How Cap Protocol's "Stabledrop" Rewards Users With Stablecoins Instead of Tokens

Transcript

Everyone's acting in their self-interest and we applied the same thing to our stable drop. We applied the same thing to our ICO and we want to make sure that you know everybody is aligned is aligned and everybody wins wins. >> But we have season 2 so uh which is homestead program is this new um it's actually the first time we announced it. We haven't announced it before. It's a little alpha for the role of people. Is this how you guys see value acrruel in stable coins or do you think there's a different you know mental framework through which you know we we should come to understand specifically value acrruel in stable coins.

>> Welcome back to another episode of stabled up our premier weekly show covering the ins and outs of digital dollars stable coins and the future of decentralized finance. Show is made possible by FRA and FRA is powering the financial engine of the internet powering FRXUSD and genius compliant stable coins. This is the stablecoin super cycle made possible by FRA. Now enjoy stabled up our weekly stable coin show. We've got stabled up. We've got Dave and we've got Ben and >> stabled up. That's right. >> We are stabled up. That is our segment. We are powered uh by FRA which is uh the sponsor of the segment. But we are we are fired up. Um, and >> just wear my frack sweatshirt today work.

>> Let's go. Let's go. And so guys, you you've got um uh you've got a stable drop coming. And so you've been building obviously uh for quite a long time. Um and so I want to get the latest because you guys have been on the show, friends of the show. Um and I think the last time you guys were on was a few months ago. So please give us the update on on what has transpired over the last few months and and catch us up on stable drop. Yeah, I mean we've been building, man. We've been uh we've only been live for five months. Uh we have around almost 500 million TVL all organic. So none of these uh opaque side deals, just people liking yield, people liking uh safe safe DeFi. Uh but maybe Dave, you can tell us

a little bit more about like the stable drop. It's the stable drop, not just any. >> Yeah. And yeah, it's not just any stable drop, but the stable drop. And I want to start with we all know that token uh token distributions are broken. We've seen time and time again. We've seen airdrops happen. People get the airdrops, they dump. There's even we've seen the whole game with sex listings basically from the get-go of tokens. Uh they just have a a bad start. And we want to completely revamp that playbook. And instead of giving tokens uh to people that were early users of our protocol because let's be real, they were a huge part of our success. They're the ones that almost got us to 500 million. So we want to reward them

properly and at the same time we want to eliminate uncertainty for them. So we decided instead of giving them tokens, we're going to give them stable coins. >> Uh that eliminates >> first time first time ever anybody gives stable coins. >> Yeah. And so that eliminates uncertainty for them, the early users. uh they don't have to play this game of chicken like oh like should I hold like oh is someone going to jump on me none of that's going to happen and this is especially good for you know the to the buyers and the participants in the ICO is they don't have to worry about this overhang with the with the airdrop because it's a stable drop uh so we're really excited about this mechanism uh we've seen a lot of great reaction to it online a lot of builders that we respect uh such as

David from USCAI uh the founder of neutral uh they've all actually became are huge fans uh of the stable drop and I think you know we're going to see a trend. This this is the first stable drop but I'm sure it won't be the last. >> I I think it's incredible that you guys are doing this like for for the entire crypto economy to and just community to think that we're like entitled to like the stake of some people's companies is first of all it's just incredible. You don't see this in web 2. You don't see this in legacy finance. Obviously people try to game it you know with the airdrop. They want to, you know, give enough of the token supply to their community as to like not piss off their community, but not so much that they're giving away their own equity, you know,

that they worked hard for. So, it's not like you guys have to do this, you know, like you guys built this, you guys don't have to do this, but you're choosing to give, you know, something back to the community anyway. So, give us a give us some of the this the tokconomics around this, you know, like you guys have been live, you guys have been in mainet. What made you decide like okay this is the time to do this is now even after we're live we want to do the stable drop how much of the supply are you guys doing how much is like the total value give us give us some of the numbers behind you know this this activation >> well the goal here is all about following game three right from the beginning we have this fundamental belief that people will do whatever is

best for them right and so that's why we're dividing you know users that are here for yield and users are here for points. So from the beginning, people had to choose. Do you want to stake your CUSD and get yield which is like six 7%. Or do you want to not stake it and you get points and you don't know what you're going to get, right? And now they find out that they get stable coins. And so why why are we doing this? Well, um you know, we want to make sure that at TGE the only people that have the token are the people that paid for it, the people that all have the same cost basis. That's why it won't be a game of chicken of who sells first, who buys first, and you know, how long do I have to wait for the airdrop people to dump

