Latest / The Paul Barron Crypto Show / Solana Treasury + Staking Explosion Coming!🚨Marinade Finance INTERVIEW

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Solana Treasury + Staking Explosion Coming!🚨Marinade Finance INTERVIEW · The Paul Barron Crypto Show

• 0:06
  Speaker 1: Solana continues. It's up. We're trend today. We're going to
• 0:08
  Speaker 1: be breaking down some staking ideas and how this may
• 0:10
  Speaker 1: affect the market. My name is Paul Barren. Welcome back
• 0:12
  Speaker 1: into the show. Let's get started. I want to thank
• 0:14
  Speaker 1: our sponsor and that's Tangum. This is where you guys
• 0:16
  Speaker 1: can get started in self custody and it's very easy
• 0:18
  Speaker 1: to set up over there. This works like a little
• 0:20
  Speaker 1: credit card with your phone and an app. And when
• 0:24
  Speaker 1: you look at self custody, many people think it's really
• 0:26
  Speaker 1: complex and it's difficult to do. That is not the
• 0:29
  Speaker 1: case at all. Literally, you can set this up like
• 0:32
  Speaker 1: in three minutes. It's that simple. You guys can, of course,
• 0:35
  Speaker 1: just use our link down below. It's going to give
• 0:37
  Speaker 1: you a little bit of a discount to get going
• 0:38
  Speaker 1: start your self custody process because it is something I
• 0:41
  Speaker 1: think that anybody in crypto should at least experience once
• 0:44
  Speaker 1: or twice. Let's get into a few points on what
• 0:47
  Speaker 1: we're going to be covering today. Some of this, of
• 0:49
  Speaker 1: course is around Marinate Finance. Marinate Finance one of the
• 0:52
  Speaker 1: leading stake controllers out there when it comes to Solana.
• 0:56
  Speaker 1: As you can kind of see and you also look
• 0:58
  Speaker 1: at where the overall TVL has been going on marinate
• 1:03
  Speaker 1: as well. For staking, this is getting into a very
• 1:07
  Speaker 1: intriguing point. We could be at maybe a point where
• 1:10
  Speaker 1: we could break out into another all time high here,
• 1:12
  Speaker 1: or at least when it comes to staking in general.
• 1:16
  Speaker 1: One of the things we wanted to do today was
• 1:18
  Speaker 1: bring on Hadley Stern. He was on our show once before.
• 1:21
  Speaker 1: He's coming in of course from Mayrinight Finance. Hadley, how
• 1:24
  Speaker 1: are you.
• 1:25
  Speaker 2: I'm doing awesome. Great to see you again, Paul, Thanks
• 1:27
  Speaker 2: for having us on you bet.
• 1:28
  Speaker 1: So let's get into it. We got to talk about
• 1:31
  Speaker 1: a few things. I want to jump over to the
• 1:33
  Speaker 1: topic of robin Hood. First, robin Hood of course in
• 1:37
  Speaker 1: Cans announced they were doing eth and soul staking. That
• 1:41
  Speaker 1: was pretty big news in general. How big a news
• 1:44
  Speaker 1: is this right now for the industry.
• 1:46
  Speaker 2: I think it's big news. It continues the narrative that
• 1:48
  Speaker 2: we're seeing with the continued adoption and interest by investors
• 1:52
  Speaker 2: for Solana and of course with Solona. If you're an investor,
• 1:56
  Speaker 2: staking is kind of a must have because you're unlike eth,
• 1:59
  Speaker 2: where you or maybe walking away from two or three
• 2:02
  Speaker 2: percent returns on Solana, You're in the seven to eleven
• 2:05
  Speaker 2: percent range. So I think it's a very good sign
• 2:08
  Speaker 2: for Solana in the ecosystem. You know, of course we
• 2:11
  Speaker 2: want to see as as one of the leading staking
• 2:14
  Speaker 2: providers for Salona, where a Salana only company. Anything that
• 2:18
  Speaker 2: helps with the adoption and getting Solana in front of
• 2:21
  Speaker 2: people is a very good thing, especially in the context
• 2:24
  Speaker 2: of some of the other interesting moves that Robinhood is
• 2:27
  Speaker 2: making in terms of really taking you know, blockchain technology
• 2:31
  Speaker 2: very seriously.
