บทถอดความฉบับเต็มของ Anthropic IPO Countdown⏳$1.4 Trillion on Solana? Sunrise CEO INTERVIEW

00:03:37.199 are looking at the impact of this news. I would 74 00:03:37.259 --> 00:03:42.189 say at face value, you see trouble in the chip 75 00:03:42.250 --> 00:03:45.849 markets as a result of this. It really doesn't make sense. 76 00:03:45.909 --> 00:03:48.090 The chips are still being built. The company is still 77 00:03:48.189 --> 00:03:52.409 operating very well. I think that the blast radius around 78 00:03:52.430 --> 00:03:58.120 the resignation should be very concentrated on the Nvidia stock 79 00:03:59.189 --> 00:04:02.909 I would say the anthropic bulls, they have a really 80 00:04:03.250 --> 00:04:05.669 good argument that at least one that I've been following 81 00:04:05.689 --> 00:04:09.629 and I think is something that I kind of believe, 82 00:04:09.689 --> 00:04:12.830 which is if you're looking at a world in which 83 00:04:13.849 --> 00:04:19.250 the number one warrior against open source or for open 84 00:04:19.290 --> 00:04:23.439 source models and for the ability to sell chips to 85 00:04:23.449 --> 00:04:27.720 China is which was Jensen Huang. He was the most 86 00:04:27.800 --> 00:04:31.870 powerful and vocal voice in that world. Obviously, it's very 87 00:04:31.889 --> 00:04:33.470 good for NVIDIA to be able to sell into the 88 00:04:33.509 --> 00:04:36.730 Chinese market. But being able to sell into the Chinese 89 00:04:36.810 --> 00:04:41.970 market allows for companies like DeepSeek and the companies building 90 00:04:42.069 --> 00:04:44.829 Quen to be able to create these open source models. 91 00:04:45.439 --> 00:04:48.959 These open source models are actually taking over. anybody who 92 00:04:49.040 --> 00:04:53.500 is seriously running a major company that isn't trying to 93 00:04:53.740 --> 00:04:56.959 really be at the frontier, right? Like you're not trying 94 00:04:57.000 --> 00:04:59.750 to cure cancer or you're not trying to design a 95 00:05:00.209 --> 00:05:05.129 brand new missile system. You can get by far more 96 00:05:05.209 --> 00:05:07.509 cheaply with a lot more control by using one of 97 00:05:07.550 --> 00:05:11.110 these open source models. I think that's a very solid 98 00:05:11.829 --> 00:05:14.610 bull case for Anthropic, which is, hey, the number one 99 00:05:14.790 --> 00:05:20.649 proponent for supplying the raw material, if you will, for 100 00:05:20.850 --> 00:05:24.149 our competitors who are beating us on price and getting 101 00:05:24.329 --> 00:05:28.930 ever and ever closer in terms of quality is now gone. 102 00:05:29.949 --> 00:05:34.949 So we should expect that Anthropic and OpenAI are going 103 00:05:35.040 --> 00:05:37.560 to be able to have a duopoly when it comes 104 00:05:37.699 --> 00:05:43.480 to certainly the US market, but maybe far, far, far 105 00:05:43.519 --> 00:05:44.180 wider than that. 106 00:05:45.389 --> 00:05:48.079 Look, and of course, I think that's a good argument. 107 00:05:48.180 --> 00:05:50.480 Key here is how does that play out? Does it 108 00:05:50.540 --> 00:05:55.079 become reality? Most of these companies are very dependent on, obviously, 109 00:05:55.199 --> 00:05:58.930 NVIDIA from the sense of the advanced chips that have 110 00:05:58.970 --> 00:06:01.449 to kind of feed that industry as a whole. So 111 00:06:02.189 --> 00:06:07.069 there's always the supply chain argument. Granted, the competitive set 112 00:06:07.230 --> 00:06:09.060 may back off for a little bit. I don't know 113 00:06:09.139 --> 00:06:12.360 if China will become less important or if it will 114 00:06:12.399 --> 00:06:15.399 become even more important if something else drops in terms 115 00:06:15.500 --> 00:06:19.060 of secrets or things like that that might have been revealed. 