Jupiter Founder Meow to Critics of JUP Airdrop: ‘Give Me a Break’ - Ep. 602

Transcript

we have always been very clear we know that we're going do to sell right so I think many of these criticisms came in I feel like you know you know High copters you know they they fly by and they drop you know it felt it felt that way to me hi everyone welcome to Unchained you're no highp resource for all things crypto I'm your host Laura Shin author of The cryptops I started gra in crypto eight years ago and as a senior editor of Forbes was the first mainstream media reporter to cover cryptocurrency full-time this is the February 2nd 2024 episode of Unchained with it trust Capital you can buy and sell crypto in a tax advantage retirement account enjoy significant tax advantages 24/7 access and the industry's lowest fees Vault

craft is your noode defi toolkit for customizing non-custodial automated yield products on any evm chain join the referral program today and start earning rewards learn more at vulcraft doio today's guest is Meo founder of Jupiter aex aggregation protocol on salana welcome yaow hello Hello nice to meet you congrats on your successful airdrop this week it didn't seem to break anything and um right out of the gate it gave your Dex aggregation protocol Jupiter an $800 million market cap so explain to us what it is that Jupiter is and how it works okay so Jupiter started as a DEH agregation right but actually

we are we actually a really Broad platform now okay we have we have aggression we have limit orders we have DCA uh we have PS and and recently launch pan right so I think we are also the most used um service on salana we do about and we refer about 80% of organic volume on Sal right and recently we actually also crossed um we also recently crossed um pancake and uniso in terms of um monthly active users right uh wallets so I would say that we are probably if not the most um used trading platform in defi today as well yeah and then and know our P's platform also did 1.4 billion in volume last week yeah so I think we started out being a de

aggregator and don't get me wrong we we spent a lot of time right making sure that um we do the absolute best possible routing right you know and and um in saana right um but we also spent I think we have also grown quite a bit you know into different products including perss and our our new launch pad um yeah so I think that just we're doing when I started and I said you're a DEX aggregation protocol so what would you describe Jupiter as ah good question um I mean I'll just say that we're building the the right right now I say that we are building the best exchange in defi you know right basically I think um we have pretty much everything you need in one platform right uh we have a swap which is agation and for agation because

we aggregate right we we promise you best price best user experience and best token selection right it mean that whatever token you want whatever token you want is there right and the the best and the best price right and then we have limit orders Li orders and you li really special because you can actually Place limit orders you don't need markets for limit orders right and then your D so D is actually great because D is by far the the fan favorite right right dollar cost averaging just for non-traders who are listening to the show so the the very cool thing is that people use us for like DCA um for a lot of different things right for example they buy low liquidity coins right every hour right you know um so so originally when we did it we like okay people can use DCA to like DC so over

one month or something right every day for month no no no people don't do that right what people do instead right is that they buy very low liquidity coins and then they buy it like incrementally over few minutes or like every every five minutes right you know so that's what you do you know right people love it right because it's a feature that I think doesn't exist anywhere else right or it's not done well anywhere else you know on Jupiter and and that's just to like reduce price slip yes precisely because because you have a lot of things that um because for a lot of this low low liquidity coins if you buy like uh buy 5K right it's actually you will go like you will hit like three three% already you know right and not just that you're also sucker because you imbalance the pool and then someone take

someone up you right you know things like that or someone uh fund run you you know many of that right so yeah so you just do this year right you know yeah so um yeah it's really cool I think you know yeah and of course there PS as well and our PS are probably I think the definitely top F in industry and then if you do not consider dydx and all the other l1s right um you know we are probably probably the top you know around there so yeah so I think we person doing pretty well as well yeah and so how did you like I mean you're you know doing all this in salana but as far as I understand you've been around in crypto for a little while so tell us how you got into crypto and came to launch Jupiter ah I um long story

short is that uh my my crypto Journey began um I I met a friend in San Francisco who just mysteriously became like he just one of the like smartest guy of bcoin I ever knew right he taught me everything I knew it's funny because I met him I met him a party a Dogecoin party right in San Francisco and what year was this uh 17 no 16 can't remember around there right so long ago okay but anyway long long story asked him he asked me what they know Bitcoin I it nothing right ask what he know Bitcoin is it nothing so turns out that one of us are lying you know right so anyway he he knew everything right so taught me everything he taught me everything I knew right it was it was a chance encounter but heau me everything I knew right and after that I think uh I went

