BlackRock Buys UNI, Tokenized iShares, Robinhood L2 Testnet Live, & Santiago Santos & RJ

H the back up the back. I'm above the back. JP Morgan, Black Rockck, DTCC, Fidelity, the entire thing was just institutions. It's just it's next level. This industry is going to the next level. And guys, I I don't know what else to say.

You said it. You finally said it. So boys, boys, I'm bush. We're boys. I'm about the H the back the Hop up above the back. The rollup is headed to the top. If we're not already at the top, we're going to the top. We're on fourth floor today. We're going to be on floor one and then we're headed straight to the moon, boys. Yes, sir. Happy Wednesday. Happy hump day. Home day indeed, brother.

Sorry for all the crypto holders out there today. Sorry guys. I was you know I was thinking about you yesterday because I was listening I I was listening to Elon's podcast.

What just happened? Yeah, I I see that. All right. I got a little excited that I was thinking about him. I think you can still hear me. So, I was thinking about you because I was I was listening to Elon's podcast that he did with the Stripe founder the Cheeky Pint podcast.

And he goes on there and he explains the strategy and the plan behind SpaceX merging with XAI and then also why they're going to build data centers in space. and he was essentially explaining how I mean I think this is well-known information but Elon's a big solar bull and I was just thinking to myself if if we're going to send satellites into space Elon's trying to build this colony on the moon to like send you know power plant satellites up there to harness more solar energy what does that mean for nuclear on Earth and what does that mean for uranium?

Bullish for uranium, man. I'll tell you that much. It's freaking bullish. They're going to be mining that thing. It's down today a little bit, but this is a multi multimonth play, multi-year cup and handle.

I'd like to see a I'd like to make a side bet that you don't last in the uranium position for longer than three months.

I think is actually I would I think I would have to give you better odds at three months. I don't think I don't think you're going to last more than a month or two in this uranium position. It's dumping in snow out here. The vibes are up.

So much has happened since the last 24 hours. We were totally spot on about layer zero. This hair is almost gone. It's I'm I'm about two weeks away from getting this thing shaved off.

You got something scheduled?

Nope. But god damn it. Does this thing need needs some work here? All right, man. Let's go. Yeah. Yeah, let's go. Let's Rumor Mill was firing. We were totally right about Layer Zero. That was exciting. missed a couple things, but pretty see the entire industry rally behind layer zero tweeting about it, right?

Oh, yeah. It's kind of a lot. It's I mean, they obviously went all out. They were able to harness the attention. Uh, I'd say that I mean, look, they were the biggest thing yesterday. Unfortunately for layer zero, now there is something that happened today.

Let's bring up our first headline, right?

Isn't that funny? Yeah. I mean, I had Brian DM me saying, "Thanks for the uh thanks for the shout out." That the first tweet was a bit was a bit rough for them to manage considering it was two and a half years in the making. And, you know, it just kind of came out of nowhere for my Twitter account before they had the chance to announce it, but he he he ended up being grateful for the marketing support. And yeah, that's great.

Yeah. I mean, Brian's a friend of the show. He's been on a couple times. look forward to hosting again. I texted him back. I was like, "Dude, um I was like, "Dude, uh wait till you see what we have in store come March." Uh I think our last podcast I was in some Brazilian [ __ ] hole. Uh just wait till we where we do our our next one at. And he was like, I'm stoked. So good, good vibes. That that coin's ripping. So yeah, that's a good one.

And then obviously the other one that's ripping today is Uniswap. Uh so our first headline here is that Black Rockck was at the Bank of America conference. We can scroll down on this because I think we have obviously the more relevant Black Rockck news. But let's pause here. Uh just some notes about Black Rockck. They achieved an organic base fee growth over 5% over six consecutive quarters reaching 9% for 2025.

Y um obviously their their crypto ETF projects products are 530 billion dollars of organic asset growth for those ETF products. Yeah. Um so this has become a massive revenue driver for BlackRock. Obviously this was a massive trillion dollar company beforehand. Uh they are only growing with the adoption of digital assets. Uh the company targets $400 billion in fundraising for private markets and alternative by 2030. Black Rockck is exploring digital wallets as a new distribution channel and tokenizing its entire ETF suite.

Yeah, now we're seeing more of the infrastructure become available for Black Rockck to tokenize more of its ETFs, more of its money markets, and for those to become more widely accepted and composable with the rest of DeFi. Uh, and I think, you know, something that they didn't have to do that blew everyone away was them buying unis swap. Uh, because not only are they using the underlying technology, they are buying DeFi.

