Canton (CC) Token Autopsy: Does Wall Street Adoption Create Value?

0:00Yeah, yeah, yeah. You can't do it. Yeah. I never knew. Hey, hey, hey. I think that we is holding on to something. >> The moon girl I think that we just holding on to I think that we're just holding on to

4:17something. Just tell me what's over. Hey, hey, hey. What's up everybody? Welcome to the Underground Crypto Deep Dive Research Show, the token autopsy report. Welcome and welcome in. Tonight we are going to be going over ticker CC and that is Canton. Looks like we are still on the Discord. Shout out to all my people, of course. Very sorry about what happened last night. I was with my daughter at

5:36the emergency room. Went in at like 4:00. I thought I had plenty of time. Next thing you know, I didn't get out of there till like 10:30. And it is what it was. Life happens. I guess that's going to be my motto for the day. Life life just happens sometimes. But I'm here tonight. I got the stream all set up and we are at Canton for about 11 cents right now. Let's go to the max chart here on Canton. Microphone a little bit. How's the mic?

6:05How's the music? I know I had turned the music up a little bit. Maybe we should turn that down just a tad. Let me know if the music's too low. I just adjusted it. So, it's really not looking too bad for the Canton Max chart here. token generation event November 9th, 2025 or very close to that at about 13 cents. Then we went all the way up for Canton to about 18 cents and then back down for a double low, double bottom here of

6:36about 9 cents. Back up and then back down to that low again and we're chilling at 11 cents. So, it doesn't look too horrible. 4.3, sorry, 4.43 billion in market cap. An infinite max supply. Uhoh. If you know your tokconomics, could be good, could be bad. We're going to dig into that in just a moment here. And what do we got for categories? A layer 1 and a privacy blockchain. Scroll all the way down on Coin Gecko. You search any token and you

7:04scroll all the way down, you will find where you can find it. So, by OKX, Kraken, Gate.io, BitGet, all that fun stuff. There are three pages. Of course, you can search by centralized exchange, decentralized exchange, spots, perpetuals, future, all that. You can find exactly what you want. It says the only decentralized exchange is this Temple Digital Group, which I am not familiar with. I don't endorse or tell you that you should get it through

7:32there. I don't know. No idea. It seems like Canton's best bought through a centralized exchange, right? Mexie, Gate.io, Bit Bit, all that fun stuff is Weeks on there. Remember, we do have a Weeks link. Doesn't look like it's available on Weeks, which is very interesting. Weeks has a lot of stuff. Let's shout out this chat. We got Struggart and Satseker. Glad to see you're here,

7:57Satseker. Shout out to you. And uh really cool work you've been doing on YouTube as well. Shout out my fellow YouTubers always. I know it is a hard game. It is a lot of lot of work put in up front before you ever see anything amazing out of it. People do it for different reasons. I'm not here for the money, obviously, but I would like to make some money so that I could do this full-time and really just be here for you guys every day, do a morning news

8:24and live stream. Uh there's a lot of things that I'd like to do, but I need to see a little bit of a profit to not spend all the rest of my time on my eBay resale business. Of course, many other platforms. I post a few things in the Discord about it. Link to our free Discord in the chat. But we keep it crypto. But every once in a while, you'll see me post about what I'm doing at 3:00 in the morning. Still packing orders after the show.

8:49I made it. I made it to the stream, everybody. I was a little bit worried that something was going to come up. My daughter is still sick, so I have that to worry about, but she seems to be doing better today. Thank you to everybody who uh wished her happy health, you know, happiness and health. I appreciate you guys. Now, I did bring up some news. Why did I do that? Well, I did that because uh they are ready. My slides weren't quite

9:12ready. There was an issue when they were being built. If you think I build all those slides by hand, uh I do not have the time to do 200 slides by hand. So, they are generated. But I think it's a better presentation than just going through our notes, right? I take my notes, I give it to Canva, and it makes those slides. And so far, it has been an absolute blessing. Let's talk about a little bit of news. I think we'll do one or two, maybe three stories here. Uh,

9:40Salana's Alpenlow is now live. So, we've been talking about this Alpenlow update and it's now live. Tower BF, yeah, BFT, I always want to say that wrong. Has officially been replaced. So, Salana activated Alpinow on mainet today at slot, you know, this number here, if it really matters to you. To most people, it doesn't matter what block or slot they did it on. retiring the old tower BFT. And if you're a Salana maximalist, then you probably

10:10already know this story, but let's go through it a little bit. The consensus system Salana had used since the network launched in 2020. That's what tower BFT was. So, it was the old consensus model. So, this is a relatively big upgrade for Salana. The biggest change is of course finality. Finality is how quick things get finalized on the network or you propose a transaction and then it's done. So the time in between that and that is a good look for Salana. Salana

10:42could confirm transactions very quickly but fully irreversible finality took roughly 12.8 seconds. Alpenlo targets about 150 milliseconds. validators now communicate votes directly rather than writing those blocks or writing the votes into blocks later. So all the votes from all of your validators have been taken out and are going through a different channel. That's my takeaway here. So they were already talking about what comes next. We got rotor which is

11:11fast block data propagation. DA a lot of times you'll see uh abbreviated that is block data or DA right anyways geographical aare block producer rotation this quantum glow a proposed postquantum version using hashbased signature everybody is slowly more and more becoming worried about quantum computing breaking things in crypto uh Lord knows we don't need anything else to break in crypto right now we need everything to stay on track so we can

11:43have a bull run, right? Potentially removing the fixed quantum unit block ceiling so capacity can scale with validator hardware. This isn't Salana released version 1.27. They swapped out a consensus engine while the live blockchain kept running, right? So, this is not like a full-on update of the version. This is a change out of the consensus. If Alpenlow performs as intended under real load, real stress, real pressure, Salana has

12:12materially improved one of the most fundamental parts of its architecture. Now, the OC finalized the first major US Genius Act stable coin rules. So, it was kind of like they passed the US Genius Act and then they had a certain amount of time to really hash out the rules for what they were going to finally be. And it seems like maybe we're finally getting to the point where they're finalizing those. Right. So, the office of comproller

12:42of the controller of the currency issued its final rule implementing the Genius Act laying out requirements for payment stable coin issuers under the jurisdiction ahead of the law taking effect January 18th, 2027. One of the big takeaways here just in general across the board of regulation, especially in America, in America, is that they went to stable coin regulation first. They didn't go try to regulate meme coins or some DeFi protocol. They

13:10went straight for who is allowed to issue these digital copies, if you will, of the US dollar. It is very important to the United States government, but also to the overall economics of the country. So the rules cover things like reserve assets, redemption, issuer capital, custody, audit and reporting, risk management, and foreign stable coin issuers. The really interesting fight is still stable coin rewards. The banks do

13:40not like stable coin rewards because they are significantly higher than what they've been giving us. Your average account gets 001% interest yearly. It's not a very good APY, right? It's not very good. If you're in here, throw something in the comments. Let me know that you are here. Where are my undergrounders at? Roll call. Hit that drink and we're off to the races. So, Genius prohibits issuers from

14:09paying, that's the act, by the way, something equivalent to interest solely for holding a stable coin. But exchanges and other third parties already offer products like that. So, what do you do? The OC declined to simply grandfather those programs in and say each arignment can be evaluated based on its actual structure. That immediately angered banking groups which argue rewards are basically deposit competition disguised as crypto incentives. Why are you as a

14:41project, as a company, why are you not allowed to compete with the banks? Is that capitalism? That's the part where I've been really trying to understand the angle here because I find this really fascinating. It's like the banks have competition. They don't like it. Okay, that's fair. I mean, if I have a business, and I do, and competition arises, I don't like it. I don't love it. But where did we get to a place where I can openly, if I have the power

15:10to do so, just say, "Well, I just want to get rid of my competitors cuz I don't like having competitors." Is that capitalism? Is that what we were told? You know, cap uh competition in a market is supposed to benefit the users, right? The retail, the people who use the products get a better outcome because of competition. So, if we just favor banks and say, "Oh, you guys are banks. You know, we can't allow anybody to to compete with you." That

15:39would be crazy. And then we just give them everything that they want. We're the ones who lose. Retail, regular, everyday people. Well, we're the ones who lose. And then what? We go back to getting .01% interest year-over-year on a savings account. Now, there are high savings accounts, but most people don't have them really. So, of course, I would like to see crypto win out here, but the banks don't like it. I just want to take a minute to talk about that because

