Yo what up what up Good morning good morning GMG Wednesday
Wednesday Wednesday what day it is Wednesday August 7th 2024444
look at that another beautiful day to have a beautiful day.
I got my Co hosts in the house, Tyler Mando.
How you guys doing today? Great man, what a day.
What a reversal. Yeah, it's, it's looking good.
It is looking. It is looking good.
I did say what I say last week on the show.
I mean, I see a lot of crazy shit, but I said I say by my
30th birthday, we're going to we're going to the market is
going to start rallying. Wasn't that did I make a call
like that? I think I did.
Yeah, I think so. Well, we're exactly a month away
today, So we're 30 days away from the phase two of the Raging
Bull market. OK, hang tight.
We're probably going to retest 50K one more time.
OK, I. Think you actually casually
dropped the Bitcoin with hit 50? Ki did last Wednesday.
We should clip that. Last Wednesday I was like I was
making fun of the range. I was like we're probably going
to go back to 60 ASAP and then we went the next day.
Sorry y'all sorry it's my fault. It's either my fault or my
people's fault. So between Iran fucking around
by the way it's Wednesday, it did they just lot.
Anyways, let's not even talk about this stuff.
How you guys doing today? Yeah, good.
Fantastic. I woke up, saw the board,
Everything's green. Even NFTS are green.
Even ornals are green. Or those.
People agree and then, you know, like it's, it's, it's a good
day. I think it's because I stopped
Clemente from buying a puppet. Thank you for your service.
I, I, I mean, I had to, I had to get involved.
I round tripped a half $1,000,000 puppets bag.
I'm not going to let, I'm not going to let, I'm not going to
stop the 2nd wave of the pump and I will be selling this time.
I'm putting it out here. It's on the record on YouTube,
on Twitter. Next time I see the puppets at
half a Bitcoin, I'm going to offload a couple, OK, a, a, a
couple, not all of them. I have a significant bag, but
I'm definitely going to sell some OK, This time I'm actually
going to take my Bitcoin because it's going a quarter $1,000,000,
OK, Or if you listen to Kathy Wood, it's going $3,000,000.
So, so definitely anyways, Mando needs to what, what are you guys
talking about? What are you guys talking about
in the comments again? Let's see.
Mando needs to keep the shirt on.
The last yes. We got professional.
I got professional over the last couple of days.
You know what? We got to bounce when you had
the shirt on. I I I think you should go and
change. The shirt stays on.
Yeah. I think the shirt needs to stay
on. It's in you.
It's in you, you know, dog with
hat, you know, it's Mendo with shirt.
Mendo with shirt. MMWNWSNWS.
Yeah, you know, you know, I think, I think that's how you
guys doing. Let let me know how you do in
the comments. You know, we're broadcasting
live on X. We're broadcasting live on on on
Twitter so so so that way you guys can interact with us.
But anyway, sit down the show today, today, market report as
usual, crypto, macro, all that good stuff.
There was some more news about Japan on the positive side, I
think, but we'll let we'll let Mando explain that to us then
Tyler's we're back to the top 100 no bottom 100, no mid 100
top 100. We'll talk NFTS today, because I
saw NFTS across the board pump. So I think we should we should
recap that a little bit. So some good stuff across the
board on NFT on the ETH sole and and the Bitcoin front.
So absolutely love to to to see it.
And last but not least, well, nothing.
There you go Last but not least. Well, that's that No guest
today. It was a really fun guest
yesterday. I know if you saw they ended up
putting a video out, which was really fun and a bunch of good
stuff. But anyways, anyways, anyways,
why don't we get this party started?
Monsieur Mondo, where is my I need to reorganize my my Rd.
cast. Oh, there you go, that was the
wrong one. Who is the main macro daddy of
the land? Can you dig it?
Good day, good day again. Solana at 152, slightly going
lower this morning. Bit of a rally in Bitcoin again.
I think we were we were just below 56 K.
We went live yesterday. We're now just above 66 K.
If Ether's slightly underperformed again, I think
that's actually slightly lower than maybe we went to the show
yesterday, 2400. So kind of the same sort of
story really that we've had for a while.
I think the the important thing to know here is Solana finally
broke out against Ethereum dominance.
Dominance is heading towards 4%, it looks like, and solely
hitting you all time high and and kind of blasted through that
all time high. If I'm honest.
It's a 6% move today. So a lot of love for slum on the
timeline. A lot of people.
Thank you on ETH. I think the ETH move, you know,
there's there's a few things probably to note there.
You have jump exiting. You've also weirdly had like 2
billion worth of ETH, which was confiscated by the Chinese
police has been moving. So like big old clips of ETH are
moving and people are getting slightly bearish around that.
And then Solana's conversely, we've seen a big rally in all
the meme coins that's been the altcoins.
I've seen the biggest gains and people have got bullish on the
back of those. So I think a lot of stuff
happening again on Solana crazy volumes going through by the
way, the in the market at the moment, hyper liquid, which is
one of the main perp Dexes did 4.2 billion volume on Monday by
Axel premium close for the for the year.
Definitely a big, big, big, big move the last the last few days
in terms of in terms of volume right here.
I don't really know what to say. Like I feel as though this is
aggressive move in Soleith off that bottom.
Maybe that gets tested one more time.
It did pretty convincingly, like smashed through those levels.
And I think there's still some short term headwinds for youth
just given potentially you have big sellers kind of waking up.
But that's why I think that is the number one thing I think
people are looking at in crypto today is the Solana youth chart.
