Stellar Moves Billions—Does XLM Capture the Value? | Daily Crypto IQ

So Stellar is the project. The project has an ecosystem around it. The project has a product. XLM is the coin associated with that project. That product and that ecosystem. But how much is XLM actually crucially required for the ecosystem to run? That's the more value or utility as we would say that the token XLM would have. How much the token XLM captures value from the ecosystem it's associated with is what the token autopsy is all about. Let's go. Smash that like button for me. Subscribe. And of course, there's a link to our free Discord down in the chat where I post news that I don't post anywhere else. and that uh we can all stay connected whenever I am not live streaming. It's a great place for us all to be on a regular basis. So stellar, it works.

Does XLM win because of the ecosystem of the project? So the payment network may be winning more clearly than the token itself and that goes for a lot of different tokens. We feel that way about Camsta in the house. Welcome in Cam. I appreciate you. Everybody, smash that like button and uh remember to to grab a membership, $3 a month, right? Support your boy and all the time, energy, and work that I put into this show, this stream, and of course all across all social medias to bring people this crypto raising uh information here because I want you to raise your crypto IQ and become better speculators in the market, have a little bit more of an idea what's even going on and why a token pumps in the first place. So, if you appreciate there being no ads,

please grab that three that $2.99 membership, right? Very cheap and you get the custom emojis that go along with the stream. Moving on. So, the central conflict, right, is that Stellar possessed or [music] processed 55.6 billion in 2025 payment volume. Again, that's volume. We've talked about volume a lot. A volume is not revenue for the chain, right? And it's definitely not profits for the coin. So major payment and financial institutions are using it or at least testing it. One or the other. XLM fees remain microscopic though. Uh-oh. Network success does not automatically become token value. Is XLM the engine or a postage stamp? That is a very interesting question. Think about the difference. XLM is the engine that runs everything. Or is it just a postage stamp that cost a couple of cents that you have to stamp onto

every transaction and it doesn't generate a lot? Right? We see that a lot. We went over Polygon last night and did a token autopsy of Polygon. It's a very similar idea with low fees. [snorts] The problem is that low fees make something highly competitive and highly soughta to be used by everyday people or just whoever, right? Because even big institutions want the cheapest. It adds up for them because they move a lot of money. But that doesn't equal a lot of revenue for the chain or it takes a crazy amount of volume to do that. All right, so why tonight matter? State Street versus Galaxy Suite tokenized private liquidity fund live on Stellar. Did you know about that? 247 onchain cash management for eligible investors. Certain stable coins supports subscriptions and redemptions. Authorization, freezing, and clawbacks are built into

the asset structure. When's the last time you had a [music] clawback? I'm just kidding. When was the last time you had your money clawed back on one side of it or the other? Have you ever had somebody claw back some money from you? So, the investigation tonight of XLM stellar ecosystem, where is the val is the value, right? We're going to follow that. So, where does economic value enter? Who receives it? These are high IQ questions. What role does XLM perform? XLM the token. Does activity create meaningful XLM demand? Signal versus noise. One of my favorite things that we do right in the beginning here. Signal highly important. Noise irrelevant to very very not so important. [music] So sweep live product involving established financial providers. This is going to be signal or important for Stellar and Stellar's ecosystem. Strong

evidence for Stellar's instit in institutional infrastructure. I don't know why I can't talk. I just looked at both of those words together and was like deer in the headlight, right? Strong evidence for Stellar's institutional infrastructure. Assets and repeat transactions remain the next test here. So, this is about the sweet product that they have. Not yet. Proof of XLM value capture either. That can be problematic. Proposed stable coin framework established or eligible reserves and full backing capital and risk management standards and reserve asset safekeeping rules application process for supervised banks. The verdict for this sweep product is signal. It is important. Then we have the ESMA. ESMA requested authority to direct crypto asset freezes when criminal links are reasonably suspected. Why it matters? Compliance, cooperation, capabilities may become infrastructure requirements from the regulator. If you want to play ball and

