Latest / The Paul Barron Crypto Show / Uniswap Becomes God-Tier Token!!!🔥$UNI🔥Matt Hougan Bitwise INTERVIEW

Transcript

Uniswap Becomes God-Tier Token!!!🔥$UNI🔥Matt Hougan Bitwise INTERVIEW · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Let's get into it today. We've got a god teered
• 0:02
  Speaker 1: token on the cusp of happening. We'll break it down
• 0:05
  Speaker 1: for you. We've got a special guest. It's going to
• 0:07
  Speaker 1: be a good one. Don't miss it. Let's get into
• 0:09
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• 0:28
  Speaker 1: It'll start you on your way for engaging in the
• 0:31
  Speaker 1: crypto market. I'm going to have Matt Hogan on today,
• 0:35
  Speaker 1: but before we get into bringing him on, I just
• 0:36
  Speaker 1: want to kind of line something up for you guys
• 0:39
  Speaker 1: that has been happening and is now starting to come
• 0:42
  Speaker 1: to the forefront. As you know, and we've been talking
• 0:45
  Speaker 1: about this for quite some time, is the fee switch
• 0:48
  Speaker 1: on uniswap. Well, this is our third Uni pump based
• 0:51
  Speaker 1: dow proposal turn on the fee switch. This has been
• 0:54
  Speaker 1: attempted before. Are we finally going to get it since
• 0:57
  Speaker 1: they're so efficient at it is the question. And if
• 1:00
  Speaker 1: you look at the possibility of this right now on polymarket,
• 1:04
  Speaker 1: well we have just skyrocketed to almost eighty percent, so
• 1:08
  Speaker 1: it looks like this might be the run where we
• 1:11
  Speaker 1: actually get this FEAT switch turned on and this is
• 1:14
  Speaker 1: going to change DeFi dramatically. I want to go to
• 1:18
  Speaker 1: a clip that we had Matt Hogan on a year
• 1:21
  Speaker 1: ago talking about this.
• 1:23
  Speaker 2: Take a look. First of all, is UNISWAP undervalued right now?
• 1:26
  Speaker 3: I think that's absolutely right.
• 1:28
  Speaker 4: If it was anything more than a weak governance token,
• 1:31
  Speaker 4: it was effectively illegal poor tokenomic designs embedded into these
• 1:35
  Speaker 4: DeFi protocols. You're going to see that switch and then
• 1:38
  Speaker 4: investors are going to realize that these assets are substantially undervalue.
• 1:42
  Speaker 4: Opportunity lies between reality and perception. I think the perception
• 1:46
  Speaker 4: of DeFi is that it's still dead.
• 1:49
  Speaker 3: That's just not true. You're showing it. The volumes are
• 1:52
  Speaker 3: through the roof.
• 1:52
  Speaker 4: I mean, just look at that chart, one of the
• 1:54
  Speaker 4: most beautiful charts in finance. Eventually the market will wake
• 1:57
  Speaker 4: up to this reality and it's going to be DeFi
• 1:59
  Speaker 4: summer two point zero and I think that will ten
• 2:02
  Speaker 4: x usage.
• 2:03
  Speaker 1: All right, Well you heard it from Matt Hogan himself,
• 2:05
  Speaker 1: I mean, and if you look at the chart, he
• 2:08
  Speaker 1: was dead on on this again, because this is where
• 2:11
  Speaker 1: we are right now, continuing to see the volume skyrocketing
• 2:14
  Speaker 1: on UNISWAP, and of course with this proposal, this changes everything.
• 2:19
  Speaker 1: So I thought, well, you know what, let's get the
• 2:22
  Speaker 1: architect or one of the architects on himself.
• 2:24
  Speaker 2: Mister Matt Hogan. How are you.
• 2:26
  Speaker 3: I'm doing well, Thanks for bringing me back, Paul.
• 2:29
  Speaker 1: Yeah, it was a great conversation that we had a
• 2:31
  Speaker 1: year ago on this very topic.
• 2:32
  Speaker 2: And of course here we are today.
