Robinhood’s L2, Pump’s TGE, and Suitgate | Roundup

Transcript

My framework for looking at this problem is that the world is a very big place. Um, you know, if we're talking about onboarding all of the trading activity and, you know, maybe not just financial activity, but social media activity, etc., it's going to be very difficult to fit that on essentially one decentralized computer. This episode is brought to you by Arkham. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds, and most influential players in the crypto markets today. We'll hear more about Arkham later in today's episode. Hey everyone, quick disclaimer before we get into today's episode. Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is forformational purposes only and the views expressed by anyone on the show

are solely our opinions, not financial advice. Our guests and I may hold positions in the companies, funds, or projects discussed. What's going on everyone? Welcome to another roundup edition of Bell Curve. This is a solo roundup edition. So, it's just going to be me, uh, Michael and Vance are somewhere around the world traveling. Uh, but we'll miss you guys this weekend. We'll keep it relatively short, but we've got a couple of really interesting stories that I wanted to unpack with all of you and couldn't leave you high and dry with absolutely no content. So, what I want to cover you with you all this week is just go over the pump fund ICO. We've had some really interesting details emerge there and I think it's worth unpacking and trying to dissect what some of the implications are and maybe make a little bit of a

prediction around what the token price might end up doing. Um we also this is a little bit of old news but I want to go back and unpack the news that Arbitum is launching or that Robin Hood is launching as an Arbitum L2 originally um or initially at least and then going to be do their own uh Robin Hood chain and they also debuted XT stocks. So this is onchain stock derivatives they launched with open AI and SpaceX which is essentially synthetic exposure to these latestage private companies which I find super interesting. It's also reinvigorating a lot of the discussion around um the L2 roadmap and Ethereum in general which is super interesting and very cool. Um, and I also wanted to discuss uh this was a little bit of a funny story and I know I love talking

about prediction markets and the future of onchain social but there was a little bit of a controversy around poly market um and this incident this market which uh asked will Zalinsky wear a suit by July um now he wore something which is really in the gray area between kind of a suit and I don't know some sort of army get up um and it's generated an enormous amount of controversy and we've got a lot of commenters on my timeline saying this is horrible for polyarket and I'm going to make the exact opposite claim that this is fantastic for poly market and just another example and data point that supports that poly market uh and prediction markets in general are kind of a a new form of media but uh for now uh what I want to do before we get

into all of that is just cover pump um and I want to highlight uh I don't want to share leak all the alpha here from this uh report which was written by our head of research um Brian Connor uh but here we just published pumps uh TG and Launchpad Wars, it's all about the front end. Um and you know, if you've been listening to, you know, some of what we've been describing on bell curve over the course of the last couple of weeks. Um you know, we've highlighted uh on our on our platform here that um although uh Pump's revenues, overall revenues have been growing, um what they are losing uh losing market share on is their uh launchpad. And you've had a lot of competition recently. uh most notably um recently with Bonk. Um, so this is

actually a pretty bananas uh chart here um which where you can see uh a couple of things but the uh Launchpad tokens uh by platform uh and recently you know pump's been you know around 75% but uh over the last couple of days uh let's fund has flipped uh pump and had over 50% market share where pump was down to 20. Now, these are this is kind of typical shenanigans here. I'm sure this is being gified in in some way, but um Axiom has been uh a major competitor here and they have an enormous amount of control over the front end. And so, it's I think it shows some of P uh Pump's vulnerability. Um

what you interestingly see over on this chart here on the left is the Launchpad tokens by blockchain. It's been extremely consistent in terms of the breakdown in between Salana and Bass. So like these two charts to me show something relatively interesting which is for a long time we've talked about how different applications so memecoin trading in this instance are very sticky. They don't tend to migrate uh from one chain to another and Salana has stayed entirely dominant. Um and so I think this is kind of a bullish argument for L1s in general. Uh it would be pretty difficult to underwrite um any token launchpad at this point just because of how much uh the market share has shifted here. And I think that there's some real signs of vulnerability for Pump um as a platform. Uh but it stayed extremely consistent for Salana.