Yeah, that's pretty crazy, right? They didn't have to do that. I think this is just this is just a signal that they are deeply invested in this space. They believe in it. they're going to continue to use it and they want to be exposed to the upside as they pour more capital into these protocols.

Yeah. I mean, why don't we get on to that? Um, I think that it was pretty significant. We also have like quite a bit of rumor and chatter around what's coming out of the SEC newsroom. Yes. That pertains to this. I think we'll we'll cover that more on Friday. But yeah, I think that this is uh this is a huge first step token ripped. Uh so, let's get into that.

Yeah. So, let's keep going. I think that is a little bit later to the end of the docket because it came up right uh right as the show is starting. So let's let's move on. Uh we've got some things to get through before we talk about everything Black Rockck Secure ties unis swap.

What's the chat saying? Appchain thesis is back. I bet unis swap really starts to lean in on beefing up their uni chain. Uni chain will probably pivot to their own L1. I don't I have zero speculation on that. Sup fellas. Good call out on layer zero Andy. Long dip before the announcement. Nice pump. Love to see that. Keep watching the roll up.

Yeah, we uh that was a that thing dumped as my as my tweet came out. Uh and others piled on. That thing nuked and then um that thing just ripped 45% in 24 hours with size. Like you get size on it, too. Oh yeah. It's a top 100 coin. Another another coin here that had some size. Hyperlids permissionless per hit five billion dollars in daily volume.

Yeah, what a movey fuels record activity. I I just keep buying. I I think I'm actually calling out that hype under 30 right now is I think kind we're in a really peculiar spot, right? We're like we're either, you know, going to put in a bottom here under 30 because this is happening. HIPP4 is coming out. uh things are going to be super exciting and hype's a generational long here at 28 29 up to the top of the range uh or just like a long long-term hold which I think there's I'm kind of positioned for both like I'm positioned for long-term hold and I'm positioned for let's try to get this thing back up to the top of the range and see if we can make some some nice bare bare market uh you know a little quick flip in the bear not my specialty but um but yeah so I mean I think this is so what there was what is the exact numbers here $5.2 2 billion of daily volume in just four months uh of being live.

Uh HIPP3 silver purpose dominate 50% of HIPP3's volume is in silver pers uh silver NASDAQ index gold are the leading ones and yeah these underlyings follow trady hours and the weekend closures affect volumes directly but you can still trade on the weekend just not really much going on. Um hype under 30 is a gift eating Coinbase lunch.

Yeah, if you're the thing about Coinbase is interesting. I mean, trading volume, you've got Coinbase at $1.4 trillion. Notional. Hyperlid at $2.6. That's a 50% more volume happening on Hyperlid than Coinbase.

In terms of what time?

In terms of notional volume overall. That's in That's trillions. That's everything total. 1.4 for Coinbase, 2.6 for Hyperlid. Uh that's from Okay. That's just because Coinbase just launched per in this like like cuz Coinbase is spot trading and Hyperlid is um been had you can trade 100x per on it. Like I don't think that's I don't think that's just pers.

Okay. Well, you fact check that because that sounds crazy considering Coinbase has been out for 20 since 2017. I find that hard to believe.

Well, it's not not all time. I believe this is No, this is so year to date.

Okay, that is very believable. Yes, that's very believable. Okay. Yeah. I mean, for example, um you know, on February 6th, right, that was the crazy day in the market. Hyperlid had almost $3 billion daily volume and then February 7th, it hit 153 million. So, that was a weekend markets were closed, so it dropped a lot. You can just see a lot of how onchain percreasingly mirroring tradi, but they still kind of fall into the trady constraints like market hours, liquidity gaps.

But again guys, for me, hype has been the thing that I've uh kind of held through my crypto bearishness. If you've if you've been following the show since I was in I don't know since I I guess since October in really November, I was like vocally bearish. Hype was something that I held on to. It did get dumped hard. We sold a bunch and then kind of rebought. Um so looking is our hype is our number one uh position in good idea ventures liquid portfolio.