and so um to answer your question about tokconomics um at TG 10% of the uh circulating supply will have been sold to these ICO participants. So people that participate in UNISOP CCA will get 10% of our token supply and they will be the only guys holding our token at TG. separately, you have these um points farmers and early users and they're going to get stable coins. We can't say how much just yet because uh the these campaign still running. So, we don't want to, you know, mess anything up by saying things too early. So, after the campaign ends, that's when we're going to tell people how much we're airdropping.

>> Yeah. And I also want to add that uh for our ICO, we have the farmers, they're whitelisted. They're early. They're ear they're whitelisted for the ICO along with strategic partners. So, we want to make sure that the people that are whitelisted are aligned with us and that are basically riding with us uh for the long term. And so, we think our early users should get a piece of that uh along with our strategic partners. >> Awesome. And and so catch us up like the last five months you guys have been live. I you know, I think you guys have been in the industry for a long time, but yeah, you know, you you you decided, look, we're going to start this stable coin project and CAP has has had done incredibly well in early days. People thought like, you know, they knew stable coins were going to be a thing, but they

thought like the days of issuing your own stable coin were kind of gone, you know, like you guys you guys came in and you saw, you know, incredible growth. H how give us give us sort of a summary of how things have gone over the last, you know, the the first five months of CAP. >> Yeah. So, this is my fifth project, I believe, my fourth D5 project. So, I've been around for quite a while and I have to say the execution by Cath, our team and the community uh has been excellent, has been the best I've seen out of all the projects I've worked on. So, as Ben said, we started five months ago in August. We had a great start. Uh we had a especially strong in our Pendle program and I remember I wrote something about Pendle and you guys had me on back

in September. And then you can't really judge a protocol unless it faces adversity, unless there's like some huge uh conflict it has to overcome. And that that happened. You had 1010 and you essentially had the whole stream finance of a control. And not only did we go down, but all stable coins went down. Uh >> well, we went down in TVL. Nothing happened. >> Yeah. In TVL. And we went down in in TVL. But you know what? We recovered and we recovered stronger. And the deposits that came back were much stickier, much and from larger pools of capital than before. And so you had Infinifi, Etherfi, Yuzu Money, uh all of them deposited in our protocol in the this CUSD uh stake USD portion and playing

with Pendle that part of our protocol. So we came back uh you know stronger from you know all that stuff and now we're nearing 500 million TVL uh people you know and the thing with CAP is we're all about market incentives. We're all about game theory in the same way we constructed our protocol assuming that everybody's in their self they're acting their best in their self-interest whether they're users of holders of our stable coin operators borrowing or delegators providing security uh everyone's acting in their self-interest and we applied the same thing to our stable job and we applied the same thing to our ICO and we want to make sure that you know everybody is aligned is align and everybody wins wins and we want everybody win. Yeah. I love it. And remind people, I think you might have

mentioned it earlier, but remind people how what is the best way for them to get involved with stable drop. >> Yes, super easy. Uh so we've had for the last five months this incentive program where people can uh perform certain activities. It's mostly using Pendle. Some people just mint CUSD which is extremely easy. You put your stable coin of choice and you're already earning caps. That's coming to an end. And so whenever the program ends in eight days, that's like when we stop giving out caps for that and then we'll be giving the airdrop in February. But we have season two. So uh which is Homestead program is this new um it's actually the first time we announced it. We haven't announced it before. It's a little alpha for the

royal people. >> It's another campaign. And so if you enjoy the first campaign, if you think it resulted in a good outcome for you, maybe try the next uh campaign. And and thanks to the fact that we're not aird dropping tokens and this doesn't uh kickstart the same cycle of every other project. You know, you aird drop token goes to zero then nobody wants to go on the next campaign. Here's very different. We're dropping stable coins. So if uh we have the same ability to um you know reward people in the second season the same way we rewarded them in the first.

