The Memecoin Dilemma: Fueling Adoption or Derailing Progress? | Analyst Round Table

Summary

本期节目中，Blockworks研究团队讨论了加密货币领域的最新动态和治理更新。重点讨论了Zerion宣布推出L2解决方案，Starbucks关闭NFT平台Odyssey，以及My Lady财库被清空等事件。此外，还探讨了meme coin的合法性，以及Shuffle这个在线赌博平台的代币经济学。嘉宾分享了对当前市场状况的看法，包括对meme coin交易量和流动性的分析，以及对加密货币市场未来发展的预测。

Takeaways

• 📈 零和研究（Zerox Research）的团队讨论了当前加密货币市场的一些动态，包括Zerion宣布推出L2解决方案，星巴克关闭NFT平台Odyssey，以及My Lady财库被清空等新闻。
• 🚀 星巴克的NFT平台Odyssey将在3月底关闭，其NFT将转移到Nifty Gateway平台继续交易，这表明即使是大型企业也可能在NFT领域遇到挑战。
• 💡 零和研究团队提到，Web3和Web2的合作在消费者端很难实现，成功的互联网或移动应用通常由原生团队构建。
• 🌐 东南亚的Grab平台现在支持通过Triib的加密货币onramp选项，这为用户提供了更多的加密货币使用场景。
• 🔄 Polyhedra CL完成了2000万美元的战略融资，估值达到10亿美元，这反映了市场对中间件基础设施的高度评价。
• 🎉 Ethereum成功实施了444升级，L2交易成本大幅下降，展示了以太坊网络的强大升级能力和生态系统的活力。
• 🚀 Avo airdrop正在进行中，用户可以领取AO代币，这是对社区成员的一种奖励。
• 📈 MicroStrategy通过其股票价格上涨和可转换债券的发行，成功筹集了更多资金用于购买比特币，展示了公司对比特币的长期承诺。
• 🤝 Skip Protocol与dydx合作，通过其订单簿差异仪表板监测和分析主权MEV，这有助于提高交易体验并减少MEV。
• 🔧 Skip Protocol的Stinky项目旨在为主权链提供强大的原生Oracle，这可能会为去中心化交易所带来更多的交易对和安全性。
• 🛠️ Skip Protocol的Block SDK被其他区块链采用，用于实现免费交易和MEV回收，这表明开源解决方案在加密货币领域的价值。

Q & A

什么是L2解决方案，以及Zerion宣布的L2解决方案的目的是什么？

L2解决方案指的是Layer 2扩容技术，它旨在通过在以太坊主链之外处理交易来提高网络的吞吐量和降低交易费用。Zerion宣布的L2解决方案目的是为了补贴用户的交易费用，尽管目前还不清楚钱包需要L2来做什么，但随着越来越多的项目在L2上推出，这表明L2技术正在变得越来越重要。

星巴克关闭NFT平台Odyssey意味着什么？

星巴克关闭NFT平台Odyssey意味着该品牌在尝试将NFT技术与其忠诚度计划结合的实验结束了。尽管在上一个牛市中这是一个相对热门的项目，但由于用户体验不佳和交易量不足，星巴克决定关闭该平台，并将NFT迁移到Nifty Gateway平台继续交易。

什么是Web 3和Web 2合作伙伴关系，以及它们在消费者端的挑战是什么？

Web 3和Web 2合作伙伴关系指的是传统互联网服务（Web 2）与基于区块链的去中心化服务（Web 3）之间的合作。在消费者端，这些合作伙伴面临的挑战是如何无缝集成两种不同技术，同时提供更好的用户体验。例如，星巴克的Odyssey平台就是一个尝试，但由于用户体验不佳，最终未能取得成功。

什么是ZK桥接，以及Polyhedra CL的2000万美元战略融资回合意味着什么？

ZK桥接是一种使用零知识证明的技术，允许跨不同区块链网络的安全和私密数据传输。Polyhedra CL的2000万美元战略融资回合意味着该项目获得了资金支持，以进一步发展其在区块链基础设施领域的服务，尽管这被认为是一种较高的估值。

444的实施对以太坊网络有什么影响？

444的实施是对以太坊网络的一次重要升级，它成功地减少了L2交易的成本，并且在执行过程中几乎没有遇到问题。这表明以太坊网络在进行复杂的实时升级方面具有很高的能力，对于整个生态系统来说是一个积极的信号。

Avo空投正在进行中，这对持有者意味着什么？

Avo空投正在进行中意味着所有符合条件的Avo代币持有者现在可以领取他们的AO代币。这是一个分发新代币的过程，可能会为持有者带来潜在的价值增长。

MicroStrategy的BTC对策略是什么，它如何影响公司的股价和BTC的交易？

MicroStrategy的BTC对策略是指该公司通过发行可转换债券来筹集资金，然后用这些资金购买更多的比特币。这种策略使得MicroStrategy能够在股价上涨时增加其比特币持有量，从而在BTC价格下跌时，通过卖出股票获得资金来购买更多比特币。这种做法可能导致MicroStrategy的股价上涨，而BTC价格下跌。

什么是Stinky，它为什么对Sovereign链很重要？

Stinky是由Skip团队开发的一种工具，它允许Sovereign链构建自己的、原生的、使用自己的验证器集运行和检索Oracle价格的Oracle系统。这对于提高链的性能和安全性非常重要，因为它可以减少对外部Oracle的依赖，同时提供更快速、更少延迟的价格信息。

Block SDK是什么，它如何帮助链分割其区块？

Block SDK是一个开源软件开发工具包，它允许链将其区块分割成具有不同排序和执行规则的不同通道。这种分割有助于实现免费交易，通过为特定类型的交易和参与者提供专用的区块空间来补贴，同时也有助于社区重新捕获MEV利润，而不是让它从系统中流失。

Shuffle是什么，它如何结合加密货币和在线赌博？

Shuffle是一个在线赌博平台，结合了加密货币技术，支持各种赌场风格的游戏，如老虎机、扑克、二十一点等，以及体育博彩。用户可以使用加密货币存款和下注，平台提供流动性并支持多种链，使得全球用户都能轻松参与在线赌博活动。

Outlines

00:00

🎙️ 播客节目开头与免责声明

本段介绍了播客节目《zerox research》的开场白，提到了节目内容仅代表个人观点，不代表任何相关组织的观点。同时强调，节目中的任何内容不应被视为金融、技术、税务或其他类型的建议。

