Ethereum FUD, Solana, Coinbase and AI agents with the Milk Road PRO team

Transcript

GM good morning welcome to the milroad show The Daily crypto show where we simplify everything like Trump simplifies well everything I'm your host Jay Hamilton and today we are trying something new every Wednesday the milk Road Pro research team meets to talk about crypto markets Investments macro well today you and I we are crashing that meeting and giving you the alpha that comes straight from the pro team we're going to talk about salana everyone is talking talking about Trump mcoin but all the pro team is looking at is the impact on Sal we're going to dive into that ethereum is in a full Civil War the ethereum foundation is in chaos

vitalic has stepped in this crisis is happening in public on crypto Twitter we're going to bring you guys up to speed on everything that's gonna that's happening there what you need to know what it means for ethereum long term it's naturally going to lead to the question of Soul versus eth should you hold both which one is the better investment in this cycle and then we're going to talk about the Trump effect we've been talking about it all week with Trump's inauguration on Monday he his effect really started over the weekend with his mem coin but we are seeing some major things happening not necessarily announcements from Trump we're going to touch on a few things that he's done but previously sideline institutions are starting to jump into crypto in a meaningful way and a consumer app has absolutely blown up

over 400,000 new users on chain in a 24-hour period we're going to tell you what that app is and what you need to know before we jump in and hear from the boys we's take a minute to hear from our sponsors who make this show possible meet odos the defi aggregator that makes your token swap smarter faster and a whole lot easier tired of trading like it's 2019 odos finds the best prices for your swaps across 900 liquidity sources and 14 blockchains so you always get more bang for your crypto Buck whether you're swapping setting a limit order or just avoiding gas fees like the plague OS has you covered it's like having a genius Trader in your pocket minus the coffee addiction join 3 million wallets already

using odos to power over six billion in monthly trades start making smarter swaps today at milkroom for odos gentlemen welcome to the milk Road show what going on G guys maybe I should say thanks for thanks for having me in in your pro research meeting so welcome to Pro research meeting there J and family yeah yeah yeah thanks everybody everybody's great to be here uh so for those who don't know we got we got Kyle here I think everybody listening or watching knows Kyle coer co-owner of milroad and head of milro pro research uh then we have Martin as well he's

milro Pro analyst he writes most of the milroad pro reports so if you guys are reading those reports on a weekly basis he's the writer behind those he also leads the milro pro pro portfolio and then we have Adrian he's our new research analyst and he's focused on the frontier of crypto and Ai and he's going to manage our new token Center which actually launches tomorrow so uh we'll tell you guys more about that tomorrow but basically that's a place where we will give ratings on the tokens that our milro Pro Community is asking the most about all right let's jump in let's not waste any time I'm excited to be uh in this research meeting I know topic number one is all about salana and what

the impact of trump specifically Trump meme coin has been on salana yeah generally the way that these meetings work for those listening is we sort of just shoot the [ __ ] on whatever is happening in crypto and that moment it's not very structured we just kind of figure out what's important what do we need to know for our BS and uh and do we make any decisions around our portfolio or do we need to write any pro reports because something really big is happening Etc uh obviously the biggest thing to happen I think this week was the Trump token last weekend which uh I don't think we need to talk much about because there's been so much about that already in the newsletter probably on the podcast uh on Twitter everywhere but I think the underlying big thing that came from this was just what's happened

on salana and I think maybe we can just kind of go through um what we see here if there's anything kind of out of the ordinary um so obviously the Trump token went up to like what was it 70 billion last weekend which was crazy or 80 billion FV FTV 7080 billion FTV uh market cap was like 15 billion I think was yeah yeah it's backed down uh like a lot more than that now but when we look at what's happened and I can just share screen real quick cuz I think this is what we're all going to kind of be looking at there was two like really big things that stood out here and actually let me go to the financial side first so the big thing on salana is it printed a lot of money over the last few days and actually still is hanging up there

fairly High um but in terms of rev which is a number a metric that we look at so real economic value this is basically the fees the transaction fees plus tips Etc an me um it was double the all-time high the previous all-time high and it did it twice over the weekend which is pretty wild it's still looking pretty high um so those numbers are pretty big and then the only other thing that I think came from it other than meme coins having a bit of a moment was the stable coin Supply went from about six billion all the way up to today almost 10 billion uh and I remember we wrote a pro report not too long ago basically just saying like the one thing the one metric that salana continues to lack on is it's not getting a lot of stable coins and

for whatever reason in like 5 days this thing is not doubled but pretty close so anything you guys can sort of like like why do you guys think this is happening um do you think this is a bullish thing is there more to this or like what do you guys think typically stable coin uh Supply if it increases it's a very good thing for a chain uh because we have more defi activity more people providing liquidity we saw it with Trump especially the biggest pool was on metora with usdc and trump it made the most volume so that might be one explanation that basically the Trump uh team and a lot of um yeah need from the dexes uh led to this stable coin increase yeah most of the supply came

from usdc and I wonder was it just the fact that Trump token got so big that the trading pairs of trump and and the stablecoin usdc or whatever in the dexes just there wasn't enough stable coins that they actually had to Mint like basically billions of dollars more just to manage the volume of trump um I think that's what happened I don't know what do you guys is is that it or was there another reason that the stable coin Supply went up so much yeah I think the market makers saw an opportunity to me more because of the huge demand and flux of like thousands of new people because of trump so they just me it more yeah so the market makers saw the opportunity to kind of M more stable coins and so they did and like in general there are talks

on Twitter whether Trump launching me mcoin whether it's positive for Solana or not and like just looking on numbers you can see that it brought a ton of fees for Solana and also like the attention and awareness of media and everything right but also like the most important part for blockchains is on boarding and getting new people acquire new people and yeah like that's what this Trump mecoin did pretty well it brought a lot of new people and like I know it's speculation some people will make money some people will not but that's part of the game the people should be aware of it but you know like overall I think it's n positive that

it's happening because crypto gets more attention some people will stay some will not but the wealth effects on Solana will also play a like other roles in different in in other ecosystem so the people making money on so will now maybe start Landing or I don't know do something on Salena so that is the big question is is this just a blip in the charts and does it all go back down to normal like do the stable coins end up going down from here because the flows go somewhere else the RV is already coming back down but I mean that was kind of obvious that we were going to see fees go back down we're not having as much activities out of the weekend so

