Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
FOMO HOUR: BERACHAIN! π»βοΈ
Recorded: March 26, 2025 Duration: 1:03:01Space Recording
Short Summary
Recent developments in the crypto space include the launch of Barrett Chain, Ripple Labs' settlement with the SEC, GameStop's adoption of Bitcoin as a Treasury Reserve, and Solana's growth through new ETF filings and advisory roles. Additionally, Mintify's token launch and Tapperoo Wizards' fundraising highlight ongoing financial activities, while proof of liquidity introduces a novel concept in blockchain technology.
Full Transcription
Tana na na na na na na na na na na na na na na
Yo yo yo yo yo yo yo yo yo yo yo yo yo yo yo yo what's up what's up what's up what's up what's up what's up
This is going to be a fun show today.
I set up a nice box.
Where's my shit?
Let me go back into the roll bit.
We got a nice box ready for y'all tonight.
We got some fun chain waiting for everybody.
Today's going to be good.
All right.
We got a good show on the road, too, with Barretain found out.
I want a summary tweet.
What up, Diego.
What up Cookie?
What up Dobins?
What up Odega.
Bongo.
What up?
What up?
What up.
What up.
Tash.
Tash.
Miaoaki.
What up.
Mowski.
What up.
What up.
What up.
What up.
What up.
Kick it swim.
I'm going to be.
I'm going to be.
a lot
Yo, yo, yo, yo, yo, what up, good morning, good morning.
GM, G.
Wednesday.
Look at that.
Most useless day of the week.
March 26, 25.
Look at that.
Another beautiful day to have a beautiful day.
I got my co-host and a pilot.
Tyler, Tyler, good morning.
How are you doing today?
I'm good.
I woke up.
There was big green on the board.
I was excited.
It looks like we're reversing a little bit, but it's all right.
It's Wednesday.
We'll see what happens in Pivot Day here.
Let's see if we're going to be feeling bullish the rest of this week or hopefully not the opposite side.
Big day for you.
Some poker games happening in Laird today.
Dude, it's going to be, yeah, it is going to be a big day.
I can't wait, you know, to play poker and kick.
Yeah.
kick KBM's ass here, for those of you who are taking, you know,
the Faroq, a Marriad.
You know the vibe.
So it'll be a, it'll be a, it'll be a, it'll be a lot of fun.
I can't wait.
I can't wait.
I was actually just, I just saw Jing Tao reactivated his account just on time.
Because he's, we got to market with him going, going heads up with, uh, with, with, um, with
with Onsem.
So it's going to be.
It's going to be interesting.
That feels like that should be heavier Jing Tao.
I'm going to have to fire into that line.
Yo, I'm not going to lie.
I'm shaking a Dea Dea that Jing Tao was playing.
You know, the guy's been winning tournaments at the win during the bear market.
You know, he's cooked.
You know, the guy, that guy is like a silent assassin in the poker streets, you know?
Yeah.
Man, what is happening on hyperliquid?
Jesus, they're really squeezing tokens left and right.
Anyways, that is so funny.
Someone's really fucking with that vault, eh?
Yeah, I mean, it's...
Hyper liquid on that the hype token is down 15% on this.
This is like the big I got this figure.
Yeah, I'm sure we'll talk about it.
Well, anyways, we'll talk about that.
We'll talk about topics.
We'll talk about the markets.
We'll talk about all things.
Then we'll be joined for a great interview today with Smokey to Barra,
founder of, founder of Barat Chain,
barretain, which is one of the main narratives this time around.
We talk about this a lot on the show.
So figured, why don't we just get Smoky himself on the show?
A lot of people are curious about Barrett Chain?
I am curious about Bergeret.
I want to learn a little more.
So I think it's good to have Smoky on.
So if you have questions,
feel free to write them in the comments
and we'll try and take a few.
And I'm excited for that.
And then last but not least,
we'll have, of course, you know, it's Wednesday.
So, um,
Um, uh, roll bit, uh, loot box spin.
So lucky person may win a punk, may win a pudgy penguin or a red guy.
So, uh, you're definitely going to leave a winner.
That's for sure for coming, uh, on the show.
And then last point, all of least, this show is powered by galaxies.
Galaxy is of Web3 platform and powering creators and brands to build unstoppable
communities with full ownership and independence, trusted by icons like Donald Trump,
Stevie Oki, Mike Tyson and the NBA shaping together the future of engagement.
But also wallet connect.
Yeah.
Wallet Connect is the connectivity network shaping the future of on-chain U.S.
If you've connected to Web3 app, you've seen Wallet Connect.
That blue logo.
It's everywhere.
An icon of trusting crypto is recognizable as you check out.
Want to a little more, follow Wallet Connect on X and Telegram to stay ahead of what's next.
Tyler, Tommy, what's up?
For daily NFT and crypto analysis.
Tyler D on FOMO hour calls to KitK and...
Ready to bash some bears.
Yeah, folks, crypto majors woke up green today, but it looks like we are flipping red.
It seems to be tied with the move in equities.
A couple major banks have lowered their year-end S&P 500 targets.
Barclays cut their target from 6,600 to 5,900.
So that's a 10% down cut.
And then Goldman Sachs also lowered theirs from 6,500 to 62.
So a 5% reduction there.
Several of them are citing inflation and tariffs as their primary drivers.
So it looks like crypto caught up in that to a degree.
Yesterday overall was one of the more quiet days from a headline standpoint that we've seen in a while.
A few topics out of the SEC.
The SEC did close their investigation into immutable.
Yes.
with no findings of wrongdoing.
We also, they basically have settled with Ripple Labs.
Ripple Labs agreed to pay a $50 million fine to settle the SEC's investigation.
So that is now like it's coming to a close.
And then also, the SEC's Crypto Task Force,
they said they're going to hold four crypto roundtables from April till June
as they look to create the more clear rules for the industry.
So a lot of SAC news there.
In other macro headlines, GameStop,
Now's plans to have Bitcoin as the Treasury Reserve.
The stock was up 15% pre-marketing.
I think it's sold off a little bit since then.
Napster, music NFTs.
They were recorded.
Metaverse music NFTs.
acquired for $207 million to build a music Metaverse.
That's a big bet on music and the Metaverse right there.
Nikita Beer, known for his ability to launch and hyperscale apps.
It's coming to Salana as an advisor to help select Salana apps launch and scale.
So big news from Salana there.
And then the CBOE submitted a filing-to-list Fidelity's Salana E-TF.
So a couple bullish headlines for Seoul.
And token, AirDrop and Protocol News,
Walrus, share new details around its wall staking rewards
and Y stickers will earn more as usage scales.
Kido.
Big day of news.
They launched their Kido Pro mobile beta as a crypto search engine on the go.
They also announced plans to change their NFTs into PFPs.
And then also new rewards, weekly rewards for the top 50 yappers and top 50 emerging yappers.
They keep rolling out the updates.
