Kam Benbrik on staking demand and falling fees

Transcript

Solana is actually very successful in spot trading. The volume on tokenized equities increased from 1 million in June 2025 to more than 3 billion in June 2026. So it's like 3,000x in in only in one year only. >> Proof ofstake ecosystems across the digital asset industry are seeing record demand for staking their assets. But what is the message this is sending to the market and what do investors need to know about it? Hello and welcome to the Milk Road Show, the podcast that still remembers when Gary Gendler put out a video explaining the difference between crypto staking and a steak at a restaurant like he was talking to a classroom of kindergarteners on Sesame Street. I do not miss that man. I am your host, John Gill, and today is

Tuesday, July 28th, and today we are joined by Cam Bench. Cam is the head of research at Bitcoin onchain solutions where he leads research on staking fundamentals, blockchain networks, and onchain developments following Bitwise's acquisition of Chorus One, which we'll talk a little bit about. I think Cam is going to be breaking down his latest report on staking. There's going to be a ton of alpha in this one. I'm really excited for this. So, if that sounds good to you, make sure you like and subscribe. Share this episode with somebody who's going to enjoy it. And as a reminder, our podcast today is free. That would not be possible without our wonderful partners at Securitize, the regulated rails for tokenization. Keep an ear out for more information about them later in the show and support them as they support us. I'm rooting for them. And without further ado, welcome

to the Milkro Show. Cam, how are you? >> Thank you so much. Thank you, John. Super happy to be here. I'm doing great. Thanks for inviting me. >> I'm really happy to talk to you. We have a lot of friends over at Bitwise, so I'm always excited to meet somebody new from the team and get to know them more. Um, I like I said, our audience is pretty familiar with Bit Bitwise, but they may not know a lot about Bitwise's acquisition of this institutional staking provider, Chorus One. That's how you got into Bitwise. I I'd love to hear more about this. Walk me through what it's been like joining Bitwise and and a little bit about that. >> Yeah. No, for sure. So, the journey has been amazing. Um, so yeah, I'm coming from Koswan. The company Coan was created in 2018. And really the goal of

Koswan is to offer staking services. So right now we are supporting more than 15 blockchains you know running validators and infrastructure on on more than 15 blockchains. We're on all the the major ones, you know, Ethereum, Solana, Hyperliquid, Near, Avalanche, and and many more. And uh we got acquired by Bitwise in February this year. And yeah, the journey has been amazing. you know, everyone bitwise has been very welcoming and really, you know, it's just uh a very we've seen, you know, very natural synergies between the two companies because really the goal of Bitwise is, you know, is to help people to

understand a bit better this new asset class which is the crypto digital asset class. And you know when we we see you know the crypto journey usually the first step is people go to an exchange and you know buy some tokens you know they go to Coinbase, Binance, Hobbyood elsewhere and buy some tokens and the second step is what do I do with those tokens right and usually they want to get some yield on on on top of those tokens and the easiest and simplest way to get uh yield on your token is through staking. Uh so this is what we're doing at Bitway staking. As I said, yeah, we are supporting more than 50 networks and

I I would say that for us on the research side really the goal is uh first of all to look at new networks, you know, that could be interesting for for Bitwise for the company. Uh also to have a very close relationship with the foundations and the protocols building on top of this networks. And then finally, it's just a a lot of data gathering. The goal is really to to collect to collect data and to find some insights or things that we that we see on those networks and onchain and try to share that insights with with our clients. And it also makes sense for for Bitwise to acquire a staking company because it's a way for Bitwise to also uh manage the whole stack because you know Bitwise has some ETPs and ETFs with

staking features and everything is managed and st with uh the staking team internally. So it's a way for Bitwise to manage everything from the creation of the ETF to the underlying infrastructure. >> Okay. I think that's really helpful framing. So thanks for laying that out for us. I want to ask you about onchain analytics because this has evolved a lot over time as the industry has matured as different products have come to market. Could you tell us a little bit about how onchain analytics has evolved? How you've had to adapt to that and you know what kind of research is onchain analytics most effective for today in 2026.

