1 00:00:00,120 --> 00:00:02,880 Yo-yo, what up, what up? Good morning, good morning. 2 00:00:02,880 --> 00:00:11,480 GMGM Wednesday, look at that most useless day of the week, 3 00:00:12,520 --> 00:00:16,600 March 26th, 25. Look at that another beautiful 4 00:00:16,600 --> 00:00:19,160 day to have a beautiful day. I got my Co host, you know, 5 00:00:19,520 --> 00:00:22,160 Tyler, Tyler. Tyler, good morning. 6 00:00:22,160 --> 00:00:25,000 How are you doing today? I'm good. 7 00:00:25,080 --> 00:00:27,080 I woke up there was big green on the board. 8 00:00:27,080 --> 00:00:28,800 I was excited. Looks like we're reversing a 9 00:00:28,800 --> 00:00:31,640 little bit, but it's all right. It's it's Wednesday. 10 00:00:31,640 --> 00:00:34,960 We'll see what happens in in pivot day here to see if we're 11 00:00:34,960 --> 00:00:37,720 going to be feeling bullish the rest this week or hopefully not 12 00:00:37,720 --> 00:00:39,520 the opposite side, but big day for you. 13 00:00:39,560 --> 00:00:41,280 Some poker games happening later today. 14 00:00:41,840 --> 00:00:45,200 Dude, it's going to be, yeah, it is going to be a, it is going to 15 00:00:45,200 --> 00:00:48,760 be a big day. I can't wait, you know, to play 16 00:00:48,760 --> 00:00:53,760 poker and kick kick KBM ass here. 17 00:00:53,760 --> 00:00:57,400 For those of you who are taking, you know, for welcome myriad, 18 00:00:57,800 --> 00:01:01,040 you know the vibe. So it'll be a it'll be a it'll 19 00:01:01,040 --> 00:01:02,120 be a lot of fun. I can't wait. 20 00:01:02,200 --> 00:01:04,200 I can't wait, I can't wait. I was actually just I just 21 00:01:04,200 --> 00:01:09,240 thought Jing Tao reactivate his account just on time 'cause he's 22 00:01:09,880 --> 00:01:17,600 we got to market with him going going heads up with with with on 23 00:01:17,600 --> 00:01:19,920 some. So it's going to be, it's going 24 00:01:19,920 --> 00:01:23,720 to be interesting. That that, that feels like that 25 00:01:23,720 --> 00:01:25,520 should be heavier. Jing Tao, I'm going to have to 26 00:01:25,520 --> 00:01:27,000 fire into that line a little bit. 27 00:01:28,040 --> 00:01:31,720 Yo, I'm not going to lie, I'm shaking idea that Jing Tao was 28 00:01:31,720 --> 00:01:33,920 playing, you know, the guy's been winning tournaments to the 29 00:01:33,920 --> 00:01:37,600 win during the bear market, you know, he's, he's cooked. 30 00:01:37,720 --> 00:01:42,440 You know the guy, that guy's like, he's, he's silent assassin 31 00:01:42,440 --> 00:01:44,800 in the poker streets, you know? Yeah. 32 00:01:46,160 --> 00:01:48,280 Man, what is happening on Hyper Liquid? 33 00:01:48,280 --> 00:01:50,560 Jesus, they're really squeezing coke in his left and right. 34 00:01:51,200 --> 00:01:53,480 Anyways. That is so funny. 35 00:01:54,200 --> 00:01:56,000 Someone's really fucking with that vault. 36 00:01:57,080 --> 00:02:00,800 Yeah, I mean, it's hyper liquid and that the hype token is down 37 00:02:00,800 --> 00:02:03,400 15% on this. This is like they got to, they 38 00:02:03,440 --> 00:02:05,360 got. To get this, Yeah, yeah, I'm 39 00:02:05,400 --> 00:02:07,200 sure we'll talk about it. Well, anyways we'll talk about 40 00:02:07,200 --> 00:02:08,600 that. We'll talk about topics, we'll 41 00:02:08,600 --> 00:02:10,320 talk about the markets, we'll talk about all things. 42 00:02:10,320 --> 00:02:13,800 Then we'll be joined for great interview today with Smokey the 43 00:02:13,800 --> 00:02:17,160 Barrel, founder of founder and Co founder of Baratrain. 44 00:02:17,160 --> 00:02:19,400 Baratrain, which is one of the main narratives this time 45 00:02:19,400 --> 00:02:20,840 around. We talked about this a lot on 46 00:02:20,840 --> 00:02:24,480 the show, so figured why don't we just get Smokey himself on 47 00:02:24,480 --> 00:02:25,600 the show? A lot of people are curious 48 00:02:25,600 --> 00:02:28,360 about Baritrain. I am curious about Baritrain. 49 00:02:28,360 --> 00:02:31,000 I want to learn a little more. So I think it's a it's good to 50 00:02:31,000 --> 00:02:32,640 have Smokey on. So if you have questions, feel 51 00:02:32,640 --> 00:02:34,680 free to write them in the comments and, and we'll try and 52 00:02:34,680 --> 00:02:37,760 take a few and, and I'm excited for that. 53 00:02:37,760 --> 00:02:40,000 And then last but not least, we'll we'll have, of course, you 54 00:02:40,000 --> 00:02:44,800 know, it's Wednesday, so robit loot box spin. 55 00:02:44,800 --> 00:02:48,400 So lucky person may win a punk may win a pudgy Penguin or a red 56 00:02:48,400 --> 00:02:50,280 guy. So you're definitely going to 57 00:02:50,280 --> 00:02:53,320 leave a winner, that's for sure for coming on the show. 58 00:02:53,320 --> 00:02:54,960 And then last but not least, this show is powered by 59 00:02:54,960 --> 00:02:57,400 galaxies, galaxies of Web 3 platform, empowering creators 60 00:02:57,400 --> 00:03:00,040 and brands to build unstoppable communities with full ownership 61 00:03:00,040 --> 00:03:02,000 and independence. Dresses by icons like Donald 62 00:03:02,000 --> 00:03:05,240 Trump Steve Aoki Mike Tyson and the NBA shaping together the 63 00:03:05,240 --> 00:03:08,480 future of engagement but also wallet connect wallet connect is 64 00:03:08,480 --> 00:03:10,840 the connectivity network shaping the future of on chain UX. 65 00:03:10,840 --> 00:03:13,000 If you've connected to Web 3 app you've seen wallet connect that 66 00:03:13,000 --> 00:03:15,400 blue logo it's everywhere and I kind of trust in crypto is 67 00:03:15,400 --> 00:03:19,320 recognizable as we check out want to learn more follow wallet 68 00:03:19,320 --> 00:03:23,080 connect on X and Telegram to stay ahead of what's next Tyler 69 00:03:23,520 --> 00:03:30,400 tell me what's up four daily NFT and crypto analysis Tyler T on 70 00:03:30,400 --> 00:03:32,720 FOMO our calls the kids can't it's. 71 00:03:33,200 --> 00:03:38,000 Great to bastard. Yeah, folks, crypto majors woke 72 00:03:38,000 --> 00:03:40,840 up green today, but looks like we are flipping red. 73 00:03:40,840 --> 00:03:43,240 It seems to be tied with the move in equities. 74 00:03:43,240 --> 00:03:47,520 A couple major banks have lowered their year end S&P 500 75 00:03:47,520 --> 00:03:49,400 targets. Barclays cut their target from 76 00:03:49,440 --> 00:03:53,840 6600 to 5900, so that's a 10% down cut. 77 00:03:53,840 --> 00:03:57,160 And then Goldman Sachs also lowered theirs from 6500 to 62, 78 00:03:57,520 --> 00:04:01,360 so a 5% reduction there. Several of them are citing 79 00:04:01,360 --> 00:04:04,280 inflation and tariffs as their primary drivers. 80 00:04:04,280 --> 00:04:07,880 So it looks like crypto caught up in that to a degree. 81 00:04:08,040 --> 00:04:11,560 Yesterday overall was one of the more quiet days from a headline 82 00:04:11,560 --> 00:04:13,200 standpoint that we've seen in a while. 83 00:04:13,240 --> 00:04:16,880 A few topics out of the SEC. So the SEC did close their 84 00:04:16,880 --> 00:04:20,600 investigation into immutable with no findings of wrongdoing. 85 00:04:21,480 --> 00:04:24,840 We also they basically have settled with Ripple Labs. 86 00:04:24,840 --> 00:04:28,080 Ripple Labs agreed to pay a $50 million fine to settle the SE CS 87 00:04:28,080 --> 00:04:31,040 investigation. So that is now like it's coming 88 00:04:31,040 --> 00:04:34,040 to a close. And then also the SE CS crypto 89 00:04:34,040 --> 00:04:36,720 task force, they said they're going to hold 4 crypto 90 00:04:36,720 --> 00:04:40,240 roundtables from April till June as they look to create some more 91 00:04:40,240 --> 00:04:43,600 clear rules for the industry. So a lot of SEC news there. 92 00:04:44,000 --> 00:04:47,480 In other macro headlines, GameStop now plans to add 93 00:04:47,480 --> 00:04:49,560 Bitcoin. As to Treasury Reserve, the 94 00:04:49,600 --> 00:04:52,600 stock was up 15% pre market and I think it's sold off a little 95 00:04:52,600 --> 00:04:56,600 bit since then. Napster music NFTS there was a. 96 00:04:57,120 --> 00:04:59,200 To metaverse music. NFTS acquired. 97 00:04:59,440 --> 00:05:02,240 For 207 million to build a music metaverse. 98 00:05:02,320 --> 00:05:05,240 So that's a big bet on music and the metaverse right there. 99 00:05:05,600 --> 00:05:10,640 Nikita Beer known for his ability to launch in hyperscale 100 00:05:10,640 --> 00:05:14,840 apps, it's coming to Solana as an advisor to help select to 101 00:05:14,840 --> 00:05:17,360 help select Solana apps launch and scale. 102 00:05:17,360 --> 00:05:21,360 So big news from Solana there. And then the CBOE submitted a 103 00:05:21,360 --> 00:05:24,080 filing the list Fidelity's Solana ETF. 104 00:05:24,840 --> 00:05:27,680 So a couple bullish headlines for Seoul and token AirDrop and 105 00:05:27,680 --> 00:05:31,520 protocol news, Walrus share new new details around its Wall 106 00:05:31,520 --> 00:05:35,080 staking rewards and why stickers will earn more as you should 107 00:05:35,080 --> 00:05:39,080 scales Kaido big day of news, they launched their Kaido Pro 108 00:05:39,080 --> 00:05:41,680 mobile beta as a crypto search engine on the go. 109 00:05:41,680 --> 00:05:46,000 They also announced plans for to change their NFTS in the PFPS 110 00:05:46,000 --> 00:05:51,320 and then also new rewards, weekly rewards for the top 50 111 00:05:51,320 --> 00:05:53,240 yappers and top 50 emerging yappers. 112 00:05:53,240 --> 00:05:56,680 So they they keep rolling out the updates, rec drinks, new 113 00:05:56,680 --> 00:06:00,560 flavors coming, green can't. I don't think the flavor has 114 00:06:00,560 --> 00:06:02,880 been revealed yet, but that will be launching soon. 115 00:06:03,240 --> 00:06:05,160 And then Mintify did launch its token yesterday. 116 00:06:05,160 --> 00:06:07,960 A little bit disappointing opening up a $5 million market 117 00:06:07,960 --> 00:06:12,400 cap, $15 million FDV. Rounding things out here, AI, it 118 00:06:12,400 --> 00:06:14,720 was up about 3% this morning when I read numbers. 119 00:06:14,720 --> 00:06:18,640 Meme corn layers were up big. They're up 10 to 15% across the 120 00:06:18,640 --> 00:06:20,400 board. That may have reversed a little 121 00:06:20,400 --> 00:06:25,120 bit here in the last hour. Overall meme market up about $11 122 00:06:25,120 --> 00:06:28,800 billion in the past four days. But Doge and Sheba, clearly a 123 00:06:28,920 --> 00:06:32,240 big chunk of that. But a quick rebound there kind 124 00:06:32,240 --> 00:06:34,440 of across the board. And then in NFTS, Tappered 125 00:06:34,440 --> 00:06:39,240 Wizards, they sold 16160 of those 17150 Wizards. 126 00:06:39,720 --> 00:06:43,080 I don't have the exact numbers. I think it's around a 240 127 00:06:43,080 --> 00:06:45,760 Bitcoin raise, around $21 million. 128 00:06:46,080 --> 00:06:48,400 There's 90 Wizards left. Those are going on sale in the 129 00:06:48,400 --> 00:06:49,720 Dutch auction tomorrow at 11:00 AM. 130 00:06:51,840 --> 00:06:55,640 Wow, OK, that's a lot going on. What up, Mando? 131 00:06:55,840 --> 00:06:59,240 Good morning, Mando. In the sun. 132 00:06:59,240 --> 00:07:02,800 Look at that sun shining. I'm doing great man. 133 00:07:02,800 --> 00:07:04,520 How are you? I'm good. 134 00:07:04,520 --> 00:07:08,600 It was snowing again today. It's great, actually. 135 00:07:08,880 --> 00:07:10,680 It's fucking snowing where you are, that's just why. 136 00:07:12,000 --> 00:07:14,240 It's OK though, it's. Like 20° around hey. 137 00:07:14,400 --> 00:07:17,320 I started looking for apartments in Portugal yesterday, so we're 138 00:07:17,320 --> 00:07:18,800 good. We're getting there. 