Rectrics, new flavors coming.
Green can't.
I don't think the flavor has been revealed yet, but that will be launching soon.
And then Mintify did launch its token yesterday, a little bit disappointing, opening out a $5 million market cap, $15 million FDV.
Rounding things out here.
AI, it was up about 3% this morning when I read the numbers.
MemeCorn layers were up big.
They're up 10 to 15% across the board.
That may have reversed a little bit here in the last hour.
Overall meme market up about $11 billion in the past four days.
But Doge and Shiba clearly had a big chunk of that.
But a quick rebound there kind of across the board.
And then in NFTs, Tapperoo Wizards.
They sold 1,160 of those 17150 wizards.
I don't have the exact numbers.
I think it's around a 240 Bitcoin raise around $21 million.
There's 90 Wizards Lush.
Those are going on sale in the Dutch auction tomorrow at 11 a.
Wow.
Okay.
That's a lot.
Going on.
What up, Mando?
Good morning.
Mando and the sun.
Look at that.
Sun's shining.
I'm doing great, man.
How are you?
I'm good.
It was snowing again today.
Um, that's great.
I think I can snowy where you are.
It's like 20 degrees, Ryan.
Hey, I started looking for apartments in Portugal yesterday.
So we're good.
We're getting one step forward.
You know, we got, we officially.
You see this high for?
Yeah, we opened with that.
We may as well go there directly.
I just sent you guys a tweet.
So HLP gets liquidated it completely on gelly jelly jelly on cross at 16 cents, it seems.
So what's happening here?
I feel like we just got to open with this.
Like, what's going on again?
Yeah.
It's a decentralized, it's a dex, right?
It's not, they don't, there is actual liquidity.
Uh-huh.
So, like, you're trading perps, but it's not like Robit, right?
You trade perks and roll bit, like.
Yeah, there's no cross.
You've actually fund the position, right?
Right.
They're actually, they've actually now got a short on Jelly Jelly, and it's quite big.
So, they need to.
$12 million.
They need to buy a crazy amount of jelly jelly now.
And if they do that, like, obviously it's going to drive up the price.
So, like, a lot of people are just going to, like, try and front run them now and force
jelly, jelly high.
And the high jelly jelly goes, it's in a liquid coin.
I don't know.
What's the LP of Jelly Jelly?
It's probably low.
Watch these guys, like, if I swear our lesson is about to come out and be like, oh, my
token's up.
I told you so, but he probably doesn't even know what's going on.
Yeah.
Is that jelly jelly?
No, it's not it.
It's literally jelly jelly, yeah.
There it is.
The liquidity is $3 million.
So that's kind of scary.
That is very scary.
Right?
If that go, because they're going to have to buy back, how much are they short?
I think it's a $4.5 million position here.
Yeah.
How are they going to liquidate $4.5 million?
So look on chain saying the crazy squeeze caused on hyper liquidity provider,
HLP to lose approximately $12 million in the past 12 hours.
OXDE-95 shorted jelly on hyperliquid and removed the margin,
causing HLP to passively liquidate $4.5 million short positions.
A newly created wallet, OX20E8, opened a long position on hyperliquid,
and the current unrealized profit is over 8.2 million.
Holy shit, people are playing games on their cooking, bro.
Wow.
Guys, this is actually crazy, no?
But then if the long takes profits, then the price will go down.
So Sue is explaining here, right?
The guy went max short jelly jelly perps, likely while buying spot.
Pumps the spot on chain to self-liquited the perps.
So he self-liquered himself.
He's done this before.
Then HLP inherits the gigas short jelly jelly position.
And then he continues to pop the spot.
And then HLP is still short.
So they're down.
You know, aside from it being suz, this is actually the right explanation.
That's exactly it.
That's exactly it.
Right.
And they've done this before.
Remember that when he self-liquated himself in like a $300 million long position?
Is it the same trader?
I don't know if it's the same trader, but it's the exact same approach.
It's the same approach, yeah.
With the ETH long?
So, yeah, it could be the same trader.
I'm not saying it's the same way.
It could be like, but it's the exact same thing that happened last time.
This is a good explanation.
Wow.
Guys, this is not great.
I mean, you were saying on the back of this, that hyper liquid, oops, wrong, up.
You were saying hyperliquid on the back of that.
Fuck, it's down 16.
Whoa.
Yeah.
That's not great.
It was really starting to see some momentum too.
How do they control for this?
This is not my area of expertise.
Yeah, not at all.
How do we fix this?
Do you just not list these tokens?
Do you change the perp structure?
Well, they changed the perp structure already, right?
That was for Bitcoin and Eve.
Yeah.
They lowered the margin, but meme coins are lower.
I think they're only...
Mimco is like 3x usually on a hyperliquid.
Damn, guys.
This is actually wild.
Oh, it's not on there anymore.
I can't even find it.
Oh, Perp.
Sorry.
Yeah, he's here.
Sorry.
It's 3x.
You're right.
It's 3x.
Look, when you go 3x, you go perps, it's only 3x here.
Damn.
And the order book is just going.
Yeah.
It's asked another way.
Like, why is this something that's happening to hyperlicking?
Why does it not happen to other?
Because it's decentralized on chain or something.
So it makes it easier probably to do it on there, right?
And it's got actual money in there, right?
Like, you can't do this on like the was...
How many perps?
I guess there are some perps for like really low market cap stuff.
But this is a risk on like...
really low market cap coins, right?
Yeah.
Also, it's way less public.
Like, when this would happen on
finance, you would never know it.
You would never know.
Yeah.
It's like the telegraph of this
is what's causing the trade to happen.
It's because it's public that allows this to make so much noise and therefore people pile in too, right?
So now you probably have people like piling on the trade and driving jelly jelly up because they know this guy's pumping in spot, right?
So if you caught this early on chain, you were able to probably make money.
Wow, they're down.
Well, that was 24 minutes ago.
It was down in $11 million.
This could keep happening.
I need to make basically, um, fuck.
You just got to cut meme coins under a certain market cap from your perps, right?
Yeah.
Are they just asleep at the wheel here?
Like, why is jelly jelly still on their perps when it's, I mean, it was a $5 million market cap.
Fuck.
A couple weeks.
It says 50 right now, 40, but it's, you know.
By the way, if you're listening to this, like, don't be trading this.
Like, it could go both ways right now very fast.
Be careful.
But, yeah, I don't know.
Wow.
Yeah, that's it.
That's really it.
Short of jelly jelly on hyperliquid.
You can assume that you pumped it to himself on chain.
Yeah.
Liquid himself that's forcing him to inherit the toxic short position.
And now it's gigapumping and hyperliquid are holding on further deal life with a negative 10 million P.
You know. Fuck. Wow. That is not great, boys.
Yeah.
Oh, well. Hey, the tools are there. Someone's just using them. Right? Is he doing anything wrong? Whoever he is.
I don't think he's doing anything wrong. Right?
