Railgun (RAIL) Token Autopsy: Private Money on Ethereum — Shield or Smoke Screen? | Daily Crypto IQ

0:04Hey, hey, hey. You can't do it. I never knew it. I never knew Hey, hey, hey. I think that we're just holding on to something. I think we just holding on to something. Just tell me what's like the blues guy says, "Gratitude

4:21tonight. Welcome to the underground crypto deep dive research token autopsy report series. Grateful for all my undergrounders. Great to be back. It was Halloween over the weekend, so I cut back on a couple of streams because the turnout is always a little slow and it was nice to have a little bit of a break, but I missed everybody and I'm glad to be back. We are going to talk about rail gun tonight, so I hope you guys are

4:48ready. Anybody hold any rail gun tokens? Just running in from the gym. Barely making it on time. barely getting the stream together. >> Ran in the house, realized I turned my computer off before I left. I didn't have that kind of extra time planned into my day. Every minute planned. Yeah, we'll definitely catch up soon, Blues Guy. You let me know what's good for you, what time frames are working for you nowadays. And uh you know, I'm

5:21flexible. Rail gun, let's talk about it. Of course, we're going to talk about a little bit of news. will give a little bit of time for some people to run in. Blues Guy says he holds flare. I also hold some flare, that's for sure. Rail Gun, not a project I know a ton about. I've covered a little bit of it before. There are so many cryptocurrencies like Pokemon trying to catch them all, but you can't catch them all because there's

5:46just too many of them. They just keep coming out with new ones. 129 million in market cap for Rail Gun. Max chart says it's up 216% for a max chart in crypto. That looks pretty good. Let's see. Token generation event 2021. So to have a chart that is as far back as 2021, July 2nd, uh 2021, and still be up 216%. It's pretty good. And you see some explosiveness and some pullback and some explosiveness again. uh really looks

6:21like it's in a giant flag there on the MAX chart. Maybe inverted head and shoulder. Maybe we're getting that other shoulder. Either way, the chart looks pretty good for rail gun, that's for sure. But what is our tokconomics? Our tokconomics are 100 million max supply. A billion, 100 million, 21 million. That's great and all. I'm glad it has a capped max supply, but at the same time,

6:52um there are more numbers here that are important more than just the max supply. So, right there, circulating supply says 60 million. So, 60% of the supply is out. That's pretty easy math, I think, for everybody. We have an Ethereum contract exclusively. And then we have all-time high of $5.66 66 cents and an all-time low of 22 cents. It used to give you the date. Okay, it now it does. You got to go over the little information thing almost four

7:25years ago for the all-time low. All-time high was in 2025 about 12 months ago. But where can you pick it up? Where can you get it? Well, first let's look at centralized exchanges. Only Mex Global really for centralized exchanges. Wow. So, it sounds like you're going to need to get this on a decentralized exchange. Hopefully, you know how to navigate some web 3, how to use a wallet, stuff like that. Uh, Sushi Swap. I know my audience does for sure, but maybe somebody is

7:55watching this a little later. Good evening. Welcome in. So, what it is, a governance and utility token for the rail gun project, an onchain zero knowledge privacy and smart contract security system running on Ethereum, Polygon, B&B Smart Chain, and Arbitum. Appreciate that, Blue Sky. I sure do. But it's looking like Sushi Swap, Uniswap, or whatever Cipher is. I've never used that. I'm surprised you don't see uh Orca. No Orca on here.

8:25Okay. All right, then. Let's talk about a little bit of news while we give people a moment to know that that we're live, right? So, more continuation of the Binance story. You know what's really interesting is, you know, Binance has this big exploit. The exploit is 100% within inside the security and infrastructure of Binance exchange, a centralized exchange, right? And then people sell Bitcoin. That makes

8:57no sense to me. I know people kind of freak out, buy the rumor, sell the news, or do the big whales just take fully full control of any news story to do whatever they want to do and dump the price. I don't know. A lot of speculation there, but I don't really see the correlation other than people don't have a very high crypto IQ, which we are trying to solve on this channel. Even if I'm a small up andcoming channel, we're still trying to

9:22get out there, do the leg work, and raise people's crypto IQ. Uh, buy a centralized exchange having a, you know, exploit is nothing to do with decentralization, nothing to do with Bitcoin, nothing to do with real crypto and blockchain technology. Let's get into the story, though. So, the fallout continues from October 29th. Attack that stole approximately 6.3 billion from Binance. Routers report that customers withdrew a net 4.7

9:53billion after withdrawals assumed. So when the withdrawals assumed, people freaked out. They withdraw some money. Binance says roughly 2.7 billion has flowed back into the exchange since Sunday. So people realize it's over. Whatever it was, hopefully they fixed it. You would imagine they had fixed it. Also, Binance said they were going to make everybody whole, right? So, if Binance's gonna make everybody whole again, then what are we really worried

10:21about, right? And I I it was so funny. I was watching somebody who I I watch a lot of news from, and he's not a crypto person. He's not even re very pro- crypto, although he does hold some XRP, which tells you a lot about people outside of crypto. But he was like, "How are they going to pay back 4.56 something billion?" It's like, I don't think you understand. They have hundreds of billions of dollars. Binance does.

10:47It's like, you know, giving somebody six bucks out of your $100. It's not a big deal. Anyways, the FBI has attributed the attack to North Korea trader. Trader trader hacking group. Wow, that's a fun name for a hacking group. Trader trader. Uh, that's hilarious. I didn't know that they had a legitimate name like that. Although, a lot of attacks have been attributed to North Korean hackers. Right. Binance says it secured 6 billion in treasury funds, uh, insurance and

11:19security reserves to address customer losses. They had a whole security fund or funds for problems that happened. So, there was hopefully enough money just there. Uh, blockchain investigators say hackers still control a approximately 3.2 billion in stolen assets. Oof. If they just got away with a billion, I mean, I would think that was probably successful. Now, I heard a story that said they immediately went to a took out a loan against that money in Ethereum

11:53and then ran off with the Ethereum, right? Which is an interesting way to wash the money, I guess. I mean, they still could freeze it like they would still know which they can still follow it to the A exchange or a platform, right? and then they can see where the loan happened, right? And then they could just freeze that. That's my opinion, but I don't know if you could freeze stuff on Ethereum. I don't know. They might have got away with it got

12:20free there. Either way, either way, you know, they're going to track that Ethereum that was given inside that loan and they're going to see where it goes, right? And of course, this is becoming one of the biggest tests of exchange solvency, customer confidence in crypto security we've ever seen. Despite an enormous theft, Binance reports withdrawals are stabilizing. And again, they have the money. Binance has the money. And CZ,

12:47who's so associated, he has the money, too. He could probably make everybody whole all by himself if he wanted to. It doesn't mean he will, but he could. Doesn't seem like he needs to. Anyways, Standard Chartered launches 24/7 tokenized bank deposits in Hong Kong. Now, it's an interesting story, but if you don't live in Hong Kong, I don't know how much it matters. Let's go ahead and look at these chats. See what we have going on.

