WEBVTT NOTE Open Interest — parker-white-apyx. Draft: text from the editor-approved caption file (S13 approved-corrections.srt, 22 Oct; HTML tags stripped) re-timed to the delivered first cut by word alignment against ASR of the cut (92% word match; local offsets 0 to −29 s from editorial trims, smoothed); speaker labels automatic (resemblyzer, 2 speakers). Not yet reviewed line by line. 1 00:00:01.031 --> 00:00:01.615 Welcome to 2 00:00:01.618 --> 00:00:02.743 panoramic content 3 00:00:02.740 --> 00:00:03.490 suite Singapore 4 00:00:03.490 --> 00:00:04.656 edition right 5 00:00:04.640 --> 00:00:05.140 alongside 6 00:00:05.140 --> 00:00:07.015 Token2049 7 00:00:07.474 --> 00:00:08.349 In 20 so 8 00:00:08.019 --> 00:00:08.310 something 9 00:00:08.310 --> 00:00:09.019 like that 10 00:00:10.560 --> 00:00:11.477 We got a special 11 00:00:11.760 --> 00:00:12.260 guest over here. 12 00:00:12.297 --> 00:00:12.880 Thanks for taking 13 00:00:12.915 --> 00:00:13.540 time out of your 14 00:00:13.540 --> 00:00:14.207 day got the 15 00:00:14.190 --> 00:00:14.690 founding 16 00:00:14.707 --> 00:00:15.457 contributor 17 00:00:15.443 --> 00:00:16.610 at Apyx 18 00:00:17.110 --> 00:00:17.860 His name is 19 00:00:17.860 --> 00:00:18.568 Parker, but I let 20 00:00:18.568 --> 00:00:19.818 him do the self 21 00:00:19.818 --> 00:00:20.568 introduction 22 00:00:20.600 --> 00:00:20.975 momentarily. 23 00:00:20.915 --> 00:00:22.290 Welcome. Thanks. 24 00:00:22.327 --> 00:00:23.535 Have me. Yeah 25 00:00:23.538 --> 00:00:24.163 Yeah, let's get 26 00:00:24.163 --> 00:00:25.080 started with the 27 00:00:25.077 --> 00:00:25.577 self introduction 28 00:00:26.077 --> 00:00:27.244 What was curious 29 00:00:27.194 --> 00:00:28.360 in terms of kind 30 00:00:28.360 --> 00:00:28.860 of like your 31 00:00:28.860 --> 00:00:29.569 personal journey 32 00:00:29.612 --> 00:00:30.362 and how you ended 33 00:00:30.362 --> 00:00:31.320 up at Apyx 34 00:00:31.320 --> 00:00:32.653 today. Sure 35 00:00:33.020 --> 00:00:35.770 So I got into 36 00:00:33.388 --> 00:00:33.680 crypto 37 00:00:33.679 --> 00:00:35.304 back in 2017 38 00:00:38.220 --> 00:00:39.220 Was in kind of 39 00:00:39.220 --> 00:00:39.512 traditional 40 00:00:39.512 --> 00:00:40.054 finance 41 00:00:40.060 --> 00:00:40.685 prior to that 42 00:00:41.268 --> 00:00:42.060 doing a lot of 43 00:00:42.060 --> 00:00:42.518 fixed income 44 00:00:42.518 --> 00:00:43.810 trading and that 45 00:00:43.810 --> 00:00:44.060 kind of 46 00:00:44.060 --> 00:00:44.976 stuff at a 47 00:00:45.393 --> 00:00:45.768 multi-billion 48 00:00:45.768 --> 00:00:46.310 dollar asset 49 00:00:46.322 --> 00:00:46.863 manager in 50 00:00:46.863 --> 00:00:48.197 Texas and 51 00:00:48.799 --> 00:00:49.215 and 52 00:00:49.549 --> 00:00:50.340 So got into 53 00:00:50.340 --> 00:00:51.090 crypto kind of 54 00:00:51.083 --> 00:00:51.458 fell down the 55 00:00:51.465 --> 00:00:52.007 Bitcoin rabbit 56 00:00:52.018 --> 00:00:52.935 hole throughout 57 00:00:52.939 --> 00:00:54.064 most of 2018 had 58 00:00:54.065 --> 00:00:54.648 a startup with 59 00:00:54.648 --> 00:00:55.190 some buddies on 60 00:00:55.195 --> 00:00:55.653 the side 61 00:00:55.653 --> 00:00:56.820 and 62 00:00:56.820 --> 00:00:57.195 really 63 00:00:57.763 --> 00:00:58.388 Started to learn 64 00:00:58.403 --> 00:00:59.195 about you know, what 65 00:00:59.212 --> 00:01:00.045 Bitcoin is about 66 00:01:00.703 --> 00:01:01.620 hard money 67 00:01:01.620 --> 00:01:02.537 sovereign money 68 00:01:03.245 --> 00:01:04.828 and 69 00:01:04.610 --> 00:01:05.402 At the end of 70 00:01:05.380 --> 00:01:06.838 2018. I kind of 71 00:01:06.838 --> 00:01:07.547 left traditional 72 00:01:07.567 --> 00:01:08.900 finance and 73 00:01:08.900 --> 00:01:09.817 joined Kraken 74 00:01:10.625 --> 00:01:11.458 so 75 00:01:12.375 --> 00:01:13.500 Fast forward six 76 00:01:13.500 --> 00:01:14.542 years about at 77 00:01:14.467 --> 00:01:15.133 Kraken for about 78 00:01:15.208 --> 00:01:15.542 six years 79 00:01:16.210 --> 00:01:16.960 throughout that 80 00:01:16.960 --> 00:01:18.127 time held a 81 00:01:18.127 --> 00:01:18.460 number of 82 00:01:18.460 --> 00:01:18.669 different 83 00:01:18.680 --> 00:01:21.055 roles and 84 00:01:21.680 --> 00:01:22.846 Really spent time 85 00:01:22.846 --> 00:01:23.513 developing a lot 86 00:01:23.498 --> 00:01:24.040 of relationships 87 00:01:24.062 --> 00:01:25.478 and going deep 88 00:01:26.050 --> 00:01:27.591 Into all areas of 89 00:01:27.591 --> 00:01:28.300 crypto, so I 90 00:01:28.300 --> 00:01:28.508 remember, 91 00:01:28.508 --> 00:01:29.216 you know 92 00:01:29.841 --> 00:01:30.425 the first DeFi 93 00:01:30.425 --> 00:01:31.758 summer back in 94 00:01:31.753 --> 00:01:33.836 2019 2020 with 95 00:01:33.836 --> 00:01:34.711 you know, the 96 00:01:34.700 --> 00:01:35.825 launch of Uniswap 97 00:01:35.825 --> 00:01:37.367 and compound and 98 00:01:37.742 --> 00:01:39.117 The Aave rebrand 99 00:01:39.140 --> 00:01:40.223 from ethlens to 100 00:01:40.256 --> 00:01:41.840 AVE and and so 101 00:01:41.840 --> 00:01:42.340 kind of the real 102 00:01:42.595 --> 00:01:43.970 formative days of 103 00:01:43.715 --> 00:01:44.590 on-chain finance 104 00:01:45.465 --> 00:01:46.756 crazy days crazy 105 00:01:46.741 --> 00:01:47.700 days. Yeah, I 106 00:01:47.700 --> 00:01:48.075 remember 107 00:01:48.970 --> 00:01:49.345 specifically 108 00:01:49.366 --> 00:01:51.116 meeting Hayden 109 00:01:52.074 --> 00:01:53.365 When he just had 110 00:01:53.365 --> 00:01:54.240 one employee and 111 00:01:54.026 --> 00:01:54.693 that was his like 112 00:01:54.812 --> 00:01:55.979 assistant so in 113 00:01:55.979 --> 00:01:56.437 San Francisco 114 00:01:56.520 --> 00:01:57.895 Maybe this was a 115 00:01:57.980 --> 00:01:58.647 virtual stuff 116 00:01:58.657 --> 00:01:59.240 But his assistant 117 00:01:59.248 --> 00:02:00.415 actually lived in 118 00:02:00.418 --> 00:02:01.543 Houston and I 119 00:02:01.543 --> 00:02:02.460 grew up in 120 00:02:02.460 --> 00:02:03.418 Houston in Texas, 121 00:02:03.418 --> 00:02:04.376 which was you 122 00:02:04.376 --> 00:02:05.001 know, pretty cool 123 00:02:05.970 --> 00:02:06.511 so 124 00:02:08.366 --> 00:02:09.700 Fast forward to 125 00:02:09.700 --> 00:02:11.700 last year and me 126 00:02:11.664 --> 00:02:12.080 and a couple 127 00:02:12.080 --> 00:02:13.414 other Krakenites 128 00:02:13.402 --> 00:02:13.860 or former 129 00:02:13.860 --> 00:02:14.318 Krakenites 130 00:02:14.527 --> 00:02:15.610 We launched the 131 00:02:15.653 --> 00:02:17.070 first non Bitcoin 132 00:02:17.080 --> 00:02:17.330 Treasury 133 00:02:17.344 --> 00:02:19.177 Company DFDV 134 00:02:19.925 --> 00:02:20.758 so this was a 135 00:02:20.758 --> 00:02:21.300 Solana Treasury 136 00:02:21.300 --> 00:02:23.592 Company and 137 00:02:24.040 --> 00:02:25.040 Was one of the 138 00:02:25.040 --> 00:02:25.582 best performing 139 00:02:25.559 --> 00:02:26.225 stocks on the 140 00:02:26.248 --> 00:02:27.123 entire NASDAQ in 141 00:02:27.100 --> 00:02:28.059 2025. It's pretty 142 00:02:28.070 --> 00:02:28.695 cool. Yeah 143 00:02:29.809 --> 00:02:30.309 So you guys were 144 00:02:30.309 --> 00:02:30.850 one of the first 145 00:02:30.840 --> 00:02:31.590 ones to do it 146 00:02:31.590 --> 00:02:32.340 before even I 147 00:02:32.340 --> 00:02:32.965 think like Kyle 148 00:02:32.970 --> 00:02:33.720 Samani launched 149 00:02:33.720 --> 00:02:34.470 his yeah 150 00:02:34.471 --> 00:02:35.180 Yeah, so we did 151 00:02:35.180 --> 00:02:36.263 it we launched in 152 00:02:36.263 --> 00:02:36.805 at the beginning 153 00:02:36.805 --> 00:02:37.305 of April 154 00:02:37.855 --> 00:02:38.939 2025 mostly 155 00:02:38.939 --> 00:02:39.480 others kind of 156 00:02:39.480 --> 00:02:39.897 happened in the 157 00:02:39.920 --> 00:02:40.795 summer and summer 158 00:02:40.795 --> 00:02:41.462 and fall, right 159 00:02:42.045 --> 00:02:43.545 but 160 00:02:44.403 --> 00:02:45.320 We were and 161 00:02:45.417 --> 00:02:46.583 continue to be at 162 00:02:46.583 --> 00:02:47.625 DFDV very 163 00:02:47.528 --> 00:02:48.903 on-chain oriented 164 00:02:48.897 --> 00:02:51.064 and so we saw 165 00:02:51.792 --> 00:02:53.000 Strategy and 166 00:02:53.000 --> 00:02:53.583 obviously you've 167 00:02:53.583 --> 00:02:54.042 followed them 168 00:02:54.067 --> 00:02:54.692 very closely 169 00:02:54.692 --> 00:02:55.400 but we saw what 170 00:02:55.408 --> 00:02:56.116 they did with 171 00:02:56.113 --> 00:02:58.572 STRC back in July 172 00:02:58.567 --> 00:03:00.775 of 2025 and 173 00:03:00.767 --> 00:03:01.350 many people don't 174 00:03:01.355 --> 00:03:02.272 know this but 175 00:03:02.715 --> 00:03:03.465 Stretch was 176 00:03:03.465 --> 00:03:03.965 actually the 177 00:03:03.963 --> 00:03:05.422 number one IPO of 178 00:03:05.439 --> 00:03:06.397 2025 the 179 00:03:06.380 --> 00:03:07.088 largest IPO 180 00:03:08.495 --> 00:03:09.537 Which is kind of 181 00:03:09.505 --> 00:03:10.088 unheard of for 182 00:03:10.111 --> 00:03:10.778 preferred stock 183 00:03:11.917 --> 00:03:12.792 much less, you 184 00:03:12.797 --> 00:03:13.380 know like crypto 185 00:03:13.380 --> 00:03:14.380 company so like 186 00:03:14.380 --> 00:03:15.213 kind of a first 187 00:03:15.208 --> 00:03:16.000 for a whole bunch 188 00:03:16.000 --> 00:03:16.417 of different 189 00:03:16.417 --> 00:03:17.542 categories if you 190 00:03:17.542 --> 00:03:19.333 will and 191 00:03:20.432 --> 00:03:21.640 So, you know fast 192 00:03:21.647 --> 00:03:22.480 forward to the 193 00:03:22.501 --> 00:03:23.960 end of 2025 and 194 00:03:23.960 --> 00:03:24.793 we saw stretch 195 00:03:24.793 --> 00:03:26.168 continued to grow 196 00:03:26.668 --> 00:03:27.335 continue to be 197 00:03:27.300 --> 00:03:28.383 marketed and 198 00:03:28.758 --> 00:03:29.758 strategy really 199 00:03:30.300 --> 00:03:31.008 Realigned their 200 00:03:30.892 --> 00:03:31.559 whole business 201 00:03:31.677 --> 00:03:33.218 around stretch 202 00:03:33.241 --> 00:03:34.283 stretch became 203 00:03:34.277 --> 00:03:35.152 the flagship 204 00:03:35.152 --> 00:03:37.360 product for what 205 00:03:37.360 --> 00:03:38.110 they were doing 206 00:03:38.819 --> 00:03:41.600 Stretch is the product? 