• 2:34
  Speaker 1: Unicewap going into a full on move and the unification
• 2:39
  Speaker 1: proposal is underway. Have you seen these lineup? This is
• 2:42
  Speaker 1: an absolute killer lineup. So turn on UNISWAP protocol fees.
• 2:47
  Speaker 1: This is going to be a big one. Send the
• 2:49
  Speaker 1: unit chain sequencer fees to the same UNI burn mechanism,
• 2:52
  Speaker 1: so it's going to be burning a lot of it.
• 2:54
  Speaker 1: Build a protocol fee discount, so this is going to
• 2:56
  Speaker 1: increase LP returns. This looks like a wish list, you know,
• 3:01
  Speaker 1: in terms of things that you would want What are
• 3:04
  Speaker 1: your first thoughts on this compared.
• 3:06
  Speaker 3: To you didn't even include burn one hundred million UNI.
• 3:10
  Speaker 4: Yeah, make for fees that were lost over the cycle.
• 3:14
  Speaker 4: This is a beautiful list. I think it's transformative to
• 3:17
  Speaker 4: UNI as a token. I think it's more broadly transformative
• 3:20
  Speaker 4: to the DeFi space. What I said in that clip
• 3:23
  Speaker 4: that you you mentioned or that you played was that
• 3:26
  Speaker 4: the reason these spooky governance tokens launched instead of real
• 3:32
  Speaker 4: tokens that offered economic value in these incredible applications was
• 3:36
  Speaker 4: because of regulatory pressure. If you had something like the
• 3:38
  Speaker 4: fee switch, where you had a direct economic tie to
• 3:42
  Speaker 4: activity on the application, you ended up in jail, and
• 3:45
  Speaker 4: so no one did that. UNI is now showing that
• 3:49
  Speaker 4: it always wanted to have this direct economic tie. That's
• 3:52
  Speaker 4: why they're putting all these in PLAYCE, that's why they're
• 3:54
  Speaker 4: burning the one hundred million tokens, and now they're able
• 3:57
  Speaker 4: to do it. I think investors are going to revalue
• 4:00
  Speaker 4: you these assets. I think we're going to see other
• 4:02
  Speaker 4: DeFi assets follow suit.
• 4:04
  Speaker 3: I think we'll see new.
• 4:05
  Speaker 4: DeFi assets that have direct economic ties. We're blurring the
• 4:09
  Speaker 4: line between crypto asset and company here. Paul and We're
• 4:12
  Speaker 4: allowing these applications to have real economic value and therefore
• 4:18
  Speaker 4: the tokens to have that value, and I think that's
• 4:20
  Speaker 4: going to be a new bull market. I still think
• 4:22
  Speaker 4: we're on track for DeFi Summer two point zero.
• 4:26
  Speaker 1: So do you think this new unpacking, this valuation on
• 4:30
  Speaker 1: this is basically going to be a catinent for trad FI.
• 4:34
  Speaker 3: Yeah.
• 4:34
  Speaker 4: Absolutely, fundamentally driven revenue based, users based application base. It
• 4:40
  Speaker 4: fits into a TRAD five framework. You could give that
• 4:43
  Speaker 4: table to an analyst at Goldman Sachs and they could
• 4:47
  Speaker 4: come up with a valuation number. Previously, the number did
• 4:50
  Speaker 4: not compute right. You would put the data in users, revenue,
• 4:54
  Speaker 4: et cetera. But then how would you get to the
• 4:56
  Speaker 4: value of the UNI tooken it had governance, we don't
• 4:58
  Speaker 4: assign much value that. Now you can calculate that, and
• 5:02
  Speaker 4: as a result, you're going to see institutions move into
• 5:05
  Speaker 4: this space and droves. It's worth noting if UNISWAP were
• 5:09
  Speaker 4: a company, it'd be one of the most exciting financial
• 5:11
  Speaker 4: startups of the last twenty years. Because it's been a token.
• 5:16
  Speaker 4: We haven't thought of it that way, but now we will.
• 5:19
  Speaker 4: And I think it's really exciting.
• 5:20
  Speaker 1: I've got a clip here, this, of course is Heyden Adams.
