Lighter LIT Token Autopsy: Can Buybacks Beat the Unlocks? | Daily Crypto IQ 🔥

0:00All right, I'm ready to kick this thing off. How are you guys? Let's keep this chat rocking and rolling. The bot does a good job of that. We are playing for real now. $10 in cryptocurrency. I think Reliable Jay has won every single one so far. So, you guys got to get in here. If people come in late to the stream as it happens, you know, I'm going to throw them, you know, between like three and

0:32five rolls just so that they have a chance to compete a little bit. It's not enough to put them anywhere near where you guys are, honestly. I probably should, if we're like two hours into the stream, I probably should give a new person like 10 rolls and they probably still are nowhere close, right? But you get my point. I want them to be able to have a a shot at competing with you, but I don't want them to just be able to come in and surpass you just because

0:56they came in, right? So, we're going to figure that out. This is the third day of our digital board game. Welcome to the Underground Crypto Deep Dive Research Show and our token autopsy series. Smash the like button, subscribe, and there is a link to our free Discord in the chat. I would hop on in there because it may not always be free. We're doing all kinds of big things. since I'm getting a lot of stuff done that I've been meaning to do for

1:22quite some time. And we are ready to kick off this lighter token autopsy. Now, a token autopsy is obviously all about the token. But how can you understand the token, its relation to the ecosystem if you don't understand the ecosystem? So, of course, at first, we're going to explain what the heck is going on with its ecosystem. What are its products? What is the point of it? So the question here is can buybacks beat the unlock.

1:52So the exact asset lighter infrastructure token which is what lit stands for apparently. I actually didn't know that. So I'm not standing here to say I'm the smartest guy in the universe when it comes to crypto. I actually show up to this stream every day for you guys. hold myself accountable to raising my crypto IQ every day so that I can be a better speculator in the market. For those of you who may not know my story, and I'll

2:20make this short, I'm not going to talk about how I got into crypto, but I'm just going to say like I was doing a lot of this research on my own and I didn't have anybody to share it with and I didn't have any, you know, multiple uses or meanings for the time that I was spending. And I was spending two, three hours a night easily. And I was like, man, I get excited about projects and stuff and things that I'm looking at and then what? Like go try to talk to some

2:45person I know in real life. They look at you how you have 17 heads. You know, you can't do that. So, we wanted to create a community where people who care about crypto can all get together. So, anyways, that's why I show up. I show up to learn with you guys. And I didn't know that lighter infrastructure token is actually what lit stands for. Here's its Ethereum contract. If you're buying anything, Coin Market Cap, Coin Gecko, Crypto Rank, I would go to one of these

3:12types types of websites or one of those websites. And make sure your contract address that you have matches. A lot of times on Twitter, you can find them as well, but you also can get duped on Twitter, so be careful. So, make sure you have the right contract addresses before you deal with things. And then of course you're going to want to make sure that you are on the right blockchain, that you're dealing with the right blockchain, and that

3:34they're compatible. What you may not know, well, what you may not know is that lighter is an applicationspecific zero knowledge rollup built for trading. Now, I love to teach these many little lessons in here. For a long time, and this goes back to the Ethereum days, we used or I say we I say we like I was there. All right? I was not there, but they decided to use optimistic roll-ups, right? And they're exactly what you think they are. If you

4:04know what a rollup is, right? Which I'm not going to go into detail. Hopefully, you know what that is. But either way, that's not what really important. It's the optimistic part of it. You were just optimistic, which which means like what? Hopeful. They were hopeful that the transactions that were going on were legitimate and then they would batch them up and you know and ship them over and this was their way of speeding up Ethereum because it was kind of slow and

4:31congested. It worked well but the optimistic I I can't believe they ever went with it but I don't think they had much choice as I don't think that they had many other options. Why am I saying this? Well, I'm saying this because what was the revolution or the blockchain technology that came after that zero knowledge tech, right? You have zero knowledge proofs, but you also have zero knowledge roll-ups. And I said all that because

4:58lighter is a newer project, right? And it also is using the more important revolutionary tech in the space versus using like optimistic rollups. Blues guy says, "Oh, but you're one of the smartest. I hope to one day be one of the most well-versed right people in the space." So, it does not compete with Ethereum. Lighter doesn't compete with Ethereum as a generalpurpose blockchain. Its custom

5:31system focuses on exchange operations such as order matching, account changes, risk calculation, and liquidations. Ethereum contracts hold depositive assets and of course canalological lighter state commitments. When you see state, a lot of times I want you to just in your mind replace it with like memory. the memory of what has happened on chain. I feel like that's a little bit easier for people. So, how the trading stack actually settles, you have

6:02the trader, the lighter trading system that the trader is using and then you have the settlement happening on Ethereum blockchain. The trading settlement is very specialized as the whole chain or the layer blockchain of lighter trading system is very very very specialized. Ethereum holds deposited assets and of [music] course the memory of everything that has happened. If you're just rolling in, smash that like button and of course let me know.

6:32At this point, I'm just giving away one free roll. As we get later, I'll give away more to new people. CCP says, "You're very beautiful to me." I'll take it. Thank you for being here. I hope everybody's enjoying that board game. So, Lighter uses zero knowledge proofs to demonstrate that exchange operators followed the encoded rules. Also, what you may not know is that the main purpose is verifiable computation, not making every position

7:07private necessarily. And this is zero knowledge does not mean invisible trading. You don't want to be confused completely by that because zero knowledge and what zero knowledge tech does. The application of zero knowledge is highly important. A lot of people do things in crypto where they just assume things. And you know I'm going to talk about what I want to talk about for a second. This is just a thing of life. You got to realize that a lot of people

7:34just assume things that maybe loosely make sense to [music] them and then they never really do their research. And unfortunately, it doesn't matter where you are, whether it's that car loan that you have or that, you know, really bad high interest rate mortgage that you got, like all these different things. It's because they didn't take a lot of time to understand what they were doing and they just wanted to do it. A lot of people wait. There's a reason why I'm

8:02saying this. A lot of people wait until they want to do something [music] to try to learn about it, but because they're now in such a rush to do something, they're excited, they're in a hurry, they really skip the depth of education. So they just kind of wind up loosely listening to somebody on YouTube, listening to somebody on a podcast for maybe 30, 40 minutes, an hour, and then they run off and do something and think that they're highly

8:30aware of all the pitfalls. Most of the time they are not. That is why we are raising our crypto IQ every day regardless of what this market does. So, Lighter publishes enough compressed account and market data through Ethereum blobs for users to reconstruct relevant account state memory of the ledger, right? And use the escape mechanism. So, it has an escape mechanism built in, which is pretty interesting. First, you have orders enter, then you

9:01have the rules execute based off the orders, then that proof is generated, and then it gets verified on Ethereum. The proof concerned rule follows right not universal privacy or perfect external input. So the proof concerned rule following is not universal privacy or perfect external [music] input. Now if you are like I don't own any lighter. I don't care about lighter but that's not Camsta. Welcome in Camsta. He says I hope it goes up soon. Absolutely I do.

9:31But and I don't hold any lighter actually but I'm glad for anybody who does. I'm glad for anybody who does well in the space. I'm rooting for everybody as much as I'm also rooting for myself. And of course, the decisions that I've made here in crypto and things that I've chose to grab a little bit of. I realize I have to switch or I have to bring the stream up on my phone once I have this going. This is the

10:00third day of us doing our digital board game if you're new around here. So, I am working out all the little details. Why on the YouTube app do they make it so difficult to get to your own stuff? All right. They don't show you your own stuff because you are you. Who would have thought? So, let's give Cam some tokens. I don't know if you've ever like in the in the text in the chat put like at

10:42somebody's name but they do not make it easy on the computer. You put at and you put like I [music] don't know two letters and it pops up. You can click it right. It like tags them. Oh, I messed that up. Dang it. They just make it really difficult, which is annoying. Why doesn't it pop up like it does on the computer on the web version? All right, Cam got two tokens so he can

11:19play. So, what zero fees actually mean? So, let's talk about zero fees. Standard accounts currently pay no maker or taker fee. They accept approximately 300 milliseconds of added taker and cancellation latency. So they're getting some money somehow. Premium and plus accounts pay fees on in exchange for fast execution. So you can pay fees if you want to be on the high level of things and you want things to happen

11:50quickly and you get higher limits or both. Speed remains free in roughly the same way airline legroom is free. A version of the sentence survives inspection. If you understand what they're saying here, right? The speed remains free in the same way that the airlines leg room is free, but it doesn't mean you necessarily get the same amount. But both people get it. Both business class and regular people get leg space in an airplane, but they

12:19don't get the same amount of leg space is what it was trying to say. So lit the token has product level utility. So let's talk about the utility of the lighter token. Premium traders can stake light or lit for fee discounts. Very common to other exchanges. And what I also wanted to say is this is a decentralized exchange. So anything you learn here in this token autopsy is going to raise your crypto IQ. And a lot of it is going to be highly relevant to

12:50any other decentralized exchange. Remember, repetition is the father of learning. So, lit token or lighter token, I think sounds better. Staking also determines how much a user may deposit into the lighter liquidity pool. One staked lit token currently permits up to 10 USDC of LLP deposit. So, one staked lighter token currently permits up to $10 USDC of LLP deposits. Very interesting. Unstaking requires a 3-day wait period. A a small wait period for

13:28unstaking is not unheard of, right? Revenue buys lit token. This is the type of thing that we like to hear about. Buybacks. So, Lighter uses trading fee revenue to purchase the lit token from the market. The official documentation says these purchases normally use daytime weighted average price orders. This creates a visible route from product activity to token demand, what we call token value capture, capturing value out of the

14:02ecosystem. Value usually being money and bringing it into the token. That already places LIT lighter token ahead of tokens who whose main economic role is attending the same conference as the product or is just a governance token for a lot of different products. What the token is, one of those many lessons I love to say is what a token is in relation to its ecosystem and product, any crypto asset is whatever it was designed to be. It is not a promise or

14:36guarantee of exposure to the money made by the product, right? It's not like look at USDC coin or USDT. Everybody's aware that it's a stable coin and that they're not going to go up because they made a bunch of money issuing stable coin and making fees and transfers, right? That is never going to make its way to the person holding their money in USDT or any stable coin. Nobody promises you that a token is doing anything relevant. It could be

15:06just designed as a governance token and that is okay. a company, a new startup, a product comes into the market in the crypto space and it builds something. They set up how everything is designed and how it's meant to work. you coming in and not doing your due diligence and not raising your crypto IQ and just assuming that a token should do well because you know lighter is going to make money as an exchange. So the lit token must do

15:35well or this pro this crypto asset is AI so the token associated with it should pop is is low crypto IQ stuff and we've all been there. It's really not a shot at anybody. I've learned these things the hard way. I'm hoping maybe you could become a better speculator in this space without having to make as many painful mistakes, but never financial advice. Welcome to the Underground Crypto Deep Dive Show. We're talking about lighter,

16:03the decentralized exchange and its token today. Smash that like button. So, paid trading to burn. We love that word burn in a token autopsy. Buyback is good. Buybacks are great, but we don't know what they're doing with those buybacks. buyback and burn, music to my ears, paid trading, protocol revenue, market, lighter token, purchase, and burn addresses. A purchase and burn are separate observational steps. So things have to be purchased first and then

16:35maybe they're held on to for some time and maybe they're burned later, maybe they're burned immediately. Every company gets to decide how things run. So I wouldn't make a bunch of assumptions. The other thing is that talking about assumptions, if there is a buyback and burn, do not assume that the coin is deflationary, right? Because you have to look at how many new coins come out into the circulation versus how many tokens are being removed

16:58from the circulation and see if it's inflationary or deflationary. The burn supply, let's talk about it. Well, approximately 18 million lighter tokens currently sit at the standard Ethereum burn address. Now, that equals approximately 1.8% of the original 1 billion token supply and it had 250 million tokens in circulation. So, if 18 had been burned, 18 million, it's not bad. This cuz it's like 1% of the overall max supply, but when you take

17:34that 18 million as a percentage against 250 million circulating supply, it's actually significantly more. 7.2% 2% to be precise. So a dead address transfer may remove tokens economically without changing the ERC20 contract displayed total supply. So those 18 million might not change the total supply. Like you're not going to see it go down from a billion minus 18 million, right? It's still going to be a billion max tokens can ever have been

18:05minted inside the contra the you know layer 1 project whatever you want to call it the blockchain but those burns go to an address and they're gone that is the [music] point and I've always wondered things about burn addresses too like what happens when technolog you know technology advances and say somebody figures out how to get access to those wallets. Is that a risk we should be worried about with quantum computing? Now, the

18:39average person, I don't think the average person is really going to figure out how to get into a burn address anytime soon, but quantum computing would be very interesting if you know there's a 100 million lighter in the in five years from now or something sitting in a burn address, just an address where they burnt the contract, right? Um, can that be accessed at some point and somebody sell them? That would be a big deal. But that is yet to be seen.