05:00

📢 最新新闻与治理更新

本段讨论了加密货币领域的最新新闻和治理更新，包括Zerion宣布推出L2解决方案，星巴克关闭其NFT平台Odyssey，以及对这些新闻事件的个人看法和分析。

10:01

🚀 项目进展与市场动态

本段讨论了My Lady项目的NFT被盗事件，东南亚Uber（Grab）支持加密货币支付，以及Nosis支付卡的推出。同时，还提到了Polyhedra CL获得2000万美元战略资金，以及以太坊实施4444升级的情况。

15:04

🌐 L2技术发展与市场影响

本段探讨了L2技术的发展，特别是Celestia和Igan达可能即将上线，以及这对L2市场可能产生的影响。讨论了L2技术的进步如何可能改变市场格局，以及对L2未来发展的期待。

20:06

💡 创新项目介绍与合作伙伴关系

本段介绍了与dydx合作的Skip协议，以及Skip的创始人Mag参与讨论。讨论了Skip在dydx生态系统中的应用，特别是其为主权链提供的Oracle工具——Stinky，以及Block SDK的采用情况。

25:09

🎲 区块链游戏与流动性挖矿

本段讨论了区块链游戏Shuffle的LBP结束和流动性配对情况，以及其市场表现。分析了Shuffle的代币经济模型，包括代币分配、流动性挖矿和收入分配策略。

30:10

💸 区块链赌博协议的市场前景

本段探讨了区块链赌博协议的市场前景，包括对Shuffle项目的分析，以及对赌博协议在牛市中的表现和潜在风险的讨论。

35:10

📈 模因币的合法性与市场趋势

本段讨论了模因币（Meme Coin）的合法性，以及它们在传统金融和加密货币市场中的地位。分析了模因币交易量的增长，以及名人和社交媒体对模因币市场的影响。

40:12

🚨 模因币市场的泡沫与风险

本段讨论了模因币市场的泡沫现象，特别是关于Soul这类模因币的预销售和流动性挖矿。分析了市场的过热迹象，以及这种趋势对加密货币市场可能带来的影响。

45:13

🎉 节目结束与未来展望

本段作为节目的结束语，对参与讨论的嘉宾表示感谢，并预告了下一周的节目内容。同时，对模因币市场的未来发展进行了展望。

Keywords

💡流动性挖矿

流动性挖矿是一种去中心化金融(DeFi)策略，用户通过在去中心化交易所(DEX)提供流动性来赚取收益。在视频中，提到了Shuffle这个赌博应用通过流动性挖矿来激励用户参与，用户可以将自己的代币存入流动性池中，以获得交易费用分成和其他潜在奖励。

💡治理代币

治理代币是用于去中心化组织或项目中的投票和治理的加密货币。持有治理代币的用户可以参与决策过程，对提案进行投票，影响项目的方向。在视频中，提到了Ethery发行了治理代币，这允许其持有者参与到Ethery平台的治理中。

💡Layer 2

Layer 2是指建立在基础区块链(如以太坊)之上的协议或技术，旨在提高交易速度和降低成本。在视频中，提到了多个项目正在开发或已经推出了Layer 2解决方案，以应对区块链的可扩展性问题。

💡NFT

NFT即非同质化代币，是一种代表独特资产或内容的区块链上的所有权证书。NFT可以是艺术品、收藏品、游戏道具等，每个NFT都是独一无二的。视频中提到了Starbucks的NFT平台Odyssey将关闭，并将NFT迁移到Nifty Gateway平台。

💡交易费用

交易费用是指在区块链上执行交易时所需支付的成本，通常以加密货币的形式支付。在DeFi项目中，交易费用是平台收益的重要组成部分，也是流动性提供者获得回报的来源之一。

💡空投

空投是指加密项目方将代币免费分发给钱包地址的行为，通常作为市场推广或激励措施。空投可以让更广泛的用户群体参与到项目中来，同时也是一种增加代币流动性的方式。

💡去中心化金融

去中心化金融(DeFi)是指构建在区块链技术上的金融服务生态系统，它不依赖传统金融机构，而是通过智能合约实现金融服务的去中心化。DeFi提供了借贷、交易、保险等多种金融功能。

💡市场认可度

市场认可度指的是市场对某一产品、服务或概念的接受程度和认可情况。在加密货币领域，市场认可度通常体现在价格、交易量和社区活跃度等方面。

💡预挖矿

预挖矿是指在加密货币或代币公开发行前，由项目方或早期参与者进行的挖矿活动，通常用于筹集资金或奖励早期贡献者。预挖矿可能会影响代币的初始分配和市场流通情况。

💡风险管理

风险管理是指识别、评估和优先处理风险，以减少、监控和控制未来事件的不确定性和影响。在加密货币市场中，风险管理尤为重要，因为市场波动性大，风险高。

Highlights

30% APY被看到只有18%的回报率

Zerion宣布推出L2，尽管对其作为钱包的需求不太清楚

星巴克关闭NFT平台Odyssey，将其转移到Nifty Gateway

My Lady财库被清空110个NFTs，导致地板价下降20%

东南亚的Grab允许通过Triaa进行加密货币上坡选项

Polyhedra CL完成了2000万美元的战略融资，估值达到10亿美元

444的实施成功，以太坊的L2交易费用大幅下降

Avo空投正在进行中，用户可以认领AO代币

MicroStrategy通过股权价格上涨和可转换债券发行增加了比特币购买

Skip协议的创始人讨论了与dydx的合作和订单簿差异仪表板的有效性

Stinky项目被提出，旨在为主权链提供更强大和灵活的原生Oracle

Block SDK发布后，有两条链采用，主要用于实现免费交易和MEV回收

Ethery因其流动性质押策略和治理代币的推出而受到关注

Swell宣布推出流动性质押和流动性质押代币，以及基于Polygon ZK-EVM的L2策略

Shuffle完成了LBP并推出了赌博应用，支持多种赌场游戏和体育博彩

meme coin的合法性正在被传统金融界和投资者认可和合理化

Bonk和Trump被框架为持续预测市场，Pepe被称为文化现货资产

Bonk团队和Bonk机器人通过交易费用产生实际收入

meme coin的合法性可能成为热点，也可能成为风险点

Bonk在短短三天内从零增长到20亿美元的市值

过去48小时内，通过各种预售向随机Twitter账户发送了1亿美元

meme coin活动在未来的周期中可能会比现在更大

Transcripts

it's offering like 30% apy and you're

seeing like 18% of that return or 18%

apy is sitting in ether fi

tokens we got to restart this this I got

to put this cat

outside meowing up a

[Laughter]