207 00:03:41.600 --> 00:03:42.402 That's 208 00:03:42.400 --> 00:03:43.317 right. Yep. Okay, 209 00:03:43.290 --> 00:03:44.040 so they'd 210 00:03:44.067 --> 00:03:45.067 launched three 211 00:03:45.072 --> 00:03:45.780 other preferred 212 00:03:45.780 --> 00:03:46.155 stock 213 00:03:46.165 --> 00:03:46.957 prior to that 214 00:03:47.373 --> 00:03:48.040 And they had 215 00:03:48.055 --> 00:03:48.347 different 216 00:03:48.332 --> 00:03:48.998 characteristics 217 00:03:49.387 --> 00:03:50.637 Most were or the 218 00:03:50.635 --> 00:03:51.718 ones prior to 219 00:03:51.718 --> 00:03:52.260 that were fixed 220 00:03:52.260 --> 00:03:53.427 rate fixed 221 00:03:53.429 --> 00:03:54.054 dividend rate. 222 00:03:54.062 --> 00:03:54.520 Some are 223 00:03:54.520 --> 00:03:54.853 convertible 224 00:03:54.990 --> 00:03:55.740 Some are not 225 00:03:55.728 --> 00:03:56.228 different 226 00:03:56.228 --> 00:03:57.520 seniority, but 227 00:03:57.520 --> 00:03:59.103 this one was 228 00:03:59.562 --> 00:04:00.645 Variable rate and 229 00:04:00.645 --> 00:04:01.728 so the idea was 230 00:04:01.721 --> 00:04:02.471 rather than 231 00:04:02.493 --> 00:04:03.202 having a fixed 232 00:04:03.180 --> 00:04:04.096 rate and a 233 00:04:04.120 --> 00:04:05.037 variable price 234 00:04:05.197 --> 00:04:06.863 You would have a 235 00:04:06.870 --> 00:04:09.287 fixed price and 236 00:04:09.280 --> 00:04:09.947 variable rates 237 00:04:10.155 --> 00:04:11.405 and 238 00:04:11.405 --> 00:04:11.863 so 239 00:04:12.716 --> 00:04:14.216 The idea was to 240 00:04:14.216 --> 00:04:14.800 bring down the 241 00:04:14.810 --> 00:04:16.226 volatility which 242 00:04:16.256 --> 00:04:17.090 would attract 243 00:04:17.090 --> 00:04:17.715 more capital 244 00:04:19.340 --> 00:04:20.048 And so stretch 245 00:04:20.018 --> 00:04:21.351 STRC continued to 246 00:04:21.365 --> 00:04:21.990 grow throughout 247 00:04:21.990 --> 00:04:23.740 2025 and towards 248 00:04:23.718 --> 00:04:24.635 the end of 2025, 249 00:04:24.642 --> 00:04:25.267 you know, we've 250 00:04:25.267 --> 00:04:25.600 been watching 251 00:04:25.600 --> 00:04:27.142 them very closely 252 00:04:28.642 --> 00:04:29.309 Sailors are 253 00:04:29.309 --> 00:04:30.100 talking about 254 00:04:30.125 --> 00:04:31.500 bringing stretch 255 00:04:31.500 --> 00:04:34.000 on chain and the 256 00:04:34.000 --> 00:04:34.542 idea was 257 00:04:34.540 --> 00:04:34.873 to create 258 00:04:34.915 --> 00:04:37.665 Essentially what 259 00:04:37.640 --> 00:04:38.640 he calls digital 260 00:04:38.637 --> 00:04:39.720 money, but the 261 00:04:39.720 --> 00:04:40.929 idea was to 262 00:04:41.630 --> 00:04:42.505 Take some of the 263 00:04:42.505 --> 00:04:43.380 market share from 264 00:04:43.380 --> 00:04:44.297 the non yielding 265 00:04:45.380 --> 00:04:46.547 stables like 266 00:04:46.547 --> 00:04:47.547 tether like 267 00:04:47.540 --> 00:04:48.040 circle and 268 00:04:48.040 --> 00:04:50.290 so on and 269 00:04:50.289 --> 00:04:51.080 Create something 270 00:04:51.011 --> 00:04:52.470 that you know, 271 00:04:52.470 --> 00:04:53.220 the whole world 272 00:04:53.580 --> 00:04:54.414 Could would be 273 00:04:54.420 --> 00:04:54.795 interested in 274 00:04:54.795 --> 00:04:55.836 owning that would 275 00:04:55.850 --> 00:04:56.642 generate, you 276 00:04:56.642 --> 00:04:57.600 know up to double 277 00:04:57.600 --> 00:04:58.350 digit yield 278 00:05:00.600 --> 00:05:01.434 So we started 279 00:05:01.449 --> 00:05:01.824 building 280 00:05:03.074 --> 00:05:04.740 Apyx the idea was 281 00:05:04.740 --> 00:05:06.032 to create kind of 282 00:05:06.032 --> 00:05:06.615 a structured 283 00:05:07.728 --> 00:05:08.187 Product 284 00:05:08.169 --> 00:05:09.460 structured asset 285 00:05:09.458 --> 00:05:10.750 that would use 286 00:05:10.752 --> 00:05:11.502 the yield from 287 00:05:11.500 --> 00:05:12.958 STRC and from 288 00:05:12.958 --> 00:05:13.667 some of the other 289 00:05:14.130 --> 00:05:14.547 similar 290 00:05:14.547 --> 00:05:15.380 instruments by 291 00:05:15.380 --> 00:05:16.047 other companies 292 00:05:16.065 --> 00:05:17.315 blend it with 293 00:05:17.315 --> 00:05:18.940 some cash bring 294 00:05:18.940 --> 00:05:19.565 it on chain 295 00:05:19.590 --> 00:05:21.090 and create 296 00:05:22.023 --> 00:05:22.606 essentially like 297 00:05:22.613 --> 00:05:23.530 the perfect yield 298 00:05:23.520 --> 00:05:23.770 bearing 299 00:05:23.772 --> 00:05:24.355 instrument 300 00:05:25.064 --> 00:05:26.480 For everyday DeFi 301 00:05:26.488 --> 00:05:28.155 users and just 302 00:05:28.168 --> 00:05:28.960 general kind of 303 00:05:28.960 --> 00:05:29.460 crypto holders 304 00:05:30.585 --> 00:05:31.210 So we 305 00:05:31.200 --> 00:05:33.241 launched Apyx in 306 00:05:34.903 --> 00:05:36.320 February of this 307 00:05:36.320 --> 00:05:38.195 year and 308 00:05:39.070 --> 00:05:39.320 Congratulations, 309 00:05:39.320 --> 00:05:40.361 thank you. Yeah, 310 00:05:40.355 --> 00:05:41.147 it and it was 311 00:05:41.428 --> 00:05:42.261 it's been a 312 00:05:41.980 --> 00:05:42.939 pretty wild ride 313 00:05:42.909 --> 00:05:44.200 So we in the 314 00:05:44.230 --> 00:05:45.272 first about I 315 00:05:45.285 --> 00:05:46.077 think was 9 10 316 00:05:46.057 --> 00:05:47.640 weeks grew from 317 00:05:47.660 --> 00:05:49.160 zero to about 500 318 00:05:49.160 --> 00:05:50.202 million in TVL 319 00:05:50.660 --> 00:05:52.118 Which was you 320 00:05:52.178 --> 00:05:52.637 know, pretty 321 00:05:52.637 --> 00:05:54.345 nice. Yeah, I 322 00:05:55.228 --> 00:05:56.145 Heard you guys 323 00:05:56.177 --> 00:05:57.052 are like the 324 00:05:57.020 --> 00:05:58.228 largest holder of 325 00:05:58.226 --> 00:06:00.060 STRC on chain as 326 00:06:00.062 --> 00:06:00.520 well. Is that 327 00:06:00.518 --> 00:06:00.768 correct? 328 00:06:01.100 --> 00:06:01.767 That's right. And 329 00:06:01.767 --> 00:06:02.100 one of the 330 00:06:02.113 --> 00:06:02.780 largest holders 331 00:06:02.780 --> 00:06:03.863 of STRC 332 00:06:03.865 --> 00:06:04.240 individual 333 00:06:04.240 --> 00:06:05.032 holders of STRC 334 00:06:05.032 --> 00:06:05.824 in the world. I 335 00:06:05.794 --> 00:06:06.460 think maybe the 336 00:06:06.460 --> 00:06:07.377 BlackRock ETF 337 00:06:08.502 --> 00:06:09.460 PFF has a little 338 00:06:09.486 --> 00:06:10.320 bit more but 339 00:06:10.327 --> 00:06:11.160 beyond that we 340 00:06:11.163 --> 00:06:12.163 are you know, I'd 341 00:06:12.163 --> 00:06:13.080 say a top five 342 00:06:13.082 --> 00:06:15.040 holder of STRC in 343 00:06:15.040 --> 00:06:15.498 the world 344 00:06:15.958 --> 00:06:17.000 You know TradFi 345 00:06:17.000 --> 00:06:17.750 DeFi anything 346 00:06:17.750 --> 00:06:18.792 which is pretty 347 00:06:18.705 --> 00:06:19.830 cool. Yeah, and 348 00:06:19.805 --> 00:06:20.055 you guys 349 00:06:20.055 --> 00:06:20.430 purchased 350 00:06:20.449 --> 00:06:20.782 on chain 351 00:06:21.699 --> 00:06:23.240 So we do a mix of 352 00:06:23.240 --> 00:06:23.990 buying through 353 00:06:23.990 --> 00:06:24.740 brokerage account 354 00:06:24.733 --> 00:06:25.442 and then also we 355 00:06:25.442 --> 00:06:25.900 have got a 356 00:06:25.900 --> 00:06:26.817 partnership with 357 00:06:27.317 --> 00:06:28.650 xStocks crackens, 358 00:06:28.650 --> 00:06:29.150 you know 359 00:06:29.143 --> 00:06:29.768 tokenization 360 00:06:30.685 --> 00:06:31.060 Platform 361 00:06:31.060 --> 00:06:31.851 that's right 362 00:06:32.427 --> 00:06:34.177 And so we are the 363 00:06:34.177 --> 00:06:35.260 number one holder 364 00:06:35.263 --> 00:06:36.722 of xStocks as 365 00:06:36.722 --> 00:06:37.888 well. Well 366 00:06:38.594 --> 00:06:39.219 xStocks. Yeah 367 00:06:39.400 --> 00:06:40.108 Kraken has their 368 00:06:40.108 --> 00:06:41.858 own exchange X 369 00:06:41.650 --> 00:06:42.317 stocks tokenized 370 00:06:42.317 --> 00:06:43.025 stocks. That's 371 00:06:43.273 --> 00:06:43.473 right. 372 00:06:43.440 --> 00:06:44.606 Yep. Very cool 373 00:06:44.500 --> 00:06:44.700 Yeah, 374 00:06:44.700 --> 00:06:45.200 I do want to 375 00:06:45.200 --> 00:06:46.500 touch on how 376 00:06:46.500 --> 00:06:47.300 exactly Apyx 377 00:06:47.300 --> 00:06:48.800 works given this 378 00:06:48.800 --> 00:06:52.200 Holding of STRC 379 00:06:52.200 --> 00:06:52.880 and tapping into the 380 00:06:52.880 --> 00:06:53.547 liquidity here 381 00:06:53.997 --> 00:06:54.580 Maybe we can 382 00:06:54.580 --> 00:06:56.122 quickly tap on 383 00:06:56.202 --> 00:06:57.160 that, you know, 384 00:06:57.193 --> 00:06:58.860 you have apxUSD 385 00:06:58.860 --> 00:07:00.943 apyUSD and the 386 00:07:00.943 --> 00:07:01.152 government 387 00:07:01.152 --> 00:07:01.735 is token 388 00:07:01.735 --> 00:07:02.652 So maybe you can 389 00:07:02.560 --> 00:07:03.060 give a quick 390 00:07:03.060 --> 00:07:03.726 overview of your 391 00:07:03.720 --> 00:07:04.554 product and then 392 00:07:04.540 --> 00:07:05.581 we can have into 393 00:07:05.595 --> 00:07:06.179 the details from 394 00:07:06.174 --> 00:07:07.007 there. Sure 395 00:07:07.977 --> 00:07:08.810 so the general 396 00:07:08.806 --> 00:07:10.265 idea here was to 397 00:07:11.002 --> 00:07:12.460 Use the standard 398 00:07:12.445 --> 00:07:13.445 two token model 399 00:07:13.445 --> 00:07:15.320 that crypto kind 400 00:07:15.331 --> 00:07:16.040 of knows and 401 00:07:16.044 --> 00:07:17.335 loves with 402 00:07:17.331 --> 00:07:18.456 generating yield 403 00:07:19.142 --> 00:07:20.434 So as with most 404 00:07:20.434 --> 00:07:21.100 of these two 405 00:07:21.100 --> 00:07:22.142 token models 406 00:07:23.017 --> 00:07:23.850 That you know, 407 00:07:23.850 --> 00:07:24.434 maybe Athena 408 00:07:24.544 --> 00:07:25.794 popularize but 409 00:07:25.794 --> 00:07:27.169 