19:06Quantum computing and all these things. You see a lot of we did a an interesting story in the beginning of the stream about it. But we have not really seen what that looks like yet as normal people do not have quantum computers. So the coming supply test 250 million of the original 1 billion lighter token is reported in circulation. So 25% of it is out in the circulation with 75% remaining unminted or just not out in the circulation. Team and investor

19:38allocations together represent 500 million tokens. Uh-oh. Their 12 month cliff ends December 2026. Wow. that this is something to think about. This is sauce. Uh I'm not telling you exactly what this means just yet because we're very early. We're in slide 18, right? And I had to split the uh the slides up because it was too big to open. So there's more than 142 slides, but not by a lot. But my point is, think

20:14about this. 250 million of the original 1 billion max supply is actually in circulating circulation. and the team and investor allocation together represents 500 million tokens. So where are those tokens and cherry on top the 12 month clift or unlock right ends in 2026. in December 2026. So, how many tokens are going to be coming out? Like another 250 million.

20:49I'm not sure, but if we pay attention, just is just an assumption, right? But I think it's a high crypto IQ assumption. Around December, we should maybe see a lot of coins come into supply. Whether they get sold or not is irrelevant. And we might see a big dip for the lighter token. it might be a good time to scoop some come the beginning of 2027. We're going to we're going to see if that theory stands true as we continue

21:17to dig into this. So, the current schedule shows approximately 3.19 million team and investor tokens becoming available each week after the vesting begins. Robin Hood is more than a logo. And as we said in the beginning of the stream, if you missed it, the smart contract are Ethereum of course first, which it was built upon. And then Robin Hood has been integrated as well. Robin Hood blockchain is obviously not been around

21:46that long, but is very focused on serious finance, even if it gave us things like Cash Cat, right? Uh Cash Kitten is the one I bought. I hope it does well. All right. eligible users in selected jurisdictions can access lighter perpetual f uh futures through Robin Hood wallet, which is going to be really interesting because when you go to the decentralized exchange like I showed earlier in the stream, it says that the

22:14jurisdiction where my VPN is, it doesn't like in America is a problem, right? Well, how does that work? If you use Robin Hood in America, can you use Lighter Perpetual Futures through Robin Hood wallet? Is that a problem for I don't know whatever legal jurisdictions? I'm sure they have it all settled, but Lighter has committed 11 million lit tokens to a base a point-based Robin Hood community program. So maybe you can

22:45earn some light tokens with Robin Hood. I don't know the details. Hopefully it gives us more. So the integration provides a real distribution and the incentive pool means continued use after rewards matters more than a launch period activity. Lighter remains in stage zero. Lighter is very new right if that's not super obvious. It is under a product like this to be under a billion dollar market cap in my opinion

23:16is early new and relatively cheap. Now 2 billion, 3 billion, 4 billion in my eyes is an easily doable number in this bull run. So a 56x that seems very highly likely. Nothing is guaranteed in crypto ever at this point. I got to say like nothing is a guarantee in crypto. But I will say that it does make a lot of reasonable sense to me. It's a useful product. I would say highly likely to get a four or 5x out of this thing as long as like altcoins [music] get to

23:51actually move this time around. There's a lot of things it's dependent on, right? We got to know that Bitcoin four-year cycle and we got to get the full extent of altcoin season to really get these things moving. But I think lighter has a good chance. Lighter is one that I do like to own even though I don't own any. Anyways, lighter remains in stage zero. It is early. Layer 2 beat currently classifies lighter as a stage zero rollup. A nominal 21-day upgrade

24:17delay exists, but the security council can reduce it to zero. So, what does that even mean? L2B reports that upgrades have so far been fasttracked. So, they've been quick to ship, right? A new verifier entered production on October 13th, 2 days before this research snapshot. Signal verse noise one of my favorite beginning uh segments that we do here. Noise not important to maybe not important at all and signal highly

24:52important. So what is noise about lighter? Well, lighter processed billions and billions of dollars. So it earned billions of dollars. That is a low IQ thought. And I say that with you know tongue and cheek and I say that as fun. Crypto IQ is what we're all about here. Your crypto intelligence, you should say. I almost feel like some people might take that as an insult, but hey, if you ain't got that crypto IQ, then you ain't got

25:18it, right? So, if you think, oh, because they process, this is actually honestly where I really want to help people is if you think thoughts like, oh, lighter processed billions of dollars, so that means it earned billions of dollars. And that just means that you got to you got to knock it up a level, right? You got to do a little bit of time and some energy into learning this space. But what is important here is that perpetual volume measures notional exposure.

25:47Leverage and repeated trading volume uh allow Okay, sorry I'm messing this up. Perpetual volume measures notional exposure. Leverage and repeated trading allow volume to exceed deposited capital by wide margin. fees and protocol revenue tell us what the business actually received. So the whole point here as I messed that up like the slow kid reading in class. Um hey I can laugh at it is that

26:17protocol revenue is what you want to look at. So again if you're one of those people who thinks oh it processed billions of dollars so that means it's earned billions of dollars. you want to switch that out for what is the pro the protocol right the blockchain revenue actually that's what you want to replace it with so trading is free so lighter has no business model that is also not a full understanding of what is going on and is noise is important here is that

26:49standard accounts are free premium and plus users you know the whales and the big money they pay for low latency and higher limits or Both transfers, withdrawals, and liquidation related activity also create economic inflows or revenue. Lighter burns tokens, so lighter is already deflationary. Now, I I kind of warned you about this one up front. That's a low crypto IQ thought. Just because we know that it has a buyback

27:16and burn doesn't mean that it's deflationary. Approximately 18 million lighter tokens has reached the burn address, but 750 million of the original supply remains outside [music] the reported float or not circulating. Net supply depends on burns and new circulation measured over the same time period. The cliff ended, so 500 million tokens appear [music] in the market all at once. Well, that's not a full

27:48understanding of the vesting schedule either, but we do want to understand the vesting schedule here because this is highly important. What is important about this is that team and investor tokens vest linearly for 36 months after the cliff. Unlocking creates the ability to transfer or maybe sell. It does not prove that every recipient immediately sells. So, you're talking about people who who bought in. They're getting tokens unlocked and

28:18given to them. This is usually a project's way of controlling people just dumping all the tokens and ruining their price and reputation in the asset space. And then they start unlocking at a time. So, even if some of the people do want to sell, they can't sell all that they bought at one time and wreck the market. And that gives a chance for the market to compete, dip a little, people buy the dip. You know, normal [music] market behavior,

28:45but it does also mean that you could see some selling pressure. And that might be good if you're waiting on the sidelines to increase your bags or start your bags of the lit token, the lighter token, which I am. So the top 100, the top 100 wallets control 94%. Right? So 94% belongs to Liquid Whales. Well, that wouldn't technically be genuine and that is considered noise. What is important here is that most supply remains locked. Large addresses can represent vesting,

29:19treasury systems or contract balances. Wallet concentration deserves an investigation, but wallet addresses are not an entity adjusted ownership map. What I want to say about this is this is a lot like having, let me go back so people can know what I'm talking about. This is a lot like an infinite max supply. It can be a really big deal and a problem. It can also be perfectly fine and not a big deal, right? If you understand. So, it does in it does

29:50deserve investigating, but it's not everything. I feel like I can't talk tonight. It's that nap I took before the stream. I know it. More coffee. More coffee. So, let's talk about Ethereum security. Well, Ethereum verifies the proof. So, Lighter has no centralized control cuz Ethereum's decentralized, right? Well, that's all noise. Ethereum verifies proofs under the currently installed contracts. Lighter's governance, sequencer,

30:22security council, and upgrade keys still affect system operation and can change the code being verified. So, it's not really fully decentralized, is it? It's an important distinction. Now, let's get into the trading problem. Why does lighter exist? During the decentralized exchange craze, where we just saw like one after another popping up like Aster, right? I thought to myself, how much room and users in this market is there for

30:55decentralized exchanges? Which means what? That it needs to have a solid use case. And any good business person will tell you a business that solves no problem or a problem nobody's worried about is probably doomed to fail. So, we first must understand the problem. Why did Lighter create what it is? Centralized exchanges deliver speed. We know that because one operator controls the order book, makes things easy. The risk engine and account database, it's

31:26all in centralization. Users receive quick execution, but they must trust that the exchange custody, accounting, and order priority is up is is on the up and up as they would say, right? that is legitimate because we know about FTX, right? Some of us were here and some of us lived the FTX. Now, fortunately for me, I did not have money on FTX. It's a hilarious story, but it's mostly because Bit Boy would make fun of his hair every day and

31:56I already had Coinbase and other things and I didn't need FTX for whatever reason. FTX was not on my radar in my journey of crypto. I knew about it, but I already had several different exchanges and I already knew how to use, you know, uh, a swap like Pancake Swap or Uniswap, so I didn't feel like I needed it, thank God. But they did get me with Voyager. I did have a couple hundred on Voyager when that went down. So, they they they got me. They just

32:24didn't get me big time with the FTX. But anyways, that is the pitfall of a centralized exchange. We're talking about decentralized exchanges, hopefully the better evolution in the space of blockchain because a centralized exchange may have some tie-ins on and off ramps to blockchain, but they don't always live on blockchain, right? Coinbase is doing phenomenal things though, and so is Kraken, even though I don't use Kraken.

32:56All right, everybody, smash that like button for me. So the trading problem here is that fully replicated blockchains improve transparency, but every validator processing every order and cancellation there creates cost and latency. So how do you get around that? Professional market makers may replace orders constantly. General purpose blockchains were not designed to admire every cancellation individually. Lighter separates fast execution from final

33:25verification. And one thing I'll say is when you have such a a specialized use case, you need a very specialized setup or specialized blockchain. A sequencer orders and executes activities quickly. And a customer, a custom prover demonstrates that the co the completed batch followed the encoded rules. Don't take a nap before you live stream. A custom prover demonstrates that the completed batch followed the encoded

33:56rules. This is lighter's approach to fixing the problem. Ethereum verifies the proof, holds deposited assets, [music] and stores the canalological state or memory of the ledger commitment from request to verification. So now we start to kind of lay out how it works. Hey, I want to I want to roll on the map. [clears throat] Actually, I don't think I have I don't think I have any tokens. Shout out to all my undergrounders. How

34:28you doing out there? If you send a super chat, by the way, you will get some tokens. That's just an added bonus. Not trying to get you to send a super chat. Just letting you know. I'm going to give myself a token. All right, I'm going to go for it. [clears throat] I'mma roll. I got some really cool ideas for this board game, that's for sure. Oh, somebody hit the wheel. That's dope.

35:26What' they get? I'm not sure what they got. I need to make it actually pop up and tell you what you get. This is the first version of our digital board game. [cough] [clears throat] Smash that like button. Subscribe to the channel if you love crypto research. If you want to become a better speculator and raise your crypto IQ. Let's talk about lighter tokens some more. So from request to verification.

35:54So a trader request the sequencer comes in. Custom prover comes in after that. And then you have Ethereum verification. This is kind of like the chain of command, right? indexers and API organizers, users facing market data alongside the sequencer. It's the more technical things happening behind the scenes. So the analytical shift, right? The product analysis follows the trading system from order submission through

36:24Ethereum settlement. The token analysis follows a separate route. Product use creates paid activity while paid activity creates protocol revenue. Protocol revenue buys the lighter token. And token burns and staking may benefit holders. The final result depends on whether the value capture exceeds new circulation. Trading flow. You have orders then a very fast execution proofs to prove that the right stuff is happening in the

36:57right way. And then it's all settled on Ethereum blockchain. A separate token route begins with paid activity. Token flow is paid activity, protocol revenue, lit purchase, and then possibly burned after the buyback. The investment test compares token demand and burns with new circulation. What is the payoff of us learning this? Well, lighter gives us something unusually useful to evaluate. a functioning product, measurable business activity and visible route from

37:29revenue to token demand. It also gives us a large locked supply, privileged upgrade controls and derivative business whose revenue can shrink when trading activity cools down. These are things we need to know about the identity and purpose of lighter and its ecosystem. Well, lighter is an application specific zero knowledge rollup to on Ethereum for custodial order book trading. Now, what makes it non-custodial? Well, that would be the blockchain, right? Because a

38:00centralized exchange would be custodying your money. That's a big difference here and probably the most predominant difference with lighter. They're trying to accomplish what you're used to experiencing with a centralized exchange with a decentralized exchange. Lighter token is an Ethereumbased infrastructure token and the token supports premium fee discounts, LLP access, staking rewards, market buyback, and ecosystem

38:28incentives. The main research question is whether those demands and the burn mechanism can outpace new circulation. And with all these new cliff unlock, you know, with the cliff ending and the unlocks coming out, I think it was like 3 million a week or something like that for early investors, the team allocated tokens and stuff becomes a very important question, especially right now in this time. The product itself, well, lighter first

38:56major market is perpetual f uh futures. First and foremost, it is perpetual futures. Perpetuals allow traders to take a long or short exposure without an expiration date. Lighter aims to combine exchange level responsiveness with non-custodial settlements and verifiable execution. That is a lot of big words to say that lighter aims to combine like what you're used to in a centralized exchange, the speed and reliability with basically

39:29decentralized exchange blockchain settlement and execution. Its specialized architecture focuses on financial operations instead of general purpose applications. A perpetual future tracks an underlying asset price without expiring. Traders post collateral and can control a position larger than their collateral. That's what the leverage is for. You have a $100, 10x leverage, got a,000 bucks. You got a,000 bucks, 10x leverage, you got $10,000.