storm the cat thinks the valuation is

too high

yeah before we get into today's episode

just a quick disclaimer the views

expressed on this podcast by either

myself or any guests are their personal

views and do not represent the views of

any Associated organization nothing in

this episode should be construed or

relied upon as Financial technical tax

legal or other advice all right let's

jump into the episode what's up everyone

welcome back to another episode of zerox

research the blockworks research team is

back to bring you another episode of an

analyst round table today is Monday

March 18th and today we are joined by

Ryan a new face of the block research

team and ZX pibbles um Ren how about I

kick it over to you to discuss some of

the latest news and governance updates

definitely thank you Sam so for the

first news and governance update it's

zerion I don't know how to pronounce the

name zerion announc announces an L2 uh

I'm not really sure what a wallet needs

an L2 for but apparently they're going

to subsidize users transactions I also

don't think zaren is like a that wide to

use as a wallet but it seems like

everyone's launching in L2 so I guess

it'll be interesting to see a wallet um

sort of launch in L2 to sort of new jerk

reaction is that a wallet does kind of

have like the distribution in crypto

because everyone interacts with crypto

through a wallet so you know if like

metam Mas launched an L2 I think it

would actually be pretty powerful and

you can think of I guess a coinbase

wallet they launch your 02 base so this

might be a fun experiment but yeah we'll

see um another news governance update is

that Starbucks shuttering or is

shuttering their nftd Odyssey platform

it's going to close the last day of

March I think it was one of the

relatively hype deals that occurred in

the last bull market I know there was a

lot of like talk behind the scenes about

like how much was really spent on that

deal and I do think it was quite a high

sum but yeah um NF customers could earn

through the AY program and then they

could earn stamps I know this was a

crowd favorite for Sam um but yeah these

n ofs are now going to be transferred to

the NFD platform Nifty Gateway where

they can continue to be bought and sold

I think it's a bit disappointing that

they're shutting this down I feel like

it was a fun experiment but I feel like

we're going to see a lot more of these

like Customer Loyalty fan engagement

type of like nft programs in the coming

yours any thoughts on those two news

updates I feel kind of attacked here I

know pibbles is a sucker for Starbucks

LTE as well so I'm I'm definitely going

to call you out there two pibbles but uh

yeah kind of disappointed in this one

obviously there just like wasn't very

good traction to be honest the ux was

like super clunky like the last thing I

want to do is log into my website

browser check out my wallet on polygon

and like trade these little stamp nfts

so I I definitely understand why they're

shutting it down it there like wasn't

product Market fit there like the most

you got was like a free coffee and that

that took like a ton of stamps that you

had to collect I'm pretty sure I paid

like $1,000 dollar for one of these

stamps too that are probably worth

nothing now but nevertheless sad to see

it but uh at least they gave it the old

College try I guess the Odyssey was a

lot of work too like it was like watch

this 2hour documentary on the origin of

our beans and then take a quiz about it

to get a stamp and like you have to get

a ton of stamps to get the slightest

reward so um I I quit after the first

week yeah as did

I uh I I admit that I didn't use used

the product I like logged in once I

picked I think I became like a tiger or

something and then I immediately logged

off um I think the takeaway for me

though is that um these like Web Two web

3 Partnerships are really hard to pull

off especially on the consumer side like

I think about like gamei and Defi and

the reason that they worked to any

degree I think is that they were built

by crypto native teams and if you look

at like early internet or early mobile

apps the really successful ones were all

like the native teams like early

internet Amazon eBay Yahoo PayPal right

like Banks could have easily entered

payments but they didn't uh a net new

startup had to like enter that

Marketplace and same thing on mobile

like Instagram WhatsApp like Spotify

right like apple was Miles Ahead of

Spotify in terms of like music

distribution and streaming and they

still lost out uh they were beaten by um

like a mobile native startup and um and

and Starbucks just wasn't native enough

I

think I do think that there's an

opportunity to try this again but maybe

a few months down the road with like a

much better user experience I'm sure we

gave people like a free pumpkin spice

latte and then they can create like a

wallet to like ZK login instead of like

creating their own wallet with like a

12w seed face like that'll probably be a

much better user experience and make it

like like like a Robin Hood Type

interface you know like you like swipe

to like sell your nft you don't need to

like approve transactions and whatnot um

but yeah I guess good luck Starbucks a

few other news and governance updates um

the My Lady treasury was drained of 110

nfts as a result the floor price I think

is 20% lower than where it was before it

was drained a grab which is sort of like

uber of Southeast Asia allows for crypto

onramp options now via triaa you can use

BTC e x SGD uscc and your C and I think

that's like a pretty nice uh uh a pretty

nice option for a lot of people because

a lot of the time just the offramp

process is quite a pain in the ass to be

honest so just sending it to a product

or service that you use commonly and

being able to pay for that in crypto is

a pretty big unlock and another thing

that occurs along that front is I think

the nosis pay cards are starting to go

out and so far I've heard like

relatively okay things about them I know

some people have mentioned like they're

getting like really really big slippage

when they're transferring or swapping

from like another

sort of stable coin that's in another

currency but it'll probably take some

time before those really take off

polyhedra CL a 20 million strategic

funding round at $1 billion so this

feels like another like really high

valuation for sort of like middleware

infrastructure and I wouldn't be

surprised just looking at the state of

the market and where the worm air drop

is probably going to launch at um but

yeah any thoughts on those three bullet

points I got a question on Paul hedra

what even are they building exactly it's

like been too long I'm almost afraid to

ask at this

point so P just main product if I'm not

wrong is uh ZK bridge and the ZK Bridge

basically operates across multiple

networks and it's not just like one VM

it's across like evm chains um and also

Bitcoin so for example I think they're

going to leverage igen layer to sort of

build build out interoperability between

Bitcoin and ethereum if I'm not wrong

but yeah it's like ZK bridging think of

it as

like Wormhole is interested in like a ZK

sort of like end game so I think

probably he just like trying to work

towards that right now I guess but yeah

ZK bridging is the tldr but all right

moving on to some last news and

governance updates 444 was finally

implemented congratulations eum with a

pretty minim hiccups outside of a slight

uptick in Miss slots and vorks and I

think the cost of L2 transactions has

dropped at least in order of magnitude

across all rollups which is pretty

pretty damn good you know uh I feel like

it's always very very impressive when

ethereum pulls off these like live

upgrades considering ethereum's this

massive Network it's a complicated

system and you're just upgrading it on

the flight it's like really really

impressive another news in governance

update is that the Avo airdrop is

underway so if you have go and claim

your AO token

and lastly the BTC micro strategy pair

trade Michael strategy has absolutely

ran it up turbo in the last few weeks um

so micro strategy is up while BTC was

down likely due to traders long BTC and

shorting micro strategy as Market

participants expected the premium

applied to micro strategy would dissolve

post ETF approval but that just has not

happened as Michael sailor announced his

