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🟧BLEND LOANS🟧 The Rly Good Web3 Show
Recorded: May 2, 2023 Duration: 2:58:33Space Recording
Full Transcription
Yo, yo, yo. How are we doing? What is up? Welcome. If you're listening in on the recording,
this is the Really Good Web 3 Show. I'm your host for tonight, Eddie, and I'm going to
be co-hosting with my good friend, Ruto. Give us a few minutes to get things rolling. Tonight's
going to be a good one, and at least I think so. There's quite a lot to talk about tonight.
I mean, frankly, damn. Blur went nuts today. They went nuts with their announcement.
But first, we're going to take things chill. We're going to get people on stage, and let's
play some music, shall we?
You are surprised. Listen. 100 stories high. People get loose, y'all. They get down on the roof. They can hear me. The fuck was flame? Out of control.
Get loose, dog
They're getting down on the roof
They can hear
The fuck is flaming
Out of control
It was so entertaining
When the money starts to explode
I heard somebody say
It's gonna burn up
When I'm falling down
I'm tired of this action
They've been a chain of reaction
I couldn't get enough
Till I had to say
I was trying to go for the soft end there
And then I accidentally pressed the button
Whatever
What's up everyone?
How are we doing tonight?
Welcome
This is the Really Good Web 3 Show
With me, your host, Eddie
And Ruto, your other co-host
Well, we're both co-hosting
That's not what I meant to say
You get the idea
Ruto and I
We run this puppy
Monday through Thursday
8pm to 10.30pm
Or later
Every week
Well, Monday, Tuesday, Wednesday, Thursday
Let's get things on a roll tonight
First things first
We'll start off with this
Ruto, how are you doing?
How's your Monday?
How was your weekend?
All good?
What's going on everyone?
Yeah
It was a good weekend, man
Very
There was a lot to do
Had that wedding going on
Hung out with some family that was in town
Yeah
It was a beautiful weekend, man
Honestly
And Monday's been great
Can't lie
It was 74 degrees today
Here in Orlando, Florida
Hit the gym
Did some cleaning
Cooked some meals
Productive, man
It was a great day
Beautiful
Alright
Excellent
Well, let's do a quick little
Around the horn run
Shall we?
Why not?
Let's introduce a bunch of our lovely speakers
That we're going to have tonight
And again, guys
If you guys are excited about this one
Because this conversation should be
Interesting
Today, I mean
There was so much that happened today
With this blur announcement
And with people starting to dive into these lawns
I've just spent the last two hours reading up on it
Spent two to three hours beforehand discussing it
And I think, you know
I think there's a lot here
A lot to unpack
But first things first
Let's say hello
There's a bunch of new faces, too
Like, non-regulars
Bogfather, we're going to start with you
Bogfather, what's going on?
Nice to meet you
How's it going?
How's it going with you?
Doing alright
I'm coping pretty hard today
Which, because of the Pepe thing
And I'm coping
It makes
It's even worse
Because I'm up six figures on it
I went
And I left about, like
You know, 400k on the table
Because I'm a fucking idiot
Just because I couldn't
There's no way
I just wish that someone hit me with a brick
Saturday night
Put me in a 20
Like a temporary coma
For 24 hours
Yo, only in crypto
Are you upset
At leaving
A couple hundred thousand dollars
On the table
But making a couple hundred thousand dollars
But you know what, man?
I'd be pissed, too
So I'm not going to lie
I'd be pretty
I'd be pressed about it
But happy to
Yeah, no, but
I get the feel
No, but I mean, Bog
For the blur I drop
I made, you know
A pretty hefty five figures
But I left an additional six figures
On the table
By selling too early
So, yeah
I get it
Like, I totally get
How you can be like
Oh, I made so much money
But I still am very unhappy
With myself
I think the silver lining is
At the end of the day
I think it's pretty good for the space
Because now we have people that
Make some money
And I think it's going to
You're going to see some rotations
You know
Over the next couple of days
Into NFTs
I think that
And then, you know
I'm sure you're going to get into
The blur lining thing
I haven't had time today
To really, like
Dive into it
Honestly
Ponzi-nomics
Is just good for the space
We need
We need anything right now
We need
We need, like
You know
We just need, like
A defibrillator
Just, like
Just a jolt
To get this thing going
I mean, I don't
I just throw darts
At the board at this point
We need some degens
Buying shit
I don't care if they have to
Like, find, like
Coins, like
Underneath their couch
Or something
Like
Just to buy an Izuki
For .04
Dude, do what you gotta do, man
We gotta
We gotta get something
Rudo, I like this guy
I think this guy's cool
Come around more often, Bog
You're a cool dude
Alright, let's keep things
Going around the horn
Mike
Dude
What is going on?
How is your Monday going?
And yeah
What's on your mind?
Yeah, what's up, Eddie?
What's up, Rudo?
I mean, today
Today's been a crazy day
Obviously
With the blur announcement
I mean, there's
Tons of people
Out there
Buying Izukis
And Bored Apes
And putting down
2 to 10 ETH
Which is just insane
Hopefully everyone's
Everyone's being as careful
As they should be
But I just wanted to agree
With Bogfather
I mean
This Pepe pump
Is bringing so much
Needed liquidity
Into the market
I just think that
It's good for the market
And you know
If you stuck around
In the bear
And you got in
On Pepe early
This is just
Another little reward
For sticking around
Well
Congrats to them
You know
We had a Zen Academy
Meeting today
And in the meeting
We actually
Asked everyone
Hey, did you buy
Any Pepe?
0 for 12
0 for 12
12 users in the meeting
Zero people who bought
Crazy
Eddie, because they're
Too busy
You know
Actually
Actually doing shit
And they're not
Just
They're not staying up
Till 5 in the morning
And checking
Checking charts
And asking your
D-Gen friends
Like what they're
What they're aping into
At 6 in the morning
Eastern time
I respect it
But I've been coping
Pretty hard too
I just don't look
At the charts anymore
I just don't look
At it anymore
Don't
Don't ever look
At the charts
They called it
They called it in our chat
At like 200k
Marky cat
Damn
That makes me want to cry
Like myself to sleep
Pretty often
Well damn
Alright
Well let's keep things
Rolling for now
Damn
Welcome to the stage
My friend
Host of one of the most
Positive and exciting
Spaces every Sunday
How's it going dude?
Dude so good
Just wanted to get in
On the conversation
What's up Eddie
What's up Rudo
What's up
Everybody in the space
Seen some gems in here
To be honest with you
That's kind of what
Attracted me
And no shade to Eddie
Or Rudo
But there's some great
Audience members as well
But I'm going to come at this
With like a dual edge
I think
I think Pepe
Is definitely some
Much needed liquidity
For this space
Although
I question
Ripple effect
That it had
In terms of shitcoin
Unleashing after it
I think
Pepe
Definitely has some
Legs under it
We've seen that
The chart will prove it
But the
The flood of shitcoinery
Right after
Definitely not something
I like to see
And the fact that
The timeline filled up
With basically just
Pure casino gambling
Maybe a little bit
Of cope
Just because I didn't
Get in either
And honestly
Was very aware
From a very early point
Just like Rudo said
Maybe not as early
As 200k market cap
But just not something
I was entertaining
In terms of getting
Involved in
I'm not much of a shitcoiner
But then with this
Blur announcement
As well
Talking about casino
Talking about gambling
I do see the positive
Side of it
But I just
It's more of a
I guess a little bit
Of uncomfortability
With the fact that
I don't think
Everyone understands
The scope here
And I feel like
People are going to
Get wrecked
And again
Maybe just my own
Personal opinion
It does offer
A positive side
But there's definitely
A negative side
To this as well
People defaulting
On loans
People losing
NFTs
People losing
A bunch of money
That they may not
Be able to sustain
Or be able to
Comfortably lose
And that is
I guess my
Widespread concern
Both with the shitcoins
And this new
Loaning protocol
From Blur
Is that
I just hope
That people that
Get involved with it
Are A
Able to lose
The money that
They're playing with
And B
Really understand
What they're dealing with
Because
We're now
Looking like
TradFi
In terms of
Being able to
Take loans
Against assets
And if things
Don't go your way
Just like in
TradFi
It doesn't turn out
Very nicely
For that individual
So again
You do you
If you're making
Paper
If you're taking
Loans on
NFTs
Or vice versa
It's cool
But I just wonder
If the general
D-gen is going to
See this as
A free money
Thing when it's not
There's definitely
A trade off
A handshake here
So again
Just looking at it
From both sides
I don't have any
Hot opinion
Of like
Fuck this
This is ridiculous
Or like
Everybody jump on
This is the greatest
Thing for the space
Trying to look from
Like a middle ground
Perspective
And see both sides
Of the coin here
But I do see
Again
Potential
For some individuals
To misread this
And overplay it
And maybe
Again
Get wrecked
Like a lot of things
And I think
Shit coining
You know
Was a similar thing
Not necessarily Pepe
But because
People miss Pepe
They started really
Throwing them
Dice hard
And maybe
Too hard
For their own
Pocketbook
Or checkbook
And finding
Themselves in a
Position where
They've over leveraged
On things that
Are not going to
Put that back
In their pocket
And again
Just I think
I'm very
Empathetic for
For my
DGens out here
Everything looks
Good
Everyone loves
A good announcement
That potentially
Pumps the whole
Space up
But I just want
Everyone to
Understand
Be wary
Make sure you
Fully understand
What you're
Getting involved
In before you
Again throw
Those dice
And you know
Jump into the
Pool
For those that
Have the liquidity
To do whatever
The heck you want
I'm definitely
Not talking to you
You do whatever
The hell you want
Well let's
Actually honestly
Let's just dive
Right into this
So let me just
Reset the room
For a moment
Again
Hello everyone
Welcome
If you're new
To this stage
Or new to this space
This is the
Really good
Web3 show
Ruto and I
Are co-hosts
Of the show
We run it
Monday through
Thursday
I run it
On Mondays
And Wednesdays
Ruto runs it
On Tuesdays
And Thursdays
And we've got
A heck of a show
Tonight because
Frankly we've got
A lot to talk
About
Blur today
And let me
Actually let me
Start with this
This is how we
Run the show
Okay
The way that we
Run the show
Is we like to
Have good conversation
Now what that
Means is that
We love for people
To raise their hands
And if you want
To raise your hand
Please feel free
And we will make
Sure that we get
To you and call
On you
But if you do
Have a point
That fits in well
And is worth
Bringing up
So long as you
Are not rude
About your
Interjection
Please feel free
Unmute
Add to the
Conversation
And imagine
We're all in
Person here
Right
We're all in
Person in a
Big nice circle
We might want
To just like
Start talking
And that might
Be best
Right
You might have
A point that's
Very pertinent
At that moment
And that's the
Kind of conversation
That I like to
Hear as well
But of course
All in the
Context of being
Respectful
And if you're
Not really in a
Situation where you
Can come up
And speak
Or is there
And or if
The panel is
Pretty stacked
And there's a
Lot of people
Up here
Go ahead and
Leave a comment
Down there
Ask a question
Or anything like
That
And I'm going
To be going
Through the
Questions or
Comments throughout
The space as well
So if you do
Have a question
Or a point you
Want to make
You can always
Leave it in there
And we'll bring
It up on this
Space too
And see if anyone
Wants to
Kind of dive into
And we would
Appreciate it
If you press
The bottom
Right
That purple
Button
Just press it
If you could
Leave a like
Leave a comment
And you know
Especially give a
Retweet
The retweets
Definitely help
Get the name
Of the space
Out and that
Helps bring in
Plenty more
Listeners and of
Course plenty more
Speakers for you
Guys to listen to
So it's the best
Way for you guys
To tangibly
Impact and
Improve the space
For your own
Enjoyment
Anyway
Let's dive into
Things
So what
Happened today
If you don't
Know
Because some
Pretty big
Stuff happened
Today
Blur has been
Announcing for
The past few
Weeks
Past few
Months really
That May 1st
Was going to
Be a big
Perhaps like
The big
Their
You know
For whatever
They were
Doing next
They originally
Had it scheduled
For April 1st
But had a delay
And pushed it
Back a full
Month
This was the
This was the
Announcement that
Machi famously
Announced like
Fuck when he
Read that
Because that
Meant that
That meant
A whole
Other month
Of blur
Bidding in
Which his
Points were
Going to be
Diluted and
What not
And that
Was a whole
That was the
Whole thing
Right
Now fast
Forward to
Today and
Blur makes
This announcement
And this
Announcement is
For anyone that
Didn't tune into
Crypto Twitter
Earlier in the
Blur is now
Facilitating
Peer-to-peer
Loans and
It is now
Involves like
It is now a
Peer-to-peer
Lending protocol
What does that
Mean
And I say
This because
I literally
Just did it
Can go on
Blur and
Currently go to
There's only
Three whitelisted
Collections that
Allow for this
Punks,
Azuki,
And Miladies
Which is a
Really curious
Choice and I
Think like that'll
Be a conversation
That we touch on
At some point
But between
Punks,
And Miladies
We have
Those three
Collections on
Which one
User,
Namely like
The lender
Can propose
A loan
And the
Terms of that
Loan include
A maximum
Borrow
I think that's
Like a very
Specific
And important
Terminology
Maximum
Borrow
In terms
Of ETH
And an
APR set
That they're
Comfortable
With
Okay
Now with
This in
Mind
You can
Propose
These loans
And another
Peer,
Another user
On the
Borrow side
Can go ahead
And borrow
That
And that
Can mean
That they
Either
Borrow
That ETH
In terms
Of they
Have let's
Say an
Azuki
And that
Azuki
Is worth
15 ETH
And they
Want to
Pull roughly
Let's say
12 ETH
Out of it
And use
That 12 ETH
For whatever
That might
You know
Maybe they
Want to pay
Off something
Maybe they
Just want to
Hold ETH
And are
Somewhat
Adding a
Stop loss
To their
Or maybe
They want
To go buy
Pepe
Which probably
Would not
Recommend
Taking out
12 ETH
On your
Azuki
To go
Buy Pepe
But maybe
You did
Want to
Do that
Okay
And whatever
That may be
You can go
Ahead
Take out
A loan
And there
You go
There's
Plenty more
Mechanics in
This and
Plenty more
To dive
Into this
But I'm
Going to
Start with
This
Rudo
Do you
Have any
Immediate
Thoughts
Here
Like what
Was your
First
Impression
First
Impression
Is I
Think it's
Going to
Interesting
Mainly
I don't
Believe
There's
Enough
Data
Right now
Suggest
That it's
Either
Going to
Be bad
Good
Like I
Think for
Right now
I think
It's
Interesting
And it's
Going to
I honestly
I'm just
Going to
Sit on
The sidelines
And see
How it
All plays
But for
Those who
Are curious
To get a
Much deeper
Dive
Into what
All the
Mechanics
Of this
I pinned
A tweet
From
Cirrus
At the
Very top
And it
Basically
Explains
A lot
More in
Depth
What all
This is
And if
You don't
Know who
That is
He's
Probably
You know
He's
Done
Eight
Figures
Lending
Loans
And has
Borrowed
Himself
As like
One of
The best
Traders
In the
Space
For sure
So he
Mentioned
What's
With
Blend
It's
Perpetual
Terms
With
Oracle
Based
Liquidations
Machi
Can't
Send
Your
Poor
Into
Liquidation
Number
Refinancing
Auctions
They
Have
Basically
Combined
Flexibility
Peer
Peer
Lending
With
Fluidity
Peer
Pool
Lending
You're
Really
Familiar
With
Those
Terms
Really
Lays
Very
Simple
This
Thread
Have
Time
Highly
Recommend
Deeper
Dive
Into
What
This
What
Implications
Just
Click
That
Thread
Read
Through
Means
Like
That
Flexibility
What
That
Means
Specifically
Whenever
Let's
Want
Bend
Paraspace
Whatever
These
Peer
Protocol
Loans
Right
Like
There
Basically
Getting
Loan
That's
Facilitated
Paraspace
Bend
Whomever
What
That
Means
Let's
Have
Board
Let's
Theoretically
It's
Worth
Loan
That
Loan
Facilitated
Paraspace
It's
Individual
User
That
Kind
Indefinite
Those
Loans
Indefinite
Because
It's
Facilitated
Protocol
Wanted
Let's
Arcade
Which
It's
Funny
Mentioned
Cyrus
Cyrus
Actually
Chief
Want
Strategy
Guys
Just
Chief
Leaders
He's
Team
Member
Arcade
Arcade
I'll
Want
Loan
Board
Then
Notably
Have
Expire
Date
Want
This
Want
This
Loan
It's
Only
Going
Weeks
Long
That's
Like
Really
Point
Inflexibility
That I
Noticed
When I
Using
Those
Protocols
That
Does
Exist
Blur
Blur
There
Expire
Date
They
Perpetuals
That's
That's
Like
Huge
Huge
Change
Then
Course
That
You're
Talking
About
These
Other
Protocols
Paraspace
Bend
Arcade
Named
Four
Protocols
Sure
Whereas
With
Blur
Everyone
Their
Mother
Knows
What
Blur
You're
Trader
Right
With
That
Mind
That's
Pretty
Stepping
Stone
That's
Just
Been
Leaped
What
This
Unlocks
Here
Whole
Liquidity
That
Previously
Unlocked
Even
When
Talk
About
Something
Like
Talked
About
Where
Value
Driven
Even
When
Azuki
Just
Buying
Azuki
Outright
That's
Spot
Trade
When
Comes
Bitcoin
That
Value
Things
Like
These
Perpetuals
That
Blur
Just
Introduced
Market
That's
Okay
We've
Just
Stage
We've
Tone
We've
Plenty
Discuss
Want
Throw
Things
First
Over
It's
Been
Interesting
Sure
Feel
About
This
Whole
Situation
Think
It's
Going
Pretty
Being
Honest
Because
We're
Being
Just
Completely
Objective
With
Ourselves
Think
A lot
People
Overextended
Think
A lot
People
Have
Been
Hurt
Think
A lot
People's
Bags
Down
Enabling
Them
Overspend
Hurt
Them
They
Have
Studies
Already
CNBC
Americans
Living
Paycheck
Paycheck
It's
Near
Time
High
It's
Since
2021
Mean
People
Leveraging
This
Amount
Liquidity
Probably
More
Often
Than
Don't
Have
That
Could
Pretty
Dangerous
Yeah
Mean
Sure
Will
This
You're
Going
You're
Buying
Azuki
Ethereum
You're
Buying
Because
Want
Azuki
Don't
Have
Ethereum
That
Just
Spend
Azuki
Making
Decision
Just
Plain
Simple
Risk
Profile
That
Taking
There
Vastly
High
Your
Like
Cannot
That
Really
Shouldn't
That
Good
That
Using
Azuki
Instead
Maybe
You're
Using
Point
Point
Milady
Maybe
Hyper
Risk
Philic
Risk
Accepting
Trader
Don't
Know
About
That
Chief
Like
Even
Then
There
Still
Very
Very
Specific
Conditions
Which
Should
Probably
Considering
These
Things
Most
People
Probably
Should
Some
Some
People
Some
Specific
Circum
Sounds
Good
Luck
Think
Most
People
This
Play
Let's
Keep
Things
Rolling
Want
Hear
From
Friend
Eddie
Want
Talk
About
Dangerous
That
Hindsight
Don't
Know
That's
Good
Move
Well
Part
Like
Part
Like
Right
Part
Saying
Totally
Shouldn't
Enable
People
Shouldn't
Provide
This
Same
Time
Also
Also
Very
Much
Just
Present
Options
Tech
Like
Lending
Been
There
It's
Just
You're
Making
More
Readily
Accessible
Like
People
That
Were
Doing
Lending
Most
Part
Like
Machi
Franklin
Know
People
That
Have
Fuck
Money
Know
People
Didn't
Know
About
These
Names
Know
Attention
Shifted
From
OpenC
Blur
Everyone
Knows
Blur
Everyone
Going
Know
What
Blend
Which
More
Kind
Argument
Making
Like
Don't
Know
It's
Necessarily
Practical
Even
Safe
Like
Ethical
Just
Force
That
Whole
Market
Don't
Really
Don't
Think
It's
Going
Well
Wouldn't
Shocked
Doesn't
Well
Both
Works
Down
Down
Market
That
Means
That
Amplify
Hard
Things
Down
Right
Market
Amplify
Reverse
Like
Amplify
Hard
Fast
Things
Move
This
Releases
Bull
