Robinhood Chain Is Surging. Is TradFi Ready for What Comes Next?

0:00You definitely have to be careful with this type of male astrology because Bitcoin is a young asset. I think last cycle, everybody was still kind of larping on decentralization, right? Like, oh, this is the now-dumb, I think that's completely gone by the wayside. So it's like, ah, it's an outage, whatever, just to spin up a new AWS instance. We are in the thick of it, ladies and gentlemen, of this kind of AI hack apocalypse, right? Welcome back to the weekly. I am David Sensil with my co-host Alex Richardson who is standing in for Mr. Graham Stone. Thank you for joining me. Mr. Richardson, how are you doing today? Doing fabulous sir, how are you doing? Doing great. We are going to recap the biggest stories of last week and last week was quite an eventful week in crypto. Bull market is definitely heating up. The focus of last week was entirely upon Robinhood chain. It was the darling of crypto,

1:03it was the center of attention. It was the main focus of everything on crypto Twitter. Did you find that to be the case, Mr. Richardson? Yeah, it's dominating the timeline and mind share and it's just it's the gift that keeps on giving for crypto. I think crypto bulls are very thankful for Robinhood chain right now. Well, I don't I wouldn't put myself as one of those people and we'll get to why in a little bit. But let's go over some of the big stories surrounding Robinhood chain. First of all, it recorded many fee records last week, right? The chain posted 3.75 million in daily fees on September 1st. This was the fourth consecutive all time high and the highest of network that day on September 2nd. It logged 4.01 million in chain revenue. This was against Salana's 81,714 dollars on the same leaderboard. By midweek, it had 6.04 million in 24 hour fees and it had accrued a seven day run rate annualizing nearly 1.06 billion dollars. Now of course,

2:08this comes with the massive caveat that you should never take something as short-sighted as a seven day run rate and annualize it over 365 days. That is insane. But it does give you some maybe direction of where where this thing could go. This is all on a chain that went live July 1st. So here we have it. Robinhood chain has basically flipped every other chain in kind of volume metrics and this all has happened in the past couple weeks. It's definitely the biggest L2. It's vying for the most activity for L1s. I would say it's kind of neck and neck with Salana still and things could just be getting started for Robinhood chain. What is driving all of this? It is the meme coin casino. Not RWA is really up to this point, although we'll get into RWA in a second. So Ponds is a pump.fund style launch pad. It pulled in 4.89 million fees on August 31st and has out earned pump.fund since August 29th. Nearly 25,000 coins launched September 2nd alone and Ponds

3:16has minted 646,000 tokens from approximately 167,000 creator addresses since July. Tokenized stocks on Robinhood chain are only about 3% of Dex volume. So again, entirely meme coin driven. There is a wrinkle to this though. So meme coins are being connected with tokenized stocks on Robinhood chain. This has engendered a new meta. We will get that get to that in a little bit. Mr. Richardson will articulate more on that. Let's stick with some of these other high level metrics about Robinhood chain. Last week also featured a sequencer stall. So block production halted for at least 13 minutes on September 4th. And this caused a lot of quite a stir on CT. Lots of dunking about it from other chains. But I think the best take on this is that it's one of these bullish outages. Because basically it means that there was a lot of activity and things got pushed to the

4:17limit. And so you had an outage of that sort. This brings to my mind Mr. Richardson to some of Salon's issues. Last cycle where they also had some delays or slowdowns or outages. Yeah. People are negative that the chain can't handle the volume. But obviously it's just bullish that is actually getting that amount of volume and that amount of activity. And I don't think anyone really cares in the long run. Nobody cares. Not especially now. I think last cycle, everybody was still kind of larping on decentralization. Right? Like, oh, this is the now, now, no, but I think that's completely gone by the wayside. So it's like, it's an outage, whatever, just to spin up a new AWS instance. Anyway, yeah. Lots of the winning tech apps go down all the time and no one cares. Yeah. So the other thing that I think people still kind of residually care about, but really no one really cares about at least this is the fight this week is the fees. So on Robinhood chain, which has gotten so much activity and so much attention fees spiked last week to

