[audience laughing]

Morning, everyone.

My name is Kyle Samani.

Uh, thank you for being with us at the All On Liquidity today.

Thanks to the Besties for organizing.

Today, we're gonna be talking about a little-known asset, a little crypto asset called GEODNET, uh, which is building the rails for AI.

So let's jump in.

Or not meaning prefer this over that.

Come on.

Morning, everyone.

My name is Kyle Samani.

Thank you for being with us at the All In Liquidity today.

Thanks to the besties for organizing.

Today, we're going to be talking about a little known asset, a little crypto asset called GeoNet, which is building the rails for AI.

So let's jump in.

How did you hone in on this and exclude the others? Meaning prefer this over that?

So, uh, may- maybe set the table for what's happening on Solana right now from the RWA and tokenization side.

Yeah.

So I, I think broadly about kind of RWAs in, in two major buckets, two, or two or three.

One is kind of like the Wall Street side of the world, um, and there's some subcomponents there, equities, fund products like the Ornry product I just talked about.

Uh, and then the other side is, like, kind of stable coins, payments lands.

Um, and, uh, if you look, like Solana today is actually doing phenomenally well on both fronts.

On the payment side, you know, PYUSD is growing.

Seems like a lot more are actually coming towards the native crypto incumbents.

Where are we today? do I go around having some of your stock in my portfolio? Why would it be better for it to be tokenized? And then just the triangulation of that whole thinking would also be why wouldn't I just hold Solana?

Yep.

So lots of questions there.

Let me try and answer all of them first and most importantly is like mission here.

people have been asking me to do a dat for solana for probably upwards of a year now um and i said no a whole bunch of times uh and obviously then finally said yes and the reason i ultimately said yes was uh because of a speech that sec chairman paul atkins gave on july 31st And that speech is titled Project Crypto.

I encourage you to read it.

You can Google it.

and a you'll have good statistics is that true in your view and b um is that still because there's some type of brand is it ethereum has some brand that institutions are adopting is it true adoption love you to talk around that type of um that type of zone please

As cryptocurrency becomes more popular, we're starting to see signs that it could become part of our financial future.

US dollars are the greatest product in human history, but amazingly, most people around the world who want dollars cannot get them because the legacy financial rails simply prevent them from doing so.

You want to have the world's most real-time, global financial market where everyone is synchronizing using the same open protocol at the speed of light.

Ladies and gentlemen, please welcome Multicoin Capital's Kyle Samani.

Good afternoon, everyone.

My name is Kyle Samani, I'm a founder and managing partner at Multicoin Capital.

I'm incredibly excited to be here with y'all, with y'all in Summit today.

Today, I'm gonna be talking a little bit about internet and capital markets.

And so there's a lot more uncertainty in macro than I've ever seen, which makes calling the top of the cycle much more difficult.

The other thing I would add is Mike just touched on executive branch, Fed independence.

But I honestly think what might end up being the biggest thing when we look back in 20 years is Congress.

And we just passed the Genius Act a couple months ago.

Stablecoins are now recognized by United States Congress.

I think we're going to get the Clarity Act passed hopefully in the next couple months here.

Fingers crossed.

And that's going to be the big change.

Why Solana? Do you think it will all be on Solana? Do you think that Ethereum will capture some of it or any of these others? Or do you think that Solana can do it all? Why Solana?

Yeah, I mean, look, Solana's vision is to power internet capital markets, which I think is even a superset of Chair Atkins' vision for Project Crypto.

I think Solana today is in the best position to capture that, the opportunity for these on-chain securities for a number of reasons.

First and most importantly is there's a defined token standard to handle regulated issued securities.

Solana rolled out this idea called token extensions maybe 18 months ago or something.

And adoption has been a little slower than we would have liked, but it's there and it's built into the L1.

And there is a mechanism to deal with all of the realities of having a regulated security on-chain.

BlackRock.

I think empire listeners are getting a little sick of the debt narrative, but give me the pitch on why this is not just, what are you trying to do here? And why is this not just another debt?

Yeah.

I appreciate the question, Jason.

And it's the most important one.

And I tried to address this in my, my blog post that I published earlier this week.

Um, Let me touch on this from a few angles.

First is like, what can this vehicle represent for like, what can this vehicle do for Solana? And like, you know, SEC Chair Atkins just announced he gave a speech, Project Crypto, six weeks, seven weeks ago.

Tell me your thoughts on this.

We expect that we are going to move all of our capital markets operations on chain.

