Ethena’s $4.7B USDe Works—But Does ENA Get Paid? | Daily Crypto IQ

So we are not beginning with the question of whether Athena has built something real because that is established. USDE something you'll hear me refer to a lot has approximately 4.7 billion in circulation. SUSDE so there's USDE and then there's SUSDE and we'll get to that more and I'll show it on the screen so you can see what that looks like, right? So, SUSDE represents another substantial saving product and Athena has integrations across major lending, trading, and yield markets. The harder question is who receives the economic value that is created. That is the point of a token autopsy. Yes, we're going to talk about the project and its ecosystem, but what we really care most about is does any of that value created by its ecosystem get captured in the token? Things like buybacks, things like burns and other mechanisms

that bring value into the token or is the token simply a governance token. Is it simply disconnected from its own ecosystem? This is all about how the company or project behind it built it, right? So, every people often say to me, well, especially older people, they'd be like, "Oh, you're into cryptocurrencies. Why do we need so many currencies?" And I'm like, "You have the wrong idea. Don't think of them like currencies. Think of them like new startup companies, right? Because they're out to solve a problem, even if it's in the digital or financial world, right? They're out to solve a problem and therefore a project is born. So that's why we're going to spend time on what is the project because it doesn't seem fair to do uh is a token is value captured for the token and then

not tell you anything about what the project is. That doesn't seem to be uh you know progressive. So USDE backed produce what am I talking about? We're talking about uh fruits and vegetables. No. USD's backed backing produces revenue. Why can't I get that out? All right. So, that revenue can support SUSD rewards, partner incentive, and other growth programs. ENA, the token. So, when we say Athena, we mean the project, right? Or the company. When we say ENA, we're talking specifically about the token. And I'll do my best to point it out over and over again. So ENA provides governance and now an approved path towards buybacks, but the first buyback tier hasn't activated yet. So we're ahead of the game, giving you the sauce before that even happens, and we'll have to watch and see if it does. If

you're interested in Athena, anybody hold Athena, put that down in the comments. Again, pinned comment tonight has the Discord link in it if you'd like to get into our free Discord. It may not always be free and you may get heavy discount or just grandfathered in. I haven't decided yet. There will be a day where this where that Discord becomes a paid Discord. Okay, just cats out of the bag on that one. But it's not now and I don't have a date for it. So, hop in that free Discord. Right. Tonight, we are separating USDE, SUSDE, and ENA. tracing every important economic step, examining the upcoming supply changes, and deciding whether ENA is already a value capture token or still a bet on future value capture. What you may not know is that USDE is not structured like USDC

or USDT. It is a synthetic dollarbacked buy assets and offsetting positions intended to reduce price exposure. Athena the company now also uses lending stablecoin and tokenized real world assets [music] as revenue producing backing strategies. Did anybody know that? Well, I'm going to tell you some other things you probably don't know about Athena as I sip this big glass of apple cider vinegar. No, it's just apple cider. I say apple cider vinegar way too much. All right, off track. So, another thing you may not know is that holding USDE does not automatically deliver Athena's revenue to the holder. Rewards acrue through SUSDE and other incentive programs. ENA, the token, and SNA, I can only imagine that the S stands for synthetic, um, do not currently receive the economic rewards paid to SUSDENA. The token primarily provides governance over backing strategies.

So what are they governing? Well, the backing strategies of USDE revenue allocation and risk committee authority. So that's what you get by holding ENA or SNA. You also may not know that ENA's fee switch vote passed on September 8th. That's pretty recently of this year, 2026. However, the first buyback tier requires a 14-day average USDE supply of 7.5 billion. Current USDE supply is approximately 4.7 billion. So, the active buyback rate remains zero at this moment. You also may not know that a fee switch is not free money. uh diverting revenue towards ENA buyback reduces the amount available for SUSD rewards and ecosystem incentives. Therefore, there is a bit of a give and take here, right? So, my favorite segment to start off, signal verse noise because it kind of captures a little bit of the news and things that

are important to us and signal highly important, noise important at all. So, here we are. We have it up on the screen and we will go through it. Yes, I use chat GBT unapologetically. If you think that I can put so much information and detail in my brain for every single product and then relay it to you in an organized manner, uh you must think that I am a supercomput or something like that. But rest not, I have all the notes well put together. Every time you say Athena, I think of Greek goddess. Yes, I I think that there's something behind that, right? So, let's talk about it because this is the talk of the town. This is signal, meaning it is important. The Clarity Act failed its Senate procedural vote. But what does this mean for the Clarity

Act, right? Well, the Senate did not provide the votes required to advance the Clarity Act. That delays larger federal framework intended to divide crypto oversight between securities and commodity regulators. I saw today that the crypto lifer posted on Twitter, you know, did the banks just pay the senators to kill this because it is certainly not in the banks banks advantages and the banks have already come out and said, hey, we don't like this. We talked about it the other day. They didn't really give a good reason why they should be propped up, why they should be protected, why they should um not have any of their business, you know, I say messed with, but I mean have competitors basically. And uh they're saying, "Hey, it's going to make people put their money in other places." Well, yes, when you

the banks give people 01%, not talking about a high yield interest saving account, but just a regular savings account is 01 and you can get, you know, 4% 6.6% interest. Think about the contrast between 01 and 6.6 or even four for that matter. It's a big deal. So yeah, people are going to go where they can get the most money return interest on their dollar. That's common sense. And the banks, the funny part to me is that the banks are not offering you better yield to compete. They don't want to compete with them. They just want to shut them down and say, "Hey, this is not fair. We're the banks. We've always been here and we should be allowed to always be in charge." Well, like any other business, competition should have its place in a free market. So

getting back to the Clarity Act, this matters to Athena because yield bearing assets, synthetic dollars, right? Governance tokens and off-chain financial strategies occupy exactly the kind of regulatory territory that remains unsettled. So who benefits? Well, existing regulators retain greater interpretive authority. Who loses here? are of course protocols and institutions seeking one predictable national market structure framework that we've been begging for for as long as I've been in crypto. So, of course, this is Signal. This is a material regulatory setback, not a routine political noise story. Now, let's talk about something that's also signal and important. ARK's circle mainet is live. So, how to break this down for you? So ARC is been in testn net. It's going into mainet, right? I don't know if it's happened yet. Circle is the group behind it. If you know what circle group

is, they're the ones responsible for the issuance of USDC, the stable coin. So circle launched ARC as a USDC native layer 1. No surprise they use their own native uh they use their own stable coin as native, giving it more utility with known institutional validator groups. that includes firms such as Black Rockck, Visa, Mastercard, and Standard Charter, big players in the game. ARK is not a direct replacement for Athena, though, but it increases the competition for stable coin settlement, collateral, payments, and institutional integrations. The recognizable company logos are not proof of actual blockchain adoption, right? The signal here will be sustained transaction volume, stable coin liquidity and applications that attract users after launch. Classification of course a signal real launch and real infrastructure adoption still must be proven. They cannot be assumed, right? And if a lot of this

