Tyler and D went round the majors and found nothing to do. 'It looks like shit, honestly,' D shrugged — Bitcoin has been stuck in a tiny range since July, ETH is trading a 20% band, and 'there's no trade to be had.' Zcash sits at 490 after brushing 450 with 70% of supply migrated, VVV holds 11, NEAR ranges 158-183. The call: sit on your hands until something breaks — 'the ranges won't stay this tight if Bitcoin breaks down.'
The SEC has a backup plan regardless of the Clarity Act: Friday's open meeting will create an offering regime for investment contracts involving crypto assets — plain speak, tokenized stocks. It matters because half of what's happening on Robinhood chain right now is RWAs and tokenized stock pairs, and Solana's Stonk Fon is growing into it. The caveat: SEC guidance can be reversed by a new SEC head in 2028, which is why it sits a tier below the Clarity Act — but it gives the sector at least two years of rules.
The CFTC invoked emergency authority to keep Kalshi operating in New York despite the state's suit — the federal body governs, and states can't override it, even if a Supreme Court fight is looming. The business behind the headlines is a monster: Kalshi doubled its run rate again to roughly $4 billion and is raising at a $40 billion valuation. 'They're a cash machine,' Tyler said. 'It's actually impressive.'
Vlad is back on the timeline responding to Beeple tweets, Beeple painted 'Robinhood saving NFTs,' and the segment devolved into 2021 flashbacks: 0.02-0.08 mints, every collection 10X'ing, Azuki minting at 1 ETH and touching 36. The on-chain echo is real — cashcat NFTs flying off 0.01-0.02 floors, Mancers an easy triple off its 0.35 open, and yardkeepers the new launch from the STONKBROKER ecosystem. Kaleo, per the hosts, is living his best life again.
Binance is going big on B-stocks and teasing its own social trading app; Robinhood is all-in on the tools; Solana's Stonk Fon got a retweet from the official Solana account; X-stocks are 'killing it.' D's take: this industry is the goat of marketing — 'this cycle, stocks have just become RWAs, and we are selling them tied to meme corn pairs.' Fresh pairs on an old game, and it's enough to attract the ball of liquidity.
HMM cat is the big winner on the Robinhood board — up 150% at $22 million after being buyable at $200K for ten days. The AI dog (paired with Nvidia stock) runs +50% to $10M. Tyler framed it as a pyramid building out: cashcats on top at 150M, STONKBROKER at 70M, pipe dog and ponds at 35M, HMM at 20M, AI and index at 10M, then a growing 5-6M layer — 'that's what you want to see if you want this all to start leveling up.'
The dune dashboards are unambiguous: Ponds is back to a 50-60% share of launchpad volume and destroying Pools, which had a good first two days and then went quiet. Uniswap and pools are running near-identical daily volume (11.4M vs 11.6M), while Ponds re-accelerated new token creation. 'I was wrong,' Tyler admitted. 'I thought they'd have more of an impact.'
Stonk Fon briefly whipsawed to a new all-time high at $15M after Solana's official account retweeted it — now hanging at 12M live — and keeps shipping: yesterday added 3X leverage pairs on crypto majors (Bitcoin X, Sol X) plus a NEBIUS stock pair. Plumber was the micro cap runner of the day, a 35X with $16.9M volume across 6,000 holders, while pump.fun sits in a healthy retrace at 2.68 — $1.7M in revenue yesterday, continuing to 2-3X Hyperliquid on a daily basis.
FWA debuted user profiles and a chat app and hit another all-time high last night before giving back ~25% — with Ultra Para apparently about to make a million on it. On the flow side: a fresh wallet with $2M has already bought 1% of supply, with another million behind it, and someone's unloading clips. Tyler joked the FWA chart and the Punk's defractal are the same picture if you squint.
The special guest sees Solana as the everything chain of trading, money movement and settlement — performant, composable, multi-use case. His pitch: on-chain users today are infinitesimal relative to what's coming, and over the next 1-5 years most people will use crypto without knowing it's on chain, via Apple Pay and phone-based wallets. Robinhood and Base carry a 'strategy tax' trying to keep fees in a public company, which gives a neutral base layer like Solana the edge.
On the governance vote to double disinflation and burn fees to make SOL scarce, Dudas was broadly supportive: too-high inflation makes DeFi yield and stablecoin usage less logical, and the security argument for high inflation is overdone. He supported last year's failed effort and hopes this one passes. Both Ethereum and Solana are proposing inflation reductions — 'I generally think if inflation's too high, it makes it hard to get people to look at other sources of yield.'
On meme coins: pump.fun just printed a $10 million revenue week and keeps doubling and tripling Hyperliquid daily — Dudas says they were 'always more back than anything else in crypto,' and the people moralizing about memes are grandstanding. His own Toad: $200 on an exercise bike five days ago, now a community coin he'll 'never sell a single token of,' distributed through the pump mobile app to drive record download numbers — a Bonk-style playbook he helped write in 2023.
Dudas is high on Ansem's Blackball: it went to $400M fast, now ranges 170-200, and the thesis is it grinds until it breaks to a billion — 'he's courageous enough to have stuck with memes despite incredible criticism.' On pump's token: the foundation holds the balance sheet, the devco invoices it for the $100M+ annual run rate, and half of all revenue goes to programmatic buybacks — an immense commitment, though Dudas thought 100% buybacks would be too high. He doesn't see an everything-app: 'they'll be much more opinionated.'