>> Yeah. No for sure. Uh so onchain analy analytics improved a lot uh in in a few years. I remember a few years ago it was very very hard to to collect data and to get the data. I was using different endpoints. I was using ary nodes. it it was quite hard to to get uh to get data. I was on on multiple explorers and so on. Uh now it improve a lot you know with companies like Jun analytics with defy lama uh with blocks works research also with companies like alium as well. uh and it's right now it's much more uh easier to to to get data on my side.

Personally, I I use alium a lot because it's a it's an easy way to get raw data and it's a flexible way for me to to play with data and try to find insight and when we find we find insight then we share that with our clients. But this is how uh onchain analytics and analysis like evolve over time. And even in terms of um you know our clients uh we've seen some evolution. Uh a few years ago our clients were mostly interested in you know exactly staking yield understand a bit more like how large the staking yield is. Uh understand a bit more the infrastructure related to the network.

Now they're still interested in that but they're also interested in learning more about what's happening on chain. You know what are the different protocols that are generating the activities on those different blockchains and try to understand a bit more that uh we're also having you know questions about you know the fees that are generated on those networks and we've seen that evolution uh over time because a few years ago we didn't see we we didn't get that much about that but that right now it's it's the case. Hi everyone, this is John. Listen, our Milk Road Pro analysts nailed this AI bull market. They had dozens of calls pay off in a big way for our community. If you want to see how our entire team of analysts are positioning for the crypto bull market that's going to come after this bare market finally ends, you can join us now

at Milkroad Pro. It's just a dollar. Link is in the description. You'll get access to all of our analyst trades, their watch list, and see how they're navigating this in their portfolios and get access to ask us questions in Discord anytime, day or night. It's just a dollar. Link's in the description. Milk Road Pro. Join now. I'll see you there. Gotcha. Okay. So, that that helps me understand a little bit about how this has changed, how you've adapted and and what people are looking for in terms of that onchain analytics piece. Uh my my community at Milkroad Pro, which by the way, if you want to join, it's only a dollar link in the description. You can hop into Discord and ask me questions. But I've been getting questions even this week about how onchain analytics still works and how people do this. And so, I've been

answering questions about this as well. Uh so, it's it's an evolving, it's not a static thing is what my point is here. And it's it's evolving. It's changing. So, I really appreciate you staying on top of this for us. Uh, Cam, I wanted to dive into a report that you published recently. Uh, it's called the Bitwise staking report and this is on Q3 of 2026. Um, before we dive into this report itself, could you tell us a bit about this new recurring report that you're publishing, why you've started publishing these and and who the intended audience is. Just tell us about this at a high level. >> Yeah. No, for sure. So yeah, that's our first ever Bitwise taking report that we publish last week. And really the idea behind this report is is quite simple.

It's just that um we have a lot of questions, you know, from our clients on a on a daily basis. And you know, they want to learn more about what's happening on chain. They want to learn more about the evolution of the staking yield. They want to learn more about, you know, the upgrades that are happening on on different networks and what's the impact on the network itself, but also on staking in general. And you know we are replying to to all those different requests but the idea with this this report is really uh to really trying to answer to as many questions as possible in one document for everyone.

So this doc equipment is you know it's public everyone can can go through it and really the idea is to to answer as many questions as possible and uh in terms of audience it's very general it's just for everyone that is interesting in specific networks and want to learn more about those networks. So yeah we're trying to to cover uh yeah as many networks as possible. >> Okay well let's talk about that. In this report, you covered Ethereum, Salana, Hyperlquid, Avalanche, Near, and then the new Tempo Chain, which I believe is from Stripe and and Paradigm. How did you settle on these six chains to cover in this report? And what's the selection criteria that you're using in making