16:05uh why why can't anybody compete with them? What is that about? Does that stifle innovation? I think so. Now, let's get on to the connection to the Clarity Act. Well, banks previously tried to tighten these rules through the Clarity Act. But after the Clarity failed its Senate vote, the existing Genius language is what regulators have to implement. So, stable coin regulation is no longer waiting for Congress. Genius is turning into actual operator

16:35rules. Now, what would they have done if the Genius Act hadn't already passed? What's up, Blue Blues Guy? Welcome in. Welcome in. Struggle heart says something in the comments. There you go. He nailed it. He understood the mission. JP Morgan and JPM coin directly on Ethereum. Okay, so JP Morgan put JPMcoin directly on Ethereum. Let's read it right while we're here. This is one of the most significant Ethereum institutional

17:05stories of the week. JP Morgan's JPMcoin deposit token is now live on Ethereum for institutional customers after previously launching on base which is interesting. Bass is just a layer 2 of Ethereum. It's just a roll up, right? And so I don't know why uh that why they would need to go to Ethereum mainet but for some reason they wanted to go to Ethereum mainet. So JPMcoin is not a normal stable coin. It represents an actual deposit at JP Morgan. Instead of

17:36stablecoin equals liability of circle like USDC, you get JPMcoin equals liability of JP Morgan. So they're they're comparing it here to like USDC stable coin. Institutions can use it to move bank deposits across Ethereum for such things as settling trades, moving collateral, blockchain payments, and backing tokenized assets. of course making things much faster if you needed to settle a trade. Moving JPM across Ethereum is probably much faster than

18:05your Trady routes. JP Morgan specifically pointed to Ethereum's liquidity and institutional ecosystem as the reason for expanding there. Its private connects blockchain already processes more than 7 billion a day. Don't let it be lost on you that JP Morgan talked tons of crap about Bitcoin, tons of crap about all of blockchain technology, and here he is joining the party. If you can't beat him, join them. But he joined a long

18:34time ago, years ago, right? This adds another front to a very important competition. Stable coins versus tokenized bank deposits. One of the largest banks in the world is no longer keeping its blockchain money entirely private behind the walls. is right. JP Morgan deposits are now moving on public Ethereum and Stellar unveiled protocol protocol 30 protocol read it right. It's been a long day guys. So Stellar

19:04unveiled protocol 30 including postquantum signatures. Again more language about this post quantum. What do they know that we don't know? If you're interested in Stellar aka XLM and you want to know more about this, just hang in here with me and we will come back to it shortly. Cam in the house, welcome in. Thank you, Camster, for the kind words yesterday while I was there with my daughter at the ER. I really appreciated that. CCP

19:33says, "When are we going to get Moon?" Well, I hope sooner than later, but I I feel like we're all saying that and have for a long time. Let's turn the games on. There they go. Go ahead and hit me with your favorite visual. We have 20 visuals now. I think I like the splash the most. So, I'm going to hit that one. >> All right. Let me know if any reason it's not running. And of course, the $10 in cryptocurrency

20:08giveaway will continue for the foreseeable future. So, if you win the game, you join the Discord. Make sure you're in the Discord and then you DM me and we'll go from there. I could tell you what you need to do, but wait till you win and wait till you DM me and I'll give you some simple instructions and I'll make sure that you get paid. If you do plan on claiming your your winnings, right, don't wait forever and

20:32compile them and then try to hit me with a big bill. Uh because then I got to go verify every single one that you won and that is a pain for me. So try to be within a week, would you? Anyways, let's go ahead over Well, let me do like a a proper intro because that's where I'm going to cut it, right? because I do clip these videos so that if you go back and you watch these videos later or somebody else watches it, you know, a week from now, you don't

21:02have to watch a 5minute intro and all of that kind of news is probably not highly relevant a month from now. So, I cut all that stuff out. So, if you do want to watch one of our streams, just know you don't have to skip forward. Anyways, we're talking about Canton tonight, right? Ticker CC. And Canton has the sort of institutional connections that make crypto projects presentations considerably easier to assemble. Right? Tonight we're going past that

21:30presentation image in your mind. Right? A financial firm holding securities. It could use as collateral while the transactions it wants to compete to complete sit in a different system. The asset exits, the buyer exits, the money exit. What apparently needs another meeting is getting all three to agree. Canton is trying to solve that coordination problem while preserving the financial privacy institutions require. And that is worthwhile problem

22:04that is a real problem that people should solve. A lot of businesses out here trying to solve problems that nobody is dealing with. Canton is not one of those. We should be willing to be impressed when the evidence earns that impression. The complication is that Canton the technology financial applications using Canton and Cantoncoin are connected but they're not interchangeable. That is what the token autopsy is all about. the relation of

22:31the token in the ecosystem it's associated with and how much value or utility you could say is really built into the coin because any project can build a coin to do anything that they want it to do. We've found in our token autopsies that certain coins are really nothing more than DAO voting rights. Is that going to be what Canton's all about? Let's find out. Come with me in the token autopsy of Canton coin specifically. But of course, the

22:59ecosystem will go through all that. So, an application can be commercial usefully without every dollar it processes creating meaningful demand for CC. Now, when you hear CC, we're talking about the coin. When you say Canton, we're talking about the project and its products. So, we'll start with the actual work. What Canton changes for the users like what what is different in your life if you use Canton versus

23:25something else. Then we'll follow the economics through traffic fees, burns, rewards, and new issuance. Burns and buybacks. Some of our favorite things to hear. By the end, we should understand both why institutions might use the infrastructure and what CC Holder is actually relying on. By the way, we're sitting at about 11 cents on the overall chart, which says came out somewhere like November 9th, 2025, give or take a day. And it's got 4.4 billion in its

23:54market cap. a infinite max supply and a circulating supply of about 39.8 billion. So if you're looking for the price per unit very quick here, you would take your circulating supply and divide it by your market cap. So it's 11 cents for every coin in the circulation equals how much money is in the project altogether. Although you're dealing with some big numbers, relatively simple mathematics, especially if you have a calculator

24:23handy, right? Anyways, overall it's only down 18% which means if you bought it the day it came out, you're not hurting that bad compared to other crypto projects in their ma in their max charts, right? This is not such a bad looking max chart, but keep in mind it's relatively new. Came out in November 2025. All right, let's get into the full-on presentation here. Hope you guys are enjoying that in

24:52integrated board game, digital board game that we have on the stream. It seems to be a hit. It is the first version of this that I've put out really. Even though I changed the layout of the board a little bit, it's the first version. So, I am taking all criticism please in the main hangout of the Discord. but also anything you'd like me to add that you think is a good idea, I will certainly consider that. And with that all being said, smash the

25:20like button, subscribe if you love this content. If you really love this content, know that I spend more to set this up and bring it to you. Not just time, but time is there, but more money on a monthly basis than anything I make off of it, which I think should prove that I do this because I love it. because I want to raise my own crypto IQ, which is the mission of the channel, and because I need to hold myself accountable to continue to learn. So

25:46maybe one day I can become one of the highly educated people in this space in that top tier. I don't know, 1% of people who know about crypto. Anyways, last I'll say is consider those subscriptions or I guess memberships is what YouTube calls it. They start at $3 a month. you get custom emojis right away which you can use as your actual uh board piece in our digital board game. So there's utility even in that. But of course we have higher tiers of

26:17memberships. If you love what I do, you love coming to the show, you want to see more of it, you want to see more of me, then please consider those memberships. We've got merch, right? I've been building a ton of stuff lately. We have merch now. We and it should come up or easy to find. I got to put it in the description, but it should be on every uh video. I'm just doing my housekeeping right now and letting everybody know about everything. We have a website now.

26:40Easy to find. Anything that I talk about, anything that I tell you, I have a link to should be in the description. But if you don't find it in the description, go to the Discord, go to the top of our tabs and you will see links that I want you to see or just links, right? And that has everything that you need. It's nice and organized now so that it is not a scroll a doom scroll for you to find something. Uh we have weeks membership as well.