feels like a lot of information, well then welcome to the Underground Crypto Deep Dive Research Show, Token Autopsy Series, where we do our best to raise your crypto IQ through education. So, I tell a story all the time. I'll make it real short. My mentor, he teaches technical analysis. When I first started watching him, I could tell he knew what he was talking about. And I watched him hit the trades over and over and over for literally a year before I said to myself, I'm just going to watch this man every day. until the stuff starts making sense to me. And I'm glad I did because if I wouldn't have, I wouldn't be here in front of you guys today. So, I highly encourage you if you don't understand every little bit of everything, stick around if you really

care about, you know, your portfolio or cryptocurrency or understanding blockchain, all of those things we cover here. Now, I have lots of previous live streams about many different topics. You can go find those as well. This story is being considered noise, right? The ENA fee switch is now active. And we've already touched on why this is noise. The vote passed. The buyback did not begin yet. So although they pass the vote, there is a threshold that must be reached of, I believe, 7.5 billion and they're only at 4.7 billion. So this buyback hasn't actually started. So it doesn't really matter that it passed because we don't actually know when that buyback is going to begin. Remember, a buyback is not a burn. A buyback is buying off of the open market, right? It is not burning and getting rid

of supply, therefore causing deflation in any way, shape, or form. Keep that in mind as well. So, the approved schedule still requires USDE 14-day average to reach 7.5 billion. That's what I was just covering. Right now, it's 4.7 billion. ENA remains below the first trigger for a buyback. And how much are they going to buy? We have to we have to ask those high crypto IQ questions, right? When they do a buyback and they hit 7.5 billion, uh, how much are they going to buy? 50 bucks, 100 bucks, 100 million, a billion? We I don't know. I don't really know. That's what we're looking to get into. Now, I will admit I am learning right aside you. Obviously, I set up this stream and all the notes, so I have a little bit of a some prior knowledge, but

ENA is not a project that I have looked at a lot. Being a financial project, there's not like a lot of depth of all of this cool innovative blockchain technology for me to get excited about and dig into. I do not hold any ENA just for transparency. We love transparency on this channel and we also love being level-headed and not being a cheerleader for any, you know, specific project unless we've done our due diligence. And of course, I'm not trying to be a bear about things unless I've researched him and I feel that way. Anyways, treating an approved mechanism as existing cash flow is it's misleading at best, right? So, the governance decision is signal. That's positive. But the claim that ENA is already receiving buyback is just noise and people getting overly excited about it being having a

buyback is basically useless until there is one. I hope everybody understands that. Again, smash that like button. Now that I've got you all here, I just want to remind you that I've gotten rid of the ads, so you won't be served any ads in this. So, if you would please consider a membership or throwing in a super chat. Of course, you can ask me a question about tokens and things like that and I will take a look at it to the best of my ability at the appropriate time in the stream. Right. So, let's begin the Athena token autopsy. The central question that we're really getting at is USDE produces real economic activity. We can see it. But does ENA the token currently receive enough of the value to justify you owning it in your portfolio? Again, this is

not financial advice. simply research of the tokconomics economics of the project in the coin. Of course, the project is Athena, but the token is ENA. And I really want people to make sure they understand the distinction here in every token autopsy that we do understand when we're talking about the token and when we're talking about the project, it'll get rid of a lot of confusion. So, the primary product is USDE synthetic dollar. So like a stable coin but it's different because it's a synthetic dollar yieldbearing product right is the SUSDE that is the yieldbearing asset. ENA's present role here is governance and SNA staking. USDE current supply is about 4.7 billion. SUSDE circulating supply is about 1.1 billion. ENA circulating supply is about 10.10 10 billion with a maximum supply of 15 billion. So right there, you just minus

them, right? Take 15 billion minus 10 billion. Don't even worry about the 0.1. And that'll tell you you have just a little bit less than 5 billion tokens to come into the the circulating supply. But the question is when cuz that could happen over the next hundred years or that could happen over the next year as far as I know. And that's what we want to dig into, right? So ENA market capitalization about 1.4 4 billion. These numbers are not usually as useful to everybody. So, I'm going to go over those because I don't want to just hit you with number after number and lose you. Circulating percentage about 67% of the whole supply is actually out and circulating or minted. So, current ENA buyback tier is zero because they haven't hit this threshold. We've been over that. So,

first we need to separate three assets. In the beginning of a token autopsy after we introduce it, we start saying, well, what are the components of the ecosystem, right? Right off bat, we've talked about USDE. Then we have SUSDE and ENA, the actual token. So again, a brief description of each one. USDE is a or the synthetic dollar. Its purpose is to provide dollar denominated value without relying entirely on the same structure used by fiatbacked issuers. USDE itself is not the ENA token. Okay, so USDE is its own thing. It's a synthetic dollar, but they do it differently because every project has the right to run their their company or their ecosystem the way that they think is best. [music] we have USDT, we have USDC. So why make a just completely exactly the same fiatbacked stable coin? Well,

they didn't. And that's the point here. It's a synthetic dollar. Hopefully I made that very clear. Uh SUSDE represents staked USDE. its rep its redemption value rises as discretionary rewards are added to the staking contract. These rewards are supported by Athena's revenue producing strategy. So they have a strategy to produce revenue and that is uh basically rewarded through staking of the SUSD product. So, SUSDE is the asset currently closest to receiving the economic output of the product. So, what are we saying here? That value so far from what we've read here is mostly being produced by this SUSD through staking rewards. ENA governs the protocol itself, right? Holders can influence these areas. backing composition, new strategies, revenue allocation, that's a pretty big one to have some say in risk committee membership and fee switch conditions like they had just

voted on. ENA does not represent a direct claim on Athena Labs, the foundation or USDE collateral or protocol revenue. We always say that's very much for TRDFI people who are used to stocks. The ENA token is not an ownership of the company like maybe a stock would be an ownership of the company. So in the world of crypto assets, it's it's very different. Camston in the house. Welcome in. Welcome in. Thank you for being here. What's going on Cam? How's your day go? Do you own any Athena? Cuz that is what we are talking about tonight. So, SNA I can only imagine that it stands for I said synthetic but I think it actually stands for staked a can't know every little thing right so SNA is staked ENA it provides governant participate governance participation and signals long-term alignment