• 5:23
  Speaker 1: He's talking about something that we all are accustomed to,
• 5:26
  Speaker 1: and that is quarterly earnings.
• 5:28
  Speaker 2: Listen to what he had say.
• 5:30
  Speaker 5: Are there's sort of like this interesting thing that happens,
• 5:32
  Speaker 5: for example, the fee system that we're sort of proposing
• 5:34
  Speaker 5: as part of this. Every aspect of it is transparent
• 5:37
  Speaker 5: and public and auditible and verifiable in real time, and
• 5:40
  Speaker 5: so people don't need quarterly reports from a company not
• 5:44
  Speaker 5: just like public and transparent, but also like cryptographically provable.
• 5:47
  Speaker 3: That makes a lot of sense. How has the reaction been.
• 5:49
  Speaker 5: From what I've seen, it has been extremely positive. Everyone
• 5:53
  Speaker 5: on Twitter seems very happy.
• 5:54
  Speaker 3: Congratulations, big big milestone.
• 5:56
  Speaker 4: And do you think this is going to be a
• 5:57
  Speaker 4: trend for other companies that you know.
• 6:00
  Speaker 3: Other people follow this trend as well.
• 6:02
  Speaker 2: I'm kind of curious, what do you think.
• 6:03
  Speaker 1: Do you think it will be a trend that will
• 6:05
  Speaker 1: start to see more of this kind of activity.
• 6:08
  Speaker 4: I absolutely think it will be a trend. I mean,
• 6:10
  Speaker 4: Uni is being rewarded, the token prices up. You're going
• 6:13
  Speaker 4: to see pressure on other tokens to do this. And
• 6:15
  Speaker 4: what Hayden said is exactly right, it's actually more it's
• 6:18
  Speaker 4: maybe more right than he's positioning. It's not that we
• 6:21
  Speaker 4: don't need quarterly reports. It's that we're getting vastly improved information,
• 6:27
  Speaker 4: real time information, verifiable on chain about the economic value
• 6:32
  Speaker 4: going on here. It's not just equal to the previous
• 6:35
  Speaker 4: era of regulation, it's actually better, right, because it's real time,
• 6:39
  Speaker 4: it's ongoing, and it's provable, not just audited.
• 6:41
  Speaker 3: There's no Enron here, et cetera.
• 6:43
  Speaker 4: Right, So I think it's a huge, huge step forward
• 6:46
  Speaker 4: for investors, and I absolutely think you're going to see
• 6:49
  Speaker 4: other people follow suit and do their own version of this.
• 6:53
  Speaker 1: Yeah, it looks like this could happen within twenty two
• 6:56
  Speaker 1: days for full governance process is what it looks like.
• 7:00
  Speaker 1: If this all goes through, I think we could see
• 7:01
  Speaker 1: another extended pump on UNISWAP. Of course not financial advice,
• 7:05
  Speaker 1: but we've already seen a pretty big move over just
• 7:08
  Speaker 1: the last few days with UNISWAP playing out into this
• 7:11
  Speaker 1: and the other thing that we talked to standing not
• 7:13
  Speaker 1: too long ago on this very issue about XRP coming
• 7:17
  Speaker 1: onto the UNISWAP chain, and it was kind of interesting
• 7:21
  Speaker 1: because this was kind of mentioned in the sense of
• 7:24
  Speaker 1: we would probably see it coming onto ave if we
• 7:27
  Speaker 1: saw this actually occur. When you first of all, are
• 7:30
  Speaker 1: you do you agree when we start to see those
• 7:33
  Speaker 1: kinds of exposures, new tokens are going to benefit from
• 7:37
  Speaker 1: this as we see more come on chain.
• 7:39
  Speaker 4: Yeah, I mean absolutely, this pro This makes tokens better.
• 7:42
  Speaker 4: I mean that's one way of thinking of it. It
• 7:44
  Speaker 4: also shows investors that the existing tokenomics of an existing
• 7:48
  Speaker 4: token aren't fixed and can be improved as regulations improve
• 7:52
  Speaker 4: and expand. So I see this as broadly beneficial for
• 7:56
  Speaker 4: the crypto space.