27:07What else am I leaving out here? Oh, I built a crypto IQ quiz so you can see where you stand. It's got a beginner, intermediate, and of course an advanced. So check that out. All right, now we're really going to get into this. Does institutional activity create durable token value? That's really what we want to know. So, first we start off with Canton and the token test. So, Canton has the sort of institutional connections that make crypto project

27:37presentation considerably easier to assemble by the analysis needed to go past the presentation. And that is what they put forward as their image. Again, imagine a financial firm holding securities it could use as collateral. While the transaction it wants to complete sits in a different system. The asset exits, the buyer exits, therefore the money exits. Getting all three to agree can still be quite cumbersome or complicated if you don't understand what

28:09that means. Canton is trying to solve that coordination problem while preserving the financial privacy of institutions. Right? Canton the technology financial applications using Canton and Cantoncoin are connected in their ecosystem but it's not one interchangeable thing. So an application can be commercially useful without every dollar it processes actually creating meaningful meaningful demand for the CC token coin asset

28:40whatever you want to call it. It doesn't change what it is. I hear people arguing about it. I think that is a very insignificant argument, right? The investigation here follows the actual work first, then traffic fees, burns, rewards, and new issuances. Three details that matter here. Privacy does not necessarily mean anominity. A financial institution may need its counterparty and regulators to see transactions while preventing unrelated

29:09competition from seeing them. So it's a very multiaceted thing and also problem where you have regulators who are regulating you right if that's not obvious and they need to see what's going on and you need to have some transparency with them maybe not with all of the public. So they're going to keep that relation but they don't need their competition knowing every little thing about how they operate because that just gives them the ability to

29:36creep in on their market share. A tokenized security and CC are different assets. Moving a bond onto Canton does not turn that bond into the Canton coin. I'm just getting rid of a little bit of confusion here. And that public reward data and private private business activity can coexist, right? So public reward data and private business activity can coexist. Canton publishes information about CC fees and rewards while supporting selective visibility

30:07for applications and transactions. Signal versus noise. One of my absolute favorite things to open the show with meaningful and not meaningful. So let's work through a little bit of this, right? Signal or important a working application with reoccurring users and identifiable operational benefit. That would be important. Treating every announced relationship as the equivalent to a working application is where we tend to get confused when you have, dare

30:41I say, a lower crypto IQ. If you don't know and you're new to the channel, crypto IQ is kind of a term that I've coined here. I think it's fun. Some people might think it's snotty or snarky. It is what it is, right? But I want people to learn. And I think if you learn that would raise your crypto IQ would it not? So what is important here is that traffic that it occurs right CC cost. So traffic that incurs accumulates CC costs together with the rewards

31:13issued to support that activity. Those would be highly important to you as somebody who holds the token. looking at burns while leaving new issuance outside the picture is a very common thing that I see even on X even where I see other people trying to kind of break things down right they will look at a coin and say oh look at that this coin has a buyback and burn or a burn in a smart contract that must mean that there's less of the coin well mathematically

31:44that might be somewhat true but how many new coins are coming out really depends on inflationary or deflationary and those things you should already understand. So what is important evidence showing how a financial workflow uses a global synchronizer. What is not important is assuming every large dollar figure associated with Canton measures CC token Canton token demand. So things like volume volume can not can be the same users moving money

32:14around. Not doing anything wrong. We're not necessarily accusing them of like wash trading or anything like that, but we are saying it's the same money over and over. So, you will see numbers and they don't always mean high demand for the CC token. They could be the same users over and over. Certain things you should probably understand. things like volume, total value locked, um things of this nature. When you see a number, if you don't

32:43really know what it means, like to like a float, stuff like that, you should probably go look it up because I've found that a lot of the barrier to entry is just definitions and terms, abbreviations that you really could figure out in a simple Google check, right? So we always start with the problem right because when we want to understand a ecosystem a project and the products that builds that ecosystem you got to start in the

33:13world of business and I've run several businesses in my life you you have to solve a problem because nobody wants to use a business that's trying to sell them a solution for something they're not concerned about. So financial systems often maintain separate records of the same transactions. Reconciling those records consumes a lot of time, creates operational risk and can leave collateral difficult to move because it has to be validated before

33:42they can move it. That makes it slow. The shift here or solution is shared programmable agreements can coordinate the relevant parties while limiting who actually sees sensitive information. Kind of like the best of all worlds, right? Canton may improve financial workflows. The token assessment then depends on how those workflows generate Canton token demand relative to the issuance. new stuff coming out into the circulation, incentives, and operating

34:15costs. So, we got to get kind of a full picture together before we can even begin to really get into the nitty-gritty of the token. Canton is a blockchain protocol and network designed for applications that need shared transaction privacy and control over participation. Cantoncoin, the ticker is CC if that's not abundantly clear at this point, is the native utility asset associated with the global synchronizer. So right here,

34:44we're already giving away a little bit of a sauce on what the utility of CC is a shared coordination service within that network. It pays for traffic and helps reward infrastructure and application participation. CC is a native to Canton token. An Ethereum style contract address is not its primary identity. So keep the organization separate. So we want to we want to know where all the cards are on the table. We have digital

35:14asset develops technology. The Canton ecosystem contains many organizations and Canton token is not equity in those digital assets. Buying the coin does not make someone a shareholder in a software company. It is not a stock. If this is a new ideal for you, then welcome to crypto. Welcome to blockchain technology. Three distinct identities, right? We have digital asset technology developer, Canton, the protocol and application

35:48ecosystem. So when you see Canton, just think ecosystem, digital asset, you think products. And then of course the coin CC utility asset of the global synchronizer. So so far what have we learned? Well the main role of the Canton token is global synchronization connected roles different ownership interest. CC is not equity and digital asset that develops for Canton. Consider a security

36:18transaction involving a buyer, a seller, custodian, payment provider, and collateral manager. Each may keep a separate record themselves. Those records must agree about ownership, payment, permissions, and settlement. So, what are we saying here? Cuz I feel like my job is not just to read slides to you guys, but to also try to make it digestible. That's the only way I think you're going to raise your crypto IQ. So,

36:48you have a buyer, a seller, a custodian, a payment provider, and a collateral manager. Those are five different interests. Let's say that they could be within the same uh person, but they're five different interests, and they probably keep five separate records for themselves. But we need a way to verify and validate very quickly in this world of blockchain, right? The internet moves quickly and that is what Canton is all about. So understanding that now you

37:20should be able to wrap your head around what Canton is trying to accomplish and what it is doing cuz it is live. Canton's proposition is to let applications share and update relevant agreements without forcing everyone to expose their entire business. The potential benefit is very practical, fewer reconciliation problems, more usable collateral, so liquidity, and less uncertain about whether the other side of the transaction has completed,

37:50aka finality. If you remember um our what is it? Alpen Alpen glow that we were talking about finality with Salana. Big update today. What's going on in this chat real quick? Dylan Carr says, "I have no idea what I'm doing, but I'm having a great time." Well, I love that you get two free rolls when you roll in. By the way, Dylan, if you didn't know, you get $10 in free cryptocurrency if you win if you are the winner by the end of the show. So stick

38:22around, keep playing, keep earning those spins, those tokens for a roll on the board. And if you're the farthest, well, you're going to win $10 in free cryptocurrency of whatever choice you would like. So the blockchain earns its place if it improves that workflow. So we're talking about financial workflow. So we're going to pause for a minute because again, I need to make this a little bit easy to digest. Finances. Well, let's start with what we probably

38:51do somewhat understand. And I'm not saying you understand the intricacies of a bank, its ledger, how it moves money around globally. Not talking about the intricacies. We're just talking about the basic concept of a bank of money of Wall Street, right? They move money all around. There's money flowing. They're keeping updated ledgers, right? Well, this is where Canton comes in. So the blockchain earns its place if it improves that workflow. Merely replacing

39:23a database with a more expensive database would be ambitious way to remain busy. So they're saying just replacing one database with another database may look like you're doing a lot, but what is actually improving is really all that matters. Talk about some signal versus noise here. So, is it signal to have all this stuff on chain or is it noise? I think I know the answer. What do you think?

39:54See what's going on in the chat. Dylan says, "Heck yeah, we give that $10 away in free cryptocurrency every night so far. I haven't turned that off." And the board game is still running. If you would like to see if you have any rolls, you just put exclamation point roll. All is one word, right? With the exclamation point, then roll. R O L. Some people are a little bit challenged in the English language. I get that people are from other places. And then it'll at least

40:19tell you if you have any roles. If you don't have any roles, then you go and you play the mini games. We have 10 mini games, soon to be more mini games. We're going to try to keep it interesting as possible. I don't want people to get burned out on the game. Also, we have visuals. Throw in a exclamation point roll. If you're just coming into the chat here, I will demonstrate real quick. I got to get it up on my phone.