a separate future governance proposal may create additional SENA rewards but the approved buyback proposal did not automatically establish a direct cash distribution to the SENA. How USDE works. Now, as you learn about USDE, we also learn about kind of the fundamental workings of a lot of stable coins and things like that. This one being slightly different as a synthetic dollar. Cam says, "Pretty good." No, I do not. All right. Well, after this uh token autopsy, I guess you'll know how you feel about not owning some ENA. I also don't own any ENA. So approved counterparties can mint USDE using accepted backing assets. Ordinary users can acquire USDE through secondary markets, but direct minting and redemption requires approved counterparties. So there is a bit of some governance control there. Market exposure is managed. If Athena holds a volatile crypto asset,

it can pair that asset with an offsetting short derivatives position. So here's an example. If Athena holds 1 million of Ethereum, Athena opens up approximately 1 million of short ETH exposure. If ETH rises, the spot asset gains while the short loses. And if ETH falls, the spot asset loses while the short gains. they're hedging, right? So, the purpose is to reduce directional price exposure, not eliminate every possible risk. Now, if you were trying to simply make money, that might not be a good strategy. But if you're trying to just keep the money the same, it's actually pretty sound strategy. I haven't sat and really thought about it, but it sounds like a pretty sound strategy to me. The backing produces returns, right? Potential revenue sources include crypto perpetual funding payments, non-crypto-based trades, staking rewards, overcolateralized DeFi lending, institutional lending,

tokenized real world assets, rewards on liquid stable coin reserves, minting and redemption fees. Right? Step four of course is revenue is allocated. So they made money, now they allocate that money. Revenue can be distributed to SUSDE rewards, exchange and protocol partners, liquidity or leverage incentives and the reserve fund. Eventually, ENA buybacks when the required conditions are met, and we've been over that several times. Of course, risk does remain here. So, delta neutrality protects against one category of price movement, but it doesn't eliminate all risk. You can have exchange failures, custodian failures, negative funding, liquidity stress, collateral impairment, smart contract vulnerabilities, governance mistakes, and stable coin deping. Those are all real risks to be aware of. Campsa says, "I still remember that the first coin you showed me, White Castle or something like that, held that one for a while,

but the bare market wrecked it. I wonder how that coin is doing." Something AI. Yeah, that was a new token we were looking at. Would be fun to go back and take a look at it. See if it's still around. Hey, maybe we could do that at some point. [clears throat and cough] I do remember that. I I think I bought a tiniest bit. Sometimes I'll buy like $5 of something just cuz it's brand new and cuz we're going over it on stream, but that was just a new token coming out, right? So, the product to token test. A product can be excellent while the token remains economically weak. For ENA to capture value, the complete chain must work. USDE must remain useful. The backing must produce sustainable revenue continuously. Revenue must exceed product obligations. Basically, all the people

involved who need to be paid for what they put in and all the things that they've done. That has to get paid for out of the revenue before there can be extra money. And of course, the fee switch must be active, meaning USDE's 14-day average supply must first reach 7.5 billion, which has yet to happen. Then the buybacks must be material or actually happen. And the purchase of ENA must receive clear treatment. The market needs to know whether purchased ENA will be burned, permanently locked, cuz a buyback is just buying it off the market, right? We need to know is it going to be burned, permanently locked, held by the foundation, used for incentives that puts it right back out into circulation and distributed to stakers. We need to know what the heck they're going to do with what

they have bought back. So, ENA revenue snapshot, we got distribution of SUSDE 34%. Partner payout 34.3% and a leverage incentive 31.4% 4% zero buybacks so far and a supply of about 4.7 billion. No trigger on the buybacks until we hit 7.5 billion. Right. So, what is going on here? All right. In the first 30-day period used by Athena's August fee switch analysis, approximately 175 million of annualized distributions flowed through three active lines. Where is the rest of the show? All right. So, there's not a lot to break down because of the fact um there was a little bit more here. And I I I can tell that it's missing. I'm not exactly sure what it where it went. Right. So, let's see what's going on in the chat real quick before we get back into this. Would be fun

to take a look at it. I wonder if we can remember the name probably if we see it. I think you were pretty close to that name, right? Yeah. White Oh, yeah. White Castle or something like that. I do remember that. All right. So, the way that we score these, they're broken into several categories. And usually I have much more information in a token autopsy. But to be completely honest, this token autopsy is going to be a little bit shorter because there's just not a lot of information to give you that [music] isn't just me repeating the same things over and over and over, right? So the first category is utility and adoption. We're giving it a 17 out of 20. Now this category is here because it tells [music] whether Athena solves a real problem and whether people

are actually using the product. And that's first because if it doesn't solve a real problem and nobody's using it pretty much can derive what kind of score it should get. So the evidence supporting the score is of course USDE has approximately 4.7 billion in circulation. That's a good amount of money. That means it must be useful and there must be people using it. SUSDE represents approximately only 1.1 billion of the tokens, right? So USDE and SUDE that's fun to say a bunch of times are integrated across a hyperlquid morpho pendle and other major markets. Athena has processed more than 30 billion through its minting and redemption system since launching USDE. So they've been through quite a bit of capital has flowed through their product. The product gives crypto market a dollar asset whose backing can remain economically productive. Athena

has expanded beyond depending exclusively on crypto funding rates. They have moved into other markets. That is why it is getting a 17 out of 20. But the evidence limiting a perfect score for for say, right? Let's see. How are we doing? Yeah, White Castle, the food chain, lol. That's what I thought of too. So, what is limiting its score? Well, USDE previously approached approximately 15 billion in supply, meaning the current supply remains far below its peak. Some adoption may be supported by incentives and leverage strategies. Direct minting and redemption remains restricted to approved counterparties. We're telling you some of the negatives here. An SUSDE availability is restricted in some jurisdictions. So, it's not available everywhere. A large supply number does not prove durable demand across every market. Athena clearly passes the basic product test. USDE is not merely a

white paper, test net or speculative promise. not when 30 billion has moved through the product. Right? The missing three points reflect the contraction from peak supply and the need to prove the adoption remains durable when incentives and funding conditions become less attractive. The second category and probably one of the most important is token value capture. As you can see, it only got a 10 out of 20. So right there that should tell you something. Whether Athena success creates measurable economic benefit for ENA the token the only thing that the average person has any ability to buy or care if it acrus value aka market cap and price per coin goes up. So the positive here is that ENA governing or governance backing strategies, right? The token allows you to vote on backing strategies, revenue allocation, risk committee authority. Also,

fee switch vote has passed and voting on anything future to do with that is going to go through the governance of the ENA token. That mechanism creates a public connection between USDE growth and ENA buybacks, but again, we don't actually have that yet. So here is the increased gross revenue take as USDE grows at 5% at 7.5 billion 10% at 10 billion 15% at 15 billion and 20% at 20 billion once activated 95% of the qualifying foundation net revenue from specified Athena business lines is intended for ENA buyback. So once it is activated seems like they are going to buy a substantial amount of ENA. The first tier could produce approximately 7.3 million if annualized buybacks using the risk committee analysis realized 4.6% protocol return assumption evidence that is more bearish for the score and why it didn't get

