Beneath the surface of the crypto market, with Nic Roberts-Huntley

Transcript

I think you want to take ecosystem bets. I don't think you necessarily want to take highly highly concentrated application layer investments. The reason for that is What's up everybody? It's LGD here and welcome to the Milk Road Show, the daily crypto show that tries to figure out if crypto really did bottom last month or if it's just taking a breather before the next punch in the face. Today is March 5th, 2026. We get a lot of unique perspectives on the show, but have you ever heard someone talk about the market from a surgeon's perspective? Today we're joined by Nick Roberts Huntley, CEO at Bluebird Financial, which owns and operates a vast suite of DeFi products that total almost a billion dollars in TVL and growing, and who he himself is a former physician that literally used to rebuild people's limbs. Oh my god. We'll share

his takes on the market from price action to ETH versus Solana and where he would invest his money today if he was starting from scratch. Today's episode is brought to you by Midnight, bringing rational privacy to blockchain. Warbucks, the easiest way to trade crypto, and Nexo, earn interest, borrow and trade crypto. Nick, welcome back to the show, man. >> Thank you very much for having me, man. >> Okay, let's get right into it. Where are we at in the cycle? I feel like nobody even talks about the idea of cycles anymore. No, there's a cycle. It It's dead. It's gone. Nobody cares. Are we in a cycle? Where are we at? >> Yeah, you know, the crypto winter narrative, the bear bull, you know, we're up, we're down, we're sideways. I think predominantly like most of the attention is focused on like what new things are happening within the space

and everybody is looking to kind of the big financial institutions the stable coin issuers what's next and where is the flow coming I think the general narrative is that digital assets are getting much more widely accepted as a real asset class and people are trying to figure out what's the big you know moment or breaking point which kind of blows the doors open and gets this everywhere and in everyone's hands finally >> what do you think that would be >> I think the big topics are you How are big financial institutions, bulge bracket banks, investment desks hiring at the moment? Like why are they hiring 30, 40, 50 people in an organization to build things like vault infrastructure and DeFi trading desks and yield farming strategies? Like ultimately that will end up in the client's hands on the other side of those banks. I think as we

start to see those products take shape, it'll probably align with when we start to get regulatory clarity uh within the next kind of 6 to 12 months. But for us, it's it's heads down and make sure that we're ready to seize the opportunity when that gives it gives us a direction. >> Do you feel like the market is able to price that kind of stuff in, right? Cuz I know what you're referring to. Every day there's new headlines of, you know, JP Morgan or some other bank, massive institution is like you're saying, hiring people. I think Fidelity was the latest one, hiring a whole division of digital assets. The only place is announcing new jobs right now in the in the AI uh deflation of jobs. But is that something is is the market just too reactionary to be able to to process that type of long-term build?

>> Yeah, I think what we're really asking is how efficient is you know digital asset being digital assets being priced uh based on macro based on geopolitical news based on what's going on in the Middle East currently and then you dovetail that into kind of subtle kind of localized bullish signals across these desks being hired. As always, it's like a menagery of factors that push and pull it in different directions. And I think that's why we get kind of this ambiguous price action right now, particularly across the majors. >> Everything you're listening to today is also covered in our daily crypto newsletter. And on Sundays, we even recap the best parts of the entire week's worth podcasts. So check it out at the link below. If you had to pinpoint one factor that has led us to this range that we're in right now in

the, you know, low two trillion, Bitcoin at 60K or I guess it's a low70s now, but we let's just call it the 60 to 70K range. What is that factor? >> Yeah, I mean, we can't discount the the wonderful green candle we got yesterday. Uh, you get >> Hey, it's retracing, man. As we're talking as we're talking, we're back at like 71. Okay. So, it's it is it is it is uh faltering a little bit, but go >> um yeah, look, I think we've had a sequence of events that I think people are trying to reconcile within the market. October was brutal. I think it revealed a lot of too much risk-on behavior both from retail and also some you know allocators within the space whether those were actual trading desks

or they were you know the the mega loopers who are moving meaningful size in these money markets and people failed to often consider the cost of execution on chain and so the losses that were faced for retail and unfortunately some pretty you know well-intentioned trading desks in October have bled the books fairly dry um which means what really is the net new capital that's flowing in. It's not most of the onchain allocators and a lot of the DATs ultimately drew some of the more typical sticky liquidity that would live on chain out of the ecosystem and I think DATs are still trying to figure out their way to get assets on chain. There aren't many providers who can do that for them very efficiently and they have reporting schedules to get to. So very intrigued to see how that puts some depth back