40:05Exposure in the market even though you only have a hundred or $1,000. Funding payments between long and short traders help keep the contract near its reference price. And what is the tradeoff in perpetual futures? Don't go running in if you don't know why they let you borrow money and have [music] 10 times, 15, 20, 30, 50, a thousand times the exposure in the market. It's because when you get liquidated, they take your money and the

40:33higher the leverage, the more likely you are to get liquidated. That's fun. Shout out to uh the new project, and I'm not endorsing it. It's just absolutely hilarious, called Paper Trade or something like that. We talked about it the other day. 1,000x leverage. I mean, is there a limit? Are we going to do 1 millionx leverage? Like, come on. And so, uh, it's a really interesting project where people are getting liquidated left and right. But it uses

41:00the liquidations to like fund the whole thing, right? I would love to do a deep dive on that. Unfortunately, the paper trade thing is such a new product and very small that it's not something most people would know about. So, if I did a token autopsy, would you watch it? Would you be interested in that? Perpetual futures. Insufficient collateral can trigger partial or complete liquidation. And that stings. Anybody here ever been liquidated?

41:29I know my crypto OGs have been liquidated at some point in some way. So, leveraged magnifies the results, but it also magnifies the risk. A trader deposits a,000, opens 5,000 of long exposure. They have a 5x leverage position. The position uses approximately five times leverage. A 10% increase in the underlying asset creates roughly a 50% gain because you take whatever your increase is and you times it by your leverage relative to

42:02the original collateral before funding and cost. A 10% decline can also get you roughly a 50% loss. A larger adverse move can trigger a liquid a liquidation and they will take your money. This is a very short very quick lesson on what the heck leverage is if you do not know. So the main perpetual futures terms, right? Collateral supports the position. Initial margin determines whether the trader can open it. And maintenance margin determines

42:34when liquidation begins. You have closed leverage, cross leverage, um you know, where it can dip into money in other places. Those are things that you should know about before you start using perpetual futures, never financial advice. So the market price helps prevent one thin trade from manipulating liquidations. Open interest measures outstanding positions that remain active. And if you have a bunch of lighter uh leverage positions open,

43:00right, then at the same time, you have the ability in a very thin liquidity setting for people to manipulate you in an incentive to do so because they get to take your money most of the time. Satseeker, welcome in. Welcome in. I appreciate you joining the Discord. I think Canton would be a great token autopsy. Okay, I think we're going to roll next week with more. Let me I'm going to write it down. Satseker, I'm

43:32going to do Canton next week just for you. We're going to do a token autopsy, a CC. I think there was another one you recommended as well. So, if other people don't give me recommendations, then I will do that just for you. People, tell me what you want. I wanted to do Zcash, especially if we get I wanted to wait until we got a little bit of um of movement here, but I wanted to

44:10do Zcash. By the way, Satseker, I want to give you uh a couple free tokens so that you can participate in roll here. So, let's do that. Hopefully I did this right. I'm doing it from my phone. It makes it much more difficult. When I type in your name, I have to do it perfectly. On the computer, I hit at type like two letters and it'll pop up, you know, and I can click it. I get it right. This time I have to make sure I really got it right.

44:58So, SatSseeker, if you just type in exclamation point roll, you now can roll on the board game. If you type in exclamation point peace and then whatever emoji you want, you can have your character on the board change to whatever emoji you want. We have custom emojis that I built for the stream. I will show one off right now that I have a membership program, right? $3 a month and you could get those custom emojis and you get access to a

45:33bunch of other things as well. So, welcome in to the Underground Crypto Show. And the reason why I tell everybody about my memberships is because that supports the work I do. You want me to be around, you want me to do more content, you want me to have the all the time in the world to be here for you guys and stream often. I already stream six days a week, but I mean even more often, then support your boy. And just a shout out, I have an

45:59announcement. All the token autopsy stuff that we're doing, the completed list of it is going to go in the Discord, right? And in the Discord, it's going to be behind a payw wall and you are going to need to be a member of the channel. It's $3 a month. Basically, I'm going to be charging $3 a month, not for the Discord. I really want to make this proof and I'm not doing it yet, right? I'm going to do it when we get to

46:2840 token autopsies. That's my goal. Now, the videos will still be on on YouTube, right? So, I'm not blocking you guys from it. And the regular part of the whole rest of the Discord will all be available to you guys for free. It'll just be the token autopsy and the leaderboard information. That will be what is behind a payw wall. And there will be a preview of each one, the what you may not know about certain things to give you a little taste of it even for

46:59free as well. And I will not be putting that behind a payw wall until we get to 40 token autopsies. Okay? So, this is happening in the future. You're not going to get kicked out of the Discord if you don't have a membership on YouTube. That's not a thing. certain people if for some reason you're not able to have a a membership on the YouTube like Struggahart if Struggerheart's here. I haven't seen

47:22Strugggerart today actually. I don't think is Struggle Heart here. He usually never misses a stream. But anyways, um you know there might be a couple people I can add and make exceptions for. Reach out to me if you have any questions. you [clears throat] can uh in the future maybe pay me in crypto, but it's $3 a month, guys, and you get [music] the custom emojis and everything else. Just wanted to make that announcement. It's not happening

47:48yet. I'll keep announcing it so everybody well knows. The entire Discord is not not going behind a payw wall. A small part of it where this information lives, the powerpoints, all the notes written out, um the link, you know, everything organized and put together that will be behind a payw wall for $3 a month at the time. You must be a member. And being a member gives you the custom emojis and several other things. Anyways, enough about that.

48:18support your boy and all the work that I do because I don't know if you guys realize, I've said it before, I spend way more money on all the things that I use to make this stream great than I make off of YouTube. Cuz I do it cuz I love it, not because I really am money hungry. If I was money hungry, I'd be in a different space. I'd be gaming like Grand Theft Auto or something like that. I'd be doing something I think has a huge audience if I was here for money. I

48:41am here to hold myself accountable and raise my crypto IQ. Let's talk about Lighter and get off of that. So lighter's current product right lighter pers which is perpetuals it's a short for perpetual markets right so lighter per provide perpetual future markets right lighter spot provides [music] direct asset trading with know you know no leverage or anything like that the original og spot positions uh lighter bridge supports deposits and withdraws

49:09between ethereum and lighter and lighter mobile provides iOS and Android access from your phone distribution and future products, right? Robin Hood Per gives eligible Robin Hood wallets users access to lighter powered perpetual markets. Public API support automated traders, market makers, and other applications. Because of this game and board game, my chats move so fast, right? And I'm also reading on the stream. So, for all my undergrounders,

49:40if you're trying to say something to me and it's important, feel free to say it a couple of times. All right? You're not going to offend me. Nobody's going to ban you from spamming, especially if you're not spamming. Shout out to CCP. He says, "Give us beauty content." Well, you think I'm beautiful. I'll have to do that. I'll think about it. Maybe that'll be exclusive content inside the Discord. Y'all are funny. CCP always, always keeps us highly entertained. Thank you

50:06for being here. Satseeker gets it. He hops right in. He's playing. He understands how to play these games. I love to see people really understanding how this board game works. It's not that complicated, but it does take maybe 15, 20, 30 minutes of actually engaging to figure it out. Just watch. If you're coming in and you don't know the board game, just watch what other people are doing. Anybody can participate. Anybody in the chat coming

50:34in can participate. Smash that like button. All right, let's continue to move distribution and future products. Right. So the white paper discusses prediction markets, lending, and a sidecar virtual machine as future directions. These are things to come. Our token autopsy focuses on what is real right now. Updates to our token autopsies can come in the future when major updates happen. Those remain catalysts until production use produces

51:02measurable activity and fees. And the reason why we do it that way is because it could tell you something amazing is going to happen in a month, but then in real life it doesn't happen for a year or two. And so why would we grade it on how good the token relation is to the ecosystem when these things are not cemented in stone, the core architecture, right? So the sequencer receives orders and executes user transactions. The prover

51:29creates cryptographic evidence that the resulting state transitions followed the rules. That's important on a blockchain. And the indexer organizes raw exchange data to keep everything nice and orderly. API services provide market information and accept ordinary trade requests. Ethereum contracts hold deposited assets in the canalological state route just means the memory of everything that has happened right is verified over on Ethereum.

52:01Ethereum data and account reconstruction. So lighter posts compressed account state exchanges and market information through Ethereum blobs. That's just what they call it. Don't get stuck on it. It does not need to publish every cancelled order permanently because the order's canceled, right? It must publish enough information for users to reconstruct changes affecting their account value. Though the data supports and escape

52:34mechanisms if normal system operates fails. So the the data supports an escape mechanism if normal system operations fail. This is very interesting. I have a video about Lighter that I did a long time ago. There's also a video about the [snorts] uh founder of Lighter and an interview that was done with him that I've done. I've done videos on Lighter. My channel was just much smaller and I don't think

53:08I don't think uh most people understand. Let me let me type back. I only respond to highly important people while I'm streaming. So, >> let me respond to this real quick. Have you ever had somebody you know like does a certain activity or something and you're like, "Man, I really wish I could get invited to that." But like you can't you you it's not somebody you've known for 20 years, right? You can't just be like,

53:59you know, my brother or somebody. I just be like, "Bro, what what are we doing with Oh, you're going over there? Okay, I'll see you. I I'll see you at 1. I'll be there. I'll just invite myself when I dealing with somebody I've known for 20, 30 years." But you can't do that with with with other people, right? That's just rude. So, I've I've waited for this opportunity for a long time and I woke up from a nap cuz I super exhausted. I don't need to

54:23tell you that story, do I? I get off on a tangent sometimes. But anyways, uh I finally got that invite today and I am super stoked about it. Super stoked about it. So, what verifiable matching proofs getting back to lighter, where's all my people at? I love to see Satseeker coming in here and just hopping right into being a part of the community. Like, no problem. Oh man, that makes me so happy. A lot of people don't know how

54:50long I've been wanting to make this digital board game and it's been just like an idea in my brain and I tried to execute it and then Grock decided to just conveniently forget the entire memory of our conversation as I was trying to figure out how to do it and then I didn't touch it for a while and I finally got back to it. So I am super super glad that people are enjoying it and we had five games. I added five more games.

