How Robinhood Memecoin Traders are Short Squeezing Wall Street AGAIN.

0:00How are we doing, Jens? Alex is away. So we've decided that we're just gonna launch it and buy a lot of shit coins. Shut up. What up? David. David's here. David's here. Clap it up. Ellie, my boy. David, my boy. Ellie, my boy. This is so full circle. This is so full circle from Khan when you were on the blockmates podcast and you're so funny. You're so great. I was like, Ellie, you have to do a podcast. You have to be a guest. You have to host something. And now you are a host of the blockmates. No, I'm not going to. Yes. I'm like, you think I'm already just that won't leave. I have one pause. I've never left. That podcast could have been one of the greatest recorded podcasts of all time if we actually plug the mics incorrectly. But it's it's the it's the pod that never was. No one's ever heard that pod. I mean, it was so much fun. It was such a good back.

1:00No one. No one in the mic didn't work. Oh, what a shame. It was like, do you know what I'm a potato? No, I guess it. No, Ellie. It wasn't a podcast. It's your job interview. It was a job interview. It was what it was. It was non-page interview for a job. But I love it. Yeah. I mean, I don't have. Have, um, the question is, are we, are we, are we back? We're back. It's real. We're 100% back. No, we're back. We're 100% back. We're so, and I'm, uh, yeah. You know, you know, I know that we're back. Why? I had been low-balling dudes on Facebook Marketplace for prilings for the last 48 hours. That's how I know we're back. I mean, I know we're back. I've been shitcoiding at bad boys. I've been shitcoiding it really, really bad. Um, I will say that I'm on a hot streak outside of like the coins that we are obviously all trying to be involved with.

2:00I feel like I'm just like been doing well on FOMO. Like, um, Someone said they're mocking me with my, I don't know what that means. Um, I don't know what that means. The people at the kids in these days, man. I don't know. I do. I'm excited. I know that I got haters on FOMO too. I think that's because we, yeah, as we start doing better on FOMO with care. Yeah, I do. Exactly. It's great. I, uh, this is my first time 10xing in account though. I started with 500 bucks from my monad eardrop. Um, in the FOMO. Oh, wow. You, you managed to keep both of that in the. And I've, I've like, I've like 20 X to my FOMO again. Or I'm like 10, 15 X, my FOMO account right now, which is awesome. This is my first time doing that. It's really a clever blast. Now, now we do that's that's girl. How about we we we want you to find you as like we're fun. You want to hear how I started this cycle? Come on, I was that I believe this last night. And a non, I guess DMs me on Twitter saying like, Hey, you have five teeth in a contract from some like random D five

3:03farm from D five summer in 2020. I'm like, what? And so I can like some wallet that I have been like checked. I don't even have it on my computer anymore. So I'm like, fuck, I got it. I get this five each somehow. So I had to like go and like figure out like, all right, where's like my private key? Like for do all that shit, you know, after like a month or so, I get it. And I get the five in. You know what I do. I'm so scarred for being crypto for nine years. I like sell half of it immediately. And I like died. And I was like, all right, I'm going to like dice throw with this. And the thing that actually like motivated me to like go and like do it was cash cat like actually gone like fucking first time. I'm like, oh shit, I have to get on cash cat right now. And so I go, I retrieve, retrieve it and I like bought some cash cat and like, you know, I like did like a little two acts. I'm not really a trader. I'm a builder first and foremost, but like I always like to try things. And when I see like this and energy somewhere, I just like hop on it. And then you know, I saw like, you know, Ponds like doing it saying and like, I'm like friends with the Ponds guys. I actually interviewed them a month ago before they became for

4:05Nintendo there. I like saw them and I got friends with them. I'm no Nazi for a while. I know how pretty well to and some like, okay, there's like something here. And what I like likes about Ponds, not just I know the guys, but they're fair. Like that's first and foremost, like their mindset is like, how can we get like everyone to win with us? It's really true. And the ethos of crypto of what made Bitcoin great, what made Ethereum great early on. And so I bought like a little bag of that with my like my dice throw. And then it's like, oh, then it's like done. It's run. And then it's run brother. It's a half a billion dollar market cap. But then, you know, I've had a very interesting three days, guys. And, you know, Ellie, you know, talk about it. Talk about it. Dave, tell the people about your last three days. Tell us. I would start it, honestly. Yeah. So like I have my own podcast fully vested with the DeFi lot, my guys and, you know,

5:06you know, it's like a little shadow, shadow, shadow. Yeah. You know, it's a different vibe than this. And I really really swung the podcast. And I had somebody like some friend of mine that I know from New York Twitter circles, not really crypto Twitter circles, Marcel. He's like, hey, Dave, check out my new DeFi project. And it's, you know, he's like, gives me like the tag, the link, UFG, United Founders group. I'm like, you know, usually I'm like very cynical. But because I like know him from New York Twitter circles. And like, I was like, he's a nice guy. You know, he has like a good head on his shoulders. He cares. And so I like looked at it. It was like quite complicated. So I was just like DMing him. I was like, okay, like how does this shit work? And it was and then once he explained it and once I put that into chat, GPT and I had and I had like crock and some shit actually decoded. I'm like, oh, wait. This is fucking sick. This is fucking dope. This is the dream of DeFi right here. And then I got all excited and then like, I got excited about it and I he was like, wait, I should make your questions into an FAQ.

6:07And then you like from like, he made the FAQ. That's smart. He made the FAQ. He made the roadmap. And then like, I tweeted about it. I like traded with a few friends and group chats. And then it just started going on a run that we see. Like, I like, you know, they say FOMO is a trader leader board. Leaderboard. I disagree. It's not only that. It's a bad worker leader board. You can like go if you're a bad worker, you can go like buy some token at like whatever price. And it will show like how much you're bad working. There's like, you got to like reframe that. And so like the lower, yeah, you the lower you buy a token, a coin and you and the more you bag work, it's like a, it's a show of bad work. Like, yeah, it's a trader leader board. But it's also, you know, you can, it's a bad worker leader board. Go work with the bags. Goddamn you got to work for the bag. I can't answer them to the best. It's an attention economy. And like we are, I think this is a really cool project. A bunch of D5OGs in this. We were, Grant, we're sitting at a bar. It's like two nights ago. And we're sitting at a bar with a bunch like Twitter people.