be on the big stage and be quote unquote stamp of approval regulated, you're going to have to give the regulators what they want, which is the ability to freeze assets against people who they do not like. The problem is when that becomes abused and the people who they don't like are political. Stellar already supports issuer freezing and clawbacks, [music] right? regulated finance values controls that crypto pursuits often dislike, right? Or crypton crypto purist, right? Or you could say decentralized maxis. Some people can't stand any kind of uh centralization, right? What's up everybody? Smash that like button. You're just rolling in. This is the token autopsy of XLM. The token signal for regulated infrastructure here. The verdict this ESMA is very much important when it comes to stellar. So what stellar is of course it's a public layer one designed

around issuing digital value moving and settling assets and converting between assets connecting blockchains with banks and cash networks. We saw that from Polygon last night's token autopsy [music] as well. So, payments are not foundational. Not a recent marketing pivot. Payments are foundational. Sorry. Not a recent marketing pivot. I don't know why I'm making so many little clerical errors today. Financial toolkit, payments and asset issuer, trust line and issuer authorization. So, financial toolkit freeze and clawback control. So, we're saying the tools within their financial infrastructure that they have, right? built-in exchanges, liquidity pools, and path payments. It's got all of that. The Sorroban adds programmable smart contracts. Who knows about that Sorroon, not George Soros, right? Anyways, oh, whoa, whoa. I didn't go there, did I? Uh, let's see how YouTube receives that. How value moves, right? So, let's get

into the more nitty-gritty of how value is coming into Stellar ecosystem, right? and moving around, not quite yet to the XLM token value capture. And if you don't understand the language that I'm using, should stick around and raise that crypto IQ because we really get into the nitty-gritty of will a token have high hopes of capturing value and pumping. So, but never financial advice. This is just research on how to understand the way it all works. issuers or anchor tokenized asset stellar sell settlement conversion how value moves well recipient or redemption XLM supports fees even if they're small reserves rent and optional bridge liquidity so you have these issuers or anchors as they call them you have tokenized assets you have stellar right conversions and recipients BV BNK looks like bank but it has a V in it. Integrated

Stellar. That same BVNK processes 39 billion in annualized volume. I wonder how much fee revenue comes off of 39 billion in annualized volume. So Stellar process 55.6 billion in 2025. 2025 was a good year for a lot of networks. Look at what we were looking at last night with Polygon. BVN and K supports activity across 130 plus countries. So your crossber payment type stuff is true. And just for the record, I hold some XLM. Mastercard completed its acquisition of BVNK in August 2026. So we're following what has gone on with this BVNK, right? And then lo and behold, it's now owned by Mastercard. So Mastercard directly linked into XLM or to say it better, Stellar's ecosystem. USDTO is live and Sweep is live. These are additional products that we will continue to talk about. Moneygram provides cash connected infrastructure.

Moneygram's all in there as well. Also operates tier one validators. So it's in that stellar ecosystem. So, US bank completed a crossborder USB DC pilot. This is obviously another stable coin, right? Uh let's see what's pilots and prototypes connected settlements with existing bank controls. This nuvante or bank of e bank of England lab. Okay. Uh, I'm not in the UK, so I'm not as familiar with their banks, but they tell us when it's UK. So, tested stable coin clearing against an RTG's environment. Demonstrated capabilities, not reoccurring scale. So again, what we're saying here is that it has demonstrated an ability to do something. It has not been pushed and used on a daily basis at at full scale, right? September 30th, 2026 snapshot price about 22 cents, right? We're moving a little more towards 23 right this second. If

you just rolling in, smash that like button for me. So, the market cap approximately 7.9 billion. Fully diluted value approximately 11.2 billion and the circulating supply approximately 35 billion XLM tokens. Total supply about 50 billion XLM approximately 70% circulating right now. But the market cap to fully diluted ratio approximately.7. If you don't understand what these are, that's okay. We're kind of moved past those relatively quick. But this is a good metric that you should understand. DeFi total value locked approximately 272 million. Stable coin market cap approximately 961 million and RWA aum approximately 2.7 billion. Dex volume approximately 8.8 million over the last 24 hours. And we're going to get into what that all means and why it's important here in a second. So, here's another little chart that allows you to kind of see the difference. Look at DeFi

