TRON’s $92B USDT Machine: Does TRX Capture the Value? | Daily Crypto IQ

Tron's 92 billion USDT machine. And the criticism I've heard about Tron a lot that just comes to mind right right off rip is it's just used to move money USDT around and that's its main use case. And then there's a bunch of speculation about you know the person who's behind it uh Justin Sun. Is he just wash trading for volume? Like is he doing a lot of things to prop this up or is a lot of it organic? We don't really know. Hopefully in this token autopsy, we can get to the bottom of some of this stuff. Blues guy says, "Win Moon. You when he when CCP gets here, he's going to be mad you guys are stealing his line. Don't go after his girl now. He'll be really upset you go after Melissa." All right. Does TRX capture

any value just to reinstate it and I'll make it brief. Token autopsy. We are heavily focused on the token because you can't buy Tron the company, right? So why would we heavily focus on Tron the company? At the same time, we're not going to not talk about Tron the company, the project, the products that are associated with it that make the whole thing run because that is where the value first enters an ecosystem. it is the ecosystem and then we want to see that value somehow get captured token value capture from the ecosystem and make its way into the token because if you hold the token that's the only thing that really benefits you for me a token getting more money in its market cap can really only come from two places as long as I've thought this through

carefully right one is speculators buying it and that's money in the market cap. The other one is value to flow directly from the ecosystem as it's produced into the token or the market cap. All right, I just want to pre-preference every thing with that because if you don't understand that, then you don't even really know what we're doing, right? And again, an upgrade to the slides. I love it. This is much better than what we were doing. It was seeming like a lot of it was hitting you a little bit too much. like just a fact, a fact, a fact without enough explanation. So, I took the time to revamp everything, all the parameters and stuff and give you something better. Let's see how this goes. So, Tron has one of crypto's clearest working products, lowcost stable coin settlement

that's useful for most people around the world. The token autopsy question is much narrower. Does TRX, that would be the token, capture enough value from that success or does most of the benefits go to Tether exchanges, applications, validators, and users? So, the point of this week's series is stable coin rails. That's why we went over Polygon and XLM and tonight Tron. I missed Monday cuz I had a child born. Uh, that happens in life sometimes, right? Anyways, normally it's four token autopsies before our DeFi Friday. By the way, DeFi Friday tomorrow. Come through, hang out, play some web 3 games with us. We'll introduce you to a lot of things. Play to earn gaming. Is it dead? Is it not dead? Blockchain gaming? Is it superior? Is it better to have fun on something like GTA or is it

better to actually earn value for your time that you put in? That's a gamer phenomenon, I guess, that you every gamer has to decide for themselves. Anyways, I just want to remind everybody of that this is a series about stable coin rails because although we do token autopsies, I very much want to bring it together with some kind of theme and some kind of purpose week to week. That way, it's not just like picking random coins and it's all over the place. Anyways, Tron is the last one in this uh stable coin rails. So, what I was really getting at, because I can get off on a tangent like nobody else. I guess it's good that I talk on YouTube for hours because boy, can I just get off on something and talk forever. Anyways, a lot of the

stuff that we've looked at with stable coin rails so far is the fees are very low to be highly competitive because there are a lot of competitors in the stable coin rail space. Will Tron do a better job of generating fees or do they just not charge enough fees in the first place? That's what we really want to know. So, let's do the product versus [music] token because you got to start with the product before we can get into the nitty-gritty of the the value that's captured by the token, right? I remember the game too. Everybody reminiscing in the chat. I love that. So, Tron the product large table coin supply. I mean, I think that's probably what Tron is mostly known for. Does Tron have anything else to it? High transaction activity, exchange and wallet integration. The token,

on the other hand, TRX is the ticker, staking and resources, governance and rewards, and conditional token burn. Do we still call it a ticker even though like we're not [music] in the stock world? I don't know. You tell me. So a successful network and a successful token are related but they are not identical. And this is one of the biggest as we do this more and more. I just am getting sharper and sharper on how to present this to you because I want to raise your crypto IQ. That is very much the goal of the channel other than building a community of people who we are building up and some who are building us up, right? And we come together and we pull our resources here, right? Like a liquidity pool. But anyways, um let's go ahead and move

along. So here's a snapshot. Price around 33 cents and a half, 94.9 billion circulating and should be about the same. Okay, so there is none. Again, last night we c we found out that XLM does not have an infinite max supply, but it's looking like TRX does. So no fixed maximum supply and a market cap of about 31.9 billion. So of course market cap equals this is this is for the tokconomics out there. Market cap equals price times circulating supply. It is valuation not specifically cash invested. And that might be a little technical. Don't worry about it if you don't understand that. Just stick around. You will get it in time. Tokconomics highly important. I wish somebody would have really sat me down and explained tokconomics to me when I first got into crypto because I would have made

a lot better decisions. All right. Um, nobody explained that to me. I was probably two and a half years into crypto before I realized tokconomics was highly important. So, we have again 92.3 billion USDT on Tron, 97.8% of roughly that 94.4 billion stable coin supply. scale and concentration. So 92 billion plus in USDT and 97.8 of stablecoin one issuer dependency. So the same asset builds the moat and concentrates the risk. So a moat how to win out against its [music] competitors is usually what that's used for. Camsta says I wish I knew about the fear and greed index. Really the only thing you need to trade spot. Yeah, if you're buying spot, especially if you're buying spot, you're you're probably on a more long-term uh hold, right? You're not going to buy spot and then hope to flip it

in two days from now, generally speaking. Now, in peak bull market type stuff, maybe, right? But not in a bare market or uncertainty market or something in between. But yeah, that fear and greed index is gold for sure. So, 10 million daily transactions, 10 and some change. We're just looking at some uh relevant network metrics. 3.2 million active addresses. That's good, but it doesn't matter necessarily because bots can really jack that number skyhigh. Uh 5.6 billion in DeFi total value locked. And 31.2 million daily decentralized exchange volume. Addresses are not verified individuals. As I was saying, one operator can control many addresses and bots can control way more at a time. So, what Tron actually does, let's talk about it. Tron is a smart contract blockchain optimized for frequent and expensive transfers. Tron has been around for a very

long time. So, it's it's not new in the game, okay? It's had time to build up the amount of metrics we were just looking at when it comes to transactions, the amount of money being moved around, 92 billion in stable coins. Its strongest use is USDT settlement through the TRC20 token standard. Again, this abbreviation TRC, ERC, BRC, you know, you get one for all the different blockchains usually, but it just means a token on the Tron blockchain. That's really the takeaway. So, primary users include exchange and wallets. Real quick, drop some in the chat. Let me know what you think about our new slides, right? Is this better than what we were doing before or did you like when we were reading directly from chat GBT where we organized all of our notes? Cuz boy, I would be spinning

in circles if I had to sit here and try to regurgitate all this information uh without organizing it right in a in a manner that really that you really could follow. It would be all over the place. Anyways, I really like these new slides. I hope you do as well. If you're just rolling in, smash that like button. Blues guy says it's hibernating. All right, let's poke that bear. I'm not sure what y'all are talking about, but shout out to the chat. Shout out to my undergrounders. Really having a great day today. really uh just pumped about where we are to go here in crypto in this channel and how much fun and in how much I enjoy hanging out with everybody, chatting with you in the Discord, people that hit me up in direct message. Uh man, it

it's just really the richness of life. Anyways, let's get back into it because again, I will go off on a tangent. So, merchants and payment services is what it does. Tron and remittance users. Why users choose Tron in the first place? Well, broad exchange support, familiar TRC20 deposit routes, meaning there's a lot of places that it's integrated. There's a lot of places who use it cuz it's been around a really long time. Deep USDT liquidity, of course, because it's been around a long time. It's got a lot of first mover advantages, generally low transfer costs, and I'm wondering by the end of this if I will find some use cases for Tron that I wasn't aware of cuz like I said and so far it's mostly moving USDT around. Blues Guy says, "I own a little Tron. I don't

