Episode 35: Fannie Mae, The CFTC, and Solana’s Enterprise Evolution

00:00

Hello everyone, welcome back to the social ledger report part of the Boost Network. This week we have a lot to think, a lot of things to talk about. So for one, Bitcoin has dropped from 73,000 as of March 16 to about 66,000 today. If you’re in greed is just in the gutter. The mood that I want to set here is we’re going to cover the top three topics on crypto and financial world that’s been happening, like all the financial world stuff that’s been happening.

00:28

ah Everyone’s scared, but we’re actually going to deep dive into it and see if it’s actually within reason to be scared or not. for the first subject, we’re going to talk about Fannie Mae, which now accepts crypto-backed mortgages. And then the SEC and CFTC have better guidance, plus the Clarity Act has been making a lot of movement, which is largely due to why Bitcoin has been just in the gutter.  And then the last story is just Solana Developer Platform.

00:57

which it actually launched and it has some pretty high noteworthy partners. So that one’s a little bit less fun, but you know, it’s a big opportunity. But before we get started, go ahead and like the channel, go ahead and like this video, subscribe to the channel. It helps us grow and let us know what you think. All right. So for the first segment, Fannie Mae crypto backed mortgages. We have a headline here. I should probably share my screen and kind of just have that there.

01:27

All right. So Coinbase, this is from CoinDesk. Coinbase, Fannie Mae bring crypto backed mortgages to home buyers. The crypto exchange is working financial technology, mortgage firm better, a Fannie Mae approved mortgage seller. So I’m 28, I don’t have a home yet. Leon, I have a question for you. You as a homeowner, how do you feel about this? Do you feel like this could have helped you long ago or do you think you can buy a new home now? Will this help you?

01:57

you know,  I don’t know  how I feel about it. Like this is huge for like long term holders  and  really the diamond diamond hands. There’s no taxable event for selling the crypto when you do it. But you are getting two loans  on on clothes.  You get a down payment loan for the for the crypto as the collateral. And then you are getting um another you know, the regular Fannie Mae mortgage back loan. uh

02:26

out there so you are getting to and then whatever collateralized Bitcoin or is Bitcoin and USDC yeah Bitcoin and USDC goes into like an escrow account that’s held by Coinbase and better mortgage or better what was the company yeah better mortgage and they hold that for you know the life of the loan so if you want to lock up some Bitcoin for 30 years that’s that’s the way to do it.

02:56

it definitely is a weird kind of thing. There’s no margin calls. There’s no top ups, which I was really surprised at when I dug into it. But, you know, you’re effectively paying interest on two loans simultaneously, the crypto is locked. It can’t be traded. And then if you know, Bitcoin rips, you know, three x while your collateral is locked, you’ve missed the upside on liquidity. um And then the premium rate like ads real cost or the 30 year term, I think it’s like

03:25

0.5 to 1 % and um you’re just locking up a lot of money for something where you could have probably just took in a Bitcoin loan, ah have  it as a Bitcoin loan and  through Coinbase and then just pay it back pretty quickly or  liquidate some crypto and hold it in cash for a little bit and have a taxable event, which would suck, but better in the long run, I feel like.

03:55

Yeah. So while I was listening to you, it got me thinking like, man, it’s kind of a scary thing getting what is it? I’m blanking out. Do know what’s the word whenever you are getting margin called essentially for is it called the margin call again? When you have, it’s called a margin where you don’t have enough money or it’s called a top up of you. It depends, you know, but it is a margin call.

04:23

Yeah, so I was thinking of a scenario and you know, I like to look at all these things from different angles. So I mean, bear case, you know, because there’s a bull in a bear case or like uh a downside and  an upside and a downside. So I think the scariest thing is getting margin called. You you’ve you’ve told me a lot in the past about it. And me personally, had a when Coinbase first rolled out their Bitcoin loans, I was margin called a few times in 2022.

