Fig Talk: Is the Top In? Crypto's Q4 Catalysts & Headwinds

Transcript

if you know memes are getting boring and if like these low float High FV tokens are just worse than meme price actions then why not just buy something that's fully diluted that's actually making cash overnight gay reached zero point uh I think it was 985 which is I mean it's that was pretty uh it was pretty impossible to imagine that scenario other than just being a chiny new token compared to eth is like the main activity on the blockchain recently has been on salana and been memes and predominantly um facilitated by pump do fun um but it does feel like that is kind of coming to an end just

anecdotally like we can finish off the show by topping topping the market again yep next time we'll see you guys at 44,000 BTC the polygon Community grants program was launched with 1 billion tokens all four polygon Builders season 1 is live right now and features 35 million in madx to support the next generation of polygon products builders on polygon these grants are for you join the aggregated future today by applying at polygon technology slgr nothing said on zerox Research is a recommendation to buy or sell Securities or tokens this podcast is for informational purposes only and any views expressed by anyone on the show are solely our opinions not Financial

advice bacho Ryan and our guests May hold positions in the company's funds or projects discussed what's up guys just wanted to give a bit of context for today's episode at ZX research we're going to be doing a new series within the podcast called f talk which will be more CT native and more riscon before we get started with today's episode I wanted to give a huge shout out to Swanson Benson who coined the term ft and graciously allowed us to use the name for the podcast and I just wanted to also give an extra huge NF D yo R let's get to it what's up guys welcome back to another episode of zerox research today I'm joined by tols from page one and kez from par SEC um before we get started I'm just going to Shi permission list free which is happening from October 9th to the 11th in Salt

Lake City uh if you want to come hang out learn about or talk about crypto make sure to use code 0x10 while buying your tickets so that blockworks research continues to be happy with me okay talks KZ how are you guys doing L that was funny um yeah I'm good I'm good how you going good good morning good morning yeah come out to uh permission list I'll be there and I use my 0x10 code like a good boy so very good nice very um all right I don't know how to get started because last time we were on a pod was like a month month and a half ago maybe two months Jesus I think it's been two yeah it's

been two and we were very very bullish at the top we were actually talking about this before but we were I think was it the top or no it was literally yeah dude it was like uh 72k just over 72k on like the 7th of June yep see that's yeah so we were very bullish at the top for what it's good intention it was I think it was fine like logically it made sense the eftf had just launched um unfortunately like throughout my time in crypto I've always been like oh this is not seld the news and it's always been news every single thing that has evered is yeah and we got like a I think later that day we got like the 1.1 billion of

inflows day and it was just just the absolute top and it was one of those it was just at that level to like right at previous alltime high and I should have been much better about it but it was like it should expand past it was like the fourth top it was like the fourth top in usually yeah I don't think it was a problem with with being bullish there but it should have been a hard pivot after you didn't you know get follow through to like 80k or so but yeah the timing of that the timing of that was uh was pretty funny so well this time we're kind of diddling in the middle so we can't Mark the top at least the top 10 yeah I mean things look uh since then

we've had um I mean the supply overhang that we've kind of chewed through has just been it's been ridiculous um in a good sense I mean from Mount Cox to um jump recently I mean you have Genesis trading distributed started Distributing a couple weeks ago um you had the German government obviously sell I think the the final week where they were selling they sold what three billion in a week um and then what I think there was another overhang too but I mean we've kind of chewed through all that and kind of kind of hung in here um after the the wipe last week that was very very Mac driven but yeah I mean

things like K said we're kind of diddling in the middle here but I mean things things look pretty good from from my end um quiet summer low liquidity there's there's a lot of a lot of odd moves but as far as through the end of the year um the plan was always kind of a a quiet summer I wish I would have stuck to that more um you always kind of talk yourself out of it even you know when you get to to April and May and and you plan it out kind of talk yourself out of it but we're we're getting past uh past that point now and you know September's just a couple weeks away I think things look pretty good and constructive through the end of the year so um pretty exciting yeah yeah I'm with you yeah I um I kind of want to touch up

on that like Supply overhang thing because it felt like the past two months they've sold so much every I mean yeah and then the other thing is like you know those the um whale accounts are like dormant addresses I feel like every time there's a tweet from them it's just like oh you know dormant address for five years dormant address for seven years like somebody moves you know a 100 million of BTC or 50 million of e like it's just nonstop yeah it really is hey I've I've got those coin glass notifications on my phone for just like random um you know big transfers and it's it's fully non-stop luckily those kinds of things um do feel like they have less of an effect over time yeah but yeah I um my like I guess I don't want to mark it off

