Good morning. Good morning The MGM everyone.
Welcome to another episode of Omo Hour today.
Today is Friday, February 14th point hot.
It's Friday. Happy Friday.
Happy Valentine's Day. Big day in the Tyler D house.
Fun fact, Valentine's Day is my son's favorite holiday.
He has a little seersucker suit. He wears it every Valentine's
Day. He absolutely loves it.
So it's a big weekend here. We're going to go out tonight.
It seems like my daughter loves Valentine's Day as well, so much
that she's trying to make a little appearance on air this
morning, although she knows that she's not supposed to be doing
that. So we'll see.
We'll see if she continues to to pop in here, folks.
It's a big weekend in our house. It's a big weekend for crypto.
Things starting to heat up, Some big news coming through.
I'm excited to break it all down with you on today's show.
No baroque, no Mando. They're hungover in Paris after
the recs party last night. I think the boys when went kind
of hard there last night, but I've got Logan on with me.
Ryder Ford Decrypt, previously editor in chief over at Lucky
Trader. We've been grinding this content
for years together. Excited to have him back.
Logan GM, How are you and are you celebrating Valentine's Day?
Hey, good morning Tyler. I'm extremely excited to be back
and in your presence on stream here.
FOMO hour. Not really celebrating
Valentine's Day too heavily. You know, I've got, of course,
my fiance's here maybe at dinner sometime this weekend or
something like that, but nothing super crazy.
Still just glued to the market and everything that's happening.
And I guess this is this is my celebration of sorts for the
day. Well, Logan, if if I could share
a tip with you. And for any of the male suitors
listening to the show, whether or not your partner, fiance,
wife, girlfriend says that they're not into Valentine's
Day, that they still want Valentine's Day gifts, that they
want something doesn't have to be expensive.
Yeah, you need to have spent some amount of time thinking
about them on this day. I've learned that lesson the
hard way. Yeah, of course we, we don't do
gifts. We only do experience stuff.
So there will be something that transpires which schedules
aren't aligning appropriately for the exact day.
We'll figure something out. Well, good to hear.
We've got Logan on bread. Guy is stopping by.
Later on in the show, we're going to pick his brain about
the Mega Eve Mint. Perhaps they'll get his thoughts
on this Kaido news that we're going to get into later on in
the show as well. So stay tuned for that folks.
What are we talking about on today's show?
We're going to do a market report.
We're going to talk about Coinbase earnings, GameStop
buying Bitcoin, open C2 Point O and the C token, the Doodles
token, the Kaido token, Jupiter's doing buybacks, CZ's
dog Broccoli Arc's big day, Myriad with their first USDC
markets or the first real money markets rather.
And they are going off. And then we'll get into our
combo with bread and mega eat at the end.
So it is a stacked show folks. Before we get into it, shout out
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All right, shout out to our partners as always.
All right, well, let's just get right into the market report
here. I'll take us through a quick one
and then get into a little chat with Logan here.
I'm gonna get the screen share fired up for those who are in
the stream. Let's go around the horse.
So Bitcoin 97972, it looks like up about 1 1/2 percent.
ETH 2720, it's up 3%, sold up five and a half percent back at
200. So some nice movement on the
board here this morning. A few macro headlines.
So we've got more and more companies continuing to disclose
Bitcoin positions. I saw Avenir, which is an
investment fund, so it's a little bit different.
But then now this Medical Group is set to buy ¥1 billion of
Bitcoin. And it seems like these
headlines are coming in every single day at this point.
And folks, it's not just Japanese medical groups buying
Bitcoin. Looks like GameStop might be
throwing their hats into the ring.
Is this GME 2 point O? Is this 3 point O?
I've lost track of what edition this is, but their stock surged
after reports that they might be buying Bitcoin and some crypto.
Yeah, up 6% at at 28 bucks, it looks like up 9% on the week.
So that is an interesting arc. I think we actually talked about
that on a prior episode of FOMO Hour that they might be doing
this. Nice, huge surprise, but still
this is a big one that's going to be a fun one to watch.
We had Coinbase smashing Q4 earnings, $2.3 billion in
revenue, 23% over expectations. The big one was earnings per
share, folks. Estimates were a dollar O 7.
They came in at 44444 X market expectations.
That is a big, big beat. And then they talked about base
accelerating, their stable coin adoption, accelerating, the
institutional trading and assets under custody accelerating as
well. So a huge quarter for Coinbase
and let's see. Yeah, now those are the main
macro headlines I wanted to to get into here this morning.
Logan, anything jump out to you thoughts on GameStop?
Do you think they're going to go this way?
How much is the market going to care?
You know, As for the the crypto market itself, how much does it
care about GameStop buying? Probably not that much, right?
I, I don't expect any sort of surge in any particular asset as
a result of GameStop buying. What I think this is though, and
you alluded to this is just the underlying trend of any
institution of various sizes, whether that be, you know,
publicly traded companies, whatever sovereign wealth funds,
be it whatever, whatever the case may be, they're all looking
to get exposure in some way or another.
And you know, we've been talking about this, this trend has been
crescendoing for quite some time now.
We've been talking about it for a while.
And it feels like to me, you know, we've had a micro scale
always talked about Tyler in the trenches and things like that.
Once you start to see something so long on your timeline, maybe
you need to investigate a little further, Maybe you need to get
some exposure, some skin of the game to it.
This feels like that type of thing to me, where all of these,
you know, companies, whatever are trying to get exposure to to
Bitcoin in particular in other cryptocurrencies.
And we're going to look back, you know, in six months, a year,
2 years, three years, five years, whatever it is, right,
Whatever time frame you wish to. And we're going to be like, oh
shit, they were beating us over the head with these headlines
and we were too dumb to just, you know, maybe hopefully you're
not right. Of course, not financial advice,
but this is a for future Logan to say like, don't be so dumb as
to see all these headlines every single day and not continue to
pick up some exposure to these assets.
You know, there's that. I, I can't even think of the,
the copy pasta or the tweet, but it's like the you're at risk of
being under exposed to the industry you log into every day.
That, that thing, that's what this feels like to me.
And so I know that's not a maybe an insight into the macro
environment overall, but I the headlines are literally every
single day scan to crypt. Every single day there's a
writer on our team putting out an headline about some new
company or an existing company who has already started
purchasing more. And it's not just strategy,
formerly MicroStrategy, It's not just of course, the largest
holder, but everybody it seems is gaining exposure.
I'm totally with you. It's such a good reminder and we
talked about a lot, but like it's something that I had to
convince myself to just do. And you know me, I, I like to
dabble out on the risk curve a little further out than than
just Bitcoin. But this really feels like one
of those things that like it's going to be so obvious in
hindsight and owning a single Bitcoin is going to be
unobtainable. It's going to be unobtainable
for for most folks likely within the next two to three to five
years. Just a matter of of when and not
if. And like clearly it's just
chopping right now. I've got the one year view up on
the month. I mean it's quite literally this
range. We used to think the range was
92 to one O 7 and this week's the range is 95 to 98.
Like it's incredibly tight. It feels like it's the beach
ball being held underwater to me right now.
That is my feeling. I don't know why exactly Bitcoin
is lagging equities when equities are basically been
green every day. I don't understand why that is.
I, I don't think it's going to be like this for for that much
longer. So that is my view on Bitcoin.
I want to talk quickly on on Coinbase.
A lot of folks are bullish. I think this is widely known as
a way to to bet on crypto without owning any crypto stocks
actually down today. That's a little interesting.
It, it ran hard into earnings yesterday.
The five year it kind of looks like it's a cup and handle on
the five year. One of my favorite patterns to
to recognize. I mean again going back through
their earnings, I think that the big highlights here assets in
their custody are up institutional trading up
stablecoin adoption, up base. It is kind of driving all this
as well. What are your thoughts?
Are you long coin? Short coin?
How are you feeling? Coin here on February 14th,
2020. Yeah, So I don't have any
exposure to the share itself, but I'm generally long Coinbase.
I know CT in particular and you know, our cohort and demographic
has a lot of legitimate gripes with Coinbase, right.
