Robinhood链日收440万美元，Solana治理投票削减通胀

Bankless Nation, it is the first week of September. It is time for the Bankless Weekly rollup. We have Hib on again. David is out at Burning Man. Hase's second week in a row. We got to talk today about the Robin Hood economy seems like it is completely blowing up. Robin Hood chain knocking it out of the park. Transaction fees right now are actually higher on the Robin Hood chain than on Ethereum. 4.4 4 million in revenue in a single day.

Fortunes are being made over there and yet our guest host today calls it kind of a financial jackass. I saw that tweet. H we got to talk about what you mean by that. Also, Salana just cast a governance vote to cut its own issuance. Is Salana in the store of value game right now? And Michael Sailor, he's buying back in at 80K after he's selling at 62K. Their CEO says both were the right trade. We'll talk about that. And 21 banks launching a stable coin.

And then again, Bessant, week three of the Treasury put. What is he saying at the G20 summit as 30-year yields are approaching 20-year highs once again. Hib, it has been a very busy week. A lot of interesting things happening in the world. What What's your eye on in crypto this week? Well, look, the the fireworks show we're seeing on the memecoin side is hard to look away from. Uh we're getting this crossover between tradi and rwas now into crypto, which is interesting.

It has me worried. Um I feel like this is not going to end well, but we should talk about it once we get into it.

All right, so that that might be some of the financial jackasserie that you're seeing. Uh before we get in, want to thank our friends and sponsors over at Near. A big milestone was just crossed. 50 million in confidential total value locked on near.com is actually confidential by default. What that means of course is that your balances, your activities, that means your deposits, your yields, your swaps, your payments, they're all private by default unless you choose otherwise.

So outsiders, they can't see the amounts. Privacy is becoming the standard for near and increasingly for our industry though we have a lot of progress to make. nearer is leading the way. Go check them out and get their full recap on all of the activity happening on Near Intense. There'll be a link in the show notes to that. All right, Hib, let's take a look at our prices on the week. Bitcoin on the 7-day up about 1%.

ETH flat. Some other assets. Let's see. Salana down about 3%. We are holding my friend. We are still outperforming. Gold equities continue to hold these elevated prices. Bitcoin over 81K at the time of recording. Bit uh Ethereum over 2500 at the time of recording. Um there was a pretty big bounce today actually. So Bitcoin was trading down to 76K and then suddenly we're up 5% in the last 24 hours. any reason for this bounce or is this just classic crypto volatility?

It's definitely macro. So the same thing in the stock market. Stock market rebounded today and a lot of that is because the rate cut story is or I should say the raising of rates is a little bit less likely based on some comments that were made today by I believe it was Waller. So there's a lot of worry about inflation. Are you talking about the Fed or

No, no, I believe it was one of the other one of the other uh folks.

Oh, really? Interesting. Okay.

Yeah. Um, so basically, I mean, right now it's a pretty tight race at the Fed of like whether or not they're going to get enough votes to raise rates. And so just one person making a comment was enough to move the odds pretty significantly. I believe it was 20% less likely of a rate hike in the next uh uh Fed share meeting and that is the reason why people are feeling a little bit more confident about risk assets. So I think that reflected in the crypto markets looks like there was a lot of liquidations uh from people who are short.

So, we're getting a little bit of volatility coming back into the market. That's it's it's good, but it's mostly macro telling the story as opposed to a cryptonative story here.

Well, it's interesting because there was a bit of a selloff towards the end of last week and I think that was war's speech at Jackson Hole. I don't know if you caught that. Some people watched that speech and said it was pretty much a nothing booker, but the market more broadly interpreted it as hawkish. I think the September rate hike at the end of that meeting last week went up to 67% up 30 to 40%. And so that was the end of last week.

Sounds like today maybe things went back down. But they they zoned in on something WS said. I believe it was this uh this quote, "We must be confident that underlying inflation is is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do." It was that line. Otherwise, we have work to do. Right? Inflation's not where we want it. So implying the Fed has work to do. And what's the tool in the toolbell for that work?

Well, it's Fed funds rate. So that's why the market was anticipating an increase. And now I guess that's being tempered a bit. One thing I can't seem to figure out though has on all this. I know we were talking about last week the Bessant put and we were in we're now in week three of sort of this new market perceived paradigm of of this Besset Treasury put buying the long end of uh bonds somewhat is it seems like Worsh is sending some hawkish signals like I I might raise Fed fund rate you don't know you know don't test me inflation I I might do it whereas Besson is being incredibly dovish in this whole Treasury QE thing.

What's going on between the two of them? Is this all coordinated? Is this like a a coordinated good cop bad cop type of routine or like what sense do you make of this?

I coordinated is the wrong word. I think it's more adversarial and this is the natural dynamic between somebody sitting in the White House and somebody sitting at the Fed, which is that look, at the end of the day, the White House wants to do things that are good for the economy. He wants to do things that are good for Trump and allowing Trump to achieve his policy goals and that requires the economy to run a little bit hot.

It's like they want to ride the edge, right? And you know, at the end of the day, Wars, yeah, he was appointed by Trump, but now he's independent. And you can see that independence starting to show its colors. Is that, you know, Trump thought he was his guy. I think actually, um, he's not his guy as much as maybe he thought he was.

Interesting.

And the reality is, look, Wars doesn't want to be responsible for having inflation run unnecessarily hot and then eventually getting blamed for mismanaging the economy. And so, you know, when when Wars was uh first nominated, he was saying like, "Look, yeah, inflation's a little bit high, but I think it's because of the war. It's because of oil. It's because of supply constraints, blah, blah, blah. It's not fundamentally reflective of the underlying economy."

Now, all of a sudden, he's saying, "Well, we have to be really confident that inflation is actually tamped down." Um, and this is kind of what you expect is that when you nominate somebody, you kind of think they're your guy and then you realize, no, no, you're kind of it's it's this uh almost like man battle between the Treasury and the Fed. It's never going to go away until you actually truly do break the boundary of Fed independence.

The Fed is very much still independent. That's good. That's good long term for market confidence in our bonds and in our fiscal policy or sorry in our in our um monetary policy. Um but fiscal policy is always going to run against that. That's normal. So, I think this is what you would expect in a well functioning independent Fed.

I'm not sure that I buy that the Fed is as independent as you think it is. You really do think it's it's independent. What what's kind of your your evidence for that recently?

I think the fact that Wars is not rolling ov

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