• 7:57
  Speaker 3: Yeah.
• 7:57
  Speaker 4: I can't emphasize enough how much regulations erected a barrier
• 8:02
  Speaker 4: between what these tokens wanted to be and what they
• 8:04
  Speaker 4: were forced to be, and that barrier has been brought
• 8:07
  Speaker 4: down by the more engagement style regulation of the SEC.
• 8:11
  Speaker 4: The more desired to do safe harbors, the more effort
• 8:14
  Speaker 4: to align with investors. So, whether it's it's UNI or
• 8:18
  Speaker 4: other tokens, I think people should just be open to
• 8:21
  Speaker 4: us evolving to a better standard. You're never going to
• 8:23
  Speaker 4: have worse defive tokens than you had today. We're only
• 8:26
  Speaker 4: moving forward and up in investors favor, and that's going
• 8:29
  Speaker 4: to be true, not just of UNI, but of other
• 8:32
  Speaker 4: assets moving on check.
• 8:33
  Speaker 1: Yeah, other assets I think definitely are going to be
• 8:35
  Speaker 1: a key going forward. Speaking of other assets, b sool
• 8:39
  Speaker 1: and Salona of course, nine consecutive days on fire. So,
• 8:44
  Speaker 1: first of all, were you surprised at the performance on
• 8:47
  Speaker 1: this so far?
• 8:48
  Speaker 3: We've been really pleased.
• 8:49
  Speaker 4: Bisol has been one of the best ETF launches of
• 8:53
  Speaker 4: this year out of not just crypto ETFs, but across
• 8:56
  Speaker 4: all eight hundred and fifty plus ETFs that launched.
• 8:59
  Speaker 3: It's had the most day one volume.
• 9:01
  Speaker 4: I think in a few more days it will have
• 9:02
  Speaker 4: the most net inflows. So we've been extremely pleased and
• 9:07
  Speaker 4: my surprise, I'm not so surprised is the right word.
• 9:10
  Speaker 4: If you think about what Solana is, it is a
• 9:14
  Speaker 4: play on stable coins, a play on tokenization, and one
• 9:17
  Speaker 4: of the most exciting technological blockchains out there.
• 9:21
  Speaker 3: That's a pretty good trio.
• 9:22
  Speaker 4: And when you combine that with an ETF that charges
• 9:25
  Speaker 4: just twenty bases points and then stakes one hundred.
• 9:27
  Speaker 3: Percent of the assets, yeah, ah, it makes a lot
• 9:31
  Speaker 3: of sense.
• 9:31
  Speaker 4: When we talk to institutions, they're very interested in allocating.
• 9:34
  Speaker 4: The retail community is very strong around Solana, so We've
• 9:38
  Speaker 4: been very pleased. I'm not sure i'd say surprised, but
• 9:40
  Speaker 4: I definitely would say pleased.
• 9:42
  Speaker 1: So good launch. I think for you guys, definitely a
• 9:44
  Speaker 1: winner in the category. Some other winners that may be
• 9:47
  Speaker 1: coming your way, of course, is the XRP ETFs. We
• 9:50
  Speaker 1: had Stephen on the other day and he throws out
• 9:55
  Speaker 1: some crazy numbers and he's saying that there's a possibility
• 10:00
  Speaker 1: think that we can see double of what Solana has
• 10:02
  Speaker 1: done so far. Do you agree with that In terms
• 10:04
  Speaker 1: of the XRP ETF.
• 10:05
  Speaker 3: Yeah, I love Steve.
• 10:07
  Speaker 4: I look forward to competing with him on XRP, but
• 10:10
  Speaker 4: he's a good friend. Yes, I think there will be
• 10:13
  Speaker 4: significant interest. The thing that people get wrong about crypto
• 10:17
  Speaker 4: is an asset like XRP definitely has divisive.
• 10:20
  Speaker 3: Views in the community.
• 10:21
  Speaker 4: There are many crypto people who love it, and there
• 10:24
  Speaker 4: are many people who are skeptical of it. The thing
• 10:26
  Speaker 4: about ETF flows is the people who are skeptical don't matter.