• 2:32
  Speaker 1: I was looking at your website, Uh, Salona ETF filing
• 2:36
  Speaker 1: with staking. Yeah, this could this could become something really big.
• 2:39
  Speaker 1: First of all, when what's the roadmap for something like
• 2:42
  Speaker 1: this right now?
• 2:43
  Speaker 2: Sure? So, And I was actually down in DC earlier
• 2:46
  Speaker 2: this week with the Proof of Stake Alliance meeting with Treasury.
• 2:49
  Speaker 2: There's some specific taxation issues that are really important for
• 2:53
  Speaker 2: the ETP and ETF manufacturers. You know. I would say
• 2:58
  Speaker 2: sunny day scenario will see staking ETFs in market in
• 3:03
  Speaker 2: the October November time frame. I think a more negative
• 3:07
  Speaker 2: case scenario is Q one next year, but things are
• 3:10
  Speaker 2: trending towards that October November time frame. The SEC came
• 3:14
  Speaker 2: out with some guidance about four weeks ago relatives staking,
• 3:18
  Speaker 2: particularly saying that native staking in particular is good for ETFs,
• 3:23
  Speaker 2: which actually fits in with our strategy and posture that
• 3:26
  Speaker 2: native staking is better for the ETF investor than liquid staking.
• 3:30
  Speaker 2: Even though we have EMSOL, we have a big native
• 3:32
  Speaker 2: staking business. So everything seems to be lining up and
• 3:36
  Speaker 2: I think we're we're going to get there within that timeframe.
• 3:39
  Speaker 1: Well, you guys, being the first and the exclusive staking
• 3:42
  Speaker 1: provider here at least in the US, that's a pretty
• 3:44
  Speaker 1: big deal.
• 3:45
  Speaker 2: So let's break down the Salana steaking or the Salani ETF.
• 3:50
  Speaker 2: There's about you know, six to eight to nine providers
• 3:53
  Speaker 2: who were in various conversations with the SEC and have
• 3:57
  Speaker 2: various applications. We are one of them. We partnered up
• 4:00
  Speaker 2: with Canary and we have the Marinate Saloni ETF that
• 4:04
  Speaker 2: is an application. We're also in conversations with other ETF
• 4:08
  Speaker 2: providers about supporting them with our product as well. So
• 4:12
  Speaker 2: it's a very dynamic piece. So one question that's out there.
• 4:17
  Speaker 2: You saw this kind of strange thing with the whole
• 4:19
  Speaker 2: bitcoin ETF. I would call it tobacco. I think it's
• 4:21
  Speaker 2: fair to say where it was zero to ten years
• 4:24
  Speaker 2: for approval and the SEC just approved everyone at the
• 4:28
  Speaker 2: same time. So you had Grayscale that basically carried the
• 4:31
  Speaker 2: industry with their litigation against the SEC in a way
• 4:36
  Speaker 2: get punished or it certainly not rewarded for all those
• 4:39
  Speaker 2: years of work. With new entrants like Blackrock being approved
• 4:42
  Speaker 2: the same day, having that brand recognition and being able
• 4:45
  Speaker 2: to grab market share, some of the ETF providers in
• 4:49
  Speaker 2: the Salonis staking ecosystem are asking the SEC to do
• 4:53
  Speaker 2: more kind of buy who applied when and roll those
• 4:57
  Speaker 2: ETFs out in sequence. We don't know yet, but there
• 5:01
  Speaker 2: is a scenario where we wake up one day in
• 5:03
  Speaker 2: October and lo and behold, there's six Salona Staking ETFs
• 5:07
  Speaker 2: all in market. All that have is basically a similar
• 5:11
  Speaker 2: product but maybe different fees. The other thing that we're
• 5:15
  Speaker 2: very focused on, and I think we were going to
• 5:18
  Speaker 2: talk about this, Soul just bring this up is Marinates
• 5:20
  Speaker 2: select and the reason why we're very focused on that
• 5:23
  Speaker 2: is we are concerned that we are at a centralization
• 5:28
  Speaker 2: moment for Solana. And so what do I mean by that?
