All right, good morning. Good morning, GMGM, everyone.
It is another beautiful day to have a beautiful day.
In fact, it is beautiful here in Chicago.
Sun is shining 75°. It's an incredible summer day.
Welcome to another episode of FOMO Hour.
This is episode 189. Today is Wednesday August 28th
2024444. No Froak today.
That was my Froak impression. Enough of that, we've got Mando
on with us here as always. Mando, Jim, how you doing?
Jim, guys, how are you? Doing fantastic.
I was just telling Logan I'm ready for school to get started.
So my daughter is back in school, my son is not.
He doesn't start till next week. So I've been running some daddy
daycare every day after the show.
It's been a lot of fun, but I am ready for his school to start
next week and get back into the the fall routine and and lock in
a little bit more as the the boys in the trenches like to
say. Folks, you might recognize a new
face if you're on the stream. He has been with us on FOMO hour
once before. You may very well recognize him
from the lucky lead spaces that we used to run every day after
FOMO Hour together. Folks, we've got Logan Hitchcock
on with us here. He is the editor in chief over
at Lucky Trader. I'm not really sure there are
many folks out there who have followed the NFT and or Web 3
space closer than he has over the last 3-4 years.
So excited to have him on. He's going to be pitching in for
the next several shows while for Roque is out helping us with
that NFT meme. Web 3 contents.
Logan, Jim, how you doing? Hey, good my Tyler.
I'm doing well. Excited to be here.
Zodia. Yeah, cutting out a little bit.
It was good back in the studio, so maybe sometimes the sun.
Is when we go live. Try it again.
How about you? It sounds like the same.
Same. Yeah, maybe it'll even come
back. Sometimes it, sometimes it.
I mean, I've been in this position so many times.
Sometimes in the third host, yeah, it gets hurt.
Yes, maybe exit, try to get back in while we wait for Logan to do
that. Folks, what are we talking about
today? It was a busy day of news, so
we're going to start with Mando's market report.
As always, hopefully find out why is everything dipping then
tunt telegram that it stopped producing blocks.
It seems like no one even cared or or seemed to notice.
We saw Robin Hood at Solana support sun pump flipped pump
fun on the day. Much to Justin Sons delight.
We got Donald Trump launching a new NFT collection.
We got magic Keane launching their own pump fund for NFTS
Machi is back with a pre sale and Pac-Man is endorsing this
one. Plus, we will do our Arbitron
update of the week and there's some juicy headlines in there.
It's a solid dock. Very busy day of news yesterday.
So we've got a lot to get into. So why don't we just get right
into it? Amanda, let's kick it off with
your market report. Can you dig it, GM everyone?
So yeah, go on. What happened?
We really fell out of bed. It felt like Bitcoin hit all the
way down to 58 K yesterday. ETH, wow, ETH is just God 2400.
It hit and then bounced and then salon, I think went down to like
140 area 142 and then bounced, but not a great day.
We've bounced a little bit, nothing sustainable, but we're
just right back to that 60 K area that we've been hanging
around for weeks now. Weeks basically since the start
of the month and basically for the last six months.
We were at 60 K on the 26th of February.
We're we're at the same level again today.
So haven't moved for six months guys, everyone not having a
great time, but it is what it is.
Bitcoin dominance continues to rise as she's gone up to 58,
roughly 58% right now. So not not been great for a lot
that altcoin season that people were calling for just just
another false dawn it felt like which is kind of got a lot of
people frustrated in terms of specific headlines like crypto
sold off and stocks didn't really do much.
Stocks were OK yesterday. We've got NVIDIA earnings today,
which some people are saying like could cause a wobble in
stock. So I don't know how crypto will
react in that world, but yeah, we we have been the divergent
between stocks and crypto has really grown since the start of
this month. Stocks bounced basically back to
unchanged. And crypto is still down a
decent amount from where it from where it was like 70 K on on
Bitcoin when they had that that dump earlier this month.
So I think people are getting a little bit more frustrated about
that too. Like, why haven't you got your
money in tech stocks? I do think it will turn around,
but people getting increasingly annoyed.
In terms of Telegram, yeah, Telegram was still one of the
main headlines. They did stop producing blocks.
But there has seemingly been a lot more diplomatic pressure put
on France. There was a headline out today
that Macron had actually invited Durov, you know, which I thought
was pretty funny. And then he gets arrested at the
airport. Macron says he's got nothing to
do with it. And then the UAE seemingly has
cancelled a big order for fighter jets which which would
be in billions of dollars or at least halted it until Jirov gets
gets out of prison. So I haven't checked what the
Poly market line saying today. Like surely his chance of going
getting out has increased I would imagine since that
headline. I was just looking at me.
