Rollup: Bitcoin all-time high, Uniswap fee share, Blast mainnet and Lens going permissionless

Transcript

[Music] wow wow wow what a week holy moly Kai we're back with another episode of the rollup to talk about what is going on in the markets alltime Highs are so close we just were right there we're right on the edge so also today's leap day we're recording on February 29th this might be the only time we ever record on February 29th and you know what big things happen on a leap year and today tomorrow might be two of the biggest days we see so far in 2024 in crypto and we want to make sure you know what you need to be watching how you stay on top of it from airdrops to so much more we got so much news for you today welcome to web3 Academy your one trusted source to capitalize on the next big phase of the internet we are here to make sense of an

onchain World in constant transformation I'm jbird along with my co-host Kyle reidhead and I believe that blast liquidity is going to change the world that's why we're carving a path for doers to confidently build and invest in web 3 Jay I've been smiling all all week really about the starting of this episode where you ask me how the prices are doing of Bitcoin ethereum and salana I can't wait to go through that so we will of course cover that and why it's all happening in the market watch section but we have tons of great news in terms of Unis swap launching their fee share to token holders well sorry not launching launching a proposal to potentially have this happen we're going to cover that some good analysis that's going on there as you mentioned blast

goes live today as we record in a couple hours from now actually so we'll cover everything going on there we got some big news in the marketplace world with magic Eden yugal laabs as well as vanak getting into the the nft marketplace World social media in web 3 is popping off with lens going permissionless coinbase is down well was down yesterday which is a big signal in every cycle so if you're new to the cycle we'll tell you what that is and just so much more this was we almost had to record two rollups this week but instead we're going to just try and jam-pack it all into one it's speaking of that you might have also noticed there was no market watch episode this week and I just want to announce that there's not going to be a market watch episode for the next couple weeks

actually Jay and I are cooking up something real big we can't tell you what that is right now but we hope to be able to tell you what it is very soon but it's taking up a lot of my time and attention so I just need to put put my energy there for a moment and just sit back on the market watch episodes I know you guys love those but we'll get those back in just a few weeks time I promise just give us a little bit of time we will be making announcement in the coming weeks something that's going to impact and help all of you we hope and then we'll get the market watch episodes back as well web 3 Academy's cooking the markets are cooking let's jump into market watch to start off Kai what is going on in the markets start off with

Bitcoin well forget about the daily numbers but we're just going to go to the weekly numbers because that's what really matters right now because we have had just multiple days in a row of just massive green candles Bitcoin is up 19.6% in the last week just going to leave it at that it's just absolutely nuts Jesus and actually yesterday was a wild day for anyone this is Wednesday I guess for anyone who's listening right now Wednesday it went all the way up so I think it started the day in around like 5758 is and it went all the way up to 64,000 and then like within a minute basically went down to 6,000 I think even below that actually doesn't show it on this chart here but around 59 maybe even and then now is is back up to like

62,000 is so it's just it's been a wild couple days but we're actually having one of our best months ever in history of Bitcoin in terms of a monthly candle this February is potentially we'll see when it closes at the end of today potentially the biggest monthly candle in bitcoin's history ever so it's pretty historic let's [ __ ] go institutional money is making a difference yeah yeah also volatility is real and going to be even worse in the coming months but hey let's go to eth what's going on with the price of eth yeah so eth is up 15% on the week so it was outperforming Bitcoin and then yesterday Bitcoin just was like nope everyone shut up altcoins sit down I still am dominating I'm gonna continue

to take the lead here uh but regardless ethereum is sitting at above 3,400 which is um huge from what it was uh earlier this week which I think was even below 3,000 at some point was it during the week let's see yeah we were down at 29 earlier this week so it's moving and I think this is will continue to move so sitting at about 3425 as we're recording right now all right let's go over to salana salana is up this was the one that was kind of lagging and then actually just today it decided that it was also GNA say [ __ ] you to the rest of the market and just rip so it is up 8% today already and up 23% on the week after like I said it was lagging a little bit eth and Bitcoin looked like it was just going to be the majors that

were kind of showing up here and it was quite obvious I tweeted out actually I'm G to show you the next tweet here we said Sol is still 50% from its all-time highs Bitcoin is only 8.5% what do you think happens next salana is about to melt faces and well today salana has done just that and I think there's so much more to go salana is currently sitting at $128.6 it's alltime high for those wondering was $260 and so it's got still another 50% to go well 100% it's got a double to go from here to get back to all time highs whereas Bitcoin was 69 it's currently sitting at what did I say 60 almost 62 so Sal is going to fill that Gap and it's going to do it real quick and let's go to Total crypto market cap yeah so two trillion means nothing anymore we're

way past that we are sitting at $ 2.22 trillion do uh and uh the market in general so the crypto total market cap up 16.6% in the last uh week just bringing in billions and billions hundreds of billions dollars into the market in literally seven days that is a combination of retail starting to come back in and an Institutional buying like basically institutional fomo let's call it that seems like up only these days which is pretty nice for the bags well the signal for every bull market so if you were around in 2017 if you around in 2020 and 2021 bull market there was one thing that always happens in a bull

market especially in the early early stage of the bull market and that's coinbase goes down well if anyone was trying to use coinbase yesterday you couldn't and all your assets it said that you own Z dollar worth so scary for those that were trying to use their favorite crypto exchange but it was down the CEO and founder Brian Armstrong tweeted out we are dealing with a large surge of traffic apologies for any issues the team is working to remediate this again happens every single cycle this is usually a sign that the bull market is kicking off because a bunch of the people that haven't been here for the last two years start to flood back in and use the app and it sort of blows up the servers for a little bit and the team needs to kind of come in and fix that always always always a sign the B

Market is back and we just had our first one this will happen again Watch we are still I'm going to talk about the phase of a bull market in a second we are still very early there's still not a ton of retail back but the first phase is coming back the first sort of group of retail there will be many more just to give you some numbers here last cycle coinbase reached something like a 100 million active users so there's 100 million users that are verified on coinbase a little over that but over the last like year there's been about 10 to I think they reached like 11 million last month or or at least the last week saw the recordings of active users so there is so many users that are still to come back and I think they just said their first surge of those people coming

back I actually I should have put this tweet up I got a text from my mom yesterday and it said Kyle what's going on with Bitcoin and I was like ah [ __ ] I got a song right now it's over I tweeted it out it was pretty funny so the some people the people that are like I mean my mom's not in the know but she obviously cares about it because one I took a bunch of my dad's money back in 2020 and put into Bitcoin early early days so he's up big so she's like always watching and then she knows obviously like I'm big into it that's the only reason she cares otherwise I wouldn't say this is a signal of like she's the last top signal she is into it because of you know family but anyway these are the signs you want to be looking for for

