Latest / The Paul Barron Crypto Show / Solana’s Unstoppable Momentum 🚀Jito Labs CEO INTERVIEW

Transcript

Solana’s Unstoppable Momentum 🚀Jito Labs CEO INTERVIEW · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Institutions are 10 steps behind Solana. Today, we're going to
• 0:03
  Speaker 1: break that down for you. We've got a special guest
• 0:05
  Speaker 1: that's going to be joining us here in a minute.
• 0:06
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  Speaker 2: Let them know we sent you.
• 1:07
  Speaker 1: I want to start off with what is happening with
• 1:10
  Speaker 1: the DTCC first, because remember, October has been the day
• 1:14
  Speaker 1: or month that all of this has been promised in
• 1:17
  Speaker 1: terms of its plans to launch tokenized securities via the
• 1:22
  Speaker 1: DTC tokenization. If you guys will remember, we've had many
• 1:26
  Speaker 1: people talk about this and what institutional access is gonna
• 1:28
  Speaker 1: look like. I've got a clip that kind of rounds
• 1:31
  Speaker 1: this up because now is the time guys, we're gonna
• 1:34
  Speaker 1: take a look.
• 1:36
  Speaker 3: First of all, I would start with why do you
• 1:37
  Speaker 3: call Canton an institutional chain?
• 1:39
  Speaker 2: That's what we think it is.
• 1:41
  Speaker 3: I don't understand where you call a chain an institutional chain.
• 1:47
  Speaker 3: To be honest, I don't even know how you define
• 1:48
  Speaker 3: an institution. In our first update of the day, JP
• 1:54
  Speaker 3: Morgan successfully tokenized the Invesco NASDAQ 100 ETF. We participated
• 2:02
  Speaker 3: in the DTCC's limited trade production event to evaluate the
• 2:06
  Speaker 3: feasibility of using tokenized securities within a US-based CCP workflow.
• 2:13
  Speaker 3: For us, the opportunity is clear.
• 2:15
  Speaker 4: Thank you for sharing those insights.
• 2:17
  Speaker 3: And it's not just a case that that was a
• 2:19
  Speaker 3: simple move from a wallet to another wallet.
• 2:22
  Speaker 4: Thanks, Tom.
• 2:23
  Speaker 3: So very much a real transaction and not a simulation.
• 2:27
  Speaker 4: This isn't a science project. These were real production trades,
• 2:31
  Speaker 4: real assets and real value.
• 2:33
  Speaker 2: Is the perfect example of interoperability. Head down, carry on.
• 2:38
  Speaker 1: Okay, so listen, you guys probably know the inside joke
• 2:42
  Speaker 1: on this one. We've often kind of jousted with Canton,
• 2:45
  Speaker 1: simply just saying it's an institutional chain.
• 2:47
  Speaker 2: We get it.
• 2:48
  Speaker 1: So I wanted to bring on someone that is kind
• 2:50
  Speaker 1: of bridging the gap For not only institutions, but maybe
• 2:54
  Speaker 1: the broader spectrum of what's happening in the market, joining
• 2:56
  Speaker 1: us now is.
• 2:57
  Speaker 2: Lucas Bruder, who is the CEO over at Jito Labs.
• 2:59
  Speaker 2: How are you, Lucas?
• 3:00
  Speaker 4: I'm perfect. How are you?
• 3:02
  Speaker 2: Good, good.
• 3:03
  Speaker 1: So we've had a couple of things happening out there
• 3:05
  Speaker 1: in the market. You can kind of see a global
• 3:07
  Speaker 1: head of equities right there at DTCC now confirmed for
• 3:11
  Speaker 1: the Solana Breakpoint Summit. So we've got DTCC speaking at
• 3:14
  Speaker 1: the Solana event. Then, of course, you had this news
• 3:17
  Speaker 1: come out, which was JP Morgan adding Solana as tokenized
• 3:21
  Speaker 1: money markets. And you can kind of compare just the
• 3:24
  Speaker 1: on-chain liquidity of what's happening around this. Immediately, Solana makes
• 3:27
  Speaker 1: a splash. And I think this is good for Solana
• 3:30
  Speaker 1: in general, Lucas. So when you kind of consider what's
• 3:35
  Speaker 1: happening right now with the DTCC, where the potential is
• 3:39
  Speaker 1: for Solana playing into this whole ecosystem, first of all,
• 3:44
  Speaker 1: what's your.
• 3:44
  Speaker 2: Opinion on this right now?
• 3:46
  Speaker 1: Is this all positive for Sol or is this one
• 3:49
  Speaker 1: of those things where we'll see competition start to rise?
• 3:52
  Speaker 4: Oh, it's all positive for Sol. There's a huge gold
• 3:55
  Speaker 4: rush going on right now in tokenized equities, whether it's
• 3:59
  Speaker 4: the DTCC, Backpack, Ondo, xStocks. There's just a ton of
• 4:04
  Speaker 4: projects that are innovating and bringing more securities and assets
• 4:10
  Speaker 4: that typically haven't been on blockchains onto blockchains. And if
• 4:14
  Speaker 4: you pair that with the massive retail user base and
• 4:17
  Speaker 4: institutional user base on Solana. It's really setting up for
• 4:22
  Speaker 4: this next bull run. And I think it's that we
• 4:25
  Speaker 4: are certainly very bullish on tokenized securities. And, you know,
• 4:29
  Speaker 4: we're super excited to see where things go in this world.
