Good morning everyone and thank you for joining us.
Welcome to another episode of Four More, episode 192.
Can you believe it folks, today is Tuesday, September 3rd, 4th.
It was an amazing Labor Day weekend in Chicago.
Sun was shining, it was 80s and sunny.
A little bit about a touch of fall weather.
Just an absolute gorgeous one here in the Windy City.
And then I spent a decent amount away from the screens
celebrating my daughter's 4th birthday.
That was a big one. Came back catching up and it's
it's wrecked timber rectimber all across the board.
I'm sure we'll get into it on today's show.
No faroque folks still out gallivanting around Asia, but
we've got Mando and Logan on with us here today.
Mando, Jim, how you doing? How was your weekend?
Yeah, I thought we didn't speak yesterday, didn't we?
Everything's great, man. How?
How are things for you? Very good son's first day of
kindergarten today. So that was a big one.
We got him all all dropped off and ready to go.
It was fun having him home. I was running daddy daycare
along with the show duties here the past few weeks.
But it's nice to nice to have him back in school.
But it was it was a nice weekend.
Excited for him and my daughter's back up and running
as well. Logie, Jim, how are you doing?
Good morning. Yeah, I'm doing well.
Weather was perfect here as well.
Not much going on in the market, so OK to disconnect for a bit if
you're up for that. Excited to hop back into it
though. Are you following the US Open?
Have there been any big surprise of.
Course you're I'm following the US Open.
There have been many big surprises over the course of the
last week. Carlos Alcaraz out in straight
sets, Djokovic out in four sets. It's been wild.
But we're we're running into some real good tennis here for
the duration of the week. It's it's a good time to be a
tennis fan. American Tiafoe.
Am I saying it right? How's he looking with some of
the the bigger dogs out? OK, his draw's OK.
He's going to miss Sinner, which is huge.
So he plays today, later today against Grigor Dimitrov.
Chance to make the semis again, Yeah.
All right. That will be a big one, folks.
What are we talking about as we recap Labor Day weekend in the
markets? We're going to start with Mando
Report. Wreck Timber is here.
We've got Pump Fun hitting their $100 million revenue mark and
spawning a new competitor, Ethervista.
What the hell is Ethervista? We'll talk about that.
FT XS $16 billion bailout package is coming in Q4.
What's that going to mean? We've got base adding 3 million
users per month. What is going on there?
We've got X copy and egg leading the NFT board.
Some actually some some some of the big NFT weekend records
actually looking pretty good as well.
We got Zynga, they got CTO over the weekend, and we've got
predict dot fun going Live Today.
We're going to talk about all that and more.
Plus we've got the roll bit spins at the end of the show.
So make sure you stay tuned for that.
As a reminder, retweet the spaces, follow all the hosts to
make sure you are eligible. And then shout out to our new
Galaxis. Galaxis is a no code Web 3
platform that empowers creators and communities to become owner.
Check out at Galaxis XYZ on X or Twitter.
We are very excited to have on board.
Well, all right with that with and let's get into your market
report. Who is the man Macro daddy of
the land? Can you dig it?
GM, everyone. So yeah, it was Labor Day
yesterday. You, everyone else was at work,
it seems like, but crypto had a little bit of a stronger day.
We'd had, what was it, 9 straight days or eight straight
days of down in Solana, Bitcoin had gone all the way down to its
lowest point in the last two weeks.
Looks like Tyler has frozen slightly, but no, you're back.
ETH had gone, has been slightly outperforming.
Actually ETH had been doing slightly better at least the
last few days. It feels as though we had a
little bit lower today. Stocks, stocks have opened a
little bit lower for to start the month.
I think a lot of people are expecting a a weaker month here
for crypto. It seems like that may be well
flagged just because of the the previous correlation to weak
September's. I don't know what you read into
that, but it feels as though people are positioning for that.
At least we started today with open interest going higher,
everything kind of staying at the same price, which normally
indicates that shorts are being added.
Open interest is, is, is creeped up quite a lot as bitcoins gone
down from 63 K to to kind of 58 K.
So maybe we're still in room for a short squeeze, but I don't
know about the market here. I have to say that I've been I,
you know, I've been in jail P for a long time.
I have been slowly considering moving that position basically
back into Bitcoin just because I feel as though I'm most bullish
about Bitcoin right now and I'm a little bit unsure about
activity. It feels as though activity is,
is we need a new Ponzi really for everyone to get really
bullish on and that seems to be drifting away with meme coins.
And I just, I think it might take a little bit more time for
that to like that craziness to come back again.
So I think Bitcoin's looking OK. I do think that the L1 trade is
still looking a little bit precarious here.
There's been some return back to ETH and with with some of the
NFT stuff which has been going on and what we saw with some of
the memes with Ether Vista. So maybe ETH slightly
outperformed here, but it does feel as though in general, I
don't know if you've seen it, but Coinbase is back down to
like 480 on the on the on the app list, the Google, the Google
search for for bitcoins that like a a multi year low.
Again, it just feels as though I'm bullish on Bitcoin and I'm I
find after that I get very, very unclear where where to put it.
So yeah, that's, that's kind of how I'm feeling going into this
in terms of like any like big new news.
It's really Korean Blockchain week.