the question is does this ignite the the trend forward on salana which I mean has already been up and to the right uh I would say or was this kind of just a quick blip and we'll just have to see I would imagine like it definitely brought from everything I see it brought a lot of new people and some new capital um I think Adrian and you were talking about some app where you can like move Fiat into into meme coins directly on salana and it was like the number one downloaded app and so like there there was definitely a bunch of new people that came in and I think there was what over a million holders in total of this of this uh token current currently it's sitting at like 800,000 so it's definitely brought new users it depends on what are these users I think the one

thing with salana we've always talked about is like the users that come on salana that trade meme coins they don't do much else right they just trade mem coins it's like they just punt these tokens and they don't use Defi and that's why there hasn't been a lot of stable coin activity and there hasn't the defi like World in salana hasn't really grown like it has on ethereum and even like Bas arbitrum Etc and so the question is what do these users do now any user is a good user in my opinion as long as they're generating fees which obviously they did over the weekend the question is is do they stick around do they stay on chain or was this a onetime like oneoff thing I I I have no idea no idea but that's what we kind of have to see over the next little bit here I

think yeah but it's a very healthy envir um development and if you can show my screen if you compare here these holders of trump on the left side with about 800k um with very established memes on Solana for example with dog with hat or p on ethereum we see that this was a huge event uh 800k holders on one weekend that's just massive it it is just huge the question is what do they do with the 80% of the supply so for those of you that don't know 20% of the supply was released that's what everyone's betting on 80% so when we say there was an 80 billion FTV but it was only you know 20 billion Mar cap or

whatever that's because 80% of it just sits in a wallet that Trump or the affiliate whoever launched this for Trump they just own that and there's you know Trump has not mentioned anything the team has not mentioned anything usually in crypto when someone launches something they explain their their supply like why did they do it that way what are they going to use it for is it for airdrops is it for you know grants is it for whatever and they just said nothing and in fact Trump since he's been in his presidency has actually also said nothing about crypto in general which is a little bit weird he was asked about the token he said I don't really know much about it pretty sure went quite well and that was kind of it they said you've made billions and he goes ah that's peanuts so he didn't really seem

to say much it's a little weird the team hasn't said anything so that is a bit of like a a risk in case anyone's thinking about investing in Trump none of us did as far as I know Adrian I think had some D5 play where he was um what were you doing how did you you made a bunch of money off of trump but you didn't actually invest in it what was that I bought spot and Sh it on a peral Futures decks and basically earned on the funding rate right and it gave like 200% apy or something for a couple days for a time but not very long uh which is pretty sweet so none of us bought it and then this this risk of like the 80% is just um yeah I I want to know what he's going to do with it or

what the plan is because it just makes no sense there's billions of dollars just sitting there that they could dump at any point so I don't know we'll see we'll see what happens there we will see after the first release of tokens in three months right I guess there's a scheduled release and we don't know what that release is for some people are like oh he's going to buy Greenland with it like that seems a bit ridiculous but that' be quite hilarious I mean price action in Sona though obviously did really well when that happened it just like went nuts over the weekend come back down a little bit now but still holding pretty strong right at its like previous all-time Highs at 255 today I see this thing just I mean we've always been bullish in salana it's our biggest holding in our portfolio I think this

thing's just going to continue to climb and do extremely well so anything else on salana guys yeah we could talk about moonshot you just mentioned it yeah fits quite well here yeah what's moonshot yeah we just talked about it about 400k new people on chain in just 24 hours I had to do a little bit of research on moonshot there wasn't a lot of uh info actually on the web um but it's an American company uh based in Miami Florida um I used it before actually before I heard about the Trump hype and it's basically just do your kyc and buy meme coins on Solana with Apple pay or with Google pay so extremely easy onboarding ramp to meme coins but only

Solana and meme coins so not for the serious investors salana has done a good job at catering to the dgen market you know what I mean like and and I don't see that going anywhere anytime soon if you look at the way the world's going I mean people are punting 12 you know 12 piece parlays all day in sports and like meme coins is your other way to like make these big gambles and these big bets the kids love it and when when I say kids I don't mean like kids kids I mean like the younger generation genz let's call it and uh and so like Sal's Sal's really nailing that the always the question for me for like long-term sustainability because they know we're about to get into ethereum after this is like can it build the defi can it start to build the

things that we need to like reinvent the financial system or deepin and all these other things AI stuff can it be the home for that if it can this stuff lasts forever because the D gen stuff as important it is and and you know it's it's great it doesn't do well in bare markets obviously I think that you know everyone can agree on that and so it really is a question of can Solana use this to bootstrap and that was always our our theory of a wow was like hey these meme coins like last year we talked about this was like it's only meme coins on salet right it's like 90% of its activity but can that bootstrap more liquidity to do more things and I think we just saw our first big push to that I mean that growth in Salon stable coins is massive like it was up like three

billion or four billion in like five days I don't think that goes anywhere that remains and liquidity b gets liquidity right and so the more liquidity coming onto a chain means that we can put more liquidity on Wales originally couldn't do so much on Sonic because there wasn't enough Stables there wasn't much liquidity but because of these things like moonshot that's bringing in lots of liquidity at a fast rate it now means because there's more liquidity on there bigger whales can come in make bigger moves and that just continues to proliferate so I think this is all a really good sign for salana in my opinion Martin you were gonna say something also like the projects on salana they are cooking they're just not you know the the main attention right now because it's all about green coins

or AI but like Camino jeto Jupiter they are all cooking they are all building bringing new features new products and like clearly right now they don't get enough attention but you can pretty much find everything you can find on ethereum on salana already so they're making a huge progress obviously St coins not so much yeah that's right yeah that's the only one but I think now when there will be you know 10 plus bill in stable coins there then we will see a like some protocols also trying to bring yield bearing stable coins to Sal yeah the reason this is so important is you got

to think with Trump coming in regulation changing institutions like kind of our big theory in the way our portfolio is set up is like we believe a lot of institution in Capital will come on chain and actually do things in defi whether it's holding yield bearing stable coins using things like a etc because they're finally going to be able to they all want to they just haven't been able to because of the bid Administration Trump will likely change that even if you look today his company World Liberty Financial or whatever that thing is I don't know what it does um but they bought 180 something million dollars worth of eth and they've staked a bunch of it in Lio they're also I think using a they own a bit of a they own a bit of thetha and like this is where I kind of see institutional

