SEC Approves Tokenized Stocks, Arc Mainnet, and Market News and Trading Updates

0:57Good morning, everybody. We are back with another episode of Full Port.

1:01Yesterday, Fed hikes rates 25% or 25 basis points, and now we wake up to everything rallying.

1:10Even Bitcoin is up. It’s a great day to have your longs longed.

1:15A lot to discuss. I am excited, as always, to be back with you.

1:20A wonderful Thursday here. G, how are we doing this morning?

1:25Doing pretty good. How are you? I’m good. Look, I’ve enjoyed watching a lot of what we discussed on the last show play out.

1:35We talked about the Fed decision, the Clarity Act.

1:40We discussed this war that is starting in AI between the Democrats and the Republicans that is only, in my opinion, accelerated.

1:50And I texted you about this last night. I was flipping through TV, and I blamed it on Fox.

1:56And then they were literally, for like 20 minutes, just talking about AI.

2:00I went to CNN. They were literally, for the next 20 minutes, talking about AI.

2:04And I was blown away at how much of the discussion has turned into, the next election will be, I think, I think, the two technologies that you’ll see discussed are AI and crypto.

2:15The Dems are also really upset with Trump being able to bake the cake and eat it too, as he sets rules in office and is able to profit off of them, it seems.

2:26And, obviously, the AI trade, which has worked out.

2:32Let’s talk about that for a second. Okay, we want to talk about when you were watching Fox, what was the messaging?

2:43Were they pro or anti?

2:45They were clowning on Bernie, Obama, the entire Democratic Party, foreseeing that their AI is evil.

2:52So Fox was like, hey, AI is great.

2:54It’s amazing. It’s pro. Like, all of this fear-mongering is idiotic.

3:00These data centers are, all the things you’re hearing is untrue.

3:05One of the things that I actually disagreed with that they were pushing was they were saying, oh, like, how is AI going to make a biological weapon?

3:15What is a robot going to go into a lab and, like, build, like, I think that is where I, like, lost.

3:20Okay, that’s actually a concern where, like, you have people being able to synthesize things.

3:26But the general approach was AI good, data center good, while CNN the entire time was look how reckless the administration’s being.

3:37I want to highlight something that I think I brought up.

3:40I think I brought up on Tuesday that I think is really interesting and I think is good.

3:47It’s interesting. I was actually just listening to Tucker interview some progressives on his show earlier this week, and they were talking about the Macklemore stuff, which we don’t have to go into.

3:59But I think, to me, the most interesting thing that I’m seeing and, like, trying to figure out how this drives politics going forward and drives, in turn, like, risk assets is you are starting to see the populist left and the populist right join, right?

4:20So, like, horseshoe, everybody always talks about the horseshoe politics, right, where progressives, like, I mean, I was actually, like, I was listening for, like, 15 minutes this morning, and I was, like, I was actually dumbfounded at how Tucker was pretty much agreeing with his guests that he had on, and they were, you know, classically speaking on opposite sides of the aisle.

4:43So, I think the reason why I think this is interesting is because you have guys like Tucker Carlson, guys like Steve Bannon, who’s also a populist on the right, that are, have waning support for Trump and now seem to be coalescing with the populist right, right?

5:03So, I’m sure there’s things that they don’t agree on in terms of, like, how some policies are implemented.

5:10Like, in general, right, these people are starting to form this coalition from opposite ends and now kind of be, like, united on that front.

5:21And one of the, one of those key things being AI, right?

5:24And so, you know, you know, Steve Bannon is very anti-AI.

5:28I think, I think Tucker’s, like, a little anti-AI.

5:31I wouldn’t say he’s, like, super pro-AI.

5:33He’s not, he’s not, like, Trump pro-AI.

5:35So, the reason why I bring this up is because I do think that this is definitely something that needs to be monitored more and more, especially with the midterms coming up, but even, like, afterwards, because I just think that it’s almost going to be, like, a redrawing of policy and, like, how people are voting and stuff like that for constituents and stuff like that.

5:58And I just think it’s super, super interesting because I think over the last, like, 10 years, we’ve seen the right and left come together on certain issues, but never on, like, a tier one issue, which is AI, right?

6:12And so, AI is going to be definitely the most important topic in this election, and I think it will be even more important.

6:22Like, I firmly believe that for the next presidential election, we’re going to be talking probably about UBI and, you know, whether, you know, what is the right amount of UBI and stuff like that, especially if AI progresses to the extent that a lot of these AI overlords are saying.

6:41So, but I just wanted to highlight that at the top of the show because I just think it’s really interesting, and I think a lot of times when these new trends start to appear and come out, you really have to, like, start paying attention to it because I think that’s where a lot of the signal will come from, right, of, like, you know, it’s just people that were diametrically opposed and thought the other side was really stupid are now agreeing on topics.

7:05So, what does that mean, right?

7:08And their agreements over AI is what you’re seeing.

7:13Their agreements over AI, what I thought was interesting about this show, this episode I was listening to for Tucker, and again, I don’t want to get into politics because that’s not what the show is about, but, like, they were in agreement over free speech and almost how what was happening with the Me Too movement a couple years ago is now starting to happen.

7:34I don’t want to happen in cancel culture on cancel culture on the right, right, of, like, kind of like what people always said.

7:38Sure, okay. I don’t want to get into the politics of it, but it’s just the fact that they are agreeing on it I thought was interesting.

7:46Yeah. Yeah, look, the main also takeaway there being AI is just going to be a conversation point on every single talk show for the next 24 months, and I think it would become the main topic of the election.

7:59The other point of this also being I think we’re at a point where if you think about election season where Facebook stock usually rallies because of the additional political spend on Facebook advertising, Google advertising, et cetera.

8:18I think you will see an insane whiplash effect of spend from these political parties into AI compute or inference where you essentially every single campaign is just like, all right, if you’re working here and you’re a political manager or you’re an intern or you’re working as a lobbyist, I don’t care what you’re doing.

8:40Here is a Claude Pro Max plan.

8:44Everything you do, you use this for because we can outmaneuver anybody who’s not using this.

8:51That little theory of, like, how do you plan that around an IPO got me kind of excited last night thinking about how – where does money flow?

9:00I do want to say, like, you wouldn’t be – like, I wouldn’t be telling my employees to use Claude most.

9:06Claude Fable. I’d be telling them to use Astra.

9:09I think Astra has been, like, far and away incredible to use over the past week.

9:16Yeah, I think it just has more, like, autonomy and can do stuff better.

9:21It does computer use way better, in my opinion.

9:24I found it very interesting. And it’s so funny because when GrokBot came out, I was like, all right, should I just, like, commit to being in the Grok ecosystem?

9:33Yeah. And then, you know, OpenAI comes out with Astra, and I’m like, ah, no.

9:38You know, like, I want to be able to kind of, like, pick and choose which models I want to do work on and stuff like that.

9:44So I’ve been using – so in the past, I’ve been using Cowork, Fable Cowork.

9:49I’ve been using Claude Cowork with Fable for computer use, and it’s just been, like, pretty annoying.

9:56It hasn’t been as fluid as I’d wanted it to be, and then I heard that Astra.