sure I also saw Brian Armstrong said that they had modeled the 10x surge in traffic and load tested it yeah this exceeded that number yesterday so wow just think about that they were prepared for a 10x and and they went down because they got way more than a 10x so right take that for what it is yeah absolutely well here's what's going on in case you've been living in Iraq and you don't really know but this is a nice tweet from PMP that came out which is looking at and we've showed this last week as well this was two days ago now the number of Bitcoin purchased by ETFs was 10,000 two days ago and the amount of Bitcoin that was produced by miners in that same day so the new Supply coming

on the market 900 so it's a 10x more than 10x the demand that's just the ETFs it doesn't count retail doesn't count Michael sailor who also just bought three 3,000 Bitcoins the other day and then actually if we looked at yesterday's which was the big day it was 12,000 Bitcoins bought by the ETFs just yesterday and again only 900 produced yesterday so these numbers are crazy and poom says this is the single most important ratio in global Finance right now if it continues for the foreseeable future the world will change and there will be no going back and you can't understand this we've never had an asset where the supply can't grow right in every other asset in history no matter what it is gold which is supposed to be the like finite asset that we have as the price of gold goes up it becomes

more profitable to mine gold which means there is more gold that gets put in circulation that doesn't happen with crypto assets it doesn't happen with Bitcoin doesn't happen with ethereum I mean don't even get me started on what happens with ethereum in this uh state but this is pretty massive and something that I don't know that most of trafi has wrapped their heads around yet but they are beginning to obviously because well that's why our bags are all pumping at the moment if we look at volumes the ETFs are just popping off and yesterday was the biggest day in its history by double it doubled the first day numbers in terms of volume so the new nine so this is all the ETFs outside of gbtc doubl their volume record on that was set on Monday with just about six billion traded and ibit which is Black

Rock LED with 3.3 billion Fidelity did 1.4 billion so the numbers are just absolutely massive that's happening right now we'll see what happens today still early markets are not open as we record or I guess they're just opening but I haven't looked at anything yet so we'll see where it goes but these numbers are obviously getting really really big now here's the cool thing bellagi tweeted out and he said Bitcoin has passed all-time highs in 30 plus countries including China and India which are the two biggest countries in the world in terms of population so this is just interesting because we all follow well many of us follow the US dollar price of Bitcoin right and we're not at all-time highs yet but 30 or more countries are already at all-time highs because their currencies have deflated

faster than um the US dollar now what I'm going to do is I want to come back to this chart but first I want to talk about the phases of a ball Market because there's one thing that I think people Miss on this like everyone's just like oh yeah that's cool that's interesting it's at alltime highs in other countries but remember what happens when we hit alltime highs that's when the Euphoria and the fomo starts to kick in for people but we haven't hit that in us yet so we still think oh it's still pretty early is that fomo and Euphoria already started in places like China and in places like India because they're already at alltime highs right and I think us on this side of the world we don't think through that and so one of the things I noticed this week is

every time I woke up in the morning the pump had started it wasn't it's not a pump that's happening midday these are well I guess yesterday was a little bit of that but every morning I wake up and we're up two three% and that's China and India buying not us because everyone's sleeping in the US and markets aren't open and I think that this is part of what's happening so let's talk about these bull phase the bull market phases okay there are four of them and we just entered stage two of this so let me walk through some of these and it'll help you sort of like understand where we're at in these Cycles so stage one is What's called the rebirth okay this is the exhaustion from the bare Market it still exists Sparks of Hope pop up then fade a few narratives arise but are quickly

killed by apathy your friends in the media still focus on the bare market blowups so the FTX stuff all the prices are quietly recovering this was 2023 right for us that were in here paying attention I mean we did really really well last year but no one talked about it right and we still weren't sure we still had kind of the anxieties we still weren't sure what was going on and we were still down a lot from you know if you were buying at the top of last cycle so that's stage one stage two is excitement this is where we are right now the bare Market has officially ended I think that's pretty clear to everyone your coins are nearing all-time highs some have even blown past all-time highs everyone in crypto understands that we are officially in a bull but it's funny your Norm friends still aren't texting

you now I've had a few but definitely not as many as I had in the last cycle so like we're there but it's still not fully mainstream yet if you talk to most people that aren't in crypto they still don't really realize that Bitcoin is as close at this alltime highs and so it's this weird combination of like you're excited and you're anxious your stack is growing but you feel like you don't own enough coins I get that every single day every single morning uh your company starts hiring you start ordering quac at Chipotle again life is good all your crypto friends are winning this is the com before the storm so stage three this is Euphoria everything you own blows past all typ high there used to be a new narrative every week now there's a new one daily the private markets get crazy

VC's announced $500 million funds they skip you diligence and just race to deploy every week a new company announces their hundred million do raise we are mainstream again Forbes Bloomberg CNBC they all love crypto and then stage four and by the way we're not there yet but this is what I'm wondering is like are we there in China and in India and in Japan and many of these other countries that are already at all-time highs like I don't know I'm not in that market I don't live there I don't have a lot of friends from there so I can't say but my assumption is yes and one of the things that I remember is when the permission list conference happened in 2023 and there was also the what was the one that was in I think it was somewhere in China or no it was in Singapore oh

yeah list token 249 20 yes yes everyone was saying at that time like bull Market's on they were kind of in stage two at that point right because they were getting close to their all-time highs then whereas permission list was still pretty like what's going on like you know so they it feels like they're ahead and I wonder if that's what's happening right now and then just so you guys are aware stage four this is the one you want to be aware of and this is when you want to start taking profits which is called the disconnection stage this stage could also be described as Insanity which you will see it will happen soon well not soon but it will happen nothing makes sense anymore you have more money than you ever thought you'd have in your life your friend who knows nothing about crypto launches a token he's worth

hundreds of millions overnight a crypto person buys a sports team Justin Bieber joins a decentralized social platform crypto companies spend billions on markets and unfor on marketing and unfortunately none of it is real if you're not careful your arrogance and laziness in this stage will cause for a rough two next years so those are the four stages of the bull market we are just entering stage two which is wild because that means we're still quite early and it matches kind of the timelines we've been saying on the show for a long long time but just want to prepare you to understand where this is going to go in the next little bit which there's one more tweet I have that also helps you mentally prepare to where this is going if you were here in the bare market then you remember how many times people tried to call the bottom during

the bare Market only for price to keep going lower and lower and lower for months and months and months until no one wanted to even try to call the bottom anymore we just gave up and we're like what's happening right well the same thing happens during a bull market except in the inverse and that is these stages where people are already like are we at the top is this it like are we gonna go much more are we gonna speed up this cycle and it's going to end in just a couple months I don't think so I think the same thing is going to happen to what just happened in the bare Market it's we're still early in stage two and we've got to get through a lot of craziness before we reach that crazy top it'll happen quick when we get to that stage four so you got to be careful but

