Weekly rollup: Runes alpha, Renzo depeg, SocialFi summer and large token unlocks

Transcript

there are so many tokens in crypto these days how does anyone know what to buy anymore just this week there are more than five new big application tokens launching not to mention the hundreds of meme coins on salana and base and now we have runes on bitcoin what the heck is going on well that's exactly what we do in this rollup every single week to help you stay in the know with everything happening crypto welcome to milk Ro radio the easiest path to get smarter about crypto I'm K rehead joined today not with Jay as he's off on vacation for the next two weeks with his family but instead with Tyler d a man who has his pulse on everything going on in crypto and together we believe that onchain is the next online this is the opportunity and we're here to help you capitalize on

it crypto will go up more than 100x inv both users and value over the next decade if you're listening to this right now you're extremely early and have an incredible opportunity to capitalize at milk Road our mission is to make you smarter about crypto that's why we're doing today's podcast and why we send you a daily newsletter for free but if you're ready to level up as an investor let me tell you about milro Pro we crafted this resource for investors who are already smart enough about crypto and are looking for more actionable insights on how to invest successfully in one of the fastest growing Industries on Earth every week we break down the latest trends diveing into tokenomics of popular and up andc coming tokens and get into the nitty-gritty of market analysis all to help you invest smarter plus we have a private Discord Community

for pro members it's like your backstage pass to the milk road crew exclusive insights Hot Tips and live amas with our team team now if you're looking to level up as an investor then click the link in the show notes below and sign up to Pro today don't let this bull market opportunity slip through your fingers Tyler welcome to milroad radio Kyle thanks for having me super excited to be here yeah man well listen why don't you give our listeners just a bit of a background of who you are what you're doing in crypto how you got here whatever you can do give us the CO's notes sure I'm I'm at Tyler did it on Twitter if you're on Twitter go look me up I lead our nft and crypto cont content over at lucky Trader what do I do I primarily write a daily newsletter

and run a daily Twitter spaces show called The Lucky lead the newsletters called the the morning minute keeps me super dialed in to the nft and crypto space I also just cover the market on my Twitter feed on a daily basis kind of you know 247 around the year I'm addicted to it I'm addicted to the space I'm also a pretty active Trader I've been trading nfts since about 2021 have gotten deeper into the meme coins and runes and orinal over on bitcoin here over the last four to six months so very excited with all the events we've had play out here this uh this past week and I'm excited to get into it with you it has been a wild wild week and uh we have so much to cover in today's episode of course we'll discuss the market watch as

per usual but we won't waste a ton of time on that because there's just too much news going on we've had some wildness happen in the reaking space which we always cover with the dpeg of easy eth from Renzo so we'll talk about that runes is live we mentioned it last week and thankfully Tyler D is all over that space so he's going to tell us what's going on in that space social f is also heating up all the big social F apps happen to be launching their next V2 or their next main net all basically in the same week so very wild and um I'm not sure if that was planned or what but there's so much happening there and then of course we'll highlight a bunch of other news in the in case you missed it and are agree disagree it's goingon to

be a killer episode so Tyler ready to get started let's do it awesome okay before we do friends that are listening don't forget we're hiring a social media manager at milk road if you love crypto if you love social media well then this is your dream job come get crazy with us on Twitter you literally get to just read what's going on in Twitter every single day and never get off that site X maybe Tik Tock and Instagram too and then you get to tweet about it like crazy we're actually G to talk about a wild tweet storm that happened over at I think it was po Market later on in this show hopefully that's not where you're going to take this job but feel free to get a bit crazy anyway you can apply in the show notes below and without further Ado let's jump into it and we'll start

things off as we always do with Bitcoin so Bitcoin is sitting at $64,500 per on the day so not much on the day and up 5.25% on the week it's been a little bit crazier week than it than those numbers show but uh yeah currently sitting at 64,000 so not too bad the Bitcoin having finally went live on Friday as we talked about in the last episode interestingly there was uh some pretty wild things going on on the fees side actually first let me just show the fees so we know what the having what this means is that the rewards that go to miners gets cut in half right the problem with that is that now the miners aren't making as much revenue and so to

secure Bitcoin we need to make some sort of Revenue and that needs to come in the form of fees well thankfully since the happening fees have gone just parabolic on bitcoin if you look at the average over the last seven days 25.8 million dollar in Bitcoin fees per day on average for p uh context ethereum which is generally the one that is always winning and winning by a long shot is just at 4.8 million so Bitcoin is absolutely dominating check this out when the happening happened I guess it's a thing where people in the Bitcoin space want to like be a part of that block block 840,000 which is when The Happening occurred and so someone actually paid to get their transaction it's a 97 Cent transaction in on that

happening block they paid $700,000 just to get that transaction through I guess it's just because it's a time stamp to say Hey you were here but absolutely wild Tyler would you do that or is this you was it you it wasn't me but perhaps even Wilder news broke right before the show so the first Satoshi the first set in that block sold for $2.1 million at at auction wow so this is why folks folks are going after it they they love the rare sets and the was a hot so wild I mean it's interesting there's so much happening on bitcoin right now which we're going to cover a lot of was not my on my bingo card for 2024 I guess or I guess this

cycle just didn't think that Bitcoin would be in the Limelight in terms of like d gen stuff but that really is the case but before we get all to to all that we'll just talk about some of the ETF and flows it's been a rough week obviously or a rough month I guess in crypto the flows for crypto assets is we've had outflows for the last two weeks so it's been a bit of a struggle so don't like to see that the streak that ibit has had which is um black rocks Bitcoin ETF ends in terms of inflows at 71 days it's not a record I think there was others that had longer than that but basically what they've done here is in the first 72 days of a ETF Black Rock and Fidelity ETFs have just completely smashed records in terms

