🚨LIVE: Tom Lee Buys More ETH, While Saylor Sells BTC! HYPE & PUMP Leading. Robinhood Chain On FIRE?

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[music] [music] [music] [music] [music] 72. Seven floor. [music] We'll see [music] you around the

timeline. Feels good to be back. [music] >> I think The Rollup is one of the most premier media brands in crypto and Andy and Robbie are [music] great experts at everything they talk about and it's my favorite podcast. adding it to my library as we speak. >> Potentially multi-chain deployments. >> We are at Dev Connect [music] day one here. I'm guessing from base [music] [music] [music]

>> [music] [music] >> Heat. Heat. [music] >> [music] [music] >> JP Morgan, Black Rockck, DTCC, Fidelity, the entire thing was just institutions.

It's just it's next level. This industry is going to the next level. And guys, I I don't know what else to say. >> I'm bullish. >> He said it. He finally said it. >> So bullish. Andy's bullish. I'm bullish. We're bullish. [music] [music] >> [music] [music]

>> Heat. Heat. [music] Heat. [music] Heat. [music] >> [music] [music]

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>> Zoom out. The institutions aren't coming. They're [music] simply here. Taste the golden age of crypto, guys. Get right. Let's go. [music] Welcome to the nest. See you on the show. >> Good afternoon, ladies and gentlemen of the rollup army. >> of the rollup army. >> Welcome back, >> Rob. Robert, great to see you. >> Great to see you today, man. >> Andy, Andrew, Mr. Robert, >> Mr. Mr. Dooka.

>> I uh I I am back in New York. >> Mr. Dooka Top Blaster >> after I did some top blasting in Argentina. You know what I did? I took a big step away from the markets in two weeks down there Patagonia. Skied a ton. We had beautiful snow. We had the biggest snowstorm 25 years in Chile and in Argentina. I went down was insane. I learned how to put snow chains on a car. So that is something that is not easy to do to put snow chains on a car and take them off in blizzarding rainy conditions. Driving the car through the mountains, we saw some Andian condors.

These big birds with wingspans. Quite rare. >> I saw some of those in Peru. >> Quite rare. The Indian condors. >> They're the largest bird in the world. >> Saw some Indian condors. >> They're massive. Yeah. >> They were floating through the sun in a or through the wind in a beautiful bay. Pat, >> they look like turkeys, but they're but they fly. They're like >> They're massive. >> They're Yeah. And turkeys don't fly because they're so big. But Indian condors are both big. >> They have this beautiful like white kind of flap on their wing, the black bird. Beautiful. Uh ski some of the best powder I've skied in my life. I mean, it was non-stop. I mean, we got days where we woke up and we had gotten 8 in overnight. 8 in, 10 in, 12 inches. And we got on unreal powder. Unreal powder.

So, yeah. I mean, it was a pretty it was a pretty great trip. And >> I think we're having trouble hearing you, Andy. I think we have >> No, no, no, no, buddy. It is uh it is good old auton uh with the tabs open on the old Mac Mini for the Mac Studio. I requested >> All right. I think we are indeed having trouble hearing [laughter] that unfortunately. >> No. >> Um we want to we want to hear all about Patagonia. Uh we want to hear all about the Indian Condors and uh maybe it's just the meeting. >> It is just a meeting, man. It is just a meeting guys.

All right. There you go. Feel free to rant on >> about Patagonia. >> Yeah, it's a great beautiful area on the ship and uh tell us about it. >> No, it was fun, man. It was fun. Um just go ahead and mute me in the meat and uh I'll throw it on on the other side here. Um so yeah, I mean it was super fun. Uh we yeah, we had we had days where we skied like uh yeah, eight inches fresh powder. I mean, we had a day where we got to the top and we were told that this was the only way down and we got to the top was blizzarding, white out, couldn't see anything. [snorts] Uh, a friend on the trip got really upset, took the moto down the the skimmobile, got flipped off of the

snowmobile into the powder, was hilarious. Uh, just had an insane insane ski trip. And then we also just ate a bunch of really good steak and um it had tons of wine and we didn't spend more than like 150 bucks on a meal for two or three. >> No more than 200 bucks on a meal for four for all the steaks appetizers that you could want. Argentina is one of the greatest countries in the world. I saw our friends at Aligned R.J and Mao. They took me out to a nice day, a nice little beverage in Bonosadis last night. Then I got ungodly sick and uh had to spend the last 48 hours um under the weather. So yeah, I mean overall I would say it was

a pretty damn good trip, Rob. And it's good to be back. It's good to be back in the city. >> We're good to have you. Glad to have you back. Glad you had a good trip down there. Uh you were sorely missed. We had people asking for you in the chat. We saw some uh some messages in the chat. We appreciate >> Yeah. How's the chat doing? you know, you you uh you rocking with us all the way from Argentina. >> Um >> yeah, we got some uh super chats flying. Huh. What did I miss on the show? >> We're flying. >> That's a good question. I mean uh just yesterday we had a good institutional segment with uh CEO of Zero Hash. Uh we had uh bunch of good guests over the last week or so. I mean, frankly, >> you couldn't have gone down there in

better market conditions. I mean, where else? >> Tell me about it. >> Where else do you want to go during a change? just pure apathy. Um, so obviously, you know, we've been, and I'm sure you've, you know, checked the prices once or twice while you were over there. Like, >> yeah, nothing changed. >> Uh, no, we're pretty much right where, uh, you know, if you bought Bitcoin 10 years ago or you bought it last week or not 10 years ago, you bought Bitcoin five years ago, you are right where you are. And if you bought it last week, you're right where you are. And if you bought ETH, you know, anytime in the last three years, you're, you know, right where uh, where we are today. So not much has changed except uh you know a little bit up a little bit down and uh

sideways a lot a whole lot of sideways but we've we've had a bunch of good chats on the show a lot of deliberation on whether we do get another leg down how long this apathy lasts we had uh Matt and Ryan from Bitwise yesterday and you know how much I like these generalists like these guys they don't come on and talk their own book like these guys that actually have their finger on the pulse of the markets as a whole and Matt said something really interesting actually about this bifurcation because we see it. We see the revenue meadow. We see I mean heck you coined the revenue meadow. So you know we're we're deeply familiar with this. Um he says on one side you've got institutional investors that prefer things and he sees this. They prefer things with monetary premium. Yeah.

>> We know there's like two coins maybe three coins that have this. It's pretty much just Bitcoin and Zcash and maybe ETH that have a a faction of monetary premium. And then you've got but but institutional investors are preferring that asset class. And then you've got the cryptonative investors that prefer like the revenue driving, you know, uh fundamentally driven asset class. These days not been easier, man. Like I I got long on Pump in Patagonia and hit a big win. It's just like oh look at the revenue. is flying. Finally getting some attention. Broke those technical levels that we spoke about on the stream a bunch. Get long. Boom. Win. Lighter.

Boom. Looks great. >> So, I mean, dude, it's never been easier. I mean, you got like now you've got hype, pump, and lighter. Uh, and I mean, you could throw in a couple others making some decent money in there. Unis swaps, aerums, >> etc. >> And then you got like these privacy things. So, yeah. I don't know, man. I had a bit of a zoom out. I mean, I'm just trying to accumulate as much Zcash as humanly possible in the next uh 6 months. So, by by the end end of the year, I mean, I'm trying to get to a number of Zcash units. I'm about halfway there, I would say. Uh that I'd like to get. So, in a weird way, I'd like to see Zcash trade in like the 300s again, 200.

>> I don't think we're going to get that. Um, >> yeah. >> So, it was just it was interesting to hear uh hear these guys talk about how we haven't quite seen institutional investor interest in the revenue meta that has primarily stayed in the monetary premium class. >> N but come on. What about the Hyperlid ETF that they launched the biggest ETF launch that they've ever done? >> Yeah, Hyperlid being the exception. Everything else in the revenue meta asset class is being driven by crypto native flows. >> Well, yeah. I mean, think about all the VCs and liquid funds who are stuck with all this garbage on their books and all of a sudden there's like actually quality invest like dude pump is the greatest one right now because um I don't know if you if you have any pump

or not but uh I would be fishing on dips for sure because it is the most hated one because and I'm trying to fish on dips as well. Uh it is the most hated one because it is such a such a bad rep. But like for that reason because it's like the memecoin trencher coin all the like professional allocators who are like too good to like buy it are have been sidelined and they'll still be sidelined and like I don't care. Like I know there's moralists out there and that's fine. I mean you could have a long conversation about pump's business and the value of speculative tokens on chain. You can have a long conversation.

I don't really care. That business is making money. In my opinion, it is not that morally corrupt. Now, there's a difference between like funding a business that makes money off like selling guns worldwide or illegal activity worldwide. But having some degenerates speculate on 10k market cap I don't really see that as that bad big big of a problem considering how big sports betting is, considering how big poker online is, it's all the same. It's all the same category. And so Pump though is cooking revenue and the market cap's really low and people won't buy it because they don't align with the values of it. You know what we align with here on the show, Rob? Things that make money, things that buy the token back and treat the token holders well. And pump is I

came to learn the reason why I put on a big pump trade like the last I don't know two and a half weeks was one I saw Thread Guy and Anom be like, "Yo, this thing's going to fly." I was like, "All right, well Thread and Anom are going to start publicly promoting Pump then." All right, well, we might as well get in on this, too. That's one. But two is like you look at the numbers and you're like, okay, well, um, the revenue has been significantly growing, uh, outpacing something like Hyperlink with a much higher valuation. Nobody wants to get involved on this. Uh, the token's been battered and over the last 3 to four months, they actually started programmatic daily buybacks. If you recall, the whole debate between Pump and Hype was like, oh, Hyperliquid has more trust because they, you know, they

buy back and the team and there's trust. And it's like Pump, who knows when they do their buybacks. Look at Pump's buyback schedule. They just buy back every day now. Like I don't know exactly know what what portion of the revenues, but they just do daily buybacks like non-stop. And so for me, it's like if you think about it, all it's doing is just making your share of the network grow over time by holding the asset, right? So like you hold one hype today, in five years that one hype is going to be 1.2 hype. Now obviously the like the numerical value isn't going to grow but the total supply of the assets going to be taken off the market. Same thing with hype. So like Santiago you wrote uh Santos wrote this whole thing about how crypto assets don't create the same wealth effect that traditional stocks do

and equities do because you don't gain wealth over time. You get diluted away by investors. There's no token holder buybacks. But these are there's now starting to be assets on in crypto that actually allow you to park your money in them. And now again your numerical do or quantity or units of that asset isn't going to increase. However, your share of the network will increase because the total network size is coming down due to these buybacks and kind of burning or at least you know putting in the assistance fund whatever you consider to be. So anyhow that's the pump trade and uh I think it continues and I think it's a hated rally and I think it's beautiful.

