Thank you. Yo, yo, yo, yo, yo.
Let me just check something.
I feel like it is Monday.
It's Monday. just check something okay we're good monday is it monday i feel like it is monday it's monday uh december 8th 2025 look at that another beautiful day to have a beautiful day i got
my co-host in the house tyler good morning how you doing today oh i'm good oh yeah
on the board looks like we're giving some of it back
But it's good to have you back
My god, I hate leaving my desk
There's nothing worse in the world than leaving my desk
It's a great feeling to be back
Actually let me get Flo up on stage.
Let me get, does it show the X link?
Looks good. Send it. looks good looks good send it anyways so we're here um okay everything's good right everything's working i haven't been on for a little bit and i feel like i forgot everything okay perfect
i should have asked yes we still have adweeds. We have, right?
like I'm rusty after 10 days,
There's so much going on.
it looks like we'll also have Mandel back tomorrow.
So I haven't put a trade on for a synthetics tournament, but I will be putting a trade on live on the show markets i'm back so i haven't put a trade-on for a synthetics
tournament but i will be putting a trade-on live on the show every show all right ty we'll try
we'll try we'll try and do something i have not followed the markets whatsoever uh but we'll just
trying to wing it that way so we'll do markets we'll do news i mean there is quite a lot of news
uh since you know quite a few things uh going on
as usual as we're getting into the end of this year uh we are joined today by roham really
excited about that one good friend uh love roham big fan of what he's been doing for a while now
but flow had some pretty big directional changes i believe tyler that were announced in the last
week right was it a week 10 days ago anyways um that happened. So I'm very excited to have Roham,
the co-founder of Flo, Dapper Labs,
come in on the show today to talk to us
about all of that as our special guest of the day.
We'll do some Lamp Chop today.
Let's run some Lamp Chop.
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Tyler, let's get into this thing.
KitKate. Great ambassadors.
Yeah, folks. Crypto Major
is nice and green this morning. Up about
Across the board, we've got Bitcoin
We've got ETH, 31,35 up 6%.
And Solana leading the way, 137 up 7% on the day.
There's some other big movers as well we'll talk about in a bit.
And macro headlines was a bit of a more quiet weekend,
So we had SEC Chair Paul Atkins come out,
say he believes all U.S. markets will be tokenized and on-chain within two years.
Coinbase reopened in India after a two-year pause.
They're going to allow cash deposits over there starting in 2026.
The National Bank of Canada, our friends to the north,
they disclosed a $273 million Bitcoin position via Sailor's MicroStrategy.
They held $1.47 million of MSTR.
And then this French banking group, BPCE,
is going to start offering Bitcoin Eatsoul and USCC trading
to their 2 million retail clients.
And ETFs, this is not just crypto,
but I thought it was an interesting headline.
The ETFs overall, all ETFs, have records this year in inflows, volume, and launches across the board.
So massive action for ETFs overall.
Eric Buckman is calling it the triple crown.
Strategy, we got some big headlines before the show.
Sailor, $963 million in bitcoin buys last week and then tom lee not too far behind 433 435 million
in e5s over the last week so the two big dogs are still buying in good size uh and froke i know you
talked to tom so we'll talk about that here in a bit uh in token and drop of protocol news it was
aztec raised 60 million being the new uniswap auction model they had 16 000 participants plasma
announced a partnership with bridge to enhance its payment infrastructure it actually was a big
weekend for nfts people people went mega viral if you're on twitter oh yeah anywhere you saw this
is i call them the robot dogs
the antique collection is called regular animals
an 11 eighth floor after their
opening weekend of trading and his is
bubbles of his they finished minting there's
they're trading at 30 cents this morning
a bit under a million market cap million supply. They're turning at 30 cents this morning. So,
a bit under a million market cap. And then Doodles
Doopy Cubes, 25,000 supply.
One sold for the collector cubes and three
And that was a roundup from what was a more of a quiet
Like leave it to Mike, right?
To just do the coolest shit.
Like my takeaway from the Art Basel that it was my first one missing it.
So from afar, it was obviously my,
I felt no FOMO except for like missing the Rack Invitational,
which that was super fun. I commentated it for like three to five hours online. We're going to run it back obviously my, I felt no FOMO except for like missing the rec invitational, which that was super fun.
I commentated it for like three or five hours online.
We're going to run it back in Dubai, token 2049.
But the art side, like 010 was on fire from, I saw, like did you see Jack Butcher stuff?
By the way, my Instagram feed is all Jack Butcher right now as well.
So Beeple and Jack, you nailed it.
That was pretty big. But we got to talk about these Beeple and Jack. Nailed it. That was pretty big.
But we got to talk about these Beeple robots.
Yeah, let's talk about it.
The art itself were these
celebrity and billionaire faces.
more interesting and where the digital art
dogs are walking around and they they're pooping unique prints.
But when you actually dig into how this is happening, they're constantly scanning the audience.
AI algos within the dogs are voting and ranking like what are the best output images?
And then once they select one, they're running it through these various famous artist filters.
So Picasso, Warhol, Beeple as well.
And they're transforming the images into that artistic style.
And then they are creating the physical prints.
And there's also digital entities tied to each of these,
which effectively makes these generative art pieces.
And there is a collection.
I don't open to see regular animals.