139 00:07:18,880 --> 00:07:20,760 One step forward, you know we got we you. 140 00:07:21,480 --> 00:07:23,560 Seen this high plate? Yeah, we open with that. 141 00:07:23,560 --> 00:07:25,760 We may as well go there directly and just since you guys a tweet, 142 00:07:25,760 --> 00:07:30,120 so HLP gets liquidated completely on Jelly, Jelly at on 143 00:07:30,120 --> 00:07:33,320 cross at 16 cents it seems. So what's happening here? 144 00:07:33,320 --> 00:07:36,080 I feel like we just got to open with this, like, what's going on 145 00:07:36,080 --> 00:07:38,600 again? It's a decentral, it's a dex, 146 00:07:38,600 --> 00:07:39,440 right? It's not they don't. 147 00:07:41,720 --> 00:07:45,640 There is actual liquidity behind. 148 00:07:46,560 --> 00:07:49,120 So like you, you're trading perps, but it's not like robot, 149 00:07:49,120 --> 00:07:51,360 right? You trade perps and robot like. 150 00:07:51,680 --> 00:07:53,920 Yeah, there's no cross. You got to actually fund the per 151 00:07:53,920 --> 00:07:56,200 the position, right? They're they're actually they've 152 00:07:56,200 --> 00:08:02,080 actually now got a short on Jelly Jelly and it's quite big. 153 00:08:03,520 --> 00:08:05,720 So they. Need $1,000,000. 154 00:08:06,320 --> 00:08:13,280 They need to buy a crazy amount of Jelly Jelly now and if they 155 00:08:13,280 --> 00:08:16,640 do that, like obviously it's going to drive up the price. 156 00:08:16,640 --> 00:08:19,120 So like. That. 157 00:08:19,240 --> 00:08:21,800 A lot of people are just going to like try and front run them 158 00:08:21,800 --> 00:08:24,880 now and force Jelly Jelly high and the high Jelly Jelly goes 159 00:08:25,680 --> 00:08:27,120 it's an A liquid coin. I don't know. 160 00:08:27,120 --> 00:08:29,040 I don't what's the LP of Jelly Jelly It's. 161 00:08:30,280 --> 00:08:31,960 Probably low. Oh, watch these guys. 162 00:08:31,960 --> 00:08:35,760 Like if Lesson's about to come out and be like, oh, my token's 163 00:08:35,760 --> 00:08:36,600 up. I told you so. 164 00:08:36,600 --> 00:08:38,200 But he probably doesn't even know what's going on. 165 00:08:40,440 --> 00:08:41,320 Is that Jelly? Jelly? 166 00:08:41,320 --> 00:08:42,000 No, that's not it. It's. 167 00:08:43,720 --> 00:08:44,920 It's literally Jelly. Jelly. 168 00:08:44,920 --> 00:08:48,680 Yeah, there it. IS Liquidity's $3,000,000. 169 00:08:49,560 --> 00:08:55,960 So that's kind of scary. That is very scary, right? 170 00:08:56,160 --> 00:08:58,200 Wow. If that go because they're going 171 00:08:58,200 --> 00:09:03,040 to have to buy back, how much are they short I. 172 00:09:04,200 --> 00:09:06,240 Think it's a four and a half million dollar position here, 173 00:09:06,920 --> 00:09:12,160 No, yeah. How are they going to? 174 00:09:12,160 --> 00:09:14,240 How are they going to liquidate four and a half million? 175 00:09:15,360 --> 00:09:17,800 So look on chain saying the crazy squeeze causing hyper 176 00:09:17,800 --> 00:09:20,960 liquidity provider HLP to lose approximately $12 million in the 177 00:09:20,960 --> 00:09:26,080 past 12 hours. OX DE95 shorted Jelly on hyper 178 00:09:26,080 --> 00:09:28,960 liquid and remove the margin causing HLP to passively 179 00:09:28,960 --> 00:09:31,080 liquidate 4 and a half $1,000,000 short positions. 180 00:09:31,520 --> 00:09:35,160 A newly created wallet OX20E8 opened a long position of hyper 181 00:09:35,160 --> 00:09:37,760 liquid and the current unrealized profit is over 8.2 182 00:09:37,760 --> 00:09:40,120 million. Holy shit people are playing 183 00:09:40,120 --> 00:09:46,400 games on their cooking bro. Wow guys, this is actually crazy 184 00:09:46,400 --> 00:09:51,120 though. But then if the long takes 185 00:09:51,120 --> 00:09:53,840 profits, then the price will go down. 186 00:09:54,280 --> 00:09:56,240 Yeah, so Sue Zoo's explaining here, right? 187 00:09:56,760 --> 00:10:00,160 The guy going Max short Jelly Jelly perps likely while buying 188 00:10:00,160 --> 00:10:04,200 spot pumps the spot on chain to self liquidated the perps. 189 00:10:04,720 --> 00:10:07,240 He's self liquid himself. He's done this before. 190 00:10:08,240 --> 00:10:12,320 Then HLP inherits the giga shorts Jelly Jelly position and 191 00:10:12,320 --> 00:10:15,320 then he continues to pop the spot and then HLP is still short 192 00:10:15,720 --> 00:10:17,920 so down. So actually, you know, aside 193 00:10:17,920 --> 00:10:19,320 from being this actually the right. 194 00:10:19,640 --> 00:10:21,160 Explanation. That's exactly it, yeah. 195 00:10:21,280 --> 00:10:23,840 That's exactly it, right? And they've done this before. 196 00:10:23,840 --> 00:10:26,560 Remember that when he self liquidated himself in like a 197 00:10:26,560 --> 00:10:29,080 $300 million long position is. It the same trader I. 198 00:10:29,560 --> 00:10:31,240 Don't know if it's the same trader, but it's the exact same 199 00:10:31,240 --> 00:10:32,880 approach. It's the same approach, yeah. 200 00:10:33,160 --> 00:10:35,320 With the ETH long so yeah, it could be the same trader. 201 00:10:35,320 --> 00:10:38,120 I'm I'm not saying it's the same as it could be like, but it's 202 00:10:38,120 --> 00:10:39,840 the exact same thing that happened last time. 203 00:10:39,960 --> 00:10:42,760 This is a good explanation. Wow, guys, this is not great. 204 00:10:42,760 --> 00:10:45,000 I mean, you were saying on the back of this that hyper liquid 205 00:10:45,000 --> 00:10:47,720 oops, wrong app. You were saying hyper liquid on 206 00:10:47,720 --> 00:10:50,240 the back of that? Oh fuck, it's down 60. 207 00:10:50,240 --> 00:10:55,360 Wow, yeah, that's not great. It was really starting to see 208 00:10:55,360 --> 00:10:58,200 some momentum too. How do they control for this? 209 00:10:58,200 --> 00:11:00,800 Like this is not my area of expertise. 210 00:11:00,800 --> 00:11:02,040 Me neither. Yeah, not at all. 211 00:11:02,040 --> 00:11:04,680 How do we fix this? You just not list these tokens. 212 00:11:05,000 --> 00:11:06,800 Do you change the the perp structure? 213 00:11:07,320 --> 00:11:09,160 Well, they changed the perp structure already, right? 214 00:11:09,560 --> 00:11:13,160 That was for Bitcoin and ETH. They lowered the margin but meme 215 00:11:13,160 --> 00:11:14,760 coins are lower. I think they're only. 216 00:11:15,280 --> 00:11:18,040 Meme coins like 3X usually on on a hyper liquid. 217 00:11:20,840 --> 00:11:23,440 Damn guys, this is actually wild. 218 00:11:25,080 --> 00:11:26,760 Oh, it's not on there anymore. I can't even find it. 219 00:11:27,920 --> 00:11:28,560 Oh, perp. Sorry. 220 00:11:28,720 --> 00:11:29,440 Yeah, he's sorry. Sorry. 221 00:11:29,480 --> 00:11:30,760 It's 3X. You're right, it's 3X. 222 00:11:31,200 --> 00:11:32,880 Like when you go 3X you go perps. 223 00:11:32,880 --> 00:11:39,640 It's only three X here. Damn order book is just going. 224 00:11:40,520 --> 00:11:42,920 It's asked another way, like why is this something that's 225 00:11:42,920 --> 00:11:45,320 happening to hyper liquid? Why does it not happen to other? 226 00:11:46,000 --> 00:11:48,200 Because it's decentralized on chain or something. 227 00:11:48,200 --> 00:11:50,240 So it makes it easier probably to do it on there, right? 228 00:11:50,400 --> 00:11:52,520 And it's got it's got actual money in there, right? 229 00:11:53,560 --> 00:11:56,440 Like you can't do this on like. How many? 230 00:11:56,680 --> 00:12:00,560 How many perps? I guess there are some perps for 231 00:12:00,560 --> 00:12:03,000 like really low market cap stuff, but this is a risk on 232 00:12:03,000 --> 00:12:05,640 like really low market cap coins, right? 233 00:12:07,360 --> 00:12:10,960 Also it's way less public, like when this would happen on 234 00:12:11,320 --> 00:12:14,000 finance you would never know it. You would never know. 235 00:12:14,000 --> 00:12:16,040 Yeah, it's like the. Telegraph of This is what's 236 00:12:16,040 --> 00:12:19,840 causing the trade to happen. It's because it's public that 237 00:12:19,840 --> 00:12:22,880 allows this to make so much noise and therefore people 238 00:12:22,880 --> 00:12:24,880 piling too, right? So now you probably have people 239 00:12:24,880 --> 00:12:28,080 like piling on the trade and and driving Jelly Jelly up because 240 00:12:28,080 --> 00:12:30,360 they know this guy's pumping in spot, right? 241 00:12:30,600 --> 00:12:33,840 So if you caught this early on chain, you were able to probably 242 00:12:33,840 --> 00:12:36,320 make money while they're down. Well, that was 24 minutes ago. 243 00:12:36,320 --> 00:12:38,920 It was down $11 million. Wow. 244 00:12:41,680 --> 00:12:45,280 I need to make basically. Fuck. 245 00:12:45,560 --> 00:12:47,800 You just got to cut meme coins under a certain market cap from 246 00:12:47,800 --> 00:12:48,720 your perps right? Like. 247 00:12:49,000 --> 00:12:51,120 Yeah. They're just asleep at the wheel 248 00:12:51,120 --> 00:12:53,160 here. Like, why is Jelly Jelly still 249 00:12:54,800 --> 00:12:57,640 on their perps when it's, I mean, it was a $5 million market 250 00:12:57,640 --> 00:13:01,520 cap. Fuck, it's at 50 right now, 40, 251 00:13:01,520 --> 00:13:03,600 but it's, you know, by the way, if you're listening to this, 252 00:13:03,600 --> 00:13:07,800 like, don't be trading this. Like, it could go both ways 253 00:13:07,800 --> 00:13:10,240 right now very fast. Be careful. 254 00:13:10,600 --> 00:13:16,000 But yeah, I don't know. Wow. 255 00:13:17,600 --> 00:13:18,840 Yeah, that's it. That's really it. 256 00:13:19,080 --> 00:13:20,800 Shorted Jelly. Jelly on Hyper Liquid. 257 00:13:21,880 --> 00:13:24,000 You can assume that he pumped it to himself on chain. 258 00:13:24,600 --> 00:13:26,880 Liquid himself does, forcing Amplit to inherit the toxic 259 00:13:26,880 --> 00:13:29,800 short position. And now it's giga pumping and 260 00:13:29,800 --> 00:13:32,640 Hyper Liquid are holding on for their dear life with -10 million 261 00:13:32,640 --> 00:13:33,720 PL. Fuck. 262 00:13:35,040 --> 00:13:37,320 Wow, that is not great, boys. Yeah. 263 00:13:39,800 --> 00:13:43,440 Oh, wow. Hey, the tools are there. 264 00:13:44,520 --> 00:13:47,720 Someone's using them, right? Is he doing anything wrong, 265 00:13:50,440 --> 00:13:52,920 whoever he is? I don't think he's doing 266 00:13:52,920 --> 00:13:56,720 anything wrong, right? Let's try a game to me. 267 00:13:57,120 --> 00:14:00,320 I mean in my eyes. Seems like it. 268 00:14:01,960 --> 00:14:04,880 Damn this is actually crazy guys. 269 00:14:05,320 --> 00:14:08,720 Fuck. Well, that is not great. 270 00:14:09,320 --> 00:14:11,800 Yeah, imagine Finance just lists Jelly Jelly here. 271 00:14:15,400 --> 00:14:17,600 Imagine. Yeah, 4X is still a pretty big 272 00:14:17,600 --> 00:14:19,640 move, right? 4X is what they're saying would 273 00:14:19,640 --> 00:14:22,920 totally liquidate them, and of course they probably would have 274 00:14:22,920 --> 00:14:27,400 additional measures. Yeah, I mean, this is not good. 275 00:14:27,840 --> 00:14:30,520 You definitely don't want that. Well, you got to hope that 276 00:14:30,520 --> 00:14:33,120 somebody else wants Jelly. Jelly also just like stops it 277 00:14:33,120 --> 00:14:40,960 from being a 4X but. Wow, that sucks for that man. 278 00:14:42,520 --> 00:14:45,880 So anyways, so there you go. We talked about it. 279 00:14:45,880 --> 00:14:47,960 We'll see what happens next. It'll probably happen during the 280 00:14:47,960 --> 00:14:49,640 show. I mean, these things were fast, 281 00:14:50,840 --> 00:14:53,240 so we'll see wherever that goes. Be careful if you're in those 282 00:14:53,240 --> 00:14:55,920 trades, but if hey, if you catch this early, you catch this. 283 00:14:55,920 --> 00:14:57,480 Anyways, the rest of the market is dumping boys. 284 00:14:57,480 --> 00:14:59,000 So Amanda, what's happening with the market? 