So meaning fundraising on chain, dividends on chain, shareholder governance on chain, all of those kinds of things that pertain to the stock.

And then we're also going to try and move as many of the core operating parts of the business on chain as well.

So obviously payroll, paying vendors, those kinds of things.

And in doing this, we need to prove to the world that you can have a publicly traded company do all of these things on chain.

Obviously, most of the folks are going to be reticent to do these things.

And so we need to prove to the world that all of these things are doable and we are in the prime position to do so.

How do you see this cycle playing out and what are for you the key catalysts or risks that you're looking at?

Yeah.

Um, a handful of creators started making tons and tons of money, uh, this past weekend, and a lot of, uh, creators from Rumble and Twitch are now publicly experimenting on the Pump platform.

Um, that could really snowball and gain momentum, and, and really kind of change the dynamics around creator monetization.

Um, w- it's actually funny, they, they...

This happened over the weekend.

I was at the All In summit last week, and I gave a presentation there on internet capital markets.

I think that video is gonna drop in the next couple of days.

Yeah.

Mm-hmm.

... um, outside of like all the top 1% or so of, of the, of the global, global wealth.

And s- stable coins make it trivial for anyone in the world to host, to have dollars in their pocket.

Um, you don't need to sign up for permission.

You just, you take your phone, your phone literally picks a random number as your private key, and you're, you're good to go to receive dollars.

Um, I think this will probably represent one of the lar- largest movements in capital in human history as you enable, call it, five to six billion people to like start holding more dollars more easily than they otherwise could hold them.

Um, and the, the scale of what it means is actually really profound and, I think, really underappreciated, uh, which is why, uh, I think it's not priced in, because it's just hard to grasp what this means for everyone in the world to be able to hold one currency.

Mm-hmm.

Wow.

Uh, Helium, for those who don't know, is a, is a decentralized wireless network.

Anyone can stand up a hotspot in their house and provide wireless coverage, and other people can, like, use your network and pay you for doing so.

Um, uh, we just invested recently in a very high-profile, uh, DePIN project called Double Zero, which basically is bringing private fiber to, uh, anyone who wants to pay for private fiber per byte of data.

And this is gonna go live over the summer.

Um, and it's gonna tra- it's gonna really change low latency trading on, on public blockchains.

Um, there's a handful of other kinda major DePIN teams, like Hivemapper, Pipe Network, and, and a number of others that we're involved in.

Uh, otherwise you're just gonna be too late, right? One- once the thing i- i- is, is already big, you don't necessarily wanna invest in the fourth or fifth player in a category.

And do you think that the recent, like, is it, is it a lag to, is there going to be a lag basically where the inflows into venture funds will sort of lag the regulatory green light that we've received?

Yeah, I think the reason you're seeing slowdown is kind of like, I think, a recognition of what is crypto useful for.

You know, I got into crypto in 2016, and Ethereum was my first true love in crypto.

And at the time, I was real bought into DeFi to some extent, but actually like decentralizing the internet, these kind of grand ambitions of removing the centralized power based on Google, etc.

And I no longer believe in that part of the crypto vision.

um multicoin has made a bunch of investments to that effect over the years um we probably put i don't know 20 30 million maybe maybe a little more than that to work and that things that would kind of broadly fit in that thesis and we have we have since stopped um as we have fundamentally uh recognized that these systems are financial systems first and foremost And that we need to be focused on investing in things that are fundamentally tied to innovations in finance.

Those innovations could be mechanical, meaning like oracles, for example, or MEV infrastructure.

But in terms of capital, in terms of capital flowing into crypto, from a venture and liquid perspective, maybe more so the latter, does this move the needle in the short to medium term?

So how does that come about? And what is your thesis when you first saw Solana?

Yeah, so I got into Ethereum in March 2016, and obviously through 2017, ICOs are launching left and right, and the gas fees are starting to spike, and the network's becoming unusable.

And all of this was known ahead of time.

I mean, if you go look at the public discourse documents, blogs, videos from the core Ethereum people before the network launched, they all were like, we have to solve scaling, otherwise this is going to happen.

So all of the scaling problems were forecastable and understood.

Two years later, so it's 20, they launched a blockchain July 30th, 2015, plus or minus a day or two.

And by middle of 2017, it's been two years, absolutely not even an attempt to solve the problem.

What was it from a thesis standpoint that you saw about those projects and how do you describe them to people today? And it might be worth describing like HiveMapper and Helium to the uninitiated.