Robinhood Chain 過去、現在與未來：Uniswap、Pons、UFG 團隊現身說法

0:00Robinhood Chain 問世：意外的爆紅

0:00大家好，很高興現場還有一些朋友留下來。我知道現在已經有點晚了，大家肚子也餓了。我們會盡量讓這場討論精彩一點，讓你們覺得時間花得值得。直接切入主題吧。Robinhood Chain 今年 7 月 1 日正式上線。很多人都在想，這會不會只是曇花一現的鏈，還是真的有機會成為下一個零售或機構資金流向的主場？在你們自我介紹前，我想先問問大家，Robinhood Chain 現在的成功和使用者數，你們當初有預期到嗎？還是覺得這只是浪費時間？Hey everybody. I'm glad we still have a few people here right now. I know it's getting late, dinner's coming. We'll try to make this as interesting as possible so that you have used your time wisely. Let's step right into it. So Robinhood Chain launched on the 1st of July of this year. And I think that a lot of people were wondering, is this going to be one of those five-day kind of chains where everything's really hot for a minute, or is it going to be something that actually has legs, something that is maybe the next, you know, the next thing where retail goes, the next thing maybe where institutional goes? And I'm curious, before you guys actually get into, I don't even want you to introduce yourself yet. I just want to, like, step right into it. Did you guys expect the success and the users that we're seeing right now in Robinhood to happen, or were you thinking this was going to be a waste of time?

0:53老實說，我當初沒預期會這麼成功，但事後回頭看，其實也合理。Robinhood 不會隨便掛自己的名字，如果沒把握一定會做好。他們很中立，營造出適合開發者進駐的環境，還有像 SOT tokens 這種新型態原生資產，讓很多 builder 可以玩出新花樣。我覺得這些創新還會繼續出現。To be honest, I wasn't expecting it, but when it did happen, it made sense in hindsight. Robinhood wasn't going to put their name on something if it wasn't going to go right, if it wasn't going to be 100%. So I think they did a good job of being neutral. Curating the right environment for builders to come, and for having new primitives such as SOT tokens, which a lot of builders were able to create some fun experiments around, which we've been seeing, and I think we'll continue to see more of.

1:19Carl，你是第一天就進來了嗎？沒錯，身為一個老交易員，我一直覺得早點進場、敢於嘗試新東西很重要。雖然沒想到會爆紅到這種程度，但這是個很棒的機會。Robinhood 這個品牌本來就很強，讓更多散戶有機會參與股票和金融市場。現在能把這個品牌帶進我們熟悉的加密世界，當然要把握。And Carl, were you there on day one or did you wait for some time? No, absolutely. As someone who's been a trader for a long time, I think there's always value in being early and being willing to try things out before other people, obviously. Didn't know it was going to explode to the degree that it would, but I thought it was an incredible opportunity, right? Robinhood is a great brand. They've really helped bring retail into stocks and into just generally having more financial opportunity. And so, you know, building off of that brand and having a chance to integrate it with this crypto world that we know and love so much, it was a great opportunity and I had to be there.

1:54Grayson，你們幾乎是從一開始就 all in Robinhood Chain 對吧？沒錯。我覺得 Robinhood 當時有幾個不同的產品線一起推進，像是他們把 Earn 產品整合進主 app，這我們早就看好會成功，事實也證明如此。像 Morpho vault 現在已經有超過 5 億美金的穩定幣進來，非常成功。我們會這麼看好，是因為 Robinhood 在傳統金融那邊，像 money market fund 這種產品，存款規模大概有 300 億美金。所以我們覺得 Earn 產品一定會帶來大量資本，成為推動鏈發展的加速器。比較沒預料到的是，Launchpad 和股票代幣這麼快就爆紅。And Grayson, you guys made a bet basically from the beginning, right? You were there on day one. Is that right? Yeah, yeah. And I think there's maybe a couple different workstreams going on at Robinhood at the same time. I think the earn product that Robinhood brought into the main app, like, I think we really thought that was going to be successful, and that has certainly been the case. I think, you know, the Morpho vault that is kind of hooked into Robinhood has roughly— Over 500 million dollars of stablecoins in it right now, so massively successful. I think we saw that coming, given that I think the Robinhood kind of TradFi version of that, which is kind of hooking into, like, money market funds on the back end, I think that has, like, you know, 30 billion roughly of deposits into that. So we thought. This earn product is going to be killer. That's going to bring a ton of capital into the ecosystem. That's going to be a big accelerant for our chain. I think what we weren't expecting ahead of launch was so much traction on the launchpad and the stock tokens so quickly.