And then we've got Slana break point next week.
Oh, sorry. In two weeks, I think they are
after token. I think there's going to be some
announcements around Solana. There's already some
announcements already, which don't seem to be their big ones,
but MERT has been MERT has been flagging.
They're going to make some huge ones over the next few, few
weeks. I imagine one of them will
definitely be around Fire Dancer, and then we'll see what
the other ones are around. To be honest, the main thing
we're gonna need? Some announcements with this
this price action on Solana and you were talking about the
unlocks coming? Well, it's I just picked up on
because somebody else was tweeting about it this morning
and I was like, I thought they were more linearly linear, these
unlocks, but they seem to be very front loaded.
It looks like about I think it's like 1.5 billion of or around 2
billion of dollars worth of unlocks, maybe even slightly
harder than that happening in that February, March, April
period. You know, that's not a small
amount for a chain at at at 75 billion so or 60 billion even.
So I I think that that will a lot of people will talk about
that like be prepared for December ETH Maxis to be
absolutely hammering Solana for this.
And I reckon there could be some and I think the main bullish
thing here was that so I was beasting everything in terms of
volume users, left curve stuff. And if that doesn't pick back up
again meaningfully, then I do think that becomes quite a
powerful narrative. It's something that I I really,
I believe a lot more in crypto is bigger than any other market.
Like when there are no knowns about supply in other markets,
they also don't lead to as big A price swing.
But when, when you get these like big indigestions of supply
coming in, like we've seen with Bitcoin, maybe even with what we
saw with like JUMP and ETH, right?
It does take a, our market is quite small.
When you have that much of A net seller or a net bar or
something, it can really affect the price.
So it's something that's really on my radar right now going to
the second-half of this year, like I just said, or going to
the final quarter of this year is that I think Bitcoin's got a
really strong case. I think we're probably going to
have to wait a few more months before people go full left
curve. I think a lot of people did come
in with that mean coin, or at least some people came with that
mean coin thing. I don't know what we're going to
sell them in the next three months for them to like
desperately come back in so that they can gamble.
Maybe it's AFTS, but I feel like I don't know if that's our last
cycles as well. Like people might not believe to
come back to start trading NFTS again.
And so you're really resting on like the long term drivers of
crypto, which I think like things like payments,
tokenization, maybe some of the like the broader D5 protocols,
but those those feel like a slower cook for me.
So you can see it, right? Anson's tweeting about Robit.
He's not tweeting about memes. He's too like there's a return
to like this sort of like D5 style coins that we're talking
about or coins which have good burn and look cheap on a burn
metric and that sort of stuff. That doesn't tell me that you
bring in like all your mates. So that's that's kind of how I
feel about the market right now. We had a big talk about me, me
OV and and Ben, who's like the other partner at Canary Labs
this week. Just just kind of what what to
play now for the rest second-half this year.
And I think we all kind of conclusively said that.
The only obvious one was Bitcoin.
And then after that it gets very, very unclear.
There are no obvious trades right now.
I, I would tend to agree with that.
And it, it feels like we've kind of totally reset all of the all
the bullish energy from Q1. Like you kind of mentioned that
like Coinbase is down to 480 in the App Store.
The trends are, are down. It feels like interest in crypto
is is low has been quite some time, which is interesting
because it it feels like it's such a bigger topic like in this
election cycle. So this was part of it is making
it. So it's so surprising, I guess
to me. Well, we've got the one somewhat
bullish, maybe it's bullish catalyst.
So FTX the I saw the $16 billion that they are owed to their to I
want to say it's the users of the their, their platform that
is coming in Q4. So I think that is perhaps one
that's in this. Case, yeah, I think, I think
the, the biggest bullish things that are coming here are global
liquidity going higher at the election and and FTX.
Those are like the the big ones in terms of like liquidity
coming in the. But I think honestly, I still
think that most of those go towards Bitcoin than than the
others. Maybe, maybe FTX gets like more
mean coins of stuff going crazy again, but you just don't know.
I feel like that one. That makes sense.
So we're in September are are there what, what are the big key
macro events to watch? So we've got I think FOMC is
coming up September 17th, 18th. I want to say are, is that
pretty much it for this month? Do we have more major items to
look out for? This is the, this is the final
FOMC before the election. There's one assume very soon
after the election. And I think it's really just
like the rate of cuts. So the FOMC will they are going
to cut rates, but it'll really be do they do 50 bits, do 25
bits, do they do 25 bits and then indicate they're going to
do two or three more by the end of this.
So that would be the main thing, the rate cut cycle.
And I think we'll probably see rate cuts also come out of UK,
France, not not Japan, but like most, most of the other major
central banks will also be moving towards cutting rates.
So you're pretty much for the, for the rest of this year,
you'll probably see every other week some central bank around
the world cut rates. That's, that's kind of what
we're going to be in. And I think we're going to be in
that. I think global rates are going
all the way back down again. You know, I think they are we're
going to end. I don't, I don't think we're
going to see money printing in the same sort of way, but we are
going to see global rates come down significantly across the
board pretty much in every major economy.
So I think that that that would be the, the thing that people
will be looking at. And and then probably just are
we going to head towards like a recession or is it going to be a
soft landing will be, will be the main thing.