Seen all the stuff about the, the scam, you know, stuff,
whatever. There's lots of reasons you can,
you can point and pick at a centralized exchanges, but I
think Coinbase is super important to the longevity of
this industry as a foundational player and given the influence
that Brian Armstrong and, and all of the folks there have.
So I, I'm long coin for the same reason.
I'm long Bitcoin and cryptocurrencies in general.
And is that I, you know, I think it's inevitable and I think
Coinbase is a, is a major, major component of that inevitability.
And if, if Coinbase something drastic happens here and you
see, you know, whatever, I don't know what that would be some
sort of black squan tied to Coinbase or anything like that.
You know, those are like the worst potential scenarios in, in
my head. So I'm long Coinbase, Tyler,
not, you know, I've not dug into these macro data points to
suggest that the shot the stock is going to be 350 or $400.00 or
anything like that. Just on a really long time
horizon. I'm I'm on Coinbase.
Makes sense. I think that's broadly
consensus. One thing that you mentioned
that I'm going to pick up on and disagree with, you said you
basically crypto. You feel like crypto was
inevitable, which I agree with, and that Coinbase is also
inevitable. I'm not sure I agree.
So I think the big risk that I see for Coinbase right now is
banks being able to get into a custody game.
And if that happens, why are you going to hold your crypto and
Coinbase if you could just hold it at chase and have everything
in one place I. I totally, I see that argument
and hear that. I, I don't think there's a place
there though where those, all those hurdles are gone and banks
are acting as if they are the current version of Coinbase and
Coinbase doesn't, you know, innovate to make itself just as
whatever they are. You know what I mean, there's
all sorts of semantic arguments you can make here about what is
a bank, what is in a bank, whatever.
But Coinbase would become those things in, in my opinion, if you
know, if it comes to that point, you know, if Chase is acting
like your version of Coinbase in the near future, Coinbase is
going to do whatever necessary to act as if it's Chase.
You know, so if that's improving consumer protections for a wide
variety of things. You know, we were talking
offline earlier this week about Coinbase Prime.
And some of it's like, I think it, it protects like up to
$100,000 worth of crypto should you get hacked or something like
that, Like $100,000 is a lot of money, No ifs, ands or buts
about that. But for a lot of crypto
participants that would not be suitable.
They would not hold, right? It's not going to cut it
exactly. But you know, I, I think you
would see those things shift change.
Coinbase is going to, it has to, it's not going to let it, you
know, it's been at the forefront of crypto innovation and
adoption since its inception. It's I don't think Bryan
Armstrong and and crew are going to just let the banks take over.
Now, that's not to suggest that regulatory things won't
drastically favor the banks right in the very near future.
Who knows? A lot of old money there, a lot
of, a lot of connections. But yeah, I'm not I I'm on
Coinbase. I'm not anti Coinbase and I
applaud everything they did and they were a huge part of the
fight the last few years to, to get all like the regulatory
chains off of the broader space. I think the bank adoption is
just such a big issue for them. And I think your, your point is
maybe they become a bank. I'm not going to bank at
Coinbase. I'm not going to do that.
I, I don't see a world where I would do that or, or many.
Why not though? I already banked with chase.
Why? Why am I going to root up all my
credit cards and my mortgage and all these things to, to move?
And so maybe I'm speaking too soon.
The reality is they have a long way to go, right?
Like people are getting their accounts frozen left and right.
The only way to get your account unfrozen is to to have 100,000
followers on Twitter and and talk about it loudly.
Like issues like that have to be resolved. 100K guarantee has to
be resolved. There's a lot of things Can it
happen? Of course, I don't know.
I'm just pointing out that is perhaps one reason why I'm not
long. Yeah, I'm not sure.
I'm more in wait and see. Yeah, I think, I think that's
the place to be because on the other side of this that we
haven't discussed at all, you talk about banks as a
competitor. Look at hyperliquid, right?
Like it are on chain things like hyperliquid, you know, is that a
real, a real threat to like major, major money?
Of course, you know, if Coinbase can open up per trading to all
of US residents, etcetera, what happens to hype?
Who know? I, I don't know, I mean there,
there's a lot of ifs ands, whatever could happen, but it
presents itself obviously with some opportunity.
If you can work your your your way through these scenarios and
it's sort of the 2nd order effects.
Yeah, if I could bank with Hyperliquid, I'm 100% would so
and and thank you for reminding me to pull up the chart.
It's a beautiful chart. It's one that I wanted to to
pull up anyway, though it looks like it's bouncing off some
local highs. Let's let's get to our next
story because we have a lot on the docket here today.
Folks. You actually wrote this article
forward to Crips. So I might just tee up and and
have you take over. But the big news out of open C
got more details on the C token. We got more details on open C2
point O it's live in beta. It seems like you had a
conversation with Derek Finzer, if I understand correctly.
Devin. Yep, Devin, sorry.
And yeah, I'd love to hear, you know your first hand perspective
AI. Just got to recap the
announcement, plus any vibes you got from Devin on how they've
been building. Yeah.
So to recap the the announcement, the Open C
Foundation clear distinction, the Foundation is launching the
C token SEA. So that's the ticker that
they've chosen 4, not just current users of Open C2 or OS2
platforms or recent users, but also to historical users.
I know that was a big question mark for a lot of folks about
how Open C and the foundation would potentially reward folks
with a token if it were to come. Now of course, we know that that
is coming. So that's the the biggest part
here, right? Is that the the token that has
long been speculated, long been yearned for by NFT traders is is
actually coming? We don't know exactly when, we
don't know the details around tokenomics, but we do know a few
cute things that dispelled rumors that circulated earlier
this week. There will not be a KYCE
requirement. An open Sea Foundation
spokesperson confirmed that to me directly and US users will be
eligible to participate. If you remember earlier this
week there was some boilerplate language.
This is from Devin. So he tweeted this out, I
believe boilerplate language on a test website that was
misconstrued as the facts, right, not unlike crypto to jump
to whatever they see first as fact and, and those things are
are out of the way and have been squashed.
So if you're an open C user from 2021, if you're from the United
States, you will be eligible for C tokens in some way and you
won't need the KYC in order to get them whenever they do come.
So that's the big, big point. Open C2, though, is a you know,
the the complete revitalization of open C and, and Devin was
really forthcoming with with me earlier this week when I got a
chance to talk to him about, you know, how long and painful this
journey has been and how they really look to strip everything
bare, you know, cut it all the way down to its core and rebuild
up. And I know if I'm not going to
be able to remember the names off the top of my head, But if
you ever scanning Twitter in the last few days, you may have seen
some of the open sea engineers talk about the journey as well
to kind of just, you know, all the hard work to get to them
where they are now, which is, you know, a platform where folks
can trade everything. Fungible tokens.
So a lot of support coming soon to trade things like pengu right
on the Penguin page, things like Azuki right on the sorry anime,
right on the Azuki page. And those are things that I
think everybody sort of wants, right.
Well, one stop shop to try to be able to trade everything instead
of hopping between applications and deck Screener and all these
things. So that's what's coming in OS2A
complete revamp. I have not personally really dug
into the product too deep. It's been in closed beta for a
while, right? You saw the closed beta
announcements, the rumors about the XP stuff, which is true.
There is a rewards program, an XP program for folks that are
using the platform actively. Those things are all all out
there. I encourage you to to go ahead
and you know, just dig in to to learn more for yourself there.
To wrap up, I know I've been around here, but I thought Devin
in my conversation with him seemed very genuine and very
measured in the sense that like he he knows he recognizes where
open seas at the community itself NFT participants have
been. I think ruthless is probably a
fairway to assess in their, I don't know, hatred, disdain,
almost like it might be that far for Open C as a brand in the
last year or two. And I think Devin fully
recognizes that. And I think this is a real, you
said it earlier offline, Tyler, like kind of a chip on your
shoulder type moment. You know, they want Open C to
succeed. They want a token to succeed.
They want it to be a long term thing.
And they're going to do it as best as they possibly can.
The foundation in particular you mentioned is learning from other
token drops, learning from the community about how to do this
in the best way possible. So all those rumors you see
circulating and speculation about they're going to screw
over 2021, they're going to do this, that whatever, I, I don't
know, those economics are not out.