13:14Sounds like the Sony hack in 2014. They needed a reason to dump the market and now it's up. And it's up from now. Hey, Blues Guy, I agree with you. you know, how do you dump Bitcoin in its current condition that it was prior to the hack? Now, that's where that's where you get a little bit into a weird space. Like, do they do they just take advantage of big headlines and stories when things happen? I think that's highly possible

13:44and even very likely, but do they go as far as to make these things happen in order to have the story when they want it? And I don't know. That's a it's a good question, right? So, Standard Charter has launched tokenized deposit service for corporate clients. So, corporate customers can transfer tokenized bank deposits around the clock. Corporate corporate customers. That doesn't sound like your everyday street vendor, right? Your

14:11everyday person. Retail. Final settlements uses central bank money. China AMX and Panther Trade have already completed live transaction. And in Hong Kong's broader Assembly TX initiative now includes 12 banks and 20 other participating organizations. These are not typical stable coins. They represent existing bank deposits moving across blockchain infrastructure preserving a direct relationship with traditional banking. NYSE partners with

14:42Broadidge. Yeah, Broadidge to bring shareholder voting online. So they're just bringing what almost like a DAO, but this is within stocks. I imagine Broadidge will provide shareholder voting and transfer agency services. I guess this might increase transparency and accessibility. The goal is to preserve investor right when traditional shares move on to blockchain infrastructure. Look at this. This is

15:09the part that like we have to get some of the normies to understand here is that the goal is preserving investor rights when not if when traditional shares move on to blockchain infrastructure. Telling you it's already happening. It's already happened and it's only going to continue to be the entire infrastructure is going to be on blockchain. Saw this coming a long time ago. The question really becomes how do you take advantage of this? That's what

15:37the token autopsy is all about really. Camsta in the house. Welcome in. Welcome in. Blues Guy says fear showing it isn't safe. Then you hear about Flare and how safe it is. Oh yeah, it's clear in my mind. Flare does guarantee a lot of their stuff. Absolutely. So Akos Network approves my migration from Cosmos to Solana. Wasn't Akos the one that was they were just researching? they were just looking into doing something like this. I don't

16:08think that they actually done it, right? So, Kosh network announced that its community approved governance proposal 360 346, right? Doesn't really matter. The new proposal authorizing a migration of its decentralized computing infrastructure to Salana approximately 97.3 of votes CA cast actually supported that proposal. AKT the token will eventually become SPL token on Salana through a onetoone migration process. A 1:1 migration is probably the best type

16:43of migration you could get. So the project cited Salana's lower cost liquidity and deepen e uh ecosystem decentralized infrastructure. That's what DPIN stands for. The initial migration portal requires two independent security audits. Moving the actual computing marketplace will require another governance vote. But then what are you going to do? Like why would you move the coin to Salana and then not move the market? That wouldn't

17:10make any sense. So Akos is a meaningful decentralized AI computation project choosing to leave its own sovereign blockchain. It raises an interesting question about whether smaller application specific blockchains still make economic sense in today's day and age. And the last story before we get rolling into our token autopsy tonight of rail gun, another privacy project. XRP Ledger preparing security fix for token issuance

17:41loophole. This is an interesting story. Uh the XRP ledger is expected to activate an important amendment on November 4th. developers identified a permissionless loophole that could allow certain accounts authorized to burn issued tokens to create additional tokens, right? But they didn't really say how you do it. So, I don't think anybody's capable of doing it in this time period. When AI finds these problems, they're

18:07probably far more meticulous than the average person would be able to figure out or catch, right? The issue concerns issued assets, including stable coins, not XRP's native supply. No publicly confirmed exploitation has been identified, which is probably the most important point out of this whole story is that nothing has actually happened. Notably, as far as XRPL ledger in this loophole, the amendment has support from 33 of 35 track validators. And the

18:40update also addresses circulation involving liquidity pools and vault. Stable coin issuers must be able to separate token creation authority from token destruction authority burning. A weakness in those permissions could create serious financial risk. And when we come back, we'll talk about security uh securitize expands. Securitize is a company. It always messes me up every time I see it. Uh expands to 25 tokenized stocks on Salana. So, we will

19:09join with that. The next story would be Nvidia, Costco, and Nike join a growing opposition to tokenized stocks. I wonder why they would do that. And I'm not just being kind of tongue and cheek there. I really do wonder why they would do that. All right, so here is our token autopsy report tonight. Rail gun shield or smoke screen. H, I thought that was catchy. Privacy needs a crowd. Token value needs a free path. >> Smart contract. Yep. Blues guy.

19:51Hilarious. Got to hit him with the hit them with the fireworks. I thought the fireworks would be most popular. I don't know if everybody knows about them. By the way, you should have access to a tab in the Discord, free Discord linked in the chat, where you can see all of our visuals, right? I am going to make a visual for reliable Jay. That way we can always always remember him and throw that up to

20:28remember him. So I will make that later. All right, who's ready? Who's ready for this token autopsy? It's Monday. The market is down. Excitement is low. It's never been a better time to raise your crypto IQ. I must say, it's my opinion. But it never stops. Every day is an opportunity to get a little bit of an edge of understanding whether it's on a specific project, the news cycle, or just blockchain technology as a whole to see

21:00the full picture as it's moving. Tonight, we're going to focus on rail gun, right? So, anyone with your address can follow every coin in every move. Now, that's usually just a problem for big traders and big whales. your average little retail guy who's got maybe a couple thousand or even 10,000 of some cryptocurrency, you might get me attacked within the actual blockchain, but that's a

21:25different story and usually it's very small. They just add up for the people doing it. Financial privacy is a real product. Tonight, three questions. Privacy, does the shield actually hold up? Token, does the money reach the rail token? and what is the utility of rail token and risk? What could sink our whole thesis here? We'll get to that at the end, so stick around. In our snapshot, it's about $221 rail price today. Basically, with 132

21:58million in market cap, we have a $566 high on November 7th, 2025, which was really not that long ago. Seems like you could easily double from here. So, there's about 60 million rail. About 60% of the supply is out with a maximum cap of 100 million. Not too shabby. I mean, over 50% is out. I don't know what a a mission schedule they're on right now. So, hopefully we can get to that. So, in 2021, you had airdrop at launch. It says 50 million, but I don't think

22:33all 50 million went to the airdrop. That wouldn't make a lot of sense, but it is very possible. Strategic Mint to DCG and LD Capital and of course Treasury Mint approved through governance about 2.5 million new supply has a governance path the identity check right we got the contract here you should always check your contract through something like coin market cap coin gecko crypto rank something to make sure that you didn't just pull it from say Twitter because if

23:06somebody makes a fake Twitter for a project best believe that contract address is not legit. So, Ethereum, Arbitum, Polygon, and B&B chain have privacy contracts. This is where it is live. Base deployed on Ar August Ar what am I talking about? Uh base deployed on August 31st, 2026. Reported TVL remains under $1. Wow. I don't know why they threw that in there, but that's pretty interesting, right?