a 20 out of 20. It got a 10 out of 20. Current buybacks right now are zero because they haven't hit that first threshold of 7.5 billion. USDE supply must grow approximately 60% from its current level before reaching that first threshold. And that's quite a bit of growth. Are we going to get it? And how soon are we going to get it? Now, if we go into a bull market, I do believe that we will get that. But how long? the end of the bull market, the middle of the bull market, the very beginning of the bull market, that matters a lot if you are holding the coin and counting on that buyback. So redirecting revenue can reduce SUSD rewards or uh ecosystem incentives. So right now a lot of the revenue is going towards the SUSD rewards and

just regular uh ecosystem incentives right all over the place. So when they divert some of that money to buybacks, well that's going to limit the rewards in other places. So, if you already are in ENA and your strategy and I should say Athena, not ENA the token, but if you're already in the ecosystem of Athena [music] in SUSDE, getting rewards, it might not be a positive thing for you that they're going to divert some of that revenue to a buyback. Higher thresholds are not guaranteed to be reached or sustained, right? Buyback performance remains exposed to changing revenue conditions. So, another thing I want to say about that 7.5 billion that they need to reach is that when they reach it, they start buybacks. But as far as my understanding, if it dips under it, the buybacks stop. So, you

need to get to that threshold and hold that threshold for buybacks to continue to happen. So, the present proposal does not provide direct revenue distribution for staked ENA. The final treatment of purchase ENA still matters and a buyback must compare with dilution not considered in an isolation. So we need to know about emissions, right? And of course it earned a 10 out of 20 because value capture path although creditable which is more meaningful than a vague promise of utility. However, a path is not the same as active value capture. So saying that in the future it has a very good path to value capture doesn't mean that it has any right now. And of course a lesson is that revenue of an ecosystem is not token revenue. And we've been over that quite a bit. So I don't want

to be overly repetitive there. Smash that like button for me if you're still here and still listening. So, the scorecard category three or the third category that we score these in is tokconomics and supply got a six out of 15. Not the best score to be completely honest. It's about the same as getting a 10 out of 20, right? It's about half, a little less than half, right? So, what this category is meant to measure supply concentration, circulating percentage, emission, and unlock dilution. I do like that today's stream is straight to the point with our token autopsy and not a bunch of repetitive fluff. And it's giving us actually the opportunity to go through each of the categories that is scored by that I normally don't take the time for cuz it would make this stream like super long

if I did this as well on on the days where the token autopsy is already a lot of information. But today we're able to actually really break this down for you so you can understand a little bit better why we have the different categories and what they mean and why they're scored the way that they are. So evidence supporting the score aka the bullish stuff. ENA has fixed maximum supply of 15 billion tokens. Approximately 67% is already out in circulation. So over 50% is generally pretty good. The market cap to fully diluted value gap is much smaller than it was during ENA's lowflat launch period aka when it came out. The protocol publishes its allocation investing framework so that we could know it. Ending the investor unlock calendar after October 5th removes one of the categories continuing monthly uncertainty.

So on October 5th, there will be the ending of the investor unlock for people who invested before it actually launched. What is the bearish stuff, right? Well, the original allocation included 30% for core contributors, 25 for investors, 15 for the foundation, and 30% for ecosystem deployment and airdrops. That means contributors, investors, and foundation originally controlled around 70% of the supply. That's a lot. Approximately 4.9 billion ENA remains outside the current reported circulating supply. ENA announced that remaining investor lockups will end on October 5th, 2026. The project has not publicly confirmed one definition definitive number for the release and estimates should not be presented as official numbers. So although we know that there is going to be the end of investor lockups on October 5th, we don't actually know how many coins that is, team vesting will continue after the

investor schedule ends. So the team is still getting their coins over time. And of course, a future buyback pro program must therefore be evaluated against continue dilution and available market liquidity. So we got to weigh how much is coming in versus how much is being taken out. And right now there's nothing being taken out. So it earned the score because the circulating percentage is no longer extremely low. But supply concentration and remaining emissions that still matters. Accelerating the end of investor lockups may remove a prolonged overhang. But it also concentrates the liquidity event making it more significant. That trade-off prevents a higher score. And here you are 67% circulating while 32.7% is not circulating. We've gone over these numbers quite a bit. So competitive mode, how it stacks up against its competitors. It got a 12 out of 15,

which is a good score. Whether Athena, the company project possesses advantages that competitors would struggle to reproduce. So what is the bullish stuff? Well, Athena has already built meaningful USDE liquidity to billions of dollars. USDE is integrated across major lending, trading, and yield protocols. So, it's already being used, and it's in a lot of places. Athena has a relationship with exchanges, custodians, market makers, and institutional counterparties. So, their competition would need to match that, and that may not be the easiest thing to get. Remember, a lot of that is networking, and they have to have deals and partnerships. You don't just walk into a room and start, you know, a similar project and get all of those things thrown your way. Managing backing across several strategy requires infrastructure and risk management, not merely a smart contract. Meaning, although a

smart contract could run it, somebody had to put it together and actually have a clear strategy. And a competitor isn't necessarily guaranteed to do a good job at managing or coming up with a good strategy. So the protocol has developed recognizable brands around USD and SUSD meaning people know it. It's expanding revenue sources reduce dependency on a single market condition making it more sustainable right label products can allow Athena's infrastructure to serve stable coins carrying other brands. So it can even participate in other in other markets and other stable coins. Right? So the bearish stuff about its competitors and ability to stack up USDC and USDT have a much larger distribution network than Athena does. Sky USDS and SUSDS remember Sky used to be Maker Dow compete directly for yield sensitive users. So Sky used to be Makers Dow

is directly in competition with Athena. Tokenized treasury products can offer simpler yield with fewer derivatives related dependency. Exchange and custody relationships are replicatable by well capitalized competitors. That can be an issue. Stable coin users can move rapidly when other products offer better yield or liquidity. though just because they have something great going on right now and a lot of money in liquidity flowing through their product, if somebody does something much much better, that money can move super fast uh much faster than you probably think it can, especially in the world of blockchain. So ENA's moat really depends partly on off-chain counterparties. It does not fully control. So that's a problem for for Athena overall. So it earned this score because Athena has a genuine infrastructure and distribution moat against its competitors. It is not merely another token issuing an

un an unusable stable asset. Right? The deduction reflects or the thought of it all reflects the strength of the stable coin incumbents and eases with each yield sensitive capital can [music] migrate. Right? I know that might be a little bit complex for some people, but hopefully you understood most of it. Basically, it right now it stacks up pretty good against its competitors, but it does have competitors. And if somebody does something say revolutionary in that space, money can move out of Athena very fast, right? security and decentralization because we're always wondering like it could be the best thing ever and have all the things we're looking for and then have a black swan event where somebody basically destroys it by stealing all the money or just just breaking it somehow through smart contracts. There's many many ways that we