things are going to move a lot more than people can wrap their heads around I remember this happening in 2021 that disconnection phase where you're just like this n nothing makes sense anymore that's when you know that okay things are getting too much so we still are a long ways from that happening well and it's interesting because we're definitely still in that phase of almost a disbelief that it's happened this fast I think institutional money has really shown us the power of what's going on with the Bitcoin ETF and how fast that can push things to new Highs but we're still nowhere near the euphoria that will come well I remember in the last

cycle we hit the alltime highs around I think it was November or December on bitcoin anyway and that was a pretty crazy grind to like get up to that 20 it was 20,000 at the time and I remember at that point it was like okay holy that was nuts and then in December it just went up green every single day it didn't stop through Christmas my my birthday's in December so I was like through my birthday through Christmas through New Year it just like kept going and then in January same thing and you were like what is happening and then ethereum went like Forex in like a week and you were like what just happened and then it just then all sudden nfts started going off and it's like it didn't end until November but I remember in December January being like this is crazy and

there was still an entire 11 months before it finally topped this isn't just crypto by the way this happens in all um markets where you have these sort of blowoff tops so you have these sort of it's all controlled by like this psychology of humans where we have greed and I'm not going to get into that today I've talked about that a bunch but this is like there's a science around these sort of like Market structures and it happens AC it happened with tulips in the 1600s tulips look at this guy look at this guy bringing up tulips tulips are beautiful my Sam bought some tulips for our house the other day so yeah I'm I'm into tulips so bull so look the main takeaway here right now I think Kai these are the weeks where everybody

that's in the space you know maybe those outside of the space they're not feeling fomo yet because they don't understand it they're too distant from it but those in the space I can already sense a lot of fomo a lot of like you know that like shaky excitement you know like you're just like you're open you're looking at the prices constantly what's your main sort of not takeaway but advice to everybody in the space during weeks like this you got to manage your emotions I mean we were talking about it yesterday in our in our meeting we were trying to do a meeting for web three Academy and we couldn't get through it because prices literally were going from 60,000 to 61,000 to 62 to 63 all in like four minutes so we kept everyone was on their

phones in our meeting it was useless we like I don't even know why we had that meeting and so it's it's very difficult right and these are people that are in it every day and so the best thing you can do is sit on your hands do nothing like thankfully you've been here before all this started you should be allocated already the best thing you can do is nothing which is so so so hard but it really is the best thing you can do as simple as you possibly can do it the simplest but yet the toughest advice okay yeah let's switch over to the news we got to talk about Unis swap blast magic Eden's Marketplace lensgo permission list coinbase telegrams rev share and more so let's Jump Right In First up is unis swap so swap announced this week earlier this week I think it was on Monday that they

are having a new proposal up to move the fees from uni to their token holders so this is a huge announcement they've tried to do this before there's been lots of speculation that they would do this eventually just to give you an idea they've made $3.5 billion in fees since their Inception and none of that has gone to UNI token holders mainly due to regulatory concerns but this proposal that's from the governance lead over at Unis swap Aaron con or con is his name and it's the first time that it seems to really have some momentum behind it and

this could actually happen which would be absolutely huge now there's some key dates coming up actually fir should first say basically what this would do is it would create two new smart contracts that would manage and distribute trading fees to active uni holders and I believe that an active uni holder you have to participate in governance you either have to participate in governance or you have to delegate your governance in order to be considered an active Union holder so there's a couple key dates coming up first is on March 1 is there's a vote to see if the community agrees that we should that this should be a thing and then there's a final vote on Mar March 8th so if you are a unique token holder you need to get involved in this Vote or

you need to delegate your votes yeah so to be clear there's a lot of confusion around the fee structure of Unis swap so Unis swap hasn't made any money off of you off that three what did you say 3.5 billion 2.5 billion yeah yeah that all went to liquidity providers okay recently a couple months ago Unis swap Labs which is the company that built Unis swap the protocol turned on a fee switch which is a small fee that goes to Unis swap Labs if you use their interfaces okay and so they earn some Revenue that way now what this is is basically from the protocol level we believe it's going to happen for the protocol level we don't actually know they would take some of the fee that goes to liquidity providers and instead well either they're going to take some

of the fee that goes to liquidity providers and push that to token holders or they will add an additional fee on top of your transfer now here's the thing is so one this is obviously a big a big deal right like if this is what we've always wanted is protocols that are sort of access says public goods right and it's a decentralized protocol it just exists on chain anyone can use it and there's no really like employees that are controlling it and then it's also generating a ridiculous amount of revenues and sharing that with those that that hold on to its token that's the goal here I mean ethereum is the only one that's really been able to sort of do this in a profitable way and we were waiting until applications could do this Unis swap is I mean there are others that do it I guess GMX already

does this and and a few others but at the UN swap is the biggest right they earn the more Revenue than any other application on chain and so for them to do it is is a really big deal paves way for other tokens to do this especially around the regulatory Clarity and stuff like that but here's the thing I was doing some napkin math well actually I was listening to some people that were doing some napkin math on this and here's how this actually works out so the assumption is that they will take around somewhere between 10 and 20% 20% of current uni fees okay and it's probably taken from the liquidity providers now assuming maybe 50% of people you actually have to stake your tokens and so you have to delegate and then I think stake your tokens is how this is going to work delegate or vote

yourself and stake and so assuming I don't know 50% or so is what they just sort of recommending or suggesting actually do this then the numbers are actually not that big um at all and so if you look at like current revenues to liquidity providers and the way that they did this snapmat the first time is only looking at the liquidity pools that Unis swap Labs turned on for their own fee so the main pools like eth to usdc eth to WRA eth Etc if they just did those ones and assuming the 50% rate then you would be under 1% apy so you'd hold a token you'd make less than 1% which like is not that big of a deal and probably not going to make a big difference now what we also looked at is like if you do all of the pools on Unis

swap so this is a protocol wide thing and you assume the fees that Unis swap was earning back in like I think it was November 2021 when it was earning like its highest fees ever in a month if you look at that it's about 5% API so pretty good A little bit higher than what ethereum offers currently and then obviously like you could Moon maath it like maybe it's even bigger than that like what does that work out to so like I'm not sure if this is going to be as big as a deal as we think it is because it might just be too small and then also like if it does get really big the interesting thing is you'll have a lot of demand for people to buy that token which is eventually going to lower the amount you'll make but it's going to

significantly increase the price of uni people are already speculating on that it went from $7 to $12 in like an hour when this was originally announced so yeah it's going to be interesting the other thing to think about that I don't think people have talked about is if they add an additional fee switch here how does that impact volumes right like maybe now like metamask for example has an additional fee on top of the fee that you'd pay to use whatever it's an aggregator so whatever deck you decide to use and so a lot of people don't use it right they just go straight to the source well if Unis swap adds an additional fee on top will now people go use I don't know um Sushi swap or some other one instead and so does it end up losing market share as a result or do