Bitcoins is kind of hanging out that we'll be looking at what
happens in macro. Last night on the macro front,
the Japanese BOJ governor came out and said we're not going to
hike rates again given the market volatility.
That was just like a short term thing he might do in the in the
long term, but he said basically in the short term, they're not
going to do anything to mess things up.
My personal views today and tomorrow we probably see a
little bit of reversal here, a test of of how strong this rally
is. Crypto has been pretty
resilient. So although obviously we under
formed the weekend, the strength in crypto has been has been
strong versus potentially macro here.
Like if on Friday we were at 61K, now we're 57, it's down
about 9%. Again, that kind of feels about
right compared to where stocks have moved.
And that's despite outflows. Is that what I'm seeing on the
Bitcoin front? I know ETH was inflows.
Yes, we've seen massive volumes going through but but small
outflows, I would say nothing. Like that.
Oh, and nothing big, but it's outflows here.
And then ETH has been seeing inflows.
So. Yeah, that's been, that's been.
Surprised. Yeah.
I mean, it's BlackRock leading the the the charger, right?
I saw the only they're also rebranding the iShares right for
their product on ETH etcetera. But it's looks like.
Most of their ETFs are Isha. They're called iShares.
Yeah. But the yeah, Blackworks had 900
million of inflows into the ETF. Interestingly at Bitcoin, the
Bitcoin conference, that was one of the more interesting people
to speak. It was the the head of BlackRock
ETF basically came out and said most of the people are buying
their ETFs are buy and hold, they're not touching it.
So it's good to see 900 million basically going to buy and hold
style investors and I think that's probably the same for
Ether as well. Yeah, I saw that.
In terms of altcoins at the top 500, pretty much every single
one of the major gainers was meme coins in particular, like
the midcap meme coins have have really rallied.
I think out of the top meme coins probably with has had the
strongest bounce. But you know, I think that's
relatively similar to what Solana bounce off the bottom.
Still like this is you compare the Solana and the with chart
they it still looks like Solanas beating out that but sold meme
coins. Definitely, I think surprised
quite a few people with how strong that that rebound has
been. Yeah.
Including Epic. Including epic.
Let's let's have a look. We don't, we haven't looked at
it in a bit. I mean it's.
Because everyone's sold. So no.
One tells me what they sell so. Oh, no data here.
Oh God. Oh, it's over.
It's over, guys. It's not at all.
I mean, hold on, the fuck is going on with that screen?
What? I'm not making this up.
I mean, I can try it. Let me see if I'm like the Pepe
chart, for example, if it's broken too.
Yeah, that Screener is down. OK.
Yeah. Wait, that's bullish, no?
I think so. I think so that's bullish sign.
There was some funny updates from Pop dot Fun yesterday.
They got like they're basically going to allow meme coins that
that have no telegram, no telegram, no website, and
basically going to allow all the chat to happen on Pump dot Fun.
I think the first coin to really do this was this Rap Dog coin.
It seems to be a bit of a runner, but maybe that changes
meme coins a little bit. I don't know.
Rap Dog is at 20 million on the back of that.
Yeah, no, we love that. I'm in this one.
I'm back in the trenches. I definitely like this dog for
sure. That's a, that's a, that's a
good round up. I mean, look, Solana is at 152
here. ETH is 2430.
I mean, it's some, you know, quite some fodder with the
Japanese, the Chinese seas, $2 billion worth and jump, you
know, absolutely obliterating that chart.
And also Vitalik is a girlfriend.
I mean, it's as if things couldn't get any worse.
I love that one, just oh fuck. Yeah, I mean the signs were
there. I mean, you are.
You are you are helping spread that thought man though because
I saw you post about it and we should have known.
I've decided to stop putting memes on the Epic Duck account
and just do them myself, so you're going to see a lot more
memes in terms of my content from.
Now on I noticed that huge stuff that's.
Huge pain to duck alpha I guess. Yeah, huge piece of alpha.
I mean, look. At this I was just doing them on
the epic duck account, but then I felt like they're going to get
more engagement from my. Account is that bearish epic
duck though. Are you done being the intern?
No, I'll do both, but I think recently I was doing it from the
epic dunk count and and now I'm just going to do it from my
account a bit more. Should have sold it all when
this guy, this guy was always going to get a girlfriend.
I like that. I like that.
Well, there's the epic. There you go.
I think was posted this morning. So that's the epic chart here.
I couldn't pull it up on deck Screener because it's down, but
it's looking good. Looking good.
Mandos Mandos cooking 34 hours percent on the on the last 24
hours. You absolutely love to see it.
Mid calf, small calf in general everything seems to be running
better and you absolutely. I'm going through your page.
So funny. She's so redacted.
This guy's posted like 10 memes in like 7 hours dude I.
I did it all day for months on the epic don't count, so I might
as well just do it on my own account now.
So yeah, you're going to see a lot more meme, man, a minute
meme. Fantasy top card holders, take
note here. Take note here Fantasy top card
holders. Mando is back.
Mando is now going to be posting, you know, his his memes
on this account. But look, that's a good round
up. It seems like everything's fixed
in Japan, right? We're done worrying about Japan.
No, God, no. What do you mean though?
They've still got a there's still a lot of this trade to
unwind. He basically says he will not
raise rates in the short term, but this trade will continue to
unwind. Arthur Hayes again put out a
good blog post on this. I'd recommend everyone goes
reads it, but the TLDR is you should buy Bitcoin, which is
kind of his TLDR always. But I do think that even as this
trade probably unwinds, and this is what I said two days ago, I
think tech stocks are way more exposed to this trade than
crypto is. I, I was surprised that crypto
got hammered so hard on the weekend, but I think that as I
said before, I think it was because it was the only market
open and it was easy to short. Not many people were borrowing
in yen to buy Bitcoin. A lot of people were doing it in
treasuries. They were doing it in they were
doing it in tech stocks, doing it in all other risk assets.