23:35Oh, they're going to hit us with some crazy names for their products. So, a Devcon integration puts Rail Gun within Embrier Embry through the Ethereum Foundation Kohaku SDK default sought. So, terror victims family sued the DAO in January. An October report says they requested default. The request is not a confirmed court entry. I don't even know what this is about. I don't know that story. So, maybe we do find out a little more about

24:09that. Cam says, "What's up, homies? What's up?" It's another day raising that crypto IQ, learning about projects, deep diving, figuring out stuff, figuring out what coins I want to focus on. And I got to say, if you missed out on loading up on some coins, we're pulling back. We could go a little bit lower for another week or two. It's very well possible. The Crypto Lifer just put out that we're in a descending triangle. So, good chance that we see 758 or

24:38something a little bit lower. Very possible. But the altcoins always take a massive hit. Now, if you bought altcoins at this most recent bottom and you were planning to sell them in a month or two, well, you're already there, but you get my point. I play the four-year cycle, so I don't really care. It's just another big opportunity to buy things on the cheap. I'm not worried about what I bought. That's probably back to break even or something like that. Maybe

25:06slightly underwater. Doesn't matter to me because that's not how I play. So, what are we talking about? TVL down fees steady. So, TVL on September or sorry, TVL on November 2nd went from 117 million on September 30th. Fees were about 320K. I feel like that was written kind of confusingly. Glad to have all my undergrounders with me on a Monday when the market is down again. I can't stress enough in this space.

25:43It is so emotional for people when it comes to the market. Like you just see so many people fall away. And I also think the algorithm doesn't push it out as much when the excitement's not as high. Melissa, thank you for the super chat. Always appreciate that big time. Says, "I can't have rail gun fail like Xan. Here, take his bribe." Hey, hey, you know, we're transparent here. We're We're going to do a token autopsy

26:16and it's going to be whatever it is. But I certainly hope it does better. actually think that it it's going to do better than Xan because keep in mind Xan or Anoma very very very new project didn't really love what I saw but it also is very new so hopefully they get their their ish together right public by default right so open ledger gives scammers and copy traders a searchable feed of wallet activity that's very true

26:50and then zero Zero knowledge shift ZK right uh zero knowledge proofs can verify and a valid spend while hiding the sender asset path and the amount. It's funny because as somebody who's been studying like blockchain technology for quite some time I I don't think I mean if you had to put a percentage on it it's well under 1%. And I'm talking about of people who are like consider themselves crypto people who understand the like shift that we did from like

27:22optimistic proofs rollups to like zero knowledge proofs. It's so much better than what we were using before, right? Verify the action without publishing the whole diary of everything going on. The payoff if it works, of course. Wallet integration may bring more users into the pool. shielding and unshielding generates fees. Now, just like we saw with a very similar project recently, they in the in the project that we did

27:52recently, they could see when you came in, then you go into a shielded pool. They can't really see what's going on, but then they can see when you come out. So, how do we fix those dynamics? Right. Melissa says rail gun is two is new, too. It is new, but it it goes back as far as 2021, which is better than Ana. Nomo launched I think in like 2025 or maybe into 2024 something of that nature. So it's still got some years and in this space everything moves so

28:21freaking fast. Uh a couple of years is a is a big lead honestly but they got to keep the momentum up. They got to keep producing and devoning. They got to keep doing that dev stuff and shipping new products and keeping everything up up to the standards that we move into, right? because we move quickly. So, rail gun is not a tornado cash fork, just in case maybe you thought it was uh distribution. The launch airdrop reached privacy and charity donors and visible

28:53use. Uh Vitalic Buterine has publicly used it. All right. Well, good for him. A little bit of notoriety there. So protocol fees on private transfers within the shielded system apparently are very low. The 0.25 deduction is charged on entry and exit. Okay, so there's zero fees when you're inside the shielded system. That dynamic that sometimes we can kind of get a repetitive topic and so I like to really drive it home because I want to raise

29:24your crypto IQ. We have to ask ourselves if a product is really cheap, that's great for the user. If a product has decent to high fees, that's great for the person holding the token as long as there's some kind of value capture for that token, right? Which usually there is with higher fees. But if you hold the token and use the product, well, which way do you lean? But what which what are you more happy about? Some value going to your token or

29:58using it every day and not spending value? It's an interesting dynamic. It almost seems like you got to I don't know because if you were like, "Oh, this has high fees, so I want to hold the token, but I don't want to use the product." Well, then you're probably not the only person who doesn't want to use the product. So, what solves this dilemma? Scale. Scale is the only thing that solves this dilemma where you could have a relatively cheap fee, but there's

30:24so many transactions going on that there's still, you know, a good revenue accumulating. Right. Cam says, "It was really cool to see the lifer so supportive of you on his show." Yeah, it I I could never say enough good things about the lifer just from what he does in crypto. The fact that he shouts me out and uh you know lets everybody know about this channel and stuff and then the just who he is outside of his channel. He's just such a

30:56good person. I can't say enough good things about him. Cam says he really seems to have your back unless of course you're paying him. No, definitely not paying him. The lifer is one of those people where like I don't have enough money to pay him. Like he's not going to do something for a hundred bucks. Like he's not going to shout me out on his channel for for a little bit of money and I don't have the type of funds that would be required to get him

31:19to do anything, right? And I don't even know if he'd do it then. I don't know if you guys know but like the lifer has tons of people who hit him up who want to get access to his community to get and he doesn't let any of those people in. So when you see the lifer actually like endorse something or use something to put it up, you just know that he's put considerable thought into it, right? And and it honestly is very acclable and I I definitely

