1 00:00:00,800 --> 00:00:06,240 Good morning. Good morning, GNEN, everyone, 2 00:00:06,280 --> 00:00:10,720 and welcome to another episode of Homo. 3 00:00:11,080 --> 00:00:18,880 Our day is Wednesday, April 2nd, 2045, and it is a stormy morning 4 00:00:19,000 --> 00:00:22,320 here in Chicago. There's absolutely pouring rain 5 00:00:22,320 --> 00:00:24,200 outside. It's cloudy, it's gloomy, 6 00:00:24,600 --> 00:00:28,920 perhaps a sign of the storm that is coming with Liberation Day 7 00:00:29,200 --> 00:00:33,120 and Trump set to announce those tariff details live at 4:00 PM 8 00:00:33,120 --> 00:00:35,160 Eastern today. And the question on everyone's 9 00:00:35,160 --> 00:00:38,760 mind, is it Liberation Day or Liquidation Day? 10 00:00:38,960 --> 00:00:41,080 We are going to break it all down on today's show. 11 00:00:41,320 --> 00:00:44,320 No, for Roque Mando is going to be with us here in a few 12 00:00:44,320 --> 00:00:45,600 minutes. But I've got Logan on. 13 00:00:45,920 --> 00:00:48,160 He is a writer over on the Kurtz. 14 00:00:48,160 --> 00:00:49,800 We've been working together for quite some time. 15 00:00:49,840 --> 00:00:53,160 Logan, Jim, how you doing? Hey, good morning Tyler. 16 00:00:53,320 --> 00:00:55,640 I'm doing really well. Not in my normal setup so the 17 00:00:55,760 --> 00:00:58,960 camera angle is is tough for me to a little unflattering. 18 00:00:58,960 --> 00:01:01,960 Maybe need to lay off some of the food here I've been 19 00:01:01,960 --> 00:01:04,080 consuming in Peru. But things are going well. 20 00:01:04,080 --> 00:01:07,480 The the weather is perfect. Tough to complain too much. 21 00:01:07,520 --> 00:01:09,840 Excited for Liberation Day and whatever it brings. 22 00:01:10,560 --> 00:01:14,520 I'm curious how the Peruvians are are feeling about Liberation 23 00:01:14,520 --> 00:01:15,360 Day. Are are you getting into 24 00:01:15,360 --> 00:01:19,040 conversations with the locals? You know, actually, Trump has 25 00:01:19,040 --> 00:01:23,480 come up more than once in conversation with our host 26 00:01:23,480 --> 00:01:26,400 family here in Peru. I won't get into the details of 27 00:01:26,400 --> 00:01:28,480 such. I don't need to get anyone in 28 00:01:28,480 --> 00:01:31,560 trouble. But it has come up surprisingly. 29 00:01:32,720 --> 00:01:36,400 Positive or negative? Negative. 30 00:01:36,680 --> 00:01:37,600 Yeah, that's. Not great. 31 00:01:38,280 --> 00:01:40,680 Well, we will see. Perhaps we'll get into that. 32 00:01:40,680 --> 00:01:44,240 That is one of the impacts of some of these tariffs that are 33 00:01:44,240 --> 00:01:46,360 going to be put in place. Mando's on with us. 34 00:01:46,640 --> 00:01:50,440 Mando GN How you doing? I'm doing great. 35 00:01:50,440 --> 00:01:54,000 How are you? Good, ready to be liberated and 36 00:01:54,000 --> 00:01:56,400 at least get through whatever that means. 37 00:01:56,520 --> 00:02:01,240 And we're going to find out in t -, 6 hours and then we'll see 38 00:02:01,240 --> 00:02:03,400 how the world impacts. So folks, what are we talking 39 00:02:03,400 --> 00:02:06,120 about on today's show? We are going to talk about Trump 40 00:02:06,120 --> 00:02:09,840 tariff latest, our predictions for what's going to happen today 41 00:02:09,840 --> 00:02:13,120 and then of course, the impact to the crypto market. 42 00:02:13,120 --> 00:02:16,960 We're going to talk Circle IPO. It is official Coinbase drinking 43 00:02:16,960 --> 00:02:20,600 circles milkshake as we took a look at the financials. 44 00:02:20,880 --> 00:02:26,480 Ted Cruz wants to use flare gas for Bitcoin mining in Texas. 45 00:02:26,520 --> 00:02:28,160 That was a headline out of left field. 46 00:02:28,440 --> 00:02:32,040 GameStop ready to buy $1.5 billion worth of Bitcoin that 47 00:02:32,040 --> 00:02:33,640 closed their stock sale yesterday. 48 00:02:33,960 --> 00:02:36,400 Kaido's got a new earned page for yappers. 49 00:02:36,400 --> 00:02:39,040 We'll go around the horn with some memes and NFTS. 50 00:02:39,040 --> 00:02:41,160 The WIFT team is giving the spear puns back. 51 00:02:41,440 --> 00:02:45,080 We've got a new NFT runner on Bear Chain and a lot more. 52 00:02:45,080 --> 00:02:48,520 Plus back half of the show, our conversation with Rohan from 53 00:02:48,520 --> 00:02:52,200 Miston Labs to talk about the mega successful walrus launch 54 00:02:52,560 --> 00:02:54,720 and what's coming next from them. 55 00:02:54,880 --> 00:02:57,440 So we're excited for that. Before we dive in, quick shout 56 00:02:57,440 --> 00:02:59,480 out to our partners starting with Galaxis. 57 00:02:59,480 --> 00:03:02,840 Galaxis is a Web 3 platform empowering creators and brands 58 00:03:02,840 --> 00:03:05,880 to build unstoppable communities with full ownership and 59 00:03:05,880 --> 00:03:08,200 independence. Trusted by icons like Donald 60 00:03:08,200 --> 00:03:11,080 Trump, Steve Aoki, Mike Tyson and the NBA. 61 00:03:11,360 --> 00:03:15,200 Shaping together the future of engagement and wallet connect. 62 00:03:15,480 --> 00:03:18,000 Wallet Connect is the connectivity network shaping the 63 00:03:18,000 --> 00:03:20,720 future of on chain UX. If you've connected to a Web 3 64 00:03:20,720 --> 00:03:24,040 app, you've seen Wallet Connect. That blue logo, It's everywhere. 65 00:03:24,160 --> 00:03:27,880 An icon trust in crypto as recognizable as Visa at the 66 00:03:27,880 --> 00:03:29,240 checkout. If you want to learn more, 67 00:03:29,480 --> 00:03:33,440 follow at Wallet Connect on X and Telegram to stay ahead of 68 00:03:33,440 --> 00:03:35,440 what's next. We love our partners. 69 00:03:35,480 --> 00:03:38,000 As always, Mando, if you're ready, let's get into it. 70 00:03:42,320 --> 00:03:45,240 Who is the man? Macro daddy of the land. 71 00:03:48,840 --> 00:03:51,760 Can you dig it? Yeah. 72 00:03:51,760 --> 00:03:54,160 So this is Liberation Day, whatever the hell that means. 73 00:03:56,520 --> 00:04:00,840 Stuff is not as bad I think as people maybe initially expected 74 00:04:00,840 --> 00:04:03,240 here. I think we spoke about it 75 00:04:03,240 --> 00:04:07,280 yesterday that I'm less. There's some focus on this for 76 00:04:07,280 --> 00:04:10,640 me, but not, not maybe as much as some of the other stuff 77 00:04:10,640 --> 00:04:11,840 that's going on in the stock market. 78 00:04:13,280 --> 00:04:16,920 And it's a little bit of confusion, I think coming out of 79 00:04:18,160 --> 00:04:20,720 even from like White House conversations that people don't 80 00:04:21,200 --> 00:04:26,240 really even know what this is until the final moments. 81 00:04:26,960 --> 00:04:29,800 It definitely doesn't feel like it's some sort of like obvious 82 00:04:29,800 --> 00:04:31,600 plan that's been out there and vetted. 83 00:04:32,640 --> 00:04:34,840 Even yesterday it was like, oh, it's going to be very, very 84 00:04:34,840 --> 00:04:36,840 broad. And it's 20% on everything. 85 00:04:37,240 --> 00:04:39,760 And then you have percent kind of walking back some of the 86 00:04:39,760 --> 00:04:41,600 comments. It's just like a strange 87 00:04:42,720 --> 00:04:44,080 scenario. I think they're kind of like 88 00:04:44,360 --> 00:04:46,040 they're gearing it up and you'll probably get a very 89 00:04:46,040 --> 00:04:47,720 comprehensive plan. But I also think it's being 90 00:04:47,720 --> 00:04:51,240 decided literally today, which is quite Trump, you know, like 91 00:04:51,240 --> 00:04:53,800 he's very, very much changed his mind on a lot of this policy 92 00:04:53,800 --> 00:04:56,200 sort of stuff. But yeah, we are, we are getting 93 00:04:56,200 --> 00:05:01,520 that Bitcoin holding up relatively well. 85 K still the 94 00:05:01,880 --> 00:05:05,920 European stocks sold off today. U.S. stocks had had kind of 95 00:05:05,920 --> 00:05:09,920 bounced slightly yesterday and they're a little bit weak today. 96 00:05:09,920 --> 00:05:15,000 So mixed bag positioning is definitely more bearish than 97 00:05:15,000 --> 00:05:17,960 it's been, which is normally a good sign means that you're not 98 00:05:17,960 --> 00:05:25,680 just going to go down 1020% And I the timeline continues to 99 00:05:25,680 --> 00:05:29,320 think, you know, be pretty bearish, I think, which I think 100 00:05:29,320 --> 00:05:32,120 is just an interesting flip there. 101 00:05:35,640 --> 00:05:38,440 I don't I don't know like I'm not that I think bitcoins going 102 00:05:38,440 --> 00:05:42,040 to stay above 80 K in my opinion here, whatever the headline, I 103 00:05:42,040 --> 00:05:47,760 don't see it going low. I can see yeah, maybe I can see 104 00:05:47,760 --> 00:05:49,880 maybe some of the L ones continue to drift lower, but 105 00:05:49,880 --> 00:05:55,200 like I don't see this causing some cataclysmic at least today 106 00:05:55,320 --> 00:05:59,640 some cataclysmic on market sell off, sorry, or or or equity 107 00:05:59,640 --> 00:06:02,320 market sell off. I don't it's just it's 108 00:06:02,560 --> 00:06:04,800 everyone's position too bearish for that to happen in my 109 00:06:04,800 --> 00:06:07,640 opinion. So I just don't think, I don't 110 00:06:07,640 --> 00:06:11,000 think it's going to happen. The the statements can seem to 111 00:06:11,000 --> 00:06:13,640 be that like people are now expecting more of a recession. 112 00:06:14,240 --> 00:06:23,440 Goldman Sachs think you know go down 6% in Q2, but I we're just 113 00:06:23,440 --> 00:06:27,240 not where we are were in my opinion rather like horrific 114 00:06:27,240 --> 00:06:36,560 sell offs inflation headline out just in some bailed out TUSD 115 00:06:36,600 --> 00:06:39,200 after stablepoint had 500 million hole in balance sheet. 116 00:06:39,200 --> 00:06:49,040 That makes sense. He was only created it and I you 117 00:06:49,040 --> 00:06:51,640 know, true inflation came out of 1.3% today. 118 00:06:53,120 --> 00:06:56,840 That's really low. I just don't think it's the sort 119 00:06:56,840 --> 00:06:59,680 of environment where things will just go absolutely horrifically. 