Tokenization and onchain finance infrastructure, with Figure Markets' CEO

Transcript

And I think a lot of people confuse th this concept of tokenization with liquidity. And they think just because you tokenize something that that generates liquidity, which is not the case. What's up everybody? It's LG Det here and welcome to the Milk Road Show, the daily crypto show where we believe that markets don't crash because of memes. They crash because of plumbing. But that doesn't apply right now. I wrote that a couple weeks ago. The market is doing fine. It's the start of 2026. This is our first daily show of the year kind of. We did a few last week, but they were pre-recorded. They don't really count. Welcome everyone back to the market. I think it's going to be a really fantastic year. And we're kicking it off with an awesome guest.

Michael Tannen, the CEO of Figure Markets is here. He's been building at the intersection of fintech, private credit, blockchain. And while most people argue about price, which is what we do on the show almost every single day. This guy's focused on infrastructure, okay? How capital actually moves, settles, and scales. We're going to talk about fintech, crypto, AI, tokenization, and where things are actually going to go this year. and then dig into what Figure actually does and how it's something you might be interested in right now. Today's episode is brought to you by Bridge Sense Stablecoin payments instantly simple global friction free chain link which links web 3 to Wall Street and reserved ETFs the onchain equivalent of ETFs. Okay, Michael, tell me, be honest with you, man. Be honest with me, man. How many times did you look at prices over the holidays? I need

to know this. >> Stock prices. >> Stocks or crypto or whatever. Whatever tickles your fancy. What's the first thing you open once once the the presents were done and everything? I think I probably looked at Coin Market Cap maybe three or four times. Apple stocks three or four times. So, not every day. >> Wow. Apple stock guy. Okay. Interesting. Why? Why are you so curious about Apple? I want to know. >> No. So, Apple stock meaning the app on on the Apple stocks. No, not not not specifically Apple stock. I don't even know if I track that one. Uh, but just more the the Apple stocks app, if you will.

>> Got it. Okay. Yeah. Okay. So, what's what's at the top of your Apple stocks? I need to know. Well, figure stock is the is at the top. I think it's even even ignoring my own, you know, economic alignment with the stock. It's just it's important for me to know how we're trading. I don't necessarily watch it every second. In fact, someone let me know, you know, we were up today that I and and that's great, but I I don't track it by the minute, but I do it is at the it is the most important stock to me for sure. So, it's at the top. >> Of course, that makes sense. Uh, Michael, I don't know if you can answer this as somebody I don't know how many often we have somebody on here who has who's the CEO of a publicly traded stock, but maybe you can answer this.

What's your current thoughts on the state of the market? We haven't really had a current opinion in a couple weeks. We pre-recorded all of our holiday shows. Listen, December, we're crypto show. December was dark. November was dark. October was dark. Uh, and and and it was especially troublesome for us because we kind of saw this this decoupling, right? Where it's like, well, you know, normal stocks that you're tracking, they're doing well. uh crypto stuff not doing so well right now start of 2026 January 5th what's going on >> yeah I absolutely can can contact uh can comment on the market for sure I think what now what I see is look it's been a better it's been a big opener today a lot of riskoriented stocks including crypto generally are up uh prices are up

today um because I think post Venezuela people are more interested in in a risk-on environment. I I can't totally uh describe or explain that link. But we have seen a little bit of a reduction in in the riskon environment and its impact on crypto prices. Meaning crypto in general has not been as rising as much as even say tech stocks, meme stocks, etc. And I I don't necessarily that hasn't changed today. So the past being just as good of a predictor of the present, nothing's necessarily pointing to to that changing. However, I do think rather than focusing on crypto prices,

we tend to focus and and you noticed this, you noted this in your opener, on crypto infrastructure. And I think that that's going to be a big big part of 2026. Things like tokenization, which figures the market leader in certainly within private credit, uh stable coin, crypto infrastructure in the way that it touches the real world will be a big theme for 26 and anything that's attached to that I think is going to do really well. So you you predicted and this is kind of you know we asked you for your predictions I think a couple weeks ago and you or recently and you gave us some really nice ones and we'll kind of go over them today in in through the show. One of the things you did say uh was that basically IPO recovery will disappoint that there's not going to be