So I think any bad piece of economic data as well will be
taken pretty badly by the market over the course of this, this
rate cut like the remain thing will be here is we're going to
go through a rate cut cycle now for the next, let's say the next
18 months. And we really don't want the
economy to fall off, fall off a Cliff.
So I think also there'll be a lot of focus on on rate cut data
where it's interesting. Interestingly, sometimes when
there's been weak data up until this point, sometimes the market
rallies because they assume rate cuts are coming.
We know rate cuts are are on course now.
Now it's just really do they knock off the market in between,
right? And historically, Q fours of
election years are historically good.
So we'll see if that pattern repeats itself.
Walter Bloomberg tweeting out this morning that city is laying
out its case for the Fed to to do the 50 bips cut here in
September. Auto markets still not really
pressing on it so that they just still have it at at 21, at just
a 21 percent chance of 50. So I with this now just two
weeks away, I think we'll see more on.
They should have cut rates in June.
Market. They should have cut rates in
July. In my opinion, 5050 bit rate
cuts are pretty aggressive. Just as they don't often happen,
like they really, really don't often happen.
It shows that they've, it would almost be an admission of guilt
from the, the Fed that they kind of screwed up because they've
had ages, absolutely ages to cut rates.
And then to then go say that they're going to do 50 bits on
the first one, that would kind of indicate that they they were
too late to it. So I reckon to save face,
they'll probably do 25 bits, but they should do 50.
Like inflation is low, it is low and rates are really high.
So if if they're just looking at that metric, they should, they
should. They should cut it more
aggressively in my opinion. Yeah, I, I, I still like the the
50 side of this. We'll see what other data we get
in, in the next Logan any, any reactions to any of the macro
chatter that that we've been talking through.
We'll get to Ethervista here in a minute.
What? What's top of mind to you and
any reactions from the long weekend?
Yeah, nothing crazy, you know, just personally some excitement
about the FTX potential repayments.
There might be a rent check in there for me as to potentially
reap back something I thought was long lost.
But you know, nothing crazy for me.
Like I said, these things aren't shifting my opinions on a daily
basis. Just kind of expecting at this
point, more boredom, more chop, you know, in in book directions
for the foreseeable future. I hope I'm wrong.
I always hope I'm wrong in that regard, but I'm I'm going to
remain kind of held down to a certain degree for the
foreseeable future. Yeah, makes sense.
Look at the mean board. I think Wog is really the only
is the big winner that's jumping out.
Let's see where they're at. So they're well, I guess they're
giving back some gains now, but they they hit I want to say they
hit 90 million walk up 90 million here Yeah, give back.
That seems to be the the one getting all the attention.
We saw some some decent action in like the 20 to $40 million
range knew if he had a nice day again in, but again it it the
the above 100 million meme market from three to four weeks
ago that that's that group was taking a pretty big hit.
Dude, have you seen Nero? Oh no, I've been purposely not
checking on to figure. So like which one's the the Nero
that that ran up high? Is.
It really at 43 million. That one, that's not even it.
Dude, yeah, that's not it. Keep on going.
No way it's at 35. No, not even that one.
I think it's, I don't think it's even that one.
Dude, seriously. No, it's not that one.
Which one is it? It's the one at 20.
Four. Oh, my gosh.
All right, so Nero on. Wait, this coin hit 250 million?
Yeah, it hit 250. Million, 300 million.
OK, hit 300. Million and then it's.
Gone down and after showing it non-stop and you know he's been
somewhat showing on the way down.
Oh my gosh. Rather.
Need to get some new teeth, you know.
The bubble mats team, they were pounding the table on the the
insiders controlling like 70% of this token.
Well, they've everyone knew that.
Like I don't think that's like a prize.
I think everyone was just hoping that they they would.
All this what this actually tells you is the state of the
general meme coin market, even from a KOL perspective.
Like if KOLS are like jumping over themselves to sell
something like that is just bad. How, how do you fumble like a
300 million like I think? It was this fast.
Oh man. So I, I'll be honest, I haven't
even really been been tracking this one that is, but that's
painful. So now the question is, is will
Ether Vista, the, the shiny new pump fund competitor, uniswap
competitor? We'll, we'll get into that in a
minute. Will that perhaps inject some
new energy into the ETH market? Or perhaps will it do the
opposite? So for a quick, quick TLDR here.
So it was a big weekend for pump fun.
Pump Fun hit $100 million in lifetime revenue, so huge
milestone for them. At the same time, they have a
new competitor launching in Ether Vista, it's native token.
The Vista token did soar to a $25 million market cap.
It was one of the bigger winners over the weekend.
It is tied to this Ether protocol.
So what is it as I understand it?
Here's how it works. So users can create their own
coin contracts. Ether Visa does not do this.
Ether Vista does help with the token launches.
They provide users with LP tokens from their own native
decks and then the users get to this whether to burn those LP
tokens or not. And then they do have within the
decks these hard coded buy and sell fee that go to the LP int
the coin creator. So I've seen some folks called a
pump funk competitor, I think because of its native decks.
I've also seen many compare it to Uniswap.
More so than than pump fun and the decks is important.
This is where they use a portion of the fees to auto buy and burn
that native Vista token I saw this morning I think 2% of the
the Vista tokens have already been already been burned.