10:00Was really good at computer use. And so then I started messing around with it and it’s great. And like, I’ve also been like, you know, whenever I wanted to help me figure out like interesting problems, it’s like, hey, be creative. I go on like, you know, Astra Ultra High and it’s been helpful. So, yeah, I mean, I just think that like, again, I was really tempted to go all in on the GrokBot ecosystem. And then it’s just like, I don’t know, I just like, just like this past weekend, right?

10:28Like, I think Elon coming out and like, in support of Dario and I’m like, ah, all right, like, you can’t trust any of these guys. So I just have to kind of go and just do whatever I think.

10:38You might as well just trust the Chinese at this point. That’s my opinion. Just trust the Chinese, you know.

10:43Bro, are you a plant? Are you an industry plant?

10:47Obviously, I’m joking. Obviously, I’m joking. Yeah, but like the localized model running off the internet, I think we’ll see that start to run pretty hard.

10:58But I think that also brings in concerns. Look, spinning out of the AI conversation, we had a lot of news coming out the last 48 hours around what’s happening in the financial sector, specifically rates, as well as tokenized equities.

11:17Yesterday, we got a nice little rate hike of 25 basis points unanimously.

11:25We had a very stereotypical quiet wash yesterday as well, which, as you mentioned before the show, you want a quiet Fed share who’s not going to yap his mind off.

11:38I think this is generally accepted. Polymarket had this at, like, 98% going into the meeting yesterday.

11:46Takeaways from yesterday’s rate hike. Anything that you’re seeing here?

11:51I had one pull away from the meeting that I was, like, pretty, like, we talked about on Tuesday, but I wanted to, like, reiterate after your point here.

12:00Yeah, so, all right. So, last, this was on Tuesday, right? Clarity. Well, this was a non-event for equities. This was the event. This was the, you know, the expected rate hike.

12:15I think people were curious if you would say anything in the press conference. It didn’t seem that there was anything that significant in the press conference.

12:24Market made a low. It has since rebounded. I think, for me, interestingly enough, I think one of the reasons why it’s been a strong rebound since the hike yesterday was Nebius came out after the close.

12:43I have to look into why it basically closed the gap, but it came out after the close saying that beginning October 1st, they’re going to be raising all rental rates, GP rates by 20%.

12:55So, Nebius gapped up. Interesting to see that it’s sold off. That’s worth looking into.

13:02And then, like, I looked at NVIDIA, and NVIDIA closed the gap from Friday, right?

13:07This was the gap down on Monday, and now it’s fully closed the gap.

13:11So, I think, like, kind of going to what we were talking about on Tuesday is I do think that maybe the market has misread a little bit of that news of, like, slowing down on the frontier.

13:24So, I want to get – we can, like, get back into that in a little bit.

13:26I want to talk about mainly, like, the rate hike here.

13:29Sure. And so, if you look at, let’s say, Bitcoin, it sold off quickly, and then it started rallying, right?

13:39Like, this was, like, the sell-off, and then it’s been rallying.

13:42It hasn’t caught, like, a strong rally per se, but it, like, didn’t sell off.

13:47It didn’t even break the lows. No, it didn’t. I was shocked by this, and I had even tweeted at you.

13:54You had been, like, oh, damn, I should have put this short on, and I – I guess I jumped the gun here and was, like, I told you so.

14:02Which, to be fair, from the 15th, which was our last show, that was a decent short off of that little scalp.

14:10Yeah, so, basically, you know, when I saw that, again, I’m still getting used to this stuff, but this was clarity, not passing, right?

14:21It sold off. It sold off whatever, like, 1,000, 2,000-ish points, and then, you know, it tried to make a new low.

14:29I think – so, I was trading ETH because I feel like ETH has been, in general, stronger than Bitcoin, and, like, you can see this chart in my opinion stronger.

14:40So, it made a low, and then once it, like, made a low, I tried a long in this area, and then I just, like, stopped it out there because I figured that no new capital was going to come in until the Fed decision.

14:53And I’m, like, I’m not going to hold this into the Fed decision, so I basically cut this here.

14:57Then the Fed decision came out, and I was, like, you know, we had this reaction low.

15:03We had this reaction low.

15:05It didn’t even break the lows from the Clarity Act.

15:08So, then, like, I think around here on, like, 2,400, I think around here I bought some, and then once it bottomed here, I think I bought some, like, here as well with a stop at the lows, right?

15:21And I even tweeted that out, right? Like, I think you could buy ETH with a stop from yesterday’s lows, which at the time was Tuesday’s lows.

15:29And then it rallied.

15:30I think that, like, you know, it was just kind of one of those things where a lot of people, like you said, it was expected.

15:38People were hedging into it.

15:40I know a couple people were telling me they were, like, really short and stuff like that.

15:43So, I was just, like, all right, cool. Like, I don’t need to take a position into it.

15:46I have, like, a small perps account that I’ve been trading.

15:50I think at one point I was, like, 25x levered or some shit like that or, like, 22x levered.

15:56But, like, again, like, I was, like, all right, I have my stop on it.

15:59It was a small account that had, like, I don’t know, 6,000 bucks.

16:02It was just, like, I need to, like, get a bigger perps account going so I can actually, like, trade these things with size.

16:10But, yeah, like, it was, you know, I was just – I think it’s good, right?

16:14Like, now you’re, like, sitting here and it’s, like, the four-year cycle says that we bought them in October.

16:22Bitcoin’s – like I said, as long as, like, Bitcoin and the majors start holding here.

16:28That’s what we’re seeing right now.

16:30You know, and, like, so I think that’s super positive.

16:33I think you want to be leaning on a long bias because, like, now it’s, like, all right, what is now – what are possible next catalysts, right?

16:42The Clarity Act. I mean, the joke this morning is SEC is just going to personally approve the Clarity Act with everything that they’re doing.

16:50Before that, I think the biggest next catalyst that’s in front of us is some sort of truce in Iran.

16:57You know what I mean? Like, you – like, you know – yeah, like, you know that Trump is looking at the price of oil every single day, and he keeps trying to jawbone it down because he knows that the higher it costs to fill up your gas tank going into the midterms, the harder it is going to be for him to win, right?

17:18And also, he – like, going back to what we were talking about a couple minutes ago, the rise of populism – like, the thing that, like, I think all the populists on the right agree on is, like, we shouldn’t – like, no government intervention, foreign policy, no wars, right?

17:34And so what’s the best way to win them over?

17:37The beginning of winning them over is to end that, right?

17:40So I do think he has that up his sleeve.

17:43I think I saw a headline last night before I went to bed of how, I think, next week there’s – he’s trying to get the coalition to come together, I think, in New York of, like, a couple of Gulf states to see, like, what it looks like on a go-forward basis, you know, what peace looks like, I guess, in the Middle East.

18:03And I think that that, to me, is, like, an upside surprise that maybe the market’s not totally pricing in.

18:08I won’t say zero because, you know, if I’m thinking it, I’m sure a bunch of other people are thinking about.

18:13But, like, I think there’s that.

18:15I think there’s also kind of to exactly what you just said, right?

18:19Clarity didn’t pass, but guess what?

18:21The CFTC and the SEC are ready to give us some sort of rulings, right?

