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🔴LIVE: TRUMP REVEALS CRYPTO PLANS
Recorded: March 20, 2025 Duration: 0:22:58Space Recording
Short Summary
The conversation highlights the critical need for mass adoption and user-friendly experiences in the blockchain industry, showcasing significant growth indicators such as daily user engagement in gaming and impressive stablecoin transfer volumes. As the industry navigates challenges like maximal extractable value, the focus remains on demonstrating real-world applications and enhancing user experiences to drive future growth.
Full Transcription
How we grow and how we get mass adoption.
Okay, so that's what I'm talking about today.
Talking about invisible blockchains.
All right, here we go.
So quick question to ourselves,
are we ahead or behind where we should be
as an industry right now?
And it's a tough question to ask yourselves,
but I think it's healthy to do it.
Now, every time the market drops,
our kind of normie hater friends,
or even people in our different chat groups
who get a little pessimistic will say,
there's no real use cases for blockchain
other than store of value.
Speculation's the only use case.
No one uses blockchain.
It's just 500,000 people trading with each other.
I personally think that's garbage, okay?
I don't believe it, but my goal, and I think our goal,
should be to make that not even a topic of conversation,
okay?
By the way, I'm not talking about how many people
have a Coinbase or a Binance account
and own crypto assets.
I'm talking about what Joe was talking about earlier,
real use cases that drive the needle,
real use cases of this technology.
And hey, if you took an Uber or Lyft here today,
that was a phenomenal use case
to leverage cloud computing on the backend, okay?
And it was a seamless experience.
We need these experiences in Web3
so we can get across the chasm.
Okay, so this is, you know,
this crossing the chasm, okay, we have some hands.
So you have, your early adopters are frankly
your tech enthusiasts, okay?
This is the early market.
You then eventually hit this chasm, and you have to get through it or you'll fail.
But if you get through it, there's a tremendous trajectory because the pragmatists and the
conservatives come soon after, the early and the late majority.
Now in order to get there, you also have to have great UX.
I worked in mobile back in 2005.
We had, it was a good technology.
We had 92 of the Fortune 100 using this product.
The only highly used product was email,
because nothing else worked well on mobile.
We had all these other business applications,
no one used them.
Fast forward three years later, we have the iPhone,
we have high speed data networks,
we've got much more powerful processors in our phones,
and mobile takes off massively.
It hit that curve for application usage,
not just text, email, phone calls, alright?
We're at that chasm now, but 16% is the number, alright?
This is where real adoption begins,
and again, we have surpassed this in a lot of categories.
I think, you know, you think about
how many people have an account, how know, you think about how many people
have an account, how many people own Ethereum,
how many people own Bitcoin, how many people own
these different crypto assets, I think we're safely there.
Let's look at gaming.
Scale is one of the largest gaming blockchains in the world.
We are a mass adoption blockchain.
We're built for user experience, okay?
Gaming now has over 30 million people a day
hitting the blockchain.
I think we need to applaud ourselves for this.
It used to be thousands a couple years ago.
We've been on an exponential curve,
but there are three billion people
that play video games every day.
So in, we're only 1% at option, not 16%,
but the good news is once you're at one,
it's much easier to get to 16.
It's much harder to get from zero to one in these spaces.
So we need mass adoption, another positive note.
We're getting there on the financial side,
really getting there.
These are areas that require less clean,
simple, easy user experience.
Look at stable coins.
There were over $850 billion in stable coin transfers volume in February.
That is massive.
And you know what?
That is money and value moving almost at the speed of light, not taking a day to process,
not taking this kind of archaic banking system.
This is the new future of money rails working.
Bitcoin market cap's over 1.65 trillion.
This was, when I sent them the slides,
it was probably higher right now.
But that's a win for store of value.
That is a phenomenal store of value, okay?
The reality though is we need more daily users
for these use cases that really, really matter, all right?
So then it's all about user experience.
So I talked earlier about, I saw, by the way,
if you're listening online here
or if you're not looking around,
when I said, oh, what data center did you use
and how much did it cost to process it,
everyone's like, what are you talking about?