31:48take that example and I try to do the same thing, right? Campa says miniame. Exactly. I hope you guys enjoy that mini game. Wifer asked me why I did not reach out when I was at your place. Hey, next time. We were pretty busy. We were definitely busy, but I don't know. You could have reached out, I guess. And Melissa says, "That's how I found your channel from the lifer." Exactly. A lot of the really good people, not that all

32:20my undergrounders are good. You know what I'm saying? But a lot of the solid people who stuck around have something to say and really care about the topic, a lot of them came from the Lifer channel. So again, shout out to the lifer as always. I look forward to the next time I get to hang out with him cuz he's just a he's a really fun person to be around. He really is. So UTXO notes, right? So encrypted notes, not a balance. We're going to lock back in

32:47here. Uh, no you don't. Well, sometimes you do actually, but it should tell you when you need to. Like, uh, this is this is for Camsta because he's asking about the games, right? When it's numbers, not usually, but if it's like pump or dump, then you do, but it'll tell you in the prompt. So, locking back in to this, if you're watching this later, you have no idea what we're talking about. We were

33:10talking to the chat, the undergrounders. So, a private balance consists of sealed notes. A zero knowledge proof validates a spend without showing the note history. A sound proof pro protects uh validity, right? The crowd protects animity. It's a lot of fancy words for some privacy. So, we always seem to use this Maya name for our illustrative examples, but the illustrative examples is how we make

33:40this real for you guys who potentially could use it, right? So, $10,000 in USDC. Maya shields from a public wallet. The $25 protocol deduction leaves her with about $9,975 privately. 1 hour PPOI standby on a new shield and then she can proceed. So, it seems like seems like there's an hour you got to kind of hold off for an hour. I mean these type of things are useful for keeping everything on the up and up and

34:15everything you know an hour gives them time to catch something that shouldn't be there right Illustrative amounts of course this is not a real person so then she privately converts or swaps 5,000 USDC to Ethereum then she transfers a th000 to a friend Ozk zero ZK I I think that is address right without a protocol fee. So no fee for the thousand she sends to a friend and then gas right a broadcaster submits the

34:51transaction and charges her shield balance. I thought there were zero fees. Thought we said there were zero fees. So the broadcaster charge is separate from the protocol deductions. Okay. So maybe there is a little bit of a fee in there but it's just called something different. Very interesting. All right. All right, so let's get into the fee math. She unshields the remaining $3,975 and exit deduction is 0.25%.

35:20Which is about another 10 bucks, right? $9.94. Entry plus exit protocol cost her about $35. The clue is shielding 10,000 and unshielding 10,000 5 minutes later can make the connections very obvious, right? So if you move through their system too fast, it's not really going to give you privacy in the way that you're looking for. Timing and distinctive amounts can defeat practical

35:47anominity. And again, of course, that was all illustrated. So let's talk about the product suite or the products. Railway, a consumer wallet for private activity. So railway is rail guns wallet. You have a terminal wallet, a command line route for advanced users. just the average person probably not using it. Then you have SDK third party wallets can integrate the private system. So PPI and the broadcaster sit behind these interfaces here.

36:22So beyond the transfer where people use it promoted integrations include stable coin privacy swaps, morpho yield, morpho always showing up in all of these FXUSD lending and hyperlquid trading again million and total value locked. You can see what it was for December 2024, June 2026. I don't know why we randomly grabbed December 2024, but anyways, June, September, October.

36:55And you can see the variation here. So, cumulative shielding plus unshielding in June. I think it meant June. Might be a typo. A separate report cited about 5,000 weekly transactions at a record of 5.6 6 billion. All right, somebody's moving some big money through it. 71%. Rail gun stated share of transactions among major Ethereum privacy protocols in 2025 is up 13%. From 2022,

37:35alltime protocol fees on rail gun. So quarter 3 2026 was about 1 million. Recent pace implies 4.1 to 4.6 6 million annualized. That's very interesting. I mean, that's a big jump from quarter 3, but we did move up a lot, I guess, since then. So, follow the value. One, you have your 0.25 fee. Shielded and unshielded deductions are paid by the users. The contract collects fees without a team multi-IG in the path or in the way.

38:13Every two weeks, a share of Treasury token balance is allocated for active stakers to claim. So every two weeks, a share of Treasury token balances is allocated for active stakers to claim. Okay, so there's where your staking rewards look like they're coming from the treasury, which could imply some subsidy here. A distribution from treasury balance, not a 4.2% 2% of each trade, right? Allocations are pro rata and can include

38:50wrapped ETH, wrapped B&B, wrapped matic or plus or also DAI, which is a stable coin. I don't think I want any wrapmatic coins. I I think I'd rather have wrapped ETH or B&B. The catch while part of the allocation can be rail itself. Claiming costs gas. So actually claiming it will cost you some rail. I guess rail must be the utility token, right? The gas token. Delegated voting sends the allocation to

39:21the delegate. Locking and actively evaluating protocol requests matters here. And that's what the stakers get, right? So staking yield 9.1%. A cited October 7th yield figure up from 4.3%. The return includes rail denominated rewards. So the dollar yield moves with token price and participation. Right now talking about 9.1%. That is definitely up. That's that's

39:53interesting. It seems like there's been uh an increase in activity with rail gun. That's what I'm getting here. To go from like 1 million in fees in quarter 3 2026 to projecting like 4.1 to 4.6, that's a big uptick in usage cuz the fees didn't change. A 29 to 32x approximately 132 million market cap divided by its 4.1 or 4.6 million analyze fee pace could send this thing to the moon is what they're what they're trying to say

40:27here. This is from Block Works, one of our favorite places to grab some data, right? So, staking concentration about 41.6 million rail held in the staking contract that is about 69.4% of the 60 million of the circulating supply. So, let's break this down. In the staking contract, they hold about 41.6 6 million rail and that's about almost 70% of the

40:59circulating supply. That's a lot. That is a lot of rail that they hold in the staking contract. So it seems like a lot of it's being staked. That's what it tells me is that people staked it. They bought it. They staked it. A contract balance is not a map of beneficial ownership. So nearly seven in 10 minted rail. Yeah, that's what we're saying. The majority of people holding this are staking it. Melissa, did you own some? Are you staking this

41:27thing? Seems like for for 10%. I mean, I know it recently went up, but that's a nice return. Trading friction about 139,000 of daily turnover in the cited snapshot. Small orders may have an outsized price effect. $40 million question here. No cliff. The stated token structure has no vesting team or cliffs approaching mint authority up to 40 million remains below the 100 maximum. So there's 40 million to come out or 40% of the max supply.