• 5:31
  Speaker 2: If we look at the bitcoin ETFs, six percent a
• 5:34
  Speaker 2: bitcoin is now tied up in ETFs, almost all of
• 5:37
  Speaker 2: them are with one custodian Coinbase. Let's say it's basically
• 5:41
  Speaker 2: five percent of bitcoin just on the ETF side is
• 5:44
  Speaker 2: with Coinbase. What does that mean? And that's where we're concerned.
• 5:48
  Speaker 2: Where there are some great companies and we're in coopetition
• 5:51
  Speaker 2: with many of them, and when they sell to ETFs,
• 5:54
  Speaker 2: they sell one validator, one private instance. So what if
• 5:58
  Speaker 2: Solana suddenly five percent of Solana is tied up with
• 6:02
  Speaker 2: only one validator or ten percent of Salon of What
• 6:05
  Speaker 2: does that mean for the ecosystem. So that's why we
• 6:08
  Speaker 2: created select, which is a pool of thirty validators, all
• 6:12
  Speaker 2: institutional grade, and that's what the Canary ETF is going
• 6:16
  Speaker 2: to be, and that's what we're working with other ETF
• 6:18
  Speaker 2: providers on as well.
• 6:20
  Speaker 1: You guys, of course, are also going in with earning
• 6:22
  Speaker 1: bitcoin while staking. We talked about this before the show.
• 6:26
  Speaker 1: Explain to me a little bit about this because this
• 6:27
  Speaker 1: was surprising to me that you would have so many
• 6:30
  Speaker 1: options available.
• 6:31
  Speaker 2: Here.
• 6:31
  Speaker 1: Give me more infro on this.
• 6:34
  Speaker 2: Yeah, so we're piloting a program called appropriately Marinate recipes.
• 6:38
  Speaker 2: Some of the feedback was, well, I'd like to steak solved,
• 6:40
  Speaker 2: but I'd like to receive USDC into my wallet, which
• 6:43
  Speaker 2: is kind of reasonable, But then we had some other
• 6:45
  Speaker 2: users say, well, I'd like to steak Salona and receive
• 6:48
  Speaker 2: bitcoin as my staking rewards. So we're developing and piloting
• 6:52
  Speaker 2: something called recipes, where the idea is that you'll be
• 6:56
  Speaker 2: able to come in as a user and self select
• 6:58
  Speaker 2: your own recipe. I'm going to Stakana, I'm going to
• 7:00
  Speaker 2: receive half in bitcoin, half in USDC, hit stake, and
• 7:05
  Speaker 2: then you're good to go, and the reward instead of
• 7:08
  Speaker 2: paying being paid out on Salona every Salona epoch, which
• 7:11
  Speaker 2: is forty eight hours, you'd supply bitcoin wallet address and
• 7:15
  Speaker 2: your equivalent reward would get sent there. So this is
• 7:20
  Speaker 2: about taking the advantage of DeFi, right, this is how
• 7:22
  Speaker 2: DeFi should work. We shouldn't. These are protocol to protocol movements.
• 7:26
  Speaker 2: They should be complicated. It's programmable, it's programmable money. And
• 7:31
  Speaker 2: this is just based on customer feedback. So that means
• 7:34
  Speaker 2: we're looking to roll this out in the next couple
• 7:36
  Speaker 2: of months. We have some partnerships lined up with some
• 7:41
  Speaker 2: bitcoin providers in terms of which bitcoin we would use,
• 7:46
  Speaker 2: and then we've also talking to the institutional market as well.