04:52

Bitcoin had reached an all-time high like the year prior and then it The following year it tanked to like the  40s So I was getting margin call because well I got when I got the loan it was at 60s and then it went down to the  50s So I had to kept kept on buying  Bitcoin just to  continue to keep the longevity of my loan. So that was a scary experience That’s probably my biggest concern when we get these opportunities like these financial opportunities, but

05:20

By understanding there is no there is no margin call like Oh really if if Bitcoin drops  and you’ve pledged  250k and Bitcoin and you get a hundred thousand dollar loan to A hundred thousand dollar loan to cover the down payment. You won’t have top ups and you won’t have margin. It’s just locked up in that That is so interesting. Um, I don’t think I I was looking my I was doing my research when I was doing this but

05:49

I find that. So I don’t know if that’s how loans just generally work. Or if what was, you know, the original loans with Coinbase, they work differently.  that’s actually very, very interesting. That’s probably Yeah, that’s why this one’s this one’s slightly  unique because there is no margin. There is no top up. You know, if you’re doing a cloud or lies loan, like if you were

06:14

doing Bitcoin and you loaning against it, you got to keep your LTV, your loan to the value ratio, correct? And the collateral has to be able to cover it. That’s just how you do collateralized loans. This is not quite it. It’s just, it’s essentially everyone saying that, Bitcoin and USDC is going to hold their value for long term. And they’re okay on those swings to possibly have a margin because

06:40

On the flip side, have your mortgage, they have your house, there’s an asset there. So you’re essentially locking on two assets. If you took a $100,000 loan for the down payment and then a $500,000 loan for the house, you’re paying the $500,000, but you lock the 250K of Bitcoin. Now you’re locked in for $750,000 worth of assets.

07:05

when you’ve got, you know, 600K of loans,  the banks are winning, you don’t get paid interest, they can go probably lend and play with your, your Bitcoin out there, you know, like they’re probably doing some sort of lending, they’re probably using that as collateral for themselves. Like, the bank is winning the most here, but the house almost always wins. Oh, yeah, absolutely. It’s almost like a casino except, you know, not really gambling. uh But yeah, house gambling.

07:35

True. mean, if you look at it like that. So why don’t we talk about how it works? So essentially, I think you covered the  most ground. You you can take it up to two loans. It’s not as scary with making margin calls like getting margin calls. Like if Bitcoin drops in value, nothing changes on the loan as long as payments continue. um Let’s see. Crypto has returned to you once you repay the loan. So that’s pretty nice.

08:01

And any liquidation risks only trigger after 60 day payment, the liquid C similar to conventional mortgages. So do you think that’s like a healthy, reliable type of loan under those conditions?  It’s a Friday, May loan. Like it’s backed. It’s the same mortgage. Anybody gets it’s okay. It’s backed by Friday, May. It’s a regular mortgage loan, which is big because crypto and mortgages have never gone together. If you want to use

08:29

You’re a crypto and you want to go sell your crypto. That’s a taxable event. And then often you have to season that  does money in your account for three to six months, depending on what the loan provider wanted in the past. Yeah, I believe it.  Um, I don’t have. I like to, I like to  kind of show things whenever we’re kind of running through stats statistics, but I was able to pull down some, some key statistics and quotes as far as like

08:58

to your case why it’s actually kind of a big deal. So as of Coinbase statistics in the last few years, 52 million Americans hold digital assets or like better slash Coinbase statistics. Like those are like the cumulative data rates slightly higher than a 30 year between 0.5 and 1.5 percentage points above.

09:21

depending on the borrower profile. Coinbase One Members. So if you’re actually a paying subscriber on Coinbase, you get a rebate worth 1 % of mortgage value, which is capped at 10,000. I think that’s a pretty healthy… Yeah, let me read it again. I’m kind of just running through key statistics and quotes. This one is from Coinbase. So Coinbase One Members get a rebate worth 1 % worth…

09:51

of mortgage value, which is capped at 10 % or not a 10 % at $10,000. Sorry about that. that, it, so is it buying down the rate or is Coinbase giving you a thing to buy down the rate? Yes.  What is the mortgage rate? you know? No, I wasn’t able to pull that information anywhere, but,  uh, the mortgage rate or you can rebate.

