Crypto’s Breakout Week! ATHs, ZK Breakthroughs, & a Stablecoin Bill That Might Actually Pass

Bankless Nation, it is all-time high week. Bitcoin all-time high week on the Bankless Weekly Roll Up. Wow, feeling good going into this episode. David, how much of your liquid net worth is in Bitcoin? And I hope that answer is a lot. Um, I would say my liquid net worth in the top two crypto assets is something like 95%. So, pretty concentrated bet. Wow. Wow. You know what? I would caution you and I I I would say that's probably a bad idea, but instead I'm going to play this clip from legendary investor Stanley Ducken

Miller. My idea of risk control is a little non-conventional. I like putting all my eggs in one basket and then watching the basket very carefully. There you go. David Stanley says it's okay. Your strategy is fine. You don't have to be diversified. You just got to watch those baskets very carefully. You know, I've never really been a fan of diversification. It's just it's just not exciting. Oh man, I'm a content producer who needs like excitement and thrill in his life. And let me tell you that doesn't come

from a diversified basket of, you know, multiple different asset class assets like no. Okay, I was actually wrong. It's not 95% of my net worth cuz I do have like a pretty good amount of hood and coin and so I have equities that Oh yeah, that's exposure. equity companies that sell crypto and then I own the crypto that they sell too as well. Draen Miller would approve. Actually, you know what? At the end of this episode, I'm going to play the rest of the clip cuz it's just timeless advice if you're doing something like the crypto barbell. The beat in the background really adds a

lot of flavor to that. I couldn't help that. So, we put that in there. That wasn't me. David, we got a busy roll up today. First, we got to talk about this landmark stablecoin bill. That's the Genius Act. There was a key vote in the Senate. It passed that vote, but does that mean it's passed? passed. Is this now a law in the United States of America? The fight is not over. We'll talk a bit about that. Also, the United States cannot find any buyers for its bonds. The uh Treasury auction happened last night and no one was really taking the bid. Uh so, what does that mean? Yeah, I didn't buy any bonds. Yeah, that's Yeah, clearly our demand was not

expressed in that market. Uh bond yields are up. What does that mean for everything else? And is that why Bitcoin is at all-time high? Also, in uh cryptoland, there's a week of upgrades. So, not quite for Ethereum yet, but there's some exciting ZK miracles on the horizon. We'll talk about that in the story of how to scale Ethereum mainet, the layer 1 to 10,000 transactions per second. Also, Salana with a big announcement this week talking about their own beam chain. This is like a major consensus engine upgrade to Salana. At least that's what's being proposed. We'll talk about that. And

then also, Texas is the first state to create a Bitcoin reserve. That makes sense. Texas. Yeah, I feel like it would be Texas. Yeah. So, how much how much are they buying? Uh, and are they buying anything else? We're We're gonna get to all of this and more, but first a message from our friends and sponsors over at RE. RI is a realworld restaking platform that leverages reinsurance contracts to generate yield on staked capital. So, users deposit stable coins, USC, tether, die, etc. into risk pools and then users earn yield that is

uncorrelated with typical market volatility. Uh they have produced $143 million in supported premiums to date and backs 26 insurance programs in the United States. So you can earn real yield by backing insurance premiums. You should probably do your homework before you do this. Uh but if you want to do your homework, banklist.cc to get started. Oh, stable coin yields. Love that story. Uncorrelated stable coin yields. Unc uncorrelated. Here here's another story I like, which is the price of Bitcoin on the week. just give give it to us

straight cuz we're at all-time highs at the time of recording. So, uh, what's the price of Bitcoin right now? Up 8% on the week to 111,300. What is that all-time high number that if you scroll down a little bit, Coin Gecko will tell you the the actual all-time high mark? Oh, really? It's on here somewhere. Yeah, there. What? One 111512. 111. That's a new number. 512. It's the new number to beat, which we are within $200 of. So 8% on a on the week, 8% on a