think that I do, but I might." So, Tron's advantage is not merely speed. Multiple chains are fast. Tron's route is already built into existing workflows. More of that first mover advantage. So let's look at the real moat here. We got exchanges, existing addresses on one side. Then you have the USDT rail in the middle and that would move to wallets and payment uh habits, right? So it just works. Low fees can be copied. Years of integration takes much longer. So again, kind of talking about its mode against competitors. Don't worry, we have a whole section against its competitors and how it stacks up. Bandwidth covers the data size of Tron transactions. What is Blues Guy saying about Tron here? Recently cross is have something to do with Flare? Says Tron recently crossed 30 trillion in total transaction volume while

facing fresh US Treasury sanctions over an alleged ATM jackpotting scheme. Okay, that's news to me. Again, I am learning with you guys because I don't feel like I'm an expert on Tron, that's for sure. I, you know, I'm I tread lightly on calling myself an expert on anything because I think you can always learn more and then you could always be more of an expert. But anyways, that's neither here nor there. Uh, I am I'm actually excited regardless of who shows up and comes through to be here learning about Tron myself, right? Because this channel is very much me keeping myself locked in in my own education. Just wanted to bring a bunch of people with me, right? Bandwidth covers the data size of Tron transaction. Accounts receive limited free daily bandwidth. Additional bandwidth comes from staking TRX. Users

without enough resources may burn TRX. Okay, so this is an interesting concept that I I can't say that I've really seen in a lot of other places. So bandwidth is the network's capacity required to record and transmit transaction data. I'm going to be honest, I don't even know what consensus Tron runs, right? Is it proof of stake? It's definitely not proof of work. I don't think that. I'd be very surprised if it was. Melissa says she owns some Tron, too. Welcome in. Welcome in. Tron handles over half of all global Yeah. USDT transfers. It really is the place for USDT transfers. That's for sure. I think it's because it's kind of outside of the American market, so the rest of the world is using it. Flare. No, sir. I was expecting some integration with Flare. But anyways, we have

this bandwidth, right? So, if we go back because we're really going to make sure that we we do [music] our best to make sure that everybody understands what we're actually talking about instead of me just reading facts at you and then just running over it, right? Because if you're not growing, if you're not raising that crypto IQ, well then I tell you uh I'm not doing it right. So bandwidth covers the data size of Tron transaction. And if I didn't quite grasp it, I'm going to assume maybe you guys didn't too. Accounts receive limited free daily bandwidth. So your account gets a daily bandwidth. Additional bandwidth can come from staking. So you can increase that bandwidth from staking. And users without enough resources can burn TRX. because I correct me if I'm wrong, but most blockchains don't have this

whole bandwidth thing, right? Bandwidth is the network's capacity required to record and transmit transaction data. Uh, we're going to continue on, but I'm wondering if this is kind of like, you know, how other networks or blockchains use validators and stuff like that. Energy covers smart contract computation. So, smart contracts require more work than simple transfers. Energy can come from staked TRX. It can also be delegated, rented, or paid with TRX token or Tron token. Uh, I'm just wondering how exactly this really works because I don't hear this language. I mean, we I' I've been in crypto a while and we cover a lot of tokens in a lot of educational topics and I've never quite heard uh the terms and stuff explained like this. There is no comparable free daily energy allowance. So, Ethereum usually presents one visible gas

fee, right? You see the gas fee before a transaction and that's kind of what you get. Struggle in the house. Welcome in. Welcome in. Thank you for being here. Struggle heart. How much Tron are you sitting on? I bet he's got a lot of TRX token. Tron allows resources to be prepared in advance. This is really interesting. I've never quite seen it work like this, a model like this. So, the benefits of this is predictable costs for high volume users, resource markets for infrastructure providers, and more flexible payment design. The uh the token value connection becomes less visible though because again, it all goes back to the connection in the token. So, let's see if we can somewhat break this down. transaction path one. So one type of transaction path is that you stake TRX then you receive bandwidth

or energy and then you submit a transaction. Most blockchains don't work like this. You just propose a transaction. It goes to a MIMP pool. Validators pick it up and finalize it. There you go. And then of course the validators are putting those transactions in a block. So TRX becomes less liquid. Users receive network utility and direct burns may be limited. Staking may yield voting rewards. Uh it does look like Tron is flagging out on on the high time frames for sure. So Blues Guy says US sanctions 6.1 million ATM malware scheme elicit tracking reports city growing security regarding stable coin laundering and malware. Something that has highly been accused of Tron network with its USDT rails stable coin rails is of course money laundering and things like that. But I feel like bad actors come into any space. Is

Tron really promoting that kind of thing? Do they know it's going on and not doing anything about it? Do they just believe in real decentralization? There's a lot of questions to unpack there in my opinion. Struggart says, "Noton here. Buy more Flare." That's hilarious. Uh, Open Zeppelin and Wallet Connect pay recently expanded developer and merchant support. Very interesting. Thanks for bringing those facts. Got a shout out to my to my awesome mods. Thank you, Blues Guy. Thank you, Melissa. Uh, no, don't buy, Flare. It's a crap going. Hey, we all know you don't believe that, Blues Guy. All right, let's move along. So, wait, wait, wait. Where was number two? Okay, here's two. So, let's just stay here. Path one, stake TRX, receive bandwidth or energy, and submit a transaction. Path two provider stakes TRX resources are created and

then it's delegated or rented to users. So TRX demand moves to the provider. Providers may earn rental income. End users may hold a little bit of TRX [music] and direct burns may fall. Then we have this path three resources are insufficient. So TRX is deducted and then TRX is removed. Users pay directly, supply falls and paid usage can often offset issuance. This is the clearest supplybased capture mechanism is this path three. Melissa, I'm pretty sure knows more about the Flare ecosystem than I do. Pretty confident in that. Melissa, do you understand these three different paths and what we're talking about here in the way that Tron operates? Are you uh you know proficient in that? So let's talk about the repayment paths. You have staked resources, delegated or rented and then you have this TRX payment and burn. So

for the first path, TRX is locked up. For the second path, providers actually hold the TRX token. And for the third path, TRX is removed. You know, we love a burn. It's one of the best mechanisms for deflationary economics of a token. Each path supports usage and the token economics differ. I just want to pause for a second right here, especially if somebody's watching this, they're new to the channel or just new to crypto. Don't be afraid of a lot of a big word like tokconomics. All right, that one's easy. It's the economics of a token. Interoperatability, that is things working well together. If you just take say two, three hours to grab a couple of terms you don't understand or let's just say on a daily basis when you see a term you don't understand, look it up.