I'm honest. So I, I expect, I expect the
next move of this might be the crypto probably goes a little
bit lower here if macro fails to hold on to the gains.
But I don't think it falls out of bed in the same way that that
tech stocks do. OK, well, I guess we'll see what
what happens on that front in in Japan.
So wait, the yen is back down, right?
So the yen, when the currency goes up, all the shake hits the
fan and when the yen goes back down is when it's good.
So I should probably buy some yen ahead of going to Japan.
I missed my chance though, yen was so cheap.
This is still. This is too low.
The trip to Japan got a little more expensive.
Anyways, Tyler, let's see what you got for us today.
Four daily NFT and crypto analysis.
Tyler D on FOMO Hour calls the kids.
Can all right yeah, we had crypto majors up about 1 to 5%
here this morning down a little bit since we've been live.
We have Bitcoin 56356 thousand 370 Seoul leading the way once
again. As Mando mentioned, Seoul ETH
just continues to rip jump trading.
They sold another $100 million worth of ETH, bringing their
cumulative total sold over 600 million.
They've got just $60 million left in these walls according to
look on Chase. So perhaps they are almost
through. Morgan Stanley advisors are
starting to offer those Bitcoin ETFs to their clients today.
So hopefully they start lighting up the phones for that product.
We saw Starknet CEO Diego Olivia step down after holding that
position for about 1 1/2 years. NASDAQ and Black BlackRock, they
filed for an options product on top of their spot ETFs.
So we're going to have ETFs and ETF options.
That's going to be big. I know I've already seen folks
calling for demand for that. Ronan reported another exploit.
I think this is the same exploit.
This week. They recovered 10 million from
white hats after the bridge exploit, so that was good.
The bridge remains closed and it's going to be audited prior
to reopening. I I would hope so.
And then a shout out to our our partner arbitrumps.
And there's Ubisoft announced that their crypto game will take
place on arbitrump and they are working with captain Laserhawk
the game on the endeavour and meme news meme coin majors up
big on the day. I think with was leading.
We saw mid tiers up 40 to 75% get in the rap dog and Nero
leading the charge there for the mid tiers.
Pump font as Mando alluded to announce a new endless chat
function signaling no need for chat apps like Telegram for
token launches. Then Eric Trump and the Trump
family are teasing a big announcement coming after Eric
said that he has fallen in love with crypto and D Fi leading to
speculation of a potential token launch and potential D5 launch
or Trump fund Trump dot fund perhaps coming later today in
NFT news, the Magic Eden Foundation changed their handle
to token to dollar sign me driving speculation that Magic
Eden AirDrop might be around the corner.
We saw ordinals rally 20 to 40% on the day led by notes and
puppets. Ethan FT is up five to 10%.
The D Gods Frank is back for Frank.
He's out of the meme corn trenches.
He's still probably in the meme corn trenches, but the D guys
are moving their primary chat to Telegram, creating a new D Gods
HQ in Telegram focused on timeline rating and it was
enough to move the market. D Gods up 60% on the day.
Absolutely love to see it. I absolutely love to see it.
So hold on. So I don't even know where to
start here, but I was going to start with NFTS, but I go to go
to Trump. I mean Trump stuff for sure.
Donnie T Junior, right? Is that so?
He's saying so this tweet, right.
Like, tell me you're about to launch a shit coin without
telling me about to launch a shit coin.
I mean, I hope he asks Ansam for his permission here.
But we're about to shake up the crypto world with something
huge. Huge centralized finance is the
future. Don't get left by.
I mean, Sahil. If Sahil is behind this, he's
the GOAT. Like if Sahil is behind this,
like he's Lily is the greatest I've ever done it.
I mean, what what what is what is going on here?
Yeah. You, you faded the lead or you
buried the lead, the, the hashtag so #crypto #defiant and
then hashtag be defiant. That's not a tell of just a
terrible protocol name or token name to come.
Clearly something is is brewing here.
They're going to launch something.
I think if they launch a token, like everyone's going to race to
it no matter what. Why been like thinking about
this like a bigger picture, like we've got, you know, Trump is in
a very heated race right now and his his sons are are off and and
crypto is becoming kind of a core issue.
If his if his sons launch a a shit coin and it doesn't do well
or it rugs like that, it could be a little bit of a blow,
right? Like it's clearly they're not
taking it seriously. So like if it's not a serious
launch, then I think it's it's got some potential negative
consequences here. So I think there's a little bit
more at stake than. So the DJT thing like rugs and
then the same day they tweet this.
Yeah, that was the other hilarious coincidental timing
aspect of this. So the this started with Eric
Trump actually he tweeted yesterday, I'm paraphrasing, but
that he had fallen in love with crypto and D5 and that came
about 8 hours after the DJT token had sold off in the
liquidity pulled. So I think rug is probably the
right. It's a fair term for what
happened to DJTI Mean a. 100% of rug, I mean liquidity was
completely pulled, right? And then same day this came out.
So it it seems that's why folks are thinking it's a token,
right? There's a lot of dots to connect
that the tinfoil hats are on. I mean, maybe we'll find out
later today. I.
Mean. Token people are going to slam
the buy button on it regardless. But oh, yeah, I I'm ready.