Market
Very
Beginning
Stage
Bull
Market
Watch
Falling
Months
Weeks
Since
It's
Releasing
This
Know
These
Current
Circumstances
Which
Opinion
Wouldn't
Shocked
Things
Much
Worse
Coming
Weeks
Months
Namely
Mean
Selling
Away
Saying
Reason
Right
Wouldn't
Shocked
This
Blamed
Reasons
That
Happens
Even
That's
Reality
Least
Opinion
Fair
Totally
Fair
Feel
Want
Hear
From
Mike
What's
Going
Mike
Yeah
Just
Wanted
Like
Kind
Point
That
Made
Earlier
With
Point
That
Rudo
Klaus
Were
Just
Making
Kind
Just
Touch
Scary
FOMO
This
Space
When
When
People
Making
Money
Mean
Openly
Just
Feel
Like
People
Either
Will
FOMO
Into
Things
Know
It's
Good
Onboarding
That
People
Seeing
That
A lot
Money
Made
This
Space
Terms
People
Already
Here
Have
Been
Here
While
Haven't
Made
Significant
Amount
Money
Because
Bear
Market
Think
That
They
Obviously
Triggered
That
FOMO
Know
Just
Careful
With
Things
Like
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With
This
Lending
Because
Know
Might
Seem
Like
People
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Coming
With
Azuki
Take
Loans
Them
Let's
Real
Here
Will
Like
Azuki
Sales
Like
Hours
Following
That
Tell
Don't
Think
People
Were
Ready
Azuki
That
Point
Time
Like
There
Wasn't
Wasn't
Like
There
Bullish
Announcement
That
Came
That
Made
People
Want
Azukis
More
That
Became
Much
Cheaper
Entry
Into
Azuki
Especially
This
Okay
There
Another
Mechanic
Azuki
People
Putting
Loans
Fact
There
Still
Bunch
Outstanding
Loan
Offers
Azuki
Where
Take
Azuki
With
Zero
Meaning
Have
Zero
Extra
Additional
Payment
Your
Hands
Upside
Azuki
Immediately
Which
Like
Such
Outstanding
Easy
Make
Like
Realistically
Have
Bullish
Sentiment
Azuki
Take
That
Zero
Loan
Very
Quickly
Result
These
Loans
Having
Expare
Date
That
They
Manage
That
Blur's
Things
Loanee
Money
Lender
Point
Time
Choose
Cancel
Your
Loan
Like
Look
Close
Your
Loan
That
Means
That
Like
Opinion
We're
Going
Hours
Start
Seeing
Bunch
These
Loans
Start
Closing
Going
Auctions
Going
Higher
Loans
Then
Bunch
These
People
Needing
Sell
Their
Azukis
Quickly
Repay
This
More
Keep
Going
Through
These
Hands
Scorzy
You're
Next
What's
Going
Dude
Eddie
How's
Going
Also
Been
Spending
Bunch
Time
Reading
Bunch
This
Today
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Could
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Like
Interesting
Just
Wanted
Kind
Over
That
It's
Important
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More
Like
Less
That
You're
Getting
Like
Azuki
Right
Maybe
Down
Have
Will
Should
Willing
Lose
That
Right
Like
Make
Sure
Have
That
Risk
Profile
You're
Potentially
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Upside
Azuki
While
Only
Putting
That
Down
Keeps
Going
Floor
Price
Keeps
Going
Goes
Much
Faster
Than
Your
Interest
Rate
That
Upside
While
You're
Only
Risking
Because
Drops
More
Than
You're
Just
That
Then
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Have
Worry
About
Lender
Claim
Back
Sell
Right
Then
Also
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With
Interest
Rate
Basically
Blur
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Close
Their
Loan
Within
Hours
Think
We'll
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Farmers
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Close
Just
After
Hour
Mark
Interest
Should
Expect
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Where
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Other
Lending
Protocols
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Around
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Higher
Because
Only
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Down
We'll
Know
What
Market
Rate
After
Probably
Next
Couple
Days
Maybe
Don't
Know
This
Speculative
Yeah
Think
It's
Important
Think
Kind
Like
Option
That's
Like
Side
Right
That's
Exactly
That
People
Buying
Will
Think
Also
Equally
Important
Think
Unlocking
Liquidity
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Ratio
Those
Loans
Used
More
Terms
Unlocking
Terms
Option
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Front
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More
Looking
Forward
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Data
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Don't
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Point
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Things
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Around
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Loan
Situations
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Enough
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People
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Advantageous
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Stuff
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What
About
From
Lenders
Perspective
Like
This
Opportunity
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Extra
PFPs
Collection
Have
Really
Good
Opportunity
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Liquidity
Only
Reason
Asked
Because
Just
Need
Good
Example
Here
Someone
Purchase
Azuki
They
Weren't
Able
Back
Person
Lended
Azuki
Gets
Azuki
Back
Could
Clarify
That
Refinance
Roll
Loan
Over
Something
Else
Again
That's
Just
Digging
Deeper
Hole
There
Couple
Other
Strategies
That
Utilize
Eddie
Wanted
Expand
Ahead
Brother
Well
More
Curious
Exactly
What
Your
Question
Like
What
Situation
Just
Saying
There
There
Like
That
Could
Talk
About
Potential
Opportunity
With
Blur
Rolling
This
Like
Let's
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Example
Like
Have
Like
Sappy
Seal
Want
Lend
Lend
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Seal
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Like
Lend
Someone
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Back
Just
Well
Seal
Just
Confused
Like
Whole
Mechanics
This
Like
This
Whole
Like
It's
It's
Like
Renting
Like
It's
What
Basically
Were
Outlining
Outlining
Almost
Like
Renting
Someone
Else
It's
Okay
Break
Down
Have
Let's
Just
Assume
Clarity
That
Azuki
Okay
Have
Azuki
It's
Worth
Want
That
Because
Don't
Know
Want
Ahead
Pepe
Perhaps
Like
Want
Limit
Your
Downside
Risk
Want
Willing
Willing
Only
Lose
Value
This
Azuki
Otherwise
Mainly
Hoping
That
Goes
Goes
Down
Want
Stop
Going
Down
Going
Take
Loan
That
Going
Take
Willing
Premium
Like
Let's
Point
Know
Point
Five
Month
That
Like
That's
Opportunity
You've
Unlock
It's
Daily
Just
It's
Just
Clarify
It's
Daily
It's
Daily
That's
Right
Could
Know
Depending
What
Numbers
That
Person
Yeah
Either
Point
Being
That's
Opportunity
It's
Like
You're
Lending
Your
Azuki
Someone
Rather
You're
Putting
Your
Azuki
Custody
Blur
While
It's
Their
Custody
It's
Which
Blur
Custody
Then
Extract
Loan
However
Wish
Whenever
You're
Ready
Back
Extent
Loan
Full
Control
Your
Azuki
Back
Perhaps
Goes
Under
You're
Like
Don't
Want
That
Just
Going
That
That
Loan
While
That
Loan
Sits
Lender
Other
Side
Might
Like
Alright
Well
You know
Going
Keep
This
Closing
Loan
When
They
Close
Loan
They
Have
Have
Hours
Repay
That
Don't
Hours
Next
Hours
Essentially
Sent
Into
Auction
Else
Wants
That
Then
Loaner
Might
Screwed
Because
Load
Them
Eight
Load
Them
Eight
Azuki
Azuki
Worth
Seven
Half
Just
Lost
Half
Plenty
Opportunity
Cost
Well
That's
That's
Kind
Opportunity
That's
Opportunity
Someone
Azuki
Stop
Loss
Their
Azuki
Value
That's
Pretty
Important
It's
Also
Know
There's
Risk
Both
Ends
This
Ultimately
Both
Sides
Went
Let's
Price
Goes
From
Were
Like
All right
Great
Going
That
0.05
Premium
That
Just
Paid
Taking
Loaner
Gets
Plus
0.05
Interest
Your
Azuki
Back
It's
Gone
Value
You're
Happy
Because
Protected
Yourself
From
Downside
Increase
Value
Your
Azuki
That's
That
Both
Sides
Went
Obviously
There
Ways
That
Both
Sides
Lose
That's
Interesting
They're
Making
Sure
That
People
Highly
Incentivized
Keep
That
Stop
Loss
Price
More
Less
Close
Where
Floor
Price
These
Assets
That's
Kind of
Goal
Allowing
People
Incentive
Either
Lending
Whatever
Want
Directly
Hands
Right
After
This
Want
This
It's
Kind
Thought
Provoking
People
Listening
This
Cyrus
Take
Mention
That
Think
System
Plus
Fact
That
Blur
Likely
Incentivize
Loan
Offers
Huge
Benefit
Borrowers
Huge
Lenders
Want
Lend
Likely
Need
Offer
Extremely
Favorable
In turn
Risky
Terms
Compete
That's
What
Mean
Allowing
Incentivizing
Blur
Points
Order
More
Closer
Bidding
Pool
Blend
Launching
With
Collections
Offers
Only
Want
Borrow
Against
Floor
NFTs
You're
Better
Using
Other
Peer
Peer
Platforms
Capture
Higher
LTVs
With
That
Said
Want
Hands
Apologize
Real
Quick
Rudo
Hate
Interrupt
Just
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Thing
Want
Call
Before
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Hands
Case
They
Want
Integrate
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Into
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Where
Find
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Word
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Incentivization
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Points
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Where
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Concern
Comes
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Wonder
People
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Acting
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What
They
Maybe
Don't
Understand
Entire
Scope
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Swinging
Fences
Just
Lending
Points
Lending
Points
Again
Just
Wonder
That's
Going
Another
Variable
Another
Layer
That
Could
Again
Greasy
Interesting
Wanted
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There
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Anybody
Else
Wanted
Touch
That
Yeah
Think
Both
Know
Answer
That
Think
People
Know
Answer
That
Supposed
Next
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Have
Plenty
Thoughts
That
Long
Story
Short
Cyrus
Right
First
Want
Hear
From
Nucci
Nucci
Welcome
Stage
How's
Going
How's
Your
Night
Treating
Guys
Yeah
Doing
Super
Well
Eddie
Rudo
Guys
Have
Been
Running
Some
Favorite
Spaces
Thank
Doing
This
Regularly
Have
Some
Thoughts
This
Especially
Incentivization
Point
That
Just
Brought
Think
That
Lending
Markets
Awesome
Think
These
Tools
Really
Helpful
Everyone
Ecosystem
Part
Mature
Market
What
Don't
Think
Normal
Incentivizing
Usage
Leverage
System
Think
That's
Fucking
Insane
Trying
Play
Through
Scenario
Head
Think
Brian
Brinkman
Hilarious
Tweet
Today
Said
What
Blur
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Pawn
Shop
Casino
Sticking
With
Pawn
Shop
Example
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Imagine
World
Where
Pawn
Shops
People
Pawn
Their
Stuff
Both
Incentivized
With
Some
Dangling
Carrot
Pawn
Stuff
Imagine
Pawn
Shop
Owners
Like
Amazing
Going
Points
Everyone
Going
Cash
Their
Power
Drill
Right
What
Happens
Like
Have
A ton
Power
Drills
Pawn
Shop
Right
They're
For sale
They're
There
Forbid
Market
Drills
Just
Drop
Which
Knows
Haven't
Seen
Pawn
Shop
Owner
Needs
Sell
These
Things
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Drills
Going
Market
Exact
Same
Time
Seems
Like
Inevitable
Disaster
What
We're
Seeing
Here
Think
Incentivizing
People
Taking
Debt
Using
Leverage
Quintessential
Idea
This
DJing
Casino
It's
Complex
System
It's
Hard
Imagine
It's
Hard
These
Generally
Everyone
Their
After
Watching
Blur
Farming
Gone
Past
Month
We're
Sort
Horrified
About
What's
Horizon
Here
It's
Going
Watch
Either
Just
Hope
Doesn't
Continue
Destroy
Market
It's
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Insane
That
Blur
Okay
With
Just
Like
Fully
Destroying
Market
It's
Supposed
There
Serve
Just
Benefit
Gaining
Adoption
Like
They
Have
Amazing
Platform
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Think
They
Need
Running
This
Entire
Circus
Like
Think
Some
It's
Really
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Like
They're
Clearly
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Intelligent
Wish
They
Were
Integrating
This
Into
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Healthier
That's
Take
It'll
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Knows
It's
It's
Peer
Peer
Just
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With
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Other
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That
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Even
More
Messy
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Think
Those
Really
Good
Takes
Appreciate
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Brother
Let's
Over
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More
Hands
Here
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Know
Couple
Rebuttals
That
Wanted
There
Want
Over
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Haven't
Heard
From
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Yeah
Mean
Wish
Spent
More
Time
Today
Been
Busy
Haven't
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Into
Times
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Have
Taken
Loans
Stuff
Like
Taken
Loans
Apes
Just
Actually
Took
Loans
Apes
Farm
Blur
Worked
Really
Favorably
Because
Risk
Neutral
Strategy
People
That
Fuck
Around
Find
Especially
Lending
Side
Really
Daunting
Figuring
What
Actual
Loan
Value
Ratio
People
Just
Going
YOLOing
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Worst
Possible
Rates
Stuff
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Bunch
Money
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What
Happens
Nascent
Market
Like
You're
Going
Have
People
Like
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Around
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Crazy
Shit
Think
Market
Just
Gets
Smarter
Over
Time
We're
Eventually
Going to
Know
Have
Have
You've
Been
Following
Project
Have
Good
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About
Something
Like
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Them
Call
Option
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What
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Maybe
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Little
Leverage
Certain
Things
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Take
Time
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Advice
Just
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This
Stuff
Know
Someone
Else
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Once
People
Figure
It's
Good
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Spoke
Pac-Man
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Over
Hour
Trying
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Come on
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Something
Inform
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Come
Mean
Think
He's
Kind
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Intentioned
Think
Know
It's
Just
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Been
We've
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Right
Know
Think
It's
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Through
Fault
There
Know
Like
It's
Easy
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Blame
Them
Wonder
What
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Happened
Blur
Came
Like
Know
Middle
Bull
Market
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We'd
Saying
Again
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Just
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Then
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Like
React
Long
Term
Mean
Someone's
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Anyway
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Someone's
Going
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Like
It's
Just
Inevitable
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Crypto
Know
Like
Ponzinomics
Good
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Going
Hurt
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Just
Every
Cycle
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Crazy
Shit
Can't
Stop
That
Right
People
People
Like
Take
Their
Credit
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Shit
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They've
Been
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Know
2017
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Think
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Like
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Points
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Like
More
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Enough
Yeah
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Figure
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Actual
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Loan
Value
Ratio
Like
These
NFTs
Given
Point
That's
Know
Stuff
Like
Bend
Know
What's
Frustrating
About
That
One's
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Enough
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What's
Optimal
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That
People
Will
Always
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Like
Even
Want
Optimal
Loan
What
We're
Going
Here
Mean
Can't
Save
Everyone
Right
Like
Remember
2017
Kind
Crazy
Going
Everyone
Know
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Open
Those
Piggy
Banks
Full
Sending
Throwing
Hail
Mary's
Think
What's
Going
Here
Little
That
Might
Accelerate
Demolition
Early
Stages
Because
Believe
Will
Probably
Happen
Pretty
Early
Then
Will
Level
More
Time
progresses
You're
Going
Start
Seeing
Threads
Right
How I
Blend
Make
Last
Weeks
Everyone
Going
Viral
Everyone
Going
Give
They're
Going
This
Whole
Complex
Situations
Going
Early
Especially
Right
While
Everyone
Trying
You're
Going
People
Don't
Know
What
They're
Doing
Like
Looking
This
Right
There
Loans
That
Being
Presented
Available
People
That
Would
Otherwise
Never
Available
Because
Both
Incentivization
Also
Just
People
Being
Introduced
Feature
That
They
Have
Idea
Means
That
They're
Just
Putting
Loans
Offers
That
Entirely
Ridiculous
Don't
Ever
Other
Platform
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Right
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Today
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People
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Platforms
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Things
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Study
Kind of
Like
History
These
Loans
What
Generally
That
Looked
Like
Year
Before
They
Balls
First
Themselves
Screwed
Literally
Metaphorically
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Sucks
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Hands
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Hands
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While
Klaus
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Guys
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Because
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Mentioned
Other
Protocols
Namely
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Pertinent
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Pirate
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Like
Introduce
Yourself
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But I think the Burr and the NFT Perp, they treat NFTs more like FTs.