18:25And I think you just said the SEC came out with something on tokenized stock.

18:30You know, I think – just, like, clarity.

18:32Whatever the clarity is, just tell us what – where the lines are, right?

18:36So as U.S. citizens, you can – you can interact.

18:41The meme this morning has been over the last few weeks, SEC has just personally come out and been like, here, we’re approving this.

18:50We’re approving this. And on the Clarity Act front and anything from the higher-level federal side, we’ve gotten denial from the Democratic Party slash also the Republican.

19:03And, obviously, it’s a bipartisan issue.

19:07But the SEC is just like, look, we want this.

19:11And we’re seeing more and more things pushing for decentralized perps, obviously with KYC, tokenized stocks, pairing and backing assets, RWAs.

19:25And at some point, the SEC is just going to, like, basically start setting the Clarity Act things, like, points into what they can control, into reality.

19:38Right. Which then, as long as the meme, SEC approves the Clarity Act.

19:43But I think the biggest issue – but the biggest issue with that, right, is it’s not written into law.

19:48So then if a different administration comes in in two years, then they can change the laws and, you know, do some sort of government warfare type – lawfare type thing.

19:59And so – That’s kind of what I think the Clarity Act was trying to prevent against.

20:04But again, like having some sort of clarity is great, but the problem, the problem is it’s like what happens in two years when, you know, you have it obviously anti-crypto left that, you know, like crypto just became super politicized when it shouldn’t have, right?

20:22Um, right.

20:24So it is like this, right?

20:26But like at the very least we have, you know, some, um, we have some sort of like potential negative catalyst out of the way.

20:34Like I said, I, you know, I, I took, I think right as we started, I took some profits, um, in like the 2470 area.

20:41I think I, I, I sold half my position and move my stops up so that I can, uh, you know, it’s a free roll at this point, you know?

20:50And so, yeah, I, I mean, I just think you gotta, you can trade, right?

20:54You can trade, you can trade these markets.

20:56What does that mean for on-chain? I think it’s going to probably help on-chain.

20:59I think on-chain cooled, cooled down a lot, um, over the last, over this past week, uh, between, you know, I think all, all these negative catalysts that people were, you know, waiting for.

21:11I mean, things are popping this morning and specifically lighter.

21:14So, tokenized equities, anything around that, expect hyperliquid, lighter, um, to perform well.

21:23Even Coinbase, I, I’d have to look.

21:25I’m not sure what they, what they did this morning, but anything around the tokenized equities that brings these crypto companies into the world of Robinhood and, you know, your JP Morgan, anybody who’s trading equities.

21:38Um, they, it adds another layer that they’re able to participate in.

21:44Um, I even speculate that your, and, and obviously, again, my, my love for what Kraken is doing.

21:52Um, they even made an announcement yesterday, uh, around, uh, what Payward, who is the new umbrella company or owner of, uh, Kraken or the rebrand of Kraken.

22:04Again, the whole topic is tokenized equities and tokenized RWAs.

22:09And I think that is the winning, that is the frontier of crypto right now.

22:13That is where whoever wins that becomes the largest company in this space.

22:19Um, I don’t know why, so I don’t know if that’s necessarily true.

22:23Whoever wins that becomes the largest company in the space, but I do think that everybody understands what’s at stake because they saw what just happened with stable coins.

22:30Right. And so what just happened with stable coins is going to start happening.

22:35You know, this is, I’ve been saying this now, I think for a couple of weeks, uh, on the show where, um, dude, like, like any, and again, I think this goes back to why do I like Quotrons is because Quotrons is like, uh, like a direct, direct play into the growth of tokenized equities.

22:52And it’s like at a super low value, right?

22:55Like, cause it’s like, so to me, it’s like, all right, you can buy Tether at half a trillion dollars right now, like in private markets, which is like insane that like, you know, people are doing it right.

23:06It’s probably like the most profitable company, I think, um, in terms of like employees, um, revenue per employee.

23:12So I think they have like less than 10 or something like that.

23:15Right. Or you can try to own like whatever that next meta is.

23:19And right. Like stable coins are, you know, we’re like 10 years in the making on it.

23:24Right. Like, I feel like I really started using stable coins, uh, in 2017.

23:29Right. Which is like when I got into crypto, like you were always like went to stables and this and that.

23:34And so I think like this, you’ll start seeing the same type of thing in terms of tokenized equities.

23:39And I think everybody saw how that played out, you know, like how do you get a piece of that pie?

23:45And again, like, that’s why I think Quotrons is very interesting from a grassroots play because as tokenized equity volume is going to go up, I don’t expect Quotrons to catch all of that volume.

23:56But even just a sliver of that volume at, you know, the valuation that it’s sitting at right now.

24:01How else are you going to capture any value there with it?

24:03Like it’s the only asset class right now that we see being able to capture the value of increased tokenized equities trading on track.

24:11Like there’s no, like, I’m sure there’s like a couple others that like you can get like pure, pure plays out there.

24:18But like, to me, it’s like, can I get it this cheap?

24:22Right. And so that’s what, that’s what I find interesting.

24:24This cheap with a, you know, blue chip centralized exchange behind it and a NASDAQ behind it.

24:33Like that, again, that’s, that’s the whole kind of like wake up.

24:36I’m sure there’s a startup raising out there at like five to 10 million, you know, pre post or pre or whatever.

24:46Right. Like, I’m sure they’re raising there, but like, the question is like, would they be able to connect into the right systems and have the right backers and stuff like that?

24:55So that’s why, like, again, like, I don’t, I don’t want to like turn this into a Quotrons episode, but that’s why I’ve been like super bullish on it. Right. And so. Well, here we can, we can, we can pull this off of Quotrons.

25:06I love the point though, obviously.

25:09But you, you started here on this topic, talking about the transition from stable coins and token as equities.

25:18Two points I want to ask. One, we had the ARK mainnet event yesterday, which is the USDC stable coin mainnet launch.

25:31What, what was your takeaway there?

25:33I know there was a little bit of drama. I’m not sure if you’re able to fill me in on what happened there.

25:38I don’t know exactly what happened other than, um, to be perfectly honest, it went exactly the way I thought it would.

25:45I mean, people were like so bullish on ARK and I’m like, I don’t know, man.

25:50Like, I think like in order to win on chain, I think the thing that we’ve seen that works over the last couple of years is like, you need like some real crypto natives, you know, like to win on chain.

26:03Right. Cause it’s like, that is your target market, right?

26:06The DGENs, the people that are in the trenches that will ape a contract that’s like not audited, right?

26:13Like those, those are not like a mom and pop, um, or whatever, like some, some crypto adjacent person that’s not in the trenches that doesn’t know how to use a MetaMask or a Rabi wallet.

26:25Right. And so people were like super bullish cause they’re like, oh, they have so much money.

26:30They didn’t throw a bunch of money on it. I’m like, yeah, but like Jeremy, Jeremy Allaire, right.

26:36The CEO of circle is like a hundred years old.

26:39You know what I mean? Like he’s like not in the trenches.

26:42I don’t know, like one person that is like a crypto native that is like on, like that is associated with ARK.

26:51And so then I think it like showed up in the messaging.