into books and allows people to move size around a little bit more. Are you are you a bigger believer in fundamentals, macro, or straight TA? I think I already know the answer, but I want to know like how do you how do you balance those three when you're looking at some something super volatile like crypto? Um, and which one do you do you kind of attach to the most? >> Um, it depends when I'm whether I'm managing my own capital uh or whether I'm managing other people's is the straightforward answer. Um but I think ultimately if you're building in this space and you want to be a responsible actor you have to think more about macro and long-term. Um it has to be like meaningful shifts in regulatory frameworks you know appetite from registered institutional finance

participants the performance that you see from you know great partners like we have in circle who you know had a wonderful week or so uh in the markets following their earnings call last week. And I think those sorts of things give you some indication of where things are moving to. And I think as builders, you have to try and always skate to where the puck is going to be. As far as TA goes, yeah, you can, you know, shave a few like efficiency points off by being better at it, but you're looking at much shorter duration exposure. You know, you're looking at rotating. And I think in a world where the books are this thin, um, I would probably step away from intraday trading uh, for now if it was obviously that's not financial advice. Um, but I would not necessarily be spending my time scalping the market

if if I had idle time on my hands. >> How do you feel about leverage in the market these days? Because that's been a big story since 1010. Uh, you know, something that obviously you're recommending we probably shouldn't do at day trading, but it's it it feels like it's still an enormous factor when we see these big price moves. A huge part that's attached to like, well, it's probably a bunch of shorts that got liquidated or longs got, you know, whatever. That's always part of it. H how how intertwined is it in the market these days, Nick? That's a massive massive factor. You know, I think a lot of the criticisms of how price action has been handled over the last few years within digital assets and crypto more broadly is that because of its lack of depth, if you have a huge concentration of liquidity and you have a very

sophisticated participant on the other side of you, you can bully prices. And that's why regulators have not necessarily warmed to this industry or one of the reasons at least. you know, a really really heavy desk could push a price around pretty nastily and ultimately harm retail and that's been a big question mark and retail look to make a meaningful amount of capital on a small book. Um, and the way you do that is reward those individuals who take on outsized risk and that's typically done in the form of leverage. But it's hard to believe that, you know, a well-intentioned young and professional who's trading on their phone out of hours or while they're at, you know, at their desk is really competing effectively with really big sophisticated groups of 20 to 30 people

who have a lot of size and a lot of information to go against them. >> People always think they can outperform the market. They always think they can they this chance they're the special one who can do it. Uh, another question for you uh before we kind of move on to what's actually happening behind the scenes. Nick, you studied policy at Oxford in your prior career. Uh, and you did many other things that are completely different from crypto, which we don't have to get into, but uh, very different something like the Clarity Act, which was a massive factor 2 months ago and now feels very ambiguous. How do you see something like that actually resolving?

>> The short answer is to go back to your question about duration and long view. If we went back 2 years, these sorts of legislatores and policy frameworks were not even being entertained on the floor. The fact that these things are willing winning the opportunity to get hung up in process is a huge signal for us in terms of progression. Um policy takes a long time to go through. It also takes a long time to be understood and received by a market. And so again to my point about pricing inefficiencies within digital assets, these things create huge momentum shifts. Um but people who are familiar with policy pathways, adoption, scaling, those sorts of things, it's going to be a while. What does it do for us? It motivates big institutional

partners to maybe take a long view, which I think heralds uh was a heralding effect for why they've started hiring so many qualified individuals to start providing these services on a 12-month horizon, let's call it. Um I don't think we see anything materially impact us as a market from both passing and implementation at scale um until sometime in Q3 maybe late Q2. >> It's a fair assumption. I think Poly Market would agree with you on that in terms of uh the potential timeline. Is this something you're saying that this is something that institutions are are perhaps have been waiting for.