7:08And then Dave just turns his phone around to me. He's like, Ellie, do you know what any of this means? And he's like show, like you have like, they have like plans to do something. Collar strategies where they're going to launch a second token. And like you can like be the insurance token on a collar strategy. Like like, like, heath options or whatever. Yeah. And it's actually pretty cool. Yeah, it's an option. So two tokens are options tokens and all the fees go towards UFG treasury. It's not like a separate token spec. Layed on there just two options. Right. OK. I was like, Ellie, can you, what can you explain this to me? Because I'm kind of retarded. All right. I'm like, he's like, Dave. Dave's like, they have followers on Twitter and they DM me. I was like, all right. What's written? I know. This sounds sad. Did you get a nut knife? I got a little bit of nut. I got, I got major nerds night by it because David's like, no, he's been so nerds. I know. You know, I like, why my thesis? I like tweeted so I find this cycle, which I believe it is. But it's also in a way in inverse own. It's an inverse own because in a way that home was an inflationary currency. It was OK. Like, are like, are like goal is to be a currency.

8:08We're going to be inflationary. This is the opposite because it's deflationary. It's deflationary because you have a, there's a billion supply. And it's tied to the treasury of UFG. And every time, eth is redeemed, 98% goes, 98% goes to you. It when you redeem it. And there's a 2% exit fee that goes back into the treasury. And that UFG, UFG is burned. It's burned. And so you're actually like incentivized to hold it as there's more treasury, they had more of the eth the crews in the treasury. And right now the first fee stream is the creator fees from Ponds. And in the future, as Ellie said, you know, they're going to have options and I was thinking like, you can basically have like a built in community as a builder, you're incentivized to build on this. Because you have a built in community of people that want to use it. Because they incentivize to use it because the more they use the product, the more fees accrue to the treasury. And so it's not just options like you can be like, get more basic in something can launch an NFT collection and like the fees go to the

9:09fee trading fees and mint fees go to the treasury. Somebody can launch like a prediction mark. You can launch anything. And like, why does it have to be limited to DeFi? I think like, you know what I think we're saying that as well. I think it's like, this is the first real cycle where like ideas, guys can get a product or a product suite to market. Yeah. So you've seen it with like, what is it? Like, stonk broker and stuff like that. Well, it's just like this product suite built around like an initial talk with your describing here word. Previous times come by, probably like, well, 100 people on earth, maybe 1000 people who could actually think of an idea to play it and actually get it to market correctly. And now it's like with either codex or like, um, or, or, or you're basically being able to just like shit these ideas out. Like truly battle tested ideas and anyone can actually spend them up and get them to market, which is first time we've like really seen anything like this.

10:10I think. Yeah. And and it makes distribution so much easier to. So it's like not only you mean ideas, or idea out there, you actually kind of get distribution pretty fair way. You can do you use these new token launch pants like bonds and get your tokens out there and actually start, you know, working your back. So you can come up with an idea. You can just come your idea. You don't need to raise a trillion dollars to build a team. You can like use codex to build a fairly simple idea that is solid and then launch it and get distribution for your token fairly easily and fairly quickly. So it's like, all these ideas are coming out. And it's like, yeah, there's a lot of them. Yeah, it's tough to like separate the wheat from the chaff if you will find the good from the bad. But like, yeah, if you're in the market, if you're looking, you'll find some cooperatives now. You know what I think about like this cycle compared to previous cycles, like, you know, back in 2020, that was the builder cycle. That was like DeFi summer and that was like NFTs. That was like Dow's and all that. And it was very builder heavy. And then you had like 2023, 2024. Those were their Salana trenches and that was very trader heavy. So like 2020, that was very missionary and then 2024, that was very mercenary.

11:16This cycle coming up with Robin Hood, we really have a balance of the both. It's really interesting to see. It's both like trader and builder. It's both missionary and mercenary. And like one cannot exist without the other. And it's really interesting to see because if you have been around for a long time, you get to like notice all the different things I made each cycle great and made which runners run. And now you can like take that knowledge and it's like pretty balanced feel that has emerged primarily on Robin Hood chain. And like you're seeing it with like different projects. Like for example, it's like you have feet, yeah, like launched out of like ponds. And it's so like, you know, fighting its way to, I don't know what's that now. Like 2 million market cap. 2 mil. But it's so like, you know, it's like fighting. It's it's the early stages. It's fighting its way out of like the like the bunlers, the traders and all that stuff. But if like now that the builders are paying attention, the believers are paying attention. If it's able to get that right distribution, which I'm like, by so I think it will. And it was.

12:16I've heard you all the york looking. And I'm like, you're going door to door. Like I said, you have a beauty of users and users right there. And the users are incentive. There's no alignment bullshit. There's no alignment bullshit. If you're a UFG holder, you're incentivized to use UFG products that are built on it. Full stop. Full stop. I had a similar, a similar conversation with you know the Almanac team. So they're like all D5 or Gs and use basically saying like what are you seeing? And it's you've just summed it up way better than I could at the time. But it feels like the plumbers and the trenches are like finally mixing and realizing. Yeah. Do you have a lot more in common? Then what divides us? I love seeing the EpoG set our shitcoining now. It's a beautiful set. Like I see mess in love. Well, Lord Bogdanoff, like he's he's all over the shit now. It's like this thing is to rings me. It's that load of rings me. Where it's like I never thought I'd be like side by side. It's like blah blah blah.

13:17Like the summer trenchers said something and then the plumbers like what the fuck? Dude, my nephew. My nephew's my nephew is what do you call it? What is it? 11th graders at a junior junior. He's a junior in high school and him and all his friends are like yo teacher set a trade beam going. What's with I will say they're all getting into the problem is. They're all retarded because they're all kids and they just fall the worst pump numbers on Twitter. They literally have like they just have a they've no ability to like differentiate like who's the same. They have no ability to send. They've no ability to certainly also haven't been around for five years or 10 years or whatever. So they've no they don't know who's like who's like notoriously a scammer. They just see a guy flexing a Lambo and a in a in a photo piano. Look at the eggs. Is the equity you've been waiting for? It's my nephew's going to my dad used lunch money. Yeah, this. What's this? Can someone tell this man for to block me half the dot. If Twitter has me block the shuns of line. I mean, kind of like say, oh, now they're writing long form essays on born of coin. I was right. He feels like he's a learner.

