The Post-Fed Landscape: Is Crypto Ready for Liftoff? | REKTVision

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1:08Hello again for another episode of Rekt Vision. As is tradition, the market is dumping. Friday has definitely been a bad day for crypto markets this year. We have Gmoney on again, who came on, I think, with Spencer last time. We had a bit of a macro week, and I know you have a background on the trading side, the prop trading side, as well as talking about all the stuff that's been going on in NFTs and more broadly as well. But thanks for coming back on G Money. It's really great to have you. Thank you for having me. Excited to have this convo. I feel like we always have great convos. Yeah. We were just talking about going to Asia over the next couple of weeks.

1:47There's quite a lot happening for conferences. There's one in Korea and then there's one in Singapore right afterwards. But you did kind of jinx it and said we're just about to break out and then the market. the market out of puking as you said it uh do you still think we're gonna break out do you think do you think we'll be broken out by the end of uh token i i feel like we're i i mean i feel like uh like we never do well around conferences because i feel like everybody that would be bidding uh is not in front of their computer screens so uh we'll probably like have some sort of a pullback but i'm just still i feel like you know the trade is more liquidity price is higher you know and And you just kind of have to stick to that and kind of try to ignore the noise as much as possible.

2:35You know what? I've been saying the same thing for quite a while now on the show, particularly in the lead up to that. So this week and obviously we've had this divergence from global liquidity or global M2, which has been a pretty good correlation for the last three or four years. I did think, though, I have to say that during the press conference, Powell was a little bit of like the data dependent style. And I do think that volatility is going to stay with us now for a little bit. I think we're going to have another couple of times where people are going to get shaken out. because my view on this now is that he's left it broadly so that if the jobs market now looks a little bit too weak or if inflation comes a little bit above, there's like room for a change in policy or maybe that he's not being quick enough.

3:30And I just feel like the market might freak out a little bit around that. Like an immediate reaction was everyone piled into altcoins and I was like, oh, I think this could be a little bit more volatile from here. So I'm still bullied for Q4, but I'm even more defensive than I was before this because I just feel as though there's going to be a bit more macro turbulence, let's say, rather than going bad. It's just like one bag. Luckily, yesterday, we had some better jobs. I think jobless claims came out under than expected. But if that had been higher than expected, I was like, the market could really wobble here, I thought.

4:08I don't know what you think about that. No, listen, I tend to agree with you. And so when I say long and strong and like going higher, I think it just like depends on timeframes, right? Like if you're sitting in spot and, you know, this isn't your full-time job to trade and figure out like every micro move of the market, then I think you just want to be, there's no point in trying to be cute, right? Like I think ultimately the trend is higher. The dollar is going to get debased. Pretty much all currencies are going to get debased against hard assets. So you just want to be long and like not necessarily think about it.

4:41But I totally agree with you, Mando, in terms of like, of course, I think there's going to be increased volatility. If you're going to be trading, especially on leverage, you want to keep tight stops because there's going to be plenty of opportunity. And the last thing you want to do is blow up into one of these. Right. Like that. I feel like that's always the mantra when you trade. Right. Like just like just stay alive, like make sure you have enough to keep on trading and don't blow up. Right. And I think we're probably going to have a lot of those types of situations, whether it's leverage through all coins or leverage through perps or whatever.