So I think it's basically fundamentally different.
Now, I'm curious, are you upset by that?
No, no, no, no, I'm not upset.
I think a successful POP or NFT project have both two of them.
Some people, they really like the art, they really like the community, and they're gathering together.
They just care about ownership.
They don't care much about the floor price.
But we can't ignore floor price is important because higher floor price means you have a higher quality of the community.
Because people rich in the long term, they are better in the long term.
But actually, I think both of them are important for NFT5 or NFT space.
But like Bandau and NFT5.com, they are doing more like ownership things.
But Blur or NFT Perp, they're doing more like the financial things.
They treat NFT more like NFT.
So actually, I don't think like any conflict here is more like the two sides of one coin.
A success project must have the good liquidity and good community.
That's my point.
And I think another part that was interesting to me is especially when you're talking about ownership versus trading them as fungible versus non fungible tokens.
This is totally separate, but there's also the point of airdrops, right?
So like there is speculation around Izuki and the fact that Izuki might be doing an airdrop come June 23rd.
You know, come there, follow the rabbit event.
And this airdrop.
Now, previously, this wasn't likely going to happen or it wasn't going to happen for many protocols or for many Izukis, I should say.
But now there was going to likely be a heck of a lot of Izukis that are going to be in custody of Blur come whenever this airdrop happens, assuming an airdrop is happening.
Now, I know that Bendow has put out like plenty of claim functions for those airdrops or for whatever may happen.
I guess like what what is your stance on how airdrops should work for for a NFT that's in, you know, in the custody of Bendow?
And then further, what do you anticipate the stance will be of Blur as pertains to that?
I think it's different direction. Like I said before, I think NFT is more like ownership and like, for example, like apes, we have ape staking right now, right?
But ape staking is quite important for apes because you have like income, like you don't need to do anything.
You just claim ApeCoin. You compare it with Bendow.
And like, I don't think Blur would implement things like that. They just focus on trading, like they need to compete with like OpenSea.
So I think the same will happen like for OpenSea or like Blur, they are not going to care about airdrop because it's because when you're doing like not lending protocol, you have too much assets.
You can't like do so many fresh clients for your customers. You can't do that.
But for Bendow, it's okay. We have a few blue chips. Those are voted by the community.
So we can care about every single airdrop. So we serve the committee members.
So it's kind of different product. They serve for those NFT traders. They don't care about airdrop.
When airdrop, maybe the trading activity is not so high, but after the airdrop, people trading going back.
So the only thing I think I concern about is like when airdrop is going to happen, people long-loss assets, it's easy to get money.
But maybe the interest will be high. But I think a lot of people would not like to offer the short position for them.
So that's the thing I asked before for an NFT founder. So I'm curious about how Blur is going to resolve that.
Because for me, if you guys have one airdrop, I'm going to no-brain loan that MLTs. It's so easy to earn money.
So yeah, that's my point.
Well, Pirate, thank you for your thoughts. And please stick around because I'm sure that some of these hands on stage
will have something that they want to at least bounce their ideas off of you, if you don't mind.
I know I'm asking a lot of you, asking for your time, but I do appreciate you coming through.
And guys, for anyone in the audience, if you guys are enjoying this conversation, again,
the best way for you guys to support it is on the bottom right.
You see that purple button, you can press it, and you can give us a like and a retweet of this space.
That would be very much appreciated. Leave any comments or thoughts in there, and we'll get to them.
I do want to get to some of the hands on stage. Have not yet said hi to Double.
Though Double, I'll tell you this, bruv, all love to you.
But if I'm going to use the mute button, I'm going to use the mute button, okay?
Like, I might have to.
Double, what's on your mind? How's it going? How's your Monday night?
If he's there. All right, he might not be there.
All right, well, we tried. We tried getting to Double.
Didn't work. Hey, 2Ape, 2Ape, 2Ape, wake up.
People called him 2Ape. I'm so funny.
Wake up, 2Ape.
All right, he's asleep at the wheel. We'll get to him later. He's engagement farming.
I'm going to throw things next to someone else who's been...
Oh, man, he's gone.
Okay, no longer engagement farming.
Yo, let's go over to Klaus, because he's had his hand up for quite some time.
Yeah, that's exactly what he's going to go to.
I want to go to Brickchain after that and back to Dan.
It's blockchain. It's blockchain.
No, I know it's blockchain. I like to say Brickchain.
Sounds funnier.
I like that.
Sorry, I guess I was just curious, because I've never done any lending or NFT loans,
but in terms of Blur here, when you...
Let's say, hypothetically, you bought a Nozuki for 2 ETH.
Is it in a holding contract, or how does that work in terms of that asset isn't sent to your wallet, I would imagine,
because you could just then sell it, or...
It's in an escrow.
Oh, yeah.
It's in an escrow.
Escrow wallet? Okay.
Yeah.
Because that makes sense.
I appreciate it.
Got you.
Yeah, which, I mean, it's smart, obviously, to make it function that way.
But, yeah, I've been...
I don't know if anyone's been noticing, but I've been pinning a ton of relevant topics,
a ton of relevant tweets to what we're talking about.
So, if you have time, and you're tuning in, just look at some of this stuff.
I mean, someone paid...
What?
Yeah, that's wild.
That's insane!
I also want to talk about the m'lady thing that Eddie brought up.
It's just wild to see that.
That's the next tweet.
Yeah, that's the next tweet, also.
And we'll probably...
We'll probably...
We'll dive into that, trust me.
But I want to finish off the hands and then go into it.
But this is going to...
It's going to be a good space, guys.
This is going to get interesting, for sure.
I just cannot believe that someone paid .04 for Inazuki.
And someone had the balls...
This is what I mean.
This is what I mean by someone was just ridiculous enough
to just put out a 15.4 ETH loan offer at...
I don't even care what APR that was.
Like, that's ridiculous.
That is just someone that has no idea what they're doing.
Just being like, ooh, new buttons to press.
Buttons to press.
Pressing them.
And loaning out...
What is that?
$30,000 for an asset?
Ridiculous.
Learn how to use a protocol and learn generally how things work
before you start throwing $30,000 at the wall.
Crazy.
Brick...
Two bricks.
Chainlinks.
Dot, dot, dot.
What's going on?
Welcome to the stage tonight.
And how's it treating you?
Uh, thank you for bringing me up.
Two bricks.
Two chains.
I feel like two chains in that show.
Uh, doing good, man.
The things happening with Blur right now are literally, like, mind-boggling.
So, honestly, I don't blame it on the person that, like, took out the 15-point whatever ETH loan.
I blame it on the platform.
Like, they should have safeguards in place, much like...
And I'm not trying to shield Bendow, but, like, I love what he's doing over there.
Like, I'm a big proponent of what they're doing.
Like, the safeguards that are in place.
Like, even down to the fact that they will notify you numerous times when your asset is trending towards liquidation.
Like, they don't want people to get liquidated.
The system that Bend has or Blur has in place right now, like, it is setting people up for such big failures.
And not only that, but such big losses.
Like, what...
Can someone please explain to me...
Thank you, baby girl.
She brought me some wipes.
She thought I was crying because I'm holding my head saying this.
Um, like, seriously.
What's the...
Can someone please explain to me the strategy behind this?
Like, we just want to screw over the entire NFT space?
Or just people dumb enough to, like, take out a 15 ETH loan against an asset?
Or provide a 15 ETH loan against an asset that's only valued at, like, half that right now?
Like, what...
What is the thinking?
Look, I think people who are able to game this new market are going to do very well.
Right?
So, you're always going to have market makers...
Did someone say games?
Yeah.
Get him out of here.
What the hell was that about?
Yeah.
Look, you're always going to have market makers.
And then you're always going to have people who make market makers.
So, like, you're going to have those who are coming in and just kind of testing the waters.
They're going to get wrecked.
But you're always, no matter what, these whales who have a ton of liquidity and have the means to send out 30 ETH worth of loans or borrow, they're going to be fine.
It's kind of the base layer kind of retail general consumers in the NFT space.
People who have never probably had five ETH in their wallet who are now like, oh, shit, I can get into the garden?
Like, this is sick.
And then they're going to put out, like, one ETH, which makes up, you know, 40% of their portfolio.
And then they're going to learn the hard way on what not to do.
Granted, look, if they lose their ass on it or even if they lose, like, a couple ETH or maybe half their back, maybe it's a learning lesson.
But at the end of the day, like, there's always going to be winners.
There's always going to be losers.
And at the very start of this thing, there's probably more than likely going to be far more losers than there are winners.
But I'm hoping that as it progresses, it'll get better.
Dude, that's what I'm saying, though.
Like, why?
Why not test it like in private instead of just going, oh, we just finished this contract literally like two days ago.
Let's throw it live.
Fuck it.
Let's see what it sticks to.
Like, there's going to be so many people hurt by this.
Like, it's going to do more harm than good.
That's that's yeah.
People are going to use it to farm blur the same whales that have been farming blur the whole time.
But like, this is going to hurt normal people who think, oh, well, if I do this, I can get a leg up.
Not realizing like they're not getting a leg up.
Now you're in debt that much.
Like what?
I don't understand the system right now.
My opinion.
Is it is this that any worse than like Robin Hood perpetuals?
The perpetuals.
Right.
And I was just going to mention that.
Not that same thing, Eddie, but I was going to say that at the end of the day.
Right.
I'm a proponent of free markets and like, you know, people doing whatever they want with their money for sure.
But, you know, they're they're allowing tools to go out there that might harm some people.
But at the end of the day, like you have to you can't save everyone.
Right.
The best that we can do is get people knowledgeable and get them actually wanting to dive into this and learn about it before dipping their toes in it.
But there's really nothing we can do like it's out there now.
The best thing you can do is try to prepare people and, you know, give them as much knowledge on the on what's going on as much as possible, which is why we want to do this.
Sorry, Eddie, I think it's sorry.
I didn't mean to cut your offer.
Eddie, I think it's completely different than any other lending because you're being like, I don't think it would be legal for Robin Hood to like incentivize people to take leverage.
That's what's fucking insane about this.
And that's why people are going to get hurt is because people on both sides are going to do behavior that they wouldn't normally do.
Like right now, you can do all this shit with all the existing platforms.
It's the incentivization.
That's the problem here.
Anyways, I got to go.
Thanks for hosting this awesome space.
Love you all.
Talk soon.
Hey, wait.
You're the man.
Enjoy the rest of your night.
Nooch.
Tell tell the kid.
Bye bye.
I think they just use lending to implement.
The purpose.
To Nooch's point, and this will be the last thing I say on it, like these types of things have been made illegal in the traditional finance system because they are predatory.
There is a reason they were made illegal because they take advantage of people who might see it as a ray of sunshine, you know, something to look forward to when it's really not.
It's taking advantage of that mindset and it's taking advantage of people.
I said, if if this was the regular financial sector, that kind of activity isn't legal.
Like it is predatory, plain and simple.
I don't understand why they thought it was a good idea.
I just I'm baffled still.
Well, it's definitely a good idea to get people using the platform.
So, like, from their perspective, it's definitely working at getting people to use blur because why like why wouldn't you use blur when it's going to give you more money to your more incentives to use it than, say, nft five or bend out right now or pair space or like any of these other platforms that are providing an incentive structure.
Why would you use them over blur when it blurs incentive structure at least theoretically or speculatively is higher?
And that's kind of like make I get it.
I don't think it's a great idea necessarily.
Like, I think you should just use whichever platform is the best for your specific needs.
And also, you know, frankly, the safest.
Bend out.
Bend out.
Yeah.
So let's keep let's keep things going.
Dan has held his hand up long enough.
Dan, what's what do you think?
Yeah, I just wanted to jump in with one last comment before I make some room on the stage for somebody else, because, again, this is a really interesting conversation.
I like the room, Eddie, Ruto, Smokey, just because honest conversations, open minded conversations and nobody getting super like bag biased or heated is definitely key for, you know, these types of conversations, these types of activations and issues.
And I think, you know, this is how we start doing some of the testing, the fucking around and finding out before you actually have to like throw money on the line is just talking about it.
Everyone's seeing or sharing notes on what they're seeing.
The one thing I'll say is, like, you know, why is clearly blur is playing the innovators game.
Like, clearly, they're trying to be the the aggressor, the the forward thinker, trying to move market or move to market quicker with ideas, whether or not that's that's the moral thing or the right thing for the space is a whole nother conversation.
But clearly, even went to the blur event in New York, they have young blood, they're clearly trying to, again, be aggressive with things.
It's just unfortunate that, again, the couple layers that a lot of us are noticing this incentivization for loaning, there's some things that that stink a little bit.
And again, there's a lot of opportunity for uneducated or less educated investors to really get hurt here.
And again, for maybe very nuanced, very technical advanced investors to do very well.
But the one thing I wanted to say earlier of like when even Zimmy was asking the question, you know, isn't there some opportunity here?
Whenever there's opportunity, especially in crypto, if you're making something, it's usually because somebody else is losing something.
And again, I think there's a question here of there being a very direct binary trade off of somebody gets wrecked, somebody gets up and like, OK, if you're the person that's up, that's great.
But again, the hamster wheel continues, the cyclical nature of the of the space continues.
Where is that really bringing on new investors, new money? Is that bringing on any onboarding?
Maybe to agree to a degree with the innovation of blur being again, it's an attention economy.
They're doing a good job of getting attention.
But are they going to keep it long term?
Because again, people have such bad taste in their mouths.
And again, the money is not fresh. It just continues to circle and cycle.
There's a lot of questions I'm not really answering.
I'm just throwing out there and posing to the group here because, again, I see what's going on.
They're clearly making a splash. OpenSea does probably have a little bit of shaking in their boots going on.
But at the same time, I wonder if in some of those OpenSea, you know, meetings, they're just like, let this play out.
Like, let this shake out. And people, investors may see what is right and what is wrong.
And maybe there's a reason why OpenSea hasn't gone this route.
Again, this is all speculative.
But you wonder if maybe they don't have the legal understanding or the moral understanding of the full scope of this.
And that's why they, you know, just decided to not touch that and continue doing their game.
And again, they're still going to be there. But I do see what's going on with the innovation angle from Blur.
Blur, I have some definite concerns and I'll save those and let some other people riff on the idea.
And I'll drop down to listener guys because, again, this is a great conversation.
I want to get some fresh minds up here to really hear what's going on in other people's minds.
Maybe even seeing some other posts pinned to the top because there's a lot of great combo going on.
Yeah, we thank you. We appreciate it, brother. I think like you mentioned also, and I'm going to keep it quick and short so we can get to the hands and Eddie as well.
What I mentioned was them being kind of, you know, gunslingers and being aggressive when it comes to shipping and launching new products and stuff within their market.
I think that's also it's like you have to remember that they are funded. Right.
And at their core, their mission statement is to bring value back to the Blur token.
So whatever I'm not going to say whatever means necessary, but will I will what I would say is by incentivizing consumers to utilize the platform, all it does is drive value potentially back to the Blur token.
So if you're a funded company and that's essentially your mission statement or like the core ethos of like what it is you're trying to do, then it makes sense for them to be very aggressive with the sort of products or services that shipping.
So, I mean, at the end of the day, like their business. Right. So the goal is to get as many people.
A customer acquisition strategy has to be on point. And I think the stuff that they're doing right now, I mean, it is kind of a clinic on how you maintain customer loyalty, customer action, marketing from all standpoints.
It is really incredible what they're accomplishing here. But at, you know, at the at to what expense? Right.
Right. So we'll find out. And last last thing, Rudo, before I drop down, you make an absolute great point.
You know, they're a business. They're they're at the back in hand call of VCs and your retail investors.
And let's just be honest, VCs do like to get their money back in the pocket.
So definitely see that I'm going to drop the listener. Let's keep this going.
Absolutely. And actually, I see the hands. I'm going to get to the hands. Don't worry.
But I feel like I feel like it would be remiss of me to not ask a question of one of the users on stage as well.
Scorzi, I see you. I see what your bio says. Software engineer at OpenSea.
I'm not going to ask you to comment too, you know, explicitly one way or another.
But considering your position as a developer at OpenSea, do you have any immediate thoughts about this competitor?
OK, so obviously all these are my own, not OpenSea's views, just to get that out of the way.
This is my view, it's not OpenSea's. What I will say is I think, you know, as a company, OpenSea has always like been much more focused on like the art, the creators, that like customer side of NFTs, not this like hyper financialization aspect.
So, you know, I think maybe, you know, if Buller wants to take this stuff on and all that risk, you know, that that is on them, maybe.
Again, I'm just an engineer. I'm not like one of the leads or anything. So that's just like my vibe.
Yeah, I like I like how you covered your bases, though. That's that's a that's a man who's been questioned before. So we respect that, man. We respect that.
No, I mean, respect, like genuinely respect. And I like I didn't expect much, but I just I was curious because like we're talking about blur and we're talking about, you know, their go to market strategy, how they're taking over the space one way or another.
We have someone here who works at OpenSea. I'm like, well, we can't can't just ignore that fact.
But seriously, thank you. All right. Let's get to those hands. Double.
I see you. We went to you earlier. Nothing. Just complete blank.
Engage in farming. I rock. I rock. Come on.
