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FOMO HOUR FT. @MDUDAS
Recorded: Jan. 12, 2026 Duration: 1:13:18Space Recording
Short Summary
In a lively discussion, crypto enthusiasts explored significant market movements, including XMR's rise to $600, A16Z's $15 billion fundraising success, and the implications of Fed Chair Powell's statements on crypto sentiment. The conversation also touched on new token launches and innovative fundraising strategies, highlighting the evolving landscape of the crypto industry.
Full Transcription
. I am the speaker and kick it Charlie Thank you. Yo, yo, yo, yo, yo, what up, what up?
Good morning, good morning, GM, GM.
Monday, January 12th, 2026.
Look at that.
Another beautiful day to have a beautiful day.
I got my co-hosts in the house.
Tyler, Mando.
Wow, you both look good this morning.
You guys look like you're refreshed.
Looks like your kids are back to school. You look like you're ready to tackle on this morning. You guys look like you're refreshed. Looks like your kids are back to school.
You look like you're ready to tackle on this week.
What's going on?
What's in the air?
Good morning.
I'm doing great, man.
Man, this is vibing.
You know, XMR is fucking 600 bucks.
It's like, you know, just casual, you know, casual first big call of the year.
You know, easy vibing.
Just another one.
Just another one.
Tyler, how are you doing, man?
I'm good.
I got a lot going on.
So dry January.
I'm health maxing to start the year.
So we're feeling good.
Bears.
My Bears came back.
Historic win.
Saturday night in Chicago was a huge playoff win against the Packers.
And then my
big moments team, Maury Bennett, we just
pulled off. They counted
us out. They said it was over.
We came back and won. Jesus Christ.
We just took it back.
Our Sonic, our Whale
went off this morning.
That's insane.
Well, we finished sixth. That's insane.
Well, we finished sixth.
That's not bad.
Look at that.
That's pretty good.
Big finish.
This is good.
This is tough.
Competitive tournament.
This is really good, actually. We were pushing it, but we didn't also...
Wow, we cook with Moose.
That's surprising.
These guys are usually, like, pretty...
You guys see my screen, right?
Yeah.
Okay.
That is surprising, to be honest.
And then you have the usual suspects at the top.
So you guys cooked.
I'm actually pretty...
Wow, we beat the founders.
Oh, my God.
We beat the founders, Tyler.
I don't know KBM Mando
what's going on here boys
I don't know I'm the only one who turns up the rec radio
it feels like
I saw that this week
it's just you and Kirk right
well KBM's not going to turn up for a while now
you know
his Eagles speaking of the Bears
his Eagles yesterday
got knocked out, right?
If I'm not mistaken?
Yeah.
Yeah.
They kind of suck.
So that was crazy.
They actually cost me some money.
So it was not great.
But anyways,
I know.
Dude,
why did I bet on the Eagles, Tyler?
I was like,
dude,
I don't watch football.
I don't bet on sports.
I don't watch.
And, and like, I was like, okay, Eagles are on the Eagles, Tyler? I was like, dude, I don't watch football. I don't bet on sports. I don't watch. And
I was like, okay, Eagles are going to win, right?
Because they're the best.
Saquon, right? Monad investor, dude.
no, that didn't happen.
They got cooked.
They got obliterated by the Niners. I should have picked the Niners.
That's my uncle's team.
So I should have just stayed kept in the family, and I did not.
But anyways, today on the show, let's go.
We have a lot.
This is a really big week.
Not in the sense of the meme.
It's actually a big week in terms of there's a lot of stuff happening.
We saw the Fed chair stuff yesterday with Powell.
We got CPI.
We got other stuff going on.
Still pretty much geopolitical turmoil around the world. everything kind of running and then barring, running, barring, running, barring.
So there's a lot of stuff going on in the markets, macro, et cetera, et cetera.
I'm sure Tyler has got a bunch of topics for us as well today.
And then, as usual, Yeet.com. Use the code FOMOHOUR to have a chance to win. Every single day, five days a week,
we pick a winner on stream and give some money. How can I forget this? Halfway through the show,
we'll be joined by Mike Dudas. Mike Dudas is joining us to chat, just to chop it up. Let's
talk VCs, applications, all that good stuff for Dudas. He's got a lot of opinions to share,
and we like him. So it'll be a fun show. Anyways,
Mando, let's go to you.