120 00:07:00,280 --> 00:07:03,360 I and I think everyone is positioned way more bearish than 121 00:07:03,360 --> 00:07:06,360 they have been in the past. So I think crypto will 122 00:07:06,360 --> 00:07:09,680 outperform tech stocks here. I think will follow gold way 123 00:07:09,680 --> 00:07:14,560 more from here on in and I'm I'm more positive for sure. 124 00:07:16,240 --> 00:07:18,280 It's good to hear. I'm trying to pull up the those 125 00:07:18,280 --> 00:07:21,040 true inflation numbers. Yeah, I, I saw this yesterday. 126 00:07:21,040 --> 00:07:25,400 So I feel like there's so many mixed signals on the timeline 127 00:07:25,440 --> 00:07:27,200 there. There's folks who are just still 128 00:07:27,760 --> 00:07:32,280 terrified of inflation going up. And I think those are some of 129 00:07:32,280 --> 00:07:36,200 the calls that were saying that I saw a tweet this morning that 130 00:07:36,200 --> 00:07:41,200 folks are expecting rate hikes in in 2025, which seems just 131 00:07:41,200 --> 00:07:44,280 kind of absurd. And then like the true flation 132 00:07:44,280 --> 00:07:48,440 data is pretty, I think it's pretty a pretty clear picture 133 00:07:49,000 --> 00:07:51,840 right now that that it is going down. 134 00:07:52,800 --> 00:07:55,080 So I don't know a lot of mixed signals out there. 135 00:07:55,080 --> 00:07:59,680 I am hoping we get a little bit more clarity here later today. 136 00:08:00,360 --> 00:08:02,720 I do want to talk about that the tariffs and some predictions 137 00:08:02,720 --> 00:08:04,720 here. So you, you laid out some of the 138 00:08:04,720 --> 00:08:07,520 predictions that we've had Goldman Sachs, you know, they've 139 00:08:07,520 --> 00:08:09,240 increased their odds to recession. 140 00:08:09,240 --> 00:08:12,520 I think that there's more bearish views than bullish views 141 00:08:12,880 --> 00:08:14,600 for sure. I mean Bloomberg's only got a 142 00:08:14,600 --> 00:08:17,120 couple. We've got Tom Lee who's calling 143 00:08:17,120 --> 00:08:19,840 for AV shaped recovery. I think he's the only loud bull 144 00:08:20,080 --> 00:08:22,040 out out there calling for that right now. 145 00:08:22,240 --> 00:08:25,880 And then Besant a little bit more level headed trying to ease 146 00:08:25,880 --> 00:08:28,240 the the worst case fears. I think what really jumped out 147 00:08:28,240 --> 00:08:32,679 to me yesterday was last night or last night and then this 148 00:08:32,679 --> 00:08:35,960 morning, just the details of this plan isn't finalized yet. 149 00:08:36,080 --> 00:08:40,000 Like what like Trump, you set this day. 150 00:08:40,559 --> 00:08:43,320 And then like originally it was going to be like, I think they 151 00:08:43,320 --> 00:08:44,760 even delayed the press conference. 152 00:08:44,760 --> 00:08:46,760 So Logan, I'm I'm curious, I saw you reacting to that. 153 00:08:47,040 --> 00:08:49,920 Are you surprised that perhaps we don't have these plans 154 00:08:49,920 --> 00:08:52,960 written down on paper yet? I'm not surprised at all, 155 00:08:52,960 --> 00:08:55,280 unfortunately, as Mando mentioned, I mean, this feels as 156 00:08:55,280 --> 00:08:58,040 Trump as it can possibly get. I think the unfortunate part for 157 00:08:58,040 --> 00:09:01,560 many of us who had celebrate isn't the right word, but had 158 00:09:01,560 --> 00:09:06,000 been, you know, positively feeling about him surrounding 159 00:09:06,000 --> 00:09:08,560 himself with smarter, more efficient people, right? 160 00:09:08,560 --> 00:09:11,600 Like you just hope that this thing wouldn't happen as often. 161 00:09:11,840 --> 00:09:14,680 You know where you get to a day that has been earmarked for some 162 00:09:15,360 --> 00:09:18,720 masterful plan and there seems like there's no plan. 163 00:09:19,800 --> 00:09:22,800 So no, I'm not surprised that maybe disappointed is is a 164 00:09:22,800 --> 00:09:26,880 better word, but strong. So we'll, we'll see what 165 00:09:26,880 --> 00:09:29,640 happens. Yeah, I think that is fair. 166 00:09:29,640 --> 00:09:33,840 I'm trying to find the the the best tweet from last night where 167 00:09:33,840 --> 00:09:39,040 he he was kind of outlining what the options are, but I'm unable 168 00:09:39,040 --> 00:09:41,880 to find, I guess Logan, maybe for our listeners. 169 00:09:41,880 --> 00:09:43,920 So we, I think folks still know what Liberation Day is. 170 00:09:43,920 --> 00:09:45,960 How would you describe Liberation Day? 171 00:09:46,280 --> 00:09:49,720 As fellow American, how would I describe Liberation Day? 172 00:09:49,720 --> 00:09:54,600 As a fellow American, oh, man. Well, I don't know if there is a 173 00:09:54,600 --> 00:09:57,040 good way to describe it other than, you know, Trump has has 174 00:09:57,200 --> 00:10:00,840 made it very clear that this is going to be part of like this 175 00:10:00,840 --> 00:10:04,080 kind of make America wealthy again, Make America great again. 176 00:10:04,080 --> 00:10:07,360 All those, you know, cliche acronyms and such that he's laid 177 00:10:07,360 --> 00:10:09,560 outline. This is one of those key days 178 00:10:09,560 --> 00:10:13,000 where he's going to reveal plans that put us on that path or have 179 00:10:13,000 --> 00:10:15,960 already started to put us on the path to making America wealthy 180 00:10:15,960 --> 00:10:18,360 again. So I think, yeah, we are 181 00:10:18,360 --> 00:10:21,600 expecting some level of detail regarding what happens with the 182 00:10:21,600 --> 00:10:25,080 tariffs moving forward. I saw some headlines, I don't 183 00:10:25,080 --> 00:10:28,360 know the sources on them, but like things about like Canada 184 00:10:28,360 --> 00:10:30,960 would be willing to walk back if the US walked back. 185 00:10:30,960 --> 00:10:33,080 I was reading some of the articles over at Decrypt from 186 00:10:33,080 --> 00:10:36,160 some of my colleagues about, about this. 187 00:10:36,160 --> 00:10:39,000 Just preparing, like what what could markets expect on on 188 00:10:39,000 --> 00:10:42,360 Liberation Day? And there's just everybody what 189 00:10:42,360 --> 00:10:44,840 we're saying now, which is, you know, we don't really know. 190 00:10:45,600 --> 00:10:46,760 That's what everybody else is saying. 191 00:10:46,760 --> 00:10:50,000 Even the people who are closest to the ground and the macro and 192 00:10:50,000 --> 00:10:52,840 analysts who are being paid, I'm not the guy who can speak to 193 00:10:52,840 --> 00:10:55,080 that, but the people who are being paid to manage other 194 00:10:55,080 --> 00:10:57,400 people's money is saying the exact same thing. 195 00:10:58,000 --> 00:11:01,480 There's a great quote from a wealth fund manager in one of 196 00:11:01,480 --> 00:11:04,080 the Decrypt articles that said, you know, it's really easy to 197 00:11:04,080 --> 00:11:06,600 start a trade war. It's really difficult to end one 198 00:11:06,600 --> 00:11:09,080 or to win one. I'm sorry, I think the to win 199 00:11:09,080 --> 00:11:10,640 one, it's like impossible to win one. 200 00:11:11,520 --> 00:11:14,240 I'm wondering if Liberation Day is like, you know, we're kind of 201 00:11:14,240 --> 00:11:17,800 liberating ourselves from not the trade war indefinitely, but 202 00:11:17,840 --> 00:11:21,880 you know, liberating ourselves from that that mindset of like, 203 00:11:21,880 --> 00:11:24,720 oh, we're going to win it. He wouldn't, you know, Trump 204 00:11:24,720 --> 00:11:26,440 would never admit defeat, I don't think. 205 00:11:26,440 --> 00:11:31,200 But like, maybe this is a cooler heads prevail type thing, I 206 00:11:31,240 --> 00:11:32,400 don't know. We'll see. 207 00:11:32,680 --> 00:11:35,760 I mean, the best case outcome, right, is to win this trade war 208 00:11:35,760 --> 00:11:40,320 without firing any bullets. So to have threatened these 209 00:11:40,320 --> 00:11:45,360 large tariffs and then the mug effectively walked back and, 210 00:11:45,360 --> 00:11:48,920 and, or perhaps so like for me, the definition of liberation day 211 00:11:48,920 --> 00:11:54,640 is trying to rebalance a global trade situation where the US has 212 00:11:54,720 --> 00:11:58,600 losing deals or unfair deals. And there's, there's a lot to 213 00:11:58,600 --> 00:12:00,480 impact. But that, that, that is the, the 214 00:12:00,520 --> 00:12:04,720 headline view that we have trade relationships with other 215 00:12:04,720 --> 00:12:07,320 countries where they are charging us higher tariffs than 216 00:12:07,320 --> 00:12:10,720 we than we are charging them. And to try to even that out. 217 00:12:11,760 --> 00:12:15,440 So I think that is as simple as, as Trump is looking at it and 218 00:12:15,440 --> 00:12:17,200 we, we've started to see some reaction. 219 00:12:17,200 --> 00:12:19,560 So I think we've seen like Vietnam, Israel come out and say 220 00:12:19,560 --> 00:12:21,760 they're going to potentially lower their tariffs. 221 00:12:21,760 --> 00:12:25,560 So I think that is perhaps the the bull case here. 222 00:12:26,080 --> 00:12:28,720 I guess Mando and I, I don't know you, you've spoken at 223 00:12:28,720 --> 00:12:31,840 length, there's more driving markets right now than just 224 00:12:31,840 --> 00:12:34,880 this. But I am curious kind of what do 225 00:12:34,880 --> 00:12:39,320 you think's going to happen at 4:00 PM today and kind of what's 226 00:12:39,320 --> 00:12:41,800 your best guess at market response? 227 00:12:44,000 --> 00:12:47,640 I think there's focus on this, but like I said, I don't, I 228 00:12:47,640 --> 00:12:50,960 don't think it's been necessarily the the number one 229 00:12:50,960 --> 00:12:52,760 thing driving the US stock market. 230 00:12:52,800 --> 00:12:56,240 U.S. stock market is just basically made-up of 38% of 231 00:12:56,240 --> 00:13:00,600 these magnificent 7 stocks. So I, yeah, I'm just wary of 232 00:13:00,640 --> 00:13:03,680 oversimplifying that this is going to be the thing I think, I 233 00:13:03,680 --> 00:13:07,600 think that the stock market sell off is telling you with the move 234 00:13:07,600 --> 00:13:10,440 and things like Tesla that it's, it's not going to be saved here 235 00:13:10,440 --> 00:13:16,320 by tariffs. So I, I think it's, let's see 236 00:13:16,320 --> 00:13:18,760 how the AI thing plays out of the next few months. 