2:42Robinhood Chain 生態系的爆發與創新

2:42在主網上線前，我們花了很多時間思考初期需求和供給會從哪來，尤其是股票代幣。結果很快就看到 Launchpad、股票代幣之間的有趣互動，市場自己很快就自發性地建立起來，很多 ticker、很多新名字都冒出來。這對 Uniswap 來說也很有利，生態系有大量交易量，LP 也賺到不少手續費。Before launch, I think we spent time thinking a lot about, you know, where is this initial demand, where is the initial supply going to come from, a lot of these stock tokens. So different ideas, but Very quickly, we saw, like, really interesting dynamics taking off between, you know, launchpads, stock tokens, and we saw these markets kind of bootstrap themselves organically very quickly across a lot of tickers, a lot of names. And so that has been, like, you know, a really, a really cool thing to see. So it's been profitable for Uniswap, I guess, right? I mean, it's been great for the ecosystem. A lot of volumes, a lot of fees for LPs. Yeah.

3:24Kaleo，你身為內容創作者和投資人，什麼時候才進 Robinhood Chain？我大概晚了幾週才進來，因為當時還在熊市，鏈上很冷清。直到 Cash Cat 開始突破 8.1 億美金市值那天晚上，我才意識到 Robinhood Chain 已經上線了。那時我就覺得，Robinhood 這麼大的品牌，鏈一定會有超高熱度。於是我就直接跳進生態系，現在對未來還是超級看好。And Kaleo, as someone who's talking about things all the time, you know, you're a content creator, you're an investor, these sorts of things. How long did it take you to get into the Robinhood space, and were you there, like, immediately? I was a couple weeks late, and a big part of it at the time, heart of the bear market, everything was slow on-chain. So it was the first Cash Cat leg up. As soon as it started to break above that 810 mil area and started to blow up that night, I was like, okay, wait, what's happening here? I didn't even really realize that Robinhood Chain had launched at that point. But then as soon as that happened, it just made sense. There's no way. That I saw that Robinhood could have a chain and not have insane levels of traction. So just went, dove headfirst straight into the ecosystem, straight into the trenches, and still incredibly bullish on everything with the growth moving forward.

4:20讓我很意外的是，像 Pons 這樣的 Launchpad 居然能在短短幾週內，營收就超車所有人。Pons 的故事很有趣，一開始我們不是 day one 就在 Robinhood Chain 上，當時我是以散戶身分進來，身邊很多朋友也是。當時已經有一個叫 Noxa 的 Launchpad，Pons 這個名字其實是拉丁文『橋』的意思。我們本來是做一個橋，讓大家能從 DBank chain 上拿到 Noxa token。後來 Noxa 內部有點糾紛，直接關掉了，我們就抓住這個機會，Ozzy、Meed God 直接熬夜 13 小時，讓我們搶先成為市場第一。It surprised me a lot too, and I think that one thing people didn't expect, and one thing I certainly didn't expect, was for something like Pons to come out, right? Pons is a launchpad. You can tell us about it in a minute. But for it to come out and, what, within a couple of weeks flip the revenue of literally everybody, right? Like, how did that happen? Well, I mean, the Pon's origin story is pretty interesting. So originally on Robinhood Chain from day one, we weren't there, right? I was there as a retail user. A lot of my friends were there as retail users as well, but— There was an existing launchpad, and they were called Noxa. And actually, Pons, it's Latin for bridge. And what we had built was a bridge to access the Noxa token as it was hosted on DBank chain, which wasn't something that I personally had a lot of experience with. You know, it seems like there was some kind of internal conflict there that led to a shutdown and— We really decided this was an opportunity to seize a unique moment. And here, really, all of the credit goes to Ozzy, Meed God. I'm sure you guys have seen him on Twitter, but he spent, I think, 13 hours straight overnight, did not sleep, made it so that we could be first to market and be in a position where we could kind of take over that mantle.

5:35Noxa 先出來，後來出事賺了一堆錢就放掉了，你們馬上接手？沒錯。我們能這麼快接手，是因為團隊在加密圈建立了很多信任和連結，能提供一個大家信賴的發幣平台。我們一直以開發者和社群為優先，這也是我們能做大的關鍵。So just for clarity, so Noxa was first, right? Noxa had some kind of fight. They made loads of cash. They screwed the pooch. They dropped it, and you guys stepped up like a minute and a half later? Yeah, absolutely. And I think we were in a great position to do so because, you know, myself and a lot of other people on the team have spent a lot of time building trust and connectivity throughout the general crypto ecosystem, and we were able to provide, you know, a trusted avenue for people to launch tokens from and— Always, you know, tried to be developer first, community first, and I think those are the factors at the end of the day that led to us being big.