My bunk's back to being filled up.
What do you think? Amanda, wait.
I've heard. It's a token.
I've heard it's bringing out a token.
And it's if he says D5I mean it's probably going to be a area
of a coin. I don't think it's D5, I think
it's just a coin. I think it may be a coin with
utility. I don't know.
And he's tagging like the actual Donald Trump in there, but he's
going the extra mile, right, Tyler?
You're talking about the risk, right?
They're actually like tagging Donnie T, right?
I don't. Know, I actually, I actually
missed that part when I was reporting on this, so I hadn't
realized that they tagged them. Not that that doesn't mean
anything, but I mean, I don't know.
I don't know. Damn, I hope they don't.
They've already been fumbling this whole thing, you know?
And I hope they don't fumble this further.
Pull up the pull up the trump token on we this got I mean dex
is working again like. Is it working?
You gotta be nervous, right? If you're.
I mean, that is like the new Joe Bowden, right?
Like that, that thing, that thing is just like, oh, I can't
connect to server. No, OK, nothing works for me on
unless you have it, but it's definitely not working for me.
Oh, this is my VPN. Let me turn it off, yeah.
It's one of your name. Yeah, yeah, it looks like it was
the VPN. Sorry.
Yeah, it was. Oh, yeah.
OK, turn VPN off. It works.
There you go. Dude, look at the state of this
point. Yeah, not great.
So I actually bought on the assassination attempt day.
I was like, OK, this thing. Is it was this pump, But see,
that was it, that was it. That was the assassination
candle I remember. Luckily, as soon as it didn't
really catch any traction, I, I cut ties pretty fast luckily.
And I mean, it looks terrible, right?
And, and now if, if this will be considered the real Trump coin,
if they actually launch a coin, right?
It's from his sons. This is about as close as you're
ever going to get. And it seems like terrible news
for any other Trump related token.
Yeah. I mean, it's, it's, I mean, it's
pretty bad, the state of this. I mean, all of them, right?
Where's Trump at? It must be even worse.
I'll be honest, I've kind of stopped tracking the polyfi
coins. Yeah.
Jesus Christ. Yeah, that's not great.
I mean, it's kind of like the it's the Bowden Effect all over
again, right. I think we we talked about this
a while ago, though. We said like prediction markets
are taken away from polyfi. Oh, yeah.
Wait, Bowden is at 5 million? Why would you own Bowden?
I know I'm just saying like this is crazy man though.
And still higher than 0. It's 5 million higher than 0.
Dude that is absolutely wild holy shit.
I don't think a Tim Waltz coin even really spun up like that's
that's kind of like the state of polyfi.
It's like you know this like a surprise VP candidate who's all
over TV doesn't even get like a a shit corner to to a few
1,000,000 bucks. So.
Wi-Fi actions on Polymarket and memes are just memes now.
Yeah, it's it's definitely not picking up at all right now.
So I guess polyfi tokens are dead.
That's that's one thing. And that's that the, the what
about the what about the markets?
What how of the prediction markets reacted to Waltz's VP
nomination? Tom was grinding up on like the
primary election. Bet she's up to 47% I saw this
morning. It's the highest I've seen her
on Polymarket. Yeah, 5147.
So that's the closest. I mean, it feels like I'm just a
total coin flip at this point. The market is pretty confident
that Vance will debate Waltz. That will be an entertaining
debate if and when that that that does take place.
So I'll certainly be tuning in for that one.
But yeah, other than that, I haven't seen any any huge
swings. It just seems like the election
is a coin flip and the market's going to kind of go 5050 here.
Yep, definitely seeing that for sure.
All right, well, let's talk. Why don't we talk about our
NFTSA little bit? I mean, it looks like we're
we're somewhat we're somewhat back on NFT front on red days.
We've been getting green days over here.
Look at that on Ethereum. You know everything I mean,
besides punks seem to be somewhat up.
You have the board, apes were up eight points, pudgies are up,
you know, immunes, etcetera. D God's up 60 points here,
especially the ones on, I think on Solara, they were flying
right because they were like 1617.
So out. And then Bitcoin puppets and
ordinals also like leading a huge pump here.
Tyler, what's your read here? I got excited when I first woke
up and saw this, and then I I tempered myself a bit and I
think I might know a potential driver here.
But yeah, I'm starting with the numbers.
They look good right first set the stage.
I mean ornals got smashed in in this weekend drawdown.
I I, I kind of just stopped tracking how bad the blood was.
I mean it was probably like -60 to 80% moves in some of these
qualm cats know they're holding up the best.
So a huge rally here you'll have to see it, but still down right
like on the on the month, so quite a bit.
So, you know, some expectations setting here, but but maybe
we'll we saw Udi buy about which which was a notable move.
I know he had been kind of thudding, you know, ruins
mostly, but he kind of stepped in.
And I'm with this week's prices, especially if you looked in like
USD terms, they were pretty damn low.
So if you think these ordinals leaders are going to have any
staying power, probably a decent buying opportunity.
But what what jumped out to me this morning was I was thinking
through what could be driving this could be farmers.
So Magic Eden, they made the, the switch of their foundation
handle to the dollar sign ME central signal that they're
going to be dropping that token soon.
If folks don't remember, traders were rewarded historically with
these diamonds based on historical trading activity.
But you could unlock 2 to 5X the amount of diamonds by trading on
Magic Eden. Trading being buying, you know,
selling all that, all those things.
So like. They removed the they removed
the dollar sign. Oh, OK, well that is so that is
another change. On that side I have the right.