I think uh it takes you into the whole applications making more money than than base layer. Why pump's going to outperform Salana? why lighter is going to outperform ETH. I did hyperlquid in ARB. You were like, "Bro, that's stupid." Maybe it's Hyperlid in Sooie. Maybe it's ETH versus Bitcoin and maybe it's Zcash versus Bitcoin. So, anyway, uh that's a rant on pump and I honestly think we're still early on it >> on the on the buybacks uh being a creative thing. Ryan from Bitwise made a great point. We were playing kind of this game at the end of their segment where it was essentially over under and a bunch of guys from the chat, I think it was Edward that put out a bunch of price targets by 2030. One of them was >> I think it was $500 hype.

>> It might have been more than that, but I think it was $500 hype. Yeah. And uh Ryan said, >> "Look, I think it could go over but come back down by 2030." And the reason he said, and then Matt was in disagreeing, you know, 10x, that's a 600 whatever he said, $600 billion market cap or something like that. But then Matt corrected himself and he said, "Look, if we're just talking price targets, it in theory, >> Hyperlid could trade at $500, but actually the the market cap could go down because they're burning the supply.

>> Yeah. I mean, that's a bit egregious, but that's the point. >> Well, it's like the one hype you own today. >> It's not going to be one to one. It's they're not gonna grow like the price can go up 10x to 500, but it doesn't mean the market cap is going to go up 10x, right? Because if they burn half the supply, you know, the market cap could go 5x, price could go 10x. Yes. >> Play with the numbers there. But you don't have to put together these outrageous market cap forecasts to justify uh pretty pretty, you know, nice growth projection on the price. >> In other news, um shout out to Plume as always. We're here back in the nest and tokenization tower live from the financial capital of the world. Um, >> so let's uh let's close the loop there.

So let's talk portfol like you know obviously pump fun is uh a significant part of the portfolio lighter as well talking about some of these things. >> Yes, I'm currently long on near >> on lighter and uh >> give us a port a Patagonia portfolio update Andy. Dude, I am long on pump and lighter on near persp right now, which basically trades on hyperlquid underneath. It's one of the best products I've ever used for trading purps. It's literally just finger scan, dome, don connect, uh pass key, you can trade, swap, bridge. We're going to have a rollup version of that coming out soon. Um, and then, um, I have, uh, some chain link, some a ton of hype, uh, a

ton of per, the digital asset treasury, which I'm still stuck underwater on. Shout out to Global Flows. Um, I got some Bitcoin, and I am buying as much Zcash as humanly possible after speaking with a couple Zcash whales. I realized that my Zcash units targets are far too low. This is the cabal that we need to be a part of long term. This thing is going to $10,000. Uh I don't really care how long it takes. I will be on that trade. I will be on that. Then of course, you know, you got some near, you've got some arrow, you've got some random coins on FOMO. Like, let me pull up my FOMO. What did I buy on FOMO?

I bought Anom's memecoin. I bought Mike Dudos's memecoin. Uh the FOMO guy sent me like the random trenchers trying to get me to CTO a memecoin. Have not decided if I'm gonna do that yet. I got some fake world assets. I don't know why I bought that. I kind of top blasted that thing. What's new there? I got Epic Duck, Toad Pepe, and Cash Cat. Um, and honestly, Cash Cat looks ready to go. So, yeah. I don't know. I got like a thousand bucks on FOMO app just to go on FOMO. So, if you guys want to see what I'm doing on there, you can see it. I'm on there on Twitter. It's connected.

That's my portfolio right now. What's yours looking like? like uh pump, lighter, hype, purr, bunch of Zcash, >> Bitcoin, >> little bit of ETH, a little bit of arrow, a little bit, >> little bit of near. >> Yep. I'm in a similar boat, man. I think uh Zcash near Arrow um little bit of PUR uh and then some pretty sizable Bitcoin hyperlid ETH and then yeah some like smaller bags. I still like Akos.

>> I think uh I think it's going to be a pretty nice benefactor of uh some rotational flows. >> New type says he's taking the Zcash pill. I think you should, man. Naval, Balagi, Mert, a lot of the OG Bitcoiners are in on it. Um, closing my short profits from 530 now. Looking for a Zcash long. I'm not even trying to perp trade Zcash, man. Rob, I think you should sell like 80% of your Bitcoin for Zcash. I think you should just send it, man. >> I think both are do I think both are going to do extremely well. I think Bitcoin goes class of monetary [clears throat] premium assets and I think Bitcoin Zcash own that ETH has like a little bit in there. And then I mean look, we're calling them out. Hyper

and you could even say hyperlquid maybe belongs in there, but they're more fundamentally driven. So Hyperlid is kind of like the, you know, the king maker of the other asset class. Hyperlid, I do think some of these stable coin protocols are going to do extremely well once rates adjust. >> Which one's the like circle >> like SC? Well, so the Bitwise guys were were very bullish on crypto equities. And there's a whole like uh I don't know if you saw, but I think it was Anthropic signed a $9.1 billion deal with Riot, which was typically a uh Bitcoin mining company, and has contributed all almost all their hashing power over to AI compute. Like, and Van has an ETF that tracks these miners that are now pivoting and getting

like exorbitant amounts of demand because they already have the infrastructure build out. So, I think that ETF could do extremely well. >> Interesting. >> Um, then there's crypto equities that I think have just gotten plowed looks insane man. >> I think they're going to get a meaner version. I think Circle and Coinbase could actually uh bottom out pretty soon. And then I think the the stable coin protocols that I'm talking about are more like Sky, Athena. I think if rates adjust, I think these guys could do pretty well as well. >> Frack also actually looks pretty good. Um, and so I think those guys are going to do pretty well uh and get some more flows. But yeah, otherwise I mean just buy the things with the revenue and try to make sure that the uh the revenue is

going to the token. >> Yep. Yep. Yep. Yep. All right, let's um let's roll in. Nice uh nice portfolio update from the lads there. Um let's get into the show today. We got markets, we got weather, we got topics, we've got um we're here obviously back in the tower. So great to be back. Uh thank you for everybody who's been tuning in. Uh our YouTube is cranking. Uh business is going well at the rollup. Um again, we're seeing Bitcoin company scale back to Bitcoin mining capabilities. It's getting hard to be bullish on Bitcoin. I agree. I am honestly looking to sell uh the majority of my Bitcoin to uh Zcash. Um so that is still a work in progress for me. I've got some loopholes and jumps to hoop through to get to my Bitcoin, which is

kind of the whole point of it. Uh we've got markets and weather live from New York and Penoptics founder talking unis swap v4 what they're doing as well. But honestly guys we got a show just Rob and I today we're just going to talk markets what we're seeing out there numbers charts news and more. Um so good to be back. Good to be back in the town here. Let's keep it rolling into the weather. Before we do let me tell you about dinari building infrastructure for tokenized US equities and bringing real world stocks on chain. Uh, visit dinari.com to trade SpaceX on Hyperlquid as well. Guys, it is a pretty hot day in New York. It's 92. It's sunny. It is steamy.

>> Oh my god, I thought that was Florida. >> It is steamy. >> Very similar to the Florida weather that we've been reporting on. >> Yeah, the the the studio is not too hot today, so that's good. Uh, we don't have any guests today. >> The the weather report call for more apathy in the markets or uh we getting dumped on or what do we what's the weather report? >> I don't know, man. I was getting dumped on. You you know what I love about uh when you go somewhere where the sports are the main prerogative is that your life revolves around the weather. So like my plans in Argentina and I mean thankfully you know the friends are like good skiers and like skiing and uh the girlfriends are also very interested in skiing and good skiers. So it's not just like selfish kind of can get to be that

way a little bit when you're like all right well we can't do this because we need to do this because we have to do this. However, that being said, um you know, if it's gonna weather if it's gonna dump on Tuesday night, then I'm not drinking on Tuesday night because Wednesday morning, we're up at 8. We're up at 6:30. >> We're on the mountain at 8. >> Yeah. >> And if there's no snow on Thursday, if it's nothing, it's not going to snow and it's going to be windy. We're not skiing. We can do whatever we want on Wednesday night. >> And so, I love that like with the surfing, it's like there's waves coming in or there's good sun. Just a vibe, man. It's just like you live your life by mother nature's rules, not by like some alarm clock that the New York City subway has you on,

>> right? No, it's more uh you're more connected. Um >> truly connected. Really, Rob, that is coming out, man. >> Let's get to the markets because that's what you guys want to hear about. Before we do, I think Andy's going to tell you about Fracks. >> Hey, let's do that. fra.com. Visit fra.com to learn more about what's going on over there in the stable coin landscape. Open digital borderless. That is fra.com. Future of digital money. Here we are. Bitcoin's red. Ethereum's green barely. >> Do you think we're going to see more of this? Like >> dude, chain link's having a hell of a run actually off the off the lows. So I think unsurprisingly or or maybe surprisingly to some chain link is uh

part of that revenue driving fundamentally driven asset class and there is real value acrruel to the link token. >> Um they've been kind of flying under the radar because you know hyperlid and some of these purpose exchanges get a lot of the attention in that regard but I mean chain link is firmly within there. Uh I saw an update on the LVR that they have coming in. Y >> uh I think they've been able to generate somewhere between 7 and10 million um via this liquidation protection. Basically all the MEV bots when there was a big market movement and a bunch of liquidations. They would previously recoup that. Uh but it turns out you know with SVR it's just a technological innovation that helps people keep their money and chain link has been able to you know bring in upwards of like I said

7 to 10 million. uh and a lot of that is going to the token. I do think Chainlink because they're so connected with the DeFi ecosystem with several both institutional and onchain native partners are in a tremendous position to benefit from not only the Clarity Act but also the reggg crypto that we see the SEC talking about this week. So I think >> that's coming, isn't it? Yeah, I think there's plenty more uh things that are coming down the pipeline and uh we're not gonna have to wait till September.

