Polygon Moved $3 Trillion—Does POL Capture the Value? | Daily Crypto IQ

Uh the slides they just keep getting better and better and better. So here we are. Polygon token autopsy 3 trillion moved. Did pull the token right? So Polygon the project pull the token capture the value that's what we want to know. So, this series, like I said, although we're doing token autopsies, I do like to wrap the four this week three token autopsies before Friday up into one idea. And this is called the stablecoin rails test. Not because we're going to just talk about stable coin rails necessarily, but because all of these projects have something to do with stable coin rails. And of course, money is moving on chain. That should come as no surprise to anybody here. Token autopsy asks whether the native token moves with the ecosystem of the project. So when they tell you $3 trillion

has moved on Polygon, well then what's up with the Polygon token? Shouldn't that even at a very even at a very small percentage of token value capture, we should see Polygon at a nice market cap. And what is Polygon's market cap, you might ask? Well, it is 1.2 billion, which is not very small comparatively. I mean, it's still number 71 by market cap in the top 100. Does anybody own any Polygon? Let me shout out to my undergrounders here real quick. Let's see. Funky Ferret in the house. Blues Guy says, "Name of the year, Forest Eug, my man." Congratulations. Thank you very much, man. Cheers to you. I appreciate you. And uh I'm sure Melissa's out there somewhere. She had posted these links for us. Yeah, I see her at the top. And Strugahart says, "Congrats again." Thanks, Struggart.

I appreciate you and all of your support and the fact that you always show up. It does mean the world to me. Thank you very much. It can be rough out here on crypto YouTube, let me tell you. But we keep showing up because I love what I do. And tonight, I'm actually really excited to learn about Polygon because this is another project I purchased. And let's be honest, I did not purchase a lot of it at 30 cents. I think back then I bought like $100 worth of it at 30 cents or something like that. Obviously, I'm down right now on it. Um, and then it kind of never really did anything amazing and I never really bought more, right? So, that just is what it is. It was a purchase and I just kind of forgot about

it. It was a hundred bucks. Not saying I'm, you know, money bags over here. It's far from it, but I just bought it and I held it and I'm not worried about it. I'm sure I'll probably get back to 30 cents. But where am I going with what I'm saying right before I go off on a tangent, what I'm trying to say here is that 30 cents in my entry price here. I don't know why I remember that actually, but I want to know through this token autopsy when I get to 32 cents, 35 cents, should I just get out of it and rotate the money somewhere else that I think is more effective based off of our token autopsies? Because every token autopsy gets a score and that score gets like a pass rating, a watch rating and

so on and so forth. Different ratings depending on the score that it gets out of 100 and so far only one project has actually passed. We got to get a 80 and above for a passing score and that is a I think it got a 82 off the top of my head. So that should tell you a lot about a polematic score here that should tell you a lot. But my point here is that when we look at all the scores from all the token autopsies that we've done, well then we can kind of assess very quickly, right, what has a good job of capturing value for the token, aka money for the market cap or dilution of supply and stuff like that or it doesn't. So I think a lot of people hold tokens and they're not really

sure what to do if they were to even break even. Should they get out of it and rotate into something else? Anyways, market cap of Polygon 1.24 billion and it's at about 11 12 cents down 82% on the alltime chart. Let's see where we get October 24th, 2023 is where uh we're getting potentially token generation event or at least where Coin Gecko is starting to look at it from. Max supply infinite. You know, I talk about this a lot. Infinite max supply is far from my favorite thing, but it's not always a death sentence, right? It's not always an endless inflation. We're gonna see what other information we can dig up. This is a really fun one because I genuinely am doing this with you. I know Polygon's a layer or two on Ethereum. I know a handful of

facts around it. It's been around. I've caught some news articles, right? But I haven't done like a full token autopsy on it. So, I look forward to that tonight. We'll be kicking that off in just a minute. Let me catch up on that chat. Says, "Glad you're back, Eugi. I appreciate that. I'm glad to be back. I really love this. I love what I do and then I love hanging out with everybody. I love the community." Uh, shout out to the link to the free Discord in the chat. That's where you can find us when we're not streaming. I'm posting more everywhere, every social media platform, and also in the Discord. I'm even posting news over there that I'm not posting anywhere else that I find. Right. So, there's a little bit of exclusivity there for sure. What if

you get out and then bam? Oh, glad to know everything is well. What if you get out and then bam? Yeah, that that's always a potential, right? That you're going to get out of a project and it's going to boom. I'll tell you a funny story. I held har two and a half years I held a H bar and then I sold it. And the next day, I'm talking two and a half years with H bar did nothing but go down. I think it was at like six cents when I sold it. the next day it did a 3x. So that should tell you something. If you want your project to pump, anybody feel like this? Obviously, I'm just joking. But there's a lot of people who feel like this. If you want your project to pump, just let

me know. I'll sell mine and then it'll pump. Uh, a lot of people feel like that. I would be careful to be caught up in that thinking because that is just that's just negative selft talk, right? Ethereum and polygon contract addresses. Of course, you're going to get smart contract layer 2 and it's got zero knowledge in it. That is one thing that it does have going for it is that zero knowledge. But before I get into any more random facts, let's look at the uh one-mon chart and then move on to our token autopsy. Blue Sky says Polygon Lab is advancing its stable coin strategy through a 250 million pushed highlighted by a recent acquisition, infrastructure upgrades, and new asset integration. Really? So have they are you saying that Polygon has labs has been recently acquired by somebody? I

hope so. [music] I hope so because whatever whoever was running it doing it before uh it worked well to bring down the fees to do things on Ethereum especially when that was more important than it is now. The fees aren't so bad on Ethereum but everything else they seem to do absolutely terribly. Like the tech worked well but their marketing strategies and stuff didn't seem to ever really hit. Here's a three-month chart. Looks like you had a low of about 8 cents and now you are where you are now. A high of about say 12 1/2 cents almost 12 1/2 cents. So that's a nice little run that we've started. Hopefully that continues. Now [music] let's get back to our Polygon token autopsy. I'm going to go back to the top of it real quick because I am going

to pull when I cut the I don't know if anybody's noticed. So, if you go back and watch my videos, I edit them and I cut the intro off just for whoever clicks on it later. If you're hearing this, that means I haven't done it yet. So, that means you are just now watching this and it just came out. Anyways, Polygon. So, here's your distinction. Polygon is the project, right? And then Pole is the ticker for the token. project ecosystem token is not the same thing as polygon the project. That's the biggest distinction I want you to get right this second. All right, so here's a headline that we pulled here that they keep touting about and this is relatively recent. Melissa says, "Hello all. Happy Tuesday. Back at you. Glad to be here. I hope you're having a

good night. I know you're working, but I hope it's going smoothly." So, this headline that they love to to put out, right? $3 trillion moved. Well, what does that mean? And did Paul the token capture any of that value is what we really want to know, Melissa? Oh, using that that super chat. That's another thing. If you join the $3 uh membership, which is our lowest membership, feel free to join the other ones as well. They have different perks. uh you get this kind of free super chat highlighted chat that you don't actually have to pay like a super chat normally is starts at super chat start at like $2. Says, "Congrats on the little one. I appreciate it. It's been a blast. Um it's my third kid, so I mean it's not exactly all brand new to me,

but um it's still a heck of a process every time you go through it. Uh, and I have my my little girl with me the whole time, so I had to keep her occupied for hours, and that is a task in itself. Anyways, the series test, the stable coin rail test. If you didn't hear me say before, if you're just hopping in, even though we do a token autopsy, I wrap some kind of theme around the four token autopsies, a DeFi Friday, and then of course a Saturday night wrap-up where we kind of go back over everything just to make sure you're really locked in and following along with us. I like those Saturday night streams. Anyways, this is the stable coin rails test. Money is moving on chain. You should be well aware of that. If you're brand

new, that's awesome. Smash the like button and subscribe. We love the new people somewhere in the middle of intermediary and then of course your advanced people. All of them are welcome here. There's a place for all, you know, levels of people in crypto here in this stream. Some some streams are just very beginner orientated, and that's good, but we'd like to go a little bit past that. Crypto's been around what 13 years, 14 years, something like that. I think it's time that we start having some more like intermediary, advanced, still beginner friendly crypto shows. So, the token autopsy asks whether the native token moves with the actual ecosystem. Right. Thank you, Melissa, for that $5 super chat. You know, I greatly appreciate that. Said, "Happy happy day. No, it's not brand new, but it's a new bundle of joy."