Hello, guys. Hello.
So, just kind of,
Bernie was not correct.
That's the main takeaway I got from all of this. 94k did not happen. weeklies, it's just kind of like
I've been here for about two months
Hanging out
I think the main macro headline was obviously
This Powell versus Trump thing which
I kind of
agree with Powell if I'm honest
I don't think, I think it's been
he's been
kind of attacked by Trump
here and
I think it's important to have policy policy
and fiscal policy slightly separated
like it's definitely like have policy policy and fiscal policy slightly separated.
It's definitely a doctrine which other countries follow.
I'm not for Trump on this one.
I thought it would wrap the markets.
It did somewhat, I would guess.
I think stocks are... Stocks are marginally lower, maybe.
But what we did see is that, again, gold and silver really rallied
on the back of it
as safe haven.
Stocks are down very
marginally.
But gold and silver did rally, but Bitcoin didn't.
Kind of like this.
Safe haven asset has not really been proved again,
which is not really a good look, I don't think.
Oh, wow.
Being too a little bit of tension.
So slightly frustrating, I think, to be in crypto.
We did see a big rally in like a few things over the weekend I would say.
Like White Whale kept going, Monero had a run.
And other than that it was pretty light in terms of like outperformers. I took off
first on my Monero today
just because it was a nice
breakout towards all-time high and then
it was like 590
and I was like, this is probably a good shout
to reduce some, so reduce some of that.
Still own Gold, which is hitting
all-time high today, and I still own
Google, which is in the round all-time high.
So those are my three assets at the moment.
Although I reduced Monero, I might add to Google today.
In crypto, honestly, this price exit just sucks.
Yeah.
There's not many obvious trades out here now.
Monero has kind of broken out.
You're kind of playing that breakout a little bit,
so it'll probably retrace a little bit.
Well, my gut probably retrace to that.
So it's all-time high level, like 520, 530,
and then continue on.
It's not.
Even the L1s that are looking pretty strong,
if I bring up the charts maybe i
should do that because you can get a better sense yeah sure the last week but it's not that inspiring
again um bring up like the one hour yeah go ahead let me share your screen there we go
all right we got mando's screen today. Look at that.
I mean, you did kind of call that last time, right?
You were saying. We broke down and we're just kind of like heading back towards this.
It could be.
We'll have won't sit.
We'll break it back down again.
Bitcoin actually looks okay.
He's put in a lower high there.
And now it's breaking back down.
Even XRP, which I put in a higher high, is breaking back down. Even XRP, which I put in high highs, breaking back down.
I don't know, man.
It's not even that I have a very strong view
of what's happening here.
It's just like this price axis is like...
But there's no...
These charts are just horrific to buy.
That's the chart you want to look at to buy, right?
These charts feel like you're buying support and then and then they just kind of stop out like around the last high like they're not
not breaking out really at all so just a really tough tough market i think right now
barcoin back down um pay back down yeah other means all the major memes kind of yeah, didn't fully rock
but great
I can't again apart from racks
So my view on here is patience which if you're in crypto for a long time, I think you hopefully have
I think a lot of people
will just X like, well, look around for other things to trade in this sort of an environment.
Even hyper liquid, right?
That was, that was a pretty horrific rug actually that hyper liquid 28.
I know there's this one, did you see that one seller?
The tweets about that?
I didn't pay attention to that.
I had seen it,
didn't pay attention,
kept the position on.
So there's this one seller that had,
whatever,
threw tornado cash,
this MLM guy called it out.
And these people have been selling like a mega position
of Hyperliquid. It's like they found this guy, MLM had found a cluster of Hyperliquid tokens
worth like nine figures. And they've been aggressively selling recently. And so
basically they've been unstaking
nonstop. So they're just like
unstaking hype
like 24-7 pretty much.
Every few days.
And just aggressively
selling it into that.
Let me find you the exact
tweet from LookOnChain.
But it's this one
group that has like a lot. the exact tweet from LookOnChain, but it's this one group
that has a lot. I think it was
over 100 plus
million dollars of hype.