>> Beautiful. >> Yeah. And I also want to add uh for the first month of Homestead, we'll be giving double uh the points, double the caps. And so the earlier you're in Homestead when that starts in eight days, the better. >> Okay, so this thing is going to start in eight day. I love it. I love getting alpha like right here. >> Yeah, first time. This is first time. This is for the rollup. >> Everyone, we can all react to this in real time. So in eight days, we're going to launch Homestead. Everyone's going to be able to participate. Some of the ways are just simple activities that you can do onchain with cap. You can mint cusd.

You can go on pendle. You can do some cap activities on there. And then you'll be earning points. And the earlier that you're in, the better. You'll be earning double points for the for the first month. Okay. And then all of this is going to lead to the stable drop, right? Are you guys going to do two separate ones, one before, one after for the second? >> Do one now. Yeah, we'll do one now. uh for the first campaign. The second campaign will get an airdrop at the end of the Homestead program. >> Beautiful. Okay. And so everyone is uh is eligible. I'm sure everyone who participated in the first campaign is going to be can be quite happy. Um >> Yeah. And I I want to clarify that uh caps equals points. Points equals caps.

So we use them interchangeably here. >> Yep. Got it. And so you guys want to be earning caps and earning points and that will ultimately earn you stable coins. And I'm gonna I'm gonna put a prediction out there and say that you guys are gonna get enormously more activity in the second campaign because once people realize like they missed out on just money falling out of the like they would have wished that they participated in the first campaign and they're going to participate in the second one is is my prediction. >> Yeah. I mean Dave and I are farmers. We know what people want and at the end of the day you can give them your token.

You can give it out like candy but people just want yield. They want to make a buck and so just give them that, right? Why do this whole workound of throwing out a token? >> Havachi is fast and private per trading secured by ZK with Celestia underneath. Go to habachi.xyz to start trading today. 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.

>> 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. Guys, we uh we've been putting together this thesis around neo finance. Maybe maybe you've seen it. It's like we put out a market map. It's this idea that we're evolving on sort of both ends of the spectrum. The legacy finance world is evolving. A lot of the banks, especially if stable coin, this is something I want to get your thoughts on too, maybe a little bit later. If Clarity Act goes through in the US, stable coins are going to be able to provide yield uh, you know, to their end users. That's going to force, you know, banks to innovate, provide more yield.

Otherwise, you're going to see a lot of money leave traditional depository institutions and go into stable coins to get that yield. So, we think that banks are going to be forced to innovate into something like a NEO bank. And then on the other side of the spectrum, a lot of these wallets, a lot of these projects with distribution, we think are going to be forced to sort of go away from the the cryptonative infrastructure slop that, you know, doesn't have product market fit or anything like that and innovate as well and kind of meet those neo banks where they are and and build out what we're calling NEO finance.

Stable coins are really important piece of this. You've got the issuers, you got the stable coins themselves and all the apps, you know, that are releasing these stable coins. I'm curious to get your take on NEO Finance and this convergence of of where we think the yield space is going. You obviously you mentioned USDA. You know, they're going into the credit world and providing credit to AI companies, passing a lot of that revenue back to state uh stable coin token holders in the form of yield. This is another thing that we think is going to be, you know, really complimentary to this new way of looking at things. Uh this new era of crypto which is just feels a lot more grown up. you know, it's not like the pool two token emissions anymore. It's more like real yield that's paid in the form of stable

coins and yield coins and we're doing it onchain. We've got really easy to use frontends and user experiences and then it's powered by DeFi uh in the back end and I'm just I'm just curious to get your reaction to the neo finance landscape that we see unfolding. >> Yeah, it's I it's happening, man. It's really happening. All these people are coming on chain. we realize that the traditional financial system doesn't work as well as DeFi. Uh but it's actually, you know, we're seeing real real uh adoption. Um this is the reality that we built for. We built CAP because existing uh yield options on the dollar are way too risky, right? Aside from Tibos, which most people don't just want to yield because it doesn't beat the

inflation rate. Aside from that, the other yield options are very risky. And so we created this insured product for the dollar so that other NEO banks can build on top of us, so that other applications can take advantage of this yield. And so you have big neo banks like Ether, for example, they've deposited way over $30 million from their um earned product into CAP. Why? Because they focus on the distribution. We focus on the safe insured yield in the back end. And so we want a bunch, we want a 100 a thousand neo banks to come.