Again, it's trading in around 10.98.
The floor is 11.69 this morning.
It sold for 8.3 weeks an hour ago.
12 hours ago, 11.5, 10.69, 8. 8, 2, 10, 8, 8, 9, 10.
I'm curious if they all will get
claimed. There's probably
some folks out there. I saw the comparison to
the Lost Robins. I was about to go
there who probably don't realize
what they have um and i was just staring at this collection over the weekend
i'm not super liquid right now but i thought about buying one i think you'll have time like
the hype let it like look i love i'm a mega fan of this i'm a mega fan of people he's a friend i
love him but usually like let the art basil hype down a bit, and you probably can catch one.
Like, if you're, like, I wouldn't feel rushed to buy in that.
But I do want to acknowledge the work.
So, first, I saw them on my Instagram.
I was like, wait, I know this.
So, when I went to Beeple's opening event, the masks were already made.
Just there was no robot dogs yet at the opening of people's event like back then but this is like
the coolest thing ever like i didn't realize until a couple days because i saw hype and hype it kept
growing and i was away and i'm like wait these things are taking photos like it's so cool like
the warhol one is scanning the crowd stopping taking photos and then shitting a print
in a warhol-esque ai view like dude like it's so cool like ah man this makes me really happy
honestly it's so perfectly people like you know he goes over the top and he's not afraid to get
into like the mud or the or or the, or the shit,
But it's also just brilliant technology.
Like I can't imagine how much this costs to put together.
So an incredible exhibit and from the boots on the ground takes that I read.
And of course I'm probably reading with a little bit of more of a
you know a crypto native bias but folks are saying this was the stole the show in our basil
that the traditional look it is false journal it was mega viral like everyone has wall street
journal associated press tech crunch like it's everywhere uh wow and i And I wasn't the only one who made this comparison,
but just like the obvious comp is,
is this the biggest digital art catalyst since the Everday sold for 69 million
And I don't know that this means our digital art or entities are just going
to start going up in value,
but it was a major attention event.
Big, big shout out to Beeple for this.
And then the other thing,
I do want to shout out because I did bring it up,
I thought it was so fun what he did.
Like this was another one that,
like if it wasn't Beeple,
it was Jack that stole the show.
so he was printing these receipts
So basically you have to pay what you want.
And he transparently shared the cost of the booth,
which was a hundred something K.
And we'd print minted NFT.
and help him recuperate the cost of the booth at Art Basel.
And I thought that was really, really genius too.
Yeah, people love the receipts as well.
I think there was a one-of-one.
I want to say because Arsonic was bidding on it,
and his bid didn't win at 38. So it went pretty high.
What was the down year crypto-wise?
Crypto events, as I understand it,
this was lighter than last year.
But from a digital art standpoint,
it seems like this was just like a banger.
And I think he ended up positive at the end, which
well. Always doing some cool shit.
I forgot where it ended. Oh, what?
You got to take down articles.
you could have bought four croissants at the coffee shop.
I don't want four croissants.
I want this unique original artwork.
Clearly you don't get it.
RPNLA. See, RPNL here at the time
It's awesome. I love to see
that. You know, let's be honest.
Everything started with art when it comes to
We need to get either an artist or
like Roger Dickman on the show. Let's get Roger
on the show. We should debrief. That's a good show. Let's get Roger on the show.
Let's see if Roger's available tomorrow or something
See if he's not too tired.
Okay, let's get to the markets a little bit.
I mean, I saw this morning was good.
This past week was interesting.
Yeah, it's where we're at.
Let's also open synthetics.
We're flat over the last seven days,
I don't know. I think probably a billion in liquidations over the time period. What? and some big spikes and with billions.
I think probably a billion in liquidations over the time period.
The biggest story is Saylor. So Saylor came out today and said 10,624 Bitcoin, 963 million last week
So certainly lower than where he was buying all summer.
It was like his current average is now up to 74,696.
So Big Mike buying in big size,
I think one of his biggest buys in several months here.
They've added a lot of coins here.
See, Zeke is where you win this tournament.
Like, for me, I'm going to make it my focus again.
And I was monitoring it closely last week.
I wanted to see it get past.
It kept kind of running up to like 330, 350.
It was getting slapped down a bit.
How are people positioned here?
This is a serious competition.
So I don't know if you didn't place this
so I don't know if you realize this
anyone can get in this tournament
and then they also rolled out
so it's like someone can join your team
if I tell you about staking
So there's some cool twists from the Synthetix
team. Fuck, fuck, it's at 400 mil
but we had such the right call, dude,
I know. There was some, like, I was like, I got liquidated.
I was at a point and I probably
should have taken it off.
And then we pumped the 95
yesterday and I was like, oh shit, yeah, I'm a big. But I didn't realize that Wicked Should have taken it off. And then we pumped the 95 yesterday.
And I was like, oh, shit.
But I didn't realize that that wick down.
Part of the reason I was in this position is they did say they're going to top everyone up.
Yeah, they did it last time.
But I'm not really sure my path to the top of the later year. So here so i'm gonna have enough cash with the top up they're gonna top everyone up
so i'm gonna have 100 so i'm middle of the board obviously because i didn't trade yet
it's time to put some trades in so let's see some teams let's see what
so deposit anyone can deposit money and be part of someone's team which is cool wow this person
has 12 team members oh shit wow. Wow. 128K, wow.
