I'm going to buy Nvidia for this demo. And after just a few taps, I can buy Nvidia using USDC, where I'm also earning best-in-class rewards. And the best part is that you only need one account. So now you can trade stocks and a huge selection of crypto all in one place. One portfolio view, one wallet, one transaction history. This is a major milestone in our plan to enable 247 trading of stocks and ETFs from anywhere in the world powered by crypto. And that

future is closer than you think. Next up, we're launching equity perpetuals. So you can get 24/7 access to trade equities capital efficiently from anywhere. So let's take a look at this too. I'm back in the trade tab where there's a whole section for perpetuals. I can now see contracts for single stocks and indices. And early next year, these contracts will be available to traders on both our simple and advanced trading platform outside the US, enabling trading with up to 20 times leverage.

Traders across the world will be able to react instantly to earnings, macro events, and weekend news. With one of the most efficient trading instruments created in crypto now coming to the largest asset class in the world, markets are evolving in real time, becoming more efficient, always on, and accessible to anyone. As we've done throughout our history, we are updating the system. This is the future, and we're building it now. But stocks aren't the only new asset class coming to Coinbase. On the

everything exchange, you'll be able to trade anything, anytime, anywhere. And that's why today we're also launching prediction markets. >> So, let's take a look. I'm back in the Coinbase app and now I see a new tab dedicated to predictions. And it's not just crypto predictions. You can now participate in markets on everything happening in the world. You can see a ton of different categories from sports to crypto to entertainment. If you're into sports, you can trade on who will win the big game. And you can see buying a contract is just as easy as buying Bitcoin.

If you follow the news, you can trade on election outcomes, policy decisions, or economic performance. All of these contracts are offered through our partnerships with with Kshi prediction markets enabled increased access to information and markets that have historically not existed and they're now available directly in the Coinbase app. Okay, so I shared we're launching stock trading, equity perpetuals, and prediction markets so far. Who wants to hear some more?

>> All right, so while the everything exchange enables you to trade new asset classes, we are laser focused on expanding the worldclass crypto trading experience at Coinbase's core. Let's start with derivatives, which account for over 75% of the global crypto market today. Trading derivatives used to require a protrading platform or an offshore exchange, but that changes today. All US traders can now trade futures and perpetual futures in an intuitive, easy to use interface directly on Coinbase.

So, let me show you. On the trade tab, you'll now see sections for perpetuals and futures. And we have more than 30 futures and per contracts live in the US across asset classes from crypto to commodities to equity indices with plans to expand to hundreds more contracts over time. Now, everyone can trade more with less using leverage. And we've made the most powerful crypto trading product easy to use for everyone, including the ability to manage your position by setting a takerit and stop-loss. And unlike other ways that traders access derivatives today, this is fully regulated and available to everyone in

the US. NOW, for our international customers, we have hundreds of derivatives contracts already available on Coinbase Advanced. And this is just the beginning of our derivatives efforts. We will continue to expand the derivatives available to trade and make Coinbase the most efficient trading venue in the world. Now, beyond derivatives, new assets are getting created and launched every day, and the everything exchange is redefining what it means to have the broadest and best access to assets in one place. Coinbase started by making it

easy to buy Bitcoin and then expanded to enable trading of hundreds of assets. Starting today, you can now access millions of assets through decentralized exchange trading on Coinbase, including on Salana. >> Accessing the broadest selection of assets used to mean navigating separate wallets, remembering seed phrases, and using complex interfaces. But now you can trade millions of onchain assets as soon as they're created, all within the Coinbase app and without waiting for a centralized exchange listing. And it's

just as easy to buy longtail assets as it is to buy Bitcoin. All with the same security and trust that you know and love in Coinbase. So, let me show you how it works. I'm in the Coinbase app on the trade tab and I can see a trending list of assets. I see Salana assets alongside other crypto assets and I can even filter by network if I want to just see Salana assets. I can use my existing USDC balance or I can even buy Salana assets directly with a bank account or a debit card.

There are over 16 million tokens and more than $3 trillion of volume on the Salana network alone. And as of today, it's all accessible in the Coinbase app. Over the last year, we've dramatically improved Salana network support on Coinbase from sending and receiving to staking to now enabling trading of every Salana asset as soon as it's created. And we're not stopping there. We'll continue to make onchain trading even better over the coming months.

Now, access to assets doesn't just mean existing assets. We're also launching a new token sales platform on Coinbase, enabling traders to get early access to the most popular projects in crypto before they launch. This is pretty cool, guys. Come on. Until now, token sales have been broken. Projects use airdrops or launchpads that make it hard for real community members to participate at scale. It's difficult for projects to get their tokens in the hands of people who actually want to use them. So, let's take a look at how we're fixing this.

We recently completed our first sale with Monad. At any point during the week of the sale, you could request tokens in just a few taps. Our allocation algorithm then broadly distributed them using a bottoms up approach that limits concentration among buyers so everyone gets their fair share. And the first sale was overs subscribed with customers requesting $269 million in allocations. It was one of the most widely distributed token sales in history with over 85,000 participants across 70 countries.

Imagine what happens when every project can launch like this. With our new token sale platform, Coinbase is now the best place for any asset issuer to launch. So, who's ready to start trading? >> Coinbase was the original pioneer of secure, trusted, and intuitive trading for crypto assets. The next era begins today as we expand on this foundation with new asset classes like stocks, prediction markets, and derivatives along with DEX trading and token sales.

But updating the system isn't limited to trading. The tools to save and spend are getting updated, too. And Coinbase is becoming the most rewarding place to grow and use your money. to hear how that's already happening on Coinbase today and some ways we're making it even better. Please join me in welcoming Ben Shen. >> Thanks, Max. Coinbase is becoming the place where customers are managing their entire financial lives. Whether it's getting a credit card, a loan, or sending money to friends and family, we want Coinbase to be the best place to

manage and grow your money with opportunities that traditional banks simply do not offer. Let me show you how this works. Starting where much of our money often begins, our paycheck, we are letting you get paid directly into Coinbase while automatically investing and earning. You can set up direct deposit, allocate your paychecks across crypto of your choice and cash, growing your money exactly the way you want each time you get paid. This will naturally extend to stocks and other assets on the everything exchange.

Once your direct deposit hits, your cash immediately starts compounding. You can earn three and a half% on in USDC rewards with weekly payouts with a Coinbase 1 membership. That's nearly nine times the national average savings rate. >> Wow. >> And for those who want to supercharge their earnings, you can lend your USDC on Coinbase. Banks are constantly lending out your money while keeping the profits. On Coinbase, the power shifts back to you. You control when to lend, access your money whenever you want, and keep the rewards.

This entire system powered by crypto offers superior returns and flexibility. Our customers have already lent over $1 billion since we launched just 3 months ago, earning up to 10% in rewards on their USDC. Customers are also staking assets like Ethereum, Salana, and more to maximize their long-term growth. And they've earned over $1 billion in staking rewards since 2023. And for the first time ever, you can now instantly unstake your assets on Coinbase, meaning that you can earn with confidence on your crypto, knowing that

you can get instant liquidity at any time, whether for trading or any other use case. This is true wealth building with rates and liquidity that traditional financial institutions simply cannot match. Retail customers are voting with their assets. As of the third quarter, they held over $200 billion in assets on Coinbase, more than tripling since 2023. Sometimes life can bring unexpected expenses or require large purchases such as a down payment on a home.

Coinbase makes managing these expenses easier than ever. With our borrow product, you can instantly access cash without selling the assets that you truly believe in. And since January, our customers have already accessed $1.5 billion in liquidity at rates which are lower than most traditional bank loans and with more immediate accessibility. You can borrow up to $5 million against your Bitcoin. And we just launched the ability to borrow up to $1 million against your Ethereum.

PLUS, WE'RE planning to act expand to many other assets that you can trade on the everything exchange. Now, let me show you how easy it is to actually use your money on Coinbase. With our new dedicated pay tab, you can send USDC or any other crypto asset like Bitcoin to anyone in the world instantly and for free by simply using a phone number, email, or wallet address. We're seeing our customers paying friends back, making purchases, and gifting crypto, including to those who don't even own crypto or don't have a Coinbase account, and who can easily sign up to claim their payments.

Even better, our customers are now earning up to 4% in Bitcoin on their everyday purchases. We launched the Coinbase 1 card three months ago and our customers are absolutely loving it, earning over $16 million in Bitcoin during that time. >> The truth is, most credit card rewards are often limited to a few categories or lose value over time. With the Coinbase One card, you don't need to worry about points, categories, or blackout dates.

We give you Bitcoin, the most rewarding and flexible asset on the planet. And you can do whatever you want with it. Hold it, send it, spend it, or sell it. To make things even more exciting, you get chances to win up to $100,000 in Bitcoin each month by simply taking out your Coinbase One card and spending with it. With zero trading fees, boosted earnings, and more ways to build your wealth coming next year, Coinbase 1 is the best membership for growing your money.

At Coinbase, we're not just building the best trading platform. We're building the primary financial account of the future. The traditional financial system limits your money. Crypto unlocks it. And now it's all in one place on Coinbase. >> Brian, back to you. All right, thanks Ben for that update.