In no time, you'll be off and running in this space and understanding what's being said to you. It's not complicated. They just like to use big words to make it seem like it's complicated. Hopefully, you understand that. So, Tether's gas-free infrastructure lets users send USDT without holding the TRX token. Is that a good thing or is that a bad thing for the TRX token? So, a service provider receives the authorized transfer, submits it to the Tron blockchain, supplies or pays for the resources. That's what a provider does. Charges the user in USDT, not the TRX token. Because as we go through the ecosystem, what Tron done h does and how it works, right? We want to know what is the utility for the TRX token. So, where did TRX go? Gasless USDT does not eliminate TRX from the system,

which is that's good. That's good to hear. Let's get a little deeper. It moves TRX demand from the consumer to the infrastructure provider because we said that the infrastructure providers that path two have to hold some TRX, right? Cleaner user experience, chain abstraction, anybody? wallet abstraction, the idea of taking the complexity away from the consumer or the user and hiding it in the backend so you get more adoption of a product, fewer failed transactions this way as well. Blues Guy says, "Uh, Tron September 2026 launch and CBOE closing bell celebration of the Canary Stake TRX ETF, bringing regulated institutional spot exposure and staking yields to traditional markets." That's very interesting. Not surprising necessarily. Uh, easier wallet adoption. The question here is is aggregated provider demand stronger than the retail demand abstraction removes away from it. So if less people

see TRX and most less people are likely less likely to buy it or feel like they need to hold it in order to use the system. So following the value here, right? A USDT user inexpensive settlement tether reserves economics exchange or a wallet possible service fees resource provider possible rental income and TRX staking or burn right so back it up let's explain following the value is most of the time represented in some kind of money right whether it's a crypto uh token coin asset whatever you want to call it doesn't change what it is and of course stable coins like USDT. So if you are a USDT user, well then it's just inexpensive settlement, but you're paying something but in USDT. Tether reserve economics exchange or a wallet. Well, it's possible you're going to have service fees when using

an exchange or a wallet and resource providers, right? That path number two, possible rental income that they're bringing in as they're required to hold the TRX token. And then of course the TRX token it itself can be used on the network and it is staked or burned depending on how you're using it. Uh let's see. Wallet connect pay integration enables merchant acceptance for USDT and Tron for both instore and online everyday payments. Stable coin infrastructure dominance maintain over 94 billion in circulating USDT, passing 30 trillion in lifetime settled transaction volume for the Tron network exchange and future expansion mentioned an upcoming Russian MOAX or MOEX uh crypto future rollout while navigating global financial compliance scrutiny. Blues guy says that's huge. Bullish on TRX. So Tron carries USDT. TRX does not own Tether reserve business, right? They don't own the

whole business of Tether reserves. So who benefits? All right, we talked about the value. We talked about the numbers. We talked about what Tron does. Who cares? Who benefits? That's who cares. Answer that question very simply. So users receive lowcost settlements. Tether earns the economics of the USDT reserves and exchanges and applications may collect fees. Validators, voters, and resource providers earn TRX related rewards. These are the people benefiting. Are [music] there more? Let's find out. So, TRX the token participates in the system but does not capture every dollar of economic value produced around it or within the ecosystem. So adoption evidence for Tron 2 trillion quarter 2 stable coin settlement that's just in a quarter 2 trillion right that's pretty outstanding 22.8 billion average daily USD transfers 11.8 almost 12 million average daily transactions and 3.6 million average daily

active addresses. So it has a very robust ecosystem with a lot of at least wallets and people present using it. How many are they if you could dial it down to the individual user that is unsaid and unknown? Hence blockchain technology. So transfer volume is gross value moved between addresses. We're going to begin to make sure that we break down what certain things are. like transfer volume is a good example here. So what does transfer volume demonstrate? Settlement activity, liquidity movement, and network usage. Yes, this is heavily about raising your crypto IQ. And we're not going to raise your crypto IQ if we skim over things like transfer volume and don't tell you what it does. What transfer volume doesn't demonstrate profit, unique customers, individuals, token burns, or holder revenue. Active addresses are not people. As I was just

saying, 3.2 million active addresses. One person may use several addresses and an exchange or automated system may operate thousands. Addresses measure activity. They do not count verified individual people, right? So, if you look down here at the bottom, you'll see that we're in slide 33 out of 119. Don't let that overwhelm you. But I do want you to know that if you kind of are unsure of where we are, if you just hop in, if you get used to this, cuz I want to use this style of slide pretty much for all these token autopsies, I think it's way way cleaner than what we were using before. So, if you pop in and you're not sure where we are, you can always look at the number at the bottom. So, revenue headlines, right? 722 million Tron Dow, decentralized autonomous

organization, a Dow, you hear that a lot. It's usually governance of an ecosystem or a project, blockchain, whatever you want to call it. So fees and protocol revenue, right? 20 722 million. So they're making some revenue. And then you have this 699 million Misari total network fees definitions differ in their treatment of fees, resources, and burn. So what we're saying is although you get these headlines, there's different ways to kind of calculate what is exactly protocol revenue and what is not cuz you could in some maybe more dishonest ways like you could take how much money is made and call it revenue without taking the time to subtract what they have to pay all the people involved in the process. Therefore cutting your actual profit down a lot. It's the same thing as if you run a business and

I come in and say, "Oh, we made $100,000 last month." But after I paid everybody, all the employees, all the expenses, all the things, like I really made profit 20,000. So, think about how dishonest it is for me to come into a room and try to brag that I make 100,000. And this is just an example. All right? Uh in my business, when in reality, I made 20,000 and I have high expenses, high operating costs. I know some of my entrepreneurs out there understand what I'm trying to say. What protocol revenue does not mean? It does not mean that 722 million was paid to the TRX token holders. That's probably the most important distinction I could possibly make here. Tron Dow received 722 million in cash. Doesn't mean that either. And it doesn't mean that every dollar represented burn

TRX tokens. TRX owns Tether's income, right? It does not. This is what it doesn't prove. Can feel like when I read it, it could get a little bit skewed there. So, footer, the number shows economic activity. It is not shareholder 2 supply results. Am I moving through this too fast? Let me know. Let me know how I'm doing out there. Give me a 1 through 10. Let me get a rating from all of my undergrounders. Am I doing a good job or not? I was watching somebody today who does a lot of business and stuff and they were saying, "You got to constantly ask for honest feedback from your audience." So, [music] you guys are my audience. Give me a 1 through 10. How am I doing out there? Am I moving too fast? Really, all jokes aside, even

though I'm not joking, I do want your rating, but uh am I moving too quick through this or should I slow down or should I speed up? Let me know. So, let's see. The the supply results are 356 million TRX is issued and 269 million TRX burned. This is nice that we have this graph. I'm I'm I know I keep saying it, but I really loving these slides. Much better than what we were doing before. So, I'm always trying to explain the difference between emissions, which is 356 million TRX tokens came out into supply versus the D deflationary nature or burns or things that make the tokens disappear, which is pretty much only burns honestly. Uh 269. So you could just minus those, right? Giving you a net of 86.8 million. So your inflation in quarter 2 was 86

million TRX. That's highly important because if the burn number can get equal to the issued or above the issued you enter deflation. Now this is quartertoquarter type stuff. So I don't know how likely that is to actually happen and activity is not automatic deflation. We want deflation right we want the amount of supply because if you think if you know your tokconomics right and how you get how much each token is actually worth. You take the market cap and you take the circulating supply and you divide the circulating supply by the market cap. There is multiple ways to do it, but that's the way I I usually think about it and do it. You get the price per unit or the price per coin or token or asset or whatever you want to call it. Doesn't really matter. But

when you have that understanding, well then you understand you want deflation. You want less circulating coins because if there's less circulating coins then that number is being divided into a smaller number therefore giving you a bigger number for your price per unit or your price per coin as most people are familiar with that terminology. So Tron processed enormous value during the quarter. TRX token supply still increased though. uh network activity and token deflation are connected through the resource system but they are not synonymous with one another. So TRX supply model TRX has no fixed maximum supply problematic but that doesn't equal automatically write a project off or write a token off as not being able to increase in value just because it has no infinite or just because it has an infinite maximum supply. So, new TRX enters through

block production rewards and voter and representative rewards like staking. TRX leaves through transaction resource burns. Burns are pretty much one of the only ways to get rid of tokens out of the circulating supply. I can't really off the top of my head think of any other ways to do it, although there's probably one out there. There is an exception to every rule. So, net supply change equals issuance versus burn. And that's what we just went over, right? You have emission and then you have your burn and what's left over for that quarter 2. It was like 86 million TRON. So approximately 94.9 billion TRX is circulating. Most existing supply is already in circulation. Market cap and fully diluted value are nearly identical. No major lowflow unlock cliff. Basically, there's not a bunch of tokens to come out that we

