Weekly rollup: Bitcoin halving priced in, USDe, EigenLayer mainnet and Uniswap vs the SEC

Transcript

the having is less than 2 weeks away and everyone is wondering is BTC going to pump or is the having already priced in after hitting all-time highs above 73,000 on March 14th BTC has been flat in today's rollup we'll tell you what we expect with the having and more news on the BTC price gmgm welcome to milroad radio the easiest path to get smarter about crypto I'm Jay Hamilton along with my co-host k readhead and we believe that onchain is the next online this is the opportunity and we're here to guide you to capitalize friends welcome to another episode of milkco radio we're going to cover not just Bitcoin pricing

but inflation and macro some of the boring stuff but what's actually really important for the price of your bags and then we'll dive into everything happening in the crypto world including Igan layer's main net launch which is huge base is absolutely just melting faces this thing is going nuts Athena as well if you guys have heard that we've talked a little bit about in the podcast Unis swap not so great things here although it did reach two trillion in what is it transactions or in volume whatever it was it received a Wells notice from the SEC yesterday and so the Battle of Unis Swap and decentralized finance versus the SEC continues and there's so much more to discuss it's gonna be a great episode Jay lots happening there's also lots happening over at milk road right now and we are hiring because we are hitting the growth

button and going into growth mode and there is big opportuni to join our team so if you're a crypto native if you love The Milk Man and if you drink milk I'm kidding you don't have to drink milk to be on our team we'd love to have you join us we're hiring two writer roles right now one that's more on the financial analyst side and one that is more on the daily newsletter side we're also looking for a couple other roles so check out the show notes we'd love to have you our listeners join our team and we have some exciting news after this last week first we just want to welcome all the new listeners there been so many of you that are coming from the mil newsletter from some of the guests that we've had on we're super super stoked to have you here we hope to be your guid

throughout the cycle to help all of us capitalize we just want to say some shout outs we got a message from Spotify yesterday and it turns out that all of a sudden we are now the top 14th ranked technology podcast in Australia we're number 21 for technology podcast in the UK and number 34 in the US so that is super super cool we're really pumped thank you all so much for joining in but that happens because of you guys because of you guys sharing the podcast and jumping in that's what pumps us up on the charts if you could do one more thing to help us pump up on these charts it would be to give us a review if you're listening on Spotify Apple podcast whatever it is you can go and leave a five star you don't have to leave five star leave whatever star you

want um but we hope it's a five and if we're not that good then you can leave some feedback and let us know if you're watching on YouTube you can't do that but you can comment you can like those things help us grow so please everyone listening right now it takes two seconds to do this if you're new just go and give us a star or a rating that would be super cool and also speaking of the hiring we are hiring a Podcast manager someone to help us with research to get us the biggest guests on the space it's going to be a really really cool position and so if you're super pumped about content in podcasts in crypto check out that job description as well all right let's jump into each week in the rollup we start with the market watch because we know that one of the

top questions on everybody's mind is what is going on with prices what's the price action what is is moving the prices in the market and what are we paying attention to so let's start as we always do with Bitcoin Kai what's the Bitcoin price been doing this week now it's currently sitting at 69,90 US dollar so close to 70,000 maybe it'll get there as I'm talking uh but it's up 5.85% on the week but as you said it's been kind of flat just been ranging for the last month or so and not much really happening in the Bitcoin world at the moment one thing that it's coming in the Bitcoin world as I teased in the intro is the having project just hit 70,000 just hit 70,000 just get 70,000 whoa hey

okay crypto's fast day I love it moves so fast the having is less than two weeks away Kai and we've had a lot of people asking in our Discord and in our Pro community and I know that I'm sure lots of our listeners are wondering the same thing is the having priced in what can we expect to happen before leading up to the having and afterwards look I don't actually don't think much will happen as a result of the having itself in the short term if you look at Price action previously it tends to be movements way before or after where things really start to take off and I think these are actually external factors unrelated to the having the having definitely has effect on the Bitcoin price over time but maybe medium to long term not in the immediate short

term so I think the price action of Bitcoin more relies on like what's happening in macro is someone you know one of the flows with the ETFs is someone big going to you know buy up a bunch of Bitcoin like I think it's more of those things and the reason I say that is like structurally what happens here with the happening of course the miners so the inflation gets cut in half right so miners are getting less Bitcoin uh of course so there's less new Bitcoin going on Supply but the thing to understand about miners is they currently hold tens of thousands of Bitcoin right it's not like they have no Bitcoin and they're just like they're mining it and they sell it right away they have a whole bunch and they sell it at the most opportune time so that they can make the most profit in their

business so having that occurs in two weeks just because they're going to make basically gonna mine less Bitcoin doesn't mean that they just like all said have less to sell over time that happens but it's not an immediate Supply shock or issue for Bitcoin Miners and I think a lot of people missed that point so I really don't think that the having is going to have a massive effect I think it's just going to be more on other structural things that might impact the price but we'll see what happens obviously narrative drives price as well harder to do in an asset that's over a trillion dollars but uh yeah I just think ETF flows are are much bigger and then like macro stuff are just a bigger deal right now than than the Havoc great short yeah definitely okay let's go to eth Kai what's going on

with the eth price in the past week yeah currently sitting at $3500 and it's up 5.9% on the week again just kind of ranging the same as Bitcoin has not much been going on here so good for it to be up but not much else so with eth the big topic right now that keeps on getting brought up I mean the big topic there's so many topics on eth but one of the narratives is the eth ETF people wondering if it doesn't get approved in May current projections are I think even below 25% last week it was at 25% I haven't actually looked this week I think it got down to like 21% in terms of its likelihood of getting improved on May 23d what happens if it doesn't get approved does that mean it's never going

to happen I mean look this is for one of the ETF applications that is on the 23rd there's a bunch of others that are later on now maybe they just if they don't approve it they'll probably not approve all of them but then you can just reapply and go through it again I me Bitcoin went through this process a bunch of times where it didn't get approved and then they actually took them to court and forced it to get approved and so the same sort of situation will happen likely it will go to court or they'll just file again and they'll get it later even if they don't approve this one there's I think September October is the next dates for some of the others like Black Rock and stuff so look at this point most people in the space are like it's probably not

