Yo-yo yo what up what up Good morning good morning GMG choose
Wednesday, Tuesday, Tuesday April 15th, 2025 look at that
another beautiful day to have a beautiful day.
I got my Co host in the house, Mando Tyler.
Good morning. How you guys doing today?
I'm doing amazing man. How are you of?
Course, you're doing amazing. You guys are cooking Jesus
living sunshine, cooking up like crazy on meat.
I love that. I am also doing fantastic.
I got to say this Portugal is rubbing off on me.
So I I I totally get why why you I I understand now, you know
Tyler Helmand always goes I'm fantastic.
I'm starting to get it, you know, like I, I really fucking
get it, you know, and it is a good life for Tyler.
BIG40I want to see some GMs. I want to see some happy birthdays
in the comments. It is your beloved Tyler did its
big birthday today. I want to see the comments go
off. I want to see everybody shout
happy birthday to our boy Tyler. Tyler good morning.
You're showing up on your big birthday.
How you doing today? Yeah, doing great.
It's the four O milestone birthday here.
It's been a great one. It's been had a fun time
celebrating friends this past weekend and do some family stuff
today and then a long weekend with the family for Easter here
this weekend. So excited and hoping we get a
little fart coin around to a dollar.
You would punctuate the birthday.
I was going to ask you what your one wish is for your birthday.
I was hoping it was pups related.
You're my favorite boomer, Tyler, You're my favorite
boomer. Well, I appreciate that.
You know what you are? Yeah, I guess you are now.
Is 40 now officially Boomer territory?
I am still a millennial. That's what he said to himself
when he woke up this morning. Yeah, you're still a millennial.
You're still a millennial. So now spending more time adding
that to my daily routine, Yes. Dude, you're like the exactly
bootleg Bruce Lee saying Tyler's our big uncle.
Uncle Tyler Exactly. That's no boomer is 1964 last
year. Well, you know, you are a
millennial in like regular terms, but in like crypto
Twitter terms. I mean, I'm 30 years old and I
feel like a boomer, you know? What's so funny about like it,
it was NFT started this way and then kind of cryptos like it,
it, it was like high schoolers and 40 year old dads and like,
it really is true. And then, like you, you've got
folks in the middle, of course, but there's a lot of dads out
there grabbing this stuff. Dude, it listen puts food on the
table, probably more food on the table that that the average
regular job. So I I don't blame you.
You guys are cooking. So listen big happy birthday to
Tyler showing up today on his on his on his 40th birthday.
Hey guys, if, if you want to do Tyler a favor, I heard if you
send puffs back up to A to a dollar, you know it would it
would make his life incredible. So I absolutely love that
anyways, today on the show, aside from it being Tyler's
birthday, we got what do we got market report.
The market's looking good, same as yesterday, but we'll we'll
we'll chit chat about that. We got Tyler's top 1000.
Let's see what he's got for us today.
Looks like there's still a lot going on.
The space is thriving. We've got, and at the end, Oh
no, we've got a big guest coming on the founder of Wallet Connect
who's also a partner of ours, not only on the show but also on
Myriad, which by the way, we'll talk about this in a minute.
But with the open they just got on their token, it looks like
we're giving away $55,000 on Myriad Markets for participating
into a free prediction market. Yes, freefree.com, it costs
$0.00. Choose Myriad.
By the way, surprise. So the people who got ahead,
congratulations because there's 36,000 participants now on this,
on the contest. So it looks like there's a lot
of money up for grabs. And Speaking of money, speeding,
money for grabs, yeah, so or other show partner ye, not one,
but two winners today. We're going to give you guys
$1000 each to gamble with. The minimum you're going to walk
off with looks like it's going to be about $500 each.
So we're already going to going to give you some money, but also
no maximum. So you never know, let's play
some lamb chop later and check it out.
For that, you do have to sign up using a referral code.
All the details on the FOMO hour account and what I'm going to do
in a second here. Once I have my hands free, I'm
going to pin the tweet so that you guys can easily.
I got it. I just pinned it.
There are both. Working so we go back to the
same system, but you've got to put you've just got to put your
username in it will pick you from there let's.
Fucking go rafflebots. We saw some complaints earlier.
We fixed it shot to DJ and Thai. So just go to rafflebot fedexyz
and sign up. But I also, you know, pinned the
stuff on top. So those that will pick two
people on raffle. But to come and gamble on stage
with us, I'll be fun. And as usual, this show is
powered by well, there's only one ad read now try to have
fallen soldiers. We do want to thank galaxies.
It was incredible run. It was a it was a we loved
working with you guys. Can't wait to work with you guys
again in the future. But this was powered by wallet
connect Wallet connect is the connectivity network shaping the
future of on chain UX. If you've connected to web 3
app, you've seen wallet connect the apple logo.
It's everywhere. And I kind of trust in crypto as
recognizable as visa at checkout.
Want to learn more? Follow up connect on X and
telegram to stay ahead of what's next.
But anyways, anyways, anyways, Mando, let's what you got for us
today. Yeah, GM everyone, I think it's
one of these days where we're just hire everything feels OK,
like definitely just feels a continuation of of what we were
talking about yesterday and that people are generally less
bearish about just the rhetoric coming out from the trade war
stuff. And and that's generally been
taken as positive for crypto. So the only, the only thing I've
been looking at is been the 10 year and that's also lower,
which has been good for markets and Bitcoin.
I only hit out 86 1/2 K just before we went live.
So I think I think it can go quite a bit higher, if I'm
honest. I do think that Bitcoin here is
going to push on towards 90K and maybe even above that here.
I do. I do think it's in its sights in
terms of L1's which are doing well, like sovereignty had a
good continues to be one of the stronger L1's.
