Good morning, good morning GMGM everyone.
Welcome to another episode of Homo Hour today.
Today is Tuesday, February 18th. It is freezing cold in Chicago
today, folks -5° feels like -13 about as bad as it gets.
It is cold. Solana feels cold.
Ice cold. As sellers are racing to the
exits this morning, as the fallout of this Libra and
broader meme coin scandal seemingly gets worse, The
question is, is it over? Is it overblown?
We're going to break that all down on today's show.
Farouq is still out. He is out all week in Asia at
some events. Amanda will be joining us later
on here in a minute. We do have Logan on here this
morning. Logan GM, How you doing?
Hey, good morning, Tyler. I'm doing well, freezing cold
here in Central PA as well. Not quite as cold as those temps
you're enduring, but I'm trying to stave it off as well.
And maybe the market will heat up at some point, warm us up a
bit. But it was a a long holiday
weekend. Were you able to unplug a bit or
were you still somewhat connected?
Yeah, I mean, still somewhat connected it.
It's impossible to get all the way away, but I like to stay
medium bored, so, you know, try to keep my finger on the pulse
to a certain degree. And of course, this weekend, for
anybody who tuned in yesterday and I'm sure for whatever we
talked about today, lots of things happening.
So it was almost impossible to completely remove yourself,
although it may have been a good time to do so.
This might be a medium board market.
Time for you to dig out the the old guide there and get it back
out in front of folks. So what are we talking about on
today's show, folks? We'll do a market report, talk
soul bleeding, talk this contagion from Libra and the
scandal getting worse. Then we'll flip gears.
Other A lot of news broke this morning.
So we've got the hyper EVM launch.
We've got Jupiter pushing its buybacks and abstract exploit.
We'll talk about what it is, how contained it is.
We're going to talk about Google integrating Bitcoin into Web 2,
open C, changing their farming program, Devin responding to to
early feedback and making a quick pivot.
We've got new details on the same spread, masquerade, monad,
test net and more folks. We've also got Robit spins,
double Robit spins. We are back today, so make sure
you stay tuned to the end of the show for that.
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We love our partners. All right, let's get right into
our market report. I won't go deep just in case
Mando does stop by here in the middle.
I'll go across here's some of the majors get the screen share
up and running for those in the stream.
So folks, majors are red this morning Bitcoin down a percent
95,650 Ethereum down 5 percent 2690.
Let's see XRP down about the same B&B down 4% and then Solana
is the big story. I think here Solana down 9% one
it's now sub 167 and if we zoom out here, so it was touch over
200 on Valentine's Day. So this one we were getting all
bulled up Friday afternoon hours before the the the Libra
situation. What played out it?
Was almost 300 on basically a month ago today, right?
That would have been Trump launched or like close to that.
Yeah, we're coming up. So a month ago it was over 27.
It was lost $100. That's a lot.
So in market cap turns, I, I actually, I pulled that out for
the newsletter this morning. It's, it's down 50 billion in
market cap in the past month. So the market cap for Solana
right now is 81 billion. the FT VS right at 100, down from 130.
So a full 40%, basically a 40% reduction in in market cap and
it's it, it's hitting across the ecosystem, right.
So we, we've talked about JLP on this show quite a bit.
I think JLP is holding up stronger certainly than solar
because. Of the the Bitcoin component.
Right. The stables, stables are 33%
Bitcoin's a huge chunk of it. So JLP is only down 15%, well,
so quite a bit more. So you do it is behaving like
somewhat of a safe haven there for those who still want to have
some exposure to Seoul. It looks like we've got Mando on
with us. Mando, I guess, Yeah.
How you doing? I'm doing OK.
How are you guys doing? It felt like it was Black
Tuesday when I woke up this morning.
It feels like a maybe a little less dark as the day is going
on. Feels terrible man, even hype
hype, right? I was actually what really set
me off this morning is like oh this is going to be a bad day.
When Hype launched its EVM it briefly Wicks to 28 and then
instantly sells off like oh God. Yeah.
That's. Yeah, dude, I've been looking at
stable coin strategies a little bit today.
That's not that bad. We are.
Oh, no, But that's. Tough if we want to share it.
Yeah, or let's get right. Into some crazy stable coin
stuff. All right, let me if you guys
are just like, you know what, I've had an absolute enough and
you still have some D Gen. stuff.
So drift, drift, you know, drift on, on Solana.
Yes. So they have introduced
something called Vault recently, which basically allows you to
invest in different strategies run by like hedge funds or run
by different protocols in the space.
Maybe I'll just I'll launch app and this is if she wants to stay
on Solana present. Let me share my screen on Drift.
OK. And if you go to the where is
it? Or maybe it's vaults, This is
drift, right? Yeah, Earn.
Yeah, Earn volts. Here we go.
So what have you actually been looking at?
You know, I love the JLP. There are people that are doing
JLP delta neutral strategies on here.