Capital like corporate treasuries for example moving on chain is to actually like go and take loans and have yield bearing stable coins in their treasury Etc they just never been able to our theory was always salana defi isn't big enough for any of the institutions to do that and so we think ethereum defi is set up to do to to do really good there and I think the market understands that which is why A's done so well and some of the others but if we keep getting this kind of growth over here in salana then institutions might finally be able to move some of their Capital onto salana it's it's yet to be seen like I still think ethereum has the edge there ethereum defi but if we continue to see this stuff grow and we get you know we're now about to surpass 10 billion in

stable coins in salana that's sending a big message and I think um they maybe start to move over there but I don't know for now it's all eth in my opinion do we need this and isn't it okay to have a retail chain with Solana more gambling focused and an Institutional chain e yeah I just don't know how how big can that go if it's only retail capital I I I don't know how big retail capital is but I know like if you look at all the capital in the world which is mainly by the institutions we're talking trillions and trillions and trillions how much retail capital is there and especially how much retail capital is there that's available to invest in speca of assets that I don't know and so like obviously the big thing comes when institutional Capital can get in and

spectate and so that's that's kind of what I I want to see the institutional Capital that's what I really want someday it might come to Sala I just um I haven't especially with all the memec coin stuff I know there's a lot of institions that are like kind of scared to do that um but as capital grows Capital goes where where where there is capital and so and where it's treated best and so if salana can be that place then it's going to move there but um right now I think it's still ethereum I don't know if there's anything else salana or do we want to skip to want to jump to ethereum because that's been a big thing this last week I just want to say um I think this cycle Solana will still attract mainly just retail and maybe next cycle they will be able to

attract institutions but it it's not necessary a bad thing right it it needs some time and you need the Lindy effect before like the big money are interested in your chain and like one last comment here I can see the payments still being you know using salana because PayPal and Wisa and these kind of guys they they might be fine with what Sol has to offer today and they're going to use it yeah it's weird like the stable coin growth over the last year has just been all on ethereum and I was like why is it not in salana like salana seems like the obvious place for payments and just nothing was growing there and I mean now the last couple days that's kind of changed so we'll see but um I tend to

agree I just I wonder why its growth on that has has kind of chilled okay let's go to ethereum before we move to eth the only thing I want to say was uh I think people nobody seems to be talking about the fact that the sitting president launched a meme coin with a ridiculous unlock schedule and held back 80% % of the supply what does that mean for every other celebrity in the world in the next year like so many meme coins now like how is this not going to start a massive meta in in the next year can't like you know everybody's got to be sitting there I mean hak Tua you're saved don't worry Trump just just

did it and doesn't matter so like it's all good like I just I think I I can't I can't I can't underscore enough I think the impact that's going to have in in the num yeah I do actually do think that that Trend happens which is again why I'm so bullish on salana for the rest of the cycle is like probably this continues and if it's going to happen it's going to happen on salana I would assume I don't love it I I would love it if there was a different mechanism for the person or the celebrity launching the token to make money like right now the only Trump hasn't made any money because has sold anything thankfully but the only way he can make money is if he sells that Trump now if he could make fees on another way somehow like kind of

like I don't know virtuals has some kind of system where when you launch AI agents you can make money from how virtuals the the protocol makes money so that you don't have to sell your token to make money like that's kind of a cool mechanism I just like if a bunch of celebrities are going to be launching tokens and then dumping like because you have to to make money I can't see that being a net positive for anybody right and so like truly I hope there's regulation on this like I I actually don't think this should just be a wild west I think there should be regulation you shouldn't be able to do what he just did and so I hope regulation comes along that CU it just doesn't make any sense you mentioned earlier in the show that Trump hasn't done anything for crypto

since being in office which is mostly true he hasn't done any executive orders we all thought we would probably see executive orders but he did free Ross Albright that happened yesterday and the SEC did announce that they are setting up a crypto task force so hey maybe maybe they'll regulate Trump mcoin and all these all these mcoins before they come uh I mean you should you should have to like the way it works in the traditional world is like you can launch a token right I think you should be able to launch a token freely however you there should be some rules around like if you're going to sell you need to make sure you let people know ahead of time you need to report that like that's how it works in any other stock you can't just go and sell it anytime you want and

so like we should have that you know um and so anyway I hope that comes but I don't know if it will okay let's jump to ethereum okay so this started with um people calling for uh a um M mauchi mauchi I don't know how to pronounce her last name so she's the head of the ethereum foundation people started calling for her to resign it was the talic that put her in power uh and she just got absolutely shredded on crypto Twitter if you missed this this is beanie saying ethereum Foundation is run by a high school teacher from Japan that hates competition believes in equality of outcome over opportunity and doesn't recognize blockchain consensus as a means of governance ethereum has a woke culture problem and because of that salana is winning pretty Savage what he

said so I don't know if I fully agree that he should say stuff like that about people in public but hey uh clearly leadership not doing well that lead led to um a bunch of eth members uh sort of protesting e Foundation members uh start started to stand up and say okay I'm out uh and they basically were rage quitting all over Twitter H here's somebody saying they're removing their do e maybe we see a turnaround at the EF but for now so far I'm seeing a worrying lack of priorities and then another one perhaps someday those those in leadership roles realign with the community but for now I am out so now we got this public debate raging on Twitter everybody's like what's going on uh people are calling

for a wartime leader h and then vitalic steps up he says okay fine uh I'm gonna take over all decision-making uh for the short term at the eth foundation he says the person deciding the New ethereum Foundation leadership team is me one of the goals of the ongoing reform is to give the EF a proper board but until that happens it's me it's all balic world now so and now and now the the debate continues people are talking about who they think should take over what happens next uh to be clear no one from ethereum Foundation has stepped down these are not ethereum Foundation people the ones that Jay just showed on on the screen there these are just Twitter people they don't do anything for ethereum they're not developers um they just tweet and so like and in my

opinion I guess I'll start off with what's going on here is like look ethereum's price has gone up as well as people hoped and so people are very irrational on Twitter a lot of people in this industry are child or CH childish uh they act very childish they act very irrational and so they trip out when their bags aren't going up and they decide to go and cry and scream and quit and that's just what these kind of people do right and it's unfortunate but it is what it is I don't think there's as big of a problem as people are making it out to be in ethereum Foundation I mean this is A4 what 50 billion asset or something like that it's all over the world there's you know hundreds and hundreds and thousands of companies that