5:21around pushing gas to around 40 cents transaction. This is really, really quite high. You have a lot of the Salona Salona supporters come out and grave dance on on Robinhood chain saying that this 40 cents thing is untenable. You had Anatoli from Salona co founder called the calling this, a map this high prices quote, brain dead. You had other fellows saying that the revenue from this, sorry, the prices being this high will only lead to less usage over time because we've seen this before. This became this is this is still an ongoing issue and we'll see if if high fees are going to make users move to other chains. We'll see if what Robinhood does in response to this if they're going to subsidize it or if they're going to somehow mitigate it by I don't know throwing more hardware at it. I'm not exactly sure what they can do. Suffice to say this is going to be an

6:23ongoing issue and it's one of the big stories I'm looking forward to this week. Yeah, we'll see what happens. I mean, the fees are the fees and a people are willing to pay for it then then the chain will let them Ethereum had a similar situation in 2021 and I don't think they Ethereum did not have a problem doing an insane rally during those ridiculous fees where you had to pay $100 for a swap on Uniswap. Yes, in the long run people did migrate to other chains but that's in the future for now. Yeah, the last piece I'd like to bring up is the fact it is something that we've been talking about here for a couple of weeks and has been on the timeline again a lot which is how much Robinhood is making versus how much Arbitrum is making versus how much Ethereum main net is making. And so of course Robinhood keeps 90% of net chain revenue under the Arbitrum expansion program. 8% of it goes to the Dow, 2% goes to the developer guild. Arbitrum makes some amount of revenue from this much smaller and then Ethereum I think makes something like 0.01%

7:25like a tiny fraction and then the question is is this really a net positive for Ethereum? It's obvious I think it's pretty obvious this is good for Arbitrum I think it's obviously good for Robinhood but how is this positive for Ethereum and there are a lot of good stories on that this week. I like to take that Mr. Haseeb Kuresh for another show made which is it's kind of a halo effect. He compares it to the world using the dollar as its reserve currency. The United States of America doesn't get to directly tax all these countries that use the dollar but they do get a massive benefit from the fact that everyone in the world uses the dollar and so you could make an analogy that this is also kind of true for Ethereum and I think there's a lot of merit in that. Yeah it's really hard to find a technical value of cruel thesis for ETH or even ARB or these other tokens that are benefiting from Robinhood. It comes down to some sort of psychological

8:26agreement that they are legitimate because they are the foundation for this new movement that's what I think is going to happen with ETH in the future. I've given up looking at token value cruel thesis for ETH I think it's just exactly what you said where it's the one holding this all together and that's going to be bullish like psychologically or not. Yeah. All right let's go on to the new RWA meme coin meta. Mr. Richardson please tell me what this is. I'm an old boomer. I don't understand this. It looks suspicious to me. So basically there's a new RWA meme coin meta that is emerging from these meme coins on Robinhood and it's making some of the trad 5 CEOs a little angry so there's a new trading structure and it's emerging on Robinhood chain where tokenized stocks are being used as the quote asset for meme coins. So normally on traditional liquidity pools on the dexas for the past few years the meme coins and most assets are paired against ETH or Soul or stable coins or whatever is the most liquid

9:29but these new platforms like ponds or long.xyz and banker. They're allowing the creators to pair the meme coins directly with Robinhood's tokenized stocks. So in practice it means a trader may need to acquire tokenized shares of a company before swapping those tokens into a meme coin and is creating this weird connection between the two assets because now they're like bonded by liquidity because you have to take profit into one or the other. Demand for the meme coin also creates demand for the tokenized stock using the liquidity pool. I think the most obvious example in the timeline in the past week or two if hymns and hers this is an American telehealth company. It's an ED company. Okay. Well I was saying like the the PG version I guess. Well ED is still pretty PG. Yes. It's it's it's about sexual wellness. Right. Yeah. So I mean I hate to say this word on air but there is a meme coin called boner which has been paired with tokenized hymns

10:33tokenized stock. It's important though to the whole point is that you you take a tokenized stock and then you create some kind of meme coin that has a tenuous but funny connection to to the stock. So I mean you get it right. ED ED company newly created meme coin called boner apparently a match made in heaven. Yeah the joke makes sense and it's it's taken off at one point boner absorbed about 53% of the hymns liquidity on Robinhood chain and that that became significant over the weekend when the US stock market was closed. So if you have like limited ability to create additional tokenized hymns then liquidity becomes extremely thin like it did on the weekend and the tokenized version of hymns traded above I think it was a hundred dollars even though the underlying stock was only at 28. So when when the traditional markets reopened and additional tokens could be created the price moved back toward the underlying equity price almost like a weird volatile futures contract.