>> Yeah, love that. Beautiful. Well, as always, our markets are powered by our friends at Zama. I don't have much more to add. I mean, we talked about the markets. It looks I mean, hype looks pretty good. Um it's kind of breaking out now finally uh off those lows. We'll see what happens. And uh lighter looks good. Pump looks good. Uh Zcash looks good. Purr actually looks good for the first time in a long time. Um, yeah. I mean, I mean, all things considered, we just need Bitcoin to not nuke right now.

I mean, this has been the this has been the fundamental question, you know, is uh how, you know, is there another wash out? Uh, and whether there is or there isn't, how long does apathy continue? How long does it last? >> Better get a cash cat NFT. The floor is rising. So NFTs are back on Robin Hood chain. Is that what's happening? As always, our markets are powered by our friends at Zama. Bringing confidential blockchain infrastructure using FHE privacy onchain applications and more. The market here wants to lean risk on oil CPI still kind of keeping people a little bit shaky. I think uh I think well CPI today came in basically at what was expected. So that was good to see.

Um, and yeah, I mean, I'm not I don't think we have many macro events for a little bit while what what I mean what we want to see is we want to see Bitcoin go to 72 here. That would put a party on for everybody. Don't know if it has it in it yet. May need to may need to test some more bids slightly lower before doing that later in the year. Uh, but yet to see. Let's let's keep rolling into our news section. >> Yeah. be uh I I do want to mention on the macro front I I there was two Arthur Hayes articles that came out and I know this guy is just you know he's been all over the place as it comes to his like specific picks and altcoins and everything but I still consider him one of the smartest macro minds in the

space. Um there was two. One of them is on the AI rotation out of AI and into crypto talking about how as we continue to invest more into AI, the likelihood of misallocation of capital is increasingly more likely. And as capital is misallocated, Bitcoin is the first to react. Bitcoin sniffs out misallocation of capital, whether that comes directly from the money printer or misallocating into asset classes that don't return return that investment. Um, Bitcoin is the first and uh strongest at sniffing that out.

>> Um, pretty good article. Uh, doesn't I don't know how quickly that's going to happen, but it does feel like we're just going to accelerate into an inevitable brick wall uh of capital. And whether that's a bailout or or what, we're going to have to we're going to have to reconcile all of the capex that's going into um what we're describing as a technology and infrastructure buildout, but it's more so a real estate buildout. And there's not the type of returns in real estate that we are projecting because we're putting technology multiples on it.

>> As Edward says in the chat, yatsi. >> Yeah. What about stocks just consolidating above all-time highs? Like S&P is just chilling above its all-time high and NASDAQ looks basically ready to push up. Like Bitcoin hasn't moved. I mean all this fugazi about this and that and the other and like purr's up 5% today because the NASDAQ's up. Like I'm over here screaming for the last two months I was like I hate the NASDAQ. Why am I owning an asset that's correlated to NASDAQ? And I'm like wait why was I ever worried about fading the NASDAQ? >> Yeah. Yeah. The NASDAQ's built to go up and I don't think Wars or Bessant are going to let it go down especially not ahead of the midterms. Then you have Bessant intervening I guess >> in Japan. Yeah.

>> In Japan which is huge. >> Yes. >> Um >> basically shows that no matter what they're not going to let Japan's uh yen dollar forex problems affect the global markets. And yeah, Arthur's last article walked through the mechanics of how anytime there's an intervention such as the one in Japan. Uh the only option of intervention is money printing. Uh the >> and then you got the fiscal deficit coming up and the all the heightened attention around that. It's just so funny how it all just lines up for the 40-year cycle. >> Yeah, man. It always does. It just always does.

>> Gold had a big gold big bouncing. Maybe we get a rate cut in the next six months, like next year. Like it's just >> Worsh had his opportunity to raise rates when the market was sort of ready for it. He didn't. He held them steady. Don't think he's going to want to raise rates. He's got, you know, this Jackson Hole speech coming up next week, I think. >> Don't think it's going to be anything material. We know he doesn't want to do any forward guidance. I think he's just going to kind of let the market do its thing. And we saw CPI come in today right at estimated. So the econ I mean what I from my perspective the economy is doing pretty well. That's why equities continue to do well.

>> Yeah. All right guys, let's get to it. Um let's get into the news and more let me tell you about NAR first. Your home for building using trading per swapping and bridging onchain. Visit near.com to learn more. Very soon, guys, we will have a near.com uh rollup version for you all to trade on, which should be really great because you'll be able to use this to trade on our website and it's kind of like the next iteration of what we're trying to build out for you guys. Uh guys, Ed, Edward, great to see you again. Freedom guy, I missed you. Uh super hex guy, not going to answer your question about pulse. Uh Mr. Lighter, good to see you as well. I've seen you in the chat more frequently. It's good to have you around. Um, and good to see her back.

Good to see everyone back. Um, hype back to 57, guys. I I feel good about this. Uh, let's keep it rolling. So, >> this rally will fail like all the others. >> Oh, man. I mean, the rally the rally needs some love. I'll tell you that much. >> Sidelined. >> Sidelined. Oh my gosh, guys. They these people in FOMO want me to create this memecoin for you guys so bad. I It's honestly so tempting, but I feel like the brand ramifications are so bad. But I already know I could have my FOMO wallet with a with seven figures in it by tomorrow, I think, if I just if I just bought the coin and tweeted it. But not going to do any of that nonsense.

>> Paper wealth is all we're going for here. Try to Twitter struggling to realize two opposing ideas can be true at the same time. The vast majority of memecoin activity is a waste of time. Zero some game and you can absolutely avoid them if you want. or the onchain social trading apps enabling 100k daily activives are a glimpse into how investing in social networks will look into the future and you should actually absolutely check them out even if you don't want to this guy is entirely correct >> exactly the take this is the no it's >> the take the take is that this is an and >> correct which is entirely correct >> because that's why I downloaded FOMO I mean I was like all right let me try this out all right >> yeah I mean the the thing to realize as to you might be thinking how can this

possibly how can both of these possibly be true, but you you you know it's the same thing that it always is. It's time horizon. And so, you know what Luke doesn't say here, but if you read between the lines, you know, the vast majority of memecoin activity is a waste of time, zero some game. Right now, that's the case. >> The onchain social trading apps enabling 100,000 plus daily active users are a glimpse into how investing in social networks will look in the future. Yeah. So he's right now it's a total waste of time zero game but in the future this is how things will look especially once we proliferate actual sustainable asset classes like tokenized equities. Look I was on this show like vocally bearish on

Salana because it has not and still hasn't escaped the pump fun memecoin trenchers you know optics. And I was saying how they are never going to be taken seriously. There there won't be any institutional capital. They will fail to gain market share in any sort of you know legitimate business class. I think Luke's second point here indicates how there is a path to success for Salana. I think yes right now it is still dominated by exactly this FOMO and pump fund memecoin meta. But I do think that these same uh mechanics, these same mechanisms and apps could also be utilized by more legitimate younger

investors that aren't looking for meme coins but are looking for legitimate asset classes and could enable them to invest. And I think if we can get tokenized equities to a ubiquitous point on chain, FOMO and Pump Fund are going to have uh they're going to do extremely well with this asset class. So not to say that's going to benefit the Solana. >> That's what I'm saying. >> Tken as an L1, but I think there is a path to success. >> It it would I mean more activity obviously if you look at Salana transaction activity let's say the last 3 months versus the last 12 months. I would easily argue that in the last three months there's been more uh actually I would say there's more transaction activity in the last two months than there has been in any two-month period uh for the rest of the

year. Somebody can fact check me on that in the chat please. Um, but I would that would that that would be my take, right? And that is because of what's happened with FOMO. But my take is if this is what you're bullish on, then you're buying pumps more money than Salana does when you factor in inflation and emissions, >> right? >> Sure, you can factor in unlocks for pump and kind of count that, but right now Salana is still operating at a net loss if you consider staking yield as a expense. And there is a lot of debate about this and it's I mean Max Resnik has a take and you know maybe he'd be a good guy to get on Rob and you guys can go at it as to uh as to why you know because he's all Salana Pilled now.

>> I mean look I you know expressed a more bearish sentiment than I'm expressing today. Now I'm saying there is a path for Salana to sort of grow into you know like onchain capital markets which could include both meme coins and legitimate asset classes. but not enough for you to add it to your portfolio. Meaningful size over >> liquidation necessarily, but pump. I think absolutely. If you just value these things based on businesses and I think that is what we're going to end up getting to. >> I think that's where we're at. I think that's why we we've been ahead. I mean, that's why we hit hype. That's why we're on lighter. That's why we're on pump.

Like people have not still not wrapped our head around the fact that like you just got to buy the businesses that are making money on chain right now. That is what's that is what's going well. >> There's also zero momentum. Like there's zero momentum for anything in this digital asset class at all. It's totally driven on fundamentals. And so typically people Yeah. Well, flows. Yeah. But like how are you going to determine the flows? Like where >> Well, you know that pump's going to buy your your bags today. You know that everybody's going to buy your bag. >> Sure. If you want to if you want to factor in programmatic buybacks as flows, it's not like institutional or investor like retail flows that are coming into these that you can really identify, but you can say like it's getting this much money

>> and they have they're spending this much money and it's trading at this price. Like there's just, you know, whether it's a discounted cash flow or a price to earnings, like there's ways to value businesses that we typically haven't utilized in digital assets because we've relied on Jevans paradox network growth models for creating new forms of money. Yeah. >> Total like fugazi total new concepts that apply to Bitcoin, but we've extended those principles into the thousands of other coins in this asset class. And that was an unfair and unreasonable extrapolation. It's now time to start to value the rest of the assets besides the two right that we want to count with monetary premium the

same way we've identified you know valuable under uh priced business opportunities discounted cash flows price to earnings in any and all companies. >> Edward says >> this asset class is not different. >> Edward says drop the memecoin Andy and give it to us now. I have FOMO. >> Yeah, I know Edward. I mean it would be hilarious man. It would be hilarious. What's up, boys? OG killer, good to see you. Uh, Plan B still adjusting his stock to flow model and Vitalic is still not impressed. >> Andy, the other thing I was going to mention is that um, you know, I think it was it it was probably right when you left. It was early in in the last week where >> several of these layer ones came out with proposals to reduce their inflation.