14:19But I'd walk up from the long slumber and I'm putting absolutely clinic on Robin Hood. Jen now. Was plummet on season. Bang your mind. C just like. But it's because it's great how right Robin Hood's trip everyone. Yeah, honestly, like he gets a lot of shit, but he's he's very on the money. He's very on the money with a lot of stuff. The year. Yeah, Robin Hood's kind of like Trojan horse. Everyone and I want to get like the mod defi take here on it that tokenized assets and RWA's whatever we're fucking inoculizing them or whatever we're calling them. The problem with that has always been the little quitty, particularly on chain. Like on a centralized exchange, it's a lot easier because you can incentivize a lot better. But on chain, it's huge. Like where do you go to get that liquidity? Do you just throw a hyper inflationary assets at it? Like as time gone by from like some weird kind of like yield farming to incentivize the quality around the peg, not really not really going to get someone to do that.

15:22Do you look to the issuers to do it? Like are they going to run a point to program on certain? Like probably not. And what Robin Hood have done geniusly is they have near if it's asset issuance on a chain. So one that opens up the design space for like new innovative products to get built. And two, they've said, well, what draws a lot of volume and what can volume get the gets liquidity and then how do you like use that as catalyst to actually get things off the chain? Everyone likes to speculate and everyone wants to go through speculation and mean points that actually draw shit on liquidity. I probably the idea was probably planted. So then per certain assets with tokenized spot and then you start to see AI pegged, and it paired with end video and liquidity pool. It's genius. It really is genius because you get this deep, deep, deep liquidity that's being funded by mean clonspeculation. I just think that's fascinating. I think it's brilliant. Yeah. And how I know that we're back is a new primitive has been introduced to a wide user base. Like before in 2020, what was that innovation that was AMMs?

16:25That was uniswap. That was yield farming before people don't realize this yield farming. This idea of like farming and token and like incentives and all this stuff. It's sort of on centralized exchanges. It's our decentralized exchanges like like 2018 and 2019. There's like some like like F seat like random like exchanges doing it. But you know, obviously that didn't last but like they took that concept and brought it to on like on chain. And all these like incentive token incentives and whatnot. That's where like things are take off in the DeFi summer 2020. Now what the new primitive is. It's not AMMs. It's being built on top of AMMs. It's stock tokens stock tokens. It's not like they're new. These tokenized equities have been around decentralized exchanges for a long time. And Oando has had like 200 plus tokenized equities for a long time. But now they're being built on top of primitives that were built in previous cycles, whether they're AMMs, whether they're launch pads. And that's where you're that's why you're having a lot of all this fun now.

17:25And there's all these different inefficiencies and discrepancies because people are it's new and people are trying to figure out like, OK, how does this shit work? How does a tokenized stock paired to a mean coin to it? How does that like what is like? How does like? What is the ideal balance between the two? So yeah, it's really fascinating. It gets me excited. And every cycle like everyone's like, like before everyone's like, oh, it's so over. Everyone's like, oh, Kripa's not going to come back. It's all institutions. Oh, all the traders are doomed. I mean, 2019 it was bitmex. Now everyone's just like depressed. I've been bitmex and liquidated. Now this like was like hyper liquid beforehand. But now we're fucking back on chain. We're having a great time. We're having fun. Now we can. Yeah. Do you know? Do you know what I think it's always in the way? Wasn't it early about the, sorry, go ahead. Well, yeah, we'll get to that in a second. But no, one of the things I was thinking about is why Fomo was doing so well. And why Robin had changed doing so well. And I think the two of them work together really, really strongly, really well is because every time a new chain comes on, bridging is impossible.

18:25Bridging is a mess. One of the bridge exes scams, getting your liquidity into that chain is impossible. Fomo has effectively been a bridge for general retail to access a new chain. Fomo has been retail's access to robin a chain. I have been trading around the chain. I've not bridged a single dollar into robin a chain. I have only access robin a chain via Fomo. And I think I speak for the retarded masses. And I think most people who are accessing robin a chain are probably doing it via Fomo. You don't need to worry about bridge hacks. You don't need to be worried about bridge security. You just cash into your, your, your FOMO, whether it be with USDC or related with the credit card and you're on ramping into a new chain effectively with the credit card. I mean, it's crazy that the access to FOMO has given to general retail to access a new chain early on, which is obviously when the most exciting time to be on new chain is it cannot be understated. I think the two of them going hand in hand here is a major, major driver for both Ramba mean success and also FOMO success. I don't think FOMO would have the same success if they didn't have the new chain to, you know, get on with. I don't think Ramana would be as successful to have FOMO to onboard users into it. It's very symbiotic relationship.

19:26Yeah. It's a good point. For sure. Yeah. It's some lot of fun. I like this one. First, it's funny. I first heard about it like last year, but I didn't really get it around to downloading it to December. And I didn't get around to using it until a few days ago. And I'm like, I'm hooked. Like it's so interesting. I get it. I get it. I get it. Well, it's a game. I mean, I mean, and some talks about this a lot of people talk about this. Crypto is the greatest MMO RPG that there is. And FOMO gives an interface to the game to the MMO RPG. And so and you can see the leaderboard and people love leaderboards. And I actually really like the thesis part. You can see like when people like write their thesis and everything. As like, you know, someone that likes it, go into the why of things. And you see like, and people can and also people can like collect their cloud that way. So. Yeah. I agree. I think the thesis thesis was completely right on that. The daily act of wallet on FOMO is near enough for X any other trading interface.

20:27So for Robin, a giant. Wow. For Robin, a particular. Yeah. I wonder how much has been discussed in the lab at his executive rooms about that? Yeah. Well, they've teased the tease that, um, what did I say? Get your get your friends together to eat or something? Yeah. I saw that. Yeah. So we're going to abuse this thesis part for like article distribution. So we have the, or is that article going out later today around how it's a historic editorial piece on how Danish pick farms is created a hundred billion dollar market in, in Denmark and like, how that's teved through history and stuff. So we're going to go and find a pair that's perhaps a lot of the by, by some of it and then distribute the article on here. Yeah. Ellie is, is Philip Morris on Shane? I've been lazy. I've been checked. I don't know. Grant, can you check if there's a Philip Morris paired stock stock token? I don't think there is. I haven't seen anything about it.