55:18There will be more games for more variety as well. Pretty good stuff. CCP says, "Naps are awesome." They really are, especially when, you know, your your fussy sick child keeps you up till like 500 a.m. multiple nights in a row. She's finally feeling a lot better. But oh, that's rough. And you have a newborn, right? So, you're just like constantly switching between the newborn and then you have, you know, a 2-year-old and then you also have an

55:468-year-old who's trying to ask you a bunch of questions the whole time. It's a lot of fun. I know you I know there's people out there who knows. I know I'm not the only one. CCP says, "Your board game is awesome, and it's only the first version, right?" Uh, in the main hangout in the Discord, I'd love to hear your feedback if things aren't working completely right. it's very hard for me to keep up with the um the chat the whole time, right? So, if

56:10[clears throat] something doesn't work right, uh in instead of just putting it in the chat, if there's a problem, just put it in the main hangout. That way, I can see it later. Shout out to Chris Goss 333, my fellow lifer givers. Remember, I was a lifer. I still am a lifer first and foremost, but I was a lifer long before I ever started streaming. And Sam is a big part of the push. all his motivation and meeting him in person and things like that was a big

56:36push to get me to really lock in and take this seriously. And here we are over two years later. Pretty awesome. Anyways, uh what was I actually saying there? Yeah, if the board game does anything odd, [music] put it in the Discord in the main hangout. Also, if you have any ideas for games or cool things that could be added, visual effects, stuff like that, put that in the main hangout. I would love to see it. I'll take anybody's feedback. It

57:02doesn't have to be positive feedback. I can handle it, guys. All right. So, what verifiable matching actually proves, we're talking about lighter, and this is the token autopsy of lit lit, the lighter token. So, the proof system can confirm valid signatures and sufficient balances, right? It's a verifying system. It can confirm correct memory or state changes anywhere you see state. If you don't understand what that means, cuz that used to mess me up when I was

57:31new in crypto. I'd be like state, I don't know what that means. It means like memory, right? The memory of stuff that has gone on inside the blockchain, right? So, it can confirm correct memory changes or state changes. It can confirm that trades followed the encoded matching rules. It can confirm that liquidations use the systems programmed parameters and were done properly. What the proof cannot guarantee you though, the proof does not guarantee that every

57:59external price input was economically perfect, these are flaws you have to work with. It does not prove that the sequencer never displays an order before inclusion and it does not keep the front end online. It does not guarantee that every contract upgrade is desirable or bug-free. And a proof cannot guarantee that crypto cryptography narrows the trust requirement. It does

58:28not retire operational risk. [music] So the proof, even though it verifies things within the system, does not eliminate all risk. Right? Make sure we're caught up on the chat. I would love to get Chris Goss some tokens. Chris Goss, if you're still here, just say something and I'll give you some free tokens to play our digital board game. I just know a lot of times you pop in and say hello. and maybe don't always hang out, which I

58:54appreciate a ton. Back when I would have barely any viewers, I would love when you'd pop in. It really meant a lot to me. So, I appreciate you, even if you don't hang around for the whole stream. So, the normal user journey, the user connects a supported wallet and deposits collateral. Ethereum side contracts receive the assets and the lighter account receives the corresponding trading balance. The users the users trade right through spot or perpetual

59:22markets and the sequencer executes activity and the prover generates the batch proof. Ethereum verifies the state update. So here is a visual layout. So after I do some explanation, my job I feel like is to take this information, present it to you, but also really go the extra mile to try to make sure you understand what the heck I'm talking about, [music] right? And I my belief here is that of course it's going to make you a better speculator in the

59:54market, right? never financial advice, but also my belief is that if you just commit to when you can coming to the stream, doesn't have to be every single day, although I would love it if it was, but that's a little self- serving. But the more often you come, I believe these things are going to click and it's going to make a lot of sense. That's why I go off on the little tangents. That's why I have the little lessons that I try to do when they make sense and also why I do

1:00:18these visuals for you on screen after we talk about stuff, right? So first you have the wallet and the collateral, right? The collateral is living inside the wallet. Then you have the Ethereum contract. Then you have a lighter account and then you have the trade and the proof of the trade. Ethereum verifies the update state after the trade batch withdraw and emergency exit. Now the emergency exit thing here is pretty

1:00:47interesting if you ask me. uh withdrawals and emergency exit. [cough and clears throat] Under normal operations, the user withdraws through the standard route. Priority transactions can be submitted directly through Ethereum for censorship resistant actions. If and only if the sequencer fails to process required priority activity, the contract can freeze normal state progressions and the user can then use

1:01:22the escape mechanism to prove account value and exit through Ethereum. So, it has this safety feature or what they call an escape hatch. I remember covering this when I did my first video review on lighter. Again, I have another video on lighter I did a long time ago. It's not going to be as well put together as this one or as complete, right? But what is more interesting than that old video is a video I did about an interview that was done with the

1:01:53founder of Lighter. And I think I'm going to go ahead and put that in the Discord in the organization so it's there for everybody as well. So, the escape mechanism offers a stronger fallback than relying entirely on a company's database. It still requires correct state reconstruction, usable tools, and functioning Ethereum contracts. An emergency exit protects custody. It does not guarantee a comfortable market exit from a leveraged

1:02:24position during volatile or violent trading. An emergency exit that exists only in a technical PDF remains a very theoretical parachute, though, so you don't really know until you've had to use it. Oh, who won? Is that reliable Jay? Nice. I love that little wheel that pops up. So, standard accounts here. Maker fees zero. Taker fees zero. This is pretty good start for your average user.

1:02:58Taker latency is approximately 300 milliseconds and cancellation or modification latency about 300 milliseconds. How long is 300 milliseconds in seconds? That's a good question. Users may create up to four sub accounts. So, you can have up to four sub accounts. This tier favors free access over the fastest possible route. So just because the average user has free access does not mean that there is no business model to

1:03:28lighter. All right, that would be jumping to an assumption. You don't want to do that in this space or honestly anywhere in life to be honest. That's my opinion. So premium accounts without staking the publish maker fee is 0004%. The published taker fee is 028%. Taker latency falls to approximately 140 milliseconds. So it's faster when you're premium as it should be. Postonly placements and cancellation avoid the standard accounts added delay.

1:04:00Professional traders may pay for responsiveness that's being fast because small execution difference becomes expensive at scale. So who do you think professional traders are? You think that me at home with like $75 in an account? No. Most professional traders are much higher amount of money. So those fees add up a lot more and they need that fast execution and lower fees. Now if you were to stake a,000 lighter tokens, it provides a 2.5% fee discount.

1:04:38And then 10,000 lighter tokens would give you a 10% discount. 100,000 lighter tokens gives you a 20% discount. and 500,000 lighter tokens gives you a maximum published 30% discount if you're a big-time trader. Makes a lot of sense. Premium staking discount. And the cool thing about staking it is one, it's like you believe in the product and you're going to hold it long term. You're earning off of the staking in all

1:05:05likeliness, even if it's just from the discount on fees. And hypothetically, you'll be able to get that money back hopefully at a return as well. So, if you get in early and you're somebody who's a big whale trader, lighter could make you a ton of money. Premium staking discount tier. Here it is in a visual way. a,000, 10,000, 100,000, 50,000 or 500,000, sorry, staked lighter can give you these

1:05:39big discounts on fees. So, plus accounts on lighter plus accounts pay a published maker and taker fee of 0.5 basis points. They receive larger transaction and data request limits and the target high-capacity users who do not require premium level latency. So a plus account is not the same as a premium account. The account structure monetizes speed, automation, and throughput while keeping default retail trading free. So it seems like

1:06:13it's a like a slight upgrade from the free account. I love that the regular retail comes in and gets free accounts with zero fees. That's dope. All right, Camster, are you here? Are you listening? Are you are you using lighter? Camsta says he owns some lighter, but are you using lighter? That is the question. So, the liquidation waterfall in a healthy place, account value remains above the required margin, meaning you

1:06:45haven't gotten liquidated. Pre-liquidation, the account falls below the initial margin and the actions that increase risk become restricted. You can have partial liquidations where the system cancels open orders and reduces the position. And then of course your full-on liquidation LLP can assume the remaining position and manage the risk. You basically get taken for a ride at that point. But remember, you chose to

1:07:16be there. You chose to play the game. So, as much as it stings, and I know it stings, I've lost thousands of dollars in liquidations before in one liquidation. And uh and multiple times, so I know how it stings, but you will recover. Even if that means you don't trade anymore, you will recover. It's not the end of the world. Get outside, touch grass if you get liquidated. That's my best advice. never financial advice. Liquidation step by step.

1:07:48So, here it is laid out, right? You can have just healthy, everything's good, pre-lquidation, usually you get a warning when you're getting close. You can even have partial liquidations which help reduce risk and position size and then you can just have the full-on liquidation. At that point, game over. The lighter liquidity pool. So LLP supplies protocol liquidity and helps manage liquidations. It becomes the counterparty to position

1:08:20assumed during full liquidation. Partial liquidations can send a fee of up to 1% to the liquidity to the LLP. The liquidity pool, right? I believe it's called the liquidation liquidity pool. The LLP also backs stops auto deleveraging events. The LLP depositors earn because their capital accepts trading and liquidation exposure. So, you can actually put your money directly into the LLP and make money that way as long as things go

1:08:54well, but there's some risk in exposure. If LLP assumes a badly impaired position during a violent market, depositors can absorb the loss, aka impermanent loss. Strategy buckets can isolate the maximum loss assigned to different market groups. Think different strategies in a isolated manner. The documentation says that positions still remain under one LLP account even when strategy level loss limit applies. This is not a savings account in case

1:09:31you thought it was a savings account with a more adventurous front or face to it. adoption. Let's get into it. Capital deposited 742 million total value locked. Total value locked is assets deposited in tracked or reported lighter contracts. Not company revenue. TVL is not company revenue. That's the [music] big takeaway if you want to raise that crypto IQ. It's not token holder income or money available to buy lighter token

1:10:05in a buyback [music] and burn capital deposited a billion dollars 1.08 08 let's just call it a billion TVs. So L2 beats which is like a company that does reporting right value secured methodology differs from DeFi total value lock. Do not add these two figures together. And if you don't understand what it what any of what certain numbers mean and and what's associated with them like TVS or total TVL uh just ignore them [music] as you

1:10:39try to educate yourself. But in your decision making, my recommendation, just my thoughts that I use for myself, if I don't understand something, I seek to understand it. But if I don't fully get it, I don't make it the end of the world. Adoption, perpetual trading. Approximately 2.4 billion in displayed 24-hour perpetual volume that should have been pulled from today. around two billion came from the primary lighter perpetual product showing you that most

1:11:07of the activity on lighter is around perpetual markets that they created. So 2.7 billion in 24hour trading perpetual volume. 2.5 billion came directly from the primary lighter perpetual product. Approximately 686 million came from the Robin Hood deployment. Volume measures notional trading activity rather than a protocol revenue. So volume is not revenue. Biggest takeaway there. Open positions. Well, there's about 725.9, right? Almost 726 million in open

1:11:45interest. Open interest measures the value of derivative positions that remain active. So perpetual positions that remain active. But rem remember we're saying interest. So this this number represents money on leverage right it's money in the market because the money is borrowed from somewhere and used to put in the market. You can't put fake money in the market. So when you go 10x leverage, you are borrowing the other 9x, right? The other 90% of

1:12:17that position if you want to say it that way from somebody centralized exchange, you're borrowing it from a centralized exchange. In a decentralized exchange, they have the liquidity set up in a different manner and they're hoping honesty that you get liquidated fees and liquidations so that they can make money. That is how it works. So it differs from daily volume because it excludes positions that are already

1:12:43closed. So there you go. High open interest shows capital commitment means they're in it, right? But it also increases the importance of order liquidations. When too many positions start leaning one way, we usually see the market flip and go the other way. Adoption, users, and activity. Meaning, if everybody gets short right now, because the market's down, everybody rushes short, it's over,

1:13:10it's going to go to a new low, it's going to take this 10,000, 12, 15,000 crash in a week. People start speculating on those type of thoughts in perpetual futures and even, you know, spot markets are different because you can't get liquidated, but in other asset and ventures as well, then all the incentive is to liquidate those short positions. The incentive is not to dump the market and make sure all of them get paid. Do you understand? That's what a

1:13:40short squeeze is. And just like if you're a lifer, you understand a short squeeze. There's long squeezes as well. We might be in a long squeeze right now. And this is why liquidity and things are so important in this market. So approximately 20,826 active addresses in the displayed 24-hour snapshot. Approximately 2.5 million transactions during the same period. The large difference shows extensive automation and repeated

1:14:12activity. Transaction measures action. They do not represent 2.5 million separate people carefully reconsidering their financial future. Adoption beyond perpetuals though. So what else has it got going on? So approximately 630 million in 30-day spot dex volume. So this is spot not perpetuals. So beyond its main product of perpetual future markets, it also has spot. Spot is where you can buy and hold as long as you want. You can buy on spot because it's

1:14:44decentralized. Your wallet should already be connected and everything and it should be in your wallet. Security with wallets and things like that. That is a conversation for another time. But because of that, you could buy on spot and hold for 20 years, 100 years. You could put it in a trust or something with, you know, for multiple generations, whatever, right? Spot does not require you to sell at a certain point or have a liquidation.

1:15:12But spot is doing well as well. 630 million in 30 days is pretty good. Approximately 1.8 8 trillion in cumulative perpetual volume. Spot provides a second product but remains much smaller than derivatives because you can't put it on leverage. Cumulative volume demonstrates scale. It does not prove that every period produced the same amount of revenue or user retention from the day that they started to where they are now. How

1:15:41lighter actually earns money. Just to recap and break it down, like I said, my job is to make this as understandable as possible. if you would only lend me your attention. Premium and plus traders pay market and taker fees. So regular retail who just hops in with their hundred bucks, they get free zero maker and taker fees. That's amazing for adoption. But if you want a little bit more, you get the plus. If you're a big whale, a big money maker, you get the premium.