all these like amazing new stocks to kind of jump on this year but that blockchain may be the exception. Tell me a little bit more about that. What we saw in 25 was the beginnings of an IPO rebound in that you had at least and most of what I talk about is going to be from the vantage point of fintech and from crypto which I view crypto as a subset of fintech and you saw IPO traditional fintech IPO companies like Chime Clara come out after what was a sort of winter for IPOs and at the same time you saw a lot of cryptooriented IPOs ourselves figure as well as I think it Toro kind of led led it led it out of

the gate. Circle which did really well and got a lot of attention, Gemini. And so from a IPO perspective, there were a lot a lot of crypto companies were taking advantage of in particular regulatory tailwinds. And I think those tailwinds are still true today. And I think in 2026 you are going to see more a a continued larger percentage of companies be crypto oriented because of those tailwinds. But absent that there's actually not much to like about 2025 from an IPO standpoint. Most of the IPOs didn't do that well. And a lot of the really well-known private companies that people are really excited about, I think, you know, Stripe is is often

discussed from a fintech angle, but even things like OpenAI, Anthropic, you know, those aren't likely to IPO in 2026. And so, you're not having this watershed moment that maybe people have been waiting for. But I do think in the crypto space we are going to see and it's been pretty well well talked about names like Kraken, names like Bitco have been thrown around and I think you will see some of those go public to take advantage of this regulatory environment that we're in and the tailwinds that we see.

>> I'm going to pause there for a second. If you're listening to this and thinking, okay, but what is the move I should actually be making? Then going pro is for you. Every week, our research team drops a full deep dive on the biggest themes everyone else misses. Plus, you get access to our full Milkroad Pro portfolio that has real-time buy and sell signals and access to our Discord where our analysts will answer any question you have. If you want to level up, honestly, that's where you got to do it. Hit the link below. Can you tell me a little bit more, Michael? Like, for a crypto company to go public, to IPO, how long is that process once you actually decide to actually do it? Because I'm just thinking there's a lot of companies waiting. Maybe even like a Kraken, right? That's this company I've followed

for a long time. And I would assume maybe this is more of like a retail uh investor opinion that it's like you don't want to miss your moment, right? Where it's like you had this scare in Q4. You're like, "Oh my god, crypto might be totally crushed. Maybe a nice Q1 2026." Kind of what the macro people are telling us. So are they like if you're Kraken, you're like, "Okay, this is the moment. We got to get it out in the next couple weeks." Is it that simple? >> It's it's that simple. And the simple part of what you're saying is timing is everything. And that's totally true. IPOs are about timing and there are windows where the market is receptive to IPOs and you absolutely have to hit the market in one of those windows if you want to go public. And so if you look at

what happened in 2022 when obviously from a crypto perspective it was very dark but also from an overall technology perspective as rates were rising there was just a riskoff environment and there were almost no IPOs for all of 2022 or 2023 and there was very thin thin opportunity to go public separately with a crypto company in particular. One thing that is unique is that the hurdle to go public can be a little bit higher because the scrutiny that somebody like the SEC will put on a crypto company is going to be higher because crypto is at the forefront of technology and so there's just fewer crypto companies that have gone forward

and we definitely experienced that at figure where we had a high volume of comments and questions from the SEC which is totally welcomed and and expected in some way, but that does make the process through which you can get your registration statement or S1 approved a bit longer than say a standard software company. >> Got it. Okay, that makes sense. Speaking of regulation, I think one of your other very interesting predictions that you had shared is that more fintech and crypto companies are going to be pursuing bank charters from and from what I understand what that means is that basically you have a lot of crypto companies that are trying to essentially become banks. They want to be like, "Okay, you can park your money here and you're going to get whatever back.

You're going to get these bank style services." Why? Why is that happening, Michael? Why would so many crypto companies suddenly pursue that? >> There's a two-part phenomenon. There's the broader fintech interest in becoming bank and bank-like, and there's also the crypto company interest in what I've seen as largely our like a trust application. So, becoming closer to a bank, but not necessarily a full bank with deposit FDIC deposit insurance. And so more broadly, what's happening, and we saw this in the first Trump administration, is that the administration is more liberal with granting bank charter approvals because whenever you want to get a bank charter as a company, you have to go and apply for that and submit a business plan, typically three years of proposed

business plan that you cannot deviate from. So there's a whole process that has kind of profitability requirements, product requirements, capital requirements. there's a there's a bunch of work that you do and it's been easier to get these designations on in with the Trump administration than it was with the previous administration and as a result you're seeing fintech companies and crypto companies for slightly different reasons pursue. I think with the fintech the the people are following the mold of SoFi which is where I previously worked and SoFi is probably the most successful fintech that has become a bank and others have followed suit and not been as successful and what

