The practical reality in crypto is that most people are just using this FDV number, which tells you the thing that's worth 50 billion, when in our mind, like, we think the most relevant metric is 30 billion.

Hi, everyone. Welcome to Unchained, your no-hip resource for all things crypto. I'm your host, Laura Shin.

Mantle is pioneering blockchain for banking of revolutionary new category at the intersection of TradFi and Web 3.

Follow Mantle underscore official to learn more.

Today's guest is John Charbonneau, co-founder and general partner of DBA. Welcome, John.

Hey, great to be on. So So John and I just had a whole bunch

of technical difficulties, and his Wi-Fi is not the best right now. So we are going to pray that

this conversation goes smoothly. All right, so DBA published a proposal to reduce hyperliquid supply by 45%.

John, this was actually pretty well received from what I could gather.

You know, I did see some criticisms, but you know, we can get into those later.

What problem were problems were you trying to resolve with this proposal?

Yeah.

So this is a, it's a broad problem across, I would say, a lot of the industry,

which is why, like, I've kind of thought about it for a while. And then in particular,

for hype, have thought about it for a while, had been talking with it. Also with the

Haseu also wrote the proposal together. We've been talking about this a while.

There's a number of investors who are aware of this general issue across the industry.

It's just that I think it's hype is probably one of the strongest cases, where the two main kind of metrics, I would say, at the high level that people use when evaluating those

protocols today and the two metrics that you'll see if you app or coin gecko or whatever is you'll

usually see a market cap number and an FDB number.

And in general, those metrics that you see there, they differ pretty widely

from the way that like generally these metrics would be actually measured in tributy like for equities.

...