# Solana Tokenization Surge and Staking Divergence Analysis

**Podcast:** The Milk Road Show
**Published:** 2026-07-29

## Transcript

Solana is actually very successful in spot trading.
The volume on tokenized equities increased from 1 million in June 2025 to more than 3 billion in June 2026.
So it's like 3000x in only in one year only.
Proof of stake ecosystems across the digital asset industry are seeing record demand for staking their assets.
But what is the message this is sending to the market?
And what do investors need to know about it?
Hello and welcome to the Milk Road Show, the podcast.
still remembers when Gary Gensler put out a video explaining the difference between crypto staking and a stake at a restaurant like he was talking to a classroom of kindergartners on Sesame Street.
I do not miss that man.
I'm your host John Gillen.
Today is Tuesday, July 28th and today we are joined by Cam Benbrick.
Cam is the head of research at Bitcoin On-Chain Solutions where he leads research on staking fundamentals, blockchain networks and on-chain developments following Bitwise's acquisition of Chorus One, which we'll talk a little bit about I think.
Cam is going to be breaking down his latest report on staking.
There's going to be a ton of alpha in this one.
I'm really excited for this.
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And without further ado, welcome to the Milkrow Show.
Cam, how are you?
Thank you so much.
Thank you, John.
Super happy to be here.
I'm doing great.
Thanks for inviting me.
I'm really happy to talk to you.
We have a lot of friends over at Bitwise, so I'm always excited to meet somebody new from the team and get to know them more.
Like I said, our audience is pretty familiar with Bitwise, but they may not know a lot about Bitwise's acquisition of this institutional staking provider, Chorus 1.
That's how you got into Bitwise.
I'd love to hear more about this.
Walk me through what it's been like joining Bitwise and a little bit about that.
Yeah, no, for sure.
So the journey has been amazing.
So yeah, I'm coming from COS1.
The company COS1 was created in 2018.
And really the goal of COS1 is to offer staking services.
So right now we are supporting more than 15 blockchains, you know, running validators and infrastructure on more than 15 blockchains.
We're on all the major ones, you know, Ethereum, Solana, Hyperliquid, Nier, Avalanche, and many more.
and we got acquired by bitwise in february this year and yeah the journal has been amazing you know everyone bitwise has been very welcoming and really you know it's just a very we've seen you know very natural synergies between the two companies because really the goal of bitwise is you know is to help people to understand a bit better this new asset class which is the crypto digital asset class And, you know, when we see, you know, the crypto journey, usually the first step is people go to an exchange and, you know, buy some tokens.
You know, they go to Coinbase, Binance, HobbyNude, elsewhere and buy some tokens.
And the second step is what do I do with the tokens, right?
And usually they want to get some yield on top of those tokens.
And the easiest and simplest way to get yield on your token is through staking.
So this is what we're doing at Bitwise Staking.
As I said, yeah, we are supporting more than 15 networks.
And I would say that for us on the research side, really the goal is first of all to look at new networks that could be interesting for Bitwise for the company.
also to have a very close relationship with the foundations and the protocols building on top of these networks and then finally it's just a a lot of data gathering.
The goal is really to collect data and to find some insights or things that we see on those networks and on-chain and try to share that insights with our clients.
And it also makes sense for Bitwise to acquire a staking company because it's a way for Bitwise to also manage the whole stack.
Because you know Bitwise has some ETPs and ETFs with staking features and Everything is managed and stake with the staking team internally.
So it's a way for Bitwise to manage everything from the creation of the ETF to the underlying infrastructure.
Okay, I think that's really helpful framing.
So thanks for laying that out for us.
I want to ask you about on-chain analytics because this has evolved a lot over time as the industry has matured, as different products have come to market.
Can you tell us a little bit about how...
on-chain analytics has evolved, how you've had to adapt to that, and what kind of research is on-chain analytics most effective for today in 2026?
Yeah, no, for sure.
So on-chain analytics improved a lot in a few years.
I remember a few years ago it was very, very hard to collect data and to get the data.
I was using different endpoints, I was using archival nodes.
It was quite hard to get data.
I was on multiple explorers and so on.
Now it improves a lot with companies like Geoanalytics, with DefiLama, with Bloxworks Research, also with companies like Allium as well.
And right now it's...
much more easier to get data.
On my side, personally, I use Allium a lot because it's an easy way to get raw data and it's a flexible way for me to play with data and try to find insight.