Do you feel like this potential passing of the Clarity Act? How do you feel that's currently affecting prices? Because we saw, you know, one of the last couple one of the there's been a lot of volatility this this this year. Um, but the first major volatility event was that week where it was supposed to be passed and then the draft got rejected. We saw a big spike and a a big come down after that. Is this something that you think the market would react to again if it showed some promise? >> Oh, 100% reaction. Um, primarily because people Yeah, of course. Everybody needs to feel a little bit in the market. I will like maybe critique one comment there which is I don't think institutions cared. Um I don't actually think people at really big desks were actually paying attention to this for a

long time. I think we wanted to believe they were. I think that we're very excited to feel vindicated that they're now moving with some indication the policy is changing. But when you look at the relative size of digital assets more broadly, particularly those tokens that have depth within them and could sustain some interesting amount of intake, very very very small market compared to what the top tier long short investment firms and bulge bracket banks handle. This is still going to be small percentage points of the pie chart for any private wealth management group or yield bearing instrumentation that goes at a bulge bracket bank for some time now on an absolute basis. I think that goes up in many many multiples over the

next two years and everybody who's participated in the market early on has some asymmetry of information highly likely to receive some value from that know battleh hardened years in the trenches in whichever discord they found themselves in in 2022 2023 but ultimately I think institutions are only really starting to pay attention within the last 8 to 12 months and now they're starting to show some early signs of action and that's mainly in getting boots on the ground. The transparency of traditional blockchains forces a difficult choice. Utility or privacy? You shouldn't have to choose. Midnight empowers innovators to break free from this limitation to a place where privacy isn't just a feature, but foundational.

Go to milkgrow.com/midnight to learn more. Warbucks is the easiest way to start trading crypto. No deposits, no wallets, no complicated setup. Choose your path. One step, instant target or instant funding starting as low as $40. Trade, stack profits, and withdraw on demand in crypto or USDC. Blow the account, you only lose the test feed. Reload and go again. With Warbucks, you can profit from crypto moves in any direction, up or down. Get funded today at milkroad.com/warbbucks. That's a good take. Yeah, that they didn't this wasn't this wasn't something that they would rely on heavily. Let let's let's I I was going to say zoom out, but I think we're actually going to zoom in a little bit. Uh, one thing that you pointed out to us before coming on

the show is that in Q1, we've already seen $2 billion come into crypto through venture capital, which is something that looking at the price action and that the sentiment you would never imagine is actually happening. Uh, but we've seen a lot of big funds raise recently like Dragonfly making up almost, you know, a third of that with their their fourth round, I think, of of capital for crypto. Tell me, Nick, where is that money intended to go? What are what are these what are these funds going to be investing in? >> I think we're seeing a pretty significant shift into capital going to work in businesses that have durability.

Um many of the previous couple of cycles were you know as we know rotation rotation rotation narrative narrative narrative predominantly focused on tokens that would appreciate post-listing uh and allow returns for their investors shareholders and of course retail who are early adopters and I think the world of airdrop farming is probably compressing pretty dramatically uh sadly it was you know great great sport to play for some time for some individuals but I think a lot of that yeah I know right um easy easier and simpler times. Um, look, I think fundamentally that capital is going to businesses that are infrastructure driven um, and have good fundamentals from a financial performance point of view. I think looking down the pipe for

the next couple of years, the biggest winners are going to be those that take the pain out of accessing and using services on chain. Uh I think as builders we're responsible to own the complexity and companies that do that and allow kind of gateways of entry into the ecosystem for people with size and with sticky liquidity are going to win really really big. But I also think it's important to remember that you know venture capital dollars and private dollars have a long horizon. You know funds have two to four year deployment horizons. They have 8 to 10 year life cycles maybe even a couple plus one or plus twos on the back end of that. So this capital coming in is really really significant in looking at the durability of the space um because it's somebody's willing to part with 10 figures of

capital uh just this quarter in terms of net new funds raised on a 10-year view. So again things are moving but not as quickly as we always want them to. >> Who where's that money coming from? Are these the same are these the same VCs that have been investing in crypto for 15 years or maybe not that long but you know in in most recent rounds or is this is this fresh money? I think there's, you know, a lot of recycled capital. Some funds did well. Um, and so funds are basically being raised on the back of good numbers and good fund managers are being rewarded with higher AUM and more capital to be deployed.

>> I think the other side of it is there are certainly you know funds of funds you know LPS and family offices perhaps a few endowments who are starting to say now would be an appropriate time for us to get exposure. I think there were some very sophisticated very large pools of capital that resisted um deploying or were unable or reluctant to do so into the space where you know fund managers and great venture capitalists were good way to get exposure to a market that they couldn't necessarily carry on balance sheet very unlikely for a large established endowment to carry a bunch of BTC and ETH on their balance sheet and so the way to the for them to get a proxy exposure to the market was to deploy into a venture fund there's now that kind of second wave perhaps of large family officers multi family

officers and endowments who are wanting a long view exposure given that it seems as though it's a much more broadly accepted and you know likely to have regulatory clarity around the asset class over the next kind of year or two. You >> you said in your prior answer too that you know a lot of this money is being raised with the idea of investing in in businesses that or models that are starting to prove that they can make money in crypto, right? And that's that's something very important. I think something that hasn't existed in a long time. As a result, Nick, which other types of businesses in crypto are not getting money anymore?