Exactly. I couldn't have said it better myself. Um although yeah, it's not my it's not my first rodeo. A new child's still a new child comes with all kinds of new things. And it's my second boy. So, you know, as a as a man, I think it's important to have as many boys as you can, but the daughters definitely uh they get you right in the fields. Anyways, I appreciate you guys your understanding. Everybody to the undergrounders real quick. I really appreciate your understanding and of course all your support. It It's awesome how much people have messaged me, reached out to me and stuff like that. I really appreciate all of you. So, crypto loves a large number. I'm going to lock in now. Crypto loves a large number and we don't even care. Most of the time, just

speaking like a general retail, we don't even care what that number means. All right. Hey, Polygon has carried more than $3 trillion. But what does that even mean? That is in cumulative stable coin transfers, which is real activity, right? That is a serious accomplishment, but it's not automatically token holder value. And let's be real, it's one thing to be a cheerleader for a project. For most of you, that's probably not where you are, right? You hold a token. You thought it was a cool project and you're scratching your head trying to figure out why that token's not moving. Well, this is not three trillion of Polygon revenue. Surprise, surprise. It's not $3 trillion locked on Polygon. That would be very big news. Uh, it's not three trillion of demand for Pole token. It's not three trillion paid to token

holders. Crypto loves a large number. Couldn't say it better myself. just love a big headline, a big wow with nothing of real substance behind it. It loves that number even more when nobody asks what exactly it is measuring. So, tonight's investigation separates four measurements: transfer volume, stable coin supply, and of course, total value locked, what we call TVL. You'll see that abbreviated a lot. really want to learn if you're new, you want to learn [music] your definitions and your abbreviations and stuff because that that's basically most of it. That makes everything much easier. Uh, yep. Yep. So, tonight's investigation, checking on the chat there, chain revenue, then separate three economic stories, the company, and the product. Tonight's investigation is kind of like the headline for these slides. If you're wondering why it says the same thing over and over,

these slides just keep getting better and better. I'm enjoying it. So, the blockchain network and Polygon token, every bullish claim must complete the value path. When Polygon uh activity grows, so when Polygon the project or ecosystem activity grows, does it require poll? These are what we call raising your crypto IQ or high crypto IQ questions, right? So, we start to build you up and get you to think in a certain way that's [music] more beneficiary to your portfolio. This is not financial advice. This is honestly just logic and research. But when you see a bullish claim, $3 trillion in Polygon, right? Um, you start to ask good questions like, does any of that money that got moved around require Polygon token? Because that's that's utility for the token. How much pole is being burned or staked? Is there even

a burn or stake mechanism? When those things happen, who's receiving the fees on the network? Is it the treasury? Is there a DAO in charge of it? Where are they going? And then how much new Pole token is issued? I know I could say pull and you'd probably know I'm talking about the token, but there's somebody out there who's confused, so I'm going to continue to do that. How do you guys like the slides, though? I keep trying to make sure we get slides that are good. I've had issues with uh you know some mess ups and things like that. If you think I have time to sit and make 114 slides off RIP, you're out of your mind. I'm way too busy for that. Blues Guy can attest to how busy we are on a normal day and

uh very busy. So, I do have these generated, but I had to find a way to make them good. Anyways, I don't have to say that. I'm just really transparent. If you enjoy the transparency on the channel, smash that like button and subscribe. Link to the free Discord in the chat. So, the question continues here, right? Does Polygon Lab earn revenue that never reaches pole? So, are they earning revenue putting it in a treasury somewhere and then the tokens just kind of ostracized in the ecosystem? Can applications hide pole token from customers? Can relays pay gas for the users? And does volume grow faster than economic [music] capture? Excellent user experience can create slightly awkward tokconomics. Polygon may be excellent. Invisible payment infrastructure. Talking about the central tension, right? Where is the tension in what we're talking about? Well,

this is it. Polygon may become excellent. Invisible. Invisible. Emphasis on invisible. And let's be fair, we don't care if it's invisible. We just care if it captures value, payment infrastructure. So that is the product bullcase. But invisible infrastructure can also make the native token disappear from the customer experience, which is not great for branding of a token, right? you have branding of a project, which can be good if it's heavy and it'll just naturally transfer over to the coin, but the coin itself probably needs a little bit of branding and things like that as well, which means it needs utility and things for people to say about it. Melissa says, "Slides are nice. They are nice and big. I can actually read them now." Yeah, the biggest problem that I've had so far with generating slides is getting uh

the font big enough you could read and and fit the screen. What a headache. Uh it would just like make all the slides and then it would just force them all to be big. So they just overlap everything. They the text over it was it was a nightmare. Uh if you guys appreciate all the time behind the scenes that I to build all this information, put it together. Um, you know, yes, I do generate the slides, but somebody has to go look at them and make sure they don't look like crap and that they're readable and stuff. So, there's tons of time and energy that goes into it. Anyways, the better Polygon makes payments feel. And this is the product and token test, right? The connection between product and token. So the more carefully we must inspect what remains

economically unavoidable about the pole token strong network activity is evidence. The token must therefore rise in its conclusion is a conclusion right so what we're saying here actually kind of messed up that how I said it but what we're saying here is this is where a lot of people are at back to work Melissa goes have a good time um thank you for being here. So for most people, we see a project. Let's take a project like Zcash, right? And you think, well, Zcash is probably a bad example cuz we've seen it pump like crazy. But just take a random project that you've heard about a lot and just a lot of people assume that the token associated with it is going to pump and that [music] is just a conclusion that you jump to. Nobody told you that

was even likely. conclusions still have to do some work around here, right? Adoption headlines combine different measurements, things like transfer volume, uh, money move through the network, stable coin supply, stable coins currently sitting on the network. Stable coins sitting on the network is not money for Polygon. It's not money in Polygon token. All right, so it could be USDT or USDC or some of the other I don't even know how many stable coins there are. What are we at? Like 3 4 thousand different stable coins. It's kind of crazy, but that's neither here nor there. So, two more measurements, right? Total value locked, assets deposited inside a DeFi application, and of course, chain revenue, which is fees retained, burned, or distributed by the protocol. These numbers are related. They are not interchangeable. The shift here is that we stop

admiring the traffic, right? And that's really what a lot of this stuff is. I mean, this much money moved on a chain, okay? And then they take like the whole life of the chain and the chain's been around for like 9 years or 7 years and it's going to look like a lot of money. That's just how that works. So, we need to stop standing on the side of the road and admiring the traffic and inspect the toll booth. How many people are actually going through the toll booth? Anybody ever use your GPS and you're traveling maybe somewhere that you know has a lot of tolls. So you hit that avoid tolls button on your GPS. All right. Well, people can do that in crypto as well. And when they do that, well, that greatly brings down the fee

revenue. Just trying to relate it to something that you might understand. Chris Goss in the house 333, my fellow lifer. Appreciate you being here for sure. Uh Chris Goss, you got those custom emojis yet? You [music] come to the stream almost every day. So the shift, a busy motorway can still have a cheap toll. That's a whole other question, right? Even if you go through the toll, does it generate any meaningful money? And then we ask, where does that money even go? So here's two questions. Is polygon useful? And does pull token capture enough of that [music] usefulness? And that's really as simple as it is about a token autopsy. So the payoff here is a strong answer to the first question. Is polygon useful? does not automatically answer the second question and that's if pole is going to

get anything out of it. Pull the token. Polygon's three trillion figure is cumulative transfer volume. It is not anything to do with revenue total value lock stable coin supply. Polygon reported in 2025 transfer volume of about 933 billion. That's just short of a trillion dollars. But recent moment momentum sorry in 2026 through September 29th right which is today is only 741 billion. Now there's bare markets and bull markets in there that can make a big difference right from year to year. So recent momentum more than half of Polygon's lifetime stable coin transfer volume arrived after January 2025. You get what we're saying here? So, we're taking a lifetime volume, but a lot of that volume is recent, which is kind of bullish in my opinion. So, pull the token [music] utility uh present versus future, right? Where we are

today and where it could be tomorrow. Confirmed today. What we know today is that it is utility for pole token native gas on Polygon chain. Proof ofstake security as it is linked up with Ethereum, which is proof of stake. So, they kind of match there. Conditional future utility is expanded roles across aggregated layers. A lot of people are probably like what the heck does that even mean? Hey CCP in the house. Welcome in. Welcome in. So additional network, right? We're talking about kind of future stuff. Additional network services could be there and broader value capture mechanisms could be rolled out. Future utility remains dependent on implementations and community decisions. And I'll say as far as our token autopsy, we always score and base things off of what the token looks like right now. You see what I'm saying? Not