I mean, if you want to be part of my team here,
team codes for Rogue, right there.
I'm assuming team code for tells me,
Tyler underscore did, honestly, did it, did it, right?
It's probably your username.
I'll put a little post there later.
You know, shout out to Synthetix for partnering with us on this.
And let's get cooking. I mean, fuck. Letix for partnering with us on this. Super fun.
Let's get cooking. I mean, fuck. Let's go join my team, guys. Let's go. Let's cook.
Tyler, should we try and cook here today or what? There's no trades right now. The market's so boring. What are the trades? I think from a major's perspective, I think I like ETH the most.
So I think from a major's perspective, I think I like ETH the most.
Tom bought $435 million last week, and he has more cash.
Last Monday he had $800 million.
So I think he's going to buy half a billion this week.
You know, I really like my conversation with him.
I'm going to post it ASAP.
That's the way Charlie's not producing our show today.
And Sam's on duty because Charlie's on editing duty right now.
I'm trying to get it out like in the next 48, ideally.
But I think that's interesting
I mean Sol into Breakpoint is also
I like trading Breakpoint Solana
I think it's probably more public
and then what I mean by that is like more common
I want to say Zeke is the trade but
it's up 20% we missed the 20%
you could only trade Zeke here in this tournament and do better up 20%. We missed the 20% candle. You could only trade
Zeke here in this tournament and do better than most people
in Siler. Remember what I did last time? That's what
pretty much made me, right?
Looks good. Looks so good, dude. Probably like a little
dump here. Anything in 380s maybe we look
into like maybe here it's almost like a double cup is that a double cup so maybe before in the
handle to the double cup you know so yeah all right that's the entry i want to put a trade on
boys but i don't want to put a trade on for no reason
because I do want to win.
But I do want to put a trade on for the culture here,
for the show, for synthetics.
So they killed Monad, it seems.
so we're not going to trade Monad.
Let's focus on Farcoin and Zeke for me.
I'll add some Zeke in the 480 range and I'll add some Farcoin. By the way, just so people know,
heads up, this is not our money that we're trading. We're trading with the Synthetix money they
put the top of everyone for, but there's definitely real money at stake.
there's definitely real money at
range Tyler and Zeke in the 40 range
and I'll go long how's that
I'm just gonna do those two
I don't want to trade a theorem I love Tom but
Well, A, you're not going to get the violent candles.
Although it's easier to go like 50x on something like ETH.
It's tough to go higher than 30 on Seeker 4 coin, right?
You can live 3 to 5 pretty fast.
Unless Bitcoin just lost 90k.
We're going to wait for the long here.
It may happen during this show.
So I'll just bring this up again if it happens in the show.
Anyways, I know we've got a guest coming in a little bit,
but surely what else we got?
Jack Mahler's 21 is going to start trading publicly.
Remember this, but they're seeded with
like $4 billion, which makes
a top three. They're a top
three debt when they start trading.
So it's a pretty big deal for the space.
You had a 43,114 just behind Saylor and Bitmine.
So that's going to be an interesting one.
I don't know exactly their plans.
Like if they're going to just start raising capital via ATM shares
and they're going to start aggressively buying,
I'm curious how that's going to play out.
So I'll be watching that.
Otherwise, again, it was a more quiet weekend.
There wasn't a ton of action going around.
Stocks are a little bit green today.
I mean, the big one, we have FOMC on Wednesday.
Oh, the biggest FOMC in the history.
Actually, this one's kind of big again.
Is this the last FOMC with Powell?
No, the swap would be later next year, right?
Yeah, I think it's later into 2026
That would be a fun one on the trade.
it feels like we're just kind of in the chop range right now,
I think it's nice seeing some of the movement.
Farcoin specifically is up 2x off its bottom.
I think a lot of folks are watching
ETH Bitcoin. So ETH Bitcoin
maybe looking like it's going to
crossing their fingers, holding their breath,
puking violently, which means alt season.
and I did talk about ETH BTC.
it doesn't look that bad.
It does look like it could resolve a little higher here.
Is that a cup and handle here?
Is that what I'm seeing, Tyler?
I was actually looking at that today.
Every time I get so excited about Ethereum,
You know what I mean? I love holding get so excited about Ethereum, some shit happens.
I'm not holding my breath.
I love ETH, but something
BNB had a big bounce, too. It was nice.
new Santa Rally market on Myriad.
Where is this Santa Rally market? Oh, there it is.
999, and you need three of those
resolve. Oh, shit. Okay, we're being
I'm on the no here, dude.
That weren't too generous, dude. That's insane.
I actually think Bitcoin to 99
definitely happen. Do they just have to hit
It's until Christmas Day.
It just needs to tag it. So even if one of them
tagged and retraced, if any
three of those tag for Christmas Day
It's rather bearish of you.
from a percentage perspective.
you need a 46% pump on Solana.
No, it's not happening, dude.
Where did Breakpoint go last year?
Like, Yith... I don't know. Yith 3,900? Let's see what... Where did breakpoint go last year?
I'm in. Sign me the fuck up for that.
If Myriad makes this happen,
all you need is a 10% candle, right?