So I think there is a little I know, you know, we're moving towards this argument where it's all about the apps and that's that's who's going to capture a lot of the value and I'm very sympathetic to those arguments, but I do think there's something to be said for the underlying infrastructure uh where you don't need to take a bet on one specific app or another and it's just going to generate fees no matter what, which I find pretty interesting. Now, we have had some additional details come through about the pump ICO and uh you know, in particular, there's a 25% token buyback. And historically, I've made arguments on this podcast that I'm not a very big fan of buybacks, especially for really early stage companies. You know, I think it would be very funny uh or, you know, funny is maybe the wrong word. I think

it would sound very odd to you uh if you did, you know, a seed stage or series A investment in a company and they started talking about buying shares back, right? That would just be like why aren't you guys investing that in the growth of the company? I think something that is a little bit different in crypto environments and token environments especially is you don't have a lot of the same rights as investors. They're much lower trust and you're able to scale revenue more quickly, honestly, much more quickly than early stage teams can allocate that revenue. So in the case of Pump, Pump has done around 700 million in the trailing 12 months of revenue. And for a young team as skilled as they undoubtedly are, that's just a really really difficult capital allocation question. So I think in this instance, yeah, I actually don't hate

the idea of them uh, you know, returning some of that revenue to token holders because it's an acknowledgement of the fact that we basically got more money than we know what to do with and rather than you know investing in some hairbrain schemes that might not be core, uh, we're just going to return some of that to you and uh, you know, try to ensure that the token actually does well. And I think in an environment where basically every altcoin is going down and to the right, that's actually not a terrible idea. Um, I think we're also getting uh more up-to-date uh information on the amount that has been sold to institutional investors.

So, these are still mostly rumors for now. Uh, but you know, we recently heard that there was a private sale to institutional investors of about 100 million. Then we heard it might be 200 million. Um, and now it looks like as of yesterday, you know, we're sitting at around $720 million uh in fresh new investor capital. Um, so that's obviously good from the perspective of a lot of dry powder for Pump to go out for Pump to invest back into the platform, but it's also not so good when you're thinking about potential unlocks that could hit the market. And so, you know, I think that the $4 billion uh valuation that uh has been floated around for Pump is pretty attractive. Um, and this is the part I'm going to caveat and say I

am not um a trader by any means. you should definitely not uh you know listen to my advice here. But I think there generally the litmus test for whether or not people think the pump sale is going to go well is whether you like meme coins and think it's the future and think it's okay to lean into speculation or you dislike memes and think that they're bad and that there's some um moral imperative here that the the token should go down. I think it's pretty cut and dry actually that this valuation is relatively friendly. Um I'd be pretty surprised if it doesn't at least do well initially. However, I think longer term um it's more challenged and I actually want to it's hard for me to escape some amount of pattern matching here to at the end of previous crazes the exchange that you know finally launched their

token um or did some amount of you know yield farming or an airdrop or something like that kind of marked the end of that particular hype cycle mania and I want to point you to Sushi Swap uh and also the launch of Blur um that kind uh was a bookend to the original DeFi summer um and kind of the yam like food farm meta um and then the NFT meta and I think the connection there is that it was two things which was one once uh sushi and blur finally had tokens they heavily incentivized trading um as a huge part of that and so if you were holding on to underwater bags you know this is basically going to be the last

gasp of buying opportunity and for you to unload uh some of your bags onto the market that you were going to get in some period of time. So um you know when I'm when I'm looking at the the tokconomics here um there's a certain amount that's going to go towards ecosystem initiatives and you know who knows maybe they'll they'll use some of this to incentivize trading activity. At least that's what's been done in the past. There's kind of been points programs and things like that. Um and if you're underwater on your bags that's generally a good time to dump. Second off, uh, prior in both Sushi Swap days and Blur days there, if you were trying to get exposure to NFTTS or know DeFi tokens, there wasn't a really great

index or way of doing that um, until these tokens launched. So, let's say I was trying to get some exposure to the meme or to the NFT market. Um, there was no really great way of doing that other than just by buying the blue chips. But as soon as Blur launched, you could say, "Okay, great. I don't need to bet on any one collection. uh I'm just going to invest in the the exchange which effectively acts as an index. Um and so once um there's some there's probably some amount of selling of NFTts to fund uh the index or the blur token trade uh and that actually takes money out of the that takes money out of the underlying market uh of NFT assets. it moves it into the token and ironically that makes activity go down um in the underlying