what they've promised to do because that can change or take forever to roll out. So, we have 100 million pole turk tokens tokens. Whoa. 100 million pole tokens burned. September 2026, 100 million pole tokens burned. Is that true? Uh, that's news to me. Like I said, I'm learning along with you guys. I've gone over the notes for sure, but um I didn't remember this part. So, the pole token came from previously collected base fees. Okay, so they came from fees. This proves fee activity can permanently reduce supply. All right. Well, just cuz they one time burned 100 million pole tokens doesn't necessarily mean anything. Let's refer back to our tokconomics here. Although we have a kind of infinite max supply, circulating supply is 10.6 billion. So that you will see the reason why I did that is that 100

million is it matters. I'll say it's it's meaningful amount of pole token, but it's not like a we just burned 20% of the supply kind of deal. Also, is this a one-time thing or is this going to be on some kind of smart contract continuous thing? That's what we want to know. So, it does not establish the reoccurring annual burn rate. The supply caveat, right? Pull has no fixed maximum supply. And if you ask me, I don't like that. But if they have hard presets and a reason for doing it, it could not be the end of the world. And that makes this comparison more important than any isolated burn. Pull the token burned versus pull issued. A burn is helpful. It is not holy water. Couldn't have said it better. And you have two things going on at

one time. Think of it like in a year's time, right? In a year, you have new minted coins coming out into the circulating supply, right? Increasing the number of the circulating supply. We call that emissions. And then you have anything that happened as far as burns. Buybacks and burns. A buyback is cool, but if it's not burned, you don't have deflation in your circulating supply of coins. And that is really what drives a price up along with more money in the market cap. So, if you can go into a bullish time, more money coming into the market cap and tokens being bought back and burned or just burned in general, wherever they get them from, that can be some powerful price movement. So, let's see what we can find out here. So, Polygon passes 3 trillion signal, right? The

payment rail has three years of real usage. That's noise. We're in our signal verse noise for anybody who doesn't know. So, the actual story that we've based a lot of what we're saying off cuz it's a more recent story is uh actual uh noise, right? Because it's kind of a meaningless metric. Just making sure I was getting this right for you. So, signal verse noise treating transfer volume as revenue or token holder income and why it matters. The rail is being used. All right, there's really no argument there. polls token participation in the economics still needs to be measured. City city bank right and Coinbase. So City and Coinbase are connecting bank accounts. Bullish um automatic stable coin conversion. This is bullish for the ecosystem of Polygon. Merchant acceptance and fiat settlement. Stable coin infrastructure is moving deeper into

mainstream finance. It's happening. I know people want to say it's 30 years off. It's not. But that doesn't mean we're going to see a total revoke and new system in Binance overnight, right? We got to give it a little bit of time, but it is happening faster than I think most people thought it would. So, we got bank account, stable coin conversion, merchant acceptance, and fiat settlement. What City Bank and Coinbase do not prove, right? the stories about them and what they're doing. The collaboration does not automatically prove that Polygon wins in some kind of layer Ethereum layer 2 or something like that. A specific public chain wins, right? So, it's not a win for Polygon necessarily. And it doesn't prove that a native blockchain token captures the value, which is about all that really matters if you hold

the token. Banks are adopting stable coin functionality. They have not suddenly developed strong opinions about your altcoin portfolio though. Federal Reserve stable coin proposals, right? Because this is a recent story that's been eh probably said one too many [music] times, but here we are. The Federal Reserve proposed permissible reserve requirements, capital requirements, risk management standards, and issuer application procedures. Now this is only for approved uh approved products right approved things that are on their list right this is signal because it is meaningful stable coin regulation is becoming operational rather than theoretical they had to do this kind of federal reserve put stuff out because they didn't really pass the clarity act. So the federal reserve proposal remains subject to public commitment or comment. They are not completed final rules or regulator regulatory progress matters. [music] Got it. So, so

does reading beyond the press release headlines, right? You don't want to get ahead of yourself for what they're saying in the press and think that it implies more than it actually implies. Just do a quick search and see what they actually are saying. Seven major UK banks completed live transactions using tokenized commercial bank deposits. Um, everything the UK does as far as not being uh some kind of control mechanism scares the heck out of me, but not literally scared, but I think it's uh not bullish like they would want you to believe. I think that they're using it completely as a control mechanism in UK. But either way, these major banks have live transactions using tokenized commercial bank deposits. They're going to keep it in the bank. They think that they have solved the problem of losing customers to

crypto and they probably have. So the participating institutions include Barclays, HSBC UK, Lloyd's Bank, Monzo and Nationwide uh Nat West and Santander. I'm not in the UK so I'm not super familiar with those banks. Maybe nationwide. So the competitive warning here is signal programmable money is solving real settlement problems. It's happening. The banks are using it. That makes the tech real and valuable. So a warning though uh blockchain based payments can grow without public stable coins, right? Like they're going to use their own basically bankmade stablecoin type stuff and probably not the XRP that you were hoping for, but we'll see. I'm not writing XRP off. I do hold XRP. So, the competitive warning, public blockchains and native blockchain tokens, traditional finance did not suddenly discover cipher punks, right? They're not buying cipher punk uh NFTts. It discovered settlement

efficiency inside the tech, which they'll take advantage of, but don't think that means that it's all going to be moving through USDC or USDT. So, Polygon snapshot September 29th, 2026, which is today. More than 3 trillion cumulative stable coin transfer is actually 2.96 billion stable coin resident on Polygon and 773 million Polygon DeFi total value locked. Approximately 77 uh,000 in the last 24-hour chain revenue, which is a lot, which is more than 3 trillion. So, gross stable coin value transferred since September 2020. This is going to be a little bit of numbers. I'm going to try to make sure we go through them quickly and only point out what's really meaningful. The amount of stable coin value moved through Polygon over time. Money permanently deposited or protocol revenue. Why gross volume needs context. The same stable coin value can

move repetitively, right? It's the same money over and over, especially in volume.$1 $1 can contribute to transfer volume more than one time. Meaning $3 trillion could be $1 trillion moved two more times. So or three times, right? Transfer volume measures activity more than anything. It's a good metric, but you got to know what to use it for. It's like a tool. You don't you don't take a your electric drill and go try to beat a nail in there. So why gross volume needs context? It does not measure the amount of unique capital that entered the network. And of course, stable coin supply is approximately 2.96 billion at the moment. Stable coins currently resident on Polygon. This measures balance sitting on the network. It does not measure how frequently those balances move. Approximately 773 million capital deposited inside Polygon's DeFi

applications. Total value lock measures deposited assets. It does not measure payments or payment volume or protocol earnings. The approximately 77,000 24-hour chain revenue is exactly that. And this is closer to direct network economics because that's real money. Out of all the numbers we just went over, the chain revenue or the 24-hour chain revenue of 77,000 is probably the more useful number to look at here because that is money that was made by the chain. Now, is that money going to move to a treasury, a Dow into the market cap of Polygon? That's what we're trying to get to. So one day is still a snapshot and not a durable trend. You can't just then assume that they make 77,000 every day. So four numbers, four meanings. Transfer volume activity over time. Stable coin supply balance on the network currently.

Total value locked is assets deposited in DeFi and chain revenue direct network economic. We hear this a lot. These different things just want to take a minute to break them down for you. Related does not mean interchangeable. So let's take a look because I got a chart for you. Annual transfer volume chart in 2021. This is you can see why year-toear is so important. 2021 506 billion. 2022 383 billion. 2023 was only 187 billion. But then you come into 2024, picks up 276 billion. And in 2025, would you look at that? I guess maybe we did have a bull market 933 billion. So annual transfer volume chart through 2026, as of right now, we're at 741 billion. There is bull markets and bare markets there. And then there's also the adoption and normalization of using those things. If you

go back to 2021, 2022, I don't think that many people were really just moving money via stable coins and stuff like that. Certainly, banks were not publicly involved publicly. Annual transfer volume chart is not protocol revenue, right? All those numbers just gave you just volume. Reading the chart correctly, 2025 was a major breakout year. 2026 had already reached 741 billion by September 29th, which is today. But 2026 remains incomplete. There is no need to invent the final quarter for dramatic effect, which is where they would come in and then be like annualized and project all these different things. We're not going to do that here. What the three trillion over the lifetime of Polygon really proves is that Polygon survived multiple market cycles. Stable coins are moving through real products and payment companies tested the network at scale. That

part is probably more bullish than anything for the ecosystem. The network has meaningful operating history. This is not an imaginary adoption that we're trying to convince you of. Polygon reports usage or support involving Revolute, Paxos, Cash App, Dell, uh, Taza Pay, if you've heard of any of these, and of course their own Polygon markets. Other payment support is Mastercard selected Polygon for expanded settlement options. PayPal USD began issuing natively on Polygon and Revolute rolled out EURR obviously that's pertaining to Europe on Polygon and Ethereum and kind of the same thing. Stable.com added Polygon open money stack support. The remaining question is who captures the economics? So, we've done a good job of kind of running through what Polygon is, how it not how it works, but what it actually proves about the three trillion that you keep seeing in

