The Index Podcast
March 15, 2024

Hacking Innovation in the Solana Ecosystem with Matty Taylor, Co-founder of Colosseum

Hacking Innovation in the Solana Ecosystem with Matty Taylor, Co-founder of Colosseum
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The Index Podcast

This week on The Index, host Alex Kehaya welcomes Matty Taylor, former Head of Growth at the Solana Foundation, who left to co-found Colosseum. Known for organizing some of the largest blockchain hackathons in the crypto space, including Grizzlython and Hyperdrive, it's a great conversation about hacking innovation within the Solana ecosystem.

Host - Alex Kehaya

Producer - Shawn Nova

 

 

Chapters

00:06 - Building Solana Ecosystem With Coliseum

08:58 - Hackathon Success and Ecosystem Growth

12:12 - Building Solana Ecosystem Through Hackathons

22:19 - Exploring Future Opportunities in Crypto

Transcript
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Welcome to the Index Podcast hosted by Alex Cahaya.

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Plug in as we explore new frontiers with founders, developers and investors, building the next wave of the Internet.

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Hey everyone and welcome to the Index.

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I'm your host, alex Cahaya, and this week I'm excited to welcome Maddie Taylor, co-founder and general partner of Coliseum, which runs crypto's largest hackathons, accelerates winning founders and invests in breakout startups.

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On Solana, maddie, I've known each other since, I guess, almost three years, because I started at Solana definitely after you, but we've both been in the ecosystem for a while, super excited for Coliseum and to hear more about your journey building it.

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Thanks for coming on the show.

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Yeah, thanks for inviting me, Alex.

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Yeah, happy to jump into what we're working on with Coliseum and just generally what's happening in the Solana ecosystem.

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So happy to be here, yeah, so maybe start off with just how did you get here?

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I think it's had kind of an incredible journey and I would love for you to share that Genesis story with folks listening.

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Yeah, I guess it starts probably for me in college, when I was going to school and I was studying economics and I was taking a fair amount of macroeconomics classes and it's pretty surprised at just how central banking worked.

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And at around the same time, I had some friends in my dorm room that were mining Bitcoin using the free power of the dorms before they shut it down.

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The confluence of those two things where I started learning about Bitcoin for one reason or the other, got really into it, was thinking about it in the context of, yeah, what I was learning about as part of my economics major and ended up writing my thesis about Bitcoin and some stuff going on in the mining industry at the time, and so kind of just fell down the proverbial rabbit hole at that point and never really got out.

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And so, yeah, at the time there weren't really any crypto companies other than, like Coinbase had just started at the time, but other than that, it was hard to work in that industry.

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I went to work at a payments company in San Francisco called Square.

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That's where I met one of my co-founders, so we were on the same team.

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During lunches, we just continued to talk about Bitcoin and crypto and what was going on.

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And then, obviously, the 2017 bull market rolled around and started to get more interested in Ethereum, and actually, both him and I we decided to jump to work at this DEX protocol called ZeroX, which is one of the first decentralized exchanges on Ethereum, and worked there for a couple years.

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And then, obviously, solano went to Mainnet.

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I had been following it somewhat closely pretty early on, but I always thought that what they were saying, or what they were claiming the system could do, was pretty outlandish.

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When I went to Mainnet, though, I mean, a lot of their promises came true, which was pretty surprising, and at the same time, raj and some recruiters reached out to me to be their head of growth at Solano Labs, and so joined their team kind of in the middle of the DeFi summer of 2020, which was a pretty chaotic time for sure.

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Yeah, I guess the rest is history, but I can jump into any part there if you want.

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I find that so interesting because, like me, we both came through really Ethereum.

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So I started out working at this company called Orchid and I knew a bunch of the guys that you probably worked with at ZeroX, and being at a DEX during DeFi summer and deciding to go to Solano is especially for someone who is skeptical of Solano's technology is kind of counterintuitive.

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I mean, especially today we see how the vitriol of crypto Twitter that's anti Solano from some people in the Ethereum space and I think that there's actually a lot more support than there are people anti.

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These are the anti, negative people are louder.

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What was that decision making process like for you?

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What pushed you over the edge other than just seeing it go live?

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What gave you the conviction to move?

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Yeah, I think it was a few things.

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One is just that I met Raj and Atoli and they're sort of like forces of nature and they pretty much soul-pilled me in a sense.

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And yeah, I mean, a lot of it was just meeting them for the first time and getting to know the early team and yeah, so that was part of it.

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The other part of it was that, even going back to the 2017 bull market, like there was obviously crypto kities got released and it was kind of one of the first applications or uses of Ethereum that was really in demand.