Which kind of
sucks.
I've got to find
you the tweet. So I think that's what's going
on. Hy've sold off lit
and lit's even worse right so lit went to like
its revenue is way down too
I wasn't sure if
DeFi Llama's
reporting was correct or if they had like a bug
because the numbers
went so low over this past
weekend yeah so these are They had like a bug because the numbers had went so low over this past weekend.
Yeah.
So these are not looking too good.
I mean, my position is spot.
So it's a tornado cache cluster.
There you go.
See?
And they found it by following the tornado cache activity.
And it was like an insane amount of hype, guys.
They were one of the biggest holders.
There you go.
After being inactive for 12 months,
entity on stake, 631,000.
Hype, 20 million over the past three days.
Across three different wallets.
The cluster is about $110 million.
million dollars and it's top of 70 mil right now so they've sold off like 40 mil
It's still about 70 million right now.
They've sold off like 40 million.
i mean we know that there are huge clusters right yeah we know that we know that like
sisyphus airlines sends their regards
so i uh i did not pay attention to that when it was on the way up to 28 because it was looking
really good and i I completely forgot.
I got kind of excited about this position because I read that during the holidays.
And then they started unstaking.
So they're unstaking every two days.
They're just selling right away.
Like smash, smashing the spot selling.
And it's spot selling.
It's not hype.
So that's why it's selling off, which kind of sucks.
You know?
Give me a break, man.
Give me a fucking break.
I'm curious how man,
those charts look like for pump.
So the,
what's interesting about pump.
Yeah.
They finally kind of broke their silence on Friday.
We got a tweet.
They're going to start tweaking their creator fees again.
They don't like the current model.
then out tweeted again.
then if you look at the dashboards,
they're back to a million a day
in revenue.
A lot of the numbers are up. Active addresses are up.
Daily graduates are up.
Yeah.
Matt, do you want to share a pump chart?
Yeah.
It's funny, right? It was right after the show.
We're like, hey, this looks like a...
It's just because we said it.
I thought all of the numbers of tickets I was looking at a lot.
Just because I feel like sometimes in bear markets,
you get caught up in like really...
Just like bounce trades and pump.
That's it.
They broke the silence and pumped like that 142 and just didn't break out
Yeah, yeah, it's not great
I mean honestly, Bitcoin probably looks the best
So can we discuss this two minutes and then we should go to Tyler's topics because it's going to come in a minute.
So I saw this tweet from Bob Lucas, right?
Saying, you know, Bitcoin should have got candled on that sad news, right?
And gold and silver did.
And I asked a simple question on time.
I'm like, why didn't it, right?
And clearly, Bitcoin has not been a safe haven for most people.
War, which is usually a safe haven for those assets, has decimated us.
Every single opportunity we have to dip, we dip.
If the market goes, like trad markets goes up, we are stagnating.
If trad markets goes down, we go down.
So what's going on here, man?
Is there something?
Do you also agree that Bitcoin should have just rocketed up this morning on the news of the Fed chair?
I think that's exactly it.
I mean, safe havens should rally in the back of something like that.
Bitcoin is the best safe haven in crypto,
but it doesn't seem to be performing like the best safe haven in markets.
Yeah.
So TradFi does not see Bitcoin
as a safe haven then?
Yeah.
It was for
a long, long time. Even
Bitcoin's around me now, but like,
yeah.
It's up since Tradify opened.
You're right.
It just barred the move last night.
But I don't have the answer to your question.
It is a little frustrating.
Even last night, was it sailor buying?
When I woke up, it was 92K, by the way.
But we'll see.
I think what Mando said, what's fair, is this market kind of sucks it's kind of like it reminds of the christmas time market like
december which was like maybe probably best just doing nothing um the chinese new year doesn't
kick it out till february 17th everyone so i just wait no uh you know we'll wait for the astrology
uh to save us the firehose or uh we'll come to our uh to our oh wait i do have it's fire i have a fire
button on there it's mando listen to that it's fire i forgot about that one i forgot that's like
a three-year-old button i have all my old buttons from then that's so funny all right that's enough
on the markets um we do have a lot of data this week and stuff we'll probably try to at more length
about this stuff when time comes.