$2 trillion asset on Bitcoin is pretty nuts. That's a lot. That's pretty nuts. Uh so not only this, uh David, I I wanted to wish you uh happy Bitcoin pizza day because happy happy Bitcoin pizza day. How many of our listeners do you think are not aware of what Bitcoin pizza day is? Few. Because I think our listeners are incredibly uh cryptosavvy and uh they've been with us for a very long time on this journey. David, but why don't you tell us the story of Bitcoin pizza for those who have forgotten or for those who maybe just

don't celebrate this? Yeah, Bitcoin pizza day is the first like transaction involving Bitcoin for like a real commer. It was real commerce and so one individual llo hyenesis um just posted on I think the Bitcoin talk forums. Yeah. Said, "Hey, I'm interested in purchasing pizza with Bitcoin." Uh and there was no price for Bitcoin at the time. It was not trading. This was May 22nd, 2010. 15 years ago. 15 years ago. Yeah. Uh, and so this so some person

said, "Oh, I will accept Bitcoin and I will call your local Domino's and I will send you pizza." Papa John's fun. Papa John's, excuse me. Excuse me. Excuse me. And Domino's. Two individuals agreed to a price of two pizzas for 10,000 Bitcoin. And so this one individual called up the Domino's by LLO's house, ordered him sent him two like cheese pizzas, maybe pepperoni, I don't know. And then LLO sent this man 10,000 bitcoins. And that was the first realworld commerce transaction of Bitcoin. I'm looking at the pizzas here.

I see one cheese definitely. One cheese and one's like kind of an everything. Got some olives veggie. Yeah, there's some Yeah, peppers. Yeah, for sure. Yeah. And the one side the one side might Honestly, I'm I'm going to tell you, Ryan, these pieces do not look very good. They were expensive pizzas. Let me tell you because this is 10,000 Bitcoin. Give us what's the price of that right now. These two pizzas. These two pizzas, these two very midl looking pizzas were purchased for what is now worth $1.2 billion today. Wow. It's funny that the first use case of Bitcoin is money was

actually not as a store of value. It was as a medium of exchange. So, get some pizza. Uh anyway, happy Bitcoin pizza day. Tell tell me about ETH price in the week. I will tell you, Ryan, how many weeks have you you been back on the weekly rollup? This is number four. Yeah, it's Are you going to tell me it's always been? It's been green since I've been back. It has been green every single week since you have been back. Correlation or causation? Four. And four is starting to be crossing the line of okay, this is like four like we are in

that line of like, you know, three is just not a big deal. Four is like, okay, I'm seeing a pattern here. If we if we start to get like six or seven, I'm going to be like, what what's going on here? Just got the magic, David. I don't know. E ETH is up 4.5% on the week. This is the first week that ETH was up less than Bitcoin on the week. So maybe Ryan's losing a little bit of his magic, but not we'll be back. Yeah. Yeah, we'll be back. Yeah. Yeah. Also, it's worth noting that ETH supply on exchanges has dropped uh below 4.9%. So, the total

supply of ETH, less than 4.9% of that is on centralized exchanges. Now, there's like a bunch of noise in this chart. So, if you go and you put your ETH inside of Coinbase and then you stake it, that go leaves the exchange technically. Oh, it does. It does. Yeah. I mean, it depends on how they count it, but yeah. So, I mean, it's not there's not a as much signal in here as there was, but nonetheless, generally, yeah. What why what does that mean? Why is that a good thing? It means it's easier for ETH to move in price. And also like there's just less ETH on exchanges to be sold

and so incoming dollars can move the price more when there's less supply on exchanges. There are like 10,000 other variables that also go into that. So I don't like rely on that. But it's worth noting. I choose to interpret this as bullish, David. It could only be bullish. It could only be bullish. Bitcoin is also super low too on exchanges too. So it's bullish both those assets. Um the I think a big question though is with um Bitcoin doing this well is are we going to get that alt season? Okay, this is a chart of Bitcoin dominance right now. Okay, this is uh over the last couple of years.

Look at we're at about 63% Bitcoin dominance. So Bitcoin dominance of course is a measure of Bitcoin uh as a ratio of all the other crypto assets combined. You got like 7% of stable coins in here. Bitcoin dominance has been ebbing up all the way from I guess you know 2023 up until now and we're at 63%. So at this point in the cycle you're looking at Bitcoin. It can't be stopped. It's like Bitcoin's world. We're just living in it. And the question that crypto folks are asking is

like uh are we going to get an alt season? Like because we get alt seasons in previous uh bull market seasons. Yeah. Like so here's an example of an alt season, right? It's when the Bitcoin Bitcoin goes down. This happened in a hurry. So this happened from December January, you know, like 2021 to it lasted until about I don't know 6 months, a good 6 months of a massive runup on everything else when Bank list went from niche to huge. Yeah. Yeah. Yeah. I remember those heady days. So do

we get an alt season? I know Arthur Hayes answered in this because the episode if you listen to it came out Monday. He was like, "Yes, we will get an alt season. It just may not be your alts. That was his take. Yeah. Yeah. Back back then there were very few alts. There are quite a lot of alts now. Sure. Sure. And I don't really like calling uh ether an alt, but I kind of think we have to like when when ether is just like 15% of the market and bitcoin is like 64%. It feels much more like an alt, right?