I guess it's one day less as well, right?
Like so. Yeah, that's the problem.
Is pretty. High.
Why is this not on the? Oh that's I'm on the new page.
Let me go to the home page. Oh wow, Telegram founder Durov
released. Wow.
Oh. I've just seen that it just.
Happened. It's up to 94.
Yeah. Wow.
There. You go.
Wow there there might be a free 4% for those who are following.
It's only at 96 on now it's at 97%.
You got to act fast. You can release.
Man, huge news. I would.
That is not what we expected. Yeah.
See. Oh, now he's 1992.
Are we sure? He says he's been released, but
then I don't know if that means if he's out of custody, he could
be still under house arrest, right?
So it's now got the 50% chance, you know what I mean?
Like I don't he might be released.
Released from custody is quite a bit different than.
Under House in terms of the bet, sure.
I don't. Know what that means?
But yeah, he's been released it looks like.
So, so be careful betting this one folks, until we get more
concrete news. But good news, I think in
general, yeah, perhaps I I've been surprised with how Ton's
been treated. It's at it's back at $5.70 with
the the network went down for six hours.
Well it went down because of the dogs meme coin.
It wasn't to do with Jirav, it was to do with dogs.
And so they had a pretty well known meme coin that was being
released on Binance. And then I think when that got
released, it then took down the the chain because they just got
overloaded with transactions. So I think that's what it was
really linked to. It wasn't actually linked to
like Juror of being imprisoned in any way.
But yeah, not a good look. Definitely not some good timing
for the Tom blockchain for that to happen.
But yeah, I think they're rounding on the back of that.
I don't know. I mean, when it came out that
Macron had had basically invited in.
Doesn't look a good. That's enchantment, right?
So pretty funny, yeah. And the $80 billion, eighty
billion dollar, yeah, deal blocked from the UAE, seems like
that's pretty big, pretty big. Not small.
There was some news that he had, like he'd had his phone tapped
by France and the UAE like together or something like that
since 2017. Like I saw that headline out as
well, which which I thought was interesting.
Like this guy's been under investigation for a while, it
seems. Yeah.
Duro's phone hack in 2017. It says the joint operation code
name Purple Music hacked Duro's phone due to the UA ES concern
over the use of Telegram to recruit operatives and plan
attacks. Durov was like, yeah, so it
seems as though it seems as though he this may have been
planned for like quite a long time, but it could be
entrapment, you know, like the fact that he's if he if he was
invited by Macron seemingly has already backfired.
There was some some more like, let's say more macro headlines.
It felt as though again, there was some talk about Iran about
to attack Israel. So I didn't know if the sell off
was maybe linked to that. the US said that and we've
traditionally sold off a lot when that sort of stuff
happened. So maybe maybe it was something
to do with that. There was other than that, it
was all kind of good stuff, if I'm honest.
Like there's been a make a dowel rebrand, but that's not really
market moving stuff. But there was there was some
news the NASDAQ is going to be pitching now Bitcoin ETF.
So I think Blackrocket, I pitched that before that could
massively increase the volumes and activity going on in the
Bitcoin ETF. Again, it was the first outflow
in 12 days or 13 days from the Bitcoin ETF.
It wasn't ginormous, but yeah, I was surprised.
I woke up this morning, I was like, how what happened that we
hit 58 K and it felt like a lot of people had that exact
feeling. It was like crypto just sold off
by itself and maybe we'll find out later.
That's what made it so confusing, right, Is so I was
checking stock futures and everything was basically
unchanged. So it wasn't markets like across
all markets, it was just crypto. And then I don't know if you saw
this. So this is the headline.
It's been circulating. We don't think we have all the
details yet, but finance has blocked the crypto in some
Palestinian accounts. The initial headline was they
had blocked all Palestinian holders.
They came out and clarified that it was users in Palestine tied
to known terrorists and it is in line with their general AML anti
money laundering policies. So we still know the full story,
but that news was kind of breaking right when it was
dipping. So I didn't know perhaps it was
related to that. I'm not sure what that would
cause a sell off like we saw. We also saw what Arc B had $100
million in outflows yesterday, so that that killed the the the
Bitcoin ETF streak. The, the sell off happened when
the Bitcoin ETF flows were announced.
So I think it was after that was announced then you had this this
dip. So I assumed it was to do with
that. I think the the the finance
story that had come out yesterday morning, but then it
had been resolved by later in the day and then seemingly came
up again. So I don't really know.