11:36So it's not like a it's not a squeeze in the actual hymns and her stock it's a I guess liquidity imbalance in the tokenized representation of the stock on chain. So anyways the point is that tokenized equities are beginning to serve functions beyond if you can call it a function or dysfunction beyond simply replicating traditional stock exposure. So we're totally reaching the blurring of lines between crypto and tradify are now reaching levels that were previously unimaginable. I genuinely did not see any of this coming. Yeah and I think let's go ahead. So I was just going to say the other the other issue is if I also think the level of stupidity in EDSC is reaching new heights because as again Mr. Kuresh said in the chopping block and he was quite animated passionate about this. There's no conceivable way for there to be a short squeeze in these tokenized stocks right because the the amount of issuance on chain is infinitesimal

12:43to what is what what exists in in the traditional markets. So you mechanically cannot get a short squeeze through this because because it's just so asymmetric and yet it appears it appears. I don't know if it's actually real because I'm an old boomer. It appears people on the crypto side of things think that they can cause like a game stop style short squeeze. They cannot. It is not possible. So they are throwing their money away and they're getting completely hosed probably by insiders who know the game that they're playing which is take money away from the rub. Right. So this is up to right now. It is completely it's a it's a it's a complete mass extraction event. Right. If you go into this thinking that you're going to cause a short squeeze and a tradfie stock by doing anything with the tokenized version, you are wrong and you cannot. And so at least thus far this current iteration, it is I would say very bad if you're if if this kind of

13:47narrative is working on you. Yeah, they're completely different markets and but but I guess it suggests that there's maybe a new a new fun thing to do with tokenized equities. It's a new narrative that the crypto native people can sort of take a hold of and control. Interesting to know. I noticed today that the CEO of him's or him's and hers. He only follows eight accounts on X and this morning he he followed his eighth person, which is the boner meme coin page. Good God. It's getting mind share David. Yeah, I know. But the thing is I completely agree with with Mr. Kuresh on this though that I I'm completely fine with meme coins getting mind share because everybody knows the game. Everybody knows that it's worthless. Everybody knows it's it's a game of musical chairs and you have to you you get in and then it's all about timing when you get out. But but if you're if if if people go into this tokenized stock thing, meme coin compared with the tokenized stock thinking that they're going to they're going to kind of put it to the man or

14:51make these trad five trad by suit sweat then they're just losing money purely pure and simple, right? Because like like I already explained. So to me, that's pernicious and wrong. So I don't like that. Now if we get to a point where you get into like a microstock, right? Like a where where the actual amount of stock shares issued in the tradfi market is equal to or like like closer to what's issued on chain, then it starts to become like then then crypto the crypto side the tokenized stock can start to move markets. That's fine, but that's not what we're what's what's happening here, right? And so it's it's it's not a good it's not a good meta if people believe this, right? And that's the problem is I think I think maybe people are believing this anyway. So that's that's what I have to say anything more on this or can I go into the the second part of this this new meta that that would be the bull case is if these markets actually start to matter the same way that hyperliquid matters when when when oils trading at a certain price on the weekend. But for now, this is very small

15:54and not not particularly serious. Yeah. So it is it is definitely like like you mentioned Alex, this is starting to make waves on the other side, right in tradfi, right? Like that CEO followed the mean coin. Well, at the end of last week, a fight broke out between AMC CEO Adam Aaron and Robinhood CEO Ladtenev, right? On September 3rd, Mr Aaron, am I saying that right? Aaron Aaron? I don't know. I don't know. Your guess is as good as mine there. I was saying Aaron. Okay, Mr. Aaron posted on X that Robinhood is offering stock tokens tied to AMC and other 100 other companies and stressed that they are not registered under US securities laws and AMC has no connection to this product. His language was quite angry. He used words as such as contemptible outrageous, disgusting, detestable, inexcusable, vile, quite quite strong to that angry post. Ladtenev replied

16:56with the three word question, what's the concern? Quite quite calmly. I would I would add and Mr. Aaron replied saying that this is almost existential. He objected to what Robinhood was doing. He objected to the fact that that Robinhood is using an offshore jersey entity to issue these tokenized versions of AMC shares. He called it a fictitious synthetic equity market and quasi fake. He demanded Robinhood ceased and desist. And he spelled desist incorrectly. All caps incorrect incorrectly. This caused Robinhood's CTO, Dan Gallagher to respond.

