Pumpfun co-founder Noah explains the treasury split between Pump Foundation and Baton Corporation "There's a big differentiator here. There's the Pump Foundation, which owns this money, and the UK development company, Baton Corporation, which invoices upwards. So when we talk about the money, it's inside the Pump Foundation" "The money invoiced by Baton Corporation is around $100 million a year right now, spent on development costs, tech costs, all this stuff. That's all publicly available, it's the amount raised in the ICO and the amount raised from revenue. The foundation has close to 2 billion in treasury assets, I'd say" "Baton Corporation invoices the foundation about $100 million a year for dev costs. This depends, because marketing costs might increase so the burn might have to go down, different stuff affects the yearly burn. So the best guess is around $100 million right now"

Rachit from Sunrise on whether we will see companies with tokens list on the NASDAQ in the future "In the next 10 -15 years if we do our jobs correctly, the right way to IPO and raise capital will be onchain" "The goal is to get more people on Solana. The goal is to get more people onchain and have that be the place for capital formation" "We don't want to go back in trend and be available on NASDAQ, when we are already on Solana"

"Right now the L2s are almost like a NATO security alliance with their own sovereignty. This would bring them closer to a state in the union of chains" David and Ryan react to Steven Goldfeder's proposal for Ethereum to adopt its biggest rollups "He says Ethereum should adopt its largest rollups, in the sense that a critical bug in Arbitrum, Base, or Robinhood chain should be treated as an Ethereum vulnerability and trigger an L1 fork just like an L1 bug would. Do you remember during the EigenLayer days when Vitalik wrote that article, don't overload Ethereum consensus? So Steven Goldfeder is proposing to overload Ethereum consensus" "Any layer 2 ecosystem that is of sufficient critical mass, we get the protection of the Ethereum layer 1 because we are big enough. And in exchange, we as L2s would be willing to pay more rent to ETH holders. Instead of the 0.15% you're getting today, maybe we'll do 10%, maybe 20%, because the service is worth more to us, we no longer need a security council. We accept the sovereignty of Ethereum L1" "Under the sovereignty of the L1, in exchange they'd pay higher taxes. This is closer to the united chains of Ethereum vision"

Onchain Finance vs DeFi Rebecca on why we need to start making this distinction "Hyperliquid is more like onchain finance versus DeFi. I think we have to start making that distinction in a meaningful way" "Onchain finance has the onchain part, a lot of the non-custodial aspects we'd expect, but you have closed source code, a narrow set of permissions. That's different from the hallmarks of what we've long talked about as DeFi" "Are you just a coder doing a GitHub commit or are you creating a much larger onchain transparent market? Everyone's going to hate on me on Twitter. They already do. It's fine"

"The number of people who care enough about crypto to buy a phone from a crypto company is somewhat finite. But the audience who cares about self-custody is massive" Emmett Hollyer, Head of Solana Mobile, on why they're putting their stack on other Android phones instead of just selling their own "Android OEMs are under a ton of stress. Unless you're Samsung or Google, you have zero R&D budget, very limited margins. You're selling a commodity" "Almost all of them already have digital assets on their roadmap but they don't have the R&D budget or expertise to execute. That's a perfect opportunity for us to step in" "Buying a phone is a very personal decision. They might not come to us for their next phone. So tackling the existing distribution and hardware already out there is the best use of our time"