So basically, you know, our JLP 60% or 65% risky stuff, they'll
short, they'll own JLP, they'll put it on drift and they'll use
it as collateral and they'll short Solana, Ethan, Bitcoin
against it. So you have all these like if
you go to, let's say, USDC and let's just look at that, They've
got all these like different firms that do basically hedge
JLP strategies. And the idea is so.
Same as Athena. You know how like Athena works
where you you own the ETH, but you short the ETH on futures and
you take the yield. This is like owning GLP but
shorting just the just the the the risky exposure of it.
So you basically short the 60% bucket, which is quite easy to
do because it's just sold Bitcoin and ETH.
Then you earn the fees. You just earn.
So you basically just earn the fees.
No, no, no risk, no, no. Well, obviously there's some
risk all of this stuff, but like there's no delta, there's no
principal risk essentially, or there's not meant to be.
Some of the AP YS in this stuff is like wild like like can you
read? Them off it's a little small.
Oh, sorry, maybe maybe I'll zoom in, view zoom in.
How do I zoom in multiple times? Can you guys see these now or
no? A little better.
My eyes are a little. Just like 60 percent, 60% for
some of these, Yeah, as a stable coin yield.
Like maybe look at some of the bigger ones.
So like this one's 26,000,000 TBL does 50% APY over the last
90 days because maybe the bigger ones are the best ones to look
at. Similarly, this one, this one's
insurance hedge GLP 55%, seven million TBL, there's a bunch of
different firms doing it basically.
So like you can pick your firm servers like nitrade is like
maybe one of the bigger ones and I think.
You can as a user you just deposit USDC into the vault.
You just deposit USDC. Now, there's obviously some like
risk to this stuff, but if you go into share this tab instead,
this is like this is the one of the bigger firms doing it and
you can actually just invest from their front end, it looks
like. But yeah, so like these are the
they've got a bunch of delta neutral, JLP delta neutral
trades. You can do an arbitrum sole 72%
APR. Like you understand how it
works, right? Like it's exactly the same as as
Athena works. Now, obviously there's some risk
to all of this sort of stuff. The main risks is that like if
you have negative funding, which weirdly you do have right now,
these things would probably lose money if you get a if GLP
because it can trade a discount or a premium to the NAV.
But yeah, looking at some more D Gen. stuff around that because
I'm just like, I don't know, like the market feels a little
bit cooked. I always have some money in
stables. I thought I might as well do
some more DJ and stuff in, in, in that.
So yeah. Look at this and clearly people
are stabled up. So I got you're saying the
market is cooked. I want to get into that one
thing. Maybe I'm just like naively got
the hope in this morning. Like stable coins are still
going up and to the right so people aren't exiting
ecosystems. No, no, no, this I mean, I put a
tweet out today, crypto market cap's only down 15% right from
its from its peak. So it's not and stablecoins are
up and to the right as part of that as well.
So it doesn't feel like people are are leaving.
It's just been a destruction of the soul and just general
casino. I feel like people are just like
tired a little bit and want to want to just like be a this,
they're done with losing money for a little bit and want to
look at other things. I mean, that's the general
sentiment that that that I see on my timeline.
And I think all these all this stuff that's coming out about
Jupiter and meteor and all that stuff just leaves a bad taste in
people's mouths around around these things.
So yeah, I think it's going to be interesting to see how how
how long that like bad sentiment continues.
But in general like Bitcoin still at 95 K, right?
Like it's so bad. That's the worst part of all
this, right, is that this has all happened, what with Bitcoin
in the range. It's at the bottom of the range
effectively it's it's fairly stable.
I mean, it's turning down. And what happens?
Like if Bitcoin were to go to 88 or 85, it feels like Seoul goes
to straight to 120. Yeah, Look, I don't think
Bitcoins going to 88 that's that's my general sense.
I think people are exiting to Bitcoin, they were exiting to
majors and now they've they've they've a lot of people have I
think have thrown in the towel on Solana after this like it
broke support and people just pissed off about what's been
going on. So I think it is largely because
like we are often benchmarked to Seoul basically in this space,
but I also think that the funds are flowing, are flowing into
Ethan Bitcoin here. So I, I don't think, I don't
think the crypto market cap's going to be that affected by
this, if I'm honest. Yeah, I think we're actually
even already saying that in the last day, I've actually catching
a decent amount of inflows. There's definitely capital
leaving Seoul. What I'm trying to wrap my head
around is I could disconnect between CT opinion on Solana
versus broader retail opinion on Solana like and what has like
fundamentally changed in the past couple weeks.
And, and I can paint the the bull case.
I think that the bull case to me is that the contagion from the
meme coin scandal isn't that big.
It's somewhat localized. And after a cool down period,
the Degen's come back to the casino.
I think that's the bull case. I think the bear cases, the
casino is closed for the foreseeable future and Seoul is,
you know, continues to grind down because revenue on the
chains going down and the fundamentals look less strong.
So can I flip that little bit on its head and be like, why if the
casino is closed, is that necessarily like that bad?
Because I think a lot of people have associated with Solano with
that sort of stuff. Well, it doesn't necessarily
need to be right. As long as it's a cheap, fast
blockchain, it can be involved in tons of different things.