1. Oh no, they got it.
I'm sorry. False alarm.
Sorry. Dollar sign.
Is very alive. The dollar sign stays on.
So it's the setup where post blast you've got farmers kind of
wandering aimlessly. There's been nothing to farm.
Like I think some went over to Hyperliquid, but for the most
part I think they all just took a month off and now we've got
this new magic in AirDrop perhaps around the corner.
There's not a whole lot of the farming opportunities out there.
It's like, let's just go farm this.
And on top of that, you had a massive pull back.
So it feels a little bit of a safer entry.
So I think that could be a part of what's happening here.
Again, I don't have the the data to to back that up, but but bro,
could you go to TXO here? Maybe I'll I'll try to.
Where should I? Go, I just sent you the link.
TXO I I think is one of the better sites showing just like
cross marketplace volumes across all of the different
marketplaces and Magic Eden is number one.
Basically Open C is technically number one on the month if you
go to all chains. All chains, yeah, yeah.
So like open C is number one, but they've got 72% of their
volume from Polygon. I'm pretty sure it's like it's
some some massive Polygon wash trading happy.
I'm not really sure what's driving all that Polygon volume,
but if if you look at the big three of ETH, Bitcoin and Seoul,
it it's magic eating right now. Interesting.
Yeah, I mean, they've been number one for a little bit,
right? They complete took.
I mean man, it's crazy how Blur came and Blur is just not there
anymore in the conversation at all.
Well, like what's Blur's market cap right now?
Just to give us a sense for where this token could come out.
Good call 200. 250 million and 400 million FTV and that's a
big, that's a big potential air drop.
Which one's blur is it? This one 4/23 here.
It says FDV. Yeah.
Is that it? Is this and the 20% of that?
Oh shit. Jesus Christ.
Yeah, Pac-Man has catching some fun.
They they haven't they haven't dropped the the gold allotments
for August yet and they said they're going to do it on a
monthly basis. He said they're going to do it
within the first week of the month.
Today's August 7th. So I guess today is the deadline
day. What is Blast even at right now?
It's low. Oh wow, it's sub bit sub
billion, Amanda, Remember the $20 billion I call it.
What is blast gold at this? I'm just.
Saying, I'm not saying I called it, I'm just saying.
I mean, we did. We were laughing at, I mean, I
think that was even pretty Tyler on the show.
We used to make fun of OSF. Because it was insufferable.
It was like, it was so fucking insufferable to hear the $20
gold predictions. Like I, I used to make fun of
him. And I remember when under a
tweet of yours, Tyler, yours and 9059, I made fun.
I said it's going to open at $0.35.
And I think it opened at $0.35. But I'm just saying like, that's
so crazy. Yeah, I still cooked like a
$10,000 air drop. So I I ain't mad.
Thank you for this Demi, But imagine all the people that
actually sent money locked up for six months plus they didn't
get the money. Like I don't think people like
the whales got anything close to what they could have gone for
just holding Solano. Well, if you look at it that
way, probably not. But like if you look for the
folks who were just staking eat, it was still just free money on
top, right. And I haven't done like all
comparison analysis. They're the ones who got OK
anyone who lost ETH doing the napkin back in the napkin
calculations on black gold, Those are the ones who got hit
the hardest. I think.
So the token's at point OO 9, so I think that means it black gold
bars were worth like $0.80. That's quite a bit below where
we thought. Wow, that's crazy bro.
That that I mean the whole build up to it as well was just so
insane. I mean, that makes you think of
like, you know, the next big narrative on the chain side is,
is, is is abstract, right? So I wonder how they're going to
play differently than Blast on that front.
Speaking of chains, what's this Ubisoft news?
I actually did not catch up on that Ubisoft space over here in
Montreal. What's the what was that news
with Arbitra? Yeah, I think I saw this on
decrypt, so it may take it may be worth pulling up that
article, yes. Sir.
I, I mostly just grabbed the headlines, so I'll, I'll have to
work to, to look into this more myself.
But I saw crypto game on Arbitrome and that peaked my
attention. And they're working with this
captain laser hawk team, which I understand is a, is, is a pretty
big team. Ubisoft, you know a huge name.
There it is. Yeah, so let's see what we got
here. Let's see what we got.
So Ubisoft reveals Captain laser Hawk game on theorem layer two
Arbitrum. Based on the Netflix animated
series Captain Laser Hawk, the game will feature Assassin's
Creed and Rayman. Rayman.
Dude do you guys play Rayman and his kids?
I played the Rayman was so fun bro.
No way they're bringing Rayman character back.
That is sick bro. I don't know, Rayman.
No, I is it more of a euro? Is it more of a euro thing?
Maybe I don't know. Hey, Chad, people in the
audience, you guys play Rayman in the growing up I that's.
Broke and I also grew up about a decade apart so there's a chance
that there was like, are you age gap?
How old are you? I'm 39.
Yeah, you could be my dad. They go fucking steady here with
the fuck all right? Just Rayman is a legit game, all
right? What have anything better said
about? That's funny.
I guess I'm sure they would have added.
I mean, I'm sure we're going to cover this on next Monday's
like, you know, round up. So let's go through quickly
though, Assassin's Creed and Just Dance publisher Ubisoft
will make its next big step into the crypto gaming world.
Ethereum layer Two's killing Arbitrum as a company announced
Tuesday that is working with captain of the game.
That's this. This is very interesting.
Wow, love to see that. So that apparently they've shown
the crypt riders a teaser trailer that I didn't get to see
it. Teaser trailer viewed by the
there's like a pretty big separation between our riders
and us. So damn, I guess our riders saw
the fucking trailer. This is sick.