Yeah, I think Bitcoin can
definitely hit. And I think I think Bitcoin can definitely hit.
And I think BNB can definitely hit.
The other two are a little trickier.
3030 also feels very far away.
and have three Tom Lee's.
One week of July, we went from
So that's what makes no sense, right?
10% candles on BNB and Bitcoin doable,
but 26% and 40% like the Solana one is no shot.
Even if Solana breaks out,
chat must hate me right now.
Yeah, T2 out of four can hit.
They agree with us, yeah.
You're looking at tagging once. So 142 has been massive out. You're looking at tagging once.
So 142 has been massive resistance.
You're looking at tagging 170.
If you told me 169 soul, it's a different story.
Because 169 soul, you're looking at a 25%.
That's an ugly four hour.
I'm actually not bad at $0.27.
So I think Mando would tell us it's possible.
I'm not so sure about that.
Yeah. Where is Mando's pretty negative. Yeah.
He's been doing some stuff during the week.
He's coming back tomorrow.
Faxing is very sad because...
Okay, so chat agrees with me.
Zeke versus XMR is another market to check out.
I was actually looking at that this morning.
You're not going to start buying Monero, are you?
So it's a coin flip, which is higher as Zyker XMR.
I like this market a lot.
Please no. Actually, it doesn't mean up
or down, right? So, on the way up,
hit the Saturn rally that you guys are marketing
on Myriad right now, there's going to be $2 billion
liquidation on the way up, for sure.
Yeah, we could liquidate the bears.
So, you could hedge here.
You could take the no on the other
market and take the yes on this market that's very interesting that the other there's i feel
like there's very unlikely that we'll get to 4k eth without liquidating a lot of shorts yeah 39
30 hundred all eth like you get you bust a billion dollar on the way up. The ETH short trade is stacked, dude.
I haven't been in tune a lot at all.
Alt season before April 2026.
I love our fucking markets right now.
Alt index surpasses market target.
There's some good markets right now, man.
Crypto winter is coming. You guys are having too some good markets right now, man. Crypto winter is coming.
You guys are having too much fun on Myriad, man.
That's like a hard look at this XMR.
That's an interesting one.
Which one? XMR, you said?
Which privacy coin has the higher price on Christmas Day?
The market's not reacting enough to this big Zeke move today.
It spent so much time in the 300s.
It would be so funny right now if it just
fucking, wow, it's not like...
Bitcoin Day to those who celebrate.
What is Chad saying again?
Man, this range has been...
How long have we been doing this?
We've been in this range since November 17th.
I'm not going to have Bitcoin now. It does look like we're grinding up. I'm not going to have it right now.
It does look like we're grinding up.
Dude, it's just so funny.
Everyone's commenting about Mando right now.
It's cracking me up, man.
I think we're going to get our prices we want for the next long time.
Market doesn't look too good, man.
What's our female quant saying?
I don't know if she's tweeting in the last few days.
We were covering her stuff last week.
She's been pretty consistent with that.
She thinks 100K, but then
She hasn't been tweeting a lot.
Was there any boots on the ground, Alpha?
Not really, but it's a very big time right like every a lot of big names showed up to binance
blockchain week we got all the dads people like you have tom you sailor cz's got you know cooking
hard on on the bnb and binance side binance actually just hit 200 million users right it's
And now you have Abu Dhabi Finance Week right now,
which also has a lot of crypto going on.
Then you have Breakpoint.
I don't know, man. There's...
There's no alpha to report back on,
but just space is cooking, you know?
It's a lot of interesting.
Basically, we're at this pivotal time where like a lot of,
it's like there's like a turnover in crypto participants.
And there's some, there's like, there's clearly like there's this crypto native cohort
who is fed up, who's leaving.
And then you've got more of an institutional cohort who's just coming in for the first time.
And it really does kind of feel like that way right now.
And we'll see what that means.
But I feel like there are folks who are coming in
and they are very bullish
a lot of folks who have been here the longest
I don't know if it's still fallout from 1010.
and I feel like we're going to be in this
crypto natives are going to be in the zone until we
or break out of this range
and I don't know if we're going to get it.
Yeah, we talked about this with Tom, about the replacement.
There's like a big swap between old hands
and new hands coming along right now.
We need a catalyst for like retail.
How are the trenches right now?
I haven't seen you share much.
Your Wojak token's still going up in the 30s, et cetera.
Talk to me about how the trenches have been when I was away.
There was a bit of action actually. So this Franklin,
like Cynthia Lumas tweets out the image,
like Franklin's going to be happy because he's been buying it.
But that thing hit 15 million.
So a 10 million plus right runner on Friday,
Mr. Wonderful one on tv said everything besides
bitcoin and eth is poo poo a poo poo meme ran the next day uh this white whale meme just hit
five million so there's action but the the reality is that the tops are much lower yeah i mean i saw
the warjack thing that you were on heavily what 60 mil and then went to what, 20s and then back to 33.
Actually, still holding 30 million, which is good, but tough, right?
Tough market for all this.
You can't hold much more than you can hold much, actually.
So anyways, there's that.
Let's bring him up right now.
you know, chilling, doing our thing. I wouldn't say bear, but it's just weird. You know, you know, another day in the crypto bear, you know, chilling, doing our thing.
I would say bear, but it's just weird.
