Big Onchain Selloff, Majors Weak, Launchpad Wars and News.

0:00Another video will be filmed in October 4, 2021 I hope you see a new plan I created a new plan Yo, yo, what up, what up, good morning, good morning GMG. E-A. There you go. It's definitely extremely hard having a mission by the way.

1:02Uh, Thursday, September, 10th, 2026. Look at that. Another beautiful day to have a beauty full day. I got my co-host in the house. Tyler, good morning. How are you doing today? I'm good. It's surviving the great on chain sell off crash of early September, 2026. Shit. Uh, everything's moving a mile a minute right now. Right now we're moving the wrong way, but still I have the bull hat on. So what we're talking about is still a bull market. It's still very much as a bull market. So you love to see that. You know, people get really bearish when we, when you like, go to zero overnight, which I get, but, uh, but I don't think I do not think you have to. We're here anyways today on the show. Let's talk about that. Let's talk about the markets and talk about the news. Terrible.

2:03Okay. Okay. This spam collar, Greg bear market of, uh, and then, uh, and yeah, make sure you go to the crypt, uh, my page or Tyler's and just reach to the show. Let's get the views going. Let's get some people in the house and with that being said, Tyler, let's just go right into it. Yeah. Yeah. Folks, crypto majors looking a little weak out there this morning, uh, down about three to four percent across the board. So Bitcoin's down three percent 7690. E down three percent 2430. It's a lot of down four percent under 100 again. 9955 hype down six percent 80 Z cash down eight percent. A lot of those alt darlings that were up, uh, 10 percent the day before gave back just

3:05about all those gains. Unfortunately, and it's not just a crypto sell off. It's a macro sell off stocks are down about a percent across the board. Oil is grinding higher than 99. Bonser skyrocketing there at highs since 2023. On the backs of inflation concerns. I think Trump also kind of made some comments last night that basically you should expect oil to continue going higher because this Iran war isn't going to end immediately. So that is what is spooking markets. We also had PPI come in this morning. I think it was a touch hot and we've got CPI tomorrow. The odds of a rate hike now at 70 percent or next week. So that is starting to be more and more priced in. That's the macro picture. Some of the crypto headlines here consensus is splitting into two companies with the existing company rebranding as Metamask under Joe Lubin in a new consistent millennia and the institutional

4:08infrastructure side by the end of this year. So that was big news. Nasdaq investing $100 million in crackdowns parent pay at a $21 billion valuation. So they're not slowing down even though they keep kicking the can on that IPO. Trezer said hackers breached its third party email provider and sent a fake critical security alert. Some more issues with the cold store providers. Block applied to the OCC for National Trust Charter to custody Bitcoin, double zero ed, cash is election and politics order books to its feed. And inflows are outflows Bitcoin T.S. 120 million net outflows. Not great. But eat still in the positive side 35 million in inflows. Looking at some revenue numbers and protocols. Liders open interest, notably is up 75 percent since they integrated with the Robinhood. Now over 1.5 million. So that feels notable to me. Pump fund introduced custom pairs yesterday. Now I knew tokens to be paired with tokenized stocks, crypto majors and more that led to a

5:09fury of activity on shame. Pump fund also matched hyper liquid and daily revenue on the day of the 1.8 million. Stock fund also completed its 4th 1 million dollar revenue day in a row as well. Taking a look at the memes mean leaders are very read down about 5 to 10 percent. Robinhood chain leaders very read ponds down 30 percent. So maybe bouncing a little bit right now. AI cash cat down to about 10 percent. There were still some movers. Moves up 70 percent or bio was up and then sold off. Salana had a pretty big volume day. He just coin up 50 X betana 70 X. Inver a new a new pro calls up 135 X. And then this stock ecosystem did take a hit after pump launch their custom pairs. We'll talk about that more in a minute. In a teaser or a flat not a whole lot to talk about there. But here we are. So I'm the time September 10th. We went from honor to to say.

6:10That's coin now. I'm sorry. I can't keep it together for that one. I've been laughing about that one all morning long. And it's not even because. It's not even because of of this study of like. The message is what you said is because I also read this tweet earlier so I earlier open my account and we'll talk about it. But I was kind of like I was not heated. It was like we don't like like why is it one saying it should some rubber when it's not we don't talk about it in a minute. I was like come on guys. And then I see this first all my days. I'll take some more thank you to the rotate. Hey doors and I sent a message my boys chat. And I was like. Guys make sure to rotate your penis. You know. For those who don't know and we can start with if you want whatever I woke up a little bearish.