We want a hundred, a thousand stable coins to come. We'll be able to integrate all of them into our yield product. >> Yeah. Yeah. Dave, go ahead. Yeah. >> Yeah. And I definitely see a future where there's a convergence between these legacy community banks and what we're doing uh at the frontier, what we're doing uh on the edge on chain. I can see all these community because think about there are thousands of community banks in the United States and they're all looking for ways to earn yield. they could easily plug into our infrastructure and stuff that like the Genius Act, especially the Clarity Act, that's going to give them guidelines and that's ultimately going to give them the okay to go ahead and plug into us and that's way more capital that is about to enter the system. So, I'm really excited

about that and I like I'm ready to like help these banks. I want to innovate with them. >> Dave, I I think you hit the nail on the head. This is this is the thesis, right? Is that these guys are going to innovate and like you're saying, they can offer and if you think about Coinbase, I know I'm jumping around here a little bit. Coinbase is offering this on the back end with Morpho, right? So, you've got sort of this fintechy neoank like front end. You've got, look, I'm sorry, but people don't want self-custody. We've tried it. We know that they don't want seed phrase seed phrases. They want a forgot password button. They want customer service, right? So we offer that to them on the front end like a Coinbase and then in the back end they're providing something like six, seven, eight percent yield because we

have all the capital efficiency, all the flows that you guys have. Great name by the way, Cap. I mean every time I think capital flows, capital efficiency, you guys are, you know, right at the tip of my tongue. And so that in the background I think is exactly where the space is headed. And you're right, community banks, you know, could be tapping into CAP and and these yield sources in the background. They have the consumer trust, you know, the the the end consumers, they trust these brands. They they know that, you know, they've been banking with these institutions for decades.

>> Some of these banks have been around for over 100 years, especially in the Northeast. >> And so they have established names. They're well known in their communities, but imagine if they're like upgraded and and and they're ready for the next stage of finance. >> Yeah. that that's how a lot of these DeFi protocols end up receiving the trust because it's it's pro provided through these institutions that have a lot of trust. Ben, >> yeah, I wanted to uh touch up on that point about trust because so far what we've seen is that trifi doesn't really trust us just yet to integrate us into those yield products. Instead, it has been DeFi trusting trifi. So, you'll see, you know, Athena integrating Bidd or, you know, Morpho adding RWA assets as collateral. But do you really see

these Trifi guys integrating their smart contracts into the back end of their system? Not yet. And so that's the challenge and that's what we're trying to do. Right? So we have the likes of Susuhana. We have the likes of Flow Traders not going to Apollo, not going to City Bank. Instead, they're coming to us for credit. Right? You have people that um like Neoanks like Ether, you know, not going to wisdom tree to get their yield, not going to Fidelity to get their yield. They're going to cap. And so I think if we are able the challenge is going to be can you build uh code that's good enough. You know right now we're in this space where we have a lot of startups building uh managed products that rely on trusting teams. But I feel like if you can build products that are good enough uh and

that lower the trust assumptions enough you will have this adoption. But that's the challenge that we're focused on particularly. >> I like to call it the UNO reverse card. So instead of us going you know you know projects and protocols going offchain basically becoming rappers it's no the institutions stratify they're coming onchain and they're using us and they're actually participating in onchain pools of capital for you know their bottom line and so and they're doing that with cap they're actually borrowing they're actively using cap and uh I think that speaks volumes >> what are the knock-on effects here like walk us through what are some of the instit initutional use cases that you guys are currently seeing and then you

know like what happens next. >> Yeah, there's two there's two things. Uh one of them we closed a deal with wisdom tree. Uh so now their users they have a lot of users that pension funds, family offices, etc. that earn TBO yield with their money market funds. But a lot of them are not happy with that because they want to earn a little bit more. Uh and so what we've done with them is that we convince them to hook up their uh product to cap. So if you're an existing user of uh wisdom trees money market funds and you're earning tail yield now you can choose to redirect those funds into cap through a permission flow. Uh and so that's that's something that we're very interested in and I see a lot of products trying to you know connect their yield products to trai uh but it's

difficult to do. Uh and then the other one is obviously what Dave mentioned uh getting these regulated financial institutions to actually use these products and we've seen it a little bit with um uh what's that French bank uh association general right that they're using Morpho and they working with um ME Capital to do their stable coin. So we see some of these uh but it's still very very early. >> We're still early in something boys. So, >> and people have been trying to understand how they can get exposure to stable coins because I think everyone sees this like we have Secretary Bessant saying there's going to be trillions of dollars of stable coins and and they're wondering like how can I get exposure to this? How can I bet on this piece this