what essentially they do in becoming a bank is lower their cost of funds. So SoFi originates lots of assets most notably student loans and they can now fund those with lower cost deposits. the cost is lower because you have the FDIC insurance. So people that are giving money to banks are willing to do so at a lower price with the the FDIC guarantee and you sort of pay for that guarantee with the regulatory oversight that comes with being a bank. So that's kind of the specific thing that's happening in fintech. Crypto companies are pursuing more on the money movement and stable coin side. They're pursuing trust charters, which is um a a more a less intensely regulated part of the banking

system, but still more regulated. And that allows people access to more money movement and custody like functionalities. And I think this is all I guess fine, but a a word of caution that I have is what we saw regulatory environments change. they, you know, administrations come in and out and sometimes pro- crypto administrations are involved are in charge and sometimes administrations that are less favorable to crypto will be in charge. And we've seen that and we will continue to see that. And when you become regulated so directly by the government, you're essentially inviting the government into your business and saying, you know, this is I'm signing up for a permanent or

like type one decision for people familiar with that framework. You cannot go back on these things. And so you're making a very serious decision for some of these charters. And the way that people are seemingly flippantly in some ways uh approaching this I think is should be approached with more caution. And just like for figure when we went public we said we're now making a per I mean essentially permanent decision. We'd have to take ourselves private and that means we're going to have a certain amount of regulatory scrutiny a certain amount of uh reporting requirements a certain amount of governance requirements and we're signing up for that. And that's something we thought about for a really long time and it's been well telegraphed for for a variety of administrations, right? It's not like

public company reporting requirements change each time there's a new president. However, with some of these newer charters and bank charters, that's not the case. And so there's a lot more uncertainty. And so I've been surprised at how readily so many both fintech and crypto companies are pursuing charters like this given that we're currently in one regulatory environment that may not always be the same. Stable coins are the biggest use case in crypto right now. But let's be real, using them on chain is still way too complex. That's exactly the problem Bridge is solving. Recently acquired by Stripe. Yep, that's Stripe.

Bridge helps businesses send, store, accept, and launch stable coins instantly. Explore the future of global financial infrastructure at milkroad.com/bridge. Sure, tokenized financial products are the future, but there is a big sticking point. They all need to speak to each other. This is a tough problem to solve, but chain link does exactly that. It's the universal language for financial markets, linking Wall Street to web 3, banks to blockchain, and so much more. See how Chainlink is licking the world by going to milkroad.com/chainlink, right? Okay, that makes sense. So, so you think that these companies will regret it basically or or they may cuz they're doing it too quickly. they're not going to have enough money, you're

saying, to maybe cover what may change later, uh, if there's a different administration or the change of the midterms or whatever that eventually happens that they're they're kind of shooting themselves in the foot, getting approved for one thing, but then not being ready for a policy change in the future because they're they're doing something that may be illegal later basically or not not savory to the administration. >> Not savory or at a minimum just inviting additional attention on what they're doing. And not that people are doing things that aren't aren't allowed, but a lot of innovation in crypto and in tech in general, right? Fintech and non-fintech. Look at things like Uber and how much innovation would have been possible at Uber if they had registered

as, you know, a registered taxi provider upfront with everybody in every jurisdiction just to give an example. And so what I'm saying is less about I don't know that all will regret it. I definitely think some will regret it. And I think that the the biggest issue is actually that when you become a bank, and I referenced this earlier, you have to submit a business plan upfront for about 3 years and you are definitely not allowed to deviate from that plan. So the operational flexibility for many of these companies that are still in development phase is going to be significantly hampered by some of these regulatory charters that people are pursuing. And I and I I can imagine very

easily that there are going to be problems as a result. >> Right. That makes sense. Okay. So, so basically these companies, you're going to have potentially issues in the future because they're filing these three-year plans that how do you in crypto 3 years is like a lifetime, right? If you started, if you made a plan in 2022, would you have stuck to it for the last 3 years? No chance, right? Or maybe, but that's hard to do. >> We are a public company doing hundreds of millions of revenue, and I don't feel comfortable at all signing up for a three-year product plan right now. And and I think it would be bad if I did because we have to adapt to the the world is changing quickly, right? The pace is absolutely accelerating. Look at AI. Look at blockchain as two examples.