40:48Of course, when you're on your own YouTube channel, they don't always recommend your own stuff. All right, so if you click exclamation point GM, that's kind of our welcome in thing. And you'll see a visual come up. It'll have your name underneath. I thought it was pretty cool. I built it really for Reliable Jay. Hopefully, he's out there. The game moves a lot of text through my chat, so it can be a little bit difficult sometimes to know who's here.

41:16So, feel free if you're trying to say something to me, feel free to say it multiple times until I catch it. Usually, one of my mods will let me know. Blues Guy is a mod. Also, Melissa is a mod, but I don't think she's here tonight. Melissa, are you out there? Let's talk about collateral workflow. Let's lock back in. It's fun doing this. I got to manage everything that's going on. So we have asset managers and financing apps on one side. Then we have

41:41collateral transactions in the middle. On the other side we have custodians and payment providers. Each party sees the information that is relevant to its role, not the entire not the entirety of what everybody's doing of the blockchain. The words are actually covered up by my number of slides here. So applications and synchronization. Canton is often described as a network of networks and applications and their participants

42:10retain control over their own information. Validator nodes check those transactions relevant to the parties they host. So maybe not every validator hosts every party. A synchronizer coordinates messages and transactions confirmation between those participants, right? He's the middleman. The synchronizer is the middleman. And we've already learned that the Canton token ticker CC is primarily utility inside of the global synchronizer. So we should be

42:39on to something here. Things should be clicking. So the global synchronizer provides a shared decentralized version of that coordination service. This architecture matters economically. Using Canton technology does not automatically establish that every transaction uses global synchronizer. Other synchronization arrangements do exist. I think that's an important distinction. Wanted to make sure that was in there.

43:07So the Canton token analysis must identify the actual route taken by the activity to know who's all actually involved. So what we're saying here, it's a network of networks. There is a lot of stuff going on. So if you want to know for whatever reason that you feel like you need to know who is specifically involved in the actions that you're doing inside the ecosystem then you must identify the actual route that is being taken by your transaction

43:36the validators involved. This is mostly for big players that would be overly concerned about it and of course people like me who are trying to raise that crypto IQ. Let's go smash that like button would you? Canton application right start here in an application. So global synchronizer is where a lot of it goes paid traffic and that goes to a Cantoncoin burned. The other synchronizer arrangements have no automatic CC burn to them. So what is

44:09the main takeaway of our visual here? when it goes through when a transaction right goes through the global synchronizer there is a Canton token burned that's bullish how much of it's burned we'll get into in a minute so other arrangements anything outside of this global synchronizer well then there's no burn and if you've been around for a few token autopsies you should understand why that is so important right

44:40so Canton's privacy model is built around selective disclosure. A bank may need to see its customers transactions. The customer may need to see and have access to their own positions. I think that's highly uh relevant. Another bank should not automatically receive either party's confidential informations cuz it's none of their business. Permissions can be built into the application agreement. This is useful for regulated markets

45:07because confidentiality and accountability are not necessarily opposites. It is also different from assuming that every use is anonymous, right? We're not saying that or every Canton coin related record is private or hidden. The visibility rules depend on the information in the application involved. So privacy is an access control design, not a promise that nobody can see anything at any time. This is not

45:38Zcash, which we did on Monday. So atomic settlement. All right. Have you ever heard me ask the question, what is the difference between a bridge and an atomic swap? Well, the word atomic is key here. had some electrolytes. I needed that. So, atomic settlement means the linked party of the transaction complete together. They do not complete. Let me read that again because that didn't really come out right. Atomic

46:20settlement means the linked parts of a transaction complete together or do not complete. I feel like that could have been written a little bit simpler, right? So, I'm going to read it one more time. Atomic settlement means the linked parts of a transaction complete together or do not complete. So, what we're saying here, so I can make it more digestible, is that in an atomic settlement, every piece of the transaction rather is completed as

46:53one or it doesn't get completed. There's no in between. There's no like, this is a good way to say it, there's no like certain parts of the transaction are completed, but then like other parts fail and you're just stuck with like a half or partially completed settlement because that would be a huge problem for a blockchain or settlements or whatever. The ecosystem itself would really suffer if it did allow partial completion. So imagine exchanging a tokenized bond

47:26for digital cash. The seller does not want to deliver the bond and then discover that the payment developed an administrative personality. The buyer does not want to pay and wait and indefinitely for the asset. Right? So we need it all to happen at one time or not happen at all. That's the simplest way that I could explain this. An atomic transaction can coordinate both movements. And really what I'm trying to get at to really raise your crypto IQ.

47:55As I was saying, it's a lot of terms. It's a lot of words. And that can feel a little bit stressful, I guess, or a lot. But not if you take it day by day. Not if you take a word or two here and there, learn what they are, and then come back tomorrow. We call that compounding education. Actually, I call it compounding education. I don't know if anybody else does. In my opinion, it's believing in yourself, believing that you have the ability to understand

48:21things, even if at first glance they seem complex. And what you will find, in my humble opinion here, is that they're not as complex if you don't try to learn it all in one sitting. So, atomic settlement that reduces the risk of one side completing while the other side fails again, altogether or not at all. It does not remove every risk though. The bond issuer can still default, the custodian can still fail, and the legal rights still depend on the asset

48:51structure. So what it's saying is it can still fail, but at least it fails and not partially completes. Shared completion conditions, right, for a tokenized bond and digital cash, both both have to change hands, right? Or nothing will happen, which is protection on both sides of the coin. So we have this DAML and permissions. Now, DAO must be a product here because I'm not familiar with that word. So, DAO is the smart contract language used to model

49:22these multi-party agreements. Again, Domo, smart contract language that is used to model multi-party agreements. A smart contract is software defining permitted actions and the conditions required to take them. Again, a contract, you should know what a contract is. Now, we put the word smart in front of it, right? Meaning, it knows what to do and conditions are set and it should do only what it's told, what it's been made to

49:54do and nothing else. We'll get into other things, you know, about immutable and upgradable con smart contracts another time. Domo AM permissions right for a bond that might include who can hold it, who can authorize its transfer, and which parties can view the relevant information. Domo's focus is business workflow and authorization. This is not simply an Ethereum contract copied into a different setting. The advantage is a design suited to complex financial

50:28agreements where they got a lot of multifaceted stuff going on. The trade-off is that developers and institutions must learn to integrate a different technology stack. Validators and super validators. What is the difference? Well, validators host parties, validate re relevant transactions, right? and connect users and applications to synchronization services, right? Keeping everything

50:58timely, keeping everything together. That's what synchronize synchronizicity is, right? But synchronization, same thing. Super validators operate a global synchronizer and we've heard about this global synchronizer already. Shared infrastructure and participate in its governance. So validators just host parties. Super validators operate the global synchronizer, the infrastructure associated with it and they participate in governance. So right here we just

51:30told you that validators by themselves don't necessarily participate in governance. The documentation describes a twothirds supermajority mechanism for core coordination and governance decisions. This is not a system where every ordinary token holder automatically receives governance. That might be for other projects, but that's not for this project. Authority proportional to their CC balance. So, in a lot of projects, if you hold the

51:58token, you get voter rights. Some projects you have to stake it for a VE and then whatever the ticker is, you'll see VE in front of the ticker and then that represents voter rights. Well, in this the super validators are the ones doing the voting as far as I know unless they tell us something different. I don't know if you can stake for it, but so far we haven't seen that information. I'm learning alongside you guys, right?

52:28Would you hex down under? What's up? Welcome to have Welcome back. I definitely recognize your name. Says, "Free Richard Hart in Turkish prison by the FUD." Yeah. Hey, it's definitely got it down a bit. If you're a very firm believer in it, could be a good time to buy. And I'm gonna be honest, how many times have we seen things go real low and come back? Look at what Salana did. Right. So, Hex Downunder says, "Have a

53:01good day, sir. Back at you. Thank you for being here. You have a good day as well. I hope you stick around and learn a little bit about Canton, but maybe you only care about Hex. That is your prerogative." So, the admission model also matters. Canton's FAQ says that validator onboarding currently requires a sponsorship. Sponsorship is somebody saying, "Hey, this person is good. I vouch for them and there's usually some

53:27level of responsibility to the person who vouches for you, right? Application access can have its own permission requirement that can suit institutional operations while limiting the openness associated with permissionless networks. So full transparency of a blockchain can be problematic for big money institutions, banks, and even regulation. So an asset manager's journey, right? What do they do? What is an asset

53:57manager? Well, consider an illustrative asset manager using a tokenized security as collateral. Okay, make this less complicated. Imagine an asset manager, right? They're using a tokenized security as collateral for something. The manager holds an eligible digital representation of that security. A financing application checks the asset and the party's permissions. Then the relevant collateral and payment actions are coordinated.