Salon is back to 133, which is doing well.
But Bitcoin dominance is still where is it now 64% every day
it's higher. So it's still, it's still a
Bitcoin market here. Tough to beat Bitcoin
performance, that's for certain. This week is a little bit light
on like stuff that can derail us because it's Easter week
weekend. We we don't have a ton that's
going to that's going to affect us.
So like could just be a quiet rally, little Easter rally for
us, I think, which would be which would be quite nice.
There is just in this, you know, in the stock market in Germany
and markets has been pretty high.
So without news that will take us lower and really all that
news would be be something really bad because I don't like
really cataplysmic is what I'm saying, because I don't really
think people's paying that much attention to someone off comment
from Trump at the moment, or at least those dips are being
quickly bought. So I think we have a little bit
of a low volatility rally on our hands here.
That's that's my go. Sorry, I have to mute myself.
I don't have headphones today, so it looks like the market's
doing good Yeah absolutely love to see that.
So big ones. Well, 86 K love to see that I
like the Easter rally thing here you got going on.
You know, let's say the little Easter bunny's coming for us and
and Easter Bunny hopefully likes to fart.
So we'll see what happens there because that's for Tyler's
birthday. So there's not much more we need
to go over the market. Just quickly question if I was
thinking about it, Mendo, do you think the market is a little bit
over the whole Trump headline tariff war thing right now
because it was aggressive pull back last week across the board,
right? I think it was historical dips
on NASDAQ and S and. Pi think they're not, they're
not really. The tariff still, I think could
point us towards a recession and I don't think bond yields are
out of the woods, but I do think that people are discounting
Trump's statements a bit more than they were before.
And that's that's what I've been saying like ever since he had to
like basically walk it back to the bond market.
I think everyone kind of said, OK, well, this is actually
pretty good. Now crypto, crypto can start to
correlate way more with gold again, because you know how
going to have this like vicious sell off and positioning was
very light kind of across the board in risk assets.
So strong period. You've also had like, the dollar
continues to be pretty weak, and that's a little bit perplexing
because bond yields are high. So yeah, that could either point
to other countries forcing it lower and selling their
reserves, but that would normally mean bond yields going
higher, or it can point to a slight loss in US hegemony here.
And I think a part of the narrative is that is that the US
slightly hurt itself with this. And I think that's why you're
also seeing things like gold and Bitcoin react slightly better
because they're seen as more decentralized or, yeah, not tied
to anyone government. OK, OK.
Yeah, I was just wondering this yesterday because I'm like,
well, taking the thing, these things that this trade war is
not finished, but it looks like the market's kind of shaking it
off a little bit. So I was wondering, you know,
because a lot of people are scared about what happens if
there's more headlines. Have you guys been following
what's happening on TikTok with like Chinese TikTok?
Well, the luxury goods stuff, yeah, it's kind of wild, but how
cheap all this stuff is? There's like, I've been sending
everything to Vanessa. So like every time there's a
thread on like this Ms. bag actually costs like $1200 to
make. I've been sending them all and
then she goes. But you know, baby, it's the
brand value. You can still resell it.
You know, it's the same as your watches.
I know actually my watches are made in Geneva by hand.
But there's a difference. There's a difference, Mama.
But when I. Went to India, I realized how
much was made there and it's just wild how stupid it is
compared. To So basically Chinese TikTok
has decided to go in a war against the terrorists by
explaining how every single LVMH, non LVMH brand, luxury
good, Hermes, Cartier, whatever makes their goods, but even
their sense. So they've been like doxing all
of their like Hong Kong suppliers, Shenzhen, Guangzhou,
like they've just been full on doxing exactly how they make him
and it's it's actually been hilarious.
So I was just wondering if you guys saw that because that was
so funny. This whole like war that was
taking a TikTok Tyler. Did their results yesterday like
and they they're not good. Luxury companies at the moment
have been really badly hit because it's the loss of wealth
ready in China before this. And then the trade war was meant
to really hurt them too. So a lot of those luxury stocks
are down a lot. I.
Was not having a great time. Yeah, I mean, you saw Coachella,
This headline was going around yesterday. 60% of Coachella
tickets were bought on buy now, pay later.
Dude. I mean.
Great. People still go to Coachella.
Yeah, I think so. I mean, I was a big people may
not notice about me. I was a big music fest guy in my
in my early 20s, really didn't make it to Coachella by the
Austin city limits and then. Been there.
Of course, Chicago. I'm totally blinking.
Lollapalooza. Several.
Times ruling loud, right?
Lollapalooza is the big one. Oh, Lollapalooza.
Yeah, of course. But I never bought them on buy
now pay later plans. I can I can say.
That, I mean, back in your days, I don't think that existed,
right. So you know.
Back in your days? Oh.
Come on. All right, get all the age jokes
out now. Didn't have credit cards back.
Then that's not nice. It's it's the guy's birthday.
That's not nice. It's not nice.
Bonnaroo electric forest. So you guys have everything.
That's dude, I, I we got to go. We Tyler Mcmando, we got to go
to like the festival together at this stage, I don't Mando's a
big festival. He was a festival guy.
Now he's got kids, so. Portugal has some pretty wild
festivals. There's a festival out in the
woods in Portugal which is like a one week trance event.
It's like one of the best known and everyone just goes to like a
lake with some, I forget the name of it, Boom Festival.
It's called Boom Festival. And you?
Go there and take a bunch of acid with like 1000 people.
Very famous. Fun.
So not too much in the acid but but that does sound fun.
Really nice. Yeah, All right, All right,
Well, there boom in Portugal. There you go, Dennis.
Dennis in the chat looks. In July, we can go, we can go.