And when we find insight, then we share that with our clients.
But this is how on-chain analytics and analysis evolve over time.
And even in terms of our clients, we've seen some evolution.
A few years ago, our clients were mostly interested in, you know, basically staking yield, understand a bit more like how large the staking yield is, understand a bit more the infrastructure related to the network.
Now they're still interested in that, but they're also interested in learning more about what's happening on chain.
You know, what are the different protocols that are generating the activities on those different blockchains and try to understand a bit more that.
We're also having, you know, questions about, you know, the fees that are generated on those networks and we've seen that evolution uh over time because a few years ago We didn't get that much demand about that, but right now it's the case.
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Okay.
So that helps me understand a little bit about how this has changed, how you've adapted, and what people are looking for in terms of that on-chain analytics piece.
My community at Milkroad Pro, which, by the way, if you want to join, it's only a dollar.
Link in the description.
You can hop into Discord and ask me questions.
But I've been getting questions even this week about how on-chain analytics still works and how people do this.
And so I've been answering questions about this as well.
So it's an evolving – it's not a static thing is what my point is here.
And it's evolving.
It's changing.
So I really appreciate you staying on top of this.
for us.
Cam, I wanted to dive into a report that you published recently.
It's called the Bitwise Staking Report, and this is on Q3 of 2026.
Before we dive into this report itself, could you tell us a bit about this new recurring report that you're publishing, why you've started publishing these, and who the intended audience is?
Just tell us about this at a high level.
Yeah, for sure.
So yeah, that's our first ever Bitwise Staking Report that we published last week.
And really, the idea behind this report is quite simple.
It's just that...
um we have a lot of questions you know from our clients on a daily basis and you know they want to learn more about what's happening on chain they want to learn more about the evolution of the staking years they want to learn more about you know the upgrades that are happening on on different networks and what's the impact on the network itself but also on staking in general and you know we are replying to to all those different requests but the idea with this this report is really uh really trying to answer as many questions as possible in one document for everyone.
So this document is, you know, it's public, everyone can go through it.
And really the idea is to answer as many questions as possible.
And in terms of audience, it's very general.
It's just for everyone that is interesting in specific networks.
and want to learn more about those networks so yeah we're trying to to cover uh yeah as many networks as possible okay well let's talk about that in this report you covered ethereum solana hyperliquid avalanche near and then the new tempo chain which i believe is from stripe and and paradigm how did you settle on these six chains to cover in this report and what's the selection criteria that you're using in making that selection Yeah, that's a great question.
So yes, we decided to cover six networks on that report.
You know, as I said, we're running infrastructure on more than 15 blockchains.
So it's very hard to cover 15 blockchains in one report.
This one already has 60 pages.
it will be quite heavy with 15 networks but really the idea for us it's uh it's based on customer uh demand and questions for example this month in july i got a lot of questions about the the new robinwood chain so given that i i got a lot of questions about that chain i think this is something that we'll cover in the next report so it really depends on the questions that we get internally and it's also based on what we're seeing on those networks you know over a specific quarter if there is a story interesting to tell about that network over that specific quarter if that's the case then we we will cover that network so it really depends on on those two um yeah those two elements okay Cool.
So there's a lot that goes into that choice, but you can't write about the whole universe, so you had to narrow the window a little bit.
I spent a lot of time with this report.
I thought this was fascinating and just really great research.
But in your introduction, something stood out to me.
You said, one pattern emerges clearly from the data divergence.
And you're saying that prices fell while fundamentals rose, staking hit records, usage climbed.
I'll stop there.
But just give me the high level summary of this whole thing being summarized by the word divergence.
What are you seeing there that's driving that?
Yeah.
So it's, yeah, we've definitely seen that.
So it's just, you know, compared to 2025, price have been, you know, decreasing.
And when you look at network fundamentals, it's...
I mean, it tells a different story.
We see that the activity is just increasing a lot and there are just these big diverges.
To give you some examples, on Ethereum in Q2 2025, there was 120 million transactions for Q2 2025.
For Q2 2026, it was 200 million transactions, so almost 100% increase.
For Solana, Q2 2025, 9 billion, like activity, 9 billion transactions.
Q2 2026, 10 billion, so 1 billion transactions more.
And Avalanche, it did a 4x in one year.
And in terms of, yeah, it's quite impressive.
And in terms of cost per transaction, It was divided by three in one year on Ethereum, divided by six in one year on Solana, divided by 20 in one year on Avalanche.