the headlines. I know I've seen it out on social media a couple of times already. 3 trillion entered Polygon permanently. Polygon earned three trillion are not true facts, right? And we've been over this a couple of times now. So let's go ahead and run through this onto the next thing. So three different things here. Polygon labs and open money stack products and commercial services. Polygon chain is the settlement network. Pole is the token, right? Native gas token and staking asset. They are connected but economically distinct. Polygon labs is the products. Polygon chain is the chain where all the settlement happens. And of course the token is gas and staking. Polygon lab and open money stack. So open money stack connects banks and stable coin accounts. Right? So bank payins and stable coin accounts. It connects wallets and infrastructure crosschain

routing and local currency payouts and of course payment ostracization product revenue. If Open Money Stack succeeds, Polygon Labs or associated businesses may earn commercial revenue. That revenue does not automatically belong to Polygon chain or its validators or pole token holders. Company's success must not be quietly relabeled as token value capture if we really want to do this, right? So, Polygon chain processes and settlement trans transactions, right? Okay, so polygon chain processes and settlement transactions [music] network success can create blockchain space demand which turns around into fees, right? Transaction fees, validator activity, stablecoin liquidity and network effects. Pole, the native gas token is value dependent on how much activity happens. So pole requires demand, right? required pole demand, staking demand, validator compensation, and permanent supply reduction. Broader activity of utility is what we're looking for for the token. The slides

are a little bit different to read than how I normally read from uh our notes, so bear with me. The core distinction, a good company can support a good network. A good network can support a useful token. neither automatically guarantee a strong token investment. So, as we've been doing these token autopsies, one thing that I've noticed is that value captured for the token is like at the end of the chain. First, you got a blockchain. It does whatever it does. Then, you usually have a treasury or a DAO or something like that in the middle. And then you have the token. Sometimes there's no DAO in the middle, but either way, it's like the the economics of the project have to produce and then maybe some money can flow to the token. So the economic connection must be invisible

and measurable. So we talked about how kind of it's an invisible infrastructure. But what does that mean for the token? Every Polygon chain transfer uses Pole as the native gas asset. That is probably the most meaningful utility that a token could have. The customers may not personally purchase pole though, which means there's some wallet abstraction, chain abstraction. Chain ab the word abstraction means to take the complexity of whatever's going on, whether it's in your wallet or on the chain, and hide it from the user. Not necessarily in a bad way, but because it makes it easier and adoption goes up. So an application or relay can handle pole in the background. So pull the token remains technically required even when the customer never sees it. We don't care if the customer sees pull the token. We don't. [music] And

this is actually a better mechanism than I've seen in a lot of projects, right? Because some projects will be like you can use the our native asset or you could use USDC or you could use you know USDT or another stable coin or even multiple other tokens. This is saying everything gets paid in pole. Even if I pay in something else it just swaps it right. So it'll just oh I paid in USDT in the background it just swaps it the pole and then pays in the network in pole. That is bullish for the pole token. So validators and delegators stake pole to help secure the network. It is proof of stake, right? The layer two. This creates demand for pole as [music] economic collateral. So these two things right here, the proof of stake and of course all

the all the fees being paid in pole are two very good mechanisms. Let's see if we can get a third like a burn or a buyback. So staking connects the token directly to network security. The strength of that demand depends on rewards, fees, and participation. Base fees. Polygon used an [music] EIP559 style fee system. Base fees are generally directed towards burning coal. Approved programs can recycle selected fees as incentives. Therefore, not every eligible base fee necessarily becomes permanent supply reduction. prior or priority fee support block producers and validators through Polygon's fee distribution. So priority fees they support there should be a comma there block producers and priority fees are like when I want my transaction to go through quickly so I pay just a little bit more to have priority. That's a priority fee and that supports block producers

and validators through Polygon's fee distribution system. This connects network demand with security and economic pole's utility is real. So, so far so far I've got to say I'm actually really pleasantly surprised with the utility of Pole token. The debate is about its economic strength, not its existence. Right now, we're getting to the value capture path. Probably one of the most important parts of the token autopsy. A payment settles on Polygon. We're going to run you through it. Gas is paid in Polygon token. Base fees may reduce supply by being burned and priority fees support security. Staking creates collateral demand. This is the direct path from network activity to pull token economics where value can leak though, right? Fees are intentionally expensive, right? So meaning even though there's a lot going on, they want it to be somewhat [music] inexpensive

to use the network. That's incentive for people to use Polygon network and not [music] something else. Therefore, it doesn't always generate crazy amounts of money because it's inexpensive. Applications can hide pole from users. That's not really a problem at all. Relays can pay for gas for customers. Doesn't really matter. As long as it's being paid, we don't care who it's being paid by. And selective activity may receive rebates. Rebates are okay, but I mean, hey, you got to throw people a bone at some point if you want to bring more people into the ecosystem. Think about any business you ever deal with. They have reward programs. Your favorite restaurant, whatever. Usually, it'll give you something. Even your utility bills, your water, and your electricity a lot of times will give you a couple of dollars off if you will

get automatic payments, right? So high usage does not guarantee high fees on Polygon necessarily. It is a rollup. I believe a layer 2 rollup. So more money stack revenue is not automatically protocol revenue. Transfer volume can grow faster than the fee income and subsidy can produce activity without retention. Stablecoin issuers capture their own economics and Polygon wants cheap invisible payments. Pole holders want meaningful economic capture. So there's a little bit of a value there. If you're a holder, you would like them to charge as many. This is the dynamic, right? If you hold Pole token and you don't really use the product a lot, you want them to charge as much fees as they could possibly sustainably charge cuz it's good for you. If you're somebody who doesn't hold pole token and you use the product a lot, you

want them to be as cheap as possible. So, there's a bit of a tugof-war here. If you're somebody who uses it and holds it, um, you're probably benefiting from both sides. So, those goals can cooperate, but they are not identical, and I would say they're more in conflict with each other. current pole token value capture mechanism is gas demand staking demand base fee burns priority fee economics and completed 100 million pole burn. Again, it's got like 10.6 billion in max supply as of right now or not max supply circulating supply. So 100 million is kind of a drop in the bucket. We need that to happen probably another 20 30 times to be seriously meaningful. So count it today, right? So, what's going on right here today? These mechanisms do already exist. Watch, but do not count it as

finished. Potential future mechanisms that could be coming in down the road for Pole, but are not necessarily here yet. expanded aggregated layer utility, fixed cost enterprise payment revenue, pole token market purchases, buybacks, things like that, or just buy from retail and additional staker distribution. Open money stack revenue reaching pole token could happen. Let's see a bull market first for it to be seriously meaningful. These remain conditional and proposed or just plain early. PIP87. Now, this sounds like a proposal to me, doesn't it? Well, what did it do? What did PIP87 What I would highly recommend when you see a proposal label is not to let it freak you out. PIP87 is a proposal. That's all it needs. That's all you need to know. It is a proposal and it was passed because it says fixed cost payment services. So,

it must have passed. That's what that proposal did. It fixed cost payment services. Fiat revenue converted into stable coins. Pole purchased from the market. Pole distributed to the stakers and pole transferred for burning. Aha, there is a burning mechanism. Let's see if we can learn a little bit more about that. So, PIP87 or the proposal could materially strengthen polls value capture, but it requires implementation. Ah, so it hasn't passed. Okay, I'm getting ahead of myself here. So, it sounds like this is proposed, but when it says it requires implementation means rather it hasn't passed yet or a lot of times when there's a proposal, there's like an effect date, right? So, there's when it's proposed and then when it goes into effect. I don't know what's going on here for this PIP87. Again, we're learning together as a community,

as we do uh almost every day of the week. Commercial usage, transparent purchase reporting, and transparent burning reporting. All things that we need more information about. Evidence of reoccurring revenue, and a proposal is evidence of direction. It is not cash flow with nicer fonts. Poll token snapshot here. We're just going to run through a couple of things. The price is about 11 cents, almost 12 cents. Market cap 1.25 billion. Circulating supply 10.6 billion. And that's why 100 million. How many how many millions are in a billion, everybody? You got 10.6 billion pole tokens. 100 million burned. A drop in the bucket. But if it happened 10 20 more times, that would start to become a much bigger deal. Uh let's see. Total supply 10.6 billion. and we went over that no maximum which I I don't love that. So

recent completed burn 100 million as we just talked about are all these market figures are points in times right measurements they are not subject to change but other more things can happen right in the future. So, you got to keep up on those numbers if you really care about things like how much has been burned. Maybe check with it next year and see if they burn some more or six months or something like that. Uh, the number that matters next is net supply change. So, new pole issued. Uh, net supply change is kind of like the emissions new tokens out versus your deflationary mechanisms like burn. So, pole permanently burned. The question is not whether Polygon can burn tokens. It clearly can. The question is whether reoccurring burns can offset reoccurring issuance. Bullish supply outcomes. Network usage grows. That's

going to get more fees. More pole is burned. Fee income strengthens validator economics meaning more validators and more money flows into that area. More pole is staked and burns eventually match or exceed issuance. So what is issuance right now? That's what I would like to know. This would strengthen scarcity and value capture simultaneously. Cautious supply outcome. Usage grows through cheap transaction. Subsidy activity expands. Transfer volume looks uh magnificent, but fee capture remains relatively modest. Meaning with cheat fees, you need a lot and I mean monumental amount of activity to really increase how much money is being made in revenue. Issuance continues exceeding burns and pole can remain useful without becoming scarce. Right? It could be highly useful because it's cheap but not necessarily make the token scarce. So the supply lesson here is that one large burn is evidence.

