LayerZero (ZRO): 70% of Stablecoin Bridges, Why Is the Fee Switch Still Off? | Daily Crypto IQ

0:20Yeah. You can't do it. I never knew it. I never knew. Hey, hey, hey. I think that we're just holding on to something. Heat. All right, welcome to the Underground Crypto Deep Dive Research Show token autopsy report.

5:06How's everybody doing? How are all my undergrounders? Thank you for posting those links, Melissa. Oh, looks like we're on the wrong thing. Got to love when that happens. There we are. We are going to be going over layer zero tonight. But before we do that, we're going to read some news and things, allow people to come into the stream. Make sure we pin that Discord link. Thank you to my wonderful

5:36mod for putting that there for me. Let's reset the board. >> Melissa says, "Sorry I'm late. Doing a changeover." No worries. Appreciate you helping out as always. Let's see. Let's get ourselves on screen. Get in the frame and we are good to go. So, let's talk about some news and some things first. I'll come back later. All right, we'll be looking for you in the chat. Hit them with a little little visual

6:11real quick and then let's take a look at some news. So, we're going to be going over layer zero tonight. It's at $1.70. Max chart says it's down 61% since it came out at about $445 June 19th, 2024. market cap of about 680.5 million with a max supply of 1 billion. And we'll cover all that again, don't you worry. Let's talk about some news.

6:55Wow, it it doesn't like doesn't like this. I guess we'll we'll start a new chat. Huh, that's weird. I've I haven't had that happen to me before. Anyways, we'll talk about Layer Zero for a minute then. Very busy show. Totally understand. It certainly feels like a Wednesday. All kinds of things have been going wrong. All kinds of little things have been going wrong all day, but they just

7:30happen sometimes. It is what it is. We got an Ethereum contract. Oh, we got a lot of contracts. I mean, it makes sense. It's called layer zero. If you don't remember our other educational shows, a layer zero really connects all the layer ones together so they don't live on isolated islands. We have a base contract, Polygon contract, B&B smart contract, arbitum 1, optimism, and avalanche. Of course, base polygon, arbitrum, all layer twos on

8:04Ethereum. Let's see how it looks more on like the 3month. On the 3month, it's actually up 121%. A nice pump from around the 74 cent region on the monthly. Looks like he had a pump and then gave most of it back and then in the last 7 days it's in a bit of a draw down. All right, back to the max chart there.

8:34Let's move over into market cap. So, yeah, looks like it came out at around a little over 800 million and we're just now getting back to that 800 million. But notice the price is not the same. That's going to be from emissions. That's a little bit of sauce that we're always talking about tokconomics. And remember, it used to be Stargate Finance and it migrated to layer zero. I bet a lot of people don't know that. If

9:11you come all the way down at the bottom, you can see where you could buy layer zero. We have Deepcoin, Coinbase Exchange, Binance, OKX, Kraken, Gate. I guess it's just Gate now. It's not Gate.io, it's just Gate. Fibbit, Bitgate, Binance, RBIT, and like 14 other pages. We'll skip to like page five. KSX, you might know that one. NEXC. Basically, you get this thing all over the place.

9:51So, DTCC launches tokenized services for Wall Street securities. Interesting. The depository trust and clearing corporation officially launched its own tokenization service today. The initial eligible securities represent approximately 30 trillion in market value. Guys, all of crypto is only about three trillion. So that's a big number.

10:2120 Wall Street institutions have signed agreements including JP Morgan, City, Morgan Stanley, Fidelity, and Bank of America. The service operates on Canton Network. just recently did a token autopsy of Canton and a private Bessu blockchain. Eligible securities can move between registered blockchain wallets around the clock. Why does it matter? Well, it brings tokenization directly into the infrastructure underpinning traditional US financial markets. It's a

10:53significant step beyond institutional pilots. Major companies push back against OKX ICE tokenized stock exchange. JP Morgan, Coca-Cola, Dell, and other companies have objected to plans to include their shares on proposed tokenized stock trading platforms. The venture involves OKX, an Intercontinental Exchange, the parent company of the NYSE. Approximately 48% of the original

11:24proposed 62 companies have now objected. It's about, you know, a little under half. The proposed platform would offer 24/7 stock trading settlement in stable coins. Its designs involve unis swap v4 liquidity pools on OKX's X layer network. Wall Street may be embracing tokenization infrastructure, but the individual companies are questioning how their shares should be represented and traded on chain. A lot of them probably scared and don't know what is going on.

11:56CCP, welcome in. Helen, thank you for being here. So let's talk about Ripple's RLUSD gets involved in investment grade rating in Coinbase integration and uh a lot of uh I would say somewhat big news going on with Ripple in the last couple of days for sure. So Ripple stable coin received two significant developments today. Moody's assigned RLUSD an A2 long-term rating and a P1 short-term rating. Coinbase added RLUSD to its retail app,

12:37institutional exchange, and Coinbase Prime. Coinbase supports deposits and withdrawals on the XRPL ledger, Ethereum, and Base. Ripple will also provide RLUSD liquidity on base. Why does it matter, though? RLUSD is gaining the distribution and institutional credibility needed to compete for payment and settlement activity. the Moody rating, assesses, its reserve, and redemption arrangement, its ability to do what it's supposed to

13:09do. They do not guarantee the stable coin is quote unquote risk-free. Also, XRP Ledger developers propose a wallet that requires zero XRP. Now, from our token autopsies, you have to ask yourself, is that a good thing or is it not a good thing? A proposed XRP ledger feature could change how applications onboard users. The proposed sponsored account create transaction lets an existing account

13:40cover the reserve requirements for a new account. Kind of I guess like sponsored fees. It's what I'm taking away from it. New users could receive stable coins without first purchasing XRP to fund their wallets. Potential applications include payment platforms and AI agents. The feature is still in a proposal though, not activated on main yet mainet. Requiring users to acquire blockchain native cryptocurrencies before receiving

14:09payments is a significant onboarding obstacle. Sponsored accounts could help remove that friction. And when we come back from our token autopsy, Google previews institutional cryptocustody security technology. So Google getting in the game as well. It is previewing a new multi-party computation MPC MPC service designed for institutional holding cryptocurrency and tokenized assets.

14:43All right, we gave a moment for people to hop on in. Shout out to CCP. Thank you for being here. Yes, RIP Reliable Jay. We will always remember Reliable Jay. It's still sad. Still sad. He used to help me on a lot of things like a lot of games and things like that. He was such a big help. He was always so knowledgeable at stuff even if it just came out. Losing losing a brother in crypto is very hard, especially when you do crypto

15:16pretty much 247. Cam in the house. Welcome in. Welcome in, Camster. Thank you for being here. Let's see. Did I get any free rolls? I want to roll. >> Hit that exclamation point roll if you want to hop on in. All right. This is where I'm going to clip it from when it is time for me to get rid of the intro. Layer zero number 92 by market cap 69 is down 62%

15:50on its max chart. But what does that really mean? Should be should we be worried? Right? 680.5 million in its market cap, well under a billion and a billion max supply, a circulating supply of just shy of 400 million. meaning that you have about 600 million to come out. So there are a lot of coins unaccounted for, but it is a newer project. So our max chart says July 19th, 2024, not that long ago. Looks like it came out at about $445

16:26at the token generation. We had a very large spike up to looks like $7.13 and then we kind of went on a downtrend for our bare market to about 74 before more locally more recently rallying to what do we got here about $2.50 very close to it. Yep. $246. It used to be known as Stargate Finance and it has merged into layer zero or Stargate Finance has merged to layer zero. So they acquired that I I'm sure

17:08for good reason. We have a lot of interoperability here. Ethereum contract base contract polygon B&B arbitum optimism and avalanche a layer zero by definition even though that is the name of the project. The name of the term comes from connecting layer ones together interoperability anybody. So that they are not isolated islands operating on their own and you can connect the tribes of people that have chosen different cryptos and we can all

17:39be one big crypto family. Right? Again alltime high it says $747. Alltime low about 70. You could get it all over the place. There are 14 pages of places that you can get this thing from. And if you go back to the first page, it's probably where you would find where you would get it. Binance, Kraken, Gate, Coinbase Exchange is probably the simplest, easiest, especially if you're in America.

18:10Now, let's hop on into our actual token autopsy. Let me say what's up to all my undergrounders real quick. How's everybody doing out there? Camsta says lifer said that he somehow knew he was going to pass early. Really? That's very interesting. I will certainly most certainly ask him about that. Maybe I'll call the lifer after the stream. Blues Guy says, "Let's go people. Hit

18:54that like button. Show your support and appreciate the dedication. Underground crypto, I appreciate you saying that." Our friend and amazing deep diver. Shout out to all my undergrounders here on a Wednesday night. I think layer zero is going to be a very good token autopsy. Um there's probably some technical stuff involved, but it's good that we raise that crypto IQ. It's what two two plus years later and I'm still here raising my crypto IQ. We used to run seven days

19:25a week. I have another business to run. So now we run six days a week, but we'll be back. We'll be back to seven days a week. I can feel it with probably multiple streams a day. So we're going to continue to push this thing forward. I'm here because I love to do this and I love to raise my own crypto IQ. And then I needed people to hang out with and share everything that we find, everything that we learn. I don't want to sit by myself

19:48and hype myself up. I need some voices of reason. And also, I need people who are highly specialized in other things. We get people who are into a lot of other things. S shout out to Satseker. I got to talk to him quite a bit the other day. Very nice, interesting person who has a lot to say about the charts and things uh from his own perspective. I always highly appreciate people who have their own opinions, right, and do their own due diligence on their own

20:15time. So, shout out to SatSseeker. I'm sure he's probably working tonight. And don't forget that we have memberships. They start at $2.99. That is $3, right? Absolutely nothing crazy there. And you get custom emojis which you can use in our digital board game. Don't forget to check out our website. You can find all of our links, of course, in the description, but you want to join that free Discord down there in the bottom of the chat that is pinned because that