So we saw some nice price action on Vista though giving a lot of
it back here. So the the Vista token Ranta,
yeah, close to 3030 million on see early Monday afternoon.
It's down about 50% since then. So that's a little bit of that
some disappointing price action here into Monday with such a
pullback from what had been what seemed like an exciting launch.
And then you can see on decks the the Vista coins, ether Vista
coins all had this multi colored Ethereum symbol so that you can
quickly see them. Not a single additional meme
over a $1 million market cap. So it doesn't feel like this
one's really generating a whole lot of winners.
Just Vista Dog was briefly a winner yesterday and we see it's
down 84%. Not great.
Logie, I'll I'll see this one up to you.
Did you play around ether Vista this weekend?
Did you see or any early reactions here?
Just been messing around with it off to the side trying, trying
to learn how to navigate it, which is proving challenging in
my opinion. It's kind of got that retro 90s
Microsoft type thing, which I've done on purpose here.
And you know, like it's not. I don't think it's easy to
understand exactly what you want to do.
Far less easy if you want to compare it to pump fun.
I mean, far less easy than pump fun in terms of finding
something to participate with. Maybe the launcher here is
similarly easy because there's a tab that says launcher, but you
know, it's it's difficult. I I think you nailed it with
the, you know, pretty much some morph version of uniswap plus
pump fun. And I'm all for the the
innovation here and the the cool, like, you know, instant
auto buy back burn the token, all those like weird tokenomic
wrinkles that introduce some level of innovation or, you
know, a culmination of different things we've seen from other
protocols into one. That's cool to me, but this is
difficult thus far for the user, at least in my opinion.
And of course maybe I'm far too dense to join the Etherium D5
community, but a lot of work would need to be done in my
opinion for the easy on boarding to make this go as haywire
perhaps as they're hoping to make it go.
Yeah, I'll admit this is my one of my first times playing around
with it. So that there is really no
discoverability that or that that I'm seeing in this platform
and press again, maybe maybe we're missing it.
I'm not seeing that at all. So I guess now that makes it
seem more comparable to Uniswap where you have to have the
tokens already to come in and do the swaps.
Because Amanda, did you did you play around with this at all
over the weekend? Any initial reactions from your
side? No, I mean, I followed Jing Tao
and I woke up in European time obviously, and he was still
tweeting about it. I think he'd put like an all
nighter until like 3:00 AM Jing Tao is this has been called the,
the Ansem of ether Vista. So he was involved in all a lot
of the early coins. He's you, you will know him.
He's he's come up a few different times.
I think he's got, you know, like his fifth account or something
like that. But he he was involved in Vista
and it was hit, hit 15,000,000 when I woke up and he was like
he, I think he posted that he made like 150 grand or something
like that. And then it went all the way up
to 30. I think a lot of people were
like, oh, this could go to 100 and then 30 is the new 100 in
memes. That's basically what it is.
So I, I don't know, are ETH Maxis or are ETH people who are
who really want to, are they going to carry the ETH the the
meme coin torch now? I feel like everyone's this is
kind of what maybe to take a step back.
I felt like six months ago I could tell friends in a non
crypto friend group, hey, you should get involved in these
memes. They're like a lot of them are
doing crazy numbers. I don't know if I can make that
pitch to a lot of them right now.
And I think that's like that's kind of a big change for me.
It feels kind of like, do you remember last year or 18 months
ago where it, although some really good means were created
like Mog mog was at 20 million for like 6 months, right?
Like and it couldn't, it couldn't break out.
Like it went to 30 sold down. So I feel like when maybe in
that sort of period where it's a bit more PvP, you got to get the
old shot for that one. It's a bit more PvP.
Everyone's idea of of like a of what's a good upside here is
probably less. That doesn't mean they don't
come back strong. Essentially when Bitcoin goes
to, you know, really starts get going.
Maybe, but I feel as though I don't know, maybe maybe that's
the next month, maybe towards the end of the year thing and
deciding those, which means will be really strong will will be
it. But someone said, so why not buy
now, wait out, wait out. I think, I think you can.
I'm just trying to tell you that I think we're in that sort of
period. It's a way out sort of period.
I wouldn't be buying into FOMO, like even flog, right?
Like fog's done incredible to get to 90, but you kind of know
that it's also going to get smashed down one day.
It's hard to yeah, it's very hard to buy at at this level
just because every every soul meme that's done this run the
last two months, like Billy, yeah, I'm going to think about
it like Billy's back down to what, like 20 million or
something. So like you have to just be so
fast. And you're right.
Like I I wouldn't tell a normie friend to buy a meme right now,
but. That wasn't the case two months
ago. It might come back as well like
these are. I think Anthem also said the
other day not to be quoting him too much, but he also said this
is the time to find 100 X's. I do think that this is also the
time to find 100 X's like people were talking about Mog and did
basically well did like a close to 100 X right over the course
of the last year. I do think you got to find the
coins which have a good community.
Your look like they're going to be multi cycle and probably been
smashed lower and think right, well, yeah, this this could be a
a really strong one. Interesting, This is the time to
find 100 X. Well, certainly we we, we've got
the coins beaten down. Logan is wrapping up the Ether
Vista conversation. Are we going to get the 100 XS
from Ethervista or is this this is going to be more of a flash
in the pan? What?