5:13You just have to be like you have to know the game that you're playing. Right. But if you're sitting there, you know, maybe let's say in the majors with some like altcoin exposure and like you have like a job and like you're doing something else and your job isn't necessarily to watch every tick of the market. then it's like you want to be long like i like i don't like like it's um it's like that quote that it's like your biggest risk is nothing yeah i i i agree with that i just felt my first reaction that i saw on this timeline was oh he's we've got the quarter point rate cut that's now behind us we can now rally until year end and my take from that was actually and and you saw open interest and perp trading everyone was going i'll go max long all these meme coins now and everyone was pointing to like altcoins breaking out and we're about to enter an altcoin season i was like i think people didn't get hurt if they're going straight straight in for that sort of stuff so i would be buying bad days like this i think it could like this is only with a one percent move in bitcoin right um and i think i think there's a lot of risk taking going on i wanted to bring back to the kind of the l1 trade because i remember when you last came on you had just been with was it with the sharp link guys on the nasdaq and if eith was approaching all-time high then i think it hit all-time high maybe just after we you came on and then eith is kind of stuck around in this 4 500 range pretty tight actually if you look at it and then solana kind of took up the mantle we had a dat trades kind of come in there and i think salon did hit an all-time high in market cap or very close all-time high market cap but but it's still a little bit off there in price any thought any more thoughts around that you know like i know you're a bit of like you said long and strong but is there have you changed any of your positioning you still you still think it's going to be the trade for the next for the next uh couple of quarters or do you think you got tempted by any of these other l1 trades because it has moved down the risk curve like some of the other biggest movers for this week were like avax hyperliquid near like everything everyone who is either i mean hyperliquid slightly different story but anyone who is trying to do this that strategy is has definitely gotten some love yeah i i think um one is i'm still long i haven't i haven't repositioned anything i think uh i participated in the the solana that um the um the the kyle somani that um first in size uh to take advantage on that but like i just i also know from talking to traders in the space like whether people were participating in the that or you know getting long spot or perps right because like i think soul was trading at around 200 slightly under 200 when they started their raise you know it's like a pattern right people saw it with bitcoin then they started seeing with eth now it's soul and so you just see the money the fast money rotating quickly out as like these dads get announced.

8:17But I think ultimately, right, it becomes how well can these guys sell to Wall Street, right? And how well can they tell that story? I think Tom Lee has done like a really good job right out the gate. I think diversifying away from like an ETH treasury company and kind of like doing like other stuff like investing in that other one. Like, I think that dilutes the message a little bit. And hopefully he learns from that and can go back and be like, hey, I should be hyper focused on ETH. But I also think like Kyle's going to be like a really, really good ambassador to Wall Street. He understands, you know, he speaks finance, right?

9:00Like he speaks CNBC. And so that's the type of stuff that you need if you're running one of these that. So I think ultimately, I think people will come back to probably the three majors. But I think it's just like people being like, hey, it's risk on. These dots are coming. We know that there's a pump that we can take advantage of every single time. And until I think one thing in cryptos, I think people catch patterns pretty quickly. And then they really exhaust them, you know, to death pretty fast. And, you know, how long this keeps on happening, I don't know. But I think these half cycles, these half lives are going to be faster and faster.

9:41Can I just ask, so you said you invested in the Casa Money DAT. I've also forgotten its name. But they raised around$4 billion, was it? Can you just take me through, like, what is the pitch for that? So are people giving some of their Solana at a discounted level? Or is it purely just like an equity play, like we're going to do stuff in DeFi with it? Like how has this pitched to you? So, um, I just wanted to have access to it. Um, I was playing the trade, right? So to me, I was just kind of like, Hey, like, I know that this is, I know that this is the theme. And when I trade, I'm, I'm very like momentum driven.

10:21So like, I'm, I'm very good at like adding to winners and letting things ride. And like, you know, doesn't obviously doesn't always work. It works best in, in trending momentum markets. But once you catch that, like it makes up for all the losers. So to me, it was just kind of like, all right, I know the trade in that they're not buying discounted soul, which I think was the key number one thing that everyone was concerned about going into this. Yeah. Although like when I think about it and you step back, like sure, negative because the whole point of these dance is you want spot pressure, right?

10:58spot buying pressure. But ultimately, if they're not selling it, they should be buying discounted sold anyway, because they're taking away future sell pressure, right? It just, I think in crypto, we're like, I want the candy now. And that's why people always want the spot bags. But to me, I just saw it as a play of like, hey, look, you got Kyle running this. He is a really smart guy that knows, like I said, he knows how to speak finance guy. you know he's like he he knows how to speak to these finance people and and and give them the pitch that in a way that they understand right and i know this as being like an ex-trat fi guy um and understanding like a bit of a glow-up actually uh i've saw i saw the evolution of carl simani pics and i don't know what's going on but he's had a real glow-up over the last couple of years um yeah i mean i i think we all have right like uh you know we're all yeah of course I agree with what you're saying, though.