20:44allows you to go to our links page in our Discord, not to mention our main hangout where we often post whatever we have on our minds over there. But that that links page inside the Discord has everything. Our new website, our crypto IQ quiz, all kinds of different things. Now, let's get into this token autopsy. 70% of stable coin bridges. Why is the fee switch still off? Well, let's find out. 260 billion plus 165 plus chains, 70% stable coin share, zero for four

21:21core fee switch voted ended off. So, I guess they voted it off. We're going to find out more about that. And 23.6 6 million modeled zero unlock per month I guess is about 40 million. We're going to get into all those numbers and break them down in some detail tonight. I am not going to pretend like I have a huge wealth of knowledge about this specific project layer zero. We want to keep it kind of straightforward. Layer zero is a term

21:52that we use in cryptocurrency. Don't forget that in our website, my website, the undergroundcryptos.com, we have a glossery for different words if you want to go see what they mean even while we're live streaming. So then you have the term layer zero that was coined and is used in cryptocurrency. Not to be confused with layer zero, the name of this project. And then ZRO is the coin associated with the ecosystem that's made of the

22:24products made by the project. All right, let's keep it all straight, right? So, we have two opposite ways DeFi tokens trade in 2026. Yesterday, we had cake, right? 97% circulating float, 41.1 million a year in active weekly fees that are being straight up burned. And the question was, is the burn accounting clean? Tonight we have zero, which has a 40% circulating flow. Core fee switch is off.

23:00Messaging burns, so zero messaging burns, right? 3.6 6 million Stargate buyback active. The question is, will November's 30th zero layer 1 plus December 20th vote number five outrun the 23.6 million a month unlocks. And we have a lot to unpack, right? There's a lot there to explain. So, if you don't understand everything yet, don't worry. What you may not know, messaging and global supply. Sorry guys, this coffee is is fire right

23:37now. Absolutely life. 3 I3 Chris Goss. Shout out my fellow lifer. Welcome in. Welcome in. So, who out there actually holds any layers or ZRO token? I should say layer zero's token. Messaging and token transfer, right? Traditional bridges often lock funds in a central vault and then they mint a wrapped IOU or a wrapped version of the coin. It's really meant as more of a receipt. Layer 0 V2 supplies cross-chain

24:10messaging through endpoint v2. One address, seven chains. Here's the address. If you need to verify it for some reason, you will have access to these uh slideshows in the Discord as long right now. They're it's free access as I get them up, but after that, you're going to need that $3 a month membership. Am I asking too much, guys? Am I asking too much? $3 a month? Uh, I think it's grossly under the effort that I put into this channel. All right, so

24:42we have a lot of different chains here. We said seven chains. Ethereum, Arbitum, Base, Optimism, Polygon, Avalanche. The detailed two decimal balance reconciles to 1 billion within 010 of rounding. And we'll get into the more technical stuff. just want to get moving into this and not get hung up on little points, right? So, between native OFT deployments, token burns on the source chain and mint on the destination without pool pricing slippage, adapter

25:16routes can instead lock or unlock collateral. And yes, this layer zero, again, the idea of a layer zero, connecting all your layer ones together so that they're not an isolated island with their own ecosystems that don't touch other ecosystems. In crypto, it's kind of like we're way past that, right? So, keep that in mind. There is some technicalities associated with doing that. So, if you don't understand anything, feel free to ask questions in

25:45the chat and we'll focus in on them. So the worker fee today number one three surprises in the economic stack. DVNs receive verification fees. Executors collect execution charges including destination gas costs. The inactive protocol fee produces no core message funded zero burn. And this is what we meant when it says the fees are turned off. applications. Number two, defaults are a trust choice. Applications can choose independent DVNs inheriting lab

26:25managed default delegates configuration control to lab multi-IG sign or since right since April 2026 the lab DVN refuses sole at a tester a tester channels. Wow. can't talk. That's fun. All right. So, labs and foundation repurchase. Now, we're going to get into the things that you're probably going to understand a little bit better. Labs report profitable off-chain executor API and console operator. No token sale to fund

26:59deployment and a 10 million open market purchase. a separate 50 million ZRO that's the token venture capitalist repurchase removed tokens from investors vesting. So a brief the the brief values of the VC venture capitalist purchase at 150 million. The primary cost basis needs reconciliation. Signal versus noise, right? The announce launched on October 20th. Layer zero locked in November 30th, 2026

27:37for zero mainet and open atlas. give zero the token three automatic jobs or I guess you could say utility layer 1 gas dpos staking venue rebate staking and 75% postrebate Atlas buy and burn is planned notice the word it says planned it's not happening yet the revenue catch though treating Wall Street partner logos like Citadel Securities DTCC ICE and Tether as a one revenue

28:14as a day one revenue before single trades settle. Probably not a good idea. The 23.6 million zero unlock monthly is live today. Atlas burns are planned after the announced November 30th launch. And now when we say live today, we don't mean it went live today. We mean to as of today it is live and it's been live. So we have adoption signal tether's layer zero powered USTO crossed 100 billion plus in lifetime

28:50transfers like volume right expanding to stellar in September. Anchorage Digital picked layer zero for regulated stable coins in October and Block Aid launched a security DVN. Just like some of the stories that we had covered uh before we got into this token autopsy, there's a lot going on. Wall Street institutionals, Black Rockck, you know, your hedge funds, all of these different things. And we really do need to watch how

29:24certain sectors or certain companies JP Morgan and things pick sides and pick projects to build on. A lot of talk about how XLM was going to be used extensively their network with the clearing house for the Wall Street, right? Uh for New York Wall Street, which I think is like I don't know was it 30 trillion or 300 trillion? I can't remember. But it was a ridiculous amount of money compared to what we have in crypto overall which is

29:55just slightly under $3 trillion. Token capture catch here assuming that 100 billion plus in USDTO transfers automatically pump zero today is nonsense. So with the core protocol fees off the direct 10 million USDTO transfer route uh specific worker and changes but no core fee switch burn. So because they have it turned off even though there was 10 million of transfers here didn't really do anything for a buyback and

30:26burn. It is good to know that they're planning to do a buyback and burn but coming like into about 2 years but why don't we have it yet? A Stargate interface can separately change an O of product fee that supports zero purchases. So we do have this kind of out ofthe-loop mechanism where there are some buybacks and burns. That's what it seems to be insinuating here. So following August 2025 120 million Stargate accusition. Okay. So Stargate

31:03is pulled into this. They did buy it. 100% of Stargate revenue now buys zero token. So this is cool. So even though they had the fees turned off and everything, they purchased Stargate and they're using 100% of Stargate revenue now to buy ZRO. But is it being burned? Doesn't say burned here. So remaining STG that is the token for Stargate holders have until December 15th 2026 to convert one one Stargate to a 086340.

31:41Basically that's your conversion rate buybacks versus a new float. So calling zero deflationary because of Stargate's buyback would be nonsense. Then buying 162,000 zero zero token a month offsets less than.7% of the 23 million zero about $40 million worth unlocking every month on the 20th. So now we know that the unlocks happen on the 20th and it's about $40 million worth of Zero which comes out to about 23.6 million Zero tokens. So, we're

32:19starting to piece this together. We're starting to piece together our numbers that are highly relevant. Again, if you're here, smash that like button. It sure feels like a Wednesday, guys. But I'm into this, even if it's highly technical. I love this stuff. So, the story arc of tonight's autopsy one, the bridge hack problem, if you're familiar with it. First gen bridges locked billions in honeypot multi-IGs and minted fragmented rapper IUS wrapped

32:49coins. 2.5 billion stolen across Ronin, Wormhole, Multi-Chain, and Nomad. 2.5 billion is a lot. That's a big problem. That's a hard hit to the credibility of Zero. Layer 0 V2 separated verification what we call DVNs from execution executors. Same thing created native burn and mint oft acquired Stargate for $120 million and built layer zero L1s and Atlas. So the economic race layer zero won the

33:34distribution war 260 billion across 165 plus chains. Now, November 30th, zero, Atlas Burns, and December 20th vote number five are racing against the brief eight remaining month dates of the 23.6 million zero coming out a month. So, it sounds like although things are one way right now, they are going to change probably drastically very soon. So, let's see if we can figure out what they're going to be after the change. So the product and V2 architecture

34:11volume 2 V2 most people should know what that stands for. How does layer zero move 260 billion across 165 blockchains without liquidity pools? It's a pretty good question if you ask me. One address, 7 EVM Ethereum virtual machine chains. Here they are lined out for you. again most of it on Ethereum mainet right 95% of the global share on Ethereum and then of course your arbitum polygon and base are all layer 2 on Ethereum so by some

34:47default they all route back to Ethereum right so now you're actually much higher than 95% of it going through Ethereum in one way or another outside of that you have B&B smart chain which is a great chain to be a part of there's a lot going on globally for them OP mainet optimism and Avalanche Cchain. If you understand how Avalanche is structured, we won't go into that, but their Cchain handles those type of things. So, do not confuse these three entities. So, now

35:16we're getting into the product, right? We're getting into what actually builds the ecosystem of Layer Zero. So you have Layer Zero Labs Vancouver forprofit founded by Brian Pelgro. Hopefully I said that right. Ryan Zarik and Khalib Banister. I might have got all three of those right. I would be highly impressed. I'm terrible with reading names on screen. 350 million 351 million was raised for

35:53the zero labs. Remember that's what we're talking about. Owns profitable off-chain executor margin value transfer APIs chain integration and console SAS or SAS is what most people would call that protocol plus foundation immutable endpoint v2 contract on 165 plus chains. Stargate Finance buyout for 120 million and zero layer 1 plus Atlas exchange that's in the protocol in the foundation. Then last but not least, we have the actual ZRO

36:27token. Zero equity claim on pretty much anything, right? not on the labs offchain SAS or API profit captures 100% though of Stargate revenue buyback not burn buyback and the protocol fee switch which is currently turned off but could be turned on at a later date and plan November 30th zero gas staking plus 75% postrebate Atlas burn hopefully we learn a little bit more about this Atlas right so who actually uses layer zero v2 today. Well,

37:04Tether USDTO, when you see that, you know you're dealing with the stable coin on layer zero, right? 100 billion plus lifetime volume across arbitum, Inc., Barachchain, Mega ETH, say Flare, Manad, and Stellar. It's very interesting. Those are some projects that were not uh really mentioned yet so far, but we did a mega ETH deep dive. We did a flare. We I think we've done

37:32Manad, right? We've definitely done uh we've definitely talked about XLM a lot. I'm not sure if we did a token autopsy. We might have. And then bar chain is like a copied fork of Ethereum, right? Then you have PayPal and PayPal's BYUd, Athena, BitGo, Paxos, Anchorage Digital, and Wyoming, which is also front. Then you have DeFi culture and bridges, right? So that is our first segment here is all about stable coin and asset issuers on layer zero V2 specifically.