again but like you said we're kind of like in the middle of stuff but my entire thesis throughout all of those has been like when the German government was sing I was like okay better now than later you know we're getting over all of it and then like Mount Cox okay great let just keep getting over this stuff it's just gonna get better after this and then I'm sure they'll come up with something else uh but then Mount go ended and I was like we're in the clear now you know like well I mean it didn't end people are still selling whatever but like the worst is behind us and then jump just starts of e like out of no on ID Sunday too yeah but yeah I mean things even like I mean you can look at just broad indicators I mean funding is still just

really really low across the board oi oi after um open interest after that wipe last week I mean it was back to November early December levels so I mean things are um I mean it's it's pretty cleared out down below so and I think we've seen anytime BTC generally is you know sub 60k like 60k kind of seems to be that Line in the Sand where there's you know you can get sell-offs and and Wicks below but the demand for sub 60k BTC just seems to be incredibly strong yeah yeah totally if he's out and look at the weekly the weekly looks incredible in my opinion like we've just you know exactly like you said we've had

numerous like Hefty Wicks below that kind of 60k level but it it always it always comes back up I was just going to say I mean even with the like the unwind last Saturday and Sunday and you have um like the uh the Japan carry trade and I mean macro had its its worst like stock day since I think it was uh Co and um the BTC had flows like when Bitcoin was I think around 52 that day like while stock market was just you know massive volatility and there was still ibit had like 200 million pushed in and uh Monday Tuesday surprising to yeah so that that demand I

think for like I said that that kind of sub 60 is is pretty clearly evident so it gives you um some confidence moving forward yeah and some of these alts like completely retraced all the moves that they did by June 7th like the following two months they just got slaughtered yearly you're talking like yearly gains they're just all gone yeah I mean at least like I mean obviously all of the modular money ones are have just been smacked down like looking at this Tia chart it's just it just feels like pain um do you guys think there's value I mean obviously or do you think that there's value down here at this point or are you more like

let's just wait for the summer to be done and then maybe reassess ignoring majors and Solana which is chosen by God [Laughter] himself it's the chosen one k you want to go ahead um I haven't had like a solid look at them but I've definitely been seeing more chatter on the timeline had look at tier today it doesn't look half bad and there is kind of a as to why there is a bit of demand for at the moment I don't if you guys have seen that come remember his name but there's a guy who runs some sort of like OTC thing um and just saying that there is kind of constant demand for Te at the moment when there is sellers that get snapped up um because of a form of carry trade it's like uh it's the

discount I think the discount on the OTC or something but um yeah and the chart doesn't look half bad in my opinion but I have no kind of opinion on the fundamentals or anything talks what about you it doesn't have to be T anything that you're interested in at this point yeah I mean maker and and a have been of interest late um helium as well helium's been one of the best performing coins I put out a short little thesis on Twitter on that a couple maybe like a month ago now um but outside of that I mean I've been heavily waited towards like Soul BTC and then memes essentially for I don't know it feels like close to a year now and I just don't know I don't

know as far as alts go like I I get the thesis I see it and but I just I don't have a a deep desire yet to go to go scoop in it kind of um I don't know maybe it's you know the the quiet Summer and the way the range that we've been in for what five months now um but it just kind of feels a little bit like nfts to me people kept saying you know they'll come back they'll come back they'll come back and my my take was always like I'll wait for and miss the first you know 20 30 40% because if they're going to come back like you the returns you can capture are you know you don't need that first 20 30

40% and I understand that you know you can like you can miss out on maybe the initial move there but to me I'd rather see it proven vers going to chase um that's kind of just the way that that I operate and trade so I'm a little more hesitant than um some of this I guess sentiment and stuff we we've seen on the TL like I said I understand the thesis and you know there's some stuff towards the bottom of the barrel but I'm okay with missing that you know first initial move and kind of have confirmation of the trend shift first trying to you know end up getting trapped in in something um because I mean there's still you new new launches new coins there's just it's

never ending so I I just want to kind of have that initial phase proven to me before I go chasing yeah totally I agree as as fun as it is to try and catch bottoms and when you do it correct um definitely better in waiting for strength yeah no I agree I um talks maker and a are interesting I've I've seen those around quite a bit now like just in chats and on Twitter everyone's kind of like okay if you know memes are getting boring and if like these low float High FTV tokens are just worse than meme price actions then why not just buy something that's fully diluted that's actually making cash um that is like used quite often as actual