11:56Just to give the audience a bit of context, Karl Samani is like a... He leads one of the major VCs in crypto called Multicoin, right? And they were one of the very early investors in Solana. They're one of the very early investors in Sui and has had this pretty... I mean, when Solana was trading at like four, everyone was dunking on him, but he kind of held it throughout and has had some incredible returns. and he is now he now seemingly is leading a dat i just checked the name of it it's called forward industries um i mean you should know that because you invested it yeah the ticket ford right i just i know uh but yeah they they they raised um a few billion this this week to buy solana which is a much bigger percentage i think impact like that it's not that big for bitcoin but for solana that's quite a big deal it does it does feel like um yeah he he could be the person everyone was looking for this one that was going to emerge who would be that michael saylor or uh for for solana and it it does feel like it could be kyle so get get him on your radar you'll definitely see him on on uh cnbc and i think he there may be like a public debate coming i've been hearing like between him and Tom Lee on ETH versus Solana.

13:17Yeah, I, you know, I think I like tweeted about that like a couple of weeks ago. It was like, I like the top's not in until I see that debate with Andrew Ross Sorkin moderating it, right? Like, that's the top. Well, it could be next week, dude. So don't say that. Have you ever wanted to trade Bitcoin, but haven't dared try? With Plus500 Futures, you can trade crypto without the hassle of opening a wallet. With just a few clicks, you can register and start practicing with their free and unlimited demo. See a trading opportunity? You'll be able to trade it in just two clicks. Feel ready? You can move to real money with as little as$100 once your account is approved.

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14:36Probably not that soon. Yeah. Have any of the other DATs interested you? because we avalanche avax they announced the dat which is a i think their one is a bit more like buying discounted soul from the foundation it's a bit more like removing cell pressure let's say like you said yeah so yeah i i think like i heard about the avax that i heard i i didn't look that much into it but that i heard that they were buying um tokens from the foundation so it didn't really interest me that much because like that kind of defeats the purpose of how these things run and even like i know guys that have been trading avax on it i'm like i don't think this is going to have the same pump you think it is because they're they're not taking supply off the market they're taking future supply from the foundation nonetheless which right it just like it didn't make sense to me personally it's quite a big difference i think avax still had a very good week right it was one of the best performers out of the l1s but i would agree that it's very different to solana um very different to solana which which i think people had worried that was going to be the case, but actually end up doing open market transactions.

15:44So yeah, I have to say, I do feel a little bit like volatility hits today. I've stuck with Bitcoin. Hyperliquids obviously had another good week as well. That hit an all-time high, which was pretty just relentless. The other one that we've really spoke about the last few weeks. I have a question. Sorry. What's your target on Hyperliquids? Because I hear crazy numbers, and I'm always interested to hear where people think it goes. Honestly, I'm not a hype to 500 sort of person, at least over the next year or two years, let's say. I think it's one you kind of want to own for a multi-cycle, which I think it could be a very long-term play.

16:27I think they're building kind of like a decentralized finance, let's say, with some of the stuff they're going to do. And they're building best-in-class assets here. so i am a very much a long-term hyperliquid bull but not a short-term this is going to go to like 100 i mean that's that's kind of my view on it interestingly the the major that i am a little bit well probably the most bullish on right now is bmb which also hit an all-time high this week if you've been following that at all but i started looking at this kind of on the back of and this is maybe some alpha for the audience i kind of open up polymarket each morning and I just scan what's on there.

17:09You sometimes pick up quite a lot of alpha about what's actually really going on in the world. And one of the first things that came up, I remember seeing, was who was going to get a Trump pardon in 2025. And suddenly there was a huge volume going through for CZ. And I was like, oh, okay. This feels like this could be the trade here, that he's going to get a pardon. Finance opens a US office and maybe we start to see, not crime, but a lot of stuff start to launch on Binance. He's been running like a kind of a VC arm on the side. And we saw that this week. We've seen a number of DeFi protocols on Binance do crazy, crazy moves.

17:51And Binance hit an all-time high of a thousand bucks this week. Have you looked at Binance at all? It feels like it's a story which is growing right now. Aster was the project, which is the hyperliquid of BNB, which hit like$6 billion, maybe$5 billion. First off, kudos on the alpha on looking through Polymarket and prediction markets. Open it up, honestly. I'm going to start doing that. I like that a lot. Because also, it's almost, to your point, is how do you best express the trade in size, right? Because you could have purchased, CZ gets the part in, and you get like, you know, whatever the return is, but I'm sure the, the market was much less liquid than, you know, you would have wanted to, if you're that convicted in the trade and like the trade is just like go long BNB, right.