to um really advise and help out in a bunch of like projects including portfolio you know which obviously got bought by FDX so I was adviser there and then and after I went to uh I went to advise projects instadad instad which is the like kyber kyber inet you know and bunch of others and we also started um wbtc right which is the most used rep token so uh WGC was started as a collaboration between like so we did that big goal right so Together Big Goal and ran we started WTC which is obviously the most used token today right yeah after that at some point I think I wanted a because that's all e right so before this all e right so I think at some point I think I wanted a new like environment you know and then I

came to sa you know and then we started uh earlier project that um then from there we call mercura and the mercur became right now it became uh becamea and then as part of the project you started Jupiter so that's how we end up with two main projects under our our studio right now and so this week obviously was the big event with the airdrop but I know that you guys kind of did like a sort of test run um you had like the when token airdrop so what was the purpose of that like what did you learn from doing the when token air drop that help you prepare for this one oh um at breakpoint last year right I told everybody I want to build launch pan

right because I felt that launching new tokens such an important part of the process it's really important it's really really important right it's like um like but I also felt it was really I didn't like the current models you know everything everything felt wrong to me right from token get the launch pads to um the other ideal models I I just didn't like how they work and then in addition right one of the things that uh is very important in today's like cryp is ADD drops right it's very very important right because that's like almost like the main the main event right and there hasn't really been a Don pad that integrated the idea of um air drops into the launch pad right you know and in some sense very tricky because um launch pads um usually had people um so so we wanted to build a system that so I

think anyway and we had the problem too right so in ense what we end up doing was that we didn't end up trying to launch jup right we end up trying to build a launch pad because think about it right if I launch a juk token without using my launch pad right do will I have any credibility to ask any other project to use Jupiter as launch pad not possible right it's just not possible you know so I had to so I had to launch jup using my own Launchpad right does it make sense and then but but then so anyway I was just musing right so I I just talking to the community about it or just on Discord right because I I spend a lot time Discord right so I was just like talking to call and everything and so and someone just said hey why

don't you just launch a mcoin right you know for as a dry run for jup right because there's a lot unknowns right and I was like okay that's that's a really stupid idea you know right but then obviously me being me if is a stupid I G test it right so I went on Twitter and be like hey someone suggested that we launch a test coin for to test the launch pad to test the launch just how you know how Elon test launch test Rockets you know right so if Elon can test launch rockets C right why can't we you know test a Pok launch you know right think about it you know so long story short that is that you know we said okay we're going to we're going to launch a token before the um uh before jup it's much lower it's much

more lower States you know much lower Stakes because the token is like um obviously much less value right but what we can also do is that we can also technically stress test it right that means that we can actually so for jup the number of jup number of recipients is at 955k 9 900 55k so for this uh for the r token we add up to more than a million right 1.1 million or something right so in many ways it was like just as technically um stressful it required us to really scale our pces um really scale our pces which got infra and we get the UI right and everything um but in a a much Lower State context yeah so that was the that was the point of it you know yeah obviously obviously was

something fun as well right because um so as of now now after testing our launch system with both when and jup I feel confident now you know to tell people to come use us you know as a launch as launch pad you know so so that was a big part of it yeah does it make sense yeah yeah so in a moment we'll talk more about how the launch went but first a quick word for the sponsors who make the show possible did you know you can buy and sell crypto with tax benefits in an individual retirement account I trust Capital makes this possible but what does this mean when you buy crypto outside an IRA like on an exchange you face taxes on gains but in an IRA like a Roth IRA gains can be taxfree itust Capital also has some of

the lowest fees in the industry and 24/7 accessibility start now and maximize your retirement savings with I trust Capital back to my conversation with meow so as you know the day of your airdrop the crypto community did seem impressed that you know nothing broke but as I'm sure you saw um then there was a lot of criticism afterward about how um people seemed to think that the airdrop was beneficial to the Jupiter team so some examples are people are pointing out that the Jupiter team sold about maybe 20% of the circulating Supply from day one at what they consider a high valuation um and the way that this worked is they're saying that

the duber team provided liquidity in a liquidity pool on the dynamic liquidity Market maker Meteora but pretty much for at least that first hour the liquidity pull was basically just Jupiter selling to buyers and that um you know the price that you guys had said um was that it would reach about 70 cents as the number of tokens sold reach 250 million and you know they were pointing out that you guys made this money without any investing so what do you say to these criticisms oh I say they're right I mean how it works um the but as usually the dev the dev is in details right the important thing to understand about this pool right it's not it's it's not a fundraising pool first and foremost okay it's not a fundraising pool first and