7:11But it's momentary. Like I could flip bullish by the end of the show. You know me Tyler. I'm never really like I'm never fundamentally bearish by go through these little phases. Sometimes and I've been okay. Don't okay doing that tonight. But this morning I particularly woke up a little bearish. It feels I have to what we saw yesterday at least in this morning. I don't think it's necessarily a bad feeling or wrong feeling. But but it's not a rubber no it's not pissed me off because like everybody got the news wrong. It's like come on. I know you you you clarify on the timeline. I mean it took us we talked about in the end. But it's crazy to see that. And then the penis stuff and they died dude. Yeah I get the bearish vibes. I mean majors are are falling all together. And that gains and I mean on chain has been frothy. Right like there's no it is like a borderline mania in the last week or so. So yeah pullback is I don't think should be surprising. Yeah let's see actually we can start with that. I mean big coins just hanging out 77 K by the way.

8:12Which is not that bad but it is heavy which is why people are scared. But technically speaking like that range been 76 82. And it's just there right. Let's look at the fear and greed index. I'm going to give 69 nice. So there you go to add to your penis coin. That doesn't match for me. I don't it's way higher. You think higher or well just on chain index I would think yeah. That's 90. Maybe we're higher. People are skittish on Bitcoin. I still think a lot of folks think it's about to fall fall over. Really? Yeah. With this inflation news but then like at the same time like isn't the whole point one of the whole like Bitcoin thesis is that inflation is going to continue to rise. The dollars worth less than a long time horizon. So on a hard asset. So why is inflation bad? I know. I always see bad for Bitcoin. Yeah. I think we're in the range. We're still in the range. It's literally the range. It's 6 to 82. It's literally still the range.

9:13There's there's nothing until we're like here. I get it. I mean could you go back at some point and retest that 73 $1,000? I mean imagine the time when that perhaps but it doesn't mean that we're looking that bad. So let's go through it. I mean Bitcoin is just 77 because nothing else reported besides what Tyler just said. Efe's let's check. Oh 2430. You know, look at same tip. The time is to range. It's insane. Yeah. It is pretty tight. And then what are the others at? Like hype. I mean we can talk about it. Mano was saying yesterday 80 150. He'd like to see this hold. It did kind of hold over 80 dollars. So also in a range. Because it's a little bit Google or maybe. I don't think you've been getting sub 76 on here, Ty. I don't know. It's I'm not. Terrified here. You know, I mean. Hypes specifically. I think we're like one more like headline away. Like any day there could be a headline about Purps in the US and it's just going to jump

10:14another 10 20% right. So I feel like a pretty comfy hold. I'm still there on on lighter. I think those will write up together and it's just a matter like which horse do you think is faster. I did report on this this morning. All right. I said in the minutes. Miders open interest is up 75% six weeks because of that. Since the Robin Hood integration. So. Okay. That's pretty pretty meaningful jump. And that is the normal. They're like 10% the fiber liquid now. But if you look at more cap and FTV, lighter is still not with the 10%. So I mean, in retrospect. And I've been barricaded fundamentals before because it's gone as defile I'm never look good. And clearly that was not a trade to listen because the trade was to be long. So I did it was wrong. But in retrospect, the Robin Hood news, which we covered here at length, changed everything because it then became the hyperliquid Robin Hood.

11:16You know what I mean. And Robin Hood, which is we're talking about all day every day on this damn show and all the timeline was going to be the leader of the last month. So it was right there in front of us. You know what I mean. I mean, you're either you were in, but I'm saying like, wow, I was talking about it with my friends. It's pretty crazy. It was a big deal. And I think it will continue to grind higher. But again, just like everything else, I'm going to see a pullback along the way of course. And I can just you just showed the chart and doubled from two to 40 to 480. I mean, one 5x, you know, it went 5x since in the last like what month. Two months, let's say. And let's see, it was trading at 80 cents. It was trading at 80 cents in May. That's like yesterday. It was trading August 3rd a month ago at two bucks. So two and a half, you know. My read on all of this is I think folks are getting greedy. I think we have a lot of late long story. Adding leverage up here. And now people are heavily farming variational.

12:18So you've got folks playing around and doing levered longs over there that perhaps weren't. People have a little bit of a wealth effect from on chain or from majors and all to running up. And I think they're throwing it in perps. And I think it's more like we see a flush because of that. I think that's like I feel like a man always warned us about that. Yeah. And you know, following this over the last few years, like it does, like that they come. And it's hard to predict when they come. And it doesn't mean I bearish, but like, yeah, you have to be ready. So watch out for your late 10 X logs. I think it is the moral of that story. I think that's very fair. Zeeke gave a little back, but it's still like. And Zeeke's a lot of sorts of common. The Zeeke price. I don't think I'm. What is it? Let me guess. Like 1160. Thank you. I'm not even on the chart yet. What is it? I think you're right. No, stop. I promised you to try to get a look today. 1161. Wow. I swear to God, all my mama, I did not look at the price of Z cash.

13:19I've been following VVV in here very closely. I've not looked at the price of Z cash. That is so funny. You have the real. Oh, wow. I mean, this is how just in a range we are Thai. You know what I mean? Like these ranges are so tight. Like you have these levels. You're going to be like a TA expert to know this. So Zeeke is still in that range. What else do we have part of the part of the big? VVV is giving back some of the games. If it's in back, I'm still deep into that. In retrospect, that was kind of done because overnight I was up like a ridiculous amount on that basic Z tweet. Like really, really big. I woke up, I was like close it. And then I didn't close it because I got euphoric about it going in the straight line to $40 Tyler. So I'm holding it. But it's fine. But you know, that was crazy. That wake to $29 by the way was absurd right there. It was a crazy move. I also kind of chased it. But I'm chasing it in spots and I can handle the drawdowns.