private offering after private offering

it kind of feels like a infinite money

glitch I know it's not an infinite money

glitch but it kind of feels like an

infinite money glitch any comments on

those yeah I had sailor on the the cool

Throne last week it's just pretty wild

that he's able to run up the equity

price and then do more you know

convertiable notes and essentially

leverage that high Equity value in order

to basically Finance more Bitcoin

purchases so good on him over there in

terms of 4844 my main takeaway is if

you're not experimenting at the VM level

as a rollup then you need to start if

you're not like the arbitrum or optimism

of the world because obviously they've

established some T of some type of uh

Network effect in community but if you

just look at Raw performance like we're

still seeing fees at the L2 level grind

higher just because of the constraints

of the evm at the execution layer and

not necessarily the L1 settlement costs

of these l2s so very excited to see

things like manad uh Eclipse there's all

sorts of other uh projects kind of

experimenting a little bit in the VM

space at the L2 level so excited to

watch this play out over this cycle I

think they'll be big

Winners yeah following on that it feels

like we've hit a point with celesa and

Igan da probably coming online sometime

later this year where perhaps da isn't

constrained for l2s anymore it's

execution so it'll be interesting to see

how L2 sort of like tackle that as

especially considering that most l2s

have like a centralized sequencer today

and it'll be interesting to see if they

sort of like boost up the execution

component of the

L2 but all right uh we're going to move

on to our dydx segment this week and

this week we have skip protocol all

right guys welcome to this week's dydx

segment this week we have mag co-founder

of skip thank you so much for coming on

mag thanks friend appreciate it all

right so getting straight to it skip

received the ground from dydx to Monitor

and analyze Sovereign me within the dydx

ecosystem could you talk a little bit

more about the partnership and the

efficacy of the order book discrepancy

dashboard that you guys have

built yeah sure uh so I think a large

part of it was just realizing like what

is meev on an order book right this was

a question that I don't think anyone had

really explored prior to us looking at

it with dydx research and I think what

we discovered was you know when you have

a chain with multiple different

validators the difference in how those

validators order their orders or how

they process them is actually very

indicative of how much me is being

extracted so this concept of order book

discrepancy actually serves as a very

good proxy for figuring out what me is

and the dashboard you know has been live

for a while and I think one really cool

thing that we've noticed is validators

have come to us asking us how to reduce

their amount of order book discrepancy

which one decreases meev but then two

just makes for a better trading

experience and it's come to the you know

there have been a couple cases where

people exceeded the you know socially

allowed amount of order book discrepancy

and those folks have taken extra

measures to make sure they've reduced it

so at a minimum it served as a great way

of like making these metrics more

transparent and for folks to realize how

they're doing along these

lines okay that's super interesting I

wouldn't have guessed um that badad

would come to you asking how to reduce

their discrepancy but that that kind of

makes sense whether that's like

malicious or not malicious another super

exciting thing that you guys are working

on is stinky which you guys announced

earlier this year could you walk us

through what that is and why it's so

important yeah so we're big Believers in

building tooling that allows for

Sovereign chains more powerful and

Slinky is exactly that right so

basically what Slinky allows you to do

is to uh build your own restak native

Oracle that uses your own validator set

to run and retrieve your own Oracle

prices um it's also heavily geared

towards performance and so it can

deliver you know upwards of a thousand

uh currency pairs on a per on a per

block basis with very little latency and

so in many ways it was almost custom

designed for DDX uh it was built with

their needs in mind and you know we're

we're actively working with the DX team

to explore you know whether it's a

viable option to actually run the Oracle

on

bdx um but at a minimum what it should

allow for is tons and tons of new

permissionless markets in a much more uh

in a much more uh verifiable and Safe

Way and so that's one thing that we're

really excited to work on with the idx

is how do we get the idx from you know

75 markets to over

10,000 yeah that's super exciting I

think permissionless listings are a

great thing and I think reducing the

sort of like trust assumptions that you

need to have for example like most

prexes they need to have like another

set of trust assumptions with the oracle

and so just bringing that inhouse and

trusting the same batt data set seems

like a very natural thing to do I think

one last question I wanted to ask is

what's the update on the Block SDK you

guys released that a while back and I

was super interested in the entire

concept of it and it seems like etherum

like slowly trying to move in that

direction and so I want to ask has

anyone adopted it and how are

applications using it right

now yeah uh so the block CK was a little

bit of a departure from our normal way

of Building Product uh it's a fully

open- Source SDK that allows for chains

to you know split up their block into

different lanes that have different

ordering and execution rules um we've

seen two chains adopted uh so osmosis

and neutron are both you know uh

shipping with the block SDK in their

most recent releas or their next release

and the main use case we've seen for it

right now is enabling for enabling free

transactions so basically uh having a

dedicated amount of block space that is

given to uh types of transactions and

types of actors that should be sub that

this the network wants to subsidize

right we've also seen a lot of use for

the meev lane so the concept of you know

Sovereign me or recapturing me profit

for your community instead of letting it

leak out of the system has been very

popular and the way that that's

implemented in the block SDK is via top

block auction so those two things have

been very uh popular I think the Hub is

right like right around the corner from

launching with the block SDK to have an

EIP 1559 fee Market um which should you

know reduce some of their congestion

issues and especially in periods of high

load makes it a lot harder to Doss the

network gotcha that's super exciting to

hear unfortunately that's all we have

time for today but thank you so much for

coming on mag and now moving on to our

hot seed C drone segment moving on to

this week's hot seat Kone segment uh

zerox pivos I'm going to throw it over

to you this week

first yeah I'm going to start with a

cool Throne it's ethery which is liquid

reaking so I just wrote a report uh

probably about a month ago on um liquid

staking for ethereum and how it's a cash

flow machine and today was a good

morning to wake up and see The Ether

fire a drop they just raised like 35 mil

a few weeks ago in their second round

and then they launched this ether fi

governance token

uh at like a four Bill valuation I think

it's like around 400 mil circulating

market cap um but ether fry has just

been like a really great product to use

over the past year for staking ethereum

um particularly because you get IG layer

points as well as ether points which

have now converted to a token they also

launched a new um it's a new strategy I

think it's called liquid and it auto

deploys your Stak eth in ether

into like various defi strategies I

think I saw a tweet that was like

ether's launch price today is like a

20,000x return for for seed investors

which is pretty insane um they also

launched a new like defi strategy today

so you can take your staked eth and

ethery and it will go into a vault and

it auto deploys into various defi

strategies like on Pendle um it's paying

30% apy where 18% of that is is more

ethery tokens and then 12% of that is

like actual native eth and you continue

to earn more ethery and Ian layer points