foremost okay it's first and foremost a liquidity bootstrap and back stop pool okay let me let me explain to you let let me I mean I think they're saying the net effect is that it's as if you raise $250 million no it's actually not 250 but first net effect right the first net effect oh by the way first of all I I I don't actually um I think we should race I don't actually feel bad about raising at all you know we didn't do any OTC we didn't do any BC rounds for for for Jupiter right and we wanted um and the reason we didn't do any of that is that we wanted our first sale right to be with the community right you know that's it we want it to be open market sale all right so a total of like so think about

it right your favorite whoever criticized me ask their favorite def5 protocol probably sold like 20% of tokens or something right to BC right who invested over time right we didn't do any of that or OTC tokens whatever we didn't we didn't do any of that stuff right in inste what we did is very simple we took 2.5% of the of total Supply with no further people invest in Jupiter none right 2.5% open market right right you're talking about not the on released in the airdrop but the full 10 billion that will yeah yeah so so so 2.5% of the so so 10 so 10% was in the so 10% was relased in the a drop right and 2.5% was for for but by the way I think just context right um

we announced that we're going to do a 20% token sale last year at break point 20% okay and based on community feedback we got 10% right and then based on community feedback again we got 5% right and then after that after you oh the price is going to be really high right we got down to 2.5% right so actually in so actually we have been like very clear about our intentions to do a token sale from day one right if you have been if if you have been following any of jup stuff including the breakpoint we've always been very very very clear that there's a token sale coming we just weren't sure how to do it okay that's that's a okay so initially we're calling it a token sale full stop

done no anyone who is anyone who is interested check out my uh Jupiter breakpoint presentation right you know it was I I I presented it in breckpoint in front of thousands of people and also in front of in front of everybody and I I've been talking about it for months and months and months on Discord and on on every anywhere okay I even went on I even went on two live streams before the before the talk okay and even and even for when even for when right I I tweeted a Handover ceremony right where by the tokens were taken out and given the team right the obvious the team that's running when right first of all okay so I think if if you have been following Jupiter in any way you will know that number one we have always been very clear we know that we're going do token

sell right so I think many of these criticisms came in I feel like you know you know High copters you know they fly by and they drop you know it felt it felt that way to me you know right so you feel so you feel like you were messaging that it was a token sale the way the mechanism of this liquidity you know being a liquidity provider that came later after you had called it a token sale is that I feel like um I first first all I I do I do apologize right I do apologize if there's any uh misunderstanding right I think on my end I do feel like I've I've been signaling and communicating very very cly all all year long that is I'm doing a Tok right very clearly I mean you you can't get more clear than going on stage in

few thousand people and say calling a token sale you just can't get more clear than that am I right you know right and and thirdly and and secondly and you must understand one thing Laura you must really understand this thing there is extremely good chance that I don't actually get any money out of this usdc out of this at all okay because first and formost this is a back stop pool now what does that mean it means that anyone whether your add drop recipient okay or someone buy Remos right you can just D to this pool for seven days seven days okay and you know what happened earlier in the day right people are fighting it so hard that it really just started retreating right it started the the it really started draining up right all the way to like 54 53 or something you know

right until it started reversing back right you know so there there's a very good chance right that it just get done nothing you know so the whole idea that so first and foremost right the so first so you must understand why we do not see that as a token sale pool right because first and foremost it's a back stop pool okay now that what does that mean it means that at any point in time right the juk token fors below point4 40 cents right we get nothing full stop right we we get the pool that's it so we get tokens back right you know and the feeds from the pool yeah the critics are saying that you know since the tokens were made out of thin air it's like the risk is you know just that is that is that is actually a very very very very UNF to make guys

sorry man that's a really really really UNF statement to make we U we worked extremely hard okay to create an asset that people wanted to buy okay right that a lot of people felt symbolizes D5 to the O okay you know and we were extremely careful okay about every single token that got released okay check out j. research J research j u p r e a r. CH okay check it out right for really check it out we documented we documented the whole because we treat Jupe as a very valuable resource okay so we documented every single St token meeting accountability for example right all our C- wallets we can't we we can't