work on it and build it and improve it Etc ethereum Foundation is just one of them they're not who controls ethereum right they are just someone that was around since the beginning they have grants and they they help to improve things and do some research but there's many companies that do this consensus is another one coinbase with Basse is another one optimism is another one like there are many companies that are helping to build ethereum and push it forward it's not just ethereum Foundation and then I think the other side of is like salana has obviously had a really good run why well it's because it was valued at next to nothing two years ago because of SBF and so like yeah it's had a good catchup as it should is that because it has a wartime leader in a toi who replies to everyone in tweets or mer

like probably not I think it's just because it's done a good way good job at creating good technology and and getting good adoption maybe that's helped a bit I'm sure it has helped uh Mt kind of helped pull it out of the it's like tough times but like does ethereum need that I don't know I'm not sure that it really does I think it just needs to keep building and keep researching and keep improving does it need to improve its timelines of launching its road map absolutely uh but again remember this thing is a $450 billion asset that has hundreds of billions of dollars sitting on it it can't just launch new products and like hope for the best like salana can this thing cannot go down if it goes down it's completely screwed the one thing that ethereum has going for it is it's never gone down and so if it goes

down it loses that right and so like it's a whole different beast and I just think that these yappers on Twitter honestly just need to shut up and like go away and I I'm it's very bullish to me that Eric Connor is leaving ethereum uh or removing his do E I think that is maybe a bottom signal I don't know more I don't know if it is about don't really care I just think like these kind of people just don't really help the ecosystem so it doesn't really matter in my opinion and then like if you look at vitalic he's been tweeting a lot even today he tweeted out what did he say here trying to find the tweet but oh he just tweeted out says no man left behind and he's talking about the guy from tornado cash he's basically we're going to try and get him out too he's like

tornado cash itself won an important case today but but um Roman you know he's the one that actually created he's still potentially in jail or is in jail right now and he's like we're not leaving you behind you're up next we're getting you out and so he's like vitalic is not a wartime leader and this isn't normal for him and all a sudden now he's changing and he's tweeting more and doing this and like is that a good thing like I'm not sure I'd actually rather vitalic just Contin continue researching right and writing and like doing what he does I don't know that we need him to be like getting all Angry on Twitter like mt does it just doesn't seem doesn't seem right but like so I don't know it's a weird situation going on over there most of it is kind of just made up in my

opinion and I think what ethereum is doing is still all good there's still all the fundamentals still building something that the world needs so I'm just not as up in arms as I think everyone else though I do think a revolt and like people getting angry usually is a good thing right like it means will come they get them a push in the butt and I think or a kick in the butt I think that's always a good thing every business needs that and so like anytime you have to question your company and you have to change some leadership you maybe have to like make a take a look at your expenses and see are we doing this the right way should we change this you got pushed to like you know you get pressure to be faster in what you're doing these are all great things like we

do this with our company all the time you know every few months we kind of rejig and think like are we doing the right thing here do we need to fix this like whatever so I think that's always a good thing so happy that we're having this but I also just don't think it's as big as as Twitter makes it out to be I don't know what do you guys think and the discussion is primarily price driven and you shouldn't change the fundamentals of ethereum because a few investors are unhappy if you want a good trade than Solana was the solution of course for the last year yeah yeah but ethereum is building long time long term yeah I also agree I think if eth is at 10K today we wouldn't have this conversation [Music]

also like if we are going to see good inflows into ethereum ETFs like for I don't know let's say four weeks then all this discussion will be just okay NE never mind guys just all good now because taking ethereum ETFs yeah that needs to come yeah I think it will come but anyways my point is me as a as a person who loves ethereum I hold ium for couple years it's like it's a good moment to really do some house cleaning and make sure that we are all aligned doing the same thing the same goal because at some point we kind of lost track of okay what we are trying to do here is e money is

it like internet computer what is it and yeah I feel like we needed this moment to really like okay stop sit down let's make sure we are all on the same boat we know what we are all doing what we are building towards and like what our values are I think this is a good thing probably it's going to be about bottom and from now on like we will see because right now when you when there is a fear in the market it's usually good time to buy right and ethereum is still building towards a crater goal or like more ambitious Vision than anyone can imagine it's really wanting to be the super computer the the internet where

everything is happening and it's like okay salana sui and those kind of guys they made a better returns but like the vision the longterm vision is still there we are still building towards and the community okay if those people are unhappy because of the price performance then we don't need those people we need people who stick around who keep improving who contribute to ethereum who Still Believe on what's we are trying to build here and I think we are still getting a lot of new people new Builders and this is all just a big big F and maybe the only thing is I would appreciate if ethereum is more is better

in communication because we need someone who you can talk to or who is like interpreting what's going on and like now with all the f I can see so many people from EF suddenly going out and talking on Twitter and and that's what we want like we need all the people from EF going out talk publicly ideally share their thoughts what's going on because right now it's everything is in blind and like if me as a someone who lives in breath crypto cannot really see what's going on and we where we are what's are the timelines how anyone El how anyone else can do it and if you can do it then it's really hard to buy this token

because of well and we need we need somebody other than vitalic to me that's the main thing here right like it can't vitalic like he's he's an alien like he's not he's not connected to the regular humans right signing off Mady like on these like tweets right now like what are you doing man like that Doan Foundation is a research team I don't want them on Twitter I want them heads down [ __ ] coding and doing nothing but that I don't know why people want these guys to be on Twitter it's the last thing vitalic should be doing it's the last thing ethereum Foundation should be doing just go build go ship right if if everyone now is complaining that their road map isn't going to be done till 2029 and then they're also saying but also I want you to come and communicate and be on Twitter it's like

dude okay now it's going to be 2030 maybe if you just let them go and ship then they can have it done by 2028 or 2027 you know what I mean like I don't think that these guys need to beting they need somebody but there is they have open ethereum foundation meetings every week or month or whatever they are that anyone can go have you ever gone have you ever gone to one no I don't because I don't care I don't want know I it doesn't matter to me but if if people do care people are going to cry on Twitter that they're not getting enough communication go attend their meetings they're open for anyone right like why do they need to then go and put it on Twitter that doesn't make any sense like it just finally use their own chain now with t yeah so I I don't know I mean you just