segment of the market, you know, doing particularly well? I mean, is it just is it just use cap like just farm stables using cap? >> What can I say? What can I say? >> Points. >> Well, here's the thing. Um, there's two ways to get a project's token, right? It's you buy it off the market after the TGE or you uh farm for the airdrop. We've been in crypto long enough. What's better? To get to get money or or to buy it? And so I think um you know my answer, but I have to be careful with how I explain it. >> So about skin in the game. >> Oh yeah. Oh yeah. So you guys don't have a token yet, right?

>> No, we're going to have a token sometime this uh this year. I can't say when. And uh yeah it will be called cap which is very exciting and we have a lot of uh interesting ways in which we're going to integrate it into cap but I don't want to get in trouble with marketing uh by you know getting ahead of things. you guys already released quite a bit of alpha right here, right? You know, on this show, we're definitely going to clip uh uh Homestead and make sure that people people know about Homestead because I I really do believe that we're going to see a lot more uh people and funds pour in to the season 2 campaign because they're they they don't know what they're missing. Um >> guys, I mean, close us out here. What what else are we seeing on the stable

coin front? Um actually, I I do have something that I want to get your take on. You know, we again we released this NEO finance market map. One of one of the main components of this is stable coins. And so we had uh Chuck from uh um uh he he runs a podcast as well. And so he was talking about Chuck was talking about how in stable coins we got this barbell. On one hand we've got stable coin apps and then on the other hand we've got these treasury reserve managers and in the middle you've got issuers. And you know, we were kind of workshopping like where value occurs in the stable coin stack. And so I want to get your take on this. Essentially, you know, we in my opinion, the the issuer game is sort of a game that's been won.

Like, you know, you've got the major issuers. I don't see a long tale of issuers coming in and disrupting, you know, the big the big that are up there. On the other hand, you've got, you know, the stable coin apps like CLA's going and they're releasing their own stable coin. You know, you've got uh even teams that are that have major distribution. I could see an Uber stable coin. I could see an Airbnb stable coin, right? These are companies with distribution, but they would probably not issue. They probably use one of these, you know, stable coin as a service providers and and this treasury management in the background. Curious to get your take on this stable coin stack. Do you guys also see it as a barbell approach? You know, you've got a lot of these stable coin

apps on one side. There's a there can be a lot of apps really anyone with distribution can can do quite well on that front and then on the other side you've got sort of this treasury management side as close to bare metal as possible. That's where you know some more of the the value will acrue. Is this how you guys see value acrruel in stable coins or do you think there's a different you know mental framework through which you know we we should come to understand specifically value acrruel in stable coins. I I personally what I don't want to be doing is stable coins as a service like T bill stable coins as a service or making my own T bill stable coin. Why?

Because everybody and their grandmother is going to come out with a T bill stable coin. You said it Uber, Airbnb, Clarina, everyone's coming out with their own stable coin and it's completely undifferiated, right? Why would you use those stable coins? Well, because you're already a user of those platforms. And so if you have just a stable coin with no home, why would anybody use it? I'm not sure. CAP at the beginning we knew this was going to happen and that's why we just aggregate all these it doesn't matter whether your stable coins from Singapore or South Africa or Florida we can integrate it to give a yield um to answer your question I think we will see a lot of these institutions make their own stable coins maybe with help from um folks like Paxos or others that can automate the legal

part for them and then you'll have a lot of applications cap we want to the infrastructure, right? We don't want to build on top of these stable coins uh in a userf facing way like we don't want to have like a card or some sort of savings app. That's not really for us. Instead, we want to be this infrastructure that connects all these different stable coins that gives them value beyond the mode of their issuers, beyond just, you know, this is a cool stable coin because Clara made it. It's it's actually even better because now I can put it in cap and earn better yield than Clarina would give me otherwise.