You know, it's just an interesting time, right?
What would you call this?
Are we in the bear market?
We're in the bull market. To me, it feels, you know, obviously prices are doing their thing, but it's just such an exciting time because at least builders can build.
doing their thing, but it's just such an exciting time because at least builders can build.
And I think for the first time, we're sort of, as an industry, creeping ahead of people's
expectations rather than, as in reality, is ahead of expectations right now.
The amount of innovation, the amount of opportunity that I think is going to be created for real
people because of tokenization.
Just the SEC chair this morning said all US stocks will be tokenized in the next few years.
It's just a crazy uh exciting time wow you know i i think of it as the maturation of the industry
so a lot of the things that didn't work in the past are going to sort of fall away but
it's a time of fundamental fundamental progress yeah tyler just brought this up how there's like
a lot of the ogs kind of seem like fed up or tired. And there's like also this progress happening at the same time.
We just talked about the SEC's news, tokenizing everything.
Definitely, we obviously have some questions ready for you.
And obviously, with Dapper, you have a lot of stuff coming up.
And I'm excited to talk to you about this.
But what do you think about that?
Like you've been in crypto for a minute.
it hey well i'm more excited than ever um but i think it's the difference between og sort of
I'm more excited than ever.
traders for whom you know it's getting more complicated to put up with a more uh mature
market structure to put up with a lot more sophisticated sort of counterparties at every
level um and also builders we're we're happy because we get real customers we have real
infrastructure that we can build great products on and i think the whole point of this tokenization
movement is that people are going to be using crypto but not necessarily even starting with that we can build great products on. And I think the whole point of this tokenization movement
is that people are going to be using crypto,
but not necessarily even starting with cryptocurrencies.
They'll have their daily lives running on these networks
and benefiting from the sort of lack of middlemen,
benefiting from the low friction,
benefiting from the global markets.
And that's why we started this company,
is to sort of put aside the technology
and actually focus on adding real value.
And I think maybe that's the schism you see
because I think I talked to a lot of the OGs
that are more sort of started it
from the perspective of let's build products,
And we're all super excited.
I think builders are more excited,
maybe some of the traders, especially the ones who got liquidated and perhaps super excited. I love that. I think builders are more excited, maybe some of the traders,
especially the ones who got liquidated, perhaps less excited.
But I want to talk about Dapper.
I want to talk about Flow.
So you fucked up in your own words.
I want to hear about that from your point of view.
Walk us through the post.
Or the fuck up or what we're doing about it?
Good to start with the fuck up. The fuck up or what we're doing about it? The fuck up first. Start with the fuck up.
I mean, look, there's obviously,
there was no playbook when we started this whole thing.
And whether it's CryptoKitties or NBA Top Shot,
I think we made a lot of mistakes.
And maybe the biggest one was,
partially because of regulatory reasons,
not having this sort of maximum alignment
between the applications we build and the users and therefore token holders of the products that we build.
So I think that's the fundamental sort of misalignment that I think hurts all of our products as well as our network.
And I think that's what we're fixing kind of going forward. And I think the part of the regulatory cloud sort of lifting is we can actually let this technology do what it does,
which is crypto is the most amazing technology for sharing the value that's created on a digital network with the people that create that value.
Whereas before, all of the value gets sucked into the digital middleman, the big platforms and whatnot.
And I think that finally we're sort of able to actually lean in and fix that.
So whether it's our core product, our heritage products like NBA Top Shot and others,
we've updated the economy design.
I think we're having one of our best seasons yet in terms of that product.
And a lot of your viewers might not have played around with it recently,
your viewers might not have played around with it recently.
So you should take, jump in and take a look,
so you should jump in and take a look.
but we've got a whole new Slater products coming out that sort of show this
And it's kind of like openness at every level.
So both alignment at a sort of economic level,
openness at the protocol level, partnerships with developers,
obviously everything is cross chain, non-custodial.
So it's a total sort of shift to what people maybe think of when they think of us.
Because when we built NBA Top Shot, there was no infrastructure, right?
There were no products with millions of users in terms of consumer crypto applications.
And Flow itself got up to 15 million consumers, onboarded through folks like Ticketmaster and NFL and Disney.
And these are real people. million consumers onboarded through folks like tickle master and nfl and disney and and these
are real people they didn't come for um they didn't come for crypto but they stayed because
you know it gave them something that was useful to them we're doing the same thing now for for
consumer finance because you know we tokenize culture the company started with the tokenization
of culture now everything is being tokenized so how do we build applications around that and
bring that the benefit of you know 30 trillion trillion coming on chain over the next few years? What does that
really mean for normal people? And how do we bring that opportunity and make it tangible?
That's sort of our mission. And I want to talk about those products in more detail here in a
minute, but I think maybe still a higher level question. Why now?
I mean, isn't it, you know, the, the, the sea change that's happening in the industry right now, I think is absolutely unprecedented. Like even at the creation level with obviously
gen AI and sort of it just becoming so much faster to experiment faster, build things.
And then the regulatory clarity, which went from you know zero to 100 basically real quick it
was a it was it's the most the fastest shift in a in sort of the adoption of the industry
and um you know we've been laying the groundwork for some time you know flow was not evm equivalent
until late last year and since then it's been one of the fastest growing networks in terms of defy
in terms of developers that was sort of the foundation upon which we can, I think, build the next sort of wave of apps on.