Right?
But in the world of blockchain, that's the reality.
So scale actually has taken a novel approach
and we got rid of gas fees all the way down
to the core of the chain and instead developers
pay chain fees, they rent block space.
It just opens up this new user experience.
It's still economically viable.
People are getting paid to run servers.
Entities are getting paid to run servers and infrastructure.
But this is an example when you combine
phenomenal UX edition with high speed blockchain execution,
zero gas fees for the end user,
and integrate that with advanced custodial wallets
and semi-custodial wallets,
and even non-custodial wallets
with some very interesting new UX features that are coming,
we can let normal people who aren't engineers,
who don't have a ledger device,
don't really know how to use sophisticated products,
interact with bot chain, okay?
Another really critical topic, maximal extractable value, ME blockchain, okay? Another really critical topic,
maximal extractable value, MEV, okay?
This is where blockchains don't finalize their transactions
and what happens, a blockchain submits a transaction,
guess what, anybody running a node can see that transaction
until the transaction finalizes
and then you have front running, sandwich attacks.
Essentially, money and value is being taken
from every user in every transaction through bots.
Just last week, somebody processed,
did a 220K swap on Uniswap,
and they ended up with $5,000 after.
They swapped USDC to USDT.
No, hey, they didn't use the Uniswap UI.
If they had, they would have been protected.
They used a different.
This is something that we think needs to be fixed.
This is something, this is the next frontier for scale also
is going and trying to fix this problem
to make sure these things can't happen.
We need to have safe waters if we're gonna really hit
these adoption numbers that we are going for.
We also need to offer fundamentals.
The next growth stage is all going to be about
giving tangible value to users, okay?
Real, real value.
And there's some phenomenal use cases out there.
Really excited about them.
So just a little proof this works.
And I say this is fun for me now.
We started Scale for seven years ago, all right?
And the first couple years the network was live,
we would count our users, our unique active wallets,
users and transactions in the thousands.
We now have over a billion transactions.
We have over 3.3 million wallets in the last 30 days. Over 91 million transactions. We have over 3.3 million wallets in the last 30 days,
over 91 million transactions.
So the model's working.
And I'm not saying this to talk just about skill,
but to say when you really lean into building
a positive user experience for consumer-facing applications,
you can get dramatic results.
But these numbers, frankly, are just a start.
We're now in the top 10 of all blockchains and layer twos
in terms of transaction volume
and in terms of unique active wallets.
But I think I look at this in our set of competitors
and collaborators and as an industry,
we're just getting started.
There's a lot coming.
Quick shout out to all the builders.
There's over 300 applications building on scale.
We get, I get the luxury every day of working
with really, really smart people that understand blockchain
but they also understand how to build applications.
And there's some exciting things happening.
So I just wanna say we are crossing the chasm now, okay?
And growth will be led by UX-friendly blockchain adoption.
I also want to say because the President of the United
States is speaking here in just a minute,
we also have this new government regulation
that's enabling businesses to come and get in the game.
I work with some of the biggest sports leagues in the world,
some of the biggest brands in the world,
and we got put on pause last year.
People just, there wasn't regular,
regular.
So this is gonna drive real economic value.
And scale, we are a US project.
I'm so happy I can say that now on stage
that we are headquartered in the US.
So I think combining all these things together,
we're teeing ourselves up as an industry
to get to that next level of mass adoption.
It's been my pleasure.
Thank you so much.
Have a great day goodbye
Please welcome to the stage Jason Yanowicz
How are we doing everyone?
Good, good.
I'm Jason Yannowitz, I'm one of the co-founders of BlockWorks.
In about 30 seconds we have a historic moment.
The President of the United States, please give a round of applause and help me welcome the
President of the United States to address the Digital Assets Summit.
The President of the United States, please give a round of applause and help me welcome
the President of the United States to address the Digital Assets Summit.
The President of the United States, please give a round of applause and help me welcome
the President of the United States to address the Digital Assets Summit.