It's probably one of the most famous like psychedelic
festivals in in the world. I'm in.
Let's host a formal hour from there.
Yeah, maybe not, maybe not. We'll do the F1 thing with Gate
instead. Let's avoid hosting from from
from festival from festivals. Anyways, yeah, I do love
concerts and everything can. You imagine us doing a live from
Boom Festival 40,000. People.
I mean it's. Usually in the middle of nowhere
in. This is this would be tough I I
did host one FOMO hour with no sleep off of a Bender one that
one time. Wow.
Multiple. Times.
I was back in the days when I was sub 30 I'm 30 now.
OK, I'm I'm a very serious man now I'm a president now you know
I got to be more careful here on camera.
Anyways, let's move on to Tyler's top 100 four daily NFT
and crypto analysis Tyler D on FOMO our calls the kid can.
Bring the batch the barriers yeah, crypto majors mixed on the
day. Bitcoin still outperforming not
a whole lot of big macro headlines coming in on the day,
though we we did see that Bo Hines interview with Anthony
Pompliano get published going around, you know, around the
horn and they're saying that the Trump admin is exploring ways to
buy Bitcoin, including potentially using tariff revenue
along with revaluing their gold stores to potentially exchange
for bitcoins. So I think we'd heard a little
bit about that before, but Bo is continuing to reinforce that.
We saw crack it big news. They launched their zero
Commission trading for 11,000 stocks and ETFs alongside
crypto. So they're taking aim at Robin
Hood Canada getting ready for those Solana ETFs ready to
launch tomorrow, April 16th, go live.
Those solo TFs will be live. Oh, Canada.
Visa is joined the Paxos USDG stable coin consortium alongside
Robin Hood, Kraken and Galaxy, becoming the first major tradify
firm in that network that shares yield for their stable coin
Tether. So it's going to throw resources
behind Jack Dorsey's Bitcoin miner Ocean.
Some new C5 centralized finance lending market data shows around
$10 billion in outstanding crypto loans compared to 35
billion at peak in 2021, showing perhaps where we are in the
cycle. Maybe a little bit earlier,
though the C5 plus D5 total is closer to 40 billion.
And then this argument continues going around the talk says pump
fund is bad. Jesse Pollock comes out and
disagrees, arguing that is a nascent form of content.
Moving on, Jane Kick starting once again a larger debate if
pump fun is good or bad. In token and dropping protocol
news, Openc introduced Solana token Trading Live on its
platform for select beta users, with Solana in AT trading coming
soon. That was a big one.
Jupiter introduced Jupiter Pro offering real time data, new
defaults for quick buys and currency, a fresh token
terminal, 10X lower fees, and more.
Wayfinder announced the prompt distributions for those cashing
Prime will take place every Thursday, so there will be
weekly token unlocks for prompts for those cashing prime.
The wall connect WCT token became transferable this
morning. Opened up at around a $315
million FTVI. Think it just went live on
finance. I think I saw that headline come
right before we went live. It was a big day for our guest
here. The RE staking protocol kernel
Dow launched its kernel token that opened at a $320 million
FTV. Then yeep, yeep, across $20
million in lifetime volume yesterday, just four days.
So that's some some pretty quick not to.
Hit 20. Five yeah, $5,000,000 a day.
Damn bro, I just want to hit that one Angel investment like
Matt Wong and Byte Dance where he turned $50,000 to $500
million. So Mando, the ball is in your
court. Let's.
See what I can do? Let's see what I can do.
I had 18 calls yesterday. I counted them all at the end of
the day. How is that normal?
Yeah. Mendo's in trouble at home,
guys. Mendo's in trouble, yeah.
And that's on top of two shows you did yesterday.
No one of actually I counted one of the shows is the call.
Oh, OK. Oh, yeah, I do the same thing.
These shows are video calls anyways, Tyler.
I mean, where do we start? Like micros, whatever kind of
unchanged, untouched the markets kind of sideways.
It looks like we're ranging really and it's like 8486 range
on Bitcoin guys and like so long it's kind of like one 28135
sideways. I wonder what it would take to
break us out. Like do you guys think like
this? A headline like a China USA
agreed to whatever the fuck would take us like 100K.
So. So there's a headline now 5
minutes ago, which is EU expects US tariffs to remain as talks
make little progress. Bitcoin drops half a percent on
the back of that. Nothing.
Yeah, I just feel like people are people are just going to
fade all these headlines. I just genuinely think that I
think people just don't care. I think we've seen a little bit
of progress on the on the China communications and I think it's
going to be a long road. It's hard to count anything.
It'll be years. That's my view, I genuinely
think. But there are a couple other
wild cards, right? I mean, you've got big companies
like GameStop, they start bidding.
I think there's some some folks out there think they're maybe
bidding yesterday. And then any additional news on
this Bitcoin reserve? I mean, that 180 day clock is
ticking. And I think Beau referenced that
in this conversation with Pompeiano.
He, he says specifically that 180 day landmark is on the
horizon and they're, and they're actively working on their, their
plan. And I mean, he, he went as far
as saying he, he wants them to buy, he wants the US to buy as
much as they can. Of course, it's not just his
decision, right? There's a whole lot of factors,
a lot of politics that's going to go into that, but the tariff
revenue is going to be there. This, this whole gold revaluing
is a very interesting 1. So I think that's another factor
here to, to watch in the in the near term.
I, I think more people are getting more casual investors
are, are, are getting into Bitcoin.
I'm saying that in more personal conversations.
I was at a, a kids birthday party this weekend and, and
another dad I was, was kind of asking me my thoughts and said
that he's been kind of secretly investing some of the family
funds into Bitcoin. Maybe his wife didn't want to
know, but. I'm seeing more of that out
there and it's becoming more normalized.