26:54Now I know people, I think like people started selling everything when like the CEO of ARK came on live stream or something like that.

27:01And they were, it was because of, uh, his ethnicity and I was like, ah, like, you know, like let’s try to keep racism out of it.

27:08But I will say, um, like the room that he was in, I mean, it looked like he was in like some shack.

27:17Like it was just weird. I was like analyzing the background of his room and I’m like, bro, like this is your first time on stream or, you know, doing a presentation.

27:25Like, like act like you care, you know what I mean?

27:28Like, like go into like an office or like find, you know, find a space that doesn’t look like you’re refurbishing your basement.

27:34Right. So I think between that and then I think I saw that, uh, they were pushing like, uh, it looked like really poorly thought out AI slop meme, the Duke of ARK or whatever.

27:47And then apparently they were pushing different memes from different accounts and like, they were like vamping their own stuff.

27:54So they just, to me, it’s like, you just don’t understand the space.

27:59And I could have told you that cause I’m like, you know, I don’t know one, like, let’s say KOL that, uh, is associated with ARK.

28:08Right. And so I, like, I’m not surprised that happened.

28:13Yeah. Are you like, um, you know, my, my general take is there’s a lot of hype coming into it.

28:24And honestly, I, I, I’m in a full agreement here.

28:27They, they had all the attention, all of the, the setup for it.

28:32And they just didn’t execute the way that we saw Robin hood execute, which look, they leaned into being like, but, but also like, let’s, let’s, let’s, um, take a step back for a second.

28:45Why was it that Robin hood was able to execute?

28:48Robin hood is synonymous with stock trading.

28:51Correct. Right. Circle is not circle is a stable coin.

28:55No culture. There’s no culture there too. Like they’re basically coming into this being like, you know, it’s like, hello, uh, fellow teenager, the fucking skateboard meme.

29:06Like that’s what it felt like.

29:07It was, it was, I think it would be even worse than that.

29:10I don’t even know what the worst meat, well, like a worse meat is than that.

29:14But like, it’s like even worse than that, in my opinion.

29:17But like, I, that’s why, like when people are complaining on the timeline, I’m like, I don’t know, man.

29:21What do you expect? Like I’ve been in crypto for a long time.

29:24Um, I always felt like circle was like never part of the culture, right?

29:30Like they were, they were like needed info, but they were always like focused on the institutional side and rightfully so.

29:35Right. Like you want your stable coin platform to be integrated with the world’s financial institutions.

29:40You know, that it’s going to be used on chain no matter what.

29:43So your focus should be on like onboarding Goldman Sachs and JP Morgan.

29:48Right. That’s like, and I get that. Right. So then it’s like, what is the purpose of the, of the chain?

29:53I don’t know, but they probably just saw all the money that Robin hood’s making.

29:57And they’re like, Oh, we can do that too.

29:59Right. And I’m sure there were a lot of other people that were also thinking, oh, we can do that too.

30:04And I think that like, you know, it’s probably a smack in the face, a wake up call to everybody else that was maybe starting to get plans of like, oh yeah, this is easy.

30:14Like just, you know, do this, open up shop, hang up, you know, hang up the open sign and, and, you know, rake in tons of money.

30:21And it’s just not that easy. Right. And so I think like, I think that’s like something to think about, right.

30:28Like, like, cause again, you’re creating a product for very crypto native people.

30:35And if you’re not crypto native, like you’re going to fall flat on your face.

30:38Yeah. Yeah. Well, again, it’s as simple as you, you can’t, you got to understand what the culture of the people and the community you’re trying to go after.

30:48They got it wrong. I think going forward here, I’m, I’m not going to be really looking at it unless I see them start to shape up and change their approach on getting attention to the chain.

31:01But I just don’t think, I think they’re pretty set in the way that they’re going to go forward here.

31:07I saw somebody put out like a pretty interesting tweet yesterday, how they’re like, I think it shuts down in the year.

31:14And I pretty much agree with that. Like, unless to your point is like, because they’re just like, they’re a public company too.

31:22And then at some point it’s going to be like, well, how much money are you going to throw in this?

31:26And like, again, I think Robinhood set expectations really high in terms of like, they started making money right out of the gate.

31:33Right. And like a lot of money. And so like, oh yeah, like we can do this too.

31:37Like just turn it on. Like everybody knows what circle is and it’s not that easy.

31:41And so then I think at some point shareholders would be like, why are you wasting money on this?

31:46Right. Like, like shut this down and move on to something else.

31:49They’re, they’re a public company. Right. And so I think as a public company, they’re going to be very quick to shut things down and move on.

31:55And I say this also, well, I don’t say it because it wasn’t necessarily my original thought, but like when I read that, I’m like, I tend to agree with that because as somebody that interacted with a lot of large corporations during the NFT cycle, like it comes down to dollars and cents for them.

32:12Right. It’s like, we’re going to keep on doing this. If we think it can be profitable, if it’s not going to be profitable, we have to close up shop and move on to something that we think can be profitable.

32:21Cause at the end of the day, that is your mandate as, you know, that is your mandate as any corporation.

32:27But I think you are, you have even more pressure when you’re a public company.

32:31Cause you have a lot of really, really sharp guys that are like, why are you spending X amount of money per quarter on this thing?

32:38And it’s only bringing in like, you know, 0.3 X of what you spent, like shut this down, you know?

32:45So look, I’m in agreement. I think, uh, again, I just don’t see this having the shock effect that we saw the other recent winners have that launched.

32:56Um, and we’ll just come down to, I think, I think they have a great business and I don’t think they need to venture too far from what they’re currently already doing.

33:04Um, I agree. Like, yeah, like I, like, again, like, uh, you know, and again, uh, every time I’ve seen a stable coin, uh, platform, say we’re going to make a, uh, our own L2 or whatever.

33:20I’m like, I don’t get it personally, but maybe I’m not smart enough to understand it.

33:25So I’m just like, all right, whatever. Like you guys obviously know what the market is there. So go for it.

33:30But I do think like as a stable coin platform, you should be, you should be trying, like, all you want to do is like increase volume, like increase usage and volume and share as much as possible on everybody else’s chains.

33:46Right. Like that, that’s what you want. Like, I don’t think you need to create your, like, why do you want to be, it’s like, it’s like a little ish, similar to what we see happening in AI where like everybody, like NVIDIA, everybody’s a customer of NVIDIA.

33:59But now since they’re all starting to make their own chips, NVIDIA is like, all right, well, we’ll start to make our own models. Right. And so it’s like, why do you want to, why do you want to like start to compete with your customers?

34:11It’s like, yeah, like just try to sign a deal with Binance to be like the number one volume on Binance, right. For stables. Right. And so whatever. I, I don’t know.

34:20Like we’ve seen this play out, like Apple, Apple is like, great. We’ll use Intel chips. And then it gets to a point where like, well, we can just do it ourselves. And like, they just kind of bring everything under one roof.

34:33Maybe, maybe this could be just as simple as they’re trying to mitigate the risk, right? Because I think one of the biggest issues that Circle had when they IPO was that like, something like, like Coinbase is like 80% of their revs or something like some like insane number of their revs.