>> Yeah. And I also saw Sooie was doing buybacks now. I I think more and more teams are recognizing this. um you know an L1 that doesn't generate revenue can't necessarily use the revenue to buy back the token if the revenue doesn't exist. ETH and Salana >> Maple Syrup just turned on their buybacks. They just passed their their proposal as well. >> Maple Finance just did that. >> There's two two things happening here, right? Which is that the app layer is turning on buybacks and you can only turn on buybacks if you have revenue, right? So that is certainly happening. We have no like I'm not disagreeing with you there. I'm saying there's another thing happening which is that these tip previously identified Jevans paradox network things these the ETH the Salanas the I mean you can

>> oh they're trying to lower their issuance near Salana ETH they're all trying to lower their trying to like make their P&L statements look a little like healthier. >> Yeah. And I don't know if you saw this but the community came out like for in force against these proposals. At least they did >> on Salana and ETH. >> Yeah. Wow. So, and like why? >> I think and I'd love to have someone come on the show and talk to us a little bit more in detail about this, but I believe it's because the DeFi ecosystem is so dependent upon the staking yield.

>> Uh this there's not like a small set of validators that are like getting rich because they have very low expenses and they're getting all like this upside in the tokens. No, it's like this decentralized network. You know, there's applications and interest rate environments on chain that are built on the back of like the ETH staking yield and the Salana staking yield. These are distributed validator sets. >> And so a lot more people are impacted by this than the hyperlquid validator set for example. >> I see. So >> there's that. You also have like you know Bitmine for example or Sharplink who, you know, Bitmine has their preferred that they offer at nine and a half percent. A big portion of that was, you know, that there's native yield in

ETH. >> Yeah. >> If that evaporates, that's like a big detriment to their value proposition, their investment thesis. Yeah. >> So, I I think it's just because and it's also just like people seem to be okay with the economics around ETH right now. It's like kind of trending in the right direction and then people are like, it's trending in the right direction and then you're going to go and change it drastically. It doesn't make sense. Yeah. Uh it would also price out solo stakers was the last piece of uh criticism that I heard on the particular >> ETH cashback cards and NEO banks and all that. They're all reliant on uh the good old staking yield. Let's uh let's keep rolling. Uh yes, Suie is uh our boy Mr.

Lighter says in the chat, I did see that. I thought that was interesting. Uh into the next. So thread guy says that crypto ogs were trading against plumbers and wouldn't last in today's era. Alt season, bro, fabled alt season where every altcoin goes up 20x. This has to happen this way. 2017 ICOs, some of the best where the best, but it's like wake up. Sentined owns 60% of supply. He's dumping on your head top. Every new narrative is controlled. The game has evolved. All right, let's just let's just hear thread guy out here. This is going to be funny, I'm sure.

>> Went pretty viral, >> bro. They were trading against pl alt season fabled like alt season bro where every altcoin goes up 20x and it just like has to happen this way bro they were trading against plumbers they were and the some of the best were the best don't get me wrong but alt season man it's like that is a a concept of the past that doesn't exist 2017 ICOs it's bro it's like wake up Santa has 60% and he's drilling on your head top and every new narrative is controlled by tren. It's like the game is the game has evolved. Okay. And the new game is not going to happen on Twitter. I really believe this. I really

believe this. The new cycle if it happens and I think it's going to happen. I'm starting to believe it's going to happen. It's not going to happen on Twitter. Okay. Gone are the days of you have influence just because you've been here for 10 years and you're like a funny poster. [laughter] >> Oh my god. >> Welcome back, Andy. >> I'm so glad to be out of the trenches. Oh my goodness.

>> They're trying to pull you back in. >> I know. They're trying to pull me back in. And then within like two days of seeing the replies on my tweets from people on FOMO, first of all, I joined FOMO and I got like 300 new followers in a day and I was like, "Wow, this is crazy." Mike Dudos just got a just crossed from 1.6 to 1.7 mil followers and he got botted a ton, but like insane. >> Did not realize Mike Dudos was at 1 and a half million. He was at 180K and then he got Twitter botted to 1.7 mil and he couldn't stop it and he didn't go private.

>> Somebody was just just buying him fake followers non-stop. >> Yeah, >> it was insane. And so he launched his coin. >> Um what does he mean by buy the next bullseye won't happen on Twitter blue sky instead? I think he might mean that it's probably going to happen on like FOMO or Pump Fun Social >> like social trading apps. Yeah, it's not gonna happen on like you're not going to get that early alpha from being on X anymore. You're gonna get that from being on Pump Fun Social when Dudos buys Pepe Toad and posts on Pump Fun Social but doesn't post on X.

>> Yeah. Like honestly, I mean, this is >> this is true to, you know, Thread Guy's thesis of social trading and the next influencers are going to be like these financial people that pe that, you know, fans are going to copy trade. Yeah, I got like seven or 600 followers on FOMO in like a day or like three days. >> Yeah. >> So, it's it's growing like and I can't I can't post on this though, I don't think. >> There's um I mean this is happening all over the place. There's an app that I uh got the opportunity to angel uh and it's it's the it's a social like sports ga uh gambling thing. It's built as a app layer on KHI and Poly Market. So, it'll route um orders to the prediction

market, whichever one is going to give you a better price. And they are consistently I I mean like 99.99% of the time beating like the draft kings and the traditional sports books. Um and so they get you a better price on these things, but it also has copy trading built in and social elements. You're just scrolling a feed. You're like, "This guy's gotten seven of his last trades, right? Yeah, I want to follow. Yeah, I'll tail him." Yeah. It's called uh it's called Tailgate, I think. >> Nice. Very cool. Very cool. The social dynamic of this trading uh world is going to drastically change, which I think is great. Like I don't know. I I I think it's cool. Guys, you should you guys should see my performance on FOMO. See if I know what I'm doing. I I I'm doing all right on some of them. Let's see how the others

do. >> Well, that's actually a great point because, you know, you've got a lot of grifters and larpers out here that'll post a phantom screenshot of, you know, $18 million in there and it's like, wow, look at me. I'm the best trader ever. It's like, "All right, well, you know, let's see how you got there, you know, like let's do some of this more in public rather than just, you know, all of a sudden you post a screenshot, no one knows really like what happened, you know, to to end up in that place." >> Yep. 100% agree. >> And I think it'll it'll skeze out the scammers a little bit, which is something that we love doing here.

>> All righty guys, let's keep it rolling into uh the ETH staking news. Before we do, let me tell you about 1 in. Uh you may have heard of this concept called shared liquidity flying around. Products like 1 in Aqua let you approve one wallet balance to back multiple positions at the same time across pairs, ranges, and chains. You're not splitting your tokens and you're not depositing, but you're not leveraging them either. It's totally different way to keep your liquidity active in more markets. Check out 1in.com/aqua. >> Fantastic ad. >> So, by my lovely co-host, >> as you say, Rob, a $7 trillion asset manager, Fidelity, to enable staking and quarterly cash payouts, cash payouts for its spot Ethereum ETF. another giga whale company that would not want the Ethereum issuance rate to go down. Um,

>> and this is true of all the institutional involvement in this, but then also a lot of DeFi apps and founders weighed in and were fully against uh this proposal. >> Yep. So, don't have much here to add, but I think the institutions are going to be bullish on ETH. I think they're going to continue to be bullish on ETH. >> I just think that this is going to open up like this is actually what gives ETH monetary premium, which I think is why people were so against this. So, Fidelity has almost a billion dollars in Fidelity ETH, like their, uh, ETF. Uh, and now they're going to turn on staking, right? And so, uh, people are going to look at this and they're not really going to care, you know, where does the staking yield come from? Oh, well, it comes from this thing of proof

of stake and, you know, this thing gets, uh, emitted because it's got proof ofstake validators and then you're actually securing the network because of something called economic security and that's what gives. They don't care, dude. They're going to see four and a half%. They're going to see rates at two and a half, three%. They're gonna say, "I want more percent on my money. >> I'm gonna buy this ETF." >> And just like uh all of us have gotten burned by staking in the past on some random garbage POS chain, you want to you when you get this yield, it makes you hold the thing longer.

>> So like the mom and pop, the advisor, the ETF holders, they're going to want to hold these things because like even if they think it's it's overextended, they're going to be like, "Oh, I'm getting 4%. might as well just hang on to it. You know what I mean? >> So, you know, it's kind of this weird thing where you get the yield and it makes you want to hold the asset a bit longer than than maybe you should. >> Yep. >> So, >> okay. Well, let's keep it let's keep it scrolling over here uh into into the next piece. I'm I'm going to get my screen share up. I got a couple things that I'd like to go over uh as well. Um I think we've got plenty of time here before uh our first guest. We got about 20 minutes before uh Guerme is join us.

I hope I'm pronouncing that correctly. >> Yeah, >> we'll get a little bit more into the unis swap aerad drrome >> dex wars. >> Yes, >> if you want to call it that. I don't I'm not sure what else to call it. So, >> yes. >> Um we've got uh yeah, while Andy pulls up his screen, I think we've got maybe one or two more tweets that are ready. Uh the cold card exploit happened while you were gone, Andy. Um, Winter Mute is getting into AI equities. >> Are they >> Leopold? >> I I'm curious. Did you hear about you you heard about the whole Leopold situation? That I mean was like a massive news headline for at least a day. Got uh liquidated by Kenny G.

>> You know, you're uh I hear you're friends with the friends of the family. >> Yeah. >> Uh [laughter] >> yeah. So, uh, what's your reaction to hearing, uh, you know, uh, Ken Griffin? >> It was the young the young stud. >> It was pretty Yeah, let's just go ahead and flip through Leo there on to Hyperlid. Um, it it was pretty funny, man. Um, you know, you see the news and Leopold's getting married and uh he says it's the best day of his life and you just, you know, like the meme of maybe it's uh maybe it's just simple as Bognoff of like he sold pumpet or something. It was just like that thing of just like where the sharks are they can feel the blood in the water and they just pounce.