It's fair game to me. I mean, in my eyes.
Seems like it.
Damn, this is actually crazy, guys.
Fuck, well, that is not great.
Yeah, imagine finance just list jelly jelly here.
Imagine.
You know, 4X is still a pretty big move, right?
4X is what they're saying would totally liquidate them.
And, of course, they probably would have additional measures.
Yeah. I mean, this is not good. You definitely don't want that.
Well, you've got to hope that somebody else who owns Jelly Jelly also just like stopped it for being a 4X.
Wow, that sucks for that, man. So anyways, so there we go. We talked about it. We'll see what happens next. It'll probably happen during the show. I mean, these things were fast.
Yeah.
So we'll see wherever that goes.
Be careful if you're in those trades.
But hey, if you catch this early, you catch this anyways.
The rest of the market is dumping, boys.
So, Amanda, what's happened with the market?
Thought we were back.
We're not as back as I thought.
We've had three back-to-back days.
And now stocks are down, like 1%.
I don't know.
I wouldn't go too crazy because I've seen that bad.
Yeah, it's good.
Healthy.
Healthy.
A little bit of red today.
Bitcoin's still 86.4.
Love to see that.
I really thought we'd see our squeeze yesterday.
Not going to lie.
There was a point yesterday.
I was like, 88, 282, 88.
We're getting there.
Where were we were?
Yeah, 88.
Oh, wow, it was it 887?
The other thing?
I didn't notice.
So that was looking good.
Solana's up 140 again, 139 here.
ETH is 2000 and Farcoin back slightly at 570, which is actually not that bad.
So the market is being the market.
Tyler, what else did you have for us say?
There was a lot of stuff to uncover.
I know Smokey's going to be there soon.
So may as well go through it.
Yeah, I think the Nikita Beer news, him coming on, Solana as an advisor, was big and a surprise.
Yeah.
I think he's been somewhat arm's length at crypto.
I think he shared that in his announcement thread.
If folks aren't too familiar with his background,
so he's had some significant success launching and selling apps.
So he launched this TBH app back.
2017 hit 5 million downloads acquired by Facebook for 30 million.
He didn't work at Facebook for four years as a product manager,
focused on consumer engagement and growth.
And then he launched this gas app,
10 million downloads in three months acquired by Discord in January 2020.
So those are a couple highlights.
And now he's coming in to help.
provide his expertise to Salana apps.
And everyone's saying it.
We need more apps.
Now we're actually starting to see some experts coming into the space.
This is a big deal.
So I actually only know this guy like a little bit.
Like his background is in...
Apps.
Just apps.
Buying and selling apps.
But not buying, building and selling apps.
So he sold a famous app to Facebook back then.
Like it was super popular.
It was a high school.
And then on and on.
He's just...
He's just good at building apps and advising apps in the background.
And he's an angel investor, et cetera.
And so that's really what it is.
But what Tyler was saying, that's his background.
He's also a really good chip poster.
Goes viral a lot.
But to me, like the biggest signal here, guys, is we've been saying this forever, but like, point one here.
Regulatory environment is far more conductive to experimentation on the new administration.
This is literally what we said would happen, right?
People want to enter the space.
Yeah.
They listed jelly jelly here.
Binance could take out.
You're still thinking about jelly jelly.
I'm not like that this is serious.
I mean,
Binance could do,
Bidenance could do the,
I don't want him to do it.
I'm just saying Biden's could really do something nasty here.
And list the thing.
and hurt their competition for how much people have screamed that they're going to take out Binance.
You know, it could, it would be quite the war, you know.
They've taken out FTX in the past.
So have you got, have you guys got money on hyperliquid?
I have a hyperliquid position.
Yeah, you've had this.
You have on hyperliquid or no.
It's on hyperliquid, yeah.
Are you starting around the bank, man, though, relax.
I'm just saying, like, guys, this is not, this is not small.
This is not like something that...
I mean, $12 million.
They have more money than that.
Well, HLP is their number, like, it would be a proper sell-off if that happened.
I mean, let's just hope this doesn't happen.
It's at 31, so it's back down.
They got to...
Jelly Jellie Jellie's got to go to 16 cents.
It's a $160 million market cap.
What's that?
It's like 5x.
A little slightly above 5x, like 5.5x.
Yeah.
Right, but like the amount of money would take.
Finance just list them.
I don't think they would do it.
It's just such a negative signal to send the industry.
What they would do if anything not listed is just like...
Is it your fault?
It's not their fault.
But I feel like what they would do if you were trying to be an evil person,
take it out, it's just $25 million on in it instead of listing it.
So you also don't offer it to your clients.
Because you all know this token's going to zero after a certain amount of time, right?
I think if finance listed it, they would be seen as like, yeah, not great.
But I would also say that the issue really is with hyperliquid.
So why does JLP not face this risk?
What's different?
JLP only does Salana Bitcoin and Eath.
There's nothing else on there.
You can't trade perps for the rest.
Yeah.
We've got to clean this up.
That's why JLP is so well done.
What's JLP at these days, actually?
I'm curious.
Oh, the APY is significantly lower, but that's because people are trading on less, but...
Well, it's still $3.9.
That's actually not that bad, man, though.
Huh.
It's a $4 a token.
It's not that bad.
It's actually performed better than Seoul, Eath.
I don't know about Bitcoin from the highs, but, yeah.
The manipulators are Binance-funded on chain metrics.
To say, look, we don't know who it is.
It could be anyone.
Like, there's a lot of people in this industry that have this much money and that are capable of doing this.
A lot, like a lot of people that are able to do that.
But that is a crazy squeeze and definitely hope that it doesn't, you know, affect anyone.
Let's see.
Oh, wait, Zach XBT is tweeting about this right now.
Sorry, guys, this is like happening live.
So I feel like we kind of got to talk about it.
Hedgehog said, C's about to list jelly and I believe.
Fuck, everyone's thinking about this.
It would be even funnier if this outcome happened because both of your manipulators were
freshly in front of your finance on arbitral.
Well, he's got all the wallets and where it was funded from.
Damn. I don't know.
We don't hope this for our boy Tyler, man, though.
That's for sure. Okay?
He's wearing hyperliquid colors this morning too.
If my connection gets a little bit fuzzy, it's because I'm firing up the...
A little flight.
You have a flight.
Anyway, so okay, well, this is not the best way to start today, but this never a dull day in crypto, right guys?
Like never a dull day.
Never.
I really don't want this to happen because actually we like the hyperliquid product.
I think it's the best out there.
And on top of that, wait, we have another post about it from Look on Chain.
And on top of that, a lot of people I know are involved in this.
Like you don't have positions, etc.
And you're clearly you, Tyler, these and a bunch of people.
So look on chain three minutes ago.
A massive whale with $124 million,
so $4.85 million, manipulating the price of jelly jelly to make hyperliquidity provider,
HLP face the loss of $12 million.