237 00:13:20,640 --> 00:13:27,280 And, but, but, but the most bullish thing I see right now is 238 00:13:27,280 --> 00:13:33,640 just how the pendulum has swung to bearishness to the consensus. 239 00:13:34,520 --> 00:13:40,560 And, and that's not just in crypto, that's, that's like 240 00:13:40,560 --> 00:13:43,800 across across the board. And that tells me like whatever 241 00:13:43,800 --> 00:13:47,640 sell off, if we do get any sort of sell off, I think you meant 242 00:13:47,640 --> 00:13:56,400 to buy it because this is not long as getting wrecked anymore. 243 00:13:56,400 --> 00:13:59,240 In my opinion. This is this would be there. 244 00:13:59,320 --> 00:14:01,560 There'll be a there'll people short this market. 245 00:14:01,560 --> 00:14:04,160 I mean, people are the most short eat they've ever been. 246 00:14:04,400 --> 00:14:06,800 They're the most short stocks they've been since 2020. 247 00:14:08,680 --> 00:14:12,040 I think that no matter how bearish you think this is going 248 00:14:12,040 --> 00:14:16,880 to be, if we sell off today and we go decent, you know, like 249 00:14:17,680 --> 00:14:19,720 Bitcoin goes down at 80 K, just buy it. 250 00:14:19,920 --> 00:14:23,400 Just buy it. I'm telling you, I don't think, 251 00:14:23,520 --> 00:14:25,840 I don't think Bitcoin's going to break out of this range on this 252 00:14:25,840 --> 00:14:31,640 headline. Yeah, I think that is fair. 253 00:14:32,120 --> 00:14:36,280 I feel like my gut is we're probably, I think we're going to 254 00:14:36,280 --> 00:14:40,080 bounce, but I feel like I'm with you that we're also just going 255 00:14:40,080 --> 00:14:43,560 to stay in a range and we aren't out of the woods yet by any 256 00:14:43,560 --> 00:14:45,440 means. Like it's hard for me to to I, I 257 00:14:45,440 --> 00:14:49,040 want to be on Tom Lee's side. I want to pound the table and 258 00:14:49,040 --> 00:14:50,720 say the V shaped recovery starts today. 259 00:14:52,320 --> 00:14:54,680 It's hard to fully have conviction of that. 260 00:14:55,160 --> 00:14:58,600 I think, I think we've spoken about this before, but I think 261 00:14:58,600 --> 00:15:01,320 the expectations for crypto Twitter participants and crypto 262 00:15:01,320 --> 00:15:04,080 participants in general are just, they work both ways. 263 00:15:04,080 --> 00:15:07,160 You know, like previously, we we've expected too much. 264 00:15:07,440 --> 00:15:09,240 Now we may be expecting too little. 265 00:15:09,560 --> 00:15:12,520 And despite the volatility that's going to come in either 266 00:15:12,520 --> 00:15:15,560 direction, it's like Mando said, I mean, it feels like we're 267 00:15:15,560 --> 00:15:19,920 just, we're too bearish for it to be so bad. 268 00:15:20,240 --> 00:15:22,800 I don't know that May. That's of course, just an 269 00:15:22,800 --> 00:15:25,560 opinion. And, you know, that's what I'm 270 00:15:25,560 --> 00:15:28,280 clinging on to as like a a shred of opium. 271 00:15:28,280 --> 00:15:32,520 But I I full well in, in a little bit of my bare arc as 272 00:15:32,520 --> 00:15:35,640 well right now. So I'm not expecting much in 273 00:15:35,640 --> 00:15:38,960 either direction. But clinging on to that is a 274 00:15:38,960 --> 00:15:41,880 shred of opium, yeah. I mean, I feel like Bitcoin 275 00:15:41,880 --> 00:15:44,600 looks strong. It's it's been outperforming 276 00:15:44,600 --> 00:15:47,400 stocks. So it it it led the down move. 277 00:15:48,360 --> 00:15:51,160 So I'm feeling good about Bitcoin Alts feel a little 278 00:15:51,160 --> 00:15:54,560 weaker. I have to say I get waking up 279 00:15:54,560 --> 00:15:59,280 and seeing Bitcoin over 85 and then he's still below 1900, 280 00:16:00,160 --> 00:16:02,600 Seoul still below 130 doesn't feel great. 281 00:16:02,600 --> 00:16:06,760 So those aren't out of the woods by by any means, but I want to 282 00:16:06,760 --> 00:16:08,240 keep us going through our list here. 283 00:16:08,240 --> 00:16:09,720 We got to talk about the circle IPL. 284 00:16:10,280 --> 00:16:14,200 So we we talked that could be coming and then bam, we got the 285 00:16:14,200 --> 00:16:17,720 news yesterday. They filed the S1 with the SEC 286 00:16:18,440 --> 00:16:23,440 and as a part of that we got a better picture of their 287 00:16:23,440 --> 00:16:26,280 financials and and Mando. I know on the show yesterday we 288 00:16:26,280 --> 00:16:30,120 were kind of doing some on like off the cut back, back of the 289 00:16:30,120 --> 00:16:34,800 napkin math on whether or not circle would be a good buy at 5 290 00:16:34,800 --> 00:16:36,320 billion or not. I'm curious if you if you had to 291 00:16:36,320 --> 00:16:41,560 take a chance to take a look at some other numbers and if if 292 00:16:41,560 --> 00:16:44,160 that's changed your point. Of view I did, I had a look at 293 00:16:44,160 --> 00:16:46,360 their numbers, their revenue figures is good, but their net 294 00:16:46,360 --> 00:16:49,000 profit figure is is shockingly low compared to. 295 00:16:49,000 --> 00:16:55,680 That. You know how how is their 296 00:16:56,120 --> 00:16:58,480 revenue like? What is being lost here? 297 00:16:58,560 --> 00:17:00,400 Like that was my question. Like how? 298 00:17:01,560 --> 00:17:09,560 How it seems like they give like a billion dollars to, to, I 299 00:17:09,560 --> 00:17:13,160 mean, part of this goes to Coinbase each year and then huge 300 00:17:13,160 --> 00:17:14,560 cost. So Jeremy is paying himself a 301 00:17:14,560 --> 00:17:16,359 lot of money. That's, that's, that's what I 302 00:17:16,359 --> 00:17:21,160 kind of got got from this because 2025, you know, arguably 303 00:17:21,160 --> 00:17:24,040 that figure could go up. Like we said yesterday, that 304 00:17:24,040 --> 00:17:27,920 figure could again double that, that revenue figure, but their 305 00:17:27,920 --> 00:17:34,120 net income's gone down from 2023 to 2024, which surprised me. 306 00:17:35,520 --> 00:17:39,120 So I if I was sitting there, I'd be like cut the costs. 307 00:17:42,160 --> 00:17:45,680 Yeah. Like that business is maybe not 308 00:17:45,680 --> 00:17:47,440 being run as well as I think it could be. 309 00:17:48,640 --> 00:17:53,560 That was my reaction as well and like seeing that the net income 310 00:17:53,560 --> 00:17:56,960 drops year over year with the massive growth was just like 311 00:17:57,720 --> 00:18:00,600 hard to believe. Like my jaw basically. 312 00:18:00,600 --> 00:18:03,080 I hit the floor when I saw this and started getting into it. 313 00:18:03,080 --> 00:18:06,880 I do think the bull case I guess is continued growth and they do 314 00:18:06,880 --> 00:18:09,200 have cost levers they could probably pull back on. 315 00:18:09,240 --> 00:18:11,480 It seems like there's the headlines going around that 316 00:18:11,480 --> 00:18:15,600 Coinbase effectively is making more money on USDC than Circle 317 00:18:15,600 --> 00:18:18,360 is. As I understand it, Circle is in 318 00:18:18,360 --> 00:18:23,320 conversations with other sexes. So they could perhaps get better 319 00:18:23,320 --> 00:18:25,080 deals there. Of course they can reduce some 320 00:18:25,080 --> 00:18:32,480 of their other operating costs, but man, when I, I am not a, my 321 00:18:32,480 --> 00:18:34,320 expertise is not in valuing companies. 322 00:18:34,560 --> 00:18:37,640 I fed that, that the numbers, the financials through Chet GBT, 323 00:18:37,640 --> 00:18:40,120 they said good comps are in the two to $3 billion range. 324 00:18:41,600 --> 00:18:45,920 So that, that made me a little wary of it coming out of 5 325 00:18:45,920 --> 00:18:48,920 billion and being a smash buy. And then we're thinking perhaps 326 00:18:48,920 --> 00:18:50,440 it could even open up higher than that. 327 00:18:51,320 --> 00:18:54,360 I guess it was trading as high as 5 1/2 in private secondary 328 00:18:54,360 --> 00:19:00,080 markets in the past few months. So Logan, Chris, if you have a 329 00:19:00,080 --> 00:19:02,880 thought like are you thinking about buying this, selling this, 330 00:19:02,880 --> 00:19:04,120 waiting for a dip? What's your? 331 00:19:04,200 --> 00:19:06,360 What's your? Take yeah, I'd like to, I'd like 332 00:19:06,360 --> 00:19:10,800 to wait this out a little bit. I know the IPO mania the last 333 00:19:10,800 --> 00:19:14,320 few days in particular has been kind of exciting, but core 334 00:19:14,320 --> 00:19:17,200 weave, you know, just IPO last week started down and then 335 00:19:17,240 --> 00:19:19,640 bounced back up. So it's it this would be like a 336 00:19:19,640 --> 00:19:21,360 wait and see what happens thing for me. 337 00:19:21,360 --> 00:19:23,240 We don't actually know what price right yet. 338 00:19:23,240 --> 00:19:26,000 We don't know when either. So macro conditions could be 339 00:19:26,360 --> 00:19:29,240 completely different. I think core we filed as one of 340 00:19:29,240 --> 00:19:32,680 the most recent examples filed and then, you know, didn't start 341 00:19:32,680 --> 00:19:36,040 trading until basically a month later, you know, so maybe we get 342 00:19:36,040 --> 00:19:37,680 like an end of April thing type here. 343 00:19:38,080 --> 00:19:40,440 I don't know what's customary there, but it, it could be 344 00:19:40,440 --> 00:19:42,680 drastically different. I'm in a wait and see approach, 345 00:19:43,840 --> 00:19:45,680 but this was really interesting to read through. 346 00:19:45,680 --> 00:19:47,880 I, I was reading one of the articles on decrypt about 347 00:19:49,120 --> 00:19:50,840 Coinbase, you know, taking this 50%. 348 00:19:50,840 --> 00:19:54,760 Basically it said like the more that's held, the more USDC held 349 00:19:54,760 --> 00:19:58,240 on Coinbase means, you know, the more Coinbase is going to make 350 00:19:58,240 --> 00:20:01,400 the versus the complete opposite, right. 