and then stable coins and then this active RWA much much higher. So in the last 24 hours XLM this is the last 24 hours about 4.1 million transactions. But what does that necessarily mean? Remember we have to ask high crypto IQ questions. Approximately 80,000 active addresses. Again bots and things can really jack that number up. approximately $2,000 in chain fees. So, think about all the numbers we just went over and in 24 hours it made two grand. Oof, that's going to be hard to distribute money to everybody if we're only raking in two grand a day. So, average transaction cost reportedly near 0.7 and that's in US dollars, mind you. That's not an XLM price. That would be even lower actually. So the key tension here is high activity can coexist with low fee generation. If you're just rolling

in, we're just kicking off this XLM token autopsy. If you hold XLM, this is one of the best valuable things that I can give you about how it captures value out of its own ecosystem, the Stellar ecosystem. Is XLM token necessary or is it ostracized from its ecosystem? You should know that by the end of tonight's token autopsy and smash that like button for me. So, Stellar reported approximately 241 million and total value locked. Providers classify assets and protocols differently. TVL is not stable coin supply or total realworld asset value. The blockchain did not misplace 31 million behind the couch. Products here. So, products versus the token. So, first we talked a little bit about the tokconomics and things like that and the metrics and the numbers. And now we're going to start talking a little bit of more

about the products that are built within the ecosystem of Stellar, right? Of course, you have payments, that crossber payment narrative, stable coins and tokenized assets, financial applications, and then of course the token itself, which gets fees and is in the reserve, rent and optional bridge liquidity. The core distinction here is that Stellar can settle a large USDC payment while requiring very little XLM. Why is that important? Why is it important that Stellar can settle a large stable coin USDC payment or any other stable coin for that matter while only requiring very little XLM token? What does that matter for? What does that mean for XLM? So XLM is necessary to the protocol. The question is, is it necessary in quantities that matter? So [music] utility is one thing. You could say XLM is used in the process of Stellar's

ecosystem in its products. Okay. But if it's so little, does it matter that it has that utility? And again, this dilemma, I'm going to point it out one more time between if you use something, you want it to be cheap, but if you hold and own it and you want revenue, you want it to be more expensive or at least generating some kind of money if they've only generated $2,000 in fee revenue in the last 24 hours. How many different people can you distribute that to? Is that even a dollar a person? Pays every transaction fee. This is what XLM does. So before I go off on another rant here, let's talk about what XLM token actually does. Well, it pays every transaction fee in XLM. It funds accounts and ledger entry reserves. Pays smart contract costs and rent.

Can serve as payment money or bridge liquidity. These are all the utilities for XLM. Real utility does not automatically equal strong value capture. No staking rewards. This is what XLM doesn't do, right? It doesn't have staking rewards. No validator rewards. No token holder protocol governance. No claim on network or SDF revenue. All right. So, let's talk about the base fee. And I don't know why every time I see base fee, I think of base the layer two on Ethereum. And that is not what we're talking about, right? We are talking about the bare minimum, right? 0.00001 [music] XLM. 100 Stroops per operation illustration here. We're going to do a little bit of math. Don't run away. Don't run away. If you don't understand the math, just know we'll be done with it in a second here. So we have