of net assets coming in and it's not even close to third fourth and Etc well actually fourth is another Bitcoin ETF so is what is that seventh so they went 71 days straight of inflows we finally had our first outflow but either way big run and well done to Black Rock they are absolutely crushing it there's a little bit of competition coming in on grayscale which by the way also holds the record for the streak for the most days straight with outflows in an ETF also 71 or 72 whatever it's at now but they have launched another Bitcoin ETF a mini one and this one the grayscales mini Bitcoin ETF is just a 0.15% fee which is is the cheapest of all Bitcoin ETFs originally grayscale's current one is like 1.5 so it's extremely expensive

it's why they have all the outflows and so now they're launching a little competitor to all the other Bitcoin ETFs so we'll see what happens there but um hopefully we get some demand back on the Bitcoin ETF side of things because so far it's been a bit slow what are your thoughts on the on the whole ETF world yeah I mean it's the biggest story in Bitcoin perhaps all crypto I think it's the narrative that's driving this cycle right now I think it was a matter of time until we saw the first day of outflows I think we saw some folks jittery and nervous it was kind of bad timing you saw the price chart this morning so Bitcoin touched 62,939 [Music] with the Bitcoin price here in the last

four hours and just it's it's an everyday event it seems like it it really is and I'm sure it's all going to come back but the ETF that we're really talking about now is ethereum and we've got some news on that but first the price of ethereum sitting at 3,151 also up exactly .3% on the day exact same as Bitcoin up 5.5% on the week so following the exact same thing as Bitcoin is we've had some news on the eth ETF some bullish some bearish so just recently couple couple days ago grayscale filed their S3 or the prospectus which is basically to convert their e uh fund into their ETF so that was pretty bullish people like hey why would they do that if they thought everything was going to get delayed or or denied anyway there was some other

delays on grayscale and Franklin so some of their other applications and then Black Rock has refiled with an amendment to their 19 B4 e ETF application doesn't really matter what any of that means but they have refiled and so people were like oh maybe it is happening maybe May 2 is going to be a thing and then we woke up this morning and there was news on Twitter that uh came from routers uh which is basically saying that the SEC is expected to deny the spot e ETFs next month which I mean is kind of expected at this point although I'm still a bit optimistic but we'll see what happens sounds like it might not happen and we will be waiting until probably later this year have you heard anything else since we have been on uh recording here

or any any other news come out no more than that Kyle I you know me like the poly Market odds have been dipping for a while yeah was thinking this was probably going to get pushed looks like it is but it's still going to happen just a matter of time yeah which honestly I don't even think it's that bad of a thing I've heard a few guys talking and like look trafi hasn't even wrapped their head around Bitcoin yet they're they're now all doing it and they're you know they're all it's their job to go and look through and do their due diligence and figure this stuff out if you also then approve eth right now it's probably a bit too soon they're still trying to figure out Bitcoin so it's like maybe this is better to happen at the end of the year where they can

figure it all out they can allocate to bitcoin and then they're ready to like oh what's this eth thing and they can do their due diligence there so maybe it's actually a good thing um but let's see what happens we're still waiting on actual confirmation we don't know for sure outside of eth we'll take a look at salana which is currently sitting at $148 also up just 3.33% on the day but up 12.43% on the week not much news uh otherwise in salana the chain is working it's getting better it's getting fixed as we all want transactions are going through we've talked about that a ton uh but other than that not much more to discuss in the salana world uh we're just waiting until we get out of this dip that we've been in for the last few

I don't know month and a half almost at this point so let's jump into some of the big news Tyler starting off with Renzo this was a wild little scare for anyone who holds easz eth which is a reaking a liquid reaking token but let me walk you guys through the story and then Tyler I'll let you comment on it so just two days ago on the 23rd Renzo came out and announced hey we're going to do our airdrop it's going to happen on the April 30th and this the beginning of their decentralization of the Renzo protocol they're launching a token called Rez anyone that has been holding liquid reaking token there's a minimum points you have to get but if you have enough I think it's 350 points or something you will be getting an airdrop on April 30th so congrats to everyone it

was all good all exciting then people started looking through some of the documents and what they were doing here as they broke down their tokenomics and there was some weird stuff going on so first of all people weren't too happy because they only gave I think it was 5% to the community which isn't great but if you look at this chart for those that are watching on YouTube I have up on the screen here this chart looks a little bit odd at the bottom of this chart which is right cut through the middle you would see that it's that would be 50% right it's half of this circle which goes to what is this I guess it says community and fundraising um but it says that should be 50% it says it's actually 61% and then if you look at some of the other percents here like this 2.5 and

2.5% it looks like that's actually almost a quarter of this entire circle uh and so whoever made this pie from Renzo it looks like they're fudging the numbers a little bit and trying to make it look like they actually gave more to the community than they really did so a little bit odd of course people went absolutely nuts on Twitter uh to go off on this people started making memes which was this picture that someone put up here with the clown face and just saying 5% goes to the community and they basically made the whole pie Community uh obviously that's not the case Levi or Levi he said Renzo protocol airdrop is a joke the entire their entire business is built on depositors and they only give uh customers 5% half of which is vested so the real air drop is only 2.5% anyone who sells don't get their

tokens when you when your entire business is dependent on LPS to keep Peg so people started going a little bit off funny as ethery one of their competitors just tweeted out and said should have added to our list of why ethery is the best option for reaking should have added that they have excellent pie chart skills I thought that was kind of funny but what wasn't funny is after all this started going off on Twitter this was kind of early morning on was it Wednesday or Tuesday whenever this was the easy eth liquid reaking token started to depay and actually got completely crushed for a little bit and we thought uh oh is this going to be the Black Swan event of reaking it went all the way down to 1,600 so it was like a 15% drop from what eth is originally priced at so I think a lot of people got

pretty scared on this one thankfully it is close to back to normal or to its Peg now it's not fully there but it's it's close so it wasn't as big a deal as I think um originally people thought it was although some people might have got liquidated in some of their defi protocols if they were holding this so obviously not a great thing we always bring this do9 guy up in our for some reason in our show he's a Bitcoin Max he doesn't really know everything about the ethereum ecosystem but he says liquid reaking Protocols are a time bomb easy eth fell to 0. 2 eth on Reno protocol any leverage got people liquidated props Dagon layer for opening the pandor box ethereum did not need this one thing I would say is look easy eth does hold all of the eth this isn't something like