54:34Each participant receives the information needed for its role. Where the workflow uses the global synchronizer, traffic costs enter the CC economy, which is what we're looking for in a token autopsy. We'll come back to it. Whatever is important, we go over multiple times. So, if you miss something, don't worry about it. If you don't hear it again, probably wasn't highly important. The user's objective is financing, not

55:02collecting infrastructure tokens. That is just a byproduct. So, a service provider may handle Canton Coins cost behind the scenes. that can improve usability, but it also means institutional adoption does not require every customer to become a long-term Canton holder. So, Broad Ridges distribution ledger repo or DLR support securities financing. All right, so we've moved on to a new topic here.

55:45It's a lot. It's a lot of talking. Just taking a deep breath. Giving everybody a minute. While I'm doing that, I should probably check on the chat. Good evening, everyone. Welcome in, Helen. That is my grandmother if you don't know. Thank you for being here. Uh Dylan Carr sent a star for two jewels. I appreciate you doing that. Camsta says, "Win Lambo, win fish." Hilarious. Struggle heart. Shout out to all my undergrounders. Just

56:18taking a slight intermission to say I appreciate you guys being here. I really appreciate you guys being super active. So, I don't want to miss your chats. Right. And we're about to get into something maybe a little more complicated. Maybe you don't have any problem digesting it at all. So, Broadidg's distribution ledger. What do you really need to know? It is a distributed ledger uh owned or at least operated by Broad

56:44Ridges, right? Repo or DLR supports security financing. Hopefully that made it easier to understand. A repo is economically a short-term financing arrangement. One party receives cash against a security with an agreement to reverse the transaction later. Broadidge reported 7.5 trillion of DLR transaction volume during September 2026. Wow. That is meaningful evidence of operational scale. 7.5 trillion

57:25of volume. I know it's volume and the numbers numbers get high with volume, right? But just during September 2026, that's that's outstanding. No wonder why Canton brings in so much money. If you've ever looked at like Block Works, which is a great place to get some data, and you've looked at revenue per chain, Canton is crushing it. It's it's usually above Hyperlquid, although they can fluctuate on a day. So, Broadidge DLR, it is transaction throughput, however,

57:55not 7.5 trillion of assets permanently deposited. Understand the difference? Cantoncoin revenue or money invested in Cantoncoin. Repeated financing transactions can involve the same underlying asset. That's what makes it volume because it can be the same thing over and over. The reported total also does not establish how much generated global synchronizer traffic could have gone through other routes. So 7.5 trillion of volume during September 2026

58:29by this Broadriidge DLR transactions right are throughput it is not Canton coin or CC revenue permanently deposit assets or money invested in CC or the numbers would be off the chart if that much money came into the CC coin you would know Derivvenex OTC over-the-counter swap that's what we're talking about next. So, on October 13th, Divivenex announced a completed over-the-counter swap involving DRW and MEX.

59:05An over-the-counter swap is a privately negotiated contract giving exposure to an asset or index without requiring direct ownership of the underlying asset. It's a swap. You want to simplify this over-the-counter swap. Basically, it is a swap that is done privately and most importantly off the books usually, right? It's done and then it's updated. Here the trade references a corporate bond index. Its term and life cycle are

59:37represented through a shared smart contract. The useful idea is that counterparties can coordinate valuation and events from a common record. This was completed first transaction that we know of. That's what they're telling us. This was the first completed OTC or over-the-counter swap. Broader integrations with digital cash and collateral was described as future functionality. One working trade is progress. It is not yet proof of a

1:00:09mature reoccurring business. The DTCC production transaction. We have a lot of abbreviations. Bear with me. It reported production transactions using tokenized representations of DTC held assets in July 2026. That's mostly uh noise right now. Not highly important. Those transactions used both Canton and DTCC's private Bessu network. Again, they call it the network of network. So, there's going to be a few things to talk about. If you don't

1:00:46understand it, that is okay. Hang in there. We're going to get into the token part of everything more and more very soon. So, a tokenized representation is a digital record connected to an existing asset and its associated rights. It is not necessarily a newly created asset. This supports the case that Canton can participate in established financial workflows. It also demonstrates a multi-chain approach. Institutions can use more than one

1:01:18infrastructure provider. They're not limited. The verified July activity should not be inflated into claiming that DTCC entire custody inventory has moved on to Canton. Right? Just cuz they used it doesn't mean they're exclusive or that a planned broader rollout has already reached full scale. So, here we go. three adoption cases. These are people using the Canton network. Broadidge DLR is established. DrivenX had a first transaction. So,

1:01:51we're saying Broadidge DLR works and is common reoccurring at least at some rate reoccurring business. DrivX has shown that they can use it, but we don't know how often or how much they're going to use it. And then we have DTCC production multi-chain July 2026 production transactions Canton and Bessu. So those are three different adoptions. Four adoption measurements. So now we're measuring adoption. How would we do

1:02:23that? Well, we have transaction value. How much financial activity actually passed through the workflow. Assets represented what claims or instruments exist in the digital form. Traffic purchased, how much shared infrastructure capacity was actually paid for, and the most important, Canton coin burned, how many coins were removed through the application charges. None can safely substitute for all the others. So all of those questions

1:02:57matter, but one of them is most important to a Canton token holder. A large bond transaction can involve relatively little data. A smaller complicated workflow can generate more messages. The useful adoption test connects reoccurring users, operational benefits, and paid infrastructure use. The incentives supporting that use. An application provider can charge customers for service. An infrastructure operator has operating costs and may

1:03:29earn protocol rewards. The global synchronizer that a little alarm should be going off. Highly important. The global synchronizer charges for traffic with fees denominated in dollars. So when you're charged a fee, it's actually denominated or shown in dollars, but it's paid through the burning of the Canton coin. Now we are getting into the sauce of a token autopsy. These are different economic flows. So revenue and

1:03:58its recipients. Now we're getting into revenue. Application revenue does not automatically become CC holder revenue. Burn fees are not cash dividends paid to everyone holding the coin. For sustainability, we need to know whether customer value, the service enough to pay for it, whether the infrastructure remains viable, and how much the activity depends on newly issued rewards. So, how much of the network is being subsidized by new tokens being put

1:04:27out? That's what we're talking about. The fee burn is real. The rest of the business model still needs further examination. What does the Canton coin do? Whatever the Canton coin does, we would call utility or the utility of the coin. So traffic payments seems to be the glaring most obvious one. It is used to obtain paid traffic capacity on the global synchronizer. Now, if we had a hardcapped max supply,

1:05:02this would be highly more bullish because you could say if enough time goes on, it's got to become more scarce. But with an infinite max supply, that becomes not true. It becomes a possibility, but not a guarantee. Participation rewards are eligible infrastructure and application participants earning the right to mint. CC token ro specific specific role specific locking governance changes introduce

1:05:35locking requirements for certain reward participants. Some might call that a form of staking. Locking is different from burning. Locked coins still exit and may become transferable later. So just because it's locked for a time period doesn't mean it stays locked forever. That's what burning is. that is removing it from the supply forever and it can never come back. Super validators locking and featured app locking are

1:06:00also different from universal retail staking products. So although they share like a very similar language, that doesn't make them all the same thing. Holding Canton token alone does not establish entitlement to a standard protocol yield. So, if you're not locking, if you're not staking, and I don't even know if they have a staking product, then you're not necessarily participating in an increase of the amount of coins you hold.