>> It's funny. I just came from a meeting with one of our largest investors this morning and we were discussing when I first met him, um what was kind of the hot to trot venue of capital deployment. Um you know, I came out from point 72 with a thesis that we needed infrastructural rails uh for institutional capital in DeFi. And a lot of people were just like DeFi is dead. it was post FTX and you know beloved no money it was very hard to form capital around the business. Um you very grateful for him to take a take a punt on me and and and I think we've done well in returning his investment. Um at that time it was like gamefy. Um everybody was going to start trading their loot boxes from natively web3 games. Um I think it's hard to motivate

a lot of that kind of capital formation that was fast and loose back then. Um I think the other question is the really truly deeply retail facing platforms have struggled a little bit primarily because these nasty corrections we've had in the last couple of years have caused a lot of loss of capital um for retail. So anything that seems to be deeply deeply mimemetic perhaps like some of the I haven't seen a wonderful wonderful gaming company come across my desk in a while. Um you know I'm I'm I'm hungry for a great game to play. I'm I'm a geek like the rest of us, but uh it's Yeah.

something that I've seen dry out pretty dramatically. >> What's your What's your favorite game of all time? >> Oh, Elder Ring, hands down. >> Elden Ring. Okay. Okay. >> Punishment. Yeah. >> Got it. How does uh Nick, how do I I'm not We're not getting into game five. How do prediction markets fit into this? What you're kind of telling me now? cuz I feel like it's it's that's the latest kind of shiny object for retail that has tons of money kind of coming into it where they're really hoping that retail will adopt this and there there is revenue and there is volume. >> I'm extraordinarily grateful for for the development of prediction markets. I think it's done an unbelievable job in capturing the imagination of fedally that fast loop feedback in events that

people are familiar with and can relate to in real world terms that doesn't feel like an esoteric pool in some weird DeFi protocol. I think it just feels more relevant to day-to-day life and I think it's captured everyone's imagination and rightly so. But really really excitingly under the hood what we're really talking about are some structured financial principles which are basically perhaps the first meaningful look at how options could perform on chain. Options is something that you know I was super excited to get my hands around. I remember being a big advocate of Dopeex back in the day. And I think the TLDDR here is there are many interesting products that could be built a top of the prediction markets and starting to hear grumblings of kind of people

building those. And in fact, we're kind of working on something quietly building top the prediction markets for, you know, looking at downside protection risk. >> It's true. We had the um we had the CEO of Derive on our show a couple last month and he kind of explained options to us, but it's um I find it really interesting for you to frame it as as a far more retail focused version of options, options on culture and politics and and basically any topic. Are you are you a participant in the prediction market? Uh yeah, I dabble I think is the short answer. And no, I I think we're really excited to build something on top of it. And you know, a big part of how we approach building anything is I need to be a user of that product. I need to understand how it works. Um I need to

feel a little bit of the pain of loss and hopefully a little bit of the joy of winning and then you can start to understand how that flows from a user point of view so we can build a better solution for our customers. >> You need to be the man in the arena as they would say. Uh like that a lot. Yeah, something like that. U I want to throw back to uh I I do want to talk about what Blueprint is up to. We'll save that for the end. I want to throw back to your last episode which I believe was last summer with Jay. Um there were two topics that you guys discussed that our audience I think was pretty excited about. Uh one is the Ethereum versus Salana debate. So I want to ask you about that and the other is capital allocation. So we'll start with

the chain debate. Um and I'll kind of set the frame and like a couple months back we had the massive debate on CT between uh Hib and Santiago about L1's L2 what the value is. You and I were joking before the show that we seem to go almost every single day now that we see another L2 uh that had all this promise is B is effectively dead, right? Ethereum and Salana are the clear front runners as the L1's. What's the latest status there, Ban? Like is there is this something where you think you can pick a winner long term or are these just intertwined to Bitcoin as being majors forever? >> Again, you got to preface this not financial advice of course, but I think Eth one has accured such an incredible depth of liquidity. I also think that at a time at which Salana saw massive