Guys, I don't think $12 million is going to affect HLP.
Like, that's hyperliquid, okay?
But anyways, he first dumped jelly, crashing the price and leaving HLP with a passive
short position of $398 million jelly, $15.3 million.
$1 million.
Then he bought Jelly back driving the price.
There it was.
So that's literally what we were saying, the explanation.
That's like La Conchain now just showing it with the Onchene data to back it.
So that's actually fucking wild.
God damn it.
Huh.
How do we think this ends?
Fuck.
Man, these...
I mean, I think...
Mando is right to share caution out there.
This is a very serious situation.
I would say this is one of the biggest challenges for Hyperliquid as an exchange, right?
It's doing volumes bigger than a lot of other exchanges, at least on perps.
A lot of perps traders could get destroyed.
Because you've got a lot of money on Hyperliquid.
I don't know what Hyper Liquid TVL is right now.
Well, just check Defyla, right?
Yeah.
Hyperliquid.
Which one?
Is this?
That can't be right.
Is it not higher?
The bridge is at 2.2 billion.
I mean, that's a lot, no?
Bridge to 2.2 billion, there's only 380 million there?
I don't know.
It says the TVL of the bridge 221 on Hyper, on Defylama.
So that's what it's giving us at the moment.
Anyways, see what happens then.
Like I said, we're probably going to get this update like really soon.
These things usually like it's not like it's going to last all day long.
Fuck.
Yeah, jelly's dumping at least.
So it's 25 mil.
So that's good.
So the position is probably not down as bad as it was just a minute ago.
But they've got a bite back.
It's not like the thing is it's not really like a...
They need to be buying this thing.
They need to buy $4.5 million with a $3 million LP.
So I don't know, man.
Between this and Adam Cochran fucking, you know, trying not to freeze in the woods
and my whole timeline becoming studio Ghibli.
I don't know what's happened.
I don't know.
Everyone's born.
Dude, I don't know, man.
I don't know.
That maybe, and, you know, maybe the whale is, is, is, is, is, is, is, is, is, is, is
happened right now in the timeline.
It's madness.
I see, I see, I see smoky's joining us on Twitter spaces.
Um, Smokey, do you want to join us on on streamyard or no, you, I don't know you don't
docks.
But if you want, I mean, yeah, you guys tell me whatever is best for you, man.
I can, if I don't have the streamer link, I think, I didn't see it on my.
I can send it to you right now, hold on.
Yeah, yeah, if you want to send it?
I'm happy to hop in over there, man.
I DM did it to you on X?
Is that easier?
Do you want me to email it?
Yeah, no, no, X DM is good, bro.
All right, I just find you hear the word X.
I'll hop in there in a second.
All right, no rush, no rush at all.
Tyler, in the meantime, is there anything else you wanted to cover while Smokey makes his way here?
A couple headlines.
Well, we hit the music.
There's not a whole lot to unpack there.
Tapperer Wizard is probably the biggest other story.
So it looks like they're going to get through.
They're going to sell all these things.
They sold.
There's only 90 left.
I don't have the exact numbers on the split of how many Wizards they sold
0.1 Bitcoin versus 0.2.
But I think it's ballpark 240 Bitcoin, $21 million raise.
So it's going to be one of the larger NFT sales in the past three years.
Fuck.
So there clearly is a lot of 90 are going on sale tomorrow.
And I don't think they go live for trading until I think they kind of punted the deadline.
Like it could be Friday, it could be Monday.
That's what Bongo was saying yesterday, right?
It's either Friday or Monday.
So I think that's why you haven't seen a whole lot of chatter like about price action on the timeline because these aren't trading it.
Like a lot of people were sharing their wizards.
That was great.
But I think we'll get a much better feel for the market, of course, when he's actually trading.
My gut on the Dutch auction, if it starts high, I think it could close at like 0.35, 0.4.
I think that's the expectations, right?
That's where I think it's going to open in general on the secondary market.
So anyone who meant it's feeling pretty good about that.
Then we'll see.
It's a longer term play.
I don't think Udi and team
are going to come out with a bunch of twists and surprises like next Wednesday.
I think they've got a longer term plan.
I think that will be shared over time.
So I wouldn't be surprised if we kind of like maybe see an early pump
and then kind of a chop consolidation from there.
Okay.
So we'll see what happens on that front.
Anything else?
Any last things?
I see Smokies in this too.
I'm going to bring him up in the second here.
Was there anything else?
that we should be covering, that we haven't today.
I don't think so, right?
No, we can talk about the kind of stuff we can talk about tomorrow.
Yeah.
More money to be made for yapping.
Just keep on yapping.
That's the TLDR.
Game stops buying Bitcoin.
Love to see that.
Probably a lot of people are going to do that.
Fully embracing the meme stong thing.
But now backing it with Bitcoin, which I find funny as fuck, Tyler.
I love that.
It's up 15%.
Even with the stocks down.
Yeah.
In the video is 4%.
Game stops up 15% today.
So the market likes it.
And to do, I was trading almost at $30 here.
I absolutely love to see that.
And then the other thing that you talked about is music NFT is Napster.
So back, $207 million to build a NFT music Metaverse.
Whatever the fuck that means, y'all.
This is how you know, this is not a bear market.
Because this type of shit only happens during a bull market, okay?
I drank the Metaverse Kool-Aid in 2021.
The division is so infinite reality.
is buying the streaming service to transform it into a platform where fans can hang out in virtual spaces,
attend concerts, and buy merch directly from artists, basically in a virtual world.
And, like, I've done that.
I've been to concerts in the Metaverse.
I don't think we're quite ready to replace the physical concerts with virtual concerts yet.
I don't know if it's because the tech isn't there.
Maybe this all changes.
We're definitely not.
When VR is 10 times better than it is now.
So maybe they're visionaries.
I don't know if we're quite there yet.
I'm not going to any concerts the next year, I don't think.
Yeah, no, I'm not.
I mean, if I go to a concert, it's to feel something.
And the only way you really feel something is in person, right?
And so the whole Metaverse thing, I don't think, has worked.
And I don't think it'll work for a little bit.
But anyways, let's get Smokey up here.
We got a dope fire guest up on Foam hour with us this morning.
Smokey, what's up, brother?
How you doing?
Good morning.
Okay.
Good morning to you too.
How are you guys doing?
We're good.
Another day in paradise.
Another day in the asylum.
Of course, man.
How could I ever complain?
Dude, it's crazy.
I don't know, man.
I wake up this morning and see this hyperliquid thing.
I'm like, oh, shit.
Here we go again, you know?
Yeah, man.
It's...
It's crazy out here.
It kind of reminds me of the older days, to be honest, with like, you know, weird people just attempting to attack vaults, you know, not exploit style, but just, you know, profitable trading strategies, I suppose.
Yeah, it's, there's just so much going on.
I mean, speaking of, speaking of the past, et cetera, Smoky, why don't you give us a little, like, intro?