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In it Obviously skyrocketed the fees to the point where everyone was like, okay, we got to scale ability problem here, where, even like one moderately used application or game, I guess it was basically priced out the entire market of using the chain, and so people even before that were starting to talk about rollups and sharding and how the system was going to scale over time, and it just felt to me like that was not the right way to scale it and, as these things were coming to reduction, they were very underwhelming on the scale, ability and performance that they were providing applications and thinking about, like a lot of the startups in the space of the time.

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You don't have time to wait a decade for things to scale.

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You need the system to scale immediately to find product market fit.

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I mean, every day is a battle, right as a founder and so I just thought that like there had to be something else out there in the market, and obviously there was these next generation blockchains that were kind of being created in like 2018 and we're all launching around 2020.

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So I started to dig into that a bit and found that obviously, solana was very different in architecture and it was kind of hard to understand initially because it was so different than what I had been hearing over the last six years around, like how Ethereum was going to scale.

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Yeah, I think it was just that it kind of blew me away that it worked when it went to mainnet, and then there was also some initial traction.

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At the time, it was like I saw that like FTX had announced that they were going to build an on-chain order book, right, which was really appealing to me because that's, yeah, serum, which you know, going back to 0x, that was like sort of 0x's vision for Ethereum was to build this on-chain or this order book system rather than an AMM, and so I'm you know it was always partial to that design decision and so I thought it was really interesting that it was possible on Solana, and so it's kind of a confluence of all those reasons made me kind of make the jump and, yeah, happy I did.

00:06:49.699 --> 00:06:52.670
It's interesting to me how similar your story is to mine.

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I say almost exactly the same things.

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Back in late, like December of 2020, I started thinking about moving from where I was and I looked at every single L1 that was live at the time and Solano was really the only one that I saw that made any sense, in that I'm not an engineer, but I had read all the white papers for every single one of them and then I talked to dozens of teams building on those chains to hear what their experience was like and Solano was.

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Even then it was still like the easiest, actually permissionless place to go and build a product that could scale.

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And then I saw Serum and I was like, wow, this is actually working.

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It's actually working Like look at the volumes in Serum.

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This is all on chain.

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It's an order book, even the UI.

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Looking at the UI and watching trades go through in real time was amazing.

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Having experienced the pain of trying to do transactions on Ethereum and spending I think I've probably spent like $1,000 before doing a transaction during D5 summer but the one thing I want to double tap into that I think is really important for founders listening and founders that are going through Coliseum is Raj and Toley have like this incredible ability to sell why they're building Solano and to recruit people.

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Like it was one of the things that really stuck with me.

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I didn't even want to be hired, like I was looking at working in a space but I really just wanted to like run my own thing, and Raj like convinced me to just go all in on Solano.

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I was red-pilled on the technology.

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I kind of figured that out myself.

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Like Solano is going to be a winner.

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He and Toley like I feel like they have this really incredible ability to recruit talent and to retain talent.

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Like there's like hardly any churn that I've seen, like very little relative to how many people are there, and I think for founders, this is a really important thing to remember.

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Like you constantly have to be aligning the people you work with and the people you recruit with the mission and vision and they do a really good job on like a regular basis of making sure we all hear that.

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I think it's worth noting.

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I don't know if you have thoughts on that too, but no, I completely agree and I'm sure we'll get into this.

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but, like, a lot of folks coming through our hackathon are sort of like technical founders and they always think like, well, I need to hire someone that's like a salesman to go pitch my product.

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But if you look at like someone like Anatoly, he is the lead developer kind of formula is what Solano could be.

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He's also the first like salesman, right.

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He's out on Twitter every single day, marketing it, evangelizing it.

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Vitalik is also like this, right, where he obviously had the vision for Ethereum, built components of it and then was just basically on the road, right.

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He's been on the road for like seven years, right, just going to every single Ethereum event, evangelizing and basically being a business development person for the broader Ethereum.

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Because Anatoly is just the same right.

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I think that's one thing we always want to impart with a lot of new founders, especially if they're technical, is that you also have to be the storyteller.

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You also have to be the salesperson that gets people to care about why they should use your product.

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I think that's a good thing to learn from those folks.

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The other thing about the talent thing with Solano Labs and Solano Foundation is that, yeah, the churn is low and those organizations aren't very big in the first place, but even of the people who do leave, they're doing things like what I'm doing, which is like they literally are starting companies.

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But yeah, we're trying to build and grow the Solano ecosystem even outside of the foundation, which is probably the end state anyways.