>> They stops. they ran like and there was some, you know, news that maybe Ken Griffin had, you know, said some very bearish things about the AI trade in the days before. >> Well, sending the markets down. >> It was the like the day after the Fed was supposed to raise rates and Ken Griffin put out the rumor that said it was more likely to raise rates. >> Yeah, exactly. That's >> stock sold off. Next day they held the rates steady. He had already acquired and then he was that right there for the bounce. So I think this is why hypes uh like having a little bounce today. Um the information reports that Hyperl looking for its path to US markets in its per markets. Uh the regulators obviously have recently allowed um regulated perchain

or sorry [clears throat] offchain with Koshi and others. Um, and now, you know, there's kind of a race right now between different per platforms to be the one that is publicly available in the US. And I think if Hyperliquid can get there, they're going to have such a liquidity mode. And so what they've done is they've actually implemented a new tech thing that basically allows for permissioned uh HIPP3 markets. So in order to access the HIP3 market, you need to be some sort of KYCed AML, whatever it is, right? Um and so that's happened. And um yeah, I mean that is a really cool

way if that's what if that's what becomes the way that they are coming into the US, I think that's bullish. I think it's a great start. Um and I think Lighter is right on their ass. I mean, I think Lighter obviously Delaware Corp based in Miami. Vlad's on the Innovation Advisory Council, >> which is meeting the CFTC on August 20th. >> What do you mean meeting them? >> CFTC CFTC has been on an absolute tear. >> Really? >> Um, yeah. And so most recently uh there was a lawsuit around uh between KHI and the state of New York regulators and he said to Khi ignore New York and stay open for business. That was massive to

have a federal regulator overrule a state regulator. In addition to the CFTC doing this uh >> uh Mr. uh chair of the SEC uh CFTC. It's not Mike Celig. He is the chair of the SEC, but um yeah, sorry. Mike Celig uh chair of the CFTC um also said that there is going to be a meeting with the innovation council. Uh so we're preparing for some uh some things to be coming out of that.

>> Yeah. Um, on August 20th, the CFTC will convene a meeting of some of America's greatest innovators, builders, thinkers, and entrepreneurs in Washington DC for a series of conversations on the future of our financial markets. Mark your calendars for the inaugural innovation advisory committee meeting on Wednesday, August 20th. So, we will be covering that next week for sure. um because it sounds like it's going to be like a little conference of sorts uh for the CFTC and uh all of the members of the innovation council.

>> Very cool. >> Um and so I think you know Hyperlid's obviously part of that. Lighter is part of that. Vlad is part of that. Uh I think Sergey from Chainlink is part of that. Uh if I am calling that out correctly. So there's several things and the CFTC is just um >> I mean and the SEC like Clarity Act got stalled. CFTC comes out and just guns blazing and the SEC is doing the same. I don't think we have anything on our docket around some of the regulation, but like the innovation exemption around the SEC seems like the CFTC and the SEC are up to something and it's going to happen in the next couple of weeks.

>> Yeah, man. Very cool. Very cool. I think this reggg crypto would be huge if clarity does not get through. That's what that's what we that's what we'd be hoping for, right? Yeah, let's see if we can find >> Yeah, tell us what we have on the screen here. >> Yeah, so this is Robin Hood chain um and their metrics and they are just absolutely cracking. I mean throughput on the chain has been just up only which means that there's a ton of ton of transactions happening. Transaction count has gone absolutely parabolic the last three days. I mean parabolic growth now starting uh active addresses which is not a huge metric on August 10th Robin Hood chain had 273,000 active addresses today on August 12th they're at 1.9

million active addresses a 8 to n a seven to 8x increase in active addresses maybe more like a six to 7x but insane Stable coin supply up only. TVL crossed a billion today. Economics making making 100k a day. Brent paid to L1. They made $17,000 today and they paid Ethereum $157.

[snorts] >> I'm kidding. They they made 117 grand. They paid Ethereum 1.5K. But still, their onchain profit 116 grand. That is a 99% margin business here, ladies and gentlemen. App revenue on a day-by-day basis is cracking over $2 million. Transaction costs since mid July have just nuked. This is the most successful Ethereum Robinet chain is the most successful Ethereum L2 launch we have ever seen in the history of Ethereum. There is just no debating it. This is the most bullish thing I have seen for Ethereum in a long, long time.

I mean, there's no way around it. Oh, there's not enough rent. It doesn't really benefit ETH. I I don't care. Robin Chain is single-handedly making making me way more bullish on Ethereum and many others. This thing is this thing is a monster. Ramen is a monster. Abs, dude. the the guy that started Pudgy Penguins, Cole, he minted out a 44,000 collection, 44,000 NFT collection for a million dollar profit on Robin Hood chain yesterday. We got guys in the chat saying to buy Cash Cat NFTts.

Cash Cat NFTts OpenCash Cats floor price 26 total volume. This is a decent amount of volume for a small little collection. >> You tell NFTs are back or you telling me bullish Robin Hood? >> I'm telling you these these guys are swapping meme coins every every minute right now on OpenC on Robin Hood chain. When have you seen this? [snorts] >> Even the OpenC founder crashed out and uh went to AI.

>> This is up only for cash NFTs. I mean, I literally had a guy in the chat when I was interviewing Johan Johan in the studio and he was like, "Yo, ask Johan if he has any cash NFTs." Do you know when that was? That was before I went to Patagonia that week. So, that was that was right here. The things were the things have 10xed since my interview with Johan. >> Wow. >> 10xed. Did I buy any? Of course not. I didn't buy any. Well, that's NFTTS. In the year 2026, something's happening on Robin Hood chain.

Um, look, Robin Hood's a killer business. Um, Hood Hood could do uh could could do some damage in this upcoming uh this upcoming market. I think uh yeah NFTTS are you know kind of falling by the wayside but when you have a ecosystem as strong as Robin Hood I mean these guys could hey these guys could launch Dentcoin on Robin Hood probably do well. >> Apparently this pawns thing is the big uh >> so much motion.

>> Apparently this pawns thing is the big uh is the big thing to pay attention to token wise. Well >> I saw it was up about 30% the other day. Yeah, >> it's up 20% today. >> Wow. This thing's been >> been ripping, right? >> Oh, yeah. >> And all that is is a launchpad for Robin Hood chain. >> Yeah. I mean, I don't know if you saw the dudos tweet, but we've moved on from uh you know, meme coins are bad and we've moved on to my launchpad. It's holier than thous.

>> Yeah. So I mean launchpad business just like per exchanges like if you want to bet on the house like bet on the venue launchpads and and exchanges like those are the money >> pr you just buy the casino. >> Yeah. Yeah. Those are the money printers. I mean that's where all of it comes from. Why are you going to speculate on a memecoin you know runner? Why not buy the thing that helps you manufacture meme coins? know people are going to want to speculate on everything that comes out of these things. They're going to want to speculate on pers. You know, they're going to want to speculate on on meme coins, especially on a on a chain like Robin Hood chain.

>> Yep. >> Might as well buy the infrastructure, buy the venue, buy the casino. >> So, here's one in >> pumping out coins. >> And there's a good example of 1 in being a casino uh provider, if you will, not necessarily, you know, casino provider, but uh you know, they they allow you to to swap on a chain. And here they are in their new Aqua product, and it's absolutely cooking. I mean, it is absolutely cooking. I mean, they've got tons of open positions, good bit of LPS, 31 million share liquidity, and guess where guess where about half of their pullable share is coming from or their LPS are are in or guess what that orange is? It's Robin Hood chain. It's Robin chain and it's Ethereum mainet.

>> Those are the two places uh for economic activity on chain. >> Yeah, Bass is not in here. Although I think Bass is a sleeper. base is not in here and it's just ETH and Robin Hood chain. Robin Hood ETH Robin Hood >> ETH it kind of seems like what happens on base stays on base in the sense that like they have tons of trading volume. I think they do something like $300 million a day, right? So that's like a lot of volume, a lot of activity, but it doesn't seem, at least when we look at some of these crosschain providers, it doesn't seem like there's a lot of flows in and out of base. Like what's there is getting traded there gets turned over a lot, but there's not a lot of flows in and out.

>> Okay, so Robin Hood chain metrics here, right? Total dice TVL one bill stable coin supply 600 mil stable coin supply on base 5 billion >> dramatically more >> on base right >> total value secured almost 12 billion. Yeah, >> massively massive massively more here as you can see. Huge revenue though only 54K in the last couple of days.

Revenue for Robin Chain quite a bit higher. It's interesting. It's interesting. Throughput active addresses all significantly lower. Just interesting. Just interesting. Transaction count going parabolic. Active addresses going parabolic on Robinet chain on base. Pretty steady. Pretty steady. So yeah, I don't know, man. Um, spat says uni. Um, yeah, I mean, we'll see what happens there. I think 1 in is doing a really good job and an

interesting job here Rob with their uh Aqua launch obviously partnered with the show, friends of the show. Um that they had a successful launch uh can definitely clip this and show some of the uh show some of the results and so yeah I mean Robin Hood chain is just coming out of nowhere and just dominating. I mean absolutely dominating. >> Can you think of any ecosystems aside from ETH mainet, Robin Hood base and Salana that have any kind of motion right now? Hyperlid of course and lighter. >> I don't think of them as much as an ecosystem but yeah of course.

>> So lighter comes out and says that their Robin Hood points is going to launch tomorrow. And look who the look what the chart did. They announced it right here. [snorts] >> It's great timing. >> I mean this thing's ready to go man. Look at this thing. This thing looks beautiful. >> This is what is this? Lighter >> lighter on the daily. I mean, this thing looks absolutely gorgeous. Ready to absolutely just melt some faces to $3. >> Oh man, I missed a little bit. I missed your technical analysis just a little.

Just a little bit. >> Am I wrong? Like, does this thing not look fantastic? >> It looks Dude, I just There's no momentum in this asset class. There's no sort of like you think of flows. There's no flows like lighter's pumping because it made an announcement as it was dipping that they're going to do this partnership with Robin Hood. That's why it's going up like what? You don't see that in the chart. Like you don't look at it and see that you know by looking at it. You you look at it because it's fundamentally got this positioning in the market. It's got this revenue.