1:16:08Transfers and withdrawals can generate protocol revenue. Liquidation fees can compensate the LLP for accepting risk. I believe the LLP is liquidation liquidity pool, but it could be something else liquidity pool or it could be lighter liquidity pool. That would make that would make more sense. It hasn't spelled it out for me, so I'm just assuming. Or liquidity provider. A liquidity pool is full of liquidity providers. Does the LP stand for liquidity pool or liquidity

1:16:37provider? Doesn't matter as long as you understand what's going on. How lighter earns money. The Robin Hood deployment creates an additional distribution and feed channel. Sounds like there's a lot of ways for Lighter to earn money and it's got a buyback and burn mechanism. We're not exactly to that point yet to point [music] out exactly how much is being bought and burned, but we know that it 18 million has been burned so far out of 250 million in circulating

1:17:05supply. So where the free the fees arise, we're just giving you a you know visual for what we've already talked about. You have premium and plus members paid transaction protocol revenue and then a liit which stands for the lighter token purchase and then that can eventually be burned. 30-day fees 5.8 million users paid across the track product 4.8 8 million 30-day protocol revenue that is retained after supply side payments paying all [music] the

1:17:37expenses including certain LLP fees. Annualize revenue run rate. Right, this is where it could get a little technical. So, I'm going to run through it pretty quick. Remember, you can always pause the screen and at some point in the very very very near future, all of this will be accessible to you in the Discord, [music] this slide as well, this PowerPoint. So annualized fee rate is approximately 82 million. Annualized protocol revenue approximately 64

1:18:04million. When you see the term annualized, it's just to take the numbers that are already that we have for what has already happened and to just apply them as if it remains the same for a year or for the rest of the year. These figures extend observable activity, not an actual annual rate. They are run rates, not forecasts. trading markets rarely receive calendar and agree to cooperate. Right? So, what they're saying here is that annualize,

1:18:35this is why annualized stuff I don't worry about so much, but it it can be valuable if you know how to use it, but also markets and things don't usually consistently do the same thing in the crypto space especially. So I think that they're less valuable then they might be valuable in a normal tool in something like uh the stock market, right, which is far more consistent and less volatile. Not saying there's no volatility, but it's less

1:19:03volatile than an emerging asset class like cryptocurrency, blockchain technology. So here you go. Here are the track token buybacks. Now, this is buybacks, not burns. We're getting to burns, but this is some of the most important information as it applies to the tokconomics as we get closer to talking about the token itself. So, quarter 1 2026 about 14 million. Quarter 2 2026. See how it slowed down 7 million. Quarter 3 7 million. This is in

1:19:32US dollars not lighter token. Partial right now quarter 4 cuz quarter 4 hasn't ended yet. 1.2 million. These values show that buybacks respond to protocol economics and market conditions. They are not a fixed quarterly entitle entitlement. They do change. I love when I mess up my words live. Premium traders stake lit token for lower fees. Liquidity providers stake the lighter token for LLP deposit capacity.

1:20:04I'm really starting to think that stands for lighter liquidity pool and not liquidation. Pretty funny. Stakers currently receive a fixed 6% APR. Trading fee revenue funds open market lighter or lighter token lighter coin purchases. I I was about to go on a tangent about um APR and I don't know if you saw that. I caught myself. I caught myself. I didn't do it. Ecosystem programs use lit token for incentive and distribution. These things run long

1:20:38enough as they are. Right. What are we on? 107 of 142. And I actually had to split this up into two different PowerPoints because if it's above 40 megabytes, it won't open inside ChatGBT. And then you got to pay for the PowerPoint Excel program, which I am not doing. All right, I'm stubborn like that. I'll just tell ChatGBT to break it into as many PowerPoints as it needs to that I don't have to spend money on PowerPoint. I think that's stupid.

1:21:08Anyways, that's my own opinion. I don't know why I threw it in there, but you're welcome. How are all my undergrounders doing? Smash that like button if you're new. And if you want some free tokens and you're just rolling in, you want to play the game. Obviously, you can play the games, but I'll give you a slight advantage by throwing you probably four rolls. I increase how many rolls I give a new person as the stream goes on because everybody's been playing

1:21:30and just running laps here. Don't forget you can put exclamation point peace, your favorite cryptocurrency ticker, or also your favorite emoji, custom emojis. Hit enter and it will change your piece on the board. And remember, I think other people can do this too. If you type in exclamation point board, it should show the leaderboard and things. Even though it is up in the corner, it'll tell you who's in the lead right

1:22:06now. Reliable J is in lap two, spot 20. CCP is in L1, so layer or lap one. It's a layer one. I'm so used to saying that. And he is in spot 26. So, he's coming for that second position. Remember, uh CCP showed up much later. Satseeker is in at position seven. Is he done playing? Is Satseeker still playing or did he he he come out? Remember, whoever wins is getting $10 in free cryptocurrency. Yeah. So, there you go. Satseeker put

1:22:40exclamation point board. I am giving away $10 in free cryptocurrency. We will have more interesting uh items, 3D printed items, holographic stickers, like we have other things on the way and we will increase the amount of money one per show as we move along here. So, the more you practice, the more you know the game, even if you don't win, will do you much service. Also, I might do like a really big prize. I'm glad to see you're

1:23:08still here, Satseker. Shout out to you. You get VIP points, right? So, I also want to say I'm thinking of doing something where like we do a week of the game and we keep track of who won the game every day and whoever won the most gets a $100 or like a bigger prize. That's what I'm saying. Like a bigger prize, right? And so that would be a lot of fun. That's a thought. I gotta think about how I'm going to do that because what happens if, you know, multiple

1:23:41people win, but nobody wins more than once. That would be a problem. I got to figure out how I'll do that. Anyways, let's get back to the lighter token on tops. You just want to take a B uh a break real quick to say what's up. Satseeker says, "Cheers, my dude. Back at you." And uh one thing I just thought that I want to add to the game board is like the way that you put exclamation board and you're able to do stuff. I want to put

1:24:06maybe a few visuals and things on screen that like pop up when you put in certain things. I think that'd be cool. Like, you know, some fireworks, maybe some confetti, maybe like a chart of like a rock, you know, a rocket on a chart going up. Like cool stuff that people can do as well just to be engaged. And I think it's I think people think it's fun to type something in the chat and something happens on the screen. Anyways,

1:24:32LLP access as token utility. One staked light token permits. So, if you stake a lighter token, it permits up to $10 USDC of the lighter liquidity pool deposits. This makes the lighter token a capacity right for users who want to supply the liquidity pool. The utility becomes more valuable when LLP offers attractive risk adjusted returns. If expected LLP returns weaken, demand for that capacity weakens as

1:25:10well. It's the give and take, the push and pull. The different reasons to stake, right? Well, a premium trader may stake just to reduce the reoccurring fee bill, and if you're moving a lot of money, that's a big deal, up to 30%. A LLP participant may stake to gain deposited capacity. A passive holder may stake to receive additional lighter tokens. And these are different demand sources for different durability, but

1:25:41are all still valuable to the lighter token. Fee saving depends on paid trading. LLP demand depends on expected returns. And reward demand depends on the funding and value of the reward. The 6% reward lit token stakers currently receive a fixed 6% APR. That means 6% on their money a year. Unstake unstaking requires a 3-day wait time. We'll recap in a little bit. And the official utility page identifies a

1:26:15source address for reward tokens. It does not establish that the full fixed APR comes from current operating profit. Treat the APR as token distribution unless the funding route proves otherwise. The product to token relay. Checking on the chat. Cool. Okay. So the product to token relay here. Trading activity creates paid transactions. Paid trans transactions create protocol revenue and protocol revenue buys light token from the market. purchased light

1:26:50token can be sent to the burn address, but it doesn't seem like it has to be every time. Here is a visual of that. Trading activity, protocol, revenue, lighter token purchase, market and from market price, right, from the open market and then a possibility of a burn. But when do they burn and when do they not burn? That is the question. when to burn or when not to burn where the relay is strongest. So, the buyback uses market purchases,

1:27:22which is good, rather than an accounting adjustment. The protocol has already generated meaningful revenue. Tokens have already reached an inaccessible burn address. That what we're saying here is tokens have actually been burned. Actually 18 million tokens out of 250 is pretty good percentage. Lighter token also gains demand from product access and fee savings. This is one of the clearest product to token connection in the token autopsy series.

1:27:53Mind you that this is all about a token autopsy. You like that dramatic pause? I'm working on it. Working on my talking skills and I'm getting good. Nothing like talking on the internet for like three hours a day to really sharpen your skills, right? Where the relay is weaker though, standard traders can use lighter without buying the lighter token. They can use the product lighter without the lighter token. Standard accounts can

1:28:21also pay no maker or taker fees, which doesn't do anything for the lighter token through buybacks and burns. Fixed staking rewards may add token distribution. The long-term buyback policy does not appear economically immutable or unchangeable, right? And product growth benefits lighter token most when activity produces paid fees or creates staking demand. Confirmed burns. We know that 18 million

1:28:52lighter tokens currently sit in Ethereum's burn address. That equals approximately 1.8% 8% of the original supply of the 1 billion max supply, not the 250 million supply and it equals approximately 7.2% of the current reported circulating supply or float. A separate October report shows 2.4 million light purchased through the automated program through quarter 3 and has been burned. I I'm starting to get really bullish on

1:29:26lighter. Don't don't think that I get bullish on every token autopsy that we do, but the more that I think about it, Lighter and Flare, looking at the market caps being under a billion. I think Flare was 585 million yesterday when we did that token autopsy market cap. I mean, as a financial product like Flare is a $2 billion doesn't seem crazy and it could go up much quicker than that, much

1:29:54faster by the tune of billions of dollars. Same thing with Lighter. What makes a buyback economically strong? I mean, looking at Lighter where it is right now might be like buying Hyperlid back when it was like under six, seven bucks, under 10 bucks, right? As far as multiples that could be easily achieved, I am mostly just thinking out loud, right? It's funny everybody's putting sleepy. You guys are getting tired. You guys are

1:30:29not drinking coffee right now at 10:47 at night. It's crazy. It's just me. What makes a buyback economically strong? Well, revenue must reoccur. Purchases must occur at market prices and purchase tokens must be removed or held under a clear policy. New circulation must remain small enough for the purchase to matter and lighter currently provides strong evidence for the first three. December begins the serious test of the fourth. So, what I'm

1:31:01kind of hoping is with all these cliff and these unlocks about three million a week for the team allocations and stuff like that of lighter tokens that we see a a decent dip in lighter. I can say that cuz I don't own any lighter and I would like to own some lighter, right? But it is also going to be a very serious test of what they have going on. The flame has revival. So, a burn only wins this test against the supply that arrives during the same period. See if I

1:31:34can say it as simple and quick as possible. New tokens come out in a given period of time into the circulating supply. We call that emissions. Emissions inside of a vesting schedule. You take the amount of tokens that is burned and you look to see were more tokens put into the circulating supply or were more tokens burned than what was put out into the supply. If more tokens were burned then you have a deflationary tokconomics for that quarter. It doesn't

1:32:06mean it's always going to be the exact same all the time. But that's positive for that time period that you were measuring. If more tokens were put out into the circulating supply than the tokens that were burned, the burn is always somewhat still meaningful, but you have not reached the neutral or the deflationary level. You're still in inflation. But the burn is always reducing inflation. This is tokconomics. I'm a firm believer that if you don't

1:32:35know your tokconomics in this space, you're not going to be as good of a speculator as you could be. And that is my opinion. Current snapshot. Well, the price is approximately $3. 250 million lighter tokens in circulating supply. Max supply 1 billion token. A float. That is how many circulating out of the max is approximately 25%. Market cap is about 735 million to 740 million. Obviously, it fluctuates. And

1:33:04fully diluted valuation is approximately 2.9 billion to 3 billion. Most people are not worried about that number. Again, fully diluted value is if you take the max supply and apply it to the market cap. It's like if you say the market cap doesn't change in the tokconomics, like it just stays the same, but all the rest of the tokens come out, right? Actually, I don't know if that's right. Do I have that right?

1:33:33And if it grows at the same rate, I actually slightly messed that up, but that's okay. We'll we'll break that down at another time. Right. So, market cap applies the current price to the reported circulating supply. Fully diluted value applies to the current price to the complete 1 billion token supply. So, yeah, I I said that just about right. There's an element of it that I could have explained a little bit better, but to save you guys a long

1:34:03tangent, I will put that together for another time. The nearly four times gap does not predict that the market cap will automatically reach fully diluted value. It shows how much future supply receives today's price before entering circulation. The vesting schedule lives inside that gap. The original token allocation. So at the token generation of the lit or lighter token, this is what was going on. The team got 26% which is a lot for team allocation.