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Right, like if you look at the Ethereum Foundation or kind of like, the direction that Solano Foundation's headed is like a lot of the core initiatives and the ecosystem are kind of being decentralized, right, and I think that's really healthy for like the broader, like social decentralization layer of Solano.

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At least the people I've talked to that I work with at the foundation.

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We all buy into that, like this idea that we want to work as much as possible, work ourselves out of the job and like and it's already happening, right.

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So I think that's what.

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I think Solano community is in charge of the network.

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It's incredible to see.

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Let's talk about a little bit about.

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How did you get pulled into that hackathon stuff and how did that start?

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Because it's been an amazing, I would say, center of growth for the ecosystem and, incredibly important, is one of the main, if not the main, funnel for attracting high quality developers to build.

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But how did that start?

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What was the process?

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I really feel like this is something other teams could replicate and need to think about.

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Just tell a story and then thoughts on what made it successful and maybe some of the things that didn't work, that you tried hard, lessons learned.

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These are the things I'm curious to learn about with the hackathon piece.

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For sure.

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We tried a bunch of different things that haven't worked, but the hackathons definitely have, and one mental framework that I think marketers and people in growth need to have is that a lot of Web2 companies have grown through one or two channels or programs that have acquired a Pareto distribution of customers.

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Like 80% are coming from one or two channels, and I think, if you think of L1 blockchains as the same, it's not surprising that when we ran the numbers recently and looked at all the venture funding rounds of all the Solana startups over time, 80% had their genesis in the hackathons.

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Where that started was that at the time when I joined, there were only a few developers and a couple independent teams trying to build on Solana.

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Whatever Chewing glass is what people said back then, because it was so difficult, and so we were trying to figure out one.

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How do we just get core components into the ecosystem?

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How do we get our first Barlin protocol, our first wallet?

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That's not solid, which was an open source, not a fully backed team at the time.

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So there was like individual things that specifically the BD team was working on to try to fill out.

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But more what I was interested in is how do we bring in a scalable and repeatable way, a bunch of developers and, specifically, startup founders that could bring their own creative ideas and product ideas and build them on the network, and so that was a genesis for the first hackathon that is carried on today.

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The first hackathon was actually called Wormhole and it was based around this the launch of Wormhole, the bridge protocol.

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So we named it Wormhole because we were like, oh, we're going to just have people build on Wormhole and try to get applications built using that system.

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But Wormhole never launched in time and so we just decided we're just going to call it Wormhole and regardless and just have people build whatever they want to build.

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And at the time I think we got over 60 product submissions, which was insane for the Solana ecosystem.

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They're just really, really thought that was magic and we decided to double down and obviously triple down on it with Coliseum.

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So, yeah, I'm happy to jump into more into the hackathon stuff, but yeah, that was kind of the genesis.

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It's been incredible because that was the first one, and 60 back then it sounds like a small number.

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It was 60, more than just a handful that we're already building on the network, and how did you get from there to where you are today?

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What has the growth been like?

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And I think also talk about a few examples of companies that have gone with just an idea and got fully funded through that process.

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Yeah, I mean we have some listed on our website, coliseumorg.

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It's like Tencer, the founders of, like Gito Labs, marinade, stepin, genopets a wide variety of different products and, in the ecosystem, their founders had their genesis in the hackathons and I would say how we've scaled it up from 60 to where we landed most recently with Hyperdrive, which is over 900.

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I'd say that we haven't treated it like a traditional hackathon.

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So, like, first of all, they're all online.

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There are a very long period of times.

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There are five to six weeks.

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Usually hackathons are something that you just go with some friends for like a weekend, drink a bunch of Red Bull and like sleep in sleeping bags or whatever and try to produce something like a proof of concept.

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But our hackathons are much more advertised and messaged and structured around being startup competition.

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So they're not just for developers, although, like, a lot of just regular developers use it as a way to experiment with the technology.

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They're very much focused and a lot of the awards are pretty much only focused on teams who are using it as their first engineering sprint to go launch their product, and so a lot of the structure around that has been developed and evolved over time to fit that specific target and goal.

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So that's generally what we've done.

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And then there's also like the marketing channels we use around it.

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We treat the hackathon not like an event.

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It's a product in itself and the product is marketed in a very specific way, with specific marketing channels that we've evolved over time.

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So that's kind of how we got to where we are today.

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And as far as funding goes, like, what's the latest on how much funding companies have raised in total.

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I just think that's a really good data point so people know how effective this has been.

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Yeah, just looking at like publicly announced fundraising rounds, it's around 600.

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What we have heard privately it's probably 600 million total and cumulatively, privately we've heard it's probably closer to like 650 million.

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But I think that's something that I've tried to work on a lot with.