351 00:20:01,400 --> 00:20:05,640 So circle basically needs to find a way to get USDC elsewhere 352 00:20:06,000 --> 00:20:08,320 as well. So you mentioned Tyler potential 353 00:20:08,320 --> 00:20:09,880 other sexes. If you Scroll down here, 354 00:20:09,880 --> 00:20:13,880 there's, there's mentions regarding other banks as well 355 00:20:13,880 --> 00:20:17,080 and other platforms in other countries, MercadoLibre in Latin 356 00:20:17,080 --> 00:20:19,280 America, things like that. So there are, there are 357 00:20:19,280 --> 00:20:22,440 definitely still paths here and I think everybody recognizes. 358 00:20:23,040 --> 00:20:27,720 And is optimistic about stable coin growth and how, you know, 359 00:20:27,720 --> 00:20:30,240 impactful that could be. So I don't want to like write 360 00:20:30,240 --> 00:20:33,520 off circle here, you know, for the, for, for the future or 361 00:20:33,520 --> 00:20:35,360 anything like that. But it this would be more of a a 362 00:20:35,360 --> 00:20:38,880 wait and see what's going on in the rest of markets before just 363 00:20:38,880 --> 00:20:42,920 slapping a yes on the IPO price. Yeah, I'm with you. 364 00:20:42,920 --> 00:20:46,240 Yesterday I was pretty bulled up and was already starting to make 365 00:20:46,240 --> 00:20:49,280 plans of trying to earmark some capital to have ready for the 366 00:20:49,280 --> 00:20:52,320 IPO day. Now I'm in a little bit more 367 00:20:52,320 --> 00:20:55,920 wait and see mode. I do feel like I don't think 368 00:20:55,920 --> 00:20:59,560 stocks trade on narratives like our our beautiful Internet 369 00:20:59,560 --> 00:21:03,080 tokens do that the the stable coin narrative is a strong one 370 00:21:03,640 --> 00:21:06,440 right now. So I do think there is something 371 00:21:06,440 --> 00:21:08,680 to that. Could it perhaps trade above 372 00:21:08,680 --> 00:21:12,320 fundamentals? I think maybe there is some some 373 00:21:12,320 --> 00:21:17,880 hope in there, but we will certainly see that was the the 374 00:21:17,880 --> 00:21:20,880 big story yesterday. It was a little bit more quiet 375 00:21:21,280 --> 00:21:24,600 just being April Fool's day. No one wants to drop any serious 376 00:21:24,600 --> 00:21:29,080 news for the for the most part, the timeline. 377 00:21:29,080 --> 00:21:31,360 What was just an absolute abortion yesterday, but I'm 378 00:21:31,360 --> 00:21:33,560 happy we're we're past that. It's April 2nd. 379 00:21:34,240 --> 00:21:38,920 This looked like it could be an April Fool's Day joke here or at 380 00:21:38,920 --> 00:21:42,560 least a strange headline. So Ted Cruz bringing this flare 381 00:21:42,560 --> 00:21:45,640 act to use flared gas for Bitcoin mining. 382 00:21:45,640 --> 00:21:49,680 So Bitcoin mining continues to be a hotter button topic here in 383 00:21:49,680 --> 00:21:52,000 the USI don't think a whole lot to unpack there. 384 00:21:52,000 --> 00:21:54,600 Probably the juicier story though was GameStop. 385 00:21:55,200 --> 00:21:58,640 So they they completed their stock offering yesterday, $1.5 386 00:21:58,640 --> 00:22:03,000 billion now ready to go, ready to buy some some Bitcoin. 387 00:22:03,440 --> 00:22:05,440 That's on top of the $6 million in cash. 388 00:22:05,480 --> 00:22:07,640 They 6 billion in cash they already have. 389 00:22:08,400 --> 00:22:11,000 So they are they're flush over a GameStop. 390 00:22:11,480 --> 00:22:14,800 Mando's high level thoughts, good or bad, should be rooting 391 00:22:14,800 --> 00:22:17,280 for this. Any takeaways from GameStop 392 00:22:17,280 --> 00:22:19,880 potentially being one of the top owners of Bitcoin here? 393 00:22:21,120 --> 00:22:27,640 Really what I said before, like GameStop is not AII think it's 394 00:22:28,200 --> 00:22:29,480 BI had a look at it after the show. 395 00:22:29,480 --> 00:22:32,440 It's it's a double B credit. You would, you would call that 396 00:22:32,440 --> 00:22:34,880 and it may, may drop down to like being B actually after 397 00:22:34,880 --> 00:22:40,520 this, but which means, you know, it's that would be some of the 398 00:22:40,520 --> 00:22:43,800 companies that I used to trade like they're, they could always 399 00:22:43,800 --> 00:22:47,240 go bankrupt. Like they got an OK chance of 400 00:22:47,240 --> 00:22:48,880 going bankrupt in the next 1020 years. 401 00:22:48,880 --> 00:22:51,280 And then that's that's the risk with these sort of things. 402 00:22:51,600 --> 00:22:53,560 It's obviously they're buying Bitcoin today. 403 00:22:53,880 --> 00:22:56,600 There's just buyers of Bitcoin like every single day. 404 00:22:56,600 --> 00:22:58,960 I do man in minutes. It's just all right, These guys 405 00:22:58,960 --> 00:23:00,440 bought more. These guys bought more. 406 00:23:00,920 --> 00:23:08,680 It's it's very institutional now is Bitcoin being bought by 407 00:23:08,680 --> 00:23:13,880 institutions is is probably that unstable coins and RW as are the 408 00:23:13,880 --> 00:23:19,840 three big strong narratives. Still the L1 narrative like the 409 00:23:19,840 --> 00:23:23,480 use of the L ones that's been drifting quite a lot lower. 410 00:23:24,360 --> 00:23:27,920 You know, everyone's putting in month, month, multi month lows 411 00:23:27,920 --> 00:23:33,760 in terms of fees generated and a lot of questions about like do 412 00:23:33,760 --> 00:23:36,600 we have too much block space versus demand, all this sort of 413 00:23:36,600 --> 00:23:41,920 stuff. But but Bitcoin doesn't care. 414 00:23:43,320 --> 00:23:47,680 This buys a Bitcoin every day. I continue to think it's it's 415 00:23:47,680 --> 00:23:51,480 the thing to own here, although it's very boring. 416 00:23:51,480 --> 00:23:54,760 It's just, it's the thing to own. 417 00:23:55,800 --> 00:24:00,000 It's plodding along and it it feels like there's just going to 418 00:24:00,000 --> 00:24:02,040 continue to be a bid. Like it feels like there's a 419 00:24:02,040 --> 00:24:05,400 pretty safe floor and nothing is like totally safe, of course, 420 00:24:05,400 --> 00:24:09,520 but it feels like the safest floor of all of these by far. 421 00:24:09,520 --> 00:24:14,000 And I'm with you like I think 33 institutions on my list, like 422 00:24:14,000 --> 00:24:16,120 big ones who bought Bitcoin in the last day. 423 00:24:16,120 --> 00:24:19,880 And that's even throwing away like the the tiny market cap 424 00:24:19,880 --> 00:24:22,560 companies that are trying to generate the splashy headlines 425 00:24:23,320 --> 00:24:26,520 like the one Kobe responded to this morning. 426 00:24:26,560 --> 00:24:29,680 So that continues to happen. Logan thoughts there before we 427 00:24:29,680 --> 00:24:32,720 move on. Yeah, I, I mean, I, I've said it 428 00:24:32,720 --> 00:24:34,520 before, but like those are the types of headlines that I think 429 00:24:34,520 --> 00:24:36,840 we're going to eventually look back at and be like, oh shit, it 430 00:24:36,840 --> 00:24:38,600 was right in front of us. You know, like all the 431 00:24:38,600 --> 00:24:40,320 institutions, all the big players were buying. 432 00:24:40,480 --> 00:24:43,240 The one thing that, you know, I'm just not smart enough to 433 00:24:43,240 --> 00:24:46,400 think through all the 2nd and 3rd order effects is, you know, 434 00:24:46,400 --> 00:24:50,600 is anybody off put at all that these companies, many of them 435 00:24:50,600 --> 00:24:52,520 continue to follow the Sailor playbook? 436 00:24:52,640 --> 00:24:56,160 Like is that is that off putting or or not? 437 00:24:56,280 --> 00:24:58,760 You know, of course that's a, a big topic of debate. 438 00:24:59,000 --> 00:25:02,520 I'm not the guy to to go through it all, but that's just 439 00:25:02,520 --> 00:25:04,120 something that lingers in the back of my mind. 440 00:25:04,120 --> 00:25:07,000 Is all of these companies stacking up and selling debt to 441 00:25:07,000 --> 00:25:09,480 buy Bitcoin? Like is that ultimately good? 442 00:25:11,040 --> 00:25:13,480 I don't, I don't know. Good for Bitcoin. 443 00:25:13,480 --> 00:25:16,120 Yes, hopefully. But like, does that introduce 444 00:25:16,120 --> 00:25:19,160 risks that we're not, you know, not keenly aware of at this 445 00:25:19,160 --> 00:25:22,400 point? I yeah, it's, it is second 446 00:25:22,400 --> 00:25:23,440 order. I think it's the sort of thing 447 00:25:23,440 --> 00:25:27,320 that maybe in three years or two years people go like, oh wait, 448 00:25:27,320 --> 00:25:29,760 like GameStop could get liquidated here or this person 449 00:25:29,760 --> 00:25:31,960 get liquidated here. Do you know what I mean? 450 00:25:31,960 --> 00:25:33,560 Everyone loves it when they're buying. 451 00:25:34,080 --> 00:25:40,200 But then if if we go through a sustained period of lower prices 452 00:25:42,440 --> 00:25:44,800 that it just puts more risk in the system and I. 453 00:25:46,560 --> 00:25:51,000 Mean, I, I think it is off putting to a, a, a group AA 454 00:25:51,000 --> 00:25:54,440 cohort who who view it as like this last ditch effort, right? 455 00:25:54,440 --> 00:25:56,560 Like, oh, here's especially with GameStop, right, like here's a, 456 00:25:57,040 --> 00:26:02,200 a meme company now jumping into crypto to, to help, you know, 457 00:26:02,200 --> 00:26:04,520 save their stock price or, or whatever. 458 00:26:04,600 --> 00:26:07,080 And, and I feel like there, there's some butt angles there 459 00:26:07,080 --> 00:26:08,840 and was chatting with Jeebs this morning. 460 00:26:08,840 --> 00:26:11,640 It still feels like there's a huge cohort who feel like Sailor 461 00:26:11,640 --> 00:26:14,280 is going to be liquidated and it's, and it's a matter of when 462 00:26:14,960 --> 00:26:18,120 and not if. And that we've talked about that 463 00:26:18,120 --> 00:26:22,840 and that that feels like a very unlikely scenario still, at 464 00:26:22,840 --> 00:26:26,120 least since he's effectively stopped selling more, more debt 465 00:26:26,240 --> 00:26:28,040 to keep buying. So, so like, that's the factor 466 00:26:28,040 --> 00:26:30,360 to watch. But it is a different story for 467 00:26:30,360 --> 00:26:32,680 folks like GameStop who who are buying for the first time in 468 00:26:32,680 --> 00:26:36,440 86,000. So yeah, it's going to be a 469 00:26:36,440 --> 00:26:38,440 storyline to to continue to watch. 