liquidity providers go elsewhere because now they're not earning as much like so people just immediately go Oh Fe share like this is amazing bullish but there's a lot of other implications that we don't understand just yet because this has never happened before and so there's different components of this and it's going to impact different components and so we don't know how that's going to shake up the market yet so it's going to be very interesting to play out and a big learning um curve here and I think for other d protocols that are earning Revenue that want to do this this is going to carve you know a path for them you had a great uh tweet this week Kai about this maybe being the trigger that gets us into a crypto super cycle you said this for a while tell us what

you're thinking here yeah this was a tweet actually a long time ago this is from well not more than a month ago this is in January and I just said the crypto super cycle comes when profitable Pro protocols figure out how to share value with their token holders eth has already done this but when Unis swap make l2s Etc all fig the set at scale that's when the super cycle begins now this is just a proposal so we're not there yet and even if it launches we don't know if it's going to work we don't know how they're going to do this properly but I think when this happens it's similar to like stocks that give out dividends except there's just when trafi wraps her head around this there's just so much less risk associated with investing in a decentralized protocol that just exists on chain and people just use and there's

no board member to [ __ ] it up and no what think about the open AI Sega that we had there's no board member there's no employees it just works right and then it just generates a [ __ ] ton of money and just Auto gives it to others and there's no board that can change that really it's just it's very different than getting a dividend from I don't know IBM or Microsoft or whatever and it's also a much higher amount because it doesn't have to spend money on an office in pens and computers and employees it just can move that money to token holders and so I think when that happens there's just no reason to hold on to anything else other than these sort of like Revenue generating tokens which is also why I have the bullish case for eth but I think it's going to

be a big deal but I don't know that when they launch they're gonna figure this out right off the bat so still still gonna be time yeah I think you're you nailed it when you said this is a first step in an experiment in how to do this and Unis we all knew would lead the way but it's been interesting to see others say that they also are following this closely Pacman the founder of blur and blast said this week that he this was a great proposal and he's excited to see what they implemented Unis swap because he thinks that maybe this would be the path for blur as well I mean blur needs to blur doesn't have any Revenue so they don't they got no Revenue to share so I don't know what Pacman yeah because they're just focused on market share right now and there's not enough nft

trading happen any generate much of a fee we don't want your revenues Pac-Man but like you said there will be we just want your points this meta yeah this meta of a fee share or a revenue share with token holders makes a lot of sense when somebody can figure out how to do it uniswa also had some other news come out this week with a couple of uh new features or products that they announced what's going on here Kai yeah so just make this one quick but they launched Unis swab extension which is instead of we're used to using browsers or sorry wallets in a browser extension where you download it to your Chrome and it sort of you click on the button and it pops

up this is using a new feature that Google Chrome and other browsers have now allowed which is a sidebar and so instead of it like popping up it just always exists on the side of your screen while you're sort of like doing whatever you're doing on your browser and so they have launched their wallet in there and so now you can do all the things with Unis swap but on your sidebar of your browser which is just really improving the ux and they've taken out a lot of the complexities so I think over the next year or two wallets are going to just look completely different than what we think of wallets today um which is going to be massive for the industry they also launched a couple cool features of like limit orders and things like that where you now can use a deck

so Unis swap obviously and you can set limit orders and sell orders and stuff where you can set prices and you don't have to actually be there to execute the trade yourself you can just kind of set it and it'll do it when it's ready and so when it reaches that price now I think Jupiter has this over on salana but for whatever reason Unis swap didn't they finally now have it so bunch of cool new features coming to uniswap world as well love to see it bullish on Unis swap okay next up let's go to blast mainnet happens today we're recording this in the morning so by the time you listen to this blast will be in mainnet but it hasn't we're still a few hours away from that happening this is huge news for the ecosystem mainly because Blast has two billion dollars locked up

right now in this multisig wallet that they geniusly got everyone to bridge over their assets to in order to get points and get Rewards and this2 billion is now going to open up and be available for people to move off of blast if they want Kai I'm gonna ask you at the end of the segment if you think blast tvl is going to go up or down after they launch midet but don't answer that question yet so let me just give you some background here what's going on so blast is an L2 that is built on top of ethereum when they first launched blast the objective was to build an L2 with Native yield with in it so if you held the blast token that you would be able to get yield as a result

of staking and holding that token so there's a lot of hype around this there's also a lot of hype because blast did a big competition where they got over 3,000 developers we talked about this on the show a bunch it's called The Big Bang competition so there's been not only is there $2 billion in total value locked on blast currently there's also 3,000 Developers for the past few months that have been building on blast test net so there's going to be a lot of products a lot of protocols a lot of different a lot of meme coins like you're about to just see I don't think people fully grasp what we're about to see with ba blast going main net we're going to get a mini bull run I think over on blast SL hype cycle where

everything's going to be going crazy you're going to be seeing projects on blast saying 100x in one day like get ready for your feed just be overwhelmed check yourself on your fomo and your hype cycle alert on this one because yes this is a big opportunity and there might there will definitely be lots of money to be made here but there will also be rugs and scams there was ALS already somebody who rugged risk I think it was called they rugged for like a million dollars before blast even went main net they did like a pre-sale on the test net and then rugged a million so we're in a a very very dense hype cycle here and yeah it's going to be exciting to see Kai I don't know what your thoughts on where blast might go after

they launch main net yeah I think if I take the page out of the staking book for ethereum once they opened up withdrawals it skyrocketed upwards a bunch of people are like oh a bunch of people are going to unstake and some did right off the bat so like if you're looking in the first hour I'm sure people are going to move off that need that liquidity but I think over the next you know over the day or a couple days this is going to go up and I think that for two reasons one the points incentive is still alive and well I think that goes until May I believe May so you if you move assets there you still can farm so people are going to continue to do that if they've already done it they're bought into that also when all these applications launch they're going to

have multipliers so if you use x decks or X application you get 3x on your points or whatever like there's going to be these everywhere so I think it's going to consume a bunch more Capital it's can be a little bit of a black hole of East over the next couple couple months I guess that's my guess yeah I I I completely agree I think their TBL goes up after main net because I think they they just have they going to have so much attention it's going to feel a little bit I think like Bas when they launched an onchain Summer and the amount it felt like all of a sudden every project was on base everybody was bridging to base and blast already achieved that by having this just incredible marketing airdrop casino that

they've been pushing over the last three months for everyone to bridge over but I think this just kicks it into high gear when not only is the black team marketing and promoting blast now you're going to have hundreds of projects that are launching on blast that are also marketing and pro prom blast is blur launching on blast good question I don't they meant to be a an nft I would assume they're meant to be an nft chain no no no I think they're meant to be a you know optimism arbitrum competitor all everything chain like one of their one of their biggest projects is Blitz which must be by the same team as blur blast and blend because it's called Blitz it's