you know Sky has 410 00:07:27.260 --> 00:07:27.885 and many of 411 00:07:27.660 --> 00:07:28.201 these others 412 00:07:29.434 --> 00:07:30.934 apxUSD is kind 413 00:07:30.810 --> 00:07:31.851 of the base asset 414 00:07:32.476 --> 00:07:33.560 But it does not 415 00:07:33.530 --> 00:07:34.321 pay any yield 416 00:07:34.685 --> 00:07:35.518 natively so you 417 00:07:35.490 --> 00:07:36.407 just hold a PX 418 00:07:36.407 --> 00:07:37.740 USD and it's 419 00:07:37.758 --> 00:07:38.925 designed to trade 420 00:07:38.925 --> 00:07:39.800 in line with the 421 00:07:39.785 --> 00:07:41.118 basket of 422 00:07:41.118 --> 00:07:42.160 Assets, which you 423 00:07:42.155 --> 00:07:43.280 know, the idea is 424 00:07:43.269 --> 00:07:44.227 90% of the time 425 00:07:44.227 --> 00:07:44.560 it just 426 00:07:44.560 --> 00:07:45.977 trades at $1 427 00:07:46.470 --> 00:07:47.095 Obviously we've 428 00:07:47.102 --> 00:07:47.644 seen what happens 429 00:07:47.662 --> 00:07:48.453 has happened to 430 00:07:48.461 --> 00:07:49.128 stretch over the 431 00:07:49.140 --> 00:07:49.432 last 432 00:07:49.432 --> 00:07:50.223 couple months 433 00:07:50.336 --> 00:07:51.503 but I think you 434 00:07:51.503 --> 00:07:51.836 know going 435 00:07:51.833 --> 00:07:52.500 forward and long 436 00:07:52.495 --> 00:07:52.995 term that's going 437 00:07:53.000 --> 00:07:53.625 to be a bit of an 438 00:07:53.625 --> 00:07:55.083 anomaly and 439 00:07:55.078 --> 00:07:55.537 Generally 440 00:07:55.537 --> 00:07:56.995 speaking stretch 441 00:07:56.980 --> 00:07:57.813 will trade around 442 00:07:57.813 --> 00:07:59.480 par and so APX 443 00:07:59.497 --> 00:08:00.080 will trade 444 00:08:00.106 --> 00:08:00.856 around $1 445 00:08:01.414 --> 00:08:01.914 Very 446 00:08:01.940 --> 00:08:02.315 straightforward, 447 00:08:02.856 --> 00:08:03.815 but it's not 448 00:08:03.790 --> 00:08:05.040 generating any 449 00:08:05.040 --> 00:08:06.665 yield and so 450 00:08:06.665 --> 00:08:07.790 users can then 451 00:08:07.790 --> 00:08:09.540 stake it and 452 00:08:09.542 --> 00:08:10.000 receive 453 00:08:10.000 --> 00:08:12.458 apyUSD and 454 00:08:12.458 --> 00:08:14.042 apyUSD right now 455 00:08:14.042 --> 00:08:15.167 pays a 13% 456 00:08:15.580 --> 00:08:18.288 yield and 457 00:08:18.247 --> 00:08:19.330 So that is an ERC 458 00:08:19.336 --> 00:08:21.586 4 6 2 6 the yield 459 00:08:21.580 --> 00:08:22.414 is you know, just 460 00:08:22.414 --> 00:08:23.164 updated every 461 00:08:23.164 --> 00:08:24.914 block and so 462 00:08:25.140 --> 00:08:26.390 You talk about 463 00:08:26.390 --> 00:08:28.223 stretch or SATA 464 00:08:29.073 --> 00:08:30.240 Or you know even 465 00:08:30.263 --> 00:08:31.180 DFDV's CHAD 466 00:08:31.162 --> 00:08:32.037 paying daily. 467 00:08:32.263 --> 00:08:33.138 Well, this pays 468 00:08:33.138 --> 00:08:33.680 like, you know 469 00:08:33.860 --> 00:08:34.318 every 470 00:08:34.120 --> 00:08:34.662 single block 471 00:08:35.555 --> 00:08:37.555 and so 472 00:08:38.373 --> 00:08:39.623 Users, you know 473 00:08:39.623 --> 00:08:40.248 get that 13% 474 00:08:40.510 --> 00:08:41.260 yield it's 475 00:08:41.290 --> 00:08:41.998 composable 476 00:08:41.968 --> 00:08:43.426 within DeFi 477 00:08:43.676 --> 00:08:45.010 You can borrow 478 00:08:45.019 --> 00:08:45.769 against it. So 479 00:08:45.780 --> 00:08:46.571 some folks say 480 00:08:46.571 --> 00:08:47.655 hey 13% is not 481 00:08:47.680 --> 00:08:48.680 enough. You can 482 00:08:48.680 --> 00:08:49.346 loop it up 483 00:08:49.346 --> 00:08:50.096 Yeah, get you 484 00:08:50.096 --> 00:08:50.930 know, 20 30 40 485 00:08:50.914 --> 00:08:51.997 percent you can 486 00:08:51.997 --> 00:08:52.247 do the 487 00:08:52.248 --> 00:08:53.456 PT/YT thing 488 00:08:54.325 --> 00:08:55.034 lots of other 489 00:08:55.040 --> 00:08:55.706 things you can do 490 00:08:55.755 --> 00:08:56.339 with it, so 491 00:08:56.331 --> 00:08:58.206 Kind of again 492 00:08:58.255 --> 00:08:58.880 that two token 493 00:08:58.965 --> 00:08:59.840 model APX 494 00:08:59.840 --> 00:09:01.340 USD no yield 495 00:09:02.040 --> 00:09:03.124 Stake it you 496 00:09:03.124 --> 00:09:04.082 get apyUSD 497 00:09:04.797 --> 00:09:05.880 Now you might ask 498 00:09:05.880 --> 00:09:06.214 well, why would 499 00:09:06.214 --> 00:09:07.214 anyone hold APX 500 00:09:07.214 --> 00:09:07.964 USD doesn't pay 501 00:09:07.820 --> 00:09:08.236 any yield 502 00:09:09.070 --> 00:09:09.736 There's a bunch 503 00:09:09.736 --> 00:09:10.236 of things you can 504 00:09:10.220 --> 00:09:11.345 do with apxUSD 505 00:09:11.335 --> 00:09:12.252 So the the 506 00:09:12.255 --> 00:09:13.463 biggest way or 507 00:09:13.460 --> 00:09:13.877 the biggest thing 508 00:09:13.858 --> 00:09:14.400 that people do 509 00:09:14.402 --> 00:09:15.110 right now with it 510 00:09:15.110 --> 00:09:15.360 is they'll 511 00:09:15.358 --> 00:09:16.150 just lend it 512 00:09:16.777 --> 00:09:17.610 So the APY 513 00:09:17.627 --> 00:09:18.460 holders like to 514 00:09:18.460 --> 00:09:20.127 borrow apxUSD 515 00:09:20.127 --> 00:09:21.002 because there's 516 00:09:21.002 --> 00:09:21.710 no basis risk 517 00:09:21.715 --> 00:09:22.590 They share the 518 00:09:22.583 --> 00:09:23.333 same collateral 519 00:09:23.330 --> 00:09:24.789 pool. And so the 520 00:09:24.789 --> 00:09:25.622 only way to get 521 00:09:25.632 --> 00:09:27.299 liquidated if you 522 00:09:27.287 --> 00:09:29.287 borrow APX is 523 00:09:29.292 --> 00:09:31.125 If the interest 524 00:09:31.125 --> 00:09:32.500 differential goes 525 00:09:32.497 --> 00:09:33.164 against you and 526 00:09:33.164 --> 00:09:33.580 then you don't 527 00:09:33.580 --> 00:09:34.080 unwind the 528 00:09:34.080 --> 00:09:34.539 position 529 00:09:35.664 --> 00:09:36.247 so by and large 530 00:09:36.247 --> 00:09:37.414 that almost never 531 00:09:37.420 --> 00:09:38.753 happens and so 532 00:09:38.762 --> 00:09:39.220 it's just a 533 00:09:39.211 --> 00:09:40.170 positive carry no 534 00:09:40.157 --> 00:09:41.823 price risk and 535 00:09:41.841 --> 00:09:42.300 so 536 00:09:42.695 --> 00:09:43.779 The APX though 537 00:09:43.779 --> 00:09:44.362 has to come from 538 00:09:44.368 --> 00:09:44.910 somewhere and so 539 00:09:44.920 --> 00:09:45.670 people can lend 540 00:09:45.670 --> 00:09:46.920 the APX and make 541 00:09:46.920 --> 00:09:47.503 you know 542 00:09:47.523 --> 00:09:48.690 10 maybe 11% 543 00:09:49.117 --> 00:09:49.908 yield typically 544 00:09:49.908 --> 00:09:50.783 lending it 545 00:09:51.623 --> 00:09:53.081 And so that's you 546 00:09:53.081 --> 00:09:53.540 know a great way 547 00:09:53.540 --> 00:09:54.040 for people to 548 00:09:54.040 --> 00:09:54.581 generate yield 549 00:09:54.595 --> 00:09:55.220 right now 550 00:09:55.220 --> 00:09:55.470 Of course, 551 00:09:55.470 --> 00:09:55.970 there's also 552 00:09:55.960 --> 00:09:56.960 points farming on 553 00:09:56.960 --> 00:09:58.960 APX and we'll be 554 00:09:58.940 --> 00:09:59.774 adding other 555 00:10:00.720 --> 00:10:01.720 You know reasons 556 00:10:01.720 --> 00:10:03.012 to hold APX 557 00:10:03.345 --> 00:10:04.345 Over time so 558 00:10:04.345 --> 00:10:04.845 that's kind of 559 00:10:04.945 --> 00:10:05.654 the you know, 560 00:10:05.672 --> 00:10:06.338 some of the 561 00:10:06.321 --> 00:10:06.863 things you can do 562 00:10:06.862 --> 00:10:07.779 with APX even 563 00:10:07.780 --> 00:10:08.363 though natively 564 00:10:08.380 --> 00:10:08.838 it doesn't pay 565 00:10:08.840 --> 00:10:09.507 any yield 566 00:10:09.965 --> 00:10:10.840 gotcha 567 00:10:12.257 --> 00:10:13.465 The yield a lot 568 00:10:13.460 --> 00:10:14.169 of the yield is 569 00:10:14.169 --> 00:10:15.669 generated by the 570 00:10:15.660 --> 00:10:16.826 holdings that you 571 00:10:16.826 --> 00:10:18.160 guys have a lot 572 00:10:18.160 --> 00:10:18.410 of it coming 573 00:10:18.410 --> 00:10:18.993 from stretch 574 00:10:19.076 --> 00:10:19.576 That's 575 00:10:19.573 --> 00:10:20.407 right. Gotcha 576 00:10:21.152 --> 00:10:22.235 For people who 577 00:10:22.235 --> 00:10:22.860 are interested in 578 00:10:22.865 --> 00:10:23.740 stretch, so I 579 00:10:23.735 --> 00:10:24.152 think which 580 00:10:24.152 --> 00:10:25.152 majority of your 581 00:10:25.652 --> 00:10:26.277 Users and 582 00:10:26.285 --> 00:10:27.368 customers are as 583 00:10:27.377 --> 00:10:28.960 well. I think you 584 00:10:28.960 --> 00:10:29.627 touched on a 585 00:10:29.622 --> 00:10:30.080 little bit in 586 00:10:30.080 --> 00:10:30.372 terms of 587 00:10:30.372 --> 00:10:31.247 utility of 588 00:10:31.705 --> 00:10:32.872 Your stablecoin, 589 00:10:32.862 --> 00:10:34.237 but why should 590 00:10:34.262 --> 00:10:34.845 they use your 591 00:10:34.863 --> 00:10:35.738 product versus 592 00:10:35.720 --> 00:10:37.012 just buying 593 00:10:36.987 --> 00:10:37.862 stretch 594 00:10:37.728 --> 00:10:38.603 themselves? 595 00:10:39.020 --> 00:10:40.436 directly or 596 00:10:40.520 --> 00:10:41.311 Using any other 597 00:10:41.460 --> 00:10:42.044 stablecoins. 598 00:10:42.044 --> 00:10:42.710 Yeah. Well, how 599 00:10:42.720 --> 00:10:43.179 do you how do you 600 00:10:43.179 --> 00:10:43.637 differentiate? 