1 million operations times this 0.00001 XLM which is the minimum right this is the minimum base fee equals so a million transaction equals around 10 XLM in revenue and that equals at 22 about $2.20. So, what we're saying here, a base fee, right? I don't know if they have a priority fee or anything if you want your stuff to move quickly, but just on the regular base fee, [music] every million transactions on XLM is earning the re is earning chain revenue about $220. That's not real great as far as token value capture. So actual costs can increase through multiple operation of course surging prices, smart contract resource fees and contract data rent. And don't worry, at the end of this, not only are we going to give a score for XLM and show you how that compares to all

the other token autopsies that we've done, but also I will give a counterargument to everything that we've laid out and what we need to look for if things are to change for XLM. Right. Hey Reels, what's up? Welcome in. Welcome in. Says, "Showing love. Thank you for everything you do." Everyone watching, hit that like button and share so we can get the message out. You got it. Thanks for being here, bro. I appreciate you. It's been a while since I seen your name in the chat, but I recognize it. Of course. Conclusion: Low fees strengthen Stellar and limit direct token value capture. Again, that tradeoff. This coffee is too good. I don't know what's going on there. All right. And what's up, Blues Guy? Welcome in. Welcome in. Says, "Greetings out undergrounders." So, where do the fees go? So,

we talked about the fees. How much you make per million transaction or not you, but the actual uh protocol revenue, right? Fee revenue, I should say. But where do those fees go? Well, first of all, let's talk about where they don't go. Fees do not go to validators. They don't go to the SDF. They don't go to XLM holders. Where do they go? Right. They accumulate in an inaccessible protocol fee pool. Inaccessible to who though you might ask. The pool is not distributed and not formally burned. Illustrative example here. A business sends a a million hundred. Sorry, just a million. I want to say hundred million so bad. A million dollars in USDC through the XLM. Businesses receive payment service. Recipient receives the USDC. So the transaction goes through accordingly. And providers can earn fees. Issuers and liquidity providers

can also earn benefits. Potential XLM demand though. What reaches XLM out of all of this? Tiny transaction fee. Account and trust line reserves contract rent. Operational bridge liquidity fees and reserves can be sponsored. So we have this economic beneficiaries. Who are the economic beneficiaries? Well, the users get the fast settlement and the issuers distribution and reserve economics. Payment providers get service fees and the spreads and liquidity providers trading and pool fees. XLM holders do not receive or they do receive indirect fee demand reser and that's indirect fee demand reserve demand and rent demand possible bridge liquidity demand they do not receive a contractual share of the network economics so so far how you guys feeling about XLM token by the way I own some XLM token smash that like button I am not here to put XLM token down

we try to do a fair token autopsy on every single project. Again, we're talking about a token autopsy. Although we go over the entirety of the the product, the ecosystem of Stellar and then in its relation XLM, um it is really all about the token, right? Because if you hold the token, you're not just trying to put your pom poms on and go out there and be a cheerleader for Stellar. You want to know if I hold this thing, am I going to make any money? And that is what we're hoping to answer without giving you financial advice. What you may not know, another account can pay a user's fees. Do we care as long as the fees are being paid? I don't think so. Another account can sponsor reserves. Validators receive no block rewards, which is very strange

for a network, honestly. And owning XLM provides no token weighted governance. also very odd for this type of network supply data. Kirk Coin Gecko displays an unlimited max supply field which we just saw on Coin Gecko. Stellar says all XLM that will ever exist was created at launch. So why do we have this quirk? Inflation ended in 2019. No active infinite mint policy exists. Huh. So, why is Coin Gecko showing an infinite uh max supply if all the XLM that will ever exist was created at launch? Did you know these facts? Let me see a 111 in the chat if you already knew those facts about why it shows up as an infinite max supply. Who even knows their tokconomics around here, right? Supply history, 100 billion XLM original supply plus 5.4 4 billion XLM former inflation 55.4 X

million yeah billion XLM burned. Okay, so we've burned 55. Okay, that's why you have about 50. That makes sense cuz they did say in our coin gecko that the the not max supply, current supply was about 50 billion XLM. Blues guy rolling in with a super chat. You know, I appreciate those super chats, guys. Says, "Yug, so grateful for your friendship, brother. Back at you. I appreciate you big time." Why is just noticing something here in the background? But definitely back at you, man. I appreciate your friendship. So, current supply of XLM is about 35 billion XLM. The total supply is approximately 50 billion. So, you don't have a huge amount of of dilution to come in, but there's some for sure. And when that's coming out, I'm not sure. Of course, that makes it about 70% circulating with