116 00:06:19.550 --> 00:06:21.610 I want to talk about you guys' growth. I'm looking 117 00:06:21.670 --> 00:06:24.129 over on your website, Sunrise, and all the token lists 118 00:06:24.149 --> 00:06:27.529 that you've got going on here and the growth that 119 00:06:27.550 --> 00:06:30.430 you guys are experiencing. Can you elaborate more on that? 120 00:06:30.829 --> 00:06:35.620 Yeah, I mean, Sunrise has had an amazing year. In 121 00:06:35.660 --> 00:06:38.540 its first year, it was able to cross over 100 122 00:06:38.540 --> 00:06:44.040 assets on Solana. Uh, we did, uh, SpaceX. That was 123 00:06:44.079 --> 00:06:48.000 an amazing launch. Um, uh, I, I heard the clip 124 00:06:48.019 --> 00:06:51.779 at the beginning with Ondo. I think, uh, the Sunrise 125 00:06:51.819 --> 00:06:56.399 listed asset on Solana far surpassed Ondo. So I don't 126 00:06:56.439 --> 00:06:58.459 know what he's talking about. Maybe he's talking about other chains, 127 00:06:58.540 --> 00:07:01.230 but in terms of where the majority of spot volumes 128 00:07:01.319 --> 00:07:05.189 for tokenized assets are occurring, it's happening on Solana. And 129 00:07:05.230 --> 00:07:08.610 if it's happening on Solana, Sunrise is really, um, providing 130 00:07:08.629 --> 00:07:12.819 the lion's share of, of, uh, of that volume. And 131 00:07:12.860 --> 00:07:16.160 so I think for us, it's been a tremendous year. 132 00:07:16.220 --> 00:07:22.420 There's still so much to do. This is a $ 160 133 00:07:22.060 --> 00:07:27.199 trillion market. And we've got a couple hundred billion in 134 00:07:27.240 --> 00:07:31.779 tokenized equities across the entire industry. We've only got really, 135 00:07:31.800 --> 00:07:36.350 I would say, under a billion of actually usable tokenized equities. 136 00:07:36.379 --> 00:07:40.029 People are actually using it, trading it, programming those types 137 00:07:40.069 --> 00:07:43.079 of assets. And so there's just a long, long way 138 00:07:43.120 --> 00:07:46.199 to go. And the story is very much from over 139 00:07:46.240 --> 00:07:48.519 when it comes to tokenizing the financial world. 140 00:07:49.540 --> 00:07:51.980 For some of our audience, because there's a lot of 141 00:07:52.019 --> 00:07:55.970 people that are brand new into possibly

trading stocks on chain, 142 00:07:56.670 --> 00:08:01.410 explain where Sunrise sets, how it's correlated to Backpack, what 143 00:08:01.449 --> 00:08:03.269 this means for Solana in general. 144 00:08:03.519 --> 00:08:08.430 Yeah, Sunrise works directly with asset issuers. Backpack being our 145 00:08:08.449 --> 00:08:12.089 official partner, we work with other asset issuers. Backpack has 146 00:08:12.129 --> 00:08:15.550 really designed a great product. We co-designed it with them. 147 00:08:15.589 --> 00:08:18.149 We worked with them on the launch. And mainly because 148 00:08:18.170 --> 00:08:22.160 we looked at the tokenization space and we saw that 149 00:08:22.540 --> 00:08:27.500 all of the implementations really wasn't what we believe the 150 00:08:27.540 --> 00:08:30.300 final form for tokenized equities needs to look like, right? 151 00:08:31.459 --> 00:08:33.659 And much of the things that people kind of look 152 00:08:33.720 --> 00:08:37.480 at today are synthetics. When we went to market with SpaceX, 153 00:08:37.519 --> 00:08:39.220 we wanted to make sure that it was one-to-one backed. 154 00:08:39.259 --> 00:08:40.700 We wanted to make sure there was a roadmap for 155 00:08:40.740 --> 00:08:43.500 investor rights to be protected and for token holders that 156 00:08:43.539 --> 00:08:46.850 are holding those stocks on-chain can vote. All of those 157 00:08:46.879 --> 00:08:50.629 things are happening. And we just really like the product design. 158 00:08:50.690 --> 00:08:54.570 And I think that market really reacted very positively when 159 00:08:54.590 --> 00:08:57.889 you clearly told them, this is what this is. This 160 00:08:57.950 --> 00:09:01.429 is why we think it's better. And so, you know, 161 00:09:01.490 --> 00:09:05.389 we saw over 100 million in volume for SpaceX within 162 00:09:05.669 --> 00:09:08.860 the first 24, 48 hours, right? We saw holder counts 163 00:09:09.549 --> 00:09:16.200 jumping for every single subsequent tokenized equity listing. And remember, 164 00:09:16.259 --> 00:09:18.919 these tokenized stocks are not meant for the US customer. 