601 00:10:43.961 --> 00:10:44.503 What's what's 602 00:10:44.498 --> 00:10:45.915 your main selling 603 00:10:45.920 --> 00:10:46.545 point here? 604 00:10:46.540 --> 00:10:47.665 Basically? Yeah 605 00:10:49.123 --> 00:10:51.290 so a 606 00:10:51.290 --> 00:10:51.873 Lot of our user 607 00:10:51.898 --> 00:10:53.190 base actually 608 00:10:53.150 --> 00:10:53.900 doesn't have 609 00:10:53.940 --> 00:10:54.940 access to stretch 610 00:10:54.950 --> 00:10:55.825 directly 611 00:10:56.523 --> 00:10:57.690 So and this is 612 00:10:57.655 --> 00:10:58.780 the beauty of any 613 00:10:58.780 --> 00:10:59.071 kind of 614 00:10:59.071 --> 00:10:59.988 tokenization is 615 00:10:59.987 --> 00:11:01.195 that anyone 616 00:11:01.195 --> 00:11:01.820 anywhere in the 617 00:11:01.833 --> 00:11:02.500 world can get 618 00:11:02.512 --> 00:11:03.554 access to? 619 00:11:04.115 --> 00:11:05.657 apyUSD on chain 620 00:11:05.657 --> 00:11:06.740 now there 621 00:11:06.740 --> 00:11:07.365 are certain 622 00:11:07.993 --> 00:11:09.160 Geos that we as 623 00:11:09.080 --> 00:11:10.080 an issuer don't 624 00:11:10.080 --> 00:11:10.746 deal with you 625 00:11:10.758 --> 00:11:10.958 know 626 00:11:10.883 --> 00:11:11.758 sanctioned geos 627 00:11:11.862 --> 00:11:12.820 But once the 628 00:11:12.820 --> 00:11:13.487 asset is out 629 00:11:13.485 --> 00:11:14.068 there in the 630 00:11:14.070 --> 00:11:15.362 world like we 631 00:11:15.375 --> 00:11:15.958 don't control 632 00:11:16.047 --> 00:11:18.380 You know who buys 633 00:11:18.388 --> 00:11:19.430 it who sells it 634 00:11:19.430 --> 00:11:20.180 who does stuff 635 00:11:20.180 --> 00:11:20.763 with it. It's out 636 00:11:20.767 --> 00:11:21.100 there in 637 00:11:21.096 --> 00:11:21.638 DeFi, right? 638 00:11:22.677 --> 00:11:23.927 and so a lot of 639 00:11:23.934 --> 00:11:24.809 the users 640 00:11:25.394 --> 00:11:26.352 Can't get access 641 00:11:26.352 --> 00:11:27.060 to a US brokerage 642 00:11:27.076 --> 00:11:28.160 account for a 643 00:11:28.169 --> 00:11:28.960 whole variety of 644 00:11:28.960 --> 00:11:29.919 reasons. Maybe US 645 00:11:29.919 --> 00:11:30.252 brokerage 646 00:11:30.252 --> 00:11:30.794 accounts aren't 647 00:11:30.780 --> 00:11:31.321 supported in 648 00:11:31.321 --> 00:11:31.946 their country 649 00:11:32.905 --> 00:11:33.780 You know, maybe 650 00:11:33.789 --> 00:11:35.080 they're some 651 00:11:35.080 --> 00:11:35.872 countries have US 652 00:11:35.872 --> 00:11:36.164 brokerage 653 00:11:36.150 --> 00:11:36.900 accounts, but 654 00:11:36.870 --> 00:11:37.411 there's you know, 655 00:11:37.411 --> 00:11:38.453 pretty large 656 00:11:38.637 --> 00:11:39.304 minimums 657 00:11:39.304 --> 00:11:40.220 in terms of 658 00:11:40.803 --> 00:11:41.720 The amount of 659 00:11:41.748 --> 00:11:42.415 capital you have 660 00:11:42.387 --> 00:11:43.012 to have to even 661 00:11:43.040 --> 00:11:44.081 get access, you 662 00:11:44.081 --> 00:11:44.873 know to get one 663 00:11:44.872 --> 00:11:45.080 of these 664 00:11:45.080 --> 00:11:45.664 accounts opened 665 00:11:46.733 --> 00:11:47.567 So that's 666 00:11:47.572 --> 00:11:47.863 accredited 667 00:11:47.863 --> 00:11:49.280 investors. Yeah, 668 00:11:49.280 --> 00:11:49.655 just some 669 00:11:49.655 --> 00:11:50.280 countries. It's 670 00:11:50.247 --> 00:11:50.914 like yeah, look 671 00:11:50.914 --> 00:11:51.580 we're not like 672 00:11:51.580 --> 00:11:52.414 mass market 673 00:11:52.429 --> 00:11:53.054 So you can get a 674 00:11:53.039 --> 00:11:53.239 brokerage 675 00:11:53.186 --> 00:11:54.061 account, but like 676 00:11:54.026 --> 00:11:54.360 it's really 677 00:11:54.214 --> 00:11:54.755 hard. Yeah 678 00:11:56.130 --> 00:11:57.839 So that's the you 679 00:11:57.709 --> 00:11:58.084 know, the kind of 680 00:11:58.084 --> 00:11:58.459 the first 681 00:12:00.316 --> 00:12:00.566 differentiation 682 00:12:00.566 --> 00:12:01.775 relative to 683 00:12:01.820 --> 00:12:02.611 say stretch 684 00:12:03.195 --> 00:12:03.861 in a 685 00:12:03.861 --> 00:12:04.611 brokerage account 686 00:12:05.638 --> 00:12:06.221 The other reason 687 00:12:06.221 --> 00:12:06.680 though that 688 00:12:06.680 --> 00:12:07.180 people might want 689 00:12:07.180 --> 00:12:08.180 to hold APY 690 00:12:08.202 --> 00:12:09.660 over holding STRC 691 00:12:09.660 --> 00:12:11.285 natively or even 692 00:12:11.285 --> 00:12:12.077 STRC like 693 00:12:12.672 --> 00:12:13.880 tokenize like via 694 00:12:13.880 --> 00:12:14.672 xStocks is 695 00:12:15.380 --> 00:12:16.880 the kind 696 00:12:16.403 --> 00:12:17.153 of on chain 697 00:12:18.005 --> 00:12:18.797 Liquidity and the 698 00:12:18.787 --> 00:12:19.120 on chain 699 00:12:19.120 --> 00:12:21.162 functionality and 700 00:12:21.162 --> 00:12:22.495 so for example a 701 00:12:22.475 --> 00:12:23.100 lot of brokers 702 00:12:23.100 --> 00:12:24.142 don't offer 703 00:12:24.167 --> 00:12:24.667 margin 704 00:12:24.680 --> 00:12:25.971 against STRC 705 00:12:26.902 --> 00:12:28.069 Or if they do 706 00:12:28.140 --> 00:12:28.931 maybe they offer 707 00:12:29.086 --> 00:12:30.920 you know 50% LTV 708 00:12:30.765 --> 00:12:31.431 So you can do 709 00:12:31.360 --> 00:12:32.444 like one, you 710 00:12:32.415 --> 00:12:33.040 know, like 2x 711 00:12:33.040 --> 00:12:34.165 leverage one turn 712 00:12:34.140 --> 00:12:36.431 of leverage and 713 00:12:36.456 --> 00:12:37.790 So, you know 714 00:12:37.794 --> 00:12:38.585 going on chain 715 00:12:38.585 --> 00:12:40.335 there are a lot 716 00:12:40.340 --> 00:12:40.757 of other things 717 00:12:40.765 --> 00:12:41.432 you can do you 718 00:12:41.432 --> 00:12:42.140 can borrow at 719 00:12:42.140 --> 00:12:43.182 much higher LTVs 720 00:12:43.682 --> 00:12:45.557 You 721 00:12:45.540 --> 00:12:46.498 Can get you know 722 00:12:46.482 --> 00:12:46.940 convert your 723 00:12:46.940 --> 00:12:47.649 variable yield 724 00:12:47.649 --> 00:12:48.024 into a 725 00:12:48.040 --> 00:12:48.706 fixed yield? 726 00:12:49.665 --> 00:12:50.998 And 727 00:12:51.020 --> 00:12:51.687 You can 728 00:12:51.687 --> 00:12:53.478 trade 24 7 365 729 00:12:54.145 --> 00:12:55.228 So for a lot of 730 00:12:55.220 --> 00:12:55.929 folks especially 731 00:12:55.929 --> 00:12:57.137 over in this side 732 00:12:57.137 --> 00:12:57.337 of the 733 00:12:57.287 --> 00:12:58.537 world in Asia 734 00:12:58.537 --> 00:12:58.953 That's really 735 00:12:58.956 --> 00:12:59.373 attractive 736 00:12:59.375 --> 00:13:00.042 because if you 737 00:13:00.040 --> 00:13:00.498 want to trade 738 00:13:00.500 --> 00:13:01.667 stretch during US 739 00:13:01.667 --> 00:13:02.500 market hours, you 740 00:13:02.500 --> 00:13:03.250 basically gotta 741 00:13:03.250 --> 00:13:04.083 like stay up all 742 00:13:04.083 --> 00:13:04.792 night, right? 743 00:13:05.150 --> 00:13:05.350 and 744 00:13:05.316 --> 00:13:06.691 so that on chain 745 00:13:07.900 --> 00:13:08.483 Flexibility 746 00:13:09.603 --> 00:13:10.770 composability all 747 00:13:10.777 --> 00:13:12.027 of that means 748 00:13:12.029 --> 00:13:13.362 that some folks 749 00:13:13.362 --> 00:13:14.320 that do actually 750 00:13:14.318 --> 00:13:15.110 have access to 751 00:13:15.112 --> 00:13:15.820 native stretch 752 00:13:16.122 --> 00:13:16.997 Still would 753 00:13:16.997 --> 00:13:19.080 choose to use APY 754 00:13:19.080 --> 00:13:20.789 USD or apxUSD 755 00:13:20.792 --> 00:13:21.750 because of all 756 00:13:21.748 --> 00:13:22.456 that flexibility 757 00:13:22.460 --> 00:13:23.044 and that 758 00:13:23.072 --> 00:13:23.738 composability 759 00:13:24.252 --> 00:13:25.460 And the use cases 760 00:13:25.466 --> 00:13:26.091 they are going to 761 00:13:26.091 --> 00:13:26.800 continue to grow 762 00:13:26.800 --> 00:13:27.591 as liquidity 763 00:13:27.591 --> 00:13:28.508 continues to grow 764 00:13:28.523 --> 00:13:28.856 I mean the 765 00:13:28.856 --> 00:13:29.440 projects only 766 00:13:29.440 --> 00:13:30.315 really been 767 00:13:30.315 --> 00:13:31.190 around for 768 00:13:31.675 --> 00:13:32.883 six seven months 769 00:13:33.497 --> 00:13:34.580 and so 770 00:13:36.164 --> 00:13:37.080 You know as we 771 00:13:37.116 --> 00:13:37.700 were around for 772 00:13:37.664 --> 00:13:38.705 12 months 24 773 00:13:38.705 --> 00:13:39.872 months and that 774 00:13:40.338 --> 00:13:41.130 Ecosystem really 775 00:13:41.130 --> 00:13:41.880 grows and 776 00:13:41.850 --> 00:13:42.517 liquidity grows. 777 00:13:42.517 --> 00:13:44.225 I think the case 778 00:13:44.200 --> 00:13:45.158 for holding 779 00:13:45.908 --> 00:13:47.950 these preferreds 780 00:13:47.950 --> 00:13:48.867 in the on chain 781 00:13:48.895 --> 00:13:50.020 package instead 782 00:13:50.045 --> 00:13:50.670 of straight in a 783 00:13:50.674 --> 00:13:51.215 brokerage account 784 00:13:51.215 --> 00:13:51.840 I think that case 785 00:13:51.846 --> 00:13:52.388 is only going to 786 00:13:52.447 --> 00:13:52.947 get stronger 787 00:13:52.883 --> 00:13:54.008 right makes sense 788 00:13:54.008 --> 00:13:54.800 in terms of on 789 00:13:55.072 --> 00:13:55.272 chain 790 00:13:55.072 --> 00:13:55.425 accessibility. 791 00:13:55.419 --> 00:13:55.960 Are you 792 00:13:55.940 --> 00:13:56.649 guys mainly? 793 00:13:57.419 --> 00:13:58.335 Live on Ethereum 794 00:13:58.335 --> 00:13:58.877 is that where the 795 00:13:58.842 --> 00:13:59.675 majority of the 796 00:13:59.696 --> 00:14:00.821 LP comes from or 797 00:14:00.821 --> 00:14:01.280 where we should 798 00:14:01.280 --> 00:14:01.780 say the biggest 799 00:14:01.780 --> 00:14:02.280 flow has been 800 00:14:02.696 --> 00:14:03.780 Yeah, so Ethereum 801 00:14:03.780 --> 00:14:04.696 mainnet is where 802 00:14:04.703 --> 00:14:05.370 we initially 803 00:14:05.363 --> 00:14:06.113 launched and is 804 00:14:06.117 --> 00:14:06.575 where the 805 00:14:06.575 --> 00:14:07.200 majority of the 806 00:14:07.200 --> 00:14:08.075 flow has been but 807 00:14:08.075 --> 00:14:08.950 we are on 808 00:14:08.950 --> 00:14:09.700 Solana as well 809 00:14:09.703 --> 00:14:10.412 more recently 810 00:14:11.120 --> 00:14:12.120 Obviously Solana 811 00:14:12.138 --> 00:14:12.680 is very near and 812 00:14:12.697 --> 00:14:13.280 dear to our heart 813 00:14:13.263 --> 00:14:14.638 on the DFDV side 814 00:14:14.655 --> 00:14:15.530 and then we're 815 00:14:15.530 --> 00:14:16.780 live on a 816 00:14:16.780 --> 00:14:17.488 couple other 817 00:14:17.863 --> 00:14:18.905 L2s 818 00:14:19.155 --> 00:14:20.655 Base, BNB. 819 00:14:20.615 --> 00:14:21.615 We've got another 820 00:14:21.652 --> 00:14:22.277 one that we're 821 00:14:22.277 --> 00:14:22.860 excited about 822 00:14:22.860 --> 00:14:23.902 coming very soon 823 00:14:24.694 --> 00:14:26.110 and 824 00:14:26.360 --> 00:14:27.402 You know, we will 825 