Ryan

David Polygon is making some interesting moves on the week.

They acquire two companies, CoinMe and Sequence, for, I believe, $250 million.

What are these companies?

They are regulated payments companies, okay?

So this is, CoinMe in particular, has a U.S.

licensed fiat on-ramp and off-ramp and a retail network, and Sequence is an enterprise wallet in orchestration infrastructure.

What they're doing here is Polygon has become a... Tempo.

Yeah, a tempo, basically.

Tempo, of course, is Stripe's upcoming stablecoin chain.

Polygon has had a ton of stablecoin transactions in traffic.

It's one of the largest ones, actually, if you kind of look at the numbers.

Even in terms of Stripe stablecoins and settlement, that's happening to a large degree on Polygon.

And this is them going, I guess, would you call that upmarket?

They are verticalizing really in that they are getting the other stacks that they were missing, which is the on-ramp, off-ramp and bridge type stuff.

So this is Polygon saying our pivot really is a stable coin chain and we're going to be sort of a tempo or a circle arc or some of the other competitors in this space.

What do you think of this move?

You're saying you can't just as an L1 or EVM or like L2, you can't just copy a clone Ethereum L1 DeFi and just be like, yeah, we're that, but we have cheaper gas fees.

David, do you see what's going on with X this week?

So two things.

One, they're doing smart cache tags.