10:17

1 % of the mortgage value, which is capped at $10,000. Yeah,  so you’re buying down the rate, but I want to know what their rate is. I’m going to look at it. What is the  man? You know, it’s it might be between 0.5 and 1.5%.  That’s the that’s the basis points on there. There’s there’s five basis.  Yeah, like that’s what’s added to the 30 year term. So you have a rate premium, right?  Okay. Okay. That makes sense. Okay.

10:46

Clearly I’m fucking noob when it comes to all these mortgage shit because I’ve only gone like three loans ever. Like if you talk to me about credit cards, like, oh, I got you. like with mortgages, I’m actually, not even mortgages, but with like loans, actually like not that savvy at  it. pardon my noobness there. You looking it up? Yeah. So, so it’s, traditional. It’s the traditional rate, whatever it is, the Friday, May, Friday, ah rates. So, you know, you could run the error from six point.

11:16

6 % to 7.25 % even even upwards to 8.25 depending on your credit and borrow profile. But there is a higher than a standard 30 year half a percentage point to 1.5 percentage points depending on the consumer profile. And then yes, Coinbase will buy your rate down slightly. So let’s say you you have a 7 % you know, 7.25 % interest rate, you could actually be at 8.25.

11:45

because there’s a premium on it and then Coinbase will buy part of that premium down  on there up to $10,000. And it depends. So you can buy basis points and this is any loan.  can buy basis points  on on it and pay an upfront fee to get your interest rate lower. Okay. Yeah. Okay. That makes sense. Can you do this? Yeah. So essentially, uh essentially the,

12:11

The mortgage for any May Freddie Mac is putting a risk profile on this and it’s more risky to have this than it is not. Like I don’t know anybody who would do this alone truthfully. Like this is a bad deal um across the board. Like it’s better to probably take the taxable event, find deductions and find  tax write-offs by the house um and  just sell some crypto in the end. Like if you’re holding USDC, there’s no point in locking up your money.

12:40

inside of secondary loan because you have the money for a down payment. That’s just cash, you know, comparative Bitcoin. I would just sell the Bitcoin and do it like I understand that you want to hold it, but you got to make decisions in life. And sometimes uh the home decision, you know, if you want to live somewhere and maybe the math doesn’t math and you should hold on to it and rent um out there. But if you want to make that decision,  I would just sell the Bitcoin.

13:09

take the taxable event and put the down payment on the house.  You know, it’s funny. Yeah.  It’s funny to say that because a lot of the reasons why people  get these loans is because they don’t want they’re avoiding taxable events, which funny enough, if you look at how many people or percentage of the population who owns crypto, it’s mostly Gen Z millennials and occasion occasional uh Gen X. um Maybe

13:36

handful of times there will be a boomer, but it’s mostly dominated by Gen Z Millennials and occasional Gen X. But Gen Z, you know, I’m a Gen Z. I’m cooked. I don’t have as much money as people might think. You my generation is fucking cooked. Millennials, they’re doing a little bit better at this point, you know, in time. So there’s a good chance that to your point,  when is there a good event or time when you can get into this loan? I would say you would

14:05

probably need to have a couple hundred thousand  of Bitcoin worth. That could be worth it. Because if you could just avoid getting two loans, that would be amazing. And you don’t even need to go through the Fannie Mae deal even so overall, yeah, I think this is not a good deal. Like you said, and you made me kind of realize as you were talking about it. So yeah, the guy I wouldn’t do it, you know, every mortgage you get as a Fannie Mae, Freddie Mac mortgage, like, they’re,  they’re the one covering all mortgages.

14:34

So there’s no avoiding them. ah They have very strict rules post 2008. ah If you’re buying the $500,000 house, know, the Bitcoin isn’t helping you get the house. You still have to have income. ah Like there’s no change to the traditional finance system here.  It’s just bolting on crypto and bolting it on an ugly way. And also, I just don’t trust Coinbase with their loans. Like they shut down their loan program in past. I wouldn’t be surprised.