00:14:27.380 --> 00:14:28.172 expand to some 826 00:14:28.172 --> 00:14:28.588 other chains 827 00:14:28.576 --> 00:14:29.035 selectively, 828 00:14:29.019 --> 00:14:29.435 but I think 829 00:14:30.102 --> 00:14:31.227 Long term 830 00:14:31.265 --> 00:14:32.140 Ethereum and 831 00:14:32.118 --> 00:14:32.660 Solana will be 832 00:14:32.660 --> 00:14:33.160 kind of the two 833 00:14:33.160 --> 00:14:33.826 main anchor 834 00:14:33.810 --> 00:14:34.810 chains. Those are 835 00:14:34.810 --> 00:14:35.560 I think those two 836 00:14:35.560 --> 00:14:35.769 are the 837 00:14:35.780 --> 00:14:36.113 chains with 838 00:14:36.880 --> 00:14:37.880 Yeah, yeah 839 00:14:39.840 --> 00:14:41.257 And I didn't know 840 00:14:41.257 --> 00:14:41.840 this but it 841 00:14:41.843 --> 00:14:42.552 sounds like x 842 00:14:42.552 --> 00:14:43.177 stocks have 843 00:14:43.174 --> 00:14:43.632 certain 844 00:14:43.630 --> 00:14:44.380 limitation in 845 00:14:44.388 --> 00:14:45.013 terms of when you 846 00:14:45.175 --> 00:14:45.800 can trade them 847 00:14:45.652 --> 00:14:46.444 liquidate them 848 00:14:46.525 --> 00:14:47.941 Etc. They are 849 00:14:47.941 --> 00:14:48.900 tokenized stocks, 850 00:14:48.819 --> 00:14:49.194 but they don't 851 00:14:49.179 --> 00:14:49.720 have the same 852 00:14:49.711 --> 00:14:51.295 flexibility as 853 00:14:51.451 --> 00:14:51.910 liquid 854 00:14:51.909 --> 00:14:53.617 assets on chain 855 00:14:54.284 --> 00:14:55.200 From what you 856 00:14:55.200 --> 00:14:55.534 mentioned? 857 00:14:56.450 --> 00:14:57.200 Yeah, so, you 858 00:14:57.200 --> 00:14:58.575 know xStocks you 859 00:14:58.600 --> 00:14:59.225 can trade it at 860 00:14:59.216 --> 00:15:00.050 any time. Okay, 861 00:15:00.050 --> 00:15:01.800 but the primary 862 00:15:01.800 --> 00:15:02.550 mint and redeem 863 00:15:02.550 --> 00:15:03.175 function 864 00:15:03.174 --> 00:15:05.924 You know mostly 865 00:15:05.919 --> 00:15:07.335 happens during US 866 00:15:07.335 --> 00:15:08.460 market hours the 867 00:15:08.241 --> 00:15:09.325 spreads get wider 868 00:15:11.335 --> 00:15:12.210 During you know 869 00:15:12.210 --> 00:15:13.794 non market hours 870 00:15:15.060 --> 00:15:15.893 But generally 871 00:15:15.908 --> 00:15:16.575 there's not a lot 872 00:15:16.575 --> 00:15:17.200 of market makers 873 00:15:17.190 --> 00:15:17.940 for x 874 00:15:17.940 --> 00:15:19.356 stocks and so 875 00:15:20.273 --> 00:15:21.023 Sometimes like 876 00:15:21.002 --> 00:15:21.627 liquidity just 877 00:15:21.627 --> 00:15:22.460 may not be there 878 00:15:22.460 --> 00:15:23.460 especially on 879 00:15:23.460 --> 00:15:24.460 certain names 880 00:15:24.502 --> 00:15:25.502 So stretch is one 881 00:15:25.502 --> 00:15:25.702 of the 882 00:15:25.667 --> 00:15:26.292 bigger ones 883 00:15:27.103 --> 00:15:28.603 And so there's 884 00:15:28.600 --> 00:15:29.517 typically good 885 00:15:29.520 --> 00:15:30.270 liquidity, but 886 00:15:30.267 --> 00:15:31.142 sometimes like, 887 00:15:31.135 --> 00:15:31.926 you know, it's 888 00:15:31.926 --> 00:15:32.926 not there. Yeah 889 00:15:33.884 --> 00:15:34.259 Do you guys have 890 00:15:34.259 --> 00:15:35.800 seen pretty solid 891 00:15:35.808 --> 00:15:36.350 success with 892 00:15:36.360 --> 00:15:38.110 stretch? I did 893 00:15:38.100 --> 00:15:38.392 have a 894 00:15:38.402 --> 00:15:39.318 question on 895 00:15:39.670 --> 00:15:40.711 Other types of 896 00:15:40.711 --> 00:15:41.295 assets, you know, 897 00:15:41.290 --> 00:15:41.831 you don't say 898 00:15:41.831 --> 00:15:42.040 you're 899 00:15:42.040 --> 00:15:42.706 exclusively 900 00:15:43.737 --> 00:15:44.154 holding 901 00:15:43.834 --> 00:15:45.042 stretch on your 902 00:15:45.917 --> 00:15:46.375 website 903 00:15:47.811 --> 00:15:49.520 But I do see that 904 00:15:49.209 --> 00:15:49.417 stretch 905 00:15:49.728 --> 00:15:50.478 because it is 906 00:15:51.201 --> 00:15:52.785 Ideally pegged or 907 00:15:52.785 --> 00:15:53.660 ideally holds a 908 00:15:53.660 --> 00:15:54.493 certain specific 909 00:15:54.497 --> 00:15:55.580 value while the 910 00:15:55.580 --> 00:15:56.747 APY can't be 911 00:15:56.747 --> 00:15:57.164 variable 912 00:15:57.799 --> 00:15:59.590 I did see that 913 00:15:59.590 --> 00:16:00.840 it's very aligned 914 00:16:00.823 --> 00:16:01.740 with your product 915 00:16:01.740 --> 00:16:03.032 design right now 916 00:16:03.172 --> 00:16:03.880 But do you see 917 00:16:03.880 --> 00:16:05.047 yourself or are 918 00:16:05.047 --> 00:16:05.630 you already 919 00:16:05.630 --> 00:16:06.422 holding other 920 00:16:06.427 --> 00:16:07.468 types of? 921 00:16:07.552 --> 00:16:09.260 DAT assets or do 922 00:16:09.253 --> 00:16:10.336 you see the 923 00:16:10.328 --> 00:16:10.870 future of maybe 924 00:16:10.870 --> 00:16:12.120 coming years you 925 00:16:12.120 --> 00:16:12.662 guys integrating 926 00:16:12.662 --> 00:16:13.203 other types of 927 00:16:13.203 --> 00:16:14.162 assets as well? 928 00:16:14.633 --> 00:16:15.258 Yeah, so 929 00:16:16.300 --> 00:16:17.300 Within our 930 00:16:17.300 --> 00:16:18.258 flagship product 931 00:16:18.258 --> 00:16:19.258 apyUSD 932 00:16:19.258 --> 00:16:20.425 and apxUSD 933 00:16:22.760 --> 00:16:23.802 We hold 934 00:16:24.596 --> 00:16:25.263 Basically our 935 00:16:25.260 --> 00:16:26.177 eligible universe 936 00:16:26.142 --> 00:16:27.600 is any instrument 937 00:16:27.628 --> 00:16:28.336 that's designed 938 00:16:28.331 --> 00:16:29.915 to have a fixed 939 00:16:29.915 --> 00:16:31.540 price so similar 940 00:16:31.545 --> 00:16:31.961 to stretch 941 00:16:32.680 --> 00:16:33.138 So you've got 942 00:16:33.145 --> 00:16:34.478 Strive's SATA. 943 00:16:34.478 --> 00:16:35.020 It's a great 944 00:16:35.020 --> 00:16:36.103 example. You've 945 00:16:36.103 --> 00:16:36.478 also got 946 00:16:36.478 --> 00:16:37.645 DFDV's CHAD 947 00:16:38.835 --> 00:16:40.210 and 948 00:16:41.021 --> 00:16:42.105 These assets kind 949 00:16:42.105 --> 00:16:42.980 of make up the 950 00:16:42.980 --> 00:16:43.646 investible 951 00:16:43.578 --> 00:16:43.787 universe 952 00:16:44.021 --> 00:16:44.688 but we think 953 00:16:44.638 --> 00:16:45.013 there's probably 954 00:16:45.013 --> 00:16:45.680 gonna be more of 955 00:16:45.662 --> 00:16:46.120 them over 956 00:16:46.100 --> 00:16:47.600 time and 957 00:16:47.600 --> 00:16:48.100 so 958 00:16:48.517 --> 00:16:49.392 to the extent 959 00:16:49.372 --> 00:16:50.372 that we can 960 00:16:50.755 --> 00:16:51.463 you know 961 00:16:51.507 --> 00:16:53.090 diversify this 962 00:16:53.674 --> 00:16:54.340 Improves 963 00:16:54.340 --> 00:16:55.424 liquidity because 964 00:16:55.500 --> 00:16:56.666 if we need to 965 00:16:56.666 --> 00:16:57.583 sell we can tap 966 00:16:57.620 --> 00:16:58.287 these multiple 967 00:16:58.287 --> 00:16:59.078 assets multiple 968 00:16:59.078 --> 00:16:59.787 pools of 969 00:16:59.780 --> 00:17:00.155 liquidity 970 00:17:00.164 --> 00:17:01.664 it adds some 971 00:17:02.238 --> 00:17:02.696 Diversification 972 00:17:02.686 --> 00:17:04.020 which is great 973 00:17:03.517 --> 00:17:04.600 for you know 974 00:17:05.103 --> 00:17:05.603 reducing 975 00:17:06.186 --> 00:17:06.853 Management team 976 00:17:06.860 --> 00:17:07.735 risk and even 977 00:17:07.740 --> 00:17:08.532 asset risk, 978 00:17:08.554 --> 00:17:09.637 right? You've got 979 00:17:09.660 --> 00:17:11.243 CHAD, DFDV's one 980 00:17:11.243 --> 00:17:12.452 on Solana 981 00:17:12.680 --> 00:17:13.513 The others on 982 00:17:13.512 --> 00:17:13.887 Bitcoin. 983 00:17:14.167 --> 00:17:14.750 Hopefully one of 984 00:17:14.740 --> 00:17:15.573 these comes to 985 00:17:15.560 --> 00:17:16.602 Ethereum like a 986 00:17:16.602 --> 00:17:17.185 variable rate 987 00:17:18.060 --> 00:17:19.477 kind of designed 988 00:17:19.500 --> 00:17:19.833 to be 989 00:17:19.840 --> 00:17:20.757 fixed price one 990 00:17:21.424 --> 00:17:24.132 and so this will 991 00:17:24.132 --> 00:17:25.049 kind of improve 992 00:17:25.034 --> 00:17:26.617 the resiliency of 993 00:17:27.367 --> 00:17:28.200 Our collateral 994 00:17:28.195 --> 00:17:28.737 base which 995 00:17:28.737 --> 00:17:29.320 ultimately is 996 00:17:29.320 --> 00:17:30.445 what drives you 997 00:17:30.445 --> 00:17:30.904 know the price 998 00:17:30.900 --> 00:17:31.525 and the yield on 999 00:17:31.525 --> 00:17:31.983 the asset 1000 00:17:32.695 --> 00:17:33.320 So that's 1001 00:17:33.320 --> 00:17:34.154 one thing 1002 00:17:34.154 --> 00:17:35.529 You know 1003 00:17:35.529 --> 00:17:36.320 beyond that 1004 00:17:36.987 --> 00:17:38.237 what's been 1005 00:17:38.227 --> 00:17:38.560 really 1006 00:17:38.593 --> 00:17:39.427 interesting is 1007 00:17:40.394 --> 00:17:41.310 We've had a 1008 00:17:41.310 --> 00:17:42.602 number of 1009 00:17:43.316 --> 00:17:43.650 entities 1010 00:17:43.680 --> 00:17:45.930 come to us and 1011 00:17:45.900 --> 00:17:46.775 Ask about 1012 00:17:46.794 --> 00:17:47.669 tokenizing 1013 00:17:48.252 --> 00:17:48.960 their 1014 00:17:48.960 --> 00:17:50.294 yield baskets 1015 00:17:50.792 --> 00:17:52.500 So these are 1016 00:17:52.500 --> 00:17:53.583 typically you 1017 00:17:53.583 --> 00:17:54.083 know private 1018 00:17:54.061 --> 00:17:54.978 assets. Maybe 1019 00:17:54.978 --> 00:17:55.520 it's a single 1020 00:17:55.529 --> 00:17:56.529 asset. Maybe it's 1021 00:17:56.540 --> 00:17:57.331 a pool of 1022 00:17:57.331 --> 00:17:59.540 assets and 1023 00:17:59.944 --> 00:18:00.860 We've built the 1024 00:18:00.860 --> 00:18:01.319 infrastructure 1025 00:18:01.415 --> 00:18:01.873 the legal 1026 00:18:01.777 --> 00:18:02.360 infrastructure 1027 00:18:02.480 --> 00:18:03.064 the technical 1028 00:18:02.927 --> 00:18:03.635 infrastructure 1029 00:18:04.155 --> 00:18:05.280 the on-chain 1030 00:18:05.275 --> 00:18:06.816 infrastructure to 1031 00:18:07.405 --> 00:18:08.613 launch an asset 1032 00:18:09.655 --> 00:18:09.946 Have it be 1033 00:18:09.980 --> 00:18:10.355 successful 1034 