So what's going on, double? Yeah.
I just want to say, like, I feel like I'm not going to echo what everyone else has said.
I agree with a lot of takes, but like for me, I know everyone's saying it's like it's a business. Right.
But they're really not making any money on this. Right.
Correct me if I'm wrong, but it's no fees or anything.
Not yet. Not all with anything. Really.
They're just like they're just stealing market share, which is what the VCs want.
Eventually, they'll probably want to exit. But so, yeah, I guess it's you can say that's sort of a business, but not really.
Blur token. Blur token. Yeah. OK. Right. They just want to.
OK. Anyway, so what I was going to say is, like, for me, like, it doesn't seem like the best business decision if it was about business.
But if it's about stealing market share. Yeah. Because, you know, this type of lending protocol is not new.
People are acting like it's new. Like Ben Dow's up here. Pirate's up here.
He's been talking about this since I don't know how long I've been talking about this.
And, you know, but it's been there's been an uptick. Right.
So there's like NFT five and even Solana is getting crazy with it, with Sharkify.
And people are just saying, like, telling me, just why are you doing all this stuff?
Just go on to Sharkify, drop some money in there, lend it. Right.
Everyone's getting into lending and stuff like that.
So I feel like it's just another way that they're going to try to steal market share from a different vertical. Right.
It's not necessarily like killing OpenSea or anything like that.
They're just going after another market, trying to steal market share of the same way they did with with OpenSea. Right.
But I think there's other things they could have done before launching this at this point in time.
But the reason why they did it is because they have to get rid of the other point system. Right.
So they have to replace it with something new.
I knew another point system, you know, they could have they could have.
They could have. I saw someone on the timeline say, you know, why didn't you, you know, you created a whole lending protocol, but you haven't supported 1155 tokens or something like that. Right.
So there's a lot of stuff on their roadmap that they could have released that would have been, you know, more beneficial to like the end user rather than in a bear market, having people start lending on assets that are just going down. Right.
Right. So I feel like if it was really about like putting the product out at the right time, this is probably not it. Right.
Maybe as the bull cycle comes back, it'll be a better time for people to start doing this type of stuff.
Well, all I all I want is is trade bidding, man.
Yeah.
We get some trade bidding going on.
Yeah. I want trade bidding.
That's an easier. Right. Seems like such an easier feature to drop.
And that would have actually helped the market. Right.
When everything is like drop that first trade bidding.
1155.
You could have rolled that out. People got bullish in a transition period.
Then say, hey, we're coming out with lending.
They're like, no, no, we do.
First thing they're there.
You know, they they target is like they know that they just need more incentives to keep taking market share or else they're going to be done.
So they don't care about the little guy.
But anyway, in this market, it is PVP. Right.
Someone's going to lose.
So if you play the game, you're going to lose.
That's how it is.
So if you're not willing to lose, like don't play the game.
Well, every time I hit confirm on a transaction at this point in time, if you are not willing to lose at least a certain percentage of what you're doing, you got to like this is not the market to be expecting crazy gains.
Obviously, you just saw with Pepe. But if you're going into things, you know, balls deep and expecting the world.
Be careful. This is not this is not that time.
I want to throw the ding ding in just a moment.
But I actually I don't think we've actually said hello to one of our impromptu co-hosts tonight.
Smokey, I don't think we said hello to you yet.
So Smokey, dude, first off, thank you for being an impromptu co-host. Really appreciated.
And second off, how are you doing tonight, dude?
I'm doing good. Enjoying this conversation.
I'm not too familiar with all the blend and things that are going on.
But it's been nice to listen and learn from all you big brains.
So really great space that you guys got going on here.
Definitely will be coming to some more of these.
But things are good, man.
You know, just been, you know, trying to build up some some mega spaces with these different communities and having fun with that.
And I got to do like a roast polygon roast session with Frank.
So that was really fun.
So, yeah, man, I'm just having a good time, you know.
But yeah, this is a super great space.
Really, really good takes that I've heard all around.
Would you call it the would you call it the really good Web 3 show by chance?
I would call it the really incredible Web 3 show.
All right.
We're changing the branding, Ruto.
Changing it.
Yeah.
We're the OK-est space in all of Web 3.
Smokey, we appreciate you coming up here, man.
I just want to give a shout out to you for sure, man, because you for those who don't know, Smokey has like the greatest job on Earth.
He's a big community builder, community manager for polygons.
And all he gets to do, he just gets to hang out and chill with like amazing community members all the time.
So huge shout out to Smokey, man.
I can't think of anyone else who deserved it more than that position, bro.
Seriously.
Thanks, buddy.
I mean, I can't even believe that I get paid to basically do the same thing that I was doing already for free.
And now I just get to go and do it for Polygon and help build their community.
I mean, there's nothing that I enjoy more than than building community.
Oh, it's so much fun.
I help a lot.
I keep asking Frank to immigrant from Polygon to ETH.
I think Polygon is not a good idea.
But I know he get money from Polygon.
There's nothing you can do about that.
But as long as you can immigrant to ETH, welcome to ETH.
ETH is the best for MIT.
The branding need cost, need money.
Like low gas fee is not good for your branding.
Because like, hey, these brand people are so poor to afford the gas fee for safety.
Hey, hey, Pirate.
Pirate, he works for Polygon, dude.
I don't know if you heard of it.
And they've got the D-Gods running.
So at least they've got half of it there.
But D-Gods art is not so good like yours.
It's crazy.
You have good art, you're in Polygon.
You have bad art, you're in ETH.
What are you doing, Frank?
What are you doing, man?
Oh, well, you heard it.
You heard it here first from the Benzow co-founder.
What are you doing, Frank?
Get off Polygon.
Jeez.
Okay.
All right.
If you guys are enjoying the space, just a gentle reminder.
On that bottom right, we do appreciate a like and a retweet.
That's how you and the audience can give Ruto and I some support.
It means a lot.
Genuinely.
All right.
Let's keep things rolling.
I said I would say hello to Ding Ding.
So here we go.
What is up, Ding Ding?
Ding Ding, how's your night treating you?
How's your Monday?
And how are you feeling?
What are your thoughts on the blend loans?
GM, or should I say GN, whichever one.
But we're here.
I'm good, man.
Tired.
Haven't slept in like 24 hours.
So looking forward to getting some kip after this.
Um, if you hear panting in the background, I'm out with my dog at the moment.
He's like fully tuckered out right now.
So, um, yeah, man, this whole blur thing.
Uh, the one thing, couple of things I just wanted to say, um, anyone who's thinking of,
uh, you know, the, I think was mentioned before about grabbing an Izuki, getting in the garden,
you know, or any other NFT that you can borrow against, um, anything kept in escrow,
you're not going to be able to verify in any discords, um, if you do, because it's not in your wallet.
So that's something to be mindful of anyone who's trying to think they can manipulate to maybe get access to some discords,
maybe get benefits, perks, whatever.
Um, that won't work.
So be mindful of that.
Um, the other thing is, uh, I think the word was perfect that was used earlier on.
Someone called this, these sorts of actions predatory.
And I've got to kind of agree.
Um, everything I've seen from blur so far has been strategic in nature.
Like you iterated before they are VC backed.
So VCs want money very quickly.
I've worked with a lot of VCs with a lot of other projects and, uh, a lot of other platforms too, already in the space.
And timelines are very, very quick turnaround.
They demand stuff quite quickly.
And typically they've got a lot of control over, um, the narrative of direction, uh, operations and that sort of thing as well.
So you've got to be mindful that sure, a lot of this stuff is coming from blur and blur's founder.
Um, but there's going to be VCs that are going to be pushing for this as well.
Um, you know, any, any sort of pitch, they're going to be looking for a return on investment as quickly as possible.
And that's the other thing to be mindful of too.
Um, a lot of this lending is probably going to be coming in house.
So VCs will probably, there's probably some in house market maker style wallets, um, which will be doing lending too.
And that's how they're probably going to be making money in the interim while there's no fees.
So, but, um, yeah, to sum it up, it is predatory.
Um, everyone complained about OpenSea, man.
We all did.
I guess I did as well.
We all did.
And I think we've been dealt a worse hand now because at least OpenSea never targeted people.
It, it, you know, they, they never tried to, uh, seek to gain financially.
Like they made enough to stop for their fees and they sat back and did what they did.
They were slow on things, but now.
I'm missing the guy, Josh.
I want to get them belly.
He's okay.
Oh, sorry.
You, you are.
How do you, wait, you can't even mute.
Oh my God.
What the heck?
Um, no, yeah, you're good.
Um, so yeah.
So I think, uh, I think this is going to probably escalate how bad things are already.
So I'm looking longer term because we're, you see what happens in any market when leverage
is added, especially at an exponential rate, um, markets get over leveraged, everything
collapses.
Um, we're already starting to see liquidity, um, lower.
That was almost at its lowest at the moment in this space.
So when you start tying that liquidity up against the liquid assets, it's just recipe for disaster.
So, um, yeah, that, that, that's really my comments.
If you've got anything, I'm happy to go back and forth, but yeah, that's what I would say.
Yeah.
Stick around.
Stick around.
If you've got any thoughts, you can always pipe in.
Ruto, what were you saying?
I was just going to say, man, it's times like these where I just, I kind of miss, you know,
early 2021 where if people were bullish on a project, they just go, they have to go on
OpenSea.
They have to pay hundreds of dollars on gas.
You couldn't sweep anything.
You had to get front ran on every single NFT you wanted to buy.
Um, I kind of miss those days, man.
$300 transaction fees.
I definitely don't.
Sometimes I think about it.
I was like, oh, simpler times, man.
Simpler times.
Yeah.
Actually, that's the other thing I wanted to quickly mention was, um, I think this was
also brought up.
You mentioned Eddie about trade bidding, right?
That's something we really want and would help.
Uh, if you've noticed everything that's coming out, nothing's actually for the people.
Um, you know, people want trade bidding people that the blur contract, it's not optimized.
We pay so much more in gas on blur than we do on OpenSea or any other marketplace for that
matter.
Um, that should be a priority over anything else, let alone starting to enter into leverage markets
or anything like that.
So, yeah, it just reiterates that this stuff is more about blur, less about the people
and the space.
Yeah.
They have to, I mean, they have to scale their business, man.
And like, I get that from a, from a business standpoint, but I'm always a big believer.
It's like, if you give value back to your, to your, you know, your base users or your consumers,
then they'll, they'll like, you know, stick with you for the long run.
But granted, that's what the whole point of the incentives are.
Right.
So yeah, we'll see how it all shakes out, man.
I'm pretty, uh, curious to see how it all plays out to be honest.
All right, let's get the, let's keep things rolling.
We've got plenty to talk about and plenty of hands to get through.
We still haven't even got to the whole conversation around specifically why they picked up the, uh,
the, the punks, Azuki's and Milady's.
Ladies, I've got some thoughts.
I elucidated, uh, elucidated.
I don't know if that's the right word, but I spoke about them earlier and we're going to get to them.
Don't worry.
But let's get through some of the more of these hands.
All right.
So let's see.
What's the order.
Let's go.
Oh, a track.
You don't mind me.
There we go.
Uh, let's go.
And then actually attract has been wanting to ask a question.
We'll get to attract and we'll get to back to blockchain ninja and double.
So Sinjin, what's on your mind?
Hey, I thought everyone had like so many fantastic points.
Uh, ding, ding.
And, uh, Dan and, and, uh, double came out with some great points as well.
And I don't have too much to add on those points, but I, I did want to get some context.
Uh, you know, I'm today's my birthday, actually.
I'm 48.
And, um, in my thanks, man, it's, you know, I'm getting too old, but, um, you know, in my
previous life, I was, um, poker stars, uh, regional director for Asia.
And as an executive, that was kind of like, you know, I went as a management consultant,
the whole thing.
And I want to give some kind of context to this is that, you know, in this really highly
speculative market in order to make it, the people that are like able to really generate
the most in this type of market are extremely, like extremely intelligent in the sense that
they're able to like really, um, kind of latch onto what are the really short term incentives.
And, and, and to have that kind of mentality, um, in this particular market also means kind
of one thing.
And I'm not saying this is kind of as a blanket, it's a hundred percent, but generally speaking
in like the financial sector, those people who have this particular talent and it is a
gift, right?
Right.
They don't think about like whether the market will bounce back or when it will bounce back
or how the market will operate.
And they're not thinking about like, whether the, what they're doing is going to make the
market healthier or, or so, and so forth.
They just take it as like, wherever the market is, this is the kind of most optimal play.
Right.
And whatever happens in this kind of down cycle or this up cycle or whatever, we just need
to maximize what's kind of on the table.
And so in a, some, some sense like that morality aspect or that ethical aspect, um, in, in some
sense is, is completely not there, not because they're not immoral or whatever.
It's because they're not thinking long-term or they don't think of the market as something
that they can control whatsoever.
And I think for a lot of people who are in crypto for the first time trading, the one thing
about leverage and, and, and lending and stuff like that is ultimately like on platforms
where they're like stock exchanges and so on and so forth, there's a minimum requirement
usually that the companies themselves, you know, have a certain credit rating.
They've been like, you know, doing cashflow for the last three years that healthy books.
And so the analysts basically know that these are generating cash or they're in like a growth
cycle, you know, they can check out certain models.
Right.
But at the end of the day, you know, no matter how bad your stock is, no matter how much is
down or whatever like that, no matter how, you know, you're, you're, you're getting a
loan.
You're assuming that there is some utility value here, you know, really that there's some
cashflow coming in or there's some growth or something, but when everything's purely
speculative, right.
And that does happen for a lot of new industries.
I mean, radios, cars, trains were all like that for many years, but when you suck out the
liquidity very quickly beyond kind of this kind of idea that financial markets there for
kind of optimal kind of allocation of capital, but rather you're kind of going overboard.
You're also taking away that kind of time that companies require to kind of figure out
what their utility is.
And I know a lot of people say JPEGs are, you know, NFTs or JPEGs, there's no utility,
but you know, the fact that, you know, Yuga Labs is out there, Zuki's out there, we're
still talking about them, you know, into the, you know, the next year or so.
And they've made this kind of impact.
There is definitely something there, but when you take out that time element as well, like
it's, it's really possibly crushing what could happen in the future.
So just to get perspective on all that, I mean, at the end of the day, I mean, if you
have this kind of market and you have leverage and they're all speculative assets and they
haven't come to that point of gaining utility yet, it's a really precarious situation because
then you're just making the situation, not just far worse, but like to the point where,
where the market could kind of have a comeback later on.
You're either delaying that or you're really kind of crippling it.
Great points, man.
Really great points, St. Jane.
It was a lot to unpack, but I think you touched on a lot of different topics that I actually
agree with.
So appreciate you coming in and giving your take, brother.
You can stay up on stage too as well.
We're probably going to start cycling some people off just because we do have about two
requests.
So for the most part, everyone can sit tight.
But yeah, let's go over to some more hands.
Eddie, go ahead, brother.
Yeah.
And just really quick.
One, one thing, one request to the audience.
Show me hearts.
Like show me hearts right now for Sinjin's birthday.
Happy birthday, Sinjin.
I want to see all the hearts that you guys can provide because it's Sinjin's birthday
and he deserves some hearts.
So happy birthday, Sinjin.
Yo, is purple the default color or is everyone on the same vibe right now?
That's a lot of purple.
I go with blue because it matches my PFP.
I got a black heart, bro.
Okay, double.
Smoke has no heart, apparently.
Cool.
All right.
But let's keep things rolling.
I want to hear from Attract.
Attract, what's going on tonight?
How's it going?
Oh, my God.
I thought I was going to break my phone.
You know, you guys kicked me off three times.
That's crazy.
Well, we didn't.
I'm sorry.
All right.
This is what I want to know.
It's like it's not even getting enough light.
I was reading Cyrus's thread and there's just a point of it that I'm working on the stand.
So if you, let's say it's you and you're loaning me on blur.
If you loan me for, let's say, a three week term, you can decide at any point literally within 30 minutes or within three days to recall your loan.
And I'm forced to pay it if no one else is going to take the loan.
So, no, you are.
You actually aren't forced to pay it.
So if you want to recall your loan, you can do so.
And it's going to be like you have essentially a 30 hour run.
So you have six hours in which you can explicitly just repay the loan.
And then after that, you have 24 hours in which it's just going to hunt for it.
Like it's going to start auctioning it and looking for someone else to pick up your loan or essentially like front the capital or not and keep things rolling.
When that happens, you do not have a, you don't have a say over what APR gets put on.
Like you might get, you might get, you know, 0% APR or you might get a thousand.
Exactly.
So like that's out of your control, but under no circumstance are you going to be forced to just like pay back, you know, pay whatever's next.
You would just be, let's say if you put down an ETH for the Izuki, you would just lose your ETH and lose the Izuki.
You don't have to front the next 14 ETH.
All right.
But that's just as bad, right?
So basically if I agree with you to a 50% to a fifth, yeah, let's say 50% APR and you decide you want to recall it after three days, we had an agreement for three weeks in 24 hours.
It looks like no one's getting it.
No one's getting it.
Or maybe that's going to be the, the, what smart people, so to speak, want to do is they want to let it juice and keep going up and keep going up to as much interest as possible before they take it.
It can, in essence, go up to a thousand and I have to pay that no matter what, just cause you want it to recall the loan.
Yes.
Um, yeah.
Or you can default it and give it and put it up for auction.
So someone else could buy, buy that, that essentially buy that APR off of you.
But if it's increasing, the more increases, the less likely someone else is going to take that off your hand.
So, um, yeah, it feels like blur is competing to be like the most hated in web three, but thank you guys for letting me ask that question.
Yeah, of course.
And I'll tell you this though, effectively though, like if blur has their way, um, and, and if, if the optimal situation plays out for blur, the way it will look is different.
Like it won't go to, let's say a thousand or even like 10, 20%, like optimally based off of competition, because they should have competition on the loaning side in optimal conditions where people want to get their loans in and they want to have their money, um, you know, performing on their behalf.