18:42Like, and like you could do it for infinite size, uh, pretty much. So I think that that's really awesome. I'm going to start looking into that. Uh, Aster showed up on my timeline. I, I saw it late. And like, when I see, when I see everyone on my timeline talking about it and chilling, I'm like, I miss this. I'm like, You know, I'm like, I don't even know what this is until it showed up. But like, to your point, it's, you know, CZ is kind of back, right? I think he changed his bio on Twitter to, I think, from Xfinance to Binance or something like that. And, you know, he's kind of like, we're back and open for business.

19:19And the guy's the goat, right? Like, he built a massive business offshore. He managed to do really well and stay arm's length away. and now he's back. So it's kind of like, will you bet on Elon? No matter what he does? Yeah, right? Even if you don't like the guy. That's kind of what it is like for me. One of the trades that I really, I just mid-curved this year was the Tron trade, which no one has really been in. But Tron has been one of the best performing L1s just on the idea that Justin Sun basically controls a lot of the supply and basically got the pardon from Trump or got in with the Trump family with World Liberty Financial and also was seemingly getting huge fees from stables on Tron.

20:10People don't know, but CZ may be amongst the top, most wealthy people in the whole world. I think Forbes has him quite far down, but he definitely owns a massive chunk of BNP. and no one really knows how much of Binance he owns but it's a very very high amount too so I don't know where you value Binance but I think it would be worth multiples of what Coinbase is worth and he could be in the you know in the 300 to 500 billion range in my opinion but the and maybe that's wild but that's that I I do think I do think he's close to there but I think he owns a lot of BNB too and I I think he's going to control this chart on the way up I think you're going to see a bunch of because he in this interim period he was he maybe he set up a bc firm of which astor was one of the things he invested in and there's a ton of other things he invested in and i think we're about to see a bunch of things that he invested in get binance listings and suddenly you start to see like a bit of focus return to binance and although i i i use it occasionally binance binance chain i've used in the past for like for some meme stuff and some DeFi stuff.

21:20I think that if he can, if one thing I think Binance did badly was the meme stuff, I do think that if BNB gets hold of DeFi, I think they can actually do quite well with it. I really do. I think it would be kind of mid-curve to think that the owner of the biggest centralized exchange can't think of good DeFi protocols that they can help basically co-invest and king make. So that's my favorite major right now. The rest of them, I feel like it could be volatile, but that one, just because I think that there's going to be a lot, there's a lot of control around finance continuing to go higher, even though it's had like a great run.

22:02I think to your point too, right? And I think something to always keep in mind is he doesn't need the money, right? Like he doesn't, like he, I'm sure he has a ton of other stuff. He would sell before nuking the chart on BNB, you know? so that always helps as well. Yeah, that's a very good point. For him, he may just want to be known as the wealthiest man in the world, right? If they managed to do, because there's been some talk about, I think they sold a stake to one of the countries in the Gulf region, like maybe it was the UAE or Qatar. They sold a very small stake and if something comes out about Binance being valued in the hundreds of billions and he owns, I think, easily above 50 probably above 70 of this thing then uh yeah it suddenly changes his kind of story to being like an elon figure you know suddenly it's like oh wow like this guy's actually in the top five most wealthy people in the whole world suddenly right yeah and that changes the whole narrative around anything he does and touches on a go-forward basis so it's like it's kind of almost like uh elon but also i think we've been seeing it with peter teal over the last couple years where you know a it's like oh peter thiel invested like instant multiple up because because of the story that's been built around him and his foresight his investment so if he's going for that then you know which it looks like he is then bmb is probably like a great way to get liquid exposure to that yeah the other one that we spoke about a lot on these revenue protocols and i think we called it pretty well was was pump that kind of went mainstream in a week but we were talking about on this show last week and oh actually it was it was the show just with osf which is just two for real vision members but we were speaking about even two weeks ago when spencer came on and pump was trading it around i think it was around five and then it's just gapped up it hit an all-time high of i think 8.8 so 8.8 billion and it's now settled around seven but they've already brought back a hundred million dollars of their token they kind of went mainstream with a number of influencers uh launching coins this week albeit every single one of them seemingly went to zero but what do you think about let's say that comparison pump versus a hype do you think they've got the moat to continue to go because if they do then this thing looks crazy still on a on a on a buyback multiple.