that selection? >> Yeah, that's a great question. So, uh, yes, we decided to to cover six networks on on that report. You know, as I said, we're we're running infrastructure on more than 15 blockchain. It's very hard to cover 15 blockchain in one report. This one already has 60 pages. So it will be quite heavy with with 15 networks. But really the idea for us it's uh based on customer uh demand and questions. For example, this month in July, I got a lot of questions about the the new Robinood chain. So given that I I got a lot of questions about that chain, I think this is something that we'll cover in the next report. So it really depends on the questions that we

get internally and it's also based on what we're seeing on those networks you know over a specific quarter if there's uh a story interesting to tell about that network over that specific quarter if that's the case then we we will cover that network. So it really depends on on those two um yeah those two elements. >> Okay cool. So there's there's a lot that goes into that choice but you can't write about the whole universe. So, you had to narrow the window a little bit. Um, I spent a lot of time with this report. I thought this was fascinating and just like really great research. But in your introduction, something stood out to me. You said one pattern emerges clearly from the data divergence. And you're saying that prices fell while

fundamentals rose, staking hit records, usage climbed. I'll I'll stop there, but just give me the highle summary of this this uh this whole thing being summarized by the word divergence. What are you seeing there that's driving that? >> Yeah. Uh so it's yeah we've definitely seen that. So it's just you know compared to to 2025 price have been you know decreasing and when you look at network fundamentals it's I mean it tells a different story. Uh we see that the activity is just increasing uh a lot and there there are just this big divergence. To give you some examples on Ethereum in Q2 2025 there was uh 120 million transactions uh for Q2 2025 for

Q2 2026 it was uh 200 million transactions almost uh 100% increase uh for Solana Q2 2025 9 billion like activity 9 billion transactions Q Q2 2026 10 billion so 1 billion transaction more on Avalanche it did a 4x in one year and in terms of yeah it's quite impressive and in terms of cost per transaction it was divided by three in one year on Ethereum divided by six in one year on Solana divided by 20 in one year on on Avalanche so what we're seeing on chain is just that block space

uh became cheaper the activity increased and that is not yet reflected in in the token price but we are definitely seeing you know more demand more transactions being processed on those networks and this is the divergence that we see right now. >> Okay cool so price down usage adoption up and costs also down interestingly which we'll come back to as well. Um but you know it is a staking report and uh one of the key takeaways here about staking was you said that a record 40.2 2 million ETH, which is 33% of the supply, is now staked. And I believe the cue to exit staking Ethereum is empty.

Like nobody's trying to leave. It's just all all inflows right now. Um most of this new stake, you said comes from institutions. I was really curious to hear your thoughts on this new institutional demand for staking ETH. Uh is this because of the staking ETFs? Is it debts? Is it something else? What's driving this huge demand to stake Ethereum? >> Yeah, so that's a great question. So as you said right now we have one/ird of the total supply stake and that's the highest ratio ever on Ethereum uh which is impressive. So uh in the first half of 2026 we've seen more than 4 million ETH uh stacked and that's a quite uh large amount but the the inflows is coming from institutions. We've seen the largest uh ster is actually Bitmine uh

for the first half of 2026 and then we've seen also sharp link you know another D80 with inflows staking inflows and the reason that those DS are staking is mostly because you know they have just so so so many tokens and and so much money that a 2.8% 8% yield on the total amount they they're holding is is quite a lot of money. Uh so it's a lot of cash flow for them and they can use you know that cash flow to to to do you know any other type of strategies you know it can be like more exotic strategies if they want to but that's that's the main reason it's just that they have so much uh money that a 2%

yield on that money is uh is extremely uh interesting and we've also seen inflows coming from from institutions and asset managers like Black Rockck. So, Black Rockck launched their staking ETF earlier this year and they're actually um staking with Bitwise with the our infrastructure. So, this is also great to see. Uh but yeah, given that you know Black Rockck also we've seen also some inflows coming from an asset managers like Bakar. >> That was a great plug Cam. You're a natural. You're going to do great in this business. Um I I wanted to highlight another thing you said in the report is that this is this demand for staking is not unique to Ethereum.