• 7:49
  Speaker 2: I think this actually, even though this is much further
• 7:52
  Speaker 2: off from a regulatory standpoint, but it also gets into
• 7:55
  Speaker 2: the ETF market. Why can't I hold a Salona ETF
• 8:00
  Speaker 2: and get my staking reward in bitcoin maybe to my
• 8:03
  Speaker 2: bitcoin ETF. Now I'm not going to go into the
• 8:06
  Speaker 2: SEC and talk about that tomorrow because we've got other
• 8:08
  Speaker 2: things to deal with first. But this gets back to
• 8:12
  Speaker 2: D five. Right, why are dividends only paid out the
• 8:14
  Speaker 2: stock you own? What if I own GE and I
• 8:17
  Speaker 2: want the dividend in Tesla stock, Well, it's programmable money, right?
• 8:22
  Speaker 1: Will X stocks have exposure to this as well? If
• 8:25
  Speaker 1: you you know, if you look at yeah, where this
• 8:27
  Speaker 1: is going.
• 8:28
  Speaker 2: Absolutely, and there's some conversations going on there. There's some
• 8:31
  Speaker 2: regulatory questions. You know, X stocks is blocked in the US,
• 8:34
  Speaker 2: but we do business a lot outside the US. But yes,
• 8:38
  Speaker 2: why should you not be able to stake Salana and
• 8:41
  Speaker 2: earn Apple stock?
• 8:42
  Speaker 1: For some of our audience, X stocks basically being a
• 8:45
  Speaker 1: way to trade stocks. You could go out and buy
• 8:48
  Speaker 1: on the open market a Tesla stock, an x Tesla stock,
• 8:51
  Speaker 1: even though that's not holding you know, a share of Tesla,
• 8:54
  Speaker 1: but you'd be able to trade and be able to
• 8:56
  Speaker 1: earn revenue against it. So there's some you know, some
• 8:58
  Speaker 1: interesting points that you're getting to within this. Let's talk
• 9:02
  Speaker 1: about the current Market Structure bill, because this is Crypto
• 9:06
  Speaker 1: week as we record this. Obviously, the Genius Act, the ANTICBDC,
• 9:10
  Speaker 1: and the Market structure all coming to a head at once.
• 9:14
  Speaker 1: First of all, what do you what's your opinion on
• 9:16
  Speaker 1: whether or not market structure will make its way through
• 9:19
  Speaker 1: the Clarity Act make its way through Congress.
• 9:22
  Speaker 2: I'm an optimistic person by nature, so maybe you won't
• 9:25
  Speaker 2: get a realistic answer. I think it's going to happen.
• 9:28
  Speaker 2: There's tremendous alignment of incentives from the industry players, there's
• 9:33
  Speaker 2: incredible engagement from you know, this administration. Now I've been
• 9:37
  Speaker 2: in this this space since almost well, I think it's
• 9:41
  Speaker 2: eleven years now. I started first at Fidelity, and the
• 9:44
  Speaker 2: conversation level and sophistication that's gone in DC is transformative.
• 9:49
  Speaker 2: So I think we're going to see something happen. But
• 9:51
  Speaker 2: there are definitely going to be bumps along the way,
• 9:54
  Speaker 2: and I think we saw that a little bit this
• 9:56
  Speaker 2: week with with some questions around cbdc's and those types
• 10:00
  Speaker 2: of things, which I think are healthy conversations to be had.
• 10:03
  Speaker 2: Everyone is incentive to do it now ahead of the
• 10:07
  Speaker 2: midterms next year, and so for that reason, I think
• 10:10
  Speaker 2: we're going to be in good shape. Is everyone going
• 10:12
  Speaker 2: to get what they want? No, but I think we're
• 10:14
  Speaker 2: in good shape.
• 10:15
  Speaker 1: Let's talk about treasury companies in general, because this is
• 10:19
  Speaker 1: a strategy that we've seen deployed now within Wall Street.
• 10:22
  Speaker 1: A lot of this happening within the bitcoin ecosystem, but
• 10:25
  Speaker 1: now ethereum starting to also go in this direction as well.
• 10:29
  Speaker 1: A lot of public traded companies holding treasuries. What about Solana?
• 10:34
  Speaker 1: What do you see around treasure companies? I'm on your
• 10:37
  Speaker 1: website right here. Why would not these treasury companies use Marinate?
