Co-host Z (Ansem) walked through the call he posted at 12:53pm PST on September 2: Robinhood is a ~$100B company with ~$4.5B of annual revenue and roughly 25M daily active traders, and its L2 (Robinhood Chain) is quietly making ~$4M a day at peak — over $1B in annualized revenue, or about 25% on top of the existing business — none of it yet in the stock. The hosts read off the chain stats: $34B in cumulative DEX volume, daily DEX volume recently hitting $1.5B, and 190+ tokenized stocks live, with earnings due in November. Banks said HOOD opened around $111 and ran to ~$124; the crew noted the stock "didn't go one dollar lower" after the call, and joked the co-host should be screenshot-spamming the tweet all day.
The show replayed Robinhood CEO Vlad Tenev calling for a supercycle live on CNBC — "we're at the beginning of the supercycle," with stock tokens as a primitive — and Banks pushed for a Vlad episode. Z agreed with the supercycle case: institutions now have RWAs, tokenized stocks and stables on-chain plus live ETFs, while retail onboarding has gone from Unibot in 2023 to FriendTech/Privy to Apple Pay and Gmail logins, with ~100K daily actives on FOMO and Pump.fun mobile numbers "through the roof." The segment framed it as "DeFi Summer on ETH versus RWA Summer on Robinhood," noting Solana-side tokenized stock venues ("Backpack and Sunrise are crushing spot volume") and Z's thesis that a chain with no native token routes its upside to the protocols built on it.
The 24-year-old Reflexivity Research co-founder (with Anthony Pompliano) told his arc: dropped out at 19, Warren Buffett-style DCF investing until COVID taught him momentum, a newsletter/podcast that hit ~100K subscribers, then the all-stock sale to DeFi Technologies that peaked as a "low eight-figure outcome" when he was 22. He now runs his own book: roughly 65% BTC, Zcash at about a tenth of the Bitcoin position ("10-to-1"), at least 10% cash "in case something crazy happens." His macro case: the US just crossed $40 trillion of debt, long-end borrowing costs are "knocking on the door of breaking out," and Bessent's Treasury had to lean on the yen because a weak JPY could force the Bank of Japan to sell US treasuries. He expects a financial-repression regime — rates held below inflation, debt inflated away, capital gated like the 1933 gold seizure (Executive Order 6102) — which is bullish for BTC, and he called Zcash a "quantum hedge for Bitcoin": beta plus protection, which is why the ZEC/BTC pair matters. His tinfoil take: Washington doesn't need to hold Bitcoin itself, it needs US-jurisdiction holders like MicroStrategy; stablecoin legislation (the Clarity Act) is another way to stuff debt into T-bills. Cash and bond holders, he said, "are going to get absolutely hosed." He was "pretty upset" for not buying HOOD calls the day before the rip — his 2023 Coinbase LEAPS were a 10x winner — and called HYPE "one of the easiest holds in crypto," re-rated from ~$20 to ~$80 while crypto vol stayed low.
Z put floor levels on record as the show wound down: he expects a September flash crash but "from higher," after leveraged chasers build open interest, and says price won't go below BTC $74K, Zcash $750, ETH $2,350, SOL $95, or HYPE $73 — "quote me on it." His BTC read: the move that just ran liquidated $2B+ of shorts, the market is consolidating over the June high, and once $83K resistance breaks he "would not be surprised to see above $100K by end of year." He called Zcash at all-time highs one of the strongest mid-caps (~$10B) and set a cycle target of ZEC at 0.1 BTC, adding that "Z500 and some I/O" work he can't yet discuss is in progress. The segment also covered his earlier call that Kraken — with CFTC licenses gathered via the Ninja Trader and Binomial acquisitions — would be the regulated US front end for Hyperliquid after Trump's mention: "just another day in the office."
Founder "Al" (as-transcribed "Al Dunlap") described Net Net Capital as an "OHM improvement" — Olympus v1 mechanics pointed at trading revenue, crypto's biggest earner. The numbers on air: treasury ~$11M after adding $10.5M in the past month (it was ~$500-600K when the hosts first noticed it two weeks ago), now growing about $1M a day, with revenue from a 5% volume tax, bonds, and games. Their PvP "Board Room" (split-or-steal) game launched midnight prior: in 15 hours, $250K of Microsoft stock bought through the game, jackpots to $30K, 900 wallets, 5,500 sessions, ~$100K of MSFT revenue on pace for the day, and a 50K-requests-in-two-minutes stress test on Robinhood Chain. The token contract is immutable with buybacks from day one and 1.2% staking inflation paid only when FDV runs 1.75x above treasury value; the roadmap is an MMORPG plus 15 RWA experiences shipped in six weeks, two NFT collections that trended #1 on OpenSea, and a 1-of-1 that sold for $50K. Z said he holds "a big net net position" and called it one of his front-runners for the RWA-on-Robinhood winners.
AI creator Tyler Bernabe (sponsor-segment guest, ~1M Instagram followers, Honolulu) walked through pulling himself into his own anime with Venice and argued the tool debate is over: "no one needs permission anymore." He came up as a videographer (Red Bull dance work) before a $6K first AI job bought his first serious PC; he's now a judge at the Lumara AI film festival alongside artists including Gossip Goblin, whose AI videos carry 9M+ views and who is putting "the first AI film in movie theaters." The hosts noted Venice is "our dear sponsor," trading around $17 after Z called $11, with the token's market cap discussed around $1.5B. Z plugged Grok Bot and called the X AI + Cursor combo one of the most underrated in tech; the crew riffed on the "death of the NPC," AI friends in Roblox, and NBA 2K27's DLSS 5 trailer.
Z broke down trader unipcs ("Bonk guy," ~260K X followers, ~500K on FOMO): up ~$12M in 30 days, $5M of it in the final 24 hours at tweet time, 10,000% on PONS, ~250% on USELESS, with BASECAT and others up 117-172% — all seven-figure or multi-seven-figure spots. On-chain standouts discussed: PONS at ~$0.70 and "$600M cap," the number-one launchpad on Robinhood; Artificially New (AINEW, the long.xyz launchpad token) up 10x in ~13 days with a predicted consolidation before "another push past a billion"; CASHCAT, which runs its own launchpad at ~$300M; and a ve(3,3)-style RWA DEX race on Robinhood Chain where one founder claimed "the deepest GLD pool" (name unclear in audio). Z's poll for the first meme to a $1B market cap by year-end: Black Bull, Cash Cat, Artificially New — and he added Net Net, saying all four get there.
The pre-show was pure Banks: an emotional rebuttal to StableRonaldo's clip claiming Matt Kalish "was never the issue" in the Phase split — Banks insists the DraftKings executive put $11M into the streamers' careers while he and FaZe touched "zero" dollars — plus a TJR defense (he revived a dead coin at a wedding, pumped it to a ~$40M cap and, per the hosts, sold nothing, years after being swatted). Banks' own claim on air: up seven figures this month on three trades — Pump.fun, Zcash, Robinhood — with ~80% of his crypto book spread across BTC, ZEC, PUMP, HOOD, SOL and HYPE. He also teased next week's IRL LA show with a mystery mainstream guest "in politics," and Asmongold's reaction to a Canadian trader's "I sold it all at the bottom" clip was read as either the tip top or "about to get ridiculous."