can have security issues. So, we combine security because it's highly important. Look how many bridge hacks and things happen on a daily basis. Unfortunately, I don't think Athena has any bridges that I know of. It may use some but it doesn't I don't think have any directly under it. Right? And then of course there's the code is law bitcoin maximalist blockchain maximalist type mentality of decentralization. Now it's highly important to some people that it's decentralized. Other people they don't really care with financial products though because they're so in need of living up to the regulators. A lot of times they do bring in centralization because it does satisfy regulation in a lot of ways. So it got a five out of 10 which again is like a 50% score. It's not amazing. Technically safe transparent operational dependencies and the

distribution of control evidence supporting the score the bullish stuff. Athena publishes a transparent dashboard. Backing assets receive third-party at astation. Core contracts have undergone security audits. It's always good when there's audits, but remember with audits, they're only as good as when they were done. If they were done two years ago, well, what's what have they done in the last two years? What have they implemented? What have they, you know, expanded or brought out into their products that hasn't been audited? Therefore, could have risks. And remember, an audit doesn't always catch every risk. So an audit is not proof or a guarantee of security, but it's better than not being audited at all. We have to be honest about that. So a reserve fund exists to absorb specified losses and periods of negative funding. So you have a reserve fund

when things aren't super bullish or begin to trickle into the negatives, you have some reserve to prop yourself up on. pretty standard stuff I think in most financial lending and yield bearing uh projects. Athena uses off-chain custody arrangements intended to reduce direct exchange exposure that may be points off in decentralization. ENA holders can participate in governance and risk committee selection and the project maintains a substantial bug bounty. A bug bounty is just where people are basically there's money put up. If you can find a problem with it, you could earn some money and do it in a legal like approved way versus being, you know, a black hat or a hacker of somebody who's actually out to steal the money. Basically, you can do what you do as a hacker and things and not uh get in trouble for

it, right? So, what is the bearish stuff when it comes to security and decentralization around Athena? Well, the system depends on centralized exchanges for significant derivative liquidity. That's centralized. I mean, you can't put that any other way. They're literally called centralized exchanges. Custodians and settlement providers remain critical. The hedge management system involves off-chain execution. The risk committee holds substantial operation authority or operational authority and this is the bearish stuff, right? for security and decentralization. Approved counterparties control direct minting and redemption access. Very centralized there. Multi- signature multi- signature trying to talk too fast. Wallets and operational accounts retain important powers. Delta neutrality does not protect against every exchange liquidity and collateral failure. So there's a lot of moving parts here, right? And a lot of it is centralized. USDE and SUSDE are not insured bank deposits. So there's no

FDIC or whatever that is that that protects you up to like 250,000 that we're familiar with here in America. No idea how that works in other countries in any way, shape, or form. So it earned this score because Athena is transparent about many of its trust assumptions. They're not hiding it. But it cannot reasonably receive a high decentralization score. So it can have good security but because we've combined security and decentralization in this category well it has decent of security but it doesn't on decentralization. So that puts it at about a five out of 10. Its strength is sophisticated risk management not the elimination of trusted intermediaries. The sixth category, and if you're getting deep into this, there's seven categories. Catalyst in execution. What exactly does that mean? It did get an eight out of a 10, which is

a high score. Let me hit this apple cider [clears throat] real quick. A lot of talking. I tell you, it changes your voice when you talk a lot on a regular basis. It's kind of crazy. So, what this category actually measures? Well, whether Athena can execute and whether identifiable deployments, developments, sorry, could improve Athena's thesis. Let me say that again. ENA, whether it can execute and whether identifiable developments could improve ENA's thesis, the bullish ENA successfully launched and scaled USDE. They did that. We got to give them credit. The project has repeatedly secured major integration. So they're growing with partners and integrations. The fee switch framework did pass through governance. Therefore, it can happen, right? It's got to pass before it could ever be executed. USDE reached a 7.5 billion 14-day average would activate the first buyback tier. So

when it gets to 7.5 and I keep saying the 7.5 billion number, that is a 14-day average. and it would activate the first buyback tier, which is good, but it's not proof of burning or uh deflation. So, white label stable coins could create additional foundation revenue. Expansion into lending, RWAS, and non-cryptobased trades can diversify revenue as they expand and diversify themselves into other markets. That's strong for them overall. New payments and institutional products can extend USDE beyond DeFi yield strategies and future s staked ENA rewards could improve long-term holder alignment. So far, it feels like a lot of the value of ENA token going up is all wrapped around those buybacks and that 14-day average 7.5 billion threshold that they need to reach. The bearish the first buyback threshold remains distant. It's 60% that it's got to grow to

get to that first threshold, let alone the other thresholds. But in a bull market, that shouldn't be too crazy to achieve. So, I think it's a lot about where you believe the next year or two of this market is headed. USDE must reverse a major decline from its former peak. Additional products must generate net revenue, not merely announcements. So, they got to really bring the money in. They can't just talk about it. Future staked ENA rewards require another proposal, so that's got to get passed. And growth incentives can increase supply without creating durable economic demand. ENA has demonstrated a stronger ability to execute than many governance token projects. Right? So although the token is very much wrapped around the governance, it does have a lot more going for it than a lot of other projects. The remaining deduction or

thought reflects the gap between the approved plan and the active ENA value capture. It just hasn't happened yet, although it's been passed. Risks and unanswered questions, a four out of 10, which basically means that we have a lot of unanswered questions. And I certainly do have a lot of unanswered questions, right? So this category is meant to measure whether the most important risks are manageable and whether crucial questions have credible answers. Meaning the hard to ask questions, do we have any answers for them? And not really when it comes to ENA right now. So principal risk USDE supplies may not reach or sustain the first buyback threshold. So that would not be good if you never see any buybacks. [music] Funding rates can compress or become negative. That's risk. Derivative venues can fail. Custodians and counterparties can create losses

or delays. That's a risk. Incentive reduction could make sus less competitive. That is like fixing the token value capture and then breaking it. What do they say? Rob Peter to PayPal. Basically, you're you're taking it from somewhere else. So somewhere else in the ecosystem, SUSDE rewards are going to take a hit when those buybacks kick in. Regulatory treatment of synthetic dollar and yield bearing products remains completely uncertain. I mean, they've got some more time now that the Clarity Act has been kind of put on the shelf for whatever time. We don't know. It could be dead in the water. We're not sure at this point. I have a feeling it'll come back and it'll get passed, but they're just going to change it so much that the banks are happy with it and they bought themselves a lot of