know of right now. So TRX the token avoids severe future unlock dilution but continue network issuance remains highly relevant historical allocations right published initial allocation. So this is like when the token generation event happened right you'll see it abbreviated in a lot of websites and things that you read as TGE token generation event. Well, on the initial coming out of Tron blockchain and stuff, approximately 40% of supply public distribution, approximately 25% private and early allocations, and approximately 34% to the foundation DAO related allocations. How much did Justin Sun uh give himself? Probably a large amount. Are you guys awake out there? What's going on in this chat? Where where are my people at? It's just Blues Guy. Where's everybody at? For whatever reason, a lot of times Thursdays are a little slower, but that's okay. Historical allocation. Historical allocation

matters when evaluating ownership, governance, influence, and market confidence. To break this down even a little bit more, knowing where all the pieces, like imagine you're playing chess, right? Knowing where the pieces are originally started from can make you have a better understanding of where they are now and why they are where they are now. So instead of pieces on a chess board, we're thinking about tokens, right? And we just went over in this last slide, 40% of it public distribution, 25% private and early allocation, and 34% to the foundation and the DAO related allocation. So there are a lot of tokens floating around. who's holding them. Hopefully you follow struggle in the chat letting me know he's still listening. I appreciate you. I appreciate when people let me know that they're still locked in and it's not just me.

So the staking paradox lock supply and reduced direct burns about 48% of TRX staked in quarter 2 end less liquid TRX lock supply resource governance and reward utility reduced direct burn staked resources may replace TRX payments and staking rewards still add issuance track stake rental demand issuance and burns together. How to measure staking properly, right? So, percentage of supplied stake resource rental demand which is kind of unique to Tron blockchain. I can't think of anywhere else where they have this rental demand and TRX issued as rewards and of course TRX burned. We're just reintegrating kind of what we would just gone over. More staking is useful evidence only when the full economic result is understood. So DeFi total value lock 5.6 billion according to DeFi Lama and broader quarter 2 total Tron report about 28 billion. A lot of

times you'll see me move through these numbers pretty quickly because I know a lot of people are not really following that. Total value lock estimates assets deposited in D5 [music] protocols. It is not network revenue, transaction volume, company cash or guaranteed exit liquidity. Total value locked without methodology is a large number wearing a business attire. And basically uh they love to take the the numbers for like total value locked volume and stuff and post it in a headline, but it doesn't always mean a whole lot if you really understand the game that's being played. So why total value lock sources disagree? Well, differences may come from things like including or excluding native staking, excluding double counted assets, different protocol [music] classifications, and different asset prices and update times. So all of these different things can be why you get

different total value lock depending on who's doing the score. Always compare methodology before comparing headlines. So, if you're going to multiple pro projects, right, and you're looking at TVL, it's probably smart to look at that TVL from the same person, like say Coin Gecko or Coin Market Cap, like don't go to Coin Market Cap for one and then Coin Gecko for another one when they may have very different ways in methodology for how they come up with total value locked. So, Tron's DeFi composition major categories have included TRX staking, just lend lending like how he Justin uh Sun just really puts himself in everything. The US DDD related products and just cryptos. Sun.io liquidity and trading. So, Tron has meaningful DeFi, but activity remains concentrated in relatively small groups of applications. Sounds to me like although it's highly useful,

stable coin, rails, USDT, all this stuff that we've already been over here, doesn't sound like there is a robust amount of other applications. Moving on, Tron, especially ones that are not centered around stable coin movement. CCP, welcome in. Welcome in. So stable coin competition Ethereum 146 billion Tron 94 billion Salana 16 billion B&B chain 13 billion [music] resident stable coin supply not revenue or transfers when it says resident stable coin supply I assume that we're talking about supply that is just onchain right this second or right now or at the time that this was captured which was earlier today. Ethereum still winning, but Tron definitely second. And then look at its look at its competitors. Much much lower. Salana only rolling in at 16 billion and B&B even less. So Ethereum strengthens large total stable coin supply, broader DeFi

ecosystem, more institutional infrastructure, and greater asset diversity. [music] So Ethereum got a lot going on here. familiar lowcost USDT transfer route is Tron's advantage. So we're comparing Ethereum strength, which there's four here, to Tron strength or advantages, strong exchange distribution. Is that enough to keep Tron in that second spot? Or is Salana coming in? This is, I thought, a really interesting way to go about this because we're kind of pinning them all against each other. So Salana doesn't have all this first mover advantage type stuff. Obviously Ethereum before Tron, Tron before Salana. Salana strength is fast and inexpensive. [music] Strong application momentum. I mean very strong application momentum. Growing payment infrastructure. Tron's advantage is much larger stable coin base. So, as the stable coin rails, as that is the series of the week, Tron definitely has Salana beat by

a long shot, but Salana has a lot more going on than Tron does. So, as applications and people using them picks up, well, you might see more stable coins actually flow in in Salana, but it's a long way off. Talking about from like what 94 billion to like 16 billion for Salana, so it takes a while. mature TRC20 workflows. So Salana has momentum. Tron has habit. It's a good way to put it. The difference between momentum and habit B&B chain versus Tron, right? BMBB's strength are large retail ecosystem, broad DeFi selection, and low fees. Tron's advantage of course is USDT payments over and over and over again, and of course larger stable coin supply. It seems to me like Tron's a little bit of a one-trick pony and that it is all about those USDT stable coin reserves. It's

funny because we don't even hear about a lot of other stable there are so many stable coins. I'm sure some of them move on Tron, but it seems like it's mostly USDT. What could break their moat against their competitors, right? Exchanges change preferred withdrawal routes. Tether shifts emphasis towards other networks. Chain abstraction makes the rails interchangeable. This is a big one, right? taking away the complexity from the user would mean that a lot of times it's just going to route whatever's fastest, makes the most sense, cheapest, and if Tron can't hold that position in the background of your transaction in say an app or a wallet or something, it'll just choose something else because it makes more sense versus a user who specifically goes to Tron ecosystem. to do whatever they're doing. But if you have it integrated in

the background for your wallet to just choose what's best, what's fastest, that could easily take away a large amount of money from Tron if it doesn't keep that quickest, fastest, cheapest, deepest liquidity to its name. The other one, of course, is >> [music] >> uh preferred routes and Tether shifts emphasis towards other networks. So Tether, the company itself, the other thing that I was definitely thinking is regulation FUD against Tron specifically can happen at any time, right? It can come out, the SEC is going to follow him. They're going to hunt Justin Sun down and arrest him. Very similar to what they did with CZ. And if that happens, that could hurt people's confidence in using the Tron ecosystem, right? Nobody wants to get wrapped up in all of that. kind of reminds me of how we had um

a lot of privacy coins, but people were kind of touchyfey about them. They weren't sure if they were going to be okay or not. And then now we see the current American, you know, uh administration and stuff seeming pretty bullish on a lot of this stuff. Confidence really came in. You see Zcash just blow up. So anyways, what could break Tron's moat? Competing payment systems gain stronger distribution. I don't know how much cheaper you could really make the fees for a lot of these stable coins because they are so cheap. I mean, what do you just make them free? But then at that point, what is the point? So, Tron's moat is very strong because of how long it's been around and how much connections they have around the world. But it is a distribution moat, not an unbreakable