285 00:15:00,200 --> 00:15:02,280 So we're back. We're not as back as. 286 00:15:02,920 --> 00:15:09,160 We've had three, three back-to-back days and now stocks 287 00:15:09,160 --> 00:15:11,520 are down at 1%. I, I, I, I don't know. 288 00:15:11,520 --> 00:15:13,600 I wouldn't go too crazy. Doesn't seem that bad. 289 00:15:14,360 --> 00:15:19,000 Yeah, it's good healthy little bit of red today Bitcoin still 290 00:15:19,000 --> 00:15:23,520 86 four love to see that. I I really thought we'd see our 291 00:15:23,520 --> 00:15:24,680 squeeze yesterday. Not going to lie. 292 00:15:25,360 --> 00:15:29,080 There was a point yesterday I was like 88288 three. 293 00:15:29,600 --> 00:15:31,440 We're getting there where we were. 294 00:15:31,440 --> 00:15:34,160 Yeah, 88 What was it, 88.7, didn't they? 295 00:15:34,160 --> 00:15:39,480 I didn't notice, so I was looking good. 296 00:15:40,720 --> 00:15:47,600 Solana's up 140 again. 139 here. ETH is 2000 and far coin back 297 00:15:48,080 --> 00:15:50,280 slightly. It's 570, which is actually not 298 00:15:50,280 --> 00:15:51,440 that bad. Not gonna last. 299 00:15:51,440 --> 00:15:52,600 So the market is being the market. 300 00:15:52,600 --> 00:15:54,080 Tyler, what else did you have for us today? 301 00:15:54,080 --> 00:15:55,600 There was a there was a lot of stuff to uncover. 302 00:15:55,840 --> 00:15:57,840 I know smoke is going to be there as soon as I may as well 303 00:15:57,840 --> 00:16:00,280 go through it. Yeah, I think the, the, the 304 00:16:00,280 --> 00:16:05,200 Nikita beer news, him coming on Solana as an advisor was big and 305 00:16:05,200 --> 00:16:08,720 a surprise. I think he's been somewhat arm's 306 00:16:08,720 --> 00:16:11,560 length at Crypto. I think he, he, he shared that 307 00:16:11,680 --> 00:16:16,440 in his announcement thread if folks aren't too familiar with 308 00:16:16,520 --> 00:16:19,520 his background. So he's had some significant 309 00:16:19,520 --> 00:16:22,080 success launching and selling apps. 310 00:16:22,080 --> 00:16:27,000 So he launched this TBH app. In fact 2017 hit 5,000,005 311 00:16:27,000 --> 00:16:29,440 million downloads acquired by Facebook for 30 million. 312 00:16:29,440 --> 00:16:32,080 He didn't worked at Facebook for four years as a product manager 313 00:16:32,080 --> 00:16:34,480 focused on consumer engagement and growth. 314 00:16:34,480 --> 00:16:38,280 And then he launched this gas app, 10 million downloads in 315 00:16:38,280 --> 00:16:41,560 three months, acquired by Discord in January 2023. 316 00:16:42,280 --> 00:16:43,760 So those are a couple highlights. 317 00:16:44,040 --> 00:16:49,360 And yeah, now he's coming in to help provide his expertise to 318 00:16:49,360 --> 00:16:51,800 Solana Apps. And everyone's saying it, we 319 00:16:51,800 --> 00:16:53,800 need more apps. And now we're actually starting 320 00:16:53,800 --> 00:16:56,120 to see some experts come into the space. 321 00:16:56,840 --> 00:16:59,880 This is a big deal. So who I actually only know this 322 00:16:59,880 --> 00:17:03,560 guy like a little bit like his his background is in. 323 00:17:04,359 --> 00:17:08,880 Apps, just apps. Buying and selling apps, but not 324 00:17:08,880 --> 00:17:10,200 buying, building and selling apps. 325 00:17:10,280 --> 00:17:12,480 So he sold the famous app to Facebook back then. 326 00:17:12,599 --> 00:17:17,160 Like it was super popular when I was in high school and then on 327 00:17:17,160 --> 00:17:19,040 and on. He's just, he's just good at 328 00:17:19,040 --> 00:17:21,680 building apps and advising apps in the background and he's an 329 00:17:21,720 --> 00:17:25,760 Angel investor, etcetera. And so that's pretty what it is. 330 00:17:25,960 --> 00:17:27,680 But what Tyler was saying, that's his background. 331 00:17:27,920 --> 00:17:30,840 He's also a really good chip poster goes viral a lot. 332 00:17:31,800 --> 00:17:34,280 But to me, like the biggest signal here guys is we've been 333 00:17:34,280 --> 00:17:37,800 saying this forever, but like .1 here, regulatory environment is 334 00:17:37,800 --> 00:17:39,480 far more conductive to experimentation on the new 335 00:17:39,480 --> 00:17:41,600 administration. This is really what we said 336 00:17:41,600 --> 00:17:45,960 would happen, right? People won't enter the space. 337 00:17:46,600 --> 00:17:48,960 They listed Jelly Jelly here. Binance could take out 338 00:17:48,960 --> 00:17:49,680 Hyperloop. You. 339 00:17:50,000 --> 00:17:51,560 Don't take it up, Jelly. Jelly. 340 00:17:52,760 --> 00:17:55,520 I'm not like this is serious. I think that's. 341 00:17:55,880 --> 00:17:57,840 I. Think the reason could want. 342 00:17:58,160 --> 00:18:01,560 It right, like Binance could do the I don't want him to do it. 343 00:18:01,560 --> 00:18:04,680 I'm just saying Binance could really do something nasty here 344 00:18:05,760 --> 00:18:10,000 and, and list the thing and hurt and hurt their competition for 345 00:18:10,000 --> 00:18:11,800 for how much people have screamed that they're going to 346 00:18:11,800 --> 00:18:16,240 take out Binance, you know, it could it would be quite the war. 347 00:18:16,800 --> 00:18:20,680 You know they've taken on FTX in the past so. 348 00:18:20,960 --> 00:18:22,760 Have you have you guys got money on Hyper Liquid? 349 00:18:23,240 --> 00:18:25,640 No. I have a hyper liquid position. 350 00:18:26,800 --> 00:18:28,640 Yeah, you've had. On hyper Liquid? 351 00:18:28,640 --> 00:18:32,320 Oh no. It's it's on Hyper Liquid, yeah. 352 00:18:34,240 --> 00:18:35,760 Are you starting around in the bank, Mando? 353 00:18:35,840 --> 00:18:37,640 Relax. I'm just saying like guys, this 354 00:18:37,640 --> 00:18:43,480 is not, this is not small, this is, this is not like something 355 00:18:43,480 --> 00:18:46,320 that means. $12 million, they have more money than that. 356 00:18:48,760 --> 00:18:54,920 Well HLP is then like it would be a proper sell off. 357 00:18:55,160 --> 00:18:57,920 If that happened, I mean, let's just hope this doesn't happen. 358 00:18:57,960 --> 00:18:59,840 It's at 31. So it's it's back down. 359 00:18:59,840 --> 00:19:02,240 They got a Jelly. Jelly is going to go to 16 360 00:19:02,240 --> 00:19:05,360 cents. So $160 million market cap. 361 00:19:06,040 --> 00:19:09,720 What's that? It's 5X little slightly above 5 362 00:19:09,720 --> 00:19:11,560 X 5 1/2 X. Right. 363 00:19:11,560 --> 00:19:13,560 But like. The amount of money to take. 364 00:19:13,760 --> 00:19:14,720 Finance. Just list them. 365 00:19:16,040 --> 00:19:19,520 I don't think they would do it. It's just such a negative signal 366 00:19:19,520 --> 00:19:23,160 to send the industry. I find what they would do, if 367 00:19:23,160 --> 00:19:27,440 anything unlisted their fault. It's not their fault, but I feel 368 00:19:27,440 --> 00:19:30,520 like what they would do if you were trying to be an evil 369 00:19:30,520 --> 00:19:33,240 person, take it out. It's just ape like $25 million 370 00:19:33,240 --> 00:19:37,200 on in it instead of listing it. So you also don't offer it to 371 00:19:37,200 --> 00:19:40,440 your clients because you all know this token's going to 0 up 372 00:19:40,440 --> 00:19:41,720 after a certain amount of time, right? 373 00:19:44,640 --> 00:19:47,880 I think if if finance listed it, they'll be seen as like, yeah, 374 00:19:47,880 --> 00:19:49,400 not great. But I would also say that the 375 00:19:49,400 --> 00:19:52,240 issue really is with is with hyper liquid. 376 00:19:53,720 --> 00:19:56,800 So why does why does JLP not face this risk? 377 00:19:57,400 --> 00:20:00,000 What's different? JLP only does Solana, Bitcoin 378 00:20:00,000 --> 00:20:02,360 and ETH. There's nothing else on there 379 00:20:02,680 --> 00:20:04,800 you can't trade perps for for the rest. 380 00:20:05,560 --> 00:20:10,160 Yeah, we got to clean this up. That's why GLP is so well done. 381 00:20:10,160 --> 00:20:12,560 What's GLP at these days? Actually I'm curious. 382 00:20:12,840 --> 00:20:15,120 Oh the APY is significantly lower but that's because people 383 00:20:15,120 --> 00:20:18,680 are trading on less. But what's still at 3.9 dollars? 384 00:20:20,280 --> 00:20:24,640 That's actually not that bad man though huh? 385 00:20:25,840 --> 00:20:30,040 So $4.00 token? It's not that bad. 386 00:20:30,600 --> 00:20:34,120 It's actually performed better than soul ETH. 387 00:20:34,480 --> 00:20:40,000 I don't know about Bitcoin from the highs, but yeah, the 388 00:20:40,000 --> 00:20:43,360 manipulators are Binance funded on chain metrics to say, look, 389 00:20:43,360 --> 00:20:44,880 we don't know who it is. It could be anyone. 390 00:20:44,920 --> 00:20:47,280 Like there's a lot of people in this industry that have this 391 00:20:47,280 --> 00:20:50,960 much money and that are capable of doing this a lot like a lot 392 00:20:50,960 --> 00:20:52,840 of people that are able to do that. 393 00:20:52,840 --> 00:20:56,160 But that is a crazy squeeze. And definitely hope that it 394 00:20:56,160 --> 00:20:57,880 doesn't, you know, affect anyone. 395 00:20:58,280 --> 00:21:00,560 Let's say, oh, wait, Zack, XBT is tweeting about this right 396 00:21:00,560 --> 00:21:01,360 now. Sorry, guys. 397 00:21:01,360 --> 00:21:03,240 This is like happening live. So I feel like we kind of got to 398 00:21:03,240 --> 00:21:07,880 talk about it. Hedgehog said CZ about to less 399 00:21:07,880 --> 00:21:10,760 Jelly and I believe fuck everyone's thinking about this. 400 00:21:12,560 --> 00:21:15,680 It would be even funnier if this outcome happened because both of 401 00:21:15,680 --> 00:21:18,240 your many players were fresh in front of your Binance on 402 00:21:18,240 --> 00:21:20,320 Arbitrum. Boom boom boom boy. 403 00:21:20,320 --> 00:21:25,280 He's got all the wallets and where it was funded from, damn. 404 00:21:25,280 --> 00:21:32,000 I don't know. We don't hope this for our boy 405 00:21:32,000 --> 00:21:37,600 Tyler Mando, that's for sure. OK, he's wearing hyper liquid 406 00:21:37,600 --> 00:21:41,800 collars this morning too. If if if my connection gets a 407 00:21:41,800 --> 00:21:43,720 little bit fuzzy, it's because I'm firing up the the. 408 00:21:45,520 --> 00:21:49,720 Little flight taking a flight anyway. 409 00:21:49,720 --> 00:21:53,120 So OK, well, this is not this is not the best way to start today, 410 00:21:53,120 --> 00:21:55,840 but this never a dull day in crypto, right guys? 411 00:21:56,240 --> 00:21:58,600 Like never a dull day. Never. 412 00:21:59,360 --> 00:22:01,320 I really don't want this to happen because actually we like 413 00:22:01,320 --> 00:22:03,200 the hyper liquid product. I think it's the best out there. 414 00:22:03,280 --> 00:22:05,760 And on top of that, wait, we have another post about it from 415 00:22:05,760 --> 00:22:07,760 look on chain. And on top of that, a lot of 416 00:22:07,760 --> 00:22:09,400 people I know are involved in this like you know, have 417 00:22:09,400 --> 00:22:11,120 positions, etcetera and including you Tyler DS and a 418 00:22:11,120 --> 00:22:13,520 bunch of people. So, so look on between 3 minutes 419 00:22:13,520 --> 00:22:17,960 ago, a massive whale with 124 million Jelly. 420 00:22:17,960 --> 00:22:21,280 So $4.85 million manipulating the price of Jelly Jelly to make 421 00:22:21,280 --> 00:22:24,400 hyper liquidity provider HLP face a loss of $12 million. 422 00:22:24,720 --> 00:22:27,520 Guys, I don't think $12 million is going to affect HL like this 423 00:22:27,560 --> 00:22:30,840 Hyper liquid, OK, but anyways, he first dumped Jelly, crashing 424 00:22:30,840 --> 00:22:33,520 the price and leaving HRP with a passive short position of 425 00:22:33,520 --> 00:22:38,520 398,000,000 Jelly $15.3 million. Then he bought Jelly back, 426 00:22:38,520 --> 00:22:41,160 driving the price there it was. So that's really what we're 427 00:22:41,160 --> 00:22:43,800 saying, the explanation that's like look on chain now just 428 00:22:43,800 --> 00:22:46,640 showing it with the on chain data to back it. 429 00:22:46,640 --> 00:22:50,040 So that's actually fucking wild. God damn it. 430 00:22:53,560 --> 00:22:58,120 How do we think this ends? Man this? 431 00:22:59,360 --> 00:23:03,680 I mean, I think Mando is right to to share caution out there 432 00:23:03,680 --> 00:23:05,080 and this is a serious situation this. 433 00:23:05,080 --> 00:23:06,640 Isn't serious like this? Isn't that that? 434 00:23:06,800 --> 00:23:08,440 Yeah, I don't. I would say this is one of the 435 00:23:08,440 --> 00:23:11,280 biggest challenges for hyper Liquid as an exchange, right? 