So we've been working on it for some time, but this is the most –
I think Matt Huang, from Paradigm to it,
this is the iPhone moment for our industry,
and it's happening kind of at that infrastructure level.
But then what are those apps that make people actually be able to lean in and feel it?
And I know you guys are building those kinds of things as well.
And so it's just perfect timing.
Everything's lining up and we just need to take our shot.
Now, does that mean it's going to happen immediately?
You know, as with everything, technology moves
and sort of like S-curves of adoption and all that stuff.
But I can't think of a more exciting time to be in crypto.
Well, so now let's start talking about the specific product.
So the announcement had flow credit markets, peak money.
Tell us a little bit about those and maybe why as well,
like why you're leaning into DeFi here.
Well, the reason we're leaning into DeFi is just, you know,
so much tangible opportunity for real people.
The Gen Z, the next generation, doesn't trust their banks, but also the user experience of DeFi is totally hostile.
If you think about the user experience of DeFi, it really has not evolved from DeFi summer four or five years ago.
And everything still requires sort of expertise as well as connectivity,
networks. You've got to know who to call. You've got to understand what the risks are in a particular
contract. But the underlying technology is all open in a crazy way. And so us as consumer app
builders, we're just trying to wrap products around that make all of these yield opportunities, all of the potential new investment products that DeFi can enable, make them really easy to access for people.
personalization and sort of agentic interfaces are the way of the future when it comes to
not just finance as actually is all of consumer life, but other than games and entertainment,
but especially finance. And right now the technology is there to make it happen. So
FCM, I think of it as almost self-driving money where we want to build the product that sort of
rebalances itself. You kind of tell it what you want it to do, and then it runs outside of your control.
Well, in your control, but outside of anyone else's control, and not requiring any manual intervention, not requiring manual babysitting, so on and so forth.
And so FCM is a protocol.
It was built by Flow Foundation, actually the first smart contract Dieter wrote since working on Flow in the first place.
And then the app is built by Dapro Labs and designed to be super simple.
It's not even talking about crypto.
I anticipate most of our users' onboarding will first start with stablecoins.
And then they'll sort of see, hey, Bitcoin, Ethereum flow, and then other real world assets on the horizon.
At the end of the day, this sort of self-driving rebalancing technology can apply to any asset with a liquid enough debt market.
And so the collateral source doesn't have to be Bitcoin, Ethereum, flow, USD.
It can also one day be stocks and other real world assets.
It can be your home, your home equity line of credit,
So I think it's fair to say Dapper Labs Wave 1 was consumer gaming.
Top Shot, I think, was the marquee game app that really put it on the map.
I mean, it was the onboarding event for millions,
or at least hundreds of thousands.
Is this next wave then DeFi, Agentec Finance,
is that the core focus of the company for the next few years?
Or are you also still experimenting in other areas as well?
Well, we still have, so NBA Topshop, NFL, Disney Pinnacle,
dapper collectibles as one team that's fully focused on tokenization of culture. I sort of
think of it all as tokenization, all as just putting things on chain. So they become programmable
for developers to build on. And so they become markets for people to trade and speculate and
also sort of have in their own control rather than, hey, I'm just a user.
You make the money and sort of hide it from me.
I think that's a false sort of pattern of consumer products. I think the consumers of the future want to be treated like owners, not like consumers.
So I think of it as just tokenization of culture.
And then this new effort is basically taking tokenization of financial opportunity and how do we make it available to people in really simple packaging?
Because we think that's part of what's going to be the sort of top of funnel, the adoption driver for the next 100 million, the next 500 million users of crypto.
Everyone over the last two years, the biggest news hasn't been meme coins.
It's been Larry Fink and BlackRock and Jamie Dimon, all these guys talking about tokenization. Just today, Paul Atkins, chair of
the SEC. But what does it mean for real people and how do they interact with it? It almost seems
like our industry expects banks to become the interface into DeFi opportunities. Just because
banks are adopting stable coins doesn't mean they're going to provide the most valuable applications and the most valuable opportunities to their customers.
They're going to take all the savings for themselves. We want to say, well, how do we
take these opportunities, give them straight to the customer, but in a packaging that they trust
and accept, and maybe today looks more like Robin Hood, but maybe it should look more like Snapchat or TikTok.
It's a big vision, and I appreciate you going after that.
I think if we're looking back on this in 2030, what will need to have happened to look back on this pivot and say this was successful?
What will need to have gone right?
I think that's a good question. Estimates range from five to 30 trillion in terms of what's going
to be tokenized by 2030. And so that's part of it. But I think that even if nothing changes from
the situation right now, right now, right now, we can give people 10 times more yield than they can
get from a local bank account.
We can give people sort of if you wrap it into products that they're familiar with, like credit cards, debit cards, whatever it might be.
We can give people in the United States financial products that add real value to them, again, without assuming any sort of increase in this sort of financial adoption that everyone says is coming and
that all the, you know, there's alignment from both industry and regulators.
And then if you think of sort of internationally, access to USD, access to USD opportunities,
we can package these up and make them safe, but also easily accessible.