technical monopoly, right? Like they don't have this like superior tech that nobody can get their hands on that's keeping them in the in the front lead. It's just distribution and the fact that they've been around so long. They have a lot of partners and connections everywhere. So, let's go into some conclusions, right? 20 Oh, this is consensus. Sorry, not conclusions. Consensus. It seemed a little early for any conclusions here. So, Tron consensus 27 active super representatives and 19 distinct reps confirm approximately 3se secondond blocks. Consensus is how a blockchain functions, right? It's like your computer runs Windows or it runs Mac or it runs, you know, Linux or Linux, however you want to say it. I notice people say that differently. Anyways, that's what a consensus is. It is like the operating system. Proof of stake, proof of work,

proof of use, use useful liquidity, you know, stuff like that. There are many different variations out there. But what the heck do we call Tron's consensus? I'm not sure cuz it seems to operate kind of in its own way. Operational strengths to Tron, fast block production, predictable consensus structure, low transaction costs, and long operating history. That first mover advantage, I tell you, Tron's consensus design favors efficiency and clear accountability, which I mean, I can't think of anything negative to that. Concentration, well, 60% top 11 super. What are they? super something SR super let's go back super representatives so you have active super representatives these are the red dots and then you have these distinct rep confirms talking about the way that the network actually works so 60% is in the top 11 super representatives 11.5% Ponyx vote share TRX

staked 48% I don't Is that 48% of what? And then 8,291 reported nodes. Sorry about that. My dog was barking and I just muted the mic. So, quarter 2, 2026 snapshot here. Node count differs from block producer count. So these are close metrics. They are not the end all be all. What's going on? What's going on? Where are we at? All right. Realizing I can just click anywhere on the page. That would have been good to know. All right. So nodes versus block producers. Thousands of nodes can relay data and provide network access. Only 27 active super representatives can produce blocks. Geographic distribution and consensus power distribution are different measurements. Probably a little technical. That's what's going to happen when you get into consensus. Uh you rather understand blockchain technology or you do not. If you do not, I

have many videos on stuff like that. Go back and look at our older videos before we started the token autopsy or just Google it. I don't know. But I do try to provide as much of that resource myself. So the governance tradeoff. Well, governance delivers speed, stability, and identifiable operators. The risk, of course, is the concentrated voting power. And who wants to bet that all of those are Justin Sun. Do I sound biased? Exchange and custodian influence, fewer independent consensus authorities. These are all drawbacks. So, let's talk about the SEC case. SEC obviously Security Exchange Commission. So, the SEC litigation was resolved through a March 2026 judgment and order. Rainberry, which I'm not even really sure who they are, paid 10 million concerning the wash trading claim. No admission or denial. So, neither guilty nor guilty. Remaining claims were

then dismissed. Basically, give the SEC the money and all your problems will go away. So [music] explanation the active legal overhang declined but the history remains relevant to institutional diligence. Tether's control layer well tether can freeze USDT at the issuer level. Constructive use is of course law enforcement cooperation and recovery and sanction compliancy. Again, stable coin rails are going to cater to the regulator if they want to move into the full global money system. So, the risk is of course centralized asset control, the long-standing between centralization, decentralization, dependence on issuer policy. Public blockchain settlement does not make the asset itself decentralized. So just because there's a blockchain, do not believe everything is fully decentralized. City and Coinbase Signal. So City's Spring platform and Coinbase's payments now support institutional stable coin checkout and automatic fiat conversion. Why does this matter?

Well, stable coins are entering ordinary treasury infrastructure and payment competition is becoming very multi-chain. What does it not prove? Well, it doesn't prove that Tron or TRX adoption, direct adoption for Tron itself or TRX token just because stable coins are becoming very mainstream. Mastercard and Open USDC signal. Mastercard expanded enterprise access to OpenUSD through BVNK, which we talked about yesterday with XLM. BVNK was acquired by Mastercard. So more stable coins can reach merchants through established payment infrastructure and USDT's lead face long-term oh well USDT's lead faces long-term competition. Basically there's competition ability is not adoption or liquidity. The CBOE, TRX's productive product, sorry. The CBOE, TRX's product, provides exchange traded TRX token exposure with staking participation. The potential benefits of this is brokerage access, familiar regulated rappers, and possible underlying TRX demand. Now, this is a lot of financial

talk. Don't worry if you don't understand it. We're going to move through it quickly. So evidence still required asset under management net inflows and actual TRX that is required. Anchorage provides regulated TRX custody and staking. Institutions gain qualified operational infrastructure and custody and custody and reporting barriers decline. Basically less risk from the regulator. What is not proven here is that access does not guarantee allocation. MetaMask support. Well, MetaMask added native Tron support including staking and resource system access. I wonder when they did that because I had looked probably like a year and a half ago and they didn't have Tron. So, easier wallet onboarding. MetaMask is a big conglomerate. A lot of people don't like MetaMask for one reason or another. I think MetaMask is mostly owned by JP Morgan. Is that right? I'm pretty sure that's right. Anyways,

uh the point here is that MetaMask makes it very easy to get on a new chain from the same wallet that you already have. So, you don't have to make a new wallet. But there are other wallets like Rabby and things like that that can do very much the same thing. So, better uh the benefits of this, right, is easier wallet onboarding, better application discovery, and reduced user friction, abstraction, if you will. But the evidence required active users, retained wallets, and application activity. We don't know how much of that is coming from MetaMask. We have Open Zeppelin tools. Open Zeppelin adapted audited contract libraries and developer tools for Tron. Again, we talked about a lot of these things last night on XLM's token autopsy. Why it matters is developers receive familiar secure building blocks. If developers can build easily,

ecosystems become very robust. Standard contract development becomes easier. What remains to be unproven? Better tools do not automatically create useful applications. Athena. Well, we did a token autopsy of Athena recently. It's a financial product. Athena Ent on USDE if you remember it from the token autopsy is Athena synthetic dollar asset. SUSDE is staked USDE yieldbearing version. Stargate provides bridge access to Tron. So this is the linking of Athena's ecosystem with Tron's ecosystem. And the longer this goes on, the more you're going to see pretty much everything connected to each other. We call that interoperability. So why it matters? Potential stable coin divers diversification. I need to drink this some of this. uh to talk live on the internet for hours, right? Don't make no mistakes though. Everybody will judge you, they say. So, why it matters? Potential stable coin

diversification, additional DeFi collateral. Bridged availability is not the same as deep native issuance and liquidity. The supporter case here, Tron already has product market fit and a ton of connection, right? TR TRC20 USDT is deeply integrated all over the blockchain world globally you could say. TRX [music] supports resources staking and governance. These are utilities of the TRX token and most supply is already circulating. Very little not circulating supply. Burns can offset issuance and institutional access is expanding. But even though we have burns, we don't know Tron to be deflationary. Tron is an operating settlement network, not a road map wearing [music] a token. I like that. It's a good way to wrap that up. CCP says, "Only Jesus can judge." Absolutely. Could not agree more. Can I get a amen from the bat? So, enormous stable coin liquidity. What

is proven? Right. Let me let me pre-reference this. So, what what have we actually proven here? enormous stable coin liquidity, high transaction activity, real TRX resource utility, and significant staking participation, wide exchange and wallet distribution, and long operating history. So, if anybody tries to tell you that Tron has nothing going for it, they don't know what they're talking about. Now, that matters pertaining to what you care about, right? If you care about applications, DeFi applications being built on Tron Network, well, if they're not a financial tool of some sort, probably not going to be attracted to Tron Network, where if their applications of gaming or just anything other than finance, including finance, they might find themselves on something like Salana. So, what is not proven here? Consistent net deflation, right? Okay, we haven't found that to be true. Stable