so it it's kind of like a nice suite for

like people who want ethereum exposure

but don't want to have to actively

manage what they're actually doing with

that yeah I feel

like that felt very fast I felt like I

would have expected a lot of these like

LRT protocols to sort of push out or

like prolong the tokens as fast as

possible but I mean like if you're just

looking at all of the valuations that a

lot of these air drops are launching at

and I feel like considering the amount

of tvl in their protocol they're

probably thinking that you're not going

to get much more like marginal tvl even

with like additional incentives or

additional points or whatever so you

might as well just launch the points now

and be sort of like the first LRT

protocol with a live token and everyone

will look at that and then they'll

probably go okay this is the only LT

with a token I'm going to ape it because

this I need like my LRT protocol like

exposure and so yeah I think overall

it's a good move it's interesting to see

them launch that sort of like automated

yield strategy uh I think over the past

year we've seen protocols such as like

Somer do quite well with sort of like

yield Vault and yield management so

it'll be interesting to see how much

people ape into the yield strategies and

I think it makes sense considering that

you're depositing e into all of these

protocols and I can layer for yield

anyway that's kind of the whole premise

that you're providing security and in

return you get like some tokens which

you can think of as yield and so they

might as well like manage that e or the

e e for you and sort of try to generate

additional yield on top of it I'll be

really interested to see once I can ler

launches how these LRT protocols

differentiate themselves will they have

like a different basket of abss will

they ultimately all have the same basket

of abss since there's probably like a

soci like good basket version of ABS is

like it'll probably be obvious to most

people like which ones are like BS and

which ones are good so it'll be

interesting to see those Dynamics play

out and whether it'll be like a winner

take all Market or there'll be for

example like 10 LT protocols one year

from

now I just pulled up the Lio chart just

kind of like looking at the market cap

at two and a half billion versus ether

F's 4 billion pibbles would you say this

is like under or overvalued if you had

to put a put a rating on it ethery

probably

overvalued it it just depends like like

Ren said with like the AVS strategy so

like obviously this like liquid strategy

Vault they just launched it kind of lays

like the preliminary architecture for a

managed ABS Vault where you just deposit

your eth to be restak and then they kind

of like Auto pick depending on like your

risk Tolerance on like what ABS is you

want to help direct your eth to

secure on a similar note for um liquid

reaking I'll talk a little bit about one

of my hot seed Cru drones then um swell

which is another liquid reaking protocol

they have around 840 million in tvl um

and they both have a liquid staking

token and a liquid reaking token so

between those two in total they have

around one billion in tvl uh rather than

launching a token theyve decided to

launch a restake rollup um so like

everyone else is rollup season and I

think this just keeps on happening as

much as our friend and analyst Dan Smith

is so sick of l2s launching again and

again um but yeah the spe R has a few

benefits which I I think this part is

like relatively interesting for what

it's worth um since it's a restake roll

up and they I guess will be able to

provide like several I'm not sure if ABS

is is the right term here but several

like features within their vake devel up

so for example decentralized sequencing

decentralized verification and using

sort of IG layer for a fast finality

there I think it'll be interesting to

see what that looks like I feel like all

three of these are a little bit of like

buzz wordss that we haven't seen go live

into production yet um although I know n

has like a fast finality later but yeah

I mean if you just think about it from

like a logical perspective if blast was

the L2 that's built for like native

taking yield then the obvious evolution

of that was that there was going to be

an L2 built with Native reaking yield I

think it's really obvious that that

would have happened sooner later I

wouldn't be too surprised to see blast

like eventually incorporate ltis of some

sort um down the road once it's sort of

like a bit more established but yeah I

think SW has mentioned that they're

going to have all of like the familiar

D5 Primitives but they're probably also

going to have primatives built on Native

staking and reaking yield and the native

gas token of their chain will be rwe

which is their liquid raking token not

their liquid staking token and I feel

like that that was an a relatively

interesting choice to be honest cuz

their liquid staking token has a TV of

840 million versus their liquid reaking

token of that has a TV of roughly 150

million so it could be a bid to sort of

increase the TV of the liquid sing token

increase the adoption and sort of its

utility around its own defi Eco system

but I'll be really interested to see

what type of dabs launch there to be

honest I'm struggling Beyond like the

normal like you know dexes money markets

maybe like a per Dex with liquid resing

token as collateral uh but yeah let's

just see how this experiment plays out

and um it's going to use ion da and it's

going to be built using the polygon ZK

evm yeah I can't wait to farm the swell

swap air drop and swell end it's going

be good stuff um it it's cool to see

them launch this L2 strategy along with

every else and I know like ether fight

also put an L2 in their road map uh I

think it's pretty safe to say blockworks

research is going to have its own L2 uh

by the end of the year just for

fun I think going completely off topic

here but another thing that you're

seeing or you're starting to see is l2s

not just on ethereum like on salana too

and I feel like just L2 season is going

to get CER and CER like everyone on even

if it doesn't make sense it's just going

to launch an L2 I think by the end of

the year mer probably can to get brain

damage of some form if he already

doesn't have any damage from all of the

l2s that of launched but for example

Zeta markets is launching his own L2 on

salana grass is launching its own L2 on

salana I think you can make an argument

for like those two like kind of make

sense um but you know on the other hand

you've also seen people sort of take the

svm and build out their own kind of L1

so for example like piff piff has their

own network built using the svm so it's

interesting to see that choice between

l2s and L1 and I don't think we have a

lot of salana l2s today if any at all so

it'll be interesting to see what that

user experience looks like compared to

sort of like ethereum

l2s yeah I think the biggest question

here is do they actually work um like if

if you're seeing like tons of

transaction is getting dropped on salana

and every block right now what happens

when you're an L2 on salana and you're

trying to like just function as a chain

yeah I I got to go back and like study

up on this but I feel like I've like

seen Anatoli say multiple times like I

don't know why you would build an L2 on

Sala like you you don't like you

wouldn't get any benefits per se but

yeah I I don't have enough knowledge on

why you would need to build a salana L2

to actually have like an intelligent

take here to be be

honest I think the reason stated for at

least the grass L2 is that the amount of

data or transactions they will need to

process in order to support the entire

like decentralized AI like information

gathering stack is just orders of

magnitudes larger than whatever like

salana is able to support today and so

that's the reason they need an L2 cuz I

mean like sure sana's like put is pretty

good today if off the top of my head

just trying to think of like the TPS

non-vote tps's it's probably around like

I want to say 800 to a th000 and I can

definitely see like there's some crazy

use cases out there which require a much

higher DPS than that um but yeah that

sort of set of protocols or applications

that really need that level of like

performance and through is probably very

very limited and I know there's like a