happening in May but it's not an if like it's definitely happening so it's a when at this point and so to me I think a lot of people are sort of mid curving this one of like oh it's not going to get improved in May so super bearish on ethereum it's like look this thing's coming it's for sure going to be the second crypto asset to get an ETF whether that's in May or it's in September or it's in December of 2024 kind of irrelevant to me to be honest we know it's coming and so like how can you not want to hold that ass set and front run those inflows it's coming at some point or another so don't mid curve it if it gets pushed back to September one of my predictions for 2024 might end up coming true which was I predicted that a

sole ETF application would be applied for before the eth ETF was uh approved and so I actually might line that one up rather nicely because I was thinking if it was May I was like well I don't know if I'll make it in time so well we're going to talk so in a second but I don't think they're getting an ETF this year I mean I don't think they're going to get application this year but it it'll come it'll come for sure okay let's stick in eth Kai so much other stuff happening in eth some big news this week what have you been paying attention to within the eth ecosystem yeah like I think that for the price of eth it's still sort of the macro environment that's going to control the price action here what's happening with inflation interest rates Etc which we will touch on in just a

second so I do think that's still the Big Driver of price but if I look at what's happening in ethereum ecosystem the reason I'm still super bullish on ethereum is twofold one base is just going going absolutely nuts and obviously what's good for Bas is good for ethereum we'll dive into bass later on in this show and then Igan Igan just went live to me it is one of the most exciting new use cases for crypto and blockchain since ethereum was invented so you had Bitcoin was the The Big Bang then you had ethereum which was basically the invention of smart contracts and I think that raking is one of the next big things in this space we actually have a pro report coming out on this in just a couple weeks and we're going to dive into the opportunity of it but aan ler just finally went live and

um we'll touch more on that in this episode here but I think those two things Aon there base are just make me extremely bullish on ethereum love it couldn't agree more Kai let's go over to salana what's going on with Solana's price this week yeah salana actually down 6% of the week sitting at $173 we don't usually see this usually salana is just up and it's just green and green and green and uh you know first time in a while we've had Ethan Bitcoin up but salana down in the week lots of talk and fud around salana this week crazy congestion on the salon on a chain has led to a lot of transactions failing a lot of people saying they can't put through transactions at all trying to do it waiting you know trying

to click multiple times to get a transaction go through Kai I know you were trying to claim some of your W or your Wormhole token airdrop last week had a lot of trouble with that what do all this Bud amount to in the salana ecosystem is salana debt you know it's funny I feel like we've written I don't know two or three Pro reports in the last year and a half about salana one was actually tit titled is salana dead that was when salana was sitting at eight and our thesis was it's not dead it's probably going to come back and it's currently sitting at $173 so obviously it was not dead I don't think it's dead again currently yes it's having some issues but the thing that people tend to struggle to wrap their head around is congestion issues this is a bullish thing not a bearish thing a

lot of people are like oh I got to sell my soul this thing's done it's not good and it's like guys this is happening because there's so much demand like so much it's not even close on how much demand salana has versus every other chain this is a bullish issue with the Sal blockchain so long as it gets fixed there's a lot to discuss here so we're not going to get into the details of it I actually decided this morning we're going to write a pro report so the research team is working on this we're GNA have something for you guys next week all on salana and really answering the question is salana dead and really just trying to navigate what's happening here with the tech and these transaction issues but ultimately just give you the CO's notes long long soul and probably long memes too because once these

transaction issues get fixed I think salana has another killer moment okay let's go to the macro news on the week a lot of macro news coming out and some of it is not so good but you know what the economy is still doing well or at least that's what conch said nice to see that the economy is doing well but maybe the macro news not so good Kai we had CPI numbers in numbers come in just yesterday or two days ago actually as of the time of recording and CPI came in at 3.5% in March up from 3.2% in February yeah you know it's it's

funny the economy is doing well but that means it's terrible news for anyone that's investing right the better the econom is doing for whatever reason stocks crypto everything sells off not for whatever reason there are definitely reasons for it right now the economy is doing good which is keeping inflation somewhat High which is keeping unemployment fairly low which means there's no reason for the FED to lower interest rates that's the whole sort of formula that's going on here look I think Jay if you want to move over to the next chart here in terms of inflation yes it went up to 3.5% from 3.2 it's still down big from where it was months ago we look at core inflation which is the really important number here and the the lagging numbers that I've been talking about for months on this podcast it did not go up it stayed

at 3.8 so was the same as what it was in February and it's funny you have something that either goes up 3% okay or core inflation that didn't move at all and people start saying the world is ending inflation's going to go back up to a trillion and the fed's never going to be able to lower interest rates and it's like guys if the price of let take for an example just for context if Bitcoin stayed the same okay from last week or last month to this month would you be like okay bitcoin's dead and it's going to go to zero now like no that's actually like not that bad right if Bitcoin went down like okay 60% you be like oh [ __ ] okay this is a big problem but like didn't change much and yet everyone starts tripping out so we just

need to be patient we need to be more relaxed if we actually look at the true inflation chart which is a more accurate look at inflation true inflation which we've shown a bunch on on the show is basically taking millions and millions of data points and it's live right so the CPI print that the US gives is kind of outdated it's from March was from last month where they showed that it went up if we look at true inflation we're at the lowest print that we've been in a very long time in years and it's currently sitting at 1.74% So Below what the fed's goal is which is 2% so to me I think we're not in this world where inflation is going to be super sticky and go back up if we're around 2% even 3% like it's not that big of a deal

especially if we consider how fast something like crypto is growing I don't know I don't see this as being a big issue I've continue to be in the camp that inflation is going to continue to go lower it's just taking a bit of time there's nothing wrong with that but it's not fast enough for me Kyle and my bag that's my issue you know I want my milk now not crypto's got up like what percent so far in 2024 it's not enough it's not enough man come on where's my 10,000x all right okay you know who doesn't think that inflation is gonna continue to go down is our favorite trafi CEO Jamie Diamond who wrote an annual letter this week to basically everybody that banks with JP Morgan and