They're not available at this point in time.
But I'm keenly aware that I think Devin is seeing all of it.
The foundation is seeing all of it.
They're going to do the best they realistically can.
Will that mean AC token succeeds?
Who knows. Are they going to, I think like
walk themselves onto the plank by, you know, coming up with
horrible tokenomics that the community is already railing
against. I I don't actually expect that.
I know many people do expect that will be the case.
I I personally I don't, but yeah, anyway, sorry that was a
that was a lot it. Was a lot, it was great time.
You arguably have as much personal insight as anyone
having talked with with Devin first hand.
I sent this on. I did a stream on abstract
yesterday. I'll share some of my thoughts
again here. I think if you are rooting for
open C, if you are an open C investor or you are optimistic
that you may get an AirDrop and you don't want the AirDrop to be
worth 0, you have to love these comms.
I think these comms were perfect.
They addressed the fudge straight on open.
Like they came out and said US users are fine and OG's are
going to be rewarded. Stop telling us that that's not
so. Stop complaining about that.
I love some of these tidbits like we're a smaller team
merging 6X to commits with half the team signs.
We got too big, we got too well too.
Address it, it's over, you're moving past it.
I love that. What I love the most was
addressing as haters to all the haters.
You is better to those who stuck with us, We're building the
open. CU always believed in like that.
This is the the part of his message that made me think, OK,
he's got the chip on the shoulder, which I love.
I love when my founders have chips on their shoulders.
So I think that's kind of what drives people the most.
And he feels driven. Yeah, I, you know, I asked him
about the the leaner team thing. There's a comment directly from
him in in the article about they got to Web 2 right?
And that's a trend that we've seen in this in this market.
Same thing happened at Yuga labs with Garga coming back.
He said the exact same thing, right, just happened with
doodles. Scott Martin taking over said
basically exact same thing. They want to be more web three.
They want to be more scrappy. They want to be crypto native
and that crypto, you know, native feel means a couple
things. It means shipping things fast.
It means there's a token involved, right?
It means a lot of things that a lot of people, I think, again,
yearned for. Nobody should be rooting.
One of the weird things to me, Tyler, is it still seems like at
least there's a pocket on my timeline that is rooting against
Open C. Yes, a huge pocket.
I don't understand that in any way shape or form.
Will your air drop be worth anything?
No comment. I, you know, like whatever, who
knows, but rooting against them just because you disliked they
didn't ship enough and over the course of last few years or
whatever, we're in a completely, in my opinion, we're in a
completely different environment. 2021 doesn't happen
without open C, right? Everything's a little bit
different, you know, the butterfly effect type thing.
Everything's a little bit different without open C, of
course. Yeah.
And this is part of the what I thought Devin did a great job of
was like he, I think he understands.
He said, you know, he talked about the long painful journey
to get to where they are now. They recognize it was not
perfect over the course of the last few years, but rooting
against them moving forward just seems so silly.
Like, not only are you potentially rooting against your
financial interests should you be eligible for an open seat
token, but you're also rooting against one of the bigger brands
in this space and one of the bigger infrastructure components
that would be necessary if you ever want to see an NFT season
ever again. You need open seat probably,
right? Like, I don't know, it just
seems really weird to me to see so many people still like
wanting to dunk on them when they have been very much, in my
opinion, forthright about the fact that like, hey, things
weren't as great as they could have been.
We're going to do as much as we can to figure it out.
And maybe it's just, maybe it's just because they didn't
communicate that earlier. I don't know.
But at least they're trying now. And to me, that's that's worth
something. It's because crypto Twitter is
full of haters. It's because negative posts get
way more engagement and impressions than positive posts
do, so that's why it's amplified on the timeline.
Everyone just can't. They can't wait to say, oh I'm
going to full stack sell my open Sierra, drop it and move on.
Like all right, cool. Rooting for open CI.
Love this. We've already spent like 10
minutes on this, maybe quickly. I think the key question still
is why are people going to use the platform?
We all use it everyday. In 2021 a lot of us, myself
included have stopped using it everyday.
So like what is going to make me or you start using Open C2 point
O on a daily basis? Do you have an answer?
For that, you know, I'm not sure I do at present time it is I'm
not doing much NFT trading at this point in time.
But actually when I have bought and or sold of late, it's been
very minimal. It has been through Open C just
because whatever some of that stickiness from 2021, whatever
it happens to be, I don't know. I, I, I don't know.
I like, I need to fully dig around.
Full transparency, I have not. I have not used OS 2 yet.
Either. It's difficult for me to really
comment too much and, you know, shit on the platform without
having tried it. But if all those things are in
one place, you know, the ability to trade coins, you know,
tokens, fungible tokens, you know, at low fees, gain exposure
to things that I'd wish to gain exposure to in one spot.
And I'm open to it, no pun intended.
I don't know, though. It's going to be really
difficult because it has not been the place for most of the
active participants to go in the last two years.
So I I used 2 two sides primarily for all my journey.
I use Jupiter and Uniswap. If Open C can really unlock this
native cross chain purchasing, if any of my EVM swaps that I'm
thinking about doing, I can do on open C, maybe that's what's
going to get me in the door. So I think leaning into that
makes absolute sense. And it seems like they they get
that. So we will certainly see.
I need to spend some time digging into OS 2 point O as
well. You mentioned you know a part of
this was them admitting they are Web 2 going Web 3.
Fairly good analogy for doodles company that many thought Julian
Hogan was web 2 corporate again. I I like Julian Hogan quite a
bit. I think he did a very good job
running doodles. But he is out and the news they
have introduced. Dude the official token of
doodles. Not a whole lot of of info in
the announcement post. We did get the tokenomics.
It's going to be on Salon and another ETH NFT brand launching
a token on Solana, 68% for the community, 10 billion tokens.
So the unit bias is going to be a decimal behind your typical
pump fund. So at a dollar, it would be a
$100 million market cap. No opposite a dollar would make
it a $10 billion market cap, right?
At $0.10, it would it would be at 1 billion.
So that's your unit bias a little bit better then we
typically see. I think it's slightly worse than
Pingu would be from a unit bias perspective.
Logan, I think you First off have been a long time Doodles
fan. Yes, yeah.
Gone through the evolution, the roller coaster leadership
changes. How you feel about this?
Does it make sense? The article you have pulled up
for anybody watching the stream, I highly highly recommend
anybody who is interested in this token read this article
from Sander over at my colleague at the crypt.
Really eye opening. He got to talk to Scott Martin,
now CEO but the artist Co founder of Doodles.
And again, disclosure, I do have some doodles assets.
They are doodles too related I believe.
Maybe I have a duplicator still, I'm not entirely sure.
So putting all that out there and I am a Doodles fan.
I love the color and I love the the brand itself.
I am highly uncertain about what I'm, you know, about this token
in particular. If you kind of read through this
article, you know, it mentions, of course, that things were
corporate. I think Scott did a great job of
detailing here that there are some things that like didn't
make a lot of sense. The he he gives the example of
the Rubik's Cube drop in which it's kind of cool to put doodles
assets on a Rubik's Cube, but it didn't really make a lot of
sense to extract and put doodles Rubik's cubes collectibles on
chain. Like what?
What is that good for? Like, I think those comments
make a lot of sense and that that part, it's really
refreshing. But as you continue to read, you
know, there's kind of the question about like, So what,
what is this? And that's where it becomes a
little less clear, right. And that's the question that is
surrounded all these NFT token drops like anime, like pengu is
like what, what exactly is this? Like, is it a meme coin?
Is it a culture coin? What does it do in the future?
And those are the questions that are really difficult to answer.
And I'm not like, I don't mean to to pick on Scott for not
having a great answer to that because I, I don't necessarily
think that like any of the people dropping tokens have a
great answer to it right now. It's just kind of the thing you
do right. Some people see that as highly
extractive as a way to cash out. Some people see that as a way to
reward their community. I think you can make arguments
in any way, but reading this, it was, it was eye opening and I
don't want to take too much from the article again.