Dave, I don't know if I missed. >> Yeah. No, you hit the nail on the head. I My framework for viewing stable coins is you have distribution and you have infrastructure. And most stable coins, they focus on distribution. And your distribution is only as strong as your network effect. And Benjamin and I know that we're not going to win in that g beat that game at all. And so when it comes to infrastructure though, there's still innovation to be done. Uh there has been some progress over the years, but I think CAP is really just an order of magnitude more uh evolution in this. >> Super unbiased of course.

>> Yeah, super unbi super unbiased at all. But we really created this credit engine that can scale to the tens of billions honestly and I'm really you know and this is just the early stages. This is just the beginning uh and people are getting on board. So come join us. >> Looking for yield that stands out? Infinifi 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. Give your users more wherever they are. Go to holiday.xyz to never write a smart contract again.

Trade on anything, economics, weather, sports, crypto, and more. all on couchy.com 247 for the world's biggest production market. >> Like like you said, you guys have been part of several projects in the past that didn't really stick. What What do you think about what is it about CAP that really has caused it to be like this? This feels like the one. >> Yeah. Uh I think first like first and foremost it's the team. Uh you know, a project is nothing without the team. You know, I I previously have been part of Frack, Denero, Redacted, Gelato, a bunch of different things. uh Benjamin, founder of Chidow, we have all the beefy devs uh and they they've held billions in their smart contracts before. So, we've all been around and you know that

experience goes a long way and how many people can say they have collectively 25 plus years experience in DeFi. Second, it's just uh the idea just it works. It it it just hits and we are seeing it work in real time and it's just a matter of time until it scales. So, it's the team, it's the product and of course it's the community. People are excited about it. Not only do we make people aware, but people are using it. People are talking about it. Um, and you're just seeing it catch fire. And I think what I love about CAP is it's like a it's a slow burn. It's not like it's not like, oh, like it's like in your face like right away. It's like no, like people are catching on. People are learning about it. People are understanding it. But now I think with

stuff that we're doing like the stable chalk, it's going to bring way more attention to us and what we're doing. And like, you know, like Ben said at the beginning, we're almost at 500 million. You know, soon a billion. Yeah. I would add one more thing is um who's using this >> right we have institutions today >> that are using us maybe to get credit >> uh instead of going to city bank they're going to us like these are large regulated institutions I think the collective aum of our operators is over $2 trillion so this hasn't happened before we do not see susqhana borrowing from a right we do not see flow traders using morpho or using other defy protocols that I think are amazing and I use myself. Um, and so that's really

what makes me think this is different, right? Like for example, Wisdomree or Franklin Templeton, they've never whitelisted a complex DeFi protocol for usage ever before. They've whitelisted stable coins to be their backing, but they've never whitelisted their money market funds to be using complex DeFi operations before. And so all these little things uh these institutions that are slow and they're risk coververs if they really want to participate in CAP that tells you that something different is going on here. M yeah well said well said and and these are success stories that end up scaling to even greater financial institutions and I think you know you guys serve as a model because it would be great for some of these

institutions to go into Morpho go into a right and get you know we know that these are reputable it's you know DeFi projects and onchain companies um and it it's incredible that you guys are the foray like you guys are the first sort of portal through which they're viewing DeFi onchain So, you know, with great power comes great responsibility, right? Don't [ __ ] it up for the rest of us, guys. I know you're not going to. You guys are doing an incredible job. It's It's really really great to see. >> Well, I have to say we have a a CTO and a group of devs that built Beefy Finance.

>> Arguably the most used Yield protocol in DeFi that has never been hacked, right? It's been in every chain known to man. And they're extremely paranoid and they're extremely conservative. So, um, even if you don't trust Dave and I, uh, the devs are not going to let anything happen. I'm pretty confident in them. >> Yeah. Yeah. The the engineering, you know, the code speaks for itself. Um, everyone can go, you know, they they can check it out, do their own research, but um, I think you guys are doing an incredible job and, uh, congrats on even thinking up the stable drop concept. I know people are going to love it. Uh, and it's going to it's going to garner a lot of attention. Um it it really feels like you guys are on the uh you know the the beginning of something really really cool here. Uh and you've come a long way

like you said 500 million already in the vault. So like it's not like you know this is just a flash in the pan. It's a slow burn and uh I think you guys are very much on the right track. So thank you for coming on and and sharing it with us and uh would love to have you guys on again soon. Anytime. >> Thank you so much Robbie. >> Yeah absolutely. See you guys soon. Cheers guys. Here.