24:30So I'm like, I'm so bullish on pump even here. I messed up. I was trading it on perps and I got over levered, stopped out like at the bottom right before it ran. I'm just like, what am I doing? You're kind of like to the beginning of the convo where it's like, just sit and spot, right? I was like, this thing's going higher. There's a lot of buybacks. They still do a ton of volume, even with, let's say, mine share down in crypto over the last year or so. So I'm still bullish on it, even though I don't have a position. I think they just need to figure out how to give these coins like that get made on it like long tail value, because these things right now are just like, hey, like we're going to launch a token.

25:15It goes up really quick. Then it's worthless within a week. And I just don't think that that's like a sustainable loop that you can keep people in that will make them want to keep coming back to play the game once that gets figured out and i it i like and i keep seeing it i know a lot of people talk about creator capital markets and that meta and i'm just like it just doesn't make sense to me still in its current form um if there's a if there's a team that can figure out i think it's definitely them um i like i'm still bullish on they're the right it's like you want to own the casino, right? These are all these, each ones are like the little games.

25:53I think as a token holder, rather than try to bet on, oh, let me get catch this before it goes viral, because it doesn't have the staying power. Like you just want to own pump because pump can still go up a ton and they have a huge war chest now, you know what I mean? So it's like, all they need to do is figure out, I think that long-term value of, of a creator coin and how that can continue to accrue value even for somebody owning it. And then I think they're onto something special. I just don't know what that looks like. I know, I know. So my take, so just in check, was that maybe they need to get involved in helping people see a vision of how they can do it.

26:33But my honest view is they mocked up the incentives. And I'll talk about this a little bit. They made it so that the percentage of fees decreased as the token went higher. That was one of the first things they said. So there was this weird incentive for people to, in some ways, keep volume high, but their token price lower. What they need to do is just reverse that. If they made it so that the most fees were made by the highest tokens, right, then the incentives are there to make sure that these creators keep these tokens high. and that's something i was like well that i think it would probably increase like bundling of certain coins but if i was to talk about how we could keep a bunch of tokens high and people if people were able to get in early they would make money they just changed the fee structure and i think they did it the wrong way around they should have just made it so the higher the token is the more fees you make and i think you'd have more winners i think then you my issue with that is I think then at some point you get into like the church, like this is what happened with NFTs a couple of years ago.

27:39At some point people are like, oh, well you want bad news to come out because you're getting paid like every transaction. So like you get paid on volatility, right? And so at some point it's like, I feel like in crypto, everything's like in a pendulum. So like right now it's like, oh yeah, like fees and then like no fees and then fees. And you're kind of back on that pendulum on both ways. But I agree with you. maybe that's it's as simple as that right but then i think on the flip side right is what people were saying is that you know if you launch the token you didn't earn enough in fees so you couldn't really like scale the you know your production up to kind of make it sustainable so you can focus on it so i feel like there's always two sides to to every coin especially in crypto and especially when it comes to um you know community alignment um with uh with the founder slash creator.

28:31I've always been, I like creator coins haven't made sense to me just because I just think that you have to, you have to be able to, and I, and I know this was, I thought a lot about it for like my own sense. I'm sure you've thought about it too, is like, you know, you have this podcast that you do, you have yeet, you have your trading, you have a lot of different businesses that you operate. Like if you just have like Mando coin that doesn't entitle you to like value accrual from everything you do for the rest of your life, right? Like it's like, it's just, that's not the way the world works. That's not the way like businesses are structured and whatnot.

29:07But I think if you get some clear separation of like, this token is like related to this specifically, maybe that's where you start seeing it, start to catch legs, but not like, oh, this is going to be like for everything that I do. Cause like, that's just not the way the real world works. yeah i agree with that i think people that i i agree that we're not necessarily gonna have tons of coins attached to people which are going to be worth hundreds of millions it just doesn't feel like that's going to be the case maybe we will have more coins and we're just used to coins immediately going to like tens hundred million actually like they really probably should just only be like a hundred thousand or maybe tens of thousands for some of these creators because there isn't going to be that much crazy value but it's just interesting to see it as a platform blow up in the last week and it's definitely on people's radars i think now it's kind of become acceptable for a lot of people to create a coin suddenly and even that acceptability for the mainstream for streamers i think will lead to experimentation and and i i think they might change some of the incentives and then i think they'll get it right i think they are similarly they make too much money.