You're seeing this across a lot of these networks. Um you said that staking ratio stayed high across every network that we cover. Salana is at 68% near is at 45, Hyperlquid 44, Avalanche 41. What is the message this is sending the market? Why is there so much demand now for staking across these networks? >> Yeah. So I I think that this demand is mostly coming from you know people that are believing in those networks and would like to get yield in a in a quiet safe way. you know, we've seen people that are very conservative. They don't necessarily want to put their token and, you know, and lock them into a smart contract because of, you know, some potential ax or like risk and because of that, you know, they decide to just uh

stake simply, you know, and get some yield out of it. Uh so this is what we're seeing in in most, you know, networks and that's why the staking ratio is still quite high. But it's also very important for for those networks to have a a ratio quite high because you know it's also the economic security of that that network. If the the ratio is is decreasing then uh the chain is is less secure. So it's also very important for for those networks to you know find ways to to keep uh a staking ratio quite high. Is there a point, I've heard critics wondering about this, but is there a point where too much capital, too many assets are staked and it starts to pose a security risk for these networks? Is this something that you're

concerned about? Is this like, you know, a thing that's on the horizon but not really a problem now? How do you think about that? >> Yeah, that's a great question. So, how I how I think about that is just that uh I'm not necessarily concerned about this. To me, you know, it's just an equilibrium. If you know users think that the the staking yield is is too low on the network, they will just start unstaking. And if they unstake, then the staking yield will will increase because the the the pool, you know, the rewards allocated to to stakers will be will be higher per ster, you know, because you have like fewer ster. So the yield will increase and you will just reach an equilibrium. you know if people think

that the yield is too is too low then they will unstake that will increase the staking yield and then you will have like additional people that will that will stake again because that they they find the the yield interesting so yeah I'm not really concerned about this for me it's just you know you will have a sort of equilibrium I would be concerned if um you have you know too many people too many entities that start unstaking and reducing the staking ratio because that that will impact the the economy security of the network. And if that happens, then the network will have to to think about ways to make the network more secure.

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Gotcha. Okay. So, you're not concerned about too much staking, but if we start to see a lot of flight out of staking, you'd get worried, but you think that the natural market dynamics will find an equilibrium here. Um some people like you said this like a lot of people are staking because they want to vote for the confidence of the network. They believe in the project and they want to just get some some lowrisk yield. Some critics have said that this is a sign that there's not a lot of demand for these assets outside of staking itself. Uh and I'm curious your thoughts on that. Do you see this as bearish or bullish for these networks or these assets? Is there a divergence there?

Right? Like is it is it bullish for the network to have so much stake but bearish for the asset to have so much stake? What are your thoughts on that? Yeah. So, uh I would say it's it's bullish for me because it's just helped, you know, the the network to be more secured. And what we've seen, you know, over the past, you know, years and and months is that, you know, you have people that are are staking, but on top of that, you know, they're using, you know, different protocols like, for example, liquid staking protocols to actually get a token and put that token, you know, on chain and get some additional yield. Um, one strategy that was that that was used a lot over the past, you know, few months and like last year was leverage staking. We've seen

that a lot on a network like Ethereum. We've seen, you know, users uh deciding to to deposit uh their ETH into protocols like liquid staking protocols like Lido. uh you know getting ST E depositing that ST E into D5 protocols like A and Moro then borrowing more ETH and and staking those those ETH so that they can get an additional like more yield on their ETH. So we've seen that that leverage strategy a lot the past year. Obviously this comes with with risk because you're borrowing some ETH and if the borrowing cost is higher than the staking yield then you start losing money. But yeah, this is something that we've seen. I I would say it's still bullish for me to to have um a high

staking ratio but you know staking is only you know one step you can just take step further with additional you know strategies uh you can use different protocols and get some additional yield on on your tokens and we've seen that happening on chain a lot but it's a lot of leverage so obviously yeah there's some risk >> not financial advice do your own research yeah looping is is is dangerous Um, I I want to pivot back to something you talked about before, which is that the networks are getting busier. We're seeing more volume, more transactions, and yet they're getting cheaper. Um, you know, you said Ethereum's throughput is up like 70 something%. Avalanche processed four times more transactions than they did a year ago, which is still