42:06Governance can approve more minting. So minting is approved through governance. The July 2026 Treasury Mint shows that authority can be exercised because they did it. We know they can do it because they did it. So, let's talk about exiting. So, we talked about the product. We talked about dealing with the shielded pool, the entry, the exit, the fees you'll pay. Let's talk about the exiting. All right.

42:33Again, so trade on the decks, right? Inspect actual depth before sizing an order. Make sure that there's liquidity there. It's not too thin. Unstake. A 30-day wait follows when you try to unstake. I wonder if you're if you unstake and you make me wait 30 days, do like do I get the reward for staking in those 30 days? I would hope so. Just a thought, thinking out loud here. Voting wait and reward stop during the exit. Wow. If I

43:01would have just read the next line, I would have known the answer to my question. That sucks. Going to make me wait 30 days and I'm not even going to get anything for it. That'll definitely keep people from unstaking in and staking like back and forth. So, unshield you pay 20.2 25% new deposits may first phase PPOI standby. So a token sale, governance exit, and privacy exit are all very different.

43:28Let's talk about the governance pipeline. So sponsor a proposal seeks support during a 30-day sponsorship period. We evaluate or veto stakers examine the code and can reject the changes if they would like. So execute a past request needs execution within its permitted window. So just because something passed it then needs to actually be implemented right broadcasters uh what works here. So they submit a

43:58private transaction and pay go uh public gas. So we we've heard about these broadcasters so far. Your own public wallet need not sign it. So you don't have to sign it with your with your own public wallet. The catch is the active set can be very small. A frontend can shape which broadcasters a user sees. Broadcasters charge charges include gas plus a premium. So they tack on a little extra. So if you're a broadcaster, maybe you're

44:28getting paid over there on rail gun. Blues guy said win moon. And that made me think of CCP. Where is CCP? He's missing out. Melissa's actually with us tonight. So, private proofs of innocence, right? Number one list providers flag known illicit activity, including sanctions and scam data. After shielding, a proof says the funds were absent from the chosen list. That's called a blinded proof. Usually their own terminology. Standby supported

45:04wallets impose roughly one hour on a fresh shield. The screening sits behind the privacy contract. I guess that hour really gives them some time. Let's talk about what the PPOI cannot do. Well, what can it prove and what is missing? Well, the wallet proves a shield is absent from a known list without exposing the other private activity. And what it misses, a source not yet listed can pass. coverage depends on the

45:38list and wallet implementation. So, you hear them talking about a list, it's probably a list of wallets and also tokens and things that are involved in scams or just things that they already know about. But if it's not known about, well, then it's not listed and it can pass into the system. The system does not reveal identity or every downstream risk. Screening is evidence about a list at a point of time. Feel like we said the word list way too many times.

46:08Dylan Carr says tonight he loves the CCP. That's hilarious. Hey, they were doing tokenized stuff in Hong Kong. Is that close enough? What stays public? All right, so what is public here? Deposit when you deposit in. That's public. Shielding reveals the entry address, token, and amount. And so far with all the privacy stuff, I'm seeing a common trend is that the money comes into a wallet and and and that's not private. Then you go into a shield or

46:38some kind of atmosphere that they've created a product that is private, but then when you come out of it, it's also not private. Is this done to be okay with the regulator? Is that what it is? But you got to think, even if you could send money to a wallet, you would still be public where you sent the money from. So that you get into a place where it's like the regulators going to see if you're trying to hold out on them, right? And welcome in by the way, uh,

47:09Dalen, Dylan, Dialin, how am I supposed to say that? Uh, withdraw. So unshielding has a visible destination and amount, right? So it's withdraw. It's going somewhere. Then you got the metadata. So a rail gun transaction occurred and when. That's what's in within the data. Viewing keys reveals history to their holder. Confidentiality has observable boundaries. That's what we're seeing in

47:41a lot of these privacy projects. The oneperson batch problem. All right, we've talked about this before. A crowd of one. If you're the only person in there, then they can just infer that all the money is yours. It's pretty obvious. An automount, obscured token, and quick exit can make a private path easy to infer. So, auditing scope here. Trail of Bits, ABDK, Zokoyo, I hate having to say all these

48:09random things. And a hashcloak governance reviewed from 2022. So, what is important here? Well, what's important is that there was Oh, like Bob Dylan. Okay, so I was saying it right and then I overthought it. Sorry about that. But all uh pronunciations are accepted at this point. Lol. Hey, I'm glad to see you got a good sense of humor. But when you say it's like Bob Dylan, then then I got you. Welcome in. I've been seeing your name

48:34quite often. Um glad to have you here. ABDK's 2021 review included Poseidon authors. So what are we saying here? They've been audited by these people. Now how who are these people and how good are these people? No idea because there are some people who I've certainly heard of but these trail bits I've actually heard of but I haven't heard these other ones. And you have a lot of auditors but a lot of times certain auditing can be very

49:03like specific like they audit a very specific thing not just like all the code within a project. So you also got to look out for that. So, newer code, a cited research does not establish a public audit covering every 2025 206 change. That's the thing with audits. What you don't want to happen is a false sense of security because of an audit that they did on a project a year ago and then they put all this new stuff out into

49:36their applications and products and none of it's been audited. But can you live where everything that you're interacting with has been, you know, up to-date audited? Probably not, cuz it takes time to audit them. So, it's a bit of a dilemma. There's a lot of dilemmas. You ever heard of the crypto dilemma? Anyways, it's a story for another day. Map each report to deployed versions before treating it as current coverage.

50:01Most of the time, your audits are going to be out of date just because time moves forward literally, right? So, we have this story that I was not familiar with, right? Very interesting here. 60 million plus. The FBI says Lazarus used rail gun to launder ETH from the Harmony theft. So, there was that Harmony. I'm not talking about e-harmony, right? Uh we're talking about Harmony the blockchain. So, there was a theft there. Rail gun disputes the

50:32claims and I guess they're still arguing about it, right? Families of a terror victim sued the DAO in January citing alleged Lazareth activity including bibbit. No confirmed yet. So we don't we don't really know if that happened. We just know that they've been accused of it which they're a product, right? Like they have nothing to do with that. It's not like they're sponsoring there. Tornado Cash faced US sanctions in 2022.

