Everyone, welcome to Unchained. You're a no-hype resource for all things crypto. I'm your host, Laura Shin. Thanks for joining this live stream.

Today's guest is Dio Casares, founder and CEO of Patagon. Welcome, Dio. Thanks for having me, Laura.

This week, well, really, it's actually the last couple weeks. We've seen a lot of activity in the pre-IPO markets, especially on chain.

So this week, there was a huge debut on SpaceX, sorry, on hyperluquine, of pre-IPO perks for

SpaceX.

And around the same time, we saw Polymarket announced a new category of event contracts

that allow users to bet on things

like unicorn valuations, IPO dates, and secondary market pricing, and that deal was with

NASDAQ private market. And last week, obviously, there was the huge brouhaha about anthropic

and open AI voiding a bunch of secondary shares.

So let's maybe just talk about, you know, all this activity. I do know that, like, just for hyperliquid alone, some of this pre-IPO activity in February

only totaled to like 3 million.

And as of a couple days ago, it's already at 44 million.

That's according to Allium Research.

So talk a little bit about why you think we're seeing this activity bubble up right now.

Yeah.

I mean, I think a big thing is very strategic timing.

A good way for a crypto audience to understand some of the pre-IPO perps is almost like pre-markets

in crypto in the sense that if a lot of people remember hyperliquid went pretty aggressive on a lot of

alt-coin pre-markets and so they started to get a lot of volume on those markets they started

to be where most of the volume for these pre-markets were happening.

And then when those tokens went live, normally the pricing was pretty on par with what the

...