38:08Then we have DeFi culture and bridges or briders the people using the bridge right well you have etherfi pendle a crosschain governance ando should know most of those culture or gaming pudgy penguin uses it uh animecoin and apecoin use it as well and liquidity swappers retail and institutional using stargates v2 86.5 million pool total value lock gives you an idea of how much money is in those applications and in that ecosystem TVL. So the modular v2 message

38:45path endpoint plus library the post office window endpoint v2 is the immutable entry point on each change. Immutable means unchangeable right? So it is the unchangeable entry point on each chain. A pinned only message library such as this uln302 defines how packets are verified. This is very techy developer code smart contract type stuff, right? If you don't understand what it means, at least understand what it applies to.

39:21App selected DVNs, right? And did so far the DVN seem to be like what they call their validators, right? Independent inspectors, right? An app chooses a required verifier and an optional X of Y threshold. All right, the brief list 35 plus providers including anything from Google Cloud, Chain Link uh to Blockade and Labs, Nethermind, Paxos and Polyhedra. You should be familiar with a few of those, right? Chain Link, anybody?

39:54Google Cloud. So, permissionless execution, you hear about all this talk about permissionless. I'm not surprised that a few people couldn't hang on this one. This one is going to be a little techy. Um, so far so good though. I understand everything that we're saying so far. They haven't lost me yet, which is good because it's hard for me to break it down and simplify it for you when I get

40:19lost in what the heck they're talking about, which does happen rarely. So, delivery drivers, right? An executor people causing execution pays destination gas and calls the receiving application after verification. Delivery failure affects liveless. Anyone can execute a verified message. Did I never turn the game on? That is on me. Let me do that real quick. I apologize for that. Oh, the lifer is live right now.

41:03All he's doing is make it or break it. I forgot he was doing that. I probably shouldn't tell you guys that. Although most of you probably know. Let's turn on that game. There we go. It's on for whoever wants to play. So, legacy liquidity bridges versus theft standard. So, legacy pools and rappers illustration. A bridge locks 100 million USDC on Ethereum and issues wrapped USDC elsewhere. A pool limits

41:47fragmented rappers and custody risk can follow. So pool limits fragmented rappers and custody risk can follow. That's under legacy pool and rappers. The OFT standard. The brief cites 400 plus O of tokens between Native OFT deployments. 10,000 token burn on chain A and 10,000 mint on chain B. Just showing you how it works. This removes pool price slippage and coordinates supply. Issuers still control security settings and rate limits. All right,

42:24let's get into the Stargate V2 and Hydra. Well, it moves assets such as Ethereum and Canalogical USDC using liquidity pools. Hydra extends lock and mint routes to outer chains. AI credit planning and bus batches were designed to reduce gas by up to 90%. The September update retired bus services from October 1st. Current transfer uses taxi. Again, what goes into connecting a bunch of

43:04layer ones together, which is the definitional point of the term layer zero, is going to be very technical in some aspects. In my opinion, it's not hard to follow. But I guess I have to remember that I do this, you know, six days, if not seven days a week, because I do look at this stuff even when we're not streaming. So with that being said, if you are having trouble with the language here, feel free to ask questions in the chat.

43:34Acquisition and token purchases, right? So acquired in August 2025 for a stated $120 million. We're talking about Stargate. The brief describes a four-way bidding process. STG conversion is one Stargate to about 0860 through November 15, 2026 should say ZRO token because that makes it confusing when you're saying a bunch of numbers and then you say zero, but you don't mean the number zero, you mean the coin ZRO.

44:09So, Stargate V2 and Hydra 86.5 million supplied pool total value lock snapshot. Ethereum had about 56 million, arbitum about 10 million, Binance Smart Chain about 8 million, and BAS about 3 million. Yes, I rounded those numbers. So, 100% of Stargate protocol revenue funds ZRO token purchases starting April 2026 following a six-month 50/50 split with V STG, which is like a staked version of the STG token. remember they acquired

44:46that project so that project already had stuff going on when they acquired it. The live tracker report 2.5 million ZRO tokens bought for about 3.68 million is EGN layer slashable DVNs. So LZR read or lizreed, however you're supposed to say that, allows any smart contract to pull and verify live or historical state or memory. Anytime you see state, think memory across multiple

45:22chains in one call instead of just pushing messages out, right? powers cross-chain collateral checks, multi-chain T-W oracle, and unified DAO voting. Turns DVNs from a reputationonly signer into an economically economically slashable verifiers. LZ read example here. A smart contract on arbitum can request historical information about Ethereum or base state for collateral checks verification.

45:59Nonetheless, you want to simplify it. We're talking about how it verifies. When you have a bunch of stuff going on across a bunch of different layers, how are we verifying that everything is in order and is legit and is is verified against things elsewhere on other chains? So T-Wap pricing or cross-chain voting the framework can use the ARO token ETH or EGN collateral in EGN layer A of or AVS vaults right so EGN layer vault with

46:30configured slashing conditions for fraudulent at astation slashing is usually a penalty that's carried out this is how you keep things honest in a decentralized world there must be a financial penalty that hurts for doing something you shouldn't do. Otherwise, everybody will just steal everything because there's no penalty for not stealing everything. This is optional economic security, not proof that every DVN is already collateralized.

46:59So, zero parallel zones built over 2.5 years with atomic zones, payment zones, general compusation zones, and market zones. So, DeFi congestion never slows down the actual market clearing. Atlas, a headless exchange, 200,000 plus throughput per second, sub millisecond matching, clearing, settlement, and risk engine launching on November 3rd with 12 plus trading venues. Sounds very technical, but it is important stuff. I guess we're going to turn that game

47:41off. I don't know where all my people went, but that's all right. And let's keep moving on. I'm here raising my crypto IQ regardless, and I think these token autopsies will serve people very well as we begin to heat up in this space. Just always a little bit ahead of the curve. It's like the story of my life. Uh always a little bit ahead of the curve with everybody and then they all come rushing in later on.

48:08Zero layer one L1, right? in open atlas plan November 30th. So planned ZRO token capture hasn't happened. It's planned. ZRO token is the native gas token, right? DPOS staking asset. Venue stake up to 1%. So, venue stake up to 1% of ZRO token supply for 20 to 65% fee rebate and 75% of postrebate Atlas fee burn and buy zero token. Buy and burn zero token, right? Let's say it in order, although I'm sure you know what I mean. So, Marcus, this

48:50is our example here. That way, everything we just said, if you're following along or watching this later, you can kind of understand what we're talking about by laying it out in an example. So, let's just say a hypothetical person named Marcus moves 25,000 USDTO. So, the source chain send Marcus has 25,000 USDTO on arbitum and sends it to base. His quote depends on the interface, route, DVNs, executors, and

49:18gas network. Everything that makes the system work. source burn and packet. Well, Arbitum's OFT contract burns 25,000 USDTO because you can't have duplicates. So, we got to get rid of it. And then sends an endpoint v2 ULN302 packet, which is just technical jargon for how it works in the background, right? For an off of to route, right? from one OFT to another of the one on arbitrum to the one on base in this example. The Ethereum

49:54backing stays locked. So the actual money stays locked on Ethereum is what it sounds like. Verify plus destination mint. You can see how when you have this going on, uh there's a lot of things and checks and balances and and verification that needs to go on so that nobody could take advantage here and cause duplicates cuz that would be doubling your money. So configure DVNs verify the packets. DBNs are your verifiers. An executor's call is receive IS receive bases of

50:28contract then mints 25,000 USDTO so that you wind up on base blockchain right or base layer 2 on Ethereum I should say with the 25,000 USDTO stable coin. The brief 15 seconds and 0% pull slippage are illustrative, not an execution guarantee. So, we're using that from the own from the from their own language in the project to give you an example. We're not promising that it's always going to be like that. So, let's follow the fee to the token

51:03because this is a token autopsy report. So direct of integration, the original 4centent example, right, illustrates workers fees. We need to back up one. I think I skipped one. Okay, here we are. So the sources 04 cents, right? 4 cents all in allin. Okay, I thought I was going to say allin one. So there's a 4 cent fee, right? In the quote outdated from the lab executor minimum. So that's the minimum I guess fee that it's going on

51:36here and that's what they're referencing here. The original 4centent example illustrates worker fee not a current default quote. Source gas goes into source network verifiers and executors charge pay to workers and destination gas. So for Stargate though for a canalological uh or canical USDT route the brief illustration 4 to6 bps $10 to $15 on 25,000. So what this is really saying here is about what you're going to pay

52:09as a fee for moving about $25,000. It's 10 to 15 bucks. Obtain a live route quote fee and LP protocol shares vary. So they're saying that's on average as of the way things are set up now. That's not guaranteed to be that way forever. So let's follow the fee to the token. Core protocol fee zero while that switch is turned off. This keeps kind of hinting at the fact that it's not always going to be turned off. A direct of route does not

52:44automatically fund zero token ZRO token purchases. Since September 1st, Stargate OFT transfer can add up to two bps capped at about $250. So, it can't be more than $250. Excess product revenue funds ZRO purchases. Even though the core fee is switched off, there's still when you run through Stargate is a fee and it seems like they have it capped so it can't exceed $250. And that seems like it is added can add up to 2 bps. Yeah, exactly.