34:54And they know that if at any point Coinbase decides to shut them out, they’re, they’re fucked. And so they’re just like, okay, how do we diversify our revenue stream? And maybe that was kind of like one of their many shots on goal. I assume they have a list of things that they’re like, okay, we can try this, we can try this, we can try this. And hopefully something works. Right.

35:16Yeah. Well, we’ll see how this plays out over the next coming months. I’m expecting very little, you will not see me rushing and YOLOing money into ARK memes. I think that was a question that we got from a viewer of their my concern over what was going on there and how I’d be trading it. I won’t be that is the short and sweet answer.

35:40Look, I think there’s, I think there’s plenty of opportunity. If you see, if you’re watching the bottom of the screen come across the board right now, if you want to make easier money that way less risk, open a perps account. I think the pump lighter trade, both of those, actually, both of those are on screen right now, both up 10 and 13% respectfully. Those are obvious.

36:05I think with, I like literally thought about buying some pump yesterday too.

36:11I’m, I’m, I’m, I’m bullish pump. And I, I keep coming back to, and I get obviously asked this question quite a bit as they are a competitor. But I just continue to see pump have a very, very tight fit in the hyper speculation and of things. And I don’t think that’s going anywhere. And the one thing that they are missing from being a company that, 50 X is in, uh, you know, token value over the next few years is, is clarity and, and law in place to do certain things. And without that, I think that is what has kept institutional money. And I’ve, I’ve said this on every show, but one thing that has kept, uh, institutional money flowing into pump has been the lack of clarity and the lack of knowing where, you know, the landmines are. And so if you’re a fund, you’re going to look around and you’ll be like, all right, I know where the landmines are with hyperliquid and lighter. It’s a very, very tight knit playbook and what they can and can’t do pump.

37:12You could have the government come out one day and just be like, and you’re done. No more of this.

37:17Yeah. I mean, I think that’s like, honestly, probably the biggest risk for pump, right? Is that, um, there’s some sort of, you know, you could wake up one day and it’s down, whatever, 30, 50% overnight.

37:27More. Yeah. Initial, right. Initial reaction. Um, just because the government’s like, we’re, you know, suing you or whatever. Right. Uh, it seemed, but like they have a big war chest, right? So you can’t discount them on that.

37:41They already built a, um, very highly used and highly forked product at this point. So, you know, they kind of like, I won’t say they created the meta because meme coins existed before pump, but like they really threw gasoline on that meta.

37:59Yeah. Yeah. Uh, look, it’s, we’ll, we’ll see. I think it’s going to heat up more as we go on. Um, other winners, uh, in trending tokens right now, we have near up 15%. Uh, we have uni up 16.2%. Aster up, uh, 10%. I think notably, uh, if you look at this, it just seems like defy, um, is getting some breathing room, especially anybody that has anything to do with tokenized equities. Um, uni still continues to be, and I’ve, I’ve mentioned this since around, around $4. Uh, it’s up to $7 now in a world where you see a company that I think they’re doing buybacks. Um, I think they’ve discussed, uh, what it looks like as more tokenized equities come in.

38:51And they, they are kind of the B play to like pump, like pump is winning all this, this trading volume.

38:58They own their, they run their own decks internally, which is I think pump decks. Um, but for Robinhood, et cetera, all of these trades are, are settling on uni. Um, and on the EVM side of things.

39:10I think the interesting thing about uni is the uni V4 hooks, which I don’t admittedly understand all that much, but I think, um, it is allowing from people that I’ve read that are smarter than me is that it allows a lot of creativity to start happening. And even like, in something is like Quotrons and other projects that I think have really been, uh, having their renaissance in the last couple of weeks is that a lot of it’s enabled because of uni V4 hooks, right? Cause they can establish, um, their, their pools and their fees and then not be bypassed. Cause I think that’s always been the issue with a lot of crypto stuff is that, you know, people are like, Oh, this is a great idea.

39:51All right. I’m going to vamp it. And instead of charging you 30 bps, I’m going to charge you 20 bps. And then. The entire flywheel starts to die because some people are trying to save some money, right?

40:03And so then, like, it dies that way. And so I think some of what the UNIV4 hooks have allowed is for people to kind of, it’s almost like, let’s call it enforced royalties, but on, like, on liquid tokens, right?

40:17That’s from, like, my understanding of it.

40:19I’m sure I really dumbed it down, but, you know, that’s, like, my high-level view of my understanding.

40:29Yeah, I mean, I think you’re pretty spot-on there with the description.

40:35I think it comes down to, like, what are the best building blocks?

40:38And for the launching side, it was Pump.

40:41I think in the world of building for on-chain EVM, it will be using Uniswap v4.

40:49And I don’t think that’s going to switch. I think Uni has made, time and time again, decisions that are straight up, how do we say Switzerland, where nobody tries to, like, cut us out?

41:03We don’t start, you know. Like, they’re taking the opposite approach of what ARK and USDC are doing, which is they want everybody to just come do their volume through them, and they want to be the system that everybody trusts.

41:16And they don’t want to launch their, they did launch Unichain.

41:21Well, I think, so, I, look, here’s the thing is, from my understanding, I think the Univ4 is not open source.

41:31So, like, people, like, can’t fork it and do, like, what they did with Univ1, right?

41:38Univ1 got forked, and people tried to vamp them and all this crazy shit.

41:44And so, I think because of that, people kind of have to go to them because they’ll just sue you, right, if you just fork it and don’t.

41:50So, I think that has incentivized people to work with them.

41:54And it seems like that has been, like, the right move, in my opinion, right?

41:58And they’re kind of just want to be, like, the back-end provider that everyone builds on top of, which seems to be what’s starting to happen.

42:04So, shout-out to Hayden and the team over there.

42:07Where, you know, he’s, like, he technically, like, started all of DeFi, right?

42:13Because, like, the first thing you needed to do, because I don’t know if you remember, but in 2017, like, these things didn’t exist.

42:21I remember using, I think it was called EtherDelta, where, like, people would be putting, like, bids and offers on tokens before they got listed on sexes.

42:30And you would, like, hit the bids or pay the offers or whatever.

42:34And it was, like, a really inefficient order book that people were posting online to get trading started.

42:40And then, like, when AMM started, then, like, it was like, oh, okay, you can get, like, instant liquidity, right?

42:45And then instant trading.

42:47And that is what allowed for all of the DeFi games to start.

42:51You needed a way for people to quickly trade and efficiently trade that didn’t rely on centralized exchanges.

42:56And that’s, you know, that was Uniswap, right?

42:59That was the, whatever it is, k equals y plus whatever, right?

43:04Like, y plus x. I don’t even know what that formula is, right? But the formula that, you know, was very synonymous with DeFi.

43:12Yes. Wait, are you referring to the slope, y equals mx plus b?

43:18No, not, like, slope from.

43:20That’s all I got out of my engineering degree.

43:22That’s all I can remember. No, there was, like, it was like this, because, like, it was just the formula for AMMs.

43:29Oh, okay, I know what you’re talking about.

43:31That’s what I came up with.

43:32All right. I got a text message in to the show here just now asking me about ZK Snarks, which is an NFT collection on Zek.

43:48Like, basically says, well, look, I also know nothing, but I’m going to spit some alpha here, or at least some, like, reality here.