kind of wild wild to me. But you said in this report that um these change made all of these chains made Blockspace cheaper on purpose and demand rose in response. I would love to hear your thoughts on that. Why are these chains making this strategic trade-off of lowering their fees to increase adoption? Is that working? What what are your thoughts on this? >> Yeah, so they're all, you know, trying to to scale a bit more. And right now there's a lot of engineering work being done on on many of those networks to to become like more scalable and to process more transactions. And really the reason for that is because all those teams are you know believe that you know capital is coming on chain and we'll have like more and more users coming on chain and

you know I also believe that and in order to to have you know the next billion people coming on chain and and you know transact on chain you need to to support that and you you need a network that is able to to handle all all those transactions right so that's the main reason why they're working on on scalability. They they're like waiting for the next, you know, billion users to to come and chain to transact and and they they have to process all all those transaction. This is happening. So that's why there's all this work being done.

>> What do you think investors think about this strategy? Do you think that they like the idea of lowering fees to drive adoption or do you think that they would like to see, you know, some of these changes charging more in fees, driving more value to their tokens? Like how do you think about that trade-off? What have you heard in conversations about that? >> Yeah, so I see it in two ways. And even, you know, when we chat with with users and with clients, uh, we also see that in two ways. You have the type of clients that are I I I convert that to to to growth versus value investors. Uh you have a type of of people that will uh value growth. So it makes sense for for them to to have a network that is

working on scalability and be able to to process more transactions because really the idea is to on board more and more users over time. So they will focus on growth and they're happy with this happening. And you have another another type of of people that will value a bit more you know the the value and you know see you know cash flows or like how much this network is generating and you know for example um a network like Hyperlquid is generating a lot of of uh of revenues and you have you know type of users that is uh valuing that a lot. Uh but it's really yeah it's really you have two different visions and uh it's better right now to focus on growth and the

main reason is because you have already many different chains that are competing with each other each each other and if you have one network that is you know doing a lot of engineering work to to be become more scalable and to be able to process more transactions you you need to keep up uh otherwise your network will be you will have you have congestion and users uh won't be able to to use your your network and that's bad for for the users user experience. So they have they kind of like have to to compete in that area. So this is how I see I I see this right now.

>> I wanted to get your thoughts on something else that stood out to me. You just highlighted this. There's competition between all of these chains, right? Like Salana and Hyperlid. I think that is a particular one where we've seen contentious uh let's say controversy but obviously Ethereum and Salana have that same kind of history yet the transaction volume seems to be growing across all of these chains um and I want to get your thoughts on that right like these are all technically in competition with one another but it seems like all of them are seeing robust growth in terms of just you know fundamentals transaction volume what is that message telling you and how does that fit into this overall divergence theme you've been talking about >> yeah so it's it's actually great to see because it grow the buy and you know for example the competition for between

Hyperlquid and Solena is actually very interesting because in the case of Hyperlquid Hyperlquid is very successful in per trading you know right now uh in Q2 2026 Hyperlquid generated around 175 million in in fees and what's interesting with that is that those fees are actually used to to to buy and burn the hype token But hyperlquid is very successful in per and 80% of those fees are coming from from per trading. Uh in the case of Solana, Solena is actually uh very successful in spot trading. What we've seen uh and we're mentioning that in the

report is anything related to tokenization and especially tokenized stocks and equities is super successful on Sona. uh the volume on tokenized equities increased from 1 million in June 2025 to more than three billion uh in June 2026. So it's like uh 3,000x in in only in one year only. And what's interesting as well in in the competitation between those two is that given the success that hyperlquid has on on the per side uh Solana is trying to catch up and you know you have you know many teams that now try are trying to offer you know per try to offer a good user experience on Solana directly. Um