a Decks that is promoting that they are the best decks and you know they've got their features and they're trying to be the best decks no I think it's an all allpurpose chain I I do wonder if they're going to launch blur over there and if they're going to do some nft stuff could be the thing that ignites nfts yeah definitely when blast launches their token it's going to be a lot of liquidity goes into there because a lot of people farming this are NFC people and I would imagine that blast knows this and they're going to do something with nfts on their chain because that's still a big opportunity like there's not a lot of nft stuff on arbitrum optimism Etc and so like we need to move nfts off Main net yeah and no L2 has really done a good job on that I mean immutable has

done it but for games but not for like nft projects and communities so someone's got to do it I would imagine it's going to be blast but let's see yeah that would make a lot of sense if you want to learn more about blast and the top projects that we're we're watching We R newsletter on Wednesday we'll put a link in the show notes go check that out and you can see the top five projects that we're excited about on blast okay let's keep rolling along next up magic Eden finally launched their ethereum Marketplace this week this is in partnership with yugal laabs and this is a Creator focused Marketplace so the idea here is couple

of key features one is enforce royalties Magic has always been Pro Creator always taken the side of creators they actually built a Creator Alliance about a a month ago paji penguin is in it yugal laabs is in it isuki is in it all so many top leading projects are in this Creator Alliance and the idea is that they want to partner with these nft communities and be the go-to marketplace for them Yuga obviously is the chief partner for this Marketplace the other thing for this Marketplace is it's an aggregation Market Marketplace so they want to be the One-Stop shop where you can buy all your nfts magic Eden already has other chains supported they have Bitcoin they

have salana and now they have ethereum but they also are going to list all ethereum nfts that are available for sale on their ethereum Marketplace so you could go to magic Eden and buy an nft from anywhere you could get the price of all nfts All in One Marketplace so that's everything now that being said I'm not sure if I would assume they're only supporting Creator marketpl royalty enforcing marketplaces so when they say their aggregation I don't think that's every Marketplace that they'll Aggregate and then the other big thing that's going on in Magic Eden right now is the diamond rewards so magic Eden's point system is called diamonds and right now obviously with the launch of theum marketplace they want to attract as many

nft buyers and sellers as possible and so they are offering diamonds on all these different boosts where if you make offers on a collection on Magic Eden you can get diamonds if you list on Magic Eden or if you buy on Magic Eden you can get diamonds so lots of opportunities for Point farmers and airdrop Farmers because we all know as we talked about maybe a month ago the magic Eden is also launching a token coming at some point I don't actually know what the date of it is it's called nft token and it is their magic Eden's version of decentralizing bringing in a dow and then also having uh a token to support their ecosystem so big things coming out of magig now I

think the question on everybody's mind is okay great they launched this Marketplace so what happened how many people used it how many people bought unfortunately not many uh so far there have been this tweet is a day old so it's a little bit higher than this but not much there's been just over a million in volume on Magic Eden and over half of that volume came from okay dog artifacts which I'm not even sure what project that is most of it came the rest of it came from Utes and mutant Apes so not the Big Splash I'm sure magic Eden was hoping to make but it looks similar to when coinbase launched n Marketplace you remember that back in I don't remember when that was but didn't work

out so well I I just think it's so hard to launch a new NFC Marketplace especially just another general purpose one I get okay this one's got cradle royalties but like does the market want that I don't know doesn't seem so of course many of us want it but are is the market actually willing to pay it uh again doesn't seem that that's the way the only way to really gain traction as an N marketplace right now is to farm right to basically pay people to use your platform which is what blur did and at one point looks rare did and if you're not going to pay people then I don't think they're going to move and not only that there's just not a lot of people to pay to move at the moment it's quite small so yeah hard to see what it's going to go I mean at least mat

Eden is giving obviously a point system with diamonds so they might be able to gain some traction but I don't know it's a tough one out there right now I think even with Yuga Baku like Yuga just owns a bunch of collections but I'm not sure that they can really force a bunch of people to go there I mean not to mention Yuga is only enforcing royalties on their newest collections basically anything after like mid 2022 because before mid 2022 the smart contract standard was different back then and everybody made their smart contracts fully immutable so you couldn't actually change there was no royalty filter most of the new nft projects have put in a royalty filter into their smart contract so they have a little more control over protecting royalties right but that didn't happen

so like Bard Apes mutant Apes all the major Yuga Yuga collections are not royalty enforce it's only the newer ones so yeah I don't know that it really moves much no I the only way I think to really make a difference in the nft marketplace roller now is like to Niche out like to create something that like we've talked about this before of like specific marketplaces for a specific collection or a specific use case which I mean blur is the only one that's separate itself from the rest and that's because it built something specific for Traders you can't do what you can do on blur on openc and now magic Eden Etc and so they have differentiated otherwise like all the others are basically the exact same but that brings up some other news which is

Vanek who is also has their own Bitcoin ETF and is in the works to get an e ETF launched as well they actually just launched an nft platform now if you've been a subscriber to the web3 academy newsletter for a while you would have heard of this already because we got an early access to this I don't know was a year ago half year ago whatever that was it's called segment and basically what they're doing is they are offering an nft Marketplace that sort of Auto splits ownership of token back things like watches and wine so this is basically launching a Marketplace that does something that again the other marketplaces don't do which is connecting your nft to sort of physical IC things and sort of sh allowing the ease of sharing ownership of that so

again something very interesting something the others don't do so maybe it has a chance to gain some traction but I think this is what they need they need to differentiate and provide different use cases otherwise I don't know why anyone's going to use any of these different marketplaces that are that are out there yeah no completely agree but love to see vanak and segment launching that Marketplace I think that's shortterm not going to go very far long-term huge potential in that I mean we had Courtyard on the podcast maybe six months ago and talked about their Marketplace of Pokemon cards which is absolutely blown up and done incredible incredibly well so that's you know real world physical assets on chain it just makes so much sense let's go to the next story big story from our

friends over at Lens lens is now permissionless so as of Wednesday this week anybody can sign up on lens it's free for anybody to go and get a profile and start to use this onchain social protocol and then the many apps that exist on top of it forecaster has gone a lot of hype recently all the attention has gone to foraster within the web3 social onchange social world but lens is not far behind and is certainly trying to catch up by going permission list I think forecas went permission list in October here we have lens going permission list as well and obviously

look lens has done done some great things in the background just give you an idea of what they've done so far they have let me just see these stats here over 7 37 million onchain social transactions five million posts free 4.5 mirrors which are like their retweets 2.2 million comments and 11 million follows so look not the massive numbers that Twitter or so web to socials will be doing but a solid start and we're certainly bullish on onchain social it is the future for so many reasons connected to ownership of your profile ownership of your Social following ownership of your onchain Social graph