51:01developers also face uh persecution. I'm pretty sure the main guy is out already. I I'm sure they've wrapped that up. So, Rail Gun on the other hand, the protocol is not identified as a sanctioned or in this snapshot. I don't think Rail Gun sanctioned, but they're trying to make sure that they point that out here. So, it points to an opt-in screening and DeFi use as distinctions here. Legal exposure remains specific to the fact and the jurisdiction. So where you are

51:33matters in the rules. Where you are also matter. Privacy pools and alternative available in the same ombre wallet. So they have alternative uh privacy pools. Aztec talking about competitors here. Aztec of course coming up again. They came up when we talked about another privacy project the other day. I think it was a noma. So we've been doing a lot of privacy projects recently. I didn't necessarily do that on purpose. We did zkash

52:02and anoma's technically a privacy coin and now we are doing rail gun. So a private layer 2 with different security and execution choices. Other rails we got Zcash, Monero, Anoma uh take distinct approaches. I was rooting for Anma. I I don't know that I would put Anma in the list of competitors against anybody because they don't seem like they're really doing what they're supposed to be doing. Users distribution is contestable.

52:32So, the moat, how does it stack up against it competitors? Well, what works here? Large Ethereum pool, years in production, and SDK integration. Again, they've been around since 2021. That's a good bit of time. more users can improve practical coverage. The catch is a privacy crowd can migrate to another wallet or system pretty easily. Total value locked alone does not guarantee sticky use. Sticky is a common business term meaning it sticks around, right? It

53:02doesn't immediately leave. There's some kind of loyalty to the platform or the company or something like that, right? The crowd is part of the actual product. Corporate versus token value. Well, protocol cash flow no company skim is described in the onchain treasury path. Deductions flow to the DAO controlled contracts. Deductions are the fees that we were talking about the 0.25% when you come into the shield and when you leave the

53:30shield. So upon entry and exit you're charged 0.25%. And well that's okay in my opinion because the DAO treasury Dow control contracts probably treasury wallet is where they pay the staking from. So in a roundabout way that money is actually going to stakers right value reaches active stakers through a claim path. Accountability. A decentralized structure does not make a lawsuit

53:59disappear. It can complicate who appears and who responds. Near-term catalyst, right? So, Ombre and this Kohaku at DevCon in November 3rd to 6. So, these are things that are coming up, right? We have DevCon coming up. Looks like that'll be November 3rd to 6th. I don't even know where that is this year. Uh, November 6th, we have a project AMA. All right, you can ask some questions. And we have November 18th and 19th privacy and compliance summit. So

54:34hopefully they get some news out of this stuff, right? Events become catalysts only if usage actually follows or some good press or some kind of I don't know excitement. The the market better pick up for them. Open questions here. How many distinct people use the privacy system? We don't know because it's private owners. Who ultimately controls the large staked balances? probably don't know that either with privacy. We don't usually know much of anything.

55:01Code and supply. Will another mint pass? In which new code has current audit coverage. The suitcase at a train station entry and exits are visible. The crowd obscures the route in between. We're not talking about a story about a guy on a train. No, we are talking about the actual shielding mechanism or the privacy mechanism behind rail gun at the entry the train station right you are visible your money when you go

55:33to leave the train station you're visible but it obscures what is going on in between those two things so let's talk about counterarguments here well real fees actually reach active stakers that's bullish uh the deepest cited Did Ethereum pool and an imminent wallet launch support the case? Also bullish. What is less bullish here? Well, risk case. The biggest unpriced event may be in a courtroom, not a code respiratory. So, it's basically saying

56:04whatever comes out of that lawsuit could affect things. I I don't know. To me, it sounds like a nothing burger. Sounds like they're grasping at straws. You know, if somebody does terror or something and they steal money and then they somehow put it in a bank, is the bank responsible for that? And that's just a that's just going to say like a I don't even call it private, just an organization or a company like any of them. Like what if this was

56:36Zcash? What if they had moved the money into Zcash, right? Does that automatically make Zcash complete? That's just a weird thing to say, hey, I have a product and if you use it, I'm now responsible for anything you were doing before you were using it. Doesn't seem like that's going to stand up in my opinion. Legal outcome and fresh audit scope need evidence here. And again, depends on I don't know where rail guns from. Depends on the

57:03courts. How influenced are those courts to bribery and things like that? political pressure that is yet to be seen. So both the fee loop and the legal risks are real. So we get into adoption and utility. Our first category here gets a 14 out of 20, which after doing these for a while and going through the evidence here, I'd say a 14 out of 20 is probably a pretty I want to say accurate, but I would

57:38agree with it is what I'm saying. A 14 out of 20 makes sense. Token value capture scores a little higher. 16 out of 20. I'd also agree with it. It doesn't have it doesn't have like this multiaceted token value capture, right? It's very plain. There's a fee on entry and exit to use the product. Those fees go to treasury or some wallet associated with the Dow and then they're paying the stakers out of the treasury. So,

58:10in a roundabout way, it does capture value if you stake the token. What we would want to see is additional buybacks and burns stuff like that. That would make a much stronger case here. That's why it's missing a couple of points. So the catch well distribution is gradual. Uh part may be rail claims cost gas and delegation changes the recipient. So what we're saying here is that distribution is very gradual over time because you got to wait through the

58:42staking mechanism. Um part of it may just be rail because you have to pay rail token in order to claim it, right? Cost gas. Gas is paid in rail and delegation changes the recipient. So voting and things can change how that works at any point in time saying whatever is happening today isn't guaranteed tomorrow. It's not a it's not an immutable smart contract, right? So, it gets a 10 out of 15 for tokeniz uh tokconomics and supply. Competitive

59:10mode, 11 out of 15. That is a pretty good score there. Security and decentralization also scoring pretty high, 7 out of 10. Catalyst and execution, 7 out of 10. And the big one, risk and unanswered questions, they got hit pretty hard because of the court case, right? FBI allegations, active litigation, privacy policy president, and unknown unique users keep the risk elevated. What is actually good here is the token path is measurable. Open

59:38questions have specific evidence to watch. So this could change drastically with a little bit of news about the actual, you know, litigation, which is a fancy word for court case. 68 out of 100. That's interesting. I thought it was going to land a little more near the 70s. I think of course a passing verdict is the ultimate in a token autopsy, but anything above a 70 is still pretty good in my book. And this just shot a little bit low.

1:00:11With a The one thing I really want to say is that with a privacy project, there's going to always be unanswered questions because how private it is. Like how many users are using it? We don't know. It's private. So, especially on like a daily basis, once you're already inside their shielded pool, are you doing one transaction a day, 100 transactions a day, there's like no fees. So, does it even matter how many transaction? It's hard to measure and

1:00:38hard to uh see how that stacks up. So, I think a 68 is not such a horrible score for a project like this. There's like a a level of um downto-earthness I guess is the only way I know how to say it that you have to keep with each project even when they're scored. Right. So, so what do we got? What what would change the verdict here as we just said about the court case and stuff? Well, Ombre brings me inflows.