Yeah, that's going to be another one to watch.
I saw it start to get some cheddar on the timeline.
You know, Sir, we've talked about this.
I think this is kind of your thesis.
But Kaleo, he updated some of his predictions for one.
So he, he, he, he walked back his Bitcoin dominance.
His Bitcoin dominance had topped thesis.
He walked that back and said, no, he was wrong on that.
And then he also said, he drew out his chart saying slowly but
surely closing in on the end of our time in the 50s, sixties.
But basically he's saying we, we go up and down until November
and and then up only after the election.
So it it seems to be that that is becoming a maybe a little bit
more consensus. But like October is historically
a very green month for for crypto, for Bitcoin.
So perhaps you know, we'll see it sooner than that.
I think another macro headline here for crypto, Robin Hood has
announced a deeper integration with Solana.
So Robin Hood wallet added support for Solana.
This means that any Solana tokens can be self custodied
within the Robin Hood wallet. Plus you can now do sends
receives of any token across the Solana blockchain.
So I think that was somewhat big.
You know, we'll see if the Robin Hood traders, you know, convert
from yellow options to Solano meme coins here in droves.
But perhaps that is opening I. Think they re added it right
they they've gotten rid of it and then they re added it.
It sounded like they got rid of it around like the SEC charges
and I think they they re added it.
So this was kind of like them walking back a decision they
kind of made before. That's a good clarification and
they they also what infamously sold everyone salon at like 16
or or something. So perhaps some some salty
traders. Take it off at the they take it
off at a bad time. The other headline which is
breaking right now is that the SEC is charged open C would call
given open CA wells notice, which I think is now doing the
rounds kind of half known. I think a lot of people had said
this had already happened a while back, but it seems like we
got information about it now. Yeah, I'm just seeing this.
So this broke right before the show 17 minutes ago.
Open CEO says Mt Marketplace received Wells notice.
They're pledging $5,000,000 to help defend creators against the
SECSEC threatening to sue us because they believe NFTS on our
platform are security. So the SEC is calling NFTS on
open sea securities. Devin Finzer, open CCEO.
He's saying we're shocked to see we make such a sweeping move
against creators and artists, but we're ready to stand up and
to fight. I guess.
So Mando, I guess. So you're saying there was some
chatter about this? Like I, I hadn't heard anything.
So did you? Do you have any other context or
or info on your side about like when we heard?
When we heard earlier in the year that a bunch of do you
remember like there was a round that the SEC sent a bunch of
Wells notices to tons of different companies in crypto
and that we wouldn't know who they were.
A. Lot of people mentioned Openc at
that time, but I don't know this may this this may be when they
go in public with it or maybe they just got it.
It looks like that that Jiro of headline might be slightly
different as well. Telegram founder and CEO Padwell
Jiro has been released from police custody and is now being
transferred to court. So I don't know if he's going to
be charged and I don't know if that means he goes under house
arrest or if he is that even him being released.
I don't know what Pony Market's saying about that right now.
It seems 77%, yeah, I don't know.
Yeah, So back to this market. So it's bouncing all over the
place. Logie pointed pointed this out
for us. So trans, I'm in the fine print
of the bet transporting Dura to another location of custody will
not resolve TS if he's released from custody by resolution date
but remains in house arrest, it will resolve yes.
But but that's not where we're at right?
So it sounds like so he's just going to to court.
So I don't know. Is the no still the the live
side of this? I, I, I would say no, Yeah, you,
you talked very long. Is my audio better now or no?
What? The heck, sorry.
I don't know that feels like it could resolve to no to me like.
Yeah, I kind of like the no side this.
Yeah, it's back down to 70%. So it got as high as 93.
Yeah. So you got to be careful.
But in the the news when it comes up to, oh, it's
plummeting. So back down to 64.
It's definitely feels 5050 as a as an odd now I would I would
about the no on that. So maybe this is a a good seg to
another story that has a very interesting polymarket bet and
that is Trump and it tease. So yesterday we got the we got
the bombshell announcement from former President Donald Trump
here. I'll I'll just play a clip from
the the video that which was the announcement
even beholding some bitcoins. That was my favorite my favorite
part of the the video there. So this is I I've called it his
third collection. I missed the mugshot edition.
So this is actually Donald Trump's fourth major NFT
collection drop. So for TLDR of the set, they are
his digital trading cards just like his prior NFT collections.
They're priced at $99 each. That's very interesting because
the total supply could be up to 360,000 cards if there is enough
demand. They're minted from his site
directly. The cards will reside on
Polygon. Secondary is closed.