Well, I'm assuming we'll talk about it on Monday, but that is
exciting. I mean, I love for.
Sure, Arbitrum, they're cooking. They're cooking, bro.
Arbitrum stays cooking. I saw Vitalik yesterday, I think
gave Arbitrum some praise as well, which which was Arbitrum
and optimism, of course, because they're, they're both seemingly
doing pretty well. Tyler, what else you got for us?
I know, I know you had a tweet. Did you want to bring a, you
wanted to do a little segment here on this tweet?
I think we're going to start doing this a little more.
Yeah, a little agree disagree if we if you go to the Eric, Eric
dot ETH or we got the the link up early in the I got.
I got I got the link all right, Tyler.
Tyler has this agree disagree tweet here.
Let's talk about it. Yeah, so he tweeted this out
yesterday. I'll I'll just read it out Japan
walking back hike stocks barely down panic subsiding crypto
still down 20% this week. Why IMIIMHO narratives are weak
constant value extraction, 24 hour rugs, gas lighting, no
chance that leads to a true bull market.
So, you know, a couple points he, he's making here.
One, it's, it's lagging stocks. And then two, the, the bigger
point, he's saying that he doesn't think that this summer I
will lead to a, a bull market. I think a lot of folks look back
at 2021 cycle and say it was D5 summer that really drove the NFT
boom, which which led to the to the blow off top.
And I think that's, you know, perhaps a narrative looking
back. So this would be a good agree
or, or disagree. I I'm I'm on the disagree side
so I can just start. Go ahead, tell us.
Tell us how you really feel, Tyler I.
Mean, I think meme coins are like the the narrative perhaps
for CT this cycle, but I still think the narrative right now is
the is ETFs and institutional buying.
And I think that gives the the security and signal for folks
who have been on this, who have been on the sidelines, who are
looking to diversify or looking to get into crypto for the first
time. And I think the crypto majors
are more legitimate than they've ever been.
And I think that is enough to drive a bull market to me.
So that that's my, that's my broad stance.
I like that. I like that you say that as the
markets are turbo dumping. Damn it, damn it.
We we got excited too fast again.
We're back to 140 did. You convert or no?
When I told you, of course you didn't.
Of course you didn't. Literally.
Of course you didn't. It was, dude, I, I want to hear
it. Like bro, I've been, I, I wake
up like 6:30 in the morning to set up for meetings at 7:30.
Bro that I fucking, I've already had like half a day today, bro,
it's like 10:00 AM. God damn it.
I, I got your fork at 1:53. What do you want me to say?
You know, I thought we were going to make another run of
190. I mean, we're all excited.
Listen, do you agree or disagree with this take man though?
I think, you know, Eric's been around.
I do think that this is a fair take as in that I don't think
that the narratives for crypto are a stronger cycle just
because adoption has not been a stronger cycle.
I think you've got the ETFs, but like the last cycles has always
been like more people entering crypto.
And I think this is one of the few times where you speak to
normies and they're like, why are you in crypto?
Like why are you in crypto? Like you should be in tech
stocks, you should be in AI, you should be in these other trends.
So I think it's been it's something to wrestle with.
And it's something that even on this dip, I was like I said to
myself, like, what's going to bounce the most?
If I'm honest, I think this is going to be what I said at the
start of the show, which is I think for the next little period
here, we're going to see tech stocks under perform crypto.
So that that's that's my guess. And I don't think this is really
that true. Like stocks barely down.
The NASDAQ is down still 10 to 15% from it's all time high,
right? Let me just calculate that.
But it's down a lot. So the NASDAQ now, So I, I,
that's the bet I didn't really agree with.
I do think he's making some bad points, which is.
So the NASDAQ topped out, yeah, at 2020.5 and now it's 18.5.
So it's down 10%. So crypto being down 20, you
know, yeah, maybe. But yeah, my guess here is that
crypto actually outperforms the next leg because I think that
this yen carry traders still could still be unwound pretty
aggressively. And I, I, I don't think it's
going to affect crypto as much as it effects other things.
OK, I Gee, I don't, I I just, I don't know.
That's the same guy that said that Ethereum wasn't doing good
because people were spending too much time on Forecaster.
Yeah. Yeah, he's got a lot of hot
tigs. He's got a lot of hot tigs also
the one guy that's like on the extremist side with with
Ethereum. I, I mean, I love Ethereum,
don't get me wrong, but it's just like he's usually on the on
the far. You know, they in the media,
they like to call it far left to far right, but.
RE. RERE you know, so I, I I I don't
really have a a a strong opinion on that.
I mean the gas lighting in a 24 hour rugs have existed on on in
cryptos inception though. I just think that's, again,
that's ACT thing. I mean CT like people.
Walking around outside who had their day jobs and are are
hearing about crypto on the news.
Like does he? Was he not?
I mean, he was this guy was like this guy probably minted ETH,
right? Was he not?
Did he not see what Icos did? Like Icos was constant value
extraction, 25 rugs and the gas lighting on CTI.
Mean that's a social media thing.
That's a society thing. Like gas lighting exists in
society everywhere, like such ACT thing.
So I don't know. I mean, of course, like the
current narrative may not lead the bull market, but I don't, I
don't think just because there's value extraction, rugs and gas
lighting on the timeline that like we're not going to get a
bull market. If anything, we're going to get
this bull market. But I'm starting to agree more
and more with what Kobe said the other day, Which?