Now, I want to tell you about something called Next Bets. For years, we've run a program internally at Coinbase called Next Bets, where we put small teams on moonshot ideas to push the frontier of product innovation. Two examples of ideas that came out of this program in the past are USDC and BAS. And today, I'm proud to share our latest Next Bet, which leverages AI to improve your financial life. Everyone deserves access to powerful financial features like we just saw from Max and Ben. But we know many people don't know how to use these tools or even for those who do, AI eliminates the repetitive tasks and toil of managing your finances. So we're launching a new product today. It's called Coinbase Advisor. To tell you more, please join me in welcoming to the

stage Lincoln Myrr. >> Thank you, Brian. Hey everyone, I'm Lincoln Mr. and I'm the product lead for the Coinbase Advisor team. Our goal has been to find the next big unlock for our customers and as we looked at the landscape, we kept coming back to one realization. At Coinbase, we've democratized access to the markets. But access isn't the same thing as success. Aside from your friend telling you to buy their favorite token, most people simply don't know how to turn a highle idea into an investable strategy.

Historically, highquality financial guidance has been locked behind a velvet rope. It was a luxury product designed for the wealthy and priced out of reach for everyone else. We believe elite financial advice should be available to everyone to help drive economic freedom even for those who are already power users. We believe AI will eliminate repetitive tasks and drive new insights. So today I am proud to introduce Coinbase Adviser.

Coinbased Advisor is an AI powered adviser that is designed to help you manage your financial life. It turns natural language requests into clear, actionable financial plans using the products, data, and tools available on Coinbase. It can even spot the opportunities you never would have thought to ask about. Let's see how it works. First, I'll ask the AI to build me a portfolio. And behind the scenes, Coinbase Adviser will evaluate my existing holdings and ask some clarifying questions to better understand my portfolio goals. Then in seconds, Coinbase Adviser builds a personalized allocation based on the risk tolerance I shared earlier. Looks

like it's recommending Bitcoin, Ethereum, and USDC lend for my moderate risk level. This AI model is actively curated by a team of portfolio managers with 75 years of combined experience. And I can go ahead and tap the buy button and execute the trades directly in this interface. The portfolio looks pretty good and honestly makes me more bullish on AI. So with that in mind, let's ask the adviser to include some investments signaling AI adoption in the portfolio. And we can see a list of prediction markets related to this AI adoption theme. things like will chat GBT reach a billion weekly active users in 2026 or even if we'll achieve AGI in 2030. In the future, we'll also be buy

equities like Taiwan semiconductor manufacturing company which are associated with AI. Now that I have this portfolio built, I'll want to make sure that I stay up to date with the market and any of the news that might impact me. Fortunately, Coinbase Advisor's insights feature curates news based on what matters to me. Daily market intelligence, real time portfolio insights, and recommendations all in one place. I just click on a specific story, get the summary, and ask for a recommended action. This story about how Vanguard and Bank of America are expanding access to ETFs gives me advice around dollar cost averaging into Bitcoin over the next several months.

Over time, we want to improve the advisor to be a holistic guide throughout your portfolio journey. We want to bring in numerous new features that allow us to take you through various different insights and do things like automated trades or actions that you may have never considered based on learnings about your interests and holdings. It can help with educational opportunities, rebalancing, or even yield optimization. This is about raising the baseline for everyone. AI enables anyone to keep your financial life on track and automate your busy work. It levels the playing field by making advanced strategies a standard feature of your personal

account. We're building this in the journey. Today, Beta Access is launching to select Coinbase 1 subscribers. You can go to coinbase.com/advisor to sign up for the wait list with a larger release and more features coming very soon. Thank you. >> All right. Thank you, Lincoln. So, so far today we've shown you only our products focused on individual consumers. But improving economic freedom means bringing this new financial system to businesses as well.

So, we built Coinbase Business, a primary financial account for companies, and Coinbase developer platform, which makes it easy for developers to integrate crypto anywhere. To share more about how we can bring every business on chain, let's bring up Sid and Alec. >> Thanks, Brian. Hi, folks. I'm Sid and I lead Coinbase business. Now, you just saw all of our big updates on the Coinbase app. What if we took the power of everything Coinbase and also gave it to businesses? That's exactly what we did earlier this year with the beta launch of Coinbase Business. So, a few months ago, we set out to make it easier for companies to use crypto in real and

everyday ways. And the momentum has been huge. We've seen consistent double-digit growth month over month. And with our beta launch, Coinbased business is now used and trusted by over 1,600 companies from small startups all the way to global brands. So today, we're excited to announce Coinbase Business is officially out of beta and available to everyone. We're we're also announcing a set of major new features for Coinbase Business. But before I get into that, I just want to quickly acknowledge just how hard it is to run a business today.

So businesses today lose up to 3% on every payment because of card fees. And that's a huge hit to their margins. Chargebacks and fraud are rising. Global reach is limited by the footprint of their payment processors. B2B payments take days to settle. And global treasury management is still just too complicated and expensive. And so that's the that's the state of the union in 2025. High fees, slow settlement, limited global reach, and way too much friction.

And so that's exactly why we built Coinbase Business. Now, don't just take my word for it. I want you to meet some real customers who've been using Coinbase Business already. Let's start with one of the biggest challenges that businesses face today, which is moving money across borders. Let's meet Unblock Global. They're a fast growing energy infrastructure with operations in both the US and Argentina. Now, they have to move money across borders very often to fund operations, replenish working capital. Uh or take Stadium, which is a truly global digital marketing startup. The headquarter in the US, their CEO is in Sweden and they have employees and contractors all over

the world. Now they need to pay their contractors, you know, engineers, designers quickly and reliably every month. Before Coinbased business, this is what that process looked like. So they would buy USDC on one platform in one country. They'd send it to a separate wallet for safekeeping. Then they'd move it again to a local exchange and then convert it to local currency for payouts. It's slow, manual, and expensive. Now with Coinbase Business, they use our new payouts feature and simplify it all. Both Unblock Stadium and all our customers can now move their money globally. Whether it's working capital to Argentina or contractor payments to Turkey, it's all just a few clicks.

We're also supercharging the AI industry with the power of internet native money. So let's meet browser base. They enable AI agents to browse the internet just like a real person, reading pages, filling forms, completing tasks. Now with Coinbase business APIs, those agents can also make payments and then take Yep. They send microp payments to their users around the world in return for training AI models once again with Coinbase Business. Finally, we have Open Router, which is a leading API gateway for AI models, and they accept developer payments from all over the world in real time using our infrastructure.

These companies are building the future of AI. And now with Coinbase Business, their money moves at the speed of their innovation. Now, now while cutting edge AI agents are obviously very very cool, uh we know that most global commerce today is still old school. It's like, you know, human to human, businessto business, agencies, contractors, service providers. And for these businesses, basic payments aren't enough. They need receipts. They need a bill, documentation, a formal request for payment. Uh, and that's why I'm very excited to announce today that we're launching invoices on Coinbase Business.

So, starting today, companies can generate professional invoices right inside Coinbase Business with line items, due dates, terms. Our customers can get paid instantly and no wire fees, no delays, and their finance team gets the clean reporting that they need to close their books. Now, we've spent a lot of time talking about global startups, AI companies. I also want to just spotlight some everyday merchants that we interact with on a day-to-day basis. So, let's take PLVR. They're a ticketing platform based in Singapore. They've integrated our new payment links API to accept crypto checkouts and then they issue NFT tickets. It's a seamless instant flow and it eliminates all of the fraudulent

chargebacks that typically plague the ticketing industry. or take now coffee and wine bar. They're a vibrant neighborhood hub in LA. They accept crypto payments at the point of sale using tap to pay on base. No 3% card fees. They get paid instantly and their cash is earning higher rewards than it would in a business bank and their customers love the payment flow. And they're just across the Bay Bridge from here. We have sports clubs like Oakland Roots. They receive sponsorship dollars in USDC and then they pay out local artists in crypto for showcasing their artwork at every match.

Beyond payments, companies are also using Coinbase business as their all-in-one place to store, trade, and manage assets. And very soon, businesses will get the same powerful trading experience you just saw on the retail app. They'll be able to store and swap hundreds of different currencies, stocks, FX transactions, and any token they need on the everything exchange. So, if you think back to where we started, high fees, slow settlement, limited reach, and tons of friction, the customers I showed you today demonstrate exactly how Coinbase Business has already solved those problems. With Coinbase business, they get cheap, fast, global, and easy payments.

That's the big shift we're seeing. Coinbase has now become a full financial toolkit for businesses. As of today, we're live in the US and Singapore with more regions launching soon. And if you're a business owner, we've made it super simple to get started. There's no application fees, no sales calls. Just go to coinbase.com/business and sign up. >> And now to show you where we're taking our infrastructure next, here's Alec. Thanks, Sid. I'm Alec Love it and I lead the infrastructure business at Coinbase.

As Brian shared, Coinbase is building been building products in crypto for more than a decade. And as we build, we make the underlying capabilities available as infrastructure and APIs in the Coinbase developer platform or what we call crypto as a service. And we power crypto products for banks, fintexs, payment companies, and startups of any size. Zooming out, crypto is rapidly updating the financial services we use every day. There are now over 700 million global crypto owners. Stable coins power trillions in annual transactions and over 200 billion of crypto is traded by consumers every day.