There is no transfer or additional resale until January
31st, 2025. And these came with some big,
big incentives. So buyers of 75 and or 250 of
his cards got perks like dinner with Trump or a private cocktail
reception that seemed to have caught the eye of a notable
personality. Crypto Twitter being thread guy.
So we we saw this kind of breakout live if you were on
crypto Twitter. So we saw that the antique
collection drop and then if if you Scroll down, you can see
some of the the variety of incentives.
So if you buy five cards, you get these gold branded Trump
sneakers. Buy 99 cards, you get 2 pairs of
sneakers who who wouldn't want an additional pair?
15 you get a little bit more, but then where it gets juicier
is at 75 or 250. So with 250 cards bought which
is $25,000 roughly, you get 2 tickets to an Ultra VIP dinner
with Trump and a friend. You get 2 VIP tickets for a
cocktail hour with President Trump as well.
So apparently again this caught thread guys.
So he, he went in and bought this and now there is a live
polymarket bet on will Thread Guy interview Trump before
October of this year. So an important detail of this
bet, the dinner I, I want to say is being held September 22nd.
So the dinner will take place in this time frame.
It's just a matter of will Thread guy be able to land the
interview here? 18,000 bet I love it. 18,000
bet. Well, it's going to be a lot
more. I'm probably going to bet this
after the show. So so let's let's talk through
it a little bit because this is a this is an interesting one.
The market will resolve to yes if footage of Donald Trump
answering at least one question asked by a third guy is released
by September 30th. Otherwise resolves to no.
So that opens this up to a lot of different possibilities.
So this is not a sit down 90 minute podcast with Trump.
Like in fact, Malcolm D guys was able to pull this off at just a
Trump rally by asking him a question on film and getting a
Trump response. So that this bet to me kind of
comes down to a is third guy going to be in the room?
It seems like yes, if he's telling the truth and I don't
think he's lying about it. Me, it's going to come down to
are they going to allow cameras? If if they allow video inside
this room, I think he's a favorite to to get one question
answered. If he's got a private dinner and
a private cocktail hour with with Trump.
What are you thinking? Should we be looking at yes on
this? The market doesn't love it yet.
I bet yes on this, Yeah, for sure. 8:00 to 1:00, not a ton of
liquidity. So every $200.00 is basically
moving this up a percent here. So this is going to be a line
that's going to take some time to to get much action into the
the trump cards themselves. Any were you surprised to see
him launch another antique collection mid campaign?
No, not at all. That seems that seems very
standard for Trump. He's going to make 35,000,000.
I saw that if it if it goes through, right, Like why not?
You know, he's, he's bullish for Bitcoin, right?
Like if you're plus some Bitcoin, you want to you want
to, you know, go after your man, then feels like this is going to
this is this might mint out. That was going to be my question
is how many of these do you think will mint?
So as of this morning when I checked, we had about 17,000.
So, so minting has slowed down. It looks like we're right around
17,400. That means about about 300 have
minted in the last two to three hours.
How many is it total? 360,000 total can be minted, but
I believe they will likely cut the cut the mint at some point.
Yeah, there's no way this mints out.
Have gotten to like 4546 thousand. 5% minted so far
basically. Yeah.
So he's already made 1.7 million though, like even just 5%.
He's made 1.7 million on the on the collection already 917
owners have minted 17,000. So, so we're basically talking
about the average is 200 MTS per per wallet if I'm doing the back
of the napkin math right here. So I guess everyone's kind of
going for the dinner almost or there's a lot of folks pursuing
the dinner. So maybe third guy will have
some competition. Logie, are are you back with us?
Have you had a chance to or any reactions to the the the Trump
in a tea collection drop? Well, I'm going to try.
Can you hear me? Yeah, much better.
OK, sorry, Sorry about that. I just ditched the mic for right
now. Wild.
All I can say really regarding Trump, I'm sorry I didn't catch
any of what you folks would have said about it.
So try to repeat, but sorry, go ahead.
Where are you? Going to leave.
We walked through the we walked through the thread guy interview
as well as just the basics of the the NFT collection itself.
Perhaps we'll get your thoughts. Are you, are you going long on
or yes on thread guy landing this interview?
What do you think? Yeah, my initial reaction was no
way, but given some of the terms here, just recording Trump
answering one question. I mean, the other D Gods member,
right, That kicked off all that stuff from earlier this summer
that that would have resolved to, yes.
Correct. So in that instance, I mean, I
feel like, you know, I like Fred guy.
I feel like this is this is something that he's going to
kind of put on his back a little bit having this market out there
and he he's going to find a way to get it resolved.