436 00:23:11,280 --> 00:23:16,200 It's doing volumes bigger than a lot of other exchanges, at least 437 00:23:16,200 --> 00:23:18,800 on perps. A lot of perps traders could get 438 00:23:20,200 --> 00:23:23,600 destroyed. Yeah, because. 439 00:23:24,360 --> 00:23:25,520 You've got a lot of money on Hyper Liquid. 440 00:23:25,520 --> 00:23:28,200 I don't know what Hyper Liquid TDL is right now, but it's. 441 00:23:29,000 --> 00:23:34,640 I'll just take Defy Lama, right? Hyper liquid? 442 00:23:35,680 --> 00:23:39,040 Which one is this? That can't be right. 443 00:23:40,560 --> 00:23:42,560 Is it not higher than? That the bridge, that 2.2 444 00:23:42,560 --> 00:23:44,440 billion, I mean, that's a lot. No, it's. 445 00:23:44,600 --> 00:23:47,200 A 2.2 billion, There's only 380 million there. 446 00:23:49,000 --> 00:23:51,720 I don't know. It says the TDL of the bridge 447 00:23:51,720 --> 00:23:55,680 22221 on hyper on on the Phi Llama. 448 00:23:56,480 --> 00:24:00,160 So that's what that's what it's giving us at the moment anyways, 449 00:24:00,680 --> 00:24:02,240 See what happens then We're we're like I said, we're 450 00:24:02,240 --> 00:24:04,160 probably going to get this update like really soon. 451 00:24:04,800 --> 00:24:06,680 These things usually like it's not like it's going to last all 452 00:24:06,680 --> 00:24:12,320 day long. Yeah, Jelly's dumping at least 453 00:24:12,320 --> 00:24:16,680 it's 25 mil, so that's good. So the position is probably not 454 00:24:16,680 --> 00:24:19,160 down as bad as it was just a minute ago. 455 00:24:19,520 --> 00:24:22,320 But they've got to buy it back. It's not like, The thing is, 456 00:24:22,320 --> 00:24:27,040 it's not really like a they need to be buying this thing. 457 00:24:27,040 --> 00:24:30,000 They need to buy four and a half million with a three million LP 458 00:24:30,200 --> 00:24:34,080 so. I don't know, man. 459 00:24:34,080 --> 00:24:38,160 Between this and Adam Cochran fucking, you know, trying not to 460 00:24:38,160 --> 00:24:42,360 freeze in the woods and my whole timeline becoming Studio Ghibli, 461 00:24:43,440 --> 00:24:44,760 I, I, I don't know what's happened. 462 00:24:45,120 --> 00:24:50,320 I I, I don't know. Yeah, I don't know, man. 463 00:24:50,400 --> 00:24:53,880 I don't know that maybe and you know, maybe the whale is is is 464 00:24:53,880 --> 00:24:57,040 is Hayden from from Libra. I I, I don't know what's 465 00:24:57,040 --> 00:24:58,760 happened right now in the timeline. 466 00:24:58,760 --> 00:25:01,480 It it it's madness. I see, I see Smokies join us on 467 00:25:01,480 --> 00:25:04,080 Twitter spaces. Smokey, do you want to join us 468 00:25:04,080 --> 00:25:07,000 on on stream yard or no you, I don't know you're on dogs, but 469 00:25:07,000 --> 00:25:09,240 if you want, I mean. Yeah, you guys tell me whatever 470 00:25:09,240 --> 00:25:11,400 is best for you, man. I can if I don't have the 471 00:25:11,400 --> 00:25:12,920 streamer link. I think I didn't see it on my. 472 00:25:12,920 --> 00:25:16,040 I can send it right now hold. On yeah, yeah, I'm happy to hop 473 00:25:16,040 --> 00:25:19,160 in over there, man. I DM D it to you on X, is that 474 00:25:19,320 --> 00:25:20,520 easier? Do you want me to e-mail it? 475 00:25:21,240 --> 00:25:23,440 Yeah, no, no, XXTM is good, bro. All right. 476 00:25:23,640 --> 00:25:25,400 I just terrifying to hear the word X. 477 00:25:25,400 --> 00:25:27,840 I'll hop in there in a second. All right, no rush, no rush at 478 00:25:27,840 --> 00:25:29,920 all. Tyler. 479 00:25:29,960 --> 00:25:31,920 In the meantime, is there anything else you wanted to 480 00:25:31,920 --> 00:25:33,280 cover while Smokey makes his way here? 481 00:25:34,760 --> 00:25:38,320 A couple headlines. Well, we hit the meeting. 482 00:25:38,320 --> 00:25:39,640 There's not a whole lot to unpack there. 483 00:25:39,640 --> 00:25:41,560 Temper Wizards, probably the biggest other story. 484 00:25:41,560 --> 00:25:43,600 So it's like they're going to get through. 485 00:25:43,600 --> 00:25:45,800 They're going to sell all these things they sold. 486 00:25:45,800 --> 00:25:49,640 There's only 90 left. I don't have the exact numbers 487 00:25:49,640 --> 00:25:53,400 on the split of how many Wizards they sold, 0.1 Bitcoin versus 488 00:25:53,400 --> 00:25:55,960 0.2, but I think it's ballpark 240. 489 00:25:57,200 --> 00:25:59,600 Twenty, $1 million raise. So it's going to be one of the 490 00:25:59,600 --> 00:26:02,760 larger NFT sales in the past three years. 491 00:26:03,160 --> 00:26:08,440 Fuck. So there clearly is a lot 90 are 492 00:26:08,440 --> 00:26:11,240 going on sale tomorrow and I don't think they go live for 493 00:26:11,240 --> 00:26:14,800 trading until I think they kind of they kind of punted the 494 00:26:14,800 --> 00:26:17,320 deadline like it could be Friday, it could be Monday. 495 00:26:17,320 --> 00:26:18,760 That's what Bongo was saying yesterday, right? 496 00:26:18,760 --> 00:26:21,240 It's either Friday or Monday. So I think that's why you 497 00:26:21,240 --> 00:26:24,200 haven't seen a whole lot of chatter like about price action 498 00:26:24,200 --> 00:26:26,040 on the timeline because these aren't trading yet. 499 00:26:26,080 --> 00:26:27,560 Like a lot of people were sharing their Wizards. 500 00:26:27,560 --> 00:26:30,040 That was great. But I think we'll we'll we'll 501 00:26:30,040 --> 00:26:32,800 get a much better feel for the market, of course, when these 502 00:26:32,800 --> 00:26:36,440 actually start trading. My gun on the Dutch auction if 503 00:26:38,200 --> 00:26:42,760 if it starts high I think it could close at like .35 point 4. 504 00:26:43,560 --> 00:26:44,920 I think that's the expectations, right? 505 00:26:45,840 --> 00:26:49,280 That's where I think it's going to open in, in general in the 506 00:26:49,280 --> 00:26:51,160 secondary market. So anyone who minted is feeling 507 00:26:51,160 --> 00:26:54,440 pretty good about that. Then we'll see. 508 00:26:55,640 --> 00:26:58,800 It's a longer term play. Like I, I don't think UDI and 509 00:26:58,800 --> 00:27:01,040 team are going to come out with a bunch of twists and surprises 510 00:27:01,040 --> 00:27:04,160 like next Wednesday. I think they've got a longer 511 00:27:04,160 --> 00:27:06,680 term plan. I think that will be shared over 512 00:27:06,680 --> 00:27:09,680 time. So I wouldn't be surprised if we 513 00:27:09,680 --> 00:27:12,840 kind of like maybe see an early pump and then kind of a a chop 514 00:27:12,840 --> 00:27:18,160 consolidation from there. OK, so we'll see what happens on 515 00:27:18,160 --> 00:27:19,720 that front. Anything else? 516 00:27:19,720 --> 00:27:21,520 Any last things? I see Smokey's in the store. 517 00:27:21,520 --> 00:27:23,040 I'm going to bring him up in a second here. 518 00:27:23,040 --> 00:27:26,600 Was there anything else that we should be covering that we 519 00:27:26,800 --> 00:27:28,840 haven't today? I don't think so. 520 00:27:28,840 --> 00:27:32,360 Right, No big ones. We can talk about the kind of 521 00:27:32,360 --> 00:27:33,560 stuff we can talk about tomorrow. 522 00:27:33,960 --> 00:27:37,560 Yeah, more money to be made for for for yapping. 523 00:27:38,080 --> 00:27:39,480 There you go. Just keep on the app. 524 00:27:39,480 --> 00:27:42,760 And that's the TLDR. Gamestop's buying Bitcoin. 525 00:27:42,760 --> 00:27:44,720 Love to see that. Probably a lot of people are 526 00:27:44,720 --> 00:27:46,480 going to do that. Fully embracing the meme song 527 00:27:46,480 --> 00:27:49,520 thing, but not backing it with Bitcoin, which I find funny as 528 00:27:49,520 --> 00:27:50,720 fuck. Tyler, I love that. 529 00:27:50,960 --> 00:27:54,960 It's up 15% even with the stocks down like Nvidia's 4%. 530 00:27:55,040 --> 00:27:57,960 Gamestop's up 15% today, so the market likes it. 531 00:27:58,480 --> 00:28:01,040 And to do, I was trading almost $30 here. 532 00:28:01,160 --> 00:28:03,520 I actually love to see that. And then the other thing that 533 00:28:03,520 --> 00:28:05,680 you talked about is music NFT is Napster. 534 00:28:05,800 --> 00:28:11,640 So back $27 million to build a NFT music metaverse, whatever 535 00:28:11,640 --> 00:28:14,120 the fuck that means. Y'all this how you know this is 536 00:28:14,120 --> 00:28:17,520 not a bear market because this type of shit only happens during 537 00:28:17,520 --> 00:28:18,720 a bull market. OK, so. 538 00:28:21,280 --> 00:28:23,520 I, I drank the metaverse Kool-aid in 2021. 539 00:28:23,640 --> 00:28:27,840 Like the Infinite Reality is buying the streaming service to 540 00:28:27,840 --> 00:28:30,760 transform it into a platform where fans can hang out in 541 00:28:30,760 --> 00:28:34,960 virtual spaces, attend concerts, and buy merch directly from 542 00:28:34,960 --> 00:28:37,840 artists, basically in a virtual world. 543 00:28:39,240 --> 00:28:41,800 And like, I've done that, I've been to concerts in the 544 00:28:41,800 --> 00:28:45,040 metaverse. I don't think we're quite ready 545 00:28:45,040 --> 00:28:48,280 to replace the physical, physical concerts with virtual 546 00:28:48,280 --> 00:28:50,160 concerts yet. I don't know if it's because the 547 00:28:50,160 --> 00:28:52,160 tech isn't there. Maybe this all changes? 548 00:28:52,520 --> 00:28:55,640 We're definitely not. When VR is 10 times better than 549 00:28:55,640 --> 00:28:58,560 it is now. So like maybe they're 550 00:28:58,560 --> 00:29:01,000 visionaries. I don't know if we're if we're 551 00:29:01,000 --> 00:29:04,280 quite there yet. I'm not going to the concerts in 552 00:29:04,280 --> 00:29:07,080 the next year, I don't think. Yeah, no, I'm not. 553 00:29:07,080 --> 00:29:09,440 I mean, if I go to a concert, it's to feel something. 554 00:29:09,480 --> 00:29:12,480 And the only way you really feel something is in person, right? 555 00:29:13,080 --> 00:29:16,600 And so the whole metaverse thing I don't think has worked and I 556 00:29:16,600 --> 00:29:17,760 don't think it'll work for a little bit. 557 00:29:17,760 --> 00:29:19,360 But anyways, let's get Smokey up here. 558 00:29:19,360 --> 00:29:23,120 We got a dope fire guest up on FOMO hour with us this morning. 559 00:29:23,120 --> 00:29:24,680 Smokey, what's up brother? How you doing? 560 00:29:24,680 --> 00:29:26,160 Good morning. What's up man? 561 00:29:26,200 --> 00:29:27,800 Good morning to you too. How you guys doing? 562 00:29:28,800 --> 00:29:31,040 We're good. Another day in paradise, another 563 00:29:31,040 --> 00:29:31,760 day in the East. Thailand. 564 00:29:33,600 --> 00:29:35,640 Of course, man, how could I ever complain? 565 00:29:36,400 --> 00:29:38,560 Dude, it's crazy. I don't know man. 566 00:29:38,560 --> 00:29:40,640 I wake up this morning and see this hyper liquid thing. 567 00:29:40,640 --> 00:29:43,000 I'm like, oh shit, here we go again, you know? 568 00:29:44,920 --> 00:29:47,760 Yeah, man, it's it's crazy out here. 569 00:29:47,760 --> 00:29:49,880 Kind of reminds me of the older days to be honest with like, you 570 00:29:49,880 --> 00:29:52,000 know, weird people just attempting to attack vaults a 571 00:29:52,160 --> 00:29:55,480 lot, you know, not, not not exploit style, but just, you 572 00:29:55,480 --> 00:29:58,400 know, profitable trading strategies I suppose. 