14:19So like my view on like any potential breakout trade is the upside is greater than the downside. And so like you missed the entry by 10%, 20% whatever. Yeah, it's fun. I am much more bullish right now. And I was talking about it with Smeando length up until like five minutes ago. The coins we just mentioned. So Hyper-Vinear, which you wrote about yesterday. There's no secret then re-aping on chain. I would say that I've caught a lot of the on-chain bags yesterday. Actually, I was at a Champions League game last night, Tyler. Great night to go to first Champions League game of the season. When I started gaining a lot of notifications about certain people selling. And I was like, oh, oh. And then the chat with you was popping off from our chat. The boy's shout was popping off. Everyone's like alarm alarm. And I'm here just watching football. I cannot sell. This is why you download the pump on app. You know, who this show is brought to you by by the way.

15:21And so anyways, poor big time. It was too late to accept my faith. Got home sat down 11 p.m. on the desk. I was like, all right, take a breather, talk to Mendo. And I caught a lot of bags. And because I'm pretty bearish on chain right now. Because I do think the froth was pretty bad. And I think the Frank full stack effect, which by the way, Frank, good job on this. Great trades. And there's only one way for him to exit was the full stack for what it's worth. So it doesn't matter. I think Frank did the right thing. And now he has $2.5 million liquid to play. And he can probably take 4x that pretty easily. Support being, I woke up and I was like, wow, looking back at the froth. Monday came on the show. I was quite bearish in terms of how frothy it was going to be. I think that's the first thing I told you guys when I woke up. Monday would choose to forget which day. I didn't fully listen to myself. But I did. But then after last, I was like, I'm cutting almost everything. Because it's just not worth having that. But then I'm still long VVN here. Because I think the odds and the majors look way better than on chain right now. Which hasn't been the case since now. I think that makes a ton of sense. I was actually when I started moving on chain to cash.

16:22As part of my thought was, I want to put this not back on chain, but into some odds. So I think we're fairly similar there. I moved some positions to cash. I cut my four stock. I was sweating it too hard. It was stressing me out. So I cut it. It took a small loss. And I slept much better last night. So I think there's a lesson. You're not sleeping well. You're probably overexposed. So maybe figure out what you need to change. Do that process a little better. Actually, was on my desk for 30, 40 minutes. It's as in my positions and except in my faith. Something about being in a complete dark 11, 30 PM. Silent senior hours. You're in your underwear. The AC is blind. See you're just looking at the screen. And like, what am I doing? Yeah. It's polite. I think almost. And so I did that. And then I went to bed. And then Mendo was like, no, I think you cut that. It's like I'm back out of bed. No one cut the thing. Shit. So we give a little back with something in the world, you know? So let's look at it. What happened on chain yesterday?

17:22I think we can start with ponds. We talked about on the show a little bit yesterday, but that was really the main one because it is one of the main coins. So it's bounce here. It would be nice, but actually this is a great place for it to bounce. And if you're believer of ponds, it's a good place for you to bid. If you're trying to bid blood. And if you were following here, then you know, this is a good place. What do we think? So it's at $400 million again. I have a lot of ponds on ponds. But from the technical perspective, I do think it goes lower. Okay. I think it's probably going to go to the more obvious support level on the recent highs. And I think maybe even a three-handle. And I think this is just more tied to it went up so much so fast. People are going to take profits. Everyone's a little skittish right now. Volumes are down, which means revenues down, all that. And but that zoomed out, I think Robinhood Chain absolutely has another season. I think this first mini season is over. It is resetting a little bit.

18:24We'll see what comes out of this next season. We'll see what the drivers are. We know like literally we're like one Vlad Tweet away from all of this. Turn them back on as well. We just we don't know when that tweet is going to come. I think today's adding juggernaut and frong to their asset list. It's not for spot trading, but people might interpret it as kind of like a finance alpha like this could be what's next. I think that's going to sit wrong with some people because those two don't belong. Because the cash cat spot is the only thing they have for spot right now. Ponds was the next one added to this asset list. And then they went to juggernaut and frong. Like it's hard to understand the rationale behind that. Well, you've got other tokens like AI up there. Any other recent runners? Like some so much higher. So I think that's the answer. So I think it's more like what I'm saying. Ramdit Chang I think will continue to cool off, which I think also means positive. But the fun going around I'm not aligned with the fake volumes.

