Lessons From A Successful Tokenization Project & What Market Structure Reveals About Trump-Linked WLFI’s False Promises: Bits + Bips - Ep. 986

There there isn't this panacea of money on blockchain that you can't get to anywhere else. Money is really smart. It can get to whatever it wants to. It doesn't need the blockchain to do that. And so in the beginning, you're introducing something different that introduces friction. And and so, you know, in the beginning, it isn't that it's cheaper for me to finance x y z on blockchain or trade PDQ on blockchain or whatever it might be. It's actually, you know, in a lot of circumstances, gonna be more difficult to do it. But in the long run, it will make sense. Hi, everyone. Welcome back. My name is Steve Ehrlich. I'm the executive editor at OnChain. And, in this particular segment is going to be the bits and bips, the interview. Are you a builder who needs to add on chain trading to your product? The Uniswap trading API from Uniswap Labs offers plug and play access to some of the deepest liquidity in crypto. It's on chain execution at an enterprise level. More liquidity, less complexity. Visit hub.uniswap.org to learn more. I'm here with Mike Cagney, founder and CEO of FIGR. And, we're here to talk about, FIGR's, I think really terrific year. Successful IPO, and they've really found product market fit, with regards to putting, HELOC loans on their own blockchain called Providence. I I wanted to speak with Mike to kind of get a sense of what the year has been like for him. Now that tokenization has become a very hot topic again, sort of what helped him succeed when, frankly, a lot of tokenization products or projects that have been around over the last ten years have failed and kind of what the future of of tokenization means for his business. So, welcome, Mike. Thanks for joining us. Oh, thanks for having me. Great to speak with you again. So, yeah, let's just, it's funny. Sometimes when I talk to people about figure, most people in crypto probably don't own homes yet. They don't know what a HELOC is. And when I when I use that term, they look at me like I'm I'm speaking gibberish. So can you just briefly explain, what a HELOC is and why it's a product that's very well suited to be tokenized? Sure. So so HELOC stands for home equity line of credit, and it's effectively an open end mortgage. So generally, when we think about mortgages, we think about getting a thirty year fixed rate mortgage, and you're paying principal and interest every month. At the end of thirty years, you pay the loan off. A HELOC is also a mortgage. It's secured by your home, but it's open ended. So, you know, I might have a $100,000 HELOC. I might pay $50,000 down, and then I can borrow the $50,000 back up again. And a lot of people think of HELOC as a second lien product. So there's a a mortgage. And then …