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Some folks is like after the hackathon there's obviously a lot of promising founders, how do we help them get connected with VCs?

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And this is a lot of the genesis right for Coliseum, where it's like formalizing that into an actual program running the hackathon, running an accelerator for the promising winners and actually backing them to give them the bridge financing they need to get to a proper seed round, because oftentimes even the best teams take several months to a year to raise that seed round after coming out of the hackathon.

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And so that's why you know one of the reasons why Coliseum raised Adventure Fund to invest in them right after the hackathon at the pre-seed level to help them bridge the gap to get in front of seed investors.

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Yeah, and that's a somewhat new thing.

00:16:59.264 --> 00:17:02.942
So tell me more about the fund, like what size is it and what kind of checks do you?

00:17:03.056 --> 00:17:07.946
write yeah, just overall, how Coliseum works is we are going to be running the hackathons.

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You know this is our bread and butter of how we've been growing the Solana ecosystem.

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We'll continue doing that for the Solana Foundation and the broader ecosystem.

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We'll then basically narrow down the winners so there's usually 40 winners.

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We'll narrow it down even further to the top 10 to 15 teams and right after the hackathon, basically offer them acceptance into our accelerator program, which is another five to six weeks, which is much more focused on getting them from DevNet to Mainnet, getting them the connections that they need to continue building their product and, you know, find product market fit.

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And we have a whole roster of former hackathon winners that have become top founders and other, you know, founders from across the ecosystem that have agreed to be mentors.

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And then we're running a demo day right to help them get their seed round.

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But up front we basically offer them a pre-seed check of $250,000 each.

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So that's awesome.

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That's great.

00:17:59.867 --> 00:18:01.811
Yeah, I think that's really needed.

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I've worked with a decent number of teams in Solana, some of whom I've invested in some of them that I just advised, but to help them with that process, because a lot of people, especially going through a hackathon like they haven't.

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There are definitely a decent number of teams that have never raised money before.

00:18:15.279 --> 00:18:22.977
Actually, one-on-one book I've been re-recommending I kind of forgot about it until recently, but it's Venture Deals by Brad Feld.

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I think that's a really good book for some founders who haven't raised before.

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To just check out.

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There's a little bit of a difference in crypto without things are structured, but overall, the things that are in that book will save you a lot of time and money and make sure that you don't sign a deal that's really bad for your company.

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I think that's one thing that I like about the Accelerator is you can actually provide a safe space for people to raise.

00:18:45.394 --> 00:18:47.059
It's kind of how YC works.

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If you're a bad actor, investor and people find out about it, you're not invited to that party anymore.

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I think that's pretty important.

00:18:54.930 --> 00:19:03.340
Yeah, there definitely are bad actor investors that are very short-term thinking, that pair it as VC's, which are purportedly very long-term thinking.

00:19:03.340 --> 00:19:18.165
In crypto specifically, I think there's a lot of dynamics that we offer to teach about as part of the program where to talk about Venture Deals, you don't want to give up too much of your company or raise too much money.

00:19:18.165 --> 00:19:20.211
I think we saw this with the last round.

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People optimizing for the most money get in big trouble when the market turns around because if you're valuating, do a seed round at 300 million posts.

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That's the watermark for you.

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If the market recedes and you don't fulfill that 300 million dollar post, you're going to have to do a down round, which is not good.

00:19:41.596 --> 00:19:44.702
Taking more money is not always the best decision.

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Then, obviously, you throw in the whole token component where it's like maybe you only need to raise one round before your TGE.

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You have a token and that's funding your operations.

00:19:55.945 --> 00:20:00.650
There's a lot of different dynamics that are unique to crypto that I think we can help founders with.

00:20:01.952 --> 00:20:03.156
Yeah, I think that's a really good point.

00:20:03.156 --> 00:20:08.925
There are definitely a lot of things that are unique that they just won't know until they find out the hard way in some cases.

00:20:08.925 --> 00:20:12.157
I think that's why that the accelerator is extremely valuable.

00:20:12.157 --> 00:20:16.251
It sounds like you said you narrow it down to 40 teams per cohort.

00:20:16.251 --> 00:20:17.736
That's what you're thinking.

00:20:18.436 --> 00:20:21.083
We have 30 to 40 winners per hackathon.

00:20:21.083 --> 00:20:34.842
And then of those we'll interview all of them, basically those 30 to 40, that's the only way to actually get considered for the accelerator so you can apply to the accelerator other than going and winning our hackathon.

00:20:34.842 --> 00:20:36.367
It's the only route in.

00:20:36.367 --> 00:20:44.092
And then from there, from those 30-ish teams, we'll choose 10 to 15 to actually invest in and accept it in the accelerator.