A sustained net supply trend is a thesis. The correct comparison is not burn versus verse zero. It is burn versus issuance. Polygon's existing moat against its competitors. Right? So now we're moving to how does Polycon stack up against its competitor? How many competitors do they have? And uh how how much of a technology head start does Polygon really have here? Well, we're going to start with what we're going to start with what's bullish here. They have years of operating history. They have Ethereum capability as most layer 2 on Ethereum do. Uh broad wallet support, mature application infrastructure. They've been around a while. and large payment history. Recognizable institutional relationships. That's a big one. Additional mode things like stable coin liquidity. Liquidity is a bigger deal than you really would know unless you've been studying these kind of things. Real

world asset infrastructure, open money stack, coin me acquisition. So they bought this coin me and sequence acquisition, existing developer familiarities and all those things are great, but how quickly could something new coming out gra that technology or those abilities or those relationships, right? Are those relationships with institutionals uh exclusive in any way or can the institutions keep Polygon around and also have many others that they deal with? So, Polygon has a meaningful head start. Of course, a payment company evaluating Polygon can examine years of transaction history and existing payment integration, stable coin liquidity, production reliability, real settlement volume. The milestones are valuable evidence for customers choosing the rail. And you best believe that institutions, hedge funds, I mean hedge funds are institutions. We say institutions, but you may not know what that means. That's like banks and hedge funds

and all kinds of stuff. They really do look for track record. like they they want to see something that's been around 10 years, not three. So that is something that Polygon has on its side. Open Money Stack attempts to connect the complete payment process. Money enters from a bank, funds convert into stable coins, and a wallet or bank account holds that balance. Polygon settles the transaction and the recipient receives stable coins or a local currency. entered technical preview and integrate coinme capabilities. So, we're getting into some of the progress with the money stack, right? Integrated sequence infrastructure and completed SOC2 type 1 examination, added payment and routing support. And the goal is more than selling inexpensive blockace. So, I'm not going to get into box face right this second, but just know that it's highly important in this process.

This is all the things that Money Stack is bringing to the table to Polygon, and I don't know how long that it's been since that's been integrated. So, I don't know how long that they've really had for this to really develop in their benefit as far as uh how much activity is going on, the competitive limit. So, we're talking about the Polygon's competitor. Who does Polygon compete against? Base, of course, and Salana. I thought it was interesting. It was talking about some things that had to do with base still settle with uh Polygon. Uh and those are burned or something like that. I think that's what they're saying. They were saying base. So, I'm not sure if they meant base to chain or the base foundation of Polygon. That could be rather confusing. But anyways, they compete against Salana,

Bass, Tron, Stellar, and other EVM networks. There's a lot of people in that game of stable coin rails. [music] So, Polygon has really got to keep up. And as far as news goes, relevancy advertising, stable coin, rails are something you don't necessarily have to advertise all the time because other people will build stuff and they'll use it in their [music] applications, right, that they develop and they can get a lot of usage and volume without necessarily like putting Polygon advertisements out there on your favorite local uh sports team, right? private infrastructure, financial infrastructure that the banks make to move money around and just kind of cut out a lot of your different stable coins and stable coin rails for that matter. Tokenized bank deposits, right? The banks are going to try to build their own little system. I don't

think it's going to work, but it might in the short term. Payment networks compete on cost, reliability. So, what are they all competing for? Right? Liquidity, distribution, regulatory access. That's regulatory access is kind of the trump card. If you can get regulatory access where your competitors can't, you're going to win in that sector. Integration quality. Polygon has meaningful advantages. It does not own the concept of inexpensive payments though. Long operating history or proof ofstake security, validator oversight, right? Other people obviously do this as well. Checkpoint submitted to Ethereum and public upgrade addresses disclosed multi- signer multi- signature controls. I don't know what's going on here. Uh you take a a day or two break and all of a sudden I'm rusty. So emergency recovery when a block producer stalls multiple contract audits [music] public governance proposal. These are security

strengths that they have going on. public validator documentation and established operational infrastructure, right? They're wellfounded. They've been around for a long time. Cam in the house. Welcome in. I feel like Cam rolls in about this time every day. Welcome in Camsta. So, additional security strengths. The network is mature and operationally proven. Security trade-offs though. Polygon chain is not an Ethereum rollup. So, I would have been wrong about that. It's not a rollup. I was speculating. [music] It uses its own proofofstake security. Okay. Rollup is not an roll-ups are not a a security thing necessarily, but they could be used for security. I see what they're saying there. Yeah, you could use them for security. Anyways, the active validator set is limited. Block production is more specialized and important contracts remain upgradable. The difference between [music] a smart contract or

something that can be changed and one that is immutable and it can't be changed. Governance trade-offs. So, let's get into a little bit of governance here. Emergency governance concentrates authority. Upgrade authority creates trust assumptions. Multi- signatures can be modified. important contracts can modify important contracts and protocol governance remains partially human controlled which could be a good thing. Transparency about control is valuable. Control does not become decentralized merely because the addresses are published. Polygon's POS multi- signature. So Polygon documents a five out of nine multi- signature capabilities include. So they have this whole protocol for multi- signature. Upgrading a proof ofstake contract or a POSOS contract. Sorry. [music] POS is usually proof of stake and I'm pretty sure that's what it stands for. Upgrading staking contracts addressing unexpected contract bugs. The documented multi-IG cannot censor individual transactions though. regular changes,

seven out of three or seven of 13 approvals, 10day time lock, the protocol council. This is interesting because I don't know anything about this when it comes to uh Polygon here. So, regular changes just require a seven out of 13 to approve and have a 10day [music] time lock. Emergency changes, a 10 out of 13 approvals, no time lock. Emergency controls can be useful. [music] And when things break, as much as a long time, as much as we really love decentralization and nobody having control, when you have a lot of money and a very financial thing and your money's in it and it breaks, you don't want them to argue for two weeks before they figure out how to stop it while everybody loses all their money. Cam says, "Was at the gym back in bicep today." Nice, brother.

Uh definitely got to get that gym in. Healthy mind, healthy body. Huge connection there. If you don't know, definitely hit that gym or whatever. You want to do some at home workouts if you want your your brain to work well so that your crypto IQ can go up. All things interrelated here. Protocol Council, they remain trust assumptions even when everyone involved has an impressive resume. So regular everyday stuff going on, they need a seven out of 13. But for emergency stuff, they actually need a 10 out of 13. That was a pretty fun token autopsy. Let's go ahead and start talking about scorecard. How did Polygon actually score and stack up? Well, let's see. All right. This is like possible points. I was like, this was like everything scored perfect scores and it didn't. So, you'll see here, this

is what you'll see. I'll just read the first one. Token value capture points 20. Tokconomics and supply 15 points. You see what I'm saying? Let's get into the actual points though because the utility and adoption hadn't actually scored a 20. It's a 18 out of 20, which is a very high score. It's kind of no surprise for Polygon. It has utility. It has adoption. So, it's gonna sky it's going to score high skyhigh, you might say. Or I guess I was trying to say. So, why P token earns points? Well, mandatory gas utility, staking and security utility, more than three trillion in transfers in its [music] lifetime, and recognizable payment integrations, and substantial daily network activity. two points were withheld because applications can abstract poll. Uh I'm going to go out on a limb and say that that's not

actually that important. [music] Uh ab abstraction doesn't matter as long as the function is there. But I understand the point of why they would take a couple points off, right? Oh, they had more reasons why they deducted. Okay, as long as that wasn't the only reason why. So relayers can pay gas for users. Customers may never knowingly hold pole token. Uh user growth may not create direct retail demand. And the network has demonstrated adoption. The remaining issue is the economic power of the token's utility. So that brings us into token value capture, right? Which is just like a little bit above 50%. It's 13 out of 20. So, current capture includes required gas payments, staking demand, base fee burns. See, it says base fee burns. Uh, I don't think it's talking about base layer 2, right? [music] It's it's