So what we're seeing on chain is just that block space became cheaper, the activity increased, and that is not yet reflected in the token price.
But we are definitely seeing more demand, more transactions being processed on those networks.
And this is the dev...
diversions that we see right now.
Okay, cool.
So price down, usage adoption up, and costs also down, interestingly, which we'll come back to as well.
But it is a staking report.
And one of the key takeaways here about staking was you said that a record 40.2 million ETH, which is 33% of the supply, is now staked.
And I believe the queue to exit staking Ethereum is empty, like nobody's trying to leave.
all inflows right now.
Most of this new stake you said comes from institutions.
I was really curious to hear your thoughts on this new institutional demand for staking ETH.
Is this because of the staking ETFs?
Is it DATS?
Is it something else?
What's driving this huge demand to stake Ethereum?
Yeah, so that's a great question.
So as you said, right now we have one third of the total supply stake and that's a...
the highest ratio ever on Ethereum, which is impressive.
So in the first half of 2026, we've seen more than four million ETH staked, and that's a quite large amount.
But the inflows is coming from institutions.
So we've seen the largest stacker is actually Bitmine for the first half of 2026.
And then we've seen also Sharplink, another DAT with inflows, staking inflows.
and the reason that those dots are staking is mostly because you know they have just so so so many tokens and and so much money that a 2.8 percent yield on the total amount they they're holding is is quite a lot of money uh so it's a lot of cash flow for them and they can use you know that cash flow to to to do you know any other type of strategies you know it can be like more exotic strategies if they want to but that's that's the main reason it's just that they have so much uh money that a two percent yield on that money is uh is extremely uh interesting And we've also seen inflows coming from institutions and asset managers like BlackRock.
So BlackRock launched their staking ETF earlier this year, and they're actually staking with Bitwise with our infrastructure.
So this is also great to see.
But yeah, given that BlackRock also, we've seen also some inflows coming from asset managers like BlackRock.
That is a great plug, Cam.
You're a natural.
You're going to do great in this business.
I wanted to highlight another thing you said in the report is that this demand for staking is not unique to Ethereum.
You're seeing this across a lot of these networks.
You said that staking ratios stayed high across every network that we cover.
Solana is at 68%, NIR is at 45%, Hyperliquid 44%, Avalanche 41%.
What is the message this is sending the market?
Why is there so much demand now for staking across these networks?
Yeah, so I think that this domain is mostly coming from, you know, people that are believing in those networks and would like to get yield in a quiet, safe way.
You know, we've seen people that are very conservative.
They don't necessarily want to put their token and, you know, unlock them into a smart contract because of, you know, some potential hacks or like risk.
And because of that, you know, they decide to just...
uh stake simply you know and get some yellow rate uh so this is what we're seeing in in most you know networks and that's why the staking ratio is still quite high but it's also very important for for those networks to have a ratio quite high because you know it's also the economic security of that network if the the ratio is is decreasing then uh the chain is is less secure so it's also very important for for those networks to They'll find ways to keep a staking ratio quite high.
Is there a point – I've heard critics wondering about this, but is there a point where too much capital, too many assets are staked and it starts to pose a security risk for these networks?
Is this something that you're concerned about?
Is this like a thing that's on the horizon but not really a problem now?
How do you think about that?
Yeah, that's a great question.
So how I think about that is just that – I'm not necessarily concerned about this.
To me, you know, it's just an equilibrium.
If, you know, users think that the staking yield is too long on the network, they will just start unstaking.
And if they unstake, then the staking yield will increase because the...
pool you know the rewards allocated to to stakers will be will be higher per sticker you know because you have like fewer staker so the yield will increase um and you will just reach an equilibrium you know if people think that the yield is too is too low then they will unstake that will increase the second yield and then you will have like additional people that will that will stake again because that they they find the yield interesting so yeah i'm not really concerned about this For me, it's just you will have a sort of equilibrium.
I would be concerned if you have too many people, too many entities that start unstaking and reducing the staking ratio because that will impact the economic security of the network.
And if that happens, then the network will have to think about ways to make the network more secure.
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Gotcha.
OK, so you're not concerned about too much staking.
But if we start to see a lot of flight out of staking, you'd get worried.
But you think that the natural market dynamics will find an equilibrium here.
Some people like you said, this like a lot of people are staking because they want to.
vote for the confidence of the network.
They believe in the project and they want to just get some low risk yield.