number that's thrown out there in terms

of sana's like da capacity um and I know

that number is wrong but I think the

number that was thr around was like 150

uh mb per second but I know that

specifically refers to like something

else so realistically it's probably a

lot lower than that um but yeah like da

probably definitely is not the

constraint for salana l2s it's probably

going to be execution

too roping this back into swell too like

what is the difference between ether and

swell are they more or less competing

within the same vertical would you guys

say yeah I think they're like basically

the same um the only difference right

now is like ethery already uses obal to

implement like DVT I'm not sure if swell

has something like

that gotcha well I can take it over with

my cool Throne this week I've got

Shuffle uh it just concluded its LBP it

launched with about $10 million of

liquidity paired with usdc on ethereum

mainnet Shuffle is a gambling

application that supports like Casino

like games like slots and crabs

Blackjack Etc as well as a sports book

for things like college basketball NFL

NBA Etc all the sports you'd expect to

see on a traditional book it launched at

a $35 million market cap or roughly $600

million fdv apparently a jump tagged

address uh participated in the LBP and

deposited 1 million into there so

they're basically running in my eyes the

dydx Playbook kind of like a low float

high fdv in order to keep the value of

incentives really high and keep volume

coming back uh and trading for more to

get those incentives and I view that as

kind of attractive in relation to other

gamble five projects that we've seen in

the past it's either been yes they have

a token to use for incentivization but

they kind of have that cold start

problem and can't really get the volume

uh and the the incentives value

therefore suffer and then with roll bit

we saw them obviously explode around six

to 12 months ago but they do not really

have a token that they can use to

incentivize so I've been looking for a

project like this and I feel like

Shuffle checks a lot of the boxes they

did about $150 million of volume the

other day this is likely inflated due to

the airdrop occurring but nonetheless

$150 million of volume is a lot I also

like the way they designed their airdrop

so basically if you uh um bet on the

platform between February 2023 and

February 24 you got an air drop based on

the amount of volume that you actually

beted but what I liked about this is

that 20% was available on tge but then

the remaining 80% vests over three

months with the exception that if you

bet more volume then your airdrop vest

is expedited and you can actually use

the shuffle tokens to bet on the

platform which uh in my opinion just

ultimately means that people who

received an airdrop will likely gamble

it away as opposed to selling it on

dex's because gamblers like to gamble um

15% of the non Shuffle denominated

Revenue will be used to buy back and

burn the token and 30% of the shuffle

denominated Revenue will also be used to

buy back and burn the token so just

running some backup napkin numbers if

you assume like a 5% or even a 1% margin

on the 150 mil volume that'd be you know

$7 million of Revenue in seven days so I

think people are underestimating the the

amount of Buybacks in Burns this hasn't

actually taken place yet I checked the

burn address this morning but I think

that we will see people threading about

this one in the coming weeks could

definitely be wrong not Financial advice

but I've just been looking for a gamble

five project because I find the product

Market fit with crypto to be absolutely

perfect and just no one's kind of nailed

this on the head yet but curious if you

guys have any

thoughts I think it's looking pretty

healthy uh strong on liquidity this is

my first time looking at the chart um

disgustingly low float like I think this

is a a banger play I would like to buy

this

security I I got a quick question um you

mentioned that 20% is available post tge

and 80% investing then in the over 3

months for the speeding up part is it

only with uh volume that you wager like

post tge or is it like looking at the

volume that you had pre tge yeah just

post tge volume so you're kind of

incentivized to bet more in order to get

your tokens you probably lose you get

your tokens you're like all right I'm

going to make it all back in one bet and

then you lose that then all of a sudden

Shuffle tokens are getting burned that's

kind of that's kind of the thesis in a

nutshell gotcha and then is it like um

it accelerates the burn based on like uh

sorry it accelerates the vesting based

on like cures if you bet more than like

$10,000 it like vest like two weeks

earlier if you bet more than $100,000 it

vest like like one month earlier like

what does it look like it's something

like that I'll be honest I haven't

looked into it cuz I didn't personally

get the airdrop because this is like

they're very very strict on their terms

of services like they will kick you off

of the platform if you bet more than

like 500 bucks so that's another reason

why I'm actually kind of bullish on this

project like it seems like they are

actually following the rules unlike a

lot of other you know competitors so I I

would just like to see a well-run and

actually compliant gambling platform

that integrates crypto and and Shuffle

seems to be the number one Contender

there I also believe uh the Founder's

brother is the founder of manad I'm I'm

pretty sure I don't think I'm messing

that up but that's like kind of another

good sign you know this guy's well

connected and knows what he's doing in

the crypto space gotcha gotcha and I

don't gamble it at all so I'm G to have

a lot of questions one more question I

want to ask is you mentioned that you

can wager sorry I gamble but I don't do

like gambling in terms of like Shuffle

type Gam let me let me clarify that um

you mentioned that you can use um

Shuffle to wager so for example like I

don't know you want to bet on like

yesterday's like FA Cup match between

Manu and Liverpool are there two

separate po there like one is like a

shuffle denominated like order book and

there's another like USD denominated

order book or like what does that look

like specifically or is it just like

using Shuffle as a

collateral you would use Shuffle as the

collateral and all the bets are Deni

nominated in USD so I'm not sure how

that actually operates under the hood

I'll be completely honest there's a good

bit of opacity in the the design of

Shuffle like that's another one of the

main tips with rbit it's like we can't

actually see what's going on here

they're supposed to be releasing an

analytics dashboard that gives more

insights into the specific types of

wager volume Revenue burn Etc things

like that so definitely looking forward

to that but in terms of how it works on

the back end like it does give me mango

like Vibes like letting people you know

bet on your platform with the native

token so not sure how they actually

translate that into dollars on the back

end whether they sell the tokens for

dollars right when they receive them

because there is like a deposit and

withdrawal like you can deposit from any

chain you can be on salana you can be on

ethereum Etc just deposit into the

platform and then you have a dollar

balance but that dollar balance does

fluctuate while it's in the platform as

well so not sure if they're like

transferring it to Dollars and then not

taking on the price volatility or if

they're actually holding the underlying

assets and wallet addresses I would

assume the latter but not 100% sure

sorry Ren yeah no worries and I think

another interesting point that you

mentioned was that they're like mostly

following the rules and they're for

example like limiting the amount that

you can deposit or wager I think is you

mentioned I think that might be like a

really good thing obviously both from

like a regulatory standpoint they have

to follow the regulations but also for

their market makers if that's the

correct term um for like a gambling

protocol because if you think about it

like you kind of don't want adverse

selection you don't want to be the

market maker on the opposite side of

like someone being 100x long with on vit

like that'll be a pretty disastrous

outcome but if you limit like the size

to like $500 then I think it's safe to