teruna where it's just going to like collapse and spin out and go to zero the eth is there it's just a bunch of people wanted to sell at the same time because they were pissed off about the Twitter craziness and the in that pie chart so this all kind of normalized and it's not as bad as what this guy is making it out to be ethery commented and said look they're not all made the same this isn't as bad as you think it is so a bit of a wild ride what were your original thoughts on this Tyler before I get into the conclusion of it all yeah I have so many thoughts I mean one on the dpeg I feel like we we've got this bull market in front of us or I think it's going to be a bull market why do you need to to

run the loop and leverage yourself 70% plus which is effectively what caused the dpeg because there was a mismatch in the quid pools and and time it takes to redeem the eth and we don't need to go into the technical details but to your point the eth was there like it shouldn't be a deeg but it did deeg because of folks Levering up in this ecosystem so maybe just pump the brakes a little bit that's the problem of crypto you have something nice and everyone takes it to the extreme I mean I think the reaking Black Swan I don't think we're there yet I mean I think it is fine I do think this will impact that narrative to a degree but before we get into that I just have so many questions about the pie chart you know who approved the pie chart how did that how

did they get that get through QA and like I've got this idea I think all these teams need to hire like a a fud consultant or have like a fud person on their team and just put this out there and say okay what what are the fud angles what is wrong with this what what's the crowd gonna say this do not pass the fud test in any way the fact that they they tried to kind of pull the the wo over folks eyes and then I mean I'm telling you in this market with so many tokens that you mentioned you intro if you make a mistake if you lose the community sentiment I mean it's over agreed it's going to be yeah that token's coming in just a few days and I can't imagine a lot of people are going to want to hold on to that after this

craziness the pie chart I tend to be very optimistic and forgiving and so I wonder was it like did they mean to do this was it just I don't know maybe the 2.5% doesn't fit if it's too small like I don't know but um did they really think that people in the community weren't going to recognize this it's funny though like people in crypto are very particular and they pay attention and so you make a little mistake and they will absolutely roast you and did they ever on Twitter and as a result Renzo actually tweeted out last night and they said we hear you no [ __ ] the Renzo team acknowledges feedback and the importance of our community who has made Renzo The Lending the leading reaking protocol baseding your feedback they've done three things they have moved the claim timeline to put it before the

Launchpad of uh binance because there was you could get access to these tokens ahead of the airdrop which was kind of weird they've changed the tokenomics just a little bit so increased the amount that goes to the community from 5% up to 7% so we got an extra 2% uh and then I think they changed the minimum qualification to get the airdrop eligibility and they moved it to 360 EZ points per wallet I think maybe it was higher than that before I think my biggest takeaway and what um jpeg zerox jpeg says it goes hilarious to me that we as a collective can just bully protocols and daps into changing their tokenomics this isn't the first time this has happened every time that a protocol comes out and it's like they didn't give enough to the Community the community just goes nuts on Twitter and

they have to come out with like this apology tweet and like give more money and this is like this isn't a little bit of money that 2% is going to be millions and millions of dollars so it is wild that we can force that through basically just on Twitter I kind of love to see it but I also feel bad for teams that are that are doing this they're put in such a tough position I mean I guess we deserve it if you put in a lot of liquidity you risk your assets especially with this one where there was the you could have got liquidated so like the money is deserved you got to do what's right to the community that's the lesson that should be learned here I think I'm all for you know listening to the community and Community feedback I do think when you like bend the knee

like they do in this situation it's also like admitting wrongdoing to a degree like hey like we should have done this it's almost like a negotiation on a deal it's like oh here's our first offer here okay here's our counter you guys didn't like it here's our counter honestly like I think they should just stick to their guns like I honestly like they already lost the community sentiment folks who were perhaps on the fence about holding or selling they're going to sell now keep the extra 2% for yourself I don't know well they didn't even like mention the pie chart they're like we hear you we see your feedback and here's three things we're going to address and then just didn't mention anything about the pie chart so we're still on a mystery of this pie chart it's going to now become a meme someone's going to make an nft

and make a bunch off it just that's my guess but um wildness and reaking I am still a big fan of reaking I think it's going to be a big narrative and so I continue to especially I mean you can earn so much in reaking right now with all these points program so but obviously be careful and hopefully the reaking programs and protocols don't rug you anymore and don't do things like that because obviously that is not good let's move on to the other big narrative that's happening that just went live last Friday and that is runes over on top of Bitcoin this is fungible tokens on bitcoin a new token standard we already explained sort of how it works last week now it's actually live we can see what's going on in this space Tyler I'm going to throw it over to you you've

actually used runes you've played around with it I think you've bought a few already walk me through your thoughts we're almost a week in now what are you thinking yeah so the big question going into the runes launch Boomer bust is it going to deliver on the hype because the hype got pretty pretty dang High there ahead of the launch yeah I think that the broad Market reaction and sentiment was bust and that it did not deliver on the hype I'm gonna take the opposite side and we can get into I think just the numbers alone on this board are enough for me to say that this is not a bus so if we look at some of the market caps of these rooms that number two on the list the zzz fi who it it touched three billion so like this protocol has

been live for five days six days and there's already a a three billion dollar token and there there's a lot to unpack there the dev kept 99% of the tokens back so it it's it's a little bit manipulated but we've see that that dog token up top that was just air dropped yesterday it opened up above 300 million in market cap the rsic Genesis Rune in third was another pre- runes airdrop it opened at you know 200 plus million so we've got three runes tokens on the board that are already nine figure market caps and to to me I don't think you can call that a bust there is some some serious money in this ecosystem why do people think it was a bus well here's the reasons why people equate runes to