Innovative companies understand this shift and they're racing to ensure that their customers can access crypto through their existing products. Currently, we power crypto products for many of the best companies in the world. startups like Moonshot, scaling companies like Weeble, and banks like JP Morgan and PNC. Today, we're announcing a major update to the Coinbase developer platform with a suite of enterprise APIs focused on the four pillars where we see the fastest adoption and most exciting use cases: custody, payments, trading, and stable coins.

CDP makes it easy for any company to get started with crypto as a service. In a matter of minutes, you can sign up, get API keys, add your team members, and start building. Now, I'm going to walk through some of the exciting new APIs we've launched. And to show you how this works in real time, the screen behind me will switch between the portal where our APIs live at coinbase.com and a demo app that we've built with our APIs for system update. Every crypto integration starts with custody. Earlier this quarter, we launched an embedded wallet product that makes it dead simple to add crypto custody to any app. Our embedded wallets are fully customizable, highly scalable, and compatible with full range of login

methods. Our products enable our customers to speedrun their crypto integrations and add crypto custody to any application. While custody is the bedrock of crypto applications, as we heard from Sid, the fastest growing use case is payments. Stablecoin payments are growing like wildfire because companies have figured out that they can be faster, cheaper, and more global than traditional payment methods. Our customers are using stable coins to pay vendors, pay contractors and freelancers, and manage their treasury more efficiently.

With our APIs, you can move fiat into stablecoin, send and receive stable coins instantly to deposit addresses anywhere in the world. In a matter of minutes, we can build those payment capabilities into our demo app to enable peer-to-peer transfers or turn on powerful mass payouts for use cases like creator payments and payroll. Today, fintech companies like Deal, Routable, Papaya, and DLO are all building great products for their customers using our payment APIs. And it's not just send and receive. A growing number of companies also want to accept stable coins at checkout. There are over 100 million stable coin wallets globally, which makes stable coins a truly global payment method. However, to date, stable coin payments have been too

hard to use and inaccessible relative to traditional card and bank payments. But we've fixed this. CDP's one-click stablecoin checkout experience is compatible with any stablecoin wallet in the world and is simpler than the most popular checkout methods, including credit cards. We've used CDP APIs to embed this experience in our demo app and have enabled one-click stable coin payments from any wallet. We're proud that Shopify, our launch part on this product, is ramping up across their merchant base and that payment companies like Checkout.com and Pro are launching with us in 2026.

Now, we've heard a lot about trading today and unsurprisingly, the banks and fintexs that we work with want to get in the game and offer crypto trading experiences to their customers. Our APIs make it simple to integrate crypto buy, sell, and hold functionality that is all powered by the same Coinbase exchange and custody that powers our Coinbase app. With these APIs, we can build an intuitive, totally customized interface into our demo app and execute a purchase of Bitcoin or any other asset. Our trading APIs provide infrastructure and trusted security while our customers own the experience and branding. We recently launched uh with PNC, one of the largest retail

banks in the US alongside Wee Bowl, E Toro, and many more that are already running on our platform. So, we've covered new product launches across custody, payments, and trading. But before I wrap, I want to share two brand new products in the CDP portfolio. The first is a payment protocol called X42. X42 is an open internet standard that makes it easy to attach a stablecoin payment request to any web transaction. It enables AI agents to pay for content and execute transactions using stable coins and is taking off like wildfire.

Over the past 30 days, the standard has enabled over 200 million of annualized transactions, and it's open source, available for free, but can be coupled with our infrastructure products like wallets and payments to build end-to-end solutions. As a next step, we're developing the X42 Foundation with Cloudflare and other partners to ensure the standard remains open and can be used fairly by any company in the world. And one final launch, a product that seamlessly accompanies our custody, payments, and trading products. Today, we're announcing that you can now create

your own custombranded stable coin with Coinbase, backed by USDC. >> Coinbase custom stable coins offer the ability to embed your brand in every transaction. rewards on balances with best-in-class economics and a seamless issuance process managed by Coinbase. We're working with innovative partners like Soulflare, Flipcash, and R2, all who are launching with custom stable coins in the coming months. So whether you're bank, a fintech, a payment company, or startup just getting off the ground, Coinbase's infrastructure provides the trust, scale, and product depth to get you started and grow with

you. Visit us at cdp.coinbase.com to start building. Now back to Brian. >> All right. Thank you so much, Sid and Alec. I'm excited to see what businesses can build on chain. All right. So, so far we've talked about custodial solutions that we're building, but self-custodial solutions where you control your own assets are also critical for a few reasons. Because they aren't regulated like traditional financial services, self-custodial products can be distributed globally from day one, helping us bring economic freedom to more places around the globe.

Now, self-custodial wallets also offer dramatically simpler onboarding with greater privacy. And we believe self-custody is essential to bringing a billion people on chain and bringing the benefits of crypto to everyone around the world. This summer, we released a beta of our self-custodial wallet called the base app. To tell you more about it, please welcome to the stage Jesse Pollock. >> Thank you, Brian. And hello everybody. I'm Jesse Pollock, the creator of Bass.

And Brian mentioned that we're building a new self-custodial wallet. And that's true. But just like your smartphone doesn't just make phone calls, the wallet is rapidly expanding with decentralized protocols unlocking new use cases and thousands of third party apps. The wallet's rapidly evolving. It's becoming an everything app that does social trading, payments, finance, and so much more. >> Give us the starting to see people all around the world use this everything app to start to make it in the new global economy. And to show you why we're excited about economy, baby. That's Jesse for you.

What if anyone could make it? Not just the lucky few who already have an edge, but everyone. The creators, the builders, the fans. What if every viral post, every remix, every share actually paid you? What if that one crazy idea became the thing you made millions on? What if every product fit together letting anyone build on what came before? What if the next internet was built and owned by us? What if you make the next move? A new way to make it. base. >> YEAH.

>> Today I was going to talk about how we're going to help millions of people make it on base. And the idea starts with a very simple new reality that's only possible with crypto. On base, everything is tokenized and tradable. Protocols, apps, creators, posts, all of it is directly valued in the free and open market. This new market puts the value of your content, your creativity, and your career in your hands. And it creates billions of tradable global global assets. So now your friends, your fans, your community can share in the upside you create. And traders around the world can back the next generation of builders and creators. In this new economy, it comes together in the base

app. It looks a lot like the apps you're probably used to, but here everything you build and create has value. It's built on open protocols like Ethereum and Zora and Farcaster and XMTP that anyone can build on. >> And scrolling your feed, it actually makes you money. Until now, the base app experience has been invite only. Over a million people have been patiently waiting as we let folks in to try the new experience. And over the last several months, we've been listening to feedback, shipping updates, and improving the app every single day. And the early results, they've blown us away.

>> People are trading five times more with the new social feed. >> Control from over 100 countries have earned instantly in the app. And active users, they're using an average of three mini apps per week to help them navigate this new economy. And today we're announcing that the beta is over and the new base app is officially available to everyone everywhere. >> Let's go. >> So now let's walk through the app and I want to show you what I'm most excited about.

>> Yes, guys. >> And start with anyone being able to log into the base app with just an email. >> Once I'm in, I'm in a feed and I can start scrolling. And this looks like a regular feed except for now everything is tokenized and tradable. And in this feed, I see many things that I I'm interested in, like what my friends are trading, how much money they're making, funny memes and inspiring content going viral, new assets going through price discovery, communities forming in real time. But unlike a typical social feed, because everything is an asset, we unlock an entirely new kind of investing and earning. So, let's take a look. I see that my friend to uh he bought some of it's a per exchange on base. And Tony

is one of the earliest base builders and I know he has a really keen eye for finding talent very early and it looks like it's gaining momentum and he's up. I don't want to miss out. So all I have to do is double tap to do a quick buy and immediately I trade $10 worth of advant people like to earn from the trades that they influence in the base app. So now every trade becomes an opportunity to make money and to create a virtuous cycle that grows the entire economy. Now let's go a little bit deeper to see what else he's got. I see he has a huge amount of Kodi. What's Kodi? Well, it's

a token from a puzzle game that's built on base where players can earn Kodi by cracking riddles and codes. And it's been trending in the base app. And I can get started without downloading anything. One tap and I'm in. If I want, I can start playing and then I can actually make money just from playing a game. But instead of playing today's game, I'm just going to buy some Kodi. One tap and I'll use that the next time I play in the base app. This is just one of thousands of mini apps from builders all around the world. And because of that one post from Tony, I got alpha about a new coin discovered and backed a new app that I'm going to start playing every single day.

>> You guys got to remember clearly knows what's up. I'm going to follow his trades and his posts. Next, I'm curious about what else is going on in the base economy. And so, let me take a look at the trade tab and see trending coins. Let's see what's actually getting some traction. I can filter that trade tab by different categories of market cap, liquidity, volume. And what we're seeing happen on base is that be it's gradually becoming the best place to trade every single asset from Bitcoin to Salana to stocks to perpetual futures.