Even though I think it's the most legitimate number two, it's still like Yeah, it's an alt, right? I like directionally I think alt just means downstream from Bitcoin and the further away from Bitcoin the more alty that you are and also it's worth noting that like Ethereum leaned into alts via the creation of the ERC20 token and so it was you know Ethereum was the original pump fund and so it it spawned alts as a product and so it is the leader of the alts in the sense that it was the first

platform to create tokens on yeah I just I resist alts I still just It's like slightly derogative. It's like slightly like you're punching down. I feel like Bitcoin calls all these alts and like I don't know what their names are. I don't even think about them. They're just the alts. I don't know what they're called once once uh Ether is back to like, you know, above 20% in terms of market cap. I'll, you know, stop calling it fair game now. Anyway, this is Chris Minsky saying if ETH keeps making moves against Bitcoin, which it is, David, that ratio, actually you mentioned it since I came back, huh? uh the ratio of um the Bitcoin ETH ratio is

uh doing quite well and Chris says may all your bags moon for a period. So he seems to think that ETH is going to be a leading indicator for alt season. Yes. ETH BTC goes up during alt season. That's how it works. That's how it's been. Do you think it will continue to be like this? Yeah. Yeah. Yeah. Yeah. Cuz like Yeah. Yeah. I do. I I definitely do. When capital moves down the market cap stack, ETH BTC goes up. Okay. You know, a market that's uh not finding any buyers these days is the good old bond market. David, do you see this? This is never bought a single

treasury in my life. Let me tell you, you should you should you own like dollars, right? You just don't store like your your wealth in dollars. I guess I own like some dollars. Yeah. All right. Well, any dollars you own, if it's like any substantial amount, you shouldn't actually own dollars unless you're going to you're going to spend it in the next couple of months. You should own treasuries, right? If you can I'm going to spend in the next couple of months. Okay. All right. Again, back to the uh drunken Miller like thing. That's how that's how David rolls. But uh they were trying to sell some bonds in the market this week. And here's the headline from Reuters. Tepid demand for

US Treasury auction shows investor jitters about tax bill deficit. So what's going on? What's going on is bond prices spiked, David? Particularly long duration bonds. Let me show you chart of what happens when there's tepid demand. David, this is um 30-year government bond yield for uh US 30-year treasuries. And this is um rates, interest rates spiking up. Y you have to pay people more, right? Investors are going to want more return, right? If they're going to lock in to a 30-year bond, and this is

like price over time, it's now above 5%. Yeah, that's that's you're zooming all the way out to 2020. Can you go even further? Can you turn the candles to like monthlong candles? It has been worse. It has been worse. Not since 2007. Yeah. Wow. What happened then, right? Wow. Okay. So, um what actually happened was on Wednesday there was a a longduration bond the 20-y year actually with about 16 billion of 20-year bonds hitting the market and um that's when

bond prices started to spike because they couldn't find enough buyers. And so, David, if you're thinking about something like uh you know, 5% that's almost like um that's worse. It's worse than my like my mortgage, my personal home mortgage, right? I got 30 fix rate. It's a bad deal for the government. Exactly. And Okay. So, if we're paying high interest rates, what does that mean, do you think, for like the deficit in general? US deficit. Yeah. Uh I mean, it's not great because you have to print more money to cover your your debts. So,

if you have 20 20 uh year yields at 5%, if you have $1,000, what are you going to get back in 20 years? Exactly. That's what investors are asking. Oh, I'm asking you actually. What am I going to get back in 20 years? Does a $1,000 get you at a 5% yield over 20 years? Just like the 5% annual return for like 20 years, right? $1,000. Yeah. Two $2,600. Right. Right. So, so people are evaluating the dollar is going to like lose that much of its value. Two and a