Was. Which was that we're actually
going to see this, that the bull market in 2025 and that this
year resembles 2019 more than than it does anything else.
So the thesis was that in 2019, Bitcoin went up 34X.
It's like Bitcoin did now, but other coins didn't follow.
So it wasn't really a cycle. It's funny because in in
November 2023, it's something Chris Burnski talked about
saying that 2024 is going to assemble 19.
And he dug it up. And I was reading about that.
And the 2025 is that. And I speak to a few people and
I don't know, like Danny keeps telling me like, yeah, just
chill. Like 25 is the year, 25 is the
year. And he's not the only person
telling me that. Like people that have been
around like talking about 2025 S.
It's a dangerous narrative. It is a dangerous narrative, but
like, why? Like cycles exist for reason.
I don't know, like I believe in cycles, so I'll give it a shot.
But it also fits my bias. So I'm just being honest.
I mean the bias, my bias that, you know, coins will.
Wait till next year. Exactly.
Yeah. Look, I think for to see a big
increase in adoption, we'll probably have to see new
regulation in my opinion. So I think, like I said, I can
get really bullish on crypto if we see a Trump presidency.
I you, you're starting to sound like a bear to me.
What's going on? Is it?
I might. I mean, I'm not sounding like a
bear, I'm just telling you how it is.
You, I think. I think the most bullish thing
for crypto right now is that is the narrative that we get
adoption. No.
Rather than just meme coins if you're going to go really broad.
And that, for me, requires firms to be able to be able to like,
experiment with it. More ETFs have been allowed, but
we haven't got widespread adoption yet.
But like what? What's widespread adoption?
So last cycle was NFTS. NFTS was a great merit.
If I'm honest, for me, widespread adoption is actually
the RWA narrative. The idea of trading assets on
chain, OK, that's what a blockchain for me is best built
for. We can all speculate and stuff,
but that's where I think it's the strongest one and that's the
one that also legitimizes it in a very, very strong way as well.
So I think that would you'd see insane volumes start going
through defy through stable coin transfers.
And I think that would be that would be when I get like, OK,
this is this is now being grained in the global financial
system. This is going to be big.
I'd agree with that. That feels like 2026 maybe.
Yeah, of course. Of course it does.
I think even if Trump gets in, you're talking about, you know,
two years probably before that comes up.
But I think it will get, you can get very bullish about that as a
as a thesis. I'd say if he gets in every day
I look at this stuff and I think his chances are sliding down his
fingers. I, I, I, I don't even like
either much to be honest. So I don't care.
I'm, I'm just a cousin of the north.
But every day I wake up and I maybe it's the content I'm being
fed by the algorithm machine, but every day I wake up and I
feel like he's losing it. So we need a we need a turn
around. Maybe he needs to launch a shit
coin that goes like 10 billion, make a lot of people rich.
I don't know. We'll see what this new thing is
with his kids, but. Trying.
Yeah, he's definitely trying. Look, I love the Federal Reserve
narrative and everything that's being, that's being pushed.
Just you know, I don't know. I don't know.
I see. I see what's going to happen.
Look at that. You have fully converted OV to
JLP. You just tweeted about it.
Mando, you. Oh my God.
Look at that. Look at that.
Let's go read this latest tweet. I've There you go.
Here you go. So so now we follow it because
OSF done it. Yeah, so now I'm going to
follow. Now I'm going to do it just
because OV tweeted it. Yeah, not because you've been
screaming about it for six months, right?
I'm kidding, It would be defensive.
You don't worry Mando, it would be good.
So as I become a bit more defensive, I decided to convert
most of my soul to GLP. Yeah.
One liner, there you go and it puts the screws.
That's it. I love that.
I love the OV thesis. Here's a one liner, here's a
fucking thing. Figure it out, you know, figure
it out. I saw Easy also tweeted, but I
mean, you've been on this GLP way for a minute so it looks
like it's worked out pretty well for you, no?
It's it's 106 percent APY at the moment.
It's it's it's if you 4.2 billion went through hyper
liquid, right Jupiter is is the the pub decks on Solana.
So. So for the people who are not
familiar with this, like to buy JLP, you simply just buy it on
decks like you just yeah, you can.
Go, I mean share your screen right now.
You can literally just. Actually.
Type in $1,000,000 USDC. So I go here.
Yeah. There you go, $1,000,000.
There's barely any slippage. Slippage at .5 points.
Yeah. So it's like super liquid.
It's like their, it's their own protocol.
So yeah, you can get in and out of.
It price impacts .6% on a million.
And what is it again? So it's an index of solely
Bitcoin and you also. It's an index, it's it's their
perp product. So for them, if you need to go
trade these perp products, you need to have the liquidity
behind it. So you are the liquidity
provider to the perp protocol. So your assets are then used to
allow other people to trade perps.
So 5/10/10 X leverage on Solana E Bitcoin.
That's the only things that that Jupiter does.
Similarly, lots of the other ones do.
So hyper Liquid, you can get into HLP, which is the hyper
liquid version of this for GMX, you can get to GLP, but this is
how you're out to trade Dexes, perps on Dexes.
You use other people's liquidity that you can basically provide
liquidity to these exact perps. And generally perp trading is is
kind of a profitable endeavour for the protocols.
So so. You're playing house, kind of.
You're playing house. Yeah, yeah, you have.
You have the equivalent of exposure of 6065% because you if
you go down TBL, it's made-up of 48% Solana right now, 8% EF, 9%
Bitcoin and the rest of them is. Is stable, yeah.
So it's about 35% stables and about 65%.