Every asset available to everyone everywhere. And one of the asset classes that I'm personally most excited about is creators and content. And just to break it down, these assets are the tokenized versions of your profile and posts that you've been putting in social media for the last two decades that you've been giving away to corporations for the last two decades. And by tokenizing them on base, creators now directly capture the value of their creativity with no middlemen taking 95% of that value. And it looks like one of the top creator coins is Afro Chicks from Na Naomi. Let's go check out her profile. Naomi is an awesome creator.

She also happens to be an elite athlete training for the Olympics. And her most recent post, they they categorize her whole journey. And because every single one of her posts is tokenized and tradable, all the content that she shares actually helps her earn. In fact, she's been able to fully self-fund all of her training just by being a creator on base. And I, of course, can just double tap to buy this post about training in Spain. And as one of her supporters, as this content starts to go viral, I actually share in the upside. And if you're a creator on base like Naomi, it's not just your content that has value. It's also you. Afrochips represents the entire value of all of the content that Naomi has ever posted

on base. It's called a creator coin. And we believe creator coins allow creators to monetize their value directly, not just through ads or merch or brand deals, but through ownership and a direct relationship with your fans. And this is a real shift for social. As a creator, Naomi is now fully in control. She's earning directly from her creativity and she's making more as she scales. And when I buy her coin, I'm no longer just a follower. Now I can be a stakeholder, a part of her journey, and I actually share in the upside when she wins. When a creator succeeds, now everyone can share in that success. And one of the incredible things about the way this earning works is that it all happens instantly. Unlike other social

networks, you don't need a follower count or stats to qualify to earn. And you don't need to wait days or months for a payout. Your earnings flow instantly into your wallet. And then with all the money you make creating, there's so many other ways you can earn in the base economy, including USDC rewards, where you can get 3.35% just for saving dollars. And Naomi is just one of many creators you can follow. New creators have been joining base throughout the beta. They're having fun and they're making money. And we're focused on onboarding more creators from around the world. And whether you're an aspiring creator looking to grow or you're an influencer bringing your community into this new economy, we want to help you succeed on the base app. You

can own your content. You can earn instantly and you will never need to rebuild your following again because it's actually yours. And alongside all these new features that we just talked about for trading and creating, I just want to remind everyone that the base app remains the best way to just use crypto. >> It is a worldass self-custodial wallet. It supports 10 networks with many more coming. It has 16 local currencies including the euro and and the Nigerian naira and so many others. It has fast lowcost on andoff ramps globally. It enables signin on thousands of apps that all support it. And we have instant payments on more and more Shopify

stores. This is the best wallet for the new internet. And it's coming together to be the self-custodial wallet of the future. A new creator economy, social trading, incredible apps, encrypted chat, and powerful money management all in one simple app for everything for everyone everywhere. So, I have one ask for all of you. If you're watching this or if you're in the audience, if you already have the Coinbase wallet app or the base app, just update in the app store and you can get going. If you don't, you can download the base app at base.app. It's available to everyone everywhere in the world. And I want you to try it out.

Post a piece of content, double tap and buy in the feed, launch an app, make money, and then take that money and support other builders. trade every single asset you can imagine with predictions and stocks and so many more things coming soon. >> And since it's December 17th, I couldn't help but finish with a holiday surprise as part of the base app launch, which is that over the next 3 days until noon Eastern on December 21st, >> we want your help bringing new people to Bass. >> And by bringing new people to Bass, you can earn your share of up to $2 million just by signing up, using the app, and inviting friends who do the same. We're in the very early days of building a new global economy

>> and in order to do that it's going to take all of us working together. >> So help us grow base and let's make it insane. >> Thank you for being here. Thank you for building with US AND AS ALWAYS STAY BASED. >> All right. So we hope that whatever you heard today, it leaves you feeling more optimistic about our financial future. To recap, here's everything we shipped in the second half of this year at Coinbase. First, we launched the Everything Exchange. You can now trade multiple asset classes on Coinbase.

Equities, prediction markets, millions of crypto assets, token sales, simple derivatives, anywhere, anytime. Next, Coinbase. It's not just a trading platform. We're building it to power your entire financial life. So today we announced direct deposit, instant unstaking, Ethereum backed loans, updates to our borrow product, and a redesigned peer-to-peer payment experience. We also shared an AI powered adviser designed to help you manage your financial life. Next, we shared what we're building for businesses and developers. So Coinbase Business is now out of beta and available to everyone.

And we shared a number of updates to our fast growing Coinbase developer platform with a suite of APIs designed to integrate crypto into any app. Finally, we shared the new base app is finally out of beta and officially available to everyone. That's a lot of updates. In 2012, we set out to increase economic freedom. And today, the future of finance is taking shape on Coinbase. But before we wrap up, I want to share with you one more thing.

So for years now, we've been hearing strong demand from funds and asset managers that are looking to tokenize real world assets. Like us, they believe that crypto rails can democratize access to capital markets, improve liquidity, eliminate settlement risk, and reduce back office fees. We've actually been tokenizing assets for many years at Coinbase with wrapped Bitcoin and stable coins, but that was just the beginning. So today we're excited to introduce another new product, Coinbase Tokenize. Coinbase tokenize is our endto-end solution for bringing offchain assets onchain. It combines, custody,

compliance, and trading all in one place. And Coinbase is uniquely situated to create a market for tokenized assets. On the one hand, we have millions of retail and institutional investors who hold over 500 billion in assets on our platform and they're looking for differentiated opportunities to invest in. On the other hand, we work with the world's largest institutions and funds already who already trust us for institutional grade custody. So, we can help them get distribution for their products and make this market. Coinbase tokenize will bring new assets on chain from equities to private companies, funds, real estate, and more. This is the future we're building toward where assets move at the speed of the internet. If you're a company or

institution looking to tokenize your assets, get in touch with us. So, that's our update. Increasing Increasing economic freedom in the world has always been our mission and these products are how we deliver it to you. The future of finance is on Coinbase. Thank you so much. Run.

Hey. Hey. Heat. Heat. Heat. Heat.

Guys, what a massive, massive set of announcements for the Coinbase team today. I mean, let's break through them all. Brian did a good job of breaking through them all. Let's go through one by one what we think is the bigger ones. Let's start with our partners at Koshi. They announced the official prediction markets partner powering prediction markets in Coinbase and on the base app. They also Coinbase also announces Coinbase advisor to level the playing field to help use your portfolio.

Another big update there from the Coinbase team. Um I think look guys, I mean the stock trading was big too. I mean, guys, this is just massive. This is absolutely huge. Um, I'm I it's just it's it's it's incredible to see the amount of growth that uh this team has put together uh and and absolutely put on uh o o over the last couple of years in crypto. Um Ralph says, "Ono is cooked." Um get Cupa Joe says, "As of content creators need and yet another avenue to make money and a decrease in actual intelligence."

Isaac says, "So funny. Someone is actually pitching me something similar tomorrow. Guess he's cooked." I mean, guys, I don't know what to tell you. It It's pretty crazy. Um, this they just pretty much announced I mean, they mostly announced I mean, what did they miss? Like, realistically, what did they miss? We're back in Florida, guys. It's 6:03 p.m. We got one more guest here live, but let's keep going on the recaps. Um, you know, I think the base app is available for everyone now, guys. huge, huge. I've got my ref link. I'll put it in the description of the YouTube video, guys. You can help brother out.

Sign up on that ref link. Uh you will get access to to the base app. I do not know if there will be an airdrop for users, but I do know that if you're not a user, it's highly unlikely you're you're going to get a part of the base network token. They did not talk about the base network token at all. Jesse didn't bring it up at all. Brian didn't bring it up at all, but I have a feeling it's sometime. So, I would say the end of the first half of 2026, maybe sometime like second half of 2026. Coinbase also brought talked about their infrastructure products. They they talked about how custody payments, trading, stable coins being the four big things. They want to make it easy to integrate your business

into Coinbase. I think that's big from a developer perspective. doesn't really think it don't really think it moves the needle from like a user perspective necessarily until it actually gets built um and is used. I would rank this biggest announcements uh tokenized equities being number one tokenized stock trading 24/7. That is a massive trend guys that is going to keep continuing to happen. This is going to keep happening where we are we saw the NASDAQ push push forward the idea of 23-hour weekday trading five days a week. I think that was earlier this week they pushed that forward. Coinbase is now coming out and saying, "Look, we're going to accelerate this even more.