about 30% still able to come out. Here's a little dynamic. I'll pause on it for a second. 70% [music] of the supply is circulating. Only 30% is possible to come in as inflation. So, we have this SDF mandate, right? Asset and liquidity 3.4 4 billion XLM combined approximately 14.7 billion XLM 29.6 this SDF share is approximately 29.6 Six of total supply constructive transparent accounts funds development and adoption. The risk well centrally directed supply that is a risk and continuing sales and distribution supply interpretations right not one unlock cliff a long duration policy controlled by supply channel. So instead of saying, hey, at this date all those coins are going to come out or a large number of those coins are coming out. It looks like they are going to come out gradually over a period of time. Gotta love

that. I think that's the better way to do it in my opinion. So supply interpretations, you got grants, investments, and operating sale gradually move XLM into circulation. There is no staking. What is the advantages though of no staking? Well, there's no staking inflation, right? No reward emissions. Institutions secure infrastructure they use. The limitations are no staking demand. So, that doesn't help for people purchasing XLM or staking their money, no security bond, and no token sync. So, the evidence ladder, let's get into it. announcement protoc prototype pilot live product reoccurring economic usage Devonte prototype and US bank pilot programs. Then into the more recent stuff BVNK live integration which that was purchased by Mastercard and Sweep live product durable economics still being measured competitive moat. Now, the word moat, don't let it scare you. Just its ability to fend off

those who are competition to the stellar ecosystem. Uh maybe XRP, I don't know. Decade plus production history. This is what they have. These are the bullish things that Stellar has against its competition, right? decade plus production history, protocol level issuer control, anchor and payment standards, cash ramps across 100 plus countries and territories. That's a real infrastructure that's not easy to just set up overnight by any mean. Sora broadens the platform and Tron stable coin transfer activity. Salana inexpensive high throughput payments. Ethereum, right, these are their competitors. I should point that out. Competitors are of course Tron, Salana, inexpensive high throughput payments, Ethereum and layer 2 liquidity and tokenization of course XRP [clears throat] ledger institutional settlement probably one of the biggest you know I've heard all kinds of stuff about the relationship between XLM and XRP and does XLM

kind of set the stage for XRP? A lot of people argue that. Anyways, also competing are bank systems, private ledgers, and dedicated stable stable coin networks, right? I don't know why I can't talk. Multi-chain risks BVNK's single API creates opportunity. Easier access to stellar and less integration friction. The risk to multi-chain is easier network replacement and traffic can move to competing rails rather quickly. Consensus stellar consensus protocol federated bisatine agreement validator select trusted quorum sets deterministic finality and no mining or staking. a lot a lot of fun words there like uh bizantine and uh quorum deterministic finality. Uh if you're confused about any of those things, join the discord and ask questions there. If not, in the chat would be great. So, make sure you're subscribed if you like this token autopsy of XLM. Decentralization strengths. Well, identifiable validator

organizations, long operating records, expanding tier one participation, but what are the limitations? Influence depends on quorum inclusion, no validator rewards. SDF remains influential, but let's get into its catalyst, right? XLM stellar integration remains part of Flare's broader multi-chain interoperability roadmap. Let's go. Yes, there are links to Flare everywhere. Can't wait to do that Flare token autopsy. That's going to be fun. Let's talk about Catalyst. Let's talk about things that are moving the Stellar ecosystem forward in all of its products, right? Sweep is live. The BVNK integrated again. That was BVNK was acquired by Mastercard. USDTO stable coin is live and US bank pilot program is completed. So execution is not stellar's largest problem. Value capture is mainet activation September 16th 2026. improvements, faster consensus under load, atomic contract fleet upgrades. Now, we've talked about what is the difference between