Yes, we know. Whatever it, whatever it takes.
I think so too. It's going to end up being a
nice $25,000 investment. Not cheap, not not a cheap buy,
but if he lands it, probably well worth it.
We, we got into NFTS. There's a lot of NFTS stories
going around yesterday. So another big one was out of
Magic Eden. I call it the pump fund for
NFTS. It's not exactly that, but it's
it's kind of that. So they launched this product,
it's called Mint terminal. They're describing and
effectively aggregated all the different types of minting
platforms into their own terminal that they're calling
near instant minting, as I understand it.
I saw Wally posting about this as well.
So if there are any primary mints happening, they will pull
those in to their site. So you no longer have to worry
about going to external mint sites.
You can mint those NFTS directly through Magic Eden, which I kind
of like, right? It feels like it.
It removes, you know, a risk vector from the the calculation
of minting new NFT projects. But Logan, curious for your
reactions to this one. Is this what we needed?
Do we need pump one for NFTS? I like this.
I like this a lot. You know, it's a little bit
different, as you mentioned, it's, it's more of an aggregator
versus just a pure creation platform.
But you know, one of the things I think was really great about
Pump dot Fun is kind of like a democratization of access to
meme coins for everybody. You know, like beforehand, he
kind of had to be able to source them via random tweets or, you
know, a person you happen to follow.
This puts it all in one place, which I really really like.
Right now access is what base Polygon ETH is that it?
I believe so, yeah. Yeah.
So I mean the mints, like I've been scrolling through the mints
that are available, nothing's really jumping out of me, but
that's, you know, not too dissimilar from the pumped up on
experience thus far. Exactly.
It's like, I don't think we're going to get to a world where
we've got the the boys in the trenches minting dozens of NFTS
per day. But I like the aggregate feature
and I think they just they continue to build and ship.
So it's bullish for Magic Eden ahead of their potential token
launch, which is now one of the main events on.
The Did you see Magic Eden? The ME token got out of the
whales market this morning. Oh, I did not see that.
So do we have? What's this thing trading at?
When I looked this morning, maybe three or four hours ago,
there was about $8000 of volume and I think it was at 0.1, so
$0.10. Looks like maybe it's changed a
bit since. 15 cents, $138,000 in volume.
But we don't know what the conversion of any tokens to
diamonds is in any capacity, right?
Not that I'm aware of, no. Yeah.
So I don't know if you're buying this token at what like what are
your assumptions? I kind of always wondered that
with some of these some of these pre markets.
But exciting action nonetheless. We'll see how this token trades.
Hopefully good news for those who are expecting hundreds of
thousands or perhaps even millions of tokens.
On yesterday's show, Jeeves surprised us with a punk's
derivative. Meant we started the show with
it. These this Peanuts collection,
it ended up being the fourth highest NFT collection traded by
volume yesterday. It meant it for point OO5, it
was I think public and they tripled up there at point O 16.
So. So no, not a huge gain by any
means, but a little bit fun. Perhaps a sign that we are back
that a derivative collection has at least been a winner here.
Logan, curious, did you, did you mint these?
Did you get any of the peanuts? I did not mint.
I tuned in yesterday to watch you guys talking about this and
had to do a double take. Fun.
I guess I don't have a really strong opinion on them.
I think this is say, higher effort than some of the Punk's
derivatives we'd say, and it deserves maybe a check mark for
that. But I'm not going to be, I don't
think, adding peanuts to My Portfolio anytime soon.
Man, I think you're on mute. Is that a 10X since we were
looking at them? It's like a 2X.
So they're like point O point OO7.
We were talking about them. They hit like point O23X.
Like this is a a sober reminder of where the NFT market is in
August 2024 in the heyday. This is a collection that could
have run into what, half an eighth, one eighth, maybe lost
at the right time with the right momentum.
So we're not there yet. But hey, at least to some
positive action on the board. I couldn't believe how high it
was this training comparative to everything else.
So now it's down to 5th, but really only the four majors are
are ahead of it in daily volume. Which is another reminder of you
know, how low the daily training is on the ETH NFT leaders.
But a fun one we'll continue to track.
I'm not sure how much longer that story will go.
Big news out of the PUPS token. So this is one close and dear to
both Faroque and myself. Logan, maybe you as well.
So PUPS, they are opening a new bridge to Solana.
So PUPS had their first big parabolic run when they opened
the bridge for the BRC 22 Solana that got Ansem in the door and
then eventually Arthur Hayes token ran from, you know, 5 to
10 million to to 900 million at peak is since round tripped all
the way back to a thirty $40 million range.