in this he said that interest rates could go fire far higher than expected he's not so optimistic with the chances of an economic soft Landing to come this year not sure we really agree with Jamie Diamond on very much or see eye to eye with him but you can certainly expect that this type of news out of JP Morgan and him gets noticed by a lot and is certainly impacting The Narrative and the market sentiment who else is talking about inflation is our friend will Clement it's not a friend of ours but I really wanted to come on the podcast so I kind of manifest it sometimes and say that these people are our friends K Kai what is Will saying about CPI yeah so

will brings a good point I think the thing that Jamie Diamond and a lot of people miss and I don't know if this Jamie Diamond who actually wrote this but the thing that people Miss is interest rates simply can't go higher they people kind of miss that governments have a [ __ ] ton of debt and they need to pay off that debt and interest rates also impact the governments and I'm talking in debt of trillion of dollars right so the higher interest rates are the higher the expenses are of the government which makes them go ins solvent and that's not going to happen and so will kind of says he goes look big picture is very simple with the Deb situation there are three options for the US following the the CPI prints that we just had one default in all the debt then he puts in Brackets

that's not going to happen if that happens literally everyone goes poor the whole economy is [ __ ] and like you can say goodbye to every job and everything that exists in America they're never going to allow that to happen okay it's just it's not an option so I don't even know why it's in there two massive utopian AI fueled productivity boom so this is coming but not going to happen this like year or something okay but AI is definitely going to be the productivity boom we need to make inflation go much lower right you need productivity to well not not even necessarily to make inflation go lower but you need a prodct productivity boom to pay for these debts right that's the whole idea is you go in debt now because you think you're going to be more productive and make more Revenue a year

from now or 10 years from now or whatever right the problem is government's never been able to do that they're always less productive AI is the one thing uh that can solve this problem but it's going to take years to play out so that's probably not going to happen and so the third option is they're just probably going to let inflation run hot look I still think inflation is probably going to just continue to go down just maybe slower than people like but I think 2% 2.5% 3% they're just going to say you know what it just kind of is what it is we can't raise interest rates because then banks will fail and so will the government will fail and they're not going to do that and so I think we'll continue to see what I've been saying this whole time which is rates will go

down this year at some point again it won't be super fast it won't be down to Zero by tomorrow or by next month but I think we'll slowly start to see rates head down but when does that happen is it may is it June is it July I don't know honestly don't really care crypto and Technology grows way faster than 5% per year and so interest rates at 5% really don't impact crypto OR tech stocks all that much it's more of a narrative than anything but either way I think that narrative continues to go down over the year before we jump into the top stories I forgot to mention each week we have a poll because we want to know what you are thinking and this week's poor question is is the BTC having priced in curious to know what you guys think yes know or I have no

clue are your options so let us know what you think if you're listening on Spotify okay let's go to the top stories of the week first up we've got enan Lair which has gone on live on mainnet they announced this on Tuesday and look this is incredible to see igir is the fastest growing crypto protocol ever by tvl and they did it all while being on testnet beta I mean they went from basically I was looking at the numbers the other day because as I said we're doing a reaking pro report and at the start of this year so in January they were at under a billion dollars in tbll and by the end of q1 24 they're almost

at 15 billion so they gained $15 billion in value in one quarter that is absolutely nuts I don't think we've ever seen that in any other crypto protocol I guess they're at 14 billion according to defi law right now as Jay has up on the screen but anyway that growth is just absolutely crazy and finally they have gone to main net and so a few things this doesn't if you're reaking it doesn't change a whole lot for you basically it's more of the back end the people that are running the validators and the abss and the people that are actually like paying for the service that a is providing fing all that's kind of coming into fruition now is going to be basically all going live over the next couple weeks we'll start to see the percent apy that we're making from reaking soon it's not yet it's not going

to be live yet the reason is that that's not automated just yet so there's still some centralization on how those payments are are being processed Etc but soon that will come and so we know we're making you know three to four perc uh from our stake deth and eventually we'll know what's the percent API for a restake eth that's coming in the next I don't know few weeks and then also I or igen da so igen data availability also went live which is the sort of competitor I guess to the EIP 444 that just went live on ethereum as well as to like Celestia Etc and basically this will make fees for l2s or other things that need to pay for data availability a THX cheaper than what they were on ethereum so this is also a massive massive upgrade and um I think going to

be something super bullish for many layer twos Kudos dag layer for finally getting this thing live no token yet but that will be coming as well all right sticking with the reaking narrative the next story we're going to switch over to swell a new eth L2 which announced their pre-launch this Wednesday Kai what's going on here yeah so swell is a was bit of staking protocol for a while and then they've upgraded to be a reaking protocol as well so you can now restake your eth and get um I think it's called RSW eth or something like that and then what they've done is taken a step further and they have now launched an L2 for reaking now this is pretty cool so basically this L2 has not just the swells reaking token so it's liquid reaking token it has a bunch of them eeri Renzo Etc there's a whole bunch of

reaking liquid reaking tokens that are now on an L2 meaning you can stake you can restake and you can do it all for basically no gas fees on top of ethereum through the swell L2 which is pretty cool and if you move deposits over there right now and you hold any of these tokens not only will you get the airdrop from that project whether it be ethery or Renzo Etc you also can get the air drop from swell because they currently have a points program right now and it's looking I think I saw some numbers of each Pearl is what their points are called it's something like 50 cents or 60 cents per Pearl which is um pretty sweet and then you also can get igen layer points as I mentioned just in the last story Ian layer's Gone live and they will have a token coming in I don't

know months to a year at some point this year I assume and so you can also get uh points for that so this L2 is going to be a place to just Farm a [ __ ] ton of air drops and make a bunch of yield it's going to be pretty cool Jay I think you said from the chart here that they already have $130 million or so worth of deposits and it's been I think less than 24 hours yeah 135 million now it's at so maybe this is going to be one of the next big l2s let's see that's gone up at a rapid rate when I opened this about 30 minutes ago it was at a it was 2 million lower so it's it's going real fast lots deal with positing and swell exciting to see an L2 focused on reaking okay talking about l2s let's go to the one