43:56It has 80 million in blind auction bids right now.

43:59Mint price around two Zek.

44:03Lots of motion on X. Look, we saw this with the blockies, which got $64, $65 million in bids.

44:12Those are now trading around .05, .06 ETH after having $65 million worth of bids.

44:22I think bids are an absolute terrible way to evaluate a play.

44:28Money is easy to throw into a bid contract and LARP that there’s demand.

44:34There are people out here in crypto with hundreds of millions of dollars on chain that, look, they have incentive to get your money in.

44:42And they want to, you know, they’ll take a percent of the cuts just to be that capital for the attention.

44:48It’s a marketing ploy at the end of the day.

44:52Okay, and we’ve learned this over the years within not only NFTs, but in DeFi, et cetera, through wash trading and, you know, fake volume and vamps.

45:01All of this stuff can be financially engineered.

45:03And so I never look at the bids as, and also the social stuff can be engineered.

45:09You have to, you have to take a step back in everything and understand, okay, when I’m looking at a play in crypto, whether it’s NFT or a token, is this going to have the ability to get momentum behind it?

45:24Is there going to be an army behind it?

45:26Is it going to be adopted?

45:28What is the ease of use of buying it?

45:31I look at that twofold. Like if it’s easy to buy and nobody’s buying it, that’s a red flag.

45:36Like if it’s hard to buy and everybody’s getting involved in it, maybe a green flag.

45:43But I would not run into something just because something that has a lot of motion on X and a bunch of people.

45:49I will say it’s like maybe a green flag, maybe not.

45:52I remember, what was it like?

45:54Maybe a year ago, Ripple came out with their NFTs and it was hard to buy.

46:01And like it lasted for about 12 hours.

46:04You know, like I, you know what I mean? Like it was hard to buy because I remember like I bridged over.

46:08I’m like, oh, okay. Like, or maybe it was NFTs, maybe mean coins.

46:11I don’t really remember. But like, again, I firmly, I very much believe with you, right?

46:15But the harder something is to get, the, you know, the more friction there is to put up to buy something, the more alpha there is.

46:23Because, you know, a lot of people, myself included, I’m like, if something’s too hard.

46:27Like, dude, I remember I first saw Bitcoin at $27 and I was trying to buy it and I couldn’t figure out how to buy it.

46:38So I didn’t buy it. And then like the first time I bought it was $1,200 like six years later, you know?

46:44So, you know, there is a lot to be said about that friction.

46:48So I think friction, I definitely tend to look for that of like, hey, if there’s friction, there’s definitely alpha, but not all the time, right?

46:56Because like, to your point, it’s like, if there’s friction and everyone’s buying it, then like, hmm, is there much friction?

47:02If there’s friction and nobody’s buying it, then like, maybe it’s because they don’t know how to buy it yet, right?

47:07And so once that becomes a little bit easier, it becomes, it goes up in price because more people can buy it.

47:14So, but yeah, I like, and thinking about that, the Ripple stuff I remember seeing maybe a year ago, a year and a half, I don’t remember exactly.

47:23But I remember it was like all over X, prices were mooning for like four hours.

47:28And then like, I went to bed and I woke up and everything was worth this.

47:31Oh my God.

47:34Yeah. I think you gotta, we’re still in like the early innings of a bull market where people are being opportunistic.

47:43I would not rush into things unless there’s a well-known person auditing it.

47:49Uh, and then your thesis around that actual collection or that token, um, having more merit than just, you know, Zcash army.

47:59Uh, I don’t know that, that is my, uh, my reply there.

48:04Um, obviously guys, if you have questions, hit them in chat, DM them to, uh, G and I, um, we’ll answer them here on the show.

48:13Um, what else we have going on, what’s going on in the market?

48:17Uh, I don’t know if you want to pull up treating view, go through some stuff here.

48:21Um, as I mentioned, most things are up or expecting another fed hike, either, uh, one of the remaining two, um, meetings.

48:31I thought, I thought one of the other interesting things I saw somebody point out was that, um, the fed hike, if you looked at like their expectations, um, in their report was that they were, the reason why they hiked wasn’t because of inflation.

48:50It was because of a strong, uh, a strong growth in the jobs market, which I thought was interesting, because then that like, so, cause I think everybody’s expectations or everybody’s, um, and, and maybe that’s also why I think, uh, you’re seeing the market rally off the lows is that, you know, if, if they were hiking because of inflation expectations, then you expect the hikes to continue in earnest on a go forward basis.

49:19But if there may be hiking because of growth and, uh, job market strength, then if the market weakens, then they would be inclined to cut.

49:28Right. And so I think maybe that could be why also it’s like considered a bullish hike, but yeah, I just, I thought that was interesting.

49:36Again, like I, you know, I bring these things up because I think it always makes sense to look at every single point of view and to try to digest all the information that’s out there.

49:48Right. Cause like when I, like I said, when I used to trade like full time, you’re just a news junkie.

49:55You’re an information junkie because you need to know every angle.

49:58That could possibly happen. And then you basically kind of like in your head, try to quickly weight that in terms of like probability of that happening.

50:05But then you also want to know and kind of like think about if that does come true, what like how do you take advantage of that? Right.

50:13And so I just thought that was interesting, whether or not that’s really what caused like the bottom or not, like we’ll probably get some good analysis on over the next couple of days.

50:24But I just thought that that was interesting that I read that is like, all right, maybe that’s also why we like bottomed a little bit, because it shows that they’re not necessarily hiking because they’re fighting inflation.

50:36They’re hiking because they they see that the job market and growth is still decently strong.

50:42Yeah. Yeah. Yeah. We also out of yet the meeting we were given that 16 of the 18 participants saw or projected that they saw one more rate hike this year with only two meetings left.

51:01Two did say that or four did say that or four did say that they want no more.

51:09Twelve of them want one more. And so basically, we’re we’re at a point where like, I believe on Polymarket, it’s an 82 percent chance that we see another rate hike.

51:20And then it’s a 50 percent chance that we see one in October.

51:25So, you know, I think I think your take here is pretty clear that if it was inflation based, we’d see all these numbers leaning way higher.

51:34And even the narrative out of the meeting from the participants was, look, this is an inflation based.

51:42This is we’re going to probably watch this be more tied to employment numbers.

51:51So, yeah, look, I’m I’m I’m tending to get long here more.

51:56I feel I have a longer bias after after Tuesday show, which I was I was leaning towards like a hold and a short scalp and, you know, tending to watch things play out.

52:07But look, SEC news, the the rate hike, the everything that I see playing out right now, I’m like, all right, like I can see this in two Q4 getting kind of hot.

52:19It has me excited.

52:22For sure. I also want to highlight one of the things that, again, I don’t remember who said I think I was maybe listening to Brad Gertzner on his all in conference presentation.

52:37From earlier this week or maybe it was somebody else.

52:41I don’t remember exactly who it might have been Jensen.

52:44I think it was Jensen. Jensen said it on stage at the all in pod before he got a call in from Trump was pretty much something about the A.I.

52:54doomers and everything that they’re saying, like 10 percent chance of it like wiping out humanity.

52:59They’ve been like saying this stuff, you know, what is it?