• 4:32
  Speaker 1: You had App & Glow live on Solana. This is the,
• 4:35
  Speaker 1: obviously now with the new finality on a global network
• 4:38
  Speaker 1: like that. When you look at App & Glow and
• 4:41
  Speaker 1: also Rotor, what kind of changes will this implement for Jito?
• 4:45
  Speaker 4: Yeah, I would say on JITO specifically, you can expect
• 4:49
  Speaker 4: if you're using JTX, our trading platform, you can expect
• 4:52
  Speaker 4: to see faster confirmation times. That's certainly the main impact
• 4:55
  Speaker 4: that we'll see. Everything else is pretty much, you know,
• 4:58
  Speaker 4: as it's been running, I would say that, you know,
• 5:01
  Speaker 4: backing up Alpenglow is basically a complete consensus rewrite. So
• 5:06
  Speaker 4: I believe it was introduced the first white paper back
• 5:10
  Speaker 4: in March or so of 2025. And it brings the
• 5:14
  Speaker 4: finality time on Solana down from 12 seconds to right
• 5:20
  Speaker 4: around 200 or 150 milliseconds. And that rolled out, yeah,
• 5:26
  Speaker 4: I think it was around Wednesday. And so the network's
• 5:29
  Speaker 4: been cruising. There's definitely more upgrades and performance things to
• 5:32
  Speaker 4: do to make it run even faster. Solana is moving.
• 5:36
  Speaker 4: The pace of innovation on Solana at the core level
• 5:39
  Speaker 4: is just extremely fast, faster than any other network. If
• 5:42
  Speaker 4: you compare it to Ethereum, they've mentioned these consensus changes
• 5:46
  Speaker 4: and the roadmap's like four years. On Solana, it went
• 5:49
  Speaker 4: from idea to in production on mainnet in about a
• 5:53
  Speaker 4: year and a half. So it's just really cool to
• 5:56
  Speaker 4: see that and all the other improvements that are happening
• 5:59
  Speaker 4: on Solana.
• 6:01
  Speaker 1: Do you think that the kind of advancements that we've
• 6:04
  Speaker 1: seen within Solana just in the last six months... was timing-wise,
• 6:10
  Speaker 1: I think it might be really aligned real well for
• 6:13
  Speaker 1: this next bull run. But more importantly, is this, you
• 6:17
  Speaker 1: had mentioned goal rush before, is this a goal rush
• 6:19
  Speaker 1: also for the developer communities and startups that are trying to,
• 6:23
  Speaker 1: because I see so many projects now flipping over to
• 6:27
  Speaker 1: Sol from other chains. How do you see that playing
• 6:30
  Speaker 1: out over, say, the next 12 months?
• 6:32
  Speaker 4: It's only going to accelerate. And the cool thing about
• 6:35
  Speaker 4: Solana is that The pace of acceleration at the core
• 6:39
  Speaker 4: infrastructure level benefits every application on Solana. This year, I
• 6:44
  Speaker 4: think we doubled block size from around 60 million to
• 6:50
  Speaker 4: 100 million CUs per block. And we also took the
• 6:53
  Speaker 4: slot times from 400 milliseconds down to 200 milliseconds. It
• 6:58
  Speaker 4: works running with twice as big blocks. It's running twice
• 7:02
  Speaker 4: as fast. We did Alpenglow, which took the finalization time
• 7:08
  Speaker 4: down from 12 seconds to 150 milliseconds. Can you name
• 7:11
  Speaker 4: any other network that's done that in that amount of time?
• 7:14
  Speaker 2: Nobody.
• 7:16
  Speaker 4: And there's even more stuff coming. So there's more improvements
• 7:23
  Speaker 4: coming later this year that will increase the performance of Alpenglow.
• 7:28
  Speaker 4: There's a SIMD to... increase the block size again. Maybe
• 7:33
  Speaker 4: beginning of next year, beginning to mid next year, we
• 7:35
  Speaker 4: will have essentially 4X the block size on Solana.
• 7:40
  Speaker 2: Okay. So Lucas, I got to ask you this.
• 7:42
  Speaker 1: With that kind of advancement, this seems as though, well,
• 7:46
  Speaker 1: I want your opinion. Do you think Solana is now
• 7:49
  Speaker 1: AI ready? Because this seems like it's got the capacity
• 7:52
  Speaker 1: for it now.
• 7:53
  Speaker 4: For sure. Yeah. I think a lot of the stuff
• 7:55
  Speaker 4: that I'm talking about here, I'm really focused on the tech,
• 7:58
  Speaker 4: but zooming out, For users, this will just mean faster
• 8:01
  Speaker 4: confirmation times, lower latency, lower fees. I had a tweet
• 8:06
  Speaker 4: that I sent out like around a week or two
• 8:08
  Speaker 4: ago comparing the making a trade of Sol USDC on
• 8:14
  Speaker 4: JTX and Coinbase. And the JTX notification was faster. So
• 8:19
  Speaker 4: Solana is already at this like Web 2 experience that
• 8:22
  Speaker 4: you would expect confirmation times in less than 200 milliseconds.
• 8:27
  Speaker 4: And that's definitely going to benefit AI agents. I think
• 8:30
  Speaker 4: they're going to want to go to the place that
• 8:33
  Speaker 4: has the least amount of friction, the most amount of
• 8:35
  Speaker 4: assets to trade, and that is Solana.