half times. This is a chart of uh US federal debt. You've seen this chart before, but look at his spike up. Like, would you lend to this guy where look, let me tell you, I would love to ski down that slope. That looks sick. all the way up to $36 trillion. Uh, and as a reminder, who owns this debt? Uh, twothirds of it is public debt held by US investors and about a third is held by, you know, foreign investors. So, Japan, China, they'd be at the top of the list. Uh, why do you think this is happening, David? Why are investors like not confident uh in these bonds? Why are

they demanding higher higher rates in order to hold them? I think this was always inevitable. That's always been the deal when you have like unsustainable debt. Uh the spark that lit the fire is the Trump tariff uh shenanigans which has removed uh international emphasis on the United States as the like lowkey of finance and reinvestment. And so we would print money, we would buy the people like foreign goods, foreign goods would come into the country, our dollars would go out of the country, but then the dollars would come back into the country when

they would buy our bonds. Except that last leg has not been happening. Instead, people are buying gold and also Bitcoin, which is why gold's at all-time high and why Bitcoin is at all-time high. And so, instead of the United States stock market being and like Wall Street being the epicenter of all of finance, that is being like I kind of think gold all-time high is kind of this like limbo period where people don't really know where to allocate their capital because they don't know what the next epicenter of finance is. So, they're just parking it somewhere. They're just parking it somewhere. Uh, and then they're looking for like what's the next Wall Street? Where should I

rein where can I get the best yields? And like I think that has been this whole theory, this whole thesis of this arc of nations and the capital of the world has been the thing that we've talked about on bankless the entire time and why we're bullish on credibly neutral internet-based financial systems on the internet. That's where it's all going. Well, it's definitely it's definitely tariffs. Uh you're totally right. And some some people also thought that Republicans would take control of the government. They'd fix deficits. But did you see Trump calls this the uh a

big beautiful bill? This is the um uh the Republicans bill that's in the House right now for uh their new tax bill. And this tax the proposal here would actually add 3 to 5 trillion to the deficit, more debt for the next 10 years. He wants to cut taxes. He wants to cut taxes cut of the IRS staff, which means they can't even collect their own money, right? And so this leads to things like I don't know if you saw this this week. Uh Moody's downgraded US sovereign debt again, right? Moody's is a RA rating

agency. Anyway, this stuff's getting priced in. So the reality is there's a lot of elongated bonds that Treasury Bessant is trying to sell and this week they're having a little bit of trouble selling them. I mean there's still buyers. I don't want to overstate this case, but you can kind of see um investors buyers today than there were yesterday. Yes. I think that's going to continue. This is the Arthur Hayes thesis. It's playing out. What do we have next? Coming up next, the Genius Act stable coin bill pass a key vote in the United States Senate. Not the vote, but nonetheless a key vote. It's a pretty big deal. What does the Genius

Act do? What does it mean for issuers and holders? Uh, who's left pushing back on the Genius Act? Who doesn't like stable coins? We're going to talk about that. And then after that, Ethereum's ZK Miracle on the cusp of accelerating the layer 1 by not 10x, but something like 100x throughput on the layer 1, meaning we could also reduce block times, too. What does all of this mean and what was just announced? We're going to get to all of that and more. But first, a message from some of these fantastic sponsors that make this show possible like Uniswap. It's a browser wallet. It's a mobile wallet. It's also the best

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everyone, I look forward to making history hopefully this week as we continue to make progress on the Genius Act. What does it do? Uh I think it's it's very important to understand this. We're modernizing the payment system here in America. We're going to put America at the forefront of innovation rather than having America behind as the caboose. This is a dramatic new technology. Innovation is happening here in America. I don't want to see it pushed offshore. I want to see it happening right here. The implications of this are incredible in terms of protecting consumers. Today, it's an

unregulated market. Uh what we'll do is make certain that everyone knows that stable coins are backed by US dollars and that those dollars are backed up by cash and short-term US treasuries, the highest quality instruments, so that these instruments can be used for digital trade all over the world. This will ensure US dollar dominance. It will advance our position as the reserve currency in the world rather than see the retreat and decline that we might otherwise experience. The other thing that it will do is it will stimulate demand for United States treasuries. In fact, the projections are that by the