Like it's good for deep in, it's good for Defy.
It's it's yeah, it's good for memes, but it can be good for
anything, right? And I think part of this can
just be a reset of the culture. There's plenty of chains like
XRP being a prime example, right, that haven't needed a
casino to be worth to, to excel. Bitcoins just need an ETF,
right? Like obviously digital gold and
all that sort of stuff. But like what I'm trying to say
is that like, I don't necessarily think that Solana
just has value because it that's where people have been being
doing the casino. And I think in some ways people
might look at it as being like a reset of the culture of the
chain and maybe we go and do different things.
So like, I'm not that bearish on Solana in general.
And I think you can easily recover from this.
Like there's some obviously some broader thought.
Like I obviously do podcasts with people from who don't
really play in meme coins and stuff.
And they hadn't really heard about what was going on in the
Argentina coin. Like genuinely like their main
worry was the unlocks, the Solana unlocks and that was and
that was parred against the FDX repayments.
So like they think the sell off has more to do with the unlocks,
right? Like some people were like, no,
no, no, this is an unlocked sell off.
I think because we are part of this like hyper gambling bit of
the market, a lot of the rest of the market despises that.
So like, I don't necessarily think what you're saying is, is
the death of Solana. Well, it's good.
I mean that that's the hopium case.
I do feel like there is a very real disconnect between the, the
panic on CT and anyone who's removed like my wife for, for
example, she, she casually follows crypto.
She knows like I'm employed here.
She has no idea what, what the the Libra scandal is.
And I don't think people are are widely aware of it or really
thinking that through potential network or second order or third
order effects of it. So I tend to agree that it it
may be overblown. I guess where I was going, you
know what with it felt like Solana Dex volume, Solana
trading products and their revenue was being touted as a
big reason for Solana's growth and that the chain was producing
all this revenue and so now that.
I think that's a very fairpoint. But Solana's still doing more
volume than all the other chains, right?
It's been so far ahead, you know, like it's been, it's been
more than every other chain, often more than multiple chains
combined. And it's still not like the
price performance over the last, like it's kind of flat, right?
So what that tells you is like, has that been that useful for
Solana? Like Hyper Liquid just has a
profitable Pup decks and it's trading at, you know, $25
billion FTV. Why can't Solana just be a pup?
Like, why can't we just trade Pups on Solana?
It's super cheap. Everyone can trade, trade them
just as well as you can try and trade in Hyper Liquid.
I think the elements that we think are really valued for a
blockchain are actually fundamentally different to what
other people think are valuable for a blockchain basically.
And yeah, I think having a far cheap blockchain lines, you do
tons of different things. That's why I don't think it's
the end of Solana. I just think maybe maybe people
have just had enough of the casino for a little bit or or
like this part of the casino. Do you have thoughts on where,
Like where? So where's the bottom?
Like I was, it seemed like yesterday that maybe it was
going to hold like the one 75178 range.
It lost that and then quickly plummeted through.
Is there a number where you would start to bid or are you
just going to let this play out? I think it's really cheap if it
starts going below 150 that that's my opinion just because
it like a lot of those metrics are still there.
We're being dominating so much of what's going on in crypto.
So I would still say it's I would still I I would say if it
goes below that level, I'd I'd definitely start looking at it
one 2100, right? That would be for me.
That would be really, really low.
Like that would be crazy compared to this stuff going on
there right now. Like we would have to see just a
complete reversal in people using it, not just for trading,
but just like having using Solana as a chain.
And I think that's I just, I don't I'm not at that level yet.
Like I'm not throwing it like what are you going to go use?
What what are you going to go use?
Bit I guess Bitcoin, like people like Bitcoin, but I don't think
people are just suddenly going to turn back and be like, we
need to go. The ETUIUX is not great.
People don't love L2's BNB. Maybe it feels like there's been
a bit of a renaissance there, maybe base, but like it doesn't.
I still think I just, I, I wouldn't get so bearish on
Solana. You can get very bearish on on a
lot of the stuff on Solana still and we've already seen that.
But I don't think I just, I can't, I can't really feel like
that's going to be the end of Solana suddenly.
I'm pretty surprised that the Solana Foundation and and the
which has done a fantastic job of highlighting the projects and
protocols on Solana, you know, the whole powered by Solana
thing. There's a pretty clear
opportunity here in the last few days to be really loud about
some of those other things that are happening on the chain,
which, you know, Amanda pointed out deep in.
There's lots of things that Helium Hive mapper, all those
deep in projects that have millions of users and real world
use cases that I think people find exciting.
And maybe that's not the right word, but like there is other
stuff happening here. It's dominated, of course, in
our circle by the meme coin stuff.
That contagion is is going to go on for I think a bit more time
as more information comes out. And of course it's damning.
But to think of this as the end of the chain, you know, near
term price action aside, like seems seems pretty silly in my
opinion as well. It is still the easy like if you
were going to get somebody on the street to to spin up and
participate in Web 3 crypto, like outside of buying Bitcoin,
what are you going to have them do?