The and and so the world is moving extremely quickly. I figure we're doing everything we can to stay ahead of that pace. And I think signing up for a three-year product plan is just totally not not even within the realm of possibility at this juncture. So, I'm just surprised to see so many people willing to do so, >> right? Okay. Well, let's let's move on from that. We could dig into that as to why more why they they're doing it, but I want to talk about tokenization, right? Because that's a huge part of what you guys are doing. A huge part of your business, RWA, that's a hu that and stable coins are really kind of the two huge trends. I think a lot of us speculators and wondering why isn't the price of Bitcoin and Ethereum moving, but we're kind of just we're still kind

of missing just how massive these uh advances have been in the last couple years. It's one of your um one of your biggest predictions is exactly that, right? That like infrastructure is going to basically trump the speculation part of crypto and that's a huge part of the business you're building. Um tell me Michael, >> what what in your opinion as somebody who's running one of these companies, what does tokenization actually fix in a financial market that that people don't really understand? It's a great question and I think a lot of people confuse this concept of tokenization with liquidity and they think just because you tokenize something that that generates liquidity which is not the case. And so what tokenization does provide is I think

three primary benefits that we focus on at figure. One is transactional efficiencies. So essentially lowering the cost of transactions. So whether that be removing middlemen, increasing transparency, things like that in general, tokenization is great for that. I think number two is around liquidity and specifically generating you using a homogeneous asset, right? Creating homogeneity, meaning standardization that also is a big part of tokenization.

And so when when you look at figure what we've done as an example is we have created a very standardized mortgage product across over 250 different origination partners and the production of that mortgage is done the same every single time through every single partner and that then creates a lot more liquidity. Similarly, if you look at traditional equity exchanges, right, there's just there is some homogeneity between equities and the way that they trade, the way that they're priced, the way that they report financial information. So, the equity the reason why the equity market in the US is so liquid, not that there isn't improvement with tokenization, but it works well is

because there's a lot of standardization and that's very different than debt. So just giving you an example, we're trying to bring and we have brought the standardization that you get maybe more with equities into the debt space starting with mortgage. And then the last thing is around what you could what we call lending or you could also think of as lean perfection as as sort of a a version of that. And what I mean here is that with a tokenized asset, you can actually look through to the owner of that asset and be confident that you have either custody of that asset or the the provenence of that asset, if you will, is pure and that no one else has

encumbered that asset because when an asset trades on blockchain, you can be totally sure about its whereabouts. And you saw a bunch of issues in the debt space earlier this year with some major bankruptcies including First Brands and Tree Color where people had actually double pledged assets and people weren't sure what they actually owned. And so when you get that lean perfection into the asset, ultimately you can be more confident in lending against it. That's where the lending comes in and providing leverage. And so that's a big part of the tokenization space as well is perfecting that lean and then or perfecting that ownership if you will is what I mean by lean. And when you perfect that ownership you have more

confidence and therefore can lend at uh higher amounts and and and also crosscolateralize the asset. >> So who who does that benefit then? Is that is this something for somebody who like owns a home right now and they want to do more with it or is that or are you talking like a a sharper kind of finance firm who's trying to to do these things >> ultimately both you with with liquidity and homogeneity standardization you get lower costs which benefits the end homeowner but you also of course benefit the asset owner. So something I like to say is that with Figure and the tokenization approach that we take, we are doing for asset owners what the internet did for content creators, right? We are giving a much more control

over the asset, over its trading, over its liquidity and restoring economics to that asset owner rather than having say middlemen or brokers control most of the economics. And that's going to be true for both the owner of the loan as well as the end homeowner. The advantages kind of filter to both. >> Okay, got it. So even you break this down even simpler for me then Michael just to fully understand. I think most people are listening the part where it's going to apply to them most might be around like their homes and I think housing market's a big something that's kind of creeping up in the narrative these days. Totally. What exactly what exact how exactly do you guys help in the housing department? just just like explain it like I'm five just just to

peel back exactly how this works. >> So in the US housing market you have about 35 trillion of home equity as home prices have gone up and in general people have stayed in their homes with much greater frequency than previously. So there's this kind of lockin effect of what has been now higher mortgage rates and rapidly increasing home prices. That's probably familiar to most of your audience. What Figure did is Figure created a home equity product that allows customers to access that home equity, allows homeowners to do that.

