Latest / The Paul Barron Crypto Show / Solana Just Undercut EVERY Crypto Exchange!🚀JTX Launches!🔥Jito Labs CEO INTERVIEW

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Solana Just Undercut EVERY Crypto Exchange!🚀JTX Launches!🔥Jito Labs CEO INTERVIEW · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Solana is about to make a major move and that
• 0:02
  Speaker 1: is directly at centralized exchanges, possibly knocking them out of
• 0:07
  Speaker 1: the game. Today, we'll break it down for you you guys,
• 0:09
  Speaker 1: you don't want to miss it. Before we get started,
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• 1:00
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• 1:02
  Speaker 1: to bring on Lucas Brewner, who is the CEO of
• 1:04
  Speaker 1: gitle Labs. We've had him on the show before, but
• 1:07
  Speaker 1: let's break down what's happening with JTX. Lucas, Welcome into
• 1:11
  Speaker 1: the show.
• 1:12
  Speaker 2: Thanks for having me. Yeah, last time we were chatting
• 1:14
  Speaker 2: at thing goes Accelerate and we just announced So excited
• 1:18
  Speaker 2: to be back here.
• 1:20
  Speaker 1: Yeah. Yeah, so we knew it was coming, and today
• 1:23
  Speaker 1: is launch day. It's available out there for everybody. From
• 1:26
  Speaker 1: what you're telling me, so JTX is up and running.
• 1:30
  Speaker 1: First of all, what do you feel someone that doesn't
• 1:33
  Speaker 1: really understand what JTX is trying to do, that maybe
• 1:37
  Speaker 1: is coming over from centralized exchanges and are maybe considering
• 1:40
  Speaker 1: a JTX usage. What would you say is the major
• 1:44
  Speaker 1: draw for that?
• 1:45
  Speaker 2: Yeah, I would say it's the professional order execution. We
• 1:49
  Speaker 2: really try to abstract away a lot of the nitty
• 1:52
  Speaker 2: gritty details of what's going on on the blockchain and
• 1:56
  Speaker 2: just make hit a really smooth user experience so you
• 1:59
  Speaker 2: can sign in your email and all the key management.
• 2:02
  Speaker 2: It's kind of handled behind the scenes by Privy. Try
• 2:06
  Speaker 2: to abstract away gas as much as possible and just
• 2:09
  Speaker 2: make a really really clean user experience with really good
• 2:12
  Speaker 2: order types.
• 2:13
  Speaker 1: Yeah, I think you look at the amount of movement
• 2:16
  Speaker 1: that's already happening on the Solana chain, you can see this.
• 2:19
  Speaker 1: I think this could be one of the things that
• 2:22
  Speaker 1: starts to accelerate Solana dramatically in terms of transactions. So
• 2:27
  Speaker 1: this is going to be interesting to watch. I'm looking
• 2:29
  Speaker 1: at fees as well, because this is something that is
• 2:33
  Speaker 1: continuing to be This surprised me even when I was
• 2:35
  Speaker 1: looking at this. Just to give you guys an example
• 2:37
  Speaker 1: of some of the fees here versus average price. If
• 2:41
  Speaker 1: you were going on to centralized exchange, talk to me
• 2:44
  Speaker 1: a little bit about that, because this could be one
• 2:46
  Speaker 1: of the killer features that you guys have available.
• 2:49
  Speaker 2: Yeah, I think this goes back to how good execution
• 2:53
  Speaker 2: is on Solana. The cheapest place to buy many assets Solana, bitcoin,
• 2:58
  Speaker 2: ze cash token that equities even soon is on Solana.
• 3:02
  Speaker 2: A lot of this is from prop bamms, and you know,
• 3:06
  Speaker 2: we can maybe dive into that a little bit later,
• 3:08
  Speaker 2: but there's just a lot of really good marketing makers
• 3:11
  Speaker 2: competing those spreads down on JTX the fees, you know,
• 3:16
  Speaker 2: if you were going to make the same swap on
• 3:18
  Speaker 2: a centralized exchange. At the same time, you can actually
• 3:22
  Speaker 2: save money on JTX and get access to many of
• 3:26
  Speaker 2: the sets that are available on centralized exchanges. So a
• 3:28
  Speaker 2: lot of that's from Solana and the features that you
• 3:32
  Speaker 2: get inside JTX.
• 3:34
  Speaker 1: This spread, I'll zoom in on that just to give
• 3:36
  Speaker 1: you an example right here. This is a live feed.
• 3:40
  Speaker 1: So again this goes back into really a building an
• 3:44
  Speaker 1: advantage on the fee side of things against the centralized exchanges.
• 3:47
  Speaker 1: I'm kind of curious, do you think you're going to
• 3:49
  Speaker 1: see more DeFi people that are going to be a
• 3:52
  Speaker 1: JTX customer, or do you think we'll see more people
• 3:55
  Speaker 1: that would would migrate from a centralized exchange.