We're going to give you 247 equity trading globally." That means anyone who has the Coinbase wallet, who has Wi-Fi, has the BAP, who has Coinbase can get into the US stock market. We're talking about democratization of access a lot. Talk about democratization of access. That is truly an epitome of democratization of access to me. That's that's number one. Number two is BAP live for everyone everywhere. There's a millions of people on the wait list. We have control the stream. If you go on Bassap, control the stream. And again, guys, our BAS app link is going to be in the description here on YouTube. If you're watching on YouTube, it should be right in the top of our description here. Let me just double check for you uh on it. Uh yes, it is on the top. It

says BAP is open. Download now. Guys, that is my number two, the second biggest announcement of the day. Jesse came on and really came gave this angle about like make money. Like it wasn't so much like, "Oh guys, we're doing this socialy thing again. Like we're doing decentralized social." No, no. It was like, "We're going to fully make money and you're a creator, you're going to make money by posting on base." And like that is what he wanted to get across. And I think that's super super solid as far as like the right way to talk about it, the right way to market it. Look, if you're a creator, you're creating on web two platforms. If you have a chance to make money by creating creator coins for each post, content coins, it's small in the beginning, but as you build, I think there is a real path here to onboard a

lot of creators. We already saw pump.fund do it with streamers. I think we see it with Bassap and creator. So that's my number two. So we got the tokenized equities number one. Number two being um the base. Number three token sales. They announced that the token sales are being launched a way to reach your real supporters in the United States. That is huge. That is huge. The the fact that uh we are able to have US nonacredited investors get actually sorry that's probably accredited. It was nonacredited on Legion. But the fact that you have is the return of ICOs is so freaking bullish. It is the epitome of the ethos of democratizing access, of equal opportunity, of giving people the

chance to invest in early. I think that's huge. Stocks synthetic question mark. Yeah, I think effectively I think that they're going to use their Coinbase tokenized product to tokenize the equities and bring them onchain onto Coinbase. Um, and so I think I think that's kind of what's happening basically. So that's my number uh that's my number one is tokenized equity. Number two is the base app. Number three is the um token sales uh in terms of importance. Um number four, I I gotta say the Coinbase Advisor, a new AI powered tool to help manage your financial life. I think that's super based. Turn your questions into clear, actionable financial plans ready to execute on Coinbase. I mean,

look guys, we're entering this robo advisor era of finance where people want to just click a button. They want to just tell a chatbot what to do. I think that's going to be a popular product for people that are, you know, familiar with AI, that want to just kind of get easy access into investing in crypto. I see that as my number five. Um, they've just unlocked a new perpetuals interface live in the US. That's amazing. So, now per in the US available on Coinbase, they were they were waiting to announce that for some time. A lot of the Hyperlid bulls were kind of uncertain as to how that would actually um kind of adapt to their plans. I think that's pretty cool. Of course, I mean, how could we forget Khi prediction markets on base first look?

Thousands of Khi contracts will be available for trading on Coinbase. More announcements where that came from. Khi is live on base. They got Salana and they got Bass. That's massive for Khi, massive for the market. Really big ups to them for their uh cryptobd strategy. They've been absolutely smashing it. Um, and I'm pretty stoked to see them win that one. So, I'm pretty I'm pretty excited about that. And guys, I mean, that pretty much takes us through the main announcements. I mean, this was a hell of a day. An absolute hell of a day. It's obvious they're going to partner with Internet Computer. How can you miss that, man? John, dude, you are smoking freaking whatever you're smoking, man. I'm going to need it after

the stream because nobody is partnering with Internet Computer, man. They are cooked. Those guys are cooked. Coinbase didn't mention them once. Sounds like your bags are heavy, man. I don't know what to tell you. I don't even need I'm not going to respond to that any any further. I I don't understand why you feel that internet computer is a part of this, but we're not going to get into bad vibes. Guys, we have David coming on in about 20 minutes. David is the product lead for Coinbase and Bassap. Uh, sorry. Let me get that. Let me get his exact handle right because this is going to be he's at the event in San Francisco. He's he's the ecosystem at base and base at Build on Bass. He's got a background in consumer and social.

He's there at the event. He's going to be firing. He's going to be fired up. I'm stoked to have him on. Um, so yeah, guys, we got about 20 minutes till then. I'm going to be right back. Um, and I'll jump on before he gets on. We'll take a quick break. Uh we'll we're going to replay some of the stream actually uh and get back to it. See you guys in a sec. Yeet is built for big moments. The most fun you'll ever have with your crypto. Go to yeet.com to yeet into your next game.

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Loading. Yo, show will begin. Come on. You can go back to standby if you need to. All right. It's about to start. Right. Perfect. Hi everyone. Thank you for coming today.

Whether you're here at Fort Mason or watching online, I'm excited to welcome you to first Coinbase system update. Today, we'll update you on everything we've built in the second half of this year. And we started Coinbase with a simple belief that people deserve more from the outdated financial system, and crypto makes it possible. 87% of Americans say fees are delays and unequal access in the current system, it's just not working for them, and they're looking for new ways to grow their wealth and participate in the economy. So, we have an opportunity to use crypto to update the financial system and increase economic freedom in the world. For example, if you've ever tried sending money abroad, you know how painful it is. Not everyone has access to banking. Traditional bank hours are 9

to 4, Monday to Saturday. Trading hours for most assets are even shorter. Capital formation, it's only available to a select few. And middlemen take a slice of everything you do. Cryptocurrency addresses so many of these problems, making the financial system faster, cheaper, easier, more rewarding, and more accessible. And that's why for the last 13 years, we've been relentlessly updating the system so anyone can achieve economic freedom. Coinbase builds products to help individuals businesses financial institutions, governments. We've also built a developer platform to make crypto integration effortless for any company. Now, these are our custodial offerings where we store private keys and funds on your behalf, providing

convenience, security, recovery options, and regulatory compliance. We've also added a set of non-custodial products through the base app, which gives you complete control of your own funds. These allow us to innovate on the frontier and reach more countries globally. So, you'll hear updates on each of these today. So, we're growing each of these products with this virtuous flywheel. You know, customers know that we're the most trusted name in crypto, so they store their assets with us, and they're more likely to use products where their assets already reside. This drives customer retention, allowing us to invest back in trust, and the cycle repeats, accumulating more assets on Coinbase.

Today, to the best of our knowledge, Coinbase stores more crypto than any other company in the world. In fact, our assets on platform have grown 5x over the past 3 years. And as of Q3, we had more than 500 billion in crypto assets on platform. Our goal is to become the number one financial service app in the world. And to do that, we need to be the most trusted place to manage your entire financial life. So to that end, we've been building across these three phases of crypto adoption. Number one, investment. Number two, financial services. and three, an app platform for developers to build on. So, let's start with investment. And trading

has always been crypto's first use case. And Coinbase has been the leader in US spot trading. So, we started by offering trading of just a few crypto assets. Then we got to a few hundred and there are now millions of assets on Coinbase with decentralized exchange integration available for trade, placing us far ahead of the competition. Now, people love trading crypto, but they're also looking to build wealth with a broader set of assets. So, in a few moments, you're going to hear how Coinbase is now the best place to trade every asset, not just crypto. And customers want one place where they can trade equities, prediction markets, commodities, using spot trading, derivatives, and options. And as every asset class comes on chain, we can build faster, cheaper, and more global

markets. So, Coinbase is no longer a place to just trade crypto. It's a place where you can trade everything and the everything exchange creates a future where every asset is tokenized and accessible to everyone in a one seamless secure userfriendly experience. So that's investment. Now we're not just a trading platform. We're also building a place to manage your entire financial life. And so when we bring financial services onto crypto rails, we're able to offer services that are faster and cheaper with greater rewards. So today we'll share some new ways that Coinbase financial services can unlock opportunities beyond what traditional banks offer.

Finally, we'll talk about how we're building crypto infrastructure that any business or developer can use. Coinbase developer platform or CDP is our crypto as a service offering which makes it seamless for any company to integrate custody, trading, payments, and stable coins. And today we'll share a slate of new APIs and services for CDP. Uh we've also incubated the most popular layer 2 blockchain on top of Ethereum called Bass, which gives developers a powerful foundation to build crypto utility into any app. Today we're going to share the latest product updates on the Bass app, our self-custodial wallet that makes it easy for anyone to get on chain anywhere in the world. So over the next hour, you're going to hear why we believe the future

of finance is on Coinbase. And to walk you through some of these exciting announcements, here is Max Bransburg. Thanks, Brian. The system update has officially begun. Crypto has shown us that markets can be always on, efficient, and accessible to anyone, anywhere in the world. It has shown us that when people have access to open markets, they can achieve better financial outcomes and increase their economic freedom. And Coinbase has made it safe and easy to participate trading,

saving, borrowing, lending, and spending in ways that are more rewarding, efficient, and accessible. And now it's time to expand that impact even further. Millions more crypto assets, new ways to invest, and even new asset classes, all in one place with the Everything Exchange. So you can trade every asset from wherever you are in the world on one single trusted platform. Which is why today we're introducing our next major asset class. Stock trading is now available on Coinbase.

>> So let's see how this works. I open up my Coinbase app where I can now see a dedicated section for stocks on the trade tab. I'm going to buy Nvidia for this demo. And after just a few taps, I can buy Nvidia using USDC where I'm also earning best-in-class rewards. And the best part is that you only need one account. So now you can trade stocks and a huge selection of crypto all in one place. One portfolio view, one wallet, one transaction history. This is a major milestone in our plan to enable 247 trading of stocks and ETFs from anywhere in the world powered by crypto. And that

future is closer than you think. Next up, we're launching Equity Perpetuals, so you can get 247 access to trade equities capital efficiently from anywhere. So, let's take a look at this, too. I'm back in the trade tab where there's a whole section for perpetuals. I can now see contracts for single stocks and indices. And early next year, these contracts will be available to traders on both our simple and advanced trading platform outside the US, enabling trading with up to 20 times leverage.