pmf um they've been getting shed a lot I'm just like kind of worried that they're a lot of funds allocated to them and I don't know who the new buyer is I guess like you can say that about every coin though apart from me um but like I looked I think a especially because they also have some I don't know if you guys have looked into this they have a toomics upgrade they're trying to do like buy back and redistribute um for their tokens so that could be interesting and makers obviously had that buy and burn going on for like a year now maybe a year and a half yeah no I'm I'm with you I mean it it is kind of the fully circulating aspect of something that appeals to me um I mean def5 has been just slaughtered for for three years now um but yeah I

mean you kind of have these these OG protocols that you know they they're fully circulating I do agree it is you know thinking of the next marginal buyer um can be a little challenging sometimes and if we do get you know kind of like really ripe environments to people want to necessarily go back to you know the coins that are are four years old versus chasing the the new shiny things so um I see that hesitancy but um as far as what have to bid outside of you know the majors in memes like it's it's few and far between so those are two that and it is because of like you said the tokenomics upgrades you know they're they're still buil in um actively you know cash flow they're uh they're

they're good good protocols so I don't really know what else to what else to find um so that's kind of I mean the thesis there a said I mean that lined up I think uh I actually just saw that um Mark Zeller was on um oh what's the other why am I blanking on the Block Works pod right now beler if yeah he's on Bel yeah I saw I haven't listened to that yet but um and then maker I mean run was teasing they have uh the the the stock split and then well not stock split but the the token split yeah I mean he's that for a year year and a half now I don't know when it's going to go live um it was supposed to go live 2024

early so yeah and then I thought it was the summer so I think people kind of we're chasing maker a little bit maybe a little early me included thinking that that would be coming by the end of summer but we're pretty much at the end of summer now um but yeah I mean those are those are the main two and like helium like I said they the ones that really stick out to me outside of that I'm I'm still searching fair enough fair enough KZ do you have anything else apart from saying that Thea looks kind of good no no I've been pretty much staying away from Ms pretty much just uh chilling and punting in the trenches that's fair I think that's what most people do nowadays to be fair like every once in a while I get a little bit

excited and buy some like whatever defi thing and then I end up either losing a bit of money or it's like it stays stagnant while some meme that somebody elseed going yeah thousand backs yeah totally and I kind of missed like I kind of missed def summer so I don't have that like Nostalgia that a lot of other people have with um the the dino coins hey guys permissionless the event for crypto natives is heading west to Salt Lake City and we're bringing the biggest names in crypto together for an incredible campas event join me on the rest of block works on October 9th to hear for more than 200 Industry Titans including Nick white from Celestia shiron from Igan and K on from Mona the

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bridge to a new chain all hack ofon participants will receive a free ticket to attend permission so if you're a developer come join us in Salt Lake City team up with fellow devs and build the multi-chain future polygon Labs is developing the next generation of open- source ZK Tech to aggregate crypto liquidity and user bases empowering developers to grow in a unified web of interoperable chains with the a layer the a layer is a machine for Network effect don't worry about boost wrapping liquidity just build anywhere in the a layer to tap the liquidity and users everywhere to support the aggregated future and bootstrap quality projects the polygon Community grants program was launched with 1 billion tokens All For polygon Builders season one of the community grants program is live right

now and features 35 million in madic to support the next generation of poon project for Builders on polygon or projects interested in migrating these grants are for you join the aggregated future and feel empowered to grow in an infinite web of unified interoperable chains apply today at polygon.net the adjust it um do you want to chat about that a little bit just give them a idea of what it's um ether scan has three decimal points now that's how how low G gotten and one of the first things I saw this morning

after waking up was overnight guay reached zero point uh I think it was 985 which is I mean it's that was pretty uh it was pretty impossible to imagine that scenario uh you know even three months ago six months ago I mean especially last cycle I mean it was it was Bonkers but it's not just the past you know day week you can look at um on ultrasound money like I mean the past 30 days past couple months really I mean gu's consistently been you know sub 10 a lot of times even sub five for the past I don't know two months or so it's U

yeah I'm I'm looking at the chart here and it's just been a steady like we had a big p in March when like uh you know everything was with the top basically and it's just been a a very steady downtrend um and then it's pretty much been like definitely below 10 and yeah below five pretty much since May yeah I mean it was0 98 094 yesterday no today earlier today it's like gas is the new oil but it's that time that oil yeah ex negative exactly I mean we saw we saw the I mean the spike when the selloff last weekend

