Good now revolutionaries — Evan and Alex take the show solo on Wednesday morning with Matthew joining mid-episode to help demystify perpetuals ahead of next Monday's trading contest. The lesson of the day: how to read a Pacifica order book, when maker vs. taker fees actually matter, and why a Jupiter JLP pool is basically a mini crypto ETF underwriting someone else's leverage.

The regulatory block: Evan walks through Ripple's 20-page comment letter asking the SEC to carve out a bespoke definition of "decentralization" for XRP. If a chain's validators are chosen by the parent company, is it actually decentralized? Hester Peirce reads these submissions — the public comment form on the SEC site is open to anyone who wants to push back.

Plus: Alex builds a live slideshow with Claude on-air to teach maker/taker mechanics, Matthew gets homework from the chat to explain mixers (he's working on it), tonight's RUAD guest is Gabe Coleman of Reamplify (crypto insurance for GPU data centers), and tomorrow's RUMS brings Greg Nehmer, Head of Growth at Pacifica, to walk through the trading-contest venue.

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