coin diversification, it's mostly just USDT. Meaningful ETF demand, even though there may be an ET an ETF, we're not seeing a lot of money flow into it, and more distributed governance. And we can go look at those inflows uh for the ETF specifically for Tron in a second. Broader DeFi depth and proportional TRX capture from stable coin growth scorecard. Let's get into it. We have utility and adoption, token value capture, tokconomics, supply, and competitive mode. So for utility and adoption, it got a 19 out of 20. Token value [music] capture 14 out of 20. Utility and adoption is spot-on. Definitely some points needed here for token value capture. Tokconomics and supply 11 out of 15. [music] And competitive moat, actually a 14 out of 15. So it's got high competitive moat. Security and decentralization 6 out of 10. Catalyst

and execution eight out of 10. And risks that have gone risks and unanswered questions, right? A four out of 10, which is the lowest I think I've seen that for any project so far. So, let's start with utility and adoption. This one should be once again, as we started from the beginning, the most obvious queer stable coin payment product. more than 92 billion in USDT, millions of daily active addresses, and a wide exchange integration. The deduction here is that heavy concentration in one stable coin, does that live on forever? What happens when uh big portions of the world decide USDT is not allowed to the western world, let's say, how much does that hurt Tron? Things to think about, right? I say high crypto IQ questions. Token value capture 14 out of 20 staking and resource demand resource rental

market token burns and governance utility. Why points are deducted here and you're missing six points is that TRX token Tron token does not own USDT reserve income. Quarter 2 issuant exceeds burns, meaning it's not deflationary. 11 out of 15 for the tokconomics and supply. Most supply is circulating. No major unlock cliff and staking and burns. That's positive. What's negative or why there's four points missing? No fixed maximum. Deflation is conditional and reward issuance continues dayto-day. Competitive mode got a very good score 14 out of 15. USDT liquidity, exchange integration, wallet support, and user habits and switching costs. That missing point. Well, the moat relies heavily on Tether and intermediary support, meaning there could be issues in the future. Security and decentralization, a six out of 10. Long operating history, fast finality, and significant staking, and I dare say very

low fees. Only 27 active block producers. That's very small. And the top 11 of those active producers hold about 60% of the vote, which is probably enough to approve anything that they want to approve, right? with exchanges and issuers concentration catalyst and execution at 8 out of 10. That's a pretty good score. [music] Uh staked TRX ETF, so that is a plus. Anchorage custody, MetaMask support, and open Zeppelin tooling. Catalyst and execution is exactly what you would think it would be. Catalyst and execution. So, its ability to continue to move forward and how well it's executing those plans. A lot a lot of that has to do with integration, [music] right? Additional stable coins announcements still require measurable adoption because just cuz they announce it, we got to make sure that it actually happens. Risks and unanswered questions here.

97.8% USD concentration. That is like the entire network's just USDT, right? It just is. uh indirect token capture, governance concentration, and conditional inflation. That 97.8% USD concentration, that's got to have like XLM and XRP quite jealous. Narrower DeFi breadth, so strong counterargument. So, we wouldn't be doing a very good job or very transparent if we didn't give you kind of a counterargument to everything we just said. TRX token does not need to behave like an equity. This is the counterargument. and may gain value as the asset that secures and allocates scarce network resources. That might be really the main use of the TRX token. Evidence to watch for staking and resource demand burns and discipline net issuance. Final verdict is that Tron the product, not the token. This is a token autopsy. Tron the product gets a very clear

pass. It works. It does what it's supposed to do. It's heavily used. What more could you ask for in a product? The token is a 76 out of 100. It gets a watch verdict, right? So, very few things get a pass verdict. They must get an 80 or above to get a pass verdict. And so far, a is the only thing that has done that. But I also say after you look at what is passed, as we get into it, I think this is what our 16th or 17th token autopsy so far. Um, as we get past that and say we've done 20, 30, 40, 50, I'm sure we'll have a couple more that actually pass, but I still think 70 and up requires a look at at least. That's my opinion. Never financial advice here on the channel.

This is just research. Smash that like button for me. I would greatly appreciate it. Subscribe link to the free Discord where you can hang out with us when we're not live streaming and get access to me of course and everybody else in the community. And of course, please consider $2.99 support your boy all the work, all the time that goes into this channel and it's a lot. Um, three bucks a month. You can't beat it. And I give you custom emojis that I made myself. So, TRX has real utility and meaningful value capture. It does not automatically own the largest economic moving through Tron, right? Because it doesn't own the actual USDT. So, TRX token watch list, net supply, and burn to issue issuance ratio, stable coin diversification, resource rental demand, and ETF asset inflow. We're wrapping up here.

We're wrapping up. Governance vote concentration. DeFi growth beyond core protocols. stable coin rail test. Right. So, this is the three that we did this week because I missed Monday. 76 for Tron. Pull 74 and XLM only got a 70 barely on the watch and not speculative list. Tron really winning as the most heavily used case for stable coin rails. That's the takeaway there. So, token requirement, value capture, concentration, competitive mode, 3T. Oh, okay. We have a tie. I was like, why do we have three? I don't know if I like that. But what what can you really do with a tie? I guess. Yeah, that is really interesting. I didn't think about coins getting a tie yet in our token autopsy because I just didn't think of it. I don't I don't have a good reason for why I

didn't think of it. I just didn't. So, I guess this is what we're going to be doing here. Very interesting. Anyways, a the only thing that's passed. Hype with a 77. Very close. TRX is now number three. Or you could say that Aerod Drrome is number three. Jupiter number five with a 75. Polygon 74 number six. And number seven, Tao, Bit Tensor token. um 72 and Filecoin with a 71. And then of course I don't have to read all of these. Um I'm not sure why Avac is coming up as a conditional pass. Let's ignore that. It is on the watch list. There are conditions in which could make it actually a passing score, but those conditions haven't happened yet. So I think it needs to be on the watch list and not this weird conditional pass. I'll fix

that. Avac is one of like the first ones we ever did. I don't remember what the first first one is, but it might have been Avalanche. Which coin is all CCP? You absolutely kill me. That is funny. I think you should be a crypto uh comedian. Well, here here it is. We got 16 and one of them is three twice. So, we've done 17 token autopsies so far. I told you it wouldn't be long. When we started, I told you it wouldn't be long. Next thing you know, we're going to have 50 of these done. The more that we do, the more meaningful that that final score chart is with all of the different um verdicts, right? Final thoughts here. Tron has already won a meaningful share of the stable coin settlement. There is no doubt about that. This

remaining question is not whether the network actually works. That's not even what we're asking here. It's whether TRX token captures enough of the value created when it does. Then we have our sources and things like that. Right? These are all things that we used. At some point this slide will be available to you and you will be able to grab that slide. Let's make sure that we downloaded it. So when I go looking for it, I actually have it. That would be useful. Struggart says, "Final thoughts, BTC is number one." Took the words right out of my mouth. No, I I'm just playing. And I don't know who I think number one is so far, but a Bitcoin token autopsy would be really interesting. Like, it would be really interesting to do that. I actually kind of want to

do that. Like a top I'm trying to think of how I would wrap that together in a series forever. Trying to figure out why. There we go. Coin Gecko doesn't want to do what I'm what it's supposed to. Here's something I really wanted to point out. Look at this max chart and look at this flaggish nature going on here. But that's on the big big chart, right? Let's run into like the monthly. What I do like about Tron, I must say, if you pull up the MAX chart, is it looks better than like 98% of all max charts in crypto, especially in older projects. CCP, are you for real? Says he watched a video on which coins pass shi law because many countries they really ban coins that don't pass. I don't even know what I don't even know