15:01

That’s something like this happens and they, you know,  roll up the loan and say, you know, pay it back to the secondary lien on the house and say, pay back the down payment loan early. So I just want to trust him. know, while we’re in the subject of Coinbase, I love their exchange. I think they make that very convenient. It’s my favorite exchange out of all of them. I think they’re going down  a messy hole by

15:30

trying to become the everything exchange. And what’s relevant here is you talking about the loans because they’re trying to offer all kinds of financial services in one app, which is very convenient. That sounds very convenient. But the execution, think it’s going to be messy. And I think the loan part is also messy as someone who also had a loan with them a while ago. But yeah, if you ask me, would I ever do that again? I would say no. I don’t know. There’s just got to be better.

15:58

terms and conditions probably for the loans. I mean, we’ll see what happens. um But while we were talking about Coinbase, let’s talk about how they’ve been involved with the ah with the clarity act. They’ve been delaying it constantly. Now. They delay it or has the banks and Congress been delaying it? That’s, know, that’s a an argument. You know, it’s a big thing there. Definitely. um

16:28

I’m actually on their side. I’m on the side of Coinbase on this one. A lot of people on Twitter, on crypto Twitter are like losing their minds. saying, dude, just like literally fuck off. Let us let Congress, let the government do their thing with the, with the clarity act. And I think Coinbase, you know, albeit a large, they own a large equity on USDC and they rely heavily on these, on these, you know, lending and interest gaining um revenues, which will be heavily impacted by the clarity act.

16:57

with the stable coin yield as it is right now. So that’s kind of like the genesis as to what’s happening with Coinbase. um Everyone is kind of mad. I feel like people who kind of understand the macro side of it  are actually on the side of Coinbase. Like I think you’re on the Coinbase side, Leon, because you’ve given me as things have been developing over the week, you’ve actually been saying like, man, if this actually goes through, it’s actually going to be like detrimental for like.

17:24

X, Y, and Z things, you know what I’m saying? Yeah, there’s gonna be a lot of third world effects. It’s just like COVID. If you don’t have the yield on it, like what’s what’s the purpose of parking money in, you know, USDC that that’s going to give you liquidity on network, there’s a lot of little parts to all of us that I think we will won’t see until the bill passes. And if there is no yield in that and it

17:52

looks like there was going be no yield. then essentially Congress wasn’t going to move forward with it. That we could just, it could decimate like stable coins. Like you’re, you’re seeing ramp, you’re seeing all these other companies build out  a genetic credit cards and all of that stable coins are supposed to be rails for those micro payments. supposed to be rails for money transmittance. But if you’re, if there’s no incentive to keep money inside of it,

18:19

I don’t know. get the depository flight argument, but there’s no evidence for that. Now there are, there is like a privacy side of the world where it saying like, Hey,  if stable coins become fact, it’s going to allow for deep banking even easier at all of that. And, know, like tracking money. So there are some  worries out there, but I think most crypto people are going to support, you know, the crypto side, Brian Armstrong side. He’s the voice in all of this for us.

18:51

The Coinbase exchange is probably, it’s a very polarizing subject on crypto Twitter, but  on the Clarity side, I think it’s a very…

19:02

I’ve seen the kind of people who support and don’t support Brian Armstrong side. I think people who are more savvy on the macro side of financial world or like with crypto, they’re very much inside of Coinbase. But people who are kind of just there to shit pose people who think they know better than you on the crypto Twitter, which is a lot of them. They’ll actually just be like, dude, just roll it out. Like, and here’s the thing with the clarity act, it’s not just the stable coin yield. That’s like the only thing passing. It’s several other things on crypto. So

19:32

What I have in front of us here is the CFTC 68 page interpretive guidance that for the first time officially classified 16 crypto assets  as digital  commodities, not securities. The SEC chairman, Paul Atkins declared that the DC blockchain summit that most crypto tokens don’t meet the legal definition of a security. So I’m not going go through it all. You guys are more than welcome to look at it. We’ll leave it in the show notes.  I think it’s.