470 00:26:39,080 --> 00:26:43,440 Let's keep moving through some of the stories here ahead of our 471 00:26:43,440 --> 00:26:46,120 guests coming on in just a few minutes. 472 00:26:46,840 --> 00:26:49,520 Nice day of punk sales. Well, you're not sure if you had 473 00:26:49,520 --> 00:26:52,280 a chance to take a look at these these these two pilots selling 474 00:26:52,280 --> 00:26:58,120 85 and 126 E that is 3X2X and 3X the floor. 475 00:26:58,320 --> 00:27:00,560 Same buyer. And then canvas came in with 100 476 00:27:00,560 --> 00:27:06,640 ETH on this pink hair punk. All of these sales pretty well 477 00:27:06,640 --> 00:27:08,880 above floor. Is that refreshed Tyler or is 478 00:27:08,880 --> 00:27:11,000 that one really 6 minutes ago? That bottom ones are really 479 00:27:11,000 --> 00:27:13,080 nice. This is not. 480 00:27:13,080 --> 00:27:17,960 Refreshed OK OK, two hours ago. That was a nice one at 60 let's 481 00:27:17,960 --> 00:27:21,040 check in on the punk Bitcoin spread here so 80 K, so we're 482 00:27:21,040 --> 00:27:25,480 down about 6% versus Bitcoin here so we'll see I'm sure we'll 483 00:27:25,480 --> 00:27:29,440 tighten that spread again soon Kaido keeps rolling out their 484 00:27:29,440 --> 00:27:30,840 updates. So this is for the for you 485 00:27:30,840 --> 00:27:33,080 yappers out there. They they launched this new 486 00:27:33,080 --> 00:27:37,360 rewards station tab. So now you can very easily see 487 00:27:37,640 --> 00:27:42,000 which protocols are effectively paying people to tweet about 488 00:27:42,000 --> 00:27:46,120 their about their product. And I think this is, I think 489 00:27:46,120 --> 00:27:49,240 this is the one of the bull cases for Kaido is they are 490 00:27:49,560 --> 00:27:55,240 effectively democratizing the paid content sector of, of 491 00:27:55,240 --> 00:27:57,480 crypto Twitter. Now you've got all these 492 00:27:57,480 --> 00:28:01,440 protocols that there's out there for you and it is up to you. 493 00:28:02,160 --> 00:28:06,000 Like you're tired of seeing that the big Kols in your timeline 494 00:28:06,000 --> 00:28:07,280 being the ones that reap the rewards. 495 00:28:07,680 --> 00:28:13,880 You can go do it yourself now. Have you sorry Tyler, have you 496 00:28:15,560 --> 00:28:18,560 have you like tried to go through any of these topics? 497 00:28:18,560 --> 00:28:22,960 For example, I looked at this and I just chose skate just as 498 00:28:22,960 --> 00:28:25,320 one that I recognize. And actually I bought some like 499 00:28:25,320 --> 00:28:27,280 skateboard thing like a while ago. 500 00:28:27,480 --> 00:28:33,120 I don't even know what skate is, but I I just searched X Twitter 501 00:28:33,120 --> 00:28:36,040 for skate topics. All the tweets are the exact 502 00:28:36,040 --> 00:28:38,560 same. And you know, that's one of 503 00:28:38,560 --> 00:28:40,400 those things that I had mentioned previously about a 504 00:28:40,400 --> 00:28:43,520 little bit of my disdain for Kaido, right? 505 00:28:43,520 --> 00:28:49,640 And, and Yaps and yap farming. I'm just slightly concerned 506 00:28:49,840 --> 00:28:56,000 about this, but who knows. Yeah, I mean, you're going to 507 00:28:56,000 --> 00:28:59,160 get different tiers of of content, right? 508 00:28:59,160 --> 00:29:03,920 And the easiest thing for anyone to do is just to take Skate for 509 00:29:03,920 --> 00:29:06,520 example. You go to Skate's website, you 510 00:29:06,520 --> 00:29:08,480 copy and paste as much information as you can. 511 00:29:08,560 --> 00:29:12,720 You throw it into ChatGPT and talk to write you 5 posts. 512 00:29:13,080 --> 00:29:14,840 Right. And that's not a knock on on 513 00:29:14,840 --> 00:29:16,560 anybody who's produced anything here. 514 00:29:17,360 --> 00:29:19,280 Like I said, I I didn't go super deep into it. 515 00:29:19,280 --> 00:29:23,280 I just did a scroll through and so much of it, what you don't 516 00:29:23,280 --> 00:29:25,360 run into that might be hockey or sports related. 517 00:29:25,640 --> 00:29:30,800 So much of it is is just like that regurgitated ChatGPT, you 518 00:29:30,800 --> 00:29:35,400 know, the AI slop type content that is not adding value to 519 00:29:35,400 --> 00:29:37,760 anyone's feet. I mean, the really big challenge 520 00:29:37,760 --> 00:29:45,200 for Kaido I think is getting valuable content which would 521 00:29:45,200 --> 00:29:49,520 benefit all consumers and creators and these protocols as 522 00:29:49,520 --> 00:29:51,680 well. So it's not suggesting anything 523 00:29:51,680 --> 00:29:54,120 that's been shared on screen is not valuable, but it's just 524 00:29:54,120 --> 00:29:57,000 something that I'm thinking about is you've very clearly 525 00:29:57,000 --> 00:29:59,000 outlined now, hey, these companies are going to pay you 526 00:29:59,000 --> 00:30:02,920 to just say their name basically so. 527 00:30:03,560 --> 00:30:06,040 It's an experiment, right? And we're going to see if it 528 00:30:06,040 --> 00:30:08,840 works. And I think there's certainly 529 00:30:08,840 --> 00:30:11,280 downsides. Yeah, I think we've gotten a lot 530 00:30:11,280 --> 00:30:13,840 of low quality content. I think we've already seen folks 531 00:30:13,840 --> 00:30:16,480 complaining about some of the folks who are consistently on 532 00:30:16,480 --> 00:30:20,400 the leaderboards for for five or ten of these protocols who are 533 00:30:20,400 --> 00:30:22,720 just kind of doing AI slop on a daily basis. 534 00:30:23,280 --> 00:30:26,280 But that's on, I think Kaido's going to have to figure that out 535 00:30:27,280 --> 00:30:31,880 and figure out how to either like nerf them to a degree or 536 00:30:31,880 --> 00:30:35,000 better reward quality content. But that's, that's their job. 537 00:30:35,000 --> 00:30:37,120 Like they're building the algo, right? 538 00:30:37,120 --> 00:30:39,160 So there should be ways to do that. 539 00:30:39,160 --> 00:30:40,720 There should be leverage for them to pull. 540 00:30:41,440 --> 00:30:43,400 Yeah. And it's also on us as consumers 541 00:30:43,400 --> 00:30:48,200 to to engage appropriately as well and to curate our feeds 542 00:30:48,520 --> 00:30:52,040 that I am guilty of just following too many people and 543 00:30:52,120 --> 00:30:54,040 not curating my feed appropriately. 544 00:30:54,400 --> 00:30:58,120 So I'm getting more of this slop than than I probably should be 545 00:30:58,120 --> 00:31:00,040 getting, or that I wish to be getting anyway. 546 00:31:01,200 --> 00:31:03,360 Very very fair. We all have to curate, 547 00:31:03,760 --> 00:31:07,880 especially in the AI air curation is is very important. 548 00:31:08,320 --> 00:31:10,040 WIF, we didn't have a chance to talk about this. 549 00:31:10,640 --> 00:31:14,320 Sign of the times. The WIF sphere funds have been 550 00:31:14,320 --> 00:31:19,280 returned. The the team behind this ended 551 00:31:19,280 --> 00:31:21,400 up coming out and saying basically they couldn't get the 552 00:31:21,400 --> 00:31:23,880 deal done. They were trying to get it done, 553 00:31:24,480 --> 00:31:27,080 but it it looked like communication was becoming more 554 00:31:27,080 --> 00:31:29,280 and more sparse. They didn't want to hold the 555 00:31:29,280 --> 00:31:31,240 funds up any longer. It was hard to believe, but to 556 00:31:31,240 --> 00:31:32,760 me it was like, Dang, this was a year ago. 557 00:31:33,400 --> 00:31:37,960 So it's been a full year since the Wisphere campaign has has 558 00:31:38,000 --> 00:31:40,120 started. But Logan, curious if you have 559 00:31:40,120 --> 00:31:42,760 any reactions to the to this? Is it the end of an era? 560 00:31:43,320 --> 00:31:45,480 It is. It is truly the end of an era in 561 00:31:45,480 --> 00:31:47,880 my opinion. For those who are not well 562 00:31:47,880 --> 00:31:52,680 versed in the situation, my colleague Ryan Gladwin has been 563 00:31:52,720 --> 00:31:55,800 closest to the ground to anybody you see in this tweet. 564 00:31:55,800 --> 00:31:58,040 Actually, they mentioned the Decrypt Media article spooked 565 00:31:58,040 --> 00:32:02,200 our partner. That was back when we reported 566 00:32:02,200 --> 00:32:05,160 that this fear had no, you know, no idea that this was going to 567 00:32:05,160 --> 00:32:09,880 be coming or whatever. It feels like the end of a, a 568 00:32:09,880 --> 00:32:13,520 sector of mean coins from Solana that WIF was clearly the leader 569 00:32:13,520 --> 00:32:14,760 of. There's a period of time it'll 570 00:32:14,760 --> 00:32:19,160 be forever immutably registered on the Solana blockchain that so 571 00:32:19,160 --> 00:32:23,240 many of us participated in with Popcat etcetera. 572 00:32:23,240 --> 00:32:24,720 It does feel like the end of an era. 573 00:32:25,480 --> 00:32:28,280 I don't know how best to to say. I think that's that's really the 574 00:32:28,280 --> 00:32:31,400 best way to characterize it. Wow, I actually hadn't checked 575 00:32:31,400 --> 00:32:34,960 the price. The Age of Falcon is with us now 576 00:32:36,840 --> 00:32:40,920 400 million we've we've hit 4 billion it. 577 00:32:41,400 --> 00:32:45,640 Did. 4 billion. Twice, actually. 578 00:32:46,200 --> 00:32:53,360 So it hit hit in 2024, well, spring 2024 and then again and. 579 00:32:56,640 --> 00:32:59,800 Just a crazy move when you think, when you think about it, 580 00:33:01,480 --> 00:33:03,680 4 billion. I don't know where that ends the 581 00:33:03,680 --> 00:33:06,200 cycle like the ends of the next six months. 582 00:33:06,200 --> 00:33:08,680 Is that just down only forever now, like the rest of salon and 583 00:33:08,680 --> 00:33:11,200 moon coins? Like it's just terrific out 584 00:33:11,200 --> 00:33:16,560 there at the moment. It's only really far coin and 585 00:33:16,560 --> 00:33:19,120 and the daily runner for like. The days. 586 00:33:20,880 --> 00:33:23,600 Last literally for a day and then it's over. 587 00:33:24,120 --> 00:33:27,080 Yeah, there are a few. There are more daily runners now 588 00:33:27,080 --> 00:33:31,520 than there were a few weeks ago, but their shelf life is 589 00:33:31,520 --> 00:33:34,760 incredibly short. I fully agree with you there. 