1:06:26Reward rule changes. This is another utility. So, an old description of validator income should not be treated as a permanent offer because things change and mechanisms get updated depending on what's going on in the network and of course, governance. Burn CC is removed from the supply forever. That's the idea. Locked CC, it still exists. It didn't get it didn't get burned, but it's restricted because it's locked up. So, ro specific locking is

1:06:58not a universal retail staking entitlement. And it is also not technically staking. It's locking or we would call it staking and not locking. Anyways, I digress. The clearest connection here is straightforward. Paid global synchronizer traffic requires CC to be burned. That in a vacuum by itself is highly bullish. But three limits matter. First, broader canon activity is not automatically equivalent to global

1:07:28synchronizer activity. Traffic is charged according to infrastructure use rather than a fixed percentage of financial value being transferred. And a higher Canton token conversion price means fewer coins are actually required for the same dollar denominated traffic bill. So right now we were talking about Canton being about 11 cents give or take. For the sake of an explanation here, let's say it's 10

1:07:56cents. If your transaction fee cost $2 per transaction and that requires at say Canton was 10 cents a coin that'd be 20 tokens, right? Potentially getting burned. I believe all of it is burned. But if Canton coin was a dollar and your fee was $2 cuz the amount in US dollar doesn't change. That's only two tokens being burned. So what we're saying is that is a 10x decrease. The higher the amount of Canton is, the

1:08:38less of it is getting burned per transaction. Why? Well, if if your fee for your transaction with the global sequencer was paid in Canton, five Canton would be five Canton. 10 Canton would be 10 Canton and it wouldn't matter how much the Canton token was worth at the time. But when it's denominated or shown to you or put in value of US dollar, well then it does very much matter how many coins it takes

1:09:09to equal that amount of money. So for illustration, a $1,000 traffic bill would require about 10,000 Canton tokens at a conversion price of 10 cents. We're just doing that to make the numbers easy. 5,000 Canton tokens for the same k for the same traffic $1,000 fee at 20 cents. That's 50% less. This is a big deal moving forward. If we see Canon tokens continue to go up in price, then the price per fee would need

1:09:45to go up as well. If we wanted to keep roughly the same amount of tokens being burned per transaction, that what I just explained to you, if you understood it, pat yourself on the back. You have a higher crypto IQ than a lot of people. These are hypothetical figures, of course. We just made easy numbers. Really, Canton's about 11 cents, not 10 cents. So usage can create demand without producing a simple linear relationship

1:10:12between transaction value and token prices. The value capture boundary. Illustrative traffic bill. All right. Same thing we just said. We're just giving it to you in another visual format. $1,000 hypothetically dollar denominated bill. So, hypothetically, it cost you $1,000 because you're an institution and you're moving, I don't know, hundred million dollars through the global sequencer. Well, if it was 10 cents, 10,000. If

1:10:40it's 20 cents, it's 50% less, and that's 5,000. Just in case you didn't understand it the first time around, supply beyond 10 years. Well, CC Tools reported approximately 39.8 8 billion Canton tokens circulating in October 20th snapshot, right? That's when they took a picture of the metrics. That's what a snapshot is. Now, what I want to say here is that

1:11:12with without a fixed max supply, it is very hard to be certain of anything too far out in the future. Circulating supply is an estimate of coins currently counted as available in the market. It is not a measurement of how many are actively offered for sale. There is a difference. So first 10 years it looks like 2.5 billion CC tokens can be issued annually after that. Okay. So a 100red billion I I missed the

1:11:50first number. Forgive me. forgive me. 100 billion tokens for the first 10 years per year, which is good because in a lot of projects we don't know. It's good because we know the number, not because of what the number is. We know 100 billion per year. So now when we can figure out how many per year are being burned, now we can start to really paint a picture. Tokconomics is a term for the economics

1:12:17of a token. That part should be very straightforward. If you don't know what tokconomics are or you don't understand how they work, if you don't understand how the price of a token is uh calculated, that is probably one of the biggest red flags with a crypto IQ. Like as far as you speculating. Now remember, the whole Crypto IQ thing is not about me trying to call you dumb. Like that's not what this is about. It's just to expose what

1:12:44you don't know. And you can't know what you don't know until somebody tells you that you don't know it or tells you about it and you realize you don't know it. Right? So this is meant to be a highly productive thing. And I just want to pause because tokconomics for me and my journey in crypto was a big eyeopener. Why is that token I've been holding forever that I follow the news about the updates and the new implementations of the project and the

1:13:07ecosystem. But how come the token never moves? Well, in the specific example I have in my mind, it was because the token was nothing more than a voting coin that gave you voting rights in the DAO decentralized autonomous organization. That is the decentralized manner in which we govern something where no single or centralized person has authority over everything. I said a lot. Hopefully that makes sense. The white paper allows 100

1:13:36billion Canton tokens to be minted over the first 10 years, followed by 2.5 billion after. That's a huge cut in amount of tokens being issued. So, it seems to me Canton could be a good token. This is just highly speculation. This is highly my thought, never financial advice. When that 10 years hit, that's when you might see the price really begin to move. That makes a h 100red billion a scheduled issuance milestone, not a hard lifetime maximum.

1:14:12Minting allowance is also different from coins actually minted. How many are allowed to be minted? This is another crypto raising thought here. how many are already built into the project to be allowed like there's a cap per year per 12-month period doesn't mean that all of it will be minted. Burns further change the outstanding supply. So if let's say you have a 100 billion are allowed to be minted in in a year but really only 80 billion are

1:14:45actually minted and then 40 billion or 50% of them hypothetically were burned. That only leaves you with 40 billion as a mission for the year or as new coins coming into circulation. That is a very different thought when you do the math and you understand the numbers. Again, that was a hypothetical, you know, equation. That's very different from a 100red billion new tokens every year guaranteed. And you're doing math based off of that. So things

1:15:18are in relation to what actually happens. And minting is a function of the ecosystem, not a guarantee that 100 billion will be done every year. All right, I'm done with that. But I really wanted you to catch that evaluation circulation using a 100red billion as an immutable or unchanging maximum would therefore give the wrong impression. Basically, if you calculated 100 billion a year, you're probably going to be wrong in whatever figure you calculate,

1:15:44especially the more years you go off. Now, three supply figures to understand. Circulating supply of Canton coin 39.8 8 billion a 100red billion minting allowance and a 2.5 billion annual issuance allowance after those 10 years burns and new issuances. This is my favorite part when we get into talking about burns the basic relationship and you know it's my job to try to make this as simple to

1:16:15understand as possible. So net supply change equals how much the supply the numbers change equals or is relevant to all the new minted Canton tokens in a given time period. Let's say a year minus what was burnt measured over the same period. In a way that you might understand that I'm coming up with this example off the cuff. If you owe me, right, or say you don't owe me yet. Say

1:16:47I give you $100 and then I do something for you and you owe me $40. Well, the $100 would be like the tokens coming out into the supply and then the $40 that you have to give me back minus out of the hundred is like the burn tokens. Hopefully that helps somebody out there. So, Canton Coin Tools displayed a 24-hour window ending in October 20th at 15 UTC reported

1:17:21approximately 14.8 million Canton tokens burned. So, this is the first time in this token autopsy that we're getting to actual numbers of burn tokens. And I want to go back displayed 24-hour window. I just want to make sure I know what these numbers are. Uh, ending in October. So, a 24-hour window, they burn 14.8 million. Is that correct? Just making sure I understand it. 15.6

1:17:54million Canton coins in app rewards. The important label is app rewards. It is not a complete total covering every reward category, but these are meaningful numbers if we're talking about a 24-hour period. Those two figures alone do not provide complete net issuance calculations. We also need to distinguish external funded activity from activity supported by rewards that can be recycled into traffic purchases. That is an economic question, not an

1:18:27accusation that the activity is fake. The circulating supply and market cap dashboard snapshot was dated October 20th. These are dashboard reported figures. It's a lot of long- winded stuff to say. At the time that we looked at it, the snapshot, which was the latest data put out October 20th, those were our numbers, right? Which would have been yesterday. These are dashboard reported figures, not an independently reconstructed large

1:18:57uh ledger audit. So, we're saying these are the numbers that they gave us, not coming from like an official audit. 14.8 million CC reported burn, 15.6 million CC app rewards only. Displayed 24-hour window ending October 20th. So, you have your net supply change equals newly minted Canton tokens minus the ones that are burned. Canton describes Canton Coin's launch as having no premier, no premine, sorry, pre-sale or special venture capital allocation. That is

1:19:32bullish in my opinion because that means no venture capitalists. Venture capitalists are good for a business, a project and a product because they will bring in substantial amounts of money at first to fund network, you know, development. But the flip side of that is those venture capitalists are going to get a lot of tokens because they are going to give a lot of money and the amount of price per token is going to be really

1:20:08low because it's very early on in the life of the project and they usually get some kind of discount as well for giving so much money. If I'm going to if you're a new project, I'm going to give you a $100 million to start up because I'm a big venture capitalist. you better give me those tokens per token much cheaper than what they're going to be on the market for. That equals large dumps because your venture capitalists sell out after a certain time. Now, every

1:20:36project does what they want. There is a contract. There is an agreement. You could say, "Hey, I'm going to lock those tokens up for two years first, so you can't dump for two years." Stuff like that. distribution and incentives that removes one familiar token distribution problem the venture capitalists right in premine it does not prove that ownership or earning opportunities are evenly distributed

1:21:01just because there weren't venture capitalist doesn't mean everything was evenly given out early super validators received a large share of rewards because they make the system work they make the blockchain operate so they're going to be given a large financial reward to come in and work with Canton especially on launch or initially as the project was new. So access to infrastructure roles and reward application status also

1:21:26influences who can accumulate coins. Later the CIP, this is probably a proposal 0082 allocated 5% of future minting to development fund, right? So they could build out more stuff taken proportionally from existing new reward pools rather than adding it on top. An absence of an initial foundation allocation and its later ongoing development funds are different facts. Both belong in this analysis.