you need somebody taking the the data and everything that's happening on ethereum and simplifying it and giving eth holders something to talk about and something to celebrate and I I know you're saying I know yeah yeah well okay shout out to to bankless we'll get David and Ryan you guys are now the official Mertz of eth if you guys could get more bullish more often for us all it's the disadvantage of decentralization the communication is not clear but it's censorship resistant at least yeah so you can't have one and the other I don't know all that stuff to me is just politics it's like they just need to ship that's actually what they need to do right now they need to ship we need to make blobs like we need to

improve blobs so that the l2s can be faster which is what Jesse wants at base and we just need to keep getting more Partnerships more companies building on ethereum and like I don't know that that's what matters to me I don't give a [ __ ] about someone telling me what's up on Twitter but the other thing is price action obviously not that great on eth I hate to see this chart that it's it's di below we did just to give a little bit elf here we sold a little bit of eth not we didn't sell all of our eth we didn't get out of eth we just um we were Overexposed to eth uh so we put it into some assets that we thought um May outperform here with Trump coming into office and so long term I think ethereum is a great bet I think it's one of those

ones that you just hold close your eyes and you just forget about for a long time but obviously it's it's had a bit of struggles and like the the the main thing for eth that we've always said and that I think people just can't really wrap their heads around is it's all about liquidity in the ism right whenever we move into the summer phase of the business cycle when the ism starts to go up meaning the business cycle is now kind of in its growth phase which we haven't been there and we have a delay on it usually we would have been there according to past cycles and so everyone's expecting that eth and ALT should outperform but remember we haven't really had our true alt season yet and that's because this hasn't came we haven't had that liquidity come into markets and and mainly it means we need

the dollar to go down and so if the dollar goes down and eth doesn't start over performing then I'm like okay this thing's shot for this cycle let's you know we'll see it next cycle we'll we'll see what happens you know macro's just been a bit slow and a bit delayed which maybe means we have an extend of the cycle I don't know um we'll kind of see we'll see what happens there but either way still bullish kind of everything Bitcoin e so I think it's all going to grow here with Trump coming in and crypto's just gonna get a ton of adoption so I'm not overly concerned but would love to see ethereum you know obviously get some better leadership in there I I would I would love to hear your guys takes on eth verse Soul as as a investment for the rest of this cycle

Kyle you you kind of just gave your take but Martin Adrian East PDC looks pretty bottomed so maybe not the worst decision to actually get into eth if you're not holding it no Financial advice of course but yeah I like both bets Solana as the retail chain uh it's faster it's more interesting it's more hyped but eth with the big money and institutional um funding coming in it's definitely also worthy and at least we have base on eth a lot of the AI agent um ecosystems with virtual happening on base so that's the um bright spot on the horizon well I think we're going to talk about coinus in a sec but you go Martin I feel like you need to hold both

because we still don't know if integrated blockchains are better than modular blockchains and if you believe that the next 100 million users will be brought in by you know fex or nail Banks or the existing apps people use today then you you should probably be more bullish on E but if you are if you don't believe that and you think that Solana itself is able to bring like hundreds of millions of users then you should you know have some soul and those are two different things and today we can't really say who is gonna do that and yeah my my hunch is I I believe a bit more towards the um ethereum because I think

like coinbase Sony like you know Revol those these guys they have already hundreds of millions of users and they just need to integrate blockchain they'll lunch their own layer to on top of ethereum and that's the way how I think we are going to on board like next wave of people into crypto because the the the blockchain part the crypto part will be abstracted away they will not even know that and yet there is still the incentives for people to do it on ethereum because they can keep the transaction fees or sequencer fees but we don't need to go into details versus on salana it's a different story right like why not revolute coinbase is those people are not going to launch on salana

because it doesn't really provide those incentives so like I don't know which approach is better but I think you should have exposure to both of them because we don't know who's gonna win this this brings me to the next topic which I the thing that I think was the most bullish or the most exciting thing that happened in the last week and I know everyone else is like it's Trump uh was what coinbase launched which was the ability to take loans against your Bitcoin uh in coinbase app and while that's not that cool because we had that all last cycle with Celsius and everyone else that blew up what's interesting about the way that coinbase has done this so previously all the other apps that you maybe used last year with or last cycle who were some of the other

ones there was like blockfi and Celsius in Voyager Etc they just You' give them the Bitcoin a centralized company and then they would go and do things with it they would trade it and try to make more money with it and then they would give you yield so like if they happen to make 8% they would give you like 6% or whatever it was I can't remember the numbers uh but there was obviously risk that they were just giving that [ __ ] away to someone else who was then like leveraging it uh on whatever punting it into teral Luna they wouldn't do that would they and it all blew up and this happens in traditional Finance all the time this is one of the issues of traditional Finance is like you put your money in a bank account even just your savings they're taking your dollars it

doesn't exist in that bank they take it they go do things with it and I mean they don't even give you any money for it anymore they used to give you some yield now we don't even get that uh and so but what's really really cool about what coinbase did here is you can put your your Bitcoin in and they're actually using the chain to do this so they have Moro which is a a lending protocol on base right which is obviously on ethereum and what they do is they take your Bitcoin they create a wallet with it they put it into Moro and you get usdc back as you lend out your Bitcoin and so it's all done on chain you can actually track it on chain so it's transparent one that's really cool and then what I think is amazing about it is like it's done on their own

ecosystem and so you now are using defi you are using bass you are using ethereum without ever actually making a wallet all you did was continue to use the coinbase app the one that all the retails on you got to remember most people in this world are never going to go and create a metamask wallet and like Connect into Unis Swap and swap right many people you already see it I think coinbase has had up to 100 million 110 million verified users right now there's only about 10 to 12 that are active on a monthly basis but that's in the coinbase app not the coinbase wallet or not on base that is like I don't know probably sub one million of real humans actually using it like it's tiny compared to the amount that we'll use like an app like coinbase coinbase app is very similar to