which is a big step that we all need to take so excited to see this and excited to see where this goes Kai I don't know do you think that uh this is the start of more people getting over to lens you think foraster continues to dominate look I think more people will go over to lens because people think the next step is now an airdrop and so people are going to go get their lens profiles and probably start to do things on it because they want to farm the lens token whenever it comes uh and so I mean we saw was it over 30,000 people sign up yesterday I don't think that's necessarily 30,000 people that want to use lens that were just waiting if you really want to use lens you you could get a on the list I think this is probably people who are speculating

people go where the incentives are not saying that they are launching a token but here's the thing lens was slower to go permissionless because they have built a more complex thing than what forecaster did well I don't even want to say forecast they just built it in a different ways so forecaster doesn't have all the interactions on chain of of forecaster okay just your account is on chain that's it but lens has done it very differently where everything is an nft your posts your comments like everything is becomes an S with your account and your account name and you can trade it and you can collect things and you can do so much with it because everything is on chain and so that came with a lot of complexities which made it slower to build a good ux to then go permissionless right you don't want to

go to permissions until it's easy enough for people to use now they have apps like hey. XYZ where like you don't sign transactions it feels like a normal app similar to forecaster similar to Twitter and so they're both kind of in the ux have similar Playing Fields now but different different use cases on each but uh I think the next thing is you know forecaster beat lens in terms of getting permissionless and I think lens is going to beat farcaster in terms of launching a token uh that's just my guess it just seems like the the most obvious next step to how do you get growth well I don't know there one way to get growth in web 3 watch token so I think that's where we're heading next but let's see Kudos I mean Mega congrats to lens though what they built is really

really cool and I can't wait to see this thing hopefully gain some traction and become bigger and there's a feeling that maybe lens is better position to understand how to launch a token and build incentives around it because remember Lens comes from the a team and a was one of the first to launch a token and is one of the most successful protocols in the space so you could think that they would learn a lot from that and take a lot from that forecaster seems to be the better better at building a client facing app yeah right so they've really succeeded at that just give you they come from coinbase they're the they're EX coinbase Team right so they understand ux yeah and then lens is

like we understand like decentralized protocols I mean they both get it but it's yeah and you can see the way they end up building was very much farcaster focus in ux the lens was like decentralized protocols so yeah and just give you an idea of size right now so lens has 170,000 total users forecaster has 205,000 total users so they're actually pretty close to each other in the grand scheme of social they're incredibly small still it's still so early but then lens only has 1,500 daily active users whereas farcaster has 30,000 daily active users now this isn't a surprise as you said Kai farcaster focused on building a client facing app that was easy to use whereas lens

focused on building a great protocol that is a bit more complex so and they've been permissionless for longer so I'm sure lens will we'll start a get up let's see going to be a good good race to watch all right next up coinbase said that they were going to to diversify their ethereum validators Kai did they do it they did so if you guys remember we talked about this I think maybe a month ago which was the ethereum community kind of was sticking up for the decentralization of their Network one of the issues that we have seen is most validators are using the client G okay I think it was like 80 you have it up here 84% were using gu and the next closest was was netherite at 8.18% we have seven clients and 84% was one what's the point in the other six right

if gu has a bug uh we're all [ __ ] and the thing was is that coinbase who runs a lot of validators for ethereum is a massive massive player in this game was 100% gu and so people started really taking to Twitter and and sort of telling coin basic look you can't do this you need to this is a big risk and so in just a matter of a month that's it coinbase came back out so first of all this is nothing new the coinbase but the community in general has started to switch over and so we're actually at 74% now this is just an about a month so that's really good but coinbase came out if you want to bring up that tweet Jay and announced yesterday that we told you we were working towards diversifying the execution clients and now we're excited

to provide an update basically what they've done is theyve launched the ability to use nethermind and a third one which is called I don't know if you want to click on the twon yeah Aragon that's it and so their goal here is basically in the next month to have a large portion of those move to nethermind but the long-term goal is to actually diversify and have an even amount of those three clients in the coming months so they're doing a massive massive move here to sort of fix this which is great because it all was led by the community and I think that's really cool love it super exciting let's keep rolling because oh my gosh we still have more news to get through in this super exciting week telegram this just came out before we hit record today they are

launching ad Revenue share using ton coin Kai this is big news what's going on here yeah so this is I mean this is exactly what we want to see so telegram has its own wallet within telegram it has its own chain called well it's not technically its own chain but they are the ones that built it called ton chain or called ton and they have ton coin on top of that and so now what they're doing is they're going to allow channels on telegram to show ads and the revenue that telegram makes I think they're sharing 50% of those ad revenues to those channels and they're going to do it through their token called ton and what's amazing about this is like one this is great this is kind of what YouTube does with YouTube AdSense I mean Twitter is looking to do this right now

where they share some of their revenues with creators 50% is a massive amount so that's really cool to see that but what's amazing and we've talked about this with Twitter before is like it's such a pain to do this to people across many different countries if you're using Fiat and telegrams is like hey we just need to use this one token that we have they have their own chain to do it and it's just so seamless and automated and programmable so it makes it so so so easy they don't need a massive team of accountants to figure this all out it can actually happen just through Automation and they don't need to worry about all the fees of changing currencies and all that stuff it just works this is why I think every Tech platform is going to have their own chain at some point so that they can do

things like just like this so pump to C telegram leading the way and uh yeah super bullish I think X will will eventually do this while they they use Dogecoin or something I have no idea but I think they're going to go this road at some point yeah I think everyone will use this like it's just you know YouTube will do this for their creator Revenue program it's just it is a better way to move money there's no debate anymore if you want to debate come on the show we'd love to talk to you okay air drop I'm like it's hot we got more and more air drops coming every week Revenue to be made first up portal coin launched yesterday or sorry today yesterday when you guys are listening to this and started trading early on at like it was

almost at like 3 3:30 when it opened and it sort of fell off a bit of a diving board down to about 260 and has been level at $2.60 since then look this is a great starting point for portal coin portal coin was the coin that got so much attention because they sort of I wouldn't say they started the points meta by any means but they were the first project to really like step it up with the points meta and go to another level where they would give you points just for tagging their Instagram on or sorry their Twitter in your Twitter post and so everybody remembers it was a few months ago and portal coin was all over your feed and it actually pissed a lot of people off and then they change their

points program but look here's a an example of a token this token this project is looking is all in web 3 gaming they basically they're kind of like AP coin they want to be like the metaverse gaming token that all projects use as like erc20 token to play and use within games but this is a project that only a few months AG go started their points program now they've opened up their claim their airdrop is live and there they have a 400 million market cap like just think about how quickly that happens and how much liquidity that brings into the ecosystem we talk about blast obviously is going to bring two billion possibly

in liquidity into the ecosystem or open up that liquidity I should say because it's been locked up until mainnet and now we have another 400 million coming in today as well like pumps on pumps like just money everywhere it's incredible to see yeah and then we also had parcel which is one it's like a real world asset well it's for real estate in Santa salana we I think talked about this in our guide previously they've been doing a points program for a while they are continuing their points program but they've now released the details of their tokenomics and have announced that in April is when the token will be launching so you've been farming that congrats you're going to be getting a token currently on on Avo or Avo whatever however you say that the parcel token is being valued at