53:02A year ago, Dario said that, like, 90 percent of people would be out of jobs.

53:06When ChatGP2 came out, they said that, like, you know, it was too dangerous.

53:11Like they we’ve been hearing these people like, you know, cry.

53:16You know, what is it? Little little sheep saying that the sky is falling or whatever it is.

53:21Right. Over and over again.

53:23And obviously, none of it has become none of this come true, even like remotely come true.

53:29Right. In fact, like if you look, job hiring is up.

53:33Right. Like more programmers are being hired, not not less since the introduction of ChatGPT.

53:39So, you know, I think with all this doomerism that’s coming out, you know, we need to take it with a grain of salt.

53:46I personally love it.

53:48I think that, you know, I’ve been utilizing it more and more.

53:52And like even like when I have like maybe some stuff done, I’m like, OK, cool.

53:56Now, like I have this extra time and I have all this compute.

53:59Like, what should I do next? Right. And so one of the things that I was working on is like my investments and like also like yesterday I was I spent some time consolidating some of my wallets where like I had dust.

54:11That’s like, oh, I have like three hundred to a couple thousand dollars in a bunch of these different wallets.

54:18It adds up to a significant amount of money.

54:21And I’m like, all right, let me like put that in one account so I can like mess around with it because I’m not going to go to like 10 different accounts to to put stuff in.

54:29And so like these are all things that like before would have taken me, you know, two, three days to do.

54:35And now, you know, I won’t say it takes it’s free, but like it takes me significantly less time.

54:42Right. Yeah. So I don’t know.

54:43I’m still like an A.I. gloomer and not necessarily a doomer per se.

54:50Yeah, I I’m glad to know you’re not a doomer yet when that happens.

54:56And boy, this show is going to get real interesting.

55:01I think we’re far away from that, though, hopefully.

55:04Let’s see. I mean, we’re just coming up to the wrap of the show.

55:08Another. Sorry. One more thing.

55:10I’m looking at a 10 year futures right now.

55:13And so after after the hike, we popped up to like slightly above five.

55:18Now we’re like selling off or right at the lows.

55:21We’re testing those lows. So I think as rates ease, as if we break below that, it looks like four ninety three level on the 10 year. You know, that should probably be like supportive for for asset prices.

55:35And I think it seems like maybe the bond market was sitting there and really testing to see if Warsh would actually do something.

55:44And probably if he didn’t do anything, bond prices probably would have gone up or bond yields probably would have gone up.

55:51And so the fact that it’s easing, it seems like the market is happy with that.

55:56Right. And and again, we’re seeing like equities like stabilizer not really selling off.

56:01So. I don’t know, I think to your point is like I’m going to be thinking about like what are the downside risks this weekend?

56:07It’s like what what invalidates the trade? Right.

56:11You know, escalation of the war, you know, deep, a deep seek moment that like, you know, cuts costs like another ninety nine percent or whatever.

56:21Right. Like that gets people at the very least jittery because we know people are jittering in the trade already. Right. But yeah, I mean, I’m generally like to me, what I’m trying to do, especially in the A.I. trade is like, all right, it like how like has the thesis has the thesis changed? No. All right. Stay long. Right.

56:41And just like, you know, if if you still if you feel like maybe it’s changed a little bit or not entirely. And this is kind of what I was thinking this weekend.

56:50I’m like, all right. Do I just sell half my exposure?

56:52I cut my exposure in half and then just wait and see because like I’m still bullish, but like maybe I should be cautious. Right.

56:59I decided ultimately to not cut my exposure in half, but I was like seriously considering it. I think if the market was open on Saturday, I would have cut my exposure in half and then reevaluated.

57:09So I think I think the one thing I’ve like struggled with is like looking for alternative names or like because I do feel like we discussed the same stuff quite a bit here.

57:22I’m like, hey, here are the names. Here’s the trade. Here’s the meta.

57:26And I think the notable thing has been it hasn’t I haven’t changed really.

57:31Like I feel like it’s still on and I don’t see myself being like, oh, like here’s a great example. No, go ahead.

57:41I will say that, like, I do think like there’s like this fallacy of always being like, oh, I have to be the most efficient with my capital and I have to find the new thing or whatever when you’re in that. Right.

57:54Like there’s a lot of risks that like you don’t know.

57:57Right. Because you don’t know the reason why I personally like staying with like the same themes is like I understand stuff when I do DD on it.

58:06Like I don’t know all the risks, but maybe I know most of the risks.

58:08But if I’m always jumping from like position to position, like, oh, I think optical is going to outperform NVIDIA.

58:16So, you know, I’m going to like jump into optical names and like do the high beta optical name. It’s like, dude, I don’t know that name as well as maybe I know NVIDIA.

58:25And most people don’t. Right. Because it’s a lower market cap company.

58:28It’s less covered. So a lot of the risks, you know, aren’t necessarily on the table as much as they would be with an NVIDIA because a lot there’s a lot of capital involved in NVIDIA. And so, like, I’m OK with that.

58:39Like, I’m OK with not like having a new trade to put on every day.

58:44Right. And it’s OK. And like sometimes the best thing to do is just like be in cash and just wait for that opportunity. Right.

58:50And that that to me is the hardest part of trading, being patient and sitting there and waiting for your trade and not having to be fully deployed every single time.

59:00Yeah. Right. And it’s like like, hey, like, again, I was I was like talking to people and they were like we were talking about like some sort of trading thing.

59:08And I was like, yeah, dude, man, like 98 percent of the time trading is a very boring thing.

59:14You sit in front of your screen. You’re just reading.

59:17You’re just trying to sit on your hands for as long as possible and not force it so that when the volatility does come, you can pounce. You can act very quickly.

59:28So. Yeah, I’m OK with like just not not having to come up with a new idea every day, because, again, like like if there was, I think, plentiful ideas out there, then it just it would mean like there’d be like insane capital rotation, kind of like what we see in the mean coin market where it’s like you can only hold something for, you know, six hours before it dies or whatever it is. Right. Like, you know, like NVIDIA is a good structural business long term in my opinion.

59:57Right. Look, I think I totally agree. It’s also why the flight to revenue producing assets within the crypto space has become so hot, right?

1:00:08There’s just I can buy certain items and know that they’re going to be around like Hyperliquid.

1:00:14I will go to bed quite comfy knowing that, you know, a KOL isn’t going to come out and be like, I don’t like Hyperliquid and I’m selling my bag.

1:00:22The market would literally just shrug at them and be like, sick. Thank you for lower entry.

1:00:29Yeah. Maturity in the markets. You’ll love to see it.

1:00:34I’m just running through here. It looks like we’ve covered most of our items here.

1:00:40We’ve got an NFL game tonight. The Bills versus the Lions.

1:00:46Give me the Lions on this one. I know Wizard of Soho will love to hear that.

1:00:54Yeah, look, we’re back. Lots of stuff happening throughout the markets.

1:01:00Obviously, you got the NFL back has been interesting to see the number of Kalshi, Polymarket, Novig, which got a lot of backlash from their Sidney Sweeney ad.

1:01:15It feels like the Gamble 5 speculation world has just, it’s 100x since last season.

1:01:23You think so? Yeah, 100%. I think we’ll set records across the board.