20:00

We should plug the MintLock blog. We wrote one on that one, breaking it down. Amazing. Do you mind pulling it up here in a moment? I don’t have to link with me. Just if you want to kind of just show it off, you know, it’s kind of like show and tell or yeah, go find it real quick. Thanks. While you’re doing that, 16 tokens are classified as digital commodities. I think some of these choices are very interesting. I wouldn’t go with those. the 16 choices are Bitcoin, Ethereum.

20:30

Solana, XRP, Cardano, Chainlink, Avalanche, Polkadot, Stellar, Hedera, Litecoin, Dogecoin, Shiba Inu, Tezos, Bitcoin Cash, Aptos, and Algorand. I don’t know why 16 only, there’s like a million tokens, granted most of them are shitcoins and rug pulls or pump dumps, but I think these are some of the most popular.

20:58

like Stellar, Polkadot, those, Hedera, those are VC backed so I can understand their position and relevance just because they have all that money.  Bitcoin is obviously number one, Ethereum,  Solana, XRP, Cardano, I’ll pass, Chainlink, I’ll pass, Avalanche is also VC backed so I get it. Litecoin, um it has a lot of- I they were all, I think they were all based on  what, what liquidity is  and there was, there was like a reason behind it, they said. uh

21:27

It was like liquidity or any of them that had been used for money Transmittance or tokenization anything relational to that so that that there’s no problems out there So like chain link, you know, aetherium salon of those were all out there. They’re also the top You know ones out there, but there were some reasons to it. I Oh, is this the article that you share with me this week? Yes

21:53

CFTC actually did. Yeah, it breaks down the 68 page. went and read it and then had some AI help it. But it gave breakdown in their digital commodities, digital collectibles, digital tools, stable coins, digital securities out there. It gave the regulators out there, for example, tokenized stocks and bonds, stable coins, it’s the Fed OCC, digital tools like domains, the NS system, any credentials and then collectibles to NFTs trading cards. Those are not regulated.

22:23

And then digital commodities, which is the CFTC. So it really gave rulemaking out there. And then it was a really big win for self custody. And then it just gave us class, you know, uh a  framework to classify assets, you know, control based regulatory standard, the burden, you know, it really helps us in the end, you know, custodial platforms must register with regulators, non custodial  platforms.

22:51

you where you keep the keys. Essentially, we don’t own the keys, they keep the keys. ah We have much lighter requirements. You know, if we don’t control the assets, the person controls the assets, the regulatory plan,  burden lands of intermediaries, not us. Yeah, and there was a lot of a lot of little things like staking is not securities transactions. ah Your wallet activity is not reportable by anyone but you, you know, like the broker rules out there. And then  defy protocols.

23:20

are building on legal ground, you these protocols  that we do use, you  know, have legal groundwork. There’s like automated noncustodial strategies, you know, are not investment advisory services. So essentially what we’re building do not need  RIA  registration anymore and no fiduciary duties or any of that. And then  there was just a few other things  out there like who’s doing it. Like Chris Abkins acknowledges, you know, this

23:50

Um, so there was some really good things and then, you know, the bigger picture is like after FTX, um, self custody became, you know, a survival strategy  for, for most. And this really gives people, you know, some sort of ability to have self custody and have rules that essentially don’t put onus on, you know, like platforms saying, Hey, you do have to report KYC and all of that. Cause that was really where.

24:15

Everybody was kind of saying and heading towards, but really good article. I’ll link it in the notes. Um, you know, I think it’s even better because I helped write it. Um, but I think that breaks it down pretty well. You’re a really good writer too. So, you know, I, I, I trust your, you know, choice there.  Um, yeah, I think that was honestly one of the best breakdowns I’ve ever heard in my life. So nice work there.  Um, especially when you’re condensing like a 68 long page long, you know,

24:44

Documentary and brief from the CFTC like yeah, I think that was an amazing breakdown So I’m not biased but you know, check it out if you like if you want to learn go more into detail there  So you covered five? sexonomy or five assets that are in combat within this build those were NFTs ah Digital collectibles digital tools stable coins digital securities digital commodities essentially and kind of like

25:12

What falls under each? We’re seeing a lot here and yet people are so focused on the staking because I guess it’s gone the headline and yeah people use stable coins a lot. I think crypto is still a prosumer tool. It’s growing a lot. It’s eventually going to get better in everyone’s tools whether they like it or not and it’s going to be for the better I believe.