00:18:10.355 --> 00:18:11.189 have it grow 1035 00:18:12.022 --> 00:18:13.314 and so 1036 00:18:14.088 --> 00:18:14.380 expanding 1037 00:18:14.112 --> 00:18:16.237 beyond the 1038 00:18:16.779 --> 00:18:17.570 You know the 1039 00:18:16.853 --> 00:18:17.312 digital 1040 00:18:17.312 --> 00:18:18.562 credit prefs 1041 00:18:21.008 --> 00:18:21.800 We think there's 1042 00:18:21.804 --> 00:18:22.220 actually an 1043 00:18:22.220 --> 00:18:23.137 opportunity to 1044 00:18:23.137 --> 00:18:23.845 kind of open up 1045 00:18:23.840 --> 00:18:26.049 our platform and 1046 00:18:26.715 --> 00:18:27.507 Tokenize other 1047 00:18:27.492 --> 00:18:28.367 pools of yield 1048 00:18:29.024 --> 00:18:30.690 and ultimately we 1049 00:18:30.690 --> 00:18:32.440 see Apyx or 1050 00:18:32.450 --> 00:18:34.825 Apyx as a 1051 00:18:35.117 --> 00:18:35.950 credit platform a 1052 00:18:35.953 --> 00:18:36.620 structured credit 1053 00:18:36.620 --> 00:18:37.287 platform a 1054 00:18:38.000 --> 00:18:39.167 Place where users 1055 00:18:39.162 --> 00:18:40.495 can go get 1056 00:18:40.500 --> 00:18:41.083 different types 1057 00:18:41.060 --> 00:18:41.644 of yield 1058 00:18:41.667 --> 00:18:42.375 different risk 1059 00:18:42.352 --> 00:18:43.060 profiles 1060 00:18:43.051 --> 00:18:43.801 different, you 1061 00:18:43.801 --> 00:18:44.260 know return 1062 00:18:44.320 --> 00:18:46.278 profiles and 1063 00:18:46.320 --> 00:18:47.736 Kind of know that 1064 00:18:47.736 --> 00:18:49.028 on the back end 1065 00:18:49.028 --> 00:18:49.986 you're gonna get 1066 00:18:49.990 --> 00:18:50.699 a kind of a 1067 00:18:50.749 --> 00:18:51.790 standard package. 1068 00:18:51.730 --> 00:18:52.480 You're gonna get 1069 00:18:52.540 --> 00:18:53.832 a clean legal 1070 00:18:53.832 --> 00:18:54.290 structure 1071 00:18:54.231 --> 00:18:54.940 You're gonna get 1072 00:18:54.940 --> 00:18:55.481 good smart 1073 00:18:55.720 --> 00:18:56.720 contract audits. 1074 00:18:56.481 --> 00:18:57.273 You're gonna get 1075 00:18:57.253 --> 00:18:58.086 off-chain 1076 00:18:59.154 --> 00:18:59.654 reserve 1077 00:18:59.654 --> 00:19:00.779 attestations 1078 00:19:01.086 --> 00:19:01.878 You'll get a 1079 00:19:01.878 --> 00:19:02.545 real-time NAV 1080 00:19:02.574 --> 00:19:03.240 feed you'll kind 1081 00:19:03.210 --> 00:19:03.710 of get all these 1082 00:19:03.710 --> 00:19:04.460 things that you 1083 00:19:04.460 --> 00:19:05.252 would like to see 1084 00:19:05.260 --> 00:19:06.135 out of the box 1085 00:19:06.335 --> 00:19:07.210 so in a sense, 1086 00:19:07.160 --> 00:19:08.160 you know you can 1087 00:19:08.155 --> 00:19:08.947 stroll into 1088 00:19:09.619 --> 00:19:10.910 the the 1089 00:19:10.910 --> 00:19:11.910 McDonald's of 1090 00:19:11.936 --> 00:19:12.853 credit here and 1091 00:19:12.857 --> 00:19:13.524 you can get 1092 00:19:13.530 --> 00:19:14.030 different menu 1093 00:19:14.037 --> 00:19:14.787 items, but you 1094 00:19:14.787 --> 00:19:15.120 know on 1095 00:19:15.120 --> 00:19:15.703 the back end 1096 00:19:15.696 --> 00:19:16.821 It's gonna kind 1097 00:19:16.820 --> 00:19:17.820 of share some of 1098 00:19:17.820 --> 00:19:18.320 the same 1099 00:19:19.570 --> 00:19:20.195 You know 1100 00:19:20.195 --> 00:19:20.654 supporting 1101 00:19:20.654 --> 00:19:21.695 features right 1102 00:19:21.641 --> 00:19:22.600 right, I mean, 1103 00:19:22.660 --> 00:19:23.118 I'm assuming 1104 00:19:23.503 --> 00:19:24.420 You guys aren't 1105 00:19:24.420 --> 00:19:24.920 stuck with 1106 00:19:24.920 --> 00:19:25.711 DATs either 1107 00:19:25.716 --> 00:19:26.800 Like as long as 1108 00:19:26.800 --> 00:19:27.216 that yield 1109 00:19:27.216 --> 00:19:27.841 bearing asset 1110 00:19:27.841 --> 00:19:29.091 holds a certain 1111 00:19:29.095 --> 00:19:29.720 stability 1112 00:19:29.706 --> 00:19:30.290 stable value 1113 00:19:30.581 --> 00:19:31.540 You guys would 1114 00:19:31.624 --> 00:19:32.415 able to and if 1115 00:19:32.331 --> 00:19:32.956 it's tokenized 1116 00:19:32.945 --> 00:19:33.404 you guys would be 1117 00:19:33.400 --> 00:19:34.608 able to hold them 1118 00:19:34.608 --> 00:19:35.025 provide those 1119 00:19:35.025 --> 00:19:35.225 yield 1120 00:19:35.183 --> 00:19:36.183 back to your 1121 00:19:36.325 --> 00:19:36.825 stablecoin 1122 00:19:36.825 --> 00:19:37.950 holders yeah, 1123 00:19:37.938 --> 00:19:38.480 that's right. And 1124 00:19:38.480 --> 00:19:39.147 the the other 1125 00:19:39.170 --> 00:19:39.795 cool thing is, 1126 00:19:39.772 --> 00:19:40.397 you know, we're 1127 00:19:40.420 --> 00:19:42.128 not limited to 1128 00:19:42.258 --> 00:19:43.175 Tokenized assets 1129 00:19:43.170 --> 00:19:44.295 we can actually 1130 00:19:44.289 --> 00:19:45.080 be the ones to 1131 00:19:45.080 --> 00:19:45.705 tokenize 1132 00:19:46.080 --> 00:19:47.789 the assets so 1133 00:19:49.190 --> 00:19:50.024 You know, we've 1134 00:19:49.999 --> 00:19:50.415 got brokerage 1135 00:19:50.440 --> 00:19:51.565 accounts we've 1136 00:19:51.565 --> 00:19:52.732 got bank accounts 1137 00:19:52.732 --> 00:19:54.107 we've got legal 1138 00:19:54.130 --> 00:19:55.380 structure in 1139 00:19:55.380 --> 00:19:56.255 place where 1140 00:19:56.252 --> 00:19:56.960 somebody could 1141 00:19:56.960 --> 00:19:57.835 come to us with 1142 00:19:58.870 --> 00:20:00.370 You know some 1143 00:20:00.360 --> 00:20:00.610 kind of 1144 00:20:00.557 --> 00:20:02.099 credit fund or 1145 00:20:03.193 --> 00:20:04.193 You know, maybe 1146 00:20:04.203 --> 00:20:05.370 it's an SPV that 1147 00:20:05.365 --> 00:20:06.032 has a bunch of 1148 00:20:06.040 --> 00:20:06.248 yield 1149 00:20:06.255 --> 00:20:07.255 bearing assets 1150 00:20:09.220 --> 00:20:10.220 It could even 1151 00:20:10.236 --> 00:20:11.320 just be a bunch 1152 00:20:11.320 --> 00:20:12.611 of bonds that are 1153 00:20:12.595 --> 00:20:13.595 you know issued 1154 00:20:13.611 --> 00:20:14.070 by public 1155 00:20:14.072 --> 00:20:14.738 companies 1156 00:20:15.539 --> 00:20:16.747 we have a lot of 1157 00:20:16.737 --> 00:20:17.529 flexibility on 1158 00:20:17.529 --> 00:20:17.820 what to 1159 00:20:17.820 --> 00:20:19.654 launch and 1160 00:20:21.237 --> 00:20:21.987 You know, the 1161 00:20:21.987 --> 00:20:22.187 main 1162 00:20:22.180 --> 00:20:22.763 thing is just 1163 00:20:23.721 --> 00:20:24.221 Putting together 1164 00:20:24.206 --> 00:20:25.040 things that are 1165 00:20:25.040 --> 00:20:25.540 attractive to 1166 00:20:25.544 --> 00:20:26.210 people on chain, 1167 00:20:26.210 --> 00:20:26.960 right? But 1168 00:20:26.980 --> 00:20:27.480 otherwise we've 1169 00:20:27.480 --> 00:20:28.147 got the structure 1170 00:20:28.137 --> 00:20:28.845 We've got the 1171 00:20:28.845 --> 00:20:29.220 infrastructure 1172 00:20:29.213 --> 00:20:29.880 and we can 1173 00:20:29.870 --> 00:20:30.703 replicate it 1174 00:20:31.165 --> 00:20:32.123 For other assets, 1175 00:20:32.120 --> 00:20:32.537 which is pretty 1176 00:20:32.537 --> 00:20:33.037 cool. That's 1177 00:20:33.040 --> 00:20:33.290 incredible. 1178 00:20:33.290 --> 00:20:34.373 Sounds like token 1179 00:20:34.353 --> 00:20:35.520 2049 very 1180 00:20:36.005 --> 00:20:36.422 Institutional 1181 00:20:36.395 --> 00:20:37.228 conference is the 1182 00:20:37.228 --> 00:20:38.020 perfect kind of 1183 00:20:38.045 --> 00:20:38.420 playground for 1184 00:20:38.420 --> 00:20:39.086 you guys. Yeah, 1185 00:20:39.076 --> 00:20:40.076 absolutely. It's 1186 00:20:40.086 --> 00:20:40.670 a productive 1187 00:20:40.704 --> 00:20:41.454 week so far 1188 00:20:41.429 --> 00:20:42.429 Yeah for sure 1189 00:20:42.550 --> 00:20:44.341 that is there for 1190 00:20:44.341 --> 00:20:44.800 the audience 1191 00:20:44.679 --> 00:20:44.929 maybe 1192 00:20:44.929 --> 00:20:45.720 institutions that 1193 00:20:45.720 --> 00:20:46.345 are there 1194 00:20:46.554 --> 00:20:47.179 Is there a 1195 00:20:47.179 --> 00:20:48.220 specific message 1196 00:20:48.240 --> 00:20:49.199 that you want to 1197 00:20:49.164 --> 00:20:50.205 say or a certain 1198 00:20:50.240 --> 00:20:50.615 type of 1199 00:20:50.580 --> 00:20:51.039 announcement 1200 00:20:51.074 --> 00:20:51.490 product? 1201 00:20:52.260 --> 00:20:52.927 Product launch 1202 00:20:52.927 --> 00:20:53.260 you guys are 1203 00:20:53.258 --> 00:20:54.008 having anything 1204 00:20:54.008 --> 00:20:54.800 you would like to 1205 00:20:54.767 --> 00:20:55.600 kind of mention 1206 00:20:55.600 --> 00:20:56.725 to people here in 1207 00:20:56.725 --> 00:20:57.558 Token2049 1208 00:20:58.200 --> 00:20:58.800 We've got a 1209 00:20:58.800 --> 00:20:59.500 couple cool 1210 00:20:59.500 --> 00:21:00.500 product launches 1211 00:21:00.700 --> 00:21:01.100 we've got a new 1212 00:21:01.100 --> 00:21:01.500 chain that we're 1213 00:21:01.500 --> 00:21:01.700 very 1214 00:21:01.700 --> 00:21:02.300 excited about 1215 00:21:04.400 --> 00:21:04.900 and 1216 00:21:04.900 --> 00:21:06.090 then I 1217 00:21:06.590 --> 00:21:07.340 Think it'll be 1218 00:21:07.340 --> 00:21:07.840 we'll probably be 1219 00:21:07.810 --> 00:21:08.894 live. We're 1220 00:21:08.885 --> 00:21:09.260 launching a 1221 00:21:09.260 --> 00:21:10.593 monad. Oh, that'd 1222 00:21:10.588 --> 00:21:11.005 be cool. 1223 00:21:11.010 --> 00:21:13.260 Nice and then 1224 00:21:14.388 --> 00:21:15.180 So we'll be 1225 00:21:15.180 --> 00:21:15.930 launching on Monad 1226 00:21:15.920 --> 00:21:16.378 pretty excited 1227 00:21:16.378 --> 00:21:17.920 about that and 1228 00:21:17.902 --> 00:21:19.360 then beyond that 1229 00:21:19.360 --> 00:21:19.735 we've got a 1230 00:21:19.738 --> 00:21:20.280 couple of other 1231 00:21:20.262 --> 00:21:21.595 assets that we're 1232 00:21:21.595 --> 00:21:22.553 gonna be 1233 00:21:23.963 --> 00:21:24.963 Rolling out 1234 00:21:25.880 --> 00:21:27.005 So we haven't 1235 00:21:27.005 --> 00:21:27.713 come out and said 1236 00:21:27.735 --> 00:21:28.277 and I don't know 1237 00:21:28.279 --> 00:21:28.862 exactly the 1238 00:21:28.883 --> 00:21:29.841 