talking about base fees on Polygon just so nobody's confused like I was for a second. Priority fee economics and completed 100 million pole token burn. The mechanism is real. Why pole does not receive a higher score? Uh the 3 trillion volume is not 3 trillion revenue. Recent daily chain revenue was approximately 77,000 which is not very high. Uh open money stack revenue does not automatically reach pole and proposed buybacks are not completed. Reoccurring cash flow that you can count on. The capture mechanism has not matched the scale of adoption headline. Tokconomics and supply got a eight out of 15 because of the base fee burning for sure. Staking demand and things like that. That's in its tokconomics and supply. Staking demand completed 100 million burn. It's a little bit repetitive there. You guys get the point. The important comparison

is annual pole burn minus pole that's actually issued. Competitive mode got a 13 out of 15, which was a pretty high score I would say. And I get it. It has competitors. It's a weird way that all of these kind of stable coin rail projects compete but yet kind of work together but also still kind of compete. It's hard to really nail down how much they're working together and how much they're competing, right? And then it earns a bunch of points for things like operational history, Ethereum compatibility, stablecoin track record in this open money stack. I more want to know why those seven points were missing, right? Or sorry, two points were missing. That was the uh category above. So why two points are withheld here are payment competition is intense. There are so many stable coin rails. It's

crazy. Stable coins can move between networks, right? You can take it off a polygon and put it somewhere else if there's better incentives, right? And that redirects activity. So, it's all when it comes to stable coin rails, it's all about incentive. Who has the lowest fees? Who can move the most? Who has the best liquidity? Private bank rails are improving and so that's going to keep coming in to take in market share and switching costs are not absolute. Polygon has meaningful head start. The payment market remains highly contestable. That head start might not serve it for very long. Security and decentralization 7 out of 10 is still a good score. It earns for long production history, [music] proof ofstake validators, Ethereum checkpoints, transparent upgrade documentations, disclosure, disclose multi- signature controls, and improve recovery systems. Again, I'm always more enthralled

to learn why they didn't get points than why they did get points. So, limited validator set, specialized block production, and upgrade authority, emergency governance controls. That's obviously going to hit them hard for decentralization, right? It's all kind of how you feel about how decentralized something be. Is decentralization a must for every blockchain product for you? Regardless of what it does, regardless of who it's associated with, like it has to be fully decentralized. That's kind of original blockchain ethos. So, I know there's people that feel like that. And I know there's people that that's the reason why they're in crypto is their hardcore belief about decentralization. I would say that that was stronger a couple of years ago. Now it seems like we've figured out well sometimes kind of need a little bit of centralization. Also it can be hard

in today's current regulatory environment for big financial things to be regulatory compliant and if they're not then they get left out. So what do you want to do? Do you want to get left out and never adopted or do you want to integrate a little bit of centralized control so that you can actually be in the game and then maybe you could figure out how to be more decentralized later down the line? Catalyst and execution, right? Nine out of 10. Pretty awesome score. Obviously, catalyst and execution go hand in hand. I'm not going to read all of it. Uh this stuff will wind itself over on my Twitter and in the Discord. That stuff is coming. If you didn't catch that, my third son was born yesterday. Or my third son. My third child was born yesterday. You can

tell I've been uh I've been up a lot, right? There's not not a ton of sleep going on around here. But anyways, uh yeah, I don't even know where I was going with that. Oh, I'm behind on putting the information in the Discord for all these different token autopsies, but it will be there. you can trust that it'll be there at some point relatively soon. The hard part is over. So, risks and unanswered questions, six out of 10, which is a better score than I've seen almost anything get. Almost everything gets a five out of 10. So, if you want more about this information, [music] I will be posting it in the near future. That's why there's that link to that free Discord in the chat. Camsta says, "Congrats, buddy." Thank you very much, Cam. I appreciate you always

popping up and showing some love and saying what's up. But yeah, it's been a it was a long long day and night yesterday. But everything's good. Final verdict, final score. The moment I'm sure you all have been waiting for is the score altogether 74 out of 100, which still means it's on a watch list. Now I I'm going to point this out probably always, so hear me out. purposely made the token autopsy difficult because when it's all said and done, it's going to be like the projects that pass 80 and above are like the cream of the crop. And I don't want there to be like a lot of things thrown in there because when we do 200 projects or 100 projects or even 50 project token autopsies, uh you're not going to want too many projects winding up

with a pass verdict that were like eh on the line, right? You're going to want to look at that list and chart of our scores of token autopsy, which is really just how well the token does in its own ecosystem. Not financial advice, but high IQ stuff here. Uh, crypto high crypto IQ stuff, I should uh say because I don't want that high IQ thing to always sound like I'm trying to say I'm the smartest guy in the room. Far from it, guys. We learn together. But that chart should be highly useful to immediately give you something to look at that has high potential of capturing value in its own economy. And then the the retail or institutional speculation that comes into its market caps just extra, right? It's longevity, right? Token value capture is also very much about

the longevity of the token. So, my point is you will see a lot of tokens that wind up with a a watch verdict instead of a pass verdict, right? A 74 isn't an 80 out of 100 or higher, but it's very close. So, you'll see I would say everything 70 and above is also really good to look at. You just might want to take a look at the ones that actually pass the token autopsy first. [music] The more of these we do, the more valuable it is, I would say. And I'd also say a is the only thing that has passed our token autopsy yet. So I think it's better to have a hard token autopsy than just something that's easy and then I sit up here and I just say everything passed. Uh it might be better for

the channel and viewership, but it's not really good in the long run if you speculate, if you catch my drift here. So final verdict. >> [sighs] >> Let's go ahead and roll out our final verdict here. So promising, but value capture remains on probation. The strongest bull case here is that Polygon has produced more than 3 trillion in stable coin transfer. Kind of whoop-dedoo if you haven't caught that already. Ple's current market cap capitalization, right? Market cap is approximately 1.25 billion. If payment activity continues to grow, gas demand could rise, staking demand could rise, fee revenue would then also rise, and burns would accelerate. Remember, they have very small fees, so you would need a lot of volume to really make that happen. The open money stack bullcase. This is a big deal. This open money stack thing, guys.

Could make Polygon harder to replace by combining bank access, accounts, wallets, and payment routing, onchain settlements, local currency payouts that could produce a deeper commercial moat against its competitors. They also could roll something similar out. So, gross payment flow is not protocol income. Payment networks compete by keeping transactions relatively inexpensive. Applications can hide pole token from customers. But let's use our I our high crypto IQs here, right, that you're getting on this channel. It doesn't matter if the person sees that they're paying in pole or if it's done abstractly in the background. All that really matters is that they are using the network and pull is being used as the fee. That's all that matters. And they only accept pull. Meaning if I am in my wallet and it lets me pay in USDT, I'm not actually paying with

USDT onchain. That USDT is going to get switched to pull. That's very bullish for the economics of of Polygon and the utility for Pole token. So the network thesis currently remains ahead of the token thesis. What would strengthen the bull case? aka what do we need to watch for if you're bullish on this token? Higher reoccurring chain revenue, more pole burn than issued, more pole staked, transparent enterprise revenue purchases, and durable stable coin balances. Repeat commercial usage without heavy subsidizing. Three consecutive quarters of growing payment volume and stable coin supply growing with transfer activity. What would upgrade pull? chain revenue rising with usage and annual burns approaching issuance meaning burning as much as you're putting out or [music] more burns than what you put out into the circulating supply additional upgrade conditions onchain money stack right uh customers moving

from preview to production the PIP87 style purchases reported transfer apparently right so these are a proposal When that happens, we want to see all that reported transparency. Transparently. Boy, that's fun. Additional upgrade conditions, right? Broader pole token utility becoming active. So, there's a lot of things kind of out in the future, but our score is based off of what it is right here and now. We can always do a refresher in months from now if it's relevant. Validators and governance authority becomes more distributed. And of course, the important headline is reoccurring economic capture. What would weaken Pole token? Well, transfer volume rises while revenue remains relatively flat, aka they bring those fees down as volume increases and the fee kind of goes down or doesn't really meaningfully generate any revenue. Incentives produce activity without retention. You bring in too

