The One Thing That Could Save Solana w/ Carl Vogen

**Carl Vogel** (0:00)
I think the crypto market is fragmenting in a way I've never seen it before. I think historically, it's always been the market trends with Bitcoin, and you'll have outliers that do better or worse, but generally the market trends with Bitcoin.
I think basically there is a new age of assets that have value, that are generating revenue, and then there's the rest of crypto.

**LG Doucet** (0:17)
What's up, everybody? It's LG Doucet here, and welcome to The Milk Road Show, the daily crypto show that really wants this bear market to mirror the last one, except for the parts where we get blown up like five times, and we're already at four. Today is June 5th, 2026, recording on June 4th. Solana is below $70, and if it closes here, that will be the lowest daily close since December 2023 The bear market has not been kind, especially to the darlings of the past. Solana in particular is in a funny place. It could potentially fall out of the top three this cycle, despite being a growing chain. So where does it sit in the crypto ecosystem of the future, and what apps on it, not called PumpFun, have a chance to actually bring retail or institutions back to the table? We'll go over all that and more today with Carl Vogel, general partner at Six Man Ventures. Also, the market is going pretty berserk this week, and our analysts have been busy. They've made 12 trades so far since Monday, as they adjust to a potential top in equities and an implosion in crypto. You can see what they sold and what they bought for just a dollar in Milk Road Pro. You get seven days in there, and you can cancel anytime. Today's episode is brought to you by CAPE, the privacy-first mobile carrier, Nexo, Earn Interest, Borrow & Trade Crypto, and CalShe, where your takes finally pay out. Carl, welcome back to the show, man.
You haven't been here during the bear market. You were here during the bull.

**Carl Vogel** (1:31)
I know.
I try to do a lot more podcasts during the bull market than the bear. There's sometimes easier podcasts to do. I was actually going to try to figure out what was the price of Solana when we chatted last. I don't want to look up the number, but I should have come into this.

**LG Doucet** (1:46)
It was not below 100 Let's put it that way.

**Carl Vogel** (1:49)
It might have been above 200 Who knows?

**LG Doucet** (1:51)
You came on with Jay, I think, maybe late 2024, and I think maybe once or twice in 2025 as well, the last time maybe being last summer.
It's great to have you back. We are, if you want to know what's going on with us, we're surviving. We're here every day, keeping the lights on and knowing that there will be greener times in the future. We never get the chance to talk about Solana, and I feel like you guys at Sixth Man, you have a lot of investments there. You recently wrote a fantastic piece called Tokenizing Trillions, which largely is about RWAs, but obviously Solana is a place looking for that. Carl, if I was a guy walking down the street and I hadn't looked at crypto in five years, but I knew what Solana was, how would you summarize where it's at right now?

**Carl Vogel** (2:35)
It's a great question.
I would start by saying Solana is the most performant decentralized blockchain that exists.
I specifically say decentralized because a lot of what is being deemed a blockchain is no longer decentralized and there's pros and cons to a highly centralized approach to building a quote blockchain, but nonetheless, Solana's technology is unmatched in the ability to enable any application and any developer from many over the world to build an application and immediately start generating revenue. From an ecosystem perspective, Solana is the place where you can trade anything. That's in fact the vision of Solana, so you can trade any asset. Everything from meme coins and other fun types of assets that you create all the way up to the most important assets in finance, which is equities and AAA class bonds and US treasuries, and everything in between. So whatever you want to trade, the vision is you can do that on Solana. And I don't see another chain that is as far along in that vision than Solana is. So I would say, again, not financial advice, all the normal disclaimers. We may or may not hold positions in some of the assets that we discussed today, but Solana is in a really great position looking forward. And we're optimistic about the adoption that's going to occur on the Solana blockchain.