that is taking all the tvl right now and getting all the attention and that is base Kai you're writing a pro report on Bas right now that's coming out this Saturday can you give us a little bit of the alpha I can not even writing it's actually done so we're W that we I know we've mentioned a lot of these Pro reports lately just to give everyone a bit of context we've got base coming out this Saturday one on salana next Saturday and then one on reaking and the opportunity there the Saturday after that so we got a bunch of cool ones coming out if you are not a pro member yet I highly recommend you go sign up if you are thanks for signing up and uh let me know how you like these reports but base we just want to highlight so a

couple really big things going down on base right now first their transactions per second their TPS is currently but well at Le I don't know if it's currently at the moment we're speaking but it was yesterday at around 300 to 400 TPS which makes it um and that's true TPS so those transactions are actually happening it makes it second only behind salana although obviously Solana's transactions aren't really going through at the moment and so maybe Bas is even higher it's not salana is actually still winning but there's a lot of fud around this and people saying Bas is higher on Twitter right now it's not true but this is easily the highest for any L2 that we've had and the cool thing is is that this is happening and it's being sustained with no issues so transactions are actually going through fees are still remaining relatively low

um so that's been pretty cool to see the other thing that's going just absolutely parabolic right now is basis tvl so the one thing Bas has been if you look for the last few weeks and this is one of the things we explained in the Pro report is trans transactions users Etc Bas is just it's number one and it just all jumped into number one the last few weeks the one thing that's sort of trailed is on pbl total value lock that's because arbitrum and optimism have been which are one and two they've been around for like two years they have like a two-year Head Start well they've been around for more than that but they have a two-year head start on Bas right and so arbitrum sits at about 19 billion uh optimism sits at about 7.5 billion base which like last week when I started

writing this Pro report was around 3 billion currently sitting at 5.5 it has literally gone up like a billion and a half in the last like two days so things are just going absolutely off on base right now and um there's plenty of opportunity there which we will be explaining in the Pro report on Saturday we'll actually be explaining what tokens you can invest in to capitalize the opportunity because of course Bas doesn't have its own token one of the only ones that doesn't have that but if you look at active addresses Bas is also number one here in the L2 World sitting at close to 360,000 daily active wallets it's not users but it is wallets and of course there's a different there but that's number one ZK snc comes in second at 340 and then arbitrum at 330,000 so Bas is is breaking away from the pack

incredible to see I just love using base it's been amazing to the more I use it I'm using ethereum less and less and I feel like I'm just moving everything over to base which is super exciting the the only thing I did on ethereum in the last little while was reaking and now all that's moved to an L2 as well so really for if you're not like a whale that you know wants to keep it on the most decentrally decentralized blockchain then like you can move everything L2 and you never need to touch the L1 again which means you never need to pay fees higher than like I don't know couple pennies which is pretty damn cool for those that are new here that was not a thing just like I don't know a year ago basically if you were around last cycle it was it was not

great to do anything on chain to be completely honest all right let's go over to stable coins for a second uh because usde Athena's new stable coin is the fastest growing us denominated asset in the history of crypto so they reached over2 billion dollar in Supply within just over a hundred days which is pretty incredible so now those who don't know Athena no usde this is a synthetic dollar with Native yield has over 130,000 users and an apy ranging from 177% if you look at it to today as we're recording yesterday it was 37% we were

looking at it so an API that is jumping around a lot hi why did Athena grow so fast and is there some scary teruna Vibes with another synthetic dollar here let's answer why it grows so fast first I mean first I would say stable coins are just much bigger and much more wellknown so you can launch a stable coin now and they're going to grow much faster than let's say tether did you know six years ago when it first launched uh and so you know crypto in general is just bigger there's more Capital that can easily move and swap over to a stable coin so I would say any stable coin that launches now is probably going to go grow faster than something like usdt did uh the second thing I would say is just like anything that's growing really fast except for base actually is airdrop farming Athena

just launched their token I think it was last week and I it's over like a$2 billion dollar valuation or something like that in terms of market cap I think it was like 12 billion or something in FTV but anyway so a lot of money was tossed out to users and I think people knew that was going to happen so obviously the more money you put into the stable coin the more you could farm for that aird drop and I think the aird drop continues so definitely a reason why a lot of capital is going that way then the other reason as you already said I mean a yield of 37% who doesn't want that right it is a a ridiculous yield I mean it ranges it's not always 37 and sometimes higher sometimes much much much lower but it is one of the best deals you can get right now on

stable coins outside of s of maker Dow and so in in using D so there's definitely some incentives to be holding on to the stable coin currently can we talk a little bit about this yield like how is it possible that a stable coin can give a 177% yield as of today a 37% yield depending on which day you're looking at how is that possible yeah so there is a big difference by the way of Athena and teruna teruna had some really high yield as well and obviously that came crashing and burning down and went literally to zero but that was because there was the only thing backing the stable coin of terraluna was the equity of teruna right the token of teruna

which was not a wise decision right like the moment the demand stops for teruna and people start leaving that stablecoin well obviously the the equity of that is going to go down and that creates just a a negative spiral right anyone who like understood Finance at that point knew that that was going to happen whenever the bull market was over this is different Athena is backed by ethereum okay it is backed by eth and not just eth it's backed by state e okay so it is backed by ethereum that's actually growing on a daily basis now of course eum is also very volatile and so it could be over collateralized it could be under collateralized and so they have this mechanism where they sort of short the eth market whenever it goes down where they earn profits from that and so that keeps the peg stable there are some

risks there so again I don't hold any of this and but it's very different than than something like than Tera there is actually you know native assets like native eth that does secure and back this stable coin now the reason that the apy is because this the apy can get this high is for two reasons one you can get some apy from staking right they share that staking yield from eth to the stablecoin holders right and so obviously let's say I put one eth into it right now and eth goes up and doubles over the next three months well atha has double the amount of eth versus how much you have in your stable coin plus it's making yield on that so it's got a bunch of extra that it can give out in yield okay so that's one way the second way is