They've done the token split, which basically rendered the
salon token untradable because it didn't go through the 100 to
one conversion. My understanding of this bridge
is it will allow you to do that. There's a migration component
allowing folks to kind of do a backdoor conversion.
So now that the PUPS token rune will be tradable on Solana once
again. So Logan, maybe I'll toss this
one to you as well. Is this, is this going to be
enough to save PUPS after this save Mark?
What? I'm not sure to save it, but
it's a step in the right direction.
This this essentially gets rid of the BRC 20, is that right?
I think that's how I understand that.
Or at least it makes it obsolete.
I mean, not everybody's going to do it, but, you know, there's a
lot of fragmentation here. A lot of, you know, just too
many details, too many little things that people would need to
do to be able to trade this effectively.
So smart people did really well with the Arbs early in the day.
But, you know, for your casual holder, PUPS holder like myself,
you know, too many things, too many things going on.
So yeah, I like this. Get to a more simplified version
of PUPS and, you know, re establish sort of the, the
narrative around the token, which I I think was lost for
quite some time, this sort of like rabid community around
PUPS. So hopefully that comes back up
11%. I'm I'm happy with that.
But let's make pups great again. What's the market cap now, pups?
47 I think I saw. Yeah, 47 million.
So I'm still up 50% on my initial buy at at a $30 million
market cap, but down 80% from the the peak where I could have
sold this thing. I've seen worse, I've seen
worse. Bucket yes yield token down 99%
and then down another 99%. Well, this is a good sig to
another token. I know Mando you're going to
jump in a few, but would love to get your thoughts on this one.
So I laid out the bull thesis for the the this Machi token.
So Machi, notorious crypto Twitter founder, influencer, I
don't know what you want to call him.
He's back. He's doing another pre sale.
His last pre sale he raised something like $30 million that
the token effectively speed run to 0.
So you would think there wouldn't be a ton of appetite
for this one, but you would in fact be wrong about that.
So he introduced this new Machi token, literally his namesake.
It's he's calling it the unrogable meme coin on blast.
And that's because it's powered by baseline markets.
Registration is starting soon. A few details, $5,000,000 cap, 4
million to the LPA, million to leverage buybacks and burns, no
team allocation. He lays out all the blast
communities which will be eligible for the pre sale and
then how to get into it. I think what really made this
one interesting for me. I'll see if I've got the tweet,
but Pac-Man, Pac-Man Blur effectively endorsed this one.
I did not see that coming. Let me see if I yes.
So here here's his tweet. He retweeted Machi and said Pump
fun showed the power of innovating on token launch
designs, baselines token launch mechanism extremely novel and
I'm excited to see it in action. So he's effectively endorsing
baseline markets more than he is Machi.
But still, it seems like you could interpret this as an
endorsement. I laid out my bull case.
Mando, what do you think about this one?
Are you going to? That was a dangerous tweet.
I feel like from you, like you must have known when you hit
send that you're going to get some blowback on that one.
I saw it. I was like, I mean, if if Matt
is going to launch another mean coin, this seems like the best
way for him to do it. So maybe, I don't know, is this
like the only meme coin now on blast?
So Andy is still over on blast, but there's really not much.
Let's let's take a look at the board.
I think I've seen Pac-Man retweeting like the Pew Pew
token again. Or maybe that's the blast
account. Oh God, there there's nothing
over 10. So Andy is down to 8 million,
so. Maybe you do become the biggest
meme coin on blast. No more.
Yeah, well, I don't know. It feels so.
To be clear, this would now mean 4 million ETH is just locked up
forever. No one can ever touch it.
I think so. I'm not super well versed in how
the baseline markets work. I'm still trying to understand
this. So how does Machi make money out
of this? I don't I don't know if he is.
I think he's probably just doing this for the fun.
But like I also, I don't know if like descending 4 million E that
no one can ever touch again as well.
Is that is that good? Looks like East is going to have
some more value over the the long term than whatever this is
so. Yeah, you know what I mean.
That's why my first thought when I saw this was like fuck we're
just going to be. It's like they did this for NFTS
for a bit right? What was the NFT thing that OV
did? Blasts, whatever it was.
Oh yeah? Oh, did you remember the name of
the the Minting blaster? Blasted.
Yeah, this was like blast a bit, but like, they burned the keys,
so we just. Ethan's just stuck there forever
now, like no one's ever going to get it off.
Unless you just turn all the NFTS in right, then effectively
everyone right? That was fine, though blasted.