about $1.93 that's just a predictions market so we'll see what happens but man April is looking massive for tokens it's just non-stop I had a list looks like it's been now been deleted so I don't know what it is but the blast token is coming that's in May there's parcel coming in April mode is coming in April honestly I can't think of it now but there and and Zeta z.net I there is did you okay there's so many coming in April I don't know why it's all in April yeah there's going to be a lot of new tokens coming to ethereum and Salon I guess in April plus we have the having in April plus we have the ethereum ETF in May it's just non-stop oh baby you know what is a big meta when we talked about airdrops that

is really dominating the eth nft market right now is aird drops to nft holders and this seems to be the main thing moving the eth nft market we talked about it we talked about it a few times on the show the past couple weeks but basically like Pudgies paved the way here if you guys remember dim had a big airdrop maybe like it's man crypto time is so I feel like it was like months ago but it was probably a few weeks ago and then there was rumors of lir zero and some other major protocols that were going to give airdrop allocation to nft projects now creeps was one that got a large portal allocation so there was a

lot of talk around that and then there's even more coming up whole bunch of projects that are very like d genlik projects are all up big time over 70% on the week because there is either they've either announced that they're going to get an airdrop allocation because they're in connection with a upcoming token launch or they've teased that they might get that what do you think about this medicai how do you think this plays out I think we talked about last week but one of the things that can ignite a bit of the nft bull market there's going to be more and more air drops I assume there's going to be more and more going to these nft communities the thing I don't understand is like you have the list up here of the of I guess five of the top seven weekly East movers why are

they the ones that are moving so much do they have confirmed aird drops already or is it just like people are speculating that they're going to be the ones that get the aird drops or like how are they choosing which who to go to I get pudgy because you know it's just the main one but like why Mafia nuts you just wanted to see Mafia nuts on the show yeah so a couple reasons the main reason is Founders who are very active on crypto Twitter who are making Partnerships with so the best example is creeps which is up 92% on the week the founder of creeps had a active partnership with portal was really

pushing portal during their points program over the past last few months and was obviously if you're the founder of an nft Community who are your followers your your own nft community and they're going to buy and participate in what you tell them to buy and participate in and so that's why that creeps went up so high now with these other collections a lot of these are very look these are dgen collections right these aren't like the yugal labs these aren't the I was going to say Moon Birds but Moon Birds is yugal Labs now too these aren't the like business nft projects these SE are like the dgen communities where you bought into a community because you care about being around other degens these discords go off around a lot of talkaround points

right now and so and a lot of this are founders who have these relationships and are looking to get access to point allocations I think it doesn't end well once again for many of these some of them will like you know they're going to make a ton of money here and so they can build a business but most of them are not going to well because once again NFC projects have found an un sustainable way to gain attention right and to gain customers right like last cycle it was if you buy ours we're going to launch more tokens and you're going to get more money from that right we're going to launch more nft projects or you're going to get access to a Discord that no one cares about because no one here is actually in a community we're just all speculating on this thing but those were

the things that just like when the bare Market came and the money left everyone was like okay I actually don't care about this thing at all and so all these projects went to zero now a bunch of these NFC projects that again have no use cases and no utility what are they doing the same thing well now we're going to get pumped and pump our numbers because we're going to give you tokens from Partnerships with these other applications and it's like again once that stops there's no reason to hold these things once again so get in and have fun if you want to do it but just know when the Music Stops these things have no reason to stick around and hold its value and it's also Mega speculation because you know as your initial question indicated it's not like we necessarily know which of these nft a

lot of this is just just them teasing that they have Partnerships and also you don't even know what the allocation they're going to get is or what the upside is this is just degenerate to the max okay agree disagree one of our favorite segments every week where we pick a bunch of tweets and we talk about whether we agree or disagree with each one first up Kai this week from King we've got GMX launching its own chain everyone's aiming to own their own stack blur AO compound was just the start this is going to happen 1,00 times to pump vals yeah I agree look I don't know that's going to happen just to pump your valuation right now that that that works

but just like back in the day it worked if you just said you were a blockchain company or you were going to launch a token that's just part of the the Mania phase of it all yeah what we think of l2s is going to change drastically over the next year or two right now we think of l2s as the sort of like general purpose things but I think basically every app is going to be its own chain in the future its own L2 probably not until like L1 that would make a whole lot of sense but this is I mean Cosmos got this right from the beginning Cosmos has always been this like app chain Theory where everyone will have their own chain so they can control more of the sort of ux and more of the fee sharing and fee Revenue type things you

just have a lot more functionality if you own the the chain so the bottom of the tech stack and l2s obviously allow you to do that people aren't wrapping their heads around this yet because every L2 is very fragmented right now in terms of like liquidity stuck on one and it's you got to bridge to the other and you got add a network to your wallet that's not how it's going to work in another year maybe a year and a half it'll all just be seamless and just it just work and you won't even have to think about bridges and adding networks and things to your wallet so as that continues to get better and better it's also getting very easy and cheap to launch your own chain specifically l2s and so as that happens I think it used to be like you launched your own smart

contract with your applications now you will just launch your own complete chain and they'll be able to control like the best example for you to wrap your head around this is like a mutable their zkm they have their own chain obviously this IM mutable zkm and what's cool about it is they can because they own the tech stack they can control that if you use the immutable passport so their wallet it's gasless you don't actually have to pay any gas at all they'll cover it for you if you use another wallet then you have to pay gas right so they can create better ux for certain things if you own the tech stack you couldn't do that on optimism for example but if you own the the revenue part of it then you can make in control how the fees all work on top of your chain so I think

every app is going to eventually every big app that has traction is going to do this if you want to learn more about this we had a great interview which comes out next Tuesday with one of polygon's co-founders all about how polygon is building their cdk and allowing other chains to build on Tech stack and also how they're going to bring ZK into the ethereum ecosystem so make sure you go check out that episode okay next up from Debs D5 we've got rookies marry their bags Pros date their bags and dump that [ __ ] when the time is right never let anyone make you feel bad for taking profits too early it's funny when I remember when I first got into

the space and like really started learning and I was like once I figured a Bitcoin and I was like oh yeah I'm a bitcoiner like I'm all for this thing I'm never selling this thing I learned about Cycles I was like oh yeah I'll just hold for the long term like this is what you're supposed to do and then I learned about ethereum and kind of the same thing I started to marry ethereum I was like go I'm never going to sell this say blah blah blah but then thankfully I just kept this like curiosity and I kept learning until like when salana came around I first was like yeah no this makes no sense ethereum's got this figured out and then I came around I was like oh wait I need to dive into this this is something real and I did move some of my assets from Bitcoin into