meme coins on bitcoin these aren't good memes they're just tickers there there was effort there weren't any funny memes there weren't really any memes at all literally just tickers like no one even came out with like artwork or like running jokes or anything so it it felt low effort and and perhaps rush so I think it under delivered on the meme side I think that was an aspect of it the fees were so high those first few days that even so runes were minted that's how you acquire the tokens at the beginning because of the fees like the Satoshi Nakamoto token which is one of the most popular on Friday and into Saturday it effectively minted at a $30 million market cap when you see the the meme coins on salana that the reasons

you have these crazy screenshots the guys who make millions of dollars because they were early they're buying it like a 10K 20K market cap that opportunity did not exist on bitcoin because of the thee environment so that led to less splashy screenshots really no screenshots I haven't even seen someone really touting their runes profits just yet so we're to wa ones very interesting Tyler what did uh what did you buy did you buy anything in runes and did you get it early or how's that worked for you so there was a couple schools of thought so there were the folks who were deep in the trenches and like running their own nodes and they were ready to M live Friday night I I decided I'm more of a momentum Trader I'm never going to be the first person to enter a trade I like to kind of wait

and see what what catches attention and perhaps be an early Joiner so that was my strategy I didn't me anything on Friday night I woke up Saturday morning going through my timeline Satoshi Nakamoto was the the clear winter it was all over my feed so I did jump in a bit on Satoshi Saturday morning that the buying experience very similar to brc2 so so really not not a whole lot of improvement there and we'll touch on that in a bit I did get an airdrop of the rsic Genesis Rune as well have not gone through that the cell process still holding those tokens but I think another reason why people called it a bus so we can go here is because the infrastructure still leaves a bit to be desired yeah I bet I mean same thing has happened with ordinals and brc2 as well

it's just not as I mean it's funny the ux isn't that great on ethereum or salana either but in fact it's much worse over on bitcoin I help our listeners understand who haven't used it yet I help them understand kind of how this works and what that sort of infrastructure what the ux is like the the ux is very similar to buying nfts so what you are doing it it opened up very similar to the brc2 buying experience because uniset was the first Marketplace what that means is you're buying buying literal bundles of tokens so you don't really have the option to buy you know one token 15 based on how much money you have you have to choose these pouches of tokens effectively so it might be 200 it might be 100,000 based on kind of the

unit bias of the token so right there it is a a much different experience than those who are buying meme coins on salana for $2 do like whatever they loaded their Phantom law with they're buying the meme coins with it that's not the case with vc2s or runes so I think that led to the clunkiness but of course those who won to be early you know don't care about that they're going to fight through it is it going to be is it gonna have appeal to the masses or broader markets outside of the already Bitcoin native crowd no yeah that's the problem that's why folks are calling it a bust but it I think that is a problem that can be solved I think magic Eden you know is already making a play themselves so they ran a a hacker house I think

CNBC actually did a feature on this attacker house that they put together they were the first Marketplace of our you know traditional nft marketplaces to launch a runes collection it's sliding scale it's a little bit better it's five to 10% better it's still a clunky experience and I think where we're going with that I think you had that chart up what we're looking at now is the ordinals volume so ordinals nfts on bitcoin uh a lot of analogies to how ordinal played out to how people think runs is going to play out and and ordinals came out what last year February they caught initial hype L and they saw a brief surge period before a five to six month winter before they really started to get traction here December 2023 now into 2024 I think many

are now expecting a similar scenario to play out with runs so we're gonna have this bubble of interest is is clearly here right now it's gonna play out for a little bit there are some tokens who we're going to win I think the wild card is if we see any Central exchanges like binance list some of these token which they already did hint at on on their Twitter page a few days ago if they list if the experience is better and there's some additional liquidity come I think we'll see a a first cycle but the reality is we are probably going to cool off for a bit while this infrastructure gets built out until the trading experience does become better and once it does I mean I think the demand will be there just because the core principle of all this there have never been assets

that you could trade on bitcoin before a year ago to accumulate more Bitcoin and are interested than that and there's no doubt there's a ton of degens in the space doesn't matter if you're a bitcoiner if you're an ethereum person salana we're all Deens so there's definitely an appetite for this kind of stuff that's for sure let me ask you in this winter here that you said the six months for ordinals where just basically there was nothing not a lot of sellers not a lot of buyers it went pretty dead for a bit and then took off was this at the result of infrastructure improving by a lot or was it just some good projects started launching and all of a sudden never came back or was it just the market started heating up again because it looks like it's started off in November which is when markets kind

of heated up last quarter as well yeah I think a couple of factors the the Market's heating up to a degree and then better projects right there just there weren't a whole lot of good ordinals to to start buying collecting a whole lot of teams getting behind them could see similar in the room space right people are underwhelmed at the tokens that launched if if great tokens come out you know people are going to fight through a bad experience if they're good enough right but they typically come but not much yet I mean yeah if we go back to that screen there is no images for any of these tokens which is a little bit odd they don't even have like a profile picture or like a you have it for most other tokens there's just nothing it is literally just a ticker so little bit

odd but bitcoiners love it I'm sure like you said does this make it out into the mainstream and stuff I don't think so I don't think this is like the nft Mania we had last cycle which made it into sort of Internet culture and more even broader than that I just don't think that that's the case here yet but we'll see but let's jump over to ordinals because things aren't done over there too so we've got runes which are the fungible tokens now that exist on bitcoin although they've already kind of had fungible tokens with brc2 it's a weird ecosystem going on in the in the Bitcoin world and then of course they also have nfts in the form of ordinals and that's starting to there's some changes going on in that market too walk me through your thoughts on the ordinal market right now so ordinals had a

tremendous q1 right they really came on to the scene I'd say they flipped ethereum in salon nties and in interest and they started flipping them in volume we saw collections like node monkeys run as high as like 0.8 Bitcoin they have since retraced a bit and there was this big looming question of okay what would the runes launch mean for ordinals would it be a liquidity extraction of it while everyone's focused on trading runes or would it be perhaps the opposite where runes injects all this capital and it and it rotates back into ordinals so far neither of those scenarios have really out I think perhaps because runes have been a little bit of a dud and not a whole lot of new liquidity has come to