590 00:33:34,960 --> 00:33:36,920 I, I on with this is a tough one. 591 00:33:37,000 --> 00:33:40,360 I, I was a whip holder for a long time, but damn near a year 592 00:33:43,200 --> 00:33:44,640 objectively. And I don't want to refer 593 00:33:44,640 --> 00:33:47,880 anyone's backs to go down, but it's hard to see the, the the 594 00:33:47,880 --> 00:33:49,680 bowl case. It feels like this one is kind 595 00:33:49,680 --> 00:33:53,440 of played out. Block grain sold the the sphere 596 00:33:53,440 --> 00:33:57,600 funds have been returned it it feels like it's it's over and on 597 00:33:57,600 --> 00:34:01,360 to the next one. So pour one out for our our with 598 00:34:01,360 --> 00:34:08,440 hat friends and and meme bags there far coins been strong it 599 00:34:08,440 --> 00:34:11,639 it really has still over 500 million. 600 00:34:11,639 --> 00:34:14,199 Let's see, kind of a mixed day on the meme board here. 601 00:34:14,199 --> 00:34:17,400 Yeah, basically everything is is chopping. 602 00:34:18,120 --> 00:34:21,280 So yesterday was really strong though I think for for some of 603 00:34:21,280 --> 00:34:23,960 these I, I wrote a piece over for decrypt about the far coin 604 00:34:23,960 --> 00:34:27,199 surge yesterday. I think it was up. 605 00:34:28,000 --> 00:34:31,719 Yeah, you're welcome. I think it was up 20% or 606 00:34:31,719 --> 00:34:32,880 something like that yesterday, right. 607 00:34:32,880 --> 00:34:35,360 But it's up like more than 100% on on the month. 608 00:34:35,840 --> 00:34:37,679 It's gaining some mind share as well. 609 00:34:37,679 --> 00:34:41,360 Again, and just anecdotally speaking from my timeline as 610 00:34:41,360 --> 00:34:44,440 well, things I'm starting to see more of those and maybe this has 611 00:34:44,440 --> 00:34:46,120 been perpetrated by you guys on the show. 612 00:34:46,120 --> 00:34:50,880 The fartcoin is a leading indicator thing I think. 613 00:34:50,880 --> 00:34:53,000 That's really just an an US thing. 614 00:34:53,440 --> 00:34:56,159 Yeah, OK. Well, anyway, it's. 615 00:34:56,440 --> 00:34:59,920 People talking about it. It's it's permeated my timeline 616 00:34:59,920 --> 00:35:01,760 a little bit. And as I was doing the reporting 617 00:35:01,760 --> 00:35:04,120 yesterday, I was kind of searching for other takes about 618 00:35:04,120 --> 00:35:06,520 that. And there are a couple tweets 619 00:35:06,520 --> 00:35:12,680 from a while back that are non FOMO hour related about far coin 620 00:35:12,680 --> 00:35:15,560 being a leading indicator. These are like February type 621 00:35:15,560 --> 00:35:20,560 tweets, but yeah. We're we're spreading the, the, 622 00:35:20,680 --> 00:35:23,680 the good word. You can leave it at that, but 623 00:35:23,680 --> 00:35:26,240 we'll, we'll see. Is it going to tell us where 624 00:35:26,240 --> 00:35:29,400 we're going to go? Maybe Parkland will tell us the 625 00:35:29,400 --> 00:35:32,840 results of Liberation Day before we get the details. 626 00:35:32,840 --> 00:35:35,480 So this is going to be 1 chart that I'll have pulled up, folks. 627 00:35:35,480 --> 00:35:39,120 The code is Walrus. The robot code is Walrus. 628 00:35:39,120 --> 00:35:43,760 So we'll be doing those spins here in about 15 or 20 minutes. 629 00:35:43,760 --> 00:35:46,120 And actually that is a pretty good sake. 630 00:35:46,560 --> 00:35:51,360 I believe we've got Rohan from Miston Labs in the studio with 631 00:35:51,360 --> 00:35:55,200 us, so if we're able to get him up there, he is. 632 00:35:55,600 --> 00:35:58,600 Rohan, GM How you doing? GM I'm good. 633 00:35:58,600 --> 00:36:02,000 How are you guys doing? Doing very well. 634 00:36:02,000 --> 00:36:05,920 We are anxiously awaiting what what is a very big thing here 635 00:36:05,920 --> 00:36:10,520 for, for stock markets for our crypto tokens as well. 636 00:36:10,520 --> 00:36:14,240 But man, what what a week it has been for you. 637 00:36:14,240 --> 00:36:15,720 I'll give folks a quick background. 638 00:36:15,760 --> 00:36:17,480 If if our listeners aren't aware, you should be aware. 639 00:36:17,480 --> 00:36:20,520 We've been talking about quite a bit on the show, but Walrus 640 00:36:20,560 --> 00:36:23,360 recently launched on Suite. It's backed by Miston Labs. 641 00:36:23,640 --> 00:36:27,840 Miston Labs is the team behind Suite Network Walrus Protocol, 642 00:36:27,840 --> 00:36:31,920 set to revolutionize global data storage and utilization. 643 00:36:32,440 --> 00:36:35,560 They're trying to bring more of the web three world on chain. 644 00:36:35,600 --> 00:36:39,480 And they just announced a little over a week ago, $140 million in 645 00:36:39,480 --> 00:36:42,600 funding for some of the top VCs in crypto. 646 00:36:42,600 --> 00:36:48,280 And then last week, the Walrus token, it went live, nearly $3 647 00:36:48,280 --> 00:36:51,360 billion FTV, one of the most successful token launches we've 648 00:36:51,360 --> 00:36:54,560 had in quite some time. So it's been a big week for you, 649 00:36:54,560 --> 00:36:56,200 Ronan. Have you had time to catch your 650 00:36:56,200 --> 00:36:58,600 breath? How are you feeling here? 651 00:36:59,200 --> 00:37:03,320 Matt, it it never stops, you know, being in missing labs and 652 00:37:03,320 --> 00:37:05,360 being in such a high performance environment. 653 00:37:05,360 --> 00:37:10,080 It's it's every day is day one. It's it's it's a big milestone 654 00:37:10,080 --> 00:37:11,400 for us. Absolutely. 655 00:37:11,800 --> 00:37:13,880 You know, Walter's launching on midnet with the TGE. 656 00:37:14,560 --> 00:37:16,320 But now the groundwork has been laid. 657 00:37:16,400 --> 00:37:18,320 Now it's time to scale from here, right. 658 00:37:18,320 --> 00:37:24,080 So talk about catching breath. A bit, yes, but it's go, go, go 659 00:37:24,080 --> 00:37:27,560 time. Yes, well, we are excited that 660 00:37:27,560 --> 00:37:30,840 you took a few minutes away from your very busy schedule to, to 661 00:37:30,840 --> 00:37:32,640 come talk to us. So I, I want our listeners to, 662 00:37:32,640 --> 00:37:35,520 to learn more. But maybe can you just start 663 00:37:35,520 --> 00:37:37,720 with a little bit of background preps on yourself and then also 664 00:37:37,720 --> 00:37:40,360 a quick overview of of Walrus and and the vision here? 665 00:37:41,160 --> 00:37:42,120 Absolutely. Yeah. 666 00:37:42,120 --> 00:37:45,080 Would love to. Hey, everyone in the audience 667 00:37:45,080 --> 00:37:46,080 here. I'm Rohan. 668 00:37:46,120 --> 00:37:50,040 I am part of the deal and partnerships team here at Miston 669 00:37:50,040 --> 00:37:54,880 Labs, the team behind the launch of Sui as well as Walrus. 670 00:37:54,880 --> 00:37:58,120 Now I've been with Missing Labs for about a year and a half. 671 00:37:58,640 --> 00:38:01,360 Been an exciting journey. It's been a night and day from 672 00:38:01,360 --> 00:38:04,120 where we were last year to where we are today, all the way from 673 00:38:04,440 --> 00:38:08,960 the community enthusiasm, the partnerships, the the kind of 674 00:38:09,120 --> 00:38:11,440 technological innovation we are bringing to the market. 675 00:38:11,440 --> 00:38:16,920 It's been nothing short of magic moment for the entire Web 3 676 00:38:16,920 --> 00:38:19,280 space, if you will. Prior to this, I've been in 677 00:38:19,280 --> 00:38:22,680 fintech space, I've been in crypto long enough via M&A, 678 00:38:22,680 --> 00:38:26,240 management consulting. I led the team that launched 8 679 00:38:26,240 --> 00:38:29,360 point back in 22, if anyone here kind of remembers that with the 680 00:38:29,360 --> 00:38:32,480 Yuga Labs. So I've seen a few of these 681 00:38:32,480 --> 00:38:36,360 massive hits into the market and spent enough time to know what 682 00:38:36,360 --> 00:38:40,720 works, what doesn't work. But if I were to bet on any team 683 00:38:40,720 --> 00:38:43,440 in the Vet 3 space at the moment, it'll be missing labs 684 00:38:43,440 --> 00:38:46,320 and I'm glad to be part of on on being on the same side. 685 00:38:47,120 --> 00:38:50,400 Yes, I mean and and the team has been doing quite, quite well 686 00:38:51,280 --> 00:38:55,120 team success with Sui and now of course with with Walrus. 687 00:38:55,120 --> 00:38:56,400 So that's a little bit of your background. 688 00:38:56,400 --> 00:38:59,120 Can you tell us a little bit more about Walrus itself and 689 00:38:59,120 --> 00:39:01,320 kind of the division? Absolutely. 690 00:39:01,320 --> 00:39:04,520 Yeah. Look, so Walrus at a very basic 691 00:39:04,520 --> 00:39:08,680 level, it's a decentralized data storage and data availability 692 00:39:08,680 --> 00:39:11,520 layer that's built natively on Sui, right? 693 00:39:11,520 --> 00:39:14,840 It's designed essentially to power your next generation of 694 00:39:15,080 --> 00:39:19,080 high performance data intensive applications all the way from 695 00:39:19,080 --> 00:39:23,160 your AI to gaming to real world assets and even modular block 696 00:39:23,160 --> 00:39:25,480 chains, right? We haven't seen this kind of 697 00:39:26,320 --> 00:39:29,480 foresight as well as innovation since the time of Filecoin and 698 00:39:29,480 --> 00:39:31,760 RB and some of the other primitives that have existed. 699 00:39:32,040 --> 00:39:35,200 So if you look at unlike some of the other legacy solutions like 700 00:39:35,200 --> 00:39:38,840 Filecoin or even Celestia for that matter, which is a stand 701 00:39:38,840 --> 00:39:43,240 alone DA walrus, what it really offers is your low latency, 702 00:39:43,680 --> 00:39:47,840 highly composable smart contract integrated DA and data storage 703 00:39:47,880 --> 00:39:51,440 layer, which offers in addition your on chain incentives to 704 00:39:51,440 --> 00:39:54,200 prioritize all your valuable active data assets. 705 00:39:54,440 --> 00:39:57,040 So if we were to lay down the vision for where we want to go 706 00:39:57,040 --> 00:40:01,200 and what we want to be and what the path ahead lays is, we want 707 00:40:01,200 --> 00:40:04,960 to make data. A first class citizen in web 3, 708 00:40:05,240 --> 00:40:08,920 similar to how you have tokens, similar to how you have that's 709 00:40:08,920 --> 00:40:12,200 includes both fungible and NFTS and smart contracts. 