21:28See, I, there needs to be a Philip Morris six, a new six token tied to, dude, anyone who's listening to the podcast, be ready in four hours. We're on. Yeah. You are. I think I'll have anyone to go to the most. Yeah. They should have tokenized Philip Morris or like, oh, I wish, I wish they could tokenize Chinese. They're ticker. I'm trying to take them. PN, PN, PN, PN, PN, PN. Now they're having. We need to get Philip Morris on chain. We need to get them. I'm giving. I'm giving early insight into a new product here. Oh, where the? Wait, is this your product? On chain markets are fun. Yeah. Yeah. Oh, it's on. It's on. It's on. It's on. It's on. It's on. It's on. It's on. It's on. It's on. It's on. It's on. It's on. It's on. It's on. It's on. The clap back to that if they can get something off the ground here because X stocks think they've been bought by Kraken?

22:31Or at least not. Yeah, they did. So like they're going to have native asset issuance. Coinbase have just really started version. Binance got B stocks. Yeah, I don't like who who've, I think back back up didn't a really good job on Slarner as well, but there's no native Slarner issues. I think they use it. I find all of you. Yeah, I find all these different stocks. Hocons really interesting because it reminds me a lot of stablecoins, which is actually my bread and butter. Like there's all these different, instead of like, but instead of like all these different times the stablecoins like all this tether USDC, now there's like B stock, there's, you know, X stock, there's stock tokens. This and that. And they all have different rights attached to them. Like the Coinbase stocks, for example, they're actually one to one redeemable. They're like actually the same. It's most similar to like, you know, once one redeemable for like payment stablecoin dollars, the Robinhood stock tokens are actually different. They're actually debt instruments. And so there's actually like no rights and more so like

23:34exposure than they are like a pure stock. So it's, I find this part really interesting. Yeah. Yeah, how are how are token stocks avoiding? How are how are token stocks and I'm going to know grand or Dave, if you guys know the answer to this, I don't know. How are token stocks avoiding being security tokens? I remember like there's STOs like all the security token offerings. There's like specific like exchanges like sexes that were able to list security tokens and do STOs. How are like these meme coin paired stocks? How are like RWA's like tokenized, tokenized activities avoiding being labeled STOs? I don't know that. I don't know the answer to that question. Well, I suppose I give you think about it. It's just the same. It's helping us not a security. Right. It's not itself a security. It's represents security. It's the exact same thing. That's why like everyone's fallen all over themselves. They've seen what happens when you tokenize dollars. Now, whatever you just tokenize, I give you all the issue where for tokenizing absolutely everything.

24:35It's a point for them. Yeah, you're going to do it. Why didn't Heather do it? Why didn't Heather do it? I remember a bunch of other businesses. But like, yeah, well, Heather was focusing on like how could we increase the distribution of Heather? Like they did the investment in Wall, and all that. So, you know, I don't know. They're focused on AI. Everybody was like very focused on AI stuff. Everyone was doing some AI this AI that I'm so happy to see not see AI in the timeline as much. I'm so happy to see the timeline talk about crypto and on chain. Again, it warms my heart. I was like getting like a man. Far from this anyway. Yeah. So I just did a quick, well, I wonder if it's because, and maybe that's why Ramba had different coin base because Ramba has that instrument you're just holding and asking for. Yeah, that's another equity's price. So you're not actually holding a security. You're just holding a tracker as well. And then if you have the whole cares. Yeah, so they can actually like, you know, it's a good idea in theory like, oh, like, have a meme coin pair to a stock.

25:36And then like the fees accrue to the treasury of like, of the stock of the, it's fees of the stock accrue to the treasury of the meme coin. And then the meme coin can take over, like have a board seat or whatever. But if it's a dead instrument, you can't do that. Right. You gotta read the frying print. I gotta really read that fine print. Unfortunately, I don't know if a lot of the meme coin traders are reading fine print or even capable of reading it all in the first place. Or if it even matters to them, it's not that it's just not the fine matters. It's just it's the story. It's the Lord that matters. It's the lore. It's the Lord. And Dave, you're nothing if not a Lord, Lord dropper. Stored with you. You have a Lord builder, right? I knew you'd work for you. I mean, I wrote about, I talked about this, I wrote about this last year when I left Heath Denver because I was so depressed about Ethereum. And I was like asking people like, what does Ethereum need? And I remember talking to Jingtao, randomly in Vegas. He was like, I know, but he said something. He said Jingtao in Vegas. Yeah, Jingtao in Vegas. And he said, we need better storytellers. And I just got my brain going.

26:37And I created this whole lore building theory and wrote this article about it. And basically, the best lore builder is the best community builders. They don't actually write the story from the top down. They create the environment. They set the field for the community to come in from the bottom up to tell the story. And I say the first lore builder is Satoshi. He's like, I call him the Abrahamic lore builder of crypto because everybody comes after him. He was the one that wrote the Bitcoin Y-Paper. He was the one that set up the Bitcoin top forum. He got all the pieces together, but the frequency that he put out in the world, I factored the initial community that of hardcore believers to be like, oh, wow, this is like, you know, this sovereign money, like, oh, wow. And he did a very good like us first them as well, you know, when he came out. When the first Bitcoin block came out, 2009, like banks on the brink of bailout, like he really got an emotional, he really tied an emotional, like struck an emotional cord with the community. And that was like the first class of people in Bitcoin.

27:40But at the same time, you need new lore builders to emerge in order to keep the community the lore, the token going. In the case of Bitcoin, the next one, in my opinion, was tried private robberts. He was like, he was the next lore builder. And he made a use case for a big part. Whoever he was, by the way, on clear who he was. Yeah, I mean, shout out Ross. Ross, free, shout out freed Ross, free, Ross. But also maybe it wasn't, you know, maybe it wasn't him. Yeah, maybe it was. But he was like the next one, you know, and then you can actually say like Roger Ver was one. He was like literally, they called him Bitcoin Jesus. He was Roger Ver was the one that funded all the early Bitcoin projects. He's not a genius. Yeah. And then, you know, you go on and like in 2020, you know, it's another clear example of the Bitcoin lore builder, it's Michael Sailor. He was the one that made Bitcoin legible to Wall Street and traditional institutions. And then, you know, actually, I released this. They actually went pretty viral on Twitter this article.