• 10:30
  Speaker 4: All that matters is that there are people who are
• 10:32
  Speaker 4: excited to buy it. That's why you see high inflows.
• 10:35
  Speaker 4: So I think the mistake people make when they estimate
• 10:37
  Speaker 4: something like an XRP ETF is they take the median
• 10:41
  Speaker 4: view of XRP.
• 10:42
  Speaker 3: In the crypto community, it doesn't matter.
• 10:44
  Speaker 4: It's that there's this strong, committed community of people who
• 10:46
  Speaker 4: are excited for this product and they will inallocate. So
• 10:50
  Speaker 4: I think XRP will be a big success. I don't
• 10:53
  Speaker 4: know if it will double Solana, but it will be
• 10:56
  Speaker 4: another big success in the market.
• 10:58
  Speaker 2: Do you think. Okay?
• 10:59
  Speaker 1: So, with that being said, when do you think we
• 11:01
  Speaker 1: would see a uniswap ETF, A public uniswap ETF.
• 11:05
  Speaker 2: Do you think that's a possibility.
• 11:06
  Speaker 4: Yeah, I think there's a nuanced answer to that, Paul.
• 11:09
  Speaker 4: So there are two kinds of ETFs in the market.
• 11:12
  Speaker 4: They're traditional ETFs like b SOL that hold the spot directly.
• 11:16
  Speaker 4: Those are what's called nineteen thirty three e act ETFs,
• 11:19
  Speaker 4: and then there are nineteen forty act ETFs that use
• 11:22
  Speaker 4: futures or Cayman.
• 11:23
  Speaker 3: Subs to gain exposure.
• 11:26
  Speaker 4: We'll probably see a uniswap ETF in that nineteen forty
• 11:29
  Speaker 4: format relatively soon. Uniswap doesn't have the qualifications quite yet
• 11:35
  Speaker 4: to make that other more direct ETF live. But these
• 11:40
  Speaker 4: other ETFs, these forty act ETFs, are good too.
• 11:43
  Speaker 3: They're maybe not as efficient, but it's a relative thing.
• 11:47
  Speaker 4: You know, an ETF is better than no ETF, and
• 11:50
  Speaker 4: I think we'll get to that forty act ETF pretty
• 11:52
  Speaker 4: quickly on something like swap.
• 11:54
  Speaker 1: So super State is doing a lot of tokenization out there.
• 11:58
  Speaker 1: You can kind of see just what they've done here
• 12:00
  Speaker 1: with backpack when you look at that, and then you
• 12:03
  Speaker 1: kind of compare of what you guys are doing here,
• 12:06
  Speaker 1: and I'm just looking at bit wise, this is a
• 12:08
  Speaker 1: minimum investment right here, and the kind of subscriptions that
• 12:12
  Speaker 1: are advised as well as the redemptions, and you look
• 12:16
  Speaker 1: at that, and even though the potential here of your
• 12:19
  Speaker 1: fund holdings, I'm look at you know, swap leading the
• 12:21
  Speaker 1: leading the pack right here, ave right behind ye. What
• 12:25
  Speaker 1: would be the possibility of just tokenizing bit wise, just tokenize?
• 12:30
  Speaker 2: I love it, all of it.
• 12:31
  Speaker 4: Yeah, we're very interested. Look, ultimately, my view is that
• 12:34
  Speaker 4: that is where the market goes. I think all assets
• 12:37
  Speaker 4: will be tokenized. I'm aligned with Larry Fink, CEO of
• 12:40
  Speaker 4: Blackrock on that. I think ETFs will be tokenized. I
• 12:43
  Speaker 4: think strategies like you just showed, which is are our
• 12:46
  Speaker 4: DeFi index private fund will be tokenized. I do think
• 12:50
  Speaker 4: We're in a transition phase, Paul, where both will exist.