• 8:38
  Speaker 1: The more you utilize agents, the more you find out
• 8:42
  Speaker 1: that this is actually good for, especially for trading. In
• 8:46
  Speaker 1: integration on JITO, how close are you guys to be
• 8:50
  Speaker 1: able to really see maybe an advancement in that area,
• 8:54
  Speaker 1: AI agents trading within JTX?
• 8:57
  Speaker 4: Yeah, we definitely talk about it a lot. We are
• 9:01
  Speaker 4: all very interested in AI integrations into JTX. I think
• 9:05
  Speaker 4: the path there is still something we're trying to define. Coinbase, Robinhood,
• 9:11
  Speaker 4: there's a few other platforms that have these types of
• 9:13
  Speaker 4: like API or MCP integrations so that you can trade from,
• 9:17
  Speaker 4: you know, Claude or ChatGPT or Grokbot. And I think
• 9:22
  Speaker 4: that there's, I think it's still very early. I think it's, um,
• 9:26
  Speaker 4: there was some platform. I can't remember what it was.
• 9:28
  Speaker 4: I think they said like one to 2% of their
• 9:32
  Speaker 4: trading platform trading volume is coming from these agents, but
• 9:36
  Speaker 4: I think it's only going to accelerate as they get smarter.
• 9:41
  Speaker 4: People start to trust them more and basically like make
• 9:45
  Speaker 4: trades for you while you're sleeping or while you're out
• 9:48
  Speaker 4: playing with your kids or whatever it is. And just like,
• 9:51
  Speaker 4: it's going to be really cool to see that. I'm
• 9:53
  Speaker 4: super excited about that. And I think that uh salon
• 9:57
  Speaker 4: is definitely the best place to do it the friction
• 9:59
  Speaker 4: of getting capital on chain is super low so i
• 10:02
  Speaker 4: think it's it's going to be a really good place
• 10:04
  Speaker 4: for these agents to run.
• 10:06
  Speaker 1: You guys are are launching or it appears to plan
• 10:09
  Speaker 1: to launch the mobile app here this uh this winter
• 10:13
  Speaker 1: when you look at the performance of some platforms out
• 10:16
  Speaker 1: there that have been very successful in launching these mobile apps.
• 10:20
  Speaker 1: I mean, why not get this out faster? Like we
• 10:23
  Speaker 1: need this now, especially with what's happening in this month
• 10:26
  Speaker 1: in October.
• 10:27
  Speaker 2: How close are you?
• 10:29
  Speaker 4: Uh, we're very close. Um, I think the, uh, I
• 10:34
  Speaker 4: will say that I have demos of an app and
• 10:37
  Speaker 4: we're playing around with it. And the long part is
• 10:41
  Speaker 4: the iOS application process. So getting Apple to approve the account, but, um, Yeah,
• 10:47
  Speaker 4: we're super excited about that. We're moving as fast as
• 10:49
  Speaker 4: we can. And there's some other features that we think
• 10:52
  Speaker 4: are going to be key for this, especially when you
• 10:55
  Speaker 4: start to... Right now, we're mainly targeting this Solana native,
• 10:59
  Speaker 4: crypto native audience. They either have funds on chain or
• 11:02
  Speaker 4: they know how to get them on. And when you
• 11:04
  Speaker 4: expand out to this world and think of an app
• 11:07
  Speaker 4: that my parents could use, there's a ton of usability
• 11:10
  Speaker 4: things that we can do to make that even better.
• 11:13
  Speaker 1: So.
• 11:14
  Speaker 4: We're definitely focusing on that. And I would say the
• 11:17
  Speaker 4: next like two months for JTX are just going to
• 11:20
  Speaker 4: be massive. We've been working on a bunch of features.
• 11:23
  Speaker 4: I think there's probably three or four main features that
• 11:26
  Speaker 4: we're going to launch over the next two months that
• 11:28
  Speaker 4: we think are going to be really big for the application.
• 11:31
  Speaker 1: Last time that you and I got a chance to talk,
• 11:33
  Speaker 1: we were asking questions around the platform. And one of
• 11:37
  Speaker 1: the things I was looking at is when you go
• 11:41
  Speaker 1: into trade and within a platform right now. Back then,
• 11:45
  Speaker 1: I was asking why not meme coins, and it looks
• 11:47
  Speaker 1: like you've added the.
• 11:49
  Speaker 2: Stocks section here. So this is new.
• 11:53
  Speaker 1: And then also for just the UX side, or I
• 11:56
  Speaker 1: should say the onboarding side. So when you want to
• 11:58
  Speaker 1: start trading, obviously you've connected this with wallets, this now
• 12:03
  Speaker 1: available on Phantom, Wallet Connect, Ledger, et cetera. But still,
• 12:07
  Speaker 1: to your point that you just mentioned a second ago,
• 12:10
  Speaker 1: you still have to go, if you want to bring
• 12:12
  Speaker 1: cash into the system, you've got to go through some
• 12:14
  Speaker 1: sort of centralized exchange.
• 12:15
  Speaker 2: So that's still a situation.
• 12:17
  Speaker 1: Any plans for solving that on-ramp issue in the near future?
• 12:22
  Speaker 4: Yeah, expect to see that shortly. Maybe, I don't know
• 12:26
  Speaker 4: if this is live or it'll be released later, but
• 12:28
  Speaker 4: you'll definitely see it soon.