165 00:09:18.980 --> 00:09:22.220 The US customer has a bunch of different avenues in 166 00:09:22.259 --> 00:09:25.470 order to procure US equities. They can get exposure through 167 00:09:25.490 --> 00:09:27.929 a myriad of apps and brokerages that they've used to 168 00:09:28.519 --> 00:09:32.100 They work decently well. But this is really talking about 169 00:09:32.139 --> 00:09:33.519 the global demand. Sure. 170 00:09:34.320 --> 00:09:36.179 Well, and I think that's the point you have to 171 00:09:36.250 --> 00:09:38.850 lead into is the global demand. They were talking about 172 00:09:39.009 --> 00:09:42.730 Asia markets. A good example, you were on stage over 173 00:09:43.049 --> 00:09:47.269 at Singapore Token 2049 talking about this same thing. And 174 00:09:47.450 --> 00:09:50.330 I thought this was interesting in terms of GDP. We'll 175 00:09:50.350 --> 00:09:53.750 show this on screen of the U.S. and East Asia markets. 176 00:09:53.750 --> 00:09:56.460 $ 29 trillion, $ 26 trillion. But then if you look at 177 00:09:56.500 --> 00:10:00.960 the stock market value, quite a bit different between 69 178 00:10:00.960 --> 00:10:04.299 trillion and 35 trillion. So this seems like it is 179 00:10:04.379 --> 00:10:08.370 just primed for a potential market here. Explain more. 180 00:10:08.659 --> 00:10:11.750 You know, the thesis around that talk that I had 181 00:10:11.830 --> 00:10:14.669 in Singapore was we kind of looked at what have 182 00:10:14.710 --> 00:10:17.669 the East Asian economies done? What has China, Japan done? 183 00:10:18.549 --> 00:10:22.419 Korea have done over the last 30 years. And they, 184 00:10:23.279 --> 00:10:25.860 a tremendous or a significant portion of their growth, if 185 00:10:25.899 --> 00:10:28.580 not all of it's all of their growth comes from 186 00:10:28.620 --> 00:10:31.299 them opening up their markets and being able to export 187 00:10:31.340 --> 00:10:37.649 their goods, right? Japan with TVs and cars, China with every, 188 00:10:38.389 --> 00:10:41.909 every type of manufactured good under the sun, Korea with 189 00:10:41.990 --> 00:10:45.980 phones and TVs and cars as well. This is the 190 00:10:46.080 --> 00:10:48.840 story of the last 30 years for the East Asian economies. 191 00:10:49.820 --> 00:10:52.139 If you look at the next 30 years, our thesis 192 00:10:52.200 --> 00:10:54.500 is that they're going to start exporting their capital markets. 193 00:10:55.879 --> 00:11:05.250 They've seen that stablecoins, the stablecoin wars, which currency will 194 00:11:05.269 --> 00:11:08.850 dominate in the stablecoin war, the US dollar won that 195 00:11:09.529 --> 00:11:13.620 mainly because, again, these are innovations that came from the West. 196 00:11:14.250 --> 00:11:17.169 I think they've seen that and they understand that that 197 00:11:17.269 --> 00:11:20.450 is such a powerful phenomenon that has happened over the 198 00:11:20.509 --> 00:11:25.860 last 10 years, where you see a private crypto company 199 00:11:26.000 --> 00:11:30.620 beating G7 and G20 countries in terms of US treasury buying. Literally, 200 00:11:31.059 --> 00:11:34.320 crypto is allowing the US government to borrow at the 201 00:11:34.360 --> 00:11:37.860 pace that it's borrowing and unlock all of this nascent 202 00:11:37.960 --> 00:11:43.149 or unknown global demand, non-US dollar demand. The same thing, 203 00:11:43.509 --> 00:11:46.149 the same thesis goes for tokenized equities and just capital 204 00:11:46.169 --> 00:11:48.960 markets in general. You really don't know how much demand 205 00:11:49.000 --> 00:11:52.860 there is for SpaceX if you don't use the modern 206 00:11:52.899 --> 00:11:55.639 technology that is available today to be able to say, hey, 207 00:11:56.080 --> 00:11:59.500 if you live in Lagos or in Korea or in Japan, 208 00:12:00.279 --> 00:12:02.230 I know that