NFT trading market and therefore the blur token should suffer and I think there's some risk of that happening with pump here as well and you see anecdotally this market just feels more and more tired it has gone on ex way way longer than I thought uh was possible but yeah I think it's going to be um long-term challenged here one other thing to think about with pump is and I'd be curious to see understand anyone one else is thinking here is um I have a hard time thinking about pump where it fits. I could make an argument that it looks a lot like an exchange um and this is just kind of a you know some amount of control over the front end and new creators or I could make an argument that it looks a lot like Only Fans. I think I'm more gravitating towards the

argument that Pump Fun is sort of the next iteration of an Only Fans type business. And you know the connection there is that only fans gives a platform to creators and it takes a small fee uh for allowing and you know distributors to create their content and create a subscription sort of service. And I think the analogy here is that you have creators in the form of people that are creating these meme assets that people want to trade you know and pump is doing its best to attract these creators and it takes uh some cut or some rake over the trading fees that they're able to generate. And I think that's probably the way that I would view Pump in general. Um, and I think also finally, I'm going to take a second here to draw up um, our uh, dashboard on Pump, but I

think that we have talked about it on this platform, but the uh, the proof was in the pudding here a little bit um, when you were looking at where the revenue was coming from um, in Pump. So if you had only been looking at the headline numbers on total volume, it would have been a chart that is going up and to the right and looks quite good. However, if you're looking if you're looking at what I'm sharing here on my screen, we've tracked the uh bonding curve versus the AMM. So uh you know, back in um the beginning of March, uh pump essentially disintermediated radium. They launched their own AMM where they're directing a bunch of the flow from their launchpad. And so what you can see here is the launch p the

bonding curve uh volume has actually been going down essentially and it peaked back in the end of January. Now they've made up in terms of the volume here on their AMM but overall the uh the launchpad and part of their business has been kind of in decline and it looks like it peaked back in January. And so I think this is once again crypto learning um what we had to learn in web two the hard way as well which is that when you control the relationship with your end customer, you ultimately control your destiny. Um and you'd probably rather be closer to the top uh than going all the way down to the bottom.

Um so I guess we'll have to check back in here in a week or two to see how the pump uh token does. Um I personally think that pump is a really interesting experiment and I think it is more right than wrong in terms of how we're directionally going um with both media and trading and kind of the the smooshing of those two disparate sectors together. So um you know I uh whenever anyone takes swings I always wish them the best. So wish wishing the pump fund team uh the best of best of luck. Arkham was created to make blockchains human readable and simplify blockchain data so that it is meaningful and useful to the average crypto user. With their new exchange, users can see what the top traders are buying and selling with Arkham Intel and then trade on that information with Arkham Exchange. To get

started, follow the link in the show notes below. We're entering crypto's cloud era and IGEN layer just launched IGEN Cloud to power it. Just like AWS transformed the internet, IGEN cloud is a full developer platform that gives developers cloud-grade programmability with cryptograde verifiability on any chain. To learn more about how the IGEN token is securing a new class of verifiable apps and how to get exposure to this growing class of crypto infrastructure, follow them on X at Igen layer. As always, investments in blockchain technology involve risk. Terms and conditions apply. Do your own research. Okay. Um now I want to this is a week old but I want to cover um Robin Hood's launch of onchain stocks and the announcement of their arbitum layer 2.

So this is something that uh I think they're referring to these as stock tokens but they're basically derivative contracts that provide exposure to the price movement of underlying US stocks or ETFs without granting direct ownership of the actual securities. So um these are only available today to EU customers um and are not in the not available to US consumers due to regulatory differences. Found that actually pretty funny that uh the EU was more lax uh from a regulatory standpoint than the United States which um feels like that's not how it typically works.

But basically these are tokenized contracts which are issued by Robin Hood Europe. They're recorded on a blockchain initially arbitum but there are plans to transition to Robin Hood's own layer 2 blockchain dubbed right now Robin Hood chain. uh they track the price of the underlying assets, stocks like Nvidia or ETFs like Vanguard's VO um which are held by a US licensed institution um and yeah they're derivatives uh so they don't confer any shareholder rights in the same way that the underlying equity actually would um but they give you price exposure uh now the interesting thing here is that Robin Hood decided to build an L2 um and it was very interesting to hear Vlad's uh explanation and rationale for why and his I'm paraphrasing here but the idea

is that wanted to be the landlord not a tenant. Um the idea there is they have an enormous amount of leverage in terms of the daily active users and people that are trading on Robin Hood the app. So why would they want to leak value to I guess a more monolithic layer like a Salana here whereas they could just create um you know relatively easily their own trading environment and capture a bunch of that value for themselves. Um although I do think that uh they're directing I think 10% of the fees um that are going to go to arbitum DAO and this is probably a similar arrangement uh to the 15% sequencer fees that Bass is paying to the OP collective. Um you know to be fair I have no idea if grants um were a part of