710 00:40:12,320 --> 00:40:15,560 So the ultimate goal becomes if you could imagine a future where 711 00:40:15,800 --> 00:40:19,400 you have AI agents that are fetching and verifying real time 712 00:40:19,400 --> 00:40:22,640 data on chain, you want walrus to be embedded there. 713 00:40:22,840 --> 00:40:25,600 If you have 0 knowledge machine learning models that are 714 00:40:25,600 --> 00:40:28,960 referencing decentralized data sets for inference, we want 715 00:40:28,960 --> 00:40:30,880 walrus and Sui to be powering that. 716 00:40:31,040 --> 00:40:34,520 Think about modular blockchains and their histories and L twos 717 00:40:34,520 --> 00:40:38,120 that publish stayed affordably and verifiably. 718 00:40:38,240 --> 00:40:40,920 That's where walrus comes in. So if I were to sum that up in a 719 00:40:40,920 --> 00:40:44,320 single line, think of it. Think of Walrus as that data 720 00:40:44,320 --> 00:40:47,720 backbone of a decentralized and intelligent Internet. 721 00:40:47,880 --> 00:40:49,280 And that's what we are bringing to life. 722 00:40:50,720 --> 00:40:52,040 Got it. Well, I mean that that feels 723 00:40:52,040 --> 00:40:58,440 increasingly important as we get into this new AI era and the 724 00:40:58,440 --> 00:41:01,320 type of infrastructure I think a lot of folks are are starting to 725 00:41:01,320 --> 00:41:05,240 pay more and more attention to. I am curious like who are your 726 00:41:05,240 --> 00:41:07,840 primary users? Like how would you describe that 727 00:41:07,840 --> 00:41:10,680 to our listeners who may not have still a comprehensive 728 00:41:10,680 --> 00:41:13,160 understanding? I know I I believe Decrypt of 729 00:41:13,160 --> 00:41:15,960 course one of our partners is a partner with Walrus, but curious 730 00:41:15,960 --> 00:41:17,520 if you could outline a few other examples. 731 00:41:18,360 --> 00:41:20,360 Yeah, absolutely. You pointed out Decrypt, so that 732 00:41:20,360 --> 00:41:21,320 stands. So we have a very good 733 00:41:21,320 --> 00:41:25,920 relationship with Ilan and and Faruk and the rest of the crew 734 00:41:25,920 --> 00:41:28,000 here. They were the first adopters of 735 00:41:28,520 --> 00:41:32,000 Walrus and they're being our study partner in that front. 736 00:41:32,200 --> 00:41:35,960 We have another project partner called Tusky, which you can 737 00:41:35,960 --> 00:41:40,080 think of it as as a Google Drive or Dropbox built on top of 738 00:41:40,080 --> 00:41:42,920 Walrus. So now you can store your files 739 00:41:43,400 --> 00:41:47,720 that guarantees that it's a, available B, it's decentralized 740 00:41:47,720 --> 00:41:50,760 and you can create your public and private walls depending upon 741 00:41:50,760 --> 00:41:54,240 the kind of usage you want to give to your end user, right? 742 00:41:54,280 --> 00:41:57,840 And then we have projects on the L1 and L2 there. 743 00:41:58,040 --> 00:42:02,520 So Plume Network is one of our other RWL 1 project that's 744 00:42:02,520 --> 00:42:05,560 leveraging Walrus. So they will make Walrus as the 745 00:42:05,560 --> 00:42:10,960 core offering to not only storing the data that they are 746 00:42:10,960 --> 00:42:14,320 generating on their network, but also to their broader ecosystem 747 00:42:14,640 --> 00:42:17,520 so that that becomes a default storage layer for their broader 748 00:42:17,520 --> 00:42:19,920 ecosystem. So those kind of partnerships 749 00:42:19,920 --> 00:42:23,280 and then we are obviously you heard about Plano source coming 750 00:42:23,280 --> 00:42:26,120 out of it. We have some exciting non public 751 00:42:26,120 --> 00:42:30,160 information which they're going to be utilizing Walrus for 752 00:42:30,160 --> 00:42:32,360 storing a bunch of their IP and assets. 753 00:42:32,360 --> 00:42:34,400 And there's a lot more that will come in that function. 754 00:42:34,680 --> 00:42:38,440 Obviously on the AI front, which is such data intensive and data 755 00:42:38,640 --> 00:42:43,080 generating vertical. So we have Atoma network, which 756 00:42:43,080 --> 00:42:45,120 is your cloud compute side of the house. 757 00:42:45,320 --> 00:42:48,440 And then you have Telus network, which works on the AI and Gentex 758 00:42:48,440 --> 00:42:50,160 framework. So they're going to be making 759 00:42:50,160 --> 00:42:53,200 waters as a core where they're not only storing the data, but 760 00:42:53,200 --> 00:42:56,040 when it comes to retrieving that data to build smart contracts 761 00:42:56,040 --> 00:43:00,440 and application, they will be powering that via series smart 762 00:43:00,440 --> 00:43:01,560 contracting language. Got. 763 00:43:02,600 --> 00:43:05,000 It well, I think that helps. That helps paint the picture 764 00:43:05,000 --> 00:43:09,680 for, you know, what type of entities, businesses, teams, 765 00:43:09,680 --> 00:43:11,960 products are, are, are using Lars. 766 00:43:12,280 --> 00:43:15,680 So I think that does help at least me understand it a bit 767 00:43:15,680 --> 00:43:17,000 more. Let's talk about Klainos. 768 00:43:17,000 --> 00:43:18,400 So this was a fun launch announcement. 769 00:43:18,640 --> 00:43:22,200 It took me by surprise. So, So what was kind of what was 770 00:43:22,200 --> 00:43:24,880 behind behind this one? Why did you all choose to to 771 00:43:24,880 --> 00:43:27,240 launch with Kleinosaurus and kind of what how are they 772 00:43:27,240 --> 00:43:31,000 integrating with Lars? Yeah, as I pointed earlier, like 773 00:43:31,000 --> 00:43:32,920 there's not much public information I'll be able to 774 00:43:32,920 --> 00:43:35,760 share at this point, but they're one of definitely our marquee 775 00:43:35,760 --> 00:43:37,920 partners. But this has been a long time 776 00:43:37,920 --> 00:43:41,200 coming with a, you know, partnership team being deeply 777 00:43:41,200 --> 00:43:45,120 embedded and working side by side with the cleaners or seen. 778 00:43:45,120 --> 00:43:48,280 We think they're one of the best NFT projects from the previous 779 00:43:48,280 --> 00:43:52,720 era that has actually transitioned into today's needs 780 00:43:52,720 --> 00:43:56,240 and world and creative and entirely immersive experience, 781 00:43:56,240 --> 00:43:58,880 which they want to leverage technology for. 782 00:43:59,080 --> 00:44:03,760 And we thought Suey and Walrus would be a great match for that 783 00:44:03,760 --> 00:44:07,200 and that and luckily for us Planar source were thinking 784 00:44:07,200 --> 00:44:10,000 along the same wavelength. So we are planning on doing some 785 00:44:10,000 --> 00:44:12,120 exciting stuff. As I said, we'll have more 786 00:44:12,480 --> 00:44:16,680 public announcements come in, in the near future in the next few 787 00:44:16,680 --> 00:44:19,440 weeks, I I should say. So keep an eye out on that. 788 00:44:19,440 --> 00:44:22,840 So that's the alpha you you can expect from this call. 789 00:44:24,080 --> 00:44:27,280 But yeah, we are very excited to have them as our partner and the 790 00:44:27,280 --> 00:44:29,800 vision that they have completely aligns with how we think about 791 00:44:29,800 --> 00:44:32,160 building the future, but from a technology lens. 792 00:44:32,880 --> 00:44:34,120 Yeah, well, you'd love to hear it. 793 00:44:34,120 --> 00:44:36,480 And it looks like right before the show we may have gotten one 794 00:44:36,480 --> 00:44:38,720 more announcement here in my web AC. 795 00:44:39,440 --> 00:44:42,000 Yeah, is on sharing risk analysis decision layer. 796 00:44:42,640 --> 00:44:44,920 Yeah. So as, as I said, like the, you 797 00:44:45,280 --> 00:44:47,040 know, the verticals keep popping up, right. 798 00:44:47,040 --> 00:44:49,840 So this is one of the newer verticals on the cybersecurity 799 00:44:49,840 --> 00:44:52,120 front now. So this this is risk and data 800 00:44:52,120 --> 00:44:54,840 analysis. So now think about a world where 801 00:44:54,840 --> 00:44:59,040 you can have all of those data labels like this wallet is 802 00:44:59,080 --> 00:45:03,160 verified, can be trusted for whatever reasons could be for 803 00:45:03,160 --> 00:45:06,120 ear drops or think about a future where enterprises are 804 00:45:06,120 --> 00:45:09,480 starting to interact with, you know, self custody wallets. 805 00:45:09,480 --> 00:45:13,320 They want to have some surety in terms of assurances that this is 806 00:45:13,320 --> 00:45:16,200 a trusted wallet. We can onboard them onto our 807 00:45:16,200 --> 00:45:19,080 system or provide them special benefits, etcetera. 808 00:45:19,280 --> 00:45:20,640 Right. So now BBC comes into the 809 00:45:20,640 --> 00:45:23,800 picture where they provide that risk analysis to their end 810 00:45:23,800 --> 00:45:27,640 parties, making sure that the wallets and the addresses that 811 00:45:27,720 --> 00:45:31,600 the enterprises, businesses or individuals are interacting with 812 00:45:32,200 --> 00:45:34,880 are real and verified and can be trusted. 813 00:45:35,160 --> 00:45:38,880 So these will come with tons and tons of data labels to ensure, 814 00:45:38,880 --> 00:45:43,520 right, using machine learning and AI to ensure that the hits 815 00:45:43,520 --> 00:45:47,480 are as close to and in real time as possible. 816 00:45:47,640 --> 00:45:50,480 But as much certainty that yes, the other party that I'm in 817 00:45:50,480 --> 00:45:54,760 tracking with is real BBC and due diligence here, DD comes 818 00:45:55,520 --> 00:45:58,040 from that vertical and they'll be storing all of those data, 819 00:45:58,040 --> 00:46:01,840 access data flags, data labels on Walrus, which will eventually 820 00:46:01,840 --> 00:46:05,520 be retrieved not only by BBC, but their broader ecosystem. 