through derivatives so short I mentioned that it does it shorts the market also does other trades around this to basically generate more yield but it does it in a way where it's very lowrisk way I would say it's not no risk so make sure that I didn't say no risk I said low risk okay so it's basically they have a bunch of mechanisms in place that help it to stay remain that it has its Peg to the US dollar and also that it can grow its yield so that's why it fluctuates on a daily basis because it depends on how volatile the markets are Etc so anyway it's a very complicated subject and we're not going to go too much detail into the technicalities of it but just know it's a good opportunity it's obviously got a massive valuation it's

backed by really really big names but it is a very complicated protocol I would say and there obviously is some risk to it it's just not the same as Terina let's say that and let's be clear here just to clarify yield is only to provided to those who stake their USD into sde so you don't get yield just by holding usde right Kai you know who one of the biggest milk drinkers of the animal kingdom is is unicorns and our favorite unicorn is unis Swap and shout out to Unis swap who hit protocol volume of over two trillion dollar last week but you know who didn't like that was the SEC so the SEC this week served Unis

swap a Wells notice Kai what's going on here what do you think about this well I just I need a fact checked first do unicorns actually drink milk is that a thing you don't know I it's it's a known fact is it no I have no idea I don't know unicorns don't exist how do we know it unicorns how do we know it if I say they drink milk they drink milk okay like in our research meeting before this uh before this episode I didn't catch us doing the research yeah you missed that you must have uh you must have been busy looking at a chart don't worry about it yeah look this is um the SEC obviously has been just a the ass for anyone in the US I feel bad for Americans that want to be in crypto they don't get a lot of aird drops as a result of this a

lot of developers and founders of crypto companies have had to leave coinbase has had to I don't know go in how many core cases now with the SEC it's just been an absolute disaster and the secc just continues to be an absolute disaster and a pain in the ass of everyone in crypto specifically if you're in the US but I would say globally it's it's a bit of a pain here Unis swap has been one of the greatest inventions I think in crypto right anyone who's in the World once they learned about Unis swap they're like whoa this exists like this is possible and they they seem to be mindblown for most of us that not the finance world we kind of take it for granted but Unis swap is actually an incredible incredible invention and you actually have Hayden Adams who's the founder of Unis swap he tweeted out and

first he just said I'm not surprised that this is happening I'm just annoyed I'm disappointed and I'm ready to fight so I think that's really really cool Unis swap is going to take on the SEC and and they're GNA win this and he says I'm confident that the products we offer are legal and that our work is on the right side of history but it's been clear for for a while that rather than working to create clear informed rules the SEC has decided to focus on attacking longtime good actors like Unis Swap and coinbase all well heading Bad actors like FTX slip by and then Hayden just said when I first started to build Unis swap the goal wasn't to reimagine or reinvent Finance it was an experiment in radically decentralized fully automated onchain markets and I had no idea if this would work fast forward

today as you said Unis swap protocols process over $2 trillion in volume and what he says is like we've done this all from our headquarters and our main office in New York City and you know this is one of the most successful crypto apps that we have it is literally revolutionizing finance and the SEC is going to try and push them out of the US it makes no sense so anyway they're going to go to court we'll obviously keep everyone updated on kind of what goes on here I don't think that the SEC really has a chance at this a lot of people have put out their thoughts and basically this is the SEC continuing to sort of like overreach there is no reason to believe that the unop token is a security and so the SEC doesn't really have jurisdiction over this token we've

already had multiple court cases if you look at the Ripple one for example and the coinbase one where we've proven that many of these tokens are not Securities and so the SEC just keeps losing and I think all this is is just another loss the SEC though what sucks is this will take months years for it to you know all get figured out and wrap up so it's just going to be a bit of a pain for UNIS swap but luckily they're well funded they make a ton of money and they'll be uh they'll be all right the SEC just keeps racking up the losses just like your C Cowboys in the playoffs what's going on here today okay let's go to the next story pumped up Bun is turning into an absolute Cash Cow for those who don't

know pumped up fun pumped up fun is a mean coin generator built on top of salana and it is currently on track for over 100 million in annual revenue this year now that's annualized Revenue in crypto which is a dangerous thing to look at I think if you looked at annualized Revenue at friendch at their Peak you also would have seen crazy numbers look this is a four-month old company that has three devs and came out of the alliance Dow incubator and in the past two weeks is making somewhere between 200 to $500,000 in Revenue every day it's obviously one of Solana's highest earning applications now what does

pumped off fund do quite simply it allows you to launch a coin instantly and make it tradable without having to provide seed liquidity and you can do so with under $2 in just one click I think you and I can get into a conversation of the challenges that come and the risks that come with making it so easy to launch a coin but what pumped up fun is trying to solve is that exact problem and they're trying to do that with safety inbuilt safety mechanisms that work against scams and rug poles so making it more attractive for Traders and investors to invest in meme coins because they limit the potential of a

scammer rug pole they're not fully solving that problem yet but they're the first to try to solve that problem so I mean I think they're more they're literally enabling that problem more yeah but then also trying to do some things to like they're like hey guys we're going to create this problem but we're going to fix some of that problem so good it's like h i mean look it's probably a net positive I don't want to say anything bad about it but like they're definitely enabling that problem without a doubt yeah look I mean checked in with the Milkman before the episode and here's what he had to say about pump fun he said in a gold rush everyone fights for one thing the gold duh but oftentimes the best businesses end up being the ones that sell shovels and that exactly what pump du fun is doing

right now they're selling shovels and making a boatload off of it we talked about salana earlier in the episode and being you mentioned Kai being long soul and also long Soul meme coins because there is still a lot of upside in the so ecosystem and we all know that Meme coins catch all the cultural attention and this is the year I spoke to a guy yesterday who told me he is launching a meme coin on salana on top of trump and McDonald's basically taking Trump and combining it with McDonald and making a meme coin and yeah I didn't tell him my my true feelings about launching a meme coin but hey there's big opportunity

there right now I thought all this the transactions in Sal are failing right now how can this thing be printing2 200 to $500,000 a day if no one can transact on the Chain something doesn't make sense here some stuff is going through just not all of it but that's not a bad thing okay what is a bad thing is what is going on over at margin V Kai did the founder quit so margin fi is also on salana and they're one of the biggest and could have been and should have been the like most prominent lending borrowing platforms defi platforms on salana and so they've been around for a long time you can also aird drop farm right now they did a points program that we've been promoting for a while now and we've been in I provide liquidity margin fi too but they' just have not launched