time to do that. Buybacks may be too small to offset future supply and emissions. [music] Remaining token concentration could influence governance. Higher fee switch tiers have not been tested through a complete market cycle. So, it'll be interesting to see how many tiers are actually achieved of the buyback if we go into a bull market. And the final treatment of purchase ENA requires continued transparency about what they do with the buyback. So final score is Athena's Athena discloses more risk information [music] than many protocols. That's a positive, but the structure still contains several connected dependencies. There's all kinds of thirdparty dependencies all over the place. The product can economically hedged or be hedged without being operationally decentralized or risk-free. So I guess it depends on what really makes you tick is decentralization everything is code law and again it's just

going back to our categories that we've already gone over giving us our final score speculative. So we have speculative we have past and we have watch. So it actually goes past watch speculative. The score is an evidence-based editorial judgment. Right? It is not a specific price prediction or anything like that. This is just my best ability to categorize all the different things that are important in a project and give it to you in an understandable way. I have seen many people honestly on YouTube try to do this. And I've never seen anybody and it's probably sounds very uh like blowing your own horn here and I don't mean it that way, but I've never seen anybody do it this way. That's why I did it this way is because I've watched a lot of people try to give you

ever seen my top 10 coins or any of these and they try to give you like a why the coin is good, but they don't go into this kind of detail. Now, I guess not everybody wants to raise their crypto IQ and understand deeply why things are the way they are. So for some people it's probably too much information, but for me it's perfect because it wouldn't be a deep dive research show if we did surface surface level analysis, right? So to be the most transparent, we also have our strongest counterargument against everything that we just laid out in our score. So basically the core of a counter-argument is like if this happens it kind of negates our thought process. Strongest counterargument against the cautious verdict of speculative is that markets often value a mechanism before it begins producing

cash flow. Meaning they speculate on it before it actually is really producing. So ENA already has a multi-billion dollar product, generates meaningful revenue, passed the fee switch framework, connected future buybacks directly to observable USDE supply, created multiple potential business lines, and demonstrated an ability to secure major integration. If USDE returns to 7.5 billion, the token changes from receiving no buyback to having an observable economic demand mechanism for token value capture. If USDE returns to 10 billion or beyond, that take rate increases because there's tiers to the buyback. Additional foundation revenue from white label products could strengthen that mechanism even further. Therefore, the bullish argument isn't imaginary, and we shouldn't pretend like there isn't one. ENA may represent an early claim on a value capture system that has not been proven yet and has not even been turned on yet.

And the reason this does not produce a pass is that investors are still assuming and waiting. right now. We do our best to do our token autopsy from what is true right now. Not what's going to be true maybe, possibly in the future because they promise something that doesn't seem like a solid way to give you a breakdown of a token. But where would we be if we didn't give you the possible bullish things that could happen? And the reason it doesn't get a pass is because we're assuming here. Here's the assumptions, right? USDE supply recovers. Revenue remains competitive. The competitors don't get in there on that revenue. The threshold remains active. Buybacks occur consistently, so it can hold those tiers that it's got to rise to. It's got to keep them as well to continue to get the

buybacks. Purchase tokens receive favorable treatment and buybacks outweigh the dilution of emissions or new coins coming into the supply just naturally from the project, right? And that meaningful series of conditions not an existing result, right? So none of that is necessarily existing right now. So what did the bullish side get right here? Well, ENA has built a real product and has good plausible moat against its competitors. We've talked a little bit about the bearishness. Let's talk about some uh or sorry bullishness. Let's talk about the bearish side, right? Well, the bears kind of get right that most of the product represents [music] economic value supports of USDE and SUSD, right? So, it's all about these two products and ecosystem growth, not ENA holders. So, as it is right now, you could certainly make the argument that all of the

economic value or support or growth is going directly to USDE and SUSD, not ENA holders, leaving ENA as a token, basically a governance token with a little bit more control than most governance tokens. And these are the things that you would have to look for. It is getting a little bit uh it's getting a little bit repetitive. So, we're going to skip over that. But this is important if you are holding. Thank you, Shrugged Heart, for the 111. Lets me know you're still here and listening. So, the three things that we want to monitor or look at moving forward, right? So, with everything that's just been said, what is it that we could just put a couple of things in our mind and when we see these things happen? Well, we would know that [music] we should probably start

paying attention to ENA. First of all, the USDE 14-day average supply hits that first threshold of a 14-day average of 7.5 billion. Reminding you it's at 4.7 billion and needs 60% increase to get to that right [music] now. But if you saw a 14-day average supply or you see them, I'm sure when they hit it, they're going to tell people, right? So, if you see them touting that buybacks have started, well, then you know that it's hit this 14-day average supply. And if we're in a very bullish environment and we're continuing to go into a bullish environment, that might mean that in the future it's going to hit those other tiers and actually uh begin to to sustainably do the buybacks. Now, the buybacks have to go somewhere that's bullish for the token, and that is a little bit

of a different question. actual ENA that is purchased, right? So, not purposed amounts of theoretical annualized purchases, right? We need buybacks compared with dilution. The relationship that determines whether value capture is economically meaningful. Here's a good way to say it. If a million tokens are [music] bought back and let's say they're burned for this example, but they put out 5 million new tokens, then you're about 4 million tokens too small, right? You're you're short 4 million tokens in in deflation and you're actually 4 million tokens into in inflation, which is not good overall for the token. And here's our updated leaderboard. I have actually put together some um some interesting things on my Twitter. So, I'll show you what I've been up to today. That kind of concludes our token autopsy right here. Let's come into the Twitter, right?

Got some notifications. I don't think we have to worry about it. There's some cool stuff I want to show you as well. Uh with Kendra, I did post it in the Discord. Free Discord linked in the chat. And of course, all of our links are in the description. Please follow me at_gground crypto. You can see it here. Underground crypto was taken, right? So at ground crypto or you could just type in crypto rom blue check mark. I might have some uh people. The funny part is if somebody was impersonating me, they probably have bots because their page is probably a bot and they probably have more followers and things. I don't [music] know if they I don't know if they're smart enough to try to match exact followers and following. We are growing on Twitter a little bit, but

it is hard out here in Twitter land because this is my running theories, right? Uh pretty much all of social media, no matter where you are, possibly even including YouTube, uh are really holding crypto creators and content underwater. Some of it you could say is understandable because there are a lot of scams and just nonsense with the crypto hashtag after it, right? So maybe I should have called myself something other than Crypto Rom, but I think long term it'll buff out, right? Anyways, uh I do believe that that I have a lot of um suppression of my pages and channel and stuff like that, but it's no big deal because I know the real ones who really seek knowledge will find me. So, first of all, we have the call to action here. Uh this pin post about Cambria,