what the stipulations on crypto would be from that kind of uh governing. I don't know. That's it's a very interesting, very niche question. Let's hope in America we never have to worry about that. But, you know, you live in New York, so New York's might as well be a third world country in my opinion. Uh, what is Dubai chocolate? I think it's just chocolate from Dubai. I think that's pretty much what it got like pistachios in it and stuff. Some green stuff. It's absolutely delicious. I'm not even going to lie about that. What? I see it very recently. It sounds like a very clickbait kind of nonsensical thing cuz there's a lot of uh I don't know, what do you want to call it? Religious drama, something like that. Not saying it's unimportant. Says, "Yeah, I watched the video

last night." Hey, videos like that. CCP, our Discord. Don't forget about our Discord. That's where you share all that very interesting stuff that you find. Yeah, it's weird. They were saying for many African countries I can we even call them I mean the continent's Africa but let's be honest most of it is Arabia. Anyways enough of that. Let's go to the 3month. So on the 3month you had a couple nice lows. 32 cents 32 cents lower end. It's very interesting because in the month you're like your fluctuation is like 32 to 34 cents. It's like 3%. Nothing amazing on the month as far as like you know um what's the word I'm looking for? Volatility. It's too many of them. Volume, volatility, valuation. Get them all mixed up. So it's 4% on the month, but that's just because you

started really low. It's been mostly choppy. Actually looks kind of like a shoulder head and shoulder if you know your patterns. Got that got that lier vision on the 7day 1.7% to the downside. Not really a whole lot more to report here. No point in reading you about Tron after we just did an entire uh token opsy. Let's go take a look at that fear and greed index just for Camsta who I'm sure is still here. I'm sure he didn't go anywhere. Wink wink. All right. So, let's see. Today, 72, yesterday 74. Fear and greed index, if you don't know, measures sentiment. I hate the ads. They drive me nuts. It measures sentiment in the crypto space. It's not just BTC price, but it can be heavily dependent on the price of BTC, right? So, yesterday was 74. I

do want to point out that back on, let's make it the seven. Now, the 7-day might not capture it. So, we had one day where we were at a 78 putting you into extreme greed and we immediately pulled back from it, right? And we haven't gone into extreme greed again, but we're staying very high. This is a fun part where we can kind of talk about how everybody's thinking. How's everybody feeling? So, you do have the metric 4-year cycle, bottom of a bare market to the next bottom of a bare market, 1,028 days, if I get that right off the top of my head. And it usually lands like October 5th and today's October 1st. So, are we going to see a lower low for Bitcoin or is it over the bare market anyway? Bare market's over and we're

up. We're just going to hang out here, consolidate, maybe pull back a little bit for a day or two, which is what I think. If you follow the Crypto Lifer who I watch, uh, you know, pretty much religiously. I'm in his Discord. I catch all of his updates. He gives updates for BTC constantly, at least once, if not twice a day. And uh he goes all the way from the macro to whatever the opposite of macro is. I would normally know what it is, but it's been a long day and I've been talking for a long time. Um anyways, he does like a breakdown and so from what I gather from watching him and trust me, I believe in his technical analysis. I have watched it played out for [music] like five, six years. I I'm going to go

on a limb here and say almost flawlessly. And so, and nobody's 100% but dang dang close, right? Try not to curse. Um, anyways, it looks a lot like you're going to have 3 4 days of some downwardness before we rather get a nice move up and we continue or we roll over. But I'm leaning a lot more towards getting a pop and getting the the increase in price and all the running of percentages that we've been watching for the last couple of weeks kind of that again. Why YouTube lying to me? It says there's four people here. There is definitely more than four people here. Drop some in the chat if you're here so I can prove that there is more than four people on the stream. I don't think everybody left. All right. Macro macro m Marcus. I

don't know if that's a real thing or or if you're about to do the macarina. I'm not sure. Uh there's something I really wanted to show off. What was it? Oh, I remember what it was. We were going to go take a look at ETF inflows for Tron. CCP says here. Well, thank you. You're the one who I could see is here. Struggle heart's probably still here. Melissa's probably still here. Blues guy is probably still here. Camsta, he Camsta might have abandoned me. He might have. All right, let's go to Block Works. Great place for data. You click on analytics. Let it open you up. If you try to go to ETF tracker, it's just going to confuse you. And then first thing it's going to come to when you click on analytics is crypto blockchain revenue, right? Revenue

per one. What I really like about it is one, you can make it big and take over the whole screen. At this point, it looks kind of crazy. If you hit all, you'll kind of take all of them off and then you can select one. We'll select Tron. So, let's see. It gave us today is the 1st of October. Not sure why it is. What? It's only giving us revenue. Revenue from September 20. Oh, September 21st to the 27th. Oh, cuz I have it on weekly. Okay, that's fine. You could change it from weekly to daily to whatever. So, it looks like Tron revenue was about 5 million in what is effectively last week. Let's go to the daily though. Yesterday it was about Yeah, 960,000. A little shy of a million. It's good revenue. How much of it

actually reaches the token? Well, hopefully you know a little bit more about that now, now that we just went over it. But what what you really want to go to is under markets, it says crypto ETFs, right? Because if you click under analytics ETFs, it's going to take you to like all ETFs. That's That's not really what you want. Again, make the chart big. And let's zoom in a little bit here. Not Not what I meant to do. Not at all. They need to make this function a little easier here. All right. We got it on the daily. You're only going to get September 29th. It's always like a little bit behind. It's a little bit too zoomed in. Let's zoom out a little bit. What is this day? What happened here? What is that blue? Is that ETH?

Yeah, that's Ethereum. So, we can hit all again. Gets rid of everything. I don't even see a Tron on here. It's very interesting. So, when you hover over it, you'll see TRX. And again, uh, wow, that was a very negative outflow day. I'm very surprised there. This is very interesting. Sorry, I'm just caught up in some data. On September 20 uh 5th this year, obviously just a few days ago, you had nice inflows for BTC, Salana, XRP at the top there, even down to 2.7 million. Even Tron had a positive inflow of $500, a whopping $500 for the TRX ETF. But then you look down at other, which I'm not really sure what other is. There's a multi-asset and then there's just other had a 1.8 billion outflow. Is that for real? And multiasset had 8.7. I just I

don't think that those numbers are accurate. That's just too strange. Anyways, not what we're here for. We're just looking at TRX inflows on the ETF, right? Because a lot of times they will point you towards an ETF and they'll tell you like, oh, you know, Bitcoin's last cycle bull market took off early because of Bitcoin ETF, which I do think was true, but that was because it was Bitcoin's ETF and a lot of big players wanted that regulated ETF access. I don't think a lot of people care about having an ETF access to Tron or DOT or even ADA for that matter, but having them set up and having them already integrated into all of these big institutions and stuff like that, I think long-term is going to be highly important as people start wanting to make higher returns

and diversify themselves into smaller coins as the big coins have already really taken off and they're looking for where to rotate their money probably because just like in the crypto world how people rotate their money out of Bitcoin into Ethereum into the lower alt or the higher alts right under Ethereum and then smaller and smaller and smaller. I think you're going to see the same thing with ETFs because if you're smart money it just makes sense. you made a bunch of money on the ETF for BTC, you roll out of it into the Ethereum ETF, then you roll out of that and then eventually because it exists, you might see high inflows of things like ADA, Tron, Polygon, Doge, Link, a HVAC. You might see a lot of that pretty negative outflow. 17 million. Who's selling Ethereum right now?