their token they just keep extending it and extending it the community is getting very angry I think we've talked about this a couple times but all of a sudden I think the founder just couldn't really hack it anymore and he's getting real pissed and so here's what happened he tweeted out and he said after today feels right to maximally push off any and any kind of token we'll see what I can do internally to Brick this okay so he's basically just because so many people are tweeting on every day saying when token when token so he's like you know what I'm losing it I'm we're not even gonna launch a token and so then sat start who's like a big personality on Twitter in the crypto space he says come on margin fi grow up this founder of margin fi this is like I think they

have billions or hundreds of millions of dollars at least but I'm pretty sure it's billions locked up in their protocol he responds this guy on Twitter and says you grow the [ __ ] up you dirt sack what who says this the guy is like a prominent person in the in this uh crypto space and runs like a massive massive massive company with hundreds of employees and this is what he says and so he just basically goes off on Twitter and then the next day he tweets out and he announces I've resigned from margin fi today from working on marifi from the research arm from it all it's a world-class team it really is but I don't agree with the way things have been done internally or externally I've said it many times I'll say it again but those of us who are privileged enough to

get to choose what we work on every single day my North Star has always been putting forth all my energy into work that I think will matter to society more than anything else it's what drives me uh deep inside and basically says the lawyers are still working out things but he does not agree with what's going on anymore he really doesn't want to launch this token for whatever reason I don't know and and uh he's stepping down which is crazy because he's going to lose all of his shares he's like basically I'm going to zero on this I had nothing saved away from this he doesn't get any more of his Equity if they launch token he gets none of that supposedly I'm sure he'll actually get something but this is what he's saying anyway and he's like I'm basically just starting over so this

guy's having like a midlife crisis in the middle of like probably the best his company's ever done in his life once a lifetime opportunity for this guy and he's just lost it and uh that's it he's gone so the lesson here is like I don't know probably don't think around on Twitter and start yelling at people especially if you are like the founder of a you know multi-million billion dollar protocol pretty wild the crazy thing about this is it reminds me of Doodles and when Doodles founder told some to floor and get the [ __ ] out told one of their holders and everybody went crazy and then floor it and get the [ __ ] out ended up becoming a massive Meme and so you know what's going to happen on this somebody's going to go to pump. and they're going to launch a meme coin

right off the margin bi founder going crazy on Twitter and there's going to be a lot a lot of money made there you said that pump. fun makes the ux really easy and cheap maybe we can just do it right now live you want to launch Edgar token right now let's do it now harle only takes a few clicks and $2 we don't need you're gonna end up clicking on the wrong link and getting rugged so just don't do [Laughter] it okay let's go to social haven't talked a lot about social and the narrative there in a while we talked about it a lot maybe six months ago eight months ago last sort of like summer I think it was last August when frch launch and just went to the moon and that was all where all the liquidity was going and everybody was making money

Kai You famously tweeted out that I sold your keys early and lost out on a big opportunity to make a couple bucks but friendch is is kind of back look if I pull up their daily trading volume you'll see here that basically since like no November 2023 they've been around a 100,000 couple hundred thousand in daily trading volume and then just this past week Boom Big Spike up to above five million got even as high as like 7.5 million one day in trading volume and what is causing this well you guessed it their upcoming token launch they still haven't launched their token

they've been teasing it for a while and now they are starting to pump out more marketing around their token and people are coming back to speculate and get access sorry to farm and get access to that token but it's not the only social F go ahead K I heard I heard vitalic recently created an account on front Tech just the other day might have been um fake news I don't know but I saw it on Twitter really I did not know there you go yeah I imagine there's a bunch of people bidding up his account also V2 is supposed to be coming I thought it was going to happen in April so maybe it is coming like in the next couple days but I don't really know what that is yet but hopefully it's going to be cool yeah I think that look there is a lot of energy

for decentralized and onchain social apps right we just don't yet know which ones are going to make it and also let's be honest the ux of a lot of these is very difficult to use and not many of us are using them yet I mean foraster is also doing great let me pull up a chart of farcaster look at foraster daily daily active users over since all time basically started in 2020 22 was basically no one and they've just continued to Rock It Up over almost 880,000 daily active users is where they're sitting at now which is awesome when you go from zero but then also only 880,000 daily active users when you think about the large web2 social apps

not a lot still and then fantasy. cop is also getting a lot of excitement and a lot of energy this is like a new social fight app that kind of combines like fantasy Sports with socialy basically you can create uh a a sports card for one of your favorite influencers on Twitter and then you can invest in them and make bets on whether they are going to get more engagement and more followers on Twitter and speculate on their success as an influencer on Twitter same build a team of influencers yeah you can build a team of influencers and then you can enter them into

tournaments so it's kind of like fantasy sports you enter them into tournaments and you get rewards uh for doing so and look where's fantasies. toop built on it's built on blast and we've been talking Lots about blast and the energy there uh so we'll see more and more apps getting a lot of attention out of the blast ecosystem but social you want if you want some Alpha someone needs to go and make the Milkman Twitter account and make it put it on their team because that thing is going to grow as we said we're hiring a bunch and milk road is going to grow like crazy over the next little bit and so this is the inside scoop if someone creates that they're going to dominate all those others that I just saw up on the screen there so that's the alpha and

if you do make it let me know I don't know how to use fantasy but I'm gonna uh I'm gonna use it I got a fantasy for my um for the Masters oh yeah look at you look at you getting the Masters the Masters starts today as recording I know I want to watch it we got to wrap up here Jay all right one of the biggest golf tournaments in the world and Kai's got his priorities straight forget crypto we got to get to watching Golf and a beautiful uh course of Augusta in Georgia okay let's go to the agree disagree this is a segment we do at the end of every show for those new listeners where we ask our community throughout the week to give us tweets of things uh that you want to hear our opinion on do we agree do we disagree