The market today with no changes is billions and billions of dollars in terms of financial
opportunity for us, for our token holders, whatever it might be. And so I think that
the biggest risk right now is more execution. It's about doing things carefully. We have to
sort of lead with safety and security in everything that we do, you know, not knock on wood, we haven't been fallen victim to sort of the same issues that plague DeFi on other chains.
Obviously, there's benefits to Cadence where because of the resource-oriented programming, because of the flow architecture, we're inherently more secure.
But, you know, that to me is the biggest risk.
That, to me, is the biggest risk.
So we're being very careful setting up the pool,
setting up the infrastructure, the cross-chain stuff,
working very closely with the Layer Zero team,
and making sure that the product is...
We know we can offer that opportunity to customers,
and if we can get them 10% on their stablecoin, 15%,
whatever it might be, or 6% to 10% on their Bitcoin,
the value proposition of the product is off the charts.
We've just got to do it in the right way.
And then if you believe that stocks and home equities
and bonds and all of these gold, et cetera,
is also going to dramatically outpace
sort of the expectations in terms of being tokenized
and becoming programmable,
not to mention new user behaviors like prediction markets, like eSports,
like gambling being layered into absolutely everything in life.
Now you start thinking, okay, well, that's an interesting environment for a developer to build products around and build experiences around.
I think these products are great.
And clearly right now we've got you, your team,
other teams are building these apps,
this infrastructure for this next consumer wave.
Consumer wave coming into this new age of DeFi,
neobanks, the term being thrown around.
But how does it actually happen?
the big consumer wave of 2021
and I think a lot of just
maybe concerns are the wrong word
criticism is also maybe a strong word but like
we haven't seen it as much
at least it doesn't feel like we've seen it
how does it happen again?
Criticism of what exactly?
I think there's people in the industry who are frustrated.
The common trope is retail is not coming back.
So I guess my question is, how do you view retail?
But if you look at every crypto cycle over the last three cycles and i don't want to take so
too much credit for this so you guys uh you know keep keep me honest but in both crypto cycles over
the last three years there was a lot of hype a lot of narrative driven price action but not a lot of
things that people could use and sort of tangibly feel hey this technology has actually kind of
crossed the chasm in in its own sort of little way. CryptoKitties did that in November of 2017,
where there was so many ICOs.
There's nothing except ICOs.
And then suddenly we had a product.
We said, hey, go use this thing.
And I think that sort of created the wave of retail adoption
that sort of took it away from being this sort of insider game.
And then, you know, obviously, crypto has these price actions,
expectations get ahead of reality,
and then it sort of readjusts again.
And same thing with Topshop.
We released Topshop May of 2020, where it was the April of 2020, actually, the alpha.
And it was before DeFi summer, obviously before Borda's bro, these things.
And it didn't go fully viral until January of 2021.
But it gave people a tangible thing of, wow, wow actually you can build a crypto product that
doesn't have to sort of require all of these different steps you met a mask and whatever it
might be um and but it but it's still at its core a crypto product where people can trade um
assets for real money and obviously top shock went on to uh that's crazy and a half and transactions
um and so so so i think that you know that's what we hope peak money will
do here everyone's talked and heard about defy everyone hears about these 10 yields everyone
hears about hyperliquid everyone hears about uh tokenization and blackrock and jv morgan okay well
what does it mean to me what can i do with it what's the almost like the the the home page of
of defy or the home page of crypto that i can go to sort of see what happened and what else is there to do?
Right now, that's just Coinbase.
Those are the only real homes for these people.
And most of the user interviews we do, we talk to people.
We say, what are you doing with your crypto?
Sort of just look at you lost.
What do you mean do with my crypto?
Oh, what are you earning on it?
Where are you staking it?
Guilty. What? Should we make more money on my cash? That's the same. lost what do you mean do with my crypto oh what are you earning on it i know i guilty what
yeah we forget um because we're we're sort of you know got the stuff in all they here and there's
big rebalance there and there's here and it's bitcoin and this and that nobody understands
any of this stuff um they just want they just hear uh their friends talking about it and they
want you know everyone is fed up with traditional financial opportunities.
They want to break out of the rat race.
They want to break out of this curated feed of lukewarm bullshit that everyone's being fed, but they don't know how to.
So that's the philosophy here.
That's the philosophy here.
And we think you have to build products that real people can use.
And we think you have to build products that real people can use.
And this happens every cycle, right?
Where basically all of crypto turns around and says,
let's build for the crypto natives because they have the most money,
because they're here, they're going to give the most.
It is much easier to build for that community.
And look, that community is going to really benefit from peak money too.
I don't know if you guys got liquidated on October 10th.
At least one of my accounts did.
It's kind of like you can't – some of these things are just impossible to see on top of unless you're a full-time trader.
I like this peak money thing.
You just said that you started the 2017 bull.
And you started the 2017 bull. And then you started the 2021 bull.
Obviously Top Shot was like this shit.
Crypto Kitties, the punks, et cetera.
So you're seeing that our Santa rally here, Tyler.
I'm just not putting words in his mouth right now, but.
Is this early 2020 vibes?
Is that what's going to start this next run, Roham?
That's what that's our goal, for sure.