growth, you know, post FTX kind of settlement and re-risen. Um, so obviously when Salana pumped to, you know, 200 bucks, a lot of that was done by mimemetic activity. Um, and so I think a good chunk of the last two or three years for Salana was spent uh supporting non-serious activity. Um, I think on the other side of the fence, you had Eth one acrewing like really serious people doing serious things. Um, and now as the market is headed in that direction, there's obviously a divergence in what activity looks like between the two networks. My hypothesis for what it's worth is I think Eth one will continue to be dominant and primarily because as we see institutional flows come together, there will be, you know, more of that flow

headed in there. However, I think Salana is an unbelievable organization. Um, I also think that they've been really attuned to seizing new opportunities and opening up to new markets when it's been right to sustain and grow the company. When we think about that framing, I'm pretty excited for what's to come on Salana. Primarily because it's super cheap, it's super fast, and it's super performant. Uh, and Rust as a language is a little bit more ubiquitous across the engineering market from a talent point of view than Solidity is. So if you were to say we need 10,000 engineers to support Solidity today be a tough tough ask um to find like 10 10 to 30,000 fresh tier one engineers but if you needed that for Rust and Salana

there's a much smaller learning curve that was a lot of the promise for what could be done um from a builder's perspective on Salana but personally I think Salana's got some ground to make up it's going to take some time both are going to do well in the next few years. How do you see something like pumpf fun? I mean, obviously you're kind of framing a lot of the memecoin stuff as slot, but obviously that's a revenue gener generating business at the end of the day. >> It's not my type of business, but it's a fantastic organization. Like any, you know, uh was chatting with a a close friend yesterday just saying revenue solves all problems. Um, and to your point, they make a truckload of cash and it's a great business and people want to use that product.

My slight push back is isolated versions of businesses that can be competed out of the market is not a great way to build a network. Um, in my opinion, I think you have to build like legitimate ecosystems within this market to get flows, activity, durable users, uh, and long-term outcomes. And that's how you know Salana as a token itself appreciates value over time. >> Nick, if you were, same question as Jay asked you. If you were if you had a million dollars I don't know why I don't know why he said a million. I feel like that's insane that there'd be some somebody listening to the show just has a million dollars flush cash and they're so excited about crypto right now. But let's go with it anyways. Any sum of money. We'll say a million. Um right now you're entering the market.

Congratulations. You got a big payout. You've got a million bucks. Where are you putting it? >> You know there not not not financial advice. >> Yeah. Strictly strictly not financial advice. I think you want to take ecosystem bets. Um I don't think you necessarily want to take highly highly concentrated application layer investments. The reason for that is per my earlier comment we're going to get some regulatory clarity within the next 12 months and that is going to probably hurt some people and help some others. Um so you want to invest in things like infrastructure platforms networks themselves less so you know very very dedicated you know application and single token exposure.

The next question you're going to push me to ask is like, well, which one? So, I think if I just go across like the majors, let's say, because I kind of put my stool out there and said, look, you know, fundamentally pick ecosystem plays or to my earlier point, businesses that make a truckload of cash and you think have like a durable fit within a market postregulatory clarity. Let's just sit across the ones that we'll all consider. So Salana, um, Ethereum, I think they're sitting in and around their 2024 lows, but BTC is actually above its 2024 low. So if you just want to say that there's some mapping, uh, and some like good pockets of support, um, I would say ETH and Salana are probably better bets than Bitcoin at this moment in time from a

pure multiple basis. The other one is I think that the the guys over at Sooie are doing some fantastic stuff. We've been working on something with them um that'll come out in the next couple of months. But I think that they they have a really cogent and like very thoughtful uh approach to how to engage on the kind of more institutional adoption. Uh so very excited for what those guys are doing and I think I may have said that a while back as well in the last call. So we have followed through on our on our thesis of being involved in embedding ourselves within the SUI ecosystem and I think there's a lot of upside there. >> That's a good take. Where does Hyperlid fit in all this?

>> Oh, people will continue to trade. people will continue to put volume through that. I think Hyperlink is an incredible business. Um, you know, I I think it'll be interesting to see whether that comes under some scrutiny from a regulatory perspective. I think, you know, you look at geographical markets like can the US participant get access to hyperlquid in a meaningful way like how do we represent that? You know, what happens to per within the US? I don't know. So, hyperlquid incredible cash flow business. Um, incredible experience, wonderful product, great team. Um, I I would never be upset with having hype as part of my portfolio, but not financial advice, of course.