Some critics have said that this is a sign that there's not a lot of demand for these assets outside of staking itself.
And I'm curious your thoughts on that.
Do you see this as bearish or bullish for these networks or these assets?
Is there a divergence there, right?
Like, is it bullish for the network to have so much stake, but bearish for the asset to have so much stake?
What are your thoughts on that?
Yeah.
So I would say it's bullish for me because it's just helped.
you know the network to be more secure and what we've seen you know over the past you know years and months is that you know you have people that are staking but on top of that you know they are using you know different protocols like for example liquid staking protocols to actually get a token and put that token you know on chain and get some additional yield um one strategy that was that that was used a lot over the past you know few months and like last year was leverage staking we've seen that a lot on a network like ethereum we've seen you know users uh deciding to to deposit uh their eath into protocols like liquid staking protocols like lido uh you know getting st eth depositing that st eth into uh defy protocols like av and morpho then boring more if and staking those ETH so that they can get an additional, like more yield on their ETH.
So we've seen that leverage strategy a lot the past year.
Obviously, this comes with risk because you're borrowing some ETH and if the borrowing cost is higher than the staking yield, then you start losing money.
But yeah, this is something that we've seen.
I would say it's still bullish for me to have a high staking ratio.
But, you know, staking is only, you know, one step.
You can just take a step further with additional, you know, strategies.
You can use different protocols and get some additional yield on your tokens.
And we've seen that happening on chain a lot, but it's a lot of leverage.
So obviously, yeah, there's some.
risk not financial advice do your own research yeah looping is is dangerous um i want to pivot back to something you talked about before which is that the networks are getting busier we're seeing more volume more transactions and yet they're getting cheaper um you know you said ethereum's throughput is up like 70 something percent avalanche processed four times more transactions than they did a year ago which is still kind of wild wild to me but you said in this report that um these change made All of these chains made block space cheaper on purpose and demand rose in response.
I would love to hear your thoughts on that.
Why are these chains making this strategic trade-off of lowering their fees to increase adoption?
Is that working?
What are your thoughts on this?
Yeah, so they're all trying to scale a bit more.
And right now, there's a lot of engineering work being done on many of those networks.
to become more scalable and to process more transactions.
And really the reason for that is because all those teams believe that capital is coming on chain and we'll have more and more users coming on chain.
And I also believe that.
And in order to have the next billion people coming on chain and...
you know transact on chain you need to to support that and you you need a network that is able to to handle all all those transactions right so that's the main reason why they are working on scalability they they are waiting for the next you know billion users to come and chain to transact and and they they have to process all those transactions if this is happening so that's why there's all this work being done what do you think investors think about this strategy do you think that they like the idea of lowering fees to drive adoption or do you think that they would like to see you know some of these changes charging more in fees driving more value to their tokens like how do you think about that trade-off what have you heard in conversations about that yeah so i see it in two ways and even you know when we chat with with users and with clients uh we also see that in two ways you have the type of clients that are I compare that to growth versus value investors.
You have a type of people that will value growth, so it makes sense for them to have a network that is working on scalability and be able to process more transactions, because really the idea is to onboard more and more users over time.
So they will focus on growth and they are happy with this happening.
And you have another...
another type of people that will value a bit more the value and see cash flows or how much this network is generating.
And for example, a network like Hyperliquid is generating a lot of revenues.
And you have a type of users that is valuing that a lot.
But it's really you have two different visions.
and it's better right now to focus on growth and the main reason is because you have already many different chains that are competing with each other and if you have one network that is you know doing a lot of engineering work to to be become more scalable and to be able to process more transactions you need to keep up Otherwise, your network will be, you will have congestion and users won't be able to use your network and that's bad for the user experience.
So they kind of have to compete in that area.
So this is how I see this right now.
I wanted to get your thoughts on something else that stood out to me.
You just highlighted this.
There's competition between all of these chains, right?
Like Solana and Hyperliquid, I think that is a particular one where we've seen contentious, let's say, controversy.
But obviously, Ethereum and Solana have that same kind of history.
Yet the transaction volume seems to be growing across all of these chains.
And I want to get your thoughts on that, right?
These are all technically in competition with one another, but it seems like all of them are seeing robust growth in terms of just fundamentals, transaction volume.
What is that message telling you and how does that fit into this overall divergence theme you've been talking about?
Yeah, so it's actually great to see because it grows the pie.
And you know, for example, the competition between Hyperliquid and Solana is actually very interesting because in the case of Hyperliquid...