I highly recommend you go. You go read it and and you come
to these things on your own. To me, this just feels a little
late to be quite honest. Does that mean it should have
dropped in 2021? I don't know.
There's so much regulatory uncertainty about what to do.
You know that that's part of this as well.
Every company now sees the opportunity to do this, and so
why not, right? I get that to a certain degree,
but tough man, I think it, I think it's just a little bit too
late. I can't foresee this.
I'm rooting for Doodles as a brand.
I think it has a great opportunity.
It's already done a fantastic job.
Those Web 2 partnerships in which Scott does allude that
they will continue the things with Pharrell, the McDonald's
partnerships like those, those are significant wins for our
space, in my opinion. I'm rooting for Doodles for
sure, but I don't I don't foresee a world in which this
token does anything but replicate the charts you're
showing right now. Yeah, for those in the stream,
I'm sharing the anime coin chart, the Pingu chart, and a
pudgy holder. A Pingu holder.
I I can't deny like what's been happening with these NTT tokens,
right? We had a nice pump on Pingu into
Trump Sunday. Since Trump Sunday, it's gotten
decimated like every other coin in the mean market.
Unfortunately for anime, it launched later, so it was more
impacted. It's basically been down only.
So I think the question is, what is doodles going to be able to
do to avoid this chart? I guess if they can somehow open
the token low and not open it a couple 100 million, maybe that's
one way. But I feel like people once you
have this chart, people just get so fixated on it rightfully or
wrongfully and like and Pingu is what, 600 million?
It is a still a tremendously high market cap coin that anyone
would objectively call a success.
Yeah, it's at a billion dollar, 1,950,000,000 FTV.
Yeah. But the chart looks bad and and
people don't like it. I don't know what doodles is
going to be able to do to fix that.
I I will say this is a very interesting article.
I do recommend people read it. This makes me a little nervous.
So first it's going to hit the market as a meme coin.
Then as U.S. Securities laws are navigated, a
utility coin. That's great.
But what I don't love here is team has drawn up plans to
dangle a large, expensive sculpture from the ceiling and
let users spin do tokens to start to slowly lower it,
allowing the audience to finish the story.
I I was feel nervous when things sound like they're being turned
over to the community because the community isn't going to run
this token. It absolutely need the team to
to drive the project forward and any kind of a vision for the
token. If you Scroll down just a little
bit more, Tyler, that next graph, sorry, you go up a little
bit. There's a, you know, does the
just below where your graphs, there's a point where Sander
basically asked, does the company really need to launch
its own speculative token to enable the rare, the destruction
of a rare artwork? And you know, after a minute of
thought, Scott says we have fiduciary duty to bring value to
our holders. Dude could be a very competitive
and valuable asset in this new market.
OK, interesting. Again, I'm not knocking anybody
for launching a token now that it feels like shackles are off
for launching a token. I love tokens.
AirDrop them to me. You know, I'm not I'm not mad
about people launching tokens, but it's just it's really hard.
You know, it's an unenviable position to get to this point
and the utility aspect like I think that's a, you know,
whatever, a gimmicky unique way to to build in some sinks, but
people don't give a shit. Penguin Penguins burned 13.69%
of the supply. Nobody cared.
Penguins on Coinbase spot trading.
Nobody cares like it's, it is remarkably difficult.
And as you spread out those tentacles in, in a way in which
it feels like you're doing a great thing by offering an
opportunity for folks to get into the ecosystem.
You're actually just kind of walking your way back into that
proliferation argument that we had in the NFTS in 2021 and
2022, which is you've just created more assets for people
to buy or not and like, I don't know.
So I'm I don't envy the doodles team in this regard.
At the same time, I totally understand why they would
potentially go this route. And I'm rooting, I'm rooting for
all of these projects because they're important and they're
they're fun. And these things are good for
the space, in my opinion, to have more than just payments, to
have more than just defy, which we all want.
I think we want a robust web 3 crypto ecosystem.
You need some of these things to succeed in order to have that,
in my opinion. I think one of the core theses
behind NFT products launching tokens was an expansion and the
ability to get more holders into an ecosystem.
Have we accomplished that? I'm bearish.
I'm. Bearish that token.
Have any people, have any teams really been able to prove that
yet? So high level, I think the
verdict is still out on and this whole NFT token meta, it's too
soon to call it a failure of success.
I think the pessimists out there are winning right now and
certainly saying that OK, these NFTS punk because the token and
now they're back down to the rightful prices and now they've
got no future levers and they weren't really able to
meaningfully expand the community.
The holder point is really interesting to me, Tyler,
because that was something that was championed as as part of
Pengu, for example, 7 million eligible wallets and then they
burned 14% of the ply because the remaining wallets were to
them bots, right? Like you can't have both things
in my opinion, you, you can't be championing the fact that you
have so many people. Sorry, not necessarily people,
but wallets eligible to, to claim this and then also like
shut off the ability for all those wallets to claim this.
It's just, it's, it's a little funky to me.
I, I don't, I don't think those metrics really are, are
mattering too much at this point in time.
And it's, it's not a, a point of it's not a catalyst.
More wallets in this market at this exact moment in time.
It it's not a catalyst. Trying to pull up how many
holders go ahead, Brad. Yeah, I just said like I had, I
had a little comment on this. Oof.
Look at that chart. 5000 holders, that's where I that's
the number I was looking for. I found the bottom though.
Look at that, it's rounding out a little bit, right?
I think it is. Yeah, like my my commentary is
less on the actual like should they do a token or not and more
about just like the structural way in which they went about it.
Because like I get the I get the desire is those holder numbers
that you're talking about the several million.
But I still just think long term fracturing these, these
communities, even in the name of distribution amongst like 9
different chains and like whatever, like I just, I don't,
I don't think, I don't think it'll be a net benefit long
term. Doodles like Pengu did it,
Doodles is now doing it right. Doodles has has a strong
affiliation with base, right? They move their collection from
flow over to base and then like all of a sudden they eat their
stuff over in the Solana. Pengu has mainnet NFTS.
That's where their holders are. They're now have abstract, which
I assume is where a lot of those are NFTS may migrate or they're
going to do some expansion there at some point.
But eating some stuff over on Solana and like, it's just, even
though for them, they can try to make a cohesive environment,
it's still just it. Your users are in one place.
That means their NF TS receive the benefits of all the
applications that are also in that one place, right?
If you're on base, like just as an example, if you're on base,
you have a doodle and your doodle gives you benefits in
Aerodrome. Aerodrome is a base native
application. Like this is your home.
These are the apps you're getting familiar with.
Aerodrome is probably not going to like integrate Solana or at
least not specifically for your thing.
So now the applications that your users are used to have,
like I have to try to support everything or they're going to
be fractured, right? Like, oh, I want to lend, but I
got this thing. I can't use aerodrome.
I got to use marinade and I got I got to use this other thing.
And it's just like it creates this user education journey that
it's just like, I don't know that you can recover from long
term. Pups did the same thing, right?
They had to eventually burn their bridge on their stuff on
Solana and like that creates a situation where you have to go,
Oh, sorry, guys, you missed a cut off.
I just evaporated 20 grand out of your out of your wallet,
right? You like we're done doing this
service and like long term, just I'm just, I'm not bullish on it.
Very fairpoint and we will certainly see how this pans out.
It seems like it's probably going to be Q1.
We don't really have date on the Doodles token.
We don't really have date on the open C token either.
I would guess Doodles is before open CI can see open C being.
We're talking Kaido now, Tyler. Let's get into it.
Let's talk about Kaido token. It's on my list.
Here we are, so set the stage. This week has been a huge week
of social air drops for Kaido power users.
We had Bear Chain, Anime coin, story protocol and their IP
token, and then also this Kwai I I I can't vouch for quiet as
much. I haven't had a chance to dig
into that one, I know. The team, I'll vouch for them.
They're good guys. Yep.
American made? Yep.
But we love American made crypto.
American made on the show. Fantastic.
Well, that's good to hear because I, I was going to the
website and I was a little bit nervous because I hadn't had a
chance to dig in. We'll put that aside. 4 social
air drops for, for Kaido power users.