I mean G was up at you know 650 or so as people were you know having to adjust on positions yeah and liquidation so I mean it can still Spike but as far as like base demand for just you know transacting doing anything on eth it's just been it's been very quiet the the past few months and some of that a lot of that has moved to to base I guess which is good long term I suppose that's the the thesis but I mean the the l2s uh they need to you know improve by several orders of of magnitude to to offset main net um but yeah it's I mean I tried to be constructively bullish eth for really

the first time since like 23 over the 2023 over like the past week you know just how jump was selling a bunch of eth you have uh the ETF live now for a couple weeks um you have all the the E conversions and and outflows you know you should start to see very constructive price action on on eth but I mean the underlying fundamentals are just still a little um a little shaky I'd say yeah to be fair when you when you did tweet that um public you know bullish Soul eth sorry eth um performance over Soul it was pretty much the top but it's just been kind of lack

loss of performance all around since then what when was the last time you guys went on an L2 or like what do you do when you go on it apart from I guess no including good question yeah I bought I mean just a little bit of like a you know base like mean coin they had that base token launch yesterday so I had a couple transactions on there but as far as outside of that I mean it's been it's been a long time what do they say that um eth's just used as for the fee to buy MOG well because I'm I'm trying to think about it and all of the memes that I buy

are always on salana like I got hurt on Bas I think I caught the tail end of bass season so yeah I just haven't gone on it yet and like Brett was horrible um I never even traded it properly but I think a lot of people won't go on there just like Brett versus whiff if is your chains like leading which one are you yeah you're right like you know obviously most of the activity is on salana um at the moment and we can get into that a bit later but obviously that's kind of starting to die off now as well um do we think we see kind of bases out of all the other EOS aside from salana four memes base kind of has the most promising like potentially or at least like a precedent for another

time that you know it had at least like a mini base season kind of thing yeah I'd agree I'd agree with that I mean outside of Soul it's the ecosystem that I definitely keep eyes on the most um but yeah I mean it's just it's tough like I said I wouldn't want to be constructive eth but all the activi is on soul and even like I mean the discussion in the TL like everything you know like the past couple days people been talking about you know pump fun and all the extraction and then the PayPal stable coin like how the incentives to grow were bad and it's just like all of the discussion is just Soul based like even you know it was something that that I noticed yesterday it's just like even even trying to trying to be bullish e

like it's just I don't know it's uh it's pretty fascinating time yeah like trying to be bullish e people are just like oh but salana had like pumped off F yeah but then talking about yeah and it's just like but there's nothing on eth to like talk about and discuss and it's like I get that so yeah I mean that was that was something I really noticed yesterday um I knew it was getting bad when people were talking about pissed out narratives on E and I was like okay we got got to come up with really skyp in the bottom of the barrel again yeah it's just uh you know people are little little burn out and I saw it was funny you know noticing all the discussion

about the Soul stuff and I'm sitting here trying to find every reason possible to be bullish you know eth soul and eth BTC and then I see a tweet and it's just like oh yeah there's a new paradigm parallel evm L2 that was just announced and funded I'm just like man it's just it's just so tiresome yeah it really is um KZ you brought up something that I think we should speak about and that's and you wrote a big tweet about this as well it it blew up no is this that one where it was like too much yeah well kind of it was it was more like posing the question I suppose but yeah kind of feel yeah it was you were ear to the heat the sentiment

really started going downhill from that um yeah so I suppose like one of the reasons that salana has outperformed recently other than just being a shiny new token compared to eth is like the main activity on the blockchain recently has been on salana and been memes and predominantly um facilitated by pump. fun um but it does feel like that is kind of coming to an end just anecdotally like looking at the volumes um of New Meme coins the kind of speed that the rotations are happening and uh the inability for new memes to kind of stick it out and go to like that you know 100 200 three 400 m million Mark um like they were a few a few months

ago um something I have been thinking about a little bit more it's funny like pump. fun is starting to get a lot of hate um recently but I've been thinking about a little bit a little bit more and like there's been all there's been all these like figures coming out about the the general extraction coming from pump offun and infra providers like the you know most of the I'd assume like at least a fair chunk of the volume um going through memes is going through a bot like photon or B or bullx or whatnot they all charge 1% then you have pump fun charging day 1% and um Etc pump fund cumulative Revenue sitting at like 95

million in Jesus Christ yeah narly hey what was it like five months or something now um 1.7 million tokens created um but yeah been thinking about a little bit more um that all of these like cumulative figures pumped up fund 90 million Etc don't really hold a candle to what we experienced in um in March I've got the the one of the sheets from Zack xpt showing um how much Soul was raised for some of the pre-sales back in March and um the top one raised 170,000 Soul second was 160,000 third was slur at