00:20:45.115 --> 00:20:45.335
Nice.

00:20:45.335 --> 00:20:47.642
What are you most excited about?

00:20:47.642 --> 00:20:50.148
You just started Coliseum.

00:20:50.148 --> 00:20:50.952
It's getting off the ground.

00:20:50.952 --> 00:20:51.778
I think you got your first.

00:20:51.778 --> 00:20:53.549
When's the first hackathon happening?

00:20:55.117 --> 00:20:56.826
March 4th through April 8th.

00:20:56.826 --> 00:20:59.438
Okay, and you run an accelerator batch right after.

00:20:59.911 --> 00:21:02.657
I guess part of my question is what inspired you to go out on your own?

00:21:02.657 --> 00:21:06.200
I think that's an interesting topic to cover.

00:21:06.200 --> 00:21:09.451
And then, in that same vein, what are you most excited about building this company?

00:21:10.494 --> 00:21:16.353
The reason I decided to start this with my two co-founders is one I really wanted to work with them.

00:21:16.353 --> 00:21:20.586
So these folks are not people that worked at Solana Foundation Labs.

00:21:20.586 --> 00:21:35.252
Clay was an investor at Slow Ventures and I had worked with them previously, like I said, at Square and ZeroX, so we had a long history of wanting to work on interesting things together and so that opportunity rose.

00:21:35.252 --> 00:21:39.573
And then obviously, nate, who's the third co-founder he's our technical co-founder.

00:21:39.573 --> 00:21:43.430
He was at Stripe building back at Infrastructure for the last four or five years.

00:21:43.589 --> 00:22:00.948
So, yeah, I think it was just the opportunity to work with those guys and build a unique thing that we hadn't seen in Web 2 or Web 3, where we sort of took the YC model but instead of a college style written application use this hackathon that I knew was already working.

00:22:00.948 --> 00:22:11.452
I knew that a lot of great founders were already coming through this and I think we could just provide an even more valuable experience for those founders if we had dedicated like a full-time organization around it.

00:22:11.452 --> 00:22:19.363
So I think it was just the unique model, the value that we could provide the Solana ecosystem and working with those guys on fulfilling that vision.

00:22:19.363 --> 00:22:21.872
Sorry, what was the second part of your question?

00:22:21.892 --> 00:22:23.138
What are you most excited about, like?

00:22:23.138 --> 00:22:26.498
What are you looking forward to in the next year with building this company?

00:22:26.498 --> 00:22:27.240
It sounds like partly.

00:22:27.240 --> 00:22:33.304
It's working with those guys is one part of the answer, but are there other things that you're just like can't wait to see?

00:22:33.344 --> 00:22:49.300
Yeah, we can't wait to work with like really talented founders from across the world, and so I think that's what really excites me about this right, there's so many interesting use cases, especially with sort of like deep end taking hold in Solana.

00:22:49.300 --> 00:23:02.328
But the crypto space generally I think you know that's one category of project that we're interesting in backing and we'll have a dedicated track in the hackathon for is just working with those founders on kind of what they're going to build.

00:23:02.328 --> 00:23:05.536
I think that's what's always been interesting to me about.

00:23:05.536 --> 00:23:25.501
Crypto is just like how it opens up new markets or creates efficiencies by reducing middlemen that are kind of worthless in a crypto context, in a crypto dominated world, and so I think, yeah, it's just learning about all the interesting ideas that founders have and helping them kind of realize that vision through Coliseum.

00:23:26.230 --> 00:23:27.719
I'm super excited about deep end.

00:23:27.719 --> 00:23:33.480
I mean, really, when I came to Solana, that was the thing I was already thinking about and working on and I didn't even realize it was before.

00:23:33.480 --> 00:23:41.917
There was a deep end was like a phrase, but it's just this idea like how do you bootstrap the physical infrastructure required to make a network work?

00:23:41.917 --> 00:23:45.251
And then obviously there are a lot of different iterate.

00:23:45.251 --> 00:23:56.771
For me, that context was validators and data centers for various different networks not just Solana, but now we've got decentralized telecoms, decentralized mapping products that use hardware.

00:23:56.771 --> 00:24:00.340
I feel like it's such a green field and there's so much innovation coming.

00:24:00.340 --> 00:24:07.453
And then the other one that I'm really excited about is real world assets, and you were talking about like creating new markets.

00:24:08.015 --> 00:24:12.463
We just recently had Todd from Baxus on the show and they do.

00:24:12.463 --> 00:24:16.301
I don't know if you know that company, but they are tokenizing whiskey.