• 12:31
  Speaker 2: Oh, okay. So it could be very close.
• 12:33
  Speaker 1: Another thing is when you look at some of the
• 12:37
  Speaker 1: stocks that are out there trading on some of these
• 12:39
  Speaker 1: open perp exchanges like Hyperliquid. CXMT is one that we
• 12:43
  Speaker 1: track a lot just because of its impact on the
• 12:46
  Speaker 1: global semiconductor industry. This is only available on Hyperliquid right now.
• 12:51
  Speaker 1: Is there any plan of getting these kinds of stocks
• 12:53
  Speaker 1: available in other places like JTX?
• 12:57
  Speaker 4: For sure. The main perps platform on Solana right today
• 13:00
  Speaker 4: is Phoenix Perps. And I imagine they're tracking this pretty closely.
• 13:06
  Speaker 4: I think we are super excited about perps. And right
• 13:10
  Speaker 4: now in JTX, it's a spot experience. So you can
• 13:13
  Speaker 4: long only spot no leverage. I think that being able
• 13:16
  Speaker 4: to short and getting a wide variety of crypto assets
• 13:21
  Speaker 4: and equities and commodities to be able to long and
• 13:24
  Speaker 4: short is going to be super important to unlock the
• 13:28
  Speaker 4: next kind of cohort of traders on JTX. So we're
• 13:32
  Speaker 4: definitely thinking about how do we offer the best experience
• 13:34
  Speaker 4: there to be able to long, short, go on leverage.
• 13:37
  Speaker 2: Lucas, what is.
• 13:39
  Speaker 1: Your take on this whole movement of anti-tokenization? You look
• 13:45
  Speaker 1: at Wells Fargo into 20 other companies. I mean, this
• 13:48
  Speaker 1: list seems to be just growing that they don't want
• 13:50
  Speaker 1: their stocks trading on tokenized platforms. Is this something that
• 13:55
  Speaker 1: you're concerned about? Is there anything that is an initiative
• 13:59
  Speaker 1: that's underway by Solana or others that you know of
• 14:02
  Speaker 1: that are trying to maybe educate these companies into understanding this?
• 14:06
  Speaker 4: Yeah, I think that we are certainly doing our part
• 14:09
  Speaker 4: to educate these people. I think that there's probably a,
• 14:14
  Speaker 4: I don't know what's going through their heads, but I
• 14:16
  Speaker 4: imagine there's kind of a outdated take on blockchains from
• 14:21
  Speaker 4: some of these companies. I launched, like there's JTO that's
• 14:25
  Speaker 4: tradable on Solana. I want everyone to be able to
• 14:29
  Speaker 4: access that. I want everyone to be able to access
• 14:31
  Speaker 4: Sol or stable coins or whatever it is. And so
• 14:36
  Speaker 4: if I'm the CEO of a public company, I want
• 14:38
  Speaker 4: to get as many people trading these equities as I can.
• 14:42
  Speaker 4: I want more holders all over the world. Maybe they're
• 14:45
  Speaker 4: not thinking about it like that right now, but they
• 14:47
  Speaker 4: definitely will be in the future. And I think we'll
• 14:50
  Speaker 4: see this flip where They are excited to tokenize stocks
• 14:54
  Speaker 4: and excited to get it in more people's hands.
• 14:57
  Speaker 1: I just can't imagine some of these companies missing that.
• 14:59
  Speaker 1: It just seems like it's a natural slam dunk for this,
• 15:02
  Speaker 1: especially for growth and getting access to maybe a new
• 15:06
  Speaker 1: audience of investors, which probably aren't as frequent in traditional
• 15:11
  Speaker 1: trading mechanisms out there. Speaking of that, let's talk about DEXs.
• 15:15
  Speaker 1: Solana's largest PERP DEX now by volume is now merged.
• 15:19
  Speaker 2: What do you think? Is there.
• 15:21
  Speaker 1: possibly a new perps King on Solana, maybe in the wings.
• 15:26
  Speaker 2: Could this, could this, uh, be, be dethroned?
• 15:28
  Speaker 4: Do you think, or no, we'll see. There's a, in
• 15:32
  Speaker 4: addition to the amount of competition at the equity side
• 15:36
  Speaker 4: right now, there's a lot of competition at the perp side.
• 15:39
  Speaker 4: So the one that you just mentioned, there's Phoenix perps,
• 15:42
  Speaker 4: there's Flint trade, uh, which is started by a ex
• 15:46
  Speaker 4: Gito employee. Um, And there's probably like five or 10
• 15:51
  Speaker 4: more that I'm not even aware of that are still
• 15:53
  Speaker 4: very early. So I think the cool thing about Solana
• 15:58
  Speaker 4: and perps is that you don't have on hyperliquid is
• 16:01
  Speaker 4: that there is a lot of spot assets on Solana
• 16:06
  Speaker 4: that you can use as collateral in these platforms if
• 16:09
  Speaker 4: they support it. So I think Phoenix added spot soul
• 16:12
  Speaker 4: as collateral previously, it was only USDC. And so That's
• 16:17
  Speaker 4: the cool thing about Solana focusing on SPA is that
• 16:20
  Speaker 4: you'll have all these SPA instruments, whether it's crypto assets
• 16:26
  Speaker 4: or equities, and you'll be able to use them as
• 16:29
  Speaker 4: collateral in these platforms. So I think that is like
• 16:33
  Speaker 4: the real benefit of building perps on Solana is that
• 16:37
  Speaker 4: you can actually use the composability of having all these
• 16:41
  Speaker 4: assets on one state machine and one blockchain and be
• 16:44
  Speaker 4: able to use them across borrow lend, being able to
• 16:47
  Speaker 4: use it in perps and anything else that you can
• 16:49
  Speaker 4: think of.