1:34:34Investors got 24%. It's a lot for investors, but the ecosystem also got 25% and airdrops gave you 25%. And they had a whole point program going on and it was pretty interesting. And that's how you could have got some lighter tokens for free. I probably should have participated in it, but there's always a million things going on in crypto at the same time. Who has enough time in a day to try to chase every airdrop? The entire airdrop allocation unlock at

1:35:04the December 2025 token generation event. Team and investor allocations use a 12-month cliff. After the cliff, right, after that time, those allocations vest literally so over time for 36 months to the tune of about 3 million lit tokens a week. And it's going to be a big test for the lighter token. But after those 36 months, I think this project could be off to the races. But will that be too late for this bull market? That's the

1:35:41question. Think about how long 36 months is. The vesting structure, the ecosystem allocation supports future points, seasons, right, partnerships, and growth initiatives, but its full release schedule remains less precise. Investor cost basis. The reported investor price is approximately 28 cents per lighter token. Why is that important? Because if we know the average investor price or where they bought at, we can assume how much profit or how many multiples on

1:36:13their money they are up now at about $3 and how likely they are to maybe sell or sell some of it. But I think a smart uh investor or somebody probably sells some cuz they got a realized gain. Maybe they'll sell to equal how much they put in. Like if they put a million dollars in and now it's worth I don't know I what's the math from 28 to $3. I don't know. I'm just going to rough it. Say like a 910x. Oh no, it'd be more than that actually. That'd be $2.80.

1:36:45So yeah, it's about 11x or something like that. Maybe between 10 and 11x. um you might just sell that million dollars that became $10.5 million. You sell a million or 2 million, right? So you made a million, you got your million dollars back, and now you own a bunch of it. So that's still sell pressure, but I do think a smart investor would hold on to some of it. Venture capitalists might just dump and look for the next project, right? A

1:37:16market price near $3 represents roughly a 10 times difference. Wow, I could have just read the next line instead of doing the math in my head. That cost difference does not prove that investors will sell. So just because they're up a bunch of money doesn't mean that they have to sell or that they will sell, but it means that they could. It does mean early investors can realize substantial gains at prices that would create heavy losses for new buyers.

1:37:40my opinion. I'm going to look to maybe get some lighter. Maybe like starting after December, I'll buy like a tiny tiny little nibble. But I'm gonna probably wait for it to get like six months or so into the vesting schedule, which is like six months into the year 2027, and just see how it's going before because although it's going to maybe have some bullish times, it may pump,

1:38:10it's going to be really held down by sell pressure with those coins being unlocked. So, approximately 1.6 million lighter tokens per week. I thought it was three million they said per Oh, that's just for the team. Yeah, an investor release 1.5. So, yeah, it was it was a little over three million. 3.19 million per week will be coming out at a current snapshot that equals about 9.4 million each week. So, combined

1:38:40releases. Did I miss something? You have 1.6 6 million and 1.5 million equals roughly okay because you still have your regular you know emissions at the same time. Sounds like this thing is going to move towards being fully vested or super close to its billion uh max supply relatively quickly. But what is that going to do to price? Now I do believe it'll be kind of off to the races after that. But that's a 36-month vesting

1:39:16schedule. So I think Lighter's going for the long haul. Got to put that in the back of your brain. 36 months from the beginning of 2027. Lighter will probably be in an amazing position. The unlock relative to today's flow. We're going to skip through this, right? burns versus unlocks reported weekly team investor unlock and approximately 13week release. So quarter 3 burn 2.4 million lit tokens weekly

1:39:52team and investor unlock will be 3.1 3.19 call it 3.2 two lit lighter tokens, million lighter tokens. I don't know why I'm saying that weird. Approximately 13week release, 41.5 million lighter tokens over 13 weeks. That quarter 3 burn equals about 5.9 or 6% of the scheduled 13-week release. Unlocking allows transfers, but does not prove that everybody's going to sell. Right? Basically, don't equate unlock with everybody's going to sell 100% of their

1:40:25tokens. what comp what the comparison means. Right? So, one scheduled week of team and investor vesting exceeds the recently reported quarter 3 burn. The current burn rate would need to increase materially for burns alone to offset the scheduled release and unlock tokens may remain held. Buybacks can rise or fall with revenue and token prices. The comparison measures supply capacity. It does not predict a matching percentage price

1:40:58decline. So holder concentration total Ethereum holder address is approximately 10,347 addresses. Top five addresses have approximately 53.8% of the total supply. Top 10 addresses 64% and of course the top 100 addresses about 94%. Mind you these type of addresses include the treasury, they include the project holdings and they include exchanges. They they include big whales. Of course, that's what most people are worried

1:41:36about. Just know that there are some legitimately large holders like the Treasury. You know, of course, nobody's worried about the Treasury dumping on them. That is the end of our first slide and we need to get into our second slide. Don't worry, we're almost done with this autopsy. I hope everybody is enjoying. Looks like it is loading in. Give it a second.

1:42:09Ooh, I know these can be very in-depth and very long. A lot of the idea is that these are going to live on and be valuable especially to very niche people in this bull run in general because how lighter is set up the original token gener like these things are not going to change probably ever or overnight. So if a big whale decides like they want to know more in depth about lighter, I want to have real accurate information. So holder concentration burn appears to

1:42:42be about 1.8% of the max supply. The concentration caveat here, large addresses may represent locked allocation, vesting contracts, system wallets, treasury holdings, and exchange custodies. Raw address data does not identify the final economic ownership of every balance. The allocation still shows structural concentration. The current entity adjusted ownership map would improve this analysis. So you have the team and funding. Let's talk about

1:43:12it. You have Elliot Technology Incorporated. They are who operate lighter. You have Vladimir Novascoski is the founder and CEO. I did a video about an interview with him as this thing was launching. I think it's probably still relevant. His public background includes quantitative trading and large-scale technology work. Lighter announced a 68 million financing round led by founders funding in Ribbit Capital at reported

1:43:47company valuation around 1.5 billion investors and distribution partners while official lighter branding identifies support from founders fund ribbit capital Han ventures and howen ventures I don't know how to say that Robin Hood and Coinbase it's written on the screen if it really matters to Financial backing supports development and distribution. So corporate equity ownership and lighter token ownership remain separate claims. A token does not

1:44:19become company stock merely because both appear in the same presentation. Execution evidence. Lighter has shipped a custom ZK rollup. Perpetual and spot markets are live and operating and have been for some time. Mobile applications and public APIs are available. premium accounts, staking, lighter liquid uh lighter liquidity pool access and revenue funded buybacks are operating. These things are all shipped. Robin Hood provides a working distribution route

1:44:50and the team has moved beyond the road map stage. So they have completed and done what they said they were going to do. Important control remains with the network governor, security council, upgrade multi-IG and sequencer infrastructure. Pause and emergency guardian roles also exist. And we have the exit strategy. Regular upgrade nominally carries a 21day delay, but they can override it to a zero-day delay if they want. The

1:45:21security council can, but most things have a 21-day delay before they're actually live. giving everybody time to adjust and understand and know about it. L2B which is a reporting type of thing. It's kind of like DeFi Llama in a way that every reports that every upgrade so far has been fasttracked. The governor retains authority over validators and guardian roles. Rapid upgrade help repair and improve a complicated system. So rapid upgrades help repair and

1:45:53upgrade a complicated system. A lot of times they don't have the time to wait 21 days if something is very important and you wouldn't want them to. They also require users to trust the parties that can change contracts and be pro and be proven, right? So there is always risk everywhere. Even if it's quote unquote decentralized, centralization still lives somewhere. Lighter token staking should not be confused with control of the keys of who

1:46:22can do what in the security council and governance applications. The competitive market while lighter competes with hyperlquid and dydx. It also competes with aster and other high throughput perpetual platforms. Drift and jupiter service attracts salana traders. GMX uses a different liquidity pool model. Centralized exchanges still offer deep liquidity and familiar interfaces. So, it has a lot going for it. So, what is its

1:46:50competitive mode? Well, custom circuits verify price, time, priority, matching, and liquid liquidations that it has over most of its competitors. Ethereum provides settlement and emergency exit route. Standard accounts provide free retail trading. That's pretty good. Free retail trading. Zero maker and taker fee is pretty dang good for retail and a competitive moat paid account tiers monetized professional speed and

1:47:20capacity. Robin Hood provides a distribution channel that most emergency dexes do not have. No single advantage is impossible to be challenged or replicated. Hyperlid has strong liquidity and brand recognition, probably the strongest in the game. Go look at the revenue per chain and look at hyperlquids. Centralized exchanges remain fast and deep liquidity competing decentralized exchanges can improve execution or

1:47:51subsidize fees. Lighter moat grows when traders remain because execution is genuinely good after the reward fades. All those airdrops security strengths while Ethereum contracts hold deposited asset validity proofs confirm state transactions or transitions right it's verification priority transaction create a censorship resistant route and published blob data supports account reconstruction and escape mechanism does exist and

1:48:23lighter publishes multiple audit files for contract and circuits security and control risk L2 ble to be classified lighter at stage zero. It is very new. The sequencer remains operationally important. The security council does not meet layer 2 beat stage one requirements and the upgrade delay can be bypassed. L2B reports no user exit window before upgrade. L2B records a new verifier deployment on

1:48:57October 13th, 2026, and critical contracts have changed frequently during the systems early development. New code can improve functionality and repair defects. New code also has less time under realorld pressure and brings in new risks as well. Strong cryptography and young contracts can occupy the same system without contradiction. A trader depends on Ethereum and lighter smart contracts. Normal operation can also depend on the sequencer, prover

1:49:30indexer, API infrastructure. Trading depends on reliable oracle prices. Collateral assets and market maker liquidity. Liquidity or liquidations safety depends on the LLP. External integration adds their own operational assumptions. Use a native dependency diagram with no more than five elements in a row. Here we are. Ethereum contract sequencer improver oracle and liquidity LLP liquidation backs stop. A proof narrows

1:50:09some trust requirements. Operational dependency remain the route out. Right. So, the escape mechanism, we've been over that. I'm going to move through that. Treasury and financial resources. Lighter has venture financing, protocol revenue, and large ecosystem token allocation. Those resources support development and distribution. We're going to move through some of this a little bit quicker uh quicker, right? Validation snapshot. We've been through

1:50:37a lot of this stuff already. Why these ratios need caution, right? Lighter token does not provide a legal ca claim on Elliot Technologies profit cash or assets. [music] Elliot Technologies is who runs Lighter, right? Protocol revenue matters because it can fund token purchases and total value locked represents user capital rather than earnings. And again, as I skipped through a couple of things that are not as important or are just simply

1:51:08repetitive, know that this PowerPoint will be available to you for you to look through yourself if if you need to. Somewhere out there one day there's going to be like a large whale who's super serious about doing some research who comes across this stream and uh is going to want to look at that PowerPoint. So, I'm going to make sure that's available to you. So, larger reoccurring revenue could increase lighter token market purchases. Evidence

1:51:33required. Transparent buyback wallets. Consistent revenue funded purchases. Permanent burns buybacks that remain material after vesting begins. The Robin Hood distribution catalyst. And remember this Robin Hood distribution is new. Robin Hood can place lighter inside a familiar customer interface that is Robin Hood. The current program includes an 11 million lighter token incentive pool. And evidence that is required would be

1:52:03things like repetitive trading, paid activity, user retention after incentives run out, and revenue rather than points alone. Paid account adoption is highly important as a catalyst, right? More premium and plus users could increase revenue without requiring a universal retail fee. more products. Spot mobile prediction market lending and sidecar applications could broaden lighters broad uh lighters could broaden lighter beyond perpetual

1:52:38futures. I'm not getting tired. You are his coffee is not coffeeing hard enough. I don't think anybody's ever said that. You're welcome. So decentralization as a catalyst. A stronger security council would reduce administrative trust and fewer fast-tracked upgrades would give users more warning. A meaningful exit window would improve protections against upgrades and the evidence must appear in deployed contracts and operating procedure rules rather than just a road

1:53:08map language. Post unlock silence, right? December begins the most important economic test of lighter. One of probably the most important things to take away here, gradual absorption of team and investor releases. The bullcase. So if you faded off for a minute and you're just now coming back, this is probably where I would retune in, right? The bullcase for lighter. Lighter

1:53:43becomes a leading global venue for onchain derivatives. And with Robin Hood integration and distribution, it really could. Professional traders pay for low latency accounts and integrations expand beyond distribution. Revenue therefore increases. Lighter token purchases while staking demand grows through fee savings and the lighter liquidity pool access. unlocks enter gradually and the protocol reduces privilege controls without sacrificing execution quality. The base

1:54:13case or the neutral case here in between the bear and the bull. Lighter remains a successful upper tier perpetual decentralized exchange. Volume and revenue fluctuates with market conditions and buybacks continue but do not fully offset vesting. Lighter retains product utility while the low float in insider supply creates persistent valuation discount. The bare case well activity migrates to other places when incentives decline or

1:54:45competitors improve a competitive market. Revenue and buybacks weaken during quieter parts of the market. Bare markets and LLP suffers losses during disorderly liquidations. violent times in the market. Insider supply enters a thinner token market before control becomes more decentralized and the product remains technologically impressive while the token struggles economically. What is it doing right? Well, the product is live and

1:55:15meaningfully used. Big check mark there, right? Protocol revenue is measurable. Revenue funds open market token purchases. We got that buyback and burn security. We like that. Confirmed tokens sit at the burn address. Staking has product level utility. LLP access depends on lighter token. Ethereum provides settlement and escape routes and matching and liquidations are cryptograph cryptographically verifiable. Fun words, right? Robin Hood

1:55:53provides meaningful distribution and technical documentations are audits publicly available. You want these to be publicly available so we can all see it. What is it not? What are what what are the red flags? What are some things that we should be looking here? Right. Only 25% of the original supply is reported to actually be circulating. Team and investor allocation represents 50%. Insider vesting begins in December and investor cost basis sits far below the

1:56:21current market price. Lighter remains stage zero [music] and privileged parties can bypass the upgrade delay. Critical code continues changing and revenue depends on heav depends heavily on trading conditions. LLP carries liquidation and ADL risk and fixed staking rewards may add distribution unsolved evidence and we're going to move through some of these things. Again, all of this will be available to you. Five numbers that that

1:56:52that stay separate. These is a mini lesson that's in here for you. Trading volume and fees, protocol revenue and buybacks. These are all things that we've been over. We're just recapping, right? Net supply exchange net supply change and a complete value capture relay. Again, this is all recap here. Burns meet new circulation. Burns and unlocked ledger total at burn approximately 18 million burns so far.