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Get started at milkroad.com/nexo. How significant? Because Hyperlid was built on leverage trades, right? On per trades. That's their that was the core of their business. Probably still is. Um, but they've been a leader as well in developing. They're not onchain equities, but they are onchain per they are not onchain, they are pers for equities basically. Um, and you know, this past weekend was a perfect example where if you want to be trading the price of oil during a major conflict, you can now on Hyperl. You don't have to wait for the market to to do whatever it does Monday morning. How does that is that a trend you see accelerating from here? Like is that something where you're going to have major Wall Street firms doing this? not with the current

regulatory framework in place. Uh but I had a meeting about this specific challenge yesterday um with a big publicly traded group. >> I think one of the most exciting ways in which onchain rails as such or kind of onchain finance let's call it opens up markets is actually around out of hours trading. >> I'm not as necessarily bullish or a strong believer in the fact that suddenly we're going to flip the switch and every stock on the NY is going to be traded as a token. But I do think creating trading windows where onchain rails can provide validated and verifiable truth of activity taken outside of normal windows is a very very exciting principle and big big value ad.

You know I'm sure there's a handful of desks who you know Friday afternoon were maybe getting calls from their compliance or risk managers saying you need to unwind a little bit of your exposure for whatever reason and if you had a few hours outside or you could get someone to carry the cost of that exposure for the weekend you would have given it to them. And if onchain venues become that outlet, I think that is an absolutely extraordinary opportunity for the market. >> Absolutely. Nick, I want to wrap this up in a minute. Um, before I ask you a little bit more about what Blueprint is working on because I feel like you guys have so much in the hop. You're really building out quite a lot in the bare market. If we zoom way out two years, >> right? Everyone's talking about midterms now. If in two years we're talking about

the next election, where is, and it has not to be related to politics, but I'm just saying timeline wise, where we at? What what will have happened in the next two years in crypto that will surprise people the most? >> I think we will see a whole host of payments, peer-to-peer transfers, settlement activity uh and investment grade opportunities embedded within large institutional finance uh organizations, bulge bracket banks, private wealth managers, etc., etc., but also like on your mobile device. I actually think that behind the scenes a lot of settlements and transfers will be moved quickly um and settled later in fiat currencies. So I think this mirroring of the two financial systems

onchain versus kind of offchain if you will uh will be one of the most ubiquitous changes we see across financial transfers and measurement of value over the next two years. >> Will that be shocking though? >> Not to me. >> That's fair. Uh let's talk very quickly about blueprint man. You mentioned that you guys are working on something with Sooie or something on Suie. Um what else is coming down the pipe? I feel like you you guys are about to unload unload the bag. >> Yeah, we've we've tried to make you know our whole thesis is very simple. How do we make sure that people don't lose money and consistently beat traditional financial kind of instrumentation from a yield point of view? Um so that means like some very exciting partnerships with large centralized exchanges. um large stable coin issuers and we were

chatting to an awesome group doing some stuff around US homes and RWAs. I think what we're finding for us is that in our first year of business we kind of process a little over $20 billion of volume. We currently oversee about $45 billion of volume a month and we've grown very very quickly. And I think that brally speaking, one of the most, you know, uninteresting but most important things that we do is a lot of accounting. And when you're doing crosschain settlement, when you're thinking about measuring, you know, across lots of different opportunities and ecosystem partners, one of the things we found is a massive draw as we see this institutional adoption um for our accounting. Um now I never thought having started my life as a physician

that I'd be touting our accounting capabilities but um yeah it's really important when we think about the frequency of measurements of value and so we've prided ourselves on getting very good at that and that's yeah to my point got us in bed with very excitingly a couple of large centralized exchanges big asset issuers uh traditional investment managers um and you know soon across the blueprint stack you'll be able to get yield across Salana you know most EVM networks uh as well as sooie. >> Awesome. That's great. Sounds like you're building right at the right on the edge, man.

>> Very very grateful for the team. They put in a hell of a lot lot of work. I'm just the talking head these days. >> You would say that. All right. Well, this has been a great show. Uh Nick, thank you. If you guys want to find and hear more from Nick, uh you can check him out on X, Nick_builds, Nick spelled L N I C. Uh very similar to my real first name, which nobody knows. Anyways, uh Nick, good to see you, man. and thanks for coming on the show. >> Want insights on what's moving crypto markets and how we're trading each event? Subscribe to our channel and join the Milk Road daily and pro newsletters and start investing like the top 1%.

This show is for educational purposes only. Nothing we say is financial advice. Investing is risky. Never invest more than you can afford to lose.