say like chances are you're getting like

pretty silly retail flow rather than

like super gig Chad like uh whale flow

and so that's probably like another

reason that will help sort of like

accelerate the fly re between like

volume liquidity and

activity yeah I guess it's worth noting

too that like obviously there's quite a

bit of inflation from airdrop one

there's going to be multiple air drops

coming in the future the vests and

cliffs are like relatively short so the

question is kind of going to become like

is the amount of Revenue they're

bringing in offsetting the inflation I

don't know if it really matters because

we're in a bit of a bull market right

now and all it takes is like a narrative

to start up but there's definitely like

some question marks given the high

inflation early

on yeah I think on the market making

Point like if someone just wins too much

you just don't let them withdraw that

seems to work it's a pretty good

strategy in

crypto yeah their terms of services

definitely says like we reserve the

right to just rug you essentially so I

wouldn't try like going on there with

significant sums of money it's it's more

of something that you should test out

out and and have fun with just as a a

casual

hobby I have a question for you guys do

you think like gambling protocols

gambling in terms of like you can do

like sports betting blackjack poker like

that type of gambling do you think that

takes a backseat in the bull market just

given like sort of onchain like meme

coin activities or do you think I'm not

sure if this is the correct magic but

like gambling market share increases

versus like meme coin volume I guess cuz

I I feel like I could see it both ways

to be honest on one hand I feel like you

know like if it's a complete like bull

market you're getting at Le like 100 X's

every day on Salan like maybe I don't

want to like do sports betting and

gambling and like play poker onchain

instead I want to go like eat all of

these meme coins but I could also see

just like overall degenerate activity

increasing in a bull

market yeah my guess would be meme coin

volume maintains its dominance over

traditional gambling volume by by quite

a mile to be honest but I think it's two

separate cohorts of users like if you're

using Shuffle you can hardly even tell

that you're using crypto at all really

the only crypto component is depositing

assets and I think that giving like kind

of a a universal like global system

where you can deposit from any chain and

have like a clean front end for gambling

I think that has like an actual chance

to onboard new users as opposed to just

just the same people playing musical

chairs on salana today in mem

coins I think is a perfect spot to pass

it off to uh Ryan for his hot seat at or

Cruses because I know it has something

to do with me coins totally yeah so my

cool Throne is uh memec coin

legitimacy so we all know that as

memecoins are becoming the bulk of

crypto Market activity activity today

we're actually seeing the market uh

investors traditional Finance even begin

to intellectualize and um legitimize

mcoin trading in this Behavior Uh we've

seen Bowden and Trump uh Being Framed as

continuous prediction markets which is a

metaphor that I love uh we're seeing

with Pepe Bon uh being referred to as

cultural spot assets by

VCS and we're seeing uh even protocols

like Bon uh a meme with the team and Bon

bot uh actually generate real revenues

uh I think they hit over I think it was

over 120 million in trading volume and

generated 700,000 in Revenue yesterday

or 1.1 million in Revenue yesterday just

from Trading fees um that's like

fundamentals right um this activity is

being legitimized you're seeing the VC

think Pieces come out I even saw on

Twitter yesterday a legal argument for

the legitimacy of M coins right that the

teams that make these like they don't

stick around there is no team uh the

thing has no utility so it can't be a

security right so it's completely

legitimized uh I'm not a legal expert

don't take my legal advice it's just a

tweet I saw

um

and what's interesting is that like

potential hot seat when we start to

legitimize these things when we start

saying that you know defi is the Future

Finance or game BU as the future of

gaming kind of a top signal so my cool

Throne uh Is MeMe coin legitimacy but it

could very well also be a hot suat as

well yeah I think um meance right now

it's it's like making me increasingly

more uncomfortable in holding anything

besides Bitcoin because it's the only

one with like true institutional flows

like if if meme coins keep blowing up

like this

then you you're kind of like creating a

horrible image for crypto like we just

beat out the the criminal image and like

the moneya laundering image and I was

like okay we are just a giant Casino it

it makes me want to distance myself from

that entire sector and like just hold

Bitcoin because this is definitely not

helping us in the public eye at

all I don't know I feel like okay sure

like gambling and being the general like

probably isn't that good for the Public

Image but I feel like a lot of like

Society at large just like to speculate

on like the most stupid or ridiculous

things sure like maybe we shouldn't be

speculating on like which dog is the

best or I I feel like people definitely

want to speculate on for example like

who's going to win the presidential

election but for example if you made a

meme coin for every single like

boyfriend that Taylor Swift has had and

gave that to like the Taylor sft crowd

to speculate on I bet you that would

probably like assuming like you abstract

the weight off the complexities of like

interacting with crypto like that would

do an insane amount of numbers like

every time tayor sft switches a

boyfriend um but yeah I I don't think

I'll go so far to say like you know like

meme coin super cycle but I do think

that there's like a long-term Trend and

narrative there both in terms of like

just Society at large wanting to be

degenerate you see that and like

increase gambling volume like year over

year I think last or this year was like

the largest like betting volume for

Super Bowl like ever by a wide margin

gambling is an industry it has like a

20% like year on your growth rate the

amount of volume traded in zero Daya

expiry options which I think is mostly

driven by retail also has exploded in

the past few years and I think those are

like long-term trends that just continue

to hold and as right mentioned you know

rather than trying to speculate on that

in like a prediction Market where right

now if you bet on PO Market the best you

walk away with is like a 2X after the

election happens you might as well just

go ape into like Trump or like V in you

know because there's that continuous

element to it it'll probably still trade

after the election happens for example

all the way into like the fouryear terms

of these like the new president but also

like the upside is quotee unquote

Unlimited um so I do think there's

something to be Sav for like the

long-term staying power of like maybe

not meme coins in terms of like dogs and

cats but like meme coins that like

represent certain cultural events for

lack of a better

term I don't know I'd take pibbles as

side on this one I see like just New

Meme coins with hundreds of million

dollars of volume and they acrew these

ridiculous ftvs or market caps and it's

it gives people this false sense of

wealth when in reality it's only a

handful of people who can actually Cash

Out given the amount of liquidity on the

asset that they're trading so it it

makes me feel like it's incredibly

frothy and it scares me this early in a

bull market as if like we need to reset

back down to like 55 60k Bitcoin

somewhere around there but it's just a

game of musical chairs I just think

people need to be aware of the game that

they're playing because I think a lot of

people have made a ton of money on these

meme coins and they're still sitting in

them and once the Music Stops like the

liquidity dries up pretty quick and

those paper gains can run away in a

hurry so makes me nervous too

pibbles yeah and people will say like oh

crypto has found like pmf but I think we

live in a vacuum and I think we're

spending like eight hours a day

subconsciously on crypto Twitter and

we're like oh this is the future like

everyone's doing it what if no one

outside of crypto is touching these