And we do this mainly through partners. So most of what we do is private labeled and people like Guaranteed Rate or Crosscountry Mortgage they or a regional bank or a credit union, they'll use our technology to help their end customers get a mortgage loan. And when they do that, they can get equity out of their homes really quickly and simply. That process is all done on public blockchain. And all of the attributes of that lending process are hashed on a blockchain upfront. And so there is and then also the lean the ownership of that lean is recorded on a blockchain upfront. And so the loan and the

ownership of that loan are digital or basically there's a digital padlock of all of this information and the lean itself, right? The ownership of the the the home and any incumbrance on that home. And then as the loan is traded, because loans, especially mortgages, are traded a number of times, there's significantly less due diligence done because people can just look through the initial data that was hashed up front. And as a result, we can offer a lower cost of that mortgage. And we can also do that mortgage in about 5 days versus industry average of 45. And the cost to originate is about $1,000 versus industry average of 12,000. So, it's a

really fast and efficient process. Anyone who's been through a mortgage process would would know how painful that can be. And I think we do a great job of improving that. And we do that mainly through those 250 different partners that we have in that broader ecosystem. >> Got it. Okay. Okay. I'm just going to pull up the the the chart from that that you guys have uh because I just want to kind of illustrate that especially how much that's that's growing as well because it seems like that's just like something that's just absolutely taking off. Here we go. Here we go. Here it is. It's gone. Here we go. Right. So, these are the 250 partners and then this is this chart is how much that loan marketplace is basically growing year-over-year.

>> That's right. >> Okay. >> So, yeah, we've had a huge amount of growth as we've grown. Both partners and partners themselves have been growing business with us. A big part of that is as we've created so much standardization or homogeneity and therefore liquidity in the marketplace, we've been able to lower costs which ultimately of course drives more volume. And so that's been a big thing and why you see that 75% kager for the growth of of the figure marketplace over the past call at four to five years.

>> Cool. Okay. Right on. And is this is this is is the mortgage side Michael like out of everything I figured and I want to jump really quick. Um I want to finish by talking about AI. So I want to make some time for that. But really quick uh from a a business standpoint is is if you guys if you had to pick one of the products you guys are focused on is it mortgages? Like is this the big horse for this year or the next couple years? >> We have three focuses. One is the mortgage ecosystem. That's our biggest business. That's I spend about 50% of the company resources on that. Uh then our second big initiative is something called democratized prime. And so democratized prime is a short-term essentially hourly marketplace for

lending against and borrowing against short-term RWA. And so someone who owns say figure mortgages or is looking to margin do do a margin loan to buy crypto all these types of short-term blockchainbased uh lending opportunities are available in a hourly Dutch auction style marketplace called Demo Prime and that's our fastest growing product and so people that originate mortgages those 250 partners as an example they can borrow against their loans as they aggregate them to sell because people often sell in pools and then retail or institutional money who own stable coin

can stake that stable coin and then lend to those assets earning yield. So that's kind of that's demo prime. And then our third product is yields. That's our stable coin YLDS. And yields is unique in that it is an SEC registered essentially. It's a security, right? It's it's it has an SEC registration. We filed an S1, but it functions as a stable coin. It's like a tokenized money market and that's been really successful in onchain treasury as well as as the oil of our marketplace. So when loans are bought and sold in our marketplace, those are settled in yields. And so yields is kind of growing at the same pace as our overall marketplace as it

proliferates throughout our ecosystem. And >> what's the rate on the yields, man? What is that on on your on your stable coin? It's going to be so we're basically treasury sofur if you sofur minus 35 basis points essentially. So that's we give most of the yield to the end bearer. However, for people that want enhanced yield, they can actually stake their yields and then go to demo prime and lend to asset owners and earn, you know, even even higher than that in that auction mechanic that I described. ETFs provide investors with a structured, disciplined, and diversified approach to crypto, which is cool, but the world is moving on chain. We need a crypto native

equivalent. That's exactly what Reserve's decentralized token folios, DTFs, bring to the table. Reserve ETFs are rule-based baskets of crypto assets packaged into a single token like Coin Market CMC 20, crypto's version of the S&P 500. Go to milkroad.com/reserve to find out what's on offer. Right on. Okay. Okay. Cool, man. Man, this is how do you when you if you have like 10 seconds and you're on the bus or something like that, how do you describe what figure is to somebody? You have so many different cool things that you do. What's what's like the the small like >> this is what I say. I say simply we're building the future of capital markets on blockchain. We started in mortgage.