you missed out on Facebook. I know 209 00:12:02.250 --> 00:12:04.590 that you missed out on Apple's IPO and Amazon's IPO 210 00:12:04.629 --> 00:12:08.480 and Google's IPO and these companies that really changed not 211 00:12:08.500 --> 00:12:14.759 only the world, but they also were unprecedented moments of 212 00:12:14.820 --> 00:12:18.659 wealth creation for individuals who were able to buy those things. 213 00:12:19.330 --> 00:12:22.149 And so when we look at a tokenized equity listings, 214 00:12:22.210 --> 00:12:26.049 it's really garnered for not the domestic market of the 215 00:12:26.090 --> 00:12:29.570 country in which that asset is listed, but the market 216 00:12:29.649 --> 00:12:33.289 outside and being able to untap that demand that nobody 217 00:12:33.370 --> 00:12:36.289 really understands. Anyone who tells you they understand how much 218 00:12:36.350 --> 00:12:39.019 demand there is for an asset, really has no idea 219 00:12:39.399 --> 00:12:42.320 until it's available. What do you think? 220 00:12:42.399 --> 00:12:48.320 Obviously, we're showing the disparity there between US and Southeast Asia, 221 00:12:48.379 --> 00:12:52.330 but what about globally, the demand globally? That was $ 30 trillion, 222 00:12:52.370 --> 00:12:55.610 just in that difference. What do you think it is globally? 223 00:12:56.409 --> 00:12:58.250 Even if you look at that chart, you're looking at 224 00:12:58.269 --> 00:13:01.909 a 50% cut. If you look at the companies that 225 00:13:01.970 --> 00:13:11.870 are actually building the future, TSMC, you know, Samsung, SK Hynix. 226 00:13:11.970 --> 00:13:14.230 You have some of the most valuable companies in the 227 00:13:14.269 --> 00:13:17.009 world who are part of this story. They're part of 228 00:13:17.070 --> 00:13:19.330 the future story. If we're saying that AI is going 229 00:13:19.350 --> 00:13:21.629 to be one of the biggest asset categories on earth, 230 00:13:22.090 --> 00:13:24.490 it's going to have a similar trajectory as the internet did. 231 00:13:25.070 --> 00:13:28.409 You have companies that are located in East Asia, in China, 232 00:13:28.450 --> 00:13:32.799 in Korea, in Japan. Like You have these companies there. 233 00:13:32.899 --> 00:13:39.649 They are fundamentally billion-dollar companies that are literally core to 234 00:13:39.690 --> 00:13:42.830 this thesis happening that we are seeing propping up the 235 00:13:42.889 --> 00:13:45.330 US market, propping up global markets in general, right? This 236 00:13:45.450 --> 00:13:50.440 AI trade. you know, it's fundamentally a nuts and bolts trade, right? 237 00:13:50.519 --> 00:13:54.289 The models haven't gone public yet, Anthropic will soon, but 238 00:13:54.330 --> 00:13:59.289 this is really just like all the hardware and the 239 00:13:59.350 --> 00:14:01.289 nuts and bolts of what's required to be able to 240 00:14:01.389 --> 00:14:04.309 produce some of the innovations that people are enjoying today 241 00:14:04.330 --> 00:14:06.799 when it comes to AI. Many of those companies are 242 00:14:06.860 --> 00:14:10.419 located in China and in Korea and in Japan. So 243 00:14:10.720 --> 00:14:13.059 does it make sense that they don't get the same 244 00:14:13.100 --> 00:14:15.960 kind of valuations as the US? No, it doesn't. And 245 00:14:16.600 --> 00:14:18.720 our thesis is that it's because of market access. 246 00:14:19.159 --> 00:14:22.320 Which could change everything now that we're seeing more of 247 00:14:22.379 --> 00:14:25.639 this become reality, especially if you look at the opportunities here. 248 00:14:26.659 --> 00:14:29.929 First of all, do you think Anthropic IPO's launch will 249 00:14:29.970 --> 00:14:31.690 be available on Solana day one? 250 00:14:32.049 --> 00:14:33.169 Absolutely. Absolutely. OK. 251 00:14:33.629 --> 00:14:36.190 And then I'm looking just to give people a comparison. 252 00:14:36.230 --> 00:14:38.690 This is Open World, which launched on Solana via Sunrise. 253 00:14:38.730 --> 00:14:39.870 This was issued by Backpack. 254 00:14:41.100 --> 00:14:43.240 This traded more volume on chain in its first 24 255 00:14:43.240 --> 00:14:48.610 than on NASDAQ. So that should give you some anticipation 256 00:14:48.649 --> 00:14:51.230 of what this might look like. Do you think that's 257 00:14:51.269 --> 00:14:55.769 a possibility that Anthropic could trade more? on-chain versus the 258 00:14:55.830 --> 00:14:58.330 activity on NASDAQ? Because this is a big IPO, obviously, 259 00:14:58.389 --> 00:15:00.230 but what do you think? 