19:27I think the ones are real. And I mean like real like as in just like every other protocol out there. I guess bots farm. Yeah, I think there's a lot of fake volume. And I before making an investment and writing that and you know I wrote this one with size. I knew that. But that didn't change anything because I knew that she was going to go higher. All that to say that I do believe when people say there are some fake volumes on ponds. But in every crypto, there is that. There is some dodgy volume on some hyperliquid pairs for sure. By the way, guys, I mean that doesn't mean Jeff. But I'm just saying it happens on every part. By the way, I'm going to put it in the market. It's like that is absurd what's going on out there. You know, I mean. So let's not let's not act over here. You know what I mean? Let's not let's not do the stuff. Which I was I was kind of surprised by next tweet which I'm assuming is about what was it about Ponds. It was. Yeah. Okay. It was. It was. And which is fine.

20:29And I even comment out. I was like, I'm a fan. But this not it or something. I would this is about it. But choose red. She posted this whole tweet. But anyway, that type of tweet is not actually great. I recommend no more tweets like this for the sake of our industry. But especially like during like a shake up. You know, I think tweeting something like hearing rumblings of really bad news, Robert Hachane's crazy if true or making me sit. I said, I get it. But an incredible engagement on that. But not the best kind of tweet, right? People are panicking. I think also like people are scared, right? But besides I mean, Nick is awesome. Love him. You know, I'm a big fan of his content, which was my literal comment was like, I literally told him that I don't like what he did. But so all that to say, I do think that there's a lot of of a fake volume. The thing is here at Tile, I'll tell you why it's more important than not. Because when you're at like $10 million, right? $20 million, $50 million. No, nobody cares, right? It pumped to like, you know, I don't know. But when you're trading at half a billion dollar market cap, which is almost there now,

21:32of course people are starting to be a bit more meticulous. And it matters more, right? Like if you're a $400 million protocol, you need to have more than like, you know, one runner and X amount of fake volume to actually, you know, how low to let next second leg off. But I mean, that's kind of how I see it. Yeah, I mean, I kind of get that and I don't. At the same time, it's like pumps recent run didn't really have many runners come out of it. But like the on chain, but people trading the bombing curve just continue to go off. There's we saw more daily runners to one million to two million. And so I still think ponds can be successful without any major runners. And I do think it'll be an incredible long. Here very soon. I'm not there yet. Personally, just because I actually, I've held too much. I did sell 25% yesterday just because I was up 4x. So I just kind of realized it. But I'll look at re-adding this here, especially if we get another 20 to 30%.

22:33And I think a lot of people will as well. Yeah, they're revenue like what is this pond revenue even in the pullback. It's still pretty it's huge. Significant. And that's the difference between like I think people were drawing comparisons to some of the the bad bubbles we had like ornals and pops goes up to 900 million. That was an insane bubble that was built on nothing and it totally collapsed to zero. This is at least built on real revenue and a brand new chain backed by Vlad Tenen and Robin Hood. So there's a difference folks. I guess. So I think that the first roller coaster loop is in. But I think there's a good chance in the next one's higher. So are you bidding? I think we go a little bit lower still. So from you still think it goes Lord and this. I'm still holding 75% of my pond. So I didn't. Oh, you have already. Okay, I didn't know. I forgot. Okay, you have. Okay. I'm a whole lot. Okay, you got so you're good. I was thinking of bidding but I was going to wait.

23:35I'm going to take a break but I'm going to just wait until I bid size into on chain stuff. I'll fuck around on pump up. You know, I always do but I'm going to wait a little bit here because I think that yesterday was intense and it showed you what happens when one person with the following clips out. What happens with five of them do that. And I genuinely think we need three, four Frank style exits in order to be a little less frothy. Yeah, that's a good thing. Like for me, the rest of my pump port and you guys can see it. It's all the pump app. Put in my account. I sold took a loss on some stuff and then immediately shoved it into new li at like 75-ish because I told myself the fact that a major public player exit is full position that he held in the public wallet is super bullish, right? But the other coins a lot of them haven't had that. They haven't had their like follow like 200,000 followers, you know, app public follower guy that has $5 million in its sell yet. That's where the frothiness I think is in some of those things.

24:36Yeah. You know, so. I think it's right. And I do think that going to my head, I think Pong is a little bit lower. Yeah, I mean, let's trade it again after it could be fun, you know. Well, that's a good we get there right again. Anyways, so what else? What else happened overnight? The cascade was over a bunch of different things, right? I mean, it was mostly probably. Yeah, Frank's telling a lot of different coins is right away like other man's bags like he's got to exit. So I don't give a shit really. What else happened? It was pump custom pairs was Yes, triggers. So like we definitely got to talk about there. What are spots to do? They launched so we the rumor mill is right. The rumor mill is right. Yeah, so my my dude has tipped us off on Sunday. The pump did in fact launch custom pairs, which means when you launch a new token, you can pair it with stock tokens or you can pair it with crypto as well. I haven't gone to the full list of what the options are, but those are the two buckets. And of course, there was a race right after this announcement went live to

25:37to launch some new pairs. And it was vamp wars like baton came out. There was four. I was in the wrong baton. And one went to like five million on massive volume. But I think a few takeaways. So their model is different than stock. So stock has like the fee rebate to holders. So we're like, if you hold ZK, you get paid in the in the pair token. The pump model is not like that. It's more like the ponds model where you're it is a meme coin paired with a ticker or a crypto asset, but that's what it is. And the fee model stays the same. That's how I understand it. So you're not going to be earnings back. Well, well, well, well, well, yeah. So I actually think it's a little bit more. I was thinking about this. I almost think it's more of a pump slosh is almost more of a competitor against ponds than it is against stock. Is it is a different model? And yes, they're both on Salana.