end of this decade, stable coin issuers here in the United States will be the number one holders of US treasuries in the world. Think about that. I'd far prefer a benign stable coin issuer to the CCP or other sovereign nations. So, I think there's a lot to like about this bill. I appreciate the bipartisan support that we we've received moving on to it, and I look forward again to making history with my colleagues later this week. Thank you. Cool. I feel bad for uh talking to Mac about bonds just now. Looks like Senator Hagerty thinks

there's going to be some buyers of bonds and they're going to be crypto users. Yeah, but I mean, we just get bonds at cheaper rates, right? Other people aren't buying them, so our stable coin companies get to buy them for cheap. Yeah. Arthur Hayes made the point that what what Scott Bess and Treasury really needs to sell is the long duration stuff. The 20-y year 30-year like treasuries are just like the short like short term there. It's almost like cash in the bank everybody wants. You buy a bunch of short terms and this and the long terms get better for sure. Okay. So, the senator alluded to some of this, but what's in the bill? It's basically like standards laws for how to become a

stable coin issuer inside of the United States. And so, it just sets some rules for stable coins uh from issuers. Those stable coins must be fully backed one to one by liquid assets. Pretty no Terral Luna shenanigans here. No Terral Luna shenanigans. Like you can't back your stable coin by Bitcoin or like a crypto asset or like even an equity. You have to back it by actual dollars or short-term cashlike instruments like short-term treasuries. Um issuers must regularly disclose reserves. Also good. Uh ensures that coin holders will be

prioritized in bankruptcy. So if you are a USDC or stable coin holder, you get paid first. So in a bankruptcy event, the holders of stable coins get their get the money paid out first. That makes sense. Uh mandates AML uh that was always going to happen. Uh and then it also tells uh it states who can be an issuer according to the Genius Act. That's banks and credit unions, non-bank entities, not limited to financial firms, but you must still register with a federal regulator. So, you're opening up who can be a stablecoin issuer, not

just like a bank, but uh who cannot be an issuer? Large tech companies. And I feel like they're just pointing their finger at Mark Zuckerberg on that one. They don't want Amazon or Facebook or like Google to become stable. Elon Musk. Yeah. Yeah. So they are separating uh they are separating tech from finance and making those things stay separate which is interesting because that is actually the opposite of the China strategy. They were like yeah throw it all together just centralize it all. Yeah this go and

and this is uh basically what makes a stable coin a stable coin. So it's the stable coin brand. This is not prohibiting things like D though right. I mean D can still exist. It just won't be a stable coin as defined under the Genius Act. I that's a good question. I don't know. I feel like I would have heard more outcry from DeFi lobbyists if it was doing anything bad to some of our existing I assume D is in the clear and I bet you that was a part of the whole transition from Maker Dow to Sky in the first place cuz like Sky has the censorable white list on the Sky stable

coin and I never did. So if this thing passes and keep in mind this is a bill in the Senate, okay? And this vote we'll get to the kind of the vote results. This was a preliminary. It was it was a vote. Uh and if it passed this vote, then they could vote on it. So this was a vote as testing the waters as to whether they wanted to do the real vote. But this was a this was a water testing vote. It's a pre preliminary vote. Absolutely. It passed. It passed. And stable coins are 250 billion. That's 7% of all crypto market cap. I mean, if

this passes, this has a potential like everybody's going to adopt stable coins. The fint's been waiting, the Visas, the Mastercards, the all of them, Stripes. They've got the infrastructure ready and they're going to grow this thing into the trillions. I'm I'm fairly certain of that. ETH is going to be very green that week. I will say I hope I mean it should be. I hope so. Knocked on wood. Yeah, there is there is some opposition though. Okay, so we'll get to the vote in a minute, but there is some opposition from the anti-crypto army. This is uh Senator Hagerty again on this. Well, the people that like

centralized currencies, this is a decentralized concept. You know, will you register with with with the various No, but I'm so interested in terms of who's trying to who was trying to get meetings with you for the last year to say, please, this is a terrible idea. No one in the industry is doing that. It has to do with my colleagues and and basically it's gotten to be a question. We'll find out tonight. We have broad policy agreement, uh, Democrats and Republicans. The question is, can we get past the partisan politics and allow us to actually have a victory? I would enjoy having a bipartisan victory. So there's there's nobody in industry who's saying this is a bad idea. No. So the