People are projecting it's going to generate more revenue. >> No, it just looks good. Rob [sighs] >> guys, >> you have to combine both. >> You have to do fundamentals and technicals. >> You don't I mean dude, if there is momentum, then yes, I can understand like you know narratives take off, right? If uh per trading for example in the US gets approved by the CFTC regulators or clarity act. Yes. Like there's going to be a rerating in which Lighter and Hyperli liquid teleport upwards and the multiple of you know how much money

they're bringing in in revenue to their market cap is going to expand. But the question becomes how we don't know how much it's going to expand, right? Because it's sort of got uh narrative price discovery if you will, which or multiple price discovery, >> but that's not h like that's not happening. Like we [laughter] you don't just see that in the chart. And so if there's some sort of catalyst that creates momentum, then sure, yeah, pay attention. It looks like it's going to stall out here. These are the levels to watch. But if there's no momentum and no like there's nothing to pay attention to in terms of flows, there's nothing to just look at and identify. I I'll see you I'll see you at $3 per lit. All right,

>> I'll see you at $5. >> See you at 10. I'll one up you there, bud. Let's get into daily equity powered by friends at Tinari. Let's get into it here before Rob blows the lid off. >> Edward in the chat said 30 by 2030. I'll see you at 30. I'll see you at 50. ETH OG has been buying letter with a $50 million wallet, buying clips every day. I know he has. That's Robbie. Robbie didn't tell you about his side wallet. Come on now, bud. Mr. Lighter OG. >> Hit up my FOMO wallet. >> You're not a real Mr. Letter OG. If you don't know that, that's Mr. Clay's over here in the building. >> All right, let's get into the >> names. You're still in the subtitle.

>> Dinari here. Get this in there. >> [music] >> What do you what do you see of the equities asset class? What does it look like? >> It looks ready to go. I mean, I'll tell you what, um, guys, stocks get new rails after dinari's launch of tokenized spot S&P 500 assets in to the United States of America. Uh, Black Rockck, Larry Finch calling tokenization the next generation of markets. Five trillion dollars by 2030. Capital markets has done this once before. Used to be a piece of paper. Now it's on brokerage

account. Next thing is on chain. Dinari is totally right. One of the leaders in this market. Uh, and has done a great job of being able to bring this now the first of its kind to the US investors in a regulated fashion. Let's see what Larry has to say here. I'm bullish on Larry. Guys, ready to go? I mean, this is uh I mean, this is it. I mean, this is I'm going to take my dinari dshare and I'm going to put it into a and borrow against it and I'm going to do it as a US citizen in the United States of America. >> Andy, did you know that dinari dshares span all 500 companies in the S&P 500?

>> Yes. >> They tokenized every single company. You can buy them. You can buy the index. >> Yes. And there is a bit of a limit right now, I believe, on the purchasing power. >> I think it's like $5,000 a day or $1,000 a day or something like that. That might just be based on uh which funding source you use. Um, and so I mean I found that incredible because I mean think back to, you know, some of the conversations with that we've had >> as some of these technological uh spaces open up, some of these opportunities open up, it's always ex extensibility. It's like, okay, oh, it's a multi-chain world. Well, how many chains does your interop protocol reach?

How are you able to extend across all of the chains? How are you able to list all of the assets, right? And dinari, I mean, is able to do this? They don't go, you know, the native issuance model and talk to every single company, right? And get them to tokenize their shares natively. They also don't go in the funky monkey SPV rapper nonsense. >> Y, >> right, >> but every share, every Dshare is a real share, maintains all the shareholder rights. So yes, this segment is powered by dinari, but I mean look, even if it wasn't powered by dinari, I feel like we would be talking about them as a power player in the tokenized equity space.

>> Yeah. Let's hear what Gabe has to say here at the RWA summit um with regards to kind of how he's thinking about uh what what is happening when you tokenize these equities. Um okay, let's just scroll down here and have a look here at at at the graphic here. Um program programmability ads with the old infrastructure could not instant settlement automated corporate actions access from anywhere. Dshares are now live in 85 countries including the US. First time ever these will be accessible on Ethereum mainet other chains and more. This has been the daily equity what's next for tokenized capital markets. That is Gabe. He is the uh he

is the co-founder of of dinari and been on the show quite a few times and I mean look this is big launch for them. We're excited about what's happening and I am going to make a a note now that I'm back from Patagonia to go ahead and uh you know uh make a dinari account and participate in minting my first stocks on chain. And it it uh it uses the same mechanism that we talked about on Robin Hood, this just in time tokenization or tokenization ondemand mechanism where a user submits an order. Basically, the the important thing to realize is that

there's not a massive capital investment that needs to be done in order to bring >> correct >> inventory on chain. >> Correct. If so, again, it would be difficult to the extensibility would be limited by the kind of uh capital that is raised and invested into this asset class. And if you tokenize, you don't know what to tokenize. But that's not the case. And so, as orders come in, you would uh you would tokenize the equities on demand, which I think is just the most capital efficient uh approach to tokenization that we've seen in the equities asset class.

Big dinari hat. Big dinari message. >> I approve this message. >> US stocks available 24/7 in the United States of America. Powered by dinari. You guys will see me on the show this week. I will be having a dinari account. It will be epic. It'll be time to go. We're going to get it fired up. >> Gabe also talked about I mean there were several things that you know he brought to our attention about what is coming next but he couldn't talk a lot about. >> Oh yeah. Um, and it's all with regards to the do more with your stocks like slogan like that principle, >> you know, once you have the asset class proliferate across several chains.

Another thing Gabe mentioned that I found very compelling about this uh way of doing tokenization for equities is that you can deliver because it's effectively an intent system. you submit the order, there's a broker dealer or a market maker, there's someone on the back end. And he says part of why it took so long for them to list in the US is because they built out this compliant and regulated ma uh uh system where depending on whether it is market hours or not and whether it's the weekend or not, they submit the order to a different liquidity provider, a different broker that is ultimately going to deliver the shares. If it's during market hours, there's a set of market makers that can comply. If not there's another set of you know offmarket hours market makers. Um

because they submit this and then it does take you know uh not a lot of time but some time to end up delivering the equity from the market makers. They can settle that trade on whatever chain you choose. If you want your tokenized equities delivered on base they can deliver it on base. If you want to tokenize them and deliver them on Ethereum mainet do that. If you want to deliver them on Salana do that. And so >> I want them on Hyperlquid, baby. I got SpaceXD on Hyperlquid. XTO's coming in. EQX Labs coming in. It's going to be a battle for Hyperlid spot equities trading. Robert Clay just great to have you back. Great to be back. I'm wearing the dinari hat back here, buddy.

>> Let's take a quick break before we get our first guest of the show up talking UNIV V4 LPS, revenue metas, and more. Coins are pumping. Big week ahead. Let's get Bitcoin back to 67K. Let's get the party started. Let's get Gami up next. Take a quick break here. [music] [music] >> [music] [music]

>> We get deep know we get deep [music] we get deep know we get deep we get we get deep we get deep we >> [music] >> We get know we get [music] [music] deep. [music] We get deep. We get deep. You know we get deep.

[music] We get deep. We get deep. You know we get deep. [music] [music] >> [music] [music]

[music] >> We We get deep. We get deep. [music] You know we get deep. We get deep. We get deep. You know we get deep. [music] You know we get deep. We get deep. You know we get deep. You know we [music] get deep. We get deep. You know we get deep. You know we get deep. [music] We get deep. You know we get deep.

We get [music] we get >> yo yo yo. What's going on, guys? This is Itan with the rollup. We're going to be patrolling the streets of New York City getting answers to the questions that you guys have most. What are people trading? What are people investing in? How much do people actually budget? We're going to have people from all over, all different investment classes, people who are dead broke, people who are dead whales, people who are just loaded. There won't be a mayor or politician to stop us on the streets.

We're going to go everywhere. All five burrows. We're taking over the 212. [music] [music] Heat [music] [music] up.

[music] >> [music] [music] >> It's dangerous. >> All right. >> Good time in Vegas. >> The boys are in Vegas. That's That's what I missed here, guys. Chad, I missed I missed the Vegas trip apparently. Apparently, it looked pretty epic. Uh Tom, please be safe out there. People be crazy in the streets nowadays. Yes, guys, we will have some I just looked at the the So, we did a kind of like a rehearsal week of Aon on the streets.

You know what? After we chat with D about Uniswap, V4, etc. We're going to we'll get a ton up here in the studio. We'll get a quick >> Oh, perfect. >> We'll get a little reminder of uh what what's going on behind the scenes with the with the streets content. We've got Guom uh here, Guom Lambert, founder of Panoptic. Uh we're talking V4, we're talking DEX fees, we're talking liquidity shifts, Robin Hood chain, and more. Why don't we bring him up? Let's get Guiam up on stage, get the show started. Guom, welcome to the show. Good to have you, man. >> Hey, I'm glad to be here. >> Yeah, man. Busy, busy, busy times. Uh G, maybe you could just start by telling us a little bit about Panoptic. Uh we have here that it's a D5 protocol building prime brokerage and perpetual options on

top of Uniswap. Could you just tell us a little bit more about what that means? What is Panoptic? >> Yeah, exactly. So we're a uh an options protocol on Ethereum mainet. Uh we're able to make options work on mainet because we are rethinking what an option is. Um if you think about pers and futures and futures a tread for way of doing this but per got rid of the tenor it's much simpler every can. And if you think about options uh you have a much bigger problem. can still think in terms of expireies and strikes. Uh if if you have uh the chance to open the options tab on your brokerage firm, it's a Excel spreadsheet word of numbers and it's quite hard to parse. And if you try to

do this on chain, uh it's quite difficult. You have to uh have a transaction for each one of those little kind of Excel spread cells. uh and then many people have tried it and then you have to rethink options make them easier to trade on chain but also change how how they actually behave. So in our case we make them perpetual again similar to per uh we make them where there's much less liquidity fragmentation. Uh all the options that you trade come from the same pool and also kind of that at the deeper level we're built into unis swap v3 or v4. So if there's a pair that exists, whether it's a memecoin, stable coin, stable coin, or a tokenized stocks, uh we can actually build on top an options market and you have buying

and selling options, protocols, what have you, or even combine many of them to create spreads, but all within the uh execution level that is on unis swap and any can work with that. So we've been live with V2 over the past two months. Uh we have vaults, we have many ways to make it easier for people to trade uh because but at the same time we also have kind of an advanced um platform for anyone that knows about quant knows about the Greeks they can also trade on panoptic. >> Yeah man. And so from your uh from your kind of you know math and quant and onchain trading perspective um you know what is your take on the proliferation of unis swap v4 on Robin Hood chain and just generally this fee

switch maybe you could just like unpack a bit how you think about dexes as revenue generating companies and the ways in which you see them kind of play out for rewarding LP. PS token holders uh and also trying to kind of provide the best trading experience. You've kind of got this like trifecta here of really good, you know, deep deep liquidity, good trading experience with low fees, rewarding LPS for impermanent loss and trying to create a really healthy LP ecosystem and then also having a revenue generating machine that rewards token holders and does buybacks or you know has some sort of function in that realm.