with that do you maybe need that tweet explained because you're not exactly sure what that person is saying so send us your tweets throughout the week either on Twitter tag us in a tweet that you want us to talk about on the podcast or pop it in Discord and we will make sure we add it into the podcast we're not going to add them all but as long as it's a good one we'll throw it in first up here this week we've got a tweet from Sandra she says the BTC ecosystem will be one of the most lucrative plays narratives this cycle think of the early days of ethereum and its l2s this cycle we will see BTC infrastructure and L2 start to dominate wealth effect from BRC c20s ordinals will trickle down and cause an exponential growth in this

sector I mean first of all it's funny that she said think of the early days of ethereum in l2s like aren't we still in the early days of ethereum and l2s like what yeah this is actually a really interesting take I mean ordinal are obviously still crushing it and still one of the top narratives although we don't talk about it so so much Bitcoin is one of those things where I think a lot of people are sleeping on its L2 ecosystem because like they've been saying they're going to have these like scalable layers on top of Bitcoin for years and years and years they've had the lightning Network which has just continued to be a a failure for like I don't know seven eight years whatever it's been there is some hope for the L2 ecosystem Stacks is one of them and honestly I don't know if this is going

to be the next big narrative I have a feeling it might be I don't do enough research on the Bitcoin L2 space I think we're going to try and get stacks on the podcast that we could maybe answer this question for people more clearly but I've have heard from many smart people that there is a lot of stuff going on in the Co World in terms of its layer layer 2 infrastructure so I don't know I just I don't think it will ever work as well as something like ethereum and Sala does in terms of how their smart contracts and things work so I'm just a little bit skeptical but it is definitely a narrative that people are sleeping on and so those tend to breed good opportunities and obviously Bitcoin has a lot of people building on it and people involved in it so I definitely

don't I don't say no to it I don't close my mind to it I think um I just need to put more work on it that's all if you guys want to hear us talk more about this I'd be curious if you guys listening want us to dive into BTC infrastructure l2s on BTC ordinals throw a comment uh wherever you're listening or drop us a line on our Twitter and as Kai said we'll try to get Stacks or some other leaders in that space on the Pod to inform you guys if you're interested okay next up will we talked about will earlier in the show gotta get him on the podcast as well at some point will says being studying the comments on every Instagram post about Bitcoin non-natives still think it's dead or a scam those flows probably don't come until 100K BTC

because it's a nice round number yeah I I agree if we think of blast cycle 2 when we hit so 20K was the previous cycle top from 2017 so when we hit 20K and Beyond which is like December 2020 there still wasn't a ton of kind of retail or new people coming in at that time everyone in the crypto space was celebrating it was super pumped but it still wasn't that mainstream yet now Bitcoin went on an absolute rip and like immediately went to like 40K within a couple weeks so like all of a sudden that's when Tesla bought and then everyone had heard about it and things went crazy it's a little bit different this cycle you know we've hit alltime Highs but it's still quiet no one's really talking about it I haven't got any text about it and so like it's still

not really in the mainstream I do agree it it would I mean it took to 40K last cycle for people to really start to get involved and so that was double from previous alltime highs so double this time is you know somewhere around 100K plus 100K is that sort of meme that everyone's been talking about for years and years so I could see see us somewhere around 100K are getting close to it where people start to tune in again and so it's a good thing that they're not here yet because that means our exit liquidity has not arrived and we'll get that later on at a much higher price poor retail I'm so glad I'm not in that position like I was in previous Cycles I've been excellent liquidity before that's for sure I've made that mistake okay let's go to a tweet by yourself Kai I'll read this out this is

less of an agree disagree more of an explain and we'll talk about this you said people typically respond to all world changing Technologies in the same way whether it be the phone TV the internet and there's a set of stages in how people respond and so here's the question which stage are we at for crypto let me read there's nine stages stage one I've never heard of it stage two I've heard of it but don't understand it stage three I understand it but I don't see how it's useful for I see how it could be fun for rich people but not me five I use it but it's just a toy six it's becoming more useful for me seven I use it all the time eight I

could not imagine life without it nine seriously people live without it yeah I I actually I'm reading a book right now on it's called things that never change that's where this came from and I found this super interesting because I know so many people that are in different stages and if you look at the comments too there was people that said different stages for themselves different stages for different people but the norm I mean most people those ones that we said are coming at 100K they're on stage two right Jay you want to go back up to that yeah so stage two which is you know most people have heard of it at this point but they just don't understand it they never put the time and effort into it but then depending on where you are in the world I mean if you're in the

Western World in the developed world you're probably more around the like five or six which is like I use it but it's just a toy especially those in salana with meme coins right now or six it's becoming more useful for me if you're in the developing world and your currency of your country has been inflating like crazy whether that's Argentina or Venezuela or you know turkey or Lebanon or you've had the issues with Russia and Ukraine in terms of sanctions then you're probably more in seven or eight which is I use it all the time or I could not imagine life without it we have people that work for us in our companies that we can't even pay we wouldn't be able to pay them if it wasn't for crypto and so for those people they're for sure at number eight I could not imagine life without it what

would they do right they would have to work for a a company in their country which means that their pay is very very limited but they can work for a Canadian or American company and actually get paid and so it depends on where you are in the world which is something always to remember in this space is like a lot of people use this Tech very very differently and so it's just something to keep in mind but I thought it was quite interesting yeah I think the crazy thing that just stood out to me about this is you can think about all major world changing Tech now and say seriously people lived without it whether it be your mobile phone whether it be TV the internet whatever might be and you can bet you can guarantee that the exact same thing is going to happen

with crypto and with blockchain so we will be there someday and we're still so so early as is proven by the fact that a bunch people responded to this and said they're at two or at three we're still so early it's so exciting man the opportunity is massive okay let's go to the next one defi dad said just a reminder if anyone's telling you they bought the Pico bottom sold the Pico top predicted X token would go up there's a good chance they're completely full of [ __ ] I could not agree more I mean unless you're reading milk Road Pro then uh they're definitely not bu [ __ ] and very right very often but one of the things that I think