ethereum and then some of my ethereum into salana at the right times thankfully but I know there's a lot of people that don't do that they do get so tribal about their bags and I think that's the worst thing you can do it is it part of it is because people are fairly lazy it's hard to learn new things and then to keep learning new things like once you've learned Bitcoin that wasn't easy to figure out for a lot of people so they kind of just stopped there or ethereum and I think you need to continue to be curious to continue to do well I mean those the bitcoiners that like just won't even look at ethereum or anything else any other token they have missed multiples multiples that they could have had if they moved their assets and same with ethereum people to salana so part of that is like

understanding the new thing that comes but then also it's just like when things get euphoric you also don't want to just try to hold it all at some point you got to take some profits and so that's something we're going to help you do as a pro subscriber so make sure you you are a pro subscriber so you can continue to learn that and be along on our journey on that one thing that stands out to me about this is that I completely agree don't marry your bags and be prepared to take profits and to make changes to your portfolio allocation as you go but also don't try to date too many because if you try to date too many you also will spread yourself too thin so there's a balance here that you need to

strike next up the defi Edge always in in the agree disagree every week he says it's important to pick the right projects PE but people don't think about enough about sizing when to take profits when to cut losses time Horizons and what could go wrong yeah I agree with this the reason I think that this happens is most people pick projects based off of just like an influencer on YouTube or Twitter someone said X token or X company and they just they blindly buy it they don't know why and they don't know how to size it they don't know when to sell it they don't know anything and unfortunately that happens all too often and so this is why you don't just want to blindly follow what people say on social platforms if you're going to invest in which is also why you

don't want to as you said date a bunch of them because it's so hard to stay on top of all these things instead like get some conviction in a few of them even just one of them and just like ride that thing out and like really really really understand it and then once you get it so much that it's it's not difficult anymore now you can start on your next Journey right and so don't just jump around before you even know it you really need to understand these things so that you can choose sizing and profit taking and you know what could go wrong and time Horizons Etc and then also like just following someone blindly you don't know their portfolio design and their time Horizons and things like everyone is different so you need to have your own thesis you can't just follow people

blindly yeah and I'm going to say something that's going to sound super biased towards web 3 Academy but maybe I could generalize it is you know as you said have your own thesis and stick with it and follow it and so look we have a lot of confidence and conviction and we produce the necessary education information and data you need to have a to understand which are the right projects to pick and how to think about them on a day-to-day week- toe basis which is exactly why you should become a web3 Academy Pro member and you should follow us but even if it's not us just pick like I think that's the key is have somebody or some I want to say

influencer have somebody who knows what they're talking about that you can learn a thesis from or develop your own thesis if you're capable of doing that I think a lot of people aren't capable of that so the key is stick with it to be honest in a bull market picking the right projects doesn't matter there everything is right in a bull market so like learning sizing when to take profits is probably more important because you can close your eyes and buy 10 tokens right now and 10 of them will go up in the next six months so it's honestly that doesn't actually matter in the short term in a in a bull market well let that leads nicely into our next agree disagree tweet which is from Tang Yan he says be aware where the incentives are with everything you read and listen to be Discerning and have independent

thought yeah I mean this is true in all markets in everything in the world right right when you're reading science for example you need to understand where the incentives are of the authors right to understand if that science is actually useful and real but this obviously matters a lot in crypto because money moves so frictionlessly and so whenever an incentive changes the movement of the money and the users and stuff change as well and so the reason that this is super important for you to figure out which is why we talk about this stuff so much in our Pro reports is and here on the podcast is incentives are driving everything right now and because everything's onchain you can go and look at how many users are using X application and how much volume is there Etc but like if you don't really realize why they're all using it it's almost

certainly not because the product is good there are almost zero good products at the moment it is all just because you can make money if you go and do that thing right and so the narratives that are being driven in terms of like look at the pudgy Penguins people might go oh this is a community that's really good you know Mafia nuts or whatever it was is like the strongest community and it's like no there's just incentives because they're getting getting air drops from X application over here right if you're not understanding that then you don't really know what's going on so the one thing is just look at incentives and you can understand what's happening in these markets all right next up from will Clement we've got prediction stable coin issuers in aggregate will become a top five holder of us treasuries by 2030 and

then he shows a chart of current stable coin issuance uh which hit over 140 billion do this week uh which is closing in on all-time highs since late 2022 when it was about around 140 billion as well look at this so we have Japan is is number one at a trillion dollars worth China at 780 billion dollars worth of us treasuries UK at almost 700 billion then you have Luxembourg and Cayman Islands coming up fourth and fifth so we're currently at 150 by the way Cayman which is fifth is at 320 three trillion or sorry billion so we're only about you know just under half of our way there

already to be fifth if you include all the stable coin issuers so by 2030 I think that's extremely bearish I would say we're there in two years like literally I think we're there maybe even in the next I don't I don't know I was going to say year but let's say two years for sure the thing is I don't really know how what sort of growth rate team Islands Luxburg are like are they buying a bunch of us treasuries right now I don't know but I can guarantee see a lot more money is coming into stable coins over the next two years and so I think they're going to get there pretty quickly bullish bullish bullish it's just a bullish week it's a bullish day to celebrate the leap year February 29th weird things are happening but it's all going good in the crypto World Kai I

forgot to ask our poll question today at the beginning of the show I'm gonna ask you and then I'll let you answer and our our listeners can answer as well do you think Bitcoin hits all-time highs in March look if you asked me this a week ago I was like not a chance like zero zero% chance I still am in the camp that there's a pullback coming been saying that every week since yeah like three weeks launched yeah literally um so that's a crazy question I'm gonna say no but I am like basically like 51% no and 4 it would be crazy if that happened but like look anything's possible right now and the demand for BS is crazy so like

who knows but generally that does not happen so let us know what you think wherever you're listening in the comments or if you're listening on Spotify answer the poll do you think we'll hit alltime highs in March for Bitcoin that's a wrap on today's episode everybody that's heading to eth Denver we wish you a great time there The Vibes are going to be incredible sadly we won't be there this year but we'll be there next year and we are just freaking having a good time over here we hope you're having a good time to enjoy your weekend don't celebrate too much yet it's still early just enjoy yourself bake a cake this weekend take some time away from crypto don't look at the prices every hour sit on your hands don't make any stupid moves maybe have

some fun with a little bit of money but don't do anything crazy appreciate you all thanks so much for listening have a great day and don't drink soy milk we'll tell you the story next time folks thank you for listening to web through Academy your one trusted source to capitalize on the next big phase of the internet if you enjoyed this episode please share it and subscribe or follow so that you don't miss the next one while you're at it there's a link in the description for our free newsletter where we provide timely and relevant web 3 insights so you can confidently build and invest in web 3 make sure to subscribe today one final note this podcast is for educational purposes only and nothing we say is financial advice

crypto and web3 risky and you should never invest more than you're willing to lose thank you friends and see you in the next one