Traders across the world will be able to react instantly to earnings, macro events, and weekend news. With one of the most efficient trading instruments created in crypto now coming to the largest asset class in the world, markets are evolving in real time, becoming more efficient, always on, and accessible to anyone. As we've done throughout our history, we are updating the system. This is the future and we're building it now. But stocks aren't the only new asset class coming to Coinbase. On the

everything exchange, you'll be able to trade anything, anytime, anywhere. And that's why today we're also launching prediction markets. So, let's take a look. I'm back in the Coinbase app and now I see a new tab dedicated to predictions. And it's not just crypto predictions. You can now participate in markets on everything happening in the world. You can see a ton of different categories from sports to crypto to entertainment. If you're into sports, you can trade on who will win the big game. And you can see buying a contract is just as easy as buying Bitcoin.

If you follow the news, you can trade on election outcomes, policy decisions, or economic performance. All of these contracts are offered through our partnerships with with Kouchi. Prediction markets enabled increased access to information and markets that have historically not existed, and they're now available directly in the Coinbase app. Okay, so I shared we're launching stock trading, equity perpetuals, and prediction markets so far. Who wants to hear some more?

>> All right, so while the everything exchange enables you to trade new asset classes, we are laser focused on expanding the worldclass crypto trading experience at Coinbase's core. Let's start with derivatives, which account for over 75% of the global crypto market today. Trading derivatives used to require a protrading platform or an offshore exchange, but that changes today. All US traders can now trade futures and perpetual futures in an intuitive, easy to use interface directly on Coinbase.

So, let me show you. On the trade tab, you'll now see sections for perpetuals and futures. And we have more than 30 futures and per contracts live in the US across asset classes from crypto to commodities to equity indices with plans to expand to hundreds more contracts over time. Now, everyone can trade more with less using leverage. And we've made the most powerful crypto trading product easy to use for everyone, including the ability to manage your position by setting a takerit and stop-loss. And unlike other ways that traders access derivatives today, this is fully regulated and available to everyone in

the US. NOW, for our international customers, we have hundreds of derivatives contracts already available on Coinbase Advanced, and this is just the beginning of our derivatives efforts. We will continue to expand the derivatives available to trade and make Coinbase the most efficient trading venue in the world. Now, beyond derivatives, new assets are getting created and launched every day, and the everything exchange is redefining what it means to have the broadest and best access to assets in one place. Coinbase started by making it

easy to buy Bitcoin and then expanded to enable trading of hundreds of assets. Starting today, you can now access millions of assets through decentralized exchange trading on Coinbase, including on Salana. >> Accessing the broadest selection of assets used to mean navigating separate wallets, remembering seed phrases, and using complex interfaces. But now you can trade millions of onchain assets as soon as they're created, all within the Coinbase app and without waiting for a centralized exchange listing. And it's

just as easy to buy longtail assets as it is to buy Bitcoin. All with the same security and trust that you know and love in Coinbase. So, let me show you how it works. I'm in the Coinbase app on the trade tab and I can see a trending list of assets. I see Salana assets alongside other crypto assets. And I can even filter by network if I want to just see Salana assets. I can use my existing USDC balance or I can even buy Salana assets directly with a bank account or a debit card. There are over 16 million tokens and more than $3 trillion of volume on

the Salana network alone. And as of today, it's all accessible in the Coinbase app. >> Over the last year, we've dramatically improved Salana network support on Coinbase from sending and receiving to staking to now enabling trading of every Salana asset as soon as it's created. And we're not stopping there. will continue to make onchain trading even better over the coming months.

Now, access to assets doesn't just mean existing assets. We're also launching a new token sales platform on Coinbase, enabling traders to get early access to the most popular projects in crypto before they launch. This is pretty cool, guys. Come on. Until now, token sales have been broken. Projects use airdrops or launchpads that make it hard for real community members to participate at scale. It's difficult for projects to get their tokens in the hands of people who actually want to use them. So, let's take a look at how we're fixing this.

We recently completed our first sale with Monad. At any point during the week of the sale, you could request tokens in just a few taps. Our allocation algorithm then broadly distributed them using a bottoms up approach that limits concentration among buyers so everyone gets their fair share. And the first sale was overs subscribed with customers requesting $269 million in allocations. It was one of the most widely distributed token sales in history with over 85,000 participants across 70 countries.

Imagine what happens when every project can launch like this. With our new token sale platform, Coinbase is now the best place for any asset issuer to launch. So, who's ready to start trading? But certainly not least guest of the day, we got David. So the product lead of base and base ecosystem, manages a lot of the product side. Probably had a lot to do with with the base apps success. Um and yeah, guys, we are gonna have him on. He's live in San Francisco.

Um, he is going to be recapping the energy, what it's like on the floor, and everything that's been going on. So, I am stoked to get David up. Uh, it is 6:30 PM Eastern here. We're ready to get him going. Uh, let's get fired up and let's get David up up in the, uh, up in the back and we'll get him in. I just gave you guys my four or my six rankings in terms of orderings, but I think David might have his own perspective. I'm not even sure if he's going to be able to rank them because I think all of them were super super awesome. So again, David is live from San Francisco. He is here now. David, so live from SF from the system update takeaways. What's going on, man?

>> Man, how are you doing, man? Thanks for having me. I appreciate you, >> dude. How are you? What's going on over there? How's the energy? Obviously, the like the the the hourong kind of keynote presentation is complete. What are you feeling man? >> Uh yeah, the energy has been great. The office is buzzing. Um, I think everyone live at the event is also super excited about everything we've unveiled today. Um, I think from the Coinbase side and the Bay side, there's been tons of new exciting developments. Um, and yeah, I think generally like across ET uh, and across the whole world, everyone's just been very very hyped.

>> Yeah, man. So, let's go through these um, tokenized equity. So, we recently saw uh the NASDAQ earlier this week put some put forth a proposal to initiate 23-hour stock trading 5 days a week. >> Uh Brian Armstrong and Max come out. They say, you know what, we're going to do 247 tokenized equities globally and we're going to do it now and we're going to, you know, force the hand of everyone else to to catch up to the the power of crypto rails. What does tokenized equity and the general trend of tokenization mean to Coinbase to base from your perspective building in the in the base ecosystem? What what does this really mean?

>> Yeah, definitely. I think when it comes to like tokenization, um I really see it in two ways and I think Coinbase does as well. I think on one side um there's tokenizing traditional equities um and tokenizing like traditional assets and all the assets in the traditional financial system. So this includes equities bonds um you know this could include real estate, um deb structures, but everything in trad basically can come on chain and benefit from onchain rails, right? Uh which are faster, cheaper, global, more efficient, instant settlement. Um and we're doing this at Coinbase. This is why we announced everything exchange. Um we're bringing equities on chain. We also unveiled

prediction markets. We also unveiled Coinbase tokenize. Um so this is all very very exciting and I think this will continue to happen at a rapid pace. Uh and Coinbase of course we're leading the charge here. Um you know with tokenized equities and also traditional equities in the Coinbase app. And I think the other side of looking at tokenization um is I would say like the first side like I just mentioned right bringing TRFI and all these traditional assets on chain. They're fairly in my opinion like skuorphic. So think about the early internet in the 90s 2000s. People were bringing like the calculator online.

They were bringing the notes app online. They were bringing like books online, right? And these are pretty much um you know, you could see where it's going. Um you know, like I mentioned, they clearly benefit from being on chain. Um but there are these new asset classes, right? Um that you know, you would never be able to predict. So for example, on the internet uh analogy like online brought like social media, right? which you know they never foresaw um in the 90s and they brought so many much more innovation um that was just unpredictable. So I think the other side is like all these non-skeorphic onchain native things um that we're seeing such as creator coins, content coins, appcoins, protocol coins um and all these things I think are net new assets

that are uniquely enabled by crypto and this is where the base app comes in right so Coinbase is bringing all the traditional assets on chain and making it available to you know hundreds of millions of users and the base app is bringing these net new asset classes um to millions of users. that are using the self self-custodial product. Um, and I think you know the base app is really diving head first um at the frontier into what it means um to be on chain and all these net new innovations that are uniquely enabled by crypto. So I think both sides of how we see tokenization bring TRFI onchain and then things that are uniquely uh enabled by crypto that are non-sqmorphic um we have both covered by Coinbase and the base app.