573 00:29:58,800 --> 00:30:01,680 Yeah, it's, there's just so much going on. 574 00:30:01,680 --> 00:30:04,280 I mean, Speaking of, Speaking of the, the, the past, etcetera. 575 00:30:04,280 --> 00:30:06,400 Smokey, why don't you give us a little like intro? 576 00:30:06,400 --> 00:30:08,560 Like, you know, I kind of want to know a little bit of your 577 00:30:08,560 --> 00:30:10,400 background, to be honest. I mean, obviously you're at the 578 00:30:10,400 --> 00:30:12,400 helm of Beretrain now. We're going to dive deep into 579 00:30:12,400 --> 00:30:13,240 that. I know Tyler's got some 580 00:30:13,240 --> 00:30:16,360 questions, so do I Congratulations on your success. 581 00:30:16,360 --> 00:30:19,680 I mean, you are arguably one of the top narratives this cycle 582 00:30:19,680 --> 00:30:22,280 and at least you know for for quite a little while more. 583 00:30:22,480 --> 00:30:25,680 I also have Soby who has not stopped speaking about you to me 584 00:30:25,680 --> 00:30:27,400 personally for the past few years. 585 00:30:28,200 --> 00:30:32,800 I think 3 last three years. So you got to fan Sobie. 586 00:30:33,040 --> 00:30:35,960 I know Locksley, our CEO also is a big fan of yours. 587 00:30:36,680 --> 00:30:38,760 Amazing man. So we got we got we got a lot of 588 00:30:38,760 --> 00:30:40,560 friends in common. So I kind of want to hear more 589 00:30:40,560 --> 00:30:42,400 about like who Smokey is and like what, what's your 590 00:30:42,400 --> 00:30:44,080 background like? How did you get into all this 591 00:30:44,080 --> 00:30:47,120 crypto stuff? Yeah, man, you know, sort of 592 00:30:47,120 --> 00:30:49,800 came from the the pretty opposite side of things. 593 00:30:50,080 --> 00:30:54,560 I've been in and out of crypto since like 2015 and 2016, but I 594 00:30:54,560 --> 00:30:57,000 was originally in like healthcare, biopharmaceuticals, 595 00:30:57,680 --> 00:30:59,920 you know, very much unlike the empirical science slash, like, 596 00:30:59,920 --> 00:31:03,760 you know, web lab kind of thing. So, you know, I, yeah, 597 00:31:04,000 --> 00:31:07,360 definitely did not start in crypto, but I was building, you 598 00:31:07,360 --> 00:31:09,440 know, my first company was spending a lot of time in the 599 00:31:09,440 --> 00:31:11,040 Bay Area. I think, you know, you you just 600 00:31:11,040 --> 00:31:12,760 run into a lot of folks who are building cool shit. 601 00:31:13,520 --> 00:31:15,480 And I think that when you see enough friends start to check 602 00:31:15,480 --> 00:31:17,640 out something interesting and then folks who are often, you 603 00:31:17,640 --> 00:31:20,200 know, directionally correct about things, you kind of got to 604 00:31:20,200 --> 00:31:21,960 ask yourself like, OK, what am I missing here? 605 00:31:22,800 --> 00:31:25,360 So that was just sort of first messing around with with even 606 00:31:25,360 --> 00:31:29,320 Bitcoin and then playing the 20/17/2018 cycle and thinking 607 00:31:29,320 --> 00:31:31,080 that everything, whether it's fucking like, you know, rape 608 00:31:31,080 --> 00:31:34,160 block slash Nana or Oyster Pearl or like dragon chain was going 609 00:31:34,160 --> 00:31:37,240 to be like the next big thing. Getting rinsed pretty hard on 610 00:31:37,240 --> 00:31:39,280 that. And then having fun again in 611 00:31:39,280 --> 00:31:42,000 like D5 summer and like sort of round two right when NFTS took 612 00:31:42,000 --> 00:31:43,880 off and we sort of had this D 52.0 wave. 613 00:31:43,880 --> 00:31:48,040 So, you know, dip my feet in 2019 DCF God, who I'm sure you 614 00:31:48,040 --> 00:31:51,120 guys might have run into before, like a good IRL friend as well. 615 00:31:51,840 --> 00:31:54,280 So he sort of helped drag me and and some of our buddies back 616 00:31:54,280 --> 00:31:57,360 into the into the fray. And then I'd say that like, you 617 00:31:57,360 --> 00:32:01,080 know, sort of one head first in like mid 2021 and have been 618 00:32:01,080 --> 00:32:03,280 working on bear chain and in some way or the other ever 619 00:32:03,280 --> 00:32:06,160 since. It started very much as a, you 620 00:32:06,160 --> 00:32:10,880 know, like a complete joke slash a, you know, an NFT collection 621 00:32:10,880 --> 00:32:13,480 of bear smoking weed that we just thought would be funny, 622 00:32:14,280 --> 00:32:17,000 which is, you know, sort of how a lot of that this this whole 623 00:32:17,000 --> 00:32:20,880 shit started out of nowhere. And then over time, we said, we 624 00:32:20,880 --> 00:32:23,040 said, hey, like there's probably something a lot more meaningful 625 00:32:23,080 --> 00:32:26,080 that can be built here and, you know, decide to run with it. 626 00:32:26,520 --> 00:32:28,400 I love that. That's so cool. 627 00:32:28,400 --> 00:32:30,520 I, I remember it started off with like a joke in an FT 628 00:32:30,520 --> 00:32:31,720 project. It's the same with us. 629 00:32:31,760 --> 00:32:34,480 Like the whole rock radio thing started off as a joke and then 630 00:32:34,480 --> 00:32:38,520 became an NFT project in, in late 2021, early 2022. 631 00:32:38,520 --> 00:32:41,200 And here we are like you're one of the biggest media publishers 632 00:32:41,200 --> 00:32:43,120 in the space and we're launching like a prediction market. 633 00:32:43,120 --> 00:32:46,600 So it's I love this back story. Yeah, man, I mean, I think like 634 00:32:46,600 --> 00:32:49,800 the the, the things that often have the most interesting 635 00:32:49,800 --> 00:32:52,320 outcomes and of course I'm biased here are the ones that 636 00:32:52,320 --> 00:32:55,720 are not like overly overly like engineered, right, like. 637 00:32:55,720 --> 00:32:56,400 It's. True. 638 00:32:56,560 --> 00:32:58,560 You know, like you kind of just gotta let shit happen at times. 639 00:32:58,560 --> 00:33:02,160 Of course you don't have a plan, but if you know, it doesn't 640 00:33:02,160 --> 00:33:04,600 always have to be some super prescriptive playbook sometimes. 641 00:33:04,640 --> 00:33:06,840 It can't be. How do we fuck around and find 642 00:33:06,840 --> 00:33:09,000 out, right? It can't be in the space because 643 00:33:09,000 --> 00:33:11,200 you got to adapt and change like we then we got to stop with two 644 00:33:11,200 --> 00:33:12,520 year bear market. You know what I mean? 645 00:33:12,520 --> 00:33:14,080 It's like you got to figure the fuck out. 646 00:33:14,080 --> 00:33:17,280 So it's like you can't if you stick to one plan, but you can't 647 00:33:17,280 --> 00:33:18,480 flip flop too much. But you. 648 00:33:18,520 --> 00:33:19,480 You. Just can't bitch out. 649 00:33:19,960 --> 00:33:21,280 Well, it's also like you can't there. 650 00:33:21,480 --> 00:33:23,600 And I think there's a there's a healthy medium too, right, Like 651 00:33:23,600 --> 00:33:26,400 I think there's a point in time at which everyone, which is like 652 00:33:26,400 --> 00:33:28,280 I'm a chase whatever narrative comes up right. 653 00:33:28,280 --> 00:33:31,000 So you know, for a week everyone was ZK, then everyone was 654 00:33:31,000 --> 00:33:33,720 modular, then everyone was like re staking and then like, I 655 00:33:33,720 --> 00:33:35,640 think briefly everyone was like a Bitcoin L2. 656 00:33:35,920 --> 00:33:39,720 And then you know what I mean? Like I think that that chasing 657 00:33:39,720 --> 00:33:42,840 narratives also has like pretty aggressive whiplash because if 658 00:33:42,840 --> 00:33:45,160 you do that too much, then you end up with a bunch of grifters 659 00:33:45,160 --> 00:33:48,040 following alongside you who are like, OK, cool, I'm just going 660 00:33:48,040 --> 00:33:49,440 to follow whatever is hot right now. 661 00:33:50,240 --> 00:33:53,120 And then you know, when when the the music kind of like turns off 662 00:33:53,120 --> 00:33:55,120 a little bit, you're you're left with no one. 663 00:33:55,120 --> 00:33:58,000 You've just got like the grift brigade who kind of ran out of 664 00:33:58,000 --> 00:34:00,280 exciting things to get to get hype about right. 665 00:34:00,560 --> 00:34:03,880 So I think one thing that we've kind of always focused on and, 666 00:34:03,880 --> 00:34:06,440 and, and maybe to a fault, honestly has been like, yeah, 667 00:34:06,440 --> 00:34:08,600 we've got like this core thing, proof of liquidity that we care 668 00:34:08,600 --> 00:34:10,280 about. You know, there are bears, 669 00:34:10,560 --> 00:34:12,400 there's an ecosystem that's pretty expensive. 670 00:34:12,719 --> 00:34:15,159 Like we're going to do the thing that we know best and we're 671 00:34:15,159 --> 00:34:17,400 going to try to avoid, you know, getting too caught up in a lot 672 00:34:17,400 --> 00:34:20,280 of the, the noise, some of which is, is great, but some of which 673 00:34:20,280 --> 00:34:22,480 is just like people saying shit because it sounds cool. 674 00:34:23,360 --> 00:34:26,000 So trying to find the the right balance of all the above. 675 00:34:26,840 --> 00:34:28,760 Of that. I, I definitely want to dive 676 00:34:28,760 --> 00:34:32,520 into proof of liquidity here, Smokey Before we do that though, 677 00:34:33,320 --> 00:34:35,480 I mean, the headline story is pretty incredible. 678 00:34:35,480 --> 00:34:41,000 It's from a point O69 ETH net in August 2021 to a $4 billion FTV 679 00:34:42,560 --> 00:34:45,120 3 and. 1/2 I mean good tech. Cool story. 680 00:34:46,520 --> 00:34:48,080 Maybe like in an extra level of detail. 681 00:34:48,080 --> 00:34:49,880 Let's pull, let's peel the onion back a little bit. 682 00:34:49,880 --> 00:34:50,880 Like how did it? Yeah. 683 00:34:51,840 --> 00:34:53,760 Yeah, for sure, man. I mean, look, we were spending a 684 00:34:53,760 --> 00:34:56,960 whole bunch of time, my Co founder Papa and I and these 685 00:34:56,960 --> 00:34:58,760 like, you know, very define native discords. 686 00:34:59,240 --> 00:35:02,760 Think like summer 21, right? This is around the time when it 687 00:35:02,760 --> 00:35:05,520 was the heyday for like just cool shit and defy. 688 00:35:05,520 --> 00:35:08,680 Would that be Alchemics and Fracs and Ohm and so on so 689 00:35:08,680 --> 00:35:12,160 forth, along with like, you know, I'd say an increasingly 690 00:35:12,160 --> 00:35:14,720 mature NFT scene, right? We were seeing stuff that wasn't 691 00:35:14,720 --> 00:35:16,840 just 10K profile picture collections, but we were seeing 692 00:35:16,840 --> 00:35:19,120 shit like parallel. We were seeing groups of the 693 00:35:19,120 --> 00:35:21,360 fact we like, you know, we're taking NFTS to a new level. 694 00:35:21,840 --> 00:35:24,120 And I think that meant that, you know, we were attracted for a 695 00:35:24,120 --> 00:35:26,560 couple of reasons. 1 like, you know, more weird volatility, 696 00:35:26,560 --> 00:35:29,440 liquidity place arrow is interesting and, and, you know, 697 00:35:29,440 --> 00:35:31,360 fun from like a market participant point of view. 698 00:35:31,840 --> 00:35:34,560 And entities are just sort of like, you know, I, I don't think 699 00:35:34,560 --> 00:35:35,880 meme coins are as much of a thing at that point. 700 00:35:35,880 --> 00:35:38,960 Entities are just a a different level of like of yeah, if you 701 00:35:38,960 --> 00:35:41,840 will, right that that also had like very interesting community 702 00:35:41,840 --> 00:35:45,760 forming capabilities, some very corny, but others like quite 703 00:35:45,760 --> 00:35:47,120 interesting to to get involved with. 704 00:35:47,120 --> 00:35:49,440 Like, you know, I still think to this day about like folks that 705 00:35:49,440 --> 00:35:51,360 were involved, like forgotten ruins and stuff. 706 00:35:51,720 --> 00:35:54,480 And you almost like end up being able to ascribe a, a bit of a 707 00:35:54,480 --> 00:35:57,160 personality trait or an architect to people based on the 708 00:35:57,160 --> 00:35:58,360 NF TS they run with. Right. 