25:37

I saw a Twitter comparison between stable coins  and  3d printers.  Everybody said 3d printers were going to be like the way to you know, everyone can print parts and do all this stuff in their house. You know, 3d printers are fun for a certain segment of people out there like the prosumer that you know, know how to do cat or you know, people that are exploring and just having fun but  3d printers really went enterprise side. You know, they’re manufacturing we know somebody who’s

26:05

your manufacturing stuff with the 3D printers, we, we see a lot of that. And I think that’s what’s going to happen with stable coins. I don’t think stable coins are going to become such a consumer thing. the way that this bill is and just the way that stable coins are. I’m thinking it’s going to be a very big remittance and back, back end, you know, thing. I don’t, I don’t think somebody’s going to go, Oh, I’m going to go, you know, get stable coins or something.

26:34

Um, they’re gonna essentially that is going to become an enterprise thing. And then the other part that I saw that was really interesting on that thread was how crypto showed every single platform out there that they could be a bank. So, you know, door dash, you can keep your money there. Gusto, you can keep their money there. Um, you know, WAP, whoop, whatever it is out there. They were like, Hey, you can keep your money there. X is talking about keeping your money there.

27:01

I think crypto showed everybody that it makes sense to hold and keep the money versus letting a traditional bank  keep it. biggest one is going to be the  coastal river who holds all this money and everything out there.  I think the net net is stable coins is going more enterprise.  It’s going to be sad to see, but I don’t think everyone’s going to be just transacting in stable coins based on this act now. I think just crypto is bigger.

27:31

outside of the US because the dollar is so pervasive, like it’s everywhere and it’s very dominant. outside of that, like, you know, the Philippines and Southeast Eastern Asian countries, stable coins and  just crypto in general would be very popular there. yeah, Remittance would be amazing there to your point. um Let’s see. We have one more subject to talk about. I think we broke it down pretty well. Did you have any other thoughts with that point?

27:59

No, you’re good. Small, small, like a little admin thing. You’re, you’re tapping on the desk and it was actually popping really heavily inside of my ear. Oh, my bad. think it picks up a lot out there. Just an FYI. I know Cory has told me about it. Oh, well, I, sorry about that. Um, yeah. All I won’t do that. Like, ah, that’s funny. Um, I’ll just fucking slap my desk next time. Um,

28:25

Alright, so we talked about all these different tokens and we even included Solana it being part of the commodities uh digital commodity part of the clarity act. With that said, let’s talk about those Solana developer platform launch, which uh am I sharing my screen?  Not yet.  You’re right. Alright, uh I’ll share here in a moment. Alright, so with the Solana developer platform launch as of March 24th.

28:53

The Solana Foundation launched the Solana Developer Platform or  SDP. It’s an API driven toolkit for enterprises to build tokenized assets, stable coins and payment products on Solana. We learned this from decrypt. Let me share my screen. So here’s the headline  and you guys can read it. It’ll be in the show notes.