53:21So, immutable code. What is the difference between an upgradeable contract and an immutable contract? Immutable code and maybe upgradeable code. I don't know if that's a term that they actually use, but immutable means it cannot be changed. So, cannot be changed code, immutable code, and real trust assumptions. Trust assumptions are things that we assume are safe have been safe but maybe are not always going to be safe. Basically, we have

53:50exploits in crypto if you're new here. So, immutable code pin setting ending v2 code cannot be upgraded for an app that explicitly sets its libraries, confirmations, and DVNs. Only the app's owner can change those settings. And that is the endpoint v2 code. The default configuration risk historical configurations put substantial responsibilities with the lab. So a lot of this has to do with the lab. The May 2026 update says the lab's DVNs or

54:25verifiers no longer signs as the sole required addister. So they're not the sole required person to make this work. Endpoint ownership can still append new libraries and change defaults. Immutability of the contract does not erase the trust in inherited default configuration. So default configuration risks well labs reported migrating defaults to about five to five where possible and at least three to three where only three

54:54verifiers exist. pin settings and verify operators independently, right? Independently or independent. A default is still a delegated trust risk. I knew this was going to be a heavy one tonight, but I am loving this adoption and token valuation. Right. So, we have 260 billion cumulative value has been moved and again that's like a volume number. Then we have a circulating market cap of 675 million and that's in dollars, right?

55:33So this is a supplied quote at a $169 per zero token. Three real stress tests and how they ended. Well, in January 2025, FTX ended with a two-year lawsuit over November 2022's Alama buy buyout, right? returning the original repurchase to the FTX estate and restored 40 million ZRO tokens to the strategic partner pool. Tapioca the 4.7 million Tapioca incident. Lazarus hackers fished a Tapioca engineers private key via a fake

56:16job interview and minted tap across chain. Endpoint V2 was not bugged, proving layer zero faithfully delivers what an issuer compromised key signs. So when it's compromised, it still does what it's supposed to do, good or bad. Then we have donation mandatory 10 cent ZRO token token generation event claim fee sparked airdrop farmer backlash but raised $18.5 million for Ethereum protocol guidecore developers. So I guess when you claimed

56:57airdrop, I guess for farmers, people farming airdrops, there was a 10 cent per ZRO claim fee, which ended up raising 18.5 million for Ethereum, which is a lot. Very interesting. So, we're going to follow the value we got. When we when we come into the beginning of a token autopsy and the token is highly technical like this one, we start talking all about the product that builds the ecosystem because we say ecosystem, but an ecosystem is really

57:30just made up of the products that run whatever they're trying to accomplish here. It's a layer zero mechanism, right? So as we get out of that, we get into things that might make a little bit more sense to you. So why is the protocol fee switch 0 for4 and how much zero is actually being bought back? All of the value. So the four economic buckets here. We have layer zero messaging, Stargate finance, a protocol fee switch,

58:01which is zero across the board. Then you have lab SAS or API which is all private information I guess. Who receives each economic bucket? Well, the messaging goes to DVNs and executors receive a work fee. No active core protocol fee burn in the messaging. Stargate LPs receive their share and then 100% of protocol revenue funds purchase zero token. That's good, but that doesn't say burn. It just says purchase. Then you have a fee switch

58:34inactive after four off outcomes. The brief supplies 310 token at one in at one dead address. Okay, I want to know a little bit more about that. Inactive after four off outcomes. The brief supplies 30 at one dead address. I hope we get into that more. So, labs private equity economics 10 million discretionary open market ZRO token purchase report. So, I guess they've purchased 10 million, but we're not

59:15hearing burn, right? We want to hear burn. When it says at one dead address, that's usually what burn means. So, I'm surprised they chose different wording there. How the fee switch referendum works. Six-month referendum. So, the current framework schedules a 7-day vote around June 20th and December 20th. Everything seems to happen on the 20th. One eligible ZRO token supplies one vote. Labs Foundation affiliates say they abstain. Do not confuse that

59:48commitment with proof of an onchain voting ban. They say they abstain, but who knows? If the vote passes, an additional protocol charge can be up to the to the verifiers plus the executor's cost. Illustrative say 01 1 cent worker fee could attract another 1% protocol fee periodically converted into zero and burned. So somewhat of a burn mechanism, but it still has to be voted on and approved and then it has to be rolled out. So that is certainly off

1:00:21in the future. dynamic quorum. The original threshold was 60%. The updated formula response to vote index turnout and alignment with a 20% floor and 60% ceiling. Reported threshold fell from 40% in vote 3 to 30% in vote four and they're coming up on vote five. I guess these votes are kind of like how we have proposals in other projects. That's my takeaway. A yes landslide and a no quorum 96.8% of course among the voting cast right

1:00:59people who voted okay supply July 20th to 2020 supply June 20th to the 27th 2026 dashboard result that's where those numbers come from and a 3.5 million ZRO reported vote only 2.8% 8% of required quorum was reached. Fourth referendum ended off. The core fee switch remains inactive. So 403.4 million eligible zero token reported. Required participation is 30%. And the zero token needed for the quorum

1:01:42is about 124.4 million. Right. That could seem very complicated. It's just governance type stuff and voting rights and how many people have to participate to get something to go through that if the turnout or the participation is too low, too small of an amount of people are participating in the governance and then I guess things don't get approved until they can get those numbers up. It's a very

1:02:11interesting way to go about it. If you're just rolling in, smash that like button. If you've ever been interested in project layer zero and how that relates to the zero token, is that something that's worth speculating on? Never financial advice. That is what a token autopsy is all about. So, let's talk about the Stargate revenue. Stargate, which they acquired for $120 million. Three different repurchase channels for the ZRO token. This is the

1:02:38type of sauce that it's all about. So 2,537,000 zero tokens purchased for about 3.6 million. I'm rounding here. 25% of the total supply. The supplied September 2026 breakdown is 162,000 for about $351,000. Again, I am rounding. These are purchases, not demonstrated burns. So these are buybacks per se, not burns. Usually in a burn mechanism, you have a buyback from the open market first and

1:03:13then they burn them. But here, we're not saying that they burn them. We're just saying that they buy them back. So VC venture capitalists repurchase 50 million zero tokens. The foundation confirms buying 50 million zero tokens or 5% of the supply from strategic partners in September 2025 and relocking it until zero mainet. The brief value this is about 50 million $3 per token which is weird because it's it's f it's far under that right that

1:03:47cost basis is unresolved. Then we have the lab purchase. So lab or labs right almost every ecosystem every project has a lab and that's where a lot of the development and a lot of your multi-IGs and a lot of your authorization lives in a project. So, Labs reported a 10 million discretionary open market purchase in November 2025 from operating earnings. There is no promised reoccurring candid or cadence or token holder equity claim. And it always says

1:04:19this here. It should be assumed at this point. There's no claim if you own the token to anything else in the company because you own the token, not a stock, not a part of the company. You own a token in the ecosystem. That's why a token autopsy is so important. So the core messaging here is that the supplied 70 76.4 million all-time fee series measures worker economics with the protocol fee off. Core messaging itself sends no fee switch revenue to

1:04:52zero CRO token purchase or burn. And this is about messaging. Messaging is all the communication that's going through the blockchain, right? They're all I guess technically wrapped up in blocks and have finality and so a lot of times they would have a fee associated with the validation of them. Your DBN offchain enterprise well value transfer API console SAS and lab executor margin below belong to lab. So this is all

1:05:24stuff that has to do with lab. It's the technical stuff. It's the blockchain stuff that all is going on in labs, right? A 10 million discretionary buyback links some of the profit to market demand, but holders don't have an automatic claim. So, you got some value towards the token as a holder because they did this 10 million discretionary buyback. Again, no evidence of a burn, but it's not automatic. They just decided to do this for whatever reason,

1:05:54but you can't count on it happening on any kind of schedule all the time. So, what is live versus planned capture or value capture for the ZRO token? Well, right now, Stargate funded purchases are live. 3.68 million reported. Planned zero added gas and staking. Right. Open Atlas proposes 75% of fees after venue rebates for zero purchases and burns. So this is where we finally get to a buyback. And Burm, it says confirm after launch. So if you

1:06:31haven't picked up on it yet, it seems like the ZRO mainet is not live yet. That's what it's insinuating here. Confirm after launch. But what's really interesting to me is that I see it integrated in things. I hear it talked about within other projects. So there must be some level of it that actually operates and I don't think it's on a test net. So maybe maybe the full thing hasn't rolled out yet. I don't know. I have questions here. The

1:07:04announced zero plus Atlas fee model. So planned ZRO rolls. Again, it says planned ZRO rolls. the ZRO token as if it doesn't already have these roles. Gas and delegated proofofstake security for zero payments, general compute and market zones. This is where we start talking about apparently planned because apparently it's not out yet. ZRO token utility. So, let's use an example here. Assume a $100 Atlas fee and 20% venue rebate.