Dude, I want to give you a confetti burst here for the launch of the base app publicly. I know you've been h you've put so much effort into this over the last several months, really like the whole year and some man millions of people waiting on the weight list. As Jesse said, we've got our our control the stream mini app which we've we've been using today. I opened it up and I grabbed the Mammo AI tool from the uh Moonwell team and did some CBBTC usage. I talked to Alex Cutler from Aerogam earlier about his distribution DeFi mullet strategy. It really feels like a lot of the DeFi protocols. A lot of the founders on base are are putting some

pressure on you guys. They want distribution and they want it to come through the base and you guys have a massive weight list. You've got tons of DeFi applications. Talk to us through about what it's like being the perspective of the ecosystem lead. You know, really trying to build out this base ecosystem here, David. What does that mean for the base app and for distribution? You know, it's not just a Jesse Retweet. It's not just a show here and there. What is bringing an application that can serve tens of millions of users in creating this kind of DeFi mulletesque strategy to the the most popular protocols on base? What does it mean for you to bring this to them? How will you continue to bring more distribution? Talk us through your

your viewpoint on the base app distribution now that it's live. Congrats again. >> Yeah. Yeah. First of all, yeah, like you mentioned, the base app is live now, so it's out of beta. Um, so you know, if you're listening to this, go in the app store, download the base app, and go check out all the wonderful creators and builders and apps that are available on the base app, right? >> Use my link, by the way. It's in the YouTube description. Holiday campaign is on. It's in the YouTube description, guys. I It is there. >> Yep. Use uh use Andy's link, guys. Um, but yeah, we we really see the base app as like the front door to the onchain economy, right? We said earlier and we unveiled that Coinbase is everything exchange. We really see base app as the everything app for base the everything

economy. Um and the reason we built the base app is because the past two years of building base the chain the ecosystem and the economy is we are seeing like so many amazing builders apps um you know they're building on chain but they struggle with one thing and it's distribution right and this is why we built the base app um because base apps uh the base app offers that distribution to builders and applications. Um so I think how this comes uh into play and you know takes form is in the form of mini apps. Um we're seeing control the stream mini app um and other various creator tools such as paragraph um you know or you know games like remix. Um we also see like earning opportunities like

mamo you mentioned morpho um you know spark we also have so many other things such as prediction markets um such as you know football fun basketball Is he learning? >> We had we had AJ and a team on today that they just completely overs subscribed on their ICO cooking $10 million of revenue so far. Insane user growth. 20,000 paying customers. It's they're absolutely flying right now. >> They're absolutely flying. Um but yeah, there's thousands of these mini apps and they are originally apps on base the chain. Um but it's been so hard for the average user to access them. So what we've done is we've packaged them all up um in our base app in the um app section and then we're giving this to millions

of users that are easily onboarded and have onboarded to the base app and millions more to come. And I think the main benefit and value prop of the base app that we're seeing is you know two things right number one for builders and number two for creators. So the on the builder side, it's, you know, largely they've struggled with distribution and getting users. The value of proper builders that we've seen that is really sticky is you build in a base app, you ship a mini app, um, and you get instant distribution. You see users just flow in and your metrics are up and to the right and you're getting usage, you're getting feedback, uh, you're generating revenue, right? Um, no better thing as a builder.

And on the creator side is you post in the base app and you instantly start earning. And you know, creators have really been resonating with that. And I think um you know, twofold for creators and for builders, this has been super super beneficial for them and a massive unlock. Um and I think yeah, these are two user groups that we're trying to support and um uplift. And you know, they're at the core of the base app. >> Man, I love that you mentioned the prediction markets use case too because I was stoking on that. I saw that that was coming out already kind of it hit the wire somehow before the event started. I I I got in one of my Telegram groups was like tokenizing equities, prediction markets. And uh you know, I'm curious when it comes to prediction markets, what what what you're looking

for is deep liquidity, you know, trusted user base, great great opportunities for different types of markets across crypto culture weather sports etc. Why why choose Kshi to build your prediction market stack on base and and through Coinbase in the base app? What does this mean for the users of the app? And how do you plan to to kind of grow your prediction market uh dominance as you guys scale this product line? >> Yeah, so I would say like Khi is the main partner on the Coinbase side on the Coinbase uh main retail app uh the Coinbase exchange every everything exchange. Um we're offering offering prediction markets through Kelshi uh on Coinbase. But I say on the base app um we don't really have a a dedicated

partner for prediction markets, right? We're more of an aggregator and we're surfacing every single prediction market that's on base and that's on chain. So these are folks like Poly Market, um Koshi, of course like you just mentioned, Limitless, we also have True Markets, we have Onit. Um there's so many prediction markets probably if you go into the base app right now, you'll see like tens of prediction markets that are available. Um and they're all um good at, you know, their own initial uh their own specific niches. Um so I think for the base app, um we we aren't really opinionated there. We just want to surface the best onchain experiences um to all the users that are on the base app.

>> Man, so I I heard that the trade everything was kind of like the mantra and the slogan of this event and and I think that applies so well to prediction markets, but it also applies to per Coinbase obviously came out and announced their per product is now available in the US. Um which I think is fantastic. So those are two markets that I expect to really keep growing. To kind of hit further on on the BAS app here, Jesse kind of has took this stance today especially so you know as he has in the past which is really the angle around base for onboarding is around making money it's around being creating a sustainable creator economy what makes the base app the place to create a sustainable creator economy if I'm a creator I am a

creator for the creators listening why base app what kind of uh growth and and general economic flows are you expecting for creators on the base app in 2026 now that it's fully live and open for everyone? >> Yeah, definitely. Um, that's a great question and I would say like like I mentioned earlier, the value prop for the base app has been for creators and builders, right? Creators, they post and earn and for builders they ship and they get distribution. And if we go back to the early internet days, 90s, early 2000s, um, you know what emerged out of all the chaos was, uh, social media platforms and also app stores, right? Um and they've been you know massive drivers of economic growth and you know

have you know made so many creators on the internet famous um and have you know created so many apps we use on a daily basis now but I do think that there are still improvements um to the existing models for both of those things right so for the average creator on social media platforms right you're not able to monetize you're not able to make a living um right and even for large creators uh they get only 5% of the value where the platforms themselves, the corporations, they capture 95% of the value. Um, so I think on the social media side, um, what if we inverted the model, right? That's what we're trying to do with the base app where we give 95% of value to creators. Every creator, you don't have to have millions of followers. You don't need brand deals

and you can start earning um, and then 5% um, goes to the platform, which is the base app. So we've completely flipped the model upside down. Uh putting creators first to benefit them and help everyday people across the globe earn. And I think on the app store side um what we've seen is you know of course there's been awesome apps like you know Instagram, Tik Tok um distributed for app stores but app stores have take rates um it's 30% and if it's for subscriptions it's 15% and there's also an app review process. Um they basically dedicate whether you make it or not on the app store. They could dell list you at any time. And what we're doing on the base app for builders is also flipping that model upside down where you can permissionally ship on the

base app. Uh your mini app gets distributed in our app section. Um it shows up in the feed uh directly uses uh reaches users and you can also share it through messaging. Um so and we're not there's zero take rates on the base app, right? Yeah. Um so I think for both creators and builders um we flipped the traditional web two models on its head. Um, and we're making the value flow directly to creators and making the value flow directly to app builders uh and uh developers. >> And and when it comes to kind of this merging of trading and social um and perhaps this is like it's the same answer that we just kind of saw. Are we are we thinking that the problem being solved here is the creator monetization?

Is it discoverability of of trading applications? when you blend together content and trading, right, to create these content coins, creator coins, I is the problem that we're solving here just simply create creator monetization, not needing to rely on ads, sponsors, etc. Or is there a bigger issue that you're kind of looking at here? >> Yeah, absolutely. I would say the big issue is creators aren't able to earn in web two platforms, right? >> Um, and the solution to that um that we're honing in on and zeroing on is creator coins and content coins. um where on the base app every profile is a coin tokenized and um every content every piece of content every post I know video >> someone just bought my postin

>> yeah and the cool part is um you know as you create good content short form videos that they go viral people start trading it and this the way they trade it is they just double tap right it's just like how you like on Twitter and Instagram or Tik Tok um and you get the values flowed directly to you through the trading fees Yeah. >> Um, and as you make these viral posts, you start earning for your content that is paired with your creator coin. Um, and your creator coin um, goes up in value too. >> Yeah. Somebody bought my post. >> It's a virtual cycle in flywheel. There we go.

>> That's so >> Yeah. So, that's what we're trying to solve. Um, we want to make it so that everyone everywhere can earn um, and they can just start earning by posting um, from ground zero. >> Yeah, man. man, the the way that the mini apps were created as a primitive are are so like we've seen it firsthand on control the stream, right? Where uh we turn audience into participants with messages, with tips, with trading, with prediction markets, and we've seen a lot of this grow. And then when it's on the the front page of the BA app, we see just crazy solid spikes in users. Those streams get more views. We get more activity on those. And then what when we do uh you know different campaigns to to to get people active on uh using it you know we we see it more it sounds like

there's s like it's like this unique distribution primitive where it's like you're right like it's a discoverability problem like you know you go and you try to find an app on base on Ethereum on any chain you got to go to the app's website go to it connect your wallet make sure it's it's the right website you're not going to get rugpull you're not going to get fish then do all the transactions this you just open up the app that you're already using and you have them right in front of you on the feed on the homepage. You've got trade and talk and it's right there. And so >> I guess like >> uh this is just the this is just a a like distribution has always been king, but but this feels like it's part of this bigger trend that I'd like to get

uh to to get your perspective on. But just anything on the on this on this kind of like mini app app discoverability kind of just closing that loop. Yeah, I would say uh the way I see like many apps is is also a type of content, right? On on the topic of content and content coins, um I think like we've just seen like all sorts of content been more compressed and instantly accessible, right? So, for example, like blogs have become tweets. Um you know, like videos, YouTube videos have become reals, right? And clips. Um, and I think like mini apps are kind of like the short form content uh or like the more digestible more viral uh version of like like web apps, right?