30:21They just want to make this a success now. Like they didn't have to go and do this. But now I feel like Alon, who's like the main co-founder, has definitely got a very vocal monkey on his back to try and turn this around. Yeah. Yeah. I mean, listen, if there's a team to do it, it's definitely them. And they have the war chest now. I think they're doing really well. and I mean they're probably like the most successful buyback protocol out there outside of hype at the moment so yeah there was some I mean we spoke a little about some other ones Athena was one on the stablecoin side there was there's obviously going to be some more in in in the DeFi side we saw this week that I think Kyle's money was putting some of the Solana DAT-TBL potentially into Solana DeFi.

31:15And we saw huge moves in coins like Drift and in Camino, I think, which is like the main lending protocol on Solana. So both of those are up like 50 % this week. But it does, I don't know if you agree with this, but it really does feel like DeFi is where the majority of the wins are kind of happening. All these sort of, you own the casino, you own the revenue play. This is DeFi cycle again. Like if DeFi 2021 was right, we're going to do all this DeFi stuff and actually it's going to be vacuous and there's governance tokens and who knows where the yield comes from. Like it really does feel like DeFi has found product market fit for me in the last six months.

31:54I don't know if you would agree with that too. No, I totally agree. I think to me, when maybe like, I think it was like last summer, one of like ETH's like major down moves, I think it was like on a Sunday night, on an illiquid Sunday night, some macro news comes out and ETH had this massive down move. And I was just like, this was like, this to me was like DeFi's moment to shine of like, oh, this is like Ethereum is the institutional chain. Because at that moment, I remember that was the first time where people weren't like, oh my god like there's a lender that's about to blow up on aave and that's going to cause a cascade and eth is going down to zero like everything functioned i think there was like some insane number of liquidations on like an illiquid sunday night and nobody was like is this protocol solvent it was just like oh yeah like somebody's about to blow up it sucks for them but like we're still going to be here and that to me was just like that battle test that like we need that to your point is like, I think people, people with institutional capital that are worried about the return of capital, not necessarily like, you know, what's the return on it are like, okay, like I can feel comfortable deploying something here.

33:08We just have to understand the risks a little bit better, but once we do, then we can deploy size. Right. And now you have protocols out there that have been live for, you know, five, six, seven years, uh, if not longer that that have been battle tested that they're like, okay, like let's, let's deploy capital onto this chain because we know we have one, that transparency and two that like, it'll survive, um, whatever test that that gets put to it. So it makes me like super bullish on like, you know, like the old, the old, um, defy names from last cycle. You know, if you've ever wished you could ask me a question, any question 24-7 well now you can the RALPAL bot is my AI assistant trained on all of my insights macro research macro views even wine and travel knowledge the RAL bot is available for everybody who subscribes to either connect alpha or pro it can really change your life you get me as your mentor 24-7 the links in the description I think you're gonna love it yeah that's right I think they've been battle tested now and and the business model and now suddenly they can turn on the fee uh you know switches some of them are some of them aren't but the ones that are you can tell like the tokens are starting to work and then people are experimenting with models around that a lot more i've just seen a lot of interesting things come out of that it feels like from from the defense side far more than even on like the meme side like i guess this crazy capital market stuff makes sense but you know they haven't quite got that flywheel right yet you know and defy now feels like they're connecting the gap.

34:44Like the flywheel is now in place and DeFi is working. Whereas it was like for a lot of other things, it's like we're still trying to work out to make that kind of flywheel work again. To your point, I think on like the internet capital market side is like you're still, you're trying to help a business go from zero to one. And that's like a really, it's hard, right? It's to find out first if their product market fit. And like my thesis with tokens in general is like, once you have that product market fit and you've gone from zero to one, going from one to 10 or higher or whatever, it's just much easier because you're like, okay, well, we know this works.

35:24Where can we sprinkle incentives to kind of increase that flywheel, right? And get it to really go, right? And that's just like classic, you know, business and figuring out, okay, this is where we're going to get our value from as a business or protocol. So this is where we should get people to want to interact. And you sprinkle some token incentives on there and then you watch the flywheel go. And I think they're very different value props. And so I think DeFi tokens from last cycle, they obviously traded way ahead of where the market was at that time. And then it took some time to digest. And that's why we had a lot of consolidation for a while.