using like PayPal or revolute or you know Robin Hood Etc which millions and millions and millions of real humans use every day you don't get that on chain but what coinbase is doing is bringing on chain to the user most of crypto what Salon is trying to do is bring the users on chain we just saw a big kind of jump of people com coming onchain to trade Trump which is cool you know maybe a few hundred thousand we're not sure how many people that was what Bas is doing is saying hey you guys stay where you are you know you're in the App Store you're using coinbase App stay there and we'll bring the onchain stuff to you why because the products are better on chain right you can get better yields it's safer it's more transparent etc etc etc and so that to me seeing what coinbase

did there they weren't able to do that pre Trump now I think what coinbase is going to do is launch a ton of things so a lot of things that you do on chain they're going to bring it into the coinbase app um imagine they bring you know ssds which is a 12 and a half% yield on a stable coin imagine they just bring that into your into coinbase so you're just holding a dollar and all a sudden you're getting 12 and a half percent on it that beats everything in the entire world no bank is ever doing that right no one can compete with that so if it can start to bring more of these defi use cases in a way where you never actually have to create a wallet you just do it in your normal app that to me is game changer that's how the

adoption happens in crypto and I think coinbase is creating a Playbook right now for one Kraken who just launch launched Inc chain they're going to do the same thing I would I would imagine in the next year not only does coinbase have Bitcoin backed loans they're going to launch let's say five to 10 new use cases that exist in coinbase app that are actually done on chain Kraken will do the same thing and okx will do the same thing and then who does it well probably PayPal or Robin Hood or revolute or name your fintech Neo Bank type thing and I think that's the way that people actually get onboarded into using crypto it's through these existing apps where there's existing users and right now that Playbook seems obvious on the ethereum world because you launch your L2 you bring some apps on there you share

liquidity and then you connect it into your app does that happen on salana I'm not sure because you don't own the like transaction fees like Bas does so um anyway I think that's really exciting I think we're going to bring crypto to the people to where they are over this year I think it's going to happen very fast now so that to me is the most exciting thing in crypto I think that's how stable coins proliferate that's how defi proliferates it's all going to be brought to the people um I don't know if you guys see that same world happening but that's that's kind of how I'm imagining adoption happening not people downloading Phantom or mam mask did you just lay out the bullish Theses for ethereum the modular yeah I mean technically it doesn't all have to happen on ethereum like I don't like

technically coinbase or Kraken or PayPal could just integrate Jupiter right integrate Camino I just like what's the incentive for them to do that I guess a better a better product for their users in their app but like you'd think they're probably going to build their own ecosystem and build their launch their own L2 have their own apps and do it kind of the way Bas did it I would or coinbase did it I would think but yet to be seen right this is what we'll have to kind of watch and see for this year but if it goes the coinbase route ethereum's winning on that for sure yeah for adoption it's great uh from a decentralization point of view it's not so great because we basically just have cdy then many users which is great but if everything gets very very efficient

the yield will also decrease so will there really be an incentive to do uh this stuff on chain in the background I think though for decentralization it's not that big of a deal it means you have options that's the key thing with decentralization right it's like in the in the traditional world and web 2 world you don't have an option if you want to use Facebook you want to use your bank you can't go use there's nothing else for you to use right whereas because it's all done behind the scenes whereas if I want to use more like I want to give my Bitcoin to coinbase to lend it out okay that's an centralized app whatever but I also have the option to just go use Moro myself right I could go get a metamask wallet Connect into Moro and use it without coinbase so as long

as the because all of a sudden if coinbase does something I don't like I can move my money off and then I can go and do it in a in a decentralized way in a self- custodial way so I think as long as there's the option that's what matters that's what I think matters for crypto I know there's the people that are like the ogs that are like it has to all be decentralized or it doesn't work I think it's just you need the option yeah as long as coinbase is not the single point of failure for the whole of ethereum yes yes agreed which which them moving to using onchain apps makes them not a single point of failure if I had to loan through coinbase and they were going to do it they fail my bitcoin's gone what's great here is that's not the

case right they're actually just using they're putting it on chain for me right uh and so it's it's a kind of a different scenario which I think a better scenario for how Finance is going to go so for me it's all eyes on what coinbase does in the next six months they've basically the shackles have been taken off one this is why I'm so bullish on coinbase but it's like they have been stunted they weren't allowed to do as many things as they want to do and I think they're just ready to just go ham I'm really really excited to see what they do because if they do it that's going to put pressure on banks on the fintech companies to just go all in on crypto because coinbase in six months from now could easily have you know onchain loans they could have a 12.5%

apy for stable coins like they could do all these things and just be a way better Financial product than anything else in the world and they can enable this globally right it's not just the us anymore and so banks are going to go holy [ __ ] what's going on here you know so I think um they couldn't do that without Trump and so that's what makes me so bullish here uh on coinbase and just like adoption because we need this and I think coinbase going to push that big so we'll see but that's where my eyes are at yeah I think the coinbase Q4 earnings will go out like in two weeks and then they are going to surprise everyone and then the whole Wall Street is like oh what the [ __ ] is happening here and they are all going to learn

what's coinbase is doing and then like the coinbase will be just uh exposed this year and but the attention and the awareness that it brings like okay they are growing so fast because they are using that blockchain technology it will be just a strong signal and you know like for for Bitcoin the the most bullish case is like okay now the states are really looking into Bitcoin whether they should start buying it mind you know meing it or not and that's like the biggest buyer you can have in the world and for like smart contracts platforms that's when the the companies will start to think about how can we use that smart contract Platforms in in

other benefits and that's what I hope you're going to see this year and Co coinbase will be just like wake up call for most of them yeah I agree okay let's shift to AI agents as our last as our last topic we basically talk about AI agents in every research meeting uh or AI in general but honestly it's been a lot of AI agents obviously uh we our portfolio holds some stuff in the agent world if you want to know what that is you got to go pro and go check it out funny when Trump launched AI agents got wrecked you know we everyone had said like hey it's meme coins are now useless and everyone's going to the AI agents they're the new meta and then Trump was like ah I don't know about that uh and so they all dumped but they they've now

come back pretty strong I don't know if you guys have any just overall thoughts on agents how they're coming along is there anything that's changed in your mind recently is there anything cool that's happened recently any thoughts on just AI agents or do we want to how do we want to dive into this well looking at the prices again it's similar to ethereum AI 16z the price just went down and then you look at you know the the contributors the the GitHub Stars the GitHub forks and it's just going nuts so like people are using their framework more and like so many new forks and it's just like okay there is the framework and the more people are building on top of that it's bring bringing more value more people more Talent it's like yeah and the price is going like the opposite