this. I just did an expansion discussion around this where Uma was questioning that. I honestly don't think grants are super relevant here. I think everyone plays the grant game. Uh so even if there was some sort of grant from the arbitrum foundation or something like that I think it's just part for the course probably um I think that it is validation I I think to look at this within the context of this old debate modular versus monolithic um I think that this is validation of Ethereum's layer 2 roadmap um or the L2 you know modular road map Um I think that

my framework for looking at this problem is that the world is a very big place. Um you know if we're talking about onboarding all of the trading activity and you know maybe not just financial activity but social media activity etc. It's going to be very difficult to fit that on essentially one decentralized computer. So I do think it makes sense for more heterogeneous at least execution environments. I do think that we're guilty of trying to skip to the end here and there was a path dependence element which Salana um uh basically leveraged very well and they built up a large um community of engaged users and traders in one big use cases like the memecoin trading use case u and they've been able to attract a lot of um you know volume and fees that way.

However, I do think that Cosmos essentially got this right from the beginning. the word that they used was sovereignty. But I think what institutions are really going to want is control and leverage over economics. And so I think that the L2 construction of having a centralized sequencer is very attractive to them. U I think that Salana's answer to this is application specific sequencing which will effectively allow institutions to you know sequence um in their transactions and extract the same amount of economics that they would if they were building L2. So I think that that old meme of we're all building the same thing here is actually diverging a little bit and you've kind of got the Celestia and the Ethereum vision of the world and the Salana and probably Aptos

and Suie have some amount of say here as well. Um but I think they're diverging a little bit in terms of their uh technical architecture. Um the question is is this a win? Who is this a win for mostly? Um I have for a pretty long time been a proponent that f well first of all I think it's a win for everyone involved. I think it's a win for Robin Hood, Arbitum and Ethereum. Um I think that Arbitum benefit or I think that Rob Robin Hood benefits from uh being able to be a leader in tokenizing and uh trading tokenized assets. Um, I also think it's really cool that they started with OpenAI and uh, SpaceX because

that's kind of exploiting, you know, people want to be able to trade those assets and creating a synthetic version. I don't think it matters that OpenAI came out and said, "Hey, we are not associated with this. Be careful of trading derivatives." I don't think anyone gives a to be honest. Um, people don't care that the average retail trader doesn't really care about having the governance rights associated with the shares of stock. They just really want the price exposure. So assuming that they don't mess up the derivatives contracts and there's not some DEG or something like that, I think this doesn't matter at all. And I think it's exploiting a broken market structure here where companies are staying private for longer and longer and longer and there are going to be maybe between SpaceX and Open AI trillion dollar private companies. You

all the wealth there is acrewing to maybe hundreds or at the most, you know, a thousand people. That is not a societal good. So I think crypto, you know, it's being branded as regulatory arbitrage here, but I think it's solving a good problem and giving people access to trading these things that they would they would want to trade. So I think that's a good thing. And the question is who and so Robin Hood is going to be able to offer that product and they're going to benefit uh quite a bit from that. Uh this is obviously beneficial to Arbitum. They're going to get 10% of these trading fees it seems like and that's going to acr directly to the Dow. So that's a big win. Um I will say arbit hood um the stock price jumped like 15%.

I think arbitum barely moved um which might be reflective of other challenges that arbitum has in its business model but I still think it's a big win for arbitum by any stretch of the imagination. And then the question is uh is this good for Ethereum and ETH? I'm going to separate Ethereum and ETH. Um it's undoubtedly good for Ethereum. Um the question is is it good for ETH? I remain of the mind that the only thing that will Ethereum needs two things. There needs to be the perception that everyone is building all of this stuff on the Ethereum network and then investors need to be able to understand how that activity is going to translate into fees. Um I just think that's my opinion. Um I know that some people

think that we can meme our way into ETH being an a store of value like uh BTC. That's not my opinion. I don't think that's um a smart strategy. So, I think right now this is good. This is forward-looking. I think investors are going to be excited about this, they're going to think, hey, this is all built on Ethereum. And the same way that ETH is kind of getting a little bit of renewal as like the stable coin chain, that's great. Um, the memeability will take us so far. I think we need a story about how all of this activity is going to translate into fees. And once we get that, it'll be really, really good for ETH, the asset, like it's currently good for Ethereum, the network. Um, you know, I know some people have a different opinion than me on that, but that's my

opinion. Um, I I think that there was a an interesting post from Wasi Lawyer who deconstructed um basically how this all works and you know these are everything exists here in Robin Hood's uh walled garden. So, you know, these are all traded by indexing essentially this whitelisted, you know, read KYC AML list of accounts and tracked internally within Robin Hood. And, you know, he mentioned that there is a a real possibility here that centralized uh CFI walled gardens just out compete um what we've built in DeFi.