many rewards, people come in, soon as the re rewards are gone, boom, it's over. and it's [music] not sustainable. Stable coin balances stagnate or burns remain below issuance. And of course, additional warning signs open money stack succeeds without benefiting the pole token and payment migration towards competing networks because maybe they have a cheaper fee. Governance becomes more concentrated or future utility remains permanently future doesn't happen, right? The road map cannot remain tomorrow forever. Final conclusion, real payment activity, real infrastructure, recognizable integrations, and credible end toend payment strategy. Pole token has real utility through its gas, staking, and fee distribution. Of course, the burning as well. But the token does not yet capture value with the same force that the network processes value. That distinction matters highly. What to watch for? A successful payment rail can move enormous amounts of

money while charging very little. That is attractive to users but not good for pole token holders. It's less exciting for anybody expecting transfer volume to behave like revenue. And who said that it should? Maybe in this situation we could all agree that pull is a token that is used for the fees and staking on Polygon. It's cheap. This is just theoretical. And we want the fees to be cheap where we move our money around. So, we'll all just not really hold Pole token because it might stay cheap forever. That's just a thought. All right. I do own a little bit just to be transparent, but it's a very little bit that I bought when it was new at about 30 cents. So, pull score is evidence requirement, not a full-on dismissal. Right. Polygon has demonstrated that money moves across

the network. Final lesson here is pole token must demonstrate that enough of the economic stays behind in the market cap poll learning it with a 74 out of 100 watch verdict. Here we are just to give you our top ones here. We have a 82 the only thing that's passed the token autopsy. Again, I think the token autopsy being hard on coins is a good thing. Hype or hyperlid definitely coming in second with a 77 arrow right under it 76. So, as of so far, because we only have one token that has actually passed, I would say the top five or six probably uh the most important ones to watch. And look at that poll has landed itself number five as of right now. And we'll scroll down and we'll show you. You can see everything else. You can

see how many we've done so far. And that is 14. So, the worst token value captures that we have so far that have landed [music] speculative verdicts are like HAR and Onondo and Athena. Man, I have seen a lot of ENA hype posting. Our next token autopsy for tomorrow is XLM. I think I think it's going to be fun. I think we will have quite a people show up for that XLM token autopsy and hopefully some new people get introduced to the channel and what we do with that token autopsy. Anyways, let's take a look at what the heck is going on with the market today. Quant has just been absolutely raging. There's always a particular person who I think about when it comes to Quant because he had held Quant for quite some time and one time he

was talking about a couple of times he was talking about just selling it because it was stressing him out watching it. We were in a bare market, right? And uh I really really really hope that he didn't sell it because man that thing is up. Whoops. I didn't mean to drop down a category. Right. So, let's take a look. 38.3% for Quant today to $284. Let's just take a look at it on the monthly. Went from 59 bucks to $284. Well done. If you hold some Quant, there's some bullish news. Quant was chosen to run some things that are meaningful. If you don't know, well, then check on my Twitter where I post about that kind of stuff. I'll show you in a minute. ICP up to 348. Let's go. Internet computer. If you don't know the story behind

it, [music] um FTX heavily responsible for jacking things [music] up to high prices right when they came out and then opening massive shorts against them and they had free tokens and everything from the uh right they they would FTX would do this thing where they would get tokens right from the projects for their exchange to be ready when they launch so people could buy and transfer on their exchange and then they would figure out if they could make duplicate coins on the network just out of thin air and a lot of times they could. I don't know if they were able to do that with internet computer, but either way, they would they would make fake coins and sell them. And then they would also jack something way up in value before like right as it came out, slightly

before it came out, right as it came out. And then they would short it to the ground. They were a bad actor. And the fact that like FTX exchange is still around just just just burn it. Just burn all of it. like don't leave any of the people like at that point you might as well fire every single person of any meaningful uh governance and control that was there from before uh just keep the license scrap the name all of it just start all the way over I don't know why FTX didn't just go away anyways grass tokens up 28% today will yo look at that still very far from what I remember it was like is that like $3 at one point. What is this? That's 84. Wow, that was a year ago. Doesn't let you go yearto

date or alltime chart, unfortunately. But anyways, Midnight's doing well. Stonk's doing well. Fartcoin's up. Zero is up. Zabbeckan is up. Bank uh Bankroll would be happy about that. I don't think we're going to see Bankroll again ever, but wherever he is, I'm still rooting for you, man. I know you love this this token up 15%. Nice. Oh, and then of course you can't forget about Compound. Also posted about Compound on my X page, Twitter page, whatever you want to call it. And let's take a look. It's dropped down another hundred here. You got Ferros just boom today from started the day around 6 and a half cents maybe seven. Yeah. And uh went as high as seven 74 cents. So, from about a low of 65 to a high of 74 today for Pharaoh soon, which I know that

Melissa holds some soon. Struggle heart says, "Love some stellar." What am I missing in the chat? Cam says, "You are blessed." Absolutely I am. Uh, Struggart. Yep. Long as he's healthy, all worth it. What's his name? His name is Forest, which uh I don't know why boy names are so hard for me. My first uh child obviously was a boy and it was very difficult to come up with a name for him. That's for sure. But uh my new son, his name is Forest. Soon though, I know that uh Melissa holds some soon. It it it ran 34. This is nice, guys, because we are getting into some time here and we're still pumping. A lot of times so far, we've gotten these moments of pumps. They were not as nice as this and they would turn around and

dump just about as much as they pumped almost overnight. Right. So, I I'm actually very pleased to see this working out. Well, we have this KSM Kusama, which is a Canary Network, I believe, to Polka Dot. I might have got that wrong, but I bought a tiny bit of it a long time ago. I honestly bought a tiny bit of it on Uphold when I first downloaded the Uphold app. And I mean a tiny bit, like $20. [music] And uh yeah, I didn't even know what it was. I don't even know why I bought $20 of it. That's uh back to the beginning days of my crypto journey. Come a long way raising that crypto IQ every day. I love that this channel, a big part of why I created the channel, it's not an accident, was to hold

myself accountable to learning every single day. And it's certainly paying dividends right now. Shrugahart says he loves him some Stella. I I have some XLM. I don't think it's as much as I wish I had to be honest with you, but I'm looking forward to tomorrow's token autopsy. I thought poll was a good one to come back with, but XLM is going to be a lot of fun. What is the year to date here? Max chart says, "Oh man, this thing has been this thing has been like 500 $621 at one point." Wow. Infinite max supply. Not exactly exciting in my book. Let's go to the Twitter page, right? Refresh it for the heck of it. It is impossible to grow on Twitter. I don't know what the heck Twitter's Well, I do. Um, everything, and I mean everything

has suppressed crypto, blockchain, web 3, anything in those categories has been suppressed to the point where like I can't even boost. Oh, look at that. I can boost that one. That's actually really surprising. It goes back and forth. See, a lot of my posts I can't even boost. I had to go to Grock to figure out why I can't boost a post and it straight up told me we just pretty much block all the crypto stuff because there are some scammers out there. There's scammers everywhere and everything. Do they do the same? See, this is where I get disconnected with it is because do they do the same thing for people who talk about trading? Do they do the same thing for people who talk about stocks, gold, silver, precious metals of any kind, oil? Because there are tons

of scammers and scammer Telegram groups and stuff like that in all of those different places and many more and they don't do that to them. So, my theory is they have suppressed social media presence of anybody cryptoreated until they were ready to let this thing go. And I think we're just now getting to the point where they're ready to let this thing go. That's my overall point. And another thing is, if you don't know what boosting a post is, where you put put a little bit of money to get some exposure, right, so people can see you. Um, one one post recently, they let me boost it. I boosted it and then after like two hours they canled it. So even though I could boost that one, doesn't really mean anything. Anyways, follow me. Crypto Ron or Underground Crypto.