Like, you know, I kind of want to know a little bit of your background, to be honest.
I mean, obviously you're at the helm of Barrettin now.
We're going to dive deep into that.
I know, Tyler's got some questions.
So do I?
congratulations on your success.
I mean, you are arguably one of the top narratives this cycle and at least, you know,
for quite a little while more.
I also have Sobi, who has not stopped speaking about you to me personally for the past few years.
I think the last three years.
Okay.
So you got a fan and Sobi.
I know Loxley, our CEO, also is a big fan of yours.
So we got a lot of friends in common.
So I kind of want to hear more about who Smokey is and like, what's your background?
Like, how did you get into all of this crypto stuff?
Yeah, man.
You know, sort of came from the pretty opposite side of things.
I've been in and out of crypto since like 2015, 2016.
Yeah.
But I was originally in like healthcare, bio-pharmaceuticals, you know, very much unlike the empirical science slash like wet lab kind of thing.
So, you know, I definitely did not start in crypto, but I was building, you know, my first company was spending a lot of time in the Bay Area.
I think, you know, you just run into a lot of folks who are building cool shit.
And I think that when you see enough friends start to check out something interesting and then folks were often, you know, directionally correct about things.
you kind of got to ask yourself like okay what am i missing here um so that was just sort of at first
messing around with with even bitcoin and then playing the 2017 2018 cycle um and thinking that everything
whether it's fucking like you know ray block slash nano or oyster pearl or like dragon chain was
going to be like the next big thing
getting rinsed pretty hard on that.
And then having fun again in like Defi summer and like sort of round two, right when NFTs took off and we sort of had this Defi 2.0 waves.
So you know, dip my feet in 2019. DCF God, who I'm sure you guys might have read into before, like a good IRL friend as well.
So he sort of helped drag me in some of our bodies back into the fray.
And then I'd say that like, you know, sort of one head first in like mid-2020 and have been working on bear chain and somewhere the other ever since.
It started very much as a, you know, like a complete joke slash a, you know, an NFT collection of bear smoking weed that we just thought would be funny.
which is sort of how a lot of this whole shit started out of nowhere.
And then over time, we said, hey, like, there's probably something a lot more meaningful that can be built here.
And, you know, decide to run with it.
I love that.
That's so cool.
I remember it started off with like a joke and an NFT project.
It's the same with us.
Like the whole rock radio thing started off as a joke and then became an NFT project.
in late 2021, early
2022, and here we are.
You're one of the biggest media publishers
in the space and we're launching the prediction market.
I love those back story.
Yeah, man.
I mean, I think like the things that often have
the most interesting outcomes,
and of course I'm biased here,
are the ones that are not like overly...
overly like engineered.
Yeah,
it's true.
You know,
like you kind of just got let shit happen at times.
Of course,
you know,
have a plan.
But if,
you know,
it doesn't always have to be
some super prescriptive playbook.
Sometimes you have to just like,
how to lay fuck around and find out, right?
It can't be in this space
because you got to adapt and change.
Like,
then we got to stop with to your bear market.
You know what I mean?
It's like you got to figure it the fuck out.
So it's like you can't,
if you stick to one plan,
But you can't flip-flop too much, but you got to get out.
It just can't bitch out.
Yeah.
Like I think there's a point in time at which everyone was just like, I'm a chase whatever
narrative comes up, right?
So, you know, for a week everyone was ZK, then everyone was modular, then everyone was like
restaking.
And then like, I think briefly everyone was like a Bitcoin L2.
And then you know what I mean?
Like I think that that chasing narratives also has like pretty aggressive whipwash.
Because if you do that too much, then you end up with a bunch of grifters falling alongside you who are like, okay, cool, I'm just going to follow whatever is hot right now.
And then, you know, when the music kind of like turns off a little bit, you're left with no one.
You've just got like the grift brigade who kind of ran out of exciting things to get to get hype about, right?
So I think...
One thing that we've kind of always focused on,
and maybe to a fault, honestly, has been like,
yeah, we've got like this core thing,
proof of liquidity that we care about.
There are bears, there's an ecosystem that's pretty extensive.
Like we're gonna do the thing that we know best,
and we're gonna try to avoid, you know,
getting too caught up in a lot of the noise.
Some of which is great,
but some of which is just like people saying shit
because it sounds cool.
So trying to find the right balance of all the above.
I definitely want to dive into proof of liquidity here.
Smokey, before we do that, though, I mean, the headline story is pretty incredible.
It's from a 0.069th minute in August 2021 to a $4 billion FTV.
I mean, good tech.
Maybe in an extra level of detail, let's peel the onion back a little bit.
How did it?
Yeah, for sure, man. I mean, look, we were spending a whole bunch of time. My co-founder, Papa and I,
in these, like, very defy native discords, think like summer 21, right? This is around the time when
it was the heyday for like just cool
cool shit in Defi, whether that be alchemics and fracks and ohm and so on and so forth.
Along with like, you know, I'd say an increasingly mature NFT scene, right?
We were seeing stuff that wasn't just 10K profile picture collections,
but we were seeing like parallel.
We were seeing groups that effect that we like, you know,
we're taking NFTs to a new level.
And I think that meant that, you know, we were attracted for a couple reasons.
One, like, you know, more weird volatility liquidity place.
Arrow is interesting and, you know, fun from like a market participant point of view.
And NFTs are just sort of like, you know, I don't think meme coins are as much the thing at that point.
NFTs were just a different level of like a chiquinary, if you will, right?
But that also had like very interesting community forming capabilities.
Some very corny, but others like quite interesting to get involved with.
Like, you know, I still think to this day about like folks that were involved like forgotten ruins and stuff.
And you almost like end up being able to ascribe a bit of a personality trait or an archetype to people based on the NFTs they run with, right?
You know, do you have like a fucking goblin town thing?
Or do you have like, you know, Pudgy Pengman?
Like what is what's your personality?
Are you a punk?
Et cetera, et cetera.
And I think that at that point, we were like, fucking, like, you know, it'd be kind of fun to make an NFT project and see where this goes.
We don't have a grand plan for what this ends up, but we'll make 100 NFTs of these bears.
We'll raffle them off in, like, Discord servers with, like, you know, basically lots of folks who are friends and or, you know, smart participants.
And we'll see what happens.
And that happened, you know, we sold those out pretty quickly and like, you know, you know, not faster than entertainment like an hour or something like that back in August of 2021, I think.
And then we were like, okay, now what?
We could either make, you know, 9,900 more pictures of bear smoking weed or we could try to do some weird or shit with us.
And we decided to make them, you know, quote unquote rebase or just like multiply and supply, you know.
Not quite six-figure APYs like home, but the whole concept of like, okay, if you hold one bear in collection A, then collection B, you'll get another bear for free.
And if you hold those two bears, some collections A and B, then you'll get two more bears in collection C.
And if you hold those four bears, you get, you know what I mean?