actually um uh sign or release it why because we actually got C professional custodians and three ecosystem people right wellknown people right such that like if you want to unlock the coall stuff they have to sign you know right um and then we are very very close to finding the profession professional custodian right for that so I think we we build the community up the user base up the product up right for this to be a very valuable token okay first and foremost okay it's not our thin air okay it's that's very important okay if it's our thin air why don't they do it right think about it right if it's our thin air why don't they do it no seriously seriously Laura work with me okay work with me okay if it is really out of th right why don't they do it right and

make it and set it at this price and let people buy it no it's not our din Laura it's not it's the manifestation of the years and years of commitment effort commitment to the ecosystem right you know and Community Building ecosystem building okay and then resulted in the token people wanted to buy okay as a result that took had value right and we were very careful of protecting value okay we locked everything up properly had everything in wallers that Community can track right and we took a small piece of that out into out of a sale right and guy and remember there's no more vesting right there there's 5% for mura and 20% of team right but there's no other there's not nothing else okay so we very rare care how to use it okay that's it that's all I say you know yeah

okay and then um so there was another uh criticism about you know as we mentioned you were using Medora which was this Dynamic liquidity Market maker uh for the liquidity pool and I guess on there um the swap fee that liquidity providers earn consists of both a base fee and a variable fee and the variable fee is based on real-time volatility and they're saying that this D IC where the sales were mostly just all happening in One Direction created a lot more volatility which then jacked up that fee that you would earn so what do you say to that criticism I'll say that correct I'll say that correct it's actually one big uh again this system is very new right so I think uh one thing I'll say this system is very new okay it's it's a

very new system we are we are experimenting everything okay like like guys this is our second launch okay it was our first launch literally happened last less than a week ago by the way guys just just for some context okay the the when launch happened four days before the J launch four days okay right so yes we we do things on the Fly for sure okay we learned a lot okay the the when for for the when the fees the fees were high but the the pool was relatively small like three million right so it went it's just through to really fast right you know so so we didn't really pay attention we didn't really think about that much right for the J One it went really slowly and we to see that no no so so so they're right so 100% right right if if I would do it

again I would do I'll say much lower for sure right because actually it wasn't just a problem it wasn't just a problem uh with the fees the problem was actually that U it really kind of hurt price HT hurt the pool as well price Discovery wise so for sure you know yeah anyway guys I think if anyone is trying to but but if you asking that question out of good intention right there you can probably improve the system by doing a fe 100% agree no problem right but if you are in sen think you're doing for the money then I think our track a c speech for itself you know we we spent a very very long time you know I I I personally did a lot of projects for no money right uh and then we we spent a lot of time in sa making no money at all

right you know just just working our ass off right um yeah so I feel like um I I feel like we are very clean here you know in terms of how we think about it you know so I think um so in summary um 100% for future launchers the pool fee much lower right and then for for this one the pool is set already you know and we just learn from it you know and honestly it really hurt us I'll tell you the truth this pool feeding hurt us today hurt us yesterday you know because it really hurt it really hurt the pool from breaking out you know it's okay we learn you know as I as I said okay so laa one last thing is that I I always tell people that so if you look at my tweets right no this is very important

okay this is very very important I've always said that we're experimenting and we will mess up okay and all mess up and mess up it's my fault okay done so I own it okay I own that the fees are too high I own that the uh number of the systems that people wanted to use to buy the token that this year all didn't work that well you know I also I mean also own that I also own that some of the coms were not done as well because uh for example earlier right it's like to me it was so clear what it was right that when I communicated it I communicated okay it's a DMM backtop it's the it's team owned DMM backtop theity pool so I and then also so it was hard for me to register that people might not understand that you know so I

apologize for that you know right but anyway I think you know I I I I have I'll tell you like I I I mess up a lot you know and I learned you know that's how it works you know yeah but now I think but the good thing is this after we do right the good thing is everyone now every project that users not right they they have this problem the whole world will understand how it works right this and then I think is great yeah all right and so one other question is like I guess the plan initially was the for in the liquidity P for the price to go up to 70 cents as um the number of tokens sold was about 500 million um but then shortly before the airdrop I guess that got changed so it was