The President of the United States, please give a round of applause and help me welcome
the President of the United States to address the Digital Assets Summit. The President of the United States, please give a round of applause and help me welcome the President of the United States to address the Digital Assets Summit. The President of the United States, please give a round of applause and help me welcome the President of the United States to addresss Digital Assets Summit. It's an honor to speak with you about how the
United States is going to dominate crypto and the
next generation of financial technologies.
And it's not going to be easy, but we're way ahead.
Just two weeks ago, we hosted the first-ever
White House Digital Assets Summit, bringing together
many of the world's top leaders in crypto for a conversation led
by our White House AI and Crypto czar David Sachs, who's a fantastic and very brilliant
guy.
That same week, I signed an order creating the brand new Strategic Bitcoin Reserve and
the U.S. Digital Asset Stockpile, which will allow the federal government to maximize the value of its holdings
instead of foolishly selling them for a fraction of their long-term value, which is exactly
what Biden did.
He got a fraction of their value.
We're ending the last administration's regulatory war on crypto and Bitcoin, and that includes
stopping the lawless Operation Chokepoint 2.0. Operation Choke Point went beyond regulation,
and I mean far beyond.
It was a form of lawfare through government weaponization.
Frankly, it was a disgrace.
But as of January 20th, 2025, all of that is over.
I've also called on Congress to pass landmark legislation
creating simple, common-sense rules for stable coins and market structure.
With the right legal framework, institutions large and small will be liberated
to invest, innovate and take part in one of the most exciting
technological revolutions in modern history.
It's so big. It's, I think, as big as you can get.
Pioneers like you will be able to improve our banking and payment system and promote
greater privacy, safety, security, and wealth for American consumers and businesses alike.
You will unleash an explosion of economic growth, and with the dollar-backed stablecoins,
you'll help expand the dominance of the U.S. dollar and many, many
years to come.
It'll be at the top, and that's where we want to keep it.
We only want to keep it at the top, always.
I can already see that the energy and passion of the crypto community is the kind of spirit
that built our country, and it is exciting to watch as you invent the future of finance.
And right here, it's going to be right here in the USA, the good old USA.
Together we will make America the undisputed Bitcoin superpower and the crypto capital
of the world.
Good luck.
God bless America. Please welcome to the stage, Ben Strach and Stacey Warden. on me. Damn Ben can block works pull on a firepower or what? Yeah quite a moment.
President of the United States is unbelievable. The first sitting president to address a crypto
conference. So yeah so what a moment. It's a privilege for me to share the stage with
Algorand Foundation CEO Stacey Warden. This has become quite a coveted
time slot here this Thursday morning. First, if we could just get a brief
introduction, if you could briefly introduce yourself and just kind of
share, you know, where you were before jumping into leading the Algorand
Foundation.
Yeah, I spent a lot of my career in traditional finance.
I was a JP Morgan for eight years.
I worked for Mike Milken for eight years.
I worked in the Treasury Department.
I worked, I ran the microcap markets for the Nasdaq for a number of years.
So I have been in and around. We have the next 18 minutes or so, but first, you know, we just saw President Trump address
this conference.
I wanted to get your initial thoughts on
you know those remarks and how you kind of expect this administration could
help spur blockchain adoption. Yeah well the main takeaway for me and I don't know
if you caught it because he did mumble the word just a tiny bit but the Bitcoin
algo you you you So, As Mark Andreessen said, you know, the foot on your neck, right?
Like that we've had and support.
And frankly, you know, we don't even need, you know, directive support, we
just need to, you know, not be hammered or hampered, right? Like we have the deepest,
most liquid financial markets in the world. If we could just like have a level playing
field, we can definitely compete globally in the United States. So of course, I was
like the rest of the audience here very heartened to hear those remarks and how he's prioritizing the sector.
Yeah, and I remember chatting with you three years ago
when you took over.
That was a long time.
And now inside of this industry,
how do you kind of see blockchain tech fitting
into TradFi systems, opposing them,
as we kind of look to build this future-proof financial system?
Yeah.
I mean, I don't think in a future proof financial system, they're going to be opposed
at all.