28:40And I felt like I was really validated of this article because a few months later, you know who comes out for eat, Tom Lee. Tom Lee is basically the microsailer of eat. He's the lore builder of eat. He's making eat legible to the institutions. And so this whole lore building thesis is all about, what does it take to build a community? How do you inspire people? And it's something that's more deeper than just money. Something deeper than just something of monetary gain. It's like people want to be a part of something. They want to be a part of something bigger than themselves. That's something innate in humans. It's something innate in us. And so I think the best communities and the best projects are able to strike that chord. And yeah, super well. Sorry. And I think we're seeing, we may be seeing that again, Ellie. Yeah, great. Do you think this like we might be building some more? What is this? What does this do for the, and this was me included, by the way, but what does this do for maybe the LTV thesis wasn't incorrect. Everyone else was just shit.

29:42Yeah. Yeah. Oh, God. I remember my job like two years ago. I was at the narrow. I called myself the chain wrangler. And so we had this product. But like the branded LSTs, I was like talking to like all these chains and stuff. And no one understood DeFi, no one understood, like, no one understood shit. And like when you look at the chains, there's like, there's no one blasting here. There is no like, there's no users, no one cares. It was like the whole L2 thesis was something like VCs used to like pump and raise valuations in shit. And then that just completely collapsed. But what was needed, like for a chain to succeed, it needs a killer product. It needs like some killer product. And like, you know, for Solana, that was pump fun. For Robert Hurt chain, that's parts. They need something that like everyone can like rally around and things can like build on top of and people can see successes. Yeah, it's like building a reason to stick around as well. Like, you need a reason to stick around on that

30:45you can't get elsewhere. Exactly. You need something sticky. You need something sticky that gets you there. I'll need you. Yeah. The fat L1 thesis, like all those L1s, is kind of like China building all those empty apartment buildings in those cities. They're like, look in New York. There's so many building. They keep building all these apartment buildings. If we just build all these apartment buildings, we'll be just as successful as New York. So they built all the buildings. They have these massive empty buildings, these beautiful apartments, but no one can. There's no one there. You can't just build the structures. No one can build. No one can build. No one. Somebody gets it. Look at it. That's it. Why did that happen though? It's like, there was a clear, misincentive problem. A lot of funds of certain ventages raised waiting much money. So the only way they could actually justify spending it and putting it to work so they could get their management fees was putting it towards more infrastructure on top of infrastructure, highly, highly inflated rounds. And then, if that was, as long as it went up in the private, and then you could hedge it out, even before it came to market, jobs are good.

31:45And you've already won. You can just hedge it down side there. It's like, it's in the really matter. So the game had already played out before it got to market. And then people wondered why we went through two, three years of everything just continually just going down only when the trade had already played out. But no one else was really invited, which is the problem. And it wasn't a product market fit. It was market product fit. There was a market for the product. But there's no product for the market. It's great. The market was in other VCs, in fact, in back over it. It's a good bit. I've never heard of it. I've never heard of it. That's actually really a bug of fun. Yeah, I've never heard of it. In your example in A3, where someone built a market and did not have a product, I felt like it's got an in this new world where the Shopify platform is like everyone's built the platform. No actually wants to build the product. It was like, why are you building a platform before you ever? I feel like even Shopify, who built that, Shopify. Yeah, go ahead. Go ahead. Well, I was going to say Shopify started with some marquee customers. So it was Stripe. Stripe, so now a huge platform service.

32:46Stripe started with Shopify. That was their early product. Everyone needs your first marquee customer to actually prove your product down before you can go. You can't launch a marketplace before you have a product. That's it. Yeah, I think this is really prevalent during ICO season, like 2017. There was a lot of, you know, there's a market for a lot of products, you know, but not really a product market. Honestly, the first person, I got to credit Sam Kazami and for being the one that said that to me when we were having a conversation once. Sure, a fraction. Must be a shallow fraction. OG, go. OG. Well, people, I think you know this is not my lure. I was a part of Sam's first project like 10 years ago. That was called Efforpedia. It was an Encyclotite Pedia turned blockchain Encyclopedia back in 2017. And then it was all like, literally, really deep. Yeah, early deep, I'd say. That's really long, right? I was just like, I want to back. I want to back. Let's re-launch it. Let's re-launch it. Let's re-launch it. It's a parrot, a fucking Google or something on Roblin. It's so round.

33:47Actually, so round like IQ, shout out IQ, shout out, Navin. They're doing a lot of cool stuff. They actually both take a cream wand stablecoin. No way. Yeah. Yeah. In market, like, for cream. Maybe no for a faster. Yeah. It's like a IQ product. But anyways, like we were all like living and working together back in LA. I saw all this stuff happen in ICO season. And like, your first cycle was fucking crazy. Because you have no idea how to discern anything. Like you're saying that, what about those high schoolers? Like seeing all these ICOs pop up and like, you can make an ICO about anything. There is like, dents of coin, pothole coin. I remember fucking it kind of ICO, like a bunch of, but like, some things are like pretty pressing. And some things like actually did last. Like, the things that last they were like, when, which became Aave, there's like synthetics as well. I mean, ethos in ICO, or ICOs. I'm called, I'm called. Thank you so far. Do they freeze so much fucking money? Yeah, but they raised so much fucking money. I remember my first, my first time ever in crypto was

34:49buying the, the TASOS ICO. I remember going to fucking Bretwood, like putting like dollars in some Bitcoin ATM, because I didn't know what I was doing. I had the Bitcoin ATM like, send it to coin base, because I didn't get verified. I'm like coin based on time. And then I was like, all right, I get it like a wallet or some shade. And I bought the TASOS ICO in like July 2017. And I was like, my first. That's, that's what you have to do. And now people have to download a fucking app. They don't have to go to fucking Bitcoin. We'll go up up here. Yeah. They don't know what we went through. Oh my god. I was using fucking ether, my ether wallet, man. Do you guys remember my ether wallet? That should be fine. There's got to be so much money. Sound fire by fucking people. Oh, yeah. Yeah. First guy. Yeah. Can we explain what's happening with these? Can we explain what's happening with our liquidity, like very, very high level for people who might be coming in. This might be their first cycle and then the seeing these tokenized assets paired with shitcoins and memecoins

35:52and wondering why certain assets are getting dislocated and stuff. And then there's a, we released an article yesterday on the, it was titled something like how memecoin trade is a trying to show us where he's Wall Street. So because of like the redemption systems on these tokenized assets and the L and the M and that's underlying whether the could it is actually holding it's throwing a lot of them out of kind of killed a with what they're actually actual underlying prices. And I think as we've been on, there's one that's actually affected something in the market. So I don't want to bring it over and get as it completely rogues. But yeah, the asset that you left with in the liquidity pool in the most simple format and everyone here can fill in the blanks. But as you, as you buy an asset out of liquidity pool, you're just trading with a pool. So as someone comes along and then deposits eth into a pool and then takes more in demand asset, the balance of the liquidity pool.