260 00:15:00.250 --> 00:15:02.049 I don't know if I would predict more than it 261 00:15:02.090 --> 00:15:04.659 would on NASDAQ, but I will definitely predict that it 262 00:15:04.700 --> 00:15:08.159 will surprise to the upside in terms of how much 263 00:15:08.240 --> 00:15:12.159 global demand, non-US demand is available for that asset, simply 264 00:15:12.240 --> 00:15:15.679 because so many people all over the world use their 265 00:15:15.759 --> 00:15:19.730 product every single day, right? It's just, you know, not 266 00:15:19.769 --> 00:15:25.049 many people use SpaceX and that one did amazing. There 267 00:15:25.070 --> 00:15:26.889 are a lot of people who believe in the products 268 00:15:26.950 --> 00:15:29.350 they use, especially ones that have had such a big 269 00:15:29.389 --> 00:15:34.879 impact on work and life as these model companies such 270 00:15:34.940 --> 00:15:36.419 as Atropic. 271 00:15:36.500 --> 00:15:40.059 So you're thinking volume, it's going to rival that of 272 00:15:40.100 --> 00:15:40.980 traditional markets? 273 00:15:41.500 --> 00:15:43.019 Yeah, I think it's going to surprise to the upside 274 00:15:43.059 --> 00:15:46.730 and it's going to keep the story going that this 275 00:15:46.769 --> 00:15:50.399 is the reason why Every government and every financial institution 276 00:15:50.559 --> 00:15:54.679 and financial capital is discussing tokenization and trying to understand

277 00:15:54.740 --> 00:15:56.879 what role and how do they make sure they stay 278 00:15:56.899 --> 00:15:57.269 ahead of it. 279 00:15:57.659 --> 00:15:59.580 Do you think Anthropic hits an all-time high in its 280 00:15:59.620 --> 00:16:02.559 first week? I mean, I'm looking right now, this is 281 00:16:02.600 --> 00:16:06.519 holding at a $ 1. 8 trillion valuation right now, polymarket. You 282 00:16:06.559 --> 00:16:10.710 look at the potential for participation right now, all through 283 00:16:10.730 --> 00:16:14.049 the traditional big boys. Do you think it hits all-time 284 00:16:14.070 --> 00:16:14.730 high first week? 285 00:16:15.159 --> 00:16:22.200 Honestly, I have no idea. From a fundamentals perspective, I 286 00:16:22.240 --> 00:16:27.220 would say no, but from a capture the imagination or 287 00:16:28.019 --> 00:16:31.259 has the ability to capture the imagination of the investing public, 288 00:16:31.659 --> 00:16:35.279 I think I would say 100%. It just depends on 289 00:16:35.820 --> 00:16:38.500 how you analyze your stocks. That's how I would answer 290 00:16:38.519 --> 00:16:39.039 that probably. 291 00:16:39.070 --> 00:16:41.629 How many traders do you think this would bring on board? 292 00:16:41.649 --> 00:16:42.429 You saw it with SpaceX. 293 00:16:45.779 --> 00:16:48.730 So you guys know or have probably a good idea 294 00:16:48.779 --> 00:16:51.649 of what the flow could look like in terms of traders. 295 00:16:51.690 --> 00:16:53.690 What do you think? I think at least it's going 296 00:16:53.710 --> 00:16:57.269 to be 10,000 holders minimum. I think I wouldn't be 297 00:16:57.309 --> 00:17:00.690 surprised to see it at 50 or 100,000 holders within 298 00:17:00.710 --> 00:17:04.980 the first few hours. Okay. That's unreal. Again, it's just 299 00:17:05.039 --> 00:17:08.900 such a big name. And we've been talking about this 300 00:17:08.940 --> 00:17:10.880 thing for three years. Yeah, yeah. 301 00:17:12.349 --> 00:17:15.950 Let's talk about pre-IPO perps and trading rewards for Ant. 302 00:17:16.009 --> 00:17:18.529 Is that coming? I'm looking over here at your Frontier 303 00:17:18.569 --> 00:17:21.930 Traders right here in terms of rewards. Is that something 304 00:17:21.970 --> 00:17:24.660 you feel like is heading into the game? 305 00:17:25.299 --> 00:17:28.200 Yeah, I think there's a lot of the different protocols 306 00:17:28.359 --> 00:17:32.180 on Solana. Frontier Traders is going to be probably one 307 00:17:32.200 --> 00:17:35.539 of the bigger players when it comes to this. They're 308 00:17:36.420 --> 00:17:39.670 going to run competitions. it might, it's, it's, it's going 309 00:17:39.690 --> 00:17:42.130 to happen right around breakpoint time. So I could see, yeah, 310 00:17:42.170 --> 00:17:45.470 I could, I could see, I could see this being 311 00:17:45.670 --> 00:17:49.079 very exciting for all of the different venues across. 312 00:17:49.539 --> 00:17:52.559 If anything, that would be the catalyst just because of 313 00:17:52.599 --> 00:17:56.039 timing around all this for sure. 314 00:17:56.220 --> 00:17:57.319 Absolutely. Absolutely. 