709 00:35:58,640 --> 00:36:00,680 You know, are you, do you have like a fucking goblin town thing 710 00:36:00,680 --> 00:36:02,240 or do you have like, you know, pudgy Penguin? 711 00:36:02,240 --> 00:36:03,760 Like what is what, what's your personality? 712 00:36:03,760 --> 00:36:05,120 Are you a punk? Etcetera, etcetera. 713 00:36:06,440 --> 00:36:08,840 And I think that at that point we were like fucking like, you 714 00:36:08,840 --> 00:36:10,880 know, it'd be kind of fun to make an NFT project and see 715 00:36:10,880 --> 00:36:12,880 where this goes. We don't have a grand plan for 716 00:36:12,880 --> 00:36:15,720 where the sun's up, but we'll make 100 NFTS of these bears. 717 00:36:16,000 --> 00:36:18,440 We'll raffle them off in like Discord servers with like, you 718 00:36:18,440 --> 00:36:21,240 know, basically lots of folks who are friends and, or, you 719 00:36:21,240 --> 00:36:23,280 know, smart participants and we'll see what happens. 720 00:36:24,200 --> 00:36:26,400 And that happened. You know, we, we sold those out 721 00:36:26,400 --> 00:36:29,280 pretty quickly and like, you know, you know, not faster than 722 00:36:29,280 --> 00:36:31,760 NFT meant like an hour or something like that back in 723 00:36:31,760 --> 00:36:35,560 August of 2021, I think. And then we were like, OK, now 724 00:36:35,560 --> 00:36:37,040 what? We could either make, you know, 725 00:36:37,040 --> 00:36:40,920 9900 more pictures of bears smoking weed, or we could try to 726 00:36:40,920 --> 00:36:43,880 do some weirder shit with us. And we decided to make them, you 727 00:36:43,880 --> 00:36:46,400 know, quote UN quote rebase or just like multiply and supply, 728 00:36:46,800 --> 00:36:50,000 you know, not not quite, you know, 6 figure AP wise, like 729 00:36:50,000 --> 00:36:52,080 Ohm. But the whole concept of OK, if 730 00:36:52,080 --> 00:36:55,200 you hold 1 bear in collection A, then collection B, you'll get 731 00:36:55,200 --> 00:36:57,200 another bear for free. And if you hold those two bears 732 00:36:57,200 --> 00:36:59,920 from collections A&B, then you'll get two more bears in 733 00:36:59,920 --> 00:37:01,280 collection C. And if you hold those four 734 00:37:01,280 --> 00:37:02,200 bears, you get, you know what I mean? 735 00:37:02,200 --> 00:37:03,600 Like you almost get these these Russian. 736 00:37:03,600 --> 00:37:05,200 Nests. Right. 737 00:37:06,040 --> 00:37:09,080 Allowing the community to on one hand like reward or early 738 00:37:09,080 --> 00:37:11,680 holders and they end up, you know, pretty deeply in the 739 00:37:11,680 --> 00:37:13,520 green. As in I think that people went 740 00:37:13,520 --> 00:37:18,120 from like, you know, a single 0.0693 hundred ETH worth of NFTS 741 00:37:18,120 --> 00:37:22,480 or something. And at the same time actually 742 00:37:22,480 --> 00:37:25,400 like, you know, decrease the scarcity, make that supply 743 00:37:25,400 --> 00:37:27,600 actually a little bit more distributed as people go in and 744 00:37:27,600 --> 00:37:29,720 out. So we just kind of ended up with 745 00:37:29,720 --> 00:37:33,240 this community of a couple 1000 people who were both on one hand 746 00:37:33,240 --> 00:37:35,640 pretty define native because of the original communities they 747 00:37:35,640 --> 00:37:38,360 came from, but on the other hand, like pretty retarded and 748 00:37:38,360 --> 00:37:41,200 risk on because they're down to like ape a bunch of NFTS of bare 749 00:37:41,200 --> 00:37:42,160 smoking. This is true. 750 00:37:42,840 --> 00:37:45,560 So we like we, we, I think we found we struck a happy medium 751 00:37:45,560 --> 00:37:47,960 there where it's like, OK, cool. Like we got people who are down 752 00:37:47,960 --> 00:37:51,680 to see interesting things, but they're also like, they're also 753 00:37:51,680 --> 00:37:53,440 somewhat sophisticated market participants. 754 00:37:54,000 --> 00:37:56,600 And it was at that point that, you know, it was, I'd say late 755 00:37:56,600 --> 00:38:00,120 21 or early 22, there were lots of conversations being had about 756 00:38:00,120 --> 00:38:02,880 like, you know, what is the future of D5 look like, right? 757 00:38:02,880 --> 00:38:05,400 Like, how do we actually end up looking at all these ghost 758 00:38:05,400 --> 00:38:08,320 chains at the time that have like, you know, 10s? 759 00:38:08,440 --> 00:38:11,960 I'd say like, you know, 5 to $10 million in TBL on the network, 760 00:38:12,280 --> 00:38:15,360 but like hundreds of millions of or billions of TBL secure in the 761 00:38:15,360 --> 00:38:16,960 chain. And we're just like, well, this 762 00:38:16,960 --> 00:38:19,320 balance seems fucked. It's like you're paying, you 763 00:38:19,320 --> 00:38:22,080 know, $250 million a year, let's say, and security slash 764 00:38:22,080 --> 00:38:24,840 emissions to secure, you know, like a fraction of that. 765 00:38:25,400 --> 00:38:26,360 Why? Right. 766 00:38:27,560 --> 00:38:30,760 So I think the whole concept is like, can you build a chain or 767 00:38:30,760 --> 00:38:33,800 can you build, you know, an application or something that 768 00:38:33,800 --> 00:38:36,640 effectively allows you to have, you know, liquidity and security 769 00:38:36,640 --> 00:38:39,240 well aligned at the protocol level, just like an incentive 770 00:38:39,240 --> 00:38:41,680 point of view. And can you give app builders a 771 00:38:41,680 --> 00:38:44,400 reason to exist there 'cause I think the other thing we really 772 00:38:44,400 --> 00:38:46,960 noticed at the time was like people were just choosing which 773 00:38:46,960 --> 00:38:48,600 chains to deploy their applications on. 774 00:38:48,600 --> 00:38:51,840 And like, you know, sort of a very mercenary Madlib style. 775 00:38:52,280 --> 00:38:54,400 They're like, OK, cool. Like, you know, near or like 776 00:38:54,400 --> 00:38:56,040 Aurora doesn't have a balancer fork. 777 00:38:56,040 --> 00:38:58,360 Let's let's go, you know, hop on there and be the balancer for 778 00:38:58,360 --> 00:39:00,320 Aurora, right? They're like, you know, let's 779 00:39:00,320 --> 00:39:02,680 hop on to Avalanche and be like their own fork or whatever that 780 00:39:02,680 --> 00:39:06,120 might be, right? Like there's very little true 781 00:39:06,120 --> 00:39:08,800 reason beyond a little bit of hype to say, hey, I'm going to 782 00:39:08,800 --> 00:39:13,360 exist on chain A versus chain B. And the latter concept or the 783 00:39:13,360 --> 00:39:15,800 real part about Pol was figuring out, OK, how do we actually make 784 00:39:15,800 --> 00:39:18,880 sure that we find a way that the chain drives value to its 785 00:39:18,880 --> 00:39:21,640 applications? And that's sort of the the real 786 00:39:21,640 --> 00:39:25,040 concept in a nutshell, right? And that's sort of what, what 787 00:39:25,040 --> 00:39:27,680 sort of, you know, got this, his journey off the ground. 788 00:39:28,240 --> 00:39:34,440 Wow, it's a this is good story. That's a great story. 789 00:39:34,440 --> 00:39:36,160 I love this. That makes sense. 790 00:39:37,480 --> 00:39:40,400 Could you, so can we dive into proof of liquidity and it said 791 00:39:40,440 --> 00:39:42,240 highlight. Can you just point it for the 792 00:39:42,360 --> 00:39:45,080 time or kindergartner audience out there myself? 793 00:39:45,080 --> 00:39:48,320 And don't worry, I don't as a, as a kindergartner myself, I'm 794 00:39:48,320 --> 00:39:51,440 almost happy to help. I mean, look, the fact is like 795 00:39:51,440 --> 00:39:53,640 the best way of thinking about proof of liquidity is that 796 00:39:53,640 --> 00:39:56,200 typically when you have a proof of stake chain, you've got 797 00:39:56,200 --> 00:39:58,760 emissions that are flowing from the chain or like flowing out 798 00:39:58,760 --> 00:40:01,720 basically to the validator set. Either if they're just like, you 799 00:40:01,720 --> 00:40:04,960 know, solo stakers like each for the most part, or a validator 800 00:40:04,960 --> 00:40:06,960 set and they're delegate. Right, If it's like a Cosmos 801 00:40:06,960 --> 00:40:09,600 chain or an Aptos slash suite type that has delegated group of 802 00:40:09,600 --> 00:40:12,480 stake that that's fine and and great and all. 803 00:40:13,000 --> 00:40:15,280 And I think that validators are a very key part of the network 804 00:40:15,280 --> 00:40:17,320 in terms of, you know, keeping it safe and afloat. 805 00:40:18,000 --> 00:40:20,840 However, one of the biggest issues that you run into is that 806 00:40:20,840 --> 00:40:23,360 like you're actually sending the vast majority of the value that 807 00:40:23,360 --> 00:40:25,000 is being generated by the network. 808 00:40:25,000 --> 00:40:28,320 It's it's natural emissions to groups that are not necessarily 809 00:40:28,320 --> 00:40:31,560 invested in the long term growth of the ecosystem, right? 810 00:40:31,560 --> 00:40:33,640 Like validators are, are necessary infrastructure 811 00:40:33,640 --> 00:40:36,920 partners, but they don't, they don't have a vested interest in 812 00:40:36,920 --> 00:40:40,880 many cases in the, you know, success of the, of the 813 00:40:40,880 --> 00:40:44,000 application ecosystem, of the user growth ecosystem of all the 814 00:40:44,000 --> 00:40:46,120 things that actually allow a chain to get to the point of 815 00:40:46,120 --> 00:40:48,680 adoption. So a proof of liquidity really 816 00:40:48,680 --> 00:40:51,360 does is it effectively inverts the value flows in the 817 00:40:51,360 --> 00:40:53,480 blockchain. So typically you have like a 818 00:40:53,480 --> 00:40:56,200 chain, you know, sort of like pushing to that, you know, the 819 00:40:56,200 --> 00:40:59,280 chain through its validators, you know, pushes block awards, 820 00:40:59,320 --> 00:41:01,720 either just those validators, slash takers or their delegates, 821 00:41:02,200 --> 00:41:04,040 right. However, in the case of proof of 822 00:41:04,040 --> 00:41:07,200 liquidity, it's that the chain in each individual validator on 823 00:41:07,200 --> 00:41:11,480 that chain is pushing its block rewards or emissions slash its 824 00:41:11,480 --> 00:41:14,920 inflation to the applications. And in turn, applications are 825 00:41:14,920 --> 00:41:17,520 basically pushing that to users. So the chain is very much 826 00:41:17,520 --> 00:41:20,440 empowering each of these applications to act as I'd say 827 00:41:20,440 --> 00:41:23,400 more efficient, like user acquisition funnels or in A in 828 00:41:23,400 --> 00:41:27,040 AB to B to C sense and taking those, you know, hundreds of 829 00:41:27,040 --> 00:41:29,920 millions of dollars worth of emissions that would be flowing 830 00:41:29,920 --> 00:41:32,840 out of the ecosystem in many cases and directing them into 831 00:41:32,840 --> 00:41:35,560 its applications. So I think that's like the the 832 00:41:35,560 --> 00:41:37,840 best way of like sort of mentally modeling it in a 833 00:41:37,840 --> 00:41:40,640 nutshell, it's taking that value that typically flows out and 834 00:41:40,640 --> 00:41:43,960 it's pushing it in and using that to turbocharge the app 835 00:41:43,960 --> 00:41:46,120 layer. And what that also means is that 836 00:41:46,200 --> 00:41:49,240 it opens up a lot of opportunities for applications 837 00:41:49,240 --> 00:41:53,120 and validators to form like a really efficient marketplace and 838 00:41:53,120 --> 00:41:55,920 a set of commercial relationships as they look to 839 00:41:55,920 --> 00:41:58,440 bootstrap their own adoption, liquidity, etcetera. 840 00:41:59,360 --> 00:42:01,480 And I think that's sort of the the part where it gets very cool 841 00:42:01,520 --> 00:42:05,840 and where you actually are able to see the, the, the governance 842 00:42:05,840 --> 00:42:07,440 slash emissions token of the network. 