We save a ton of time and money through originating standardized mortgage loans all on blockchain upfront and then we're building a a broader capital market around that hero asset. >> Got it. Okay. Okay. That's is still that's that's more than 10 words, but that's >> I don't know that people on the bus would know like everything, but at the same time, you know, I think people who are on the bus that happen to be on the way to say an investment bank would certainly understand. >> Yeah. Depends on where the bus is going. >> Yeah. That's depends where the bus is. Yeah. Depends which bus we're trading.

But I think if I was just on a regular bus in the middle of the country somewhere, I'd probably just say we save people a ton a ton of time and money by using blockchain technology to standardize capital markets, including loan origination. >> Okay. Okay. That that's that's perfect. That that one right there that's that's what I wanted to hear. Um let's wrap up, Michael, really quick. You also one of your predictions was that AI experimentation will narrow and basically that you have a ton of companies, right? massive massive small mediumsized businesses, large businesses using a ton of different AI products and you think that that is going to condense into those companies choosing to use just a handful of products, maybe even

less. Tell me a little bit more about that. >> This comes from my perspective as an operator of a company more than my perspective being in the blockchain or fintech space specifically. And what I see is that we at Figure, we've been very experimental, promiscuous, if you will, with our use of AI technology. We're trying a bunch of things. And part of that is because everything is so cheap. There's a lot of VC dollars subsidizing a lot of these AI companies. And I've seen this movie before. And I know that at some point these companies have to make money. And so they're likely to raise price. And when they do, which I think will happen in 26, we're we and other companies that are using AI vendors, this is sort of a B2B point,

are going to need to narrow the number of of vendors that we use and going to really need to focus on which vendors are going to drive significant outcomes, especially because all the advice that VCs are giving to the AI companies themselves is to focus on pricing according to outcomes rather than pricing according to seats. Because with AI, right, the number of software seats is going down. And so if AI companies want to capture value, they want to capture it directly, which is then going to force the the the companies, the users to really narrow down and say, which are the tools and projects that are going to actually add value that I want to focus on versus all of the experimentation that's been happening

especially in 2025. >> Got it. Okay. Okay. That makes sense. Yeah. So what is there? Do you have a preferred AI product that you use? Personally, >> I use GPT relatively heavily, although I've been increasingly using Gemini because it's integrated with G Suite and Google Docs. And I think that's a perfect example of that promiscuity term that I that I use, which is people are going to migrate to whatever is easiest and most embedded. And I think that we're still in a phase of this Cambrian explosion of apps and and AI functionality and people don't know exactly what their working habits are going to be. They're not fully embedded.

And so I do think 26 you're going to see a much narrower focus on the few apps that are really going to drive move the needle. I think within the figure product, we've used a number of really interesting voice AI vendors and um approaches to trying to help our end customers, those 250 partners, take advantage of AI technology and improve their own businesses. And so there's a lot for us to narrow down on uh into 26 and I think other players in the space will be doing similarly. Do you see as a as a CEO of of a publicly traded company, do you see AI as a um a supplement or an antidote? Like how what what is it for you?

>> It's a supplement to growth. I I think the f the focus for me has been on using AI to fuel growth. A lot of people have been focused on using AI to lower costs. I think for a growth company like Figure that is focused on topline growth and revenue opportunities, that's where I want to focus AI rather than say cost cuts. We already as as I've cited on this podcast, we have such a lowcost approach to what we do today that I think we are able to add more differentiation by focusing on growth rather than focusing on cost. And that is a bit of a contrarian approach as most people in my seat are focused on cost with AI.

>> Got it. All right. Right on. Well, thank you, Michael, for uh for coming on the show. Great to hear your thoughts. Uh and congrats on all the success, man. Congrats on everything that's been going on at Figure. Um and and best of luck this year. Yeah, thanks so much for the time. I appreciate it. >> If y'all are making swaps or trades right now, highly recommend you check out Milkroad Swap. This is a DEX that we built in partnership with Cow Protocol. Why did we build it? Not to make money. Just honestly, so we could have a place to do our swaps for the lowest fees that we could find. This is the fees on Ethereum, Arbitum, and Bass are only.15% fees. Uh this is a huge difference from uh other centralized exchanges that charge half a percent or even up to 1.2%

fees on their swaps. Also, you can swap on Salana all at swap.mmillgrow.com. Check it out today. You won't be upset. And you can join me in my favorite place to make swaps on chain. Want insights on what's moving crypto markets and how we're trading each event? Subscribe to our channel and join the Milkro Daily and Pro Newsletters and start investing like the top 1%. This show is for educational purposes only. Nothing we say is financial advice. Investing is risky.