315 00:17:57.660 --> 00:18:01.480 Speaking of other catalysts, you have the DTCC. This was, 316 00:18:01.759 --> 00:18:05.230 this is crazy. that is now expanding onto Solana, which 317 00:18:05.289 --> 00:18:08.190 was advancing their multi-chain strategy. They've talked about this for 318 00:18:08.230 --> 00:18:10.869 quite some time. The fact that they're doing this on 319 00:18:10.910 --> 00:18:13.789 Solana to me is just a little bit comical in 320 00:18:13.809 --> 00:18:18.289 the sense that there's been claims it's a meme coin chain, blah, blah, blah. 321 00:18:18.849 --> 00:18:19.630 And then here we go. 322 00:18:20.029 --> 00:18:22.349 You can't ignore Solana. Yeah, you can't ignore Solana. 323 00:18:22.369 --> 00:18:23.509 Wall Street has joined the crowd. 324 00:18:24.069 --> 00:18:27.549 Yeah, meme coins or otherwise, Solana is doing 97% of 325 00:18:27.569 --> 00:18:36.009 all tokenized spot volumes. And that's not a small feat 326 00:18:36.190 --> 00:18:37.190 for a chain. 327 00:18:37.529 --> 00:18:38.789 Exactly. 328 00:18:40.549 --> 00:18:42.170 You can count them on one hand, how many chains 329 00:18:42.230 --> 00:18:43.309 can even- Exactly. 330 00:18:43.529 --> 00:18:46.089 And I think it's so undervalued right now. I don't 331 00:18:46.230 --> 00:18:50.799 really think the regular market knows what this is yet. 332 00:18:51.640 --> 00:18:51.779 Yeah. 333 00:18:52.400 --> 00:18:55.420 In really understanding what on-chain trading is going to look 334 00:18:55.460 --> 00:18:58.279 like here, just maybe within a year, we could see 335 00:18:58.480 --> 00:19:02.400 massive uptake in this. Another thing that is happening right 336 00:19:02.440 --> 00:19:07.309 now is the GTA launch. This could also spur more 337 00:19:07.420 --> 00:19:11.250 activity into Take-Two traders, and you see it right there. 338 00:19:11.390 --> 00:19:14.190 Take-Two just crossed 100,000 holders, doubling in the past two weeks, 339 00:19:14.730 --> 00:19:19.190 everything leaning into GTA. Timing here, interesting. 340 00:19:19.930 --> 00:19:20.509 What do you think? 341 00:19:20.869 --> 00:19:22.390 You think this is going to continue to grow? 342 00:19:22.789 --> 00:19:27.259 Yeah, I actually do. I think people are excited about it. 343 00:19:27.269 --> 00:19:30.450 I mean, I think they've waited for this game for 344 00:19:30.789 --> 00:19:34.250 over a decade now, if I'm not mistaken. You've got 345 00:19:34.430 --> 00:19:38.930 multiple generations of gamers wanting to be a part of 346 00:19:40.950 --> 00:19:43.220 this moment, right? You've got the ones that have the 347 00:19:43.240 --> 00:19:45.980 nostalgia for playing this game for the last 20 years. 348 00:19:46.039 --> 00:19:48.359 You've got new gamers who've just heard it take over 349 00:19:48.400 --> 00:19:51.720 the internet so many times. The

amount of free marketing 350 00:19:51.740 --> 00:19:54.400 this game has gotten simply because it's taken so long. 351 00:19:55.740 --> 00:20:00.339 The memes, you know, The marketing budget to get that 352 00:20:00.380 --> 00:20:03.720 much virality sustained over such a long period of time, 353 00:20:04.289 --> 00:20:06.430 it just allows for more people to be interested to 354 00:20:06.490 --> 00:20:09.730 buy the product. And so when they come out with 355 00:20:09.769 --> 00:20:15.970 the numbers on first day or second day sales, I 356 00:20:16.970 --> 00:20:19.539 do think they're going to shock to the upside just 357 00:20:19.619 --> 00:20:22.140 because everyone I know is excited for the game. 358 00:20:22.180 --> 00:20:24.599 Excited, for sure. Well, and you get into the whole 359 00:20:24.700 --> 00:20:28.599 element of pulp. pop culture in general, and especially around 360 00:20:28.680 --> 00:20:30.950 trending stocks, you can kind of see it right here. 361 00:20:31.089 --> 00:20:36.650 NVIDIA led Solana's weekend stock trading. This was 33.1 million 362 00:20:36.730 --> 00:20:40.049 of NVIDIA traded on chain between a Friday close and 363 00:20:40.069 --> 00:20:44.279 a Monday open. That's a third of the weekend's 108 million. 