843 00:42:07,960 --> 00:42:10,920 BGT stands for the Bearer Governance token as something 844 00:42:10,920 --> 00:42:14,400 that actually accrues value, not just because more bearers being 845 00:42:14,400 --> 00:42:17,480 printed or sorry, more BGT has been printed, but because 846 00:42:17,480 --> 00:42:20,560 there's actually other tokens that are effectively directing 847 00:42:20,560 --> 00:42:22,600 yield towards it. And we think that that gets 848 00:42:22,600 --> 00:42:23,800 super interesting at scale as well. 849 00:42:23,840 --> 00:42:26,040 So sorry I rambled for a little. Bit no, this is good. 850 00:42:26,360 --> 00:42:28,120 Gives good context. No, but you're good at 851 00:42:28,120 --> 00:42:29,360 explaining it. I love that. 852 00:42:30,440 --> 00:42:32,040 Yeah, it's my job, man. I gotta do it. 853 00:42:32,360 --> 00:42:34,320 No, it's no. But a lot of the big brain shit, 854 00:42:34,320 --> 00:42:36,520 a lot of the big brain shit, sometimes people come on here 855 00:42:36,520 --> 00:42:37,880 and I'm like, what the fuck you talking about? 856 00:42:37,880 --> 00:42:40,000 But even I can understand this, so I like that. 857 00:42:40,560 --> 00:42:43,880 No 100% man. And you know that my it's making 858 00:42:43,880 --> 00:42:45,960 bite size right? And like it's, it's tricky 859 00:42:45,960 --> 00:42:48,360 because on one hand we could lean into it and be like poof, 860 00:42:48,360 --> 00:42:50,280 liquidity, like, you know, just like try to make it sound like 861 00:42:50,280 --> 00:42:52,880 some some crazy next shit. On the other hand, I think it's 862 00:42:52,880 --> 00:42:55,640 more important, especially nowadays in an era where like, I 863 00:42:55,640 --> 00:42:57,920 think people are a little bit over like the technical jargon 864 00:42:57,920 --> 00:43:00,280 bullsh. You know, they're kind of like 865 00:43:00,280 --> 00:43:02,360 tired of not understanding things, but thinking they should 866 00:43:02,360 --> 00:43:04,440 bid them. Now it's more like, how do we 867 00:43:04,440 --> 00:43:08,080 make things like, you know, actually palatable and, and 868 00:43:08,360 --> 00:43:10,040 something that the layperson can understand. 869 00:43:10,040 --> 00:43:12,400 So even as we think about, you know, the different framings or 870 00:43:12,400 --> 00:43:14,920 branding for proof of liquidity, it's like, OK, do we say it's a 871 00:43:14,920 --> 00:43:17,720 chain that allows you or gives you the opportunity to earn more 872 00:43:17,720 --> 00:43:20,320 by doing, you know, the things that you're ready to do is that, 873 00:43:20,320 --> 00:43:22,240 you know, a chain that really puts power in the hands of the 874 00:43:22,240 --> 00:43:23,640 applications. Like there's so many different 875 00:43:23,640 --> 00:43:26,800 ways to to frame it and we're very much work shopping that as 876 00:43:26,800 --> 00:43:28,360 we get more and more feedback over time. 877 00:43:29,680 --> 00:43:31,760 Makes sense. I'm starting to understand that 878 00:43:31,960 --> 00:43:35,360 more in in the concepts I would love because you may like walk 879 00:43:35,360 --> 00:43:38,320 through an example of like an existing app. 880 00:43:38,320 --> 00:43:42,360 You know one wanted to deploy capital on bear chain app like 881 00:43:42,360 --> 00:43:43,640 kind of walking through it to get. 882 00:43:43,640 --> 00:43:46,400 Make it 100%, hundred percent, 100%. 883 00:43:46,400 --> 00:43:48,640 So I, I guess what I'll do is I'll start from the, from the 884 00:43:48,640 --> 00:43:51,120 top down in terms of just understanding how emissions flow 885 00:43:51,120 --> 00:43:54,440 within bear chain, right. So all emissions in bear chain 886 00:43:54,440 --> 00:43:56,760 are in the form of BGT, bear governance token. 887 00:43:57,360 --> 00:43:59,520 Important thing to keep in mind here is that it's entirely 888 00:43:59,520 --> 00:44:02,240 illiquid and soul balanced. So you can't just go and buy 889 00:44:02,240 --> 00:44:04,040 BGT. Perhaps one of the most 890 00:44:04,040 --> 00:44:06,880 important tenets of proof of liquidity, hence proof of 891 00:44:06,880 --> 00:44:10,320 liquidity is that the way that you earn this emissions token is 892 00:44:10,320 --> 00:44:12,720 by actually doing the work of providing liquidity or values 893 00:44:12,720 --> 00:44:15,800 network. So you know, the way this works 894 00:44:15,800 --> 00:44:18,240 is that each validator on the network and you know, right now 895 00:44:18,240 --> 00:44:21,240 there's up to 69 validators, like 60 something live. 896 00:44:21,720 --> 00:44:25,160 This will expand over time. Each time that they win a block 897 00:44:25,160 --> 00:44:28,760 and they're the one that like produces that block award, there 898 00:44:28,760 --> 00:44:31,600 is a, they effectively have like a little pie chart or a cutting 899 00:44:31,600 --> 00:44:33,480 board. And let's say that they produced 900 00:44:33,480 --> 00:44:36,400 a block with five BGT. They can choose to say, OK, I'm 901 00:44:36,400 --> 00:44:40,120 going to send, you know, 2 BGT to pool into this pool in the 902 00:44:40,120 --> 00:44:43,200 decks for I'm going to send two BGT to this like supply side 903 00:44:43,200 --> 00:44:45,080 vault in the lending market, etcetera. 904 00:44:46,040 --> 00:44:49,040 And that's really how the that you know, that interaction 905 00:44:49,040 --> 00:44:52,400 occurs in that the validators are sending block awards to the 906 00:44:52,400 --> 00:44:55,760 applications and or rather they're sending it the block 907 00:44:55,760 --> 00:44:59,880 words to the depositors in those LP tokens slash those vaults of 908 00:44:59,880 --> 00:45:02,280 those applications. So if we look at that from the 909 00:45:02,280 --> 00:45:04,000 other perspective, you're a user, right? 910 00:45:04,240 --> 00:45:06,680 You hop on the bear chain, you go to like the Becks, which is 911 00:45:06,680 --> 00:45:08,040 like the chain native decks, right? 912 00:45:08,600 --> 00:45:11,240 Or you go to Kodiak, which is like AV 3 slash, like third 913 00:45:11,240 --> 00:45:12,680 party decks that's built on the chain. 914 00:45:13,400 --> 00:45:15,640 And you say, OK, cool. Like I'm, I'm going to LP, you 915 00:45:16,080 --> 00:45:19,560 know, in this pool, you know what you can you do from there 916 00:45:19,560 --> 00:45:22,120 as you basically, you know, you LP as you would in, in any other 917 00:45:22,120 --> 00:45:24,480 decks, you provide liquidity for whatever those tokens are. 918 00:45:24,760 --> 00:45:28,240 You get an LP token and then you can take that LP token, you 919 00:45:28,240 --> 00:45:32,480 stake it on hub.berrachain.com, and you start earning rewards 920 00:45:32,480 --> 00:45:35,000 both from the chain itself and that application, whatever their 921 00:45:35,000 --> 00:45:38,520 baseline rewards might be. Now, to be, to be clear and to 922 00:45:38,520 --> 00:45:41,320 be explicit, this isn't the case for every single app on the 923 00:45:41,320 --> 00:45:43,160 chain. It's not like you immediately go 924 00:45:43,160 --> 00:45:45,560 on there and the chain starts like directing omissions towards 925 00:45:45,560 --> 00:45:47,960 you. There's sort of a more robust 926 00:45:47,960 --> 00:45:51,080 process by governance and by almost like a council approval 927 00:45:51,080 --> 00:45:54,160 of sorts that allows new applications to come on and say, 928 00:45:54,160 --> 00:45:56,960 hey, here's how this vault is in fact we contributing value to 929 00:45:56,960 --> 00:45:59,920 the ecosystem. Here's the amount of incentives 930 00:45:59,920 --> 00:46:02,480 or here's the amount of, you know, rewards that as the 931 00:46:02,480 --> 00:46:05,960 provider or as this protocol, I'm actually going to return to 932 00:46:05,960 --> 00:46:08,760 like the BGT holders, effectively the stakeholders in 933 00:46:08,760 --> 00:46:12,120 the chain themselves. And here's why this should be a 934 00:46:12,120 --> 00:46:14,920 place where people can earn BGT. Like here's why this should be 935 00:46:14,920 --> 00:46:16,440 an eligible destination of the chain. 936 00:46:16,920 --> 00:46:19,840 So you get that value exchange, which I think is like very cool. 937 00:46:20,520 --> 00:46:21,840 But did that flow kind of makes sense? 938 00:46:21,840 --> 00:46:23,040 Sorry. Yeah, it does. 939 00:46:23,040 --> 00:46:23,920 It'd be. Helpful. 940 00:46:24,440 --> 00:46:26,360 Awesome. So yeah, like from the user 941 00:46:26,360 --> 00:46:29,080 sense, it's not it's meant to be as like, you know, low touch as 942 00:46:29,080 --> 00:46:30,840 possible. It's really you do exactly what 943 00:46:30,840 --> 00:46:35,320 you would do in any other app in Define, but you also have this 944 00:46:35,320 --> 00:46:39,360 added benefit or this ability to effectively take that, you know, 945 00:46:39,440 --> 00:46:42,280 receipt token that you would receive and stake it to earn 946 00:46:42,440 --> 00:46:45,000 rewards in the form of BGT. And what's happening in many 947 00:46:45,000 --> 00:46:48,120 cases for that, you know, third party or that external 948 00:46:48,120 --> 00:46:52,600 applications vault to actually earn BGT is they're posting 949 00:46:52,600 --> 00:46:55,920 incentives in their own form. So they're telling validators 950 00:46:56,640 --> 00:46:59,880 and rather the delegates of those validators, hey, I'm going 951 00:46:59,880 --> 00:47:03,480 to give you guys, you know, $1.00 in my token in exchange 952 00:47:03,480 --> 00:47:06,360 for every two or three dollars or whatever it is of, of BGT 953 00:47:06,360 --> 00:47:07,920 emissions you push towards my pool. 954 00:47:08,680 --> 00:47:10,640 So what that ends up being is a pretty interesting money 955 00:47:10,640 --> 00:47:12,160 multiplier for these protocols, right? 956 00:47:12,720 --> 00:47:14,960 I think we've seen lots of cases where you can sort of take, you 957 00:47:14,960 --> 00:47:18,120 know, $1.00 permissions here, then, you know, use it to earn. 958 00:47:18,600 --> 00:47:20,880 So like, you know, you start with $1.00 of your protocol 959 00:47:20,880 --> 00:47:23,720 token in your treasury, then you say, OK, cool, I'm going to use 960 00:47:23,720 --> 00:47:26,280 that to get 4 or $5 worth of BGT emissions. 961 00:47:26,600 --> 00:47:29,000 Hopefully with that four or $5.00 of BGT emissions, maybe 962 00:47:29,000 --> 00:47:30,880 I'll get $100 worth of liquidity. 963 00:47:31,240 --> 00:47:34,240 And off that $100 in liquidity, maybe I'll generate one or two 964 00:47:34,240 --> 00:47:36,440 bucks for the trading fees and then I'll use that. 965 00:47:36,440 --> 00:47:38,880 You know, you can start a little bit of a good cycle there, 966 00:47:38,880 --> 00:47:41,360 right? It all of course, depends on 967 00:47:41,360 --> 00:47:44,080 user demand and the ability to really scale that over time and 968 00:47:44,320 --> 00:47:47,920 use that to a thing, add fire to, to projects that already 969 00:47:47,920 --> 00:47:50,360 have a semblance or have potential for product market 970 00:47:50,360 --> 00:47:52,600 fit. But that's almost one of like 971 00:47:52,600 --> 00:47:55,920 the ideal outcomes there, right? You use it to get something, you 972 00:47:55,920 --> 00:47:58,240 use it to get a flywheel spinning to the point of actual 973 00:47:58,240 --> 00:48:01,720 sustainability. While at the same time that 974 00:48:01,720 --> 00:48:05,000 application keeps on pushing its rewards, whether that be from 975 00:48:05,000 --> 00:48:08,320 its token supply, whether that be from, you know, fees they 976 00:48:08,320 --> 00:48:10,200 generate whatever it is to continue fueling their 977 00:48:10,200 --> 00:48:13,200 emissions. And I think that that gets the 978 00:48:13,200 --> 00:48:14,880 part where that gets really interesting is that it means 979 00:48:14,880 --> 00:48:18,760 that BGT is like really the 1st L1 token that's occurring value 980 00:48:19,400 --> 00:48:23,120 from exogenous assets, right? As in it's not just, you know, 981 00:48:23,120 --> 00:48:26,320 BDT, you're driving BDT. It's actually the fact that 982 00:48:26,720 --> 00:48:29,840 other protocols are willing to effectively incentivize it in 983 00:48:29,840 --> 00:48:32,600 order to receive emissions. And we're hoping that, you know, 984 00:48:32,600 --> 00:48:35,640 ends up being a really efficient system at scale where on one 985 00:48:35,640 --> 00:48:38,760 hand, applications are able to, you know, basically find ways 986 00:48:38,760 --> 00:48:42,400 to, to get $2.00 of useful emissions for $1.00 of liquidity 987 00:48:42,400 --> 00:48:45,280 that they would have controlled. And the chain is able to to grow 988 00:48:45,280 --> 00:48:47,320 lots in value and give great yields to people who are 989 00:48:47,320 --> 00:48:51,040 participating in the ecosystem. Wow, there's a lot to unpack 990 00:48:51,040 --> 00:48:51,520 here. I love that. 991 00:48:51,520 --> 00:48:53,000 And there's definitely a lot of opportunities. 