• 12:53
  Speaker 4: There's some traditional investors who want traditional regulated vehicles. There
• 12:57
  Speaker 4: are more forward thinking investors who want tokenized solutions. You
• 13:01
  Speaker 4: can expect bitwise to do all of those things. We
• 13:04
  Speaker 4: don't currently have tokenized funds, but it's something we're looking
• 13:07
  Speaker 4: at very closely. There are various ways to do it,
• 13:10
  Speaker 4: and I do think that's the ultimate destination of where
• 13:13
  Speaker 4: this industry is going. The entire financial ecosystem is moving
• 13:17
  Speaker 4: on chain that includes funds, so i'd.
• 13:20
  Speaker 3: Expect to see bit wise doing both in the future.
• 13:24
  Speaker 1: I'm kind of curious, what do you think have you
• 13:26
  Speaker 1: done though? I'm sure you guys have done all the
• 13:27
  Speaker 1: calculations of what kind of volume this would potentially expose
• 13:31
  Speaker 1: for someone like a bit wise. Have you looked at
• 13:33
  Speaker 1: this to see what's the potential upside here?
• 13:37
  Speaker 4: Yeah, it's somewhat hard to judge. What we're seeing is
• 13:40
  Speaker 4: that tokenized strategies are starting with sort of income oriented
• 13:44
  Speaker 4: strategies that appeal to retail crypto investors, and that's the
• 13:48
  Speaker 4: phase that they're at, and there is demand for those strategies.
• 13:53
  Speaker 4: What we don't know is does it expand into these
• 13:56
  Speaker 4: baskets of interesting crypto assets.
• 13:59
  Speaker 3: I suspect it does, but it's a matter of timing.
• 14:01
  Speaker 4: So right now, I think the market for that is
• 14:03
  Speaker 4: relatively small, but I do think it will ramp significantly
• 14:07
  Speaker 4: as people get more and more comfortable holding crypto assets. Remember,
• 14:11
  Speaker 4: from a regulated perspective, we're what less than ten months
• 14:16
  Speaker 4: into the positive regulatory pair of cryptoy, still very early,
• 14:20
  Speaker 4: but it's going to be huge, you know, just like
• 14:24
  Speaker 4: ETFs displaced mutual funds, tokenized exposure will eventually displace even ETF.
• 14:31
  Speaker 3: So I think that's the direction.
• 14:33
  Speaker 1: That's a huge statement, I think. But to your point,
• 14:35
  Speaker 1: ten months in and we're really on the doorstep of
• 14:39
  Speaker 1: possibly another you know, jet fuel moment with clarity that
• 14:44
  Speaker 1: come in this, of course, is David Sachs talking about
• 14:46
  Speaker 1: this of what it's going to take to get this
• 14:48
  Speaker 1: bipartisan draft into market structure legislation. Do you think this
• 14:52
  Speaker 1: is going to happen this year in twenty twenty five?
• 14:57
  Speaker 4: Yeah, I mean the government isn't even open yet, so
• 15:00
  Speaker 4: I don't know if it will happen in twenty twenty five.
• 15:03
  Speaker 3: I think the poly market odds put that at a
• 15:05
  Speaker 3: low level.
• 15:06
  Speaker 4: I think the expectation or the hope will be it
• 15:08
  Speaker 4: happens in early twenty twenty six.
• 15:11
  Speaker 3: But so far the administration is delivered on.
• 15:13
  Speaker 4: Its crypto priorities, right, It's made certain promises and it
• 15:17
  Speaker 4: has in fact delivered those promises. Clarity is one of
• 15:20
  Speaker 4: those promises. We're hearing positive developments. So if you've if
• 15:25
  Speaker 4: you forced me to choose in Q four, I'd probably
• 15:28
  Speaker 4: say slightly below fifty. But if you extend that to
• 15:31
  Speaker 4: Q one, I think we have a good chance of
• 15:34
  Speaker 4: getting this passed, and I do think it is a
• 15:36
  Speaker 4: major ballist for the market at that point.
• 15:38
  Speaker 1: Yeah, well, this will start to play into the next prediction.