a bridge and an atomic swap. Well, you would require atomic contracts to do an atomic swap. So, safer data migration and better long-term application infrastructure. So these are improvements as of September 16th. I believe these are all under sweep. Uh weak proportional XLM demand and fee reserve sponsorship. Uh principal risks approximately 14.7 billion SDF controlled XLM. That's a large amount. Operational rather than mandatory bridge use. Multi-chain competitors and pilots may not reach production. Quorum, topology, dependence, compliance, and censorship tradeoffs. Valuation approximately 7.9 billion already exists. So, let's get into our score here of XLM. We were just wrapping up those facts at the end. Utility. Well, an 18 out of 20 for utility. People move money through the XLM system. Why? Because it's cheap and easy to use. Why wouldn't you move stuff through the XLM system? That gives

it an 18 out of 20. And of course, why that is is required fees, reserves, and rent. Payment and bridge utility real adoption. Meaningful network activity held back. Users can be insulated from XLM. That's why some of the score was held back, but it was only two points. Token value capture. Hey, you know what they say, don't shoot the messenger. A seven out of 20 is not a good score and will affect the overall score. Token value capture not very good for XLM token fees, reserves, rent, and bridge demand held back. Well, there's just microscopic fees. They're tiny. You can make $2,000 20. You can make $2.20 per 1 million transaction. Uh that's great if there's billions of transactions a day. It being cheap is what makes people want to use it. One, it has to have real product

connections and infrastructure. That's a real thing, right? They get credit there. That's why the utility score was so high. But are you a cheerleader for XLM or any other project? you put your pom poms on, you go outside, you wear, you know, a crop top t-shirt that says XLM or whatever your favorite project is, and you just you just stand and cheer. Or do you hold coins and you wish to know if they're actually relevant to the ecosystem that they serve? Because if they're not, well, that really affects price. Here we are. Microscopic fees. Great for business. Great for getting people to sign up and use the product. Great for beating out your competitors. Terrible for token value capture. Terrible for anybody who holds anybody who's in the chain of fee revenue token holders. Well, there you go. It's

not very good. I I digress. I rest my case, right? Yeah, exactly. Blue Sky says cheaper to move coins with XLM than XRP. XRP required a minimum of 10 XRP, not XLM. Good point right there. And I mean, I use XRP to move money all over the place, like between exchanges. Like, I'm not out here moving money all the time every day, but when I got to move money between exchanges and stuff, you best believe I choose XRP. A lot of times the fee just says free. So, how could you beat free? All right. [music] And it's probably so cheap that the fees are probably being paid by exchanges and stuff like that. That's [music] my opinion, but who knows? Uh, we got to do an XRP token autopsy. So, there's no staking and no revenue distribution. Stable coin

activity can bypass meaningful XLM demand. So then you might ask yourself, why is XLM pumping? Maybe because people are buying it. Tokconomics and supply 11 out of 15. And remember that in a bull market everything, you know, they say the incoming tide raises all ships. And there's a level to that. People are going to run in and they're going to get convinced of different narratives. Now you have, of course, the institutions. Well, they would buy XLM because even though it's small supply, they would like to own large amounts of that supply because they have a lot of say and stuff. Even though there's no governance in XLM, there's still power in holding, you know, 15% of the supply or more. It can matter big time because you can hurt price, which hurts sentiment, which hurts people and how they

feel about XLM. It can become a big deal in a bargaining chip. Anyways, retail though may purchase XLM just because of the narratives that they've heard. So, I do believe that you will see XLM token go up, but don't be confused with long-term ability to sustain price because there is a lot of value captured by its token. So, tokconomics and supply got 11 out of 15. It's not a horrible score. It is short four uh four points here. fixed total supply, no inflation, and approximately 70% circulating. These are all good things, right? Transparent mandate account. The reason why four points were held back was approximately 14.7 billion XLM remains under SDF direction. Competitive mode, how does it win out against its competitors? Well, it actually has a 13 out of 15. And I'm sure that's because of the real