00:24:16.301 --> 00:24:29.377
For me, the why use blockchain for something like that is because it creates a new market for liquidity for whiskey or for wine and spirits that didn't exist before.

00:24:29.377 --> 00:24:45.377
So a distributor who's a whiskey maker, who has a bunch of barrels of whiskey sitting in a warehouse somewhere really it was like tough to get liquidity and a loan to finance their operations and now you can do that in a permissionless way on a platform and stuff like that.

00:24:45.377 --> 00:24:52.344
That I think the composability and the openness of blockchain technology on Solana makes it possible.

00:24:52.344 --> 00:24:54.009
I think that's really interesting.

00:24:54.009 --> 00:25:02.374
So we're getting close to the top of the show here and I always kind of ask this but what things have I not asked you that I should have asked or that you wanted to talk about?

00:25:03.537 --> 00:25:05.021
I think we covered a lot of it.

00:25:05.021 --> 00:25:14.339
I'm curious to know from your outside perspective, beyond deep end, what use cases are you wanting to see come out of the hackathon?

00:25:14.339 --> 00:25:20.688
Where do you think the big opportunities are for Solana, but just crypto generally over the next couple of years?

00:25:21.817 --> 00:25:31.564
So there are some really hard problems that need to be solved around encryption and things like zero-knowledge proofs, fully homomorphic encryption.

00:25:31.564 --> 00:25:36.303
I don't know if you've seen Million Network I haven't had those guys on the show yet but I just read their white paper.

00:25:36.303 --> 00:25:38.220
It's an overlay network really.

00:25:38.220 --> 00:25:44.846
It's not blockchain-specific, it's not even a blockchain, but it's kind of like a multi-party computation, but better.

00:25:44.846 --> 00:25:50.019
I don't want to get into all the technical details, but you can go to their website and check out their technology.

00:25:50.019 --> 00:26:00.065
The theme here is how do you actually make AI work in Web 3 in a way that's usable, that can get adoption by enterprises and outside of just hobbyist?

00:26:00.065 --> 00:26:11.587
I think that there are some missing pieces around privacy technology and decentralized computing that are maybe closer than I thought but still haven't existed.

00:26:11.587 --> 00:26:13.079
That's a really hard problem.

00:26:13.079 --> 00:26:20.261
These are like PhD-level multi-year research projects, but I do think that there are going to be some interesting AI applications.

00:26:20.261 --> 00:26:32.183
There's a stack of technology that does exist that will allow some AI use cases to work that involve blockchain technology and Web 3 principles in general, but there are also missing pieces that there's a green field.

00:26:32.183 --> 00:26:40.942
The other thing that I'm really interested in is somewhat related, because I still think you need privacy-preserving technologies to make it work, but it's data markets.

00:26:40.942 --> 00:26:50.917
I have a friend who has, through a nonprofit that he runs, access to two petabytes of medical research data.

00:26:50.917 --> 00:27:01.665
Researchers put data in this repository and it's supposed to be open, but it's just dumped into this tar-Z file and the data is not sorted at all.

00:27:01.665 --> 00:27:04.501
It's really hard to make it useful for machine learning.

00:27:04.501 --> 00:27:10.086
You need that data to be anonymized because it's all medical research data.

00:27:10.086 --> 00:27:13.157
It's got PII in it In order to solve that problem.

00:27:13.157 --> 00:27:15.665
This is again why I go back to the encryption stuff.

00:27:15.665 --> 00:27:21.979
You need some kind of technology like that if it's going to be available in an open and permissionless way.

00:27:21.979 --> 00:27:32.520
Right now, the only way to use it is to spend millions of dollars organizing it which I think could be solved by decentralized compute and to put it in a centralized, closed server that a big pharma company owns.

00:27:32.520 --> 00:27:33.423
We don't want that.

00:27:33.423 --> 00:27:38.126
We don't want one big pharma company to be the sole group that can access this information.

00:27:38.126 --> 00:27:39.019
It's super important.

00:27:39.019 --> 00:27:53.481
You want researchers to access it, developers to be able to access it and build unique applications I think some combination of Solana, these ZKP or FHE or the stuff that the NMC, which is what the Nealine Network is building.

00:27:53.481 --> 00:28:00.885
I think some combination of that and some of these ideas around decentralized computing are going to make that possible.

00:28:01.555 --> 00:28:11.505
The last one is and it's related to deep-in, but I think that there is becoming a playbook for how to go from zero to thousands of nodes for networks.

00:28:11.505 --> 00:28:13.359
This is related to deep-in.

00:28:13.359 --> 00:28:19.740
Whether you're a new L1 or a deep-in project, there's a stack of technology and services now that's being built.