54,000 um yeah like when you convert that back to USD like a hell of a lot more was extracted back then than over um like a gradual kind of period of the last five months or whatever since then for what it's worth I don't think like trading Bots is extraction like I'm paying Photon F Fe because it makes it a lot easier for me to buy token X um and I think that's yeah no I I agree with that it's not like a derogatory kind of connotation but um you are you paying a fe for convenience I wouldn't I wouldn't consider the extraction negative I suppose yeah I I think the the

extraction framing is just kind of I don't know it it seems it's very coming out of the right yeah but I mean like sex is you know everything like everything in in life kind of has fees like framing is extraction is just I don't know there was a there was a good tweet from um cedus of uh and it said our protocol Revenue their value extracted you know like it's just kind of yeah it's it's just a funny a funny framing in my opinion like of course there's plenty of extraction that happens in you know like the salon of trenches and mean coin trenches but I mean the same thing happens on on any

chain like it's just you know the way that that things that things work like I and I mean the hate for for pump fun like I I get it you know there's no there's no barriers to to create tokens now and and they're non-stop but I think it's more of um just kind of like a a dwindling onchain kind of attention thing and and people just you know again like a slow summer like yeah that that makes sense like it's been a long time of people just fighting it out losing money some winning ET of the days of roller coaster you know we always reference that that I think it's somewhat it can be somewhat

similar to kind of like how BTC and alts used to trade where you know BTC would go up alts would go up and then they'd all kind of slow bleed and rotate back to BTC I kind of think that you might see that with like the major memes like you know with B Pepe Etc like they all went on that massive run up until March that obviously pump fun like they were you know devs whatever like they had the idea and they were building it before that run but you have that massive wealth ation there and then pump Fon runs you know 3 four five months I kind of think we might see that same similar cycle to where there's you know whether you want to call it quality or or blue chip or what you know insert whatever you want to call it but I think those

memes you know you kind of need to see more strength from the majors the major memes like and similar to how btcs to go up for alt I kind of think we'll see that same that same rotation where people just get really tired of fing the you know the new launch games and um once you have kind of that middle to like high tier memes appreciate again if if they do then I think you'll see more Revival for new launches again at least that's the way I'm thinking of it right now yeah no I I totally agree that that makes total sense and I think the derogatory like extraction term or negative or whatever you want to call it um I don't think about it in negative I just mean like what's coming out of the

pool of capital that's trading these things I suppose but you make a really good point with like the centralized exchange fees like what pump fund I haven't actually looked into what you know like binance and B and stuff are making but I'm sure it's a hell of a lot more than 90 million in um in four months yeah it it's just yeah the framing is just I mean just calling it pure extraction is like I said like I I understand but it's just kind of it's just a funny terminology for for what's what's occurring I mean it and like it's the same like the users every like everything's the same across chains like people want to you know want to permissionless trade coins and like they'll pay fees to the services that help them do that better um it was it

was funny because as kind of that discussion really took off yesterday and there was that pump fun tweet that you can just scroll the comments and it's just it's uh it's something but I saw um uh yesterday it's uh it was from a base report and the top 10 contracts on ethereum by Fe spent in the second quarter of 24 number one was uniswap number two was Jared from Subway number three was tether four was banana gun five was mro six was uniswap V2 and then there's ZX and metam mass Swap and one inch it's like these things are the same across chains you know like those a very it's just me and and telegram Bots

because you know whether you want to call it extraction again like you know they provide a service that people pay for that doesn't make it good or bad but you know the framing of just like pure extraction I think is just a little silly I think I think we got a bit tough um after narrow Nero Nero um I think that's like if I could point something as like the Tipping Point I mean obviously like we discussed this and KZ when you tweeted it out as well it's like it's just been getting worse and worse over time like too many coins um just you can you can't even play new launches anymore because every time there's like one event that happens they'll launch a token and then there

will be seven others that launch and people are like oh this is actually the original one so like vampire attacks each other and then it all ends up going to zero and Niro was like the tip I think the tip for this yeah yeah totally that was I think like aside from like the general money leaving the pool of capital that is willing to trade these kinds of markets um yeah just general exhaustion you know we've been doing this like in the euth in Asia roller coaster kind of style since you know even before March you know the lead up too um and people are just tired and losing their money or like you know the vast majority of people without little flows to support that

um yeah there's no new money coming in it's the same money that it's the same money that keeps playing the game and then eventually you start running out so you comment on their pumped off fun saying hey I hate you're taking too much money give me my money back like I don't want to s for them too much but it's a fan like yeah somebody else yeah somebody else would have build it like yeah I mean it just it is what it is you know yeah yeah they just they killed it man props to them like it's like a two person team or something um must be nice yeah do you remember when they got hacked oh my God and was like and they still came back from that they had that