Hyperliquid is very successful in PERP trading.
You know, right now in Q2 2026, Hyperliquid generated around 175 million in fees.
And what's interesting with that is that those fees are actually used to buy and burn the HYPE token.
But Hyperliquid is very successful in PERP and 80% of those fees are coming from PERP trading.
In the case of Solana, Solana is actually very successful in spot trading.
What we've seen, and we're mentioning that in the report, is anything related to tokenization, and especially tokenized stocks and equities, is super successful on Solana.
The volume on tokenized equities...
increase from 1 million in June 2025 to more than 3 billion in June 2026.
So it's like 3000x in one year only.
And what's interesting as well in the competition between those two.
is that given the success that Hyperliquid has on the perp side, Solana is trying to catch up.
And you have many teams that now are trying to offer perps and try to offer a good user experience on Solana directly.
And likewise for Hyperliquid.
Hyperliquid is also looking at spot trading and trying to have more volume on spot trading.
So it's a very healthy competition.
that in the end users will just go wherever they fit their needs.
But in the end, it's just a very healthy competition that ultimately is good for the user.
Yeah, I like the phrase, grow the pie.
I think your colleague Matt says that a lot on these calls.
We don't have to have a winner-take-all.
Everybody has to lose, but me, like rivalry thing, everybody can win.
There's a huge addressable market.
And you're right, the competition is making them better.
So I agree with everything you said there.
You talked about Solana.
kind of leading on spot, hyperliquid leading on perps.
I want to get your thoughts on what's driving this demand for transactions on Avalanche because you said that they forexed their transactions.
That seems like a lot.
Where is that demand coming from?
Is that agentic trading?
Is it RWAs?
Where's that coming from on Avalanche?
What's the activity there?
Yeah.
So Avalanche is actually interesting because they have a very strategic vision and they are focusing on...
private in RWAs.
So you have a lot of activity that is coming from RWAs and what's even more interesting with Avalanche is they're also focusing on attracting more companies in their own ecosystem.
So how it works with Avalanche is that you can basically create your own Avalanche layer one and you're connected to the C chain.
and it gives you an access to an EVM and a whole ecosystem.
So for example, we've seen FIFA that decided to create their own FIFA blockchain using the Avalanche stack with their own Avalanche Layer 1.
We've also seen Progma, which is the largest tokenized platform in Japan, that also decided to create their own Layer 1.
And they are bringing more than 2 billion in tokenized assets.
And when you look at why these companies decided to create their own Avalanche LR1, it's for a few reasons.
The first one is because they can have their own validator set.
And for some companies, they need entities that are running the validators that are KYC, that are regulated, and so on.
So that's the first point.
The second one is just because they can use also their own token as a gas fee.
And the third one is because of the EVM and because they're connected to the rest of the ecosystem, including the seed chain.
So yeah, that's mostly what we're seeing on Avalanche and the activity is really LWA related.
Gotcha.
Okay.
So RWAs on Avalanche are taking off and this violates this whole narrative that all these altcoins and all these chains and ecosystems and crypto are dead.
They're just, they're growing in a bear market and building.
That's really encouraging.
I want to come back to where we started on this, which is this idea of divergence because.
The adoption that you're describing in this report is really strong and coming from multiple directions.
And like I said, it's across all these ecosystems.
How does this divergence resolve and what does that look like when it happens?
When do you think some of these fundamentals start resulting in price appreciation for some of these assets?
What are your thoughts on that?
Yeah, so that's a great question.
What we've seen is that that divergence started to...
decrease.
And in the sense that what we're mostly tracking on our side is just that, you know, the fees that are being generated by the network.
And we've seen that there was kind of like a bottom between end of 2025, early 2026, and the revenue started to pick up again.
And I would say that You know, when this divergence will completely erase will be when people start, you know, looking, start understanding what's going on on chain.
And it's start becoming the case.
You know, in the case of ETH, we've seen this news with the Robinhood chain, you know, that gives an additional use case for the token ETH because Robinhood doesn't have a token.
If you want to transact on chain on the Robinhood chain, you have to use ETH.
a large portion of the ETH have been breached to the Robinhood chain already.
So it's additional use cases and you know it's like more transactions that will be posted on the Avalanche.
on the Ethereum layer one.
And when people start realizing what's happening on chain, what are the different use cases, what are the different protocols?
And hopefully, I would like to see more applications coming on chain and generating volume.