364 00:20:44.319 --> 00:20:47.519 That's crazy. On Solana sitting there. Look at that, guys. 365 00:20:47.539 --> 00:20:51.920 You got SpaceX at 15 million that weekend, take two, obviously, 366 00:20:51.940 --> 00:20:53.240 and even DJT in there. 367 00:20:54.140 --> 00:20:54.289 Yep. 368 00:20:55.450 --> 00:20:59.170 Lots of opportunity here, I think, going forward. Definitely in 369 00:20:59.190 --> 00:21:01.990 the sense of where we're going to see the expansion 370 00:21:02.339 --> 00:21:07.720 of companies like Backpack. They've expanded now over to Japan. 371 00:21:07.960 --> 00:21:12.519 This is MOU with Bank Mina, which is Japan's largest 372 00:21:12.599 --> 00:21:16.259 regional banking group. Remember, they just did a deal with 373 00:21:16.559 --> 00:21:20.920 South Korea as well. So again, more Asian market, which 374 00:21:20.980 --> 00:21:23.339 seems like timing. And we've had the Backpack team on 375 00:21:23.380 --> 00:21:25.730 here They told us they were going to do this. 376 00:21:25.859 --> 00:21:28.180 I didn't think it would be this fast for these 377 00:21:28.200 --> 00:21:29.720 kinds of deals to be done. What do you think 378 00:21:29.759 --> 00:21:30.160 about this? 379 00:21:30.680 --> 00:21:32.400 What does this do for Backpack? First of all, I 380 00:21:32.400 --> 00:21:35.839 think the Backpack team is phenomenal. And, you know, we 381 00:21:35.859 --> 00:21:39.200 talk to them on a daily basis. And we knew 382 00:21:40.240 --> 00:21:44.349 when we launched SpaceX together that Asia was the next frontier. 383 00:21:44.569 --> 00:21:47.450 SpaceX was kind of like that was Sunrise moving into 384 00:21:47.470 --> 00:21:52.400 the new category, you know, adding U.S. equities. We knew 385 00:21:52.440 --> 00:21:54.819 that we needed to add Asian equities and that this 386 00:21:54.859 --> 00:21:58.549 was going to be absolutely important for the future. They 387 00:21:58.609 --> 00:22:02.609 have been working on Japan, Korea, many of these other jurisdictions, 388 00:22:02.630 --> 00:22:05.170 Europe as well for quite some time. So you're just 389 00:22:05.210 --> 00:22:09.109 seeing all that work finally pay off with some of 390 00:22:09.150 --> 00:22:13.970 these partnerships that they are announcing with various banks and otherwise. 391 00:22:14.529 --> 00:22:18.000 Yeah. Saeed, what do you think about this in terms 392 00:22:18.039 --> 00:22:20.319 of the open cloud? What do you think this announcement 393 00:22:20.500 --> 00:22:23.279 is here for Akash going on right now? We've got 394 00:22:23.299 --> 00:22:26.299 Akash coming in on Solana. Now in Solana, details tomorrow. 395 00:22:26.319 --> 00:22:27.309 What do you think is going to happen here? 396 00:22:27.329 --> 00:22:31.890 I mean, honestly, I know that they're on Solana and 397 00:22:31.930 --> 00:22:35.309 we've kind of announced it, but I really think this 398 00:22:35.450 --> 00:22:37.369 is a trend that you're going to see within the 399 00:22:37.390 --> 00:22:42.829 Solana ecosystem where If you have a successful product, Akash 400 00:22:42.869 --> 00:22:46.049 is a great product, right? It's within the AI space, 401 00:22:46.130 --> 00:22:48.690 it's renting GPUs, it's doing all these different things, right? 402 00:22:49.250 --> 00:22:51.990 If you have a great product and you want to 403 00:22:52.109 --> 00:22:55.589 actually access traders and users and actually be part of 404 00:22:55.650 --> 00:22:59.240 an economy and an ecosystem that's vibrant and growing, You're 405 00:22:59.269 --> 00:23:01.569 going to want to move to Solano. I actually don't 406 00:23:01.609 --> 00:23:05.170 think there is no second best, really. If you want 407 00:23:05.190 --> 00:23:07.109 to trade perps, maybe you can do that on Hyperliquid. 408 00:23:07.150 --> 00:23:08.730 But if you've got a product and you've got a 409 00:23:08.789 --> 00:23:14.569 company like Akash does, and you want your asset, your tokens, 410 00:23:14.789 --> 00:23:18.490 you want your users to discover you, you should be 411 00:23:18.529 --> 00:23:20.809 at the center of where all the activity is happening. 412 00:23:21.089 --> 00:23:21.549 I like it. 413 00:23:22.490 --> 00:23:25.410 Big announcement from Helios Mertz, just probably dancing in the 414 00:23:25.450 --> 00:23:29.440 streets right now. As they roll out their Solana privacy rings, 415 00:23:30.509 --> 00:23:33.809 that is now on main net. With that happening, because 416 00:23:33.849 --> 00:23:37.089 privacy has been a major part of Zcash's run up. 417 00:23:37.789 --> 00:23:40.789 And now you got Zcash coming off the kind of 418 00:23:40.829 --> 00:23:43.490 the top right there at about 1300, trading back down 419 00:23:43.509