one dude the Kea guy he hacked them he like air dropped money to 2,000 wallets or something and then they were like yeah we'll come back we'll make 80 million dollars in three months you it's crazy yeah it is I mean it's it's wild but and I mean I think you know like it is people are tired and it is like the youth India roller coaster like I said and there's you know they maybe they shouldn't be making that much money you know all that can be debatable and stuff but I do think they're aware of it um and trying to you know figure out ways to maybe put in a little more guard rails I think I saw twe a little bit all the time as well like you know the live

stream and I can't remember what else oh yeah they they did that zero fees thing the other day which you know just makes the barrier to entry less but they are they are still shipping shipping stuff and like bottom line is as much as people hate them they arguably has have the best pmf of anything in the last six months yeah for sure um you're gonna you're going to upset the poly Market people because wait we can talk about poly Market um but before that they had margin F launched Arena um and S no not swand sand launched something similar as well I can't remember what it's called it's

basically that both just let you short uh meme coins and I don't know have you guys checked any of them out I just got a code like a few days ago but I haven't I I really don't want to short meme coins I just yeah I was just reading the doc before trying to figure out how it works um it definitely feels like pretty Limited at least in the beginning cuz like these pools need to be I think they can be permission permissionless created pretty soon right now there's like 16 permission pools or something but like these pools need to have people deposit into them for them to work because like if you want to how does it work if you want a long Bowden I think the example they use is you have to already hold

Bowden and then to long it with like 2x leverage you're like borrowing more Bowden against that Bowden using like a flash Zan or something so these pools have to be like stacked stocked up basically um people going to lend you know usdc and the meme coins into the them um but cool idea I love the I love the idea like we we should be able to short these these coins yeah that's uh I don't know there it is it is a good idea I'm glad I'm glad it's built and it'll be interesting to see it take off but I will I will not be participating they're they they're volatile yeah they're volatile enough I don't need to be long or shorting uh you know like sub 100 million market cap coins I don't show

anything so like I don't even know I'm excited about this but I think just the the innovation of it I suppose I was also going to say it might also be like we said Naro might have been a factor Bowden might also be a factor because a lot of people were like we collectively as CC fall for something and we're like oh political meme coins are the next big thing like leading into the election and we did it three months before the election and they all died out like they're all yeah there's only so many times the same however many 20,000 30,000 people can be like oh yeah this is the new big thing like this coin is really good and then the window for that thing being really good get shorter and shorter you know like the people are

tired The Trenches are tired yeah they need a they need a break they need a good reset or if somebody wants to you know some protocol wants to uh wants to air drop a bunch of free money that'd be cool too they don't do that man did you check did you guys do dbridge I used it naturally a few times but I'm pretty sure it'll be it'll be peanuts cuz I know that thing got farmed heavy I had a few wallets that I was tracking that um we're just bridging like 58 back and forth like all day hey that's a that's a job okay oh CPI just came out yeah I saw that that's what I'm looking at right now good numbers again that's cool nice yeah I got $27 off the bridge oh is the

token live you can check your allocation and then do some basic math yeah right you'll see the FTV come out but it got farmed really heavy and this is like the second Solana thing that's giv me sub like what what I want I think cloud how do you yeah how do you quantify sub what I want well I want gillions and they gave me like 600 tokens which pisses me off um I did only use it naturally though and I'm happy I used it and I'll probably keep on using it like this will probably be the only um Bridge or like app that I use even though they kind of shafted me on the airdrop cuz D bridge is genuinely really good it is great yeah it's so good it's

so good it scared me the first time I used it I was like they got to be like housing inventory or something like I don't know I've I've used you soul to B andb in like 10 seconds I was gonna say in like five seconds like base to the soul and I'm just like damn that was quick and then I'm like wait damn that was really quick that's scary yeah but yeah we'll see see how that goes yeah I mean I hope they don't get hacked but like I remember using Wormhole back in 2021 because you had to use Wormhole like if you were doing yeah the worst experience in the world just have to go on the Discord and message them hey guys my money can I

have it back please it's stuck 20K Stu in there like oh that's you had to go in the Discord and then you just see thousands of just Bots just saying like the same thing you're like please somebody just answer me yeah yeah no let's do poly Market because there's some hot takes that we're floating around here um one of them I can see in my notes is that tol is calling the generational top on polym MAR um versus kez who's said they're doing good I think uh last time we were on here I wanted to call I called the