1:07:42the venue gets 20% and the 80 remains. So when it says rebate, it's like, you know, refunded because they had to put the money up first, but in a roundabout way. We're really just talking about paying the people who are a part of the system cuz if you don't pay them, they have no incentive to be a part of your system. And if nobody is a part of your system, your system doesn't doesn't run and it certainly doesn't exist. So, this is just paying your bills as say Atlas

1:08:10or as layer zero. So, if there's a $100 Atlas fee, 20% gets rebated back to the venue and that means 80% remains. $80 remains cuz we're using $100. So, when you percentage, you're going to get the same numbers. So, of the remaining $80, so 20% to the venue rebate, $80 left, the market creator gets 25% or $20. 75% or $60 goes towards buying and burning zero token. This is an announced model, not measured launch revenue. And again, our token autopsy

1:08:53doesn't in our score because we give every token a score, right? It does not put future things that may or may not happen at what time frame, a year from now, 5 years from now. You know how things get pushed back and things get broken and there's problems. Things seldomly go to plan, especially time frame plans. So when we score this, it's going to be based off of what is live now, which means we might need an update at some

1:09:24point for layer zero. So again, planned utility for zero. Venue staking can qualify for 20 to 65% fee rebates. The highest tier reaches up to 1% of the supply or 10 million CRO tokens. Official wording is stake and or volume, not universal mandatory 10 million lock. Governance over upgrades and adding or modified zones. So here you go. Gross trading fee $100. Got to pay the venue. They get 20%. Then you have your 80% left over because

1:10:03we're using $100. That would be $80. Now that goes to 20% or $20 or 25% goes to the person who created the market or whoever was involved in creating the market, right? And then more excitingly and the best part of all of this, 75% or $60 in our example is purchased and burned ZRO token. That is a buyback and burn, my friends. Again, it's totally worth saying. A buyback and burn is a is as good as it

1:10:39compares to new tokens coming out in circulation. We call that emissions. So if the emissions are 10, 20, 30 times higher than anything that's being burned, it's better than nothing. It's always better than nothing, but it's not significant and it's certainly not deflationary year-over-year. All right, act three. Moving on, we have supply unlocks in Wales. So, why is only 40% of CRO tokens circulating on Coin Gecko or according to Coin Gecko? And

1:11:11when does the monthly unlock wave end? Well, three supply measures three different meanings. Maximum supply, 1 billion tokens. The most tokens that'll ever exist is actually 9999. You get the point. It It's like just shy of a billion. The supplied sevenchain balance sum right that much zero just slightly under a billion after two decimal rounding. Ethereum has 951 million and the other six have about 48.9 million. The

1:11:47intended fixed global supply is a billion tokens. But that's not what is circulating right now. just shy of let's call 400 million right tokens are actually circulating that would be 40% out of a billion leaving 600 if you rounded that to 400 million that would leave 600 million tokens to come out into max supply and it is a newer project it's only like two years old or maybe a little less than two

1:12:18years old I didn't do the math but it's somewhat normal for there to be a large amount of tokens to come out in a supply So on a new token now, if it had been around for 10 years, you'd want to see a much higher circulating supply. So the supplied Coin Gecko snapshot counts about 30 399.9 million zero or 40% of the circulating supply. So unlocked does not equal circulating. Obviously,

1:12:48the June 3rd company post reports 514 million unlocked at that date. not an October RPC total. That 183 million foundation reserve includes the 50 million buyback is and that's 50 million ZRO token buyback is relocked until zero mainet. The company says no future airdrop is planned as of right now. So they bought 50 million back from some venture capitalists it looks like and they relocked it until the zero mainet

1:13:24probably for liquidity functions I would I would assume. So here is an allocation chart. I believe this would be your genesis right supplied shared sums to 100% but they mix genesis allocation and later repurchases. Okay so this includes the later repurchases. So community and foundation has 38.3%. Strategic partners active have 31%. Core contributors got 25% and repurchase venture capitalist bucket was 5%. So this is Genesis basis, right? This is

1:14:04what happened at Genesis and we're talking in terms of millions. 1,00 million is a billion if for some reason you didn't know that. So community and foundation initially got 383 million. So this is the same thing basically but in actual numbers and not percentages, right? So I'll I'll not be redundant here and we'll move on. It's always there if you want to look at it. Blues guy says bullish on life. Stay grateful

1:14:36friend. Shine your light on the world. Amen and hallelujah to that. Unrelated if you use uphold exchange soon to offer yield on XRP. I love that. Yeah, I I used to buy my XRP on Uphold because there was like nowhere else you could get it. And Uphold is a European exchange if you didn't know or at least they originally were. I don't know if they're still considered that today. Things can move around.

1:15:11All right. So community breakdown in the bridge 85 million token generation airdrop. So about 8.5% of supply was airdrop 115 million ecosystem season 2 Stargate 183 million foundation reserve. Those sum to about 383 million but use a different basis than the preliminary allocation history. Partners and contributors. We're just breaking down these numbers. The brief reconstruct active partners as 322

1:15:46million tokens originally plus the 40 million FTX return minus 50 million repurchase gives you about 312 million. Contributors are 255 million tokens with a one-year cliff and sub uh subsequent monthly vesting. So, a one-year basically lock and hold, right? And then their tokens will be what? Unlocked over in a monthly setting. It doesn't say how long, just says monthly vesting. Usually, that means a certain amount

1:16:23come out per month. Doesn't say how long that goes on for. Is that one year, multiple years? I don't know. So, let's talk about the briefs. What briefs subbucket claim? That might sound confus confusing, but we're talking about partner backers cited inside the paper inside their own documentation. Right. First, AI16Z, which is very interesting because that project doesn't seem to get a lot of attention nor traction, but they have a venture

1:16:52capitalist side of AI6Z, which I find highly interesting. Also, we have Sequoia, PayPal Ventures, and Lightseed. 350 million plus was raised. The brief values, the repurchase at 150 million or $3 a token, not independently confirmed though, and $3 a token doesn't sound good right now because they would be down significantly. So, the modeled monthly unlocks. So, let's talk about the monthly unlocks

1:17:21here. So this is important if you speak the language of tokconomics which would make you an above tier speculator inside of crypto today, right? There's a reason why we do all of this, even if it's highly technical. So if you're watching this in the future and you hung out to this part, just know there's a good chance you're going to raise your crypto IQ and a good chance you may become a much more qualified speculator in this market by simply understanding how

1:17:49things work. 23.6 million zero tokens per month in this brief about $39.9 million at $1.69, right? And that is 13 million to strategic partners, 10 million to contributors and roughly almost 6% of the supplied circulating float. eight dates. November 2026 through June 2027. These unlocks happen.

1:18:22It's probably once a month. So, the sourc's future schedule totals about 189 million zero at a constant monthly assumption. An unlock permits transfer and does not prove sale. So, it's an unlock. Somebody receives tokens. Whether they sell them or not is according to where they go and the people who get them and whatever they want to do. And the unlock does not count the recon uh reconcile, right? So 17 dates,

1:18:54eight future dates, and 25 inclusive calendar dates, not 24, but we're going to get into what that means. So unlocked tokens are not all sold, they're just simply unlocked. the 183 million zero token foundation reserve. So the June 3rd post says 183 million ZRO tokens including the 50 million token venture capitalist repurchase remains relocked. They relocked them again until Zero's mainet I guess comes out at the supplied $169

1:19:30price. That is about $39 million worth of ZRO tokens. And I tend to, if you're talking tokconomics and max, you know, circulating supply versus max supply, you really probably want to think more in terms of tokens than dollar amount because dollar amount can fluctuate. The amount of tokens doesn't. Uh there's only ever going to be a billion tokens unless they change that, which very few projects ever do. So what requires onchain confirmation? While the

1:20:00announced November 30th launch would end the mainet linked lock, unlocking does not establish an immediate market sale. So, foundation disclosure, the stated intention is conser conservative ecosystem growth. So, that's why do why does the foundation have these tokens in the first place? Well, conservative ecosystem growth is what they say with no future airdrops planned. So they're not holding them in their reserves for a future airdrop. So they said this is

1:20:33stated policy, not irrevocable restriction on every future use. They could change their mind if they wanted to. What requires onchain confirmation? Well, let's track how much is staked, deployed into liquidity or incentives, transferred to counterparties, or just sold, published destination, and purchase alongside wallet movement. So Ethereum holders concentration again a lot of it lives on Ethereum. So don't be surprised if all of it's on Ethereum.

1:21:02So top 100 shares of the supplied Ethereum token balance is 86.3% and that says a top 100 shares, right? So I mean in the top 100 I assume wallets is what they're talking about. Um I wouldn't be surprised if it's a high percentage. Top 10 shares reported in the brief only seven large wallets are itemized. So about 38% is in the top 10 which is a better number to know than the top 100. Feel like top 100 is less meaningful than top 10.

1:21:38So Ethereum wallets one through four. Here's your wallet addresses, right? Or at least some representation of the wallet address. Doesn't give you the full wallet address, which is interesting. probably for the sake of the slide because it would take up a lot of room. So, you have vesting and custody, right? That makes sense. Foundational reserve. Remember, a big wallet holding a lot of tokens isn't always the end of the world. It can be

1:22:03personal wallets. I don't mean personal. It could be treasury wallets and project wallets, lab wallets. It could be centralized exchange wallet, decentralized exchange wallets would hold a lot of tokens, right? So, keep that in mind. Binance wallet 8 holds 61 million in value and institutionals and strategics hold about 49 million in value. Right? And you can always refer back to this. These will be in the token autopsy forum inside the discord link in

1:22:32the description also in the chat. Well, it's on the discord, but that's not helpful because you need to get there. The blues guy said I did not know. Oh, you mean that Uphold was a uh European exchange? Yep. So, vesting contract number five, vesting contract number six. So, what we're taking away here is it looks like all these big wallets and things seem to be uh legitimately part of

1:23:00project infrastructure and not necessarily like a giant whale. A buyback is not proof of a burn. Uh that's a dead horse that I could beat to death forever. Just want people to realize if you see buyback, you think buyback and burn, but that is not always true and a lot of times isn't true, right? So, you need to make sure that the project you're interested in, if you think it has a burn mechanism, doesn't just have a buyback mechanism, right?