• 15:43
  Speaker 1: I'm want to ask you, well, actually, I'm want to
• 15:44
  Speaker 1: ask you about Tom Lee's predictions. Tom is now back
• 15:48
  Speaker 1: out there hitting a nine to twelve. Let me kind
• 15:50
  Speaker 1: of zoom in on the you guys so you can
• 15:51
  Speaker 1: actually see that. Actually, what was said, a nine to
• 15:54
  Speaker 1: twelve thousand dollars eighth potential? Is Tom lee prediction crazy
• 16:00
  Speaker 1: because he just keeps coming at it, you know, from
• 16:02
  Speaker 1: a very up only cycle position.
• 16:05
  Speaker 2: What's your thought on that one?
• 16:07
  Speaker 4: Look, I think he's right. I think it's just a
• 16:08
  Speaker 4: matter of timing. He's calling for it very quickly. And
• 16:12
  Speaker 4: the question is do we get that kind of Q
• 16:14
  Speaker 4: four early Q one melt up that more than doubles.
• 16:18
  Speaker 3: The price of Eth. That is, from my view, very optimistic. Look,
• 16:23
  Speaker 3: I think I think, I think crypto.
• 16:25
  Speaker 4: Assets have a good chance of moving to all time
• 16:28
  Speaker 4: highs by the end of the year. I am optimistic
• 16:30
  Speaker 4: on an end of the year surge in crypto. We're
• 16:32
  Speaker 4: seeing real institutional interest. We're seeing the government potentially reopening
• 16:37
  Speaker 4: that means more liquidity. You mentioned the Clarity Act. I
• 16:40
  Speaker 4: think expectations will grow there. We're seeing the ico market
• 16:44
  Speaker 4: reborn through coinbase. There's a lot to be excited about
• 16:47
  Speaker 4: this unpop thing. But whether we'll get a you know,
• 16:50
  Speaker 4: a two or three X of Eth in two months,
• 16:53
  Speaker 4: I love Tom.
• 16:54
  Speaker 3: I really hope he's right. I think it's very optimistic
• 16:58
  Speaker 3: in that short of time period.
• 17:00
  Speaker 2: Okay, so first of all, let me ask you this.
• 17:02
  Speaker 1: You look at Fusaka and the Pectra, Well, look at Pectra.
• 17:06
  Speaker 1: We saw and for those of you that are following along,
• 17:09
  Speaker 1: maybe it doesn't know what that is. When Eth did
• 17:11
  Speaker 1: their first upgrade Pectra, there was a big market pump
• 17:15
  Speaker 1: into ethereum because of its abilities. Fusaka is going to
• 17:18
  Speaker 1: do that even more so because we're going to see
• 17:20
  Speaker 1: even lower transactions and more transaction opportunity. Do you think
• 17:24
  Speaker 1: that would be another catalyst for Ethereum taking another leg up.
• 17:29
  Speaker 4: Yeah, I think it is a catalyst. I actually think
• 17:31
  Speaker 4: it's a catalyst independent of the improvement that it delivers
• 17:34
  Speaker 4: to the protocol. I think it's a catalyst from a
• 17:37
  Speaker 4: narrative perspective. One of the criticisms of ETH when it
• 17:40
  Speaker 4: was down in the aduldrums at like fifteen hundred dollars
• 17:43
  Speaker 4: you know, not that long ago, right, that was like
• 17:45
  Speaker 4: April or something, was that it was very slow to
• 17:48
  Speaker 4: execute on these upgrades. You remember, they had plans stretching
• 17:52
  Speaker 4: to like twenty twenty nine and people were exhausted. The
• 17:56
  Speaker 4: ability to execute two major upgrades in one calendar year
• 18:00
  Speaker 4: would be extraordinary and would show that they've adopted sort
• 18:03
  Speaker 4: of the ship first mentality that I think would be
• 18:06
  Speaker 4: rewarded by investors.
• 18:07
  Speaker 3: They want to see ETH a ship first.
• 18:10
  Speaker 4: Mentality, and if they can deliver on that on Fusaka,
• 18:13
  Speaker 4: I think that will be really beneficial to the narrative.