and actually I wrote about this in our in my um I think it's like top five tips for the bull market or something a guide that I wrote in Pro and said like you got to watch what you're reading or seeing on social media because a lot of people just completely lie about their results but when they bought when they sold you know the amounts that they made most people don't actually buy the very very bottom and sell the very very top it almost never happens yet the amount of people on social media that say that they did just makes no sense and so you just got to be very careful don't believe everything you hear on social media that's for sure wise words my man okay next up let's go to tangan he says people directly comparing Athena with Luna suffering from major PTSD yield

always comes from number one risk and number two growth form your own views on these variables yeah I mean this always happens in markets right if you like if you've been through something tragic before you often think that that's going to happen again so a lot of Boomers right they struggle to invest in crypto or even in technology because they're just not used to the way markets work now they're so used to what happened previously right and so this PTSD actually happens in markets and so those were around in 2022 that had their Luna bags go literally from you know tens of thousands of dollars or however much you had to zero I think they continue to have that that's why so many people are comparing totha to teruna though as we discussed earlier in the episode they

are very very different again not to say there's no risk on Athena but the risk is much less it's not a thing that goes to zero it's a thing that yeah maybe there it deegs but at least it's something backing it and so luden didn't have that so very very different all right next up du9 says you really don't want to keep money on salana chain eth may be ensive but that price is worth every penny only keep size on Native eth and BTC anywhere else and you will likely suffer later there's no free lunch yeah this guy I think we've had this guy and the agree to disagrees before and I always disagree with him so I don't know why we keep bringing him on I guess we need some disagrees but I obviously completely disagree this is one of those Bitcoin Maxis although I

guess he he seems to be okay with Ethan at this point but like he's obviously one of those ones that just didn't continue to go down the rabbit hole and learn the next technology often times people get stuck at the first one they come in or maybe the second one and I just don't think he has any relevant reason to say this yes salana has congestion issues but ethereum has also had many issues so has Bitcoin in its early days and so again this is one of the things where you just need to do your research and if you've done your research you know salana is legit salana is an incredible technology it's just processing billions of transactions a month and there's no other chain even remotely close to that so yes it's having some issues theum has also had many big issues too but it has

congestion so this is normal of all new technology Facebook Google all of them when they first had their initial surge of congestion in users then they had issues things went down things didn't work they had to fix problems this just happens with alltech in its early days if it has a lot of demand if it's really good Tech it gets a [ __ ] ton of demand early on before is perfect and that's your Telltale sign like oh this technology actually has something here right and that's what people I think are missing here on salana but anyway I don't think this guy what he's talking about I hope that this the last time we put him in the agree to screw J oh no I'm putting him in more now that you say that okay I might get him on the show get get fireworks going between you and

do9 do9 if you're listening reach out to the Milkman we want to talk okay last step just because you disagree with do9 I had to bring up a tweet of yours from this past week where you basically talked about how we need more truth maximalism in the space and less fting on each other here's what you said Kai you said anyone celebrating the struggles of other Technologies needs to grow up eth Maxi stop fting salana Soul Maxis stop fting ethereum and l2s didn't any of you learn from the BTC Max Maxis who looked like idiots after fighting the entire crypto space bunch of cboard Warriors keyboard I don't know you said cboard

Warriors hey man come on it's all right yeah I mean like look this is just there's so much tribalism in the space and it somehow just continues and continues and it all started with Bitcoin you know and the reason it happened is a bunch of bitcoiners went into eth they went into the eth iOS and they got rugged right and they lost a bunch of money these eth iOS and they complained and they got that PTSD we just talked about and so what do they do the next time other things come out they just fought it they say no this is useless I lost money once and so you're going to lose money this time which obviously is just not true but that's what they do and they've just like stuck with that and grained that mindset and then what's crazy is people started to

do the same right eth people always got [ __ ] on for years until eth finally made it and now they're starting to do the same for other chains and it's like guys what are you doing you just went through all this with Bitcoin people why would you go and do this with others like just it's all good these are just Technologies why does everyone care and get so angry it's just um it's a bit weird to be honest it's just technology and people are like lose their minds and like think people just on Twitter they just don't really realize what's going on and just like they kind of get lost in real it and they just start losing their minds and it's just it's very odd part of this this space I mean or they do realize exactly what they're doing and following they're following the

Donald Trump Playbook just pick a few narratives that you know that your community loves and yell about them louder than anybody else and look it works engagement farming it's engagement farming exactly all right that's a wrap on this week's rollup thank you everybody from around the world from Australia to India to Romania to the UK to America to down in South America all of you all that are listening into us we appreciate you so much it's because of you that the Milkman and milk road is climbing the charts right now if you want to help us out give us a review on whatever platform you're listening to it's just going to get us in front of more people which is going to help us

onboard more people to crypto in a safe way in a fundamentally sound way and if you want to take your investment the next level and make sure that your bags are set up to capitalize on this bull cycle which is nowhere close to over the opportunities are still going to come for many months you need to go pro right now as Kyle said we've got a report coming out this Saturday on base and how you can capitalize there's no token for base so where are the tokens where are the opportunities to capitalize we're going to tell you in this Saturday's Pro report so make sure you go pro if you haven't already if you're already Pro watch out for that report hitting your inbox this Saturday that's a wrap thanks so much for joining in everybody Kai I

hope you have a great weekend surfing down in Brazil I'm sure you're going to hit some surf are you well it's uh looking a bit messy and it's going to rain all weekend so I'm not sure but um we're g to find a way to make it happen we got to get Kyle serving because it's the only time that he doesn't check prices on his phone excessively so he needs to get out of the water to take a deep breath whatever you need to do to take a deep breath to touch some grass to get away from your phone to get away from all the prices you need to do that yourself cuz the Milkman always says take a deep breath and step away because otherwise you're going to make your milk sour by obsessing over it too much thanks for listening everybody have a

great weekend thank you for listening to milk Road radio the easiest path to get smarter about crypto if you like this episode share it and hit subscribe or follow so you don't miss out on the next one there's also a link in the description to our free 5minute daily newsletter where we simplify crypto for you while making you laugh and if you're willing to step up your crypto investing game then we'll leave a link to milk Road Pro as well your number one resource to help you invest successfully in crypto one final note this podcast is for educational purposes only and nothing we say is financial advice crypto is risky so you should never invest more than you're willing to lose thank you friends and we'll see you in the next one