Like you're going to have them participate on Solana, aren't
you? It's still the easiest way to do
stuff I. Didn't agree.
I feel like there's probably some more near term pain.
I don't think Oh yeah, I would agree with that too.
And part of the reason is like, we'll just talk a little bit
about what happened yesterday. So I mean, a full day of news
tied to the Libra scandal. So president of LA officially
charged by a group of lawyers for fraud.
He came out and said, I didn't promote it, I was only spreading
it. And he actually gave deeper
comments and saying that, hey, listen, no one in Argentina was
impacted by this. It's really just the DJ and
crypto traders, the high volatility traders who were
impacted, which is probably a pretty fair assessment of the,
the reality of this. It's just that we, we share a
social layer with with those folks, which is why we see it a
little bit louder. Hayden continues to to speak up.
He was on with Portnoy. They were going on actually
against FOMO. Our yesterday he was talking
about I think Dave asked him whose money is the 100 million
that you have and he couldn't really answer the question.
And then we got more news. Solana floor share some
allegations. These are allegations.
These are not all totally confirmed, just a a broader
picture of perhaps what was happening here at Kelsey as team
involvement in several tokens including Libra, Melania on the
Meteor launchpad and how Meteor leadership including Ben were
were involved in this. I think it's still a little
unclear exactly what Ben's role was and all this.
I want to be very careful about that.
It's clear that Kelsey that this Kelsey a group was actually
effectively rigging these launches and and mass extracting
there. There's messages in their chats.
I think the the the most damning.
I'm trying to find it the Max. Extract.
It. Was it was up, up a little bit,
Tyler, the middle one right there, right in here.
It's that middle message. I think you're looking for that
to be honest. We're trying to Max extract on
this one did. I miss it, Logan.
Yeah, Scroll down just a little bit.
It's, it's in right there. It's in that block, yeah.
Oh here we go. Yeah EFL TBH we are trying to
Max extract. Do you know what's really,
really funny about that is that that's mates.
Do you remember that token? That's the token from the
Weberverse team that rugged everyone for millions.
So what he's actually saying it's kind of true in that he
doesn't trust the team because they were the team behind
Weberverse, right. Remember we said that the that
like Shaw had worked there and then they didn't like read re
changed their account from mobile burst to mates, and then
they just released a new token. So like these are like double
ruggers themselves, essentially getting rugged by this team.
I I I mean I I don't know if many people put two and two
together, but I did. This is like this was a rugging
team being rugged. Oh man.
I did not put that together so that Robin Hood yes, so it it
seems like it it it goes deep. It it seemed like there were
several tokens tied in. We still don't really know the
extent of it. Meow Jupiter founder came out
and said that they don't believe that anyone on the team did
anything wrong, but acknowledges that Ben needed to resign
effectively just because of his involvement in running Meteora,
and at this fact, this basically took place on Meteora.
Did you know that Meow owned Meteora or was the founder of
Meteora? I did not.
No, I didn't until yesterday. Yeah, I didn't know that Meow
was tied in. I think I'd heard rumblings that
Meteora was tied. So Jupiter owns Moon Shot and
Meteora then so. Yeah, so they obviously teamed
together to do the Trump launch, right.
But I didn't know that that they own them both now, essentially.
But but but maybe I I'm in the like minority that he, I didn't
know he owned Meteora. But I think, you know, this is
dodgy, right? Very, very clearly very dodgy
stuff going on in my opinion. And like, I think I think it's
clear that like people were tipped off and and these guys
were sniping launchers and a lot of money was made.
Don't know, kind of isn't what it is at the same time, but.
That seems to be like the some of the worst part is that and
what people are most upset about is it seems like yes, like they
had info on this. They were sharing it with this
like group of people who were sniping and effectively just
dumping on the launch. And as I understand how the so
how Meteora token launches are different compared to like pump
fun is this team would effectively inject capital
sniping the launches to get them up to a market cap like a
starting point. So instead of starting at like
100,000 market cap or or 500K, they just open it basically and
it candles right up to 500 million or a, a billion like it
did effectively for the the Libra launch.
And that's a controlled and then they can kind of handle the
market making from there. But it it's puts more of the
people like a a retail investor who buys after the launch is at
a disadvantage eventually, which is it's a less fair style of
launch than like pump funk. That's how I understand it.
But Logan, jump in. I was just going to share.
I'm not sure if you watched the the video from choose Rich Nick
that came out. It's probably late last night
regarding he showed sort of I believe it's all alleged that I
don't think anything is confirmed at this point.
So go watch it and you know, draw her own conclusions and
such. But it shared a little bit of
the pitch deck for Kelsey Ayres token launch services, more or
less. And I believe what's alleged
based on one of the tables within is very much what you're
just describing. You know, hey, we're going to
launch it at XYZ market cap. Here's how much it costs to
launch it at that. Oh, and you know, you also have
your choice of how much of that supply you'd like sniped more or
less if I interpret it correctly.
Again, all these things alleged not confirmed in any way.
So but that's just seeing that and seeing like even an option
on the table to have 90% of the supply sniped like, I don't
know, it feels real bad. Obvious.