Yeah. So we'll see what happens guys. It looks terrible. Uh like the market looks terrible but Hyperlid looks good. I actually just saw a good tweet from Crypto McKenna saying that on a PTE ratio basis Hyperlquid is again under uh 10x PTE ratio. So it's pretty I don't know it's pretty reasonably priced. I also saw a chart of Hyperliquid's revenue versus Robin Hood. Um, also pretty insane. So guys, I mean, this is just something that we're riding in our N7 index, part of our NEO finance thesis. Uh, we have our dashboard live. Uh, we will be sharing more about that shortly, but that's all I got to say about hype. Uh, yeah, let's move on. We've got a lot to get through.

uh Hyperlquid uh strategies tickers per uh also bought I believe it was about $130 million. This news hit today because they filed earnings um in which uh that news became public. But they actually did this and they were able to get a execution almost at the I mean at 25 25 meanwhile on the screen $25 billion of negative debt value from everything else. Zero above their cost basis except for Hyperlid. Exactly. Except for Hyperlid.

So, so given the news that came out this morning, Hyperlquid Strategies is one of the only DATs that are in profit on their buys. I mean, we'll see how long that one lasts. Eh, stay bullish, my friends. But I think there is something to be said about I think there is something to be said about how if you are in the DAC game, right? You're hyperlquid. This guy's the former Barkclay CEO, right? The guy running a Bob Diamond. you are watching the rest of the market just top blast other assets. There's just no way you're getting in there and thinking to yourself, I'm trying to top blast, you know, all like hyperlquid at 50. Like they waited a significant amount of time, whether it was due to their filings or whatever.

But that aside, we'll cover that. This is ridiculous. Like I had tweets saying like Dat's going to end in blood, end in tears. People were like, "You're wrong. Santi's coming on a bit later." He was like, "Dude, this thing's definitely going to get cooked." Like, this is terrible. This is really bad.

So, who are the biggest losers here? This is really bad. Micro Strategies below their cost basis now, but not by a whole lot because they started buying earlier. Bit mine and Sharplink have to be down a lot. Yeah. Um, and so I like, you know, at what point do these LPs start calling, right? They obviously believe in the underlying. A lot of these contributions were in kind, meaning that, you know, Bitmine and Sharplink didn't necessarily buy uh the top of ETH.

Yes, they did. They also received lots of ETH in contribution.

I don't think it was that much. Okay, we're gonna have to fact check that as well. I think a lot of these other shitcoin dats did, but I think I think I mean Tom Lee's down like 8 billion. Yeah. Yeah. But he also he bought like 12 or 15 billion. Yeah. I mean led by Micro Strategy here, $4 billion of a loss, trading below average cost basis after ETH and Bitcoin dropped about 30ish% year to date. One of the worst starting off the year drops in the history of the industry.

Um, this post kind of counters if you guys I don't know if if you remember Joe Weisenthal, he was he had this bullish DAT thesis uh just kind of like this last gasp by quantifying the fallout where actually it wasn't bullish dats where crypto holders traded tokens for overvalued equity just before the downturn which kind of like amplified corporate balance sheet strains and just kind of struggled further caused more of this dispersion. I don't know, man. This unwind is like pretty bad and you ought to think people are going to be having to force sell or dilute their bags here.

I don't know. I mean, how patient are these guys? You've got Tom Lee buying Mr. Beast. They just went they bought the financial comp company Step. I just, you know, these these companies, a lot of them are less than a year old. Mhm. I mean, it's insane capital allocation strategy to spend all of the money that you get within a year of being a company. Um I I but I I think the the time horizon on these things are a lot longer. And so I'm I'm thinking that if there is blow up, it's because these prices stayed depreciated at these levels for months on end. like there would have to be a significant amount.

They can also they can go use leverage. They can go you know we haven't seen a lot of that as of late.

A lot of what exactly?

Like I I don't believe Micro Strategy has issued any more like call options. I don't think Bitine has really sold that many more puts which was kind of the the funding strategy that they had used. And so I I don't believe the debt, you know, when they initially raised the capital, my understanding is that obviously they took out, you know, they raised money for the company itself, but then they also took out debt to go buy more of these underlying assets. I haven't seen a lot of those offerings as of late. So I don't think they've issued a lot of debt as the market's been going down because they don't have excess in their MNAV and so it's harder to to issue debt. But that would be I I think that would send this thing tumbling over the edge if even though these these equities these tickers are below MNAV, they don't have a lot of room on their balance sheet and then they go, you know, they go take out debt on that. That is when I think these things get stretched. I I just we haven't really seen that yet.

Yeah. I mean, like I said in the show last couple days, it's going to take a couple months for the market to to digest what just happened and bodies will come out is my take. So, until that happens, you guys will be hearing me say, I'm chilling. I'm chilling. I'm chilling. And then once we get the bodies out, once we get the destruction behind us, I think it's interesting like, you know, I I right now I I agree with the take that like we're going to be around these levels for a couple months, but I would be surprised if we go what I'm so bullish now.