But when you look at like the financial markets, they look like crochet, you know, they're
beautiful on one side, very seamless.
But if you turn it over, there's like all kinds of just nonsense going on in the back
office.
And you know, crypto is and fintech tries to make that front side
even better, but there's still all of this nonsense going on in the back. And crypto
is very different than that. You know, it is not a liability based framework. It is,
you know, a bearer based framework. It is actually digital cash and, and a lot falls
out of a framework like that, that can really help traditional financial systems and make
it easier to have different kinds of, even internally in one institution, different kinds of balance sheets,
you know, talking to each other and constantly reconciling.
You just have one one ledger. You can get rid of intermediaries. I mean, if you look at just like
the most basic mortgage securitization vehicle, there are so many intermediaries in this. You know,
it's basically you set up a vehicle and then you get the mortgage payments, the principal payments,
and the interest payments come in and you you have to pay for a waterfall.
But no offense to the calculation agents in that room,
no offense to the paying agents in the room,
all of this can be done in code.
I mean, it's just really can be done with smart contracts.
So, and these like just a mortgage securitization vehicle
takes 30 or 40 basis points, right?
This is, I mean, three or four basis points.
This is $30 or $40,000 on a million dollar loan, right? So just the savings in that can be really profound,
I think. And then I think the third thing is composability. Like everybody in this audience
knows about DeFi composability. We talk about it all the time. But there's other aspects to it,
which are also quite important, like the ability to just embed finance in anything, you know,
a company building on Algorand called Alltrade, you can basically build the decks, they can
white label a deck for that, you can put in whatever platform you have, right? You can think
about identity as a composable framework, and like imagine not having the KYC for every single
financial, you know, counterpart that you imagine being in a bank, you KYC over and over.
Imagine banks being able to share KYC framework, stuff like this is.
And then of course, I think this is like number four on my list,
you can tokenization, we've talked a lot about that in this conference.
You can create markets that didn't exist before, you can bring liquidity to markets
that didn't exist before, you can bring liquidity to markets that didn't have liquidity before.
We have a number of different examples of that. And rental income, for example, where you and I
are not going to buy an apartment building to get rental income. But that's a very good diversified
source of investment income. And so now, with a company building on Algorand called Lofty AI, you can,
and it happens daily, daily, because this is this is Web 3, you get you can buy just for $50 a
portion of a rental building or a property of some kind, right? You know, markets that didn't, you
know, a company building on Algorand has created a secondary market and airline tickets, for example,
like you don't have that kind of thing without Web 3, right? And then last, Ben, all of this can be yours 24-7,
365 days a year.
It doesn't, in Web3, we think it's cute
that you wait for the opening bell in TradFi, right?
All of this, your ability to move money,
24-7, it's gonna help finance.
Like, financial traders, they make sure that they're,
so electrons are not disadvantaged,
they have cables on the New York Stock Exchange
to make sure they're not,
not one is like even a tiny little bit
further away from the other,
but then they take the entire weekend off
and stop at four o'clock, it's ridiculous.
Right, and you mentioned tokenization,
we've heard a lot of talk at this conference
about tokenized real world assets, stable coins.
So we'd just love to hear, you know, blockchain adoption is going to come down to utility.
And, you know, we've seen some gaining steam, these tokenized money market funds.
There's one available on Algorand.
Aberdeen Money Market.
Yes. BlackRock and Franklin Templeton have their versions of it as well.
So just curious of your thoughts on the utility of those, how you expect those to be used
going forward and kind of how they might interact with stable coins in the future.
Yeah, I will say, and you wrote a very nice article about this just the other day, but
I will say that tokenization cannot exist without stable coins. Like they are one in the
same thing, because if you have tokenized the asset side, but you haven't tokenized the money
side, it just doesn't work. You're not going to the whole thing that Web3 gets you. What we did
with Aberdeen is we, you know, it gets you an atomic swap. So what we did with Aberdeen is we you know it gets you an atomic swap so what
we did with Aberdeen is we tokenize the money market.