the ecosystem but a reason why we've seen some of the leading ordinals leading ordinals did dip into the runes launch and that dip has continued and now that this new narrative this risk overhang to the ordinals scene is this Merlin unlock so Merlin is a protocol where you could stake Bitcoin you could also stake uh nfts and a lot of people took advantage of this to a massive degree so if we look at this screenshot 1100 node monkeys are staked in meryland if we scroll through like Bitcoin puppets one of the other big collections 395 not quite as bad Bitcoin frogs has 1500 of these so so on and so forth why does it matter well the unlocks are

happening like today tomorrow and people are nervous as they are for every unlock it's the same story for every you know major token that has an unlock tied to a game tied to a protocol folks think that it's going to be an unlock and they're going to come and dump on the market they might be right because there are some analysts who went through and calculate the average buying price so because of the time these have been Stak like the no monkey Stak the average entry price is like 0.006 and not monkeys are trading at 36 right now so the average person who staked is up nicely on these the flip side of this is there's also a good chunk of of Bitcoin in liquid Capital that's also unstaking here with on Merlin so that could be a

liquidity injection so to me it feels like that classic it's an unlock coming is it going to be a barish unlock and we're going to dump is it going to be a bullish unlock I've seen enough of these where I I typically lean bullish unlock because everyone just gets so scared and jittery ahead of time but you know we'll see probably in the next couple days how this plays out the runes in the ordinal world is a is a wild world before we jump over to social fi any quick advice for anyone listening that wants to get into that space the biggest Trend playing out in ordinals right now is what we're calling the big four there's four pfp projects which are leading the pack and there's pretty big separation from the rest so it's node monkeys at 36

Bitcoin it's Bitcoin puppets at. 34 om ordinal Maxi Biz at 041 and then we scroll down a bit Quantum cats which are also trading right around the 0.4 so they're all trading within this 10% range they constantly have been flipping each other back and forth which gives Talking Heads like myself show topics on a daily basis so oh no monkeys flip PP us again or P us are fli no monkeys but the big trend is clear these four have separated from the rest people are starting to trade them like an index and there's kind of this this sentiment right now of course not Financial advice but if you're going to play it's safer to bet on one of these four or to even instead of buying four node monkeys to to spread across and I've seen a lot of folks starting to do that the most

interesting thing to me about the ordinal ecosystem compare and contrast with ethereum is just the lack of dilution there just aren't that many quality projects to choose from so it does make it easier to come in and and select some you have this big tier the big four now trading at you know $20,000 USD there's not really much else there's not really much in the mid tier there's not really much in the low end so I think that's the other most interesting part of this sector of the market to watch for me is what is going to to pop up and perhaps make it run because there is room right for one to come on but we don't know what that is yet interesting stuff well there it is thanks Tyler so much for some insights in the Rune and ordinal world I don't play around much

on those so it was great to get uh some respect of who someone from someone who actually is let's jump over to social fi it's really heating up right now there's a lot we have fantasy top which I believe is over on blast we have frch which is on Bas and then we have Stars Arena which I think is aax if I remember correctly so we're a little bit all over the chains here let's start with fantasy top because they each have launched their own things well or are launching this week so there's going to be a lot of wildness over in the social F World we'll start with fantasy top what is going on with fantasy top fantasy top is the craziest story perhaps playing out in broader crypto right now definitely the craziest thing happening in in Social fi so as of today fantasy top is

set to launch their main net I think it it may have just launch it may be launching here in the next hour they did delay it they got $70 million in deposits in the last two to three days had nearly 71 23,000 depositors I'll be honest I didn't think there was 23,000 wallets really participating so why is this happening so last Friday kind of buried in the the runes launch hype Pacman and the blast team they launched the the newest blast gold allocations and they heavily rewarded social F so Thruster their decks is number one I think it's been number one on their list the whole time getting the most blast gold tied for second district one which is a social f app and fancy top and they received 700,000 blast gold why does

that matter blast gold the analyst are saying is worth about $18 per gold right now so you can do the math that's like12 million that just got allocated in rewards for the fantasy top app so they capitalized on that blast gold allocation they announced their main net and they announced this first set of competitions which are going live on Monday with a 222,000 blast gold reward pool which is about $4 million so pretty massive rewards a lot at stake if folks don't know what the fantasy top is basically it is a social trading card game where your favorite crypto and nft influencers are are digital cards similar to NBA

topshot but for influencers and you're gonna be able to buy packs of them you're going to be able to trade the influencers around then you score points based on their engagements on X so it is a very Twitter focused and social F game but it's hilarious we've talked about a little bit so it's interesting though that I don't know if fantasy top is launching a token but they're obviously incentivizing through the blast token that is coming I think that token's coming soon do you know if that is I can't remember if it was coming like the end of this month or maybe it's in May the blast token do you have any idea of when that's when that's coming yeah we're expecting it in May and may yeah I'm seeing folks call for 20 billion FTV on this out of the gate it's going to be

a big one I think very impressive all right let's jump over to Stars Arena they have just launched their V2 which interestingly friend Tech probably their main competition is also just launching their V2 what the heck does all these V2s mean do we have any idea what they are and is there anything we need to know here I think what's interesting about Stars Arena so they launched their new UI ux it is very similar to Twitter so it it is or or X it's a Twitter clone with a bit of a financial aspect so you'll have your wallet you'll have your ticket your your tickets that you have what's trending things like that I think what's also interesting about the Stars Arena launch is the road map that accompanied it they do have a very lofty Vision they want to open up the the logins to Reddit and Tik Tock they want

to build like an intraa marketplace where you could trade digital assets they want you to be able to Mint nfts so kind of in some ways kind of going that foraster or or warcast route trying to to build more type of of economic activity into the the app so you know we'll see if it takes off there's only like 1.3 million in TBL right now and they also kind of they did not launch the token with this which was the wild card so more details are expected soon we'll see what comes out of that and we know tokens is where the action happens which friendtech is launching their token friend very soon they have tweeted out and said audits are complete launch day is locked in let's do this so people are kind of speculating on what's going