1:57:22The main lesson is lighter has real buyback mechanisms. The mechanisms deserve substantial credit. The vesting schedule is currently larger than the recent burn pace making it not deflationary. And the correct conclusion is not that buybacks are meaningless, but that it's not deflationary. The conclusion is that burns and unlock data must share the same ledger. And then we have a counterargument for everything that we put out. If you'd

1:57:48like to see that, go refer to the PowerPoint. I want to get into the score. So, here's our scorecard. Remember, everything is about the token. Even though we educate ourselves on the products and the project, it's all about that token because you can't buy stock that I know of in the company. So, these are our categories. We use the same categories every time, the same grading scale so that our scores can be as

1:58:27meaningful as possible in relation to other projects that have had token autopsies done. Utility and adoption is 17 out of 20. Token value capture 17 out of 20. These first two categories probably the most important. Eight out of 15 for tokconomics and supply maybe the first three. Competitive mode 12 out of 15. Security and decentralization a six out of 10. Catalyst and execution an eight out of

1:58:5710. And risk and unanswered questions a six out of 10. Giving it Oh, this is a breakdown. So, if you want a breakdown of each category and why it was scored the way it was, you can find that in the Discord in these. It's a lot of repetitive information. That's why I don't want to do it to you. It's already a very long stream. Let's see, 8:30. We're almost rolling into three hours of me streaming and talking. I don't know if

1:59:29you've ever talked for three hours straight. Uh, I'm getting used to it. I'm getting used to it. You could say that. All right. So, it got a 74 out of 100. I was actually thinking that it might pass our token autopsies. Only a has passed our token autopsies. Pretty crazy. 74 out of 100. Man, I had to I had to give a quick quick stretch and a deep breath.

2:00:13120 plus like it was a lot of slides. It's like a lot a lot of lot of slides. Again, a lot of this [music] can be repetitive. So, let's get into our token autopsy leaderboard. Pendle needs to be removed because we have not done the Pendle deep dive yet. I will have to fix that. Let's see what other ones have we not actually done that are on here. Whenever I miss a stream, sometimes my my setup doesn't really quite

2:00:47understand that. Anyways, a has passed. You got to get above an 80 to pass. Sky was very close to pass. Lighter got a 74 and is tied with pole or polygon. Now, if you wanted to understand in depth why it got scored the way it did and how it wound up with its score, you would have to go to the PowerPoint and go through those last couple of slides, right? And you can see all that's here. Not

2:01:17going to read every single one of them. I'm going to change this AVAC. This was AVAC was the first one we ever did. And um it said conditional pass. It's actually a watch. And it's actually a 66 out of 6. It's a long story. I don't want to get into it, but I will fix that. And then after watch verdict, you have speculative, which is pretty much anything under this 60 what? Three per 63 score.

2:01:45Can you imagine that? We have done. It says 23. We didn't actually do Pendle. Let's see. We did Mega H bar. I just want to roll back through which ones have we not [music] done? Arbitum, render, morpho, AA. We did those. Towel, file, excellent, VVV, and flare. We did those. Fighter pole Jupiter arrow. We did that. TRX hype [snorts] sky. Did we do Pendle? Now I'm starting to think we did Pendle. I don't know. I'll figure it out. You guys

2:02:11don't worry about that. The The end of the day here is that I don't know how many token autopsies we've done cuz three have 16. I don't They're tied for 16th place. Anyways, we're probably at 23 or maybe 25 done so far. Remember when we did our first one? how far we've come. So the product verdict is that lighter solves a real problem. Trades want exchange level responsiveness without blindly trusting in one exchange

2:02:40operator. That is why lighter is so important and I assume a lot of this at the end is more recapping just to make sure you really understand it. And the calendar approaches vesting schedule begins December. So, one of the biggest takeaways here to me is the fact that a lot of tokens are going to come out against the circulating supply over the next 36 months starting in 2027, basically at the end of December, I believe. So, that's that's basically the

2:03:13beginning of 2027, right? Or it is actually. Anyways, you get my point. That is going to be very important. And if you hold lighter tokens, you might want to consider that. But where's Camsta at? Camsta should have stayed around for the whole deep dive because he holds lighter token. But if he doesn't stay for the whole autopsy, and I know it's a lot. I'm I'm mostly messing with him, but um he doesn't know about this vesting schedule

2:03:43and he could get burned by it. [cough] All right, let's toggle that one through a thousand again. Now everything is green. This bounce is beautiful. Let's go take a look at the trading view. I'm feeling it today. Maybe you guys understand when I'm like, "Hey, please support the channel. Please support all the time and energy as I like try to entertain you for three hours live giving you education. Hey, that's not an

2:04:21easy thing to do. Not trying to pat myself on the back. I'm just feeling it, Mr. Krabs. Let me toggle that board real quick. Wow, CCP is somehow got a heterable Jay. That's wild. Nobody has beat reliable Jay yet. Nobody. Shout out to all my undergrounders. Let me make it so you can see what I see. I'm just taking a look at Bitcoin on the

2:05:044hour chart, seeing what we think. Of course, anything technical analysis that I know comes from the crypto lifer pretty much exclusively. I've been a lifer for years, so I tend to look at it with the lifer vision. Shout out to Sam. Check out the crypto lifer. If you want more technical analysis, now let's take a look. This is a 4hour chart, right? So, a little more

2:05:34meaningful than like a 15minute. They all have their uh they all have their meanings. Reliable Jay says give up. Sadseeker says, "My MS is watching the stream, too." That's awesome. That is really cool. I appreciate you letting me know that. I hope she enjoys it. It is. It is highly informational and for some people that can be a lot. But I challenge pretty much everybody to raise that

2:06:03crypto IQ so that you could be a better speculator in the market. And my job is to show up here and try to make it as simple and digestible as possible while we go over complicated stuff. Like imagine you had to sit and and explain the full build and mechanics of an airplane or a spaceship to somebody. All the things involved, break it all down, and you had to make it as digestible as possible. I'm not saying it's on the same par, but I am saying that it

2:06:37it's difficult. It's not the easiest thing to do. So, I do my best. On the 4 hour chart, you can kind of see this like shoulder, head, right shoulder. Are we getting a bigger dump? On the 4 hour is the question. Let's pull it down. See what our VRVP says. This area here has a lot of pull, right? You have your uh most liquidity level here at 77,172. I guess Reliable Jay has fatigue. You usually get in early though, so a lot of

2:07:24times you're way ahead of everybody, but that's part of the game, I guess. Satseeker says, uh, she doesn't participate in the market at all, but probably knows more than most from listening to my videos. Okay, so Satseeker, you have videos as well. She doesn't participate in Marabo probably knows more than most listening to my videos. I didn't realize that you were also streaming. I'll have to check

2:07:49out your channel, Satseeker. Good stuff. I appreciate you being here. And of course, even other streamers are more than welcome in the Underground Crypto family. And I do consider us an Underground Crypto family because there's a lot of people here who've been here with me for quite some time. And I have I've spent a lot of time getting to know a lot of you. And I miss certain people when they're not here. Like Struggahart. I talked to

2:08:18Shugahart quite a bit today throughout the day. So when he's not here, I miss him. But nobody's obligated to be here. I don't mean it like that. Let's take the measured move of this shoulder head and shoulder. And there you go. It's kind of funny how that lines up with this spot that it bounced off here, which is 74,829. How much will everybody freak out if that happens? Now you have this high

2:08:51liquidity point here or liquidity history point right at uh more like 775. Could we go there or is this a bear trap? Is this one big bear trap? Alina. What? Who is that? Alina Bogden says, "War is live soon. Get your 100x leverage in and get ready." I I I don't know what Wars is. Why do I feel like that's familiar? I don't know. Tell us more.

2:09:33Uh Bogden 3730. Just want to see if if that's a bot or a real person. Anyways, if that should that if that shoulder head and shoulder plays out right, um then you're looking at a potential dump down to 74,05. That would really reset this market, wouldn't it? That would be kind of crazy. I don't think we'll see anything of that of this nature. A new all-time low seems pretty hard to

2:10:08happen right now. I think I think that would really destroy where we're at. And if you pull a full fib from our lows here, big time frame stuff, you will see that you'd get, if you hit that measured move, you'd hit about 0.5. If you hit the high liquidity point there, you're going to get more like 38 on your fib. But let's get a little more zoomed in because this is a 4hour chart, right? Uh, I need to get rid of lines. I don't

2:10:42need because it is confusing. Where is it? This green line. Well, the green line's basically the zero line. So, we'll just overlap them. There we go. So, that would actually put you now. Messing things up. All right. So your 786 retracement is [clears throat] right on that high liquidity node which lines up pretty well. So what we're looking for is in the next week 2 three days to get above that 200 day moving average.

2:11:25Oh okay. I think she means that Kevin Worsh is making an emergency announcement. Something to do with the Fed. I'm not sure what it's about. Okay, that makes sense. I was like, Warsh, I know that name from somewhere, but I'm thinking like crypto projects or something. I'm like, wait a second. How do you 100x Worsh? Well, thank you for being here. Absolutely.

2:11:54I'm pretty sure you're not a bot and a real person. Satseeker, is that um your significant other who is watching? Is that her name? Either way, I appreciate anybody who comes to the stream. Anyways, just wanted to take a minute and kind of look at this overall market. Let's go ahead and delete everything here and go into the one hour. And what do we see? Well, you can't avoid

2:12:24this kind of shoulder head and shoulder type activity here. Could get you a measured move. It's not a a very big measured move. Right from there to the neckline would put you at about 86,897. now. Oh no, that's not her. Okay, thank you for clarifying. Now, especially for Satseker, um Friday, we do DeFi Web 3 blockchain gaming hangout night. We're gonna This is the

2:13:09first Defi Friday where I'm going to have the digital board game rolling all at the same time. Um, Kendra, if you don't know about Kendra, probably the number one game blockchain game on Robin Hood chain. Uh, the developer has has started to really make some close ties with us and come to the stream and he listens and he he ships things. He even built a game for us that is probably going to debut on Friday. So, if you like gaming, if you like blockchain

2:13:38gaming, if you like any of that stuff, same time, 8:30 p.m. New York time. I know we have time differences. it can make it difficult, but if uh you're able to make that, it should be a bunch of fun. And if you're not familiar with DeFi games, we have a lot of good ones to show you and a lot of good things to talk about. It'll probably be just as long of a stream in all honesty. So, this is the one hour kind of see that head and shoulder. This is not a

2:14:07technical analysis channel by any means. So, understand that I'm just showing you what I see off RIP. I'm not giving you a trade or anything of that nature. You do what you want to do with your money. Let's go to the 15minute. Wow, this is a very interesting range here. So, let's pull this range. Your support and resistance, right, builds a range. And you can see you're at the bottom of that range. So, what happens if you fall

2:14:36out of that range? Again, you could pull a fib on just about anything. Full range fib says the 786 is way down here at 80,0002. We did have this big pump. Remember, we were down here under 80,000 not that long ago. This is a 15minute chart. So, this is usually what they call an Adam and sorry, a Bart Simpson pattern. Adam and Eve is different, right? And then eventually gets the dump. It's common, but it's not a guarantee.