26:37But the real narrative that's going for the stocky go right now is the is the yield. Hold these tokens and earn the yield. I feel like that's that's what everyone has has started rallying around in the past week and it has shifted a little bit from oh, here's your stock pairs on Salana. So now this is actually the real narrative. And the pump the pump customers will be a little bit different than that. So moral story, I think it's going to be fine for the stocky go. So part of the reason I want to talk through my stock trade a little bit. Part of the reason I sold was I thought there was a good chance this was happening. Do just telegraphed it on Sunday. A few other folks that I talked to said, yeah, this is probably coming soon. So I de-risked. I thought the market would sell stonk off 50%. Yeah, slosh and it didn't look how strong that is. And like, yeah, mate, you got to watch out for hidden shoulders on this lower high tomb. And you got to watch the daily revenue. The daily revenue came in at 1.3 yesterday.

27:38Let's see how it's coming so far today. So today's over half over, let me check in on stonk revenue. I'm guessing it's down a bit. That's at 500K. So they've shot at another million dollar day. We'll see what the, how the rest of the day goes. So they've taken a revenue hit but not a huge one. So I think if they could keep up a million dollars in revenue a day, just for another three to four days, I think it doubles again. Okay. It is my stonk take. But that's if on chain doesn't go cold, right? Well, you need the volumes in revenue. Yes, the volumes drive the revenue. And to have the volumes, that means you need to have success on that stonk board. It can't just be stonk. So you need the T-cat and knots and per and near-cat all those to level up and get probably. Which is far from a guarantee. But I think it's got a shot. So I'm still watching this eco very close.

28:38I can't treat about this yesterday. I feel like Robinhood season is over. I think we're having a stonk season. The question is did the pump just disrupt it with custom pairs? I don't think it did because a lot of things to either. I saw everybody on timeline freak out yesterday. Since when is a business launching? Something that's like pertains to the business. Like an attack on the industry. I'm not even seeing that because it's sponsored. I went away like twisted that way. Like dude, this is so dumb. Everyone's like attacking do this in the timeline and saying, oh, it's because if you were down 50 percent. There was probably more of a reason for people to freak out on sell their bags because Frank's sold, which by the way, again, I still don't care. I think it's the right thing. My other way, who cares, then this. You know what I mean? That's around a thousand followers. Pump launched custom pairs. Everyone knew the information was on the timeline. And it was heavily telegraphed. So maybe it had already been priced in to a degree. And that's why we didn't see stonk, react more.

29:41Pump, of course, is our partner. Like what did you want him to do? You don't want him to launch custom pairs. Like this could literally be like the story of this cycle. So you think they're just going to sit that out. I got that they're running a business. So I, you know, it's like, oh my god, Mark Zuckerberg launched. It's fine. I thought that dude, no dude, but it's tech business. Like you have to like adapt and change. Like ponds was eating their business on rubber. It was like crazy. Of course, they're going to launch stock pairs, right? It's the hot thing right now. Pump revenue is up to X off the bottom. And pump is up to everyone was dunking on them, right? When ponds was flipping on and now they're back. And yet that pump token still sold off 20% which bad. I mean, one of the other great opportunity or not. But you know, it's probably it. Do I see a, do I, what do I see? It's a handle keeps hand in. So we haven't broken out yet. Okay, that's great.

30:41I love that. It's still handling. It's also probably a good divide at some point. I'm waiting a bit to see my, my bags are not really just vivid in your new light. And I'll have some fun afterwards on chain. What else? I see, you know, we have RJ Lenton Show partner in the studio. We'll go to you guys in a few minutes. But time in the meantime, what are some of the top headlines, man, man. I mean, let's talk the Metamask consensus one. A bit because this was a pretty big story. So consensus is splitting into two companies. So the existing company is going to be is Metamask. And Lubin is going to continue on as chairman and CEO, a newly formed consensus company is going to take Linnea plus Besu and Teco. The Ethereum execution and consensus clients and institutional business. Mike Kriak is going to be the CEO of the new consensus, David Kamehameh president, Lubin's days is executive chairman, expecting the deal to be done by 2026. So basically, but while everything that's metamask is staying with Metamask,