fantasy top top and that was during you know that that really Hy to blast season that seemed to work out well for everyone oh man the amount of disappointing air drops I've had recently but yeah tell us I don't I don't also don't know much about poly Market I've never used it but I've definitely been seeing lots more chatter about it um kind of keeping tabs on it with the you know uh political odds and when there was that Trump and Elon spaces the other day I was um watching it as well because there was some funny funny bets people were making like Trump saying tampon at some point during the spaces and it came true he did it and anyway um wa he said during the spaces yeah there was I can't remember what the

other two were there there were three like main bets I think one of them was crypto which I think they had like I think they had like 10 markets or so on just words he would say and stuff but yeah I mean that that's SP is that that was the app Olympics I'll tell you what yeah it was four four and a half million traded through po Market uh four bets about that spaces which is like you know not wild volume but pretty solid I would say for what it is I wonder how much volume was on pump. fun related to Elon oh there was there was a I've got some anal there was a yeah coin because I guess it was launched cuz Elon just kept saying

Yeah and somebody sent in one of my chats a screenshot last night and it had 24 the 24-hour volume was 17 million and the market cap yesterday was sitting at 78k yeah brutal it seems seems impossible but yeah I think there was like over 10K coins launched during that like two hours or whatever it was and I think CU I I was watching the whole time because it's basically like like a transcript of the spaces like you could like Photon has a very good plugin of like uh kind of new coins ones about to graduate and ones that have graduated and you can see them coming in like real

time and it was literally like a transcript of the interview speech to Texs AI just launching coins but yeah back to to poly Market I mean I just I guess my hot take is just that I think you know the users activity you know coverage everything I mean prediction markets in general seem to be I mean there's not too much to talk about in crypto right now but it seems like everybody's kind of obsessed with prediction markets right now and I guess my hot take would be that I just think poly Market might forever top around the election um it's just such an idiosyncratic event I mean you can go on there and look at the kind of the volume traded of other you know random events whether it's like uh Federal Reserve

related or you know global politics I mean War everything like that like the volumes are just incomparable to what has been bet on the election and the volume that's bet is talked about a lot and obviously everybody you know you see the the odds essentially once a minimum once a day on the TL um but the liquidity is still like not great you know I mean you can put like 100k and to either Kamala or Trump and I think it moves it like four or five cents just with 100K so um I guess my yeah my take would be that it it definitely tops around the election and

I mean they are doing they are doing cool things like what what they've built is awesome I don't want to you know take anything away from from them and they just they did integrate I think a perplexity AI or they announced some some partnership with them two days ago I think on Monday yeah um but yeah I'm just a little more hesitant about the stickiness of non-election stuff I just don't understand why they launched it on PO I know have way more like way more Market going on um yeah I I agree with you tox unfortunately I have to agree with you

and say that I do think like after election season it probably dies out I um I don't know how the other big ones do it like predicted and stuff and if they die out after election season but for what it's worth like I think if an app can be really useful for just like what it's been six months um like six months out of four years every four years I think that's fine like that's not the greatest I mean I guess poly Market did raise 70 million so it's a bit much um just to be useful six months out of four years but it's not horrible like at least you can say hey look we have one app in crypto it is on polygon but it is crypto that no we don't

mention we don't mention that part you don't you don't say that out loud they also put it in the name man they love polygon so much they crazy yeah no I mean I agree with and I do think like there is there is some you know market value of having like permissionless prediction markets um for settling you know just anything generally like you know the you can see scenarios where there's you know Global events elections things like that that that are disputed and you can see like a future where you know and same thing with like AI you know whether you know is this thing created fake or real like you can see that scenario where you need

you need like a Global sour of Tru source of truth and the best form of that is like you know people putting you know money and capital one way or the other so like there's I understand like I just I worry a little bit about you know what the the staying power is when it's not a four-year election once every four years election yeah no that's definitely all right let's do hyper liquid I think that's something that we have to cover and we covered it two months ago as well but um I love I still love hyper liquid I'm not a big pers guy um but I do like it's the only one that I've ever used but I think a hyper liquid is good B I feel

like the incumbents dydx I can't believe they fumbled that like they had such fumble huge fumble did you see the Tweet today though I I'm also a big hyper liquid fan um and also not a big pers guy but just in general I don't know I suppose we both see like the vision in general but yeah did you see the d dydx uh announcement before they basically implementing they're trying to play catch up implementing like a hlp vault kind of thing yeah I wonder if it's too little too late um probably not for what it's worth I I think like dydx is I can pull up the volumes chart they still get a lot of volume it's yeah it's just like hyper they they just built it at the