1:23:28Cuz that doesn't do anything for circulating supply, max supply, tokconomics. All right, so here we get into more of moat, which is how it stacks up against its competitors. security, which is highly important in a project like Zero because they're vastly connected to pretty much all of crypto's ecosystem that Ethereum touches for sure and I'm sure later on more and more and more. And of course, Wall Street backing. So, how does Layer Zero stack

1:23:57up against Chain Links, CCIP, Wormhole, and Axlr? Those would be some of their main competitors here. And you got to think Chainlink been around a lot longer. So probably a lot more going on in chain length than layer zero. So founders and the 351 million institutional cap table. So here are our founders. We mentioned them earlier. Uh we have Brian Pelgrino. Uh Ryan Zachri or Zurich. And we ha have who is the CTO by the way. Brian is the

1:24:31CEO. And then we have this KB Banister who is also the CTO. So they're both the CTO. They hold hands while they do their work. Uh, co-authored the ultra light node specifications. This is dev techy stuff here. They shipped V1 in 2022 and then V2 in 2023. OFT standards, Stargate buyout, and the planned Zero Plus Atlas launch. Again, these main people here also the people who established the labs are probably mostly the brain children, I guess, of

1:25:10the project and all the tech in it. So, this is probably interesting. We have a cap table and partners, right? 2021 to 2023 about 350 million plus and up to 3 billion valuation. You have AI16Z crypto, which I'm sure there's a project AI6Z, right? But they have a venture capitalist arm. We learned that through Crypto Rank. All of the education compounds. I only know that because of the time that we've spent with Crypto Rank, which spends a lot of time

1:25:44highlighting the venture venture capitalist associated in seed rounds, funding rounds, stuff like that. And that's how I found out that a uh AI6Z is listed a lot as a venture capitalist company, right? So, of course, Sequoia, which is a big one, PayPal Ventures, Light Speed, Samsung, Next, and Christies, which I'm not familiar with. 2026 Strategic Backers, we have Tether Investment, uh, Citadel Securities, they bought Zero, Arc Invest bought equity in

1:26:15Zero, Kathy Wood Advisory Board, right? Keep that in mind. Plus, DTCC and ICE. The one thing that I really want to say here as I was having a conversation with stats or seeker as you will know them in the discord right um is that they have and you will see a lot of these big companies right like Citadel Securities uh Sequoia all these um I guess more institutionally aligned companies and this is just an example there's far more in other

1:26:50projects You'll see behind the scenes they've bought tokens in this project, in that project. You know, they bought 5% of the supply here and this that and the other. My point in that is that do you think they're buying into these projects because they can't wait to watch it go to zero? Do you think that they're buying into these projects because they believe it's going to go to zero? Now there is some

1:27:18argument that says venture capitalists and arms of venture capitalism in side of many different investment groups and things like that. They do take shots in the dark on things, right? They only need one out of like 10 or 15 or 20 of their investments to hit something decent to cover all of it. And then if another one or two do okay, now they've made a lot of money. And so that is true. But at the same time, don't I I wouldn't personally translate that to

1:27:49they just throw money at the wall and see what sticks because they do put some some thought into what they're buying. My point is you see them buying crypto stuff all over the place in these different projects and token autopsies that we do. And I don't think it's because they're completely uneducated and uninformed. I think it's the opposite. I think they've hired people who are highly educated and highly informed in this space and they know

1:28:12that everything is going this way. They're watching it happen with Wall Street, JP Morgan and all these people doing all kinds of things. The, you know, New York Stock Exchange working with XLM blockchain that is all not happening because they think it's going away. No, it's the opposite. It's going to be the future in my opinion. And I think a lot of the things that we go over here really point to that and validate that um train of

1:28:38thought. So contract level protections. No governance key can rewrite endpoint v2 code or override an app's explicitly pinned security stack. Now we're talking about governance protections and concentration. So no governance key can rewrite endpoint v2. Endpoint V2 is where I guess everything starts on any specific chain code or override an app's explicitly pin security stack. This limits arbitrary protocol changes four

1:29:10referendums ended off right vote number four. So they're talking about I believe this proposal number four supplied figures showed about 96.8% yes vote among vote cast but only 2.8% 8% required quorum actually reached and I believe the quorum is participation if I'm not mistaken. So the foundation manages the 183 million reserve and buyback custody. The supplied brief describes substantial foundation influence over zero launch

1:29:42parameters. Contract level protections while labs the foundation and affiliated persons state that they abstain from the fee switch vote. You're just taking their word for it. Eligibility and voting contracts still need separate verification. Crosschain competitors, well, you have security, modular DVNs, and immutable endpoints. So the this list here is things in layer

1:30:13zero and this is in their competitors, right? So their competitor chain link CCIP link has what's called dawn in risk management networks networks 165 plus layer zero has versus chain links 45 networks so they have way more networks almost double distribution 70% of stable coin flow where chain link has Swift and Bank RWA pilot programs or pilots going on. I don't know if they're programs but most likely uh token

1:30:53capture well partial Stargate purchase is live and core fee off atlas planned for future right where chain link has live fees plus staking and supplied comparison. So, chain link has a lot more feed generation. But remember that layer zero is new and it's still getting itself up off the ground. Although we don't do that in our scoring because we don't know when things are going to happen. I'm scoring it right here and now for what it is right here and now.

1:31:20And if you understand our score, maybe we do an update later. Maybe you just understand our score and as new things come out, you can weigh that against it by understanding the nature of a token autopsy. So market cap and fully diluted value much smaller than chain link. Chain link has it beat by a lot. Chain link's been around a long time. Then you have your wormhole and XLR. The things that I'm mostly looking at here are networks, right? 35 plus 65

1:31:50plus um zero layer 0 has about 165 plus. So that that seems better to me. So harden code and operational attack surfaces the brief sites trail of bits zelic and these are core contracts and bounties right and auditors right open zeppelin and otter sec audits so there were audits done by these companies lists a 15 million overall maximum updated October 2nd 2026 and the 250,000

1:32:23minimum applies to V1 group one V2 critical payouts instead of a range change from 100,000 minimum to 2 million market cap now. This has to do with bounties that you pay out for people who find problems. Right. Practical security risk. Well, security stack concentration and poisoned work infrastructure can defeat a single verifier app. Lab says it no longer services sole adister channels. So, a narrow claim. And this is core

1:32:58contracts and bounties. A core, let me start over. A narrow claim of no endpoint v2 code exploit must be separated from failures of the operator in applications using it. The April 2026 Kelp DAO incident is material but ne not necessarily everything right. Issuer key theft as in tapioca can authorize crosschain token actions. We're talking now about some of the problems and exploits that have popped

1:33:31up over the years. Right? So issuer key theft as in what happened to Tapioca can authorize crosschain token actions how they exploited it planned zero and atlas ad consensus proof and exchange complexities beyond stateless messaging. So, it seems like these upgrades in the future are going to fix some of the more vulnerable attack points. So, the kelp DAO operator attack, right? 116,500 RS ETH, a wrapped version of Ethereum. Approximately 292 million was lost

1:34:06according to layer zero's May incident report. The RPC was compromised. Attackers poison Labs internal RPC response and disrupted an external provider. Think of it as they manipulated the code, right? And the RPC picks what channels things go through. One valid lab DVN at a station was sufficient for the affected channels. So they were able to verify, therefore get it finalized. Destination release. Well, the forged message caused RS ETH or

1:34:40wrapped ETH to unlock. The core protocol enforced and configured the rules. So because the authorization seemed or looked legit, they were able to get it to move on chain spot liquidity, right? Liquidity routes and labs runaway. So the supplied snapshot shows 51.3 million in 24 hours across Binance, Coinbase, Upbit bybit, OKX, Kraken, and Uniswap. The brief 0.15 slippage on 100,000K is an illustrative liquidity claim, not an exact guarantee

1:35:17that we just use that as an example cuz that's the best knowledge we have about it, right? Often conversion routes. Well, CRO token can move one to one across the cited seven EVM chains without pro uh pull price slippage, right? The 15-second timing is illustrative and depends on the route confirmation and work liveless. Again, we use 15 seconds in our example, but of course, it can vary. The STG or Stargates token conversion remains 08

1:35:47per zero, right? It's not one through December 15th, 2026. That's how much time you have to do this. conversion and crosschain movement do not themselves turn a positive into cash, a position into cash. Did I say it feels like a Wednesday? Shout out to all my undergrounders. If you're just hopping in, smash that like button. We're going over layer zero. Uh, everything altcoin says, "Lowkey haven't seen a layer zero bull in a

1:36:22minute." Now, I don't recognize that name in the chat. Please smash the like button if you will. Um hopefully he doesn't mean me as a layer zero bull. We do a token autopsy report. Unfortunately, people come in and say so. Who knows if they're even still here, but um we're just breaking down and researching projects, right? I uh I don't know that I'm bullish on layer zero at all. All right, Lab Runaway. So, lab states that the off-chain executor

1:36:47API and console income funds development without CRO token sales for operations. So, they fund their developments without CRO token sales for operation. It reports that 10 million open market purchase they did at one time. private company profits are not audited token holder income for dated catalysts over the next 60 days. One of the sections that we always uh score on are catalysts, right? And I guess proof of the catalyst that is

1:37:23going to move this project forward. So November 20th, the brief modeled monthly venture capitalist team release. So, these are dates that are significant to look forward in the upcoming future. By the way, everything altcoin, if you're still here, throw something in the chat, right? >> So, hits 10 days before zero mainet. Okay, that's very interesting. November 30th, >> these are this is important. Activates