29:18

But yeah, what the SDP actually is, is a one-stop shop for API layer that bungles infrastructure from 20 plus partners into a single interface. you know, I’m blanking on their names. It’s like Western Union, MasterCard, you name it, like all those providers. Those are some of the big ones.  I’ll go. Yeah. MasterCard is using it right now to do all their stateable coin remittance or settlement on there. believe WorldPay is applied Western Union. uh

29:48

has always had strong cross border. Western unions always had strong cross border like money transfers. That’s like the business. So this is interesting that they’re finally adopting stable coins. Like I saw somebody tweet like, oh man, this is a huge thing. But Western unions been looking at crypto since ripple in 2018 to 2020 time. It didn’t save them money. So

30:15

should be interesting, but I know Solana processed like $650 billion worth of stablecoin volume in just February of this year. So it’s a massive stablecoin platform and Solana for, you know, the shit coins and everything. They’re still really big player. Yeah. Solana right now, all it’s known for is Solana or it’s pump.fun and that’s where they get a lot of their liquidity and a lot of their

30:45

volume is just from pump and dump meme coins. So this is actually pretty interesting. I think they’re trying to turn face, you know, they’re trying to, you know, be less, be more appealing to the masses and definitely with the enterprises, I think they’re doing really great there. ah The issuances are tokenized deposits, stable coins, real world assets. The payments are through fiat plus stable coin flows on and off ramps, essentially  trading atomic swaps, vaults,  on chain, foreign exchange.

31:14

which is coming later this year, actually. I want to back up real quick on the pump fund, because I want to fact check you. Stablecoins have always been bigger than pump fund on Solana. I had to look it up. Stablecoins on Solana, it’s 11.7 trillion stablecoins were transferred in 2025. And that was bigger than previous. And then pump fund barely surpassed like 600 or like a billion dollars in like

31:43

like decks volume uh in there so  vastly different things I think public perception is what comes and I think that’s what you’re seeing more of  yes but like the cold hard faxes Solana is a very reputable one the public persona is a casino and  fucking all of that uh but in reality they are a big financial player like I just think that they have bad marketing

32:10

I believe it clearly. Yeah, clearly. You know, it’s so interesting. I really like Solana when when pumped out swap or pumped up fun and then pumps up fun got massive and then they started creating their own little ecosystem of tools like pumped swap was their most recent one where you can swap any tokens and you know, very interesting. They make a shit ton of money, which is crazy. But no, you’re right. Like 650 billion.

32:39

came in volume as of February this year, just from stable coins on Solana. So that is  noteworthy. know, that is. Yeah. So like a billion or two billion from pump fund versus 11 trillion and stable coin. Also, like most people lose money on pump fund and it is a casino. And I think it isn’t that bad for crypto, but it punches way above its like cultural significance, which is way above like actual volume. It’s the classic.

33:07

You know, my, the minority has the biggest vocal. They’re the, the, the vocal majority, like actual minority on, on Solana. You know, speaking of that, I’ve always said, or I’ve kind of drank the Kool-Aid that I’m seeing on crypto Twitter from like the crypto leaders, Brian Armstrong,  ZZ. They say they’re going to, there’s going to be an agent economic economy and agent economy where.

33:37

People are going to be able to program their own little agents and then just automate a lot of their finances their trading their swapping You name it. I think I think automated trading is gonna be a massive thing. That’s why we’re very bullish on mint luck.  Um We’re trying to prove a concept with Bitcoin autopilot So, you know agents kind of look at the market they monitor the situation and then they control your bags within your own permissions but that’s not a self advertising but my point here is is

34:06

It being an API layer, I think it’s very massive. You know, people don’t like to configure MCPs, but if we could enable like them enabling it through an API granted, this is more for enterprises, but can you imagine if you give this access to an agent? Like there’s a lot of opportunity there. I like the agent part. I think again, the yeah, like the cool aid is that everything’s going to become an agent and all of this. think.

34:36

I think we’re going to see agents and we’re going to see a lot of transactions happen autonomously. But I do think it’s going to be like a winner take all at some point, like where does the money flow? And I think MasterCard is kind of at the forefront of it. Visa is kind of a forefront of it. I think that there’s just so many like chains and everything that essentially whoever like

35:03

gets out there like the Solana developer platform,  the money is going to flow to one spot and I could see, you know, base possibly losing or Solana like  you’re not going to see all of this. The thing is just like the whole world operates off of US dollars because it’s easy when you’re in one currency versus if you’ve got multiple stable coins and multiple chains and all of that, that’s where it gets really confusing. So I think Solana is early and staking out there and saying, hey,

35:31

This is, this is still like,  like a big part of it, but also this is, this is just an early test. Um, the trading models aren’t live yet. There’s a  significant piece of functionality still pending. And then also Solana’s network fucking history is terrible. Like, yeah, you know, it’s just terrible. It’s very centralized. goes down quite a lot. And I don’t know if people know that, but I’m glad you mentioned that also.