And then today, this morning we got the news introducing the
Kaido token and entering the new era of attention and Info Phi.
They go to talk a little bit about what they're building the
developments with Kaido Connects and they talk about the token 3
roles driving market forces, serving as a network currency,
enabling community governance. So Brett, I feel like you're
chomping at the bit to to comment on this one.
So reactions to to Kaido and is this, is this the best iteration
of social fire we we've seen? It is fun like and I obviously
like I, I haven't been like actively farming or doing stuff,
but I do have deep exposure to it because I've been successful
in the protocol just by nature of what I do.
Like I got 22 NFTS right and those were pumping this morning
and then I'm I'm actually in the picture on this thing.
So I'm a top 10 yaps holder. So I love the numbers people are
throwing around. I but I've been burned before.
So like, you know, I'm I'm not getting my hopes up.
I'm if it's a hyper liquid for info fi, hell yeah, I'm I'm
eating. I love it And let's let's see
where this thing can go. I think ultimately, like I I am
excited about Kyo as a platform. Obviously we're using it as a
we're using it as as Maggie, right?
We just, we just got this thing because frankly, if you're not,
if you're not building something like this in house, there's not
a lot of good tools out in the world to sit there and, and
actually analyze social sentiment stuff on TCT, like
monitor the discussion and then isolate and give those things
back to the users, right. So like it is a really good
tool. And you're see, that's why
you're seeing teams leverage this stuff because story
protocol in the old days, like if you're going to try and
figure out who's talking like about you on CT and who you
should distribute stuff back to, it's you have to, you have to
sit there and, and like scrape Twitter, right, Which is what
they're doing. Or you just like sort by like
scanning our name and then sorting by like most
interactions, which can be boded to shit, right?
There's no, there's no like natural, like civil restriction
stuff there. See that?
Look at me and you. We're kissing on that one.
Wow. Hell yeah.
But yeah. So like, I think it is a good
platform. It's not perfect, but it is
good. We need this and obviously
there's, there's clear demand for it because you know, we're
getting 3 projects coming, doing the voting stuff, the Kaido
connect thing week over week. So I'm excited, I'm hopeful.
I'm I'm exposed, deeply exposed to it.
So like, great. I hope it.
I hope it does great for that reason.
Brad, you're 12th and and the and the yap leaderboard over the
basically over the entire time frame of this thing, you're top
12 and on the month it's top ten.
Incredible. You are they they like nerds.
Indeed, real quick, quick tangent.
All right, so so what's the secret to your to your success?
A lot of people want to know, you know, how can they earn?
You have points. I wish I could tell you like I
think like if I just think of like why I've been successful,
not again, I haven't been intentionally farming this
thing. I just know that like I think
you, you who came up with his initial algo, his algo looks for
like 1 authentic content. So like not like something that
could be deemed as like either like repetitive or from someone
else, like OK, original content. And then two, just like if the
AI model that they have sees an exchange back and forth as
something a little more meaningful, like outside of just
like LOLGM, like whatever. And like there's actually an
exchange there. That's what earns a yap.
So you know, like how to actually do it.
I don't I haven't like reverse engineer.
I just thought like one, I try to have like a pretty diverse
topic of stuff and then two, it's pretty Ethereum centric.
I like to think. I think he's like an Ethereum
dude. So like I post about Ethereum L
twos and like because it's kind of it's a deeper level stuff.
It's not just it's like it has to be some technical knowledge.
I think it just like passes the bar pretty easily for the AI is
like, oh, this requires some expertise or something.
And then that gave me credit. So I was just fortunate that he
honed in on my sector early on, my sector being like etherium
nerd content. And then because through that
I've accumulated. You're number one on the pre tge
upper board #1. That's the place you want to be.
Incredible. So yeah, that that is quite
literally where you want to be. Because what we're seeing now,
Polka dot is running a large marketing campaign and they are
going to, instead of paying traditional Kols and doing
backdoor KOL deals, they're going to do it via Kaido and
they're going to pay the the top yappers that marketing money.
And I, I love, I mean, I love that direction.
Like, how could you not like that?
I think the negative side is OK, we're going to have more people
talking about Polka dot who actually don't care about Polka
dot and it's going to be spam on the timeline.
But isn't that still a more merit based model than just
paying handsome? Yes, I think so the the counter
to that is that it's still it is still unfair depending on how
they actually do it. It's still unfair for the small
guy, which like it like as an example of this, right, if you
go to the mega ETH one, like right go to wherever it's yeah,
click that right whale's going to be pretty high on here.
Like whale whale Mocha's you know, 2.2% and that's he like
get it out one or two tweets about like the NFT thing and
just because like he he did that one tweet and that tweet said
Meg Ethan. It like it's a strict text thing
like and because he has natural good distribution because of his
account, like all of that feeds into just like even if he like
no other one, no one else from our social graph like the this
social graph here you see here like that I'm the center of if
no one in this social graph even interacts with that blows it up.
Does whatever just him with his native mindshare distribution
following influence impressions, whatever will cast him pretty
high inside of that impressions thing.
So I would like to see the model refined a little bit to see like
who has mindshare within the social graph of like what makes
up mega ETH here? I think that would be more
justifiable because like I have people in here that are small
that I've elevated, I tried to elevate that are like putting
out great content, but they only got like 700 followers, right?
So like I can only amplify them so much and I try to get them
stuff and like they're all about mega ETH.
They're very intellectual, whatever.
And they, I would say they have big mindshare within the social
graph that is mega ETH, but they're not really detected yet.
Yeah, that's fair criticism. At the same time, if we're being
realistic, like where are you going to direct your marketing
funds? Are you going to direct it to
Wally, who gets a million impressions?
Or are you going to to Joe Schmo down the street who wrote an
incredible thread but only 17 people read it?
Yeah. Yeah, I feel like.
You, yeah, you got that both right.
Yeah, I think that's totally fair.
And I, I, I get that I have a small account, relatively
speaking, especially compared to you 2 on, on stream here.
And so I, I'm, I'm not farming the apps really actively or
anything like that. I don't get many of them.
And so, yeah, I understand the frustrations from a smaller
account that like you're not getting them right because
you're not getting the impressions.
But at the same time, you guys have worked to build the
accounts that you have, you know, so that doesn't, that
doesn't make me mad, but I at the same time do understand
frustrations. One of the things that I have a
frustration about is not related to the polka dot thing, but like
the story protocol one from yesterday, for example.
Why are you just giving tokens to like anybody who's the top
yapper as opposed to people who are yapping about your thing?
That that part does not make a whole lot of sense to me and is
a little bit of A cause for concern for additional spam on
the timeline, which we've already seen plenty of about.
I've earned this many apps, I'm going to do this, blah, blah,
blah, blah, blah, whatever. That just doesn't make a whole
lot of sense. And I'm not mad about that
because I've tweeted about story protocol before and not gotten
the points. But like, me tweeting about
story protocol is more valuable probably than somebody who's
never tweeted about it ever, ever giving them tokens, right?
Like they're just going to dump them.
And I get it. That's the AirDrop thing.
Most people are going to get the tokens and dump them anyway.
But I think you should at least like reward the people who are
tweeting about your topic for, you know, your pre TGE topic.
The bread called the social graph for megaeath, whatever.
That makes way more sense to me. I'm totally fine with that.
It does not make a whole lot of sense to me to just blanket give
the things to just anybody with a top yapper score.
That's when you're just rewarding the the KOLS right?
For no apparent reason that that's silly to me.
I guess the, the incent like thought is like, oh, if we give
this to them, they'll talk about it, right?
And then they'll talk about it. You get the marketing right.
Yeah, that's the thought. I guess, but you already gave
them the tokens, yeah? Yeah, right.
Yeah, the incentive's gone now. Yeah, it's not a perfect model,
but I think that's what's so interesting about Kaido to me.
Yeah, I'm showing the moon boy math.
It's Friday. Moon boy Friday.
That's what it's about. Remember doing this with friend
tech? 100 dollars, $10.
I don't even remember the numbers anymore.
Yes, and there are people out there who are writing threads
about how these Kaido apps are going to be worth $100 a piece,
and my God, I hope they're right and.