1:21:58digital asset which we already talked about as the developing arm is a major technology developer. The Canton Foundation coordinates ecosystem and governance work. Super validators exercise important protocol authority that keep things running right. The useful evidence is the public proposal process. Change to fees rewards admissions and locking can be inspected. So changes to fees, rewards, admission and locking can be inspected

1:22:29at a later date or as we move forward. Two examples matter, right? We have this CIP78. It removed these are proposals that got probably approved and then updated the network, right? These are things that they wanted to do to make things different, probably better, but you know, different nonetheless. Well, 78 removed explicit CC transfers and locking fees while traffic charging remains relevant. So, what we're saying

1:22:55here, don't worry about the CIP78. If you're not a developer and you're not into into the DAO and you're not into the propos, then don't worry about it. This happened and this is what they did. So, just think of it as an update. An update happened and CC transfer and locking fees were explicit while traffic charging remains relevant. Then they did another update. Update number 104. Proposes a stage transaction.

1:23:23Transition. Sorry, I was going to say transaction. I put them together. A stage transition towards trafficbased application rewards. Again, it's an update. Update 104 is then approved. But approval alone does not verify that every roll out stage is active in production. This is something to know about updates or governance. Just because an update was approved saying yes, we want to do this doesn't mean it's all been put on a test net,

1:23:49verified, that all the tech works with all the existing tech and then rolled out onto the main chain and is something you could use today. Those are not the same thing. A proposal is exactly what it says it is. It is proposing to do something. Finality is when it's done. So, good documentation helps. It also requires us to notice when an older ex explainer, right, describes rules that have changed. So, we got to we got to be up to date. Now, we're going through the

1:24:18different categories that it takes to make up a token autopsy. At the end, Canton token will get a score out of a 100 and that'll place it rather in a speculative, a watch or a pass verdict. And then we put them all into one big board that if you don't want to watch every little nuance thing about every coin and you just want to look at a board for things that have the best relationship to its ecosystem, that's what we're building out, right? I think

1:24:48today is number like 25 or 26 in our token autopsy. So Canton strongest potential advantage is the combination of so what is it doing well against its competitors? This is the category called competitive mode. In my opinion, a competitive mode is one of the most important things because it says, "Hey, this is what we have that is difficult to replicate or difficult for somebody to come along and compete with us." That's good. If you're into the tech and

1:25:17you're holding the coin, confidential financial workflows, that's going to be hard for people to replicate because they got to build that themselves. They can't just borrow it because they don't know exactly what it is. agreements with detailed authorization. This is complicated stuff to put together on a blockchain. Coordination across applications and existing institutional integration. Don't leave out the uh relationships that they may have behind

1:25:42the scenes with institutions or any kind of uh contracts they have of exclusivity. The hardest part for a competitor may be reproducing their relationships and operational in integrations, right? Rather than just copying the technical features. Just because you copy the technical features doesn't mean you have built good rapport or relationship with big institutional figures and banks and governments. But institutions can use multiple networks.

1:26:13They're not required unless they made a contract of in you know inclusive contract. They can use whatever they want to use. So if better rewards or better lower fees or some kind of reason comes about, they'll use something else. But institutions can use multiple networks. DTCC announcement illustrates that possibility. Other blockchain systems and established financial infrastructure providers can pursue the same customers. So there is competition.

1:26:40Our assessment here is that Canton has credible integrated mode, right? Integration mode. It has not demonstrated an exclusive claim on institutional tokens. So they're not the only people providing this service to an institution, but they are one of the biggest ones with good relationship. Security and control. Canton's design reduces unnecessary data exposure and lets participants validate relatively relative activity. Again,

1:27:10they validate what is relative to you, not everything going on. Those are useful uh properties but securities still depend on software permission key management application logic infrastructure and operational procedures. There's a lot going on. Hackin's participation as an ecosystem auditing provider is evidence of available specialist review but it's not a blanket audit certification for every Canton application. And what I want to

1:27:41say real quick about auditing is that auditing is good up to the point it was audited. So if you're looking at a project and it has an audit and it was really good but it was two years ago unless they have changed nothing which is almost impossible then there's things that need to be reodited. Decentralization is a separate consideration. So now we're talking about decentralization. Sponsored validator admission or superv

1:28:08validator governance creates a more controlled model than open participation by ordinary token holders. An institution may consider that arrangement practical. A token holder should still understand who can change important rules. Dependencies and liquidity. A tokenized asset depends more than just its blockchain record, right? Depends on more than a blockchain record. It can depend on an issuer, custodian, payment asset, legal

1:28:39agreement, pricing source, and application operator. Canton token has its own liquidity considerations, exchange availability, the spread, market depth, custody, support, and the ability to transfer through the correct network. Market depth means how much can actually be bought or sold near a quoted price. So if they say 11 cents, how much can you really buy for 11 cents before it changes? A displayed market capitalization, market cap, does not

1:29:10represent a pool of cash available to sellers. So just cuz it says 4.3 billion, if you own 4 billion, you can't just pull your money out. That's probably not available because that's most of the supply. Now, that's a hypothetical. I don't think anybody owns that much of it. Institutional activity is tokenized security and liquid secondary markets demand for CC token must be evaluated separately. So you have institutional activity and then you

1:29:39have liquid secondary markets. They are not the same thing. Financial s sustainability I don't know why I'm stuttering. Financial sustainability protocol rewards can help attract infrastructure and applications before customer revenue is sufficient to support them. that can be sensible bootstrapping. The economic test is what happens as rewards become less generous or operating costs rise. The development fund provides an ongoing funding

1:30:08mechanism. It does not by itself establish adequate runway or efficient spending. This review does not establish a consolidated audited financial picture covering the entire ecosystem cost and revenue. It's pretty deep and it's pretty in-depth this token autopsy, but we didn't inquire into every little tiny detail because it would be like 10 hours long or you know at least three or four just for this part. Not a not to mention the entire stream, right? So, the

1:30:39evidence would improve confidence, right? The evidence that would improve confidence includes funding reporting. I'm not tired. You're tired. Recipient con concentration and operating cost disclosure, the evidence of customer activity that remains worthwhile without oversized incentives. The token valuation again tokconomics CC tools is just a metrics, right? This is all a as of October 20th, so it

1:31:09doesn't really include today. Hopefully, that's close enough to the bone for you. With a market cap of about 4.2 billion, right, we've seen it gone up a little bit. It's more like 4.3. Market cap is price multiplied by the reported circulating supply. It measures the market's valuation of those coins, not company revenue or capital deposited into the network. There's a couple different ways to get the same numbers. All right, welcome to math. Uh the way

1:31:38that I gave you at the beginning of the stream is my favorite way is to take the circulating supply and divide it by the market cap. That'll give you the price per token. So it's an important comparison between the valuation and the token's demonstrable economic role. We cannot divide the value of securities processed by CC right by Canton tokens market cap and call the results a meaningful bargain for the Canton token. The valuation case needs sustained

1:32:03traffic demand, credible issuance discipline, useful walking incentives and sufficient market demand to absorb the new rewards. Catalyst and evidence. Now this category is about things that is going to move it forward and the evidence that it's going to happen. So more production workflow look for reoccurring use after the first transactions more interconnected assets and applications. Look for activity that actually uses shared infrastructure not

1:32:34merely an expanding director directory. Right? Reward reform. Look for implemented changes and measurable economic effects, not only approve approved proposals. So wait for them to go live and actually become used. CCP, you're hilarious, dude. Operational improvements, right? Canton reported logical synchronizer upgrades live on mainet in June, allowing infrastructure transitions with much less disruption. That is a useful execution evidence.