31:45the Metamask that you know and love, and then the other aspects of the business, Linnea and the EVM arm effectively is going over two consensus. So that is the split. Yeah, I didn't realize, I didn't realize Mike, I think I realized Mike got CEO. It's funny. He was already CEO of consensus mesh, but this new infrastructure that ended up getting spun out, right? So yeah, exactly. So the call group, I see Mike is kind of like, it's kind of like, right? So they're different, pretty different business lines. And you see like what metamask the wall is doing is like, they're launching money accounts, and they're launching their own support. And they're expanding the process. I have a thesis. Yeah, what's your thesis? My thesis and we are very close to those people just so FYI, the CEO here, Mike Kriak is on our board and he was on my wedding. So he's just saying they're very close to us, you know, whether it's through Rug Radio

32:49back then or through this. I didn't realize Mike, this fun, I might win some of this. Anyways, point being, my thesis is that when you consensus with an IPO, right? It was in the inventiveness, it was something we talked about before. I think this is to get ready for an IPO, but separate the structures that metamask and drop a token. My thesis. The crowd wants to hear that for sure. Yeah. So it's interesting. Yeah, I think that makes sense because how do you, you don't want to throw linear in the EVM business necessarily into that? Like you want to be more stand-alone pure, pure metamask, the wall at the wall business. And we've seen more pressure from competitors. I mean, in some ways like right pump and fomo or competitors to metamask and now phantom is going on offense and they're launching their campaigns.

33:50So kind of expected. In fact, this is the move now. I feel like we should expect to see like a marketing push from metamask. I feel like it's kind of the, yeah. That's how I'm rooting the wins, but I think your thought makes sense too. It would be nice. I mean, it's the one that's the best for the trenches. Let's put it that way. The other big news was cracking again. One probably one of the reasons why the IPO has been pushed to get out of IPO's payward is getting a $100 million investment from NASDAQ, which is a prank company I crack and talk about in investment. Wow. It's goodness, bad. This is still in line with the whole new companies, state private as long as they possible and they IPO at the highest valuations and the little guy gets, doesn't have the chance to invest. That's one way to interpret this. But yeah, I mean, cracking doesn't need IPO because they just got another 100 million. From NASDAQ. So they are flush and things are going well over there.

34:51I haven't been tracking their valuations and how those have tracked over time. 21 billion, but they're killing it. What's Coinbase 80? It must be much less, no. Oh, Coinbase 45. I mean, I mean, wow, they were 80, 90 at last before 1010. They have the ink chain and everything coming up too. It means here, but you want to mean, there's that and then they have my bases in some really big trouble between Robinhood and ink coming out. This is going to be tough. They are getting attacked on a lot of fronts. I guess one perhaps, tailwind for them is that these wallet providers are like the colds like treasure is it's foc. And you know, it's like they're becoming like unusable. So like, you're just going to go the custodial route. So perhaps that's a tailwind for them.

35:53A trusted custodian. But I mean, let's let Kobe cook a little bit. He's only there running the trading apps for a month. I'm sure he's going to have some moves here in Q4. Yeah. Yeah, definitely. So there's that. Is there anything else? I feel like there's been so much in last 24 hours, dude. Those are the pretty much the main topics. Okay. Okay, I guess we can we could bring our guest up. I see RJ aligned in the studio one second. My screen. I don't know if you're coming on camera or not. RJ. But let me bring you up on the stage right now. RJ, like you hear me? Hey guys, yes. I can hear you. Yo, hey, go. What's up? How you doing? All good. And you thank you for coming. We're good. We're good. RJ, how's your house? You're on chain.

36:54Been in the last 24 hours. You're trading a little bit. You're not trenches. No, no, not anymore. Retire after I started that company. Okay. I like that. Exactly. Okay, this is kind of bullish already. That's that's that's that's good. I was supposed to I caught him off guard with that question. Bet you didn't know that was coming. So so there's there is that. But RJ, first of all, thank you for being a show partner for coming on here. I hope you're doing great. Why don't you give us a little introduction about who you are and what the align layer is before we get into it. Yeah, sure. Yes, I'm RJ. As we just covered XDGN. Now I found the aligned. My background is in software engineering. We are a company in spinoff from Lambda class and infrastructure company on a through you. And at the line, what we basically do is build products and infrastructure. So enterprises on Fintech can upgrade to Ethereum. So our job is to provide from what is a service, what is a service,

37:55another specialized technology in order to allow these clients with huge distribution to have scalable and usable solutions. So we work with people that usually are not building on crypto right now but part of our tech and our new strategy is also to target the crypto-native market from new Fintechs or crypto trading activities that are happening. Okay. And structure for others. Okay, this is good. So let's talk some infrastructure today on the show. We talk about a lot of crazy stuff from here. Like you said, the the DGN stuff and we're definitely going to have to talk about this. When I looked into you, you know, I had like 100 mutual followers. It's usually a good thing. And you guys seem to be building a lot. So you kind of already introduced like who you are and what aligned us. But what do you ultimately try to solve? You know, and how did that vision come together? Yeah. So I think here a little bit of history helps to understand what we're building and why we are taking this route.