They will say, okay, like, let's say if your loan was previously at 4%, someone might come in at 4% at the exact same loan, cause they want the exact same loan, or they might want like slightly different terms, maybe 5% or something like that.
Right.
So optimally, um, your loans will, won't be that different and people will be, you know, a little bit more serious when they enter that, when they enter this, then, then, you know, someone who's just going in, uh, getting the loan.
And then canceling it 24 hours later.
But we do know that with incentives, you know, there will be plenty of people who are not super serious about actually committing to a loan and just go in and just start committing ETH to loans that they're not serious about.
Uh, and yeah, I would expect like a lot of loans to change.
So I was like, oh yeah, I'll just go in.
I'll just go buy an Izuki, um, and for, for two ETH and have it at 0% APR.
Like that sounds great.
And then I read that and I was like, oh, wait a minute.
It's not going to be at 0% APR because that person's going to close out that loan 24 hours later.
Someone else is going to pick up that loan with like a one, two, 3%, whatever the number is.
And I'm not going to be happy about that because I don't really want to pay anything in terms of like serious APR for one of those loans.
And I'm not going to be ultimately happy.
And I'm going to have to either front the cost, uh, of an entire Izuki, which I'm not super interested in right at this moment, or I'm just going to have to lose my ETH and lose the Izuki.
So I'm just like, there's, you know, what looks great for the first 24 hours is not going to look great for the next, you know, two weeks post that, at least in my opinion.
And especially, especially not now while attention is at its highest surrounding this.
Maybe they can penalize, uh, farming rewards if you, if you cancel your loan earlier than the term or something like that.
But yeah, this sounds like a, like a real headache.
Well, they do.
They actually do for the first 24 hours.
Um, they do penalize you and they remove 250 points from your account, but realistically, like, you know, you could either just make a new account and have zero points to be deducted in the first place, or just like, you know, if it's just cancel at 24 hours in one second.
Right.
Which is not long anyway.
All right.
Thanks guys.
Good luck.
Of course, attract.
And thank you for coming.
Sorry.
Sorry about the, uh, the issues early on, but I'm glad you ended up getting through and we got to hear from you.
Yeah.
Yeah.
No worries.
Awesome.
All right.
I want to keep things rolling.
Um, I have some hands up and I am going to get to them, but I do want to say hi to Yogi.
We welcome Yogi on stage earlier.
Um, you around Yogi?
You there to say hello?
I'm going to go with a maybe.
I'm going to go with a no.
I'll be back.
Give me two seconds.
I'm finishing a COD match.
I can hear him sweating from here, dude.
Did you hear him screaming?
I got your six.
Shut up.
Shut up.
Wait, wait.
He's in search and destroy.
There's it's two V two.
He's on.
He's got only a throwing knife.
He's going for it.
I'm just totally throwing him off his game.
Let's keep things rolling around the room.
I want to hear from a new hand on stage.
Did well, uh, community and partnerships at OpenSea Pro.
That's interesting.
Wait, really, really super quickly.
Goodwill, but before you get to, I want to mention there's an update on that Azuki that
was bought for 0.04 already or 15.4 each.
So it's now listed directly at floor and they're essentially going to make a 0.45 flip on it.
So wait, is Franklin back?
That's better than Franklin.
That's no 0.45, man.
That's not bad.
Look, that's solid.
That's almost five.
I think it's five figures.
So that's the play.
Um, good person.
Wow.
And that's incredible.
Okay.
See, it's that actually, just to be clear, that is exactly the intended use case.
Like, that is exactly the intended use case where you're going basically in and out when
it, when you talk about the, the, the buy and pay later, you go in and out for very low
costs and you make some serious profit.
Like that's the exact, yeah, exactly.
The guy 10X'd.
He 10X'd.
That's crazy.
0.04.
Blessings to him.
What a way to play it.
Goodwill, what's on your mind, man?
Jim, Jim.
Thanks for being on stage.
Shout out to scores for pulling me in.
Um, yeah, I'm, I'm on the OpenSea Pro team, formerly Gem.
Uh, really great to hear the feedback from everyone.
Uh, it's very exciting.
This, this new product offering from, from Blur.
Um, I think there's like a stat recently, which is, there's been about 1 billion in cumulative
NFT finance volume.
So it's a very exciting, um, time.
Um, and it's great to hear, you know, I think someone mentioned earlier, like, um, you
know, this is great, but gas optimizations and trade offers are what we care about.
And obviously, like, from our side, you know, we obviously care a lot about that as well.
Um, but yeah, I'm happy to connect with everyone one-on-one offline if you guys have feedback.
And, uh, we're trying to do more outreach on the community side in the next few months.
So, but yeah, great, great to be here overall.
Gidwell, I will be a hundred percent in your DMs.
Like, we, we, I'm very much looking forward to it.
Slide on in.
Yeah, we're both DMing you.
We're both DMing you.
Just make a group chat, Eddie.
We got it.
We'll do.
Um, and we'll call it, like, the sexy triplets.
All right, but no, but seriously, we will not call it that.
Absolutely not.
But, Gidwell, nice to see you.
Um, and actually, like, that's the interesting part here, too, is we still have plenty of competition.
Obviously, we've got Blur and, well, now, Blend, um, which is, I think it's a product, it's called Blend.
It's not, it's still, like, a Blur.
Anyway, um, point being, this is really fascinating, but this is, um, this is, like, Blur expanding into an entirely different market than we have seen them play in for the past, you know, six months to almost a year at this point.
Like, they've been previously competing with exclusively the likes of OpenSea and other marketplaces, but now they're also competing with Bendow, with NFT5, with all those.
And it's like, man, they're just competing on all fronts.
Like, they are, um, they, I was about to, I was about to make a really weird analogy, but I'll make it anyway.
Anyway, Germany and World War II, where they just, like, fought everywhere, just fought everyone, all at once.
And they're doing, they're trying, um, and doing reasonably well.
You should retract that, I should retract it.
Retract, I guess?
I retract.
Dude, and by the way, shouldn't they have called the product lines, and then they could have had, like, a really cool video with Robin Thicke, blurred lines of credit?
Like, I think that's what they should have done.
Oh, and I love that, I love that, uh, I love that, uh, the music video.
If anyone knows what that music video is, they get what I'm saying.
It was a great, great music video.
Uh, let's, let's keep it rolling.
There's, like, five people in the stage that know exactly what I'm talking about with that music video.
Um, look it up if you're interested.
Yogi, did you win?
Nah, dude, I got third place.
I'm a little bummed.
Got beamed, my friend.
And I got beamed.
Someone came out of nowhere.
What can you do?
What can you do?
You actually get your speaking rights revoked until you get the dub.
So, uh, we're gonna go ahead and skip you.
No, my friend just left.
So, like, yeah, I'm not doing solos.
We were doing duos, man.
We were doing duos.
Um, and yeah, yeah, I think you, I think Ruto caught my intensity when I was, like, give me, like, we were literally, like, last circle.
It was getting wild.
Um, so I, uh, I had my hand up from, like, an hour ago from before on, uh, I think loans and OpenSea before I decided to jump into a COD match.
Um, I, I don't even know how to jump into this because I need to remember what I was gonna say.
The, oh, the, uh, I think, Eddie, you were talking about OpenSea, um, and somebody had mentioned, you know, do they not have the team, uh, to build this from a legal perspective?
They, you know, where do their priorities lie?
I think we, we often forget that OpenSea's been around for a couple of years.
They have a lot of resources.
Uh, you know, last I checked, they had 120 full-time heads, probably more, probably less.
Uh, it's not a legal thing.
Uh, it's likely just strategy.
Uh, Blur's trying to be, uh, like, like a prop desk for NFTs.
You know, that's literally what they're going for.
Uh, OpenSea's going after, like, that average market of, you know, traditional retail.
They're going after brands and IP, I believe.
And so, I don't think it's a matter of, like, oh, why are they doing this?
And why aren't they doing that?
I think it's just based on, like, where they are today.
Like, someone mentioned, why don't they do trait-based bidding?
OpenSea already has that.
So, why would Blur launch that?
If you want a trait-based bid, you could go to OpenSea and get it done.
And it's not like either marketplace is blocking the other.
And so, I think those are some points that we should kind of think about.
And I, I have to imagine if Blur's burning through, you know, $100 million a year, they're,
not Blur, uh, OpenSea, they're building something.
And so, I, I think patience is probably key.
And the last thing is, uh, it's not about how quickly they can return money to, to, to the fund.
Like, Blur's round wasn't that big.
It was pretty early stage.
Like, no one's here to, like, actually monetize yet.
I think they're just trying to find product market fit.
Um, if you guys ever, like, you know, talk to Pac-Man and others, there's always this
idea that, like, they have the market share, but they don't think they have PMF yet.
Um, they're always like, you know, how do we build this?
How do we improve this?
How do we make something that matters beyond just points?
And right now, what they're doing is educating the market on all this.
Like, how do, like, this is literally a crash course in, like, risk finance, which I
think is, like, fascinating.
The fact that this morning, you know, we were on a call, I think, Eddie, you were there
with Jonah and God, the whole gang was there.
I think Kloss was there, Double Ape was there, like, talking about, uh, you know, loan to
value and, like, I think it's just different markets and OpenSea will build something that
matters to them.
Otherwise, for, like, trade-based bidding, um, you know, Magic Eden has it.
Everyone has it.
Um, I don't want to ramble.
I'm going to stop there.
You know, Yogi, 16 hours ago, I didn't know what a loan was.
Uh, and here I am today, knowing exactly what to do.
You're kidding.
You're kidding.
No, I'm kidding.
I'm not kidding.
Oh, those, those law, those law school loans is gonna, you're gonna know real quick.
You're gonna know real quick.
Yeah, Eddie, to give you an example.
I didn't know it alone.
Uh, uh, one of the, one of my buddies, uh, got a 94% loan to value on one of their Izukis.
Oh, that's, and then, they took out a 0% loan to buy a bunch of Izukis at 2 ETH a pop.
No way.
And we're gonna just see what happens, because worst case scenario, he loses 6%.
Like, that's literally what he loses.
Oh, my God.
We're just gonna see what happens.
He's, he's moving around, like, $100,000 worth of Izukis.
Yo, you, you gotta mention, though, if that plays out, like, if it, if it goes upwards,
and that plays out, that's actually gonna be, everyone's gonna think it was, like, a super
giga brain move.
Do you know what I mean?
No, I 100% agree, dude.
I'm, like, really upset about this, because I, I, for the first time, levered up yesterday
on Ben Dow, and I already deployed, so I can't do anything.
And, like, fucking the next day, Blur comes in and does this.
Dude, you did it yesterday?
Yeah.
Oh, that's so rough.
And it's not even, like, I deployed on Bitcoin, dude.
I literally levered up ETH, swapped to Bitcoin, and bought a bunch of ordinals.
Like, I can't even, like, move that.
No, but, so here's, here's, oh, dude, that is so rough.
Like, yeah, you're not getting out of that quick.
That is, that is very illiquid.
I, I mean, I'm sure it's a smart move, because if you're doing it, it's definitely a smart move.
But, yeah, you are, you are not going to get out of that quick enough to start to get
advantage of that.
Eddie, the, the people who jumped in on this right as it, as it launched, are making out
like bandits.
I, I just saw a wallet.
He bought five Mazzukis, um, and I think his total spend was, like, 0.8 ETH on, like,
these five.
And then the floor was at 15.2, sold them all into 15.8.
Wait, okay, so this is what I was asking about earlier.
I was confused by this.
Like, I thought it was supposed to be in a holding wallet or, like, a broker wallet until
it's fully paid off.
It is.
So how is he selling it after only buying it for a little bit?
When you sell it, so, like, you, you basically, okay, you've effectively paid 0.5.
Let's say, let's just use different numbers, okay?
Let's say you pay one ETH to buy it for 10, okay?
Like, let's assume Mizuki's floor is 10.
So you pay one ETH, you get it for 10, okay?
You then sell it for 11.
So you've sold it for 11.
Nine ETH goes back to paying your loan.
So nine ETH immediately goes back to paying the loan.
Like, it's, it's out of your control.
Gotcha.
Okay, so I didn't know that you could sell it in order to pay back the loan.
I thought, I thought it was in their possession until you paid it off fully.
That, that was just a misunderstanding on my part.
It is.
It is in their possession, but you, you still have listing rights.
Interesting.
Okay, so that makes zero sense to me.
Like, how would they not see people gaming that?
That's what I was asking about earlier.
That's what I would do if I had a bunch of funds.
Not just efficiency, man.
It's efficiency in the market.
It's Ponzi-fied efficiency.
God bless Ponzi-fied efficiency.
True.
Oh, man.
And I, actually, Yogi, I will say, the one thing that interests me specifically about
Izuki's is, I mean, look, if we're talking about a potential airdrop come June 23rd,
which is possible, I think it's likely, not everyone does, but I think it's possible.
See, Arcanic says no.
I disagree with Arcanic.
I think he's...
No, there's an airdrop.
There's something coming.
Well, there's something coming, right?
So, like, let's just say that there's an airdrop.
There's definitely something, whether or not it's an airdrop is the question, but let's
just say it's an airdrop for the sake of argument.
What happens to the airdrop that goes to the escrow wallets?
Well, I think for Ben Dow, you have the right to...
Right, Ben Dow has structures in place where they take care of that.
Yeah, I believe they commented on a post clarifying right now that it would go to the escrow wallet,
but in the future, it would go to the lender, something like that.
Interesting.
Oh, I hope it doesn't go to the lender, because that could get spicy.
That is a really interesting mechanic.
Okay.
Because if it goes direct to lender, then it makes it so much more valuable to be lending on it.
Let me see if I can find the tweet.
Yeah, yeah, please.
If you find that, pin it, and just interject whoever's talking about it.
Wait, wait, say that again.
Say that again.
I missed it.
So, specifically, what Klaus is looking for is any tweet or clarification surrounding where
airdrops go to NFTs that are in escrow.
Anyway, in the meantime, let's keep things rolling.
Thank you, Klaus.
If you find that, just let us know.
Spencer, I saw that you had your hand up, and you're a new voice on stage.
I'd love to say hello.
So, Spencer Yang.
What's up?
If you're available, what's up?
Hey, everyone.
I'm Spencer, co-founder of Collection.
So, yeah, just saw this space, and I saw Pirate Code in it earlier.
So, super excited to just hop on and see what's up.
And, yeah, just really appreciate the conversations, debates, and also clarifications on stage here
about the new Blend product.
Yeah, I think it's definitely one of the super exciting things that we all woke to today and
are discussing about.
So, just a quick shout-out as well.
So, we have, like, a group of NFT finance builders, and we have this, like, small community
called NFT5 Illuminati.
And we're doing, like, a set-up of spaces as well tomorrow at 12 o'clock, just so that,
you know, we can...
You have an Illuminati?
Oh, man.
You know, I didn't inherit a name, man.
I inherited a group from someone.
So, yeah, it's just, you know, the going name, project name.
But the fun thing is that we actually have a lot of NFT finance builders in that group.
Folks from, you know, Vandal, folks from Arcade, you know, and Paper, and so on.
So, yeah, I think if you guys, any of you want to jump on and just ask any questions,
also how everyone's feeling about this, hop on tomorrow.
So, yeah, I just have maybe one thing to add, you know, on the whole Blend product.
Just, I think, fundamentally, the way I personally look at this is just super excited to see new
innovations in this space.
I think, if anything, Blur as a product, as a team, has taught us, all NFT users, what
ERC-20 tokens do and all these, like, sort of farming mechanisms and so on.
And now they're teaching everybody how NFT finance works, which is, you know, pretty exciting
overall.
And I think in one day, you know, now we have additional 4,400 ETH being lent out, you
know, in NFT finance loans.
So, yeah, I think whatever we can talk about, all the games, all the mechanisms and so on,
super exciting.
But ultimately, I think it's really nice that we are all learning something along the way.
Yeah.
Agreed.
I didn't know it was 4,000 ETH already.
That's a lot of ETH.
It's actually, I think, I'm pretty sure it's much more than that too now.
Yeah, I think it's up, upwards of 7,000 now at this point.
Oh my God.
They pinned it up at the top two, by the way.
So, it's right now, the buyer, let's say you buy something with a loan, like a partial
Zuki purchase.
It's, you would not get the airdrop, but in the next update, you would.
But it's not going to the lender, it's going to the buyer, actually.
So, that was my mistake.
Wow, that is so, oh my God, that is so overpowered.
So, I mean, you could spend, you could be like that guy who spent .04 ETH on an Izuki
and get the airdrop.
Oh my God.
Yeah, that's going to be interesting for sure.
That is so overpowered.
That is absolutely overpowered, dude.
Yo, and to put it into perspective for someone, if that is the case, that could potentially
cause a sort of squeeze up for at least the floor price of Izuki substantially.
And Pokey, if you guys aren't familiar with who Pokey is, he's the kind of guy who just
deploys millions of dollars and sweeps like 100 board apes whenever he's bored on a Wednesday.
So, this is what he had to say about it.
He said,
So, like, in that case, Klaus, if they were to make it so that it goes to the actual borrower
lender and not through escrow, then I think that's only going to accelerate exactly what
Pokey is saying.
So, I mean, even Frank posted, he's like, you know, would Blend be bullish for D-Gods?
And it seems like everyone seems to be pretty excited about that.
For sure.
I mean, I think it's an interesting discussion because some people will, like, hear me be,
like, critical of Blur, but I'm critical of all marketplaces for that matter.
And, I mean, I just think it's the incentives that you're kind of just, like, somewhat shady
to me at times, like, incentivizing the wrong behavior.
But at the same time, like, they're innovating.
They're allowed to try experiments.
Like, I can't hate on them for that.
But, you know, furthermore, there is more liquidity coming in.
Like, I can't argue that fact.
But we don't know how this is going to have, like, a long-term effect.
I think we can all speculate on short-term.
But long-term, no one knows if it's going to be good or bad.
That's the scary part.
And I think when you start to reward bad behavior, there isn't, like, adjustments over time.
So, like, for example, with the bidding, they've realized it and now switch to this.