18:01Trade without limits. He mocked Mr. Aaron's misspelling of desist. And he said, quote, and he also said, Robinhood knows quote, a little something in quote about securities law. This is because Mr. Gallagher is a former SEC commissioner. And so so so the Mr. Aaron's Mr. Aaron's gosh, rather passionate, what shall we say, to be generous, passionate, outrage, didn't really ruffle Mr. Gallagher's feathers. CEO, Vlad Tenev co-signed Mr. Gallagher's response saying, quote, we stand behind stock tokens. And finally, the exchange ended with Mr. Aaron coming back and saying again, cease and desist. His argument shifted though from being, oh, this is illegal towards this is morally wrong.

19:08And I think that's kind of where the the the row ended. So to recap, you have a Treadfy CEO say something like, I'm going to basically paraphrasing, I'm going to sue you for doing something illegal. The CEO of that of the company being accused of this said, what did I do? The first CEO replies, oh, this, this and the other. And then a former SEC, SEC commissioner said, we're not doing anything wrong. Please, please send your lawyers over here. We will teach them. We will educate them. And then the the the inciting CEO says, okay, it's not illegal, but it's wrong. So maybe stop. That's where we are on that little little row. My prediction is things like this are only going to continue to your point, Alex, if if this whole meta, RWA meta has legs,

20:10you're going to see more interaction with with Treadfy executives kind of weighing in or moving into to this kind of maybe untapped or new investor base or something like that, marketing, marketing opportunity, I don't know, things of that nature. But it's definitely that for sure. Right. It's I would say it's probably decent marketing for all parties involved, right? AMC and Robinhood. So as long as this as as long as the meta continues, this will suck in more people on both sides. And maybe the Treadfy executives have a point. I mean, maybe it does create confusion over ownership. Maybe it is as Aaron says, quote, quasi fake market. Maybe there are legitimate concerns, but those concerns should have been voiced like a year ago. I mean, the train is obviously left the station here. You should have said this, you know, before Robinhood went through mountains of paperwork to get regulatory approval on tokenized stocks in the EU and the US before tokenized stocks exploded up into the right and a straight line. I believe about a year like October, November

21:14last year before the SEC gave a no action relief to the DTC on tokenization. Before the SEC approved, I think it was the the 19 B for exchange rule in September. And that gave the NASDAQ permission to trade tokenized securities on its platform before Bessent and like all these FOMC members wrote speeches pumping tokenization as is great important thing that the US should pursue. I mean, it's it's a little late now to be shaking your with all the respect to Aaron. I don't know much about him. He seems like a smart guy, but he is kind of doing the crap as Simpson shaking his fist at the cloud meme. I mean, if you if you don't make any objections when when the wedding officiator tells you to, then you have to forever hold your peace. So it looks very looks very futile and late to me. Yeah. Also, I don't really who cares what he personally thinks about morality and what not. It's it's legal. So, you know, go go pound sand friend. Anyway, so that's that's what we are now. And I'm sure I'm sure we'll be talking about this more. Let's move on to a couple

22:16of Bitcoin related stories. The first is unfortunately a well, not maybe not unfortunately. It it's it's ongoing, but it has the potential to be bad. Yeah. So liquid network, which is a I think I think we can refer to it as a Bitcoin side chain or a layer to a Bitcoin layer to protocol that was meant for like transactions faster transactions. They have privacy elements. So you they also allow you to issue like custom assets on it. I believe this was launched in 2018 using block streams technology backed by Adam back, of course. Anyways, so liquid network is dealing with a pretty significant security incidents after about 4,000 Bitcoin worth at today's prices at 80k roughly 320 million. Those were all withdrawn from the networks federation wallet. So as I said, the backing is managed through the liquid federation rather than through Bitcoin's normal consensus mechanism. So normally moving Bitcoin back out requires LBTC to be destroyed on on liquid