• 10:41
  Speaker 2: First of all, let's step up to the Salona piece.
• 10:43
  Speaker 2: So there's already Salona treasury companies. There's soul strategies, there's
• 10:47
  Speaker 2: DFDI that's Nasdaq listed, wearing collaboration and conversation with a
• 10:51
  Speaker 2: lot of them. In terms of the question of why
• 10:54
  Speaker 2: they wouldn't use Marinate, they may, but a lot of
• 10:56
  Speaker 2: what they're doing is buying Solana and building their own
• 10:59
  Speaker 2: val data infrastructure. Okay, And and so there's you know,
• 11:03
  Speaker 2: there's some again some coopetition questions there, but we're absolutely
• 11:08
  Speaker 2: seeing the trend of treasury companies expand to Solana. I
• 11:12
  Speaker 2: would expect to see that trend continue. I have kind
• 11:15
  Speaker 2: of a negative view on treasury companies. I find them interesting, curious.
• 11:20
  Speaker 2: I'm a little suspicious of, you know, the NAB differential
• 11:24
  Speaker 2: and the premium and what that does to the end investor.
• 11:28
  Speaker 2: I'm also a little curious as to, you know, are
• 11:31
  Speaker 2: they just filling a gap in the market temporarily, especially
• 11:34
  Speaker 2: for Slana where there's no ETF. It's a great way.
• 11:37
  Speaker 2: It's kind of like GBTC back in the day with grayscale,
• 11:39
  Speaker 2: where there's a bitcoin ETF. But I could buy GPTC,
• 11:43
  Speaker 2: you know, and I could close my eyes on the
• 11:45
  Speaker 2: NAB differential. I do have some concerns around what a
• 11:48
  Speaker 2: flame out would look like if the NAB ever compresses,
• 11:52
  Speaker 2: and what that's going to do to the end investor.
• 11:54
  Speaker 1: Well, let's talk about that flame outs that could occur,
• 11:56
  Speaker 1: because this is something that I think many people are
• 11:58
  Speaker 1: concerned with. There's two types of treasury companies. One that
• 12:01
  Speaker 1: is just simply holding the asset or acquiring the asset,
• 12:05
  Speaker 1: and then there are those who are acting as validators,
• 12:08
  Speaker 1: have infrastructure, other products and services. What about those kinds
• 12:13
  Speaker 1: versus an asset based only when you look at the
• 12:17
  Speaker 1: treasury models.
• 12:19
  Speaker 2: Yeah, I prefer those kinds. Like I have a lot
• 12:22
  Speaker 2: of respect for the SOUL strategies and do I teams.
• 12:25
  Speaker 2: I think they have Salona's interests in mind. They're looking
• 12:29
  Speaker 2: to help support the ecosystem. Even though I still have
• 12:31
  Speaker 2: some questions.
• 12:33
  Speaker 1: I want to look at the at Marinate Zoul right
• 12:36
  Speaker 1: here versus GDO, Jupe, SOOL etc. Do you think the
• 12:40
  Speaker 1: market dynamics are going to be changing soon? Where do
• 12:43
  Speaker 1: you see this heading?
• 12:44
  Speaker 2: Geno has done a fabulous job building off their largely
• 12:47
  Speaker 2: their med based business. You know, I think we've passed
• 12:51
  Speaker 2: half of our almost half of our TVL now coming
• 12:55
  Speaker 2: from native staking, which won't be reflected in those charts.
• 12:58
  Speaker 2: So we started with them. We were the first liquid
• 13:01
  Speaker 2: staking token, but now for the institutional market, we're laser
• 13:05
  Speaker 2: focused on native steaking. We fundamentally believe it's better for ETFs,
• 13:09
  Speaker 2: it's better for institutional investors. There's no smart contract risk
• 13:13
  Speaker 2: in Solana. There's this very neat part of the protocol
• 13:17
  Speaker 2: where if you stake natively, you retain control of your keys,
• 13:22
  Speaker 2: which is really important. Ninety percent of Salona is steaked natively.