1:37:51zero token gas, DPOS, validator staking, venue rebate staking, and 75% postrebate Atlas fee burns. across 12 plus launch venues. So when this happens on November 30th um it'll be a big deal and maybe we'll do an update for this everything altcoin says not I'm here turned first time and was interested to see what's up. Haven't done my due diligence on lay layer zero in a minute. Well, I I'm glad to hear that you're

1:38:27still here because that means that you have a actual interest for this type of information. We're kind of a new and upcoming channel here and we're doing these token autopsy report is a series that I'm doing right now and we're basically trying to figure out what relationship a token has in the ecosystem that it's associated with. Because the most common problem is people see a project and they just assume that the token is going to do

1:38:52well because the project seems cool or the project seems like it's doing well or has partnerships. Not the case. You really have to know what the heck the token is even responsible for inside the project. Appreciate you being here. Uh there is a link to our free Discord down in the chat. That's where we hang out when we are not live streaming and where our community mostly lives. Welcome to the underground crypto community. So again, layer zero is pretty heavy and

1:39:21there's a lot coming out. I think after November 3rd or you know sometime after November 3rd, I think we're going to do an update here because I believe that this will drastically change our score, but we're going to score it today for what it is today. December 15th and you know 20 the 20th through the 27th. They wrote that really weird. So December 15th is the final STG to zero conversion deadline cuz they acquired layer zero acquired Stargate Finance, right? So you

1:39:51have your conversion time that ends on December 15. Also December 20th to the 27th, the fee switch referendum number five opens under dynamic quorum model. Basically, they're going to vote on it to turn it on or off, right? The exact threshold needs confirmation. We really want to see that get turned on. So here we're going to lay out very e like very quickly a bull case, a neutral base case, and a bare case. Right?

1:40:20For our bullish case, November 30th zero plus Atlas launch with strong institutional volume knocking tens of millions of zero token and venue rebate tiers and burning 75% of the net fees. while December 20th vote five passes quorum ahead of the vote and the June 2027 unlock finish line. So then you're done with your unlocks. We need all those things to happen, get voted in, go well to really have a bullish case for zero. And then of course I believe in

1:40:49that time period the mainet would be fully live. The base case is more casual. Layer zero retains its 70% stable coin bridge monopoly. We're saying that 70% of stable coin bridge is going through layer zero. Stargate buybacks about 350,000 a month continue and zero atlas ramps steadily through 2027 as the eight future monthly dates in the brief 23.6 million a month get digested meaning bought up right the bare case is that vote 5 fails quorum

1:41:24again in December 2026 institutional atlas volume takes years to materialize and the 183 million zero token foundation unlock plus the 23.6 million uh token per month insider unlock cap token to the upside. So basically just draws it down in a ton of emissions if you know your tokconomics. We focus on tokconomics a lot here. So the fee switch quorum trap why dominant infrastructure protocols struggle to turn on token burns.

1:41:59Why dominant protocol delay their fee switch? Well, charging zero BPS protocol fees lets layer zero underpric rivals makes them highly competitive. And we always talk about this dynamic of rewards that are given out inside of a new project or up andcoming project as incentives, right? Well, when those incentives go away, a lot of times the incentive is subsidy money for developers and things and

1:42:28subsidizing their network and the growth of their building of their network, right? Blockchain, whatever, everything that goes on within their ecosystem. And when that goes away, developers who are there just to get paid, they go away. Now, when you have things like you have here, zero fees, that makes them highly more likely to get used over their competitors. Probably how they got 70% of crosschain stable coin volume. Well, what happens

1:42:58when it's no longer zero fees and they're not vastly cheaper than their competitors anymore? Do do people start using other products? Is there a new up andcoming products that's giving away some kind of reward and people just use that for the time being? Incentive and rewards inside crypto are are highly important. So once the USDTO uh PayPal stable coin, right, hardcore oft contract on 165 chain switches costs

1:43:30become enormous, right? That's problematic. And it's also another reason why that that fifth vote might once again get voted down. So the quorum uh hurdle here, right? Requiring 30 to 60% participation can make quorum quite difficult when many holders use exchanges or custody. Vote number four supplied yes share was 96.8% but only 87% or less than 1% of eligible voting power participated. Low turnout is observed.

1:44:05Exchange custody is possible contributor, not proven by vote count alone. Basically, they need a certain amount of to uh turnout to even make the vote legitimate is what I'm getting from that. All right, let's go back here. So, we have live token demand any revenue buying zero token now. Stargate 3.68 million. Labs 10 million discretionary seemed like a onetime thing. And core messaging fees give you zero. And this

1:44:34is all buying, not even burning, but just buying or demand for the zero token. Destination of purchases, burn, locked, or treasury held. The supplied 3.3 dead address balance cannot alone establish custody of all repurchases. All right, let's get through that. The 100 point scorecard. Let's talk about it. Well, first we have utility and adoption. All right, go back. So, for utility and

1:45:09adoption, it got a 19 out of 20, which when you have 70% of stable coin volume running through your product, you're going to get a high score for utility and adoption. Now, the breakdown for one, it's on your screen. You could put you could press pause, right? but also this slide will be organized and put into the discord as well. Token value capture 12 out of 20. And again, if you want to see these, you'll have to go find the slide or

1:45:39pause it because it's repetitive. I don't want to say everything that we already said probably two or three times already for a fourth time. 9 out of 15. That's not so great. Competitive mode, 14 out of 15. That's pretty good. It's a good score. Security and decentralization, seven out of 10 is a good score. Just thinking of other one other token autopsies we've done. Catalyst and execution, eight out of 10.

1:46:05This might score better than I thought it was going to. Five out of 10 for risk and unanswered questions is pretty much the standard score for most projects. So, here it is. Full layout did really well in utility and adoption. did very well in competitive mode and did very well in catalyst and execution cuz it has a lot of stuff coming up. And then of course we want to point out that 0 through 63 score is speculative. 64 to 78 gets a watch verdict and

1:46:37anything 79 to 100 is a pass. Very few things do pass are scored. So it got a 74 out of 100, right? which I got to say is much better than I thought it was going to stack up. So, there's that. 33 out of 35 on utility and mode, 21 out of 35 on capture and tokconomics. Just if you combine you combine those, right? So, here's our leaderboard. Only Link, Uni, and A have passed out of 31 token autopsies. So that shows you that this is not um a vehicle of promotion for for

1:47:20coins, right? This is a real category by category scorecard system that when you look at our score leaderboard overall, you'll be able to quickly identify tokens that are worth maybe more research or you just go look at the actual token autopsy. So, assume you've never watched this channel, right? Shout out Struggart. Thank you for being here. So, assume that you've never really watched any of this content. You'll be

1:47:50able to look at the leaderboard. go of course to the projects that pass, but then also I think anything above a 70 score is worth maybe digging into. But I think the ones that have a passing score are probably uh a better better vehicle of speculation if I dare say never financial advice. And then anything in the speculative which is zero to like 60 what three um is probably your highrisk category right and we

1:48:27talked a lot in this community and lives before about how um portfolios right again it's not financial advice but if you think of your portfolio as a percentage right and not the amount of money so say One person has $100, one person has $1,000, and another person has $100,000. Well, if you simply think of the entire portfolio, more in the terms of, and why does Coin Gecko always do this? Coin Gecko drives me nuts. Like, when you go

1:49:01away from it and come back, it won't load. And I don't know what the heck that's about. But if you think of it in percentages then you could think of something like a general basis like say 60 to 70% of your portfolio because it works with any numbers and very not risky stuff Ethereum uh you know your top maybe 10 cryptos low risk then maybe another 20% or 25% depending on if you did 60 or 70 right into something a little bit more medium risk.

1:49:35risk. Maybe things that are in your top, I don't know, 50 or 100. Why? Why is Why is Coin Gecko like this? It drives me nuts. I know I'm getting off topic to what I'm saying. And then, of course, from there, you had low risk, your medium risk, and then you go into high risk or very high risk, maybe with like eight 8 to 9% of what's left over into your your high risk, and then maybe which is that's actually a large percentage. The whole point is to break

1:50:04your portfolio down between your levels of risk for each project again. Coin Gecko always failing us when we come back to it. I do not know what that's about, but it makes me really irritated. I'm going to be honest. It really does. All right, let's look at our crypto bubbles here. I hope you guys enjoyed that token autopsy. I know I know that I lost most of you on that token autopsy. That's okay. because there will be people out there

1:50:38who are interested in layer zero and want a sufficient breakdown of the project and that is what that is there for. Few things that I wanted to say is that you know a lot of people stray away from actual education. Uh I try to find a way to make it both digestible and fun. We got the digital, you know, game board, which when we have everybody here, it's a Wednesday. So, a lot of times it's rather Wednesday or Thursday. That's slow. Seems like this

1:51:06week it's Wednesday. I'm just talking out loud here as we have finished our token autopsy. But if you come here and you actually pay attention, I would pat yourself on the back because the reward is the part that most people are unable to understand. They don't want to do the effort. They don't want to do the focus. They don't want to listen. And I'm not saying they have to listen to projects they don't care about, right? But in general, they don't want to focus. They

1:51:29don't want to listen. They don't want to raise that crypto IQ. They're usually, and this is going to come across a little bit mean, but I mean it. They're usually the suckers in crypto. Let's be real, because they refuse to pay any attention or learn anything. They don't have anything to fall back on to when people say stuff. They just do what they do what they're told. Uh influencers come on and influencers say, "Buy this coin. It's

1:51:54it's great." and they they go buy it because they don't know anything about crypto. All I'm saying is that if you watch this video and for some reason you come across this part of the video, don't let that be you. All right? I'm not saying you have to become like Einstein of crypto here. I'm just saying to raise your crypto IQ from where it is. Even if it's just a little bit bit a little bit, understand more than what you already understand. Right? Key

1:52:21things to focus on, right? definitions of words that are used, right? But also tokconomics, the economics of a token. What does that mean? If you're buying tokens out here in the land of crypto asset, right? Mostly based off of what other influencers you watch are saying. And you keep getting burned. It's because your crypto IQ is low and you don't understand things like tokconomics. That's where I was going with it. Is because tokconomics are why

1:52:57projects that have great partners, tons of money, and even brand recognition sit in the same place for forever. Because there's too many tokens coming out into the circulating supply versus how many are being burned, if any are being burned at all, which means they're inflationary. If the coin you're invested in is inflationary, it is going to require a lot of hype and presence and branding in bull markets to get a nice return and a lot of projects will.