That's kind of crazy. They must have bought a lot of it at one point. Anyways, uh Block Works, a lot of stuff you could go over here. I mean, just just look at it. Layer one, layer two, spot decks, uh prop automated market makers, per dexes, decentralized exchange aggregators, lending, vault. If you're heavily niched in or if you have a portfolio that is very very specific, like say you have a launchpad portfolio because for some reason you think that is where it's at. Well, you just come to launchpads and you could get direct what you're looking for. Pump. Fun. Bang. Click on it. Bang. Get all the analytics. There is just a ton on here. I really would like to sit for like a day or two and just look at block works. I just I don't have a

day or two to do that. Very very busy. Follow me underground crypto or cryptoron. Got the blue check mark. Only 185 followers. It is so hard to grow on Twitter. It's crazy. You will see that I post uh a lot. You know, nothing says made whole like a shiny new IOU. Redeemable for about a penny on the dollar. Drift open DFX claims today. One token perverified USDT lost in April's 295 million exploit. Should we just be happy that they're giving something back? [music] Opening math here is about 3.11 million recovery pool against 295 million. I mean, it's great that there is some kind of recovery pool because, you know, uh something is always better than nothing mathematically, [music] but that doesn't mean that it's really going to help when you got hit for 299 million collectively and they got

3 million to make you whole. Ouch. But anyways, my point is that I post a lot of very relevant stuff. yield fields uh founding deeds if you understand what any of this is. Deed season maze of gains. That one is probably over most people's head. Let's but that's okay. That's okay. Um we got, you know, all kinds of stuff going on here. This is Unchained, right? Uh then we have some a burns for a nomix 3.0. Just showing you posting, posting, constantly posting, posting. I get even some pretty good pickup and views and stuff and nobody wants to hit that follow button. Anyways, I'm not here to complain. Follow me if you'd like to see everything that I'm posting. I post exclusive news in the Discord as well, which for some odd reason, the Discord will not open on

my computer. I have no idea why. I got to restart it. I wanted to show you the Discord real quick. But if you go under DeFi, that's where we post a lot of DeFi related stuff. That's where I'm posting a lot of DeFi related news. And that news that I'm posting there, I'm not posting it anywhere else. So that is specific, you know, exclusive for the group. Although they are news stories, but they're very niched. I'm not just posting bitcoins up 5%. That's that's not what we're doing. Uh, let's see. Struggle heart says, "Thanks again, Eugi. 100k ETH." Oo, 100K ETH. Oh, put me in. Tag me in, coach. I would love that. Um, CCP said, "Can ETH hit 10K?" It's all about how crazy we go here. I mean, you got you could go into the land of

super cycle talk and stuff like that, which I'm not against and I think is bound to happen at some point when adoption really hits. You're going to have like a super cycle, I think. And then you might go into more regulated four, six or eightear cycles for crypto. Like that's very true. But um I I don't know if it's this time around. Everybody has said adoptions here super cycle for as long as I've been in crypto about five and a half, six years, something like that. And so I don't know. I'm not going to get on that bandwagon as of right now. But I do really believe that ETH could go to 10K if we see it's off the top of the head off of the cuff, right? So I would say if Bitcoin could get somewhere around like

200,000 or above, we could potentially see ETH at 10K. Um CCP says Twitter blocked me. I have to make a new account. I can't imagine why you always coming in with the jokes. You're probably making a lot of people upset. Keep up the good work. And 100k ETH sounds kind of crazy. Don't get me wrong. And I I'm not really confident on that 100k ETH, but I would not say it's impossible. I would not. But I would urge you to go look at the tokconomics that would like be required here. Let's let's do it. Let's do that together. So, what is it? the coin perspective. One of my favorite places to do moon math. And it's pretty simple. Come in here. Uh let's see. Can we do like ETH versus like ETH? Perfect. So even though you got to

put one against another, if you just put the same token, you get just that token, right? And then you just come into a price point, right? So say we want 100K. All right. So for ETH to hit 100K, this is what would be required. You would need a $12.2 trillion market cap. That's crazy. I mean, is it though? I don't know. Maybe next cycle or the cycle after that maybe you could see 100k ETH. But just being realistic, >> other than like a crazy adoption super cycle, all of crypto right now, let's go to Coin Gecko. >> All of crypto is 2.9, let's just call it $3 trillion. So all of crypto, Bitcoin, Ethereum, Salana, XRP, all of it. All of it down to coin number 1,000, right? Or lower is about 3 trillion. So with that being said,

I got to sneeze. With that being said though, sorry for the interruption. Um 12.2 trillion is just a lot for just Ethereum. like not 12 trillion market cap for the overall market cap of crypto, which I could see happening in the next bull run, especially if we have elongated or super cycled type stuff. I could see 12.2. I think it's on the higher end. Like, I think it's definitely on the higher end of things. But that'd be a 36x from here to 100K. Now, let's let's drop it down. Let's make it 10K. [snorts] All right. 10K only requires 1.2 two trillion in market cap for Ethereum. What you might ask is the current market cap? Well, about 331 billion in market cap. To me, that's totally possible. It is a 268, you know, percent or like a 2.6x from

here. I think I think that's more than possible. Now, I'm not saying it's guaranteed because we don't know what the heck's going to happen economically, globally, whatever. Like, we any black swan event could happen at any point in time and just shut all of this down. But I do very much feel like they didn't institutions and government, they didn't buy all this crypto to watch it go to zero. I I don't think I don't think that was their plan. So, I think that things will go skyhigh. But I mean, if it goes to 9,000 instead of 10,000, I'm not going to cry about it. It's still really good gains. I really for Ethereum, I just want to see it break like 6K. That would be very bullish to me. What do we got going on? Say hello. Thanks. Always

moon. Bless you. Hilarious. You guys are snapping. Anyways, I hope you guys enjoyed this token autopsy. It was a lot of fun for me. Hope it was a lot of fun for you. I am all about raising my own crypto IQ, as you know. And so, we'll be back tomorrow, but tomorrow is Friday and we're going to raise your crypto IQ in a totally different way than we've done all week long. We're gonna play some web 3 games, some DeFi games. We got all kinds of things from Sunflower Land to Craft World to World of Clawed Craft to Kindra. Can't leave Kindra out. I mean, there's so many of them. It's ridiculous. At this point, I love it cuz not too long ago, 3 4 months ago, we didn't have very many blockchain games to play, especially not ones

that were rather diverse. But anyways, I look forward to seeing everybody tomorrow. Uh, tell somebody as you Hey, this is this is the challenge I want to put the undergrounders on. As you start seeing this heat up for the next probably two and a half to three years, if you're a real undergrounder, when people start talking, tell them to follow the channel. Say, pull out your phone and go to YouTube. I want to show you this channel where you could really learn about crypto. Not somebody with their, you know, this coin's going to 10x type of content. No, no, no. Educate you. I'm trying to take here's something that you guys maybe have figured out, maybe you haven't. If you're a lifer, as I was a a lifer in that community before I ever had a channel, and I

owe a lot to Sam, the crypto lifer, for my education in crypto and in the beginning, Bit Boy, of course, because he was the biggest, and that was a lot of news. But then, of course, Sam for the more specialized niche understanding of technical analysis, tokconomics, stuff like that. What Sam does instead of just showing you a signals group for stocks where you just get a trade and then you just copy trade him, he teaches you how to understand the charts, pattern trade, and all the things that he does. He actually wants you to learn it and not be so like dependent on every little trade that he gives out. He wants you to understand what you're doing. I'm trying to do the same thing with crypto education, right? If any if nobody's figured that out yet, I'm trying

to do the same thing where like not only do we do it, but I want to raise your crypto IQ to the point where you can look at a project and begin to start understanding what the necessary questions are that you need to ask. Blues Guy says, "Adios everyone. Thanks for watching. Cheers, G. Tell a friend. Tell a friend." Yep, exactly. I tried last night at karaoke. People are still scared. Oh yeah, they are. But hey, you try to spread the word. If they don't take it, there's nothing you can do about it. Plant the seed. Don't worry about watering it. Underground crypto out. Stay underground. Stay crypto. I'll catch you in the next one. It was a bunch of fun and we'll do it again tomorrow night. D5 Friday out.