timeline on when 1239 00:21:29.841 --> 00:21:30.300 those are gonna 1240 00:21:30.299 --> 00:21:30.965 be released 1241 00:21:31.026 --> 00:21:32.401 So I'm don't want to 1242 00:21:32.401 --> 00:21:33.026 announce them here 1243 00:21:33.049 --> 00:21:34.049 But between now 1244 00:21:34.020 --> 00:21:34.395 and the end of 1245 00:21:34.389 --> 00:21:35.680 the year we've 1246 00:21:35.680 --> 00:21:36.514 got two to three 1247 00:21:36.514 --> 00:21:37.180 additional assets 1248 00:21:37.200 --> 00:21:38.367 that we are gonna 1249 00:21:38.367 --> 00:21:38.825 be launching 1250 00:21:38.922 --> 00:21:39.672 they're kind of 1251 00:21:39.672 --> 00:21:40.380 in the roadmap in 1252 00:21:40.377 --> 00:21:41.960 the works and 1253 00:21:41.935 --> 00:21:43.060 I think by the 1254 00:21:43.060 --> 00:21:44.102 end of the year 1255 00:21:45.374 --> 00:21:45.999 It'll be much 1256 00:21:45.999 --> 00:21:47.040 clearer that Apyx 1257 00:21:47.040 --> 00:21:48.957 is a platform not 1258 00:21:48.957 --> 00:21:49.874 just a single 1259 00:21:49.897 --> 00:21:50.772 asset issuer 1260 00:21:51.313 --> 00:21:51.980 So that's what 1261 00:21:51.980 --> 00:21:52.647 I'm very excited 1262 00:21:52.647 --> 00:21:53.730 about and then in 1263 00:21:53.737 --> 00:21:54.320 q1. We've got 1264 00:21:54.320 --> 00:21:54.820 some really cool 1265 00:21:54.860 --> 00:21:56.152 stuff coming 1266 00:21:57.237 --> 00:21:57.779 around the 1267 00:21:57.769 --> 00:21:58.060 governance 1268 00:21:58.041 --> 00:21:59.166 token and 1269 00:22:00.215 --> 00:22:01.507 So, you know stay 1270 00:22:01.500 --> 00:22:01.833 tuned for 1271 00:22:01.833 --> 00:22:03.291 that and 1272 00:22:04.090 --> 00:22:05.048 Yeah, we'll keep 1273 00:22:05.060 --> 00:22:05.352 building 1274 00:22:05.352 --> 00:22:06.185 yeah awesome 1275 00:22:06.857 --> 00:22:07.690 Before I let you 1276 00:22:07.708 --> 00:22:08.458 go. I had I did 1277 00:22:08.458 --> 00:22:09.000 have one more 1278 00:22:08.982 --> 00:22:09.940 question, which 1279 00:22:09.940 --> 00:22:10.899 is I think really 1280 00:22:10.917 --> 00:22:12.583 important for any 1281 00:22:12.546 --> 00:22:12.838 an 1282 00:22:12.838 --> 00:22:13.838 on-chain finance 1283 00:22:14.255 --> 00:22:14.546 Infrastructure 1284 00:22:14.560 --> 00:22:15.894 platforms out 1285 00:22:15.894 --> 00:22:16.102 there, 1286 00:22:16.102 --> 00:22:17.185 which is risk 1287 00:22:17.703 --> 00:22:19.495 What how do you 1288 00:22:19.495 --> 00:22:21.287 deal with risk? I 1289 00:22:21.257 --> 00:22:23.840 know STRC is a 1290 00:22:23.833 --> 00:22:24.033 very 1291 00:22:24.007 --> 00:22:24.507 stable product 1292 00:22:24.632 --> 00:22:25.257 But it does have 1293 00:22:25.270 --> 00:22:25.728 a certain amount 1294 00:22:25.728 --> 00:22:26.520 of volatility 1295 00:22:26.520 --> 00:22:28.270 itself. I mean, 1296 00:22:28.220 --> 00:22:29.053 it's not a 1297 00:22:29.053 --> 00:22:29.636 stablecoin 1298 00:22:30.511 --> 00:22:31.845 How do you I know 1299 00:22:31.845 --> 00:22:32.261 I know you guys 1300 00:22:32.280 --> 00:22:32.947 are diversifying 1301 00:22:32.955 --> 00:22:34.580 your assets. How 1302 00:22:34.585 --> 00:22:35.168 do you manage 1303 00:22:35.180 --> 00:22:35.972 these type of 1304 00:22:35.972 --> 00:22:37.180 risks as a 1305 00:22:37.180 --> 00:22:37.472 company? 1306 00:22:38.180 --> 00:22:38.722 Yeah, so, you 1307 00:22:38.722 --> 00:22:40.597 know our role is 1308 00:22:41.370 --> 00:22:42.620 in large part 1309 00:22:42.620 --> 00:22:45.162 kind of an issuer 1310 00:22:45.162 --> 00:22:47.412 so the idea is 1311 00:22:48.808 --> 00:22:49.808 We provide a lot 1312 00:22:49.740 --> 00:22:50.532 of transparency 1313 00:22:50.529 --> 00:22:52.320 around what's in 1314 00:22:52.320 --> 00:22:52.520 the 1315 00:22:52.440 --> 00:22:53.149 collateral base 1316 00:22:53.644 --> 00:22:54.560 for any given 1317 00:22:54.560 --> 00:22:57.560 asset and then we 1318 00:22:57.536 --> 00:22:58.120 basically 1319 00:22:58.144 --> 00:23:00.894 You know provide 1320 00:23:00.870 --> 00:23:01.495 all that 1321 00:23:01.495 --> 00:23:03.578 transparency and 1322 00:23:03.637 --> 00:23:04.720 We say basically 1323 00:23:04.722 --> 00:23:05.180 we're not going 1324 00:23:05.178 --> 00:23:06.095 to change things 1325 00:23:06.178 --> 00:23:07.053 This is the way 1326 00:23:07.055 --> 00:23:08.305 it is and so a 1327 00:23:08.320 --> 00:23:09.445 user can assess 1328 00:23:09.445 --> 00:23:10.320 the risk for 1329 00:23:10.335 --> 00:23:10.794 themselves 1330 00:23:10.877 --> 00:23:11.919 So for example, 1331 00:23:11.904 --> 00:23:13.029 you can go on our 1332 00:23:13.029 --> 00:23:13.820 dashboard. You 1333 00:23:13.811 --> 00:23:14.311 can see what the 1334 00:23:14.311 --> 00:23:15.061 allocation is 1335 00:23:15.050 --> 00:23:15.842 between stretch 1336 00:23:15.832 --> 00:23:17.624 between cash. You 1337 00:23:17.620 --> 00:23:18.036 can look at 1338 00:23:18.286 --> 00:23:20.411 You know about 1339 00:23:20.411 --> 00:23:21.161 you know backing 1340 00:23:21.161 --> 00:23:22.995 apxUSD and then 1341 00:23:23.020 --> 00:23:23.645 you can say okay. 1342 00:23:23.904 --> 00:23:24.904 Well, do I want 1343 00:23:24.904 --> 00:23:25.320 to take on 1344 00:23:25.320 --> 00:23:26.820 that risk? I 1345 00:23:26.800 --> 00:23:27.342 Know what the 1346 00:23:27.340 --> 00:23:28.423 allocation is and 1347 00:23:28.423 --> 00:23:29.257 then our users 1348 00:23:29.254 --> 00:23:29.712 can kind of 1349 00:23:29.712 --> 00:23:30.129 decide for 1350 00:23:30.137 --> 00:23:31.428 themselves. So 1351 00:23:31.428 --> 00:23:31.803 that's kind of 1352 00:23:31.815 --> 00:23:32.149 like the 1353 00:23:32.174 --> 00:23:33.007 first part 1354 00:23:33.882 --> 00:23:35.590 Of course on the 1355 00:23:35.548 --> 00:23:36.340 you know non 1356 00:23:36.378 --> 00:23:37.045 financial risk 1357 00:23:37.007 --> 00:23:37.882 side you've got 1358 00:23:37.882 --> 00:23:38.465 things like smart 1359 00:23:38.503 --> 00:23:39.503 contract risk 1360 00:23:39.503 --> 00:23:42.503 So we've got a 1361 00:23:42.485 --> 00:23:42.860 number of 1362 00:23:42.895 --> 00:23:43.437 different audit 1363 00:23:43.437 --> 00:23:44.228 partners that review, you know, all the contract updates 1364 00:23:44.235 --> 00:23:48.318 our team 1365 00:23:48.296 --> 00:23:50.505 You know 1366 00:23:49.120 --> 00:23:49.995 engineering team 1367 00:23:49.965 --> 00:23:50.340 they've been in 1368 00:23:50.340 --> 00:23:51.048 the space for 1369 00:23:51.048 --> 00:23:52.215 quite a long time 1370 00:23:52.215 --> 00:23:54.465 10 plus years in 1371 00:23:54.457 --> 00:23:54.957 the crypto 1372 00:23:54.947 --> 00:23:55.780 ecosystem for 1373 00:23:55.773 --> 00:23:56.273 some of them 1374 00:23:57.355 --> 00:23:57.647 So, you know, 1375 00:23:57.647 --> 00:23:57.980 they kind of know 1376 00:23:57.980 --> 00:23:58.180 what 1377 00:23:58.064 --> 00:23:58.730 they're doing 1378 00:23:59.163 --> 00:24:00.996 And then you 1379 00:24:00.996 --> 00:24:01.371 know, I'd say the 1380 00:24:01.380 --> 00:24:02.214 last piece going 1381 00:24:02.210 --> 00:24:02.710 back to some of 1382 00:24:02.714 --> 00:24:02.964 the 1383 00:24:02.975 --> 00:24:04.600 financial risk is 1384 00:24:04.609 --> 00:24:06.900 Some of the 1385 00:24:06.891 --> 00:24:07.391 products that 1386 00:24:07.400 --> 00:24:07.817 we're going to be 1387 00:24:07.817 --> 00:24:08.275 launching 1388 00:24:08.275 --> 00:24:10.150 The goal is to get the financial risk 1389 00:24:10.758 --> 00:24:13.425 The goal is to 1390 00:24:10.758 --> 00:24:11.667 provide different 1391 00:24:11.667 --> 00:24:13.125 stratification of 1392 00:24:13.125 --> 00:24:14.917 risk and 1393 00:24:14.914 --> 00:24:17.247 so users can say 1394 00:24:17.265 --> 00:24:19.098 hey, I want a 1395 00:24:19.098 --> 00:24:19.640 little bit lower 1396 00:24:19.622 --> 00:24:21.122 yield and less 1397 00:24:21.120 --> 00:24:22.870 risk and 1398 00:24:22.870 --> 00:24:23.537 Or you know, I 1399 00:24:23.537 --> 00:24:24.078 want more yield. 1400 00:24:24.110 --> 00:24:24.819 I want more risk 1401 00:24:24.819 --> 00:24:25.860 and so to give 1402 00:24:25.860 --> 00:24:26.527 people more 1403 00:24:26.500 --> 00:24:28.083 opportunities to 1404 00:24:28.540 --> 00:24:31.040 Access 1405 00:24:31.540 --> 00:24:32.290 Yield 1406 00:24:32.748 --> 00:24:33.582 With the 1407 00:24:33.660 --> 00:24:34.118 corresponding 1408 00:24:34.118 --> 00:24:35.035 level of risk 1409 00:24:35.057 --> 00:24:36.265 that they're 1410 00:24:36.268 --> 00:24:37.143 comfortable with 1411 00:24:37.143 --> 00:24:38.018 so you can 1412 00:24:38.020 --> 00:24:38.562 already do some 1413 00:24:38.562 --> 00:24:39.187 of that today 1414 00:24:39.187 --> 00:24:39.895 For example, you 1415 00:24:40.008 --> 00:24:42.591 can lend USDC on 1416 00:24:42.591 --> 00:24:43.633 Morpho or on 1417 00:24:43.537 --> 00:24:44.620 Kamino against 1418 00:24:44.620 --> 00:24:45.662 some of our 1419 00:24:45.653 --> 00:24:47.320 assets and you 1420 00:24:47.307 --> 00:24:47.515 can 1421 00:24:47.515 --> 00:24:48.307 generate, you know 1422 00:24:48.304 --> 00:24:49.095 Six seven eight 1423 00:24:49.095 --> 00:24:50.220 percent yield on 1424 00:24:50.230 --> 00:24:51.480 your USDC that's 1425 00:24:51.480 --> 00:24:51.980 higher than you 1426 00:24:51.980 --> 00:24:52.355 might get 1427 00:24:52.355 --> 00:24:52.730 elsewhere 1428 00:24:52.772 --> 00:24:53.730 the risk of 1429 00:24:53.721 --> 00:24:54.013 course that 1430 00:24:54.013 --> 00:24:54.680 you're taking is 1431 00:24:54.679 --> 00:24:56.137 that the asset 1432 00:24:56.120 --> 00:24:57.537 drops and then 1433 00:24:58.201 --> 00:24:58.951 There's you know 1434 00:24:58.910 --> 00:24:59.619 liquidation is 1435 00:24:59.619 --> 00:25:00.160 for some reason 1436 00:25:00.160 --> 00:25:01.785 not able to fully 1437 00:25:02.869 --> 00:25:03.535 You know 1438 00:25:03.535 --> 00:25:04.369 resolve things 1439 00:25:05.410 --> 00:25:06.244 