But, you know, they may realize in a month or two or three months that this is also not going to work.
So, I'm very curious to see how they adjust over time because I think that's going to be really critical in terms of reception for sure.
Well, let's keep things rolling.
And, again, if you guys in the audience are enjoying the show, press on the purple button.
A like and a retweet does definitely help.
And if you've got any thoughts, leave them as a comment or even just request.
We'd love to have more speakers on stage.
So, if you've got any thoughts, just come up.
Let's hear them.
Let's pass things on to some more speakers.
Haven't heard yet from Justin.
And then let's get back to some old hands.
So, Justin, what's on your mind?
What are you thinking about?
This is, like, again, crazy day.
Like, actually crazy news with this loaning structure that Blur has put out.
And I'm just curious as to your thoughts.
Like, what's on your mind?
Yeah, I think it just occurred to me as you all were speaking.
It's kind of fascinating, kind of ironic, too, that, in my view, Blur found a product market fit based on the lack of product market fit of the NFT brands that sell on these marketplaces, right?
Because these NFT brands have sellers who can't move their products because no one within the price bracket can actually is interested in buying their products.
So, Blur realized that and basically opened a new market to people who can't really afford the products to buy the products who are just looking to speculate.
In my view, I think this is just going to, like, delay the inevitable.
It's just, like, buying.
Everyone's buying time.
Like, hype buys time.
Like, this buys time.
There are other brands that actually, like, I think, building communities, building solutions, etc.
But a lot of this is, I don't know.
I don't see it unless they're, like, these brands that are, you know, obviously issuing these NFTs and selling eventually do find product market fit and everything seems to, like, aligns with this new buying of time.
I guess that's an optimistic view.
But otherwise, I don't know.
I don't see this as, like, supporting a real economy.
I don't, it's, like, supporting people's speculation about other people's speculation and no one's really valuing the intrinsic product or service.
You know, that's my main complaint all the time, mostly.
Well, yeah, it's definitely not about, like, this update certainly isn't anything about, hey, are Azuki's delivering more value?
Like, Azuki's did not pump because Azuki said something that was crazy.
Azuki's pumped at least short term because more people were able to buy Azuki's immediately and did so.
Like, they actually, I think it led to, like, 100 to 200 sales of Azuki's in the first few hours post this announcement, which is crazy.
Like, that is an insane number of sales.
And I can tell you that there were not 100 to 200 new buyers this morning that woke up ready to drop 15 ETH on an Azuki.
Azuki's, but there were when they were told that they could drop, you know, half an ETH to, or 0.04 ETH.
Crazy.
That is an insane number, Ruto.
I cannot believe that someone gained, like, rights to control what happened to an Azuki for 0.04 ETH.
It was, they made, and the guy who had followed his wallet at the very start, I think within the first 10 minutes of this being shipped,
and the floor price is about 15.2 ETH on Azuki's, and he bought up literally, he spent about 0.8 and bought up around 5,
and then sold them all whenever floor was at around 15.8.
So, yeah.
I mean, he did that in the span of, I think, maybe an hour and a half.
So, pretty crazy.
By the way, you know, I just thought, you know, because lending protocols themselves aren't bad, right?
Like, so, for example, if someone needs a loan to buy a home, to actually live in the home,
and is very confident in his or her or their family's ability to earn over time to pay off the loan, fantastic.
Or if someone needs a loan to buy a business, to actually build that business up,
and they're confident in their skill sets to do so, great.
So, just maybe realize, you know, it would be an interesting, I don't know if anyone would go for it in this economy or this market,
but, like, a lending protocol that required you to kind of lock a lock-up period around the asset that you're actually, you know, buying to incentivize long-term holding.
Of course, like, it sounds ridiculous in a world of traders, but for those who, like, actually want to actually long-term be part of a community
and think that, like, you know, they're going to be able to pay it off in time, over time,
or to build a commercial, you know, business around IP rights.
I don't know.
I think that kind of stuff could be interesting, because then it kind of, Fidgetel, you agree with me.
Why are you laughing?
And it aligns with, like...
Truth of conviction.
I like it.
Well, I'm an idealist.
The weird thing is, I think we, like, share the same opinions, except you're so cynical and I'm so idealistic, you know?
Fidgetel, I'll give you an opportunity to respond to that one.
Fidgetel, what do you think?
This motherfucker lives in Venice.
Great response.
The short and sweet rebuttal from Fidgetel.
One day, I'm going to make both you guys just take the SATs, see who's smarter, and finally put it to rest.
Finally put it to rest.
Oh, man.
Justin's going to walk away with 1590, and they're like, who's on top?
All right, let's keep going.
I actually got an 800 math and, like, a 510 in the English.
Yeah, that's what I got.
I'm fucking bullish.
Yeah, exactly.
That was actually very similar to my scores.
Let's keep things rolling.
I want to hear from Blockchain Ninja, also a location I see you.
We'll try and get you up, especially considering this is about Izuki.
Like, we definitely need to talk.
But, Blockchain Ninja, what's going on?
I appreciate it.
First of all, Spencer, I like that earring, man.
Got the same one.
So, Justin, to respond to you, they actually, so Bendow kind of does things like that.
They incentivize you to hold long-term, like, this punk is on loan through Bendow, and with
the LP position that I opened up with the loan, it's actually paying back the loan.
So, eventually, the punk will be paid off.
I will still have the LP position.
Everything's good to go.
So, I did want to comment on, we kind of all asked for Blur.
Not Blur specifically, but something different than OpenSea.
We did.
Yeah.
In OpenSea, let's be very honest about everything.
Like, let's lay all the cards on the table.
Every platform at some point has done something that people didn't like.
Like, OpenSea has been predatory for a long time.
They would mark assets as stolen or, you know, put a little caution flag on it, and you couldn't
trade it, but they would still take their fee off the top, no matter what.
So, they did that for years.
So, they made their money.
Now that Blur has come out, and they pushed them, you know, OpenSea's first thing to fight
back was to say, you know, we're blocking trading on certain collections, blah, blah, blah.
And Blur, look, I got to give it to them, even if I'm not a fan of Blur.
The move that they pulled using OpenSea's literally, like, their own contract to fight
against them was, like, a big FU.
Oh, that was beautiful.
Right, that was a beautiful play.
Like, strategically, that was amazing.
Other than that, like, I just can't give them any credit.
Like, especially with this newest move, I just see it as people getting hurt, and, like,
I've spent my time in the space trying to make sure people don't get hurt, trying to
keep them from getting hurt, or, like, you know, holding their hand and walking them
through, resetting up everything after they get compromised or hurt.
So, I just, I think it's going to hurt more than it's going to do good.
Yeah, you're going to have people that hop on early, and they're going to make a little
bit of money like the guy you guys keep talking about, but a lot of people are going to get
hurt, and, like, it's just not good for the space.
Like, honestly, it's not pushing it forward in a good direction.
It might be pushing it forward, but it's not necessarily a good direction.
Like, it is predatory no matter how you look at it.
I think we all have to, I'm pretty sure we all come to a general consensus that, I mean,
there are a lot of things in this market, in this industry, where people get hurt regardless,
right?
So, at the same time, I think Blur, what they're doing is, you know, they came up into the scene,
they essentially forced competitors who had a majority market share to continue to innovate
at the speed in which Blur is doing.
So, I think it's always going to be a good thing where you have competitors in the market
that are fighting over market share, because that's how you come up with better products.
And, again, for me, this is them kind of scaling in an aggressive way to maintain that market
share, while also, you know, making, building incentives that bring value back to their mission
statement, which is getting Blur token, you know, to go up in value.
So, yeah.
But it's honestly not building market share.
Like, if you look at the wallets that are doing it, most of them are the same ones that
have been farming Blur.
Now they're just taking it to a new level.
Like, what was it, about a month ago, there was a thread that was put out to where literally
500 wallets were doing 98% of the trading on Blur.
Like, that is generally how most markets go.
And I actually, I want to shift the conversation a second.
But I will say, like, many, many markets are controlled by only a handful of market dominance
or market dominant participants, right?
Like, even if you just look at the general stock market, the stock market is controlled
in large part by just a handful of major entities, rather than, like, you know, distributed across
the entirety of, let's say, the United States, right?
Yeah, that's fair.
The difference is, it's a much more efficient market.
And that's fair.
A lot of people are arguing that what Blur is doing is leading the NFT space to a more
efficient market.
But, you know, to me, the data doesn't suggest that that's where it's headed to just yet.
But I think we let things shake out and we'll figure it out when it comes time.
I agree.
And the last thing I'll say is, like, for them pushing OpenSea forward, they've definitely
done that.
Like, OpenSea Pro coming out, that's definitely a plus.
Yeah, like, the platform itself has a few flaws and stuff, which I'm going to link up
with Gidwell and hopefully talk to him tomorrow about it.
But, like, for the most part, that was a great step forward for OpenSea.
And if everyone can be pushed forward in a good way, hey, then I'm all for it.
It's just, I don't like seeing people get hurt.
And I know this is going to lead to people.
You brought up, like, God, what was the trading platform?
Robinhood.
Yeah, you brought up robbing people.
And, you know, Apex, they do the same, like, predatory crap, but they have enough money
to get away with it.
What's up?
You just called Robinhood robbing people?
Yeah, robbing people.
You didn't hear about the kid?
He, like, didn't know what options were and, like, they made it fun and they advertised it
as a game and stuff.
So, he went, like, what, $580,000 in debt and didn't realize it.
So, like, he committed suicide.
Yeah, but, like, they gamified the system.
That's the point.
Like, I just don't want to see anyone get hurt.
Dude, you're spot on.
These motherfuckers don't know how to do math.
Yeah, dude.
You want them to do loans?
Okay.
All right.
So, I'm going to hard reset the room for just a moment.
We'll say, in my opinion, if you're moving $500,000 to $80,000, like, you got to take
a moment, do your own due diligence and figure out what the heck you're working with before
you go $580,000 in debt.
I do want to take a second.
I am going to hard swap the topic.
We're going to say in the blur range, but since we have location here, I have to, like,
make sure that we say hello.
And also, so, there was an interesting point in this whole deal, and we mentioned it multiple
times.
There were only three projects that are part of this initial launch.
You have Punks, you have Miladies, and you have Blurk, and you have Mizuki.
Those are the only three that are, you know, the three whitelisted projects.
Now, notably, you talk about, like, who are the founders, I guess, or who are the leaders
that you can point to on these three projects.
Miladies, there's not really many clear leaders you can point to, like, maybe vectorized, but
frankly, you don't really want to point to those leaders.
With the Punks, of course, you have the...
That's a 721A maintainer, dude.
What, you firing shots?
No, no, no, no.
Vectorized is doing great.
Oh, and the Miladies are requesting.
Eddie, be careful, brother.
You don't want to get cursed.
Yeah, no, I got to be very careful.
I feel like if I'm not careful...
Didn't Pauly found Miladies?
Yeah, no, if I'm not careful, I'm going to end up with my computer smoking.
And it's just not going to be great.
So you got the Miladies, you got the Punks, and it's kind of, like, hard to point to exactly,
you know, who's leading that.
But with Izuki, it's not super hard.
And one of those leaders is here on stage.
Location, I'm sure you have thoughts.
And I've got questions for you as well.
But Location, I'm just going to let you, like, open up to you.
Just, what do you think?
Like, I'm sure that you've had some thoughts to sit on today.
Stop fanboying.
I'm not fanboying.
I'm opening up for the stage, Digital.
Relax.
Okay, well, first of all, I did not know about Blend or that we were going to be one of the
three enabled for it.
I have no idea why Blur chose us as one of them to go along with such pristine company.
Shout out to all the Miladies.
Give me a follow.
So, um, we have a funny bet going on in the office as to why these three were chosen.
Um, one person has money on the fact that it's either Blur thinks that these three communities
are either the most small brain or the most big brain.
I hope it's the most big brain one.
I don't know.
Um, but yeah, I have.
It included Miladies.
Yeah, so probably big brain.
So, uh...
Well, thank God the beans weren't included.
Yeah, so I don't actually know why.
It wasn't, there was no combo or anything.
Um, so, so yeah, that was actually going to be one of my questions.
Like, Pac-Man did not reach out to anyone on the Yuzuki team and say, hey, this is happening
beforehand.
That didn't happen.
Uh, no.
That's wild.
That means there are no BDDs, so is there own initiative that selected the Miladies?
Dude, aren't Miladies also controlling Kevin?
No, no, no, no.
Something's going on.
Yep.
That's got to be intentional, dude.
There's something intentional about it for sure.
That's actually, okay, if I was thinking about Miladies, and, uh, you know, hopefully this
doesn't bring their ire on me, I feel like it's a compliment.
I feel like, uh, Miladies, if they max leveraged and, like, lost the collateral, I feel like
that'd be a badge of honor in that community.
Like, I feel like they'd actually just be like, yo, fuck yeah, dude, like, I just max leveraged
and lost all my Miladies, so.
I mean, so my, my running theory on the three is as follows.
Because, punks are-
Eddie, just ask your boss.
Zeneca's a large investor in Blur.
Just ask him.
Yeah, he actually doesn't, he doesn't get told about this.
He actually was not told about Blends.
Yeah, yeah, I'm sure.
I mean, that's what he said.
That's what he said.
I'm not going to confront him on that.
That's what it was, that's what he had said.
Um, so, my running theory here with punks, so punks are, well, they're punks, and they're
more of, I guess you could say, the OGs, and a lot of them are whales, so just money's there.
Then you have the Miladies, and the running theory was that the Miladies were the ones
running Pepe in all of the altcoins and all the DeFi, so it doesn't, it doesn't shock me
that the Miladies, who apparently have, like, plenty of inroads into traditional DeFi, are
included.
And then finally, you have Izuki, and Izuki is both, like, I mean, frankly, some of the
biggest Asian money whales that are in the space, and then also-
Say it, say it.
Say what?
What do you want me to say?
Say what you're going to say.
No, there's a lot of money backing them.
Like, it's-
Say what you're going to say.
That's what I was going to say.
I was going to end it there.
Wait, Fidgeto, I want to hear what Fidgeto says what you're going to say, because I don't
know anything.
Sometimes I walk down the street, and I go to the laundromat.
Oh, no, I'm not, no, I actually do not think that this is about washing money.
Actually, well, so that's the other side of things, okay?
Here's what I'm actually genuinely curious about.
Did anyone notice anything built in to the Blur protocol that prevents, like, peer-to-peer
farming of the Blur token?
Because I didn't notice anything.
Did no one have-
Launch a bet.
Launch a bet.
They have this thing where, like, if you, like, close the loan within 24 hours, you, like,
lose points or something.
I guess that's their best attempt at trying to get at that.
Yeah, they want to, that's the case, for sure.
Well, yeah, but that doesn't prevent, like, you know, that doesn't prevent Demon in the
audience or Fidgeto loaning, you know, from one golden bean to another, creating a hell
of a loan that's, like, really well-structured to produce maybe, like, 80% of the normal
tokens, so it's not immediately picked up, and then Fetty's like, oh, I'm going to go
find that one.
Finds it, picks it up, and goes from there.
Like, I'm, that's, correct me if I'm wrong, but that's the exact, like, that's very easy
to do, and there's no royalties that are enforced there.
So I think you could just-
It has a loan assumption feature, which means I don't need to agree to the new loan.
Well, that part is interesting as well.
So, so that, you actually agreed to, you agreed to be taking a certain amount of ETH, and you
agreed to that at a certain APR, but you also agreed to any APR as well, just not any amount
of ETH.
Yeah, let's, let's, I want to hear from, I want to hear other people's takes out, so-
Yeah, let's do that.
It's actually, it's interesting, too, Location, that there wasn't any sort of BD effort in regards
to, like, handpicking who was going to be allowed to integrate within Blend, so that's
interesting hearing from you that no one reached out to you and mentioned that that was going
to happen, so I have a question.
So my, my guess, for, for my part in the betting pool, I think we've all seen, like, Pac-Man's
little 3D avatar thing.
My guess is he's just a huge weeb, and so he just fucks with the, he just rolls with the
Zookies.
Stop myself, too.
Uh, Zookies, Miladies, and, like, they all roll deep.
Those communities, whenever you see one of them on a thread, like, everyone else in the
community jumps in.
I think that might have had something to do with it.
Like, if they're trying to get market share, they want the most active, you know, communities
to bring that market share to them, so.
Yeah, they knew better to put the apes on there.
They knew much better than that.
That's, that's what I was about to say.
Like, why, why would they skip out on the apes, you know?
I mean, is it, is it because.
Because we know these tricks already.
We're not falling for this.
Hey, bro, look, historically.
What do you know without respect?
That's not it.
Because ape holders are adults, by the way.
I know to fall for the most amount of shit in this space, dude.
Yeah, but we learned from it.
It's already happened.
You definitely don't know about that one.
Y'all are not learning.
I don't include double in that conversation.
Yo, double.
We saw what happened to Franklin.
Okay, we saw what happened.
We know what's going to happen, so.
That happened, like, two weeks ago, dude.
Was it?
I thought that was, like, last year.
It was, like, last week, bro.
You heard it.
Okay, guys, guys, real quick.
Let's, let's fix that real fast.
I want to, I want to hear from some people.
Ark, I know you had a couple things you wanted to mention yourself.
You said you're curious as to why, like, you know, Bored Apes and Yooka Lab assets weren't included in that.
Why do you think that they weren't?
Well, CryptoPunks is a Yuga asset.
Oh, that's true.
Well, yes, yes, that's, that's true.
So, I mean, maybe, I guess.
I thought you were kidding.
Sorry, sorry.
I was thinking, you know what I meant, man.
I was thinking, like, the whole Bored Apes mutants other side.
Literally, literally don't know what you mean.
I mean, they're owned by Yuga, right?
But they kind of have their own standing in that respect.
And I don't think that they would prioritize or, you know, if they had to choose between the two.
I don't even think they would choose between the two, right?
If there was, if there were to be like, oh, it should be list apes instead of punks.