to happen here any thoughts on this frch V2 by the way I believe it's happening on Monday I'm not sure if the token is also happening on Monday but I know it's coming in the next few days they've said anything you know more about the the V2 launch Kyle this is my social fly Super Bowl so I was a ftech grinder I I was deep in it back in what Q3 Q4 of last year all played it all the way up and then all the way down and I think what it's so hard to project what's going to happen with this token because we just know so little about what V2 is going to be I think there's a lot of speculation that you're going to be able to trade friends like tokens so one of the biggest complaints was the bared entry of folks like Kobe or anom their room

would get up to like four e and not many folks have the the bank roll to buy that key there are speculation that you will be able to to get a much cheaper entry to that so that's going to be interesting I think similarly folks are expecting more of that type of economic activity to be able to happen within the app so we don't know how it's going to play out we don't even know for sure if a token is launching Monday but I will say if a token does not there's going to be a lot of disappointed folks out there so I think I think a token's coming the question is bullied yeah at this point they've been bullied and they're gonna have to launch it although they actually have a pretty edgy Twitter as well which again we're going to talk about another

one in a second but they've got a pretty edgy Twitter which is actually pretty funny and so I could see them trying to fight with the community because they don't seem to care what's going on over on Twitter but man things are heating up on social F I know it's a lot like you can't go I mean you could go and use them all if you want but it is tons with farcaster there's lens there's friend Tech there's Stars Arena there's fantasy top and honestly the list goes on but the good thing is there's a lot of competition here obviously social is a big thing that we do on the internet humans are just social beings and so when you can add the financialization to social it creates things that I think are going to be really cool and really fun front dech was a lot of fun when it

first launched obviously prices went so high like you said you couldn't get into a lot of the big rooms so it was a weird model I assume they're going to come in with something new that's going to allow for it to have more scale that was their biggest problem that I always pointed out was you couldn't really scale the friendtech model um but we'll see what they do with V2 it's going to be um quite interesting uh to watch over the next week or so as this goes live but as we said friend is probably coming there are so many tokens that are launching over the next week there's going to be billions of dollars literally printed into the crypto ecosystem in the next like seven days we've got mode which is a layer two their points program ends in a couple days not sure if the token will

also launch like right after but it's coming very soon behind that we have Rez we just mentioned which is Renzo's token we'll see what happens there with all the fud around that Camino just tweeted out yesterday and they said that they're they've already done their snapshot but they said um they said April is all they said but usually when you just do a one-word tweet it probably means that's referring to the Token uh and so that's coming friend we think is coming we don't know blast is coming soon there was the safe token that was just launched anyone who's used safe they have had a token for forever but you couldn't do anything with it they finally the community voted and now they put some liquidity behind it and made it tradeable and so now you can actually use it you can sell it you can buy it

you can do whatever you want it is like available on Unis Swap and stuff so that's a big one it came out over two billion fdv as well and by the way mode is probably going to be over a billion Renzo I don't know but if we look at ethery over a billion kamino's got to be around a billion if not more friend is one I actually have no idea blast as you just said is going to be massive so like we are talking billions of dollars of capital coming into this ecosystem very very soon another one we had this on our salana airdrop guide which is drift protocol there's just so many so one I hope many of you guys listening are G to get some of these but two Tyler what do you think happens do people just take all this Capital sell it and throw it

into runes or like where does this Capital go because obviously it's a big injection coming over the next week or so yeah I love free money as much as the next person there's so many tokens you love to see it I'm a little worried who the buyers of all these tokens are going to be and what's that's going to mean for the price action as for where it's going to go I I think the the rotations around the ecosystem is logical to me I think that's how we've seen it play out with salana the salana tokens come the Traders get it they cash into Soul or meme coins so I think that's where I think I would bet my I would place my chips on the other ecosystems like Bas is the frch money gonna stay in base or or go elsewhere I think that's a huge

wild card I don't know there's quite as much going on in Bas as there is on Salon there's still there's plenty but I don't know where that money is going to go and as for blast the blast money is going to stay on blast because Pac-Man is the master of py nomics and he's gonna have the next round of incentives and if anything I mean they might see their their TBL increase in folks you know buy the token so completely agree and I mean if you look at a lot of these protocols as soon as they launch the token they add another season I mean Camino already has a second season that's going even though they've done the snapshot for the first so the money may stay they may add more like reasons to hold that token and you know keep it in the ecosystem but regardless it also

just depends on where markets are in general obviously right now we're in a bit of a dip and it continues to dip but if markets start to shoot up again you bet people are taking that money and throwing into meme coins we already saw like yesterday it looked like okay maybe we were going to get out of this dip and things were going to go up again and what took off right away mem coins now obviously this morning we woke up things got wrecked once again so meme coins I haven't looked but I assume they are wrecked again but you can tell that whenever the market changes and we're going back up to to alltime highs again meme coins are going to just go absolutely off a lot of people are calling for it to be over and that was sort of like the big cycle of meme coins