25050 no 250 no no no but but I saw a screenshot of before the plan was it would be 500 million sold for it to reach that price but then it got changed to 250 million sold for it to reach that price so basically you know you guys were selling it a at this higher price faster so why why did you make that change I mean we keep changing things right I mean like in fact if you look at our website there's this entire tool this entire model it's actually on the website it's actually under lfg do. a/d design okay um and you can find that so it's a tool that are inter buil it's an amazing inter by the way he built a tool to allow anybody to input a few parameters and output the graph and

output the price rat and everything right so what what we were doing is that we were actually very very actively trying to figure out what the good system was you know and we actually made a decision a day before you know again we do things on we we are quite experimental okay we finish the when we finish the when thing uh last week uh few last week and then we started uh we start and then we had to we did we did hand over on Monday I think and then we did J on Wednesday you know right so um yeah it was actually pretty tight um anyway what happened was that you know we just looked at numbers and we like okay you know what is this too much do want to do this thing right and then we said hey it feels better to do it this

way you know so we cut it down you know and then we um corres we cut and then we publish economics to ref everything as well you know yeah so Bic it was a matter of like you know us like um um looking through numbers and thinking about it you know I would say if I do it again I would say that um I was a bit too aggressive on the pricing the the the the low low to high price and the reason okay here here's a funny thing uh here's a funny thing do do you know um basically what happened right is that uh in earlier in earlier launchers I think we were very heavily criticized okay the one thing understand about this this whole the whole lfg for for the for the listeners who are not too familiar with lfg right the call Concept here is open

market open market right that means that whether you're air drop or your bought or you are uh the the DI pool it opens at the same time right so it's a very Dynamic like open uh open market system okay and the reason because I think there's nothing I think that unlike other it's on chain right so anything happen there's multiple pools happening everywhere right so and the reason and it's actually really important to understand that because we actually feel like that's actually the only way to do like proper you know price Discovery right you know everything because there'll be a lot of dumping too you know right okay but back to the point so actually but in earlier launches we were heavily criticized right the community was killing us right because some of the early BS they got in at a very low price

right and they made like Millions right and then the community was very very un happy about it okay so if you ask me thinking looking back what happened was that we over um we over protected for the scenario you know right but setting in price a bit too high right so so Bally what happened was what happened ended up is that the max price started up ended up being like you know the the the put price you know and then the initial price started being bit high as well it's actually because you wanted to protect against like know BS being too aggressive early on you know but I guess we got a bit Carri by that right I think uh if I do it again I'll probably lower both right I'll lower I'll lower point4 to like25 and low 7 to like 655 or something you know I think that'll be a

good range you know hindsight you know yeah okay yeah and last criticism again we just need to go through these to address some of the stuff I've seen online um but critics are also pointing out that Jupiter paid itself 100 million tokens for use of its own launch pad oh that's that's great yeah for sure no that's great because that on right again we don't we don't get the tokens uh the dowas get soorry no we we get 25% of that no it Laura Laura do food do food is very important okay like do fooding okay like you know it's a it's a commitment okay um if I'm going to ask other projects to pay 1% right then I pay I'll pay 1% right again I don't I don't actually I I

get uh the team gets 25% of it right the the most of it goes to jup da okay so the jup Dow from day one gets 75% of wi and 75% of jup that's nice right you know it's a really good incentive right for New Start okay we don't get most of it you know right and we and we we we wouldn't sell a j anyway you know like we would we just wouldn't sell it you know so you know it's cool you know I think it's great I think to anyone who criticized that I'm like no I I've been signaling that forever okay I've been very I I I tweeted about it like five times okay so if you're going to criticize us without understanding that most of it goes to the Dow firstly okay and secondly adop fooding and thirdly we have been I've been

talking about for a long time already come on guys give me a break you know start reading you know yeah okay um so obviously now you you know overcame this major hurdle um obviously this launch was you know I'm sure a big deal so what are the next plans for Jupiter um I think the the next plans for us is really to start to um to start to stabilize I think right now honestly right now I think everyone's really really tired I think um I feel like um another okay anyway I apologize for being so annoyed um but I feel like um I feel like I I feel like I woke up today to a lot of accusations that were um um based on bad

faith lack of reading and no questioning right you know there was no attempts to ask me what happened there was no attempts to clarify read through the previous Things are Written um no attempts to um you know actually read through um I mean you're a researcher right you know right I mean you you know right before you before you throw out um accusations for people you will read right you know you would I know you would right so I feel like um I feel like we spend a lot of time trying to figure out a a launch system that is actually very Community friendly again we don't take out anything until um the community until the the the air drop dumpers and bu