• 3:58
  Speaker 2: I think over time it's clear that users will come
• 4:01
  Speaker 2: from centralized exchanges and even people outside of crypto. I
• 4:06
  Speaker 2: think there's going to be a ton of tokenized equities
• 4:09
  Speaker 2: and stocks that are going to come on chain. We're
• 4:11
  Speaker 2: already seeing this accelerate. I think it's only going to
• 4:14
  Speaker 2: get faster and faster Eventually. I think within the next
• 4:17
  Speaker 2: few months you'll be able to trade any stock you
• 4:19
  Speaker 2: want on Solana twenty four to seven and three sixty five. Today,
• 4:24
  Speaker 2: we're going after the Solana users because they already know,
• 4:28
  Speaker 2: you know, how Solana works, and they're a really good
• 4:30
  Speaker 2: customer to provide feedback. We've got a lot of really
• 4:33
  Speaker 2: good feedback from kind of the two previous weeks of
• 4:36
  Speaker 2: like slowly rolling it out to people, and once we
• 4:39
  Speaker 2: get all that feedback in, start to build out that
• 4:41
  Speaker 2: more than really targeting those people in centralized exchanges. And
• 4:45
  Speaker 2: then it's like the people I trade stocks on Robinhood
• 4:48
  Speaker 2: or interactive brokers and things like that.
• 4:51
  Speaker 1: Listen, I'm looking at this right here, and it's called
• 4:55
  Speaker 1: smartphil You know this, but I was a little confused
• 4:59
  Speaker 1: how this worked. So one order, but you're doing all
• 5:02
  Speaker 1: sorts of transactions in the background. Explain this to us
• 5:07
  Speaker 1: and can you walk me through how this works?
• 5:10
  Speaker 2: Yeah, so yeah, you can think of smartphille like a
• 5:14
  Speaker 2: very fast teewop. The core idea that we had here is,
• 5:19
  Speaker 2: like you were just showing the prop amm spreads on
• 5:22
  Speaker 2: the Solana USDC pair. The spreads are super tight on chain.
• 5:27
  Speaker 2: The liquidity is really good too. But we kind of
• 5:31
  Speaker 2: this realization that some assets that exist on centralized exchanges,
• 5:36
  Speaker 2: you can rely on arbitrageers closing the arbitrage between the
• 5:42
  Speaker 2: centralized exchange and decentralized exchange. If you want to make
• 5:45
  Speaker 2: a large order on chain, if you want to buy
• 5:48
  Speaker 2: like five million dollars of solo USDC, your slippage on
• 5:51
  Speaker 2: chain is probably going to be really high. So like
• 5:54
  Speaker 2: you can do that, or you can run like a
• 5:55
  Speaker 2: multi hour tea wop and kind of get the same thing.
• 5:58
  Speaker 2: There wasn't really something in between where it's like, I
• 6:01
  Speaker 2: just want to do one click and get filled as
• 6:03
  Speaker 2: fast as possible with the best pricing. So smart fills
• 6:07
  Speaker 2: essentially like a super fast te wop. The orders just
• 6:10
  Speaker 2: run one second apart. I think you can run it
• 6:12
  Speaker 2: up to two minutes long, and you know, if the
• 6:16
  Speaker 2: price on chain kind of deviates from the centralis exchange,
• 6:19
  Speaker 2: then you can count on those arb chargers coming back
• 6:22
  Speaker 2: in and essentially that will just guarantee you the best
• 6:25
  Speaker 2: price for one click on chain.
• 6:28
  Speaker 1: Can you show me actually how this would execute on
• 6:31
  Speaker 1: the platform.
• 6:32
  Speaker 2: Yeah, let me pull something up real quick. So so yeah,
• 6:36
  Speaker 2: this is JTX, very clean and minimal. So yeah, you
• 6:40
  Speaker 2: can see you that we have our order types here
• 6:43
  Speaker 2: So let's say I want to sell seventy five dollars
• 6:46
  Speaker 2: of USDC into Solana. I can click it, Boom, it's filled,
• 6:51
  Speaker 2: and you can see here this good trade pops up. Okay,
• 6:54
  Speaker 2: so you can see here at zero point one three
• 6:57
  Speaker 2: percent better price on JT compared to the centralized exchange.
• 7:02
  Speaker 2: I think the savings for these like pro traders is
• 7:05
  Speaker 2: really gonna add up a lot. And then yeah, we
• 7:07
  Speaker 2: can go into a smart Phil. So let's see I'll
• 7:11
  Speaker 2: sell SOUL for USDC, So I'll go into smart Phil.
• 7:15
  Speaker 2: Let's say I want to sell zero point five SOUL
• 7:17
  Speaker 2: for USDC. You can do auto duration right now. It
• 7:21
  Speaker 2: has me configured to five orders once every so you're
• 7:25
  Speaker 2: twenty eight seconds. We can go longer too, so thirty seconds.
• 7:28
  Speaker 2: I'll do that, okay, and I'm gonna enable automated trading
• 7:32
  Speaker 2: on this account. Click it and you'll kind of start
• 7:35
  Speaker 2: to see these smart fills come in. So it's what
• 7:39
  Speaker 2: it's doing is it broke up my order into a
• 7:41
  Speaker 2: lot of small orders and it's starting to fill them.
