This week on @GSR_io’s The Crypto Tape: Uniswap protocol has done $5 trillion in trading volume. But when I sat down with @haydenzadams at the RWA Summit in Brooklyn, he still talked about what Uniswap is building like it’s in the early innings. We unpacked why Hayden thinks tokenization is really about the digitization of value, why automated market makers win on cost of capital rather than raw efficiency, and why he describes Uniswap as a liquidity network - not a decentralized exchange. We also got into what Robinhood chain reveals about the growth of both RWAs and memes, where firms like GSR fit as automated market makers reshape liquidity, and the distribution flywheel that can make a Uniswap pool effectively “listed on every exchange at once.” A wide-ranging conversation about where markets are heading and what the next generation of liquidity infrastructure could look like. Episode drops tomorrow.