6:09Pons、UFG 與公平基礎建設

6:09現在大多數大型專案都在 Pons 上發幣，Dave，你們也是嗎？對，我們也是在 Pons 上發的。我覺得 Pons 成功的關鍵是他們的創作者分潤設計：1% creator fee，70% 給創作者，30% 直接銷毀，這超級公平。我們 UFG 也是這樣做，Pons 是 Launchpad 層，但發幣後還需要公平的基礎設施，所以我們做了不可變金庫，每個代幣都有資產背書。因為注意力熱度很快就過去，如果沒地方存下來，代幣就會死掉。我們一個月光交易費就累積 78 ETH，這讓我們有本錢去推廣主權金庫給其他專案。現在在 Robinhood Chain 上建設真的很刺激，沒有比這更好的地方了。From my understanding, like most bigger projects are launching off there, and I'm wondering, Dave, did you guys actually launch on Pons too? Yeah, we launched on Pons as well. And I think the reason why Pons was so successful is how they set out their creator fees. It's 1%. 70% of that goes to the creator themselves. The other 30% is burned. That is incredibly egalitarian, and that is the same way at UFG, at United Standard Group, we built. I kind of view Pons as the launchpad layer, but after launch, that egalitarian infrastructure still needs to be built up, and that's what we've built up with this immutable treasury, where every token has backing. Because attention only lasts for so long. It's like, oh, you get all this hype, but if you have no way to store it. What good is it? Your token just dies. And so at UFG, United Founders Group, we actually built a battery, and in a month alone, we have 78 ETH in our treasury just from trading fees. And that gives us a lot stronger position to actually go build internal strategies, to actually go and preach the sovereign treasury to other projects that may want to have their own. So it's a really exciting time to build on Robinhood Chain, and I really don't think there's a better place to do it.

7:09Kaleo，你很懂鏈上文化，你覺得 Robinhood Chain 有沒有像其他鏈那種投資 PTSD？我覺得現在的 Robinhood Chain 很有潛力，Launchpad 之所以能爆紅，是因為它們成為鏈上文化的基礎設施。大家常說 meme 只是曇花一現，但其實整個加密圈的核心就是信念和想法有價值。meme 幫鏈帶來使用者和流動性，RWAs、創新都靠這些基礎設施起來。我覺得 Robinhood 應該更積極擁抱這一點，因為使用者是從文化來的。And Kaleo, since you're, like, really, really kind of rooted in the culture, like, would you say that, like, just colloquially from my side, it feels like there's a little bit of PTSD, and it's, you know, from some other chains and how they kind of handle investments that they make. But are you seeing the same thing on Robinhood, or do you think it's better? Do you think it's worse? I think there's a lot of potential with where it is right now, right? Like a huge part of what's happening right now with these launchpads and why they've taken off is because they're the rails for culture within the chain itself. I really like that. And, you know, one of the things that people give memes a hard time for is That, you know, they're transient ideas. They can be there for one second, fade the next. But I think Bitcoin itself, everything in crypto, comes back to the core thesis that ideas and belief have value. And at the end of the day, what the memes have done is bring People to the chain, bring users. If you look at the volume that's happening on the chain right now, the RWAs, the innovation, everything else right now, it is from the rails that they built. And I still think we're so early with that. And one thing that I think that Robinhood needs to do as a whole. Is lean more into that. Realize that the retail that is here right now is what brings in the business side of it, right? Like, users come from culture.

8:40Robinhood Chain 的資料與市場現況

8:40Grayson，既然你最懂數字，現在 Robinhood Chain 的交易量大概有多少？其實大部分數字都跟交易有關，因為我一直在看這些。Robinhood Chain 到目前為止大概做了 1000 億美金的現貨 DEX 交易量，這數字超誇張。九月有一週甚至單週就 500 億美金。Uniswap 這幾天每天大概都有 10 億美金交易量，股票代幣佔很大一部分。現在股票代幣每天在 AMM 上也有 1 億美金交易量。幾個月前，AMM 幾乎沒人在交易股票代幣，Robinhood Chain 真的帶動了這一切。So I do want to get into the future and maybe what they could do better, but first, just since you brought up the numbers, I think more than likely, Grayson, you're going to have a pretty good insight here into how much—like, what kind of numbers are we talking about? Yeah. I mean, and maybe, like, a lot of the numbers are going to be, you know, somewhat trading-based, since that's, you know, that's what I tend to be looking at all the time. I mean, I think Robinhood Chain has done roughly $100 billion of, you know, spot DEX volume to date. That is a ridiculous amount. I think there was a week in September where that was $50 billion in a single week, and it's— Still been really, really strong. I think Uniswap is doing around a billion dollars a day over the past few days. Sorry, you said billion with a B, right? Yeah, billion with a B, doing really, you know, doing really strongly, and stock tokens are a big part of that. Even right now, stock tokens are doing around a hundred million dollars a day on the AMM. I think a few months ago, there was no example. There was no, there was no stock tokens trading in AMMs, you know, hardly any size before Robinhood Chain. So this has been huge.