Do you think not if they keep naming every stupid token Vista
X Yeah, Vista. Like that's the other part of
that. Like why?
Why so bad? I mean, it's tough to come up
with something off the name of Vista, so I mean that that's
there as a roadblock to begin with, but going to come up with
some better memes probably. Let's read Let's just read these
memes list real quick. So Vista printer ether pasta
Vista dog Vista La Vida Viva that that one's OK V MILF bojack
which is a wojack Vista version Vista they're.
So bad. It's a rough list.
Yeah, I, I don't, I don't expect at least of those that you just
mentioned and listed from the Deck Screener.
I don't see 100 X out of those unless they've already hit them,
you know, at one point in retrace, which I don't, I don't
believe has happened, but I'm not, I'm not writing it off just
yet. I feel like I read from Sammy,
from Mocha. I was reading his thread about
he broke down the thread on Ether Vista as well.
There's an unlock. The first unlock is tomorrow,
which which yeah, which may be impacting price a little bit.
So I'm not, I'm not throwing this away yet, you know, like.
The first unlock is like five days after the thing launches.
I think that's part of the thing.
Yeah. It's like they did apparently
some analysis on, you know, rug timing happening in the first
two to four days or something. So five days is the unlock
period. So I'm not, I'm not ready to
throw it away. I need to learn what, you know,
how to find stuff there. Maybe I need to find, you know,
the Ether Vista KOL accounts as well.
It's. Just one.
It's just what yeah, it's Jing Tao.
If you want to trade either either Vista memes, maybe put
him on notice. I I think my only take away on
this is I feel like one of the bull cases for Ethereum memes is
that there were far fewer than on Solana.
You didn't have the pump fun equivalent on ETH, so you didn't
have the velocity. So perhaps it was a little bit
easier to pick. So actually, I don't know if
this is not good for the Etherium ecosystem, but
certainly we'll see in ecosystem news in the L2 front.
So this some base numbers caught some attention over the weekend.
I actually tweeted about this a few times yesterday.
I'm trying to wrap my head around this.
I saw a Milk Rd. tweet and then dug, dug in a little bit.
But apparently base users, I've got users and quotes here are up
to almost 14,000,000 active on the monthly that is up folks
from just you know, they were 4 million back in at the end of
May or in June. So effectively they had 10
million users in just a handful of here.
So question marks in my head of of what are they all doing?
Who, who is this and why are they here?
Some thoughts. But you know, Logan Mail, it's
also going back to you first here.
Did, did you see this? Do you have any read on what
might be happening in the base ecosystem to drive 10 million
new users? Yeah.
So just from your tweets, Tyler, and some discovery of just a
little bit beyond that, no real clear read, you know, as to what
that is. Of course, we saw some headlines
last week about AI agents starting to transact on base
right with each other. You know, you have the Coinbase
wallet connections and the easy onboarding to base from
Coinbase, which has 100 million plus users as well.
So it doesn't necessarily like, you know, strike me as odd or or
strange that the numbers would be like this, but it also just
doesn't mean anything to me or like matter too much to me
personally. Like I'm not super excited at
the number or the growth of base at at present time as an active
user in web 3, nothing is still compelling enough to get me over
there and and get me active on anything at at this point in
time. So it doesn't mean anything to
me, you know, I guess if you're in a different cohort of users,
like if you're an active D5 person, maybe more active users
monthly, you know, of course, increased TBL, those types of
things matter to you more as a just a general participant.
This doesn't matter so much aside from the fact that, you
know, maybe it's time to start paying attention to the things
that are being built on top of base, which again, I, I have not
seen too much at at present time.
That's got me super, super excited.
Yeah, I I'd say I've got similar, similar read there.
I so I put this out there. I got a lot of replies at first,
no one really knew it. It seems like consensus is it's
either large scale Sybil farming or perhaps it is, you know,
bots, maybe even the start of of more AI agents being spun up,
which is if that is the case, I think that is somewhat
interesting. Does kind of raised the question
of, you know, how do we think about users at all going forward
on these chains? Another factor is, is this bull
stock? So is Wall Street's going to see
that they grew 10 million monthly actives in their next
report? Is is that a something that
perhaps moves the needle? Mando curious if you have any
thoughts or reactions on these base user metrics kind of going
around here. I.
Just think it's all bullshit. That's basically what I think.
Like Coinbase is AUS based platform generally.
If there were 15,000,000 users on base I think we would know
them. We would know them.
So I think there's something going on here which is that they
are clearly bots of some sort. Or it's highly like non economic
actors. Like looking through this, part
of the value seemed to be from MEV.
So that would be bots. Part of the values seem to be
from from Zora, the NFT platform, of which you have like
a mass minting function. So maybe you're just getting
like tons of wallets being created for for like different
very low value mints. And then you also seem like 95%
of old uniswap pools happening on base, but there's no base
meme quinces. So like what is going on
exactly? I think there's a lot of like
there's just, there's just not a lot of value going on there.
But it's maybe as in not a lot of, I'd say customer facing
value. But it's probably a lot of
different wallets being used for maybe very small low value
economic transfers or maybe settling things on an L2 in some
way and then and then being bridged back to the L1, I don't
know. But it's this, this is a fake.