I just keep counterating you. I just going to keep counter trading you, man. There's actually way less reason to be sufficiently bearish here than there was Exactly. months ago. Exactly. So, like bearish. It's just a matter of well, I I'm not bearish actually. I was going to the end of that point was going to be I don't think we go much lower. I do think we stay in this I don't think we go much lower either. I think we stay in this choppy phase for a couple months and it's a matter of 25% lower on Bitcoin.

Do you I mean we may stretch into the 50s like we did on that dump and just retest the lows. I don't think we 40s like high 40s would be would be elite. We might see that. But again, like that is much less of a draw down than it was from 80 to 58 where where it was. So, uh, check. All right. I don't know that math math and Mr. Math Major. Let's let's move on. We're just going to keep speculating about the market here. Um, I think these are good level. Like, this is a good level. Bitcoin is Yo, you're a good man. Insane. I I don't know. It's a blessing in disguise to have these levels available. Just have some cash flow, have some dry powder, and stay patient and you can survive chop. Don't use leverage like Andy.

Richard Tang, our first offering with Franklin Templeton. Um, yeah, I thought this was interesting because this is core to the whole composability thesis, meaning that, you know, Hyperlquid is tokenizing equities and there's a lot of trading volume that's happening over there. We're seeing tokenized equities, tokenized metals. This is a rising trend, but not until we see those tokens given the to those tokenized products composable with the rest of DeFi do I think we truly unlock a lot of value here. And that's what I think Black Rockck did today with securityize and unis swap. It's what I think we're seeing here. Franklin Templeton, you can use these things as collateral now. It means that these companies can go and they can borrow against that collateral. And this is this is where credit creation happens. Binance becomes this lender where they can start to, you know, offer margin and then Franklin Templeton can go use that margin to go create new products and and allocate into new assets. So, so this model with this is going to drive a next wave.

So, basically institutions can pledge to can pledge tokenized money market shares minted via Franklin Templeton's Benji platform while the assets themselves stay in regulated regulated custody that's handled offchange by a platform called Sephu. Basically, this allows institutional grade clients to earn money market fund yields while simultaneously using the same assets as trading collateral without moving funds onto the exchange. So again guys, vaults and taking off-chain assets onchain to use them are the two biggest trends that we're seeing right now in Neo Finance. Um, and we expect those to continue.

Yep. Yeah. And this is essentially, you know, you mentioned vaults, getting programmable collateral in terms of tokenized money market funds, tokenized private credit, all of that is going to is going to spur this Cambrian explosion of vaults that we believe is coming. Um, let's keep going. We got more. This is a big news day. It is. Uh, Robin Hood launched their L2. You had L2 on test net, right? They partner with chain link as the oracle platform for the Robin Hood chain. Yeah. Uh, this test net is live. It is an arbitrum based L2 uh based on what was announced during CAN of last year. Yeah. Chain targets financial grid use cases very similar to the one that we just heard from Binance about tokenized money market funds being used as collateral. Yeah. Uh 247 trading, seamless bridging, DeFi primitives like tokenized assets lending and per all this is going to be available through Robin Hood's L2. Yeah. And so they'll probably announce and launch their own Robin Hood products and apps on top of this chain. I imagine that they would migrate quite a bit of their existing business onto this chain. Remember there is plans.

Is it is it for Robin Hood to launch their own L1 or is it to launch its L2 away from Arbitum?

There was a migration plan here. Yeah, they were going to launch their own L2. Like their own they were going to like do they were going to like launch some DeFi stuff on Arbitum, right? and then they were going to um launch their own chain. I think they're just going forward launching their own chain at this point. Okay. Yeah, that's what it seems like. And so, you know, right now this is still the arbitron based L2 test net. Um this matches pretty much what we've seen out of centralized exchanges. Coinbase uh that has launched the base L2 obviously uh and also getting into tokenized equities. Uh and then you have Kraken uh they've launched Inc. and have X stocks. So there's this tokenization uh you know adoption curve that's happening. Yeah, you see more tokenized assets becoming composable and and the place to do this is L2s. So I think it's kind of funny this comes after Vitalik's uh anti-L2 post.