My God, yes. But I don't think they will be.
But putting that aside, just wrapping the boat on this, I
think we're this model, this where I think Kaido can be
really valuable is unlocking this marketing machine.
And like Sammy was posting about how like there's an agentic
component. Well, like AI agents come
through and pay for social data to know who they should market
to. Like it's valuable data.
I think, I think it's pretty hard to argue against that.
And like I think one of the arguments against Kaido's ago
was just NFT inspect, 2 point O NFT inspect didn't get nearly
this far down the road with like actually being able to monetize
this type of data Kaido has. And, and X is already showing
willingness to like, want to open up their API to like keep
enabling stuff like this, right? Like they did that with the AI
agents where everyone's like, bro, these things died.
It's like, can you shut off the API?
But like X came out whatever month ago and they're like,
look, dedicating A-Team. They even reached out to Sammy,
right? Sammy had Adm with someone from
the XXAPI team. They're like, hey, we would
like, they wanted to make sure we set this stuff up for you.
So like that that's proves to be might prove to be good for long
term outlook for this. So like it can be sustainable,
they can continue to iterate on it and let them be propped up
before getting their legs cut out from underneath them.
Yeah, yeah, I'm totally with you.
We got a few topics I still want to get to.
We spend a good amount of time on open sea doodles and cut out,
which we need to do. Brett, real quick.
Do we have you for more than 7 minutes?
Can we run a little long or do you have a hard cut?
Yeah, yeah, yeah, I'm golden. All right, let's let's quickly
do a couple rapid fire headlines.
So we've got CZ by Nance. He gave us the name of the dog.
The dog's name is broccoli. He told the whole dog's story.
What he did not do was give anyone a contract address.
So it led to total chaos. Dozens of broccoli tokens
launched. Most of them or all of them are
most rugged. It seems like we have one
winner. The winner now.
Oh my gosh. So this thing hit.
Wow. The the winning broccoli token
did hit 220 million. Looks like it wicked close to
three. It's sitting at 150 million
right now. So I was kind of having this
debate. I didn't choose to go into B&B
world. I didn't play any of this.
I thought the ceiling on A on C ZS dog was 200 to 300 million.
It looks like it went there the first day.
So I mean anyone who bought this.
One of one of them went there, right?
There's the like bundle scam that went to like 9 gajillion,
right and then tanked after. Yeah, there's a whole bunch of
these. A lot of losers, but if you
waited for the one to be kind of shown as the winner.
So like last night at 6:30, this one was 100 million.
Like that is pretty clearly the winner at that point.
So if you bought that, you had a chance for 2X God.
Look at that start though this. This was what was wild 360 and
then fully rugged like I thought it was over and then somehow
this one was the winner. Like good luck turning this like
good luck imagining early to this and then this has.
Psychological Trauma. Just asked Psychological.
Warfare. Sorry, Todd, I, I wrote about
this yesterday for Decrypt. The things that are astounding
me here, aside from the fact that like literally hundreds of
broccoli tokens were launched. This is funny is the volume is
absurd within the first hour. So I, I was writing about this
yesterday, like basically right after it launched and within
like the first hour and 1/2, it had already had like $150
million in volume. Yeah, closer.
To is it about a million across pools?
Yeah. That I mean, just absolutely
wild volume or ACZ dog token. It's just crazy.
The other crazy part to me is I don't know if you've spent any
time on his feed about this whole thing because he he
telegraphed this, he gave people about a three hour heads up.
I believe that he was going to do this.
This has been a meta long before, right?
People guessing it or not guessing right sleuthing
Instagram posts about people's dogs and whatever.
The thing that is a little funky to me is him acting like he
doesn't understand what's happening here.
That's pretty funny. Well meme coins work.
I I run the biggest people exchange.
Yeah, just a little funky. Like literally last week, dude,
you posted a meme coin link and the token went to 500 million.
Like, come on, you know what's going?
You know what's going on here, bro?
Do you think B&B season's going to last?
I, I don't, I don't know, like I don't think so.
I think most of the participants are still actively playing, of
course, in Solana and it's difficult to make those changes.
You know, just as we were talking about with Open C and
beyond, like it's tough to get you to go somewhere else,
especially when the friction is low.
It's very low in trading on Solana.
It's higher trading on BNB in my opinion.
So I don't. Foresee, is there just an AVAX
trench? Like a trench season in AVAX
too? Is that still going on like?
It is, yeah. Let's go to that.
So this twink token, the pre sale that just flew right by me
and I slammed my fist on the table when I learned about.
It I'm here, I'm hearing some big numbers.
Anyone who did the Max, I think you could do a 15 sole 15-A
backs or 35A backs. Anyone who did the Max bid made
$100,000 if they held for a day. Yep.
Oh, you get shamed. You get shamed if you sell.
And yeah. Right.
That's yeah, that's part of the game at this.
Point I'm fudding this one. The volumes are are, I mean,
looking at this AVAX board for the first time, you're seeing my
initial reactions live because I'm not nothing.
These are pitiful. Volumes like these are ruins.
It ruins volumes almost. Does that, but does that speak
to like the professional V Jen casino that is Solana and B&B?
Like you were going through that broccoli thing.
I was like like seeing the 95 in there and each of them has 150
million plus in volume, some of them for 500 million.
Like what is the prop shop have to have ready to go day one,
like all right, token launch boom.
You have to be able to launch the token.
You have to be able to pay for the ad right, because all like
six of the top seven are sponsored broccolis.
Then you have to be able to deploy a volume bot that can
actually get make you compete on things.
So like these are like these are starting to get to be
sophisticated operations to like make these real.
It's industrialized now, which also makes me not really want to
play and that's why I'm kind of out of the trenches right now
other than playing clear winners.
But even that like I had the jail stool chart up.
Let's let's pull it back up. This was the clear winner of
last weekend. It was it was seemed like it was
grinding back up got back to 100 million.
I don't really know if there's any reason for the self.
So I think the the the the whale who had he made a ton on Trump
and he put 7 million into jail. Still, he he sold the position
took a $5,000,000 loss as he actually so that was a rough
trade, but and we saw an initial rebound, but still kind of
grinding down. I don't know it's.
Tension's so fleeting, man. This is purely an attention
coin. Dave is a is a tremendous KOL,
but like I feel like it's a momentum, it's a momentum slash
attention. And when the momentum is bad,
it's like, how are you going to turn this around?
So. It just becomes so normalized,
right? Like it like, and every one of
these, like, I think, I think all it all it changes is the
magnitude of the initial move, right?
Iggy Azalea, boom. Like magnitude of the move.
She's in the space. Like it garns attention from
everyone, but then everyone's like, it becomes normal at some
point. Like, Oh yeah, he just has it.
So like, I have no interest in it.
Like he just has it like, I'm not.
That's just a thing, right? It's becomes normalized.
There's no longer a shock factor.
There's no longer like a it's nothing worth talking about.
And like, if you're not talking about it, it's dying, right?
So it just bleeds. Yeah.
I don't know. I don't know how this one really
turns around from here. So we we will see one token that
is turning around is Jupiter. So yesterday they announced
official buybacks start Monday, 50% of protocol fees, locking
those tokens for three years. Jupe was one of the top movers
on my on my list here on the day.
Let's see. So up 16 percent, 96 cents.
Wow, so so quite the move. People who went long and Jupiter
are feeling good about that one. We like that trend.
It seems like something big is coming for hype today as well.
Another next Gen. defy tokens. It's grinding up folks.
Higher lows every day on on this one.
I think Bitcoin spot Bitcoin is the rumor for the the next piece
of news. Oh, interesting.
Oh yeah, it's here not not any volume yet, but it's on the list
now for for spot trading. No one's been able to trade it
yet. So so look out for that from
hype Arc had a big news yesterday.
They launched their first token on the arc launchpad.
It was the ask J token that is their AI trading platform.
It was the first to launch on Forge Forge, which is Arc's new
launchpad. So trading platform is SJ.
Jimmy Forge is the name of their launchpad for ARC on Solana.
I think the front end had issues yesterday.