This morning Papa was on Squawk Box and on CNBC and they're
having a very serious conversation about Bitcoin
versus gold and if and Papa was saying how gold typically
outperforms Bitcoin rallies 100 days later.
And they weren't just laughing it off, right?
They're they're taking it very serious and it feels like
Bitcoin is has a serious seat at the table, right?
I mean, that's kind of what we all kept talking about when DTS
are getting slowly adopted, right?
Or like it's going to take a bit, but Bitcoin's finally going
to have a, a big seat at the table, right?
And then the rest of the market kind of follows.
So as long as Bitcoin keeps going and keeps doing well in
this, in this environment, which it is, you know, like we got 2
headlines back to that, which is like EU thing.
And then like the Prime Minister of Canada is like President
Trump is attacking our sector, auto sector.
We can't provide guarantees for every situation.
So he still wants to go at it. Yet Bitcoin still kind of like
chilling the 85,000 USD range. So it looks like as long I think
as long as as as as Bitcoin stays strong in this market like
that, you're good. I mean, if you have the perfect
barbell portfolio, you know, Bitcoin fart coin, which is not
my barbell portfolio, sadly, which I mean, Farkon was a
little bit lower. I mean, I'm I'm looking at
Farkon here. If we go a little bit lower, I
think I might just dump all my swan into that and just chill.
My selling main go away will be allocate to Farkon.
See you with my birthday in September.
So it's looking at him anyways. Tyler, where else you have for
us? There was other fun headlines
though. Longer days, but more fun
headlines. A good Sega into Kraken, right?
So we're seeing this this new trend of just commingling of all
investable assets together. So Kraken launched U.S. stock
trading going full trad 5 mode Commission free trading, 11,000
listed stocks and ETFs. The rolling out to just 10 U.S.
states in Washington, DCA full national rollout is coming
saying seamless trading between stocks, crypto, stable coins and
cash fractional shares on over 50% of listed assets.
So you can't afford full share, Netflix, Tesla, you can go
fractional and this is all accessible via their mobile and
and pro apps. So I mean, it's a it's a big
deal. It's a big move.
And we've seen the more traditional players like Robin
Hood lean into crypto. Now we're seeing the more
traditional crypto players lean, lean back in to to terrify.
And it feels just like they always kind of want to be the
everything app. It's a huge move for Kraken.
I think it's a big unlock for them.
Is Coinbase on notice a little bit right?
I think they're. They definitely are.
Kraken is definitely coming coming for Coinbase's lunch.
I mean, you're seeing it in the marketing.
They make fun of them online all the time.
So I think that's a potential impact here.
And I mean, I, I do see this use case, right?
I mean, we're, we talk about macro every day, right?
We have to because, you know, crypto is so intertwined, but
when we were talking about macro every day and you start talking
about leading stocks, it just makes sense.
Like, OK, now I, I have this one app where if I want to trade
NVIDIA on this headline that they're going to invest $500
billion in, in infrastructure to build chips on shore in the US,
maybe I want to go along NVIDIA. Now you can do that via stable
coins. Maybe you can sell some Solana
to do that. Maybe you can sell ETH because
we know it's not going up too much anytime soon.
This is interesting for me because like I don't sell stocks
I don't think I've ever bought. I mean I bought a stock AMC and
GM in 2020 for the first time and I never bought a stock again
because I got it to crypto. I'm a stock investor.
I bought. In 2020, I was looking for
alternative ways of making money during COVID, you know, and I
got my hands dirty with some AMC calls.
Actually Mando, I had BlackBerry calls before, you know, the
whole squeeze. So I it's quite early and
anyways, and then I never really touched it because it's so it's
really annoying to trade stocks in Canada the way it's set up
and everything. But if I'm be able to do
something like this, do you just think this is could actually be
more dangerous for some of the top crypto coins?
Like what would you buy Ethereum if I can now buy the S&P 500?
This is the narrative I've been talking about for the last
couple of months. Is that the, the real issue is
that a lot of these stocks and all the RWA trend is going to be
it's going to trade in dollars I think.
And there's going to be a question about like, are these
actually currencies or are they gas tokens?
Is it more like owning Visa stock or is it more like owning
silver or dollars? Do you know what I mean?
Is it actually a currency or is it is it more about like the
fees that the that the chain will make?
And I think when I first entered crypto, it was like, you know,
ETH is programmable money. That is going to be its own
thing. Now people don't really talk
about ETH like that. I don't know if they talk about
like the use of the chain, but like it feels as though stable
coins have become kind of programmable money here.
And I think it's something that we're going to see grow as a
trend that people suddenly go because stable coins, they just
keep on. I mean, it's well overtaken E's
market cap now in total. I think it will.
They could easily get towards even Bitcoin's market cap in the
next couple of years. The total total value of stable
coins. I've I've noticed some personal
changes in my own trading. Whereas I used to always if I
would do like an NFT trade or a meme coin trade, I would go, I
would just go back to the the native guest token.
But I've switched that. So like now if I if I close a
sole meme coin trade I'm swapping to USDC?
That's exactly what I'm doing. Similar, I was trading the
Bitcoin on on abstract swap to E to get out of it and then
straight to USDC. Now like Jupiter, I don't know
if you saw this as a part of their Jupiter Pro launch.
You can change your default currency from either Seoul or
USDC so that you always swap back to that.
So like they, they see the writing on the wall too, right?
And that's AI mean. That's a kind of a big change
because like I used to be 100% native token would always just
go to Seoul and I was even up to like January.
Maybe I was just naive for doing that, but that was just kind of
my my native habits. And now those habits are
changing. I'm not the only one.