• 18:15
  Speaker 1: Well, I think the thing that shifted for vitallic was
• 18:19
  Speaker 1: the fact that he wasn't completely well, not he independently,
• 18:23
  Speaker 1: but in general, the ETH community wasn't completely bought in
• 18:27
  Speaker 1: on the fact that we were going to see a
• 18:28
  Speaker 1: full on administration change, and I think that accelerated all
• 18:32
  Speaker 1: developers in all of crypto, you know, across the world,
• 18:36
  Speaker 1: trying to catch up with what's happening in the US
• 18:38
  Speaker 1: right now.
• 18:39
  Speaker 4: For sure, I think that's absolutely right, and it saw
• 18:42
  Speaker 4: rising competitions from others chains that were executing very well.
• 18:46
  Speaker 4: And when that happens, you can either let them pass
• 18:49
  Speaker 4: you by, or.
• 18:49
  Speaker 3: You can get your act together.
• 18:51
  Speaker 4: And I think what we saw out eth community is
• 18:53
  Speaker 4: they really got their act together and they've been rewarded.
• 18:55
  Speaker 4: The prices you know, up two hundred plus percent. Tom
• 18:58
  Speaker 4: says it's going to triple from here. So you know,
• 19:01
  Speaker 4: kudos to them to reacting to a market reality, a
• 19:05
  Speaker 4: regulatory regime change, and if they can continue to execute
• 19:09
  Speaker 4: that just sort of builds on that story.
• 19:11
  Speaker 1: I want to hit you on this last question, speaking
• 19:14
  Speaker 1: of market risers, Polymarket, you put out a tweet it
• 19:19
  Speaker 1: says I continue to think poly market should have won
• 19:21
  Speaker 1: the Pulitzer for its coverage on the twenty twenty four
• 19:24
  Speaker 1: presidential elections, which I think everybody now looks at poly
• 19:28
  Speaker 1: market as the go to place for any kind of
• 19:30
  Speaker 1: pulling data because it was absolutely dead on in terms
• 19:34
  Speaker 1: of the elections and what we'll see, and it seems
• 19:37
  Speaker 1: to be dead on in almost every election, including what
• 19:39
  Speaker 1: we saw in New York just happen, So it's not
• 19:41
  Speaker 1: like it's slowing down. My question to you, Matt, is
• 19:44
  Speaker 1: which is going to be bigger the polytoken, which we
• 19:47
  Speaker 1: know is coming. Shane has kind of alluded to this
• 19:51
  Speaker 1: or the IPO of poly market onto the mainstream.
• 19:55
  Speaker 2: What do you think is going to be bigger?
• 19:57
  Speaker 3: Oh Man, That is a tough one.
• 19:59
  Speaker 4: I do think the market it is underappreciating how significant
• 20:03
  Speaker 4: prediction markets will be. I think they're they're They're even
• 20:06
  Speaker 4: bigger than you than most people think they are, and
• 20:08
  Speaker 4: most people have accepted they have a place.
• 20:10
  Speaker 3: In the world. I think they have a really substantial
• 20:13
  Speaker 3: place in the world.
• 20:14
  Speaker 4: That's a tough one on the token versus the equity,
• 20:16
  Speaker 4: because the thing about it is both communities are so excited,
• 20:21
  Speaker 4: right Crypto is so excited, but tradify is so excited.
• 20:26
  Speaker 3: I don't know I'd want to own both, hopefully both.
• 20:30
  Speaker 3: I'm going to want to pop out of it.
• 20:32
  Speaker 2: Okay.
• 20:33
  Speaker 1: Matt Hogan coming in from a bit wise of course,
• 20:36
  Speaker 1: just launching a b SOL, getting ready to roll out
• 20:38
  Speaker 1: an XRP ETF. So good luck to you on all
• 20:41
  Speaker 1: of what you guys are doing. Thanks for coming in today.
• 20:43
  Speaker 1: We appreciate it.
• 20:44
  Speaker 3: Thanks for having me, Paul. It's great to be here.
• 20:46
  Speaker 1: Good seeing you are. You guys know what to do.
• 20:48
  Speaker 1: Make sure and subscribe to the channel if you haven't
• 20:50
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• 20:55
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• 20:59
  Speaker 2: Over the years. For a big thank you to you.
• 21:01
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• 21:11
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• 21:13
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