And if you go into just type in, just type in the Google JLP
fees, JLP fees, there's a June dashboard about it.
No, I go back. I got it.
Yeah.
So it if you go down just to that, that chart, you see all
the fees it makes which one volatile days.
So recently it's been like it had its highest fee day ever on
Monday. Interesting.
Made I think the protocol made two and a half, $1,000,000 in a
day. So what's what's the risk to
JLP? The risk is.
I was going to ask. So Bitcoin eats go down, JLP
goes down. Well, it does, but generally
doesn't go down as much because it's 35% staples, obviously so
but then secondly, on the days where crypto Germany goes down
is the trip always the days where these protocols make the
most and often we see the most volume.
So it has This is why the chart basically doesn't have huge dips
at any one time because on those down days for the market, it
doesn't really get as bad. So the main risks are D5 risk,
you know, like if somebody was to come in and access the pool
in some way, that would be that'd be worrying.
And then the second, you know, this is quite a common product
now in crypto. And then the second thing would
be would be if you have really profitable traders, because you
actually make the net PNL of the traders as well.
So on top of the fees, it's also the net PNL.
So if someone trader was to, which is actually quite
difficult to do given the limits, but if one trader was to
like make unbelievable amounts, and sometimes there have there
have been instances in the past with GMX where a trader managed
to like gain the system, but then he had to like give the
money back. It was kind of weird.
I think it was also the same with DDYDX like these pup pup
people like they come after you if you game their their
protocols. I think the DYDX have was like
reported and he gave it all back.
But if if there's like a pretty profitable trade on these pub
dexes, that would be the other reason.
Interesting. And and you that yield just goes
into the pool. So the fees just go into the
pool. So you don't, it's actually all
capital gains. It's not income tax, if that's
important for you from a tax perspective.
Yeah, it's 66% here in Canada. Right.
So like again, if you go to Point Gecko and you bring up
JLP, it, it looks it just goes up because of because the yield
just gets compounded. OK.
Well, that's interesting. Well, maybe we'll look into that
during these volatile but. I've said this every day for
about four months and the OSF fucking decides he's going to
buy it. I'm not going to tell OSF and
give him credit for the GLP trade.
I'm not going to. Hold on, hold on, OSF on the
trade guys, I'll. Be honest, I didn't really know
fully what it was until this conversation.
The thing is, I like Solana so much.
Like. Well, you have actually this is
equivalent of owning 50% Solana 10%. 200 next week.
So on parabolic moves, it obviously underperforms,
particularly just soul moves. So soul moves and Bitcoin and
ETH move. But like look at it this year,
look how much JLP is up. I think I can work it out.
So it's 3.15 / 1.77. I think it's out of the year.
It's up 77% so far this year. And I think Solana's up 48% this
year. So even though it's only 45% Sol
and Sol has out formed everything this year, JLP is up
77% versus Solana up 45%. Because that yield is so like it
doesn't seem that much on a, on a, you know, on a weekly basis
or if Solana gaps higher, yeah, like you get a bit of FOMO.
But at the same time, like when this shit starts compounding,
it's it's it's a big deal. OK.
That's interesting. Love to see that.
We'll definitely have a look now that my favorite trader OSF.
No fucking hell. You're liking the Arizona Ice TA
lately? You've been on it, doodles.
Yeah, it's Doodles. Ever since Doodles came up with
came up with the Arizona IC collaboration, Mendo's been on
it. All right, well, look, we've
gone around the globe pretty well.
Just one last thing, do want to give a shout out to, to our to
our partners here over at Robit. I saw their numbers this
morning. I thought that was that was
interesting here we're talking to Razor.
He sent us this. It's just some crazy stats,
dude. So they've officially burned
what, over 50% of the supply now, right?
It's pretty insane to think $373 million of revenue in a casino,
90 mil in trading. That's, that's for the first
year of because one year ago they, they, they launched a
dashboard, right? They basically made nearly $600
million in a year. I don't think people realize.
Here, that's the live dashboard of.
What they're doing on a daily basis.
Oh, this is fucking wild 25. Yeah, I seen it because I didn't
realize. Yeah, for for myself.
Here, I mean, look at that. They're almost, almost, they're
almost there, like another bird or two and they're there, you
know? To be fair though, just just to
pay into context, the majority of that boom was actually done
before they did this. Yeah.
So the majority of the burn was when they had a lottery product
which you used to stake it to and rolled it at the time traded
at nought point, nought, nought, nought 1 cent.
So it used to like get burnt crazy amounts for that lottery.
I think. I don't know how much they've
burnt in the course in the course of the last year.
I think it must be like 10 or 12%.
Yeah, I mean, that's a lot still.
Still, yeah, it's a lot, yeah. That's a lot.
So good. Good for them.
I mean, you absolutely love to see that.
Hopefully I'm winning my water polo bets.
Right now. I'm bet.
I bet on water polo because the Greeks have Poseidon on their
side and they're playing and they're playing.
Oh no wow. Wow, Greece lost to Serbia.
So here goes my $1000 betting 1 water polo dude.
Like what the fuck dude? Random Olympic sports got no
edge. Which one?
I am never betting on Greece ever again, no matter the sport.
It could be a sport of making the best Greek salad and I'll
bet against them. This is wild.
Anyways, so, so there goes my
bet. Fuck, that's so funny actually,
that they lost this water polo game anyway, so I think we've
got around pretty well with that, with that, with that.
We'll see y'all tomorrow morning, 10:00 AM Eastern
Standard Time for the episode of Formal Hour on Rock Radio.
Let's go.