9:40所以大家說我們還在早期，現在每天還是有 10 億美金交易量。現在大家開始注意到這個生態系，像 Launchpad、Pons、股票代幣配對，週末 mint 股票代幣時鏈上會出現很多異常現象，甚至影響到鏈下。從交易角度來看，大家會不會覺得已經太晚？其實現在還算早期，這些活動讓 Robinhood Chain 建立了很強的流動性。未來這些流動性可以讓 Uniswap、Robinhood 拓展到更多新市場，尤其是那些難以取得美股的地區，這會帶來新資本、新使用者，然後又會帶動更多應用和創新，形成正向循環。Okay, so if I'm kind of taking what everyone said, we're kind of in the beginning still, it looks like. It's still the frontier, but we're doing a billion dollars a day of volume. Yeah. I think, you know, people are starting to notice. I mean, you start to see things like— You know, the launchpads, ponds, you know, pairing stock tokens, and, you know, over the weekend when you mint these stock tokens, you're starting to see abnormal things happen on-chain. You know, that leads to things happening off-chain. Like, it's starting to make a, you know, a real impact. So just from a trading perspective, like, are people too late, do you think? I mean, does anyone have an opinion about, are people too late? Are they early? Are we in the middle? Like, what? Maybe somewhere in the middle, but I think, like, all this activity on Robinhood chain has, like, really built, you know, we've built really strong liquidity in the process. And, like, today it's really good for servicing memes. In the future, this allows, you know, folks like Uniswap, folks like Robinhood to go out to new distribution platforms, you know. Where, you know, maybe it's in jurisdictions where it's a little harder to get access to US equities. Well, now we can offer, you know, on-chain solutions to do that. That brings new capital. That capital, you know, brings activity into the ecosystem. That activity, you know, helps spark further use cases like, you know, launchpads, and so it's all very circular. So it's like, you know, via memes and launchpads, we've been able to, like, bootstrap, you know, very durable. Markets that we can apply to, like non-speculative use cases as well.

11:06Launchpad 生態多元化與技術創新

11:06Pons 上現在主要都是 meme 幣嗎？其實最近的趨勢是越來越多科技相關、技術導向的代幣。像 UFG、Orbio 團隊在做 AI 推理市場，Bun 團隊則用 AI 幫開發者發幣、管理金庫。這些都和 Grayson 說的股票代幣一起，創造出很有趣的反身性機會。每次有新股票代幣配對上線，市場都會有一波熱潮。週末交易、脫鉤等現象我們也很努力避免，因為脫鉤會讓交易體驗很差。我們希望未來大家能安心持有、長期投資好團隊。V3 會有更多創新，既以交易員為本，也以開發者為本。And on the Pond side, what kind of stuff is being launched mostly? Is it entirely memes? Is that sort of the—I mean, I know there's UFG, obviously it's not a meme. No, I mean, what we've seen recently in terms of trends and in terms of, you know, real longevity on the launchpad has been a lot of tech-enabled and tech-linked tokens and— I mean, frankly, my best trading days were that AI meta, so it's something that I personally love to see. But there's really, really great tokens like UFG, for example. The team at Orbio is building a really interesting inference market. The team at Bun, for example, is building technology to help developers launch tokens and manage a treasury through AI as well. And I think these are, you know. Some of the things that are happening alongside the stock tokens that Grayson's talking about, right? Stock tokens can kind of create really interesting opportunities for reflexivity, and they are a novelty product. And always when you see a novelty product, there's a lot of activity and attention. Like from the Launchpad side, something that we see a lot is every time we list a new stock token pairing, there's a flurry of activity around it. And like Grayson had been talking about with, you know, weekend trading and depegging and things of this nature, it's something that we're actually working really hard to avoid having happen. Because whenever a token depegs, it creates a crash game-like scenario for the traders, right? At some point, somebody is going to go and mint more of that stock token to make it so that the LP paired tokens return to par. And this is a really negative experience for traders at the end of the day because we obviously want a future in which people can feel confident holding for multiple days, right, and feel confident investing in great teams and working together with them. And, you know, as COO, a lot of my role is focused on getting in touch with these teams, helping them build, helping them launch on Ponds. And with V3, there's going to be a lot of innovation focused on, you know. Being trader first, but also being developer first and continuing to build on that.