Obviously a lot of this is real, real bad, but seeing that, you
know, just further proof for me pulling some stuff back and
opening up my eyes a little bit more as to like just how rigged
the game really is, particularly for the big launches, like the
ones that you want to be excited about.
Like everybody wants to be excited about these big tokens
because they bring they are potential on boarding events and
they aren't right all those things, but like they're also
the worst possible tokens, more or less.
Yeah, I think it's it's just painted picture of like
institutionalized rocking. Do you know what I mean?
Like it was just like this was accepted that you could sell a
product, which was and we've seen this kind of like dog with
tools, you know, like there were those sort of things on the
salon or blockchain where it was just so accepted that people
were doing this at the same time, but you wouldn't have
expected it from and being dorsed by like the biggest
protocols in the space, right. And then being part of it, it
seems like not like they they perhaps were involved in that
too. So it's bad.
I I don't think it's the end of salon.
Like I said before, I would be very unsurprised if it
underperforms for a little bit here.
I don't know, like whenever ETH rallies, the whole market just
completely dumps. It keeps on doing that.
Like whenever ETH like puts in a green candle versus versus other
majors, it's just like people have been talking about going to
ET, Bitcoin, BNBXRP, I, I don't know where people are going to
put their money. I looked at Artemis today and
there's doesn't feel like money's necessarily like huge
amounts of money is leaving. You guys have looked at that.
Let me just share because I think it may be useful.
I'm seeing two and a half million in outflows from Solana,
but they're still that's in the last day and and it's still
green on the week. Jesus, what's going on at
optimism? Yeah, optimism's getting
decimated. I don't know what's going on
there. But in the last week, you know,
Salah has still had inflows, net inflow of 30 million.
Ethereum's having good inflows, having had a very bad like
period for the last year. So maybe, maybe ether is to
play. But yeah, it doesn't feel like
the the wheels are coming off here, basically.
As far as the casino goes, right, which you know is a core
component of a lot of our activity on the chain, what we
talked about, it feels like if not now, when for ETH, like you
know, if not now maybe never. Like this is a a pretty pivotal
time that it could capitalize on, you know, innovative
launches it. With regards to tokens, I don't
know if you saw the comment from Hayden Adams, sorry, am I mixing
up names? Right?
OK, Uniswap founder, not to be confused with Hayden from Kelsey
here, who basically said yesterday like it's really not
that hard to launch a token fairly or, you know, whatever.
And if it does isn't fair. It probably wasn't fair on
purpose. There's a tweet about that.
I'm I'm mixing up the words potentially.
But, you know, it's just a nice little thing to to hear, I
guess, if you're launching a token on ETH, maybe, but not so
nice if you've been participating on Solana, where
it feels like every token was unfair for the last, you know,
however many months. Yeah, exactly.
Yeah, it seems like unit chain has like unit chain like this is
a great set up for unit chain and unit swap before like these.
These new features can help avoid some of this, but it just
seems like the reality is no one's using them yet.
No one's, but that might be a great time.
I mean, it might be a great time for us to be paying attention
there, right? Code word for today, folks.
For the robot Spence is casino. Casino is the code word.
Stick around another 20 minutes or so.
You, you, I mean, like I said, I spent the last 24 hours kind of
like some of these stable coin strategies across different
chains. You'd be really surprised at how
much of ETH is the stable coin strategies, stable coin or or
maybe just ETH strategies, like of different lending, like
points programs, like there's just so much defy like boring.
There's some D Gen. stuff, but it's generally just like where
can I put 500 million of of of staples on on earth?
You know, it's like it's, it's that sort of stuff going on.
So this is what I kind of I kind of going back to.
It's just weird that it has that like it does have this like very
strong defy community and whenever you speak to them about
Solana, a lot of them are are kind of unsure.
They haven't been built out maybe to the same extent that it
has on on ETH. It has been built out for
trading meme coins. But but maybe we'll see this the
the protocol will evolve into doing other stuff.
Like I spent a little bit of time looking at Solana D5, like
I just showed you. And there's, there's some
interesting stuff going on. Like you can do, you can do like
levered, levered leverage yield strategies.
You can do they have a version of, they have a version of
what's the name of that, that God, I forgot on it.
But they have a version of like points program style borrowing
and lending Pendle. They have a version of Pendle.
I forget what it's called, but they yeah.
Like they, they, they have stuff built out, but it's just not to
the same extent. And maybe maybe for the next
month or two, like people would just like start doing a bit more
other stuff on Solana, which maybe isn't a bad thing, like
genuinely maybe isn't a bad thing.
Everyone needs a break from the trenches and and flipping the
the phrase coin or the Internet capital markets coin of the
diocese. So let's go do something more
valuable with our time for a little while.
I. Don't think it's done though,
right? I think the story's actually
going to keep breaking. That's my guess.
I don't think the score is done. Everyone's very hungry for this
KOL list. That's a part of it.
I think real thing is like, OK, what were the how complicit were
all the protocols? Is there more protocol
involvement than we know about? Like that's where it gets bad.