Um, and the beauty of it is mobile first, right? So, it's directly mobile first in the base app. Um, you don't need to install it, right? You don't have to go download it and it takes a few minutes, takes up space on your phone. Um, you can directly add it to your base app. Um, it shows up on the feed, so if you're doing something on a mini app, your friends could see it, too. And they're one tap away from accessing it. You can share it. It's social. Um, and the best part about the base app is there's millions of users in there. They all have funded crypto wallets. They have USDC, ETH, uh, whatever coin you name it that they're ready to spend. Um and then they can go in these mini apps and they can directly without signing in with you know connect

wallet you know five clicks you know all the legacy crypto uh you know on boarding flow it's just you open the mini app you're signed in you have your funds in there you have your profile you have your like base name and you can start using it and the cool part about this base app uh thesis is like there's this flywheel forming right um where you're posting and you're earning uh you're sharing stuff and you're earning you're trading and you're earning and then with the money you've earned you're going to mini apps um and then you're spending it um to earn more money to have fun um to engage in prediction markets to create things or you're just buying stuff in person or online. So there's a bunch of payment mini apps on the base app as well in collaboration with Flexa where you know you can go

spend your creator earnings at Chipotle. You can go get a bubble tea at Cocoa Bubble tea. You could buy um makeup at Ulta Beauty. Uh or you can get books at Barnes & Noble. uh or you can get, you know, skincare, a kills, and this is all money you've made um through the base app right? >> And you can go turn it into real things. Um so that's why we say like, you know, it pays to be on the base app because, you know, you can really turn your creator earnings um into real tangible things in the real world. Um and you can make a living. You can live a better life on the bass app.

>> Dude, you got to tell us more about the base like which mini apps on bass specifically really show what's uniquely possible on bass? give us your give us your top 10 mini apps, top five or even just some of your your favorites. I know you're not supposed to pick favorites over here, but tell us about some of the mini apps that really exemplify what is is uniquely possible on bass today. Yeah, I mean just off the top of my head I think like control the stream the mini app built by you guys is fantastic where you can open uh control the stream on the base app and you can see all sorts of live streams from the roll up to Unchained and you can start tipping live. You can start trading the coins that are mentioned on the stream. You could get the hosts um to bring on

certain guests, but it makes the live whole live stream experience just way more engaging and interactive. Um and I think another good mini app is sport.fun or football.f fun. They're basically sports capital markets or sport prediction markets where you can, you know, buy cards of players and, you know, as they play out real games in real life, um, their value goes up and down and can build a whole squad. So, it's kind of like fantasy sports meet prediction markets that come on chain. Um, another good one I like is Wishwish. Um, they do pocket toys, which are kind of like um, you know, laboo or if you're familiar with PopMart, all these blind boxes. They're doing that onchain um in the format of a mini app as well where you know you can gift your friend blind

boxes. They can open it and it's this digital designer toy that you can put on your phone screen widget um and or you can use a AR VR camera and display it in the real world. Um so those three are very cool. There's also Venice. Um they're basically a private uh you know AI model uh where you know you can use chatbt you can use all the cutting edge models uh but they're they're not storing your data right um so you can access all these things and there's no censorship as well um that's one that I use on a day-to-day basis just to be more productive um and then I think there are cool cryptonnative ones like Kaido um where you know you can see mine share leaderboards um of course on the defi side um there's avantis you know per directly as a mini app on the base

app. Uh Morpho Moonwell where you can borrow and lend. There's aer drrome where you can start trading assets or lping. Um there's just so much. And of course, you can't forget games where where you have like remix. Um where you can vibe code mini gamess and share them with your friends. Uh you know, Uptopia, they have a whole suite of games like Mazerunner, Legends of Uptopia, Builder's Garden also created a bunch of fun games like Rise of Farms. Yes. Um but there's so many to uh mention. Uh there's like thousands to discover and I think that's what makes the base app so exciting where you can you know go into base app check out the core tabs but you know there's also thousands of mini apps that you can dive into. Um and they're just as good as the base app.

>> David close us out here man. I really appreciate you giving us that thorough uh rundown. Tons to check out for our our community. >> I've been talking a lot about this idea of this distribution wedge that some of these fintexs have been creating. So Robin Hood recently did a deal with lighter I assume some sort of token uh transfer or you know token supply for this distribution that they're going to get through Robin Hood perks. Um Coinbase obviously all assets that are traded on Aerodum are available on Coinbase creator coins uh different types of DeFi tokens etc. Aerrum. If it's on Airrum's metadex, it's on Coinbase. Um, I can see this happening more and more with Venmo, with Revolute, with Robin Hood, with um, you know, even other uh, other exchanges um, of the

world. And so what you kind of have is you got these fintexs, if you will. I kind of put Coinbase in that >> that that have this massive distribution of CS and then they go out and pick a couple select DeFi primitives protocols to kind of almost like take under their wing and be like the the underpinning of their offering. Then they go and offer like a Morpho style vault on Coinbase for CBTC to all their users. Morpho gets a massive new distribution from a whole new customer base and uh Coinbase gets a new product line and this you know this applies to a lot of these fintech. So I keep kind of coming back to this idea of like wow like these protocols these D5 protocols that are doing this are going to make a massive leap compared to the

ones that are just focused on the DeFi native cryptonative discovery ability from the power users. So my question to you is David, how should we think about base app as a form as a similar fintech to these for distribution to all these base native applications? talk to talk to us about Aeradrome, Moonwell, um, Morpho and all the rest and kind of just generally how you think about if we can get base app to really really really grow then we can really kingmake some really really strong DeFi uh, protocols and really help them kind of reach their next phase of growth. Talk to us about kind of how you think about distribution in the Bayap compared to some of these other fintexs given the analogy.

>> Yeah, definitely. Uh I think what you mentioned there is the DeFi mullet that so many people talk about and you know we're seeing this play out in the main Coinbase app, right? Like you mentioned we have uh the borrow lend products powered by Morpho where you can take out a loan against your Bitcoin and not have to sell it and you get USDC. Um or you can lend out your USDC and you can earn yield on it way higher than um the yield you get from the traditional banking account. And when you take out a loan uh the rates are way better um you know than you would take take out a loan in traditional system as well. Um, we also have um, you know, DEX trading in the Coinbase app where all assets on base are routed and tradable to Coinbase users. So, kind of that's the DeFi

mullet thesis that um, has been play playing out and, you know, tested tried and true in the Coinbase app. And now we're doing this on the base app as well. But this time it's just with more projects, more protocols, more builders because I think with Coinbase, we're still going to be pretty curated in what we offer. We're trying to build a prim primary financial account for our users. Um, and we want to offer things more that are centered around finance, right? Um, like borrow, lending, earning yield, um, stacking Bitcoin for a credit card, um, you know, accessing uh, stocks, right? It it's it's more like an investment, saving primary financial account. That's the way I see it. And the way I see the base app, it's it's going to be your daily driver. This is

going to be more like a phantom, a FOMO. um you know you're going to be trading on it every single day. Um and we're going to be able to surface way more use cases and verticals and utilities um than just finance, right? So all the mini apps I mentioned earlier, they're all going to have uh kind of that mullet thesis where we're bringing things the best on base and then we're bring it to millions of users um that are onboarded to the base app. Um, so these are things like games, uh, prediction markets, uh, media, creator tools, arts, um, you know, you name it, >> all of that is going to be surfaced through the base app. And, um, yeah, I think that's the main differentiator, right? Where, you know, the Coinbase app is going to be more centered around finance and savings. Um, you know, where

you can, you know, manage your money better, do more with your money. And then I think the base app is going to be the everything app, right? You can, it's it's more like a super app. Uh there's more verticals you can tap into, more use cases. Um and it's where you can, you know, like I mentioned, it can be a daily driver where you can live your whole life on chain. David, so absolutely just smacking it, smashing it out of the park. Congratulations to Bass. Congratulations to Coinbase. Congratulations to David, to Jesse, to Sarah, to Bradley, to Lemon, and to everyone else on the base and Coinbase team. Absolutely leading the way here for our crypto economy. David, have a great night. Thank you for joining us today. It's been an absolute pleasure.

Great to meet you. Love your Twitter content. Kee up the great work. 2026 year of the Bass app. I am so tempted to ask about the base token, but I will just refrain. Thank you, sir. >> Appreciate you, man. Thanks for having me. >> Yeah. Cheers, man. Speak soon. Bye. Oh, guys. I mean, come on. What a stream. What a mega stream. And we ended up with David who's absolutely fired up, dialed in on exactly what's going on in the base app. He knows exactly what the applications are are the names of the applications that are winning, the the use cases, the methodology, the flywheel. I mean, it's all there, guys.

Wow. How long has this stream been going? Oh my gosh. Four hours and two minutes. Oh my gosh. Oh my gosh. Where's Robbie? Where is Robbie, man? Oh my gosh. Somebody call Rob, man. His Twitter account's back. Guys, we have tons of clips coming on the rollup account. If you're watching this on YouTube, smash the sub, smash the like. Appreciate you guys being here. Once again, download the Bass app on the link right below on YouTube. It is right there. If you're on

Twitter, give us a follow. Throw the stream a retweet. We appreciate y'all being here with us, rocking with us, making this possible. We'll see you guys tomorrow. This is the end of the Coinbase system update base ecosystem mega stream. Peace.