and and and likewise for Hyperlquid, you know, Hyperlquid is also looking at um at spot trading and trying to to to have like more volume on spot trading. So, it's a very healthy competition that in the end, you know, users will just go wherever they they they they fits their their needs, but in the end, it's just a very healthy competition that ultimately is good for the user. >> Yeah, I like the the phrase grow the pie. I think your colleague Matt says that a lot on these uh calls. It we don't have to have a win or take all like you know everybody has to lose but me like rivalry thing. Everybody can win. There's a huge addressable market and you're right that the competition is making them better. So I I agree with

everything you said there. Um you know you talked about Salana kind of leading on spot hyperlquid leading on purp. I want to get your thoughts on what's driving this demand for for transactions on Avalanche because you said that they've forexed their transactions. That seems like a lot. uh where is that demand coming from? Is that agentic trading? Is it RWAS? What where is that coming from on Avalanche? What's the activity there? >> Yeah, so Avalanche is actually interesting because they they have a very strategic vision and they're focusing on they they did a pivot in LWAs. Uh so you have you know a lot of activity that is coming from LWAS and what's even more interesting with Avalanche is they're also focusing on attracting more companies uh in their

own ecosystem. So how it works with avalanche is that you you can basically create your own avalanche layer one and you're connected to the C chain um and it gives you you know an access to to an EVM and a whole ecosystem. Uh so for example we we've seen FIFA that decided to create their own FIFA blockchain using the Avalanche stack with their own Avalanche layer one. Uh we've also seen Pogma which is the largest um tokenized platform in Japan that also decided to create their own lay layer one and they're bringing more than two billion in in tokenized assets. And when you when you look at why these companies decided to to to create their own

evolutionary one, it's for a few reasons. The first one is because they can you know have their own validator set and you know and for some companies they need comp they need entities that are running the validators that are KYC that are regulated and so on. Uh so that's the first point. The second one is just because they can use also their own token as a as a gas fee. And the third one is because of the EVM and because they're connected to to uh the rest of the ecosystem including the C chain. So yeah, that's mostly what we what we're seeing on Avalanche and the activity is like really RWA related.

>> Gotcha. Okay. So RWAs on Avalanche are taking off and this violates this whole narrative that all these altcoins and all these chains and ecosystems in crypto are dead. They're just they're growing in a bare market and building. That's really encouraging. Uh I want to come back to to where we started on this which is this idea of divergence because uh the adoption that you're describing in this report is really strong and coming from multiple directions and like I said it's across all these ecosystems. How does this divergence resolve and and what does that look like when it happens right like when do you think some of these fundamentals start resulting in price appreciation for some of these assets? What are your thoughts on that?

>> Yeah so yeah that's a great question. What we've seen is that that that divergence started to to to like decrease and in the sense that what we're mostly you know tracking on our side is just that you know the fees that are you know being generated by by the network and we've seen that there was kind of like a bottom between end of 2025 early 2026 and the the revenue started to pick up again and I would say that you know when this divergence will like completely erase will be when people start you know look start understanding what's going on on chain and it start becoming the case you know

there in the case of ETH we we've seen this news with the Robin Hood chain you know that gives an additional uh use case for for the token ETH because Robin Hood doesn't have a token if you want to transact onchain on the Robin chain you have to use ETH a large portion of the ETH have been bridged to to the Robbie chain already. So it's additional use cases and you know it's like more transactions that uh will be posted on the avalanche on the avalanche on on the ethereum layer one and you know when people start re realizing what's happening on chain what are the different you know use cases what are the different protocols and hopefully you know I would like to see more uh

applications uh coming on chain and generating volume um then they will start realizing what's going on and they will start you know buying the token again. Uh but this is already Yeah. what what we're seeing. Yeah. >> This is great. You're basically saying once people start reading and understanding the reports I'm writing, we'll we'll see the market respond. I agree. >> But actually, you know, the we start getting a lot of questions from from our clients about, you know, what's going on on chain. They really want to understand a bit more uh what's happening because it's related to their thesis. You know, these people are staking. It means that they really believe in the network and they believe uh in in the network for like major long term and they're very

curious to to learn more about what's happening on chain. So yeah, as more and more people start realizing what's happening then yeah this uh divergence will disappear. Well, let's talk about that a bit because a lot of the clients of Bitwise are are institutions and you know self-directed or very savvy investors, but onchain analytics is not something that is really like there's not really an analog to that in the the equities world or the the you know the traditional market space. How do you think the adoption in terms of understanding onchain analytics has been and what's that learning curve been like? How's that educational process been for you all? What's that like for you?