And a lot of these assets like these uh you know stock um contracts that Robin Hood has tokenized on chain, you can't use them in DeFi. you can't even move them off the Robin Hood app. And so I think I'm slowly coming to the realization that yeah, most trading is going to inc uh occur in walled garden uh type platforms. Um and we'll probably go through something like we went through with the web where these open protocols in the web um but they were kind of steadily out competed by more centralized platforms. I don't know that that's a bad thing. I think that I think that crypto is permissionless.

People are supposed to use these protocols in ways that make sense for them and the best solutions will win out. And if more people want to accept these trade-offs than not, then who am I to say that that's bad or good? But I do think um I'm going to give myself a little self call here. uh did a list of predictions back in the end of last year uh and I said that Robin Hood was going to be along with Coinbase one of the most important uh US crypto exchanges. And I think that Robin Hood is only going to get um more and more important within the crypto industry. Um and if anyone if any of you listening have not listened to Vlad Tennv's recent speeches on tokenization, he presents a very compelling crystal clear vision of the future and the benefits of tokenization.

And man, I think he's going to be one of the more important people in crypto the industry um on a couple of year time horizon. And one more prediction for all of you that I'm kind of gaining a little bit of steam around is that, you know, we and you know, Jason and I talk about this a lot at Blockworks, you know, is this person cryptonative? Do we need the hire for this role to be cryptonative? I think that we're going to stop using that word in five years and DeFi and finance are going to merge and just become the same thing. Um, in the same way that you would never say that I work in the internet or I'm an internet entrepreneur today the way that people did in the early as I think it's the same thing today. The word cryptonative won't mean anything. You'll either work

in finance or you'll work in social media or you'll work in, you know, some consumer app or sector that's going to get created. So, I think that we're pretty close to that happening. Over the years, we have seen a multitude of hacks, rugs, and bundled launches. The number one way that crypto traders can protect themselves and the wider community is through onchain analysis. Knowing who is moving funds and where those funds are going. Paired with their new exchange, users can see what the top traders are buying and selling with Arkham Intel and then trade on that information with Arkham Exchange. Arkham's exchange provides traders with the tooling and liquidity to take action in crypto markets based upon their onchain observations, bringing them the world's first exchange powered by crypto intelligence. To get started, follow the link in the show notes below. IGEN layer

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cryptoeconomic guarantee is backstopped by slashable staked IEN. To learn more about how the IGEN token is securing a new class of verifiable apps and how to get exposure to this growing class of crypto infrastructure, follow them on X at IGEN layer. As always, investments in blockchain technology involve risk terms and conditions apply. Do your own research. Okay, final uh story that I wanted to talk to all of you about. So, there was a pretty interesting controversy this week with Poly Market and Zalinski. Maybe we can call this Suitgate. Um but basically the idea is that um there was a market which was spun up on Poly Market uh which was uh it was launched on May 22nd and it asked

will uh Zalinsky be photographed or videotaped wearing a suit between May 22nd and June 30th. It's really specific market. Um the market attracted significant attention with trading volume reaching 237 to 242 million um making it one of Poly Market's most active markets in 2025. And some of you have probably seen this on June 24th uh there was a NATO summit uh in the Netherlands and Zilinsky wore this kind of black jacket and matching trousers. Um, so I mean it's kind of one of those funny things where some people are saying this is absolutely a suit and they're citing media outlets like the BBC and the New York Post and they're

call they're saying that it um that it is a uh you know it is a suit. Um however it was definitely a non-traditional suit. You know it wasn't cut and dry. It's um lacking a tie. It's definitely kind of like a military style cut and more casual. It's all black. It's definitely not obvious, at least to me, that it's a suit. You know, not a saratoral expert here, but yeah, I think that it's it's a perfect um example of something that's in a gray area. And prior to this, I had wondered how are some of these more um ambiguous polyarket markets getting resolved? It seems like there's at least a decent amount of gray area here. Um, and I think that's what the uh that's what is