remorse and AR has in and also the other way the other thing that this system also allows buyers to confidence right because having this here remember remember um we are actually air dropping a lot of value okay at current at current numbers is like 600 plus million value and that means you need L buy Demand right so buyers need to have buyers lot confidence okay and then what happens is that like what happens is someone so the price start fluctuating like crazy right the buyers have not come into the buy you know but what this what this pool actually does is that it absorbs a lot of the sell Demand right you know from people dumping right and that's actually the reason why despite it being such a major air drop you see the price you see the price increasing slowly dropping a bit and being like

remarkably consistent you know it's because you because you have this pool there right to really buffer a lot of the lot the buy and sell Demand right and honestly I think it worked as planned you know it really worked as planned right so I'm I'm really happy about that but I feel like instead of trying to understand the mechanics I I feel like people were not interested in un mechanics but they were really interested in like Slender you know and and that made me that made me very very upset you know because we really really spent a lot of time thinking about how to build a better launch pad you know I think I think we are not perfect but I think we made progress you know into doing so yeah so so anyway I apologize if I came across as like being very annoyed you know but it has been an

extremely stressful few months and then to finish off that with like a lot of F and just unfounded for for I don't get wrong certain things I did wrongly okay I think I was very technical in how I described the pool firstly okay I'm apologize for that okay and I assume a lot of context because I've been saying saying things in my Discord and live stream for a long time so I apologize for that secondly uh secondly is that I understand why people might be confused because it's never seen before right you have never we have in crypto we have never experimented before with this model before right of open model launch model that no one no one has done it before right and Del the price curve itself I'll tell you I'm actually very comfortable with with the things let me

you why if I have successfully deliver a token right that's worth this amount right and it has St and it has it has been in the market and with we with stood all the selling pressures right you know for seven days I feel very happy I feel very happy I earned it right and if things go wrong and D below some point then I don't get anything right and I and and I feel extremely comfortable with that you know in in that sense you know so I feel like um so I think uh yeah so I feel like and and yeah I think for anyone that wants to so I I'll say one thing launch pad before I move on uh we are trying to create a new model okay once that does actually reward the team you know but

also make sure the team actually stays responsible not just for the initial pump right you know but for a sustained amount of time that's firstly okay we we do actually want so if you are team that's looking to um looking to launch a token right you know we want to help you raise get the money okay can want to help you do it in a way that is like good for you because you get a community you get everything uh and you do not leave your community hanging okay in case things don't go well firstly right yeah and and and that that's the and and anyone who's interested in like improving this model right I'm on Twitter where mail right uh I'm always available on Twitter you you see me on Twitter I'm always available right if you ask me questions right you know I'm

always ready to answer post something on my Forum right I'll answer you I promise you okay can but don't come in that Faith okay we we really worked extremely hard last two years okay right and to to do this at a time whereby we are the most vulnerable right you know I don't think it's good faith like seriously people just like copy and pasting random you know and I don't like that yeah and I think we were gonna release a white paper before the airdrop but that didn't happen when people expect that uh you know I don't know maybe um the I I maybe I think uh February I think I wanted to I wanted to do white paper but I think I got very caught up actually building a launch pad so our whole team was trying to build a launch pad and we

didn't didn't do it anyway to answer question earlier and stuff um I think what what is coming up with this I think um we are looking for really good projects right you know because we have we have a really good Community distribution right I I think we the launch p is not perfect yet but we are getting better right even the dup launch we learn a lot of things right we help we can do is to help other projects you know right that's first so we are looking for like great projects to launch on the launch pad because we think that's great because that that bring so much more excitement to community I love it right uh and then the the second thing that we second do is to obviously improve our products right I feel extremely happy with our products right now s agation the L DCA

perss right and launch pad right and also Gateway right um so the the next step is really improve those right so I think we have about it's just about improving those things over the next nine months right we don't we don't need that many new products but it's just really about making it much better right uh and thirdly is that uh thirdly is that we also want to invest in infra you know as well you know because um we we we are we're getting the point where by like okay we do need to run a lot of infra you know right whether it's like whether is around interchange infra or whether it's around like the Valu infra you know so we do need get to that point right and part of the reason why we want to make sure that we had Capital moving to this new phase we actually we are

actually going to start into moving a more into a more like Capital intense space you know right so that that's going to do as well you know yeah so yeah so those are plans so basically a lot more new projects a lot more high quality projects for Launch Pad firstly um secondly is that to really improve our systems products um thirdly is to like really um have a much longer term plan for infra needs and also start contributing to the saana like Val the the call the the V call and and lastly that I think there are a number of things I really want to drive right you know for example I it's it's a crazy idea but I don't see any reason why companies like not not not crypto companies the ACT companies right cannot list on chain right why must they go to