Tyler, let's go to your Ford jelly NFT and crypto analysis.
Tyler D on FOMO, our calls to Kit K and T. Great to bash the bears.
Yeah, folks, crypto majors are slightly green here this morning.
We've got Bitcoin up a tick here, 91,130.
We've got E flat at 31,10.
Solana leading the way, up 2% at 141.
Stories IP token was up 20% and Monero XMR up 15% leading top movers.
XMR actually hit a new all-time high near $600 overnight.
So it was the big mover of the week.
I think up 33% on the week,
biggest token mover of the whole week as well. The big news from last night,
Fed Chair Jerome Powell released a video message claiming that the criminal charges
he faces are not due to the actual crime, but his disagreements with Trump and not cutting
interest rates fast enough. So that went pretty viral last night. We saw a gold and silver rally
on the back of that. Nikita Beer was all over the timeline this past weekend, effectively
talking about how Reach is nerfed and replies
and we can get into it later. But the bigger news is yesterday they announced smart cash
tax. They're going to start showing crypto and stock prices
live on the timeline with live charts. So perhaps
an olive branch for the crypto crowd who had their pitchforks up
for Nikita over the weekend.
In other headlines,
we had Baneck.
They had their,
their latest projections.
Some bull hopia 53 million is their Bitcoin target by 2050.
They outlined long-term adoption,
trade settlement,
store value assumptions, and 29%
annual growth to get to that target. I think their base case is close to like 1.3 million.
I'll pull up the numbers here in a bit. Anderson Horowitz, A16Z, they've now raised $15 billion
in their latest round of funds. They are investing in American innovation.
AI and crypto, they say, is at the forefront of that.
That's 18% of all the VC raised in 2025.
So it's a big deal.
We had a new house bill that will bar lawmakers and federal officials
from using prediction markets.
Tether froze $180 million.
And USBT linked to Venezuela and BNY Mellon debuts
and tokenized deposits for institutions
for institutional clients.
And ETS, the Bitcoin ETS, man,
it was a rough week. Another $250 million in outflows
on four straight days
of outflows. But not
from Saylor. Saylor bought $1.25
billion in Bitcoin last week at a
$91.5 average.
So he's actually still a little
under those bids here at 91.1.
And Tom Lee's Bitminer,
they bought 24,000 more ETH.
Also notably, they're back up to a billion
in cash. So they added their stack.
They're added to their cash stack there as well.
And token airdrop and protocol
news pump fund teased changes
to their creator fee sharing, changing some
coin creation incentives there.
Infinex closed their ICO. It ended up filling in 44% oversubscribed.
So they didn't, in fact, get there.
Trove completed their ICO, $11.5 million raised, though a little bit of controversy.
They did an extension. They walked the extension back.
And, of course, there was prediction market impacts to that as well. That trove EGE
will occur on January 20th. Rekt Drinks Worldstar
Cherry Cola. That sale goes live here at 1 p.m. Eastern in just a few hours.
This RAIN protocol announced a $250 million
raise at a $1.95 billion valuation to
expand its stablecoin services.
Round this out in memes and NFTs.
Memes were mostly...
The meme majors were read over the weekend.
White whale hit close
to $200, but it sold off. I think a big holder
sold like a million overnight.
Testicles, the top mover
on chain, Dip Wheeler's going crazy
on this one. It hit $20 million.
A few other movers up somewhere between 150% on the day.
So it does feel like on-chain heating up a bit.
Not easy mode by any means.
NFTs kind of just chopped over the weekend, though.
We had some big moves in Good Vibes Club and Chimpers.
Both up about 30% in the last day.
And that's our roundup.
Dude, let's start with the absolute most important news of the weekend.
Public enemy number one of CT, Nick at a beer.
I'm trying to get him on the show, okay?
I've DMed him three times.
He follows me.
Doesn't answer the fucking DMs.
Nick at a beer.
Clip that, all right?
We want you to come on the show, dude.
Okay, let's go. We've met. We've met want you to come on the show, dude. Okay, let's go.
We've met. We've met before. I just come on the show. Let's hang out.
I met Nicky. So Danny and I in 2021, we threw a house party in Beverly Hills and he pulled up.