If you hear us, just give us one more shot you know just one more shot
well that's interesting i don't do enough with my cash i like this putting it out there
up to 10 on my usd this is some good shit actually so that's just the first product right
that's just literally the first tab which is kind of earn tab. I think we've got some info on the site now about we're going to do
things around, hey, participate in a lottery where you can win something, but without risking your
principal. And so you're effectively buying kind of these raffle tickets and being part of this
community. You play with your friends, you play against your friends, you earn a little less APY,
but you have a chance to double 10 extra money money every week okay those are the kinds of things that the next generation
finds more interesting um and then of course we can sort of wrap around uh hyper wrap around
other kinds of financial products that make it really easy for a user to say hey all i'm doing
is you know saying hey i think google's going to win the I-Race or Microsoft is going to win their I-Race.
But in the background, a complicated set of financial bets are being placed and they're being on-chain managed in order to deliver you the kinds of returns that a hedge fund would deliver for a billionaire.
That's sort of the objective.
These complex financial products are hidden behind boardrooms and they're actually inaccessible to a customer.
If you guys watch sort of the big short,
people have to go to banks and negotiate for them to create products for them.
Once you live in a tokenized world, you just tell your chat GBT,
this is a strategy I want.
They create a token that balances on chain and then executes that strategy.
That's our vision by 2030.
It's not that you will go into an application to sort of look at charts
and make kind of independent decisions.
You're just going to talk to an agent
and that agent is going to know everything about you,
everything about your preferences,
and they're going to design custom strategies
that you can execute just as a token inside your wallet.
Well, Rohan, this has been incredible.
I really appreciate your point of view.
One of the most successful builders,
consumer on borders in this space.
So thank you very much. Exciting.
Always good to jam with you guys.
Thanks, Rob. Appreciate you, King. Have a good one.
Hopefully it starts the next one.
This is a good product. I definitely definitely guilty of not doing shit with my money on on script
I just parking a ledger and fucking do nothing. It's so dumb. Thank you. Just
Make money on my money. Anyways, let's give some money away. I got the each thing. Oh, okay
Update on what we did today because Charlie's not here and Sims had to set up the thing, but I think he's going to like it because, um, what do we do? Let me read. Uh, I'm not set up
to spin. So Charlie has run a random spinner for every user who was over 500 USD on the FOMO hour
board. So it's the founder user, uh, FOMO hour, $500 board. And the person who won,
It's the founder of the U.S.
And the person who won, because Charlie ran it for Sims while he was editing my Tom Lee interview, is drumroll.
Wait, where have my drumrolls?
so congratulations Basel Weeds
So congratulations, Basil Weeds.
it fell on someone who's a very very
from tomorrow we'll get back to regular spin shit
but just so you guys know so just being transparent
here and reading you sends this message to me
because the whole team's pretty busy you know
and we had to get Charlie off the show
to edit my Tom Lee interview,
which happened last minute.
So Basil Weeds, and he's here, I think.
I mean, this guy doesn't miss the fucking show.
So Basil, I don't need to explain the rules to you
because you're someone who listens to the show every day.
Where are we going, Frit. Where are we going for it?
How far are you going to go?
So you already made 500 bucks.
See, I love people are happy for him.
Of course you're happy for me.
Easy, all right. Easy tracks. All, easy tracks. Let's get a big one for him. This guy, he clips us though. He clips us, he's always here. Just for funks, you'll enjoy
it for Rook. I think you should also do after this is a new game on here, the Omaha Flip,
which is basically poker that you'd love. I think you could do a couple of hands on that for him.
Let's see how this run goes.
I didn't know there was a new game.
What? Have you ever seen... Have you ever seen a triple?
So what's this new game? I mean, you can
Do we want to play for him or for the next person like I don't know about the game to know how to set up a bit
Let's do it tomorrow. Let's do this tomorrow. Let me let me but that's a good call Sam. Thanks for shouting that out
We had do we do have a new game? I guess like I mean Mando's probably gonna want us to promote a new game, right?
So we'll do when he's back tomorrow
Uh, basil, what do you want?
He said easy tracks both rounds. All right, okay, that was crazy Tyler
I've never seen triple like out of four tiles three of them were wolf
Well, that's a better one Well, that's a better one.
Well, that's a better one.
Well, that's a better one.
When it's that easy, you got to think about taking another space.
I don't want to tell you what to do.
I mean, it is his second run.
I'm definitely going 770 if I'm you.
You want a final decision here, Basil?
I love the chats on the...
I'm just saying maybe I go or not.
I miss this chat dude you guys
so if he cashes right now he makes 11 52 now i'm nervous he said we'll mo twice are you sure okay
tyler you're gonna have to pay him another round if you fuck this one up
we should do this thing where like if we force him to play, we buy them a round.
So wait, I don't want to be sure.
Hold on, because we got a...
Take the seventh. Clean board. Tyler is like so happy.
I think he goes to 1,400.
So, he's made 1,271 right now.
We'll cash it, but I think that was a barn run.
It was! Oh, no think that was a bone run. It was!
That was a good... That's the worst single spot to lose on though, right?
Because you're never quitting there.
He could have been like three months.
Well, you wouldn't have gone there.
But listen, that was a good one.
He said I wouldn't have gone that far
so I love that and with that
we'll see y'all tomorrow morning
10am Eastern Standard Time for the episode
of FOMO Hour on Rug Radio
let's go Pa-pa-pa-pa-pa-pa Thank you. .