23:24before the corresponding BTC is released. Anyways, on on September 6th, which is today if you're in North America yesterday, if you're in Asia, as I said, 4,000 BTC were withdrawn from that wallet. And a subsequent Bitcoin transaction included an unusual message from whoever was responsible saying we are white hats contact us on chain and liquid has confirmed that the security incident happened and says that the withdrawal occurred through a side swap peg out authorization key or pack for short. So anyways, liquid says that the authorization key itself was not compromised. But that leaves like an important question, I guess, which is how is a withdrawal of this size authorized developing situation. Obviously, this was this was a few hours ago. And and liquid has temporarily disabled its bridges and it's paused. They switched it off. And exchanges have also been asked to suspend LBTC deposits and withdrawals. Liquid has said that other assets on the network, including

24:26hazardous USDT and some other tokenized RWA's have not been affected. It's just it's just the BTC. Anyways, there's no confirmation developing no confirmation that the people responsible are actually white hackers, white hat hackers. They've just said this and we're waiting for some kind of more specific correspondence between whoever these entities are and the company. Hopefully, they actually are white hackers, white hat hackers. But until that happens, we got 320 million of Bitcoin, which has been removed from the system. And that was supposed to provide the backing for liquids entire, you know, security model. Yeah. Yeah. Let's let's hope for the best. I saw a post on my timeline today talking about how security incidents in tech, this is not crypto specific, have increased exponentially in the past 12 to 18 months. Obviously due to AI. So we are in the thick of it, ladies and gentlemen, of this kind of AI hack apocalypse, right? Now we've talked about

25:29this for a while on token narratives and unfortunately it is happening. I do know that some of the people that I respect and follow, they thought there was a chance that the defensive side of guy would catch up faster and so that the hacking thing might be overblown and kind of more like a chicken little sky is falling kind of situation. I think that that's not right. And I think that yeah, we will, we will just see more and more exploits and hacks and it will increase. But eventually we will get past it and we will get to that promised land of everything's hardened and there are no faults in software anymore. But right now that is not the case. So it is a little scary. I don't know about you, Mr. Richardson, but sometimes I wake up and I just dread looking to see if there's been another incident. Yeah, me too. But I almost think maybe like for now in the short term, it's almost been priced in like we've just been inundated with so many different compromises and hacks. Most recently the trezzor before that cold cat, sorry cold card, I got mixed up with cash cat there.

26:31And then like you know quantum fears, it's not really like permeating the the psychology of the sentiment as much as it used to, but absolutely long term. We might get to a stage where doing anything besides ETFs is radical. Yeah. Okay, let's go to our last story. Let's end on a happy note. There is talk that Bitcoin might be finally decoupling from equities in this case, NASDAQ specifically. So Bitcoin is potentially showing so showing signs of shifting its relationship with broader risk assets. I have my doubts, but let's talk about it. Anybody who has been in the Bitcoin and crypto ecosystem for a while has has been aware of this narrative that Bitcoin will become digital gold, not just a name, but in how it trades safe harbor asset. This has not been the case in Bitcoin's history thus far. So we are there are signs recently that this could be shifting.

27:32When NASDAQ rallied Bitcoin Bitcoin, so sorry, I should start again. This relationship has weakened considerably. I would say in a negative way for the past 12 to 18 months, especially 12 months, right? NASDAQ has done incredibly well via the AI trade and Bitcoin has been down or flat for that time. So there's a there's a what's it called decorrelation there, but right now we are seeing kind of the happy side of a of a decorrelation, right? So according to data highlighted by grayscale, Bitcoin's 90 day correlation with NASDAQ has fallen roughly 33. This is down from 60% Bitcoin as anyone who's watching knows has been going up while NASDAQ has been a flat to negative, right? So a happy decorrelation here. Crypto analysts willy-woo argues that this could be particularly significant because a similar divergence occurred roughly a decade ago. Woo, Mr. Woo points to 2015

28:33in 2016 when US equities were relatively weak and range bound while Bitcoin began its own independent bull market. When stocks subsequently strengthened in 2017, Bitcoin's rally accelerated significantly. Mr. Woo believes that there are some similarities today, in particular he argues that liquidity conditions surrounding Bitcoin are improving at the same time parts of the US equity market are beginning to look more fragile. I'm assuming this is because of the assuming because of weakness in the AI trade specifically, but that's just my my interjection there. There are also some macroeconomic reasons why Bitcoin and gold might increase, increasingly trade together. US government debt has now surpassed 40 trillion. fiscal deficits remain elevated. There is this growing narrative around the debatement trade,

29:40which we've talked about a lot, Mr. Richardson. And this can strengthen the perceived value of things like Bitcoin and gold. I personally think that you can't really put too much weight into these what I would consider short-term correlations or decorrelations. I think over the long run in multi-year timeframes, Bitcoin has not correlated to risk assets. And I don't see it continuing to do so until Bitcoin's market cap is significantly higher, i.e. approaching golds. You definitely have to be careful with this type of male astrology because Bitcoin is a young asset.