992 00:48:53,000 --> 00:48:54,800 I mean, we talk about it a lot. I mean, there's something 993 00:48:54,800 --> 00:48:57,120 Mendo's been mentioning a lot. I know Tyler here and there. 994 00:48:57,120 --> 00:48:58,880 It's like there's a lot of opportunities to cycle, 995 00:48:59,400 --> 00:49:01,440 especially as you know, we're gearing up hopefully for another 996 00:49:01,480 --> 00:49:03,400 good run here on in in crypto in general. 997 00:49:03,400 --> 00:49:06,080 But Baratin is definitely one of the leading. 998 00:49:06,080 --> 00:49:08,440 The the leader is here. Actually talking to my boy Jason 999 00:49:08,440 --> 00:49:10,840 yesterday night from Oros. He's out in Hong Kong. 1000 00:49:10,840 --> 00:49:13,040 He's like, he's like, yo, have you seen Baratine, mate? 1001 00:49:13,040 --> 00:49:17,840 I've seen Baratin. Yeah, I've seen Baratin so so I 1002 00:49:17,840 --> 00:49:19,200 love that. Quick question for you. 1003 00:49:19,200 --> 00:49:20,600 I know we're approaching time here. 1004 00:49:21,040 --> 00:49:24,040 Yeah, good question from from the audience actually. 1005 00:49:24,040 --> 00:49:26,800 First of all, rafflebot dot XYZ if you won't have a chance to 1006 00:49:26,800 --> 00:49:29,640 win a pudgy Penguin, a crypto punk or red guy, the code is 1007 00:49:29,640 --> 00:49:36,640 Barrett chain today, BERA chain CHAIAAI and Barrett chain raffle 1008 00:49:36,640 --> 00:49:39,280 ball the next one Z every single day Tuesday, Wednesday, Thursday 1009 00:49:39,280 --> 00:49:41,280 and Friday. Just no Monday, sorry lads. 1010 00:49:41,680 --> 00:49:45,040 We do a $5000 robot loot box spin and we pick someone from 1011 00:49:45,040 --> 00:49:46,720 the audience to come and win. So hopefully someone wins a 1012 00:49:46,720 --> 00:49:48,160 puzzie pig win or a crypto punk today. 1013 00:49:48,160 --> 00:49:51,040 We've given away 3 already so it's not bad, but one and a half 1014 00:49:51,040 --> 00:49:53,760 million dollars given away in the year on the show four days a 1015 00:49:53,760 --> 00:49:54,880 week. So you'd love to see that. 1016 00:49:55,080 --> 00:49:57,360 So the code is Barrett chain but Smokey. 1017 00:49:57,760 --> 00:50:00,360 But we had a good question in the audience earlier, like if 1018 00:50:00,360 --> 00:50:04,440 someone it is not involved in all this yet, like what is what 1019 00:50:04,440 --> 00:50:06,760 is the best way? You know, how can someone get 1020 00:50:06,760 --> 00:50:10,000 involved in bear chain now either for fun or to make money, 1021 00:50:10,000 --> 00:50:12,400 whatever. But if someone just just a bear 1022 00:50:12,400 --> 00:50:14,320 chain knew what's to get involved, what's the best? 1023 00:50:14,480 --> 00:50:16,080 Way like what's the lowest lift sort? 1024 00:50:16,080 --> 00:50:16,960 Of what's the lowest? Yeah. 1025 00:50:17,160 --> 00:50:19,480 Getting your hands wet. You know what, man, I think that 1026 00:50:19,480 --> 00:50:21,680 like this is one of the things that we're focusing the most on 1027 00:50:21,680 --> 00:50:23,320 as a team. Like what's a really simple 1028 00:50:23,320 --> 00:50:26,520 onboarding experience and our, you know, I think that within 1029 00:50:26,520 --> 00:50:28,640 the next 2-3 months, I'll have an even better answer for you. 1030 00:50:28,760 --> 00:50:32,240 Right now there's a great tool slash team that I've actually 1031 00:50:32,360 --> 00:50:35,840 shout out within the ecosystem. It's it's it's called like 1032 00:50:35,840 --> 00:50:38,320 Baratown. And they've built just like a 1033 00:50:38,320 --> 00:50:41,320 great interface for effectively interacting with all different 1034 00:50:41,320 --> 00:50:44,480 sorts of stuff, whether that is, you know, effectively building, 1035 00:50:44,560 --> 00:50:46,520 you know, using the bridge, whether that's, you know, 1036 00:50:46,520 --> 00:50:49,000 getting some initial barrel, whatever that might be. 1037 00:50:49,000 --> 00:50:53,120 Like they've built, I think, a pretty thoughtful interface for 1038 00:50:53,120 --> 00:50:54,880 just, you know, doing whatever. This is nice. 1039 00:50:55,520 --> 00:50:57,040 Yeah, man. Like it's, it's, it's pretty 1040 00:50:57,040 --> 00:51:00,640 goofy, but it's, I think like the correct way of getting, it's 1041 00:51:00,640 --> 00:51:02,720 one of the best ways of getting people's feet wet. 1042 00:51:03,960 --> 00:51:06,080 So, you know, for, for new users, I think it's great to, 1043 00:51:06,080 --> 00:51:09,360 you know, start playing with that and they can find ways to, 1044 00:51:09,360 --> 00:51:12,400 to get involved from there. And then beyond that, I would 1045 00:51:12,400 --> 00:51:14,920 just tell them to check out like hub.berrachain.com because 1046 00:51:14,920 --> 00:51:17,760 that's like, you know, just the official website and, you know, 1047 00:51:17,760 --> 00:51:20,520 there's all sorts of resources on there that basically shows 1048 00:51:20,520 --> 00:51:23,760 you, OK, here's how I swap, you know, here's how I use different 1049 00:51:23,760 --> 00:51:26,560 pools, whatever it might be. This is great, 1050 00:51:26,560 --> 00:51:29,720 hub.berrachain.com and then Berra dot town. 1051 00:51:30,480 --> 00:51:33,240 I'm showing them on screen if you're on video, but if not, you 1052 00:51:33,240 --> 00:51:35,920 guys can go together out for for yourselves. 1053 00:51:35,920 --> 00:51:38,880 And I guess I mean, I have one more last question for you is 1054 00:51:38,880 --> 00:51:40,600 like, what, what, what's next? Right? 1055 00:51:40,600 --> 00:51:43,920 You just, you know, proof of liquidity, like fresh, fresh. 1056 00:51:44,520 --> 00:51:48,360 The thing is from this week. So what what are you most 1057 00:51:48,360 --> 00:51:49,800 excited about? Yeah. 1058 00:51:50,680 --> 00:51:53,200 A couple things, man. You know, so one, I just want 1059 00:51:53,200 --> 00:51:55,120 proof of liquidity to keep on humming nicely. 1060 00:51:55,120 --> 00:51:57,360 I think we're going to see more and more teams from outside of 1061 00:51:57,360 --> 00:52:00,200 the ecosystem like, you know, non Baron native protocols come 1062 00:52:00,200 --> 00:52:02,800 in and get involved and then people can build very 1063 00:52:02,800 --> 00:52:04,040 interesting primitives around that. 1064 00:52:04,040 --> 00:52:06,680 So for example, for those that have been keeping a close eye, 1065 00:52:06,680 --> 00:52:09,040 like Pendle was starting to deploy their stuff this morning 1066 00:52:09,040 --> 00:52:11,560 on Bear Chain. So, you know, I think we'll just 1067 00:52:11,560 --> 00:52:13,600 start to see more interesting yield primitives pop up. 1068 00:52:14,880 --> 00:52:16,640 But even like outside of defy, right? 1069 00:52:16,920 --> 00:52:20,040 I think that what I'm thinking about a lot next is just how we 1070 00:52:20,040 --> 00:52:22,760 make sure that we responsibly put their chain in in the hands 1071 00:52:22,760 --> 00:52:25,240 of the consumer. And I think there's so many 1072 00:52:25,240 --> 00:52:26,960 different ways that one can go about doing so. 1073 00:52:28,040 --> 00:52:30,480 But I think it's going to be a lot more like education and a 1074 00:52:30,480 --> 00:52:34,000 lot more external pushes, if you will, on stuff that allows like, 1075 00:52:34,000 --> 00:52:36,000 you know, your lay person to get comfortable with bear chain and 1076 00:52:36,000 --> 00:52:37,480 figure out, OK, cool. Like here's how I can start 1077 00:52:37,480 --> 00:52:38,880 messing around with this. Is this a game? 1078 00:52:38,880 --> 00:52:42,000 Is this an application, is this a deep end thing like puff paw 1079 00:52:42,000 --> 00:52:44,640 that can end up in the hands of lots of people where they don't 1080 00:52:44,640 --> 00:52:46,800 even know that they're using like bear chain under the hood, 1081 00:52:46,800 --> 00:52:49,040 but they're just like chilling vaping, right? 1082 00:52:49,040 --> 00:52:51,800 Like I think there's lots of ways that the bear chain can 1083 00:52:51,800 --> 00:52:54,520 embed itself. So I'm thinking, you know, I 1084 00:52:54,520 --> 00:52:58,040 think my the North star metrics are kind of value being accrued 1085 00:52:58,040 --> 00:53:01,760 to BGT and you know, new protocols participating in Pol 1086 00:53:02,360 --> 00:53:03,960 and on the other hand, you know, distribution. 1087 00:53:03,960 --> 00:53:07,320 So like real users coming on chain that are contributing some 1088 00:53:07,320 --> 00:53:10,000 form and and or you have real financial value to add to the 1089 00:53:10,080 --> 00:53:12,640 ecosystem. So yeah, man, it's a little. 1090 00:53:12,640 --> 00:53:16,040 It'll be exposure summer. I love that exposure. 1091 00:53:16,040 --> 00:53:17,120 Summer. Fuck yeah. 1092 00:53:18,000 --> 00:53:20,520 That's awesome. Well, Smokey, thank you so much 1093 00:53:20,520 --> 00:53:22,240 for coming on. Shout to Tyler for for 1094 00:53:22,240 --> 00:53:24,360 facilitating this. It was a pleasure to have you on 1095 00:53:24,360 --> 00:53:27,000 and really excited for for the future success of Air Chain Of. 1096 00:53:27,440 --> 00:53:29,440 Course man, thanks for having me and shout out to you guys. 1097 00:53:29,440 --> 00:53:30,800 It looks like you're doing great work over here. 1098 00:53:31,360 --> 00:53:32,200 Thank you, bro. Thank you. 1099 00:53:32,200 --> 00:53:34,080 Yeah, definitely talk about Marriott and Bear Chain. 1100 00:53:34,240 --> 00:53:34,800 I'll hit you up. I'll. 1101 00:53:35,040 --> 00:53:36,280 Hit you up, all right? Take care boys all. 1102 00:53:36,440 --> 00:53:39,400 Right, peace see ya. All right, all right, well, that 1103 00:53:39,400 --> 00:53:41,320 was awesome. Love that great guest. 1104 00:53:41,320 --> 00:53:42,560 Great guest. I love that. 1105 00:53:42,560 --> 00:53:44,080 See, we said we had a chat with you. 1106 00:53:44,080 --> 00:53:45,800 Let's get some guests on in four days. 1107 00:53:45,800 --> 00:53:49,720 We got Udi, Luca and Smokey. So we're going to get more so 1108 00:53:49,720 --> 00:53:51,480 chat. If you want more of the founders 1109 00:53:51,480 --> 00:53:56,440 on from projects that you're interested in, just just text 1110 00:53:56,440 --> 00:53:58,720 us, DM us or just, you know, attack four more hour and 1111 00:53:59,440 --> 00:54:01,080 message Justin. We'll try and get some some cool 1112 00:54:01,080 --> 00:54:02,640 people on me. If we talk about bear chain all 1113 00:54:02,640 --> 00:54:03,880 the time is we'll get the man on right. 1114 00:54:03,880 --> 00:54:07,120 So so here it is that's done. So that's awesome. 1115 00:54:07,640 --> 00:54:09,440 And after those, great. Very bullish on what they're 1116 00:54:09,440 --> 00:54:10,040 doing over there.