• 7:44
  Speaker 2: You can go to the open orders tab here and
• 7:47
  Speaker 2: start to see the status bar increment down here as
• 7:52
  Speaker 2: it fills up over time. Interesting, So we'll buy fifty
• 7:57
  Speaker 2: eight dollars of jto once every thirty seconds.
• 8:00
  Speaker 1: When let's say that you were trying to do a
• 8:04
  Speaker 1: large order, say something like a you know, a million
• 8:07
  Speaker 1: dollar order, how many orders would that break it up into?
• 8:11
  Speaker 2: It will auto suggest for you. Oh yeah, there is
• 8:15
  Speaker 2: a minimum order size of a dollar for smart phil
• 8:18
  Speaker 2: and then yeah you have you know, you have your
• 8:20
  Speaker 2: standard orders here market Smartphield that we just talked through.
• 8:24
  Speaker 2: We have limit orders as well, so these are actually
• 8:28
  Speaker 2: like truly resting orders on Solana. You know, you could
• 8:32
  Speaker 2: place the limit order I want to buy gto at
• 8:35
  Speaker 2: zero point six and it'll actually be sitting there and
• 8:37
  Speaker 2: it'll get filled. These are like limit orders that actually work,
• 8:40
  Speaker 2: which sounds like such a like funny thing to say,
• 8:44
  Speaker 2: but uh, a lot of limit orders on Solana they
• 8:47
  Speaker 2: don't work. They're not resting. You know, these are actually
• 8:50
  Speaker 2: resting limit orders. They're resting on an order book. We
• 8:53
  Speaker 2: have tea ops as well, so you can like say
• 8:56
  Speaker 2: I want to run this tea op starting thirty minute
• 9:00
  Speaker 2: for an hour. We also have stop loss, take profit
• 9:04
  Speaker 2: and a lot with some other cool order types as well. Okay,
• 9:07
  Speaker 2: and then you can see your portfolio as well.
• 9:10
  Speaker 1: So all of this built into the platform itself. Is
• 9:13
  Speaker 1: there anything in terms of additional features they're going to
• 9:16
  Speaker 1: be rolling out soon or do you feel you guys
• 9:18
  Speaker 1: have you know V one pretty much ready to rock?
• 9:21
  Speaker 2: Yeah? So yeah, this is uh. I would say today
• 9:24
  Speaker 2: is literally day one. So the past few weeks have
• 9:27
  Speaker 2: bitten day zero, rolling out the platform as it is,
• 9:31
  Speaker 2: fixing a ton of bugs. Super thankful for all the
• 9:34
  Speaker 2: people I've tested it out. I think next we're going
• 9:36
  Speaker 2: to roll into equities, so there's a lot of cool
• 9:40
  Speaker 2: equities stuff going on. You know, let's just pull up
• 9:42
  Speaker 2: some equity here Apple. Sometimes when you're pulling up equities
• 9:48
  Speaker 2: on crypto charts, like you'll notice there's like a ton
• 9:52
  Speaker 2: of wicks and the charts look weird, like the volume
• 9:55
  Speaker 2: is kind of nonsensical. We're going to make the best
• 9:58
  Speaker 2: equities experience on Solana, so we're going to have like
• 10:01
  Speaker 2: the charts will be pulled from equities platforms, not from
• 10:05
  Speaker 2: on chain. People don't care about the on chain price.
• 10:08
  Speaker 2: Like you'll see some of these like wicks sometimes when
• 10:10
  Speaker 2: the liquidity is low and people don't care about that.
• 10:14
  Speaker 2: So I have that we'll have rfqus we'll have all
• 10:17
  Speaker 2: the equities information, so we're super excited about that. And
• 10:20
  Speaker 2: then yeah, I think after that we'll like have like
• 10:24
  Speaker 2: a better explorer page so you can find assets better
• 10:28
  Speaker 2: and like you know, surface some trades to make there.
• 10:31
  Speaker 2: And then later this year early into next year rolling
• 10:35
  Speaker 2: up prediction markets, purpse and really just listening to what
• 10:38
  Speaker 2: people want.
• 10:39
  Speaker 1: So on the equity side is something that I'm kind
• 10:41
  Speaker 1: of curious if this is available now or soon, would
• 10:45
  Speaker 1: you be able to take or find a way to merge,
• 10:48
  Speaker 1: say an ONTO and an X stock available when you
• 10:52
  Speaker 1: look at tokenised equities and then JTX give me essentially
• 10:58
  Speaker 1: decide on which is the best bang for my buck
• 11:00
  Speaker 1: for that, you know, for it? You know, is there
• 11:03
  Speaker 1: a way.
• 11:03
  Speaker 2: To do that?
• 11:03
  Speaker 1: Now?
• 11:04
  Speaker 2: That's exactly what we're gonna do.
• 11:06
  Speaker 1: Yeah, okay, so it's coming.
• 11:07
  Speaker 2: We can some alfa here, but okay, here we go.
• 11:12
  Speaker 2: But yeah, I mean, I think people don't necessarily care
• 11:15
  Speaker 2: about ONO and X stocks and backpack. Like some people
• 11:19
  Speaker 2: will care about the nuances, and there are nuances around
• 11:23
  Speaker 2: each one, but I would say decent amount people don't.