Like you almost get these Russian nesting dolls.
allowing the communities on one hand,
reward early holders, and they end up
pretty deeply in the green.
I think that people went from a single
0.0690s there are
300-Eth worth of Venetis or something.
And at the same time, actually, like, you know, decreases scarcity,
make that supply actually a little bit more distributed as people go in and out.
So we just kind of ended up with this community of a couple thousand people who were both,
on one hand, pretty definated because of the original communities they came from.
But on the other hand, like, pretty retarded and risk on,
because they were down to, like, ape a bunch of NFTs of beer smoke and wheat.
So I think we found, we struck a happy medium there where it's like, okay, cool.
We got people who are down to see interesting things.
But they're also like, they're also somewhat sophisticated market participants.
And it was at that point that, you know, it was, I'd say late 21, early 22.
There were lots of conversations being had about like, you know, what is the future of Defi look like?
Right? Like how do we actually end up looking at all these ghost chains at the time that have like, you know, tens, I'd say like, you know, five to ten million dollars in TVL on the network, but like hundreds of millions of or billions of TBL securing the chain? And we're just like, well, this balance seems fucked. It's like you're paying, you know, $250 million a year, let's say, in security slash emissions to secure, you know, like a fraction of that. Why? Right.
So I think the whole concept was like, can you build a chain or can you build, you know, an application or something that effectively allows you to have, you know, liquidity and security well aligned at the protocol level, just like from an incentive's point of view.
And can you give app builders a reason to exist there? Because I think the other thing we really noticed at the time was like people were just choosing which chains to deploy their applications on and like, you know, sort of a very mercenary madlib style.
They're like, okay, cool, like, near or like Aurora doesn't have a balancer for it.
Let's go, you know, hop on there and be the balancer for Aurora, right?
Or like, you know, let's hop on to Avalanche and be like their own fork or whatever that might be, right?
Like there's very little true reason beyond a little bit of hype to say, hey, I'm going to exist on chain A versus chain B.
And the latter concept, or the real part about POL was figuring out, okay, how do we actually make sure that we find a way that the chain drives value to its applications?
Right.
And that's sort of the real concept in a nutshell, right?
And that's sort of what sort of, you know, got this journey off the ground.
Wow.
It's an incredible story.
That's a great story.
I love this.
Thanks, man.
Could you, so can we dive into proof of liquidity and you said at a high level?
Can you just point in for our kindergarten audience out there, myself?
Don't worry.
I don't.
As a kindergartner, myself, I'm most happy to help.
I mean, look, the fact is, like, the best way of thinking about proof of liquidity is that typically when you have a proof of stake chain, you've got emissions that are flowing from the chain or like flowing out basically to the validator sets.
Right.
Either if they're just like solo stakers like ETH is the most part,
or a validator set in their delegates, right?
If it's like a Cosmos chain or an Apto slash sweet type that has delegated group of stake.
that's fine and great and all.
And I think that founders are a very key part of the network
in terms of keeping it safe and afloat.
However, one of the biggest issues that you run into
is that you're actually sending the vast majority
of the value that is being generated by the network,
it's natural emissions,
to groups that are not necessarily invested
in the long-term growth of the ecosystem.
Like, validators are necessary infrastructure partners,
but they don't have a vested interest in many cases.
Right.
in the success of the application ecosystem,
of the user growth ecosystem,
of all the things that actually allow a chain
to get to the point of adoption.
So what proof of liquidity really does
is it effectively inverts the value flows in the blockchain.
As in typically, you have like the chain,
you know, sort of like pushing to the chain
through its validators, you know,
pushes block awards, either just those validators
slakers or their delegates, right?
However, in the case of proof of liquidity,
It's that the chain and each individual validator on that chain is pushing its block rewards or emissions slash its inflation to the applications.
And in turn, applications are basically pushing that to users.
So the chain is very much empowering each of these applications to act as, I'd say, more efficient like user acquisition funnels or in a B to B to C sense.
And taking those hundreds of millions of dollars worth of emissions that would be.
flowing out of the ecosystem in many cases and directing them into its applications.
So I think that's the best way of like sort of mentally modeling it in a nutshell.
It's taking that value that typically flows out and it's pushing it in
and using that to turbocharge the app layer.
And what that also means is that it opens up a lot of opportunities
for applications and validators to form a really efficient marketplace and a set of commercial relationships
as they look to bootstrap their own adoption, liquidity, etc.
And I think that's sort of the part where it gets very cool and where you actually are able to see
the governance slash emissions token of the network
BGT stands with the bear governance token as something that actually accrues value,
not just because more bear has been printed or sorry, more BGT has been printed,
but because there's actually other tokens that are effectively directing yield towards it.
And we think that that gets super interesting at scale as well.
So sorry, I rambled for a little bit, but I hope that gives good context.
No, but you're good at explaining it. I love that.
You know, it's my job, man.
I gotta do it.
No, but a lot of the big brain shit, a lot of the big brain shit, sometimes people
come on here and I'm like, what the fuck you're talking about?
But even I can understand this, so I like that.
No, 100% man.
And, you know, my, it's, to make it bite size, right?
And like, it's tricky because on one hand, we could lean into it and be like, poof,
liquidity.
Like, you know, just like, try to make it sound some crazy next shit.
On the other hand, I think it's more important, especially nowadays in an era where, like,
I think people are a little bit over, like, the technical jargon bullshit.
They're kind of like tired of not understanding things but thinking they should bid them.
Now it's more like how do we make things like, you know, actually palatable and something that the lay person can understand.
So even as we think about, you know, the different framings or branding for group liquidity, it's like, okay, do we say it's a chain that allows you or gives you the opportunity to earn more by doing, you know, the things that you're ready to do?
Is that, you know, a chain that really puts power in the hands of the applications?
Like there's so many different ways to frame it.
And we're very much workshopping that as we get more and more feedback over time.
makes sense
I'm starting to understand it
more in the concepts
I would love because you may like walk through an example
of like an existing
app and wanted to deploy capital
on bare chain app
like kind of walking through it to get making
100%
100%. 100%. So I guess what I'll do is I'll start from the top down in terms of just understanding how emissions flow within bear chain, right?
So all emissions and barra chain are in the form of BGT, bear governance token.
Important thing to keep in mind here is that it's entirely illiquid and soul balance. So you can't just go and buy BGT.
Perhaps one of the most important tenets of proof of liquidity, hence proof of liquidity, is that the way that you earn this emissions token is by actually doing the work of providing liquidity or values the network.
So the way this works is that each validator on the network,
and right now there's up to 69 validators.
It's like 60-something live.
This will expand over time.
Each time that they win a block and they're the one that produces that block award,
they effectively have like a little pie chart or a cutting board.
And let's say that they produced a block with five BGT.
They can choose to say, okay, I'm going to send two BGT to pool to this pool in the decks.
Or I'm going to send two BGT to this like supply side vaults in a lending market, etc.