1:01:29The question here that, and the one that I’ve gotten quite a bit from people, is I even have friends being like, well, why doesn’t Luke go harder on prediction market side?

1:01:40I think prediction markets are going to have a hard uphill battle, especially as I think the average consumer is like, I just want to bet on sports.

1:01:49It’s like, get all this other crap out of here, and I just want the best, give me the best odds.

1:01:54Like, I don’t care about any of this other BS.

1:01:59And I think you have, and you made this point, and I will give you, I will give you your, you know, your cookie here.

1:02:07Does a guy who wants to bet on the Lions-Bills game give a flying flip about the Fed decision in October, Bitcoin up or down? And these are like the top markets that I’m being shown on Polymarket right now.

1:02:18Will crude oil hit $100 in September?

1:02:23Like, no.

1:02:25The answer is just no. Like, most consumers just want to do one thing and one thing great.

1:02:30And we’ve seen this in the meme coin trading space.

1:02:33Unless a different meta comes out that changes how everybody wants to trade, your Axioms, your GMGNs, your Padres, they will continue to get their customers that are like, I just want the best pro experience, or I only want to be able to trade this and give me the best option and the tooling for that.

1:02:51And then all this other crap I do not care about keep it as far away from me as possible because I just don’t want to see it.

1:02:58And that’s, I think, what we’re seeing on prediction markets.

1:03:01Yeah, well, also to that point, I think we’re seeing that in, like, meme coin trading and trading as well, right?

1:03:06Like, I think FOMO, I think FOMO’s UI design is really simple and very elegant.

1:03:13And personally, I don’t trade size on there because I think the fills are terrible.

1:03:17They’re terrible. Like, I’ll trade, like, small positions on there.

1:03:21But, like, the fills are terrible.

1:03:24But the people that are trading, and somebody actually hit me up on it yesterday.

1:03:27And they’re like, yeah, like, you know, I think, you know, there could be something for more tooling.

1:03:31But I’m like, the problem is I think that type of trader doesn’t really care, right?

1:03:37It’s like if you’re a pro trader, like, you want, you know, FWOP and TWOP and limit orders and, you know, less market impact.

1:03:46And every trade, you’re looking at fees where, you know, I want to pay the least amount.

1:03:51And what FOMO has been doing, right, they’ve been making a ton of money with, like, terrible fills and expensive, expensive fills.

1:03:59And so most people don’t care because they’re trying to hit that lotto ticket anyway.

1:04:04So they’re just like, yeah, whatever, man, this is either a zero or a hundred X, right, or whatever, some multiple Xs.

1:04:11So they kind of don’t really care.

1:04:13But, like, I think if FOMO were to introduce those types of tools, I don’t – I think that would probably, like, lower their CAC, not, like – sorry, that would increase their CAC, not lower it, right?

1:04:26Yep. I think that, like, people would be like, ah, I don’t want this.

1:04:29I just want to buy or sell. I think they put a lot of consumer base out as well.

1:04:32Like, it’s a very – I mean, I’ll give free game here.

1:04:36I don’t think that’s the future. I don’t think that’s the frontier for attracting and winning the consumer trader, which right now it is – you know, you have your top trading platforms right now.

1:04:50And Axiom’s starting to become pushed out of this a little bit.

1:04:53Like, they just – the pros that want to trade on Solana and Robinhood, that’s where they’re choosing.

1:04:58But you still have Axiom, GNGN, FOMO, Pump.

1:05:03And I think OpenSea is kind of, like, back in the discussion for having – obviously not being, like, a pro trading asset class.

1:05:13But you have more people starting to trade on OpenSea than before and then Phantoms out there.

1:05:19But I think whoever adds the next thing that allows consumers to have edge, they will start to pull consumers over.

1:05:27And I don’t think the edge is, like, tooling of, hey, you can just – you can trade with, like, more instruments and tooling on a chart.

1:05:37I don’t think that’s it. I think that’s, like, the engineer solution where, like, an engineer mindset is, like, we’ll just add more bells and whistles and gizmos.

1:05:46I think it is a – you have to understand what your consumer is dealing with, where their pain points are.

1:05:51And I would say your consumer’s biggest pain point right now is knowing what the trending items are and or knowing where capital is rotating to and what the future at a macro level even looks like.

1:06:05Like, and I think everybody right now is building out a very, very, very strong – I almost call it, like, everybody’s building out a great data injection line of, like, here’s who I follow and here’s what I trust and here’s what I want to check.

1:06:23But it’s very hard to act on that, and that’s where I see the market going instead of, like, show me the VWAP better.

1:06:32So, yeah, expect trading to get far more social, far more ingrained in items.

1:06:43And I think you’ll also see the amount of people making content around financial discussions, topics, shows like this, 10x over the next year.

1:06:54I think everybody will be doing it.

1:06:56You’ll see more spaces, more live streams, more podcasts, more newsletters.

1:07:01Everybody’s going to want to talk about their speculation because the only – it’s, like, an additional way of making money on top of the speculating.

1:07:11That’s my day. Yeah. Excited to see it play out.

1:07:15Gee, we’ll wrap it up here.

1:07:17Anything going into the weekend that you’ve got on your radar?

1:07:22Nope. Just probably just trying to be selective on some longs here and there.

1:07:29I’m sure on-chain will start picking up again.

1:07:31So, yeah, looking forward to it.

1:07:34I love that. I love that. We got – in my neck of the woods, have Virginia Tech making their trip down to Maryland to take on the Terps.

1:07:45Virginia Tech 2-0 currently, about to be 3-0.

1:07:48Love to see that. And Ravens taking on the Saints, another win, hopefully, in the book.

1:07:54I get very few of these, so I will highlight this as a proud Baltimore resident as well as a proud Hokie.

1:08:01There have been very few weekends over the last decade that I’ve been able to celebrate a Ravens and a Hokies win, last weekend being hopefully the first of many.

1:08:13Oh, dude, you’ll be happy to know that Lamar Jackson is my quarterback in fantasy.

1:08:22I had to open up my phone to be like, wait, I think Lamar Jackson still plays for the Ravens.

1:08:29Somebody asked me who my lineup was, and I was like, I have to look.

1:08:32I didn’t really draft it. I have to ask Claude that.

1:08:36That’s not my job.

1:08:39Look, I just provide the credits here, man.

1:08:42Exactly. The credits and the smack talk.

1:08:44All right, cool. Well, good luck this weekend. Good luck to everybody using their agents to win their fantasy football leagues.

1:08:51And see you guys on Tuesday.

1:08:53And anybody who’s listening that is trying to build in the blockchain space, you want to build your own bot, you want to build your own copy trader, exclusive to the Fullport listeners list, get in contact.

1:09:06We’ll give you a free enterprise plan for Index, which is Lute’s internal enterprise blockchain data company.

1:09:15I was asked to put that out there just now by our CTO.

1:09:19So if anybody wants to build, we’ll give you a very expensive plan for free to come build on.

1:09:25Hit me up. And yeah, love to see what you do.

1:09:29G, we’ll see you guys all next Tuesday, 10.30 a.m. Eastern time.

1:09:34Until then, enjoy your weekends. Cheers, guys.