ndaq why must they go to Singapore St why must they go to India why can't they list on chain right you know they can they can get much better Community much much better funding much better everything you know so I don't see why not right obvious it's a longer term plan right you talking about like stocks or yeah yeah yeah like like listing right like listing like if say for example imagine you are a imagine you are a internet uh company right that's doing well right how do you make it possible right for you to list on chain you know versus going to you know like Frank or frankfur Stock Exchange or something you know right how do we how how do we make it more compiling of for you to this on chain and secondly obviously on the F side right how how do

the onchain participant right know that you as a company has the right auditing has the right is certified and all kind of stuff right so that's actually um but I think if you can brid a gap it'd be great you know because we'll have like you know we on the next frontiers of like you know like really merging the uh offchain world onchain world right you know like in the stock markets you know so that and then the other thing I really want to do is to really um bring as many markets to Sana as possible um because like for example Forex markets rwa o markets it's not assets by the way people people talk about assets but assets not important what's important is the markets right because when you have the because you you can have asset but there's no Market there's pointless right you know so what you need is

markets right and then what Jupiter does is that Jupiter does a really good job right of like just bringing all those markets together and allowing you to transact across that one transaction right so basically what I want to do is I want to personally like really drive to like help help a lot of the companies like bring more assets right the Forex and everything right into the into into Network right and working at cand and other guys right um because if that happens then you can literally go from like a privative market asset to like a a mcoin right you know or to to and you can do those uses to pay for uh pay for your PayPal you know something you know right so I think the goal is to bring as many as possible into one network uh which is s right because when they're

all in saana you can execute across all them in a in extremely cheap and fast manner you know and jup can be helping me that yeah so so those are like the three so yeah so a lot of things working on yeah yeah yeah it sounds very ambitious all right well thank you so much for coming on and chained yeah of course thank you don't forget next up is the Weekly News recap today presented by Unchained contributor mean Christensen stick around for this week in crypto after this short break defi just got way easier with vulcraft your no code toolkit for building deploying and monetizing automated yield strategies in a few clicks forget spending months of R&D and capital when you can instantly launch your crypto crypto fund with

Vault Craft on any evm chain from wallets and institutional service providers to a non defi dgen anyone can use Vault craft to supercharge their crypto join Vault Craft's referral program Unite with the community and supercharge your crypto details on vault craft. thanks for tuning in to the Weekly News recap I'm Megan Christensen a producer here at Unchained in a major turn of events FTX the giant cryptocurrency Exchange filed for bankruptcy in late 2022 informed a bankruptcy judge that it will not be Reviving operations this freeze FTX to commit to fully repaying its customers the failure to restart the exchange

underscores how weak its infrastructure was that it could not find a partner willing to put in the money and effort to build upon the remains of what was once the third largest crypto exchange by volume this move is expected to bring some relief to the numerous customers affected by ftxs collapse but pegging the value of customer accounts to the date FTX filed for Relief left customers complaining that a collapsing FTX drove prices down for 9 days before it saw protection also this week the FTX estate told Bloomberg that had doubled the entity's cash reserves to $4.4 billion from the 2.3 billion in October meanwhile a judge authorized the sale of ftxs Bahamas properties including Sam bankman Freed's $40 million Penthouse as

part of the exchange's bankruptcy proceedings lastly in related news effective Ventures Foundation agreed to return about $26.8 million in donations received from FTX stsus Network The cryptocurrency Lending platform co-founded by Alex mashinsky that was under chapter 11 protection has commenced the distribution of over $3 billion in assets to its creditors as part of its reorganization this crucial step confirmed by the United States Bankruptcy Court for the southern district of New York coincides with the emergence of Celsius from bankruptcy in addition to the distribution Celsius creditors are now the owners of a new Bitcoin mining company ionic digital Inc created by Celsius with mining operations managed

by Hut 8 tether Holdings Limited The Entity behind the popular stable coin tether reported an unprecedented financial performance for the fourth quarter of 2023 the firm's net profits soared to $2.85 billion a notable milestone in its operational history this achievement was largely driven by substantial earnings from us treasur Securities contributing approximately $1 billion to the net operating profits the remainder of the profits primarily stem from the appreciation of the company's Bitcoin and gold reserves the quarter also witnessed remarkable growth in tether's excess reserves which climbed by $2.2 billion reaching a total of over $5.4 billion these excess reserves are