• 11:27
  Speaker 2: They want to see the Apple chart. They don't want
• 11:30
  Speaker 2: to see like Apple X or Apple Hondo or Apple Backpack.
• 11:35
  Speaker 2: They want to see the Apple chart, they want to
• 11:38
  Speaker 2: be able to choose from multiple sources to get the
• 11:41
  Speaker 2: best price, and so a lot of the platforms, even
• 11:45
  Speaker 2: in JTX today, it's like really token centric, where I
• 11:48
  Speaker 2: think this kind of changes it to be like these
• 11:50
  Speaker 2: this equity feature will be equity centric and the tokens
• 11:53
  Speaker 2: kind of like the side piece essentially.
• 11:56
  Speaker 1: Okay, okay, I like it. Well, that's that will be
• 12:00
  Speaker 1: fantastic when that comes out. You speak of Backpack. I
• 12:03
  Speaker 1: was looking at this, and we've showed case this before
• 12:06
  Speaker 1: on the show in terms of one of the few
• 12:09
  Speaker 1: companies that's been approved in the EU. You guys of
• 12:11
  Speaker 1: course saw us kind of breaking this a few weeks
• 12:14
  Speaker 1: ago when Backpack was approved. There within the MECA architecture
• 12:18
  Speaker 1: of what's happening there is this essentially, I don't know,
• 12:21
  Speaker 1: is this kind of a little bit of a trojan
• 12:24
  Speaker 1: horse into the EU for jt X.
• 12:26
  Speaker 2: Yeah, I can't necessarily comment there right now, but I
• 12:29
  Speaker 2: would say ARMANI was the first founder that I met
• 12:34
  Speaker 2: in the Salona ecosystem. We've obviously stayed touch over the
• 12:37
  Speaker 2: past few years and been working talking to them a
• 12:41
  Speaker 2: little more closely recently, and it's kind of just like
• 12:44
  Speaker 2: a full circle moment. Am I just a total grinder?
• 12:47
  Speaker 2: He's playing a very long game that most people are
• 12:50
  Speaker 2: not willing to play. He's definitely sacrificed some short term
• 12:53
  Speaker 2: gains to get there, but I think the prize for
• 12:56
  Speaker 2: him is going to be massive. Oh yeah, there's a
• 12:59
  Speaker 2: lot of cool stuff going on.
• 13:01
  Speaker 1: Listen. Backpack is one of those. It's a sleeper right
• 13:04
  Speaker 1: now that I think is starting to show. It's it's
• 13:06
  Speaker 1: signs that it might be a Titan in the making,
• 13:10
  Speaker 1: So we're gonna be watching that one pretty closely. Will
• 13:13
  Speaker 1: Gito ever launch its own app like Jupiter did? What's
• 13:16
  Speaker 1: your plan?
• 13:17
  Speaker 2: Oh yeah, we'll definitely have mobile. I actually have JTX
• 13:20
  Speaker 2: on my phone as like a personal web app experience
• 13:24
  Speaker 2: is definitely not as great as mobile app. Yeah, so yeah,
• 13:28
  Speaker 2: we'll have an iPhone an Android app at some point
• 13:32
  Speaker 2: pretty soon here because yeah, I think I was just
• 13:34
  Speaker 2: looking earlier today and I think fifty percent of people
• 13:37
  Speaker 2: were on mobile, So there's definitely a large demand for it.
• 13:41
  Speaker 1: Yeah, huge demand. What about something like Phoenix Purps. What
• 13:45
  Speaker 1: do you think Ontos purps starting to trade? We're starting
• 13:48
  Speaker 1: to see all sorts of activities around the PURP market itself.
• 13:52
  Speaker 2: Yeah, we're gonna use Phoenix. Perps can't really comment on
• 13:56
  Speaker 2: a timeline and when that'll be ready, but it's definitely
• 13:59
  Speaker 2: on our to do lists. Let's say I think that
• 14:02
  Speaker 2: team is one of the best in the space that
• 14:05
  Speaker 2: built a fully native purpose stecks on Solana when many
• 14:08
  Speaker 2: people say it couldn't be done. Definitely increasing the rate
• 14:11
  Speaker 2: at which listings are coming out. I think the part
• 14:14
  Speaker 2: where Phoenix will really shine is when they enable non
• 14:19
  Speaker 2: USDC collateral, and that will really show the benefit of
• 14:23
  Speaker 2: having all of this on a compostable l One can
• 14:26
  Speaker 2: imagine a world where you can like deposit your S
• 14:30
  Speaker 2: and P five hundred eight into Phoenix and use as collateral.
• 14:34
  Speaker 2: I think that's the world we're going towards.
• 14:35
  Speaker 1: That's huge, It's gonna it's gonna be it's gonna be
• 14:37
  Speaker 1: a massive shift. Yeah, massive shift for sure. Other things
• 14:41
  Speaker 1: that we've talked about that I think are massive is
• 14:43
  Speaker 1: coming within kind of the confines of China, and one
• 14:48
  Speaker 1: of the things we've focused on a couple of weeks
• 14:50
  Speaker 1: ago was one of the semiconductor products that is and
• 14:54
  Speaker 1: you guys have probably seen that video we put out
• 14:56
  Speaker 1: around CXMT. CXMT now launched within hyper liquid. When do
• 15:02
  Speaker 1: you think Solana is going to start getting some of
• 15:04
  Speaker 1: these early listings like this versus what's happening with hyper
• 15:08
  Speaker 1: liquid because yer, they've been killing it with this kind
• 15:10
  Speaker 1: of offering.