I mean, it's like an entire different world.
But yeah, dude, I'm not, I'm not quite sure.
I mean, respectfully speaking, like, I don't really know why m'ladies were put on there.
I mean, it's kind of like a increasingly rapid phenomenon that more people have been kind of buying into the ecosystem.
And, like, m'ladies have pumped very recently.
And a lot of their entire growth or chatter that you see on socials has been predominantly due to speculation.
And Pepe, yeah.
Knock amigos.
Right?
Knock amigos.
Exactly.
Knock amigos, Pepe.
Let Arc finish.
Everybody thinks that m'ladies have their, like, tendrils deep rooted within every facet of the space.
And, you know, is that, is that why?
Or is Pac-Man just a giant weeb like location said?
Like, does he, does he like the look?
Like, I, I don't know.
I don't know.
It's interesting.
But we do have a m'lady that's, like, requesting to speak that keeps putting the thumbs down.
So I'm very interested to see, like, what the m'lady has.
I say we bring him up because I'm terrified of what would happen if we don't, so.
Do they accept this slander?
Am I about to get my house broken into?
That's what I'm saying.
We'll bring up the m'lady.
We'll, we'll say hello to the m'lady.
Is it m'lady or my lady?
I need to.
M'lady.
M'lady.
All right.
By the way, just saying real quick.
We, we do have other hands to get through.
And just respectfully, we will get to them.
So if we could limit the interruptions for comedic effect, that would be awesome.
Appreciate it, guys.
Anyways, next, I do want to hear from, before we hear from the m'lady, which, again, we
will hear from the m'lady, I do want to hear from Fetty.
Don't give me thumbs down while I'm introducing you.
Relax.
Okay?
Dude, don't provoke them, man.
I will poke and prod.
But first, I want to hear from Fetty.
Fetty, what's going on?
Gremlins.
Yo, what's good, Eddie?
First of all, I don't appreciate you exposing my scheme here to farm points before.
So, you know, keep that low key next time.
But also, Ding Ding is a m'lady, so he's definitely already put a curse on you.
I've seen his hand up for a while.
So, yeah, be wary of that.
But I also just wanted to back up you making me, like, crazy.
Because the Robin Hood thing is the first thing I thought of.
Because, like, all these uneducated investors, like, given access to leverage that they have
no idea, like, what to do with, it has led to, like, so much, like, loss.
And I can't, like, imagine a more financially, like, illiterate space than NFTs.
So, like, I just don't see this going well at all.
Like, I got here kind of late.
I don't know if other people disagree with me.
But, you know, we'll see how it goes.
But I think this is going to be a shit show, dude.
A shit show that may be.
But it also might just be a more, you know, whatever.
How do I say this?
Adding more efficiency to the market.
Or at least more options.
Literally options trading.
Which, we'll see how things play out.
I think, you know, some people are going to get wrecked.
And then other people are going to write threads, like Ruto said,
about how they turned, you know, 0.04 ETH into 500 ETH in 20 minutes with this.
Like, definitely someone.
Someone out there some way will figure it out.
There's always one.
Let's keep things rolling.
We said we'd hear from the m'lady.
We have the m'lady here.
I'm terrified.
I'm literally shaking.
Haiku, m'lady.
What's going on?
What were all those thumbs downs for?
Sell your apes before it's too late.
Don't be scared.
Embrace it.
Mility's rule supreme.
We will jump over every collection and not bling.
You will be left holding your ugly apes and cratering value,
and I will be crying into my bags of money.
We are Deefy wizards.
You are apes with mouths open.
Deefy?
We are not behind Pepe Arcanic.
We don't need Pepe.
You need us.
We save you all.
Except apes.
They full-on retards.
Dude, I'm...
I'm going to the laundry.
I can't deal with this.
Where's the laundry, Matt?
I just had to turn on my lights in my room.
This is...
Okay, all right.
I'm surprised, but on the same hand, I'm not surprised,
because, like, this is literally what I would expect a lady to do.
Y'all are like...
Y'all are like...
Top fine and jam.
Spring in full blossom.
We so fucking back, aren't we?
Top fine and jam.
Spring in full blossom.
How much legal fees?
How much legal fees do you lose to Yuga?
How much legal fees?
I've heard quite enough.
Just because I'm somewhat afraid of what happens next,
I've removed them only because I'm just afraid of what else goes on.
Hold on, hold on, hold on, hold on.
We're not afraid.
There goes all of our financial accounts.
I don't know if removing was the best move, man.
The curse is incoming.
Hold on, hold on.
Apes.
Apes don't get cursed.
Go to Pirate now.
Please go to Pirate.
We gotta go to Pirate.
We gotta go to Pirate.
Sorry, I just quit for a meeting.
The meeting's over.
I came back.
Hi, I hope the meeting was good.
It's okay.
It's just French.
It's a French video call.
Not related to business.
Okay, all right.
So hold on.
Just give me one moment.
All right.
That's been a crazy ride of the last 10 minutes.
Let's just do a quick reset, okay?
Just for our own mentals.
Because we were in some other kind of place.
Bro, Eddie.
Eddie.
Yes, sorry.
I just got a text from my girlfriend, and she said she left me for a m'lady.
Yo, what the fuck is happening?
Well, I'm not surprised after that.
Yo, there's a knock on my door, bro.
You should get a shotgun and just be a little bit wary.
Good luck to Arcanic.
Guys, welcome.
This is your first time experiencing it.
This is the really good Web3 show with your co-hosts, Ruto and Eddie, and impromptu co-hosts, Arcanic.
We run this show Monday through Thursday.
We're not over, just to be clear.
We run this show Monday through Thursday at 8 p.m. till 8.
And today, we're talking about Blend.
Because Blend is absolutely the talk of the town today, and rightly so.
Now, we've had a pretty wild last 10 minutes, as a lot of discussion has quickly arisen.
But we've learned a lot tonight, and on stage, we've got some pretty important people.
Namely, I'd love to just point to location from Mizuki, and then, of course, Pirate,
which, for those of you that don't know, Pirate is co-founder of Bendow.
Bendow, one of the chief loaning parties in the entire space for much of the last year.
I'm sure he's got plenty of insight as to what's going on in and around here.
And if you guys are enjoying this space, I would appreciate, bottom right,
if you give me a like, a retweet, and a comment.
That's the quickest way and easiest way for you guys in the audience to support us
and help this space out.
Now, to continue this conversation, man, let's just throw to some of these hands here.
Yogi, what do you think?
Like, what's going on in your mind now?
Yeah, a couple things, man.
First of all, you never remove a m'lady from the space.
That's just, that's, you know, like walking under a ladder.
Bad idea.
The discussion on the Robin Hood thing, I think, I think it's like Darwin, dude.
It's like survival of the fittest.
Like, be educated, be smart.
But also, at the same time, please do not do anything irrational if you lose a lot of money.
Like, there were people that committed suicide.
It's not, like, money is not the end of the world.
Talk to someone.
Understand what you're getting into.
Now, serious stuff aside, I think the, I get why Blur didn't talk to Azuki because this is just a pure product, right?
Azuki doesn't own or hold most of these.
I think they have, like, 50 to 100 in their vault.
You know, the idea was going after three different types of markets and three different types of demographics.
You have punk holders for, like, 80 to 90% of that collection doesn't really move.
So, how do you tap into that liquidity?
Give them loans.
They're blue chip.
They're relatively stable.
So, how do we access that type of customer to do an experiment?
I think all of this is just pure experimentation on how the customer reacts and how the money flows this week and the coming weeks.
That's why they're going after punks.
Then you have Azuki, which is an active community that talks a lot.
They have an event coming up in June.
I bet you they're trying to understand the psychology of do people take loans to buy Azukis for this event.
Also, the floor price has been relatively stable between 13 to 15 ETH.
So, you know, how does this potential blue chip slash growth stock, lack of a better, you know, growth stock,
how did these guys respond to this liquidity, borrowing, lending, and also the fact that, you know,
there have been a lot of whales that are coming in and they've been sleeping floors.
You know, does this incentivize the people to provide zero, you know, interest or, you know, 2% predatory,
whatever you want to call it, loans to this ecosystem?
Because at the end of the day, if they do go into default, they get a Azuki back.
So, you know, what does that do to liquidity?
My lady, I think, is purely like, right, this is a low chip collection with a lot of volume.
And, you know, not only have they gone up, but these are probably, this is a holder base that has a lot of Pepe,
you know, wins if we assume Twitter is, you know, a good kind of, you know, way of, you know,
trying to figure out who's made money on Pepe's.
So, you know, what do they do?
How does that play out?
I think it's literally very different projects to quickly experiment.
Like, what else are you going to buy at the 1 to 3 range, right?
Like, there's not, I don't even know what NFTs are at the 1 to 3.
Like, I know Pudgy's are at like 5.
I don't know who buys like 1 ETH NFTs down there that are stable, relatively not pump and dumps.
So, that's my, that's my quick thought.
Yeah, I mean, in that price range, it's really just like beans, but they also already just included Pazooki.
And with Milady's, you're tapping into an entirely different subsect.
So, yeah, like, I think that's actually, you know, for that range, I think it's actually fairly smart.
Potatoes. Potatoes would be better.
No, no, even if you compare it to Potatoes, I would say it's still like, I'd say that the Milady's are more well fit in terms of what their community's already interested in.
You heard that Milady earlier, or the Milady's representation.
Milady's are just a long fart.
It's literally just a pump and dump.
You really be careful what you have to say, Fidginal, because someone will come after you.
That's okay.
But they've been kind of like out of the, like they just recently popped up.
No, no.
I mean, I know they've always been around, but like the floor price, recently like spiked with Nakamigos and all this stuff.
Yeah, the Milady Discord is like kind of weird.
It's like, it's pretty like, it's, it's, there's a, there's an energy there that is not, it's.
Yeah, so I actually, I actually am, I'm always very cautious about bringing Milady's on spaces in large part because they host spaces,
or at least there have been a subsect of Milady's that host spaces that are titled slurs.
And like that, for me, is something I'd prefer not to have in my spaces.
Eddie, did you go to the Milady NFTLA party?
No, I didn't, but I'm sure it was fun.
Yeah, I didn't go either, but I have a friend who, it was like an undisclosed area with the rave,
and it was supposedly just absolutely ridiculous.
Yeah, we, we, yes, like we all hear about like, these kind of like, the myth and the rumors and the mystique
and the sometimes like, ridiculousness of what happens in the community.
But like, like, do, does anyone really know, like, what is going on?
Is it serious?
Is it trolling?
Is it sarcasm?
Is it like, what is going on?
Like 4chan culture.
It's, it's, that's the, that's generally the culture, which is, you know, has its own positives, of course.
And it's not something I'm going to like, completely, you know, talk, talk down on.
It's just something that there are certain people that take certain things to extremes.
And of course, those people are going to definitely like, you know, in humanity,
we like to point at extremes and make them the examples.
And I just prefer to, you know, for, for safety purposes.
Wait, wait, Eddie, Eddie.
Eddie is so good right now.
Yeah, yeah, hold on, Eddie.
I'm not scared, but what's up?
Eddie, how come when, like, if I talk on here, you just instant mute me,
but then you just let this m'lady thing come up here and just basically go at the apes?
Like, is there really?
All right, I'm going to mute you there for that one.
He was totally right to go after the, no, that was actually, that was purely comedy.
But then at some point, you know.
No, that was a direct threat.
I felt threatened by that.
Well, I'm glad you felt threatened.
Eddie, here's what you have in common with the m'lady.
There are no ladies in your life.
All right, Jesus Christ.
Let's get things over to Pirate.
I've heard enough.
God, dude.
I've heard enough about that.
Pirate, I want to hear from you.
No other comedic commentary, at least for a moment.
Breathe in, breathe out.
Pirate, what's going on?
What's on your mind?
Yeah, I want to talk about the melody things.
It's like, I can't, I can't distinguish one from another one melody.
I think most of them, it looks like the same.
So, maybe my brain needs more data to training.
But I was wondering, what's the purpose of the melody?
Does one buy melody so early?
Like, one melody holder?
I think he must know the contract, the polar.
So, what's wrong with that?
I think the melody going pop is more like related to Peppa?
I don't know.
Well, I mean, in terms of how well connected, especially in terms of DeFi, the melodies are very well off.
It's like similar in nature to that of early Pudgy, where they were more, they were more so like, they were more comprised of some more of the OGs rather than the NFT crowd.
So, it's definitely like a very different crowd.
And that's why I think it's like fairly interesting that they were one of, I guess you would say, the launch partners of Blend.
Because they are an entirely different subsect of community members that hold NFTs.
So, especially ones that are more like apt to be interested in loans.
How scared are you with those thumbs down?
I'm not.
I think with Milady's, they basically just took that 4chan of like complete unfiltered, you know, no censorship at all.
And then they just made it into like a community of NFT members.
Here's the thing.
It's not like we haven't seen communities like these exist in NFT land before.
I mean, I guess the most prominent one up until Milady's was created.
Correct me if I'm wrong, but wasn't it Tubby Cats?
You had this entire Twitter takeover where like everybody, every like crypto Twitter, like, you know, DeFi head was all like running into Tubby Cats.
And that became like a really, really big project.
It was like a 20k supply hit like 0.64 within no time at all.
So, and, you know, then it dissolved.
And, you know, I don't know what the floor price is now, but now you have Milady's.
Well, actually, to bring things back for a moment to Blair and to the blend loans, my friend Lex is on stage.
And actually, part of the reason why I've been so interested in loans for the better part of the last two, three weeks has been Lex and some of his interests in particularly Azuki and how that can work with Paraspace.
Lex, I'm curious how you feel about this announcement as of today, if you're there.
Maybe he's not there.
Okay, there he's there.
No, I am here.
Yeah.
It's very interesting because as, as you know, Eddie, I've been, I've been leveraging up myself on Azuki's for the past couple of weeks with Paraspace, for example.
And, you know, you commented earlier that you thought if the borrower got to keep the airdrops that you kind of found this to be overpowered, which I thought was interesting.
You know, typically, whoever the borrower is, is the one that holding the asset custody entitles you to the fruits of that asset, right?
Like if you buy a farm with a loan, you're the one that gets to farm that land, right?
So theoretically, whoever's taking the risk by taking the loan to leverage on the asset really should be the person who, who gets the airdrop.
Um, so, you know, I think that's what people are, like, they're gambling on the speculation of, of price movement from the airdrop.
Um, but, you know, I will admit this, this took me by surprise.
I probably would have waited another week or two to leverage up and kind of compared what the options were, you know, between blur and other lenders, uh, had I known about this.
So I'm still kind of, uh, piecing it all together.
Yeah.
I mean, you're, you're essentially just longing, um, Azuki, right?
And so, like, to your point, Cyrus even mentioned that he thinks the new system, uh, plus the fact that blur is likely to incentivize loan offers is a huge benefit to borrowers and a huge hit to lenders.
So if it's like, if you want to lend, you are likely to go out and need to offer extremely favorable and most of the time risky terms in order to like even compete.
So, yeah, you're absolutely right.
Like I was actually doing NFT file loans even last year, um, on, I was only a lender though.
I never borrowed because you would see 40 to 70% APR even on good collections.
And I just am not confident enough in my trading abilities to want to consistently leverage myself at, you know, 50 to 70% APR.
So I was only a lender.
Um, and it, it, it did seem silly the rates that people were paying for their liquidity, but this creates all that new competition for that liquidity.
Cause everybody wants loans, like everybody wants a way to get yield on ETH that is, you know, denominated in ETH so that they don't lose out against the U S dollar price.
Right.
Cause if your yield comes in U S dollars and ETH is going up, you're, you're missing out on the Delta there.
So there's definitely a demand for that.
But, you know, I think overall, this is very bullish for the NFTs that are enabled.
Like the way I look at it is, you know, a month ago, if you wanted to buy an EZUKI, you had to lock up 15 ETH.
Now you can lock up well under half of that.
Um, apparently today you can lock up as little as 0.04 and creates, you know, that creates an insane amount of leverage.
Now I thought like, for example, on Paris base and I'm assuming Ben Dow as well, you're getting a loan to value.
That's closer to the, in the 50% range.
Right.
So you might get an EZUKI for 15 and you get 7.5 ETH against that in a loan.
Like that's only 1.5 X leverage.
Right.
So that's nothing compared to, for example, Robin hood.
And I don't think that's reckless at all.
There's, there's a lot of room there before you're liquidated, you know, but the blur led, like the blur loan,
has just, it's opened up a massive new market for this, where it's like Eddie said earlier,
even if you place the optimal loan terms, someone else is basically going to come in and ruin it for
you and everyone else by offering the same loan with less APR, right.
Or a higher loan to value.
So you'll never be able to get like a responsible loan with a responsible LTV as a lender.
So it definitely seems like this is going to play out in the borrower's favor, you know, in the short term.
And if I had to guess how it's going to go, you're going to see a pump on all the assets
that you can borrow against, you know, in the short to medium term, eventually there will
probably be a liquidity crisis and a crash.
And then you'll probably see it pump again when it bottoms out again from that.
And I think there's going to be a lot of time before that first crash.
Like, I don't think this is going to happen next week.
So, you know, this could theoretically launch a bit of a, you know, an NFT bull season for
anything you can borrow against, because now people don't have to lock up so much liquidity
to hold something.
They can just borrow it right out immediately with flexible terms.
You know, they can pay it back whenever they want.
So, I mean, we're seeing this play out pretty well with Izuki right now, just because, you
know, floors going up and there's a catalyst potentially in the future for it to continue
to do so, especially with these airdrops coming soon, potentially.
So, I don't know.
Right now, it's like good market sentiment.
But, you know, as soon as there's like a really sharp downtrend, we're probably going
to see a little bit more threads on the TL on how blur is the worst thing that happened
to the NFT space and this and that.
So, we already know these things are going to happen.
But, for me, I think the use case is that hopefully this provides not only just more
liquidity, but more trading options, but at the same time, potentially making the market
a bit more efficient.