infrastructure that they've built across the world. long operation or operating history that's on their side. SP uh payment specialization and issuer control anchor and ramp infrastructure all over the place. We held points back for strong competitors and easy multi-chain switching, security and decentralization. We put these two together for a very hardcore reason because they really go handinand even if they're kind of two separate things. It got a 7 out of 10 which is a pretty decent score. Deterministic finality, right? This is security, identifiable validators, and expanding tier one diversity. We held things back for quorum dependency and no incentives and SDF influence incentives like staking, right? Proof of stake is a consensus idea where staking would secure the network. But when there's no staking, what is securing the network? Did you Heat. Heat. All right, guys. Can you hear

me? I am not sure what's going on sometimes with the microphone. Great microphone, but it does some weird things sometimes. Where did we leave off at? Can somebody tell me where we left off at? It's okay, guys. You can lipre. Yeah, I'm uh I'm testing that out. Let's talk to some people here. We got Joe Buddy and David Sota. Welcome in. Welcome in. I appreciate you, Blues Guy, letting me know that I was muted. I'm fixed now, right? >> Yeah. All right, we're fixed now. And we're going to get back to wrapping up this token autopsy [music] in just a second. Can anybody tell me where the mic cut out at? Chris Gos says 333, welcome in to the show. He said, "Go all in on Dogecoin." That's hilarious. Never financial advice. Yeah, I'm not sure what happened with

the mic. I gotta maybe I need to put a new uh a new cord, a new cord here to the microphone, even though none of this stuff is old. Anyways, our final score here is a 70 out of 100 with a watch verdict. Honestly, a 70 out of 100 is not a horrible score compared to some things that we've been over and I'm going to show you that list in a minute. So final score is Stellar passes the product test more convincingly than the XLM passes the value capture test. And at the end of the day if you hold the token that XLM value capture test is the ultimate strongest counterargument. Hopefully at this point in like what is this like our 17th 18th uh maybe it's 15th or 16th token autopsy. Hopefully you understand what the point of

a token autopsy is. Camsta is always trying to get me going right here. He says, "It cut out when you said, "Welcome to Underground Crypto." So, at the very beginning, at the very beginning of the show, you guys have just been silently watching for, you know, an hour now. You guys are you're hilarious, Cam. So, the strongest counterargument to be fair and to truly be transparent here, we should also propose a counterargument to everything that we just basically made an argument for. Payments should be inexpensive. XLM can gain demand through account reserves, smart contract rent, and bridge liquidity. Massive global scale. High fees would make Stellar worse at its intended job. Again, I've I've pointed out the dilemma here multiple times about how if you use something like this, you need it you need and want it to be

extremely cheap. But if you're holding it, it's hard to to it's hard for the token to really capture any value when not very much value is even created. I really want you guys to understand that dilemma because it applies to many many many projects. The answer, the bullcase requires enormous adoption, right? Which could happen. Don't get me wrong. There's a lot of money moved around all the time, so it's very possible to get enormous adoption. durable XLM bridge demand. And don't forget that bridges are the main attack place and the most money lost in cryptocurrency is bridges growing fees, right? Reserve and rent demand, organic demand exceeding the SDF distribution. The answer is it's very possible, but it's not proven yet. Credible financial infrastructure for XLM. Official verdict, real utility, weak direct value capture, a watch verdict. Three signals

here that that you could look for. reoccurring activity, stable coin volume, real world asset balances, and of course, real users, XLM share, bridge, liquidity, fees, reserves, and rent, institutional conversions, sweep assets, bank or BVNK activity, and US bank production usage. What challenges the verdict? Right. reoccurring production volume, greater XLM bridge demand, durable sororob economics, and falling SDF concentration over the supply. These are all things you would want to see. Well, what deteriorates the verdict? Little measurable usage. So, the opposite of basically everything we just said. Stable coin growth bypasses XLM token altogether and distribution exceeds demand. validator concentration increases. Here is our leaderboard so far. You have a hype, aerodrome, jupiter, pole, tao, and again let me let me point out that a is the only thing with a higher than 80 and a passing score. All the rest

of them are between all the other ones for watch, right? But I want to point out that I think it's going to be hard for a lot of projects to pass this 80% measure, which is good. That's what we want. We want to have a quick way to look at the passing verdict on coins that have a high token value capture. That's pretty simple and straightforward. But then once you've looked at those tokens, maybe it's only a handful of tokens and maybe you already hold them and you're looking for other things that you might want to look into. Things that have a close to 80 score are also pretty good to look at in my book. Right. And we just did Polygon and it got itself a 74. XLM actually finds itself number eight on the list right now.