I think that that's the worst aspect of all this because I
think people generally feel like Kola lot of Kols are shady,
perhaps doing this, but you don't really expect that the the
protocols to be rigged in the game.
I had a pretty large short on Jupiter, so like actually
Jupiter the coin since last night because I.
Was like this. Thing's getting really bad, but
funding has now gone absolutely insane on it, like as a negative
funding, like everyone's piled into that short.
It does feel as though like. There's there's some proudest
shorts out there people. Are like, I'm thinking about
taking it off because I'm just like this thing feels quite
squeezy. Crowded trade.
Everyone's talking about shorting soul and some of these
right? Exactly.
They had timing on the the pushing back with the buybacks
though, So like no one forced. So basically what happened that
came out yesterday. Last week Meow announced that
Jupiter buybacks were going to start on Monday, February 17th.
So yesterday they announced that, hey, no, we're
accumulating USDC for the buybacks that started.
Actual buybacks are going to happen later.
Like, no, no one forced me out to come out and say last week
and give a date. I think people in general were
just happy enough with the news that it was going to happen.
Then he, he goes forward and get sets a date, then doesn't meet
the date like that along with everything else that's
happening. It it's, it's bad timing.
Let's just put it that way. Bad time to say the least.
I think that and it was really just like suddenly it felt like
these guys are going to be complicit and people don't,
yeah, people are going to be annoyed.
So I mean, let's so Jupiter, I think it was at $0.71 when I
looked this morning. So it's at 70.
Oh geez, goodness. Down 15% on the day.
Yeah. 30% since Friday. Yeah.
So that that's, that's a big drop off, Bob.
All right, well, I think we we've gone around the horn on
Solana majors and the Libra scandal.
Let's perhaps pivot into a few other stories from the day.
So, so hype stealth launched their EVM overnight or early
this morning, depending where you're at.
So three big parts of it, Hyper EVM it, it functions as an L1,
it uses hyper BFT consensus spot transfers are now enabled
between spot hype and then the hyper EVM hype hype will be the
guest token of the EVM and then there you are.
I think they're introducing this so I haven't seen it before rap
type W hype, which will be useful for for hyper D5
applications. So so this was a big one.
I don't think we we knew it was coming arguably soon.
I don't think we knew it was going to happen necessarily this
fast and the team keep shipping. So last week they introduced
spot Bitcoin. This week they launched their
EVM market loved it briefly token shot the 28 and then
immediately sold off holding it at 2375 Mando.
Curious for your thoughts here on hype was this sell the news
Should people get bowled up on the EBM?
I'm I'm struggling a little bit still to see kind of I haven't
dug in It's like what is the EBM on hype?
Well, the. EBM would now be like they
maybe, you know, if you hold hype, you'll get involved in a
bunch of things that are going to get built on there.
There's a hope that it turns into a bit more of AD 5 chain.
I don't know if that's going to happen, but like maybe it does.
I would say that I I I personally continue to think
that hype looks slightly overvalued like at this at this
like really does have to show itself as a as a as a chain
here. There's a lot of talk about like
the unlocks don't matter, but the unlocks start in September
and they're not small. So 23 billion FTV for a perp
decks that's that's very, very high.
So but if everyone says it's a chain, it's a chain, but then it
has to be a chain and we have to see what it's going to do.
So because in terms of its buyback like it's not that
dissimilar to Radium. It's not and Radium trades at 4
billion FTV. So if you're going to say, hey,
to me, it's a buyback coin, then it looks overvalued.
If it's, if it's chained, then we get to see what it builds out
and maybe it does become like an AirDrop coin like with these
things being built. I don't know about that bit yet,
but let's see. I, I like it.
I like it because it's stable and does well on on on on days
where everyone's getting wrecked.
It always does really well on days like.
You know. It was like, Oh my God, I wish I
had hyper liquid on the day that everything else is down like
30%. But but now the EMS out like it
does become a bit more of a right, like they've actually
shipped. It's like an abstract moment.
You know, they've shipped it now.
So. Now we'll see what it has to be
good at people to use so it gets evaluated differently.
It my read on hype without with without being deep in it is like
in a bull market, like if bitcoins are pumping, I feel
like hype is going to be one of the bigger movers.
But in a chop zone, slight with slight bearish trends where
everyone's trying to evaluate real value, it's going to be
tougher. And it's been outperforming
everything over the last weeks and it's been grinding up.
But it does feel like it's facing maybe a little bit more
scrutiny right now. And just like the blind optimism
that I had is starting to to maybe go away a little bit.
Well, I think The thing is you have to appreciate this has been
a great trade. Like I said, this Froak asked me
about JLP the other day because JLP, he bought it like 4.7.
He's like JLP has been down only since I bought it.
I was like, brother, what else would you have bought?
Like GLP is now at 4.2 from 4.7, so it's down 15%.
Bitcoin's down 15%, Ether's down way more than that.
So long as down way more than that Trump fartcoin.
Any other mean you could have bought is down more than that.