• 15:12
  Speaker 2: Yeah, hyper liquid trade x y ze, those teams are
• 15:15
  Speaker 2: super cracked. I hope that we start to see these
• 15:18
  Speaker 2: things later this year. I don't know like too much
• 15:21
  Speaker 2: or about the CXMT situation other than I think I
• 15:24
  Speaker 2: saw something on like how the uh how it was
• 15:28
  Speaker 2: potentially extremely mispriced by the bankers. You know, you might
• 15:32
  Speaker 2: see some different price action on hyper liquid than what
• 15:35
  Speaker 2: you would expect, and maybe people can participate in that upside.
• 15:38
  Speaker 2: In general, people want to trade, they want to trade
• 15:41
  Speaker 2: the untradeable, and so like these pree IPO's prediction markets,
• 15:47
  Speaker 2: like some of the compute things that call she's doing.
• 15:52
  Speaker 2: Solona is definitely getting better at that, like we're seeing
• 15:54
  Speaker 2: now with Sunrise getting Monad and some other assets listed
• 15:59
  Speaker 2: on Solona day one, Like who cares if they're not
• 16:02
  Speaker 2: natively porn on Slona, but you need to be able
• 16:04
  Speaker 2: to tray them. I think trading is kind of the
• 16:07
  Speaker 2: end state for blockchains. It's gonna be the largest revenue
• 16:09
  Speaker 2: driver for these blockchains too.
• 16:12
  Speaker 1: No doubt. Speaking of you know, we're kind of looking
• 16:15
  Speaker 1: at the central isaed exchange space. You have Brian Armstrong
• 16:17
  Speaker 1: jumping out on x today and he does a little
• 16:21
  Speaker 1: bit of cooking in terms of the Trench's side of base,
• 16:24
  Speaker 1: which is kind of surprised me. I thought it was
• 16:27
  Speaker 1: in my opinion, I thought it was a little bit
• 16:29
  Speaker 1: of a misstep on the PR side. But what do
• 16:31
  Speaker 1: you think was this a why go this direction? I mean,
• 16:35
  Speaker 1: because this seems like it's just kind of an anti yeah,
• 16:38
  Speaker 1: anti trenches here.
• 16:40
  Speaker 2: Yeah. I would say two things. One is either legal
• 16:45
  Speaker 2: his legal team got upset at him, or the other one,
• 16:49
  Speaker 2: which I think is also reasonable. It is like he
• 16:52
  Speaker 2: is the CEO of a you know, I don't know
• 16:56
  Speaker 2: how big coinbases. I assume it's several thousand people, and
• 17:00
  Speaker 2: he's potentially it was just like kind of lost touch
• 17:03
  Speaker 2: with what's going on on crypto Twitter. Oh, and this
• 17:06
  Speaker 2: is I'm actually kind of bullish on coinbase right now
• 17:09
  Speaker 2: because they brought in Kobe to run the base app.
• 17:14
  Speaker 2: Previously's Jesse running it. He kind of stepped aside and
• 17:17
  Speaker 2: is having Kobe run it. For those that don't know,
• 17:20
  Speaker 2: Kobe's like og Crypto Twitter, He's probably kind of lost
• 17:24
  Speaker 2: touch in a little bit, but I feel like he's
• 17:25
  Speaker 2: still in the know a lot. Coinbase acquired Echo for
• 17:29
  Speaker 2: a few hundred million dollars, which was a company Kobe started,
• 17:33
  Speaker 2: and now he's going to be taking over the Base app.
• 17:35
  Speaker 2: I think he's super in the weeds on this stuff,
• 17:37
  Speaker 2: and so I'm actually kind of bullish on that because
• 17:40
  Speaker 2: it's kind of like fresh blood in the company and
• 17:43
  Speaker 2: a new and potentially take a new spin on things.
• 17:47
  Speaker 1: But then you have Vlad kind of going the exact
• 17:49
  Speaker 1: opposite route, you know, which I thought was kind of interesting.
• 17:53
  Speaker 1: You know, inside there are two wolves, memes and rbs.
• 17:57
  Speaker 1: Do you think that that is? I mean you kind
• 18:00
  Speaker 1: of compare Vlad to what Brian's doing. Vlad seems to
• 18:03
  Speaker 1: be a little bit more ahead of this than I
• 18:06
  Speaker 1: think on Base, what do you think?
• 18:07
  Speaker 2: Yeah, Vlad's got that dog in him for sure. He
• 18:10
  Speaker 2: He's just a killer operator. I mean, look at what
• 18:13
  Speaker 2: they've built, you know, start outs, free stock trading and
• 18:17
  Speaker 2: now it's kind of like this house of finance like
• 18:20
  Speaker 2: banking and lending and pre IPOs. They got that dog
• 18:25
  Speaker 2: in them. Seem to be doing pretty well on the
• 18:28
  Speaker 2: Robinhood chain. We'll see if it stays, but they seem
• 18:32
  Speaker 2: to be making it a core part of what they're building.