because who has that much money in

crypto to throw $5,000 at a mcoin

besides us

like I think we're just getting really

detached from reality here and like it's

blatantly obvious but everyone's going

to continue continue to ignore

it so you're telling me that people

sending pre-sale soul to random

addresses is in a top signal I mean come

on we saw what $30 million sent to like

random addresses is this bom I I

actually have not even caught up on the

bom stuff so if anyone can shed some

light on what happened there that'd be

great too yeah I can shed some light on

sort of like the prale situation that's

my hot seat for uh this week so bom is I

don't even know what it is basically a s

like book of meme um it was created by

this Twitter account called Dark farms

and they're known for like the Pepe meme

um but yeah people send I don't know the

numbers here but they send like a lot of

money to this guy um and basically it

has a ridiculous amount of liquidity

just looking at it right now it has $66

million of liquidity and that trumps

like most assets uh on salana at some

point it traded at roughly like a two

billion FTV and it went from zero to 2

billion in like three days I think it's

one of the crazier if not the craziest

things that probably a lot of us have

seen in crypto in a very very long time

orever and that was like just the start

as soon as like that overnight success

occurred I think you saw over hundred

million sent through various pre-sales

in the last 48 hours and basically how

it works is like some K some influence

on Twitter mentions that they're doing a

pre-sale um it's a minimum of like one

Soul sometimes there's a maximum for

example of like three so you send it to

this address and then all of that so is

used for liquidity you get like a

percentage allocation of the initial

token Supply most of the time it's like

50% is given to people who like bought

into the pre-sale the other 50% is

deposited into the liquidity Po and most

of these people uh burn the

liquidity um but yeah I I feel like it's

gotten pretty crazy I think the craziest

example I saw on my timeline was some

person raising $30 million in 30 minutes

and sometimes you think to yourself like

how did these people just have so much

money that's sitting

around and they're just waiting to just

give it to like a random person person

in hopes that they don't get completely

rugged and another example of this or

sorry another example of getting rugged

is this token called slurf S slurf I

don't know how to pronounce it but they

raised 10 million dollar um they burned

the lp but they also burn the tokens

that were set aside for the pre-sale

allocation uh and this guy basically

revokes the Min Authority so there's

nothing he can do like quite literally

nothing he can do it's just like a big

oopsies and $10 million

and so is just now gone forever um I

feel like there's some legal liability

there for whoever did this but yeah it

definitely feels toy when a hundred

million dollar in so has been sent to

random Twitter accounts in the past 48

hours I'm not sure how you don't look at

that and like sorry how you look at that

and don't think it feels like a little

Toppy and a little frogy in the markets

right

now it certainly feels toppy um but

let's fast forward four years to the

next cycle is mcoin activity larger than

it is today or smaller than it is today

I would take today today I would say

larger I feel like every cycle it just

gets larger it probably increases like

by less orders of magnitudes every cycle

but if you look at like Doge it hit 80

billion market cap last cycle and ship

was like a fraction of that I don't

think it's too crazy to like CS go like

1X or like sorry 2x like higher than

that what we did last cycle just looking

at the state of the market right

now but when you multiply the number of

coins just naturally like the volume and

market caps of these coins tends to go

up so it's a bit like people taking nfts

and being like Oh the floor price is one

you got a collection of 10,000 the

market cap is one e times 10,000 in the

collection it's like okay yes that's the

market cap but is it really is there

really 10,000 eth worth of liquidity on

the other side of that trade like

probably

not I think I don't know if this like

the right way of thinking about it but

yeah obviously a lot of people are

sitting on like paper gains of like 5

million 10 million 20 million whatever

in their like wallets but one way I like

to look at a lot of these meme coins is

just look at the liquidity and then if

you divide it by like half so say like a

mecoin has like 50 billion in liquidity

and then if you take half of that that's

like 25 million in liquidity sorry 25

million of like Soul or like usdc and

then the other 25 million is like the

mean Point itself and that's like how

much money people have spent buying that

Meme coin you know rather than like

these like sort of like artificial paper

gains and I'll be quite curious to see

what the total amount of like liquidity

divided by two for all of these salon

meme coins is because it sometimes it

doesn't take that much like net dollar

spent buying to like push these meme

coins to like ridiculous like

proportions for example if you look at

like whiff it has like $21.1 million in

liquidity so just from like a number

standpoint oh sorry 71.1 million in the

largest poo so just from like a number

standpoint like only 10.5 million so has

been spent in like net buying pressure

on whin that's not that much to be

honest from my point of view like in the

grand scheme of things considering like

100 billion has been sent to Sal on

mcoin free sales in the last 48

hours yeah the thing is you don't need a

lot of new capital to really make market

cap accelerate like I know that there's

um a a pretty tried andrue paper in

trafi that shows that um for every $1 in

ETF inflows you get you get three to

five increase in market cap I imagine

it's way higher you know with these

small cap coins uh and it doesn't take a

lot of new people playing the game to

really push these things especially when

they're price and

sensitive but yeah I know there's like a

lot of like meme coin boo posting on the

timeline I feel like Andrew Kang is

probably one of like the larger mem coin

boo posters and I think his prediction

is like with and like

one or two of like the presidential

coins like ends up in the top 10 and I

don't think that's outside the realm of

possibility just because like this

election feels really contested and you

know like it's sort of like interesting

to think about the Dynamics you know

there's like Maga SL Trump on like

ethereum and then now there's like trp

and Bin on salana but there's also like

the OG Biden on ethereum but that has

like a super duper small like market cap

stash FTV so I'll be really interested

to see like how these tokens trade up

the election you know does Bowden do

well only when like Biden says like

something stupid um or for example like

how would he token straight after the

presidential elections assuming they all

don't just like go to zero straight

away it's also like a nonzero

probability that Donald Trump references

his meme

coin that that'll be a big moment for

crypto markets uh the the all-in guys

are already referencing their meme coin

um you know telling people not to buy it

but at the same time like accidentally

legitimizing it just by um you know

putting it in front of people and

getting people's attention um I think

that you know a celebrity sees a meme

coin of their name or image or likeness

trading uh just their nod to it on a

social platform I mean that that's like

that's potentially new users into the

space um it's um kind of the Trojan TR

it could be a Trojan horse for crypto

adoption in some

sense it cuts both ways though you know

someone sees it they cond doned it or

didn't condone it they shed more light

on it they buy it and then it goes to

zero it's like like kind of goes back to

what pbes was saying it's like this kind

of it's like two steps forward or one

step forward two steps back like yeah

maybe you get a marginal user onboarded

but is it really for the better like I I

just worry that people don't know the

games they're playing

essentially all right well that's a a

depressing note to end on but uh Ryan

pibbles thanks for joining zerox we will

see you guys here next

[Music]

week