The good thing about hype is that like even now it's kind of
unchanged ish. Like it's maybe down a little
bit from, from like that peak where everyone was buying stuff
in like in January, I think it was trading more like 28 and now
it's at 23. So down maybe it's down like 20%
or 15%, but like it's, it's quite volatile.
I, I'm not saying the hype trade's over, but like I would,
I also wouldn't feel regrets that you didn't sell the top on
hype. Like, well, like you didn't get
like people have been destroyed in everything else.
Yeah, relatively it's still the strongest even if you, yeah, no
one really bought too much above 30I.
I didn't I didn't buy it 33, but luckily my average is still far
below that. It's holding up very well.
So we'll see what the EBM has to offer.
What else? So we got to briefly talk about
abstract. So there was an exploit on
abstract earlier this morning. It looks like the issue is
solely tied to this Card X app. I think it's a game.
If anyone had interacted with that app, it looks like they
have given some permissions to this team which has proven to be
malicious and they started draining wallets.
I think I saw a total that was like 500,000 drained as of
before the show, so fairly large, not great.
SIGAR has come out and said this is not a broader issue with
their contracts for the abstract global wallet.
It is siloed to those who have interacted with this app.
And he's got a full report coming later so that happened.
If you interacted, please go go through it and do your revoke
and and we will see you know what the team comes out with
later on this one. I don't know.
There's really a whole lot else to say here, but let's wait for
the the dust to settle. Press bigger news was out of the
Derek Devin Finzer and and open C and they've changed their
farming program. Logan not not sure if you were
if you were close to this one. It looks like they're taking the
community feedback. So what's the change here?
You have a view. So of course, much like we saw
with like blur, right, for providing points, I think they
were called points as well with blur right, for listing,
bidding, those types of things that lots of people surmise, you
know, drags down NFT prices. That's what Open C was doing.
And based on tons and tons of criticism and and feedback on
the timeline, they went ahead and they paused that for this
point in time and going to continue to give XP via these
like little shipment things, which I believe have started to
go out for select actions. If you provided feedback, things
like that via the Discord. And then also to going to, you
know, provide that XP for those buying and holding as you see
you've had highlighted on the screen here, Tyler, I don't
know, you know, what to say really too much.
I understand both sides here where people had a right to be
upset that they saw Blur do this for how many years?
They saw the negative feedback that Blur got for it.
They saw, you know, of course, and gathered, hopefully gathered
plenty of data and information about what happened to the price
of NF TS and the actions of farmers related to those NF TS
whilst this was happening. Yet they still put it in place,
but to their credit, more or less quickly changed course
here, right? This just opened in public
access on Thursday, last Thursday, the 13th when they
announced that. So we haven't seen too many
teams be willing to make snap changes like this.
So I'm going to give them a little bit of credit there.
But I I do understand the criticisms.
As you know, this was a loud issue for a long time prior to
OS 2. So I, I think the community is,
you know, totally in its right to, you know, to be loud here.
I guess, you know, just moving forward, like continue to
continue to be loud, but do so in a way that is, you know, you
highlighted the vitriol here, you know, do so in a way that's
helpful and beneficial for all parties involved.
You don't again, need to be, you know, a hater just to hate.
I think too, too often I'm guilty of this as well.
But like too often, we're critical without providing any
potential solutions in this space.
It's a common a common thing that was happening here.
We'll see what open C does, but good to see them to make the
change at the very least. Damn this market is getting
smashed boys. Oh no.
You looking at this? What else is good?
Just in general, Like it's every time I look at it.
Yeah. Far coins too.
Too handled. Oh, oh, oh.
Yeah, I don't need the. I don't need to do that.
Well, that's not great. I want to round out the the open
C combo real quick. And then you can perhaps go back
to some of the prices. People are mad online.
Like that much is very clear. And for whatever reason,
everyone is just rooting for Open C to fail.
And they just want to say they can get their AirDrop and then
sell and move on with their lives.
And that doesn't. That point of view doesn't
really make sense. It's a very immature mindset.
I think it was this was a good message from, from Finzer.
I will say though, like you kind of hit it, Logan, that they had
to know there was going to be pushed back on a, on a point
system like this and they still launched it anyway.
And then they changed course in the first week.
It's good to be flexible. It's good to listen to feedback.
But you know, they, they still launched it, right?
So I think there is some responsibility for for having
done that. But I see his point too.
I mean he basically says like, hey, you guys, like we we still
have to have liquidity like we're trying to be the number
one marketplace. So like we have to do something
so. And sorry, Tyler, I mean, Finzer
mentioned, I believe in the initial announcement and there's
a comment from the general manager of the Open C
Foundation, right? They want C to play some sort of
role in the future of, you know, this what they want this to be a
long term thing. Like they got to figure out a
way to get people to use it to earn the token, to have the
token make sense for the platform.
Like it's not going to be perfect.
They're going to mess probably lots more things up.
It just isn't really helpful to anyone to just like, you know,
loudly, loudly, loudly complain in a way that's not beneficial
and not providing any constructive feedback at all,
which you know, again, is what's happening here.
People are just looking for people right now.