which is a really interesting game. Uh did really well. I did not boost this post. Then of course we have yesterday's stream some [music] graphics about hype and the call to come to hype, right? Who gets paid? And I don't actually see it's so funny. I don't even understand this. Uh let's [music] refresh because for some reason it's not actually giving me the post that I'm trying to show you. This is the post that I'm trying to show you is that I do post these full breakdowns and now I'm even doing them with nice graphics. That's what made me think about coming over here. This is the uh token autopsy of Hideera, right? You have all your different categories. You have the final score and the verdict. And if you actually click on the post down, you will have

the breakdown of every section, right? And we have this token autopsy leaderboard that's updated. Now, we just did Oh, Athena's actually on there. That's very interesting, right? Uh, I didn't realize that one was on there. But anyways, long story short, if you follow me on Twitter, I greatly appreciate it. It's where I post a lot of different things. And of course, all the token autopsy information is here. And I'm going to put it in an even better organized manner inside the Discord. Right. So, make sure you're on that free Discord now. What are we running on to? Oh, another announcement is that there is no gaming stream tonight. A lot of things going on. I've said it multiple times that um my third child will be born probably within a week, maybe a little more, a little less. And

so things are pretty chaotic at my household as I still have some businesses to run and try to keep up with showing up for you guys, right? Again, consider those memberships, right? Because uh I'm not getting paid a ton of money to do this. I do this for the love of it. But if the money does start to come in, I can spend all my time giving you just endless value and information. And that's kind of the dream here, right? The dream is to be able to pretty much do crypto YouTube full-time. And I'm excited about it. [music] I'm excited about this bull market. How are all my people doing out here? Melissa says, "I'm listening." Struggart says, "Yo, yo, what's up?" So Kindra, right, has been putting out a lot of interesting stuff. We play a lot of

Kindra on the channel and I figured I'd show this stuff since I'm not doing a gaming stream tonight. Right. So, this is their pinned post. It's only from 11 hours ago. Combat and Kindra just got much better. Every one of the 12 callings now has a special. So, you have a special that you can do. That's kind of cool. Uh, let's see. This is what I really wanted to show you, right? And I did put this in the gamefi tab, although I didn't link the Twitter uh, you know, actual post. Now, you can actually have multiple characters in Kindra, which is pretty cool. And it's pretty funny because he made this post. Look at this. 21 hours ago, he made this post. I don't know when I commented on it. It wasn't 21 hours ago. And this post is

talking about new players kept asking the same thing. Which classes should I pick? I remember when I brought this up to play Kindra. So, the login screen answers it now. So, now when you pick a hero, the card tells you exactly what it is, whether it's melee, ranged, or magic, all of these different things, right? And I'll have to go back and look at it because I have no idea if my character is actually geared properly because there was no way of knowing. And we'll click on this, see if we can make it a little bigger. So, you can see all the different things. And then there's going to be information here about how that character should run. I've been asking him to do something like this for a while. I'm not taking any kind of credit. I'm just

saying I did ask him for this and I posted, you know, thank you. Are we able to have multiple characters on server? That was 3 hours ago from now. From right now, that was about 3 hours ago. And he instantly clapsed back with, look at this, one account up to four heroes. Like he it was instant. Like he had it like an hour later. He had this all put together and you could already that's how fast they move. I am just super impressed with this developer. this developer is like must be full-time and all about this because I mean dang so fast. Great job, I said. But anyways, like within less than an hour he had that built for for the community. I I'm not trying to take credit here, but it I did say it and he built

it like immediately. I'm impressed. That's my point. So, let's take a look at a few other things. We already talked a little bit about the Clarity Act. Let's re Well, I guess I don't need to refresh this because it literally ref every time this green bar goes all the way across, it refreshes. So, earlier today when I looked at the crypto bubbles, they didn't look so hot. But there's been bullish news about the pass of and here, let me let me go back to X. I know the Crypto Lifer posted about it, so that just makes my life easy. For those of you who don't know, the Crypto Lifer is who I always refer to as my mentor and who I learned just a ton of stuff from. Right. Make sure this is the right one. That is not

the right one. This is not the right person. Oh, I spelled it wrong. I forgot the Y. There we go. Be careful out there. Make sure you got the right people. I knew immediately he has 4.2 2,000 followers. That other person had like seven. Uh there he is on the news. Shout out the lifer. We love the lifer so much. This is what I was talking about though. House committee just advanced the strategic Bitcoin reserve 28 to 21 meaning it passed right. Seize BTC lock 20 years. Budget neutral path only full house next. Right. So it's moving along. It hasn't been like put into law yet. Right. But we're moving towards it. And so this is some bullish news that came out today, right? Executive orders fade, status sticks, America is stacking, Bitcoin is loading. This is all about

the strategic Bitcoin reserve that is going to be hopefully fully passed and implemented here soon. But it got through the House committee today with a passing vote, which is of course very bullish, and I think that's why you're seeing a little bit of bullishness here in the market. Of course, before we get to the crypto bubbles, let's go ahead and take a look at le trading view as I can't say it any other way now. And it it's doing what we wanted to do, right? And I told you these 200 day moving averages all from my mentor, right? I get that's where I got that confidence of the 200 day moving average. We're getting the bounce, right? You can see a roundedness here. You'll probably see it much better on the hour, right? You see a roundedness here showing

a dump and then it slowed down that that that roundedness or sideways shows that you went from dumping really hard to that the selloff. Let's call it a selloff, right? Slowing down here for BTC. Everything else kind of pays attention to BTC. I hope you understand that. And you're basically getting the bounce. Like if you switch this into a line like here, this should make it make more sense. You can't tell me that a 200 day moving average isn't important cuz here you see one, two, three times that it bounced off of that 200 day moving average like like it was supposed to like it was holding it up like it was the hand of the of the bulls making sure it didn't go too low. And now let's get out of that. I rarely ever use the line.