That's that's the way it worked. So if you turn in the NFTS, it's
fine because it's all it was all like a it was a refundable.
But this just feels like no one's someone's get there.
That money's gone forever. That is, that is an interesting
twist for this. I don't want to come out like
I'm pitching this and I have no way tied to this.
So I caught some comments on that in the replies.
Not not a shock. It felt like it's a highly
liquid coin in blast ecosystem and the downside was perhaps
somewhat capped, which is what made this one potentially stand
out. So we we will see not an
advertisement in any way but. Actually it's a good question.
Like how much? How much?
Like solar is now just like locked up forever in pumped up
fun coins, right? Because they burn their LP's
too, but they're they're generally much smaller.
Like remember when the RTR coin went the the Burn LP was like
crazy and I was like, oh, OK, well they must be serious
because, you know, someone put in serious money into that into
that LP that's also lost forever.
But yeah, I didn't know. Maybe there is just like a
fucking ton of Solana and eat now which essentially never
getting out so. Bullish I suppose.
Less, less overhang. Logie, are you buying the Machi
Pruso? Man, I'm almost embarrassed to
say that I'm interested. Yeah, the irony here in naming
it Machi unruggable meme coin. I mean, I don't know.
It is interesting like that. You know, that meme from I think
you should leave that I said it was interesting or I thought it
was interesting. That's that's where I'm at here.
You know, I was reading more about baseline.
If you remember their yes token, I think it's like probably the
highest market cap token on blast.
It's up there. Yeah.
It's the one that came out. I was just reading.
I mean 100. And 75.
Yeah, So it says, I'll read this very quickly.
Baseline eliminates the need for traditional market makers.
Since the token controls its own market making operations, it can
maintain a unique liquidity structure that helps facilitate
positive price development. I, you know, I'm not the
tokenomic expert nor technical one, so can't comment too deeply
here, but it seems like that's what's being deployed here with
the Machi stuff as well. Facilitate positive price
development. I like reading that.
So we'll see. I'm, I'm interested.
This would not be something I'm like, you know, putting my full
weight behind for the unruggable nature of the of the coin.
Yeah, well, very fair. I'm sure we'll report back on it
once this is live. Well, that's a pretty good
roundup of the the big stories from the day.
I'm sure we'll follow up more deeply tomorrow on the open sea
Wells notice as more info there circulates.
I want to get into our arbitral update.
We've typically been doing this on Mondays.
We did them on, we're doing it on Wednesday here this week for
for starters, folks, money has just been moving one way for
regarding Arbitrum and that's it.
No outflows for the entire year. I didn't really realize this
until I saw this tweet from OX Matt.
And they're averaging $415,000,000 per month.
So certainly bullish for Arbitron.
And we've been talking about some of the reasons why.
I've been talking about their orbit chain tech and how that's
being used. And now we've got a pretty
interesting new use case here from.
Corn, so corn is the first ETH L2 using Bitcoin as its gas
token. So it calls itself the Super
yield network. They have just announced a large
seed raise $6.7 million here from Polychain, Cap Finance and
more. So the way it works Bitcoin in
is the hybrid gas token here. It's backed 1 to one by Bitcoin.
The key difference is it's not to a single custodian.
They're the tokenomics seem to be inspired by Curve tokenomics.
So for anyone who recognizes that back from the D5 days and
of course still around the the yield comes in two ways.
Let me see if I can Scroll down here. 2 core tokens Bitcoin in
is the hybrid gas token that is generated via network fees and
then corn is generated via native network emissions and
then corn stickers get to decide where that yield goes and it
seems like it is kicking off here soon.
So this is a very interesting when you go into this thread
here from the corn team either handle use under score corn to
learn more. They've got a nice diagram here
of that the corn crop circle, so you can learn more about how
that yield actually works. OK yeah.
Curious if you had a chance to dive into this one at all.
Did were you ever around? Did you mess around in the curve
defy ecosystem and or does this jump out to you at?
All maybe a little bit, but nothing, nothing extensive.
This this is really interesting. I mean, a notable raise, of
course, right? By like notable investors.
That's always a good sign. Doesn't mean everything, but a
great sign and you know, just giving people more ways to
utilize Bitcoin, which I think we've been yearning for, right
with Ordinals rooms. I mean, advancements in in every
way imaginable in the last year or so.
And I think, you know, just further unlocking what you can
do with your Bitcoin. You know, like the Bitcoin that
I have doesn't really do anything.
This provides an opportunity to gain yield from that Bitcoin
that's not really doing anything.
So super interesting. Great to see like a a team that,
you know, has raised notable money from notable investors,
signaling some sort of confidence.