Like, yeah, everybody needs a punching bag.
That's. For sure, the reality is being
a. Meme account because I just feel
like people want laughs but but it's it's tough I think people
just looking for boogeymen all over the place I.
Think a part of the problem is the NFTS are down and people
were just immediately blaming open sea for that when the
reality is no one, there's no buyers for these entities like
right now like that. That is the stone reality.
You know what does have buyers board at Yacht Club?
Yeah, board 8.4. So so folks are are still buying
those captains are up 19%. I didn't see that.
So there's still, there is still some green on the board.
Kaido down 60%. Not a huge surprise.
Where punk's at? Punks are 35 1/2 they're they're
basically trading even right there we got some glimpse of
perhaps what the AirDrop will be worth for the Kaido NFTS Those
were trading around 11 yesterday 7 eighth shaved that's 17 to
$20,000 it's. Nice.
I mean, The thing is about the Kaido NFTS is there was a decent
window to buy those sub 5 like the first week or two.
So anyone who was an early buyer is free rolling that they're
dropped. So they're still feeling pretty
good about that. I, I was showing the AIAI market
caps down to 5.75 billion. It was 22 billion.
Wow. It was 22 billion I think at
peak and that was around New Year's.
So it's down. 22 billion at news it's.
All happened so fast. Briefly Wicked up to like 22 is
the peak on this chart. And it's it's not like nothing
in Solana is unscathed effectively.
So let's take a look like Virtuals is down 10%, AI 16 Z is
down 18% and they just released their product road map over the
weekend, which was largely overshadowed.
Perhaps we'll get into that later this week.
If our coin's down to 28%. It's just getting whacked.
It had the biggest moves up and it's having the the biggest
moves down. Brother, MLG is the one Epic
might flip MLG here. I was trading at 240 million or
whatever it was. Oh no, gaming meme coins.
Gaming meme coins, that's. Not great.
Don't don't disrespect the OG my friend.
No one thought no one thought Epic would flip flip MLG like
this. This is a This is a wild one.
Look at that chart. That is, that's stairs down, but
also elevator down type. I mean, those are stairs.
The thing is like I feel like this is also the risk of like
this one just it went straight up from 5 million to 150 million
in four days. So you don't have any
incremental buyers. Like no one bought this like in
this one daily candle it went from 30 million to 150.
Yeah, a lot of people lost money on this one.
I, I, I lost money on this one. I bought it around whatever it
was on one of those dips. It had all the momentum.
We're we're talking on this show like it.
It seemed like there was a maybe, perhaps like a mog, the
MLG rotation and the gaming narrative.
Aiden Ross starting to get behind it and still had a little
bit more shine. I mean, hopefully it comes back.
I I still like the narrative, but like that is a, it feels
like it's more going to be something to bash that that
group with rather than, you know, like it's tough now to
separate it from that. I think it can have another arc
up, it just needs time to be kind of separated from the the
recent narrative. That's that's my view.
So hopefully. Influences like Soul Jakey and
and the the vape boys. But but I don't know like it's
weird. It feels as though it's mixed
now, like everyone, everyone was looking for people to attack.
I saw the red guy's video the other day.
Obviously I'm a big fan of a guy.
Same. I think it's, it is tough.
I would say that like there wasn't there was a noticeable
change in in that group's content from from like we're
going to interview founders to like we're just going to like
stream trading meme coins. And I think that was actually
that's been the main thing. And I think he admits like that
that was like maybe an error because the show just wanted to
be like, which coin are we going to buy today?
But it is clear that that people wanted that content too, right?
Like people, it's very easy to blame influencing this scenario.
And obviously there was there's layers of scam here and rigging
of the game, which you think will be very, very annoyed
about. But like, I think everyone also
was here for the casino at the same time, right?
Like we can't, we can't, we can't say that we weren't here
for the casino. We can say that we didn't like
the rigged games. But like it's very, very clear
that like people did want that content.
So like to find boogeyman from the people who were like maybe
the most vocal players of the casino game.
I don't know. Yeah, I agree.
It went too far. I mean, I'm I'm guilty of it.
I've talked quite a bit about meme coins over the last year
like that. That's what it's where the
action was. This is where the the hot ball
of money was hopefully didn't over promote it.
I think one of my gripes with the LA House was there it felt
like they were kind of the lead promoters of some of the tokens
in like the Internet, capital markets and.
Hyper rotation stuff I think is the thing that that was painful.
But credit to the third guy. He he addressed it and said,
hey, like I, I meant I did this. It was a mistake.
I think he got caught on, caught up in it.
He had genuine intentions. You think so?
He'll be able to pull through it.
We'll see there. There's just a lot of anger out
there. Logan, I feel like you're going
to jump in. Yeah, you guys, you guys said
it, it, you know, tough time because it was the thing to
report on. Yeah.
I mean, you had you had to in some way so participating, you
know put you in that spotlight, particularly when you have that
many eyeballs as those as those folks do so.
These tokens were seeing a billion dollars a day in volume.
Like this was an insanely large market, just unfortunate it was
more rigged than perhaps we realized.