I'm hoping that's maybe the goal of like the team besides incentivizing people to build
more value around blur token itself.
But, it remains to be seen.
Again, I just don't think there's enough data for me to like lean either way right now.
I think Eddie hit the nail on the head earlier when he kind of pointed out that right now
lenders are making absolutely stupidly irresponsible loans in terms of, you know, the loan to value
they're giving out is in some cases 99%, right?
And that's just absolutely ludicrous.
I remember when I was doing NFT file loans, I had one loan that actually went, it would have
gone into liquidation and I would have ended up losing like an ETH on the loan.
It was an other deed because the loan was active when LooksRare disabled the other deed rewards
for listing and for anybody, you know, around for that, that was like a, it was like owning a bond.
You could just list them and farm free tokens every day.
And the floor price dropped like 50% when they took that away.
So, as Eddie pointed out, the lenders are offering just insanely irresponsible loan to value.
Like there's a reason you can't go to Bendow or Paraspace and get a 90% LTV against an
Azuki, right?
Because like, even though Azuki is, you know, among the best projects, it's, it's still an
NFT, right?
And they don't, they barely want to do 90% LTV against a hard asset like a home that, you
know, they have a legal title to.
So, you know, an NFT obviously is a higher risk profile.
So I think you're right.
There will be some tiers, but it's going to be almost entirely from the lenders, right?
And it's like, you're going to have all these borrowers who got to speculate.
Like, I mean, you're buying an Azuki and then you're taking a loan for almost the full value.
Your downside becomes maybe half an ETH or an ETH in this Azuki, right?
Because you have that option to just let it liquidate if the floor drops.
It's like having downside insurance on all your plays.
It, it just seems like with the current loans on offer, the borrowers are getting very
much the better end of the deal, you know?
Well, I do want to go to Blockchain Ninja in a moment, but I saw that Location's hand
at one point shot up Location.
Did you have a thought on that, that you wanted to add?
Or should I go to Blockchain?
What do you think?
Um, yeah, I think it's just like, to some degree, you know, as pros and cons, like
obviously leverage exists to like maximize efficiency of markets and stuff.
Like someone could theoretically go long on a collection without, you know, literally
buying it all out.
Um, and then later on, if they choose to do so for whatever reason, they can like kind
of close out the loans and like, you know, gain whatever it is that they were hoping to
gain.
Um, but on the flip side, you know, you have people who would just like option traded like
Robin Hood and stuff.
Um, so I think it's really interesting.
I feel like they're building for what they want the space to look like, not necessarily
what the space is now.
So I think it's probably going to be more people getting burned and stuff, but, um, yeah, I'm
just a huge nerd when it comes to this stuff.
I find it fascinating.
What about, what about you, Blockchain Ninja?
What's on your mind?
What do you think?
So I don't know how long they've been working on this, but it seems like with everything
else they brought out, they couldn't have been working on this for too terribly long.
And like one of the reasons I like Vandal so much, uh, and again, not trying to show
form, but pirate always talks about like security before anything else, security before anything
else.
And I love that because I've been security focused.
So like, when is the first compromise going to happen?
Like how, how much thought was put into this contract?
Has it been audited?
Who audited the contract?
It has.
Actually, let me ask.
Does anyone know how good Code Arena is?
I'm assuming they're good, but like it's Code 4 Arena or something like that as a, was their
auditing partner?
Anyone have thoughts on them?
Um, I know that they've done a lot of different auditing, um, for companies that like Paradigm's
invested in, for example.
So I'm not too sure beyond that.
So it was a Paradigm referral that makes sense.
Okay.
All right.
Continue.
Oh, I mean, I, I personally haven't heard of anything they've audited specifically.
Um, uh, I, I just, again, not one people to get hurt and the first people that jumped
in, the people that are going to be using it all the time are going to be the ones that
get hurt the most.
I mean, just, just worried for the ecosystem.
Like the last thing we need is another huge hit.
Like, I mean, look at what happened to another lending platform.
I'm not going to say any names, but luckily somebody was watching the blockchain and luckily
the scammer that tried to, you can say it was Paraspace, which is fine.
Yeah.
Yeah.
It was Paraspace.
So like, I didn't want to call them out, but I mean, look at what happened there.
Right.
If they said they were secure, the contract hadn't been audited completely, clearly.
And the only reason they didn't lose everything is because block sec team saw what happened.
They saw the scammer that was a complete moron and he missed, you know, interpreted how much
gas he would need and the transaction failed.
And they were like, oh crap, let's do it.
Let's push through a transaction that's gassed up and beat him before he tries to get back
to, you know, Jump Street.
So if it wasn't for that, they wouldn't be around right now.
I do like the fact that the scammer sent them either scan transaction with, hey, do you want
to split it with me?
That, that was like the best part of all that.
But again, like, I just don't want to see people get hurt.
And I think this leaves a lot of avenues for people to get hurt.
Well, I will say the one thing that was concerning was we saw the first, I guess you would want
to call it like chink in the armor with, with Blur, where I want to say like a week or so
ago, they had their previous listings, like listings that had previously been canceled
were temporarily re-enabled and for 30 minutes or so they were acceptable, which meant that
certain people basically had bids that went live and were accepted that were outdated to
say the least.
And, and what I mean by that was way over floor because they were previously, you know, floor
and no longer were.
So yeah, that was, that was interesting.
Like that was the first time that we saw some of the code that Blur had written fail in one
way or another.
And, you know, they, they recovered for that very well and took care of that and mostly
squashed it, but it still happened.
And once it happens once, it's like, all right, it's happened.
You know what I mean?
So I'm definitely, I'm definitely more aware of that and aware of the contract risk.
A lot of people who will engage in the protocol definitely are not aware that there's like,
you know, contract risk.
And a lot of these things you think like, oh, when you, when you sign, when you sign your
assets in, you're like, oh, it's just, you know, that's just what I'm doing.
It's just in, in their hands.
It's fine.
Realistically, as soon as it's out of your wallet, it is also, it is at risk at some extent
or another.
You never know when exactly someone thing, someone will figure something out because
there's always someone looking at that pool of what thousands, if not hundreds of thousands
of ETH, hunger, they're just like, on it.
It's at risk even in your wallet if you have something like Evernote or Pass One or, you
know, stuff like that, you know.
Of course.
Yeah.
I would like to share some, some, some knowledge about the security.
Like, I know a lot of people need to know how products work to choose how to avoid like
security things.
Let me, let me talk about the, the, the blur things.
Like, like you remember, like, uh, I think maybe a few days before, Burr have a bug.
People like, the expired order still works.
They buy, like, up floor and Burr, like say double return the money, right?
Because like you approve the money for Burr by bidding pool.
So all your money is in a bidding pool.
Their data is in their centralized database for government, gas saving.
Like they're not going to make on-chain smart contract.
Like, like nobody, nobody can like modify the data.
So actually it's all depends on how Burr works.
If they do some similar bug in the future, your money in the, like, bidding pool, maybe
got some damage or some, be hacked.
That's why I keep telling people like, as long as you don't want your money in the bidding
pool and you don't want to win the, like, like the Burr token, just withdraw from the
pool.
Like, it's, it's not on-chain.
Like, it's not like the protocol, like a band-out.
All the code is on-chain.
All of that is on-chain.
You can, you can verify it.
Once it's, it's deployed, you cannot change it.
But Burr is highly depends on a centralized exchange, a centralized database.
If they have something horrible, I won't surprise people lost money.
So first thing you should, you should know that, like, withdraw your money.
If you don't want to, like, money, like, maybe lost, don't trust verify.
Like, this is the second, this is the first thing.
And about the power space, I keep saying, like, after power space was hacked, they, they
limited withdraw.
You can't withdraw in one transaction.
That means, like, they have no idea where they have, they have, like, created a bug.
Like, like, once they open the protocol, a hacker will keep attacking their protocol, and
in one transaction, a hacker can withdraw all the money.
So actually, right now, they, they, like, delay at least one block to withdraw money.
It's, it's more like centralized solution, because they have no idea where they have, like,
they have bugged.
So they have no confidence about their code.
And they do.
No, no, no, no, they found it.
Pirate.
They actually found it.
It was a re-entrancy.
I know that bug is, is there.
But after they fix that, they, they make the withdraw, like, not permissionless, because
they have no idea whether they have another bug, because they are, they are afraid of attacking.
So they going to close the, the, the code to, like, because if you want to compose with
another protocol, you need to make it permissionless.
Like, in one transaction, you can do whatever you like.
You can make a flash load, flash, all these things like that.
But perhaps you become close, because they have no confidence about their security.
This, many people don't know.
And perhaps keep saying, like, if those millions, millions of dollars is hacked, we can make
insurance, we can afford that bullshit.
Because once your, your protocol is hacked, all the money is gone.
There's no way you can afford that money.
So be careful choosing the protocol you are going to use.
Don't, like, grade you on, like, airdrop token.
Your, your money, your identity is important, because, like, they do the protocol, the lending
protocol, very bad.
They, they, they, they, they upgrade code without auditing.
That's why they, they, they have seven or nine auditors.
I think, like, zero quits.
They, he is, he was the, the, the auditor for them.
And they keep, like, running code, like, web two.
Like, you just launch code, upgrade code.
And you, you know, Atsuki, Atsuki, like, LTV is raised to 50% from 30% in Bando, where
we, we community, we vote.
And we have seven days time log to make the effect.
But after we, after our community vote, say, hey, Atsuki can blow more than 30%, it can
blow 50%, power space, in five minutes, they, they, they, they see the result, they, they
update the parameter, which means if they're going to, like, update the parameter next five
minutes, your, all your position can be located, because, like, less, if there's no seven days
parameters, like, time log, they can set it, like, from 50% to 10%, which means your, your
empty is going to be liquidate.
It's more like log pool permission.
So, actually, I don't think, like, power space listing know how to run a decentralized safe
lending protocol.
Like, they're doing things like shit.
I know, no, people don't know the safety.
They keep, like, they keep spending money buying the KLL and inference, say, this protocol
is good, it will be a huge VC, we're backed by, like, blah, blah, blah, Coinbase, or any,
like, big VCs, big names, and we will have airdrop.
It's more like bullshit.
If you know what they're doing, lending protocol, it's horrible.
That's why I keep saying, if you don't, like, bend out, it's okay.
You strap duty, you strap like a D. No, no power space, it's dangerous, bro.
It's, it's more like, crazy.
Boy, I knew, I knew he was going to get on his rant.
He's not holding back.
Yo, Pirate was cooking right there, bro.
Look, I knew it.
Look, I kind of egged him into it.
I knew he was going to go off in Paris space as soon as I brought it up.
I love you, Pirate.
But he's right, like, they didn't have the contract audited every time they upgraded it.
So, like, oh, it was audited by OX, quit, which is fantastic.
He's a great auditor.
He audited our contract.
But, like, they didn't have it audited after they made changes.
So, like, the logic that went into it was what caused the problems.
So, you can have an initial audit, but every time you make changes, you should have an audit as well, and they haven't.
That's the problem.
And that's what Pirate's talking about, like, and I knew he was going to go off.
I love you, man.
That was great.
And I would, like, share some more things about other things, like, doing staking things, like, ape staking is so important for any so many TVL.
Like, people say, people ranking those protocols by TVL.
But we do something different for them.
They use lending to make, like, staking, because they make lending data more people, like, oh, they're borrowing ApeCoin to do lending to staking.
So, actually, their lending data will be good.
But the key point is when you're going to do a pair of staking, you don't need to actually do lending, right?
But they mix all the code together in one repo.
That means, like, code is so complex.
That's why how they bug come out.
What we're doing by way two is, like, we do Ape staking without changing one line of code in lending protocol.
That means if we introduce bug, it's only for staking.
It's not going to infect any asset in the lending protocol.
You don't need to worry about, like, it's too different.
Like, you develop some new protocol, new code, and destroy the lending.
It's ridiculous.
So, we do things, like, slowly, but save first, security first, people's money first.
But they do something, like, aggressive, like, all code in one repo, like, upgrade without ordering, doing marketing everywhere, spending money everywhere.
It's two different styles.
Like, I keep saying to people, if you want to play a long-term game, play with spend-out.
But if you want to play a short-term game, good luck.
If Percibe is not hacked, or maybe in the future level, go aggressively, like, faster.
But I think that's not a way you run, like, on-chain protocol, especially lending, because all the money is in your protocol.
Like, it's not like exchange.
Like, exchange, your money is in your protocol, in your wallet.
The NFT assets, you just make a pool.
But lending is different.
All your assets is in your protocol.
If your product is hacked, all the people's identity is gone.
It's crazy.
You shouldn't do something like that.
But he, that was, wow.
Masterclass on lending protocols from the one and only co-founder of Bendow.
I mean, he built it.
He built the biggest one.
Like, damn.
Okay.
Well, thank you, Pirate.
And, again, if that doesn't sell you at least a little bit on Bendow, I don't know what else will.
Joey, I want to throw to you, man.
What's on your mind?
What's cracking this Monday evening?
What's going on?
What's going on, man?
Dude, how is this going to be sustainable when the lender can call the loan after 30 hours?
Like, I just don't understand that.
Because it'll automatically pass it over to a new lender, assuming it's within, like, risk.
With 50%, right?
Instead of 0.5%.
No, I mean, that was the example.
But it was, like, it would be, it would start at zero and go to 1,000.
And wherever the bidder takes it, they take it.
And it's that, so we're just going to throw the, throw it down the hole.
Yeah.
And the hope is that an efficient market would optimally pick reasonable rates.
Interesting.
Yeah.
So, like, how is that sustainable?
They can call the loan, like, after 30 hours, no matter what.
So you pick this up.
You're, you're, you're like, oh, hey, I'm going to go pick this up.
Because it's 2 ETH for an Izuki, blah, blah, blah.
And then you pick that up.
And now you got to pay off that, that loan, no matter what, after 30 hours.
Because they just called it.
The hope is that it's, uh, the, the market efficiently matches it.
Which I actually think.
DJ and Mark, if you're in.
I think.
You can not see your numbers going down.
Like, stop talking about this shit.
Go into something.
No, the markets are going down for other reasons, actually.
No, I.
You're listeners.
No, I know.
I know how it works, Vigital.
I track my spaces very aggressively.
Don't worry.
And actually, we're about to wrap.
If I wanted to throw it to Yogi and ask Yogi, Yogi, what was on your mind?
Uh, nothing.
Uh, I'll reclaim my time.
Okay.
All right.
Well, with that in mind, Vigital, do you have any closing thoughts for the space?
I'm sure you've got something.
Wait, so there's nobody that has, like, anything to that?
Not a single, like, person has anything to, like, go around that?
It's just, hey, we're going to call it after 30, 30 hours if the market looks like it's going down?
We'll see what the market has to say.
Like, that, that is, it has barely been less than 12 hours.
No, I, look, Joey, Joey, we had, we had thoughts, all right?
And I, we've covered a lot of stuff that was going on in the space.
We've been on the space for three hours now for, for those just tuning in now.
Um, we're wrapping up just recently because, yeah, we've been doing this for three hours.
Um, Rudo switched to a keto diet and I want to fight everyone because I'm really hungry right now.
14 comments in the corner.
Bro, you just need to eat some carbs.
Look, man, I'm, I'm Colombian, bro, so I just strictly ate rice and beans for, like, 30 years.
So, we're, we're trying to switch it up.
You can't get off the rice and beans, bro.
No, I had to.
As, as you get older, your, uh, stomach can't really handle shit like that anymore.
And beans make me fight demons later, deep within the night, so I don't.
You need, you need enzymes.
You need some digestive enzymes, my friend.
Probiotics.
Gut, gut health.
If you, if you're something like boring, like, talk about pepper.
Everybody, like, pepper.
I'm not everywhere.
I'm not talking about pepper.
Eddie, I think the m'lady guy wants to come up for a closing.
I, I can't do that.
I want to be able to sleep well at night.
Yeah, I, I think I'd like to sleep well.
I, you know, respect to the m'ladies, but I'm not, I'm not going to find out what, what they have to say.
Um, we, we, we already took that risk.
Um, and Fidil, I'll say this about the space.
I track what works and what doesn't work in spaces very aggressively.
Um, and our space.
You don't do anything aggressively.
Yeah, no, I do.
I do.
You say that, but I promise you, I do.
Okay.
All right.
Just show us something funny.
Fidil, just show us something funny.
I know.
I'm waiting for my bathtub to fill up.
I'm going to take a nice, uh, romantic bathtub.
Oh, that sounds nice.
Actually.
Is it above, is it, uh, an above, uh, an above, uh, below, below, damn bullish.
That's fire.
I'm, I'm pretty jealous.
Um, all right guys.
Well, listen for those still tuning in tonight, we really, really do appreciate you.
I want to give a huge shout out to everyone that came in here, tuned in, uh, location.
I know he dipped out, but he put a lot of value in here.
But Ark, dude, thank you so much for taking a step up, being a co-host with us tonight.
Jonah, Fidil, Klaus, um, uh, Brickchain, Yogi, Justin, Pirate, Joey, Lex, uh, even the,
the m'lady down there, man.
So we just really appreciate everyone who tuned in tonight, added some value.
Um, hopefully you got a lot of value out of this space.
I know I did.
Um, I did a lot of deep dive into a lot of this stuff, but I learned a lot from a lot
of people too, Pirate including.
So with that said, guys, we do host these spaces Monday through Thursday, um, starting
at 8pm to late, depending on how the conversation is going.
But we really do appreciate the support, guys.
Eddie, you got anything else, brother?
Enjoy the rest of your night, guys.
We'll see you guys tomorrow night.
Ruto will be hosting.
So if you enjoy this, make sure they follow both Ruto and I.
Turn on notifications for Ruto and, you know, if you want to, myself.
Um, send Fidil a thumbs down.
And, uh, enjoy the rest of your night.
Have a good one, guys.
Ruto, give us the mantra.
Listen, guys, you could have been anywhere in the world, but you were here with us tonight.
And for that reason, we love you.
We'll see you guys tomorrow night.
Peace.
Peace.