I don't think so I think a lot of this capital is going to go into that the way I play my airdrops is I typically sell right off the start especially right now because there's so many and then if it's a good protocol maybe I'll buy back in but I'm not like pressured to do it I'm not trying to rush that if not I just sell it into either ether soul and I'm I'm more than happy to do that I can hold those and ride those to the cycle so that's fine with me yeah it's going to be a wild couple weeks though let's uh jump over to the in case you missed it so a bunch of things that are going on in the crypto space uh we just finished our top story so now we'll talk about some wild stuff that's been going

on and we got to start with poly Market because this was absolutely nuts if you haven't watched this play out it was like this wild story that I feel like is probably going to turn into a movie if it's actually true that's the thing is I don't really know how much of it is true um but it happened within like 24 hours over on Twitter if you don't know what I'm talking about the intern the social media intern over at Poly Market they tweeted out and they said say it Phantom and they tagged Phantom and basically there is a poly Market is a predictions market and there was some predictions on there saying will Phantom post and in quotations retardo in April okay and they posted out that was it and then all of a sudden Phantom tweeted out and put an r and then poly Market put an e and

then Phantom a t and then poly Market an A and they spelled out retardo together and B just been going off on this whole retardo word on Twitter and someone tweeted out and just goes the Phantom intern needs to get a fat raise well anyway it it started to get wind on Twitter and all of a sudden poly Market comes out and says regarding the recent retardo incident and they put out basically an apology to the community for this word and that the fact that someone said this but they said the word like multiple times in this so this is where I'm like was this real or did they do this to play it up I'm not really sure but basically where this resulted was they removed the tweet I just luckily had a screenshot of it so that's what I just showed they fired the intern

and they're doing an internal review with the rest of the team to make sure you know that they're going to have better policies around their social media etc etc well it turns out the polym market intern who is named Hugo again don't know for sure if this is even real but he tweets out and just says laugh my ass off [ __ ] and he says retardo once again and it's showing that he's been kicked out of the poly market Twitter account and they've changed the password on him so he has no longer has access then all of a sudden he tweets out and a bunch of people I guess who saw this felt bad for him for getting fired they found his wallet address however and they sent him $313,000 to his wallet in salana like what is going on so of course he tweets

out he's thankful says retardo once again this guy just doesn't stop and then he tweets out and he goes wait I'm back in the Lin's Den let's see what she has to say and he's going into the HR supposedly he got his job back because this went so mainstream on Twitter and not only got his job back got like tons of offers from other social other crypto companies to run their social media and so anyway it wraps up with this bold guy here who tweets out and he says day in the life of the polym market intern 9:00 am type retardo from company account 12 a get fired 3M get sent $314,000 for saying it 5m gets job back plus 100 job offers what a wild 24 hours

do you think that this was actually real or did they like play this up so people were're talking about po Market I I think it's stag the Susan Warren was my tip off it just seems like too much of a stage name but I mean my head is off this was an incredible social media performance their their intern went totally viral Mega viral I didn't see the money he got set that crazy curious what he's gonna do with that yeah right but man they tip of the Caps of poly Market yeah the Twitter world is absolutely wild in particular in the crypto space yeah was this a good thing was this a bad thing honestly I have no idea but obviously it got a lot of attention I mean if you look at some of the views of these tweets it's in the millions like it just got this really

went viral so hats off whether it was real or not I'm not quite sure but pretty funny in case you missed it back on this with more news if you didn't see RFK Jr did a um a presentation and basically in it what he said was that he would put he becomes president he will put the entire us Budget on blockchain if he's elected in 2024 basically saying that the US budget has not been good they spent a lot of money it's they're in a massive deficit and it's time that we make this transparent we can actually see what's going on here and he would put it all on blockchain which would be absolutely wild do you think he actually does it I don't think he's gonna have the chance sadly nor nor do I think uh I don't

think he'd be able to pull it off I love the idea right one day I think it will get there but yeah not going to happen now here's some other news cell which is um was a layer one is moving to a layer two they've announced that for a while but they have just chosen that they're going to do this with optimism so they are joining the op stack we talked about the op stack last week they're becoming a beast they' gotten getting everyone World chain they've got Bas they've got mode who we just talked about now they have CeeLo or cell whatever it's called so they've got them as well so congrats to the op stack they are crushing it in not so great news by binance or CZ the um founder of binance is facing three years in prison after pleading guilty to

violating money laundering laws so not so great CZ kind of a legend in the space I feel bad for the guy he's done a lot for crypto as much as he's going through a lot of regulatory issues he has done a [ __ ] ton for crypto and so I feel bad three years is not great and out the backs of that the SEC of the Philippines has ordered Apple and Google to remove binance from their app stores which is actually quite a pain because there are a lot of people in the Philippines that play a lot of the play to earn games and so they have gotten very familiar with crypto and so it was a huge adoption especially last cycle in bringing a lot of Filipinos into crypto which is huge for them right like they this is what allows them to move money

move stable coins in other obviously crypto in and out of their country or throughout their country so it's been a huge help and binance is the one exchange that they all use and now it has to get removed so not great news for the Philippines I feel bad but binance continues to have their struggles with Regulators all around the world all right well that's it for the um in case you miss it news let's go to our favorite part of the show which is agree disagree Tyler I'm going to read out these for you and you can decide if you agree disagree and you can explain why you do or why you do not we'll start with Jason Choy which is if last crypto cycle was The Lord of the Rings trilogy this cycle is The Hobbit trilogy smaller

in scale more cash grabby on10th the novelty with less mainstream awareness in none of last time last time's main characters around what do you think uh I disagree with the smaller in scale I think this is the biggest one like we we are on the main stage this is the cycle the Bitcoin ETFs are putting us you know right there the institutions are are coming real world assets are coming this is the time it crypto goes mainstream so disagree with Jason although I do agree with that the rest of it about the less novelty and the main characters which is fine agree with that I also thing and I completely agree actually on the smaller scale thing it is small right now in the sense of like how numbers and things went last cycle from now but I think what people Miss is we're still very

early in the cycle at least in my opinion and so I think this isn't going to be smaller on scale I think it's actually going to be as big if not bigger I don't know is it more cash grabby last cycle was pretty cash grabby with nfts I don't know if I can say it's more I mean the meme coins I get it there's been a bit wildness but there was so much wildness last cycle so it's hard to say that it's more cash grabby this time around but I think we get this in every cycle to be completely Fair all right next up kouche who's a big Trader in crypto he says the crypto space is a spectrum on one end you're a gambler on the other end you're trapped in paralysis by analysis to find your happy medium study one good source and stick