This is a fake concept to have 15,000,000 users, and that's not
fun to base like, oh, we've lost him, we've lost him, he's dead.
He's going to have to come back. Yeah, basically I'm.
I don't mind. This year, man, sorry I lost you
for, for a second. So I, I jumped in for the for
the spaces connection issue on my side folks.
But I think what, what jumps out to me again is like they were
chopping around 1,000,000 actives into March and then
explosion really happened in April.
It shot to 4 million back. Let's see, actually jump to
yeah, 3.6 back down then it really has taken off here in the
the last couple months. So like why?
I understand that they're not really users.
Like why are people even spinning up the Sybil bots to do
this? Because that still takes time.
Some people have said that you know there's going to be a
massive air drop down the line like Coinbase.
Coinbase may go down this route particularly after the next the
next election. So maybe it's that maybe that
people are hoping for AQ one or 2025 airdrops, something like
that. They've obviously said several
times they're not going to do it.
But where do you think base as a token trades if BNB trades at
100 billion and Arbitrum trades at six or seven now, right?
I don't know what Arbitrum trades at.
I think it's probably in between those two, right?
Like it's, it's, it's not quite an L2 because it's so
centralized and it has, it can, things can be built directly
into Coinbase for like settling and, and for security.
But but it's, it's still got kind of the maybe the, the
ceiling of, of that L2 ETH narrative.
So I reckon that's probably like a 40, thirty, $40 billion coin.
Like it's probably like a ton, like maybe ton plus maybe like
that sort of which I think is, you know, that's worth that's
worth doing some siblings for. Is so I think 20 billion was the
number in my head for roughly where I would put base to a base
token to start. I could certainly be convinced
hire and yeah, I guess why not start to format if you think
there's any potential for it as well.
I mean, certainly we a lot of us who did that with some of those
NFTS in the past, luckily the perhaps some it'll be a bailout
for us Frintech power users and all of those transactions, those
are real transactions by the way in decent size.
Maybe we'll get bailed out from that.
So that that'll be it's still a very interesting narrative to
watch in this market where there's not really a whole lot
else going on. We've got about 10 minutes left
in the show or so. Logan maybe switching gears,
talking NFTSA bit on the week. It ended up being kind of
roughly a, a a red week for most of the majors, but we got a
runner over the weekend with this egg in Etsy.
So what's the story here? Are you following this one?
Yeah, a little bit. So the Crypto Kitty's account
has started to to push more and more content about this, but it
seems to have come from the Crypto Kitty slash Dapper Labs.
Some of those original participants.
It's an egg NFT and I believe it's going to take part in a
telegram game. I can't remember what it's
called all the Zen or something like that.
I was trying to to mess around with it this morning and all I
got was there's like a a 45 day timer and a couple clues and I
just didn't, you know, didn't have the the keys to unlock the
Riddle or whatever to get in and play if it is active at this
point. Interesting to see this have
blown up the way that it has, especially given, you know,
whatever the narrative around NBA Top Shot and Dapper Labs,
you know, think of them what you will, that they've built
successful NFT projects. So it's just interesting to see
another one come from them that's unrelated, seemingly at
least in some way, right to to those others.
People are yearning for this, you know, people, people want
to, you know, play the game. People want to have the FOMO so
it doesn't surprise me to see an NFT men, especially one of those
really really cheap run up sustainability of such,
especially one that has like execution points and clear
execution risk. If there is a game attached, I
don't know. We'll see.
We'll see what happens in the in the coming days.
I would not be buying personally wouldn't be buying a 0.3 ETH.
Not a chance if 0.010.02. OK.
Yeah, you can convince me to buy something there.
It's a little trickier to buy here.
I I would agree, I think. Well, I didn't quite realize I I
watched this loosely over the weekend.
I, I was I wasn't really online or or trading much, but I miss
the fact that what there's only 3100.
So that is that that makes the run make a little bit more
sense. Doesn't doesn't require quite as
much buy volume. But I mean, what's what's the
last in a team it that you saw go 30X?
Can you even recall one? No, I I cannot, not at this
point in time. 30XI mean that may be like a random Solana NFT,
like a super cheap one. I'm not sure, but it probably
was like no. I mean, so on August 31st, that
was Saturday or maybe yeah, that was Saturday, Saturday, Saturday
afternoon you could have bought these still at Point O1 then
yeah legit 30X seems like you could have bought them in decent
size. So a nice win or anyone was
around. But then Logan, so there's a
telegram component and there's a flow component.
These are going to be on flow is.
That no, I'm sorry, I just meant coming from the that that team
and the Dapper Labs flow connection.
I, I I don't. Know this from ICO Beast this
morning, and this may not be confirmed yet, but he says he
published an eggs update. He was kind of published all
weekend. He said it looks like they're
doing something on the Flow blockchain.
But then there was also this Telegram component.
I guess wouldn't be a huge surprise if they did something
on Flow, but yeah. Now, I mean, that would make
that would make the most sense actually for them to do
something on flow given that's their blockchain, right?
And that's where crypto kitties, you know, it was supposed to be
moving. I'm not sure if they're all the
way over there yet or if that move ever actually took place.
So yeah, that that would that would make sense.