It's kind of like this like triangle. How do you think about that triangle to start in? Maybe we can get into more about unis swap and the fee switch. >> Yeah, exactly. And and again with unis swap that's on Robin Hood as you I mentioned that means you can trade any assets and whether it's a tokenized stocks or a memecoin a unis swap pool can serve this quite well. And when you think about this there's always someone in the background taking some risk. And then the LPS though that provide liquidity, they put their tokens uh at risk and uh they are the ones that are providing a service and they get paid whatever the swap or the swappers pay them in terms of fees. So for a very volatile pair, there's lots of trading,

you can use a higher fee here and get 1% per trade. Or if it's a very very um less volatile or boring pair, it can be stable coin stable coin. But there's always someone in the background that takes some risks and that is I would say the main user of an AMM swappers they can still go OTC RFQ they can swap with their friends and as long as people agree on the price uh the trades can happen but on the LP side you are providing this service that is continuous perpetual never stops and if you do it through dexes this is how you re revenues and this is how you get rewarded for that revenue. risk and um you can try to attract swappers. They

could be quite mercenaries. You can try to attract LPS and these will maybe have a higher sticking power but that's this is when in the five summer people try to attract them with defy summer coins. Yam all of those >> just boosting their revenues means that they can now do this with a little bit less risk on their balance sheet. They have an extra revenue store that's not just swappers but also uh the tokens. And in terms of unis swap, they had uni incentives. This is kind of pushing the needle one way. How can we attract more activity by helping LPS deal with the the risk and impermanent loss they can they can face. And with the fee switch, you kind of put a needle the other way.

Now you decrease their revenues. Uh now it can go towards buying back the token. It can have a different use case. But the risk taker in this ecosystem now will have a much bigger a much harder time because they can get see their revenue cut by five 10 25% in some pools. So that uh whole as you said trifecta you have who uses it is swappers but LPS are the main kind of carrier of whether liquidity exists and unless you are careful with how you reward them or maybe take revenues away from them. This is how it can get more difficult for for LPS and and back in the in the few weeks ago even the the this is when I was a bit more vocal about this. I'm an LP and I'm I'm an LP myself. the protocol I'm building

panoptic also use LP positions as the way to do options and it's a cut to the revenues of our users of myself and yes maybe the token can be part of that equation but if I don't hold if the protocol doesn't hold tokens they don't necessally benefit from that so this is kind of the the two sides how you you reward and benefit the the the users which are the LPS in that case where >> so I just want to make sure that we understand correctly and and uh you know our audience has the complete picture here so panoptic and yourself uh is providing liquidity uh to this ecosystem to in particular to unis swap and so you're saying that after unis swap turned on the fee switch which I believe was on July 27th uh two weeks ago or so

after July 27th after they turned on the fee switch you saw your LP rewards reduced is that correct >> yeah that is correct and it's actually how it was designed to be uh with V3 three or V4, you have this the the swappers that pays a fee and a fraction of this gets redirected and it goes to a different um smart contract and it doesn't all flow to the LPS on the other side and do you have some numbers around this like uh do you know how much you were retaining in LP fees uh you know as you were providing liquidity and panoptic was pro providing liquidity before and then after the fee switch.

>> Yeah. So the the the raw cut if you want depends on the the specific pool or market but again go from 15 to 25% of the fee paid gets redirected and some days you have a lot of trading some days you have a lot of moves. So it's hard to do a onetoone a month ago to today for instance but it is definitely something that you you can compare by just saying hey x amount of volume less fees would be redirected to to the LPS. >> Wow. to the tune of 15 to 25% because my understanding of the unis swap fee switch is that I think I saw it's five basis points but you're saying five basis points h gets amplified into 15 to 25% less rewards for the liquidity

providers how do you go from five basis points to 15 or 25%. >> Yeah. So it's five basis point out of 30. So the 30 basis point pool where every swap every swapper pays 30%. >> I see 30 basis point. So >> so if I if I'm if I'm sorry. So if I'm making a trade let's say from USDC to ETH or ETH to you know wrap Bitcoin or something like that. I'm typically paying 30 basis points on that trade. And so you go from 30 to 35 basis points which is an increase of 15%.

>> Yes. Exactly. And in V4, you go from 30 to 35. On V3, which was turned on, I guess last December, you still paid 30 basis point, but then there's five that gets redirected away from the LP. >> So that 15% is definitely that. And then the the five basis point pool is one.75 1.5. So there is a a scale there. And this is when you get to 25%. And and so when you say this was by design, I mean, UniS swap obviously wants to make money, right? You know, they have a lot of activity and volume that's flowing through their protocol.

When you say it's by design, did they know how much this was going to affect LPS? Do you think it caught them by surprise or do you think they knew they turned it on intentionally and they're okay with their LPS getting 25 15 25% less rewards. >> So yeah, I don't know exactly how the uh the process went. But then when I meant it's by design is back because the smart contracts that were written in 2021 or 2024 all had this logic that was just turned off and it was quite easy to extrapolate okay if this is turned on this is what's going to happen >> and the net impact was uh debated tested

uh and and and V3 was turned on last December and the V4 which now means all pools are affected also have been turned on this month and I would say Again, this is a the next this was known ahead of time. This was going to happen and uh this was not something that took anyone by surprise because it was in the code. What is less obvious is the impact and how you kind of mitigate some of this >> uh and and again the the we do have ways to as an LP I had to shift my strategies as a protocol building on unis swap. We also have to shift our strategy. So it's not necessarily preventing anything from happening. is just now it shifts. Okay, we have to deal with this extra layer that we need to to worry about.

>> How how have you shifted or how will you shift your strategy? Are there, you know, things that you can tweak, levers that you can pull? How how do you anticipate shifting the strategy given this V switch? >> Yeah. And and again, I'm a physicist by training and I do a lot of the math and and analysis myself. So, I need some raw numbers to actually back what I'm saying. Yeah. >> And uh when you are dealing with an LP position, a market, any asset, the way that I rationalize whether I LP in this asset or not is that I look at the volatility. A very volatile pool like a meme coin will have a lot of trading which is purely organic dens going up and down trading the the pool the the asset. This will create a lot of healthy

flow. If you think about this and this is one that is I'm more comfortable trading if there is a uh again I don't do mean coins that much but this is one way to generate healthy revenues because there is a lot of natural demand and you actually made a lot of money before now you made a bit less but still quite positive on the other end of the spectrum I would say that low volatility pairs stable coin stable coin eat steak those that don't move much but then it's also purely organic there's no market maker aring the price of steak eat to because it's it's it's there's no AR to be that you can redeem. So, it's only people that do want to trade it that would these pools and this is also creating a much healthier uh return profile. uh those which are more

difficult is the ETH USDC, Bitcoin USDC, those which follow the price on Binance for instance and the bulk of the trading um and the the price discovery happens offchain and what you see when you are onchain is just arbitrage low uh like just arbitrage flow low quality flow that will just make you barely uh breaking even and with the fees when you have to to scale back. So when I need to adjust, I just say which pool do I go to? That will try help me maximize that that that healthy flow that comes into that pool.

>> I see. Okay. So the uh one-sided pairs, if you will, are the ones where this V switch has actually turned it from a profitable strategy into a unprofitable strategy. And then there's other pairs, for instance, stable pairs and memecoin pairs where there's a lot of retail flow or a lot of stable flow. And those I'm hearing are still profitable, but not as profitable as before the fee switch. >> Yes, that's correct. And and the the uh it's all market dependent. If everyone leaves and removes liquidity, there's a bit more for those that are sticking behind, but at some point, you hit into a wall where there's not enough liquidity back trading. So there is kind

of an equilibrium that will happen. >> Do you talk to other liquidity providers? I'd assume that like you guys are in, you know, a group chat or whatnot. You hang out on the weekends, you go to the boat or the beach or whatnot like this or go to Vegas. Yeah, you heard us talking about Vegas before you joined. Um, is this something that all the LPs are facing? like everyone is now sort of deliberating about how to shift or adjust the strategy in the wake of this five basis point increase in the fee switch.

>> Yes, exactly. And there's no one uh group chat but then I've been in touch with many of them through kind of my years as a LP researcher. And a lot of this is also um there's some inertia. So you have this enterprise growing. You may be providing liquidity to a dozen pools. You shift liquidity back and forth. So there are ways that you can adjust uh and then you can still maybe make less on one pool and then shift to a different one or you have a contract someone pays you so you don't necessarily care to make uh like a razor thin margin you actually have revenue source that's outside of that and that is something that people say yeah I don't mind staying in the V3 pool if it has some fees and this is what we've seen over the past six months even like

the the liquidity has shifted a bit but not nothing major >> and but then the the the the end state is at some point there if there's no real reason to keep going, people will just kind of stop doing it and you'll see less and less liquidity. And this is my like maybe the the the worst case scenario is that you have this uh withdrawal of liquidity that is progressive that is just apathy forming over time and say, "Yeah, okay, I didn't make money over the past three months. Let's close shop and and this is when you you kind of lose the the original of the ecosystem as a result."