It went down during the met. I was a FKI wasn't able to mint
this one. The token went initially surged
right to 60 million, then down and then kind of has been
trading in this 20 to $25 million channel.
Logan, I think you've been following the ARC story.
I'm not sure if you were active around SJ yesterday.
Any thoughts or reactions? Yeah, I've been following ARC
for a long time, of course, as one of the leaders of AI Meta.
And I think the last few weeks, sorry, not last few weeks feels
like weeks. The last couple days of its
resounding strength when compared to, you know, other
market tokens, pretty clear signal to me.
It's always been one of those first ones to bounce back.
So it does really feel like a very clear winner, not financial
advice of course, and still very much off all time highs.
They get the 700 million or something like that.
I mean briefly up to six, but basically 530 is kind of an all
time. Right.
And if you're still, you know, if you still want to have
exposure to AI tokens here, you know, beyond things like Tau or
whatever, which you know, gets you outside of the trenches,
perhaps this feels like a really great place to at least, you
know, focus some attention and get and give some time to
understanding what's going on here.
I am. I'm out of the loop specifically
in regards to forge in the Ask Jimmy stuff.
I knew they were coming. So seeing the tokens, I don't
exactly understand. I remember asking you actually
yesterday, Tyler, like, does it really make sense for me to be
buying these tokens if I could just buy ARC, right?
Like they seem in ways to be beta to ARC.
And. Of course.
You know, there there's the discussion to be made about
where those the ratio of the beta play to the alpha should
be. You know, maybe it shouldn't be
1112 to one or whatever it is right now.
But to me, I mean like if you want to not pay attention every
single day but still have exposure to the AI ecosystem on
Solana, there's no better place to probably at least give some
attention to the Arc. I mean, the index play, I think
ARC has become the AI index play in this new meta because like
Virtual's was too expensive, AI16Z has got too many risks and
the chart looks terrible. ARC has the best chart.
It's new, it's on Solana. Price action has been good even
yesterday. So they had they kind of fumble
the launch with the site breaking and then bad price
action. It's sold off immediately.
It went all the way to 285 and then now back to 360.
So there there's clearly buyers waiting for that one.
So I think the overall view on ARK is still very positive AI
kind of just a chop week for AI 7 1/2 billion.
So I'm sure we'll get more into the weeds next week on that.
That was up to like 15 billion, right?
Total 22 is top. Wow.
Yeah. So we're still 70% off all time
highs. Before we wrap up the show, I
want to I'm going to put Brad and Logan on the spot for their
top myriad bets for this poker tournament.
Before we get into that though, Brad, let's talk mega Eve here.
It's a huge week for you guys. You did it's a very $13 million
NFT sale. It seems like team, I think you
folks have been sharing like lessons learned.
I guess maybe kind of walk us through the the week, how did it
go from your perspective and and how's the team feeling on Friday
it? Went well and that we sold out
and that we like no one lost funds like everything was safe.
It didn't go as well as we planned with just handling the
influx of demand. And then just like the general
load roll out of the tech, all that stuff, you know, we had a,
we were working with a third party team to get this stuff
spun up. And frankly, we just didn't give
it enough time to like truly vet everything that they had
produced. So once the ticker was going, we
announced The thing is coming and they, you know, it was
committed to us after like working through some of that
shit after that, like the timer was started, it just, it wasn't
up to snuff. So lessons learned of like, you
know, do all those things before you kick off the, the actual
event. And then, yeah, just like we,
this is the phase one of two, right?
So the first, the first one was, yeah, that's funny.
Incredible, incredible shit post here.
I did you did that was that one's nomic.
I'll give him credit. He's he's amazing.
So yeah, like, yeah, so so I remember sending that to teams
banger. Yeah, so that was lessons
learned. But first, first of two waves,
right. So we this one, which is
retroactive based on wall instead of like historically
owned NFTS actions you've taken donations like Tornado cash, all
this shit, right AML like we'd like to be able to say the
things that we said right. The team said 5% of the network
at a minimum, it will be adjusted as dynamic.
Like to be able to say that you're going to get those things
like upfront before you buy the actual thing.
Like we had to follow some rules, right?
Like AML compliance. Like that was a curveball for us
having to have that in a live environment.
A lot of people got merked for it, right?
If they had like fundings from even like I had friends that
were reaching out saying like, bro, I'm trying to do this and
it's saying I can't because like some of my funds are from
shuffle, right? The dude just gambles a lot.
It's like now that fails the AML check because it's, you know,
it's seen as kind of like a wash trading thing potentially.
So like trying to do lessons learned on that for for
everyone. And then just, yeah, making sure
the app's better. So for the next phase, like
we'll have a little bit better distribution because it'll be
people that'll actually be able to like play on test net and
like have social sentiment, some other things that are proactive
rewards as opposed to just like looking back into back at
historical stuff. And then, yeah, the app will be
refined, obviously, because we have much more time to work on
it. I'm curious for your thoughts on
folks out there who maybe missed the first met and want to get in
for the next one. What I've said is, I mean
there's a lot of different ways you can do it.
What I the writing on the wall is Mega ETH is starting to to
roll out synopsis of these new apps that are going to are
coming. I feel like there's an
opportunity for folks to become the alpha for the mega E tabs,
right? TLDRS give us the give us the
recaps. I'm curious for your thoughts on
on what you might say would be. We're like, if you read the
original blog post again, we were explicit and like it's a
lot of words. Like that's one of the lessons
learned for US1 like just being an NFT, like pierced a lot of
social circles that we never would reach otherwise because
people straight up just refuting us because they thought we were
PFP collection coming to market. It's like that was hilarious to
see that progression of like, oh, it's actually AL 2 as I call
this shit. But then yeah, in the original
post, it's very verbose. A lot of words to it, but it's
just like first set, first wave is retroactive based on, again,
historical stuff. We'd have a test set.
We don't have apps, we don't have anything.
But the next 5 KS is, is proactive.
And in that proactive stuff we, we say right there like
allocations actually going to be given to the mega mafia program,
which is our accelerator right there.
As I said, we have 18 teams now that are building a mega doing
all the stuff like that. So that that tweet was for me
and as the phases, but like every week we have a, a new team
that's being revealed, other two next week, we're giving them the
allocation like they they get to determine who their users are to
then like bootstrap, right? So we say that and on top of
like social sentiment stuff, analysis Kaido, right, Kaido is
another thing. So like we're using those tools
to say who's going to be who's going to be the person or people
that are contributing actively to our ecosystem with it's on
test net, on X across platforms, whatever.
And you know, they're the ones that are going to be given the
opportunity. Love that.
Are any of these apps jumping out to you out of the gate?
Are are you not allowed to really give any preference?
Yeah, I. Routines.
Yeah, so the I mean, I know I talked last week or whenever I
came on. I'll tell you guys about
euphoria. Euphoria.
But refresh me, a lot's happened since you came.
Up yeah it's it's the tap trading 1 so it's made by a yeah
so it's like you're it's perpetrating but it's game of
five confetti like whatever this one is is like it's the AI one
of the AI people that are building on it and they're like
they're really leaning into like the the loneliness sector, which
is kind of like like unabashedly like if you click on their site
like bro upfront it's like you can you can gin up a furry like.
I'm super long on these dude I. Think this is a.
Slam dunk idea. I I interviewed a Spot founder,
so I I certainly. It's the same shit and it's like
these guys are like, dude, loneliness is a problem, right?
You see like what Only Fans is doing, like all this stuff that
people are going into and so they've made this and these are
successful Web Two people. You guys already have a shit ton
of users for this stuff, right? And they're like, it's
multimodal. So like you actually build a
relationship to you is through like voice text.
Like you have a voice text, you can have an actual phone call,
you have chats. So it's not like just the slot
bot, like chat, like on Twitter X bot.
It's like a curated experience that actually is like
interactive long term, whatever and and remembers you and you
can build a meaningful relationship.
And they're like, yeah, man, we're, we're going to fucking,
we're really diving into like people need like a companion and
we're just going to be the companion.
They're going to dominate. They're going to dominate.