• 16:50
  Speaker 1: Definitely on that point. Let's go back to AI for
• 16:54
  Speaker 1: a second. Claude's getting ready to launch Duet. This is
• 16:57
  Speaker 1: getting ready to go. The likelihood is we're going to
• 17:00
  Speaker 1: see a lot more platforms integrating what's happening in AI.
• 17:04
  Speaker 1: MCP Connection seems to be a foregone conclusion. What about
• 17:09
  Speaker 1: with you guys?
• 17:10
  Speaker 2: Will you have an MCP Connector for some of these platforms?
• 17:13
  Speaker 4: We're definitely discussing it. We have debates internally. It's do
• 17:18
  Speaker 4: you do MCP or do you do something in the application?
• 17:21
  Speaker 4: There's definitely pros and cons to each one. But I
• 17:25
  Speaker 4: think it's, as we were talking about earlier, I think
• 17:28
  Speaker 4: that agents trading is inevitable. It's still really early. I
• 17:31
  Speaker 4: think the reason it's not larger, I think, is probably
• 17:35
  Speaker 4: some element of trust. So do I trust that if
• 17:39
  Speaker 4: I say go buy $ 10 of SpaceX.
• 17:42
  Speaker 4: It's actually going to buy $ 10 of SpaceX or something else.
• 17:45
  Speaker 4: Do I trust it to make trades for me on
• 17:49
  Speaker 4: my behalf when I'm not there to approve it? So
• 17:52
  Speaker 4: I think there's a massive trust element. I think that
• 17:56
  Speaker 4: more and more people are trusting AI. I think that there's,
• 18:01
  Speaker 4: you know, people that aren't in tech, they might have
• 18:03
  Speaker 4: this like weird misconception about AI, that it's evil or
• 18:07
  Speaker 4: whatever it is. But now with you have... grokbot you
• 18:12
  Speaker 4: have the open ai one dot you have um this
• 18:17
  Speaker 4: cloud one coming out yeah you have muse and facebook
• 18:20
  Speaker 4: obviously has massive massive distribution across the world and so
• 18:26
  Speaker 4: they're going to keep introducing llms and ai into everyday
• 18:30
  Speaker 4: people's lives it will use uh there's alex wang interview
• 18:35
  Speaker 4: uh the guy that's kind of leading up the the
• 18:38
  Speaker 4: muse efforts at meta talking about how Basically, it'll increase
• 18:42
  Speaker 4: everyone's agency. So the AI will basically start to do
• 18:46
  Speaker 4: more and more stuff on your behalf and people will
• 18:49
  Speaker 4: start to trust it more. So I think there's definitely
• 18:52
  Speaker 4: a massive opportunity here. There's a lot of companies taking
• 18:54
  Speaker 4: shots on goal.
• 18:56
  Speaker 1: Okay, so let's jump over because I want to learn
• 18:58
  Speaker 1: a little bit more about the JITO buybacks. When can
• 19:01
  Speaker 1: we start seeing JITO buybacks? When is this happening?
• 19:05
  Speaker 4: I think it's going to happen pretty soon. I'd have to...
• 19:10
  Speaker 4: I believe within the next few weeks, there's some tokens
• 19:14
  Speaker 4: that are going to get bought back.
• 19:16
  Speaker 1: I'm looking at this just to kind of get, there's
• 19:19
  Speaker 1: Jito Liquid staking right there. Still doing very well in
• 19:24
  Speaker 1: terms of overall staking as a whole. When you look
• 19:28
  Speaker 1: at that and the comparison of what we've seen with
• 19:32
  Speaker 1: other platforms out there, some of those I'll go to one,
• 19:35
  Speaker 1: of course, Ethereum staking. hitting an all-time high right here.
• 19:39
  Speaker 1: Solana activity is growing on Bitwise. But that kind of
• 19:43
  Speaker 1: leads me to the bigger question, and that is when
• 19:46
  Speaker 1: you look at bit mine, you know, with what, uh,
• 19:49
  Speaker 1: Tom Lee is doing, what happens if he spins his
• 19:52
  Speaker 1: guns over to Solana and says, Oh, maybe there's an
• 19:55
  Speaker 1: opportunity here. What do you think that would look like
• 19:58
  Speaker 1: in comparison to, uh, to where it's going right now?
• 20:01
  Speaker 2: Especially if, if you look at soul in.
• 20:03
  Speaker 4: General, that's an interesting question.
• 20:05
  Speaker 1: I Yeah.
• 20:08
  Speaker 4: I mean, how much do you know how much of
• 20:11
  Speaker 4: the supply that he has? Is it like almost 5%?
• 20:13
  Speaker 2: Yeah, it's very close.
• 20:15
  Speaker 1: He's closing in on 5% of the supply for sure.
• 20:18
  Speaker 4: Yeah. I mean, that's just a massive supply. Yeah.
• 20:22
  Speaker 3: Yeah.
• 20:23
  Speaker 4: I don't know. It'd be interesting. I don't know if
• 20:25
  Speaker 4: we've seen.