>> Yeah, so I would say so you have different type of people. you have people that are just trying you know that are very new into it and trying to understand you know things. So when that's the case uh it's very important for us to to explain things very simply. You know they usually have you know a lot of questions and it's really our role here to to be available uh as much as possible and to help them understand a bit more what what's happening and we have uh you know type of clients that are already very cryptonative. So in that case they I would say they want uh data that are that that is you know much more technical and in that case we really go deep into into something and

share you know very deta detailed insights and we also have something in between which is you know people that are already investing in different places you know in traditional finance uh in real estate and and so on and they they believe in in what's happening on chain they believe in tokenization and so on and in that case you know they have questions about you know I would say you know what's happening more about like you know the applications uh the the the total value locked uh on those different networks and likewise it's just our goal here to to help them with uh with onchain analytics so I I would

say in some cases with some clients we can just share you know raw data if they're interested in that. Uh in some other cases, you know, we really try to to bring that data as clearly as possible to help them to facilitate just the understanding. >> That's great. You're doing the Lord's work evangelizing people on these things. Uh Cam, I I could talk to you about this report all day, but we're getting towards time here, but I do want to ask, what are you working on researching next? What's what's the next thing you're looking at? What are you writing about next? and and what could people be on the lookout for next from from Bitwise?

>> Yeah. Um so right now on the research side uh we're looking start looking at the Robin Hood chain obviously because you know this is uh you know this is very new and we receive a lot of questions. So we start looking at the Robin Hood chain like the activity on the Robin chain the different apps there as well. Uh something that we're looking at as well is just uh the new upgrades because we'll have uh two large upgrades soon on Solena. The first one is the app and glow consensus protocol. So we have you know clients taking soul with us and they want to to learn more about that consensus um consensus mechanism and what's interesting with app and glow is just that um it will uh so right now on

Solana for a transaction to be finalized it takes around 12 seconds uh with app and glow it will just take you know few hundred milliseconds so that's a that's a big upgrade uh also uh slot time that will be decreased on solena the slot time right now it's at 400 milliseconds and the goal is to decrease that to 200 milliseconds and that will improve you know trading experience for users. So they're also interested in that. In the case of ETH uh same we have a quite large upgrade happening end of 2026. So this is something that we we're looking at with our engineering team as well uh who's running the infrastructure. Uh we have Glamsterdam happening end of 2026.

And really the idea with Glamsterdam is uh right now on Ethereum you know you have a proposer builder separation. You have the builders on one side that are creating the blocks and then they send that to validators and validators are just processing the transactions and the link between the builders and the validators is uh via something that we call a relay and the relay is actually a centralized component. Uh so with Glamster the main change here will be to to remove this centralized component uh totally so that everything happened on chain and it makes you know Ethereum as a network more decentralized and we have you know a lot of clients that that are

stinging ETH decentralization is very important for for them and uh yeah very excite they are very excited about glam happening. So yeah this is mostly what we what we're looking at at the moment. >> Gotcha. All right well there's a lot to cover there. I'm going to be looking out for all of these reports. Uh Cam Benbrook, thank you so much for being on the Milkro show. I'm really glad we got to to connect today and get you in front of our audience with the the great research you're doing. Where can we send people to find more of you and your work online? >> Uh so they can follow me on on X. Uh my handle is Cam Benre and then you know we keep publishing report on on with Bitwise. So that will be directly on the Bitwise website.

>> Awesome. Well, thank you so much for being here. I really appreciate the conversation. Thank you all for joining us. I hope you all learned something today. So until next time, stay safe, stay educated, stay bullish, and we will see you all on the next episode of the Milkro Show. Thanks for being here, everyone. Bye. 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.