• 13:26
  Speaker 2: So even if you look at that, you know, if
• 13:28
  Speaker 2: you bring out that chart again, you're only showing ten
• 13:30
  Speaker 2: percent of the steaking market. So native really is the
• 13:34
  Speaker 2: big story in Salona steaking versus liquid.
• 13:37
  Speaker 1: Yeah, so this is the native I think this is
• 13:38
  Speaker 1: the one that stakeover time. Yeah, okay, here we are
• 13:40
  Speaker 1: liquid versus native. So is this what you're talking about
• 13:43
  Speaker 1: in terms of grow? Okay, all right? What does this
• 13:45
  Speaker 1: look like long term?
• 13:46
  Speaker 2: Long term in terms of rich I think of its halftime.
• 13:49
  Speaker 1: Next year, you know, in terms of adoption, right, what
• 13:52
  Speaker 1: we might see in the markets out there?
• 13:54
  Speaker 2: Great question. So I think this time next year the
• 13:57
  Speaker 2: Solana ETFs will be live in production, and I'm not sure.
• 14:02
  Speaker 2: I think we'll see something like between ETH and Bitcoin
• 14:06
  Speaker 2: level adoption. You know, Eth has been a little slower.
• 14:09
  Speaker 2: I think part of that is because Bitcoin has so
• 14:11
  Speaker 2: much mind share, and also the currenttfs e ETFs don't
• 14:15
  Speaker 2: have staking. So I'm actually very bullish on Solana launching
• 14:19
  Speaker 2: out of the gate with ETFs. Slan has been getting
• 14:22
  Speaker 2: a lot of usage from institutions, real world use cases
• 14:26
  Speaker 2: it's I believe, the most used chain in terms of
• 14:28
  Speaker 2: fees across all the l ones and L two's. So
• 14:32
  Speaker 2: I think this time next year we'll see even more
• 14:35
  Speaker 2: Solana price growth and substantially more staking on Solana.
• 14:39
  Speaker 1: Well, that's good news, I think for Solona holder's been
• 14:41
  Speaker 1: in general, I think the ecosystem as a whole. I'm
• 14:43
  Speaker 1: looking at your native staking and I want to just
• 14:47
  Speaker 1: kind of think about native versus liquid staking. Do you
• 14:51
  Speaker 1: feel like liquid staking is going to continue to accelerate.
• 14:54
  Speaker 1: Do you think native steaking is going to take over?
• 14:57
  Speaker 1: What are your thoughts between the two in terms of
• 14:59
  Speaker 1: the options that investors would take. And I'm looking at
• 15:02
  Speaker 1: max shield versus select. There's a big difference here.
• 15:05
  Speaker 2: Yeah, yeah, there is so so yeah, max yield is
• 15:10
  Speaker 2: our model. So we're unique. We don't run any validators ourselves,
• 15:14
  Speaker 2: and we're a marketplace of validators. And one of our
• 15:17
  Speaker 2: marketplaces is the broad one, where hundreds of validators come in,
• 15:21
  Speaker 2: connect to us through a command line interface and bid
• 15:24
  Speaker 2: through a steak auction marketplace to receive steak that's the
• 15:28
  Speaker 2: highest yield. Not appropriate for the ETF market because those
• 15:32
  Speaker 2: validators don't go through a strict contracting and KYC process.
• 15:37
  Speaker 2: So that's why you have the select that has a
• 15:40
  Speaker 2: slightly lower APY but has some other benefits. In terms
• 15:44
  Speaker 2: of where I see this breaking out, native staking will
• 15:46
  Speaker 2: continue to be the dominant staking vehicle on Solana, unlike Ethereum,
• 15:52
  Speaker 2: where you're dealing with a week or more to unbond
• 15:55
  Speaker 2: or unstake. With Solana, it's forty eight hours. We're also
• 15:58
  Speaker 2: introducing an instant on steak vehicle that's actually live today
• 16:02
  Speaker 2: in production and it's it's not Marinate specific. You can
• 16:05
  Speaker 2: use it to unstake from any validator and in that model,
• 16:09
  Speaker 2: an ETF at the end of the day can redeem
• 16:12
  Speaker 2: Solana for their staked position instant on steak with a
• 16:16
  Speaker 2: earthcuy marketplace. I'm looking at that on you really obviates
• 16:20
  Speaker 2: the need for for MSOL.