821 00:46:05,680 --> 00:46:08,600 They work with Meta Mask and a bunch of other water providers 822 00:46:09,240 --> 00:46:12,320 and eventually with enterprises that will leverage this data set 823 00:46:12,520 --> 00:46:15,480 and that create the data programmability layer around 824 00:46:15,480 --> 00:46:18,480 Walrus, which we are so proud and trying to break to the 825 00:46:18,480 --> 00:46:21,160 front. Yeah, another great use case 826 00:46:21,280 --> 00:46:24,640 that highlights how exactly walrus can be used. 827 00:46:24,680 --> 00:46:27,160 So that was timely. I'm happy we had that break 828 00:46:27,160 --> 00:46:31,840 right before the show. So Rohan maybe taking a step 829 00:46:31,840 --> 00:46:35,280 back at a higher level. Main Nets live, you've got the 830 00:46:35,280 --> 00:46:37,360 token. What? 831 00:46:37,480 --> 00:46:39,680 What now? What are you focused on? 832 00:46:39,680 --> 00:46:42,720 What is the team focused on? Maybe second part, What are you 833 00:46:42,720 --> 00:46:45,000 most excited about here for the rest of 2025? 834 00:46:46,320 --> 00:46:49,320 There's a lot token in the kitchen here, the easiest way to 835 00:46:49,320 --> 00:46:53,720 describe right? So as I said, so main net launch 836 00:46:53,720 --> 00:46:58,680 in the TGE is day 0. Now the day one every day is 837 00:46:58,680 --> 00:47:00,120 going to be day one for us, right. 838 00:47:00,120 --> 00:47:03,680 So it's all about bringing in the right partners, you know, 839 00:47:03,760 --> 00:47:08,120 identifying new use cases that will end up benefiting the most 840 00:47:08,120 --> 00:47:12,520 from SUE and from Walrus. But As for as we move into 2025, 841 00:47:12,520 --> 00:47:15,080 there are some exciting developments more broadly in the 842 00:47:15,080 --> 00:47:18,280 SU ecosystem as a whole. So some of them we are already 843 00:47:18,280 --> 00:47:21,280 starting to see from a number which are tangible in nature, 844 00:47:21,280 --> 00:47:23,720 right. So you have D5 specifically on 845 00:47:23,720 --> 00:47:27,400 SUE, it continues to RIP. There's major focus and we are 846 00:47:27,400 --> 00:47:29,680 seeing the incredible growth now. 847 00:47:29,680 --> 00:47:34,120 SUI is now also among the top six chains by DEX volume, right. 848 00:47:34,120 --> 00:47:38,440 So that highlights the rising adoption within our broader 849 00:47:38,440 --> 00:47:41,560 ecosystem. We are rapidly expanding the key 850 00:47:41,560 --> 00:47:46,040 projects like we have SUI, Land, Cetus, you got Bluefin, which 851 00:47:46,040 --> 00:47:47,880 are driving more innovation, right? 852 00:47:47,880 --> 00:47:51,880 That's powered by Sui. It's low latency, fast consensus 853 00:47:51,880 --> 00:47:56,400 mechanisms and that has never been done before in the Bet 3 854 00:47:56,400 --> 00:47:59,960 space as a whole. And a major milestone ahead is 855 00:47:59,960 --> 00:48:03,280 Phantom Wallet right coming out of beta. 856 00:48:03,880 --> 00:48:05,920 We've been in beta with them for a while and we've been seeing 857 00:48:05,920 --> 00:48:09,440 some tremendous data behind the scenes as well as most of the 858 00:48:09,640 --> 00:48:12,720 use crypto wallet with 15,000,000 users. 859 00:48:12,960 --> 00:48:17,280 I think this will be a real game changer for D5 user acquisition. 860 00:48:17,920 --> 00:48:24,040 A lot of our social activity on chain, a lot of new applications 861 00:48:24,040 --> 00:48:27,560 that will either be embedding Phantom directly or working in 862 00:48:27,560 --> 00:48:30,000 tandem because of our relationship, that'll be huge. 863 00:48:30,200 --> 00:48:33,760 So that Phantom partnership is a significant step for us, which 864 00:48:33,760 --> 00:48:38,160 makes SUI actually the first non EVM chain outside of Solana that 865 00:48:38,160 --> 00:48:40,800 has integrated with the wallet. I mean, yes, granted Phantom 866 00:48:40,800 --> 00:48:44,560 started on Solana, so that makes it the starting point, but we 867 00:48:44,560 --> 00:48:47,440 are very excited about that. And then again, you'll start 868 00:48:47,440 --> 00:48:50,200 seeing so much more coming out on Walrus especially. 869 00:48:50,200 --> 00:48:52,720 We'll have some big announcements during our Sui 870 00:48:52,720 --> 00:48:54,360 base scam that's happening in Dubai. 871 00:48:54,360 --> 00:49:00,000 May 1st and 2nd. We'll be, you know, revealing a 872 00:49:00,000 --> 00:49:03,120 lot more partnerships, a lot more exciting use cases that I 873 00:49:03,120 --> 00:49:05,520 think the community and the broader ecosystem would love to 874 00:49:05,520 --> 00:49:08,960 see. There are a lot of reasons to be 875 00:49:08,960 --> 00:49:10,920 excited. The Phantom 1 was huge. 876 00:49:10,920 --> 00:49:16,200 So I I had an Ethos wallet from my early days interacting and 877 00:49:16,200 --> 00:49:20,440 transacting on Sui, but I will admit personally, being able 878 00:49:20,480 --> 00:49:23,680 able to access it via phantom was a huge unlock and and it's 879 00:49:23,680 --> 00:49:27,280 much more capital over there. So I think that's going to be 880 00:49:27,280 --> 00:49:29,480 continue to be a huge one for you all. 881 00:49:29,480 --> 00:49:32,360 Well, clearly plenty of reasons to be excited. 882 00:49:33,200 --> 00:49:34,960 You know, want to give you a chance here. 883 00:49:34,960 --> 00:49:37,480 Last question, anything you want to leave our listeners with how 884 00:49:37,480 --> 00:49:40,040 they can get involved? Any final thoughts for us here? 885 00:49:41,000 --> 00:49:43,440 Yeah, As far as getting involved, if you're a builder, a 886 00:49:43,440 --> 00:49:47,240 developer, reach out to us. We have 3 or 4 different avenues 887 00:49:47,240 --> 00:49:48,560 now. We obviously have our Discord 888 00:49:48,560 --> 00:49:51,480 channel where our community team is very active. 889 00:49:51,840 --> 00:49:55,360 You can reach out to our Twitter handles directly, whether it be 890 00:49:55,360 --> 00:49:58,360 on SUI or on Walrus or even Missing Labs. 891 00:49:59,040 --> 00:50:01,280 We are available. Our partnership team, deal team 892 00:50:01,280 --> 00:50:03,960 is available. I know our Co founders and 893 00:50:03,960 --> 00:50:05,960 founders, they're very active on Twitter. 894 00:50:06,520 --> 00:50:07,880 Are they any? I don't know if you've seen his 895 00:50:07,880 --> 00:50:11,120 tweets. He's kind of our chief D Gen. 896 00:50:11,120 --> 00:50:13,680 and evangelist for the entire ecosystem as a whole. 897 00:50:13,840 --> 00:50:16,640 So he's always there. Sam, on the technology fronts, 898 00:50:16,640 --> 00:50:20,600 he's been breathtaking to watch in terms of how he thinks. 899 00:50:20,760 --> 00:50:23,280 So these are kind of three sources that's available. 900 00:50:23,400 --> 00:50:25,800 Obviously, I am available especially on the deal and 901 00:50:25,800 --> 00:50:29,320 partnerships team, but I would leave the audience here is like 902 00:50:29,360 --> 00:50:32,440 we're starting to see a lot of institutional adoption. 903 00:50:32,680 --> 00:50:35,720 I think that has changed over the last few months and we're 904 00:50:35,720 --> 00:50:40,640 excited about the fact because the premise of Sui and Walrus 905 00:50:40,640 --> 00:50:44,800 and the entire missing last team is how do we make it easier for 906 00:50:44,800 --> 00:50:48,600 the masses to come on to BEP 3 as a whole. 907 00:50:48,920 --> 00:50:51,480 And that's kind of been the starting point. 908 00:50:51,480 --> 00:50:54,960 The North Star, it's still that. And with the changing admin and 909 00:50:54,960 --> 00:50:57,640 regime, we're going to start seeing a lot more adoption come 910 00:50:57,640 --> 00:51:00,120 to life. So a partnership with teams like 911 00:51:00,160 --> 00:51:05,320 DeLorean laps, with MoviePass, with one championship, we're 912 00:51:05,320 --> 00:51:09,280 starting to see that type turn with partnerships with large 913 00:51:09,280 --> 00:51:13,600 financial institutions and Bitcoin BTC five, I was about to 914 00:51:13,600 --> 00:51:16,480 call it Bitcoin 5 and our partnership with Lombard and 915 00:51:16,480 --> 00:51:18,760 Babylon. I think those are the things 916 00:51:18,760 --> 00:51:23,080 that are really exciting because now you can actively strategize 917 00:51:23,080 --> 00:51:25,120 for your offense and your defense. 918 00:51:25,200 --> 00:51:27,800 Doesn't matter whether it's your bear market or bull market. 919 00:51:27,960 --> 00:51:31,080 Now you can really see the fuller picture of how the large 920 00:51:31,080 --> 00:51:35,400 institutions and what they're looking for will be enticed to 921 00:51:35,400 --> 00:51:38,360 come into Web 3 and what are the smaller builders who are 922 00:51:38,360 --> 00:51:43,080 actually looking to build on enterprise grade technology that 923 00:51:43,080 --> 00:51:46,440 powers the vision and the underlying business that they 924 00:51:46,440 --> 00:51:50,680 want to build and bring to life. Well, I, I love that mission and 925 00:51:50,680 --> 00:51:53,920 that vision to try to bring more of the world on chain into Web 926 00:51:53,920 --> 00:51:56,800 3. So love giving a platform and a 927 00:51:56,800 --> 00:51:59,560 chance to amplify the message of every team doing that. 928 00:51:59,560 --> 00:52:02,800 So Rohan, it's been amazing. I want to congratulate you on 929 00:52:02,800 --> 00:52:06,560 the success again of main net launch and the token launch here 930 00:52:06,560 --> 00:52:08,520 in the past week. So hopefully everyone had a 931 00:52:08,520 --> 00:52:12,160 chance to do a little bit of celebration and, you know, 932 00:52:12,160 --> 00:52:13,800 recognize the event that's taking place. 933 00:52:13,800 --> 00:52:17,760 But I know everyone's heads down and working on the these next 934 00:52:18,080 --> 00:52:20,440 wave of announcements. So wish you guys the best. 935 00:52:20,440 --> 00:52:22,320 We'll certainly be covering it on our end. 936 00:52:22,320 --> 00:52:24,160 It was great to have a chance to catch up here this morning. 937 00:52:24,960 --> 00:52:27,160 Thanks so much guys. Yeah, I appreciate the platform 938 00:52:27,160 --> 00:52:28,960 and great chatting with you all. Awesome. 939 00:52:29,080 --> 00:52:31,000 Well, we will talk to you soon, Rohan. 940 00:52:31,320 --> 00:52:32,360 Thank you very much.