to the plan start small wait for the snowball yeah I agree you have to be very careful where you get your signal from and you can't go too wide or you're just going to be drowned with information and you kind of have to to turn things off and be okay with it and and trust your G and look for your spots yeah completely agree I mean I don't know about one good source I feel like you kind of want to diversify your sources but if you do too many especially if it's people covering all these different spaces I mean look at what we just covered today social flly runes ordinals reaking like it is next level and to stay on top of it all you just can't and so the best advice is don't now don't go into everything blind because like he said you're a gambler um

but definitely don't try to cover everything because it's just just you can't do it it's it's near impossible unless you've got a team with you I guess so start small dive into something and it'll grow from there as you as you start to learn more do9 we have this guy on every single time they agree disagree I always disagree with what he has to say that's the Bitcoin Maxi in this guy I guess but here's what he said today Bitcoin just transitioned to the hardest money on the planet referring to the Bitcoin having now we're at under 1% inflation rate Bitcoin is now better than gold there's nothing left to stop what is coming after this having hyper Bitcoin isation is here uh Kyle I I agree with them maybe I'm becoming a laser eye the only thing that can stop Bitcoin is the US government I think at

this point and I think the next generation is going to adopt Bitcoin as gold and I do think we'll see it flip it in our lifetimes interesting I agree that of course it is the inflation rate is now lower than gold I think um I don't even know that the US government could stop Bitcoin to be honest at this point but I just don't think hyperbitcoinization is here yet that's when just like everything goes on the the Bitcoin standard and I think that's going to take a lot of time and I'm not even sure that that actually happens to be honest I think there's a big place for Bitcoin as a store of value and people will use it and hold it without a doubt but does hyperbitcoinization actually happen like the way the Bitcoin Maxi say I don't know I think stable coins will get adoption much faster than

in in terms of the amount of people using it and I think that will happen much faster than I think Bitcoin will make its way into like the whole world not to take anything away from Bitcoin it's a very important asset and I obviously hold a bunch of it so like I'm a big fan I just um hyperbitcoinization I just I don't know if that's happening anytime soon all right next one prior this is Martin prior to the last few months most people I know in crypto have zero Bitcoin exposure the ROI just isn't appealing enough but with the rise of BRC 20s ordinals runes Etc there's now strong beta plays that reignite that interest and desire to speculate in the Bitcoin ecosystem hard agree I think with the bridge and the ability to navigate across chains like that experience is easier

than it's ever been with apps like simple swap I think one of the coolest outcomes is folks who were just Salon native or just eth native are trying out Bitcoin for the first time and getting their first taste of it and starting to accumulate it so I I think that is absolutely great and of course the BRC 20s the ordinals runes are absolutely driving that forward yeah I completely agree I'm excited for the L2 ecosystem to really make its way to you know to be live and actually like usable because I think if we can get the Bitcoin L2 ecosystem running and get a lot of these token standards over there it's going to be a much better ux like you said the fees for runes the last week have just been nuts and so like you get people using it but you're not going to get

mainstream using it that's for sure if we can work out this L2 ecosystem then absolutely but this was a thing that was not on my bingo card for this cycle was that everyone would be trading mem coins on bitcoin which is hilarious to me and I love it the things that you never because for those that weren't around last cycle like whenever things crazy in the ethereum OR salana Worlds the bitcoiners they hate this right they hate the jpegs they hate the mem coins and now all of that exists over on bitcoin and I think it's just so funny you could not have pred that last cycle so that's what happens in crypto though the thing that you just don't think is going to happen it almost always certainly happens and it's currently happening and so kudos to bitcoin I absolutely love to see it and it's

helping with their sustainability of their security because they need some fees over there as we touched on the beginning of the show all right as our last agree disagree like this one from KW which or qw simultaneously believe that crypto is three things our last line of defense against big government financial repression and Tech monopolies two the best asset class for the intellectually honest and flexible to build generational wealth and three a place to have fun with internet friends by risking a little money in jpegs meme coins and liquidation engines definitely agree and that's why I show up every day I love the Core Concepts and principles it's also fun I love showing up and having fun with my friends on a daily basis why we do this and I think the other aspect that that isn't mentioned

here but I'll add on is it feels like a Level Playing Field it feels like a More Level Playing Field than traditional Finance system which is another factor that that Drew me to to crypto in the first place yeah I can agree more I think the key thing for people is to understand that these three things do exist people come in and they get caught in one and they're like oh you know maybe it's just the fun thing like I don't see the point in this thing long term it's just a bunch of meme coins you're like no no no look further there is you know the intellectually honest building amazing technology and then there is another layer of like yo this stuff is actually really needed because there are big problems in this world and we need to fix our money and this does

that right so there are different layers and you need to be able to see through all of those rather than just thinking it's just one or the like it's just one of them it is many of them and I think that is the most exciting thing about this space well that's a wrap Tyler thank you so much for joining here and filling in for J on the milroad radio rollup this was a blast and it was really good to um to get some some more insight on various different aspects in the space how was your uh your first time hosting the milk Road radio rollup Kyle I loved it I I love the flow of the show your different segments man I I hope I have the chance to come back someday this was a great conversation absolutely we'll definitely have to get you back for listeners who want to learn

more from you and trust me if you guys want to learn about runes we get it all the time in our Discord people asking where's the alphon runes where's the alphon ordinals and I'm like guys I don't know to be honest I'm sorry but I'm sure people are going to want that from you where's the best place that people can learn from you yeah best place is to find me on Twitter I'm Tyler coridor it Tyler did it from there you can find my newsletter link you'll be able to find my my daily Twitter show on there as well come join us listen in see if you like the alpha and stick around if you want awesome well listeners thank you so much for tuning in this week it was an absolute blast Jay will not be here next week as well so we have

another co-host but I won't tell you guys who that is just yet but anyway hope you guys enjoyed this and we will see you next week and by the way we will put the links to Tyler's Twitter in the show notes below and if you want to get hired to run our social media for milk Road please apply the link is also in the show notes Below guys we'll see you next week in the rollup Take Care 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