13:01你剛剛提到反身性，可以再解釋一下嗎？其實 LP 另一邊是股票代幣本位。像我們早期有個很紅的 DJT（Trump Media）配對，當時 DJT 在 Robinhood Chain 上一度比美股現貨高三倍。這種情況短期內很刺激，但週一一到，大家可以把股票流動性從其他地方橋回來，價格馬上回到正常，LP 也縮水。這對沒注意的交易員來說很傷，所以我們很重視使用者保護，希望創造正向財富效應。And whenever you say reflexivity, sorry, could you just, I mean, I think I know what you mean, but can you elaborate on what the good and bad of that is and what it means really? At the end of the day, right, the LP on the other side of the token is denominated in the stock token. So a great example of this is in our early days, there was a few very popular coins that launched when we— Added the DJT pair, the Trump Media. And so with that, DJT at one point was trading on Robinhood Chain, I think at three times par value, so three times what it trades for in the open normal stock market. Because of this, a lot of those tokens did really well in the short term, but— This was over the weekend. Monday came back around, and people were able to, you know, bridge back onto Robinhood Chain and bring that stock liquidity over from other venues. And as soon as that happened, the price of all these coins, you know, it was 3x, went one-third because of the reduction in, you know, LP size. And obviously, as a trader, that's not something that you want to engage with, and— For a lot of people, if they aren't paying attention, this can lead to really negative outcomes. And so we're really focused on trying to, you know, protect our users and help create wealth effects at the end of the day.

14:10Uniswap v4 Hooks 與 Robinhood Chain 的創新

14:10你們有用到 Uniswap v4 的 hooks 嗎？有，Uniswap v4 對我們來說非常重要，hooks 技術也是我們 V3 創新的核心。Pons V1 是 13 小時內趕出來的產品，重點是搶第一。V2 技術上追上其他主流 Launchpad，V3 以後會有更多原創玩法。Uniswap v4 和 hooks 絕對是關鍵。Okay, got it. And are you guys utilizing some of the hook stuff? First off, I'm going to ask you in a minute, Grayson, what in the world that means, because— I think I have a rudimentary understanding, but it might be helpful. But are you guys utilizing some of that technology? Yeah, absolutely. You know, Uniswap V4 has become really, really important to how we operate this business. And it's also, you know, the hooks and the V4 technology is a big part of how we're innovating around V3, actually. It's very important to this team to create. You know, net new, I'd say games and opportunities for traders and builders, and that's how we're going to be able to differentiate ourselves, right? I think with Ponds, there was this very clear progression where V1 was a product that was vibe coded in 13 or so hours overnight, and our real focus there was just, you know, something that works, something where You know, we're first to market, and we're in this position. V2, I think, very much brought us up to par from a technology perspective with a lot of the other leading launchpads in the system. And, you know, V3 and forward is where we're going to have a chance to get to really innovate and build net new things. And obviously, Uniswap V4 and the hooks are a big part of that.

15:16Grayson，可以簡單說明什麼是 hook 嗎？其實 hook 就是讓 Uniswap 池子在 swap 流程中可以插入自訂程式碼。這樣就能創造各種客製化 AMM 市場。像 Launchpad 就用 hook 來改善手續費分配，也有自訂 DEX，甚至還有人在 V4 上做遊戲。V4 hooks 2025 年 1 月推出，現在大家終於理解這個創新，Robinhood Chain 讓大家看到 hooks 可以做出真正的商業模式，創新空間很大。Yeah, I mean, I feel like hooks, you hear about it all the time, but it's almost like— ZK snarks, you know, it's like you hear the word but not exactly have any clue what that means. And so maybe, like, in 20 seconds, Grayson, if you could say, like, what the heck is a hook? A hook is just like a normal Uniswap pool, except being able to add arbitrary code somewhere in the swap flow. And so you can really create all sorts of custom AMM markets with hooks. We're seeing things from, you know— Launchpad-based hooks, like what Ponzi is using to, you know, optimize how fees are handled and, like, how, you know, customize the fee structure. We're seeing things like custom DEXs, so, like, DEXs that are, you know, somewhat separate from Uniswap but still built on Uniswap and still benefit from a lot of the network effects that come from Uniswap. So on Robinhood Chain, you know, Fables is a prominent example. Doing a lot of volume. And then we're seeing things like even, like, video games being built on v4, and I don't even know how that works, but I'm seeing this on the timeline, and so it's, like, quite interesting. So I think prior to, you know, Uniswap v4 and V4 hooks were launched in January of 2025, and so they've been out for more than a year and a half. And I think we had a challenge where people didn't really fully understand. Didn't fully understand hooks. I think it was like a novel concept, and it, like, it really took Robinhood Chain for people to understand. I think people realize, wow, like there's real businesses being built. Real businesses are being created, you know, built on hooks. There's a lot of room for innovation here, and I think the genie's out of the bottle now. Now everyone knows, and Robinhood Chain, you know, being— An ecosystem where builders felt empowered to build businesses is kind of like, you know, a big part of what it took to make it a, you know, a wide-scale success.

