Yes.

So if we look at the...

You know, if you go to Block- If you just, you know, Google Blockworks, uh, you know, Solana data, you're actually able to see this.

Look at this chart of transactions happening on Solana, right? So we are now...

Solana is now doing two point four... uh, $4.2 billion in non-vote transactions every single month, right? July, all-time high, $4.2 billion of non-vote transactions.

There were roughly 24 million trades per day on Solana.

24 million trades, 860,000 trader addresses, and the, the number that is really crazy to me, there are two numbers.

Given the market action and their fa- and their subsequent action in response to market action, do you have a difference of, of opinion in regards to Bitcoin treasury companies and their role in the markets today?

Like people who are perceived to be friends on camera.

If we, if we gave the 30-second overview on what happened, right? Like, the, the trigger here was macro.

So, you know, even though Santi says NVIDIA earnings matter more than everything, the, the trig- the trigger was macro, right? So, uh, what, you know, what is it? August 28th, nine days ago, Treasury doubles the, you know, size of the long-end liquidity support buybacks from, you know, $2 billion to, what was it, $4 billion I think it was.

Bitcoin touches, I think it was, like, 80, 81K, and that's kinda where we're flirting around today.

The...

So after that, so that was, like, step number one.

Step number two was th- there was this huge short, uh, short squeeze, right? It was a $2.7 billion short squeeze.

You always wanna understand, like, where a flow is gonna come from, and I think Hyperliquid is doing that probably more so than Bitcoin, to be honest.

It was structural about who Coinbase should actually be building for in the first place.

What is Coinbase's unique advantages in exchange? We really think about it like Coinbase versus OKEx versus Binance versus Robinhood, Charles Schwab, E-Trade.

I believe Coinbase's unique advantage that no one else in the world has is they have tens of millions of people who are sitting on long-term capital gains.

on their Bitcoin and ETH.

That is something no one else, no other exchange in the world has that.

So what I think Coinbase should lean into is products that serve those customers, products that serve the person who bought Bitcoin at 100 and now it's sitting at 60K and you can never sell that, right? Because your long-term capital gains.

So do things like give them the ability to borrow against that, essentially build a banking service for those people.

Jano first.

And is this is this like the block works as final form or like what's the you know, what's the sort of like next thing that you're looking at as ways of the business?

Yeah.

Yeah.

So this is block works.

We you know, we started the business December of 2017 and you are intimately familiar with some of the the early years.

For those who don't know, we sold some ads on Seb's podcast back in the day.

And but I think the The way that things have evolved maybe doesn't look that normal to an outsider.

Maybe explain those for those who are not familiar with kind of the backdoor deals.

Uh, are you expecting a product at the intersection of AI and crypto to have undeniable product market fit within the next 12 months?

Um, no.

I don't, I don't really think so.

[laughs] I mean, I, I, I think that, I think that crypto, a lot of the crypto AI stuff has not really worked out too well.

I mean, there's, there's this thing, Venice, that's like open source ChatGPT or something like that.

Like, I, I'm not, I'm not too sure.

I think it's more just if the, you've got the haves and the have-nots.

Yep.

So hard.

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And there's actually a good amount of edge.

I think it was anyway, Jason, maybe you can, you can, uh, jump in with your, your dad.

i mean there's not too much to add on uh you know kind of what happened i guess we'll get into the the athena thing and the uh an adl a little bit more in a sec but i mean yeah for me like i was actually just getting back from from running a couple uh errands and i just like walked inside and everything was just like kind of nuking i was like um What am I really supposed to do? Like, I didn't really have like a, like a good, uh, game plan.

Right.

Like I was kind of expecting like a, a decent little washout to like, like one 10 or something maybe.

Um, but like, yeah, and I just like really wasn't expecting it.

It kind of caught me off guard.

Um, I had some fairly low leverage positions that were pretty big notional that were already on that just, um, pretty much went to zero by time i like sat down adjusted my chair like you know took some eye drops to like make sure i wasn't dreaming um and then tried to buy something that got liquidated within like two minutes of opening the position i was like all right you know i'm just gonna not light more money on fire and then i tried to send more money over to hyper liquid to buy things when um when when like i i was like kind of comfortable to buy things because i was you know pretty low cash balance by that by that point um and it took a while to get money onto uh onto hyper liquid as well because because that shit wasn't working so like nothing was like working across the board um i think by bit worked i think hyper liquid worked everything else kind of had issues but like even getting money there wasn't wasn't easy coinbase didn't fucking work um i was trying to buy pump there too didn't work just didn't nothing worked really um all these things i was trying to buy so it was just like kind of shitty like obviously like it was a pretty big hit for anybody that had any amount of leverage right like i don't know if somebody had that threads like 1.3x or above you you your your positions got like it's like fucking insane right like

And so just imagine what the centralized exchanges made.