You know a little 1440 00:25:06.260 --> 00:25:06.885 tangent. We're 1441 00:25:06.885 --> 00:25:07.760 very proud that 1442 00:25:07.815 --> 00:25:08.815 during the whole 1443 00:25:09.503 --> 00:25:10.587 Stretch, you know 1444 00:25:10.587 --> 00:25:11.420 drop all the way 1445 00:25:11.400 --> 00:25:13.400 to $70 and then 1446 00:25:13.420 --> 00:25:14.420 repeg or 1447 00:25:14.400 --> 00:25:15.025 a rebound 1448 00:25:16.067 --> 00:25:16.942 We didn't have 1449 00:25:16.940 --> 00:25:18.148 any bad debt and 1450 00:25:18.148 --> 00:25:18.523 any of our 1451 00:25:18.523 --> 00:25:19.106 lending markets, 1452 00:25:19.103 --> 00:25:19.603 but you know, 1453 00:25:19.620 --> 00:25:20.079 there's always 1454 00:25:20.089 --> 00:25:20.797 that risk there 1455 00:25:20.787 --> 00:25:21.870 So some users may 1456 00:25:21.853 --> 00:25:22.520 say hey, I want 1457 00:25:22.520 --> 00:25:23.187 to get exposure 1458 00:25:23.165 --> 00:25:24.831 to this idea, but 1459 00:25:24.820 --> 00:25:26.029 I want lower risk 1460 00:25:26.029 --> 00:25:27.195 by say lending 1461 00:25:28.415 --> 00:25:29.123 but we're gonna 1462 00:25:29.123 --> 00:25:29.873 be adding more 1463 00:25:29.875 --> 00:25:31.542 ways for users to 1464 00:25:31.542 --> 00:25:32.500 kind of tailor 1465 00:25:32.498 --> 00:25:34.540 the yield and 1466 00:25:34.790 --> 00:25:36.331 Risk that they're 1467 00:25:36.333 --> 00:25:37.833 comfortable with 1468 00:25:38.100 --> 00:25:39.892 and so we kind of 1469 00:25:39.920 --> 00:25:41.128 just again, you 1470 00:25:41.128 --> 00:25:42.045 know to summarize 1471 00:25:42.028 --> 00:25:43.153 we kind of 1472 00:25:43.689 --> 00:25:44.314 Lay it all out on 1473 00:25:44.314 --> 00:25:44.980 the table and 1474 00:25:44.980 --> 00:25:46.605 then allow the 1475 00:25:46.605 --> 00:25:47.730 users to decide, 1476 00:25:47.730 --> 00:25:48.772 you know what 1477 00:25:48.767 --> 00:25:49.059 they want 1478 00:25:49.052 --> 00:25:50.093 to do, right? 1479 00:25:51.218 --> 00:25:52.260 Transparency is 1480 00:25:52.263 --> 00:25:53.805 key to key 1481 00:25:53.805 --> 00:25:55.180 benefits of of on 1482 00:25:55.180 --> 00:25:55.721 chain ecosystem 1483 00:25:55.721 --> 00:25:56.138 financial 1484 00:25:56.138 --> 00:25:57.055 ecosystem for 1485 00:25:57.249 --> 00:25:57.790 sure. Yep 1486 00:25:59.366 --> 00:26:00.408 Nice very cool. 1487 00:26:00.582 --> 00:26:01.374 Those are being 1488 00:26:01.374 --> 00:26:02.290 questions I had 1489 00:26:03.658 --> 00:26:04.450 Yeah, anything 1490 00:26:04.444 --> 00:26:05.527 else if you want 1491 00:26:05.527 --> 00:26:06.360 to touch on AI 1492 00:26:06.353 --> 00:26:07.812 agents AI 1493 00:26:07.815 --> 00:26:08.315 whatever 1494 00:26:09.356 --> 00:26:10.440 Yeah, you know, I 1495 00:26:10.435 --> 00:26:10.976 think on the AI 1496 00:26:10.951 --> 00:26:12.535 side and just in 1497 00:26:12.535 --> 00:26:13.660 general like the 1498 00:26:13.639 --> 00:26:14.180 really cool 1499 00:26:14.201 --> 00:26:15.076 thing about 1500 00:26:15.660 --> 00:26:16.493 bringing yield 1501 00:26:16.500 --> 00:26:17.000 products 1502 00:26:17.000 --> 00:26:19.417 on chain is 1503 00:26:19.420 --> 00:26:20.920 They become fully 1504 00:26:20.932 --> 00:26:21.640 accessible and 1505 00:26:21.640 --> 00:26:22.515 fully composable. 1506 00:26:22.515 --> 00:26:24.307 Yes, and so 1507 00:26:24.723 --> 00:26:25.348 to the 1508 00:26:25.360 --> 00:26:26.194 extent that 1509 00:26:27.064 --> 00:26:27.980 You've got you 1510 00:26:27.980 --> 00:26:28.980 know, idle pools 1511 00:26:28.966 --> 00:26:30.300 of capital. They 1512 00:26:30.300 --> 00:26:30.966 can now start 1513 00:26:30.966 --> 00:26:32.008 generating yield 1514 00:26:32.002 --> 00:26:33.294 or balances 1515 00:26:34.377 --> 00:26:35.627 and 1516 00:26:35.625 --> 00:26:36.875 So as you're 1517 00:26:36.887 --> 00:26:37.512 gonna have more 1518 00:26:37.500 --> 00:26:38.208 and more agents 1519 00:26:38.216 --> 00:26:39.175 being active on 1520 00:26:39.175 --> 00:26:40.300 chain, there's 1521 00:26:40.304 --> 00:26:40.845 less and less of 1522 00:26:40.841 --> 00:26:41.633 a reason for 1523 00:26:41.640 --> 00:26:42.057 capital 1524 00:26:42.060 --> 00:26:43.268 to sit idle 1525 00:26:44.810 --> 00:26:45.560 Most of the 1526 00:26:45.560 --> 00:26:46.518 reason today that 1527 00:26:46.518 --> 00:26:47.476 capital sits idle 1528 00:26:47.460 --> 00:26:48.585 is convenience. 1529 00:26:48.585 --> 00:26:49.710 It's humans 1530 00:26:49.710 --> 00:26:50.544 saying well 1531 00:26:50.499 --> 00:26:51.124 I'm gonna spend 1532 00:26:51.179 --> 00:26:51.804 this in a week 1533 00:26:52.346 --> 00:26:53.221 So like it's not 1534 00:26:53.220 --> 00:26:54.304 worth me clicking 1535 00:26:54.299 --> 00:26:55.340 the buttons to do 1536 00:26:55.345 --> 00:26:56.512 a swap but an 1537 00:26:56.507 --> 00:26:57.382 agent has none of 1538 00:26:57.375 --> 00:26:57.583 that 1539 00:26:57.583 --> 00:26:58.792 cognitive load 1540 00:26:59.442 --> 00:27:00.400 Involved in 1541 00:27:00.372 --> 00:27:01.622 making that swap 1542 00:27:01.657 --> 00:27:02.199 and so if an 1543 00:27:02.199 --> 00:27:02.740 agent's like 1544 00:27:02.740 --> 00:27:03.324 yeah, look I've 1545 00:27:03.320 --> 00:27:04.070 got some cash. 1546 00:27:04.074 --> 00:27:05.324 I'm gonna have it 1547 00:27:05.320 --> 00:27:06.278 parked for a week 1548 00:27:06.945 --> 00:27:08.153 It makes sense to 1549 00:27:08.153 --> 00:27:08.611 flip it into 1550 00:27:08.600 --> 00:27:09.309 something that's gonna 1551 00:27:09.309 --> 00:27:10.142 generate yield 1552 00:27:11.267 --> 00:27:12.392 To you know, not 1553 00:27:12.400 --> 00:27:13.775 just have idle 1554 00:27:13.768 --> 00:27:14.310 balances and 1555 00:27:14.310 --> 00:27:15.060 waste money 1556 00:27:15.052 --> 00:27:15.552 basically 1557 00:27:16.310 --> 00:27:17.143 and so I think 1558 00:27:18.060 --> 00:27:19.226 the more that you 1559 00:27:19.203 --> 00:27:19.912 can reduce the 1560 00:27:19.940 --> 00:27:21.148 friction of 1561 00:27:21.148 --> 00:27:21.815 Getting in and 1562 00:27:21.810 --> 00:27:22.476 out of a yield 1563 00:27:22.476 --> 00:27:24.060 bearing asset and 1564 00:27:24.070 --> 00:27:24.278 the more 1565 00:27:24.268 --> 00:27:24.976 ubiquitous you 1566 00:27:24.976 --> 00:27:25.643 can make it, you 1567 00:27:25.655 --> 00:27:26.280 know available on 1568 00:27:26.255 --> 00:27:26.922 more platforms 1569 00:27:26.922 --> 00:27:27.880 And in more 1570 00:27:27.880 --> 00:27:28.547 places with more 1571 00:27:28.580 --> 00:27:30.080 liquidity, I 1572 00:27:30.047 --> 00:27:30.422 think that's 1573 00:27:30.417 --> 00:27:31.000 gonna grow 1574 00:27:30.998 --> 00:27:31.790 the usage 1575 00:27:32.458 --> 00:27:34.000 For you know all 1576 00:27:33.998 --> 00:27:35.373 forms of AI 1577 00:27:35.373 --> 00:27:36.040 agents whether 1578 00:27:36.047 --> 00:27:36.672 that's the more 1579 00:27:36.672 --> 00:27:37.547 classical like, 1580 00:27:37.575 --> 00:27:38.450 you know, ml type 1581 00:27:38.450 --> 00:27:39.325 models or you 1582 00:27:39.340 --> 00:27:39.923 know the newer 1583 00:27:40.381 --> 00:27:42.423 agents and 1584 00:27:43.215 --> 00:27:44.298 I think you're 1585 00:27:44.238 --> 00:27:44.780 gonna see more 1586 00:27:44.800 --> 00:27:45.966 and more yield 1587 00:27:46.620 --> 00:27:47.787 product issuers 1588 00:27:47.780 --> 00:27:49.113 want to get their 1589 00:27:49.110 --> 00:27:49.527 products 1590 00:27:49.537 --> 00:27:50.370 tokenized because 1591 00:27:50.370 --> 00:27:51.120 it just opens up 1592 00:27:51.110 --> 00:27:51.568 this whole new 1593 00:27:51.578 --> 00:27:53.287 world of 1594 00:27:53.300 --> 00:27:55.300 You know, it's 1595 00:27:55.300 --> 00:27:55.800 whole new user 1596 00:27:55.800 --> 00:27:57.300 base because you 1597 00:27:57.300 --> 00:27:58.008 know, you're not 1598 00:27:58.008 --> 00:27:58.591 gonna have 1599 00:27:59.361 --> 00:28:00.403 on the TradFi 1600 00:28:00.363 --> 00:28:00.946 side you're not 1601 00:28:00.946 --> 00:28:01.780 gonna have agents 1602 00:28:01.780 --> 00:28:03.988 subscribing to a 1603 00:28:03.995 --> 00:28:05.328 credit fund or 1604 00:28:06.287 --> 00:28:07.120 Using a brokerage 1605 00:28:07.143 --> 00:28:07.810 account to buy 1606 00:28:07.792 --> 00:28:08.542 stretch that's 1607 00:28:08.560 --> 00:28:09.018 just too 1608 00:28:09.018 --> 00:28:09.393 difficult 1609 00:28:09.461 --> 00:28:10.420 You know wiring 1610 00:28:10.420 --> 00:28:10.961 money takes 1611 00:28:11.005 --> 00:28:11.880 multiple days to 1612 00:28:11.850 --> 00:28:12.142 move it around 1613 00:28:12.142 --> 00:28:13.100 so once it's all 1614 00:28:13.100 --> 00:28:13.600 on chain once 1615 00:28:13.600 --> 00:28:14.725 it's all there it 1616 00:28:14.725 --> 00:28:15.017 becomes 1617 00:28:15.017 --> 00:28:15.809 accessible to 1618 00:28:15.812 --> 00:28:17.270 agents and 1619 00:28:17.270 --> 00:28:18.062 I think it's a 1620 00:28:18.045 --> 00:28:18.420 you know, pretty 1621 00:28:18.420 --> 00:28:18.920 powerful thing. 1622 00:28:19.295 --> 00:28:20.170 Right, right. I 1623 00:28:20.160 --> 00:28:20.743 can't wait for 1624 00:28:21.035 --> 00:28:22.035 Wait to delegate 1625 00:28:22.060 --> 00:28:23.060 all my yield 1626 00:28:23.079 --> 00:28:23.620 farming to my 1627 00:28:23.603 --> 00:28:24.312 agent. Yeah 1628 00:28:24.329 --> 00:28:27.037 Yeah, it sounds 1629 00:28:27.037 --> 00:28:27.704 super exciting 1630 00:28:28.520 --> 00:28:29.395 I'll be checking 1631 00:28:29.360 --> 00:28:30.610 out but the 1632 00:28:31.110 --> 00:28:31.943 The products 1633 00:28:31.943 --> 00:28:33.443 myself. Yeah. 1634 00:28:33.440 --> 00:28:33.899 Thank you so much 1635 00:28:33.940 --> 00:28:34.773 for joining us 1636 00:28:34.812 --> 00:28:35.645 for the podcast 1637 00:28:35.715 --> 00:28:36.382 really good 1638 00:28:36.382 --> 00:28:36.840 having you. 1639 00:28:36.859 --> 00:28:37.318 Thanks for 1640 00:28:37.299 --> 00:28:37.499 having me