• 18:36
  Speaker 2: I think it kind of just validates like what we're
• 18:37
  Speaker 2: doing with JTX, like large kind of ce FI operators
• 18:41
  Speaker 2: are going more into DeFi I think that trend's going
• 18:43
  Speaker 2: to continue.
• 18:44
  Speaker 1: Why not just do something like, you know, a trench
• 18:47
  Speaker 1: mode toggle, you know, where you could just you're a trader,
• 18:51
  Speaker 1: you get to say I want to be in the
• 18:52
  Speaker 1: trenches and just trench mode you get those kinds of
• 18:55
  Speaker 1: of uh, you know, offerings to you, And that kind
• 18:58
  Speaker 1: of solves the whole problem, doesn't it, Because then it's
• 19:00
  Speaker 1: trade or directed.
• 19:01
  Speaker 2: Yeah, are you saying in JTX or robin Hood.
• 19:04
  Speaker 1: Jt X robin Hood anyway? Oh yeah, these should be
• 19:07
  Speaker 1: should be doing this.
• 19:07
  Speaker 2: Yeah, we've been getting a lot of requests for it.
• 19:10
  Speaker 2: I think our execution would be the best in the game.
• 19:13
  Speaker 2: You know, it's it's definitely something we're talking about. I
• 19:16
  Speaker 2: think the one thing that we want to differentiate JTX
• 19:18
  Speaker 2: on is like the feel when you open it up.
• 19:21
  Speaker 2: It's not like shoving all these super vulgar meme coins
• 19:23
  Speaker 2: down your face. If you want to trade that, fine,
• 19:26
  Speaker 2: like be my guest. I trade that stuff too. But uh,
• 19:30
  Speaker 2: you know, I think if you like you're like, hey,
• 19:32
  Speaker 2: like check out this school app, Paul, like you can
• 19:35
  Speaker 2: do all your your finances and trading on it. And
• 19:37
  Speaker 2: it's like all these like meme coins, and I think
• 19:39
  Speaker 2: it's going to turn people off. I think that there's
• 19:42
  Speaker 2: there's definitely room for a trench mode.
• 19:45
  Speaker 1: Any plan to add robinhood chain stocks.
• 19:48
  Speaker 2: No plan right now. I think that Salana's going to
• 19:52
  Speaker 2: win that.
• 19:52
  Speaker 1: All right, Let's talk about on ramps, because this is
• 19:54
  Speaker 1: one that of course is always questioned, especially when you
• 19:58
  Speaker 1: look at defense exchanges versus what we see in the
• 20:01
  Speaker 1: six side. I think right now this is still, to me,
• 20:05
  Speaker 1: is still one of the killer issues that we're facing.
• 20:07
  Speaker 1: You still have to have either a Robinot app or
• 20:10
  Speaker 1: a coinbase app running over here for on rapping. Any
• 20:14
  Speaker 1: plans to change that in the future. Where do you
• 20:16
  Speaker 1: see this going.
• 20:18
  Speaker 2: There's a few options, the fees are pretty high on them.
• 20:20
  Speaker 2: There are some promising options that we need to explore,
• 20:25
  Speaker 2: like fun Fun, next. I believe as well. I've used
• 20:28
  Speaker 2: other crypto apps where the Apple pay fee is like
• 20:32
  Speaker 2: nine percent.
• 20:33
  Speaker 1: It's ridiculous, and.
• 20:35
  Speaker 2: So it's definitely a non starter for us.
• 20:38
  Speaker 1: Well, listen, I think the on wrap is going to
• 20:40
  Speaker 1: be one of the one of the key ways that
• 20:42
  Speaker 1: we're going to see mass adoption start to kick off
• 20:45
  Speaker 1: if we can truly get a good on wrap solution.
• 20:47
  Speaker 1: So hopefully you guys will be one of the ones
• 20:50
  Speaker 1: out there that lock it in. I am looking at
• 20:52
  Speaker 1: JFP thirty eight right now. This confirms gito as a
• 20:56
  Speaker 1: token centric network. Explain this to me and what it
• 21:00
  Speaker 1: means for Gito.
• 21:02
  Speaker 2: There's this equity token split that people have concerns about,
• 21:07
  Speaker 2: and we've seen this play out time and time again.
• 21:10
  Speaker 2: This helps mitigate that. But essentially JFP thirty eight it's
• 21:15
  Speaker 2: all of the fees from jtx that flow to the dow.
• 21:19
  Speaker 2: It's suggesting that we buy and burn jto you know,
• 21:23
  Speaker 2: it'll buy and burn Jato for one year if approved.
• 21:27
  Speaker 2: People want to see these types of mechanisms happen with
• 21:31
  Speaker 2: assets and asks. Thats that are doing this more recently
• 21:34
  Speaker 2: are doing pretty well. I'm pretty excited about it, and
• 21:37
  Speaker 2: we'll see if it passes.