• 20:25
  Speaker 1: He said he was going to fix it there. That
• 20:29
  Speaker 1: they weren't going.
• 20:29
  Speaker 2: To go above it.
• 20:30
  Speaker 4: Fixing meaning buying more?
• 20:31
  Speaker 2: No, they were going.
• 20:32
  Speaker 1: To lock it up and just say 5% is the max.
• 20:35
  Speaker 2: That's what they're going to do. Let it go to work.
• 20:38
  Speaker 1: My question is, I mean, BitMind is going to continue
• 20:40
  Speaker 1: to try to figure out ways to innovate. You would
• 20:42
  Speaker 1: think maybe there's an opportunity. He's been somewhat friendly to
• 20:46
  Speaker 1: Solana in general. I just wonder if that'll be the
• 20:49
  Speaker 1: way that they go. And I'm looking at just stake
• 20:52
  Speaker 1: Sol right now on Joop. Right here, you can kind
• 20:55
  Speaker 1: of see it continues to move. You look at staked
• 20:59
  Speaker 1: Jito holding the variation, of course. I mean, who ends
• 21:04
  Speaker 1: up winning the institutional staking out there in the market?
• 21:08
  Speaker 2: Who do you think is going to win this?
• 21:10
  Speaker 4: Yeah, I think that we will win this. I think
• 21:14
  Speaker 4: Rebecca's been on the show a few times. She's a killer,
• 21:18
  Speaker 4: killer lawyer. And we just have a lot of good
• 21:22
  Speaker 4: relationships with these parties. I think There's definitely a lead from,
• 21:26
  Speaker 4: I think Bitwise is leading the ETF right now. Very
• 21:29
  Speaker 4: good team. We're pretty close with them. I think that
• 21:33
  Speaker 4: we have the best chance of leading on the liquid
• 21:34
  Speaker 4: staking side.
• 21:36
  Speaker 2: Why do you say that? Why do you say that?
• 21:38
  Speaker 2: Give me some reasons.
• 21:40
  Speaker 4: Yeah, I would say that our go-to-market on the institutional side,
• 21:44
  Speaker 4: so we've done deals with Coinbase and other large institutions.
• 21:48
  Speaker 4: You can mint and burn in Coinbase and Anchorage and
• 21:52
  Speaker 4: some other platforms. We have integrations into Falcon X. So
• 21:57
  Speaker 4: like the place that these institutions are working on, like
• 22:01
  Speaker 4: they're not going on chain to mint and buy these tokens.
• 22:06
  Speaker 4: They're working through a third party, a qualified custodian that
• 22:10
  Speaker 4: has the security and has the regulations. So we're kind
• 22:14
  Speaker 4: of like at their front door via these parties. And
• 22:18
  Speaker 4: we're also having a lot of conversations and educating them
• 22:22
  Speaker 4: on Solana and If you want to sell G2 soul first,
• 22:25
  Speaker 4: you have to tell the story of Solana and why
• 22:28
  Speaker 4: people should be bullish on it and then talk to
• 22:30
  Speaker 4: them about G2 soul.
• 22:32
  Speaker 3: Yeah.
• 22:32
  Speaker 4: I would say that like, you know, it's a bummer
• 22:34
  Speaker 4: clarity didn't pass, but there's been a lot of good
• 22:37
  Speaker 4: news and good news coming out of the SEC and
• 22:41
  Speaker 4: CFTC somewhere around liquid staking. And we're excited to take
• 22:46
  Speaker 4: that to the partners and tell them about it and,
• 22:49
  Speaker 4: you know, continue selling them on G2 soul.
• 22:52
  Speaker 2: Okay, that's a good answer.
• 22:53
  Speaker 1: I mean, because you're right, if they're comfortable with those
• 22:55
  Speaker 1: mechanisms out there, those particular facilities, as we start to
• 23:00
  Speaker 1: see those really participating, much like what Bitwise has done
• 23:03
  Speaker 1: with leading the way here, that could be the blueprint
• 23:06
  Speaker 1: for a lot of institutions, which would kind of lean
• 23:09
  Speaker 1: into what you're talking about here in terms of JITO
• 23:12
  Speaker 1: possibly winning this, or at least being one of the
• 23:14
  Speaker 1: major providers of it. I want to jump over to
• 23:17
  Speaker 1: Appenglow because there was another release recently just here recently
• 23:23
  Speaker 1: on a thing called Quantum Glow, which is supposed to
• 23:26
  Speaker 1: level up App & Glow in terms of post-quantum security
• 23:31
  Speaker 1: that it could position as one of the leaders in
• 23:33
  Speaker 1: becoming quantum resistant.
• 23:35
  Speaker 2: What are your thoughts?
• 23:36
  Speaker 4: Oh, for sure. I mean, we were talking about this earlier.
• 23:39
  Speaker 4: App & Glow went from an idea to production, completely
• 23:44
  Speaker 4: ripped out the entire consensus mechanism and replaced it in
• 23:48
  Speaker 4: a year and a half. And so I think that
• 23:50
  Speaker 4: Solana will continue to lead on the quantum-resistant encryption and
• 23:57
  Speaker 4: signature schemes and all that. All that stuff's way beyond
• 24:00
  Speaker 4: my pay grade. I don't fully understand it, but I
• 24:04
  Speaker 4: trust the Alonzo team and Quentin and Roger and all
• 24:09
  Speaker 4: the others working on it there that they will not
• 24:12
  Speaker 4: only be able to solve it, but they will be
• 24:13
  Speaker 4: able to make it extremely performant too. The amount of engineering...