00:28:19.740 --> 00:28:22.462
I think there's still stuff that needs to be built to make those successful.

00:28:22.462 --> 00:28:31.586
For example I've been thinking about is there going to be a startup that just bundles together a bunch of deep-in projects and products and offers value-added services on top?

00:28:31.586 --> 00:28:46.557
You can just order it here and you get a helium hotspot, something that does IoT via helium and the HiveMapper tool and I don't know what the other use cases might be but you get this bundle that you can offer at almost as a franchise model, with all the management stuff built in.

00:28:47.214 --> 00:28:48.057
I think there's going to be.

00:28:48.057 --> 00:28:49.963
There's a company called Mycelium.

00:28:49.963 --> 00:28:52.470
I think of them as a property management company.

00:28:52.470 --> 00:28:57.791
They just deploy these packages all over the country and manage them for you.

00:28:57.791 --> 00:28:59.959
They take a fee for managing for us.

00:28:59.959 --> 00:29:07.127
It's kind of a repeat of the old way of property and real estate, but using these new technologies in a more decentralized fashion.

00:29:07.127 --> 00:29:11.711
I don't know, that's a lot of stuff, but those are the things that I've been thinking about lately that are interesting.

00:29:12.513 --> 00:29:13.096
Those are great.

00:29:13.096 --> 00:29:22.747
The last thing I think to mention about Coliseum is that when talking about I always ask people what I just asked you, which is what are you excited about?

00:29:22.747 --> 00:29:25.432
What ideas are interesting right now to you?

00:29:25.432 --> 00:29:28.905
We've actually built an actual product.

00:29:28.905 --> 00:29:30.990
You can go to coliseumorg right now.

00:29:30.990 --> 00:29:32.855
Sign up for a Coliseum account.

00:29:33.457 --> 00:29:35.366
There are two initial products that we have.

00:29:35.366 --> 00:29:45.460
One is co-founder matching, which is like I'm a single co-founder or a founder, but I want to find a technical co-founder or vice versa.

00:29:45.460 --> 00:29:50.419
There's a way to search for the types of people you want to team up with for the hackathon.

00:29:50.419 --> 00:30:05.458
The second thing, which relates to what you were saying, which is a product idea for them Basically, there are people right now there's hundreds of posts already since we launched a couple of weeks ago where people are kind of explaining exactly the stuff that you're talking about.

00:30:05.478 --> 00:30:16.896
There's other people in the community commenting on that, critiquing that, because one piece of feedback we always get at the beginning of hackathons is like I don't have enough time to actually even think about what product to build.

00:30:16.896 --> 00:30:22.636
The hackathon just starts, but I want to ideate for a while on what we're going to build.

00:30:22.636 --> 00:30:31.650
People are dumping in all sorts of creative ideas, finding teammates that way, getting good feedback on what they've been thinking about building.

00:30:31.650 --> 00:30:37.890
I highly encourage anyone who's thinking about joining the next hackathon to create an account now.

00:30:37.890 --> 00:30:43.406
Find your team, get some pressure testing on your idea from the community.

00:30:43.406 --> 00:30:46.576
Then, by the time, the hackathon rolls around, which is also on the platform.

00:30:47.164 --> 00:30:48.127
Gosh, that's so exciting.

00:30:48.127 --> 00:30:54.313
I can think of so many ways for teams to leverage that that to hone in on their idea and really quickly get feedback.

00:30:54.313 --> 00:30:55.715
That's the biggest thing.

00:30:55.715 --> 00:30:59.231
If you're starting something new, you need to get feedback as fast as possible from the market.

00:30:59.231 --> 00:31:03.700
Anything you can do to accelerate that is going to make sure you don't waste time.

00:31:03.700 --> 00:31:09.616
That's the thing you can't get back as your time To find out what the market thinks about your idea as fast as possible.

00:31:09.616 --> 00:31:13.096
I actually have an idea that I wrote before I joined Solana.

00:31:13.096 --> 00:31:18.275
I was thinking about starting a company around mortgages, tokenizing mortgages.

00:31:18.275 --> 00:31:21.144
I'll post it there because I'm open source.

00:31:21.144 --> 00:31:22.729
I'm not protective about ideas at all.

00:31:22.729 --> 00:31:24.173
It's open source everything.

00:31:24.173 --> 00:31:26.307
Get it out there, see who builds it.

00:31:26.307 --> 00:31:30.202
I would love to see somebody take that and run with it.

00:31:30.202 --> 00:31:32.030
I'll be signing up and posting it there.

00:31:32.030 --> 00:31:32.934
I'll share it with you when I do.