Yeah, Yeah. That's I, I started doing this
in the last year, I'd say. And that's when I was, I was
training really well. And I wish I'd.
Done it earlier, you know, because when you have the money,
because if you hold the soul or the ETH or the Bitcoin, you tend
to dish it back in. But when you hold the USDC,
sometimes, not all the time, you're a little more reluctant
because you know what USD is because the things that you buy
in every day, your phone and your computer and your rent,
they're in the currency, right? So the biggest scam of 20/21 was
1 ETH is 1 ETH. So right.
That's true. I mean.
People don't say that at all, do they?
When's the last time you heard? Juanita is Juanita.
It feels like it's music. Sold in jets.
The job is around stacking ETH people.
Don't talk about that that much anymore.
People don't talk about. Stacking shit anymore?
Just Bitcoin? Yeah, it's stable.
Yeah. Stacks tables stack USDEUSDEUSE
see USD one, USD two, USD three. Stack those.
Anyways, Tyler, what else do you have for us?
I think the other big news. Was that Open C?
So they they launched Solana Native Token trading, so users
can now trade any SPL tokens direct on Open C coins like
Bonkwift, Jupe and others. This is clearly a part of their
broader Open C2 initiative where they are trying to go multi
chain and all kinds of digital assets.
This comes after, you know, the magic eating acquisition of, of
slingshot news that that happened last week.
And it makes sense. I tweeted this morning out the
relative volumes. I, I mean, I think we knew it
was a, a huge difference. We're still seeing $2 billion a
day in Solana Dex volume for meme coins.
NF TS are like. $4 million a day, It's, it's a 500X
difference. So I mean, effectively this is
the only way for them to survive.
I think it's quite notable that that the three big tensor Magic,
Eden and Open C are all doing this now.
So it's pretty, it's pretty clear what I didn't realize.
And I'm surprised if if Open C has been touting this, I have
been missing it. And I think my advice to them is
they need to be marketing this more.
Did you know you could do multi chain swaps on Open C?
What do you mean? Like I could trade.
Avax to a Solana token in one step?
What? And that that's what I'm.
Seeing in their UI. Now where is it actually tested?
So go. To just click on a token.
I don't want. To click on a token, then we're
fucked. It was just going to go anime
coin. Yeah, so.
So then toggled from 8th to like a different chains token.
So let's say like anime coin on Arbitrum to let's call
Avalanche, let's say OK, the bearer chain to honey on bearer
chain. Interesting.
So I I. Haven't tested this so in in the
comments. If you guys, if if I'm
misreading this, let let me know.
But the best is what I saw this morning.
That's a big deal. But I'm on unit swap.
The only way you can do it right now is you can natively bridge
on unit swap and then you can do a swap as a second transaction,
but still 2 transactions. Then you have to go through the
approval clicks and it's a big pain in the ass, but it's an
improvement from you know, having to use a separate bridge
app. And if you can actually, if
they've abstracted that all the way, I mean that's a big win for
their app. They haven't been talking about
it more. Yeah, this probably has crazy
slippage or fees though. Maybe.
That's maybe that's. Why?
Right. But like in the heat of the
moment like that, like I don't care about that.
So like if if I see a hot new coin on ETH that I want to trade
and all I've got is Solana, like I'm OK taking a bit of yeah, try
to get it. You can use like.
Relay I see something. I'm only going to do that in a.
FOMO moment, right? Like otherwise I'm you know, I'm
going to look for the the cheaper path.
Interesting. Because it's all the question.
I'm so like, OK, Opensea is doing this magic, Keene is doing
it like So what? Like who is going to start
trading tokens on their app and why?
It's like, what is the why for users to to trade tokens on Open
C? That's a real differentiator.
So it's so. Tough being open C where like
every single thing they do they get so much hate.
Like have you seen the comments on that?
It's like oh wow finally I can't wait to trace a lot of NFTS
coins on open C. It's, I mean, it's over.
It's over the top and then everyone just like the only
token we want is the open C token and they just want to sell
the second one, so they've got to be one of the.
Most hated companies in this stage?
Oh my God. Pretty well, yeah.
So does that mean? That when the coin comes out,
it's going to be a most hated rally.
It's. Possible.
Maybe I don't know what. What do you think that revenue
is these days? I don't know.
I think they need. To show some they need to be
doing some token trade volume I think.
They need to. They're getting.
The NFT market share back, but they are it's the share of a a
smaller pie. It's like they've got they're
over 50% now. Wow, wow, 80% of the trades in
the past week volume, they've only got 37% interest.
Oh, the punk skewed that because there's that huge punk's trade.
Yeah. How's that punk?
Bitcoin spread going, yeah. Let's go through.
Let's get feedbacks. Come on, So punk Bitcoin spread
Bitcoin ordinals, can you not bully?
Him on his birthday. Maybe some random solana?
Runner from the last From the last day, Yeah, we'll go through
all. This thank you for asking Far
coin hype. Well.
Pops less though, since you. Sold it but.
We'll, we'll, we'll, we'll come back to it.
Oh, that. Punk's Bitcoin spread is not
doing well at all. It's 69 K floor for 85K Bitcoin.
We're down 25. Percent now I guess that's fuck
it's not not what we wanted to see there folks, man punk's.
Being underneath is starting to really like we asked the
question like, hey, is being uneath weighing down the punks
like it's really starting to. I, I think about this a lot.
I think that, that certainly is a part of it.
But I think the, the reality is there's just not a whole lot of
demand for these assets right now because if there was, people
would be buying them. And I think my, my current view
is we're still not really that risk on, we need to see a more
risk on crypto environment. And then I think people will go
downstream more to to punks and perhaps some of the NFTS.
But we're not. We're not there.