Then they will start realizing what's going on and they will start buying the token again.
But this is already what we are seeing.
this is great you're basically saying once people start reading and understanding the reports i'm writing we'll see the market respond i agree but actually you know we start getting a lot of questions from from our clients about you know what's going on on chain they really want to understand a bit more uh what's happening because it's related to their thesis.
You know, these people are staking, it means that they really believe in the network and they believe in the network for like medium, long term, and they're very curious to learn more about what's happening on chain.
So yeah, as more and more people start realizing what's happening, then yeah, this divergence will disappear.
Well, let's talk about that a bit because a lot of the clients of Bitwise are institutions and self-directed or very savvy investors.
But on-chain analytics is not something that is really – there's not really an analog to that in the equities world or the traditional market space.
How do you think the adoption in terms of understanding on-chain analytics has been and what's that learning curve been like?
How has that educational process been for you all?
What's that like for you?
Yeah, so I would say you have different types of people.
You have people that are just trying, you know, that are very new into it.
and trying to understand new things.
So when that's the case, it's very important for us to explain things very simply.
They usually have a lot of questions and it's really our role here to be available as much as possible and to help them understand a bit more what's happening.
And we have type of clients that are already very cryptonative.
So in that case, I would say they want uh data that uh that is you know much more technical and in that case we really go deep into into something and share you know very detailed insights and we also have something in between which is you know people that are already investing in different places you know in traditional finance uh in real estate and and so on and they they believe in in what's happening on chain they believe in tokenization and so on and in that case you know they have questions about you know i would say you know what's happening more about like you know the applications uh the the the total value locked uh on those different networks and likewise it's just our goal here to to help them with uh with ancient analytics so i would say in some cases with some clients we can just share you know raw data if they're interested in that in some other cases you know we really try to to bring that data as clearly as possible and to help them to facilitate just the understanding that's great you're doing the lord's work evangelizing people on these things uh cam i could talk to you about this report all day but we're getting towards time here but i do want to ask what are you working on researching next what's what's the next thing you're looking at what are you writing about next and what could people be on the lookout for next from from bitwise Yeah, so right now on the research side, we're looking at the Robinhood chain, obviously, because, you know, this is very new and we receive a lot of questions.
So we start looking at the Robinhood chain, the activity on the Robinhood chain, the different apps there as well.
Something that we're looking at as well is just the new upgrades, because we have...
Two large upgrades soon on Solana.
The first one is the App & Glow consensus protocol.
So we have clients taking Sol with us and they want to learn more about that consensus mechanism.
And what's interesting with App & Glow is just that it will...
So right now on Solana, for a transaction to be finalized, it takes around 12 seconds.
With App & Glow, it will just take a few hundred milliseconds.
So that's a big upgrade.
Also, slot time that will be decreased on Solana.
The slot time right now is at 400 milliseconds and the goal is to decrease that to 200 milliseconds and that will improve trading experience for users.
So they're also interested in that.
In the case of ETH, uh same we have a quite large upgrade happening end of 2026 so this is something that we we are looking at with our engineering team as well uh who's running the infrastructure uh we have glamsterdam happening end of 2026 and really the idea with glamsterdam is uh right now on the term you know you have a proposal builder separation you have the builders on one side that are creating the blocks and then they send that to validators and validators are just processing the transactions and the link between the builders and the validators is via something that we call a relay and the relay is actually a centralized component so with glamsterdam the main change here will be to to remove this centralized component uh totally so that everything happened on chain and it makes you know, Ethereum as a network more decentralized and we have, you know, a lot of clients that are staking ETH.
Decentralization is very important for them and they are very excited about Glamster happening.
So yeah, this is mostly what we are looking at at the moment.
Gotcha.
All right.
Well, there's a lot to cover there.
I'm going to be looking out for all of these reports.
Cam Benbrick, thank you so much for being on the Milcro show.
I'm really glad we got to connect today and get you in front of our audience with the great research you're doing.
Where can we send people to find more of you and your work online?
So they can follow me on X.
My handle is Cam Benbrick.
And then, you know, we will keep publishing reports with Bitwise.
So that will be directly on the Bitwise website.
Awesome.
Well, thank you so much for being here.
I really appreciate the conversation.
Thank you all for joining us.
I hope you all learned something today.
So until next time, stay safe, stay educated, stay bullish, and we will see you all on the next episode of The Milk Road Show.
Thanks for being here, everyone.
Bye.
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