In this specific case though, Rob, um this is like this is again chain link just kind of being in the middle of where all the institutional flows are meeting DeFi flows. Robin Hood has 24 million or more users. Uh again trying to bring that into crypto, bring accelerating real world asset tokenization, accelerating more financial grade rails on crypto. Kind of like a mixed community reaction so far. Strong signal for chain link like wow mainstream validation. You guys are working with Robin Hood. Great. Also people are upset about chain link's price action. People want to see chain link pump. They want to see an actual value return to the token from this type of activity. Well, it's got the strategic link reserve now. A million dollars a week that's happening. Um, but again, like this is just a bigger disconnect that we keep seeing in the space that chain link is just now getting the brute dev on on the timeline because well, because layer zero is pumping and really just because uh the market's bad. So I think part of I think part of the the rationale behind that sentiment is like Yes. Also I think Chainlink has an incredible suite of announcements and partners and it's like okay what's that like all the time? Yeah. Exactly. So like the fact that they're powering Robin Hood it's like that's just a basic normal thing for them. It gets diluted. Yeah. you know, by the fact that they're also working with the DTCC and, you know, federal governments and central banks and they're doing all these things. Layer zero has one massive post leads to one, you know, big swell. Um, chain link has just continued to push and ship. So, I look, we're seeing the massive repricing happening of all these assets. You know, we're we're seeing what sticks out. We are now understanding uh which DeFi tokens are going to get a bid. Uh there's more coming out of the SEC newsroom that we want to get to. Let's let's keep going.

Um, next up, uh, more on Robin Hood. Uh, public test net is live. Uh, developers can now build on a financial grade Ethereum layer 2 built on arbitum designed to support tokenized real world and digital assets. Um, and then they dropped some docs and so I'd imagine that, you know, there's going to be some permissionless builders out there that are uh that are quite keen on building on top of the Robin Hood chain. So, so congrats Robin Hood. Uh, pretty sick. We were also privy to this news uh due to a little bit of a of a leakage beforehand. So got that thing over the line and congrats for being on test net. Pretty excited to see them go live. I think the sentiment around new change is pretty bad, but I mean it's Robin Hood. So uh it's pretty great. Let's keep it rolling. Just about five more minutes until Santi joins us here.

Stripe getting into the agentic payments economy here.

So what so what's the headline here? New system. from Stripe launches USDC machine payments on base with X42 protocol. New systems allows developers to charge AI Agents directly for API usage and services using micro transactions with USDC. Yeah. Uh, it integrates a API for programmatic billing, built-in support for sales, tax, refunds, reporting, and there's a pay-per-use API access on a lot of these things. That's on Coin Gecko. They're Coin Gecko is moving into a space that I think a lot more companies are going to move to with their APIs where it's pay request. They can actually meter the usage of these things a lot better than if it's a subscription model. Like if you look at the bottom of our uh bottom beautiful bottom thirds here, you'll see some red uh numbers scrolling across the screen and uh that comes from Coin Gecko. We pay a subscription per month for that data coming from Coin Gecko. If we had an agent that was pulling from that API key, it would be per request. And so anytime we wanted to update that ticker, we would pay a microtransaction. This I think is relevant because this is the onset of the adop we're changing the internet at some of the most fundamental layers. We're making it a agent centric internet and so this is happening at the browser layer. It's happening at the API level and I think we're going to continue to see this because eventually there's going to be more Agents using the internet than humans, right? and and that changes some of the most the the UX starts to become very very different when humans are almost secondass citizens on the internet. Things are going to be built with Agents in mind because humans are going to be interacting with these things much less. And so I I think payments obviously is one big thing, but we're going to see a lot more changes as Claudebot and Agents become more ubiquitous. It I like it. Very cool.

Um, and then also Dan Romero left for Tempo. I'm sure they're doing a ton of I've seen him be uh tweeting as of late about different agentic flows that they're working on that they're looking to get into as well. Uh, so definitely interesting. Let's move on from the AI stuff here. Hopefully we can get to unis swap and black rockck. Yeah, let's do it. Not sure if that's exactly next, but we got about three minutes until Santi joins. And I'm stoked in his convo. I've been binging his substack. One of the only crypto substacks I've been reading.

Okay. Stable coin rules. Yeah. Skip. Skip. It's for banks to build on open source Ethereum. I mean, major banks at the top Ethereum L2s. You're an Ethereum bear these days. ETH to a thousand. Oh, maybe not. E to literally a thousand. It's cooked. Thing's cooked. E to a,000. How I mean thousand when Black Rockck is buying unis swap tokens, dude. I don't know, man. I look at Flood's tweets and I just resonate with them. I just can't I can't do it. I love you, though. Hip3, here we go. Yes, sir. We covered this earlier, but yeah, I mean, pretty insane. Per volume. If you scroll down, you can see the actual chart where you can see the cumulative volume in silver per. Um yeah, it's pretty it's pretty impressive. Uh that hockey stick growth obviously correlated with um you know the rise of the silver and gold bubble that just happened. But I mean pretty nuts.