• 24:19
  Speaker 4: like going on in Anza and fire dancer right now
• 24:22
  Speaker 4: is world-class. This is not just like some random blockchain
• 24:26
  Speaker 4: company that, you know, took some, took someone else's software
• 24:30
  Speaker 4: and kind of like tweaked, tweaked it. This is like
• 24:33
  Speaker 4: best in class engineering teams and they have shown the
• 24:37
  Speaker 4: ability to move very fast here. So I don't even
• 24:40
  Speaker 4: really think about quantum at all. Like those guys will
• 24:43
  Speaker 4: handle it and, uh, not, not something to be concerned
• 24:46
  Speaker 4: about with respect to Solana. I think for things like
• 24:49
  Speaker 4: Bitcoin and potentially Ethereum, it becomes a much bigger concern
• 24:54
  Speaker 4: because they are not moving as fast. Bitcoin is just
• 24:59
  Speaker 4: like this, you know, kind of this like chunk of
• 25:03
  Speaker 4: gold that just doesn't really change that much. And so
• 25:06
  Speaker 4: it'll be interesting to see if this lights a fire
• 25:09
  Speaker 4: under them to actually do something or, you know, we'll
• 25:13
  Speaker 4: see what happens.
• 25:15
  Speaker 1: I am looking at this, and I want to know
• 25:17
  Speaker 1: if you agree. The last time we saw a pump
• 25:21
  Speaker 1: in the market, it was post non-clarity. You have a
• 25:24
  Speaker 1: major advancement that everybody's worried about Q Day already. If
• 25:28
  Speaker 1: you get a hint that Solana has quantum resistance in
• 25:33
  Speaker 1: the bag, this seems like this would be a natural evolution,
• 25:36
  Speaker 1: especially from the institutional side, because of the connection that
• 25:40
  Speaker 1: you see institutions trying to play into this as well.
• 25:43
  Speaker 1: That could be a major punch. which would, of course,
• 25:48
  Speaker 1: pipe in retail as well. Would you agree or no?
• 25:52
  Speaker 4: For sure, yeah. Definitely agree there.
• 25:54
  Speaker 2: You're on top of that. Okay, all right.
• 25:57
  Speaker 1: I want to talk a couple of big things that
• 25:59
  Speaker 1: are hitting the market, and some of you guys may
• 26:01
  Speaker 1: not have heard.
• 26:03
  Speaker 2: What we're seeing with GTA 6.
• 26:05
  Speaker 1: This is Take-Two, the maker of it, reveals their in-game
• 26:08
  Speaker 1: currency structure now for SharkBucks.
• 26:10
  Speaker 2: If this happens, what happens if.
• 26:14
  Speaker 1: This gets going. Do you feel like Solana is prepared
• 26:18
  Speaker 1: for something like this? I know they're saying that they're,
• 26:21
  Speaker 1: you know, they're going to probably put the, you know,
• 26:23
  Speaker 1: the brakes on this in terms of expansion, but I
• 26:26
  Speaker 1: just don't know. I feel like this is such a
• 26:27
  Speaker 1: big opportunity for Take-Two in the gaming sector, which means
• 26:32
  Speaker 1: you're going to have all these other games starting to
• 26:34
  Speaker 1: follow suit.
• 26:35
  Speaker 2: What do you think?
• 26:35
  Speaker 1: Do you think Solana is prepared for that kind of move?
• 26:39
  Speaker 4: Yeah, I hope they launch on Solana. I don't know
• 26:41
  Speaker 4: the specifics of it, but Solana can do tens of
• 26:45
  Speaker 4: thousands of transfers per second. The top markets and AMMs
• 26:52
  Speaker 4: on Solana are doing multiple hundreds of millions of dollars
• 26:54
  Speaker 4: a day. So I think Solana is ready for it.
• 26:58
  Speaker 4: And I hope to see this virtual currency launch on Solana.
• 27:01
  Speaker 4: I think it'd be pretty cool.
• 27:03
  Speaker 1: Yeah, I'm going to look at your, I'm looking right here.
• 27:06
  Speaker 2: Yep, there it is.
• 27:07
  Speaker 1: I thought I saw it on there. I was looking
• 27:08
  Speaker 1: at your website. Well, there you go. It's trading right now.
• 27:11
  Speaker 1: GTA 6 is trading as one of.
• 27:12
  Speaker 2: Your top stocks. So, yeah, that makes sense.
• 27:17
  Speaker 1: Other things that I want to hit on, because this
• 27:19
  Speaker 1: brings in a very, I won't call it a touchy question,
• 27:23
  Speaker 1: but it's something you have to think about.
• 27:25
  Speaker 2: You look at Uniswap. These guys are absolutely cooking.
• 27:29
  Speaker 1: You got 90% of all DEX activity right now on
• 27:32
  Speaker 1: base and Ethereum, Robinhood chain. And they claim more chains
• 27:35
  Speaker 1: coming soon. Look at this pump right here, Lucas. What
• 27:40
  Speaker 1: if they come in and say, hey, Solana needs to
• 27:43
  Speaker 1: be on here? Do you think they immediately, because most
• 27:46
  Speaker 1: of the time they just take over these chains, at
• 27:49
  Speaker 1: least on Uniswap.