I'm, you know, definitely keen to learn more.
I think also Tyler is there. There's like an AirDrop tied to
this. Was I reading that at the bottom
of this thread? Oh, interesting.
I'm making that up. If if so, I may have missed
that. Maybe I'm making it up.
I hope I'm not. You you might be, so we'll have
to I'm. Sorry.
Oh wait now just details for our pre main net AirDrop set your
reminder for the live kickoff event where they laid out the
details. So I I did miss the the kickoff
event that took place last week, so we'll have to dig in and find
out more about how that AirDrop works.
But you're right, it comes an interesting time.
I think more casual crypto Twitter users, folks who are on
the timeline have been dabbling in ordinals and ruins.
So some more folks have kind of spare Bitcoin to play with an
interesting potential use case here.
And of course that the Arbitrum tie in.
It's their orbit chain tech being used to power this.
We got another interesting story and Logan, I think you're you
perhaps are a closer to this one than I am.
But Eva Gotche, I think a lot of folks know that that name, that
game that introduced guys to new L3 built using the Arbitrum
Orbit act using base for settlement alchemy for their
roll up partner. What do folks need to know about
this? Yeah.
So this is cool. This is, as you mentioned, using
that orbit technology, looking to create sort of a members only
exclusive type chain for gaming. We know gaming is a you know,
massive potential on border. I think many people still stand
convicted in that finding the right way to deploy it has you
know, I don't think we found the the right successful answer
formula just yet, and they're looking to go about things just
a little bit differently. So kind of members only more
exclusive looking to almost, I shouldn't say control who's
using the change, but just isolate and and thrift out all
those bots in the civil farmers that you know, things like
perhaps no shade a ton, right, But like some of those
blockchains have unfortunately notoriously garnered and removed
potential rewards for real users.
And so this is a really interesting thing it mentions in
here, membership, right, is limited by design approach,
mitigating unbounded Sybil invites are limited, benefiting
real users. So I'm not exactly sure what the
Do's nature is here. You know, there is a ghost
token. This is going to be open.
Of course, the chain is going to be open to other games, I'd
imagine. But we'll see what the Do's are.
I'm just really interested in, we're seeing a lot of these sort
of like more creator, more apps specific, more niche chains.
Of course, that's what this stuff enables.
Interesting you know to deploy in this way and try to limit to
real users which really difficult problem to solve.
It feels like the opposite approach, right of of what we
typically see for games where you just want to cast wide Nets,
get as many players as possible, and then perhaps, you know,
start to filter down more power users from there.
They're kind of going the opposite way and starting with
the core group. I'm seeing one of a gache equals
one invite, so you're going to need one of these to
participate. Yeah, and you can go actually,
I'm sorry, Tyler, you can go right now and I think drop an
e-mail and Mint commemorative NFT.
The link I believe is present at the bottom of that thread that's
sort of like gets you on the list to stay in tune with things
when the Geist mainnet actually launches as well.
So if you're curious or want to know more, you can you can head
there. But I think it's really cool.
I mean, we've talked about the Country Club model.
I mean, those words have been uttered a lot in this space.
You know, it's worked in certain ways with NFTS in particular.
It hasn't necessarily. Worked for block.
Chains right like that that hasn't been necessarily
attempted yet. So this is a really ambitious,
but also a really interesting and hopefully successful,
whether it be proof of concept or you know, full rollout will
be really, really cool. Interesting model.
It's got base support, it's got Alchemy support, it's got
Arbitrum support players plugged in for sure.
It's going to be an interesting one to follow.
We saw a couple other headlines. We won't spend as much time on
these, but Senko, they've introduced a new game here.
Welcome to Strong Buns Beach using that Arbitrum orbit chain
tech and then apes and vapes. I I guess I I I miss exactly
what this collab was for season one, but this is season 2 ape
coin and babes and bored apes are collabing and the arbitrame
chain powered arbitrame tech powered in this one as well.
So Barbara Trump, they just, they keep cooking over there.
Every week we've got more and more to talk about from them.
So I'm sure we'll have even more to talk about in next week's
update. Go check out any of these
projects if you are interested. But folks think that's it.
That's going to be our show for today.
Thanks for tuning in to another episode of FOMO Hour.
We will be back tomorrow to recap the NVIDIA earnings.
Hopefully cryptos higher by then, who knows, Expect some
volatility after hours today when those earnings release,
we'll hopefully dig in more to this open sea wells notice story
and everything that breaks here today.
Folks, have a great Wednesday. Go make it a beautiful day.
Goodbye.