I'm long nectar. Types of things, not necessarily
nectar, but something like this is going to be just absolutely
absurdly valued in in the future, yeah.
Looking up the only fan I looked that up before I made that
tweet, only fans fucking the Rev last year was what was it like 6
billion like 6 top only up only and it was it was like 700
million the year before. But one thing that's got into
Onlyfans revenue is apps like Nectar, right?
Like like, like that's how you dent Onlyfans.
Wow. I mean.
When you think about it, they're they're making money on like
chats, right? Like they, they're people are
thinking they're chatting with the girl.
The girl is hired out like 7 dudes to write for and act like
her. So like that that's you're still
limited by human output, right? So like this.
This scales that. Yeah, it's infinitely scalable.
Yeah, go. Ahead.
I'm just going to say I'm sorry. I was going to segue a little.
I I really like bread. I've been falling a little bit
noise. The trend.
That one looks really, really cool.
I've been sort of following and gathering along for reporting
purposes, but that one to me is, you know, just looking.
I love the new like innovative takes on.
I don't know. Noise XYZ maybe go actually go
do this go just do mega mafia there you go top one and then do
the following see the ones there and then it's on here Euphoria's
one. Let me.
Yeah, that one all. Right.
Just tell me about the slogan. Yeah.
So I don't know a whole lot about it just from what I've
seen via the tweets, but the the the platform for trading trends
I. Mean it trends in California.
To this this would be like, hey, you think AI is going to be
massive? You bet on AI right?
Versus picking ark or picking fart coin or picking whatever.
So you can be early to a trend and not feel bad about missing
the one stupid coin that you didn't own right?
That is that the gist. Bread am I?
Understand. Yeah, Good visual for this.
Go to the following on this. And then the founders go to
Luca. He does a lot of visuals on
this. Yeah.
And then just do media. If you do media, you'll see
maybe some visuals that he spun up.
He's done some good ones like the little further down.
No, not this stuff. It'll be they're like they're
clean visuals. It's like that one's one where.
Like. This one, you could long the
mindshare like you didn't get it in the NFT, but long the
mindshare because everyone's going to be talking about it
kind of thing. And so you can trade MiTo data
in a way. Basically, it's kind of like
mindshare. So like they're they're it's not
even and it's not specific to to Mikaido, but it like Kaido can
very literally be like one of the things that they pull in for
their Oracle, right? So like you could do very
literally Kaido mind share of like a KOL of someone, something
like that, right. So, like an example would be
broccoli just launched, right, 75 tickers day one.
You don't know what's going on. Maybe you don't want to like
long, like choose one of those because you might get fucked,
frankly. So he's like, maybe you want a
long CZ is mind share. Like CZ is going to continue to
pump this stuff. He's going to grow.
And so like if you get too specific, you run into liquidity
problems that like Poly market faces, right?
Like it's too niche, not a lot of stuff.
So at a higher level, stuff works out.
So yeah, like this one's one, another one's like being long
mind share of ETH. It's like one tweet I did was
like, if you're in like hashtag ETH, pivot to like quote #eth
because the mindshare on earth was going up, but it was tanking
still. It's it's an emotional hitch.
So you were you were annoyed that you're going to have polka
dot information all over your feet because this kind of
marketing campaign, but you know, it's probably going to
work so you can at least go long polka dot mindshare and make
some money off of it. Well, that makes sense.
Yeah, some, some cool apps clearly.
I guess, Brad, just kind of wrapping up with this.
What what should our listeners, viewers know about Mega Eve,
like or, or what should they be paying attention to like for the
next couple weeks? Is it time to check out?
Is it time to, to check in? Like what's the?
What's the message? We're recalibrating now cleaning
up stuff from the the all the stuff from the NFT test nuts in
like 20-25 days. So that'll open the floodgates,
get builders in there like these guys have been on private test
Nets. So they can, they could do some
of their own building to be ready for day one, but it'll
probably only be like one or two apps.
And then, yeah, Testament opens some of these programs start
going, we start working through that.
You can start feeling the chain, right?
Nice. Well, it's it's exciting
definitely encourage folks to to to really start locking in on on
mega lot going on these apps already are some really cool
apps. Before we wrap up, I am going to
put Logan and Brett on the spot. So folks, quick shout out to
myriad. Myriad has launched their first
real money markets tied to this diamond hands poker event that's
going to take place in Paris on Saturday.
That is tomorrow. You can bet with Pingu.
So they're not USTC. These are Pingu markets and Luca
kind of said they're going to burn the Pingu.
So this is a Pingu token sink tied to this, folks.
Nice, but the bets are pouring in.
We've got over 2.5 million no more now.
So 1.82.4 looks like it looks like over 2.5 million Pingu bet
now across these markets. You've got Farooq versus Luca,
who wins the largest pot? Will anyone hit a four of a
kind? Will anyone hit win a hand with
a 7 two and some versus Ponzi trader?
And then this new market, I haven't seen monkey versus
global. So you can bet on hands.
You can bet on individual performers and Who Will Win
larger pots or or have the most chips.
So Logan, I'll go with you since you have more time to prepare.
What's your top bet? Yeah.
So this was actually to me this was kind of an easy one looking
at this board and Full disclosure, I am not eligible to
participate in these markets, so I've not made this bet.
But to me just looking at this board, I, I think far Oak wins
the largest pot when compared to Luca.
And I have a little bit of rationale there to justify this
decision. Luca by, you know, all accounts
is very strategic, very measured.
He's going to play at the hands that he should play.
And so of course it's going to lend him to potential to to win
big pots. Froak to me feels like a wild
card who is more likely to go all in at just some random
juncture and win, you know, in some showdown type thing.
And so that that's why to me, in looking at these, of course, not
financial advice, but the Froak in in just a coin flip or a
little bit less, right? I like Froak here at 40. 5%.
Yeah. So yeah, I, I think he's going
to, he's going to play, he's going to play some weird hand.
And it might be so much that he plays like a 27 hand, who knows
that that lends itself to a a big pot, you know?
Imagine that scenario. Brad, I'm going to put you on
the spot here. What's your top bet here?
That was that's where I was going to go actually the 17
because like it's not a it's not a professional, like Uber
professional. I mean, like, you know, I'm sure
people have played before, but like it's going to be kind of a
DJ and Yolo, like people that are all levels are participating
in this, which means like it's going to be hard to read, it's
going to be hard to do stuff and people are going to play maybe
less traditional stuff pretty just as like a Lol kind of
thing. So I'm going to say the seven
two actually gets played and actually wins in some weird
situation just because you end you end up in an outcome that
frankly just like never would have materialized in a
professional scene. Yep.
So. You like faroque you also like
7272 is interesting you're. Going to do the, you're going to
do the parlay, do Faroque 72. I wish I could parlay the bets,
so I'm on the disclosure, I'm on Faroque, I'm also on the NO72
and I'm on the No four of a kind, so I'm betting on.
I'll do no four of a kind. Yeah, I think that one's, that
one's sharp. So we'll see.
It's been fun. It's been myriad has been just
points bets up until now. So it's been fun to have their
first real money markets and people respond to it.
So this is on. Abstract, right?
This is on abstract, so you know how I usually navigate to the
site actually is I just I go to the abstracts to the discover
tab. Myriad is a featured app.
I just launch right from there. So it's a pretty easy flow.
Again, you'll need Pingu so if you have USDC or Ethan abstracts
do a swap for Pingu and then it just works like a, you know,
your traditional prediction market.
So if you use Pawnee market, it'll be very similar over on
myriad. So go check that out folks.
Those markets will close at 12:00 PM Eastern tomorrow.
So we've got just a little bit over a day left on that.
Well, folks, we went long today, 80 minute show, but it was a
good one. We had a lot to talk about.
Bread, join us. Loved your insights.
Bread. We are going to go ahead and
close out the show. Thanks to our listeners, thanks
to our partners, thanks to you, Logan and Brad for joining me
here today. We will be back maybe Monday,
maybe Tuesday. We'll get a note out to all of
our listeners. So stay tuned for that.
But until then, enjoy your Friday, enjoy your weekend, Make
it a good day. Goodbye.