38:56We come from the CK space. We work with multiple of the L2s. We're mostly specialized in these three systems and cryptography. So one of the things that we notice is that even though we actually solve kind of scalability in the ecosystem and many of the the UX stuff, there was still a huge need in order to build technology that is C.C. to set up and run for people that were saying, Hey, I really like what I can do in Ethereum. I want to go global. I want to go with stock and stocks. I want to go with my financials. But I don't have a solution that is a one click where I can upgrade my stack and my solution to work directly on Ethereum natively. So what we realize is, okay, we need to build a full stack solution where we control the whole stack and where we can help these people actually upgrade as seamless as possible. Because today if you want to build an application, you need to use many different providers. I don't know, you use previews. Maybe optimism or the OP stack or arbitrum. And what we realize is that, okay,

39:57the product is everything together. It's not one thing separately. And we had experience building in every single part of the stack. So we vertically integrated everything, taking into account the latest technologies that we can use on Ethereum. So we can have actually very low latency trading. We can have an amazing onboarding UX for people that do not know what our private key is. And yeah, that's why people say, okay, you guys have a bunch of products. In the end, it is the same product. The product is upgrading to Ethereum. The other things are like that. How long have you been building on Ethereum for? We have been building for more than five years. And aligned, starting at the beginning of 2024. But we have been here for a while. Okay. It's pretty cool. So it's just got everything in one place. Yeah. Lambda VM, the ZK engine that keeps your world up secure. Okay, I see. Yeah, so we also have our own CKBM that we are keeping with the standard that Ethereum is pushing forward.

41:00They're in the new roadmap. So we're building everything to get into account where Ethereum is heading. And what we want to do is build the best products. So if you want to use Ethereum as a financial backend, you can do it as simple as possible. Okay, that's pretty, uh, that makes sense. And so, and so you guys, you guys have a white paper. So it was Lambda, so Lambda, it's been to a different Lambda and aligned. Just to understand better. Yeah, the different companies, Lambda classes, where we come from. Many of the founders work at Lambda. Got it. Okay. And Fed, that is the co-founder of a line is also the founder of Lambda class, where he's full-time there. So we collaborate a lot. And a lot of the knowledge that we have is because of the time we spend there, and the collaborations that we have. And in many of these things, like building the critical infrastructure, we still work together like the, uh, the security. God. Okay. Okay, so it's all one. But like for the people who are actually curious about this, align.com, it's all on there. That's what I'm, uh, that's what I was sharing on screen.

42:01So there's a new white paper. Yeah. With Sovereo and, and Lambda, which we work with. So talk to you, run us through that. Yes. So, Sobre is one of our biggest clients. Basically their job is to help local governments in Latin America, upgrade their identity stack. You have driver licenses, birth certificates, all of these things. That is one of the most important jobs that a, that a government has, right? Like saying, Hey, this is who you are. This is how do you authenticate in different public services. And the problem is, how do you use that to authenticate online on different financial services? So they go to them and they say, Hey, we can help you upgrade the whole stack. And we believe the best way to build identity solutions in the future is using blockchain behind the scenes. In particular, with peripheral credentials. So we're actually a real life with them. In some places in Mexico and other places in Latin, they're using our wallet and service. And I will roll up the, as a service solution as well.

43:02Because they need their own custom execution chain. They cannot go to a public chain normally because they have, they're using peripheral credentials from citizens. And what we did is, with the work that we did with them, and all the knowledge that Soverehast, that we have on infrastructure, will be a white paper for local governments saying, Hey, this is the blueprint of how you can build peripheral credentials for your services. If you want, you can use our stack. But in the future, if you want to use, like we basically protocolized the solution that we have built with them. So anyone could actually build a solution that is similar, interpretable and composable would have done. The main thesis is that we believe AI is breaking the, the all of the identity solutions that exist today, the way it's broken, the way it's broken. All of the things will not work with generative AI models. And the main solution is actually helping governments with new tools so they can build more robust solutions.

44:02And the way to do them is with peripheral credentials. And that's our proposal. Okay, there's a lot to take here. I find it interesting though, you guys are just like, there's some people still been infrastructure behind that. We need it. We, uh, we definitely still that in the, I need a very important line for us because the, the skill is huge. We're talking about on board in everyone that has a credential or a driver license, right? So that shows very well how robust our infrastructure for the wallet component is and for the back end that is the rollout. Yes, interesting power like RWA is neo banks, digital IDs, which is your talk about, etc. So that's super interesting. I mean, this is where the order title is like, everything's about to move on chain. We were not just tokenizing stocks and everything. Like everything being tokenized, everything's going to be on chain. So you need a whole text tag behind that. So then talk to me about the good stuff. You know, I'm sure that's what the people want to hear about. The first thing we see when we open your page is the align token where it seemed to have launched on August 20th of the Sierra believe.