Well, I think this is interesting to see how Hyperlid is becoming uncorrelated from the rest of the exactly the rest of the crypto market. However, OI is cooked. Oi is down to about four bill. It was at seven after 1010. It was at 15 bill before 1010. Dude, that's fine, dude. It's not a good sign. Oh, I getting smashed is not good. It just means that there's not leverage up there in the system. Like, we're getting inflows. You see that they're getting dominance and market share in other categories. Th this is going to happen, you know, it's happening in the tokenized gold and metals markets. It's going to happen in the tokenized equities markets. We're going to see more inflows and then eventually leverage is going to build up in the system again. But I think that's why, you know, we're going to chop for a couple months. there's not a there's not a speculative fervor out there. Institutions aren't going to FOMO. They're not going to use a ton of leverage. So maybe that means open interest and, you know, overall trading volume is like rather slow and steady on hyperlquid. And then when there is, you know, 1% rates, the new Fed chair gets in there, cuts, you know, money printing starts over again. Monetary conditions call for more leverage, more risk- takingaking. Until we until we see that, I think it's just going to be steady as it goes.

Well, I think if we get V death, like volatility death, very bearish for Perpexes. Last last bare market we had GMX run um because we had a lot of these leverages liquidations and everyone's bowled up on it and then it died. Uh I don't think Hyperlquid's even close to the same product suite or it's team, but something to note for hype holders. I mean, we're both talking about chop here for the next few months. So, chop equals V death.

No, no. We're going to get more volatility, I think, in the next 6 weeks, but then after that, I'm a bit worried about what happens next. We should get another like big bounce and then another try and a big dump and then and then V death and just and then just like apathy just like once you start seeing the Bart the Bart pattern, that's V death right there. So, all right, let's move on here.

Here we go. I can't tell you if it happens in 90 days or 12 months, said Martin Small, CFO of Black Rockck. That's 12 months at the outside. If you're wondering what narratives will lead us out of the bare market, this is one of them. Bullish L1s and quite bullish DeFi. Honestly, just don't agree. Um, just not bullish most L1s. Um I am bullish select DeFi with revenue uh Sky Hyperlid even a if they get their tokconomic stuff sorted out which hint hint uh rumor mill is humming this week about some things happening there. Um I I think yes tokenizing eyeshares is great but now we're just doing a full loop here of ETFs than tokenizing them. It's like we already have the asset on chain.

But no, Andy, you're missing the biggest point that I've been trying to harp on. Okay. For like ever since we've been talking about tokenized assets, which is that once they become composable with DeFi, you end up seeing capital flow into the assets themselves. These things are currently not regulated in the right way. They're not accessible to institutional capital. That's why just today you're seeing Black Rockck get into unis swap. We're going to see we're going to see the capital inflow start to permeate throughout the rest of the asset universe. The quality assets, not the shitcoins, but the real businesses that have balance sheets that are investable. These things are only becoming available to institutional investors.

Now, tokenizing an ETF makes it any more accessible to institutions than just buying the ETF on Schwab.

Sure, it is going to become composable with DeFi, meaning that you That means that that means that like all these assets so like they're going to buy the tokenized ETF version of the asset bring that onchain because obviously tokenized and then that's going to contribute to like the TVL of a contribute to the TVL of a there's going to be tokenized the the same reason you saw the tokenized money market from from Franklin Templeton as collateral on Binance that is going to happen from a a hundred institutions and a 100 different venues and once that happens It unlocks so much latent capital and margin that ultimately leads to the rise out of this va death that we're talking about because that you need to unleash capital. Now the fact that they're going they're buying unis swap tokens black rockck is right that is a choice that they've made to further their investment into the industry. It may be the case and it's probably going to be more so the case that Franklin Templeton Janice all these all these money market funds you know they're they're going and they're going to allow collateralization of those products. there is going to be margin issued against those products and then they're going to go into more of those products. Meaning you tokenize a money market, you use that margin to go into more money markets. Use, you know, you tokenize a metal, you you know, the fact that we have this crazy Hong Kong hedge fund, you know, use metals as collateral and then go into this Bitcoin trade. These things were rather unc there's