Yeah, no. We're definitely not, so we'll
see where that leads us. Anyways, you told me something
about Canada and Solana, those solo TFs.
Looks like they're going to launch tomorrow if all goes
according to plan. So Canada leading the way again?
I think they they launched their ETTFSI think before the US did.
Yeah, they did if. I'm remembering.
Correctly, people were kind of tabling the sole ETF for the US
to Q4. I don't know.
I'm starting to think that maybe they get pulled up a little bit.
This this SEC has been acting pretty quickly.
So I mean, that's going to be a big this is so funny.
So it's going to be available in all of Canada except for Quebec?
I just saw that. It's hilarious.
I haven't seen the. Relative volumes?
I'm assuming that the the Canadian relative volumes are a
bit smaller. It's tiny, bro.
We have ETFs for everything before America.
It's usually like Australia, Canada, like these two markets
that have ETFs before the rest, Brazil, and the volumes are
abysmal. So I mean, this isn't.
Maybe something that that pumps the price much or at all, but
still my my still headline for for for the soul fans out there,
we definitely do. Like the headline Anyways, I see
I see Pedros and Stool get to you in 5 minutes.
But Tyler, what else you got for us?
We got a lot that was a big. Chunk of it for for sure this
new C5 lending data, what was fairly interesting.
Let's talk about that. One, yeah, let me see if I can.
Get you the link here just so you can.
Yeah, yeah, I, I. I forgot who posted it, it was
oh. There it is I found.
It Yeah, I think Nick Carter shared.
It that's that's how it got on to, I found.
It's here across my area so. Basically.
This is the a. Look at credit in the crypto
market and. This is the C5.
Plus D5 lending, so that they tell a little bit different
stories. Looking at just the C5 data,
we're 3 1/2 X off the highs from 2021.
So you could say, you know, we're still potentially earlier
cycle looking at this. But then when you, when you come
through and you look at C5 plus D5, so the central exchange
lending on top of the centralized lending like Ave.
and other protocols like that, we're about like 50% of the way
as high as we were in 2021. But of course, I mean, Bitcoin
is much higher than, well, I guess it's not that much higher
now, so 2025%. But you would expect us to
potentially go higher this cycle that we did in 2021, right?
So that isn't necessarily the the ceiling all all about a way
of saying perhaps there is more room to run this cycle and that,
you know, the the top it isn't yet in.
So I think that's that's the bullish narrative that I've seen
coming out of this one. And you can also see just the
different the different players in this bar chart here as well.
And you know what's changed from this this previous cycle.
So this is going to be a one to to keep an eye on, right?
No, like immediate action that's needed to be taken on this, but
just kind of keep an eye on the credit in this.
Tether. Is the largest lender Galaxy
Hardwood Lead and Coinbase Maple Finance.
This these are some. Interesting charts.
Yeah, so here's the C5. Plus D5.
So this is like the more comprehensive picture.
We're at 30 billion now, got closer to what, 50 in 2021?
I think I would expect us to go higher.
Why wouldn't we go higher in this cycle though?
I at this point I was looking at the overall crypto market cap.
Did you, did you realize that we're lower than we were?
Right we. 21. Peak right now I think where we
at now yeah the the the broader crypto market cap is 2.68
trillion. It peaked at 3.86 in 2021.
Table coins are a. Much bigger part of that now as
well. Yeah.
This is not great. Oh yeah, we are.
Definitely. Lower look at this.
Wait. This is what I don't think I
want. Crystal market cap chart.
Looks like and people were calling for us to go lower.
We pretty much hit that. You know the bottom here, get
bullish. This is the bottom.
This is the bottom of the second inning, guys.
It does feel funny right now. It feels like quiet to me.
It feels quiet, but it just feels like we're a little bit
strong and it's like, oh, OK. Like, yeah, we're waiting for
people to, like, catch up, but that's the thing, Mando.
Right, but I think you've perfectly like summed up like
the sentiments like it's quiet, but we're still 85 Ki mean we
still have a coin that's like a billion dollars, like a fart
coin type coin, so long as 130, which is very low from its
highs. But it's also not like and the
world type of pricing Ether's Ether's.
I mean it's terrible to see it as 1600.
You hate to see it alter. Also not great, but I feel like
if this is going to be like this floor formation, I'm really
excited to see what happens in the second round here.
Like you could argue that the. Next run is to like 4 trillion.
I. Well, part of me thinks, yes,
just by looking at a chart, but also part of me thinks what I
said before, which is that I think I honestly think the next
stage of this is going to be stable coins actually become a
much bigger bit of their market cap and and it doesn't
necessarily lead to a rally in L ones or in a lot of other
tokens. So I think that number can go a
lot higher. But I think the composition I
mean look at this. You look at this chart, right?
And it's. Tough to think we go low.
I mean the OK, I'm always bullish.
My name says perma bull in it. But I look at this chart, even
the rational side of me is like, yo, like this is not where you
short. Yeah, looks like support.
Yeah, I don't know. I don't know.
I I'm feeling good. About it anyways, the code today
it looks like look guys, it looks like there's quite a lot
of bugs happening rafflebot it's normal.
We're setting up a new a whole new system.
Remember the early robit days? We're all over the place.
We're we but we're setting it up.
So the code is yeet we're we're going to we're going to figure
it out. It may break a little bit at
first. We're sorry for that, but hey,
we're going to give you guys money 5 this week, so if you
show up every day like we do then.
You're going to have a chance. You know, so just make an
account on heat.com, make sure you use a formal or affiliate
link. If you're using Wizard of Soul
who's field link, you're probably about that.
He's doing if you're using Kook. Capitals link.
I'm sorry about that. If you're using Sims or Bernie's
affiliate links, I'm sorry about that.