45:05So why don't you talk to us more about that? And I mean, general, like, first of all, what do you have a token? I think it's the most important question I can ask you. And what does it add to the entire stack you just talked about? Yeah. So as we cover, we have a very complete stack. Right? Like we go from wallets to a rollout. So the whole idea of the token in the selfies, okay? The first question is how do you tie to get our token to all of these services? Because usually you have one token for a particular service, like I don't know, you have a decentralized network and you have proof of stake. But that's not our case. Our building is an infrastructure that is bootstrapping on top of Ethereum. So it's a different kind of a playground. And the way we handle this is that, okay, the line token is going to be a utility token in order for many of these people to directly build on top of us. So they can have access to the latest infrastructure that we have. It's still something that we'll be progressing because as you guys know,

46:08we're working very closely the latest regulations and what things we can actually do in the future with tokens, which I think is really exciting. And hopefully we have more clarity on that. Yeah, no pun intended with the Priority Act. But we are learning a lot and we want to work that goals, like saying, okay, our solution is we believe the industry is a lot. And I think you guys probably agree with this. Not only in the last year, but also in the last six months, things are moving really fast. And we want to make sure that the line is on the latest. Not only on our products, but on how we can manage the token in all of these new environments. And I think a lot of teams are also trying to figure out and that's where we are. And part of our thesis around the token was, okay, we're learning Ethereum infrastructure project. We believe Ethereum is going to be the main financial back end of the world. We were able to be a lot of this because out of people actually built Ethereum and built many

47:11of the solutions that we're using on the technologies. So we need a very big error and also a grant to protocol guild that they pay Ethereum core developers. And to many of the people that build their tools, users that help the L choose. Because that's what we wanted to do. We wanted to have like a thank you to everyone that actually help make this happen from a tech and ecosystem point of view. And we, yeah, we have originally more than a million eligible wallets. Of course, not everyone registered. Yeah, classic. Yeah, around a thousand, a 100k wallets. And we did all launching base and on Ethereum. Okay. Love that. So there's a lot serving some people here still can claim notes too late, right? Yeah, they can claim on Ethereum on base. The

48:13developed registration and claim window was very close. But on Ethereum, you can, you will be able to do so for the next four years. That's the best thing. Okay. Okay. There you go. So if people want to find out more about this, just go to alignedlayer.com or like I was all sure I was going to get it's on the aligned layer. I just tweeted about lines. So you can just go to my page. It's easier. You can find the tag right here. If you want to look at it right there. And you know, have a look, have a look at what they're building and all that. Our Jage's last question for you before we go. It's all that any last word for the people watching. What should they be paying attention to or in general, like if you want to promote something or seeing something you're excited about. Yeah, I mean, I think some of the news you share before I jump on, like the cracking stuff, well, pay world and all these things, MetaMask. We're really excited that we have been working since the beginning of the year with a few people helping on prop payments on Ethereum. And we will

49:18probably show more about this. So we have been doing I think a really good job more on the open source stuff. And I think the the world is going actually fully on chain. And we're really excited about these new primitives. I'm making sure that we have infrastructure so we can have all stocks, financial instruments, or a chain. So if that's something that you like on your interest here, be attention because we have a few new cards on their own sleeves and we will start sharing more about it. Hell yeah, I love that. So you guys got a lot of stuff coming up. Congratulations on everything. And thank you for partnering with us today. Hopefully, uh, we'll see you again, RJ. Have a good one. Okay. Thank you guys. Bye bye. Alright, all right. Alright, I knew the name was familiar with our line. I think I've seen on the rollout, by the way. No, we had Andy on recently. That's what I've seen. Um, anyways, uh, Mr. Tyler, the coin seems to seem to be holding my new lie is back to 85 mil. Um, so I'm gonna have a little bounce across the board. My, my penis is popping line.

50:20I'm just gonna get thrown in one. I had to get that one in there to show. Oh, my God. Yeah, jeez. Yeah, like, I, did you make me laugh so much? Times where I, you're, you don't like, your aunty and activity is my favorite. Like, I get your notification on the pump app, which by the way, makes you all get the pump app when you trade is great. Um, and it's just so good. I, I just smile. I swear to God. I'm trying to have some fun over there. I don't see it. It's an attainment. You know, it's financial attainment. What, uh, how many failures do I think you're a lot? 22,000. Sheesh. We're similar. I'm 21, three. I'm, after I'm glad I, I, in stuff saying cash, I pull-punted the rest of my pump, particularly on new lie last night, because I wasn't gonna go down without a fight, you know, 21, 3 and you're, you're so active. 21, 8, ooh, big flipping. You raised me to 100k. Race 100k is on. There you go. Race 100k is on and then the winner has to buy

51:24thousand bucks of the other guys token. Okay. Do you know how's that? Do you do that? Do to I'm starting, I'm starting from behind because you are like so active. Holy shit, I may have to start running giveaways. I'm gonna start running giveaways on that. Uh, but anyways, if that being said, we'll see you all tomorrow morning Friday, 10 AM Easter's down in time for the episode of FOMO Hour on the Crypt Media. Peace out y'all. Stay safe.