happening here. So you Polymart's resolution process was initially leaning towards Yes. Um, oh, and by the way, uh, you know, people are you've got a lot of people on Twitter who are citing that this absolutely is a suit by citing media. One of my bugaboos over the last couple of years is that people will say, "I have no trust in the mainstream media." But then when it suits their needs, they will suit they will cite articles from the BBC or New York Post as if they are fact, you know, carved in stone. And you can't have it both ways. You can either not trust in it and it can be completely uncredible. Uh or, you know, or it can be credible, but you can't, you know, have your cake and eat it too and be completely lacking any credibility or having credibility when

you want it to. Um, so but there are uh there's a growing amount of no betters that are challenging this. Um and the dispute has escalated to Poly Market's Oracle UMA which overturned the yes resolutions. Um and after multiple challenges, UMA finalized the outcome as no on July 8th, 2025, citing a lack of consensus of credible reporting. Um so there's been a huge amount of outrage here. Um and there's a challenge because this is uh you know there's some amount of subjectivity here and uh this sheds some pretty interesting light on the role of oracles in poly market. So um yeah poly market relies on UMA uh which

is the oracle to resolve disputes and ensure fair outcomes. So the critically the way that UMA works is it's optimistic. So it assumes the proposed outcomes are correct unless challenged. So, uh, the way that this actually works in practice is when a polyarket market closes, a proposer submits an outcome, yes or no, based on the market's criteria. Polyarket users have a 2-hour window to dispute the proposed outcome by posting a $750 bond. Uh, this is to prevent um this is to be civil resistant. If no dispute is lodged, the outcome is finalized. Uh, if the if disputed, the resolution escalates to UMA uh DVM. Uh, so this is data verification mechanism. The UMA token holders essentially vote on the correct

outcome staking their tokens to participate. Voting is incentivized. So voters who align with the majority receive rewards while those who vote against consensus face penalties or slashing of their stake tokens. This encourages consensus but can incentivize voting with the perceived majority rather than than the objective truth. Uh the top 10 UMA voters hold about 30% of voting power and 95% of tokens are controlled by uh large holders uh like Wales uh raising concerns about centralization. So yeah, this is fascinating to me because I've been talking to you guys for I don't know the last couple months about this connection in between prediction markets and uh regular media. And this to me, you know, I've seen a lot of people saying

this is a black mark on poly market and this is damaging their credibility. And what I would say to you is no. Media thrives on controversy that drives attention, engagement, clicks. This is, I believe, probably outside of the US presidential election, the most traded market in poly market history. It's like 230 million of volume. Um, and yeah, this is the name of the game when it comes to media. It's controversy. It's a huge win. We're all talking about it. I've seen it on my timeline a million times this week. And by the way, the the other thing that makes this classic media story is that this isn't, you know, some something about the government or revealing, you know, files

from the Pentagon that the public needs to know, yada yada. It's about whether or not Zalinsky wore a suit. Uh the most viewed Blockworks article ever was we you know from our data team we found out that the some the creator of uh Sheibba Sheibba Enu uh they moved something like a billion dollars worth of tokens um and you know we put an article together about that and that was our most viewed article uh you know by many miles. Not any of the investigative reporting that we've done or you know opinion pieces or anything like that. It's kind of like our dumbest article ever was our most viewed one. uh and that's kind of the truth about media and it's just interesting to see this reflected in prediction markets as well. I also think that it highlights the importance of the

infrastructure that supports prediction markets and I think there's going to be a really interesting regulatory challenge down the line here because you know you you have regulators which are used to monitoring markets uh or just market structure here to make sure that no one gets um you know no that whatever trading is happening or is is happening in a fair way. But when you have these markets which are actually determining you know what gets what gets uh what truth is essentially then it has this completely other secondary function uh which is really important outside of the orderly functioning of markets and it actually is it shows one the benefits that um the benefits of liquidity uh

that will acrue to kind of the early winners of these prediction markets and it will also show and it also shows the importance of oracles here And actually, we've talked a lot on this show about how the obvious beneficiaries of real world assets or, you know, the stable coin market is borrow protocols. But if we're moving a bunch of assets on chain, uh, we'll also need oracles. And I think that probably oracles have been kind of this, you know, we all know that it's a really important category, but they haven't really done much in terms of token price appreciation. and it might be a slightly undervalued um undervalued category. But anyway guys, uh that's all I've got for you

today. We can keep it relatively short. I can only listen to myself speak for about half an hour um at any one given moment in time. So hopefully this was enjoyable. If you like these solo episodes, uh let me know. And uh we'll see you here with the FK gang next week. [Music]