36:53And the ratio becomes more off as the more in demand asset comes out with a pool and the more the other asset that people want to trade out of gets deposited in. That's happening. But now it's the first time we've really seen two, I say exotic, lightly here at meme coin with a tokenized stock as the pair is just hilarious in and of itself. And obviously, we know why people are doing that because it's momentarily funny. But that's why you kind of get seen these massive price disparities and people are wondering why and trying to like the Chaudy-Charles-Guise Wall Street on the price dislocation there. But don't know how that pairing actually holds it. Yeah, it's hold it. Yeah, go ahead. Oh, is that the brand? The brand, the brand of like a breakdown. I think it would be actually a great clip too. Like a breakdown of how the stock tokens are kind of working. Yeah, yeah. So let me just bring up this piece. And people can read it as well. It should be pinned to the man blockman's feed.

37:53But so typically, right, let's say with any shit coin on the chain, you would pair it like in an LP, they would typically be two tokens. And a traditional, a traditional equity pool used to have a 50% no-ocean value of one token and 50% no-ocean value of the other. So like let's say for round numbers example, there'd be 50 care in the meme coin and then 50 care in ETH, for example. What happens if there's that meme coin is in extremely large demand? Well, people are coming and they're depositing ETH into the pool and then they're taking the meme coin out of the pool. So the ratio between those assets, like consistently becomes off the more in demand asset comes out of the pool and the less in demand asset goes into the pool. And that's where the price exploration happens. And that's where prices go very happens because it's all on a programmatic bonding curve. So what's happening now is we're not actually pairing it with the partner of a stock token. So like funny examples, people are pairing AI within video, they're pairing fat coin with like Eli Lilly.

38:58They're pairing what is the evolve on? Or an owner with a owner. Bona ripped. So when there, so there you have your liquidity pools is half bone or half hints, took I said, please stop. It initially would start that way. Yeah. And I think there's obviously a concentrated MMS, which you can have different variations of that. It's more dynamic than just like a 5050 initial initial ratio. But that is then throwing the on-chain price of that asset off because there is such high demand for the underlying meme coin. And the reason for that is because the largest depth of liquidity on Roman Hode is now sat between for any tokenized stock is now sat in the meme coin pool with the corresponding asset not paired to like a native gas token or like a state of the code. So it's. And so then so now the took I said, he's going to trade out of at a par with what the actual equity is in me because it's well, yeah, they're all over the place. And so Mark and makers are just arming back and forth

39:59between these RWAs and depends on the redemption. If you can close the up. So if it's you see a lot of it happening over the weekend where it was thrown all over the place. And then that's why I'm having a great time. Oh man, great. Can't group is going to be so happy right now. He's looking at shops. He's sitting in my amy-bong another yacht. I'm low-bowing, bright-linked. I'm facing marketplace. He's in my amy-bong looking at yachts. No, he's buying another lot for his property, not yacht. Yeah, yeah. So that's why they're trying to they're trying to pair like a meme coin with large equity. Yeah, a lot for high short interest equity. So it's really good. It's really good. It's like, but it's yeah. I can see a whole domino thing. You know the meme of like the domino's like the little domino's the big domino. I feel like you can like you start with these like like boner hymns AI in a video. And then like the big domino's basically like another

41:00version of GameStop, Wall Street bets. I mean, you need one of these to get CNBC coverage when you're off to the races. Yeah. That's a yeah. And like, you mean like stock tokens and meme coins are already in the public consciousness. And now you're just tying them together. So it's all so it's not that big of a lead. Yeah. And now general market like I'm going I've been glazing flume, flume so hard. But like this cycle in terms of onboarding like anytime I've been talking like any of my regular friends or family about like what's happening in the market right now because we've been a record for last week or two. And like they want to get exposed to it. Historically, it's been like really annoying like they have a saying to onboard people. It's so easy to onboard people now. You just send them your phone and can they like they're in. That's it. You know, I'm an apple man. You're in two days ago outside the bar. That's what I did. Yeah. With the Williamsburg Wrangler one cash tracker. Shadow one cash tracker. Williamsburg Wrangler. Shadow one cash tracker. Shadow one cash tracker. We got to clip that for 43 minutes and shadow one cash

42:02tracker. Grand is the best. You got to follow this guy. Not as what a guy but he's a man. Yeah, but like it's just so easy to honor and people now, which is like it just like days, little day loves a flywheel. This like flywheel that they've created is insane. And we're just so easy to get people in. Yeah. I find it interesting. I think they should. I think they should. Is there anything like what do I do? I think they should. I think they should have. I mean, so I, yeah, sorry for jumping ahead of you Dave, but I think one of the most beautiful things about FOMO is how simple it is, how straightforward it is, but I do think they should add take Rob stop loss. I think it's essential. I think that as you start using for spot. Yeah. I think they should take proper stop losses for the memes because like you can be sitting in a meme and it's like it's very difficult to track it all day. It'd be beautiful to be able to like have a position in in safety. So to speak without having to monitor the app all day like regular people have jobs. Like I think they can do take Rob with stop loss in a very simple way for spot. And they really haven't for purpose. Like I think they can do it in a very simple way for for spot, maybe even call it something

43:03else and just allow people to not get blown off, you know, in some crazy tip on a meme call. I think that'd be a really good feature from that. I wish the PM people. I wish I wish. Yeah. Oh, true. So I can actual social feature like when you know, I think yeah. Yeah. That's what I do in what clans think. Okay. That comments comments to thesis is so people can debate. That's good. Yeah. Yeah. Yeah. Yeah. It's right there. I think you say Henry has a very good point though. They want people out in my air all day in response to my take rather stop loss. I want take proper stop loss because I can't be on the Apple day, but they want me to have all day. So like if they don't want to say they don't want to have that feature. Yeah. That makes it actually. It's a great counterpoint. What about. It's a two foot. We're users. Like the same thing I said earlier about like the KOL leaderboards. I think going back to like any feature that end with your users being fleeced is actually a long term net negative to your platform. You can't keep it. You can't let your users get fleeced because they get fleeced.