Whoa, whoa, whoa, whoa, whoa. Well, well, well.
You got to use the FOMO hour
effort link. And Speaking of partners, well,
we got one of our great partners on the show today, Pedro Gomez,
the founder and CEO right of Wallet Connect.
Pedro, good morning. How you doing man?
Good morning. Founder and director, but yes,
that's correct. Director, sorry.
I know crypto has these tricky little titles.
We try to reinvent the. Wheel in every possible way that
we can. Yeah, I know, right?
Core contributor, Yeah. OK.
Pedro, man, it's been a it's a pleasure.
I saw you last on the panel that we did together in Hong Kong.
That's a good one, absolutely. No, a lot has happened since
then for sure dude. You guys are cooking.
Congratulations on today. It was in, you made it to
Tyler's top 100. So that's a big deal.
I opened the Binance price of Bitcoin and there's a
notification telling me that Wallet Connect is trading live
on there. So I'm like, OK, these guys are
doing something right. And then on top of that, it
turns out that, you know, we're giving a lot of money on on
Myriad. So you're one of the top
partners here. We've got a Myriad market that's
going on Wallet Connect. So the show is very familiar at
this stage with Wallet Connect. I think we have 36,000 people
participate in the market has 36,000 experts that have been
researching and doing the numbers on all the stuff so they
could predict, right. But Pedro, aside from that, why
don't you give us a little introduction of you know who you
are quickly and like you know what Wallet Connect is?
Yeah, so. Basically it all kicked off with
me joining the cryptosphere, like most of people like you're
trying to like learn how things work.
And I was an engineer back in 2017 and I got super into
Ethereum and building wallets was like the thing that really
drove me the most. But it really wasn't like
working well. Like it was a very different
world 2017. So in 2018, I ended up like
building the solution that just made wallets work better.
And the main problem that it has, Metamask was just two
dominance and it wasn't even dominant just because it was the
first mover. It's just the technology was
biased towards one wallet and that's not just how you build
like permissionless block chains and competitive markets.
So Wallet Connect came out as that solution.
I thought it was going to be a quick six month project.
It turned out to be a seven-year journey to where we are today.
But I'm really happy with the with the journey because
honestly, the launch today of WCT and the exchanges like
having more than 40 million users, like with 5 million
recurring every month, connecting more than 250 million
connections and like slowing like billions of dollars through
Wuala Connect. It's crazy, you know, like that
little project just kind of blew up out of proportion.
This is a note. To all the founders in crypto,
this guy waited seven years 40. Million users. 250 million total
transactions to launch a token OK to do ATG.
So this is someone who who who really came in swinging in this
industry and has built a product that so this is pretty much
anyone who interfaces with crypto you could say has somehow
somewhat used while connect right.
Especially on. Mobile, like it really depends
where you really like to interact on the blockchain.
You know, for example, we have a lot of users that use safe, you
know, whether use safe for personal use or for teams that
all goes through wall Connect. Whether you use any of the
mobile wallets, that all goes through Wall Connect and even
sometimes you might not even notice that something uses Wall
Connect and it's using under the hood because it's really just
kind of creates this user experience that you don't need
to think about, right? It has to feel like magic.
It feels like magic and that's why it works really well and
that was always the goal. And one of the biggest challenge
was when we actually announced the token in September, we
realized that we now have a problem that we actually have to
explain how it works and nobody actually knew how to work.
So I'm really glad that like we have 36,000 people in myriad
markets researching everything because there's 36,000 people
now that actually know how this works, and I'm really happy
about that 2. 380, is that no 38,000,038 million plus?
Yeah, that should be 40. Now that's actually out of that,
can the devs please do? Something.
Oh, we gotta fix it, please. Come on.
Devs if they're watching. They should be fixing that.
This should be 250I. Made it up in my research.
OK there you go. And over 57,000 apps.
So I mean, look at these names you wouldn't like about you
guys. You're one of those like sleeper
products that like absolutely every single people use.
And it's massive, but most people don't really know about
it because it's more on the boring side.
Like you normally pay attention to how things work.
And so tell us more about like, how does it work and like who's
really building Wallet Connect? Well, when you.
Actually build an application. The first thing that most people
do is actually install an SDK. You know, whether that's like
Rainbow Kit Privy, like re own app kits dynamic like this is
the case, kind of like abstracts.
A lot of the complexity of building an app and one of the
key parts of building an app is actually you can't interact with
the blockchain without the wallet.
So this is where wallet connect really comes in because
obviously you would imagine, oh, this is something that you know,
you just kind of like it just works.
But it didn't. It wasn't designed like that.
Like blockchain companies are focused on scaling and
throughput and all of that stuff.
Like wallets almost become like last thing that they actually
think about. And obviously wallet developers,
they have to compete for market share and they are not also
incentivized to work together. And this is where Wallet Connect
really comes in because it's not just interoperability, it's this
diverse ecosystem of people working together for the same
goal. And the only reason it works is
because this infrastructure was designed in a very neutral and
unbiased way that it works with any wallets without any
preference, any blockchain without any preference, and with
any app. So nobody can complain that
someone is being favored over someone else.
And that's what created this massive organic growth where,
you know, it started as an idea, but now everyone gets it that
this is a requirement to build on a blockchain.
And so you. Know it's I mean I was on the
website right now it said, you know, you guys just had the
AirDrop season 1, you know, 30 million thousand users, 6000
apps, 600 wallets. You guys have a huge ecosystem.
So I was talking about how, you know, you waited seven years to
to actually have ATG. So then why why now?
And like, why do you guys need a token?
Like where? Where does that come into play?