• 21:38
  Speaker 1: Well, if it does, I think to your point is
• 21:41
  Speaker 1: those are some of the benefits that really start to
• 21:43
  Speaker 1: make things move a little more aggressively in the mark,
• 21:46
  Speaker 1: especially around the token, which would be unique to see.
• 21:50
  Speaker 1: We're also try kind of tracking what's happening at the DTCC.
• 21:54
  Speaker 1: I wanted to kind of get your you know, position
• 21:57
  Speaker 1: on this because this has kind of been this a
• 22:00
  Speaker 1: bit of a cringe token event that they've had over
• 22:04
  Speaker 1: the last few weeks with the DTCC. Any takeaways from
• 22:09
  Speaker 1: this that you would be Have you been watching this
• 22:12
  Speaker 1: what they're trying to do?
• 22:13
  Speaker 2: No, well, well, I've been following it a little bit.
• 22:15
  Speaker 2: I think that it's moving slow. I'm curious what's your
• 22:18
  Speaker 2: take on it.
• 22:19
  Speaker 1: Well, I think it is moving slow. We're still we're
• 22:22
  Speaker 1: not going to go to you know, true twenty four
• 22:24
  Speaker 1: to seven, So that, in my you know, in essence
• 22:26
  Speaker 1: is kind of a deal killer for me, and I
• 22:29
  Speaker 1: think for most people when there's going to be all
• 22:31
  Speaker 1: sorts of other solutions out there that are already there
• 22:35
  Speaker 1: and have those kind of features available, that's my concern
• 22:38
  Speaker 1: with it, and I think that's the challenge that I
• 22:40
  Speaker 1: think will continue in space. I get that trad Fi
• 22:43
  Speaker 1: is going to be locked into that, But eventually trad
• 22:47
  Speaker 1: Fi is going to see the light. They're going to
• 22:49
  Speaker 1: be looking at other solutions. I think in the long run,
• 22:53
  Speaker 1: you've got Solana getting ready to do some upgrades. This
• 22:55
  Speaker 1: is one of the upgrades that we're watching right right,
• 22:58
  Speaker 1: which is ALP and Glow. When you look at that
• 23:01
  Speaker 1: right now, how will this affect gdo? Is this a
• 23:04
  Speaker 1: big a big deal or not a big deal.
• 23:06
  Speaker 2: There's a few ways it affects I would say Solona
• 23:09
  Speaker 2: in general. So one is very consistent slot times and
• 23:16
  Speaker 2: that will just result in better user experience. So if
• 23:19
  Speaker 2: you can never really consistent slot times, the notifications can
• 23:23
  Speaker 2: notify faster more confidently. The other really cool thing about
• 23:26
  Speaker 2: ALP and Glow is that it will finalize super fast.
• 23:31
  Speaker 2: Finalization blockchain basically just means that the state can never
• 23:35
  Speaker 2: be rolled back, and so once you finalize, you can
• 23:39
  Speaker 2: never roll back state. Today, the finalization time on Solona
• 23:43
  Speaker 2: is probably like twelve or thirteen seconds. I want to
• 23:47
  Speaker 2: say with alpen Glow, it's under a second. You know,
• 23:50
  Speaker 2: if you can finalize and under a second, then that
• 23:54
  Speaker 2: changes a lot. It changes the way that you know,
• 23:57
  Speaker 2: if you want to pay with a credit card or
• 23:59
  Speaker 2: make trades, the settlement is essentially instant, and that's going
• 24:03
  Speaker 2: to be really big for trading payments and you know,
• 24:07
  Speaker 2: any other application that you can think of.
• 24:10
  Speaker 1: Lookas so at that kind of transaction speed that essentially
• 24:13
  Speaker 1: would wipe out what Visa is doing. But those are
• 24:17
  Speaker 1: the kind of transaction speeds that would be very competitive
• 24:20
  Speaker 1: in the retail, especially in the retail payment space, So
• 24:23
  Speaker 1: that would be huge.
• 24:25
  Speaker 2: Yeah, I mean the finalization time with the ALP and
• 24:30
  Speaker 2: Glow would be I think it's around a second hopefully
• 24:32
  Speaker 2: I'm right here. I mean, you would know if your
• 24:35
  Speaker 2: transaction went through, and you know on JTX we're seeing
• 24:38
  Speaker 2: confirmation times in fifty or one hundred milliseconds. Wow, that
• 24:41
  Speaker 2: does not change with ALP and Glow. What changes is
• 24:46
  Speaker 2: the the time it takes to say okay, this transaction
• 24:49
  Speaker 2: is never going to roll back and yeah today it's
• 24:52
  Speaker 2: like twelve seconds. With the Alpen Glow, it's much faster. Interesting,
• 24:57
  Speaker 2: and it's much it's uh think they're going into audit
• 25:01
  Speaker 2: soon for it, but it's my understanding it's much easier
• 25:04
  Speaker 2: to reason about from the current consensus protocol in Solona.
• 25:08
  Speaker 1: So with the current you know, Salona inflation proposals versus
• 25:13
  Speaker 1: Gedo soul, would that reduce the demand for Geno soul
• 25:18
  Speaker 1: or less staking? What do you think would happen there?