way so we I know this is still super new super volatile but those are the things that people should be looking at not just the prices and you know the buzz words and chair these are the things that matter and the winners are not sure right now because for example Pippin just um released their framework and they are now um offering a framework to launch own agents with extended memory and a really new exciting Tech so development is really really fast and there's a lot of competition which makes the whole Space better my only thought on AI agents right now is I don't think one they are as good as everyone thinks they are they are very much just a

wrapper of chat GPT at the moment with a little bit of extra training on it it's not that difficult to do um the the real agent stuff is going on in the AI world not the AI crypto world I think people kind of forget that like we are using like old versions of chat gbt uh it is literally just chat gbt and and a little bit of training on the side of it it's like what we are doing in AI crypto with these AI agents is not revolutionary by any means you're going to see a agents launch from open Ai and stuff and they're going to be way better better than what we're doing um the only thing exciting about us is you can invest in them and there's a token alongside of it and they have a wallet which is cool that they have a wallet so you can do a

little bit more there the one thing I would say is like there's a lot of hype I think that hype probably continues especially as open AI launches their agents coming soon so that's probably going to create a next big buzz in the next leg up for these uh I think that's coming in I don't know if it's this month or next month or whatever this month by the end of um this month operator should be launched which can autoly um do bookings for flights and uh stuff like that it's not 100% reliable but very interesting yeah so the tech is getting better and I think what is good about that as that gets better the you know virtuals and them can update their code to go and use the new one so like it's all going to continue to get better the one thought I have is like the big thing

that they're doing right now is like they're all influencers right they're all tweeting and that's AI BT the biggest one is you know what is he got like 400,000 followers now or something like that um and so like that continues to grow I don't know if that is actually the the big thing for a Ag and I think that actually might by the end of this year go the opposite way like right now every day I go on Twitter and I'm seeing more and more content from AI agents and right now people think that's cool people want to follow these AI agents because it's like something we've never seen before but a lot of the big accounts are already starting to complain that like they post something and they just get botted by all these AI agents axt cerebro Etc and it's like whatever replies and I feel like the one

reason that humans go on Twitter is to talk with other humans right same with Instagram Etc and so like it's cool right now to talk to an AI agent I don't think that's going to remain that cool for much longer especially as more and more percentage of content is from these AIS I actually think people are not going to like it and I think it's just going I think it's a hype thing right now I think by the end of the year either Elon bans it uh which I kind of don't think he does because he's a big AI guy but I think that they try to find a way to filter it and like there's a way to turn off like you can't you you can if you just don't want to interact with AIS you you can and so I don't know I kind of think we're going to hit a

Peak at some point this year and people aren't actually going to love having a bunch of AIS on our social media now what that means is it doesn't mean a agents are useless I just think they're going to do things that are not necessarily on socials I think it's going to be if I want to interact with an a agent I either turn on a button from my socials to be able to do it or I go to their interface right like chat PT is not on my feed on Twitter but when I want use them I just go to Chachi BT and I log in and I go talk to it and that's great I and I love that I kind of think we go back to that at some point I think we're gonna overblow it so I don't know do you guys see the same or do you think

just like these are the next big influencers yeah we have to go back uh because it doesn't make sense to have all of these tweeting agents and basically they are just doing marketing for the products because there are valuable insights in axt right now it's about 400k US dollars to access the terminal but they will change this with a TI subscription and this is what you really want I think so but I think you you're going to want to go and do it at your own time not covering your feed but we we'll see maybe maybe I'm wrong like maybe I think AI agents the big thing for them is gaming putting AI agents in games instead of having like a if you remember like let's say you play Call of Duty or whatever you do the like campaign where you're playing against

the computers it's the same storyline always what AI agents will do is change that where the story line will be different every single time you play that to me is like mindblowing and that I think is going to be huge people are going to want AI agents in their game rather than just like a normal what do you call it like NPC or whatever so like there is a world where I could see agents being massive I don't think humans are going to push and want them in their social media so I think maybe that changes and goes a not goes away but becomes less and then of course doing actions on chain like you said booking flights and doing all those things like for sure that's where it's going to be at and I think AI agents using wallets obviously is a big part of

that um because it's going to be very clunky if they have to use Fiat currencies and try to like exchange their dollars into you know whatever Canadian dollars from US dollars because they want to buy something like that's going to be an actual [ __ ] show whereas that's all solved over here on the blockchain world so I can see that being a big deal you guys have any predictions or any other thoughts of like how AI is going to adopted shortterm let's call it three six months I think we are going to see more useful AI agents and like let's let's use myself as an example okay I do research I go on the internet look at the data listen podcast read some reports so because I need to know what's happening but right now I need to do a lot of these stuff but I'm my time is

limited my my like my brain is limited and the only knowledge I have is like let's say in crypto I I don't really understand that much maybe Ai and like some nuances there so you know I have a lot of limitations but if I can create someone like me but using AI agent which will be just my kind of mirror then like why wouldn't you fire me and hire him instead but you don't you don't need him to pay my salary you can pay him like 10 times less so someone is gonna build me and then you you will just kind of subscribe to it

and have that access to that knowledge that I'm right kind of selling right now and the thing why we need tokens is because you can not only see the results so like imagine that all interactions I can go and see what's going on what what inputs are there or like if if I'm if someone created me and want to do some changes and then there are more holders who also like to use me my agent they they they can have a word like okay maybe let's try to change this because Martin his agent is not good good at this

particular thing so we need to improve it here but they are all collecting the fees because they are selling me to everyone so you know I'm in milroad I'm in Block works I'm everywhere and like that's so think of the the specific roles that those agents will be able to replace and try to build them and then you can just sell them you know and that's what we what do you think the value acres does the value ACR to the agents that have a token or does the value acre to the protocols that create the agents or is it to the agents agents are applications is as applications and lay ones does the value accre to the holders if the agent uses the token as a way to raise capital

in order to improve and build the agentp in the beginning right that means what I mean is does the value crew to the agents token which would be the holder same thing yeah um so you think the agents are where the valueable ACW rather than the infra yeah Adrian do you agree in the long term yes right now it might be more the infra yeah in the early days because it's so hard right so hard to know where value is going to ACW why it's going to ACW there Etc so right now you kind of just play the infra be like it's like if pump. fun had a token would it be valued more than the meme coins or less less than the big ones probably yeah but like what's the biggest un pumped do fun good