And we've done about 15. So I was way overestimating. And then of course anything under looks like 63 gets a speculative. The next token autopsy that we will be doing tomorrow night is Tron. Does operating the largest USDT rail make Tron or TRX the token valuable? We are doing a series this week about stable coin rails and the tokens that highly active in stable coin rails. That's why we did XL and that's why we did Polygon and that's why we're going to do Tron tomorrow night. I really look forward to the Tron one because I'm going to learn probably a lot about Tron. Tron is one of those ecosystems I don't deal with pretty much ever. So stronger fee burning mechanism, enormous stable coin activity, greater concentration, greater regulatory risk definitely for Tron. And we got some sources down

here. Let me go ahead and download this so that it will wind itself in the Discord at some point. And let's hop back over to the Coin Gecko, which for some reason always takes a minute to load. And let's look at that alltime max chart. So, we have XLM at almost 23 cents now. We said it was moving its way back up there. I sold all my flare for Tron somehow. I don't believe you, blues guy. >> All right, guys. Definitely follow me over at x.com. That is cryptoron ground crypto. And I don't know why I'm really loving this like this uh animated real type things. They're fun. But we're also posting about a lot of things. I just want to show you what a lot of times I post on my regular Twitter. So of course you have

this Stanny floated an a burn for a nomix 3.0. Note the tents considering not shipping. So they are intensely considering it but they haven't shipped it yet. buybacks already parked 2 thou 205,000 a uh about 1.28 of the market cap in the ecosystem reserve demand yes scarcity maybe only if governance can't spend them again because it it's not really a big deal if they just buy back and then they spend them all over again. So until burn verse treasury is written into an ARFC revenue buys a reusable pile not a smaller supply. So there you go. And then we made just dropped hell squad rush stone rush on Android web three tower defense with three shop token maze plays buy skins right this is a game amber buys item packs and we mix buys the same packs in game

hellshard hellstone we mix with daily conversion cap liquid exit we mix right so if you want to leave the ecosystem you got to leave through we mix play is a multi-title skin sync, right? And I'll just pull this up, right? So, there's some web 3 gaming news if you didn't know about that. So, definitely check out the Twitter because I post all kinds of really interesting information that we might not really talk about on stream. Well, today is one of those days where I got to get running. It was only about an hour, right? But token autopsy is done and I showed up for another one. Soon we'll get back to a little bit uh more of the gaming and all of these type of things. DeFi Friday is coming up. But first, first we have the token autopsy

of Tron. You know what it is. Stay underground, stay crypto. If you uh been following me lately, you know I have a lot going on. Hence that $20 super chat in the beginning. Reliable Jay, you're the man. I greatly appreciate you. Want to shout you out again. And everybody else, Blues Guy, thank you for your super chat. Uh, Struggart says, "Thanks again, Eugene. Later, everyone. I hope you learned something about XLM. If you're just now tuning in, go back and rewatch the token autopsy of XLM. If you hold it, I think it's highly valuable to you. Other than that, hit that subscribe button and join the link to our free Discord membership. start at $299 and you get custom emojis with that $299. So, please support the channel as I don't push any ads on you, right? Got rid

of the ad revenue. Other than that, I think that's all my announcements. Stay on the ground state crypto. I'll catch you in the next one. 8:30 p.m. New York time tomorrow night. We will be back with the token autopsy of the Tron ecosystem and token. Later, y'all. Hit me up in the Discord if you need me. You know where to find me.