only people who are saying it's a bad idea to you thus far are you're saying just other politicians. For what reason? Politicians that want to see centralized control, right? And you know a centralized control. If you want that, buy the digital one. I don't want to see that happen here in America. I think it would be devastating for the dollar's value as the reserve currency. This will actually perpetuate the dollar's value as a reserve currency. It will extend that momentum. It's going to extend demand for US treasuries. It's there's a lot to like about this. How cool is it that some of the same talking points that we were saying like 3 years ago

about how it would extend the dollar, the brand of the dollar, it would be buyers of treasuries, you're seeing now from senators on CNBC. It's pretty cool. There's that's interesting framing that like the people that don't want this are the people who don't like decentralized um like stable coins, right? And it's more like decentralized networks, right? It's like obviously these stable coins are still centralized. They're still kind of onetoone treasuries. they're government issued. But I guess from Hagert's perspective, these are much more kind of decentralized because they're using uh you know open blockchain networks than the previous

you know closed ledger regimes. So he he's talking about some opposition here. Yeah. Who is he talking about? Which who who is the people that he is saying are the people that just want control? Well, I don't know if you saw this image of uh Elizabeth Warren as the vote was going through just on we Okay, we're looking at a picture of Elizabeth Warren on the floor as the vote was happening as Ryan just said and she looks unhappy. She looks angry. She looks angry. Oh, yes. Her arms are crossed. Well, she's

staring someone down. She looks like an angry lady. Okay, so what were the voting results for this vote in order to hold hold the vote, which is like pretty significant? the voting came in and it still trickled in for a while, but the vote came in at 6632 in favor. And so 16 Democrats joined Republicans to move the bill forward. Um, and then of course, uh, oh, Chuck Schumer remained opposed. Elizabeth Warren obviously remained opposed and Chuck Schumer also remained opposed. I wonder why Chuck Schumer remained opposed because he was always kind of the pro crypto Democrat. That's

funny. I I I have no idea. And actually, actually, they got three more than the um 66 that you mentioned. So, uh, you'll like this 69. 69. Let's go 69. Yes. Okay. So, the significance of this is that's a lot of Democrats. A lot of wiggle room. So, if we go to the real vote and we can still lose votes and the vote will go will pass. Okay. And the real vote happens sometime next week it seems like. So, after Memorial Day there'll be a real real vote, but since it passed this preliminary vote, it's

very likely going to pass the actual real deal vote. And then from there, so it's like approved in the Senate and that's the hard uh you like um congressional hall to kind of like be approved by and then the it goes to the House. Might be some changes there. Expect it to pass there. Basically, David, this thing looks like it's going to go we're going to get a landmark stable coin bill in the US and it's going to happen in the weeks to come. Yeah, I think as uh the the order of events that happened I think like yesterday uh was we got this vote in and

then Bitcoin started ripping, crypto started ripping, then the failed treasury sale, not the failed but like the the weak sale of treasuries came and nuked the market like and so Bitcoin went from like just breaking alltime high it was at like 109,000 it went down to like 102,000 and then everyone was like wait weak Treasury sales that's bullish. And then Bitcoin went to 111,000. Yeah. Yeah, I know. Uh, okay. So, let's say this thing passes. Looks like it's going to. We even talked to Mike Novograt. He was like, "Hey, this

thing's going to pass." You know, I'm talking to people in DC. So, it passes. What's this going to be good for? What? How about our banks? I can't invest in a stable coin, David. I don't want to do that. I want to I want to invest in a crypto asset that gets some uh, you know, upurge from this. So, there's like 190 almost 200 billion in stable coins. Like where do you think what percent where who which chain has the largest percentage and what's that percentage? I haven't looked at this in a while. It's it's got to be Ethereum and it's got to be hovering around I'm I'm going to say 60% uh 50 60% cuz I know there's a lot

on Tron still bunch of tether on I thought it was like 66 to 70% on the Ethereum layer 1. It's like 140 $150 billion of the of the stable coin supply on the Ethereum layer 1. So does Ethereum benefit? Also granted we have seen that like despite the absolute gargantuan growth of stable coins that has not necessarily shown up in ETH price for sure. This is uh Chris Berninsky saying of all the crypto assets the Genius Act is probably most positive for ETH given its stablecoin base robust DeFi infrastructure and