36:00

Ethereum still has over 50 % of the RWA tokenization market. Solana is at 6.3%. And yeah, I say Ethereum, Ethereum takes all DeFi in general, I think it controls like 80 % of all DeFi. Yep, pretty much. And it’s not just like Ethereum layer one, it’s like all the layer two is like we were, you you and I were talking about the Robinhood change a while ago. Also base, you know, I am a little bit, you know, frustrated at base how

36:30

they’ve been doing like a lot of pivots lately, like they have like this identity crisis.  I think they will do a lot better if they start incorporating real world assets. They’re kind of falling behind on that. That’s just my personal grip with it. But no, I think this is very interesting. know, Solana is definitely trying to,  Solana is definitely trying to  position itself as the DeFi big player right next to Ethereum, seems.

36:58

I don’t know how far that can go though, because Ethereum is just everywhere. Like it’s on layer two, so it’s got its own layer one. You know, the token is used for gas fees and everything. So Solana is just more, Solana has more liquidity and it also, or not more liquidity as in like compared to Ethereum, like Ethereum, not going to beat it, but Solana is just better UI, UX cases has better that.

37:22

Ethereum is kind of old,  a lot of the DeFi that exists is still with the allow access, copy your  0x address. It’s very clunky UI UX compared to Solonum.  That’s fair. And I think that’s there.  And I keep seeing this in the crypto world.  And I’ve heard it a few times that I’ve conveyed the message to you is that people are upset with crypto becoming  commercialized and…

37:51

centralized and all of that. And the people that are really building on the networks are building on Ethereum because of decentralization. There’s been no downtime ever. I don’t think there is ever gone down because of that fact. And Solana is just very centralized. It’s very, it’s controlled by VCs. There’s a lot of worry about that. You know, enterprises need 99.9 % 99.999 % know, uptime. And if it’s just not

38:21

you know, not going to happen like these banks aren’t going to rely on something there. But again, this is this is a test.  It’s just turned on for, you know, these these folks are just testing it. There’s major, you know, like gaps on what’s actually being, you know, pushed out there  functionality wise. And this is just a sandbox like actual production deployment.  It mastercard scale is a different ballgame like it’s a different animal like

38:50

That’s from a turtle to like fucking owning a tiger or 17 of them, you know? True, very true. We’ll see what happens, man. um We’ll keep monitoring the situation and with next week’s episode or in the next two weeks episode, we’re trying to keep it at a two week cadence. We’ll keep you guys updated as  news develop. But yeah, before we close off, let’s see. I did want to say one thing.

39:17

So, so I want to include this new section is called like kind of wrap it up and while we’re seeing could develop as the next door as a story in the next two weeks or so. I’m going to run them. I mean, you can look at it at the bottom on the document. If you have it open. I kind of want to talk about that real quick, just to kind of close off and then we can just say goodbye. Do you think that’s a good plan strategy? Sick. All right. So.

39:44

We will continue monitoring the situation here and something that we could potentially talk about in two weeks is one, Morgan Stanley has ultra low fee Bitcoin ETF filing, which could potentially conflict with BlackRock and Fidelity with their Bitcoin ETF. And then the Clarity Act sent it back in committee.  There’s going to be a follow up in the second half of April, just as far as like the pipeline of pushing out the Clarity Act. Fannie Mae mortgage product rollout time.

40:13

the timeline and the early adoption numbers, you know, we’re probably going to get an update there as time goes on. So we’ll keep you guys updated. And then the Solana SDP moving forward from definite to production, we’ll keep monitoring the situation there and let you guys know how it goes. Yeah. So we’ll be seeing you guys next time.