right time like VC The Narrative is so fantastic their volume difference is very little for what it's worth it's like over they're basically the same over the past day and over the past seven days so I guess it's like you can't really say dydx bumbled it um but that volume that hyper liquid has could have gone to dydx so maybe yeah anything else you guys want you guys have about hyper liquid um I suppose just that it feels like it does feel like they're getting more and more um attention from kind of like legitimate Builders outside of outside of the the hyper liquid L1 chain um that that want to showing interest and want to build on hyper liquid um

there's a few like lending platforms um someone's building another bridge at the moment uh it's actually one of the like top perpetrator Top perpetrators by volume on there I think he's done like over 1.5 billion or something but he's building like an AVM and soul bridge to hyp liquid um in silico terminal which is like a pretty prominent uh pers terminal integrated them recently too so yeah just getting a lot of interest um yeah the spot tokens kind of I think they peaked like not long after last time we chatted about it they're definitely aside from perr and H fun and even both of them are like you know

decently down as well um the rest of it's pretty pretty in the bin at the moment and um new launchers are kind of they used to be launching you know at 3 4 500k and kind of going up to up for a little while like Panda one of them got to like six or seven million market cap I think um and now they're kind of launching at like a 100K and going nowhere so I demand on the spot side has definitely dried up to to pay play Devil's Advocate um cuz yeah even though I am generally quite a big hyper liquid bull I do want want to you know kind of keep myself level and think about how it could not work out and yeah at the

moment spots spots definitely not going great I wonder if it's consensus like hyper liquid do you guys think it's I mean there's nothing to have feel like it's getting there but there's still I still definitely see some a fair bit of hate on on the posts on the on the hyper liquid Bill posts yeah that's true it's got a lot of mind yeah a lot of Mind sh I guess like you can't even really be consensus because you can't buy the token so like yeah until everybody holds the token and they're like oh stake the token for air drops be consensus stake the tokens on a launch pad yeah that's um yeah I don't know I I like I I I've

been looking into hyperland um and I've been like scraping Twitter to find out new protocols launching on hyper liquid cuz if I can't get exposure to the hyper liquid token um because I don't know when they're going to end this season this season that's what I was going to ask yeah do they have any final dates in place at all there is a final date there's just no guaranteed like you know tge straight away or anything but the points end at the end of September yeah so we got about six weeks left yeah I'm not sure if they're going to launch another um points program I hope they don't I really hope not um but even after that like you said it's not guaranteed that there will be tge and I wonder if there's like because I think people are

tired of per and H fun um a lot of people just we we need something we need a new on the Block there for sure something that like actually you know contributing something of of value to the ecosystem because all the recent launches have just been like nothing basically Twitter accounts of like three people have just like bought the ticket because they think that they can make money off it and obviously not the case yeah so let's see I know ra trade launched on them I'm not really hopeful of that team too much um hasn't gone well so far token wise anyway no it has not um I think that's good I think we're good do you guys have

anything else you want to bring up uh I don't I don't think so no I mean just uh I think we're set up for I mean it's been a a long long summer and really long since you know March or so the range but I think we're set up uh you know pretty pretty well heading heading in through through end of the year I mean stable coins are perking up a little bit you know Dex sex volume is is rising and I don't know things look pretty good the inflows ETFs are live you know wirehouses Morgan Stanley just got approved for for the Bitcoin uh ETFs that was last week so you know things are those things these things take time and I think uh like we talked about at the at the top of the show we've chewed

through NeverEnding Supply at least seemingly never ending and uh I think we're kind of perking our head out of yeah out of the end of that and and things look look pretty constructed for my end through through end of year so yeah I agree with you I um I've actually taken it like thankfully I didn't trade over the last few weeks and I've just been trying to good on you yeah I f um was a good decision by me I'm just I'm excited for like end of summer and then hopefully I really don't want to say it but hopefully those Supply like overhangs were the last of it and there will not be another like jump type of situation but you can never know

um going forward KZ are you also hopeful going forward yeah I'm definitely hopeful going forward so let's uh we can finish off the show by topping topping the market again yep next time we'll see you guys at 44,000 BTC all right talks K thanks for hopping on thanks for joining me thanks for topping the markets once again yeah thanks that was a pleasure thanks for having me uh and to our listeners thank you so much for listening make sure to use code 0x10 while you're buying the permission list tickets have a good day are you currently building on polygon or interested in migrating season one of the polygon Community grants program is live right now and features 35 million in madic to support the next generation

of polygon projects builders on polygon these grants are for you join the aggregated future today by applying at polygon.com technology SL break [Music]