But that was way back then. What?
The Tai Lopez parties?
No, no, that's when we threw up. Not when I went to.
So 2021, you know, back in the days, we actually had money then, you know? Italian Lopez parties? No, that's when we threw up. Not when I went to.
2021, back in the days,
we actually had money then.
Google Higgins.
Again, guys.
Higgins and Eczema.
Shut up. Shut up.
And then...
We're all in on testicles, though.
All in on testicle token.
Which, by the way, went to $28 million this weekend.
Kind of dead now.
We can talk about this after.
But, what do we think?
Like, he made this tweet about CT.
I guess I reacted very quick to it.
Because I've also been in social media forever.
And, like, my last 17 years on social media is people complaining about social
media.
So maybe I might have different also point of view sometimes,
but then Tyler,
you came in,
I think obviously as usual,
your taste kind of more like,
you know,
refined and you kind of had more time to think about it.
What do we think?
What,
what do we think?
He one shot at CT,
but at the same time cash tags,
right?
So like,
what do we think is going on here?
What's your takes on,
on his tweet this weekend,
Tyler?
I think him and Elon's not like the crypto niche of Twitter.
I think that's pretty clear.
The algo changes over the last few months are also pretty clear.
It is much more of a...
You get funneled the news of the day.
You see the Elon tweets, you see the rage bait and then you
see uh you know whatever the one or two top stories are and then if you if you look at any
of those tweets then that becomes 25 of your feed like that is my experience on the app so like i
clicked into a couple sports tweets now sports is 25 of my feed it was it was not like that for for all of 20 and 25 and this is the for you
um nikita came out and said basically that everyone started reply guy on
ct in in october which i disagree because i don't think that's accurate
he has the data maybe there's a big bot infusion in october like i believe that maybe the bots
really started jumping in Q4.
Maybe that's tied to this. And he effectively said, your reach is limited
based on replies.
Average user only looks at 20, 30 posts per day.
So they're not going to feed those users all your posts.
They're not going to feed them certain ones.
It kind of confirmed what a lot of folks thought was happening.
And it's just,
it's rough.
I hope they can,
I hope we can fix this.
I think they're going to open source the algo here soon.
Maybe there's going to be workarounds for this.
But I do think CT is somewhat dependent on people being able to see each other's posts and have some discussion and debate.
And if that goes away, I think it's a blow.
It's not a blow for crypto majors prices, but I think it is a blow for some of the downstream.
And certainly a blow for the trenches.
I'm not necessarily pointing the blame at Kaido. I think Kaido
probably a part of it,
but I mean,
bots were around.
I really feel like it's the bots.
There's been a bot issue before Kaido.
It's just got to be worse after that.
Man, what do you think?
I mean, I've been I was pretty vocal about it on the weekend
it's just weird
I log on now and it's nothing to do with crypto
on my timeline
someone told me that if you just start saying
you're not interested in all these posts
it can help
so I've started doing that
but to be honest I've also been the. Yeah. You can do this here, I think. But to be honest,
I've also been the sort of person that like,
I follow a lot of people.
I've always been like that because I wanted to follow people who are
involved in rect or involved in,
in yeet or Epic or DJs,
like everything.
So I've always like had a very,
I follow 13,000 people.
So it's not like I can just now quickly go to a only following sort of shift,
which is, I think, what I would do in this sort of scenario.
But, yeah, it is really affecting my usefulness of the app.
Like, before I'd be able to keep track of what's going on on CT relatively well.
I do think things like Man in Minute or Tyler's Morning Minute become even more valuable in this sort of sense because like it's really difficult to work out what's going on at the moment.
Yeah, it's true.
I mean, you vibe-coded Claude, right?
So your work is handed to you now, you know, you're good.
No, but I agree.
See, my first statement was like, yo, like maybe you guys need to stop like. You know, you're good. No, but I agree. See, my first statement, like, yo, like, maybe you guys need to stop, like, you know, just, you know, falling for the info fight, all that good stuff, et cetera.
And, you know, there was a point where a lot of big influencers was telling you, yo, ReplyMax, ReplyMax 300 times a day.
And, like, dude, like, this has never worked in the history