And that's really how that interaction occurs in that the validators are sending block awards to the applications.
Or rather, they're sending the block awards to the depositors in those LP tokens slash those vaults of those applications.
So if we look at that from the other perspective, you're a user, right?
You hop on to Barra Chain, you go to like the Bex, which is like the chain native decks, right?
Or you go to Kodiak, which is like a V3 slash third party decks that's built on the chain.
And you say, okay, cool, like I'm going to LP in this pool.
you know, what you can do from there is you basically, you know,
you LP as you would in any other decks,
you provide liquidity for whatever those tokens are,
you get an LP token,
and then you can take that LP token,
you stake it on hub.barotchain.com,
and you start earning rewards, both from the chain itself
and that application, whatever their baseline rewards might be.
Now, to be clear and to be explicit,
this isn't the case for every single app on the chain.
It's not like you immediately go on there,
and the chain starts, like, directing emissions towards you.
there's sort of a more robust process via governance and via almost like a council approval of sorts
that allows new applications to come on and say, hey, here's how this vault is effectively contributing value to the ecosystem.
Here's the amount of incentives or here's the amount of rewards that
as the provider, as this protocol, I'm actually going to return to the BGT holders,
effectively the stakeholders in the chain themselves.
And here's why this should be a place where people can earn BGT.
Here's why this should be an eligible destination on the chain.
So you get that value exchange, which I think is very cool.
But do that flow kind of makes sense, talk?
It does.
It's right.
It would be helpful. Awesome.
So yeah, like from the user sense, it's meant to be as like, you know, low touch as possible.
It's really you do exactly what you would do in any other app in Defy.
But you also have this added benefit or this ability to effectively take that, you know,
receipt token that you would receive and stake it to earn rewards in the form of BGT.
And what's happening in many cases for that, you know, third party or that external application is vault to actually earn BGT,
is they're posting incentives in their own form.
So they're telling validators and rather the delegates of those validators,
hey, I'm going to give you guys $1 in my token in exchange for every $2 or $3 or whatever it is of BGT emissions you push towards my pool.
So what that ends up being is a pretty interesting money multiplier for these protocols, right?
I think we've seen lots of cases where you can sort of take, you know, one dollar of emissions here, then, you know, use it to earn.
So like, you know, you start with one dollar of your protocol token and your treasury.
Then you say, okay, cool.
I'm going to use that to get four or five dollars worth the BGT emissions.
hopefully with that $4 or $5 a BGT emissions, maybe I'll get $100 worth of liquidity.
And off that $100 in liquidity, maybe I'll generate one or two bucks for the trading fees.
And then I'll use that.
You can start a little bit of a good cycle there, right?
It all, of course, depends on user demand and the ability to really scale that over time
and use that to, I think, add fire to projects that already have assemblance or have potential for product market fit.
But that's almost one of like the ideal outcomes there, right?
You use it to get something, you use it to get a flywheel spinning to the point of actual sustainability.
While at the same time, that application keeps on pushing its rewards, whether that be from its token supply, whether that be from fees they generate, whatever it is, to continue fueling their emissions.
And I think that that gets, the part where that gets really interesting is that it means that BGT is like really the first L1 token that's occurring value from exogenous assets.
Right.
As in it's not just, you know, BGT yield driving BGT.
It's actually the fact that other protocols are willing to effectively incentivize it in order to receive emissions.
And we're hoping that, you know, ends up being a really efficient system at scale,
where on one hand, applications are able to, you know, basically find ways to get $2 of useful emissions
for $1 of liquidity that they would have controlled.
And the chain is able to grow lots in value and give great yields to people who are participating in the ecosystem.
Right.
Wow.
There's a lot to unpack here.
I love that.
And there's definitely a lot of opportunities.
I mean, we talk about it a lot.
I mean, it's something Mendo has been mentioning a lot.
I know Tyler here and there.
It's like there's a lot of opportunities this cycle, especially as you know, we're gearing
up hopefully for another good run here in crypto in general, but Veritin is definitely
one of the leading.
the leaders here.
Actually,
I'm talking to my boy
Jason yesterday night
from Oroz.
He's out there in Hong Kong.
He's like,
oh, have you seen Baratine,
right?
I'm like, yeah, I've seen Barat Chain.
Yeah, I've seen Barrett Chain.
So I love that.
Quick question for you.
I know we're approaching time here.
We had a good question from the audience.
Actually, first of all,
rafflebot.
If you want to have a chance to win a Puggy Penguin,
a Cryptopunk or Red Guy,
the code is Barachain today.
B-E-R-A-C-H-A-A-A-A-A-A-A-A-A-A-A-A-A-A-
And Barrett Chain raffle bought the XYZ every single day, Tuesday, Wednesday, Thursday, and Friday.
Just no Monday.
Sorry, lads.
We do a $5,000 roll, but LuteBox spin, and we pick someone from the audience to come and win.
So hopefully someone wins a Pudgy, Ping, Win, or a Cryptopunk today.
We've given away three already.
So it's not bad.
But one and a half million dollars is given away in the year on the show, four days a week.
So you love to see that.
So the code is Barrett Chain.
But Smokey, we had a good question in the audience earlier.
Is like, if someone...
Is not involved in all this yet.
Like what is what is the best way?
You know, how can someone get involved in barricene now?
Either for fun or to make money, whatever.
But if someone just a barit chain new, what's going to get involved?
What's the best way?
Like what's the lowest left?
Yeah, what's the lowest?
Yeah, exactly.
Getting your hands wet.
You know what, man?
I think that like this is one of the things that we're focusing the most on as a team.
Like what's a really simple onboarding experience?
And our, you know, I think that within the next two, three months, I'll have an even better answer for you.
Right now, there's a great tool slash team that I'd actually shout out within the ecosystem.
It's called like Baratown.
And they've built just like,
a great interface for effectively interacting with all different sorts of stuff,
whether that is effectively building, you know,
using the bridge, whether that's, you know,
getting some initial barra, whatever that might be.
Like they've built, I think,
a pretty thoughtful interface for just, you know,
doing whatever you do.
This is nice.
Yeah, man. Like it's pretty goofy.
But it's, I think, like, the correct way of getting, it's one of the best ways of getting people is feet wet.
So, you know, for new users, I think it's great to, you know, start playing with that.
And they can find ways to get involved from there.
And then beyond that, I would just tell them to check out, like, hub.borechain.com, because that's, like, you know, just the official website.
And, you know, there's all sorts of resources on there that basically shows you, okay, here's how I swap.
You know, here's how I use different pools, whatever it might be.
This is great. Hop.barrachain.com and then barra.com.
I'm showing them on screen if you're on video, but if not, you guys can go together out for yourselves.
I guess, I mean, I have one more last question for you is like, what's next, right?
You just, you know, proof of liquidity is like fresh, fresh off the press.
I think it's from this week.
Yes, sir.