1:33:09Better economic reporting. Look for total issuance, total burn, recipient concentration, and paid activity over matching periods, meaning the same amount of time. The strongest catalyst is evidence that closes the gap in the investment case. Now, we're going to give you a bull, base, and bear. This is our kind of inconclusion to everything that we've said. So, as I said, if you're hanging out, you're playing the game, you got

1:33:36distracted, you got a phone call, this is a good place to roll right into the bullcase for Canton. Well, Canton becomes an important coordination layer for financial applications. More activity uses the global synchronizer because of it and reoccurring demand therefore grows. The burns plus roll specific locking improve and the balance against issu issuance improve the balance against issuance, right? That would be what we want to see. The base

1:34:05case is neutral. The infrastructure gains useful adoption, but Canon token remains sensitive to incentive supply growth and how much activity actually reaches its fee mechanism. The bare case, what you don't want to see if you hold Canton token is that institutional application succeed commercially where Canton token demand grows more slowly than expected. They use other routes outside of that global sequencer. Private arrangements, lowcost

1:34:36transactions, alternative networks, and reward dependency weaken the token economics. The bare case does not require Canton technology to be useful. A successful product can still leave a token price for more than it captures. What it is doing well? Real financial coordination is a problem, right? Verified production activity. a direct Canton token traffic payment burn mechanism and publicly documented

1:35:04economic governance changes. What is somewhat red flags is confusing broadcast activity with CC demand. Don't do that because you have a high crypto IQ. Go take the quiz. Tell me what you get. Treating the issuance schedule as a fixed lifetime cap. Treat treating reward report supported. Don't choke on your own spit when you're reading live on YouTube. Don't do it. So, what is a red flag is if you're confusing the broad Canton activity with

1:35:37the actual Canton token demand, treating the issuance schedule as a fixed lifetime cap, and treating reward supported activity as automatically self- sustaining, overlooking the concentrated authority and earning opportunity. What is unresolved? A complete consistent defined burn verse total mint picture. It's not complete and oftent times it's hard to get in a very complicated big ecosystem. How much

1:36:04major financial activity uses the global sequencer and how much concentrated economically meaningful activity and reward recipients are. All right, we're going to get through a little bit of this. Remember that this will be available for you shortly, right at another time. I don't like the way that it put the zero under. Right. So, an 18 out of 20 in utility and adoption. I believe that these categories are in order of most

1:36:37important. Token value capture 15 out of 20. Tokconomics and supply got kind of a low hit. Competitive mode of 13. Security decentralization 7 out of 10. And it catalyst and execution. Let me finish strong. 8 out of 10 in risk and unanswered questions. A five out of 10, giving it a 75 out of 100, which is a pretty good score because if you get a 79 or higher, you get a pass verdict in our token autopsy scoreboard. So, I would say Canton did phenomenally well.

1:37:10Our token autopsy is meant to be difficult because if I show you a bunch of coins and say that they passed our token autopsy just so it looks good, that doesn't really do anything for you as a speculator in the market. Again, never financial advice. This is all crypto research and education. So, if you want an indepth of why each one earned the score that it earned, then you're probably highly invested in this coin. Also, you can find it at a

1:37:41later date in the Discord which is linked in the description. It's linked in the chat. You can find it pretty easily. And this all just goes through how we score. Right. Let's go back one. So 0 through 63 gets a speculative verdict. 64 through 48 a watch verdict. And 79 to 100 a pass verdict. Only two coins have passed so far. Those are A and Chainlink. A getting the highest score. chain link just barely passing with a

1:38:1179, then in my opinion, aside from a pass verdict, anything above a 70 is probably worth looking at if you're considering speculating on different things. But that is my opinion and my research, not financial advice. So, we got a lot of different tokens here. And you can see all of this again in the Discord. Looks like we're up to 26 tokens. 75 out of 100, but it's still got a watch verdict.

1:38:46All right, as promised, I'll come back to the news. Let's look at Satseker. I'd say the similar score to what I had. Great product, but tokconomics are weak. Exactly. Now, if anything, keep in the back of your mind, and I know this is very long-term, after the 10-year period, it's going to go from a a possible hundred billion to like 2.5 billion. That could be a good time to get in maybe a few years before the bare market

1:39:19before that happens, right? Could be a great place to scoop some Canton token, but that is also very long off. said they did announce today about increasing the burns after governance foe. Nice. Now, our token autopsy is always scored off of what is live, what is active right now. So, if they put out something about that, it wouldn't be in our token autopsy because it hasn't actually happened yet. And there were a few slides at the end I didn't go over.

1:39:47So, that was probably in there. I thought it was already very very uh thorough and somewhat long- winded. Being a financial infrastructure product ecosystem, there can be a lot to say, so I didn't want to burn everybody out. Let's talk about a little bit of news. XLM or Stellar unveiled Protocol 30. This includes a postquantum signature. Stellar Development Foundation just published details for Bell Protocol 30

1:40:17with a test net vote scheduled for November 3rd and a mainet vote for November 23rd. These are the major changes in that postquantum signature verification. Sorbin smart contract will be able to verify MLDDSA and FIPS or FIPS standardized postquantum signature scheme. That does not make the whole stellar network quantum safe yet, but it lets smart contract accounts begin using quantum resistant authorization. Then we have this mxed or yeah mx, that's how

1:40:52I'm going to say it, contract address. A smart contract can serve many customers using separate identifiers. That's particularly useful for exchanges, custodians, fintech apps, and payment companies. millisecond ledger time stamp. So, we just saw a big update with Salana. Is this XLM trying to somewhat have the same idea? Because what did the update for Salana do? It was postquantum type language plus millisecond finality.

1:41:22So, Stellar is changing the ledger format to support millisecond precision, removing a technical limitation that currently prevents the network from experimenting with much faster ledger close times. Finality. So, while Salana is shipping faster consensus today, Stellar is laying groundwork for faster blocks and quantum smart contract accounts tomorrow. Right. Very interesting. Now, I do have to wrap it up. As I said, I apologize for not

1:41:50having a show yesterday. I love being with you guys and I love raising my crypto IQ and hopefully you are raising yours. But again, for those who didn't know, my daughter, I had to take her to the emergency room. Got there at like 4:00. trails not till 8:30. Thought there was a good chance I'd be home in time. Got out of there at 10:30, 10:45. Didn't get home till 11 something. So, it was the whole day. Anyways, she's still sick

1:42:17and I can hear her somewhat upset out there. So, I'm going to go ahead and roll out and go make sure that everything is kosher with her. You guys have a good night. Thank you for being here. Thank you for being part of the underground family. consider those memberships for all the work and time and energy that I put into it, not considering the money that I put into this as well. And I will catch you in the next one. Let's see. I'm Tomorrow's

1:42:43Thursday, so we'll have another token autopsy tomorrow. If there is a coin you want me to go over, go put it in the Discord in the main hangout preferably, but anywhere you put it, tag me in it. Uh CCP says, "Is your daughter okay?" Yeah, she's she as far as we know, she's okay. We found out everything that it's not, which is a breath of fresh air, honestly. You know, glad certain things are not the problem, right? Best wishes to your daughter. Thank you. I

1:43:10appreciate that. Thanks. Uh, Satseeker says, "Thanks, man." You're absolutely welcome. Was glad to do this for you. If there's anything else that you would like me to go over, feel free to put that in. And Shrugofheart says, "Thanks again later, everybody." Absolutely. I don't know why when I'm about to wrap up a bunch of people jump on, but this was the token autopsy of Canton, its products, its ecosystem, and of course, the Canton token and the relation to its

1:43:39ecosystem. If you're just hopping in, you're probably going to want to jump to the beginning, but smash that like button for me, subscribe, and consider a membership if you like the work that I do and you want me to continue to do it and to do more. free Discord in the chat is pinned. All the links are in the description, including the Discord. Come on over, hang out with us when we're not streaming. I post news over there, I should say. Follow me as well.

1:44:07ground crypto. Crypto Ron is probably the best thing to type in on X. We're running campaigns. We're we're posting about all kinds of different stuff. Aptos found tokconomics. Oldest cheat code. Charge more and pay less, right? Pay the toll. We have stories about all kinds of things going on in DeFi. Take a look at our merch. We have merch. Uh there's just a lot going on. I've been building a lot of stuff. You'll see our digital board. So, if you enjoy this and

1:44:33you want to support it, again, grab one of those memberships. Otherwise, I will catch you guys tomorrow night for another token autopsy. Underground crypto out.