--> 00:23:48.200 to like 950. Do you think the issue of privacy 420 00:23:48.240 --> 00:23:51.819 has now been solved and Zcash, the collapse is all 421 00:23:51.859 --> 00:23:55.069 due to what Solana is doing? from a technological standpoint? 422 00:23:55.349 --> 00:23:57.930 I don't think so. Obviously I don't know, but, but 423 00:23:57.990 --> 00:24:02.059 I don't think so. I think that Zcash is following, um, 424 00:24:03.480 --> 00:24:05.980 just the kind of similar, yeah, similar price action that 425 00:24:06.000 --> 00:24:08.940 we've seen across crypto. Um, I mean, Bitcoin just crossed 426 00:24:09.019 --> 00:24:13.640 what under 72, 71 right now. Yeah. 71.5. Yeah. So 427 00:24:13.839 --> 00:24:16.569 we're just kind of seeing across the board, uh, risk 428 00:24:16.630 --> 00:24:21.609 off sentiment on, on, on crypto, uh, largely led by, um, 429 00:24:22.690 --> 00:24:26.519 you know, the midterms and still a lot of uncertainty 430 00:24:26.579 --> 00:24:31.519 around the, uh, the ongoing, uh, Iran war, uh, effort. Right. 431 00:24:31.920 --> 00:24:34.039 So more macro headwinds, you think? 432 00:24:34.559 --> 00:24:37.099 I definitely do think so. The real question is, is 433 00:24:37.200 --> 00:24:40.829 crypto leading or lagging, uh, the TradFi markets? Cause the 434 00:24:40.849 --> 00:24:44.190 TradFi markets have kind of puked one day, you know, 435 00:24:44.309 --> 00:24:48.029 pump the, uh, the next puke the next. So, um, 436 00:24:48.230 --> 00:24:50.880 we're just seeing a lot of like, uncertainty, I think, 437 00:24:50.960 --> 00:24:53.529 even in the price action on the TradFi market. So 438 00:24:53.769 --> 00:24:55.789 my question that I ask myself is like, which is 439 00:24:55.829 --> 00:24:57.250 leading and which is logging? Yeah. 440 00:24:57.970 --> 00:25:00.289 Well, you have the S & P reversing here just 441 00:25:00.349 --> 00:25:02.509 on the daily. I mean, this is another green candle 442 00:25:02.549 --> 00:25:05.509 in the works right now, up another slight amount. But 443 00:25:05.990 --> 00:25:08.569 even with the bad news on NVIDIA, which took a 444 00:25:08.630 --> 00:25:10.730 tumble and then has kind of rebounced. 445 00:25:11.390 --> 00:25:12.369 Let me look at that one. Yeah. 446 00:25:12.549 --> 00:25:15.430 So it took a tumble down and it's currently in 447 00:25:15.450 --> 00:25:18.609 the day trade trying to respond. where it's only down five, 448 00:25:18.650 --> 00:25:21.759 but I don't know. I'm still, I'm in agreement with you. 449 00:25:21.900 --> 00:25:24.940 I'd like to see how this really plays out because crypto, 450 00:25:25.740 --> 00:25:29.480 when you look at risk assets, its ability to withstand 451 00:25:29.619 --> 00:25:34.130 the macro pressure has been very hard. And I think 452 00:25:34.269 --> 00:25:37.109 it's continuing to show up here, especially like what we're 453 00:25:37.130 --> 00:25:39.990 seeing in the markets right now. Saeed, hey, it's been 454 00:25:40.089 --> 00:25:42.339 great having you on the show today. We're definitely going 455 00:25:42.359 --> 00:25:45.960 to be watching the launch of Anthropix IPO, seeing what 456 00:25:46.000 --> 00:25:49.849 the world is going to do around trading stocks on 457 00:25:49.869 --> 00:25:52.059 the blockchain. So thanks for coming in today. We appreciate it. 458 00:25:52.890 --> 00:25:54.430 Fantastic. Thanks, Paul. Thanks for having me. 459 00:26:01.450 --> 00:26:03.839 If you like this video, hit like and subscribe, drop 460 00:26:03.880 --> 00:26:06.970 a comment down below, and also join our free private 461 00:26:07.009 --> 00:26:07.509 member group. 462 00:26:07.890 --> 00:26:08.920 The link is in the description.