>> Yeah. Right. No, of course. I mean part of why you know these DEX AMMs have thrived up until this point is because it's a permissionless ecosystem. Anyone come in it's totally capitalistic. It's you know just the market forces and if you know a tax comes into the market um it forces you know marginal pro marginally profitable participants out of the market. Um that's just >> and maybe I can ask you Rob as well or even Andy like if have you LP in the past yourself? Defi summer.

>> Yeah, DeFi summer. It's been a while. I mean we kind of jump around a little bit and there's a lot of professional liquidity providers now but in the past unis swap v2. Yeah we uh you know we were liquidity providers >> and this was the most fun that most people had like you can try to optimize lending pool. I without talking down any protocol but this was generally you felt like you made money. you had >> some activity sometimes you lost but then most of the time whether it's incentives or or or a real fees this was like one of the best thing to do with your e or your coin or whatever airdrop you got >> and now it's it's like a bit dying and again you can think about different use cases and and this is me maybe plugging the panoptic protocol a little bit but

you can borrow against your LP position for instance or you can LP on leverage you can have different ways to kind of enhance the the return profile file or you can um again we're an options protocol. you can buy puts or you can buy protection to your LP positions and kind of manage impermanent loss in a way that's not just let's wait and see but rather you have this uh options or you have a way to man mitigate risk and this is where you can have a lot more diversity of strategies by not just being an LP and kind of hoping for the price to stay in range but rather you have this maybe more fun ecosystem that we have you have more more more opportunities to to trade on top of these positions >> man DeFi summer those were the days.

Those were the days, man. Do you um do you um have uh strategies that run on uh multiple chains? Um do you have strategies that run on multiple chains or are you predominantly executing these liquidity providing strategies on ETH mainet? >> Um personally most only on ETH mainet. >> Gas in a way is cheap quite cheap compared to again D5 summer. I don't know if you had 50 bucks per trade in terms of gas fees, but I've had many of those now it's gone down quite a lot.

And I'd say that the um again the same way you LPD in the random airdrops you got you can do the same thing with now RWAS or tokenized stocks and there's a lot of activity on mainet a lot of on Robin Hood activity on base presumably. So you can have like you seek the assets as opposed to choosing a chain. This is what I'd say that most people nowadays are doing. You want to trade um specific asset you go on the chain where it's traded. So for now it's mostly mainet. Uh but then yeah there's definitely ways to to expand to different chains. >> Very cool. Uh GM I think just my last question here. Um as we've talked about you know profitability for liquidity providers has dropped as a result of this fee switch. Do you think unis swap

is going to listen to the community of liquidity providers and maybe turn off or decrease the fee switch? >> I don't know. This is a a um a a DAO that voted and millions of tokens voted in one direction. I personally don't hold uni tokens but I was receiving delegation and vote and then I voted against and made my point. uh if you want to turn it off or back it's not going to be Hayden Adams the again that unis swap that will decide it's going to be the dowo at the same time so yeah I'm not going to be uh and and to some extent I might be wrong in terms of how it's going to unfold where people can adjust and make it very uh profitable in the long run but yeah I personally again

as I mentioned I'm shifting my own strategies I'm again the strategies that we implement in panoptic is mostly also for me as an LP how do I make money now and then we can actually tap into a different source of of diversification. Uh but I would say that it's might be quite likely it's going to be on forever. >> How close was the vote just out of curiosity? >> Oh uh 45 million to 1 million and part of it came you were the one million >> me and again shout out to Gamma Strategy is another protocol that is uh also in the D5 ecosystem also building on top of unis swap. All the LPs were kind of against it. those that voted for maybe had less skin in the game, but at the end of the day, I was um again, I had to

do it. It's it's it's not because I did not like the revenue source or what they were going to do with it. It's just I don't think it's it's punishing, right? It's affecting the wrong side LPS, which are the backbone of Uniswap. >> Well, this is fascinating. Um you know, we're just continuing to to keep an eye on this as the story develops because yeah, like you said, I mean, we've we've talked to some liquidity providers. We've seen some of the discourse, you know, between uh players in the DEX AMM space and uh it's fascinating to watch. Uh we at this show, we just love financial experimentation in real time.

Uh and to see this play out on both sides has been fascinating to watch. So, we're going to we're going to continue to to monitor this story. Uh Gu would love to have you on again sometime soon. uh maybe you know talking about how yield strategies adapt as uh you know uh these things go on as new venues launch and uh some of these things you know take place. I'd uh I'd love to have you on again soon. This was fantastic. Thanks so much for coming on and spending some time here with us. >> Of course. Thanks for inviting me. Anytime too. I'll be glad to be on.

>> Absolutely. We'll we'll be in touch. Thanks so much Kio. Have a good rest of uh your evening. Catch you later. >> Thanks. >> All right. All right, guys. That wraps us up. Um, we I mean, fantastic show. It's great to have Andy back on and uh got a little bit >> good on the return. >> A bit of a heat wave there on the uh >> Oh, there he's talking. >> Bit of a bit of a heat wave here in the Rollup headquarters in New York City. Uh, I needed needed to take a breather for 15 minutes and uh go from 85 degrees to 81 here. So, we're doing what we can.

Um, great to be back, man. Uh, great to be back. Uh, it's been a it's been a good it's been a good show. We got a lot of work to do. We got a lot of conferences ahead. Some more summer travel. >> Conference circuit. We'll be in New York in September. Uh we'll be in Singapore. Well, first we'll be in uh maybe Miami for Cybos. I don't know if you uh caught the speaker lineup for that, but loaded loaded Bank of New York Melon, >> City Bank, >> all the bankers, huh?

>> Deutsch Bank, >> all the big bankers getting into the crypto huh? >> Yeah. their uh their slogan says found it interesting to see those names associated with this slogan digital finance. >> Yeah, >> that's what they're calling it these days. The uh >> the bank calling it digital finance >> with some AI in there maybe >> for AIdriven economies. >> There you go. >> Digital finance. And uh yeah, the speaker lineup's pretty nuts. >> Here we go. >> Um >> I'm bullish. I'm I'm down to head it up.

>> Yeah. CBDC, digital assets, all kinds of fun stuff. Um, so maybe catch us there. Uh, then Singapore, then back to New York, then maybe London, Mumbai. >> Whoa. Don't know if I'm doing that one. >> Um, >> I don't know about that one. >> Guys, it's been a great show. I am glad to be back. I am glad to be back. >> Good to have you back. >> It's going to be a fun fun rest of the week. Um, >> absolutely. every every week that goes on, you know, as I was telling you before I guys left, it was like four months until we're going to have fun times again. Then it was three, then I went on like a two and a half week u break from reality. And now it's less than two. So at this point, we are less than two months away from

from the potential bottom if not already. And so at this point, it's just about pushing through. It's just about having having some willpower. It's about sticking sticking with the roll up day in and day out. It's about being here. here. It's about being in the chat. It's about being active. It's about buying your positions. It's about staying in the mental game. It's about not signing off. It's If you're in the chat right now, you're dropping a W, dropping a like. You're clicking subscribe because you're staying in the game. You're going to continue to listen to Rob's rants. You're going to hear me go there, come back from here, and be everywhere and still outperform the market. That is what we're going to do. We're just going to hold the line. We're going to accumulate units and units and units of our favorite coins right now. And we're

going to hold them for long-term capital gains. We're going to make some swing trades along the way. Some nice little short-term cap gains. We're going to hit some nice little narrative taints, but it's going to be our big kahunas that we're accumulating right now throughout this year that are going to carry the the flag pole throughout 2027, 2028. And that's all we're going to do here. Throw up. I'm not here to give you the the the next memecoin. I'm not here to tell you you're going to hit a,000x. I'm trying to hit a nice three, five, sevenx on, you know, five, six, seven figs. Go from there. That's all we're trying to do here. Next couple years, we're we're going to win. We're we're going to be millionaires. You're going to be a millionaire. I promise you. If Robbie Clius doesn't make you a millionaire,

you just give me a call. All right? If you're watching and you're still watching this show couple years, you're not a millionaire, just give me a call. I'll have a talk with Mr. Clous here for you. That's all I got for you guys. Drop a W in the chat, man. What a stream. Great. If you guys have any complaints about the roll up or any uh you know, financial advice questions, you just call up my friend Mr. Stoker and uh [laughter] he's he's gonna he's going to give you refunds. If you're if you're looking for a rollup refund, you just call up uh you just call up uh Mr. [laughter] Stoker. Just go bother him a little bit. That'll be good for guys. You know where we we will be tomorrow. Rain or shine, green or red, freaking warp piece. We're going to be

here. We're going to be live. We're going to rip it. We're We're going to have fun. We're going to rip it and rip it. We got Soho House Fridays for the team. Someone needs sleep. No, I just these bright these eyes are really bright. All right, watch her. What I do need is some more Diet Coke. We got Soho House Fridays coming up. We got big big week. It's time to go, man. I mean, there's nothing else to do in this world. Stack them, flip them, huddle them. Bankers are coming for your coins. Don't let them take them. Find us tomorrow, midday, very calmly. We're going to go on stream tomorrow. Okay? Everything's going to be okay, guys. We're going to the moon. I

promise you, we're going to do well. Rob, let's go. 1800 bit Andy. This is like that one song where it's like I don't know what what it is. That's hotline bling. >> Yeah, there it is. That one. There it is. Let's get some sounds for that one. Come on now. >> No, no, no, no. We don't want to get uh YouTube copyrighted as soon as we wrap up a banger show. >> You make the show so possible. We really appreciate you guys tuning in every day. This is just the beginning. Lighter has some huge news of Robin Hood chain tomorrow. Hyperlink looks fantastic. Zcash, you want to get as much of that as you possibly can. Of course, sponsors of the show, Relay Plume aligned re 1-in frack Zamanir. Can't go wrong with these guys. We're doing great. Stack, stack, stack.

Second half of 2026, you'll be glad that you stacked. We'll see you tomorrow. We'll be right here from the financial capital of the world. You've been watching the rollup. Let's give Mr. Clay just some love. [applause] Guy's a legend. Hey guys, if you want to see Robbie put a suit on, let me know in the comments. Let let us know if you guys want to see Robbie in a suit tomorrow. We'll make it happen. All right. All right, guys. If uh if uh [music] [music]

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