00:31:33.778 --> 00:31:34.301
Please do.

00:31:34.301 --> 00:31:48.833
There's a whole bundle of things that we can talk about relating to founders and how they protect their ideas, but I think one awesome part about crypto is that people are a lot more open to share their ideas, because ideas are actually very cheap.

00:31:48.833 --> 00:31:50.984
There's tons of good ideas thrown around all the time.

00:31:50.984 --> 00:31:53.653
It's the execution that's really really tough.

00:31:53.653 --> 00:31:59.971
I highly encourage everyone to open up their minds and share what they're thinking about building.

00:32:00.432 --> 00:32:01.555
I think that's a great point.

00:32:01.555 --> 00:32:03.048
I think the moat in crypto.

00:32:03.048 --> 00:32:06.480
There's a normal moat in web two, which is just execution.

00:32:06.480 --> 00:32:07.464
That's the number one thing.

00:32:07.464 --> 00:32:13.036
It's like how good can you execute, which is really based on your team, how good is your team and how good are you at making sure they succeed?

00:32:13.036 --> 00:32:19.297
But in crypto, I think the other thing that is the real mode is your community, the builders that are building around whatever you're building.

00:32:19.297 --> 00:32:21.067
That's the network effect.

00:32:21.067 --> 00:32:29.894
People can fork Metaplex a bazillion times, but it's used by the Metaplex standards, used by everything.

00:32:29.894 --> 00:32:39.605
I'm happy to see when W&S come from Jupiter another standard, but even them, super solid team, amazing execution from those guys.

00:32:39.605 --> 00:32:40.426
Lots of funding.

00:32:40.426 --> 00:32:43.135
Going to be hard, going to be hard to supplant the incumbent.

00:32:43.135 --> 00:32:44.307
Now we've seen it happen.

00:32:44.307 --> 00:32:45.811
We saw it happen with Tensor.

00:32:45.811 --> 00:32:49.329
They went and they have been taking Magic into the mat.

00:32:49.329 --> 00:32:50.134
I love both teams.

00:32:50.134 --> 00:32:54.489
It's not impossible, but it really is about the execution Right now.

00:32:54.489 --> 00:32:58.357
Tensor, they've executed better for the last six, seven months.

00:32:58.825 --> 00:33:00.042
No, I think that's right.

00:33:00.042 --> 00:33:03.488
The upshot of all of this is competition is really good.

00:33:03.488 --> 00:33:10.105
I think this is something that we get maybe some pushback from where, at least from the foundation side.

00:33:10.105 --> 00:33:22.369
There's always this discussion of do you grow the top of the funnel, do you get more founders in the ecosystem or do you spend more resources on helping the existing founders find product market fit?

00:33:22.369 --> 00:33:30.701
I think my vision has always been and especially this is why we've focused on the hackathons is we just need a ton of competition in the ecosystem.

00:33:30.701 --> 00:33:38.412
That's going to actually just produce way better downstream products at the end of the day for end users who are Solana community members.

00:33:38.412 --> 00:33:44.934
This is all good for anyone who loves using Solana as a network, as a user, which is really really important long term.

00:33:46.327 --> 00:33:49.628
Well, manny, thanks for being on the show, sure.

00:33:49.648 --> 00:33:50.391
Thanks for inviting me.

00:33:50.391 --> 00:33:52.675
Yeah, Alex, thanks so much for having me.

00:33:52.675 --> 00:33:56.931
Looking forward to your forum post about your mortgage idea.

00:33:57.412 --> 00:33:57.833
For sure.

00:33:57.833 --> 00:34:02.211
Last thing before we sign off how can people find you and participate?

00:34:02.211 --> 00:34:04.306
We should probably just make sure they know Sure.

00:34:04.866 --> 00:34:09.237
Yeah, we're going to be running the Solana Foundation Hackathon starting on March 4th.

00:34:09.237 --> 00:34:11.590
Go sign up at coliseumorg.

00:34:11.590 --> 00:34:14.817
You can also follow us on Twitter coliseumorg.

00:34:15.244 --> 00:34:22.226
If you're spelling challenge, like me, it's c-o-l-o-s-s-e-u-morg, the Roman way.

00:34:22.387 --> 00:34:23.369
Yes, that's right.

00:34:23.369 --> 00:34:25.876
All right, thanks, we'll sign off now.

00:34:25.876 --> 00:34:26.878
Awesome Thanks.

00:34:33.826 --> 00:34:37.795
You just listened to the index podcast with your host, alex Cahaya.

00:34:37.795 --> 00:34:44.769
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00:34:44.769 --> 00:34:47.235
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00:34:47.235 --> 00:34:48.646
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