17:09文化、故事與社群共創

17:09Dave，你說這是五年來第一次讓你興奮的鏈，為什麼？其實 Launchpad 就是文化的鐵軌。我們在做的就是說故事，最強的代幣和社群，都是能夠一起創造長期故事的。Robinhood Chain 的厲害之處在於，他們邀請 builder 一起寫故事，而不是高高在上決定誰是贏家。這也是我一直強調的 lore building 理論，社群自己說故事，才能長久。2020、2021 年 DeFi summer 時，這種氛圍在 Ethereum 主網很強，後來沉寂一陣子，Solana 2024 年那波是負面 PvP 故事，現在 Robinhood Chain 又開始出現 PVE 故事，這會帶來長期財富效應。Dave, I remember offline you said something about it being the first time in five years that you're excited, and... Yeah, I'm not really, like, why? Yeah, I think CryptoKaleo said it well, with launchpads being these rails of culture. And at the end of the day, what are we creating? We're creating—we're all storytellers, and the best tokens and the best communities are the ones that are able to create this shared story that you can buy into long term. And I think Robinhood Chain, because of the way they positioned themselves and invited builders in. To basically create the story alongside them. They didn't go top down, so like, hey, this is what we're going to do. These are the winners. No, people wrote the stories themselves. And this is a core part of my lore building thesis, is you need the community to tell the story, and if you do that, that's how you win, and that's how you build long term. And I feel like— Back in 2020 and 2021 during DeFi summer, that was being done on Ethereum mainnet. That was being done with all the DeFi games, all the NFT games, even DAOs. And for a long time, There was just a lull. And yeah, you had like financial nihilism on Solana back in 2024, and that was a very negative story. That was a very PvP story. But now I think we're seeing this PVE story emerge on Robinhood again, and I think that's going to, as Carl said, create more long-term wealth effects.

18:32Robinhood Chain 的未來與建議

18:32談到未來，Robinhood 最近在美國休士頓辦了一場 summit，很多人失望沒聽到什麼鏈的消息，只提到幾個產品。這是失誤還是機會？Kaleo，你怎麼看？我有去那場 summit，讓我最看好的是，Robinhood Chain 目前的成長幾乎完全沒靠官方推廣。會議辦得很棒，展現出他們的長遠願景，這也是為什麼散戶一直愛用 Robinhood。唯一可惜的是，如果官方更積極推動鏈，成長會更猛。我覺得他們應該更主動，光是公開講一下鏈的 momentum 和創新，就能帶來巨大推力。Robinhood 本身品牌和使用者基礎就很強，只要願意主動推，零售和機構都會進來。I think if you think about Robinhood, like, if you think about the future now, we'll kind of move on to that. I'm curious, what could Robinhood do to do better here? They just had a summit recently, as you guys know, a week ago in Houston, Texas, and a lot of people were a little bit disappointed at not hearing anything about the chain, really. You know, they heard about a few products here and there, but not really much about the chain. Was that a fumble, or, like, is there an opportunity? Like, what happened here? Like, you know, what should we— Kaleo, maybe let us know. So I was at the summit, and actually one of the things I'm most bullish about right now is how much momentum Robinhood Chain has had so far has been really without them pushing anything. And you go to a conference like the Hood Summit, and it was Really, it was a great conference. It was beautifully put together, very impressive. You know, they show how much long-term vision they have, and I think that's what attracts a lot of the retail users to Robinhood, why it's been the home for retail for stocks for a long, long time. The only thing, though, is I look at it and I'm like, man, how much more bullish will it be when they do lean in? Because right now, I think if I, you know, could change one thing from their side is, again, lean into it a little bit more. You know, it is something where I feel like even mentioning how much momentum and how much innovation has happened so far in something like that has a massive effect as far as continuing that catalyst forward. And they have that opportunity. And I, you know, again, I think that there is going to be a continued natural inflow just based on their brand name and their presence. But they have the opportunity to just seize this growth and bring both retail and business into it. And, you know, like, they need to lean into it.