1:01:04The suite is dismissed. The suit is dismissed. So, the court thing goes away. Recent code receives an audit and TVL exceeds 137.9 million. What would downgrade us here is defaults or sanctions, another meant bringing in more emissions and fees below 200k a month or a protocol exploit. Basically, anything negative around the lawsuit, then minting more coins, which would dilute your your circulating supply and

1:01:32then of course just fees dropping off because people aren't using it. So, here is our current leaderboard of about 33 tokens. Now, I did say that when we get to 40, you're going to need that minimum YouTube membership in order to view this information in the Discord. I may postpone that a little bit. I there might be a gap. We might hit 40 and then I postpone it a little bit just because I don't have all of it up yet. But I think $3 a month for

1:02:04supporting this channel and all the time and energy and all the money I spend on this channel I think is more than fair and definitely not enough. But that's okay. So a uni and link pass. And where is our new token here? Oh, it's going to be on the next page. Huh? Wow. It's all the way over here at 24. you have a lot of projects that have the same score, which is fine. There's

1:02:32there's no problem to that necessarily. And then we have just like a little extra credit here. Rail versus Xan. Uh the 0.25 protocol deduction reaches the treasury and active stakers. Anomopay it works, but the cited design has no adoption fee route to Xan. That's why it fails a token autopsy. Yes, we talk about the product and the company and stuff, but it's not all about those thing. It's all about the token because it's token autopsy. So, active rail

1:03:05stakers have verifiable fee path. The lawsuit and concentrated staking implications uh complicate this case here. So, it would do a little bit better without that, right? And then of course if you want the last couple of things here, remember if you want to know what your crypto IQ is, well then come take our quiz which you can easily get to from our website. Where is our website?

1:03:35Oh, this is these are our new coffee mugs. We do have some new products, some new shirts. just wanted to have a little bit more variety when it comes to the shirts and whatnot. It's mostly some new designs with the t-shirts and a hoodie and then also some new mugs cuz I wanted to have a few different mugs. It was mostly for me, but if anybody would like to get some, Melissa ordered a mug. It looked nice. I thought it looked really good.

1:04:03Hopefully you're enjoying that. Hopefully it doesn't break. I had a uh I had my mother drop my favorite coffee mug that I shipped all the way back from Maine when I was up there. And I'm I'm pretty bummed about it. So, I guess I got to order like five of these just to feel a little bit better. But it's just an object. I'm not stressing it. Let me go Let me go grab the website real quick.

1:04:40So, there's a tab in the Discord called links you need or links you should know or something. Yeah, links you need. That's what it is. And you will find literally almost everything that we talk about and even things that you don't even know that we have affiliates for. All right. Like Trading View. Did you know we have an affiliate for Trading View where we look at charts? Are you charting? Are you charting with a free Trading View account, which I think only

1:05:04allows you to have one chart at a time? Well, then you might need a paid subscription. All right, so the website has a lot going on. There's even more updated here. You can see all of our recent stuff, even the one that we're literally doing right now. But the crypto quiz and our live schedule are kind of your go-tos here. I feel like if you want to see where your crypto IQ is actually sitting,

1:05:34go to take the quiz. You got beginner, intermediate, and advanced. Highly encourage you guys to try this out. I'd like to see at the end of it when you're done, you can post it to Twitter and or X and then you could like tag me in it or something so I could see it. That would be pretty cool. Otherwise, if you're ever wondering when we're streaming as of right now, this is our schedule. Then we have interesting stuff like coins. You can grab different

1:06:01projects that we have done our token autopsies on and stuff, right? We got news straight from underground crypto. We have all kinds of DeFi news. I love having these niche stories that you're probably not going to hear about unless you're inside of these communities, but could be highly relevant to you if you're into web 3 and DeFi. Then we have some guides here. How to evaluate a web 3 game, how to read tokconomics without getting played. So,

1:06:33we put together some very quick five, six minutes, right, for you to understand some important things. We have a glossery here. you don't know the difference between APR and APY, stuff like that that we might say during the show. And heads up, if you hear something we say during the show and you come here and you don't see it, let me know. You can DM me or just put it in the main hangout and I will make sure it winds up on the glossery. We have some

1:07:00tools, right? We got calculators for different things. Token unlocked impact calculator, impermanent loss. These are these are nice calculators to be honest with you. Impermanent loss can be kind of complicated to wrap your head around. That's for sure. And oh, I didn't go. Let's keep going. We got different articles here. It's kind of the same jizz just and then we got our merch.

1:07:30Oh, that was that was IQ quiz. Again, the merch I was already showing it off, so I won't spend any time on that. That's our schedule. And then we have an open if anybody wants to sponsor the channel. Got some analytics here. And then you could book a slot, watch a stream first. We got some packages. Hopefully you get some sponsors in here. Then just a little bit about the channel. All right.

1:08:01I put a lot of effort into that website. So I I hope that you guys enjoy it. Oh, I'm on Memex. Let's see. Did they ever bring staking back? No. Staking has ended for Mmex, which was weird. I don't feel like they ever, if you know about MX, right? It's like a web 3 Twitter. Uh they they didn't really announce it. They just kind of abruptly ended it. They didn't really tell you what's going on and they just say surprise buybacks for XP

1:08:29holders. Well, >> what good is that going to do me? I It's I find that kind of stupid. So, a lot of people trying to figure out web 3 social media. Who knows? I see this circulating a lot. I don't know. Where do you get it from? Right. Anyways, follow me. Krypto run underground crypto blue check mark. I don't know what goes on with the followers. It it it blows my mind. I'll

1:09:19have a good day and I'll pick up like some and then I'll lose like all of them. They must all be bots and then they get deleted. I don't know. Doesn't make any sense to me. It is very hard to grow over on X. I swear that they don't want to let cryptocurrency get any bit of traction. But as you can see, I post a ton over here. Oh, look at that. That is somebody in our community who ordered a

1:09:47coffee mug. All right, enough of that. Let's hop back over to some news. I'm just kind of freestyling over here. Melissa says, "Thank you for the autopsy on rail." Absolutely. Tomorrow we are doing an autopsy on, let me go to our messages. Uh, Caspa. Caspa is what we will be doing it on tomorrow. And that I think that one's going to be a good one. I It's like with such a project with has such like a lot of like