• 27:50
  Speaker 2: What are your thoughts on that? What happens?
• 27:52
  Speaker 4: I don't think they have a shot at succeeding on Solana.
• 27:55
  Speaker 4: I mean, hopefully Hayden proves me wrong.
• 27:57
  Speaker 3: Why, why, why?
• 27:59
  Speaker 4: So there's, there's kind of two main sources of trading
• 28:03
  Speaker 4: activity on Solana. One is this like large cap, middle
• 28:07
  Speaker 4: cap equities side. A lot of this is run by
• 28:10
  Speaker 4: prop AMMs. The other side at the completely in the
• 28:14
  Speaker 4: prop AMMs are like market makers that are, you know,
• 28:17
  Speaker 4: making these markets professionally. You can think of them like
• 28:20
  Speaker 4: order books on chain to kind of like simplify it
• 28:23
  Speaker 4: a lot. The other end of the spectrum is meme coins.
• 28:28
  Speaker 4: And a lot of the meme coins are created on
• 28:31
  Speaker 4: pumped off fun. So they actually are started on there
• 28:35
  Speaker 4: and then they will migrate to radium and some of
• 28:39
  Speaker 4: them migrate to Orca as well. And so like you
• 28:42
  Speaker 4: kind of have, I don't think they're going to win
• 28:45
  Speaker 4: at these markets that are super competitive, like solo USDC.
• 28:51
  Speaker 4: There's not a lot of volume that goes through the
• 28:54
  Speaker 4: passive liquidity and you have to get in that. somehow
• 28:57
  Speaker 4: so like pump's not going to switch to uniswap so
• 29:00
  Speaker 4: like how are you going to get liquidity and volume
• 29:04
  Speaker 4: onto the uh new decks it's really challenging i hope
• 29:08
  Speaker 4: hayden proves me wrong if he comes to it uh
• 29:11
  Speaker 4: but uh i'm just not not confident in their ability
• 29:14
  Speaker 4: i think they are pretty focused on evm because you
• 29:16
  Speaker 4: can kind of just like copy and paste your code
• 29:18
  Speaker 4: across chains on Solana, you have to completely rewrite your
• 29:22
  Speaker 4: code from scratch.
• 29:23
  Speaker 2: Well, you're right.
• 29:24
  Speaker 1: EVM has kind of been their focus. It's been their
• 29:26
  Speaker 1: bullseye for quite some time. That would be hard to recreate,
• 29:30
  Speaker 1: I think, in general, if Uniswap were to try.
• 29:33
  Speaker 2: To do it.
• 29:33
  Speaker 1: But it is an interesting possibility if Uniswap does take
• 29:38
  Speaker 1: on Sol as a chain.
• 29:39
  Speaker 2: So it'll be something to watch.
• 29:41
  Speaker 1: Hey, Lucas, we're going to get you back on the
• 29:43
  Speaker 1: show for sure as things roll out, especially when you
• 29:46
  Speaker 1: launch your app. You got to come back on the
• 29:47
  Speaker 1: show because we want to try the app, play with
• 29:51
  Speaker 1: it and understand it because I'm still in between Jupyter
• 29:54
  Speaker 1: and JTX. Right now, Jupyter is winning because that app
• 29:57
  Speaker 1: is killer, bro.
• 29:59
  Speaker 2: We need the app. We need the app on JTX.
• 30:03
  Speaker 4: Yeah, we're working on it. We'll have a lot of
• 30:05
  Speaker 4: unique things in there that no one else will have.
• 30:08
  Speaker 4: So I'm excited about it, and the team's grinding to
• 30:12
  Speaker 4: make it happen.
• 30:12
  Speaker 1: Can you share anything as far as just a nugget
• 30:16
  Speaker 1: of what might be cool within the app?
• 30:21
  Speaker 2: Just give me one nugget.
• 30:23
  Speaker 4: Yeah, I think that our explore page that's coming is
• 30:27
  Speaker 4: just going to knock everything out of the park. Insanely
• 30:30
  Speaker 4: smart gigabrain data scientists that have been looking at the
• 30:34
  Speaker 4: chain data for, they just stare at it and try
• 30:37
  Speaker 4: to make it better and better. So we have some
• 30:40
  Speaker 4: people really obsessing over what's going on on chain and
• 30:42
  Speaker 4: being able to, right now when you use JTX, you
• 30:45
  Speaker 4: have to show up with a trade in mind. Maybe
• 30:47
  Speaker 4: you see it on Twitter, maybe you see it on
• 30:48
  Speaker 4: some other app. And I think this is really going
• 30:51
  Speaker 4: to pull people into the app because you'll be able
• 30:53
  Speaker 4: to discover trade ideas and make them within 100 milliseconds.
• 30:59
  Speaker 2: That would be a big deal. Okay. All right. So
• 31:02
  Speaker 2: that might be coming to JTA.
• 31:03
  Speaker 1: All right.
• 31:04
  Speaker 2: Well, we're going to be watching. We'll get you back
• 31:06
  Speaker 2: on the show when that happens, okay?
• 31:08
  Speaker 4: Cool. Thanks for having me.
• 31:16
  Speaker 1: If you like this video, hit like and subscribe, drop
• 31:18
  Speaker 1: a comment down below, and also join our free private
• 31:21
  Speaker 1: member group.
• 31:22
  Speaker 2: The link is in the description.