You can just type in Crypto Ron. I got the blue check mark. I only have 185 followers even though I post every single day and interact with tons of big accounts. Got to love that. Anyways, I'm not trying to complain. I'm just saying Twitter is hard. And if you find me with 185 followers, you you have the right account. We're going to be growing this though. We've been posting a lot. I've seen a huge increase in uh activity here recently, even though the last two days have been slow. This I did want to talk about. I posted about this in the Discord yesterday. Hopefully you guys are looking at the Discord. I'm posting news in there. I'm posting all kinds of things. Let's go ahead and follow this. This is supposed to be PRVX or Pulse Prover. This is

supposed to give direct and I haven't deep dived it completely or gave um as much due diligence. It was supposed to launch today and it looks like it hasn't. So, let's see what's going on. But it's supposed to bring direct exposure to PulseChain through a coin on Salana. So, you never have to leave Salana. You can buy this Pulse Prover and get exposed exposure. But exposure to what? Hex to Pulse, I assume. Like, are is it a basket of assets? Is it a direct one to one with Pulse Chain? I I don't really know. Does it share market cap? Cuz it's not really worth splitting up the market cap of money that could go to Pulse on its native chain. And like how is this going to work? I don't know. So it says we're going to launch Prove

X or PRVX on Salana through Pump Fund. That's a huge red flag to me. Why would you Why would you use Post Pumpf fun? Because you want all that creator revenue. >> That gives me bad vibes. I'm just going to tell you that. Nothing. For the most part, there's too many bad actors over there. All right. says it's the first clean way for a soulholder to step into the conversation without leaving the chain they're already on. But they got to explain, see, we we've raised our crypto IQ for a long time. You can't just say like, "Oh, this is just exposure on Salana." No, it's a different token. This is not Pulse token. You're going to have to tell me how I'm getting exposure by buying your token. And today, they got sniped the moment it launched on Pump.

fun today and someone bought 20%. Well, yeah, of course that's going to happen. Don't launch it on pump.f fun. We're going to try We're going to launch again tomorrow and you're going to get sniped again. It's being sniped by bots. Like, are these person like, do they know what they're doing? Because bots snipe it. It's not just people. It doesn't matter when you launch it. anything with this name or anything around this name and they already know what name it is. It launches. It's getting sniped. It's too funny. It came across my radar. I thought it was interesting. At this point, now that I know it's launching on pumpf fun, I'm pretty much [music] out on it. This thing's probably just going to steal your money. Waiting for polls to make a rebounce here for price. I'm just not

getting uh I'm thinking out loud here. Obviously, I'm going over this with you. Transparency, right? How are we connected in any meaningful way? Let's give him a Let's give him a chance here. Let's give him a chance. Please explain to me how this is meaningfully connected to Pulse and how we're getting exposure by buying this token on Salana. If you can't answer that, no dice. All right. Well, we'll see if we get a response. I will post it in the Discord, but of course, follow me over on Twitter. If you use Twitter a lot, if you never use Twitter, also follow me. Trump rejected Iran Hormuse reopen plan. Yeah, why would we? Doesn't we don't we don't need any of that. Uh we are we we are the captain now when it comes to oil. America is Netherlands floating

36% taxed on unrealized Bitcoin gains from 2028. Nothing I don't think anything. It's like uh they tell you about the Boston Tea Party, right? Nothing should make you want to uh change things, let's put it that way, than an unrealized tax. And I don't care if it's on Bitcoin. Like what what about an unrealized tax on your stock market gains, [music] right? you'll just pay a tax on it year after year after year after year as it increases between 8 and 10% market standard, right? Um you're going to pay tax on that for what? Four, five, six, 10 years before you realize gains. And when you realize gains, actually sell, then you're going to pay tax again. So you're going to get double tax for sure. 38% is absolutely insane. And then on top of that, when it dips

and you lose your money, they're not going to give you nothing. Unrealized taxes. The most insane thing I've ever heard of. Uh, let's see. It has been almost a full month for Pulse X. Buy and burn was switched off. There is 200k worth of liquidity pool ready to buy and burn Pulseax through 23 billion tokens at today's prices. So hopefully they do that all at once. That would be great. And then a lot of if you're in the Pulse Chain and PostChain community, and I'm not going to pretend that I know a ton about this, everybody's on this PDA. All right, that's where they're going to make their money. If I were to speculate, it's because there was copies made of every token on PulseChain, but the value isn't transferable because the liquidity and market cap are actually different.

PD PD AI is a DAI, sorry, P stands for pulse. DAI, I'm pretty sure, is a uh stable coin, which should be at a dollar. And I I think that uh they're looking at it and saying, "Hey, it should go to a dollar, right? It's a stable coin and now it's not a dollar." I don't know. Just wondering. I don't spend a lot of time on Pulse uh chain like I wish I did. Coming soon. Some Richard Hart. Tons of hacks Pulse Chain Richard Hart stuff going around here lately. There was a video with Richard Hart that really went uh went viral. Shout out to Yakaman if you know what this is. Web three game coming soon. Yeah, we're just doing a little Twitter doom scroll right this second. See if I see anything interesting. Chainers. Turbo. How's Turbo

doing scrolling through X? Really gets uh me thinking a lot of times. We were talking the other day about how one if we'll pull them up as I talk about them. If uh or what if seemed really cheap probably highly likely to get some pump. Robin Hood chain still the newest chain unless we have another new chain. I don't know how that stacks with ARC but I think Robin Hood captures most of the attention there. Why is this Why is Why is Coin Gecko like this? Like if I go to another page and come back, it just like isn't there. No other No other page does that. It's at least where I was when I left. Anyways, uh if seems like it could be a contender for some pump, right? Or it could be done and they're just going

to be on to the next one. That is the riskreward here, right? What if could become an OG meme coin and it could pump again. almost back to uh 500,000 market cap, but it's it's been pretty lame, let's be honest. Seems like it's pretty much over, but it's very low and it could pump. It is a Robin Hood have did this Here's the question. Did this dump because it's over for what if or did it dump because excitement went away from Robin Hood memecoins for a little bit? And if it comes back with this pump, it's super cheap for me. Uh, I don't know, 20, 30 bucks. 50 max could be good, right? It's down 92%. All time, right? Let's go to max. Yeah, 92%. So, that could be good. Just throwing things on the radar. Next, I believe

that AVAC Avalanche is going to see a substantial amount of increase in the bull market. Pretty confident on that. We've already done a little bit since I bought some the other day. It was like $10.80. Now it's $11.37. So that's good. We've done a token autopsy on AVAC if you really want to know more about it. So then that got the gears turning of things that are around AVAC. We talk about aerodyome for base. Uh deep book for these are all liquidity functions, right? Well, there's only a couple here. If you were here the other day when I figured out how to actually go look at them all, you have Pengalan, you have Trader Joe, but I'm gonna be honest, Trader Joe seems kind of cooked. Even though it looks like the biggest, it looks cooked to me. So,

I'm not going to be buying any Trader Joe. That's my personal opinion. You do what you want. You got Pangalan, but Panggalan is not an automated market maker where Black Hole and Trader Joe are. So, let's look at Joe. For whatever reason, the website and things that they give uh my anti virus and stuff doesn't even want me to go to them. This LF, it's just it's just very weird. I don't understand this Trader Joe stuff at all. It doesn't really look or function like a regular automated market maker as far as I know. Maybe you know more about it. It's hard to know everything about every single ecosystem and every single coin. But here's an upand cominging star, right? that is got some of the functions. Where are we at? Where are How come it was there and

now it's gone? Yeah, there we are. Ticker is black. It's called Black Hole. It's an automated market maker on AVAC. It is very low at 1.5 million and it could absolutely explode. could not guaranteed it could absolutely explode. So, it's another one I'd probably for me $100 or less probably start with 30, 40, 50 bucks and see where it goes from there. I've been deploying a tiny bit of capital lately, 200 bucks or something like that over the last day or so. just what I've been mostly doing is revisiting the coins that I'm down on that I still think are good coins and just buying 20, $30, $50 worth of them because it a lot of times doubles the amount of tokens that I hold. I'm going to be holding those tokens in the bull market anyways trying to

get to break even on some of these lesser desirable positions, right? And uh so I might as well just for a couple of bucks cheaply double up, bring my my average cost down and then get to a break even much much faster. Let's go to the 24 hours. I think it literally had just moved. No. Anyways, I just want to put these things at your attention. These things I'm looking at. How's everybody doing out there? I'm going to go ahead and hop off. It's been a lot of fun. 8:30, 10:30, 2 hour stream. I meant to only stream for an hour. As I've mentioned many times, I got a lot going on. So, I do need to hop off for sure. But, you know, I can't really go very long without doing a live stream. It's just in my

nature now, right? It's in my blood to do these token autopsies and to learn about crypto every single day. Even yesterday, I was posting the things in the Discord, on Twitter, stuff like that. Every single day, I raise my crypto IQ. I hope you do as well. I hope you enjoyed the stream, all of that fun stuff. Smash that like button, subscribe, join the Discord where I post. It's not exclusive news because like news is everywhere. But I'm not posting the same news and things in the Discord as I am posting on my social medias and I'm posting different things on different social medias. Anyways, thank you for being here. Struggart says, "Thanks again later, everyone." Exactly. And uh grab that membership three bucks, right? Support the channel for three bucks. The custom emojis in my opinion alone are

worth it if you come to the channel all the time for sure. And of course, there's other perks for higher memberships. Have a great night. Uh, we got rid of your the ad revenue, right? That's why I'm shilling all of these things constantly because I put I put myself in your guys' hands a little bit here. Everybody kept messaging me about how annoying the ads were. I mean, like, everybody. And I get it. All right. I get it. So, I made that move for you. $3. Do something special for me so that we can keep that going because I can't always turn it back on. Anyways, stay underground, stay crypto, think long term. I will catch you tomorrow night at 8:30 p.m. New York time. Underground crypto out.