1:53:26They always say that rising tide raises all ships, which is true in a in a bull market, especially towards the top of a bull market. If you think BTC, Bitcoin four-year cycle, which moves the whole market, I'm really laying it out for you. Hopefully, you're paying attention. um you're going to see a lot of things pump, but you will notice that certain projects pump way harder. In my opinion, that is the token value capture. That is what the token autopsy report is all

1:53:58about. It's because not just the token getting a lot of speculation and purchases aka money in the market cap, but at the same time the mechanisms are built into the ecosystem or the token utility to catalyst that token, the more act the more activity that goes on in the ecosystem of that project, the more value pours into the token. You combine that with the speculation that's already going on into the market and you will very likely get significant moves

1:54:31compared to other coins. I think I said everything I had to say there. I just wanted to encourage people and if anybody finds this, I certainly wanted them to understand that I come here to learn and raise my own crypto IQ. I do this because I love it. I really don't have much things to sell you, right? Uh my, you know, $3 membership that you support the education and work that I do, right? $3 a month and you get cool um custom emojis that I made myself

1:54:58here. I'll drop one of them in the chat. So, everything altcoin, I I'm really glad that you're still here. I'm really impressed to see you still here in the stream. Says supply and demand 101. Yeah, exactly. Uh scarcity economics. I mean, tokconomics is the economics of a token. So if you even understand slightly economics generally in a society then you could understand the value of tokconomics you understand scarcity if there are less coins

1:55:29year-over-year the coin is more scarce they're not really complex you know I guess this is where I try to encourage you a little bit is that scarcity is not a hard concept to understand when we say a token is deflationary we're saying it is becoming more scarce all the time, month over month, year over year, however it's set up. Every token's different. But if it's the

1:55:53opposite and it's wildly inflationary, look at the go look at our lighter token autopsy. All right? And I'll give it away a little bit. There are monumental token unlocks for the venture capitalists and team and everybody who's involved, right? starting in December. >> It has crazy inflation coming for Lighter token. Personally, >> I wouldn't I'm not going to touch that coin until probably 2 3 years from now. Now, when it's all over, it's probably

1:56:26going to be great. Most of the supply will be out and it can really really build from there. And it's not always a flaw. Sometimes it's done on purpose cuz after those 2, three years, lighter will be out. It'll be official. All that stuff will be behind it and it'll have probably and I don't know where crypto will be, but it'll probably have nothing but bright futures ahead of it. But you got to get past that point. Sometimes it's just built in to get it out of the

1:56:52way in the beginning. But if you understand your tokconomics, you're not going to sit there and watch that lighter token go drastically down. We're talking huge amount. I wish I could remember the exact numbers off the top of my head. I do this, you know, every day. So, it's like I got a lot of stuff in my mind about all these different projects, but the token unlocks are crazy. Hopefully, I know that YouTube automatically categorizes the stream or

1:57:17it should be because it says it does. If you go to that light uh lighter token autopsy, you should be able to find it pretty easy with the tags of the categories, right? Anyways, shout out to all my undergrounders. Shout out to anybody new who was here like everything altcoin. Everything altcoin, we go live quite often, I'd have to say. Let me pull up our website real quick where I have >> our actual

1:57:48schedule. I could tell you it, but it would just make a lot more sense if I pulled up the website. Right? So, here's the website. We have latest drops, all that kind of stuff. But if you come down, you see our schedule, right? So, Monday through Friday, 8:30 p.m. New York time. Now, Monday through Thursday are our token autopsy report series. Friday, because you got to balance out all this heavy education with with some gaming with some fun, but

1:58:18we do DeFi gaming, blockchain gaming, things that are highly relevant. The difference between playing a game and you get an amazing legendary item and it has no value. You spent hours and hours and hours and hours trying to get this super highle item. You could play with it in the game. I guess that's your value. But like you can't then sell it for a representation of all the time and energy you put to get into it. Say 3 four years later when you want to play a

1:58:43different game and you don't care about that game anymore, right? That's blockchain gaming in a nutshell. NFTTS, items, we play a lot of that. Matter of fact, I have a whole category here, if I open it, of games that we play on the channel, and we're always adding to it. So, that's Friday, and it's a hangout. It is for people to kind of take a load off of the week and hang out with a community that's like-minded with them. Saturday,

1:59:10it's 1000 p.m. New York time, right? And so, Saturday's stream is changing. Saturday's stream used to be a wrapup of what we went over for Monday through Thursday, but I just feel like we went over it and it's a lot of information, right? We're going to change Saturday stream to something else. Haven't quite figured out what it is. I was thinking like a throwback retro to the old streams we used to do, right? new coins coming out. Um, your fear and greed

1:59:40index, some charts, like all of that type of stuff on a Saturday night. But we'll see. I'm throwing some things around. If anybody has any recommendations, put it in the main hangout of our Discord. If you go in our Discord, it's nice and organized now. Also, um, the main hangout is pretty much if you want to say something, you can put it there. Obviously, you can DM me. We have a voice channel. We could hang out and talk about crypto or

2:00:04whatever. I won't give you financial advice, but anything else is on the table. And we really do operate like a crypto family, the underground crypto family. Take advantage of a small community when you can because a lot of times these channels get big quickly and you asking a question to the person who's like the main person becomes highly difficult and also costly for a lot of channels if

2:00:32they even offer it. And then last but not least, just know that we got merch, right? We got some pretty cool merch. I don't like that it doesn't show the desk mat and the coffee cup on that main page there. I'll have to fix that. All right, guys. I don't know what else I have. Uh we were we have one news story to cover here right which is Google's preview institutional crypto custody security technology. Google is

2:01:06previewing a new multi-party computation MPC service designed for institutions holding cryptocurrency and tokenized assets. NPC distribution cryptographic signing control. We slow down. instead of keeping a complete private key in one location. So, they're going to distribute cryptographic signing controls instead of keeping a complete private key in one location. This will this will solve a lot of your private

2:01:38keys being compromised in a lot of projects, right? That's that's one of the big things that we see especially with bridges. The technology targets institutional custody and transaction security. It is currently private preview which means like they're working on it, they're rolling it out. Broader commercial availability is expected in 2027 as banks and financial institutes adopt blockchain technology. Key management becomes critical

2:02:04infrastructure absolutely does. Google's entrance could intensify competition among institutional custody security providers. All right guys, you know what it is. Two hours of streaming and then some token autopsy of layer zero. I knew it was going to be intense. I purposely did it on a Wednesday night because I knew it would be a little bit lower. Also, don't sleep on Iron Wake. We're going to be doing a

2:02:32stream for Iron Wake specifically. Uh I we're going to be sponsored by Kindra to do these. Um I'm in the talks with Play Kindra, the Kindra devs right now. Uh this game is awesome. They did build it because our community talked about it. We don't own it or anything like that. We don't have any exclusive like rights to it, but we are going to be sponsored to to show it off and play it. I think we're going to play a lot of ranked and stuff like that. I'll be doing some

2:02:59practice in here. Let's run one round real quick. I was They just put three new tanks on on the roster here. Right. Let's go ahead and try it out. I've been working on this long point. Again, the games are, in my opinion, very good. After a bunch of research, you kind of want to relax, right? But we're not done being crypto, right? We're not done with the cryptocurrency or the blockchain technology.

2:03:30We just need to take a load off from all of that hard work, let our minds rest. And what better to do that than maybe some gaming or competitive gaming? The cool part is that we can actually get in parties together. We can play this together. There is in the future, I don't know when exactly it'll be, but there'll be competitions and stuff, which I'm sure we'll have giveaways and things like that. What is going on? Sometimes if I click in the wrong place,

2:03:59it like takes Oh, it's that space bar. That's what that is. All right, I figured it out. The long gun has this thing where you can kind of lock yourself in place and get like a really range shot, which is cool, but I got to I got to practice with that. I'm not all that good at it so far. O, these AIs are difficult that you fight against. And more and more people are actually

2:04:32playing this game. This game is kind of super new. And I'm just glad to be a part of how it came about, right? Dang. I guess it's got a charge when you like go stationary when you hit space bar to use like your main effect. Oh, I got him with it, too. That was a good one. Where they at? We're really backing them up. That wasn't very good. And the timing is

2:05:08difficult. Like it looks like a very simple game, but the timing of your shots is highly important. Of course, always shout out to the Kindred devs for making such a good game. There was a game out at one point called Panzer Dogs and we used to play the game a lot on stream. We didn't have a lot of variety for blockchain gamings at that time. Not like it is now. And it was a fun game. Like I enjoyed playing it. It was easier but less challenging

2:05:43than this game which is not a plus. It was actually it got it got too easy at one point. But anyways, um we asked Kindra to make some kind of version of that game and he absolutely delivered the deb for Kindra. Arguably the best game on the Robin Hood blockchain. I don't know who who would even compare about it. But anyways, just wanted to show that off real quick before I hop off. Stay underground, stay crypto, think long

2:06:12term, raise that crypto IQ, all those things that I have to say, and grab one of those 299 memberships. Support your boy all the time and energy that I put into this channel. Highly appreciated that you would do that. Underground Crypto out