1:10:18community, I almost want to do it when the market turns up a little bit so I get better numbers, but I also don't want to sit around and wait forever for that. And then uh Satseker asked me to go over um what was it? ETHFI I think it was. So we got some things in the work for sure that we will get to as soon as we can. So securityize expands to 25 tokenized stocks. We'll just get to the conclusion. real world asset

1:10:49tokenization is expanding from isolated pilot programs into a larger product catalog with financial infrastructure behind them. Here's a thought. If we are going to have all of this stuff on blockchain and blockchain technology be accepted and implemented across the board pretty much everywhere financially, then what is the odds given whatever your time frame is? Again, I like to think a little longer

1:11:15than most. Um, what are the odds that a lot of these products and say the top 100 of crypto, maybe the top 150 or 200, don't accumulate more money in their market cap simply off of big buys and speculation. Find it highly unlikely that we don't have a bull market in somewhat of the near future. Now remember from the bottom it only feels like a bull market to the people who were here for the bottom. To the people who are coming in next year

1:11:47are just coming in right now off of the recent, you know, pumps that we've had. Not going to feel like a bull market quite yet. But technically the bull market starts right after you pump off the bottom. But you don't know what the official bottom of a bull of a bare market is until you see it in hindsight, right? I did not need all that coffee. I'll be up forever, which is good because I have a lot of stuff to do. Nvidia, Costco,

1:12:16and Nike join. Growing opposition to tokenized stocks. Okay, whatever. Don't list your stuff on there. I don't know. Sounds like a lot of uh you're a public traded company. like I don't think you really get to say what people do with tokenization of stocks. Uh, Brazil's Marcato or Marquo. Uh, Bitcoin reports estimated 40 million security breach. Whoops. Brazilian exchange Marcardo. Micardo.

1:12:49Marco. I don't know how I'm supposed to say it. Terrible with names online. Forgive me. Bitcoin temporarily suspended deposits and withdrawals after investigators identified suspicious withdrawals across multiple blockchain networks. Security researchers estimate at least 40 million was drained. Wallets on approximately 10 blockchains were affected. The exchange says it contained the incident and customers weren't

1:13:16harmed. Investigators have not established how the attackers actually gained access, and there's no public evidence of any connection to the incidents on Binance. Multiple high-profile exchanges breach within days are putting renewed attention on custody architecture, transaction signing system, and the security of centralized intermediaries. No idea if there's really anything anything going in between all of those.

1:13:43Then we have our web 3 gaming radar. Right. So these are new games that seem to be around. We will probably be checking these out. This is actually free public play test. So maybe it's like you can test it out. I don't know. I'm sure they'll all be free in some respect. So, we have this animate or animate, right? Maple Story in the Moonbridge region. A gl a gloom boss arrives November 12th. The black mage

1:14:16expansion has shifted to the first quarter of 2027. I'm not even sure why this is here. in Hood Siege, a idle dungeon RPG Paragon Rising with expansion retests. That's interesting. And I know that Cambria is is putting a bunch of new stuff out as well. Well, I hope you guys enjoyed this token autopsy that the project didn't have too much depth to it. Melissa says too many breaches these day. I mean, you're right.

1:14:55Honestly, stuff like this has always gone on in crypto. And I don't know, yet we're still here. I like that now. Before it didn't seem like exchanges were taking the responsibility to make people whole. Now they realize that if they don't do that, they're they're going to be cooked most of the time. Everybody will move somewhere else. Trying to think of what else I think really matters to say on the topic. I

1:15:22mean, the stuff happens. And the part that I feel like isn't really told is in traditional finance, there's hacks all the time. Banks get hacked, banks lose money, you know, like there this stuff happens all the time in traditional finance to the tune of much bigger money. they do have a little bit tighter controls over it. So, you got to be a lot more sophisticated to actually like get the money and like move on

1:15:54without getting caught later down the line. But these things happen all the time. There are always people trying to exploit and hack. You know, people get into banks and become managers and steal money. Like, it happens in all kinds of businesses. It doesn't worry me too much. What worries me a lot more than a breakdown within the security and infrastructure of a centralized exchange is real like quantum hacking inside blockchain like real exploits in

1:16:23blockchains that we've never seen before. That is real code exploit. A lot of it is in bridges and it has to do with authorization keys that become, you know, tainted or leaked or something like that. And it doesn't usually just seem like the blockchain was hackable, which would be a lot bigger problem. Anyways, stay underground, stay crypto. I'll catch you in the next one. Thanks for being here on a Monday night of a project rail gun

1:16:54most of you probably haven't heard of. Tomorrow, I think we're going to lock it in. We're going to do Casper tomorrow. Let's see if we can get a little bit of interaction tomorrow with some new people. Never know what's going on with the algorithm. You'd think for how much we have chats going and how consistent we stream, we'd we'd get a lot more from the algorithm. But hey, crypto's down and it is what it is. Doesn't matter. I'm going to raise my crypto IQ day

1:17:18after day. I hope you will join me. Click that link to the free Discord and I will catch you in the next one. Of course, when I'm about to end the stream, people start coming in. Do I need to stream later? Is that what it is? Very interesting. I'll have to think about it. I know a lot of you guys would prefer that I don't start later, but what do you think? Should we start the stream a little later? 9:00, 9:30. What

1:17:43do you guys think about that? Dylan says, "Appreciate it. Keep it up." Absolutely. And tonight was rather quick. We actually usually stream for more like 2 hours, but we've gone over the news. We went over the token. I don't really see anything else other than to play some DeFi games. Now, normally when we get back to our normal schedule, what we would be doing is I'd end this stream and start our gaming stream. But right now, I'm not really

1:18:09able to do that, but I will be bringing that back pretty soon cuz I had a lot of games that I actually want to check out. We love some DeFi gaming around here. And it's a good pair in my opinion to combine a lot of education with also a lot of fun. But I appreciate you saying keep it up. I will absolutely do that. Let's announce the winner here. Who's it going to be? CCP is not here today.

1:18:39Blues Guy. Blues Guy is the winner. Congratulations, Blues Guy. should have it pop up on the screen. Should be able to see it. And with that, I just want to make sure I remember to do that because there's been a couple of streams I forgot to announce the winner. I'll do it one more time. Shout out to Blues Guy. Appreciate your always support. Let's catch up soon. And remember guys, you can find me in the

1:19:06main hangout of the Discord or just DM me directly. And uh let's have a chat. Let's hear about how you got into crypto and what you care about in crypto nowadays because that makes it so I'm able to lock in what type of content you're looking for. Otherwise, underground crypto out.