question a couple billion right I don't think there's anything that's I don't think there's anything over like five billion on pumpt fun and even dog with hat which is the biggest or Bon on salana anyway which isn't pumped out fun is like what three billion or something I would imagine pumped up fun is valued way more than three billion if it was under three billion I'd be buying the [ __ ] out of that I don't know about you guys that's kind of why we like buy virtuals because it's kind of the pump do fun of AI agents so I don't know I imagine pump do fun had a token it would be valued a lot more than three billion but yeah funded by alliance St I think they are typically token investors so there might be a pump fun token in the future oh it's definitely yeah it's

definitely going to come although one inter thing and I don't think we're gonna have time for right now but it's like the best products in crypto today don't have tokens right like pumped out fun is probably the biggest hype at least of the last year doesn't have a token the other biggest hype one poly Market doesn't have a token the other biggest hype one bass doesn't have a token that's I don't know a lot of the best wallets don't have tokens right yeah yeah it's that's interesting to me and we were having this discussion on Monday because we have more than one research meeting a week and I actually think like I don't know to me having a token is a lot of noise for a company I would ra I would hate to have a token to be honest I would love like if I was

building a protocol on chain I would love to do it without a token because it's just so much noise and it takes you away from just building your product you know what I mean and so like I think it's a feature to not have a token to be completely honest I think more crypto companies should do this although I think it's gonna go the complete opposite way because of trump obviously but anyway um so interesting we're kind of undecided on AI it's either Martin thinks the the value accre to the agents uh Adrian myself included thinks it goes to the um to the infra infra in the short term but agents in the long term because like the companies are going to hire the agents not the underlying infra will you even need like a virtuals like it'll be pretty easy in

the future not yet but in the future to Just Launch your own agent launch your own token and you don't need any of these protocols I think it all depends on what the uh what the infra offers so yeah if if uh you need agent to agent communication is a big thing that nobody has solved yet right like they need to be able to these agents as you said especially right now like these agents there's five levels of AI agents we're at like level three right now even some of them are at level two if level and level five is like the smartest like you know can do anything Master mathematician smartest person in the world type of thing so like we're we're not even close to where we're going to get to yet and once we get there then these AI agents are going to be smart

enough to to hire each other I mean they already are hiring each other and they're going to use crypto to pay each other human handh holding that in the background though I think that's right now it is right now it is yeah yeah but the reason a lot of the reason that's human handholding is there is not that communication layer they cannot communicate with each other in in like they really when they communicate with each other they often talk to each other on Twitter which is kind of cool because then you can go watch it and see it right we got to build our own social platform for AI agents so that they can get off our platform but I think like my view on AI agents is uh this is very much a case of um a new tech where it is you're if

you're investing in this you're playing the N you're playing the narrative in this cycle I think you're not playing Tech right now you're not playing the fundamentals throw the fundamentals out the window throw the tech out the window this is a narrative play you need to be actively following attention and mind share because that is who is going to win here and that's why the ones that are winning the most are the ones that are on Twitter because they they've got a massive distribution Channel they got 400,000 followers like you can't you can't downplay what it means if AIX BT is talking to hundreds of thousands of people every day I agree it's fully a narrative play right now though I think it's really important to keep an eye on the background of like fundamentally what is actually happening and what's just gimmicks because the adoption or not not the

adoption but the Improvement of this technology is going to be way faster than any technology we've ever seen previously and so like there is a very like there's a world where in one year from now like the fundamentals have caught up and this thing these things are starting to do something crazy which would like line up with the potential bar market right and so it's like it's anyone's World on what happens here I mean look Trump and uh Trump just got together with Sam Altman and announced the Stargate project $500 billion going into AI infrastructure in the US 100 billion starting today right so like this stuff is going to go fast now I don't know if it'll be a year but it'll go faster than any other technology we've seen and so will the crypto side of that go as fast I'm not sure um but

things will change really fast in the space and uh and so it is like it's one of those things where you need to keep your eyes on it a lot you can't just like you know play a narrative and leave it it's like you actually do really need to track what's happening behind the scenes because it's it's fast it's going to be really fast and and and most likely the the top AI agent coin of this cycle is not even exist yet hasn't even launched like I would bet on that agreed both agent and probably INF for too like I don't know infra feels a little bit I don't know I think virtuals and ai6 Z have a good lead right now I don't know in this cycle in this year in this year longterm fully agree could be something else this year though I don't know we'll see I

mean M mates M mates launched recently they launched their token and you mentioned AI for gaming and that's really their Focus right is like AI agents for gaming so you know but but there's it's it's so so much space right like much there's gonna be AI agent for every there's gonna be more AI agents than are humans in the world eventually and it's not oh yeah that's probably not that far away so and they will use the blockchain they will how do you guys wrap this meeting do you guys like do a like a team high five or do we all drink a glass of milk or honestly we usually talk for so long that we're like [ __ ] I got to go to another meeting and I end up peeling out so that's usually how it goes sometimes we discuss if we're going

to make any changes to our portfolio but we just made a bunch of big changes last week so we know we're not touching it for a little while that's about it hopefully everyone enjoyed our boring nerdy conversation that we have every Wednesday but uh please let us know comment comment in the chat guys everybody listening and watching uh we appreciate you let us know did you enjoy this style like this is a longer format different format than we typically do do you want us to continue doing it let us know what you guys think and uh yeah thanks for thanks for listening in everybody we'll put a link in the show notes to go pro obviously if you want access to the portfolio and to more behind the scenes or if you guys want to talk to these three every day you can do so if you go pro and you enter the

Discord Community you can ask them questions every day thanks for listening in everybody have a wicked awesome day see you guys bye as always if you liked today's episode please hit subscribe and make sure you follow us so you don't miss out on the next one there's also a link in the description to our free 5 minute daily newsletter where we simplify crypto for you while making you laugh and if you're willing to step up your crypto investing game we're going to also leave a link for milk Road Pro you get access to our portfolio where you can see exactly what we are buying this is your number one resource to help you invest successfully in crypto one final note this show is for educational purposes only and nothing we say is

financial advice investing in crypto or any asset is risky and you should never invest more than you can afford to lose thanks so much for listening in my friends have a wicked awesome day