• 16:21
  Speaker 1: This has happened. Now you said this is live available today.
• 16:25
  Speaker 2: Mistake in alpha. You can use it, but not for
• 16:28
  Speaker 2: institutional level liquid.
• 16:30
  Speaker 1: Okay, that's interesting because this could really change the game,
• 16:33
  Speaker 1: I think, especially if you look at what robin Hood
• 16:36
  Speaker 1: is trying to do. Why wouldn't robin Hood just use
• 16:39
  Speaker 1: Marinate instead.
• 16:41
  Speaker 2: Well, yeah, robin Hood should use Marinate if you want
• 16:44
  Speaker 2: to join our business development. I think you're doing an
• 16:46
  Speaker 2: excellent job. Paul, Well, I mean a native.
• 16:49
  Speaker 1: Mistake would be just let's just do it. You know,
• 16:51
  Speaker 1: that's a that's a great feature. Why not.
• 16:54
  Speaker 2: Yeah, So they will be able to use instant unsteak
• 16:57
  Speaker 2: with actually out being a Marinade customer. So we're making
• 17:00
  Speaker 2: instant one of the places we operate. We're a thirty
• 17:04
  Speaker 2: person shop that's only Solona staking. So I like to
• 17:08
  Speaker 2: say we're very good in technical conversations, a little boring
• 17:11
  Speaker 2: at cocktail parties. So we're able to develop things like
• 17:14
  Speaker 2: instant on stake that Robin Hood should and probably will
• 17:18
  Speaker 2: use when it's ready for their scale in production.
• 17:22
  Speaker 1: All right, well, listen, we've got to get into a
• 17:23
  Speaker 1: couple more things here. I want. I think I had
• 17:25
  Speaker 1: a couple more questions in reference to explaining the network.
• 17:28
  Speaker 1: What do you guys take into consideration on this, etc.
• 17:31
  Speaker 2: Sure, So what you're saying here is on our site
• 17:34
  Speaker 2: largely related to the Nakamoto coefficient, and so this is
• 17:38
  Speaker 2: showing the live leaders the largest validators. So you see
• 17:43
  Speaker 2: their hellious the binance the figment. So again, even though
• 17:47
  Speaker 2: we have almost twelve million soul on our platform. We
• 17:50
  Speaker 2: don't show up here because we're not an individual validator.
• 17:53
  Speaker 2: So this is really breaking down when I talked about
• 17:56
  Speaker 2: the origins of Marinate being focused on Solona dcentrals. This
• 18:01
  Speaker 2: is telling the story, communicating the metrics around how we're
• 18:05
  Speaker 2: doing from a decentralization standpoint. Yeh, which is much better
• 18:10
  Speaker 2: than we were four years ago, to say the least.
• 18:12
  Speaker 2: There's still some challenges that we make this data available
• 18:15
  Speaker 2: to end users to see the health of the Salona
• 18:17
  Speaker 2: network transparently.
• 18:19
  Speaker 1: Yeah. All right, So in terms of getting out there
• 18:23
  Speaker 1: anything for this Seeker launch that's happening on Solana within
• 18:26
  Speaker 1: the Salona ecosystem their mobile device. You guys planning anything
• 18:30
  Speaker 1: to possibly capitalize on what would happen when that phone launches.
• 18:34
  Speaker 1: A lot of people are looking at air drops, all
• 18:36
  Speaker 1: sorts of things.
• 18:37
  Speaker 2: Don't have anything to announce yet, but we're looking at
• 18:39
  Speaker 2: it very closely. I have my Seeker on order, so
• 18:42
  Speaker 2: looking forward to receiving it, but nothing to announce at
• 18:45
  Speaker 2: this point.
• 18:45
  Speaker 1: Well, it's coming out in August, so it's getting short.
