Welcome back to the breakdown, everybody. I'm your host, David Canales, as always. Today,

we're going to be talking about tokens and equity because of all this stuff with Venice,

the permissionless privacy-focused AI terminal, is, yeah, been under fire because it raised

$65 million and valuing the company behind the VVT token at $1 billion.

Well, at the same time there's this VVT token floating around,

and the market has kind of rejected the token post-equity raise.

And it's raised some questions over why do we need this token at all?

Why can't equity and tokens be the same thing?

And also a bunch of growth numbers surrounding Venice that I thought might warrant a closer look so without further ado this is the topic for

today let's get to it this is the breakdown nothing said on the breakdown is a recommendation

to buy yourself securities or tokens.

This podcast is for informational purposes only and any views expressed by anyone in the show are opinions, not financial advice.

Host and guests may hold positions in the company's funds or projects discussed.

Okay, so we're going to keep this quite focused because there's been quite a lot spoken about this already.

And if you want a decent conversation about all of this, it's worth

tuning into the Empire podcast, the most recent episode with Block Horse co-founder Jason and

Rob Haddock, partner at Dragonfly Capital, who has led this raise. And they kind of go into

the nitty-gritty over some of the decisions made and really the state of play of the situation of tokens in equity.

But to give you a broad overview, if you're not familiar with Venice, I mean, I have it up on my screen here.

It's essentially a terminal, it's essentially an AI router for you.

So you don't have to buy the VVVT token to use the platform.

You have a certain number of free credits, the same

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