2:15:08And pattern trading, no pattern is 100%. I'd say the best I don't even know if you call it a pattern. The best thing that I know of that has the highest percentage rate is literally hidden bullish divergence. It's like 90%. Satseeker says, "I'm new to DeFi gaming. We'll definitely have a look." That's awesome, man. If you come in, you can ask all your questions. Uh, just for everybody. I feel like I haven't said

2:15:38this in a while. I'm a people person. I love people. Ask me all your questions. I'm not going to give you financial advice for obvious reasons, but just about anything else on game. You want to know about DeFi gaming. You want to know about whatever I can tell you that lands outside of literally telling you where to invest because I don't do that. Other than that, ask me all your questions. I would love to talk to you. I'd love to answer you. participate in that main

2:16:03hangout. Make sure you're in our um our free Discord that may not always be free. Wink wink wink. Um right now there's no plans to make the entire Discord paid. That's not the plan right now. There will be a paid element when we reach 40 token autopsies. That's a goal I set for myself. It will be $3 a month. And that $3 a month is not me just charging you for the token autopsy. information that'll actually be you being a member on the YouTube channel

2:16:36and you'll get custom emojis, access to videos before they post. Like they will come with perks. There are higher tiers of membership. All tiers of membership are going to get the same um access as of right now. The entire Discord is not going behind the payw wall. I don't want anybody to freak out. And it's not happening until we hit 40 token autopsies. Right now we're at like maybe 25 23. So I just want to continue to say this for a little while that you might

2:17:06want to jump in the Discord because later on down the line if it does become a paid Discord, I'm going to give [music] a heavy discount or some kind of uh thank you to all of my people who are already a part of the Discord. I may just give all of my OGs uh free lifetime membership or something like that. That would be really cool. We'll see how it goes. I haven't made those decisions yet, so I don't want to say

2:17:37anything for certain. So, it looks like a bit of an Adam and Eve on the 15minute. I would probably zoom out as I love to do at least to the hour. Looks like you're running back down to the 21 day moving average. The white line is the 21-day moving average. If you're a lifer, you will notice that my stuff is slightly different color-wise from the lifer. I want to say the lifer 200 is white or yellow. Anyways,

2:18:10this is a possibility as well. If you're held up by the 21, we could very quickly wind up back at $84,784 as a price target, giving you a 3.4% move. Hey, with a little leverage, 20x leverage, you could really go some places. But again, don't sleep on the fact the 15-minute has an Adam and Eve style pattern and it is losing currently this rate. So, what I normally do here, this is more TA than I normally do, but

2:18:47I just going to give it to you guys anyways. You got that red line. Look, support, support, support. Go to the five minute. Boom. You're closing. You haven't actually closed a fivem minute candle yet under support on the five, but you could run to the one and you are obviously if you go into a low enough time frame. So where is your divergence? We haven't done TA on

2:19:19this channel in a long time, right? So it's this is one minute divergence. I'm not going to look at one minute divergence, but what I would say is if you take this line and also this line. So if you're drawing divergence, you want it on the regular RSI. That's what this is down here, relative strength index, and not your stochastic RSI, which is highly

2:19:50more fluctuating, right? Make sure I'm getting all these chats in here. Okay. New to DeFi. I got that one. So, there you go. And does anybody know if this is first of all, it's bullish divergence. But is it hidden or bare or hidden or regular bullish divergence? Anybody know? I'll give one second. Anybody know if this is these lines

2:20:38here? Is this regular bullish divergence or hidden bullish divergence? Anybody know? And I'm just giving some free moments here before we wrap up the stream. Don't go nowhere because we are not leaving quite yet. We do have a few more minutes here live on stream. I want news. There we go. And then I got to bring everybody back. Let's do that. So many things going on in the

2:21:10background. adding the uh digital board game and stuff really added more layers to this. More layers to this. But I wanted to talk about this story. Bull div. It is regular bullish div. But well done satseker. You were right. All right. So, Ledger has had issue and a lot of I get I get the YouTube game. A lot of people went on and and and made a big fuss on

2:21:48social media to get clicks. They're like, "Is Ledger safe?" Even though they could take two minutes and read the article, it's not my style, right? I'm not a big fan of that is what it is. They probably got a lot more views than me. So, shout out to them. It's just not my style. I like to just be kind of straight up and straightforward with a couple little, you know, little jokey jokes in there, but deliver the stuff straight because Ledger is a big deal.

2:22:17Some people might have substantial amounts of money on Ledger. I don't like to play with people's money and emotions like that. It's not cool. You do a you do a clickbait title about something that doesn't matter near as much, whatever. But when it comes to people's, you know, maybe retirement money, like I don't know. Anyways, I'm just speaking out loud. Melissa, welcome. Welcome in, Melissa.

2:22:42I got to give Melissa some tokens here. give Melissa six roll tokens just for the heck of it. But anyways, we had the problem with Ledger, right? So Ledger has now unveiled a new device specifically designed around crypto plus AI agent security after the ugly cryptobillis hardware tampering incident which was a third party right issued seller. We've been following that Ledger today unveiled Ledger Atom.

2:23:29Atom combines Androidbased environment for normal apps with completely separate Ledger secure environment with a when a transaction needs approval. Secure mode [music] takes over the display and touch controls isolating what you're s what you're signing from normal Android application. Ledger also introduces agent intent where AI agents can prepare actions like swaps, payments, staking exchanges, and portfolio rebalances, but the agent cannot independently sign

2:24:03them. The request eventually reaches the Ledger device for human approval. Ledger says Atom will also integrate with Salana Mobile Seeker ecosystem and AI agent tools such as Open Claw. Shipping is planned for summer 2027. This is actually pretty smart security question. If AI agents are eventually going to manage our money, where does the authority stop? Ledger answer is basically the robot can prepare the transaction. You still get the big red

2:24:33button though. Wallet security is shifting from protecting humans from fishing towards protecting humans from software and AI agent actions or acting with increasingly broad financial permissions. Melissa sending in a $2 super chat. Thank you for doing autopsy of Mega Ethan lighter. Absolutely. You know that the reason I did lighter tonight was for you, Melissa. That is true. I really did. Um, thank you for being here

2:25:04always. Now, it's supposed to be set up that if you send in a super chat, you get rolls. Huh. And I'm not sure if that happened or not. You should have got two free rolls for sending a super chat. I'm only saying this because I want to make sure everything works right. I took a screenshot of it. We'll find out if it worked or not.

2:25:46Melissa, will you roll? Have you rolled yet? Let's see. Melissa says, "I hope so. My body's sore from working all day." Thank you. Absolutely. Glad that you would join us even after a long day. I appreciate it. Uh CCP says, "I'm glad your work is over for the day. Okay, so I gave you six tokens. Just want to see. How do I know? Just type in exclamation point roll. Like all one thing.

2:26:22Exclamation point roll. You'll get to roll. And then I'll see. I gave you six tokens. So you should have six after you roll. It's all you got to do. I'm actually going to roll one time as well. and Barcaster was acquired again by somebody else. This is very interesting. [clears throat] So, does it matter what word you do to

2:27:48roll? Yes, you have to hit the exclamation point is kind of what you put before anything that you do that triggers the bot to know you're talking to the bot, right? So, if you put exclamation point roll Then you will be it'll roll if you have roll tokens. Now you have to have roll tokens but you do have roll tokens right here. I'll put it up on the on the board. Right.

2:28:46Could resize it a little bit better, huh? So it all fits like neatly inside here. There we go. And I'm going to be trying a few things. It's going to be interesting. So, I will like announce the winner, right? And then I'm just going to let this game show run for like I don't know an hour or two after the stream just for the heck of it. Why not? And see what happens. Let's see. Did you figure it out? Did

2:29:21you roll? Yeah, Melissa put exclamation point energy. Yeah, put exclamation point roll for me if you would. Oh, you did. You did. Okay. Five tokens left. So, it did not give you a roll token for your token for your uh super chat. I'm glad that you did that because now I can one I appreciate you thanking me for sure um and supporting the channel as you always do. But I

2:29:49really needed to know if that worked or not and I'm going to go get on that and make sure that it works. Let me uh and we're just hanging out, right? It's underground hangout time. And then when I close the show off, I am going to announce the winner and I am going to pay the $10 in free cryptocurrency to whoever the winner is right now. But I'm also going to leave this up and running for people to look at and I'm

2:30:15just going to see what it does. I don't think it can hurt anything and I can always trim it off later if I want from the actual review. I think it's very interesting, right? And if you just watch the chat a little bit, Melissa, you will see how it's done. I know you've been really busy, but there is a tab in the Discord that explains it. Let me know if you don't have access to it for some reason. Just going to talk to my

2:30:45streambot for a minute and let it know that that was not working. Somebody finally sent in a super chat and they did not get a free token. It was a $2 super chat. All right. It'll kick me out an answer here soon and we will fix that immediately. So, I do have a really cool graphic that you can do right at the end, right? So, if I type in and Melissa, you have quite

2:31:20a bit of controls because you are um a mod. So, at certain points when things go crazy and you're free and not working, I probably lean on you a little bit to help me. But h give it some time. Give it a couple of days where you can hang out during the whole stream or something and you have time to really uh understand how everything works. Oh, okay. I don't like that. It's $2 or more.

2:32:09Yeah, let's fix that. So, we are going to announce the winner now. I feel bad cuz Melissa's finally here on stream, but I'm sure you're tired, right? And I am going to leave the stream running. For anybody who doesn't understand, this game show is going to keep running. But I'm going to obviously get off stream and stop talking. And I'm also going to leave this run the game show running. This is just kind of an

2:33:00experiment. I figured it can't hurt nothing, right? And so what I do is I type in exclamation point winner and it is going to announce the winner. So who is ready for the winner announcement? and there it is. I'm waiting for it to pop up on mine. Hey, uh CCP says he won. So, congrats. Congrats. Uh this is the third day of doing it. And actually, it's funny. I can hit it again

2:33:51actually. Right. If you want to get paid, of course, if you want to get paid that $10 in free cryptocurrency, all I need you to do is direct message me, DM me on Discord. If you want, my email is in the description. You could email me. That's fine. I need the contract address to the wallet you want your $10 sent to. And I need to know what cryptocurrency you want. Do you want lighter? Do you want USDT? Like, what do you want? And then

2:34:25whatever wallet contract you give me, I do need to know what network it's on. Is it an Ethereum wallet? Is it, you know what I mean? So, just give me that information and I'll make sure you get paid ASAP. You would like the money to go to Reliable Jay? All right. Well, y'all can work that out uh amongst you. Again, there there has been some people who don't particularly want to

2:34:54take the money, right? They just like being here and they support they support your boy. So, I greatly appreciate that cuz in my opinion or my my understanding, if you don't take the money and I'm not encouraging anybody to do that because I would [music] love to pay you out. I want you to come and get something from the stream or I wouldn't be doing it. But if you do that, it's almost like you'd tip me. All right, but anyways, um

2:35:18if you want to get paid out, you're going to need to message me within two weeks, within a week would be nice. Um, I I hope nobody's planning on messaging me like in two months from now and expecting two months of payouts and me to know how many times they've won and then they give me a bunch of homework where I have to go through all the streams. That'll be fun. Somebody will do it to me one day. But anyways, if you want to get paid out, just

2:35:46message me. Otherwise, I'm going to assume [music] you don't want that payout. And I'm not going to chase you around. We do this every day. We do a stream every day. I'm not going to chase you around. Well, all my undergrounders. I'm going to go ahead and hop off. The game is going to continue to run. I will be offcreen. The music will keep going. The bot will keep going. The winner is of course once again.

2:36:10And then I am going to reset the board. Satseeker says, "Thanks for the stream." You're absolutely welcome. Of course, everybody knows that you can get a hold of me through the direct message on the Discord [music] if you want to chat on the Discord, all of those things. Other than that, this kind of shifts over from our token autopsy to just a a digital crypto board game, right?

2:37:00Eventually the prizes this will get reset and more prizes will come out, right? So again, shout out to all my undergrounders. Stay underground, stay crypto, think long term. Catch you in the next one. I hope you enjoyed this lighter um token autopsy. I'm delivering on a lot of stuff I said I'd do like this game board, like the organization of all the token uh autopsy stuff in the Discord, all that fun

2:37:27stuff. Follow me, Underground Crypto over on X. I post a lot of stuff there. You got your DeFi news in the DeFi hangout in the Discord. Have a great night and we'll see how many people play the digital board [music] game while I'm gone. It'll be very interesting. Underground Crypto out. That's what I'm calling chance. Hey

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