So, I think a lot of people thought uh a Bart Simpson pattern, right? Bart Simpson [clears throat] and then dump. And I think that got a lot of people to go into a mode where they were ready to short and then they dumped it and got everybody excited like it's going to short. Maybe it is, maybe it isn't. All All I know Oh, alarm going off. All I really know here is to watch this 4 hour 200 day moving average. That's all I know. And another thing that I'll point out on a high time frame like the 4 hour is yes, you wicked under it, the 200. 1 2 3 4 five times you went under the 200 day moving average, but you did not close a candle under it. So, when you were here or say here and

you saw, oh, we're under the 4 hour 200 day move. Let's short it. No, no, no, no. In my experience, it's best if you wait to see if the candle closes under that 200 day moving average just as a little bit of added uh security before you actually open that short. Anyways, the whole point is the market's getting a little bit of a bounce here and a little bit of a rally. It might be off the news. It might just be because we had already dumped and we consolidated a little bit. Are we going to get the pump out of here back into this range? Right? You can see this clear range that I've I've put here. 813 and uh approximately 76 600 650 700. Right? You could argue a little bit each way. That's not what's important. See

the big range. And so you bounced off of it 1 2 3 4 five 6 7 like 8 nine times here. We got to get back in this range before you can go up. All I know is you you got to get above 76600 before you can be higher than it. I mean that's just obvious math. Uh this is not a technical analysis channel. I'm just giving you some extra because I feel like the stream was a little bit short and I know I'm not doing a gaming stream tonight. So, we'll spend a little extra time. Let's talk about some crypto bubbles here. Again, smash that like button for me. So, VVV doing extremely well. I have a buddy who hopefully bought VVV. It is back to $24.68. It's up 15.6%. Zcash just crushing it. I mean, is is

finally getting the value it should have or is it overvalued right now? That is the question. It's got to hold some key levels. It's got to hold up, I would say, above a thousand at least for a while. But it could just shoot up. There's a lot of speculation. It's hard to say what's going to happen right now because I feel like we're teeter tottering so much between going back to bearish and just taking off in a bullish way. Dash is up 17.6%. That is an old coin. Pump that fun up 10. Near protocol up 14.4%. Lighter up 15.9%. Ono up 9.3%. Canon network up 8.9% too as high as about 10 cents and it's back under 10 cents right now. Is XRP in here anywhere? What What is XRP at? Here we are. Uh XRP went to A131.

It's at a$130 now. As long as it's above a dollar, I'm pretty happy with it. Holding some gains from the bottom where I bought it. You got Bedrock Token, Derive, Stonss, which is a uh memecoin, Cash Cat, also a memecoin, the predominant memecoin on the Robin Hood chain, where it seems like all of the memecoin activity has gone. Track likes to pump and then give it all back, right? This thing pumped 16%. Don't be surprised if Track is down 20% tomorrow. And Aikido seems to be super volatile. I mean, you see these big pumps, big pullback, big pump, big pullback, bigger pump, bigger pullback, big, you see, very volatile, kind of chilled out here, inverted head and shoulder all day there, and then bang, off to the races. Keo is very interesting. We've talked about it a little bit.

I I feel the need to deep dive like every project and give you all the information so you get the most value, but I think we've covered a lot of stuff tonight, right? Then you got ZCAT. Of course, this is about Zcash, anonymous cat because Zcash is of course privacy. So now you got Zcat. Uh it's at 129 million. A little high for me, but um it's got the narrative, right? So if Zcash or if Zcash continues to pump like crazy, say it goes like 2,000, Zcat's probably going to get some speculation. But one thing you always want to remember is you don't know who's behind this coin. You don't know who's controlling the contract. You don't know who has all the coins. Yes, you can pop it into one of those things that gives you like a rating

or something on the coin, but uh cryptobubbles volume 2 probably the most I don't know important way to do it. Let's see. V2 bubbles bubble map maybe. There we go. V2 bubble map. Um always make sure you're not clicking on uh a sponsored link. Never sponsored links. IO base B&B. Yeah. Yeah. Yeah. I'm just meticulous about making sure we don't hit any sponsored links here. V2. All right. There we go. All right. So, then we want to go to CryptoBubbles. Bubbles. Hit Zcat. Pull it up on Coin Gecko. For anybody who doesn't know how to do this, grab the contract address. Copy. It is a Salana contract address, which is useful. You're good. Probably want to know that. Launch this app here. Looks like they've changed it up a little bit. I like that. I like that a lot.

Search a token. They've really upgraded this. That's pretty awesome. And we're going to pick the anonymous cat or Zcap. And I'm I'm very certain that that has to do with Zcash, right? And let's take a look at the bubbles. And of course, here's one thing I also want to say about uh bubble map of just the bubbles represent the wallets and the wallets that are connected to each other, right? This is just a digital representation or a vis a visible re representation of data, right? Cuz otherwise this would be a bunch of like wallet addresses and it'd be very confusing. This makes it simpler. But remember that through bots and AI, you can pretty much do whatever, right? Like they don't have to be connected. Like this person's connected and they bought things, but they could have wallets elsewhere

that are not connected to them that bought and they could be all these other wallets. So, you don't actually know who owns and runs the supply. And with a bot, you can make many wallets and have them all buy stuff very quickly. So just keep that in mind. The bunders, right? So Radium Pool owns about 15%. Usually when it's like an exchange or some kind of official something, we don't sweat that too much. And then other than that, it looks really organic and good. Maybe too organic and good, right? So just keep that in mind. I'm not telling you to buy it or not buy it. I do think it could do really well if Zcash continues. But you could buy this thing and Zcash could take a tumble back down to like, you know, 800 bucks. And do

you think Zcash is going to pump? Probably not. Everything is risk and speculation, right? And on meme coins, I never really like to go overboard uh with that speculation. If you take a nibble, you take a nibble, right? As they always say, not my words, many other people's words, uh don't risk more than you can afford to lose. All right, guys. I don't really know what else I have to say to you guys except for smash that like button and I appreciate you being here. I know that I'm saying a lot to please consider getting a membership or sending a super chat, supporting your boy and all the time. I put quite a bit behind the scene time and energy, right? I'm a small channel. I'm not making gobs of money off of sponsors or advertisers and all these

different type of things. So, in all honesty, I want to do this without having to have a whole bunch of other distractions in my other businesses. I'd love to shut them down and make this my main thing for all of my undergrounders. I'd really like to be there in that way. So, I'm not going to be shy about saying, "Hey, drop $3 on a membership, right?" Like, I'm not going to be shy about that. Got to be confident about it. Otherwise, you know what it is. Stay underground. Stay crypto. I will catch you in the next episode. Tomorrow is Thursday. I'm not going to spoil what we're going over. You're going to have to show up and find out or hop into that free Discord link in the chat in the description to uh know what it is about

probably midday. We don't go live till 8:30 p.m. New New York time. So, you can have a little bit of an idea of how uh excited you are to watch that stream. We're going to keep going regardless of what the market's doing. It can go up, it can go down. We're going to be here doing research. If it goes down, maybe we get good opportunities to buy coins that we've done the research on. there is that updated uh token autopsy report all the ones that we've done with their scores so you can take a look at it. So far a is number one. Struggle heart says thanks again later everyone. You got it. Struggle heart. I appreciate you being here. I love when people consistently come. Makes me feel like I'm really doing uh something that people value. I

know Struggleart values it. I know Melissa values it. I know Reliable Jay's in the building. So to everybody, stay underground, stay crypto, think long term. I'll catch you in the next one. Underground crypto out. Got to try not to say goodbye like 17 times. Later.