44:03They don't come back. So if you can build a simple take profit stop loss or build, you know, less focus on KOLs, more focus on friends. I think that's super important. I think I think they should make friend discovery easier in apps. You can actually make friends on the app. I think clans is a good part of that. And then focus more heavily on your immediate social network as opposed to just looking at like which KOL is like sidewalleting and making a set of your PNL in the last two days. Like I think focusing on the socials and focusing on not fleecing to users, which is a big thing that they're, I know that's a big talking point for say in the rest of the team there too. Yeah. It's similar to what we were saying about how memecoins have created this like depth of a quality around. It's like tokenized assets in our WS. Obviously Robin Hood would just love that to happen from the outset. Like the end goal is to have like the D chain that tokenized as all assets and you can imagine the money that they make off the back of that. Almost kind of getting to the social art of its life cycle by going through the speculation

45:06of memecoins. So like has to be speculation at the front to get to where you need to get to without one given Chitanya tokens apply it where are two just burning a shit load of money. Like Uber and IBM being shit like got to the VC's money by just like basically paying people to use the app. So instead of that, the new incentive mechanism is speculation. Not how they're doing it, which is probably more effective honestly. Well, yeah. It's crazy. Robin Hood has not mentioned a token. Robin is probably not going to launch a token or probably not going to do that. And another thing token. Yeah, tokenized hood. There you go. The thing Grant that you mentioned or touched on briefly there is Robin Hood wants to tokenize these equities. Everyone else is tokenizing equities is just a wrap around alpaca alpaca is a licensed broker dealer in the United States. So X stocks on all these guys just they're just wrapping on they're just wrapping alpaca. Robin Hood is a broker dealer. They don't need to pay alpaca. They are a direct broker dealer.

46:06They're not giving 10% of their money or 50% of the money to another broker. They are the broker. They can tokenize these equities themselves. That's such a huge advantage. Huge advantage. I don't think anyone's really talking about that. Everyone else is just wrapping around. Honestly, like it's crammy. They've got a blocked rotation. I don't agree. Long hood. I'm not sure I'm going to go buy all that. So it's not my fault. I'm talking about the same thing. It's just, you know what? We know what's going on here. It's funny. Like we see the convergence of Chadfine DeFi. Like the stock tokens coming on chain is like Chadfine coming to DeFi. And then with stablecoins, the opposite has been happening where it was DeFi. And now it's going to Chadfine. And I have a first view, like Birds on You, with my job at CAP, leading growth there. Dave is a day job. I have a job. Yes. Yeah. Yeah. Yeah. Give us a minute. Give us a minute on what CAP is. How is CAP is in the other stablecoins?

47:07So CAP, a lot of other stablecoins are really just tokenized hedge funds. They're just basically groups of people managing money. CAP is different because it's a market. And the key innovation with CAP is you have this thing called the funded underwriter. And the funded underwriter actually puts up their own money. You put up a funder writer. Yeah. A funder. That's really funny. A funder writer. Yeah. A funder writer. That's really funny. CAP is a credit platform backed by these financial guarantees. And the funded underwriter is the real innovation here. Because instead of like, because CAP is a market, and usually markets there's a lender and there's a bar or a, but in CAP's market, it's three sides. You have the lender, the depositor, you have the bar or you have this underwriter. And the underwriter, and what does everybody want in the system? Well, the dollar, the people of the depositors, they have dollars, they want yield. The barwars, what do they want? They want to be judged by who they are in their reputation. They don't want to put anything up. And what is the underwriter want?

48:08Well, what they want is they want to be paid for for being right. They want to be paid for for their sound judgment. And how they are paid for their sound judgment is they put up like some collateral, like BTC, E, tokenized gold. And they diligence the borrower. They come to an agreement. And then they go, they team up basically. And the one say like, team up and the funded underwriter funds the borrower, the borrower can then go borrow from the CAP market. And so you have this like really interesting system where like, they can scale because it's a market. And you can actually not just have credit lines, some market makers, institutions like that. Let's say you're a funded underwriter and your expertise is film. What if your expertise is trade finance? What if your expertise is supply chain finance? So you're actually seeing like, you can have a lot more diverse of credit backs, like book, than previously. Because right now a lot of these stablecoins, all these lending markets, they've revolved around the price of BTC. They revolve around on chain markets. But with something like CAP, CAP is actually built to scale outside of crypto.

49:11And it's actually actually built to scale and grow in the productive world. Try it by day. Try it by day. This is try by day. This is try by day talking. We have try by days, we have DeFi day, we have chic coin day, we've got all three of the days in the pot today. We have all three of the day. Dave, the man of multitudes, the duality or the triality of man. That was my first reason. Why someone said you had five buffed days at once? Yeah, yeah, pretty much. Yeah, I feel like it's my birthday like every other month. Someone's like, I was a stage, I reached out in Mixed with a city with a T plus boys and all of a sudden it's my birthday. I get a shout out, shout out T plus. Shout out to people I show at Mixed with City. That was my first time using the funded underwriter pitch. What do you guys think? I think it's good. I think it's good. I think a graphic would help. A graphic, yeah. Showed on tell. Oh, no, I think I got me. We didn't clip that and say illuminati.

50:13Dave illuminati. Yeah. I mean, I think this is the most serious part of it. Alex goes away and we just talk markets for 50 minutes. This is the most serious part. I felt like this was a lot of fun. It was very informative. But this is the most markets we've talked in a long time. We haven't talked about the Metz and all. We haven't talked about soccer. We're serious. It's for once. Yeah, sure. You know, it's also Dave. Dave was talking about people just like, Dave, I've been in the pot for now. What six months? I have spent the last six months talking about how crypto is dead. And Alex and I have just been my rose and woping for the last six months in the bottom talking about sports. And now the markets are back and Alex is out here. And we're actually a related front. We're all made money this week, which is crazy. It's going to be depressed. And it comes back and says typically when I go and hold it. It's a classic Alex. The one we got Alex and I here, we actually had to build. We hit a bull market. Everyone's up. The one we got his classification. He congratulated. He congratulated. He was asking me, oh, you're off. I'm fired cracking before he went away. So Alex is the he's the counter signal.