• 18:48
  Speaker 2: Yeah, I think it's so. I had to update my
• 18:50
  Speaker 2: confirm my shipping address, so there.
• 18:52
  Speaker 1: You go, that's true. Yeah, everybody all right? Hadlee last
• 18:56
  Speaker 1: question for you. Obviously everybody wants to know Solana's price.
• 18:59
  Speaker 1: We don't do price predictions, but do you think we'll
• 19:01
  Speaker 1: see an all time high again on Solona?
• 19:04
  Speaker 2: It's been interesting to track, you know, Bitcoin all time
• 19:07
  Speaker 2: highs and so called alt season, you know, lagging a
• 19:10
  Speaker 2: little behind that if we look, I'd much rather focus
• 19:14
  Speaker 2: on business results and then assume that price follows. I
• 19:17
  Speaker 2: think the question for chains like Solana is are people
• 19:21
  Speaker 2: using it? Are they using it for real world applications
• 19:24
  Speaker 2: and real business applications? And I think you know, whether
• 19:26
  Speaker 2: it's with Helium on the the mobile side, whether it's
• 19:30
  Speaker 2: real world assets being issued on chain in the security space,
• 19:35
  Speaker 2: all the DeFi use cases, all the chain and fee activity.
• 19:39
  Speaker 2: The numbers for Solana are strong and growing, So then
• 19:44
  Speaker 2: I would extrapolate from that what will happen with the price.
• 19:47
  Speaker 1: Well, there you go. I think I think what you're
• 19:50
  Speaker 1: saying is yes, we're going to see something.
• 19:53
  Speaker 2: Yes, with without doing without doing price prediction, you know,
• 19:56
  Speaker 2: I just say yes, it's going to hit there, but
• 19:58
  Speaker 2: trying to uncover you know, yeah, we'll sure behind it.
• 20:01
  Speaker 1: You got to look at the fundamentals here which are
• 20:03
  Speaker 1: very strong within it. And I think the staking component
• 20:07
  Speaker 1: maybe was revealed to a lot of new investors for
• 20:09
  Speaker 1: the first time because now they're starting to see staking
• 20:12
  Speaker 1: yields inside their robin Hood accounts. And for traditional investors,
• 20:17
  Speaker 1: they're not used to those kind of things. They're used
• 20:19
  Speaker 1: to dividends, but not used to that.
• 20:21
  Speaker 2: Yeah.
• 20:21
  Speaker 1: So I think the eyes.
• 20:23
  Speaker 2: Which is really interesting because a lot of the conversation
• 20:26
  Speaker 2: we have with the SEC is that this isn't a
• 20:30
  Speaker 2: this isn't a dividend, this isn't a lending thing. The
• 20:34
  Speaker 2: reward is an out an outcome of a protocol level activity, exactly,
• 20:39
  Speaker 2: and we can't manipulate it by the way you know,
• 20:41
  Speaker 2: it's set by the blockchain. There's certain things you know,
• 20:44
  Speaker 2: you can run a validator more efficiently, but there's no
• 20:48
  Speaker 2: there's no manipulation, So it's exactly. I like the way
• 20:51
  Speaker 2: you characterize it.
• 20:52
  Speaker 1: Yeah, and I think this is it's what is opening
• 20:54
  Speaker 1: up a lot of investors' minds to where digital assets
• 20:57
  Speaker 1: are going into because everybody understands that when it comes
• 21:00
  Speaker 1: to long term investing, those things kind of play out,
• 21:02
  Speaker 1: especially if you're getting the asset back in soul, so
• 21:05
  Speaker 1: it's compounding, you know. That's the beautiful thing about staking.
• 21:09
  Speaker 1: So anyway, Hadley, it's been great having you on again.
• 21:11
  Speaker 1: Thank you so much for coming in. We appreciate it.
• 21:13
  Speaker 2: Always a pleasure, Paul, thank you.
• 21:15
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• 21:19
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• 21:22
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• 21:25
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• 21:28
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• 21:30
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• 21:31
  Speaker 1: Pair of Paul Baron Show. See you