• 25:21
  Speaker 2: It might have an impact on that, But I would
• 25:24
  Speaker 2: say that there's other benefits of Gito soul, like being
• 25:30
  Speaker 2: able to use it and DeFi and find opportunities for
• 25:33
  Speaker 2: yield elsewhere that you can't get with steak soul or
• 25:37
  Speaker 2: normal soul. You know, we're still pretty bullish on Gedo
• 25:40
  Speaker 2: soul well, and.
• 25:41
  Speaker 1: Yeah, and just some of the strategies that you can
• 25:43
  Speaker 1: use around that for define. I know a lot of
• 25:45
  Speaker 1: people watching our show and that understands that we probably
• 25:48
  Speaker 1: should do a show for you guys out there to
• 25:51
  Speaker 1: kind of talk about maybe just focus on Gito soul
• 25:54
  Speaker 1: use case because there's a lot of things you can
• 25:56
  Speaker 1: do with that token that starts to open it up
• 25:59
  Speaker 1: out there. So definitely something we should probably cover. Listen,
• 26:03
  Speaker 1: I want to get into clarity because obviously in the
• 26:06
  Speaker 1: we're in the middle of this week of clarity this
• 26:08
  Speaker 1: and clarity that. What do you guys think, where where
• 26:11
  Speaker 1: does this does this help you? Hurt?
• 26:13
  Speaker 2: You?
• 26:14
  Speaker 1: You don't care where where do you guys stand.
• 26:17
  Speaker 2: I think it'll help a lot, you know, the bills
• 26:19
  Speaker 2: names clarity provides clarity to businesses operating in the space.
• 26:24
  Speaker 2: This is like the thirty thousand foot view. There's just
• 26:27
  Speaker 2: a lot of headaches when you want to work in
• 26:30
  Speaker 2: this industry that you don't need to worry about with
• 26:33
  Speaker 2: any other industry. There's a ton of foundations that are overseas,
• 26:37
  Speaker 2: not in the US, and there's no like rule book
• 26:41
  Speaker 2: to play by. There's a lot of like legal fees
• 26:43
  Speaker 2: involved trying to interpret what is the way to do
• 26:46
  Speaker 2: this properly? You know, I want to build in the US,
• 26:50
  Speaker 2: I want to be here. Institutions want to be able
• 26:53
  Speaker 2: to use crypto trade in the US, and so I
• 26:56
  Speaker 2: think it's really important to make sure this passes. It's
• 27:00
  Speaker 2: not going to be perfect, but it's something. And yeah,
• 27:04
  Speaker 2: I mean we my wife and I discussed leaving the
• 27:06
  Speaker 2: US a few years ago. Wow, And we actually had
• 27:12
  Speaker 2: someone leave the US for a span of like a
• 27:13
  Speaker 2: year or two trying to do what they thought was right.
• 27:17
  Speaker 2: And it's just kind of silly. Why are we doing this?
• 27:21
  Speaker 2: We just need clear rules on like what.
• 27:23
  Speaker 1: To do exactly. Yeah, And I think the innovation offshoring,
• 27:26
  Speaker 1: the problems that you have there, along with what the
• 27:28
  Speaker 1: future is with around and in within blockchain, and also
• 27:32
  Speaker 1: just the movement that we're seeing. I mean, you could
• 27:35
  Speaker 1: consider the Japan market has been absolutely on steroids. It
• 27:39
  Speaker 1: feels like the amount of decisions they're making that are
• 27:43
  Speaker 1: very pro crypto. And then even MIKA, even though they're
• 27:45
  Speaker 1: heavy on regulation, at least they have something you know,
• 27:48
  Speaker 1: that almost three hundred companies can actually go out and
• 27:51
  Speaker 1: build with. So there is the biggest issue right now.
• 27:54
  Speaker 1: What would be your percentage of this getting through? Are
• 27:57
  Speaker 1: you confident or less confident?
• 28:00
  Speaker 2: Well, I know that ethics was a big hold up,
• 28:03
  Speaker 2: and I saw some news yesterday and I think in
• 28:06
  Speaker 2: today that they agreed on. Yeah, there's some compromise or agreement. Yeah,
• 28:13
  Speaker 2: we will see, but I would say like probably sixty
• 28:18
  Speaker 2: percent passing right now.
• 28:20
  Speaker 1: Okay, all right, there you go, there, there you go.
• 28:23
  Speaker 2: It would be great if that passed. I think they're
• 28:25
  Speaker 2: The other cool thing is the sec some securities tokenization exemption. Right,
• 28:32
  Speaker 2: hopefully we see that later this year too. But you know,
• 28:36
  Speaker 2: if we can get clarity and that, then there's no
• 28:39
  Speaker 2: reason to be bearish, Like, yeah, I think we are
• 28:41
  Speaker 2: gonna be huge.
• 28:42
  Speaker 1: It'd be yeah, we are locked in if that occurs. Listen, Lucas.
• 28:46
  Speaker 1: It has been great having you on. Thank you so
• 28:48
  Speaker 1: much for coming in today. We appreciate it.
• 28:49
  Speaker 2: Thanks for having me.
• 28:51
  Speaker 1: Thanks. If you like this video, like and subscribe, drop
• 28:59
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• 29:02
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