So what are you most excited about this coming on?
A couple things, man.
You know, so one, I just want proof of liquidity to keep on humming nicely.
I think we're going to see more and more teams from outside of the ecosystem,
like, you know, non-Barranative protocols come in and get involved.
And then people can build very interesting primitives around that.
So, for example, for those that have been keeping a close eye,
like Pendle was starting to deploy their stuff this morning on Barachain.
So, you know, I think we'll just start to see more interesting yield primitives pop up.
But even like outside of Defi, right?
I think that what I'm thinking about a lot next is just how we make sure that we
responsibly put DerriChain in the hands of the consumer.
And I think there are so many different ways that one can go about doing so.
But I think it's going to be a lot more like education and a lot more external pushes, if you
will, on stuff that allows like, you know, your layperson to get comfortable with
and figure out, okay, cool, like, here's how I can start messing around with this.
Is this a game? Is this an application?
Okay.
Is this a D-pin thing like Puff-Paw that can end up in the hands of lots of people where they don't even know that they're using like bear chain into the hood, but they're just like showing vaping.
Right.
Like I think there's lots of ways that Bear Chain can embed itself.
So I'm thinking, you know, I think my...
The North Star metrics are kind of value being accrued to BGT and new protocols participating in POO.
And on the other hand, you know, distribution.
So like real users coming on chain that are contributing in some form and or you have real financial value to add to the ecosystem.
So yeah, man, it's a little, it'll be exposure summer.
I love that. Exposure summer. Fuck yeah. That's awesome. Well, Smoky, thank you so much for coming on. Shout to Tyler for facilitating this. It was a pleasure to have you on and really excited for the future success of AyrChain.
Of course, man. Thanks for having me. And shout out to you guys. It looks like you're doing great work over here. Thank you, bro. Thank you. Yeah, definitely should talk about Mariet and Barachain. I'll hit you up. I'll hit you up. Hell yeah.
Take care, boys. All right. All right. Well, that was awesome. Love that. Great guest. I love that. I love that. See, we said, we had a chat with you. Let's get some guests on in four days. We got Udi, Luca and Smoky. So we're going to get more. So chat, if you want more of the founders on from projects that you're interested in,
Just text us, DM us or just attack FOMO hour and message us and we'll try and get some cool people on.
I mean, if we talk about Beretian all the time, I always get the man on, right?
So here it is.
That's done.
So that's awesome.
And I thought that was great, very bullish on what they're doing over there.
Anyways, it is time.
It is time to do the spin.
Mandel, what's the update on our jelly jelly thing?
Uh-oh, it's back up to 40 mil.
What is the update here while Sims pulls up the spins?
Is it? Yeah. They're still fighting for their lives, right? It looks like.
Oh, you muted. You muted.
I said, I think you should take money of hyperliquid if you have money on hyperliquid.
Wow. That's by genuine thought here. Like, this could, this could affect, in my probabilities, it could affect up to 50% plus of their treasury in a sure amount.
Like, I would say there's a 10% probability of that, but that's very high, right? For an exchange, so.
I would be wary.
Like, as I said at the start,
I don't think it's like a joke thing.
This seems dangerous.
And there are people that can attack this.
Like, if I was,
I could be shorting hike,
for example,
on Bybit,
with huge size right now.
Right? I could put on a huge hype short and then I could go, I could do this.
So like I, and I'm just saying there's so many different things here.
Mightn't just be by then.
So I'd be aware of it.
So I have one last question before we were going to spin because this is actually like important.
But what is in hyperliquid just take the loss here and close the position?
The short position.
They can't just close the position.
That's the point that they're like actively short this position.
But could they not close the short position at a loss?
As far as I'm aware, no, they have to buy back.
They are short that amount.
Got it.
And they're short like 80% of the supply, it seems?
So what Andy was saying?
No, that was a joke.
That was a joke.
Okay, sorry, sorry.
Sorry, guys.
I'm just like trying to read the timeline with like interviewing and doing all this stuff.
So hard to catch.
Yeah, for sure.
Yeah, definitely.
I didn't see that, by the way.
And I'm not trying to cause some sort of bank around or something like that.
But like this is something that's serious.
It's fair.
I mean, you're allowed to, you know.
Yeah.
Like, for example, I am doing that right now.
So...
So I think it'll be fine, but there's a risk.
But that's what I said is a 10% probability.
I don't want to take that risk.
Yeah, the 10% chance is not worth it.
I get it.
I get it.
I totally get it.
Wow.
Okay.
We'll have updates.
Let's see what Zach said three minutes ago.
They deposited U.S.
to multiple fresh addresses, but also we use OXB8 linking more to the arts and
arbitram.
OKX, Bybit, and Mexie as well as so not only Binance funded.
Wow, so all their wallets are being tracked by Zach right now in live, in real time.
So it looks like they've connected wallets together, whether it's next thing or not.
So now we have all their wallets, or at least more of them.
So they're funded by not just Binance.
OKX, Bybit, Mexie, and Binance at the moment, all in Arbitrom.
I don't know, man.
Some people are worried about what's happening here.
So...
There could be anyone.
There's a lot of people with $20 million that could make something happen here.
All right, says, let's do it.
Coe was Barrow Chain.
That was an awesome interview.
Let's see what's good.
Beside 92.
Bissai 92, congratulations.
Looks like he's a fellow Canuck, fellow Canadian.
Love to see that.
B'an-da-da-da-da-ba-ba-ba-ba-b-b-b-b-b-b-b...
Besidei-2, congratulations.
You win.
Aerobic.
Loot box bin.
Congratulations.
Bissai 92.
Where are you at?
Come on.
There he is.
Steph.
Here for the vibes.
Live, learn, love.
I think you're Canadian.
Got a little Canadian.
I love it.
Brother B.C.
Joe, what up, Bessai?
Good morning.
Good morning.
How you doing?
Pretty good yourself today.
We're good.
I'm getting ready for the poker tournament in an hour.
I know you retweeted it.
We got, you know, KBM, Wizards, So, Luka Nats, Ansem, Gentile playing a few other folks.
It'd be fun, you know?
Getting ready to cook him.
You fellow Canadian, is that what I'm seeing?
I am.
I love that.
I love that.
Where are you from?
I mean, you don't have to dogs.
All right.
It's fun.
All right.
Well, are you ready for the spin?
We are good.
We are good.
Let's go.
Let's spin.
Oh, that was so fucking cool!
You win a red guy!
Whoa!
Whoa!
This guy must want a crypto punk, man.
Congratulations, though.
You win a red guy.
And it is a nice one.
And red guy is cooking worth $1,000 again.
So congrats, Steph.
Beside, you just won a red guy.
Guys, got the soundbites going on.
Congrats.
And with that, with that, with that,
we'll see you all tomorrow morning.
10y and Mr. Stateny and time for the episode of Formula on Rugg Radio.
Let's go.
Woo!
That was close.
Holy fuck.