crucial in covering the firm's outstanding unsecured loans which stood at $4.8 billion at the Year's End thereby addressing past Community concerns about potential risk associated with this aspect of tether's portfolio for the entire year of 2023 tether declared a net profit of 6.2 billion this financial strength was attributed to various sources including $4 billion from US Treasury bonds and other non-crypto Investments the firm's total assets under management included significant Holdings in US treasuries Bitcoin gold and Venture Capital Investments bankrupt crypto lender Genesis reached a settlement agreement with the SEC regarding a civil law lawsuit Bloomberg reported Thursday afternoon this lawsuit accused Genesis

of violating Securities regulations through its Gemini earn program Genesis a subsidiary of digital currency group has agreed to pay a $21 million civil penalty to resolve these allegations however the payment of this penalty is contingent on the company's ability to fully repay its customers and other creditors in its chapter 11 bankruptcy proceedings the settlement pending approval by a bankruptcy judge addresses claims that Genesis illegally raised funds from investors via the Gemini earn program this program operated in collaboration with Gemini Trustco offered interest payments to customers for loaning their digital assets the SEC had argued that this constituted an offering of unregistered Securities both Genesis and Gemini have

denied any wrongdoing asserting that the earn program was not a security the program has been terminated since then German police executed one of their largest cryptocurrency seizures confiscating over 2 .1 billion EUR worth of bitcoin this operation focused on dismantling an illegal covert streaming service the seizure at the scale was a major blow to digital piracy networks leveraging cryptocurrencies concurrently in the UK the police made a significant seizure of nearly 1.8 billion pounds in Bitcoin linked to an investment fraud scheme originating in China this operation was part of a broader investigation that stretched across International borders highlighting The increased Global

efforts to track and seize digital assets assets connected to criminal activities binance the largest cryptocurrency Exchange in the world by volume now permits larger traders to store assets with two external Banks possibly due to concerns arising from its recent $4.3 billion US regulatory fine this operational change comes as high volume Traders increasingly seek platforms with robust security and stability in a dynamic regulatory environment binance has entered into Partnerships with Signum bank and flow Bank to custody these assets these collaborations are geared towards enhancing the access and management of cryptocurrencies for users Signum Bank specializes in digital asset banking while flow Bank operates as an online

bank in Switzerland on Wednesday Ripple suffered a significant security breach with co-founder Chris Larsson confirming that his personal accounts were exploited the hacker stole approximately $113 million larsson's acknowledgement of the unauthorized transfers has brought attention to the security vulnerabilities even high profile individuals in the crypto Industries can face Abracadabra money a decentralized platform suffered an exploit this security breach led to the destabilization of magic internet money causing it to lose its Peg to the US dollar the exploit was executed through a series of complex transactions that manipulated the price of the collateral

in the ethereum cauldrons ultimately leading to the unauthorized withdrawal of funds the immediate impact of this incident was a noticeable dep pegging of the MIM token from its intended one to1 parody with the US dollar MIM went as low as 76 before it rebounded to 098 polygon Labs the development team behind the polygon blockchain announced a reduction of its Workforce by 19% following a period of Rapid expansion during the last cryptocurrency bull run the layoffs come as the company adjusts to the current market climate and refocuses its strategy for sustainable growth this decision reflects a broader Trend in the tech and crypto Industries where companies are reassessing their growth strategies and Workforce needs in

response to the changing market conditions for instance this week fintech giant PayPal fired nearly 2500 employees for the remaining employees of polygon Labs there was good news however polygon concurrently announced that it was giving employees companywide a 15% raise and eliminating Geographic differences in pay and that's all thanks so much for joining us today if you enjoyed this recap good at unchain crypto dos substack docomo dos substack do.com and sign up for our free newsletter so that you can stay up to date with the latest in crypto Unchained is produced by Laura Shin with help from Nelson Wang Matt pilchard W rovic Megan gavis Shashank and Margaret Korea the weekly recap was

written by Juan aronovich and edited by Jean he Kim thanks for [Music] listening Unchained is now a part of the coindesk podcast Network for the latest in digital assets check out markets daily 5 days a week with host Noel aters follow the coindesk podcast Network for some of the best shows in crypto