51:17He is the mush as soon as Alex goes to vacation. The market's rip. I hope he's listening right now. Anything, anything fine? Where were you last night? You at comedy gig or something? You know, he was there during the day. He was like, oh, Ryan, what in Dasha? What's that like? What's crazy? I was crazy. I was crazy. Shout out, uh, shout out, Dasha coin, uh, which, do you know that Dasha, Dasha coin, Dasha lost. So Dasha is the podcast called RedScare. She's like a big dime square personality actress, whatever in New York. She launched a token last cycle that Martin Scarley pumped in dump. I'm not if you remember this when this happened like a year and a half ago. Yeah, yeah, yeah. She launched a token on maybe on Saul and she was like trying to pump it. And I think, hey, multi million market cap and then Scarley went on stream and Scarley pumped Dasha token as like a joke and then like dumped it and like killed her token. This is the last dog. So no, Doc just running it back. I went, she did a Dasha event at PubKey, the Bitcoin bar in New York, which is a curse

52:17to the liminal space. Shout out, PubKey. And it was crazy. It was Dasha on stage doing her Dasha stick and like 40 in cells. It's also she did her event in the middle of a work day on a Tuesday. It was like two, two or three PM on a new audience. She knew her audience. She knew her audience. She knew her audience. I did. I showed up. I showed up with two women shut out. You know, I mean, I had to like improve the ratio a bit. Separate myself from the chat. You doing your service? Yeah, I did my service. It was just, I will say the impressive thing for her is not only does she knows her audience, but that she cares for her audience. You could see a attractive young woman who's maybe 45, but whatever it doesn't matter. Attractive young woman who has an audience of mostly in cells. But like she was actually really sweet to them. Like she listened to them. Like she hugged them. It was it was actually in a sense it was really sweet. Like she she cares for her audience. Like there's a lot of people with barris social relations with her. So I can't imagine what that's like in person being in a room of 50 people who all have an incredibly parasocial relationship with you. Have listened to thousands of hours of you talking and then like are just like can't

53:21make eye contact with you. Like looking at the ground like asking for a second, which is a picture. It was a really, really interesting experience. Also, it was crazy to have Dasha give a 30 minute speech on crypto. And it felt like not much. It felt like like performance, like performance theater, like performance art. Like I've been to like a million. I've been to six years straight of crypto conferences and seeing guy to gun stage and pump their token and like kind of try to be super serious about it. And it was just like very, it was like very carmic. It was like the opposite side of the circle to see Dasha try to pump a shit token. And like in that same manner like on stage with like graph, I like trying to explain how like economics work. But like about her shit coin called cash tag Dasha. It was it was a Von Gord theater is what it was. It was it was really an actress. She is an actress. She's an accomplished actress. She was in that movie with the code of Johnson. Yeah. Yeah. Yeah. Yeah. Actually accomplished that. Yeah. I've been saying it. Talk about movies and British in British people.

54:22I watched Harry Potter and the prisoner of ask pan last night. And that's a fucking Fanger. That movie holds up. And I will also say on that subject that prisoner of ask pan gets a really bad rap amongst Harry Potter and Harry Potter or for not being like a core, like a key Canon book. And I think they're wrong. I think it's a lot of fun. And I think it's arguably the best book and arguably the best movie that the mentors do. Do you remember the dementers? It's very millennial of you flying horse loving Harry Potter. I love Harry Harry. Harry powers the first book Really Harry Harry Potter and first grade I read like the whole story is That's where I got my love of reading from I Shout out shout out JK Ellie your your love this story. I remember when I was a kid at C. Boy camp the last Harry Potter Broke came out and like every kid fucking was reading it and everybody was reading it so much They actually had to like make a big announcement It's like the guidance counselor like not the guidance counselor the guy that like ran camp was like guys I'm like a principal on the guidance counselor. I like love to see kids read but y'all are reading too much

55:23Put the fucking book down I'm gonna say Last chapter and then just like fucking ruined it for the whole really right Yeah, so I don't remember this when this came out, but I know maybe you guys can can inform me when Harry Potter The last two movies came out right they split book seven into two parts did people know that part one was gonna be part one Or was that like a cliff? Yeah, oh they knew they knew it was part one. It was they said part one in the title I was like I was going through it was on I was on HBO last night I was like oh my god watch I would be like that would be so fucking hilarious I don't remember I was a kid like how fun would that be if you went to the theaters to watch the 7th Harry Potter film I'm gonna see Voldemort die spoiler alert and then you don't see some die Not wait what remember? The last load of the rings Gotta remember I did watch all the Lord of the Rings movies recently and they were awesome I faded them for a long time. I faded two things historically. Well, I faded three things I faded hyper liquid historically. I've been very publicly off fading hyper liquid on this podcast

56:25Which is recorded but I faded the Game of Thrones for a long time And I faded Lord of the Rings for a long time And then when I found them later in life I just binge watched them and lost them a month in my life and they're incredible Like they are the best. There's a reason why they were so popular. They are the best ever the best fantasy. Oh, but Last two seasons Game of Thrones Like obviously no spoilers or anything but No spoilers So 15 years ago no spoilers. I mean fuck out. Yeah, it's like it's been out a thousand years so like I so I so I had a very different experience of the end of Game of Thrones I think from most people because I Baded it when it came out and I only watched it in like 20 what one or 22 So I watched it all the way through I was like working remote and I was just watching Game of Thrones All day I literally didn't go outside for three so it's still like 250 pounds and very fat All I did was just watch Game of Thrones and go to crypto meetups. It's all I did for like a month and two and I don't hate the last two seasons I don't hate the last two seasons which is everyone else because I didn't wait two years to get them I think the reason you were ever to hate them so much. Yeah It's because they built it up built it up in their head and it got there

57:26It was good But it wasn't like as good as they wanted to be and they're like I waited so long for this blah blah But when you just binge it all the way through it kind of flows and it's really not that bad I think in hindsight they got way worse of rating than it should have just because people waited for so long And built it up so much and then they just use no way they could have you know goth the expectations and handled them appropriately That's an interesting perspective and yeah, I really think people always tell me it's on Yeah, well also I'm not as much a more person. I think people are way more anyways. Yeah I'm gonna wrap it right an hour Right an hour. Yeah, it was fun. Thank you so much Thank you for having a boy back around anytime Oh United for greatness. We're all united for all united for greatness. It's all you I'm a hominolic you have the Oh, that's why he's up there for you nightboards. Yeah, great great going by some of the chill at your audience. Please. Thank you This is the greatest things in one the last slide Fred bro

58:28Just let's get it for tonight. Are you not united for greatness? All right Henry can all right fellow sicken time choose Jens Cheers