Yeah, I feel like. The first thing that you should
consider as a founder is like, you know, don't launch a token
if you don't have product market fit.
Like you build the technology, you build an app, you build a
wallet if it hasn't actually got any adoption.
And when I say adoption is like in start up world, you always
explain product market fit as like there's just this invisible
force that just draws you in. Like that was something that was
very easily felt with Wallachinic around 2020-2021.
Like the NFC market was just starting to come up and like
everyone just needed Wallachinic for yesterday, you know, and
this ended up kind of drawing a lot of resources.
And that's actually when I did my first VC round, which was
like, guys, I can't keep up with this.
You know, this was like a hobby project of mine and it got
really out of hand. And now I actually need to hire
people and build this infrastructure for the world,
like the the world needs this, you know, and then it just grew
completely like to be like this massive network.
And then we realized that we have become a little bit too
like the standard in a way that like if we get shut down,
everyone gets shut down. And this is not a good thing to
be, you know, it does feel great, which is like we reached
the scale. But at the same time, it's like,
can I sleep at night knowing that like if something happens,
like people are not going to be able to connect their wallets.
And this is where like the centralization started coming
into picture. And I like to think that like
there is also after product market fit, there's token market
fit, which is like when the market is just demanding that
like, I want to be able to use you without having the risks of
actually you getting shutting down or you just fail at your
job or you were sleeping. So things didn't work.
And this is where we started like onboarding more node
operators into the network. And obviously you went onboard
node operators, they need to be incentivized.
And the best tool to keep everyone incentivized was the
token. And so we really went into the
last mile to actually launch this token.
Like when everything we resort we didn't have any other
resource I. Mean.
This must have been, I mean, Tyler, do you have some of the
numbers holders etcetera because that was that was a big, that
was a really big open this morning.
I know Tyler was following it closer to me.
Well, I was looking. At some of the network growth
numbers from March and some of these new records.
So let's just go through some of these total connections up to
274,000,000, that's up 18 million in March.
Unique Wall, it's up 5% in March from 40.7 to 42.7 million.
Monthly active wallets up 28% year over year to 4 million.
Let's see integrated app products up to 61 1/2 thousand.
So the the month over month this continues, I think that's.
What I really like about building, like Wall Connect,
it's like we don't really feel bear markets.
Like the demand for building blockchain is there.
You know, like January, February and March.
Everyone was like super bummed out and the sentiment was super
negative. And I really don't know what
people are talking about. Like we just have so much work
to do and we have like so many people pinging us for help and
you know, builders aren't there. They're just quiet.
You know, they're not in crypto Twitter, like saying this is
bad, this is good. Like they're just out there like
really focused building. And the first thing that they
come up is like, I really need wall connect to do XY and Z.
So we just have like a lot of customer support.
Wow, this is. Sick.
I mean congratulations. How many people are working on
Wallet Connect so. Across the re owned team and the
Wallet Connect foundation, we're over 50 people now.
Wow, that's. Actually impressive.
I was expecting like O250 people, 50 people with with a
company this big in terms of numbers.
That's, that's really, really impressive.
So congratulations on that for sure.
And then last question for you Pedro.
Obviously we're talking about all these usage, all this usage,
all these connections via the network.
So how much value is actually flowing through that network?
Yeah, this is something that. We have had some estimations
about how much value is actually going through the network.
It's definitely like in the billions, like the amount of
like transactions that go through US is amazing.
Like we have some estimates, but we actually haven't gotten a
real amount to get a perspective of why this is, is actually we
have a very private network, so it's all end to end encrypted.
So any information that we have around value is like self
disclosed. And this is something that like
more app developers have actually started doing self
disclosing because it also provides them more insights over
their user base. And through those insights, we
actually have been able to see like that there's every month
there's like more and more value like So yes, like I said, like
it's not just developers, it's actually users.
And as we saw, like the number of connections is like growing
like, so the number of connections now ranges around 20
million per month, which is like way bigger than the like 7 or 8
or 15 that we had like last year.
So there's more connections. And one other metric that we
noticed is actually not only we have more connections, we have
more connections per user. So the average user used to
connect like one maybe twice, and now we're actually going to
the three times average. So people are actually doing
more stuff, you know, it's not just like using an app, doing a
swap or buying NFC. They're actually trying
different things. This is this is all super
interesting, like you guys have one of the best outlooks into
the industry, right? So like, I think people like
beyond like the whole wallet connects pitch here, like people
need to, they read between the lines.
Like people love to complain about the market usage,
activity, price action, but there's more than just the price
of crypto. Like you guys have literally so
many users and you're seeing these numbers go up.
I think the most important, the best part of this, it says
repeat users. So they come and they stay and
they repeat activities. So they connect once and they're
done. They're actually active and they
keep on going and going on. That's awesome.
That's that's why I really like. The monthly recurring users more
than even the the 40 million like 40 million is cool.
That sounds amazing, but like seeing 5 to 6,000,000 active
views where there's like every month, like those are people
that just keep coming back. You know, those are actually
like power users. They're there, they're here, and
the number is growing. So it's not tourists.
I love that listen. Pedro, congratulations on
everything. Check him out WCT Token 1 Live
Today. You can also earn up to 150,000
well connect tokens up for grabs on myriad dot markets.
Hey, make sure you check it out. I mean, it's cost nothing.
And on top of that, you get to do research on one of the great
companies in this industry. So Pedro, thank you so much for
for being our partner and thank you for coming today.
Thanks for having me guys. Appreciate it man, see you.
Have a good day. All.
Right, all right, all right. That was dude, this is crazy.
I was 2015 million used to transactions.
Crazy fuck. Damn that's actually nuts.
I remember hearing this for the first time in Hong Kong.
I was like what the fuck?