But would that kill the momentum of the ETH NFT?
I, I would personally say yes. I I don't, I don't know I would.
Think so as well. Not a whole lot of action on
flow. We saw doodles just bridge off,
but we will see. It was a fun story from the
weekend. In other NFT news, we saw punks.
Punks are back down to 27 1/2 ET.
Looks like 1A punk whale who scooped up like 100 of these
back in 2021 paid pretty high prices.
They've been taking loans out on Meta St.
It looks like they let 20 punks expire, so those 20 have been
sold off here over the weekend. That drove the floor down about
10%. So we're back to 27 1/2, kind of
killing what had been a nice week for punks.
And then perhaps the biggest surprise story this, this broke
late Friday. So perhaps a couple days old
now. But Sugartown, Zynga is empty.
They got CTO, the community has taken over.
Sugartown say the future is now. Welcome to D20 Labs, led by our
founders in Wolf and and Tommy Ingo.
They've acquired all the products and assets under
Sugartown from Zynga. Now they're moving full steam
ahead to create the future of rewarded play.
If we look at the Sugar Town auras price action, the market
did not love it. So they they are down about 27%
on the week at 0.125 E Logie, I'll toss this one back to you
here as well. Did you see this news any any
early reactions to the Auras CTO?
Is this a bullish CTO? Bearish.
What's your take? Man, you know, no disrespect to
those you know, taking over the project, you know, and their
ambitions here, but this is bearish to me.
The, the, the big thing surrounding Sugar town, at least
from my perspective, and I feel like the market's perspective
was Zynga's connection to this, right.
This is a a major gaming player, a major potential on border and
it seemed like they're committing notable resources,
you know, to a web three-game and you know, less than a year
since launch, right, maybe a about a year.
I think it launched last fall and they've already kind of
washed their hands of it and you know, and and pushed the assets
outside of Zynga control doesn't doesn't feel great to me.
I, I don't, I don't really know what to say I mean.
Yeah, that's we don't want to sit here and beat a dead horse,
wish the team success. I think it's a little bit harder
to see the upside. I think it's kind of bears for
Web 3 gaming. If you remember Q1, I mean the
one of the biggest narratives in NFTS in Web 3 was Web 3 gaming.
We had the Prime Token taking off.
I think that was driving a lot, helping to drive a lot of the
action, but seem like that narrative that has come to
fruition here so far in 2024 and now big players are exiting.
So I I don't know that is a great sign, but we we saw some
decent. Let's see who who were winners
on the week. I want to look for our our wreck
guys. I want wreck guys up.
I saw them hit .5 or or close. They got there just grinding up
over the month. So nice, nice movement there.
Those wrecked drank points are starting to make a splash.
Did you see the Yuga workshop news that that broke late
Friday? Logan that was, I thought that
was kind of a bombshell that Garga dropped somewhat casually
on a Friday. And has that changed your
perspective on on Yuga? You know, I've been, I've been
bearish Yuga. I've been outspoken about not
feeling like I I would ever really buy one man, My opinion
is slowly changing. I think that was a really
interesting thing drop then of kind of a Friday afternoon and
we're heading into ape fest in about a month.
I I believe, right, like something real cool could be
coming pretty soon. So that's that's really exciting
to see that, you know, they've shaken off some of that
corporate feel, right. That was very much part of when
he took back over what what was going to come or what he
suggested what would come, right.
They get back to the roots of kind of like F it.
Let's let's, you know, send shit.
So I'm I'm really curious to see what comes out of the workshop,
what types of things, you know, this team it could be working
through now they've kind of maybe re embrace some of that.
And then you also, of course, have ape chain and all the
potential incentives that are coming there.
Some cool stuff could be could be coming.
I'm at this point in time, I'm not fading them.
I wouldn't necessarily be shorting apes at this point in
time. I'm still not, you know, of
course, ready to to make a super bullish splash buy of an ape.
You know, I don't have that level of connection, but they're
turning me a little over the course of the last few weeks.
Not quite the God's level, but they're they're turning me a
little. I've had multiple people ping me
in the last month asking if ape is a ape coin is a buy.
And I think if you want to lay out what are scenarios where ape
coin can rally again, I think you need ape chain to be
successful and you need to have good ABS.
I don't know that we really saw the path to that until Garga
laid out this workshop idea. So some of they've got a team of
13 who are some of their best people building apps and they've
been kind of running and test them out internally and having
product workshop days in house. I think you have to be happy
about that. As an Apricorn holder, I don't
know that I'm racing out to buy it, but it's a Jesus.
It's $0.60. It's still at 359 million market
gap. I don't think the I don't think
the ape all eight team you got labs team.
They like apron. Like I even remember trying to
speak to who I tried to speak. I tried to speak to Gordon maybe
before he quit. Like I remember asking him about
it and he was just like, oh, we don't even speak to those guys.
Like I actually think that there is very, very little
communication or planning between the 8 point team and
board 8. And I think if I'm sitting there
and I'm Gaga right now, that's just one of the other bits of
baggage from just like, you know what, no, that's not my
responsibility. That was a free air drop for
everyone. People made money.
They can work out with the stuff that we're doing if we can
integrate it. It's kind of the same as the
other side. I think it's just going to leave
a lot of this stuff behind and just focus on the board apes
themselves and create some fun stuff around that.