30:45I think this is the type of thing that you have to take in confluence with many other indicators. But I guess it does suggest a potential regime change in the way that Bitcoin trades. Wu's thesis here is that we're looking similar to 2015. When Bitcoin topped and we did our bear market, Bitcoin bottomed right when the S&P 500 topped. And as the S&P 500 consolidated and made a couple lower lows, that marked the beginning of that massive euphoric bull market that we saw in 2017. And I don't know, I think you could maybe make the argument that the S&P 500 is definitely due for a long consolidation. There's a lot of worry about how it's overvalued. The Buffett indicators at all time highs. Meanwhile, the Bitcoin for your cycle, if you believe in that, is starting

31:47to complete. And we're getting this massive impulse. And I don't know about you David, but I also I kind of believe in the digital gold narrative. If it's not a digital mobile store of value, then I'm not really sure what else Bitcoin is. And so if that thesis is right, then you should see it correlate with gold at some point in the future. And if gold is on the SEPA rally and you use that in confluence with this, to me, it makes sense. I'll take it. I'll take it as a, I need to pump my bags here. So I'm taking it as a, as another bullish signal that we can use to justify believing that the bull market is on. I, I think Bitcoin can eventually become digital gold as in a like a safe harbor asset. I think right now the cleanest correlation though, the thing that that I think is fairly consensus from trad-fied people who who look at Bitcoin to obviously people within

32:49Bitcoin and crypto is Bitcoin is the most liquidity sensitive asset out there, right? And so it over the long term, you can't use short short short short what's it called short timeframes. But when there's more liquidity in the system, Bitcoin does better, right? And so that that's why it correlates reasonably well with with the equities because they're also fairly liquidity sensitive too. And so as long as Bitcoin is so, so, so liquidity sensitive, I think more times than not, it'll be, it'll correlate with risk assets than not. Now again, once it gets big enough and you know, and all this kind of stuff, sure, it could, it could become like that. But there's also the chance that it never becomes like exactly like what gold is as a like this safe harbor asset because you can't really, it's, I think it's pretty hard to move in and out of gold, right? You can do it, you can do, move in and out of paper gold, but actual real gold like gold bars that you put into like a Swiss

33:50vault or something like that, that that has such physical friction. I think that kind of in some ways helps it decorate from things that have less friction like equities, you know? So Bitcoin will never have that amount of friction. It'll be fairly frictionless. And so you can get in and out of it whenever you want. I feel like so maybe, maybe that has some some effect on on its safe harbor ishness. I don't know. I'm just just talking here, but I do think for the time being we're not there yet. Could be wrong. Yeah, probably not. This is going to be a much longer term trend. And these, I'm sure the correlation will come back at some point. But my hope for the digital gold narrative is at a certain point, the the correlation between Bitcoin and gold becomes more, more constant, I guess. Yeah. I did do, I wrote an article on this like a year ago, and I was using like a year ago's AI. So to help me do some data research on this. And so it could be wrong. I should run this again with some with some of the frontier models. But I was trying to figure out how correlated or

34:52uncorrelated Bitcoin actually was with with equities. And the the the TLDR of the article is basically that it's actually not super correlated with equities either, right? Because you do have these counter trends. So it's just kind of like a bit of a jumble, right? Which kind of makes sense to me, right? Like so it more more times than not. It correlates with risk assets, but it's not a very strong correlation, even even that, you know, so you make a make of that what you will. Okay, Mr. Richeson, thank you very much. This is the weekly. This week is shaping up to be pretty, pretty exciting. I think we'll have a continuation of last week. Stay tuned. We'll maybe have a live stream on rumble later this week, right? Alex, maybe. But if not, Thursday morning, Thursday morning, if not, we'll see you on token narratives at the end of the week. If you like this show, make sure you like and subscribe. Bam! And we'll see you next Monday.