ROLLUP: Robinhood’s Meme Economy | Solana Cuts Issuance | Saylor’s Comeback | AI Alarm

**Ryan Sean Adams** (0:04)
Bankless Nation is the first week of September. It is time for the Bankless Weekly Roll Up. We have Haseeb on again. David is out at Burning Man. Haseeb's second week in a row. We gotta talk today about the Robinhood economy. Seems like it is completely blowing up. Robinhood chain knocking it out of the park. Transaction fees right now are actually higher on the Robinhood chain than on Ethereum.
$4.4 million in revenue in a single day. Fortunes are being made over there. And yet, Haseeb, our guest host today, calls it kind of a financial jackass. I saw that tweet, Haseeb. We gotta talk about what you mean by that. Also, Solana just cast a governance vote to cut its own issuance. Is Solana in the store of value game right now? And Michael Saylor, 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, Besant, 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, Haseeb, it has been a very busy week. A lot of interesting things happening in the world.
What's your eye on in crypto this week?

**Haseeb Qureshi** (1:26)
Well, look, the firework show we're seeing on the meme coin side is hard to look away from.
We're getting this crossover between TradFi and RWAs now into crypto, which is interesting. It has me worried. I feel like this is not going to end well, but we should talk about it once we get into it.

**Ryan Sean Adams** (1:43)
All right. So that might be some of the financial jackass rate that you're seeing. Before we get in, I want to thank our friends and sponsors over at Nier. A big milestone was just crossed. 50 million in confidential total value locked on Nier. nier.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 Nier, and increasingly for our industry, though we have a lot of progress to make. Nier is leading the way. Go check them out and get their full recap on all of the activity happening on Nier Intents. There'll be a link in the show notes to that.
All right, Haseeb, 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. Solana 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.
Ethereum over 2,500 at the time of recording. 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?

**Haseeb Qureshi** (3:18)
It's definitely macro. So the same thing in the stock market. The 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. Warsh?

**Ryan Sean Adams** (3:37)
Are you talking about the Fed share Warsh?

**Haseeb Qureshi** (3:38)
No, no, I believe it was one of the other folks in the Fed.
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 percent less likely of a rate hike in the next Fed share meeting. And that is the reason why people are feeling a little more confident about risk assets. So I think that reflected in the crypto markets. Looks like there was a lot of liquidations from people who were short. So we're getting a little bit of volatility coming back into the market.
It's good, but it's mostly macro telling the story as opposed to a crypto native story here.

**Ryan Sean Adams** (4:19)
Well, it's interesting because there was a bit of a sell-off towards the end of last week. And I think that was Warsh's speech at Jackson Hole. I don't know if you caught some of that. Some people watched that speech and said it was pretty much a nothing broker, 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 percent, up 30 to 40 percent. And so that was the end of last week. Sounds like today, maybe things went back down. But they zoned in on something Warsh said. I believe it was this quote, We must be confident that underlying inflation 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.