So I think we literally the only asset to buy in Inyuga is is
boarded they or or maybe mutes like because I think they also
have some culture as well. But yeah, I would be very, very
wary buying non board ape. You go labs but puffin punks
obviously but. Yeah, I, I support that thesis
as well. I think that that makes a lot of
sense. I wouldn't want to touch
anything else. Nothing else even stands out as
a what, you know, why would you? Except for downstream effects
that you know board apes would get first anyway.
Yeah. Maybe mutants are mutants
interesting here, mutants historically traded at closer to
5 to one apes, if I remember correctly.
So they're sitting at six to one, you know, perhaps an
interesting little wing trade, but bored apes over ape coin.
You heard it here first, folks. I think that that's a good round
up on our NFT segment. I think that the last story here
for today. I'm not sure if I've got a
tablet before, but it was pulled up.
So predict that fun is finally set to launch on Blast today
that they've been kind of ramping up the the marketing
hype over the last few days and and week they've launched their
discord yesterday, they announced yesterday as well that
they are going to be paying for users gas, so gasless
transactions. So now that I think that the
pitch for predict that fun, if you were trying to make it is
you've got the native yield on Blast, you've got gasless
transactions and then 879,000 Blast gold going to market
makers. So in theory, they should have
somewhat somewhat decent liquidity on on their leading
markets. I think there's still a lot of
open questions on the, you know, what's the UI going to look
like? Will VPN be required?
Actually on the show there this morning, they're talking about
perhaps VPN not being required. If that's the case, I think that
actually is a leg up over Polymarket.
I'm not sure if they're going to be able to pull that off or not.
So we will find out later today. I saw the launch coming for
noon. I think this is the biggest,
biggest story in the Blast ecosystem right now.
So you've got Fantasy top, which hit another local high in
trading volume over the weekend. It's kind of bringing hype back
to Blast. You've got Pac-Man fully behind.
Predict that fun. I think we can expect him to
tweet about it somewhat frequently here in in the weeks,
days and weeks to come. Prediction markets are are as
hot as ever. Bridget and Polygon is kind of a
pain in the ass like we've talked about on this show like
it that is, it is not the the most fun onboarding process.
If a blast app is able to to make that process easier and
they've got decent lines. I I see the upside Logany, we
talked about this in depth on Friday, so I don't want to
rehash that entire conversation, but any additional thoughts of
what you've seen on on predict that fund you think they're
going to be able to take some market share away from the the
behemoth that is polymarket? Yeah, it'll be interesting.
I'm really excited to see what type of markets come out in kind
of first day here. You know, remember bet the drift
protocol over on Solana has a lot of those differentiators
like the onboarding is a little bit easier that those types of
things, right, But only a couple markets for folks to participate
in. So you know, is it going to be
cut and paste same markets as Polymarket?
I'm not sure that's the the best way to steal even with the
incentives but I'm interested to see.
I joined the discord. I actually just re scrolled
through it. There's nothing like of note at
this point in time. There's a couple channels for
like markets and market proposals.
I didn't really see anything in there in a quick peruse, but I
will be ready to potentially participate for sure.
Let me see what the markets look like.
Let me see what types of markets there are as well.
You know, is this they're going to go super degenerate kind of
weird, like almost like mentioned market esque type
stuff and only that. Are they going to try to be
super legitimate with like only presidential election, like top
high quality type liquidity markets?
Those are the things that are I think jury's still out on, of
course, that I'll be interested to see later today.
Yeah, Primary election, that's a let down.
As a user, I've got no desire to to go and and bet more on either
these election markets that have been, you know, maturing for for
several months on, on Polymarket.
Of course, unless they're significantly different.
And then like if there's an ARB, I can see that driving volume.
I think for them to win, they need to be keeping up with the
the breaking news in the new daily lines that Polymarket is
running out right now. I mean, these mentioned markets,
like what? Like what will Trump say during
a Lex Friedman interview that's got $120,000 bet A lot of these
rallies that we've seen generate half a million to seven figures
in action. Like they're going to have to
run out lines like that on a daily basis for them to be able
to compete in any way with the the volumes.
I think maybe that's not what they're going after, at least
from a from a fun perspective. I mean, if they're just going to
run out all the state lines and let you park liquidity there, I
don't know that that's going to attract a whole lot of users
other than perhaps whales looking to to clip a few extra
points of native yield. But that option will will likely
be out there. But we will certainly see.
So happy for them. It is launched.
I've got the launch time noon Eastern, so coming up here in
just a few hours. So we will report back on that
tomorrow. As for today's show, folks, I
think that is a round up of our top stories.
Got word from the the booth no robit spins today we will return
tomorrow folks. The reason for that is in house
we've been working on a better spinner picker tool to avoid
batter's multi counters winning those robit spins.
So we've got a solution we're going to be rolling that out
tomorrow. So make sure you tune in
tomorrow for those robit spins for today though that is it that
is going to be our show. Thanks for tuning in to another
episode of FOMO. Our we will be back on Wednesday
to breakdown this predictive fun launch all action from today and
of course our robot spits now tomorrow.
So everyone go have a great Tuesday.
Let's make a beautiful day. Goodbye.