20:25事實上，Coinbase 比 Robinhood 還早上架 PONs，這很讓人意外。Carl，你怎麼看？其實大公司內部有很多法遵和合規障礙，尤其沒經驗上架非主流幣時會更保守。雖然他們有上架 Cash Cap 這種 meme 幣，但像我們這種有 buyback & burn 機制的產品，還是比較特別。我覺得他們還是有很多創新空間，像更多股票代幣配對，甚至 McDonald's 股票都可以做 meme。總之，Robinhood 團隊跟我們溝通很順暢，主動積極，是很棒的合作夥伴。Well, look, I mean, frankly, they're leaning so not into it at the moment that their competitor, Coinbase, listed PONs before they did, right? Like, that was very surprising to me. Carl, how did you land on that? You know, how do you feel about that? Look, I mean, I think at the end of the day, and this is as someone who has, you know, worked in traditional finance in the past. I was at JP for a bunch of years. Within these large companies, there are always hurdles, right? And some of these hurdles are legal, they're compliance-based, and I think at the end of the day, it's hard, right, if you don't have this experience of listing crypto tokens outside of, you know, majors and L1s. Well, no, no, because they listed Cash App. I listed Cash Cap. You know, pure meme versus, you know, something that is a little bit different, right? Obviously, I think with our buyback and burn thesis and feature, this is something that really enables our community and our users to participate in the success of Ponds and hopefully in the, you know, continued success of Robinhood Chain. I can understand a little bit, right? At the same time, was I a little shocked? Absolutely. But I think they're in a position where they can continue to add new features, continue to innovate. Something that I'm really looking forward to is, you know, more stock token pairings. I think when it comes to memes and the things that people like to launch, there's so many great opportunities. Like, I mean, top of mind for me is some kind of— Wagyu coin with McDonald's stock. You know, I'm surprised we don't have McDonald's on-chain yet. But I think there's a lot of fun still to be had. And I will say, you know, to their credit, they've been excellent when it comes to communicating with us. You know, they're very easy, at least for us, to get a hold of. You are talking to them. Yeah. Oh, actively, all the time. They're very responsive. You know, we were— We're able to ask them questions. We're able to work with them. You know, this stock token request is something that has already been communicated to them. This isn't new news. But yeah, no, it's really, really great team, great people over there, and a pleasure to work with.

22:25CeFi/DeFi 整合與生態成長潛力

22:25Grayson，你們在 Uniswap Labs 一定很常討論成長潛力，Robinhood Chain 還能長多大？我覺得現在 Robinhood 主交易所和鏈還是分得很開，但已經有這麼多使用者和動能。兩者目前主要連結是 Earn 產品和少數幾個上架，未來如果有更多 DeFi、CeFi 整合，會像加油一樣推動生態爆發。像現在只是把穩定幣借到 Morpho，未來如果能用股票代幣借貸、主 app 直接用去中心化管道交易、做選擇權等，這些都很有機會。Robinhood 沒做的事，反而讓團隊有空間自己做，沒有官方指定贏家，大家靠實力競爭，這很有價值，也讓 DeFi 團隊有機會自己賺錢。And Grayson, given that you are in growth at Uniswap Labs, right, like you guys have thought about growth. How much can this grow according to your own internal estimates? I mean, you know, I don't know where the ceiling is, but I think, like, one thing we have to look forward to, you know, kind of building off what these guys said, is that, like, the two environments, you know, Robinhood, the main exchange, the core app, the chain, are still pretty separate today, and yet we've seen all this traction. The main link between the two today is probably the Earn product and, you know, a couple listings here and there, maybe Cash App, and maybe they'll do some more of the near future. But I think as we get more kind of DeFi, CeFi integrations, like that is going to be a lot of gas on the fire that I think we have to look forward to. Like, you know, the whole gambit of DeFi primitives, I think. Yeah, I think hopefully we'll see more integrations there, and I think that's going to be really big. When you say DeFi primitives, like you're thinking like what? Like OM forks, or like what are you— I think all sorts of, I think, you know, today it's simply lending in the— it's just simply lending stablecoins into Morpho. You know, what if you could borrow against your stock tokens? What if you could trade— Through decentralized rails through the main app. What if you could, you know, do Pendle-style products through the main app, like options, all sorts of things. Like, I think all of these are on the table in the future. What I think is really cool, and this is just when you said lending against your stock tokens, right, is these are—Robinhood, in some ways, by not doing these things, has created opportunities for teams to do these things, right? And— There are products that have been launched with coins on ponds, right, that do and achieve a lot of these functions. And I think, in a strange way, like they have been incredibly hands-off, and it's very nice, right? Like there's no kingmaking, there's no picking of winners. Teams are succeeding or failing on their own merit, and I think that has a lot of value. And also, at the end of the day, it's like I said, it's created opportunities for DeFi teams or people in crypto to build this infrastructure themselves and to, at the end of the day, monetize from it. And that's excellent. Yeah.

24:28公平機制與未來投資建議

24:28Dave，有沒有不是你們家的專案值得大家注意？我覺得現在最有趣的還是 Pons，因為他們真的把公平基礎設施做出來。我的建議是，未來要找那種讓每個使用者、持有人都站在同一起跑線的產品，因為只要有人有優勢就一定會濫用。我們 UFG 就是讓每個人都能平等存取金庫，未來要投資就找有不可變策略的產品。Dave, are there any products that are not yours or projects that are not yours that you think people should kind of have on their minds, just because we have an audience here of people, perhaps they're not quite as clocked into Robinhood? That maybe they should be thinking about. And this is not an endorsement, to be clear, for purchasing or anything like that, but just from a product point of view, anything interesting happening on the chain that you've been seeing? Yeah, I think obviously Ponds is the most interesting thing right now. You have all these different launchpads, but I think Ponds has really stuck out for the reasons I said earlier because of how they think of egalitarian infrastructure. And my advice would be to look for more egalitarian infrastructure that— Places every user, every holder on the same field, because if someone has an advantage, they're going to take advantage of that. They're going to use that edge to forsake everybody else. And that's how we think at UFG. Everybody is treated at the same level. Everybody is able to access our own treasury at the same level. And I think in the future, if you're looking for products and tokens to invest in, I think anything with immutable strategy is the way to go. Sounds good.

25:27給 Robinhood 官方的建議與總結

25:27Kaleo，如果 Vlad Tenev 會看這影片，你會給他什麼建議？請更快上架代幣，更積極推動鏈的發展。我以前在 FTX 很活躍，他們就是靠快速上架、積極跟團隊合作才做大。Robinhood 現在有一群忠實使用者，只要更主動推動，成長會更快。雖然現在要聯絡到正確窗口有點難，但我相信他們背後其實有在努力，這也是大家對這條鏈這麼看好的原因。Khalil, you said that, you know, if you had one suggestion, you know, and you get what your suggestion was earlier, let's pretend, and I don't think we even have to pretend, that Vlad Tenev is going to watch this video later. Say one thing. Say, please listen, please do this. This is what's going to actually make it happen. List tokens more rapidly. Lean into it. I look back, I was really active in FTX in the early days of it, and I saw the way that they grew. And the way that a bunch of different platforms have grown over time is that they were not afraid to rapidly list. And you have an audience that wants to use your chain. You have people that are loyal to it. You know, again, lean into it. List rapidly, work with teams, grow the team, right? Like, it's a little bit difficult right now to reach out and find the right person to talk to at some of these events. But I mean, at the same time, though, I want to give them a lot of credit where— You know, they have mentioned some things, and they are, you know, I believe they are working in the background. That's why so many people are so bullish on the chain itself, is because they realize how much they have done with the app and the innovation that they've seen on that side of it. So incredibly bullish about what's to come with everything, you know. Really invested on the Pond side of things with different tokens that have launched from there. And, you know, like I'm really locked in to see what they end up doing with that side moving forward.

26:58Grayson，你會給 Vlad 什麼建議？我希望他能更主動參與鏈上的互動，甚至親自教育使用者鏈上的機會，讓更多人能體驗到鏈上的創新和樂趣。Dave，你呢？我的建議是，看到有表現的團隊就要加倍支持，給他們最好的資源，這樣鏈才會成功。現在還在早期，贏家已經慢慢浮現，官方只要加倍投注，鏈就會更強。Grayson, would you have a suggestion to Vlad if you were sat here, just you guys, you know, having a beer? Look, I mean, I think just more interactivity, even on his end with the chain, right? I think he's somebody that a lot of people look up to, think very highly of. I'd love to see, you know, as Grayson had mentioned, more and more integrations, more ways for, you know, Robinhood's user base to access and interact with this chain. And again, theoretically some education, right, from the Robinhood team, from Vlad himself around the opportunities that exist on chain and All the cool and fun things you can do there that, frankly, you can't do in a lot of the TradFi world. Just lean in a little bit more. What about you, Dave? My advice would be, after you see a team that proves themselves, you double, you triple down on that momentum. You put them in the best circumstances to succeed, and if you do that, that's how you make the change to be successful. Because, you know, right now we're in the early stages, we have all these apps, but, like, it's pretty clear who the winners are going to be. And when you see that and you double down and triple down, that's how you make the chain successful.

27:58我注意到一開始 Vlad 很積極追蹤各個專案，後來好像慢下來了，也許內部有討論。但其實這種小動作對生態很有幫助。最後感謝大家今天來參加，雖然時間有點晚，希望這場討論對你們有幫助。謝謝大家！I did notice that in the first week or two, Vlad was following people a good bit. I mean, he followed me. I think I was the first, like, non-project he followed, and he followed Index and a couple other things and Ponza eventually. And then that seems to have slowed down a little bit, and maybe there was some internal discussions, you know, about maybe that shouldn't be done, but— We sure would like it. Even doing something as small as that goes a long way. Good deal. Folks, I really appreciate you coming out. I know it's, you know, we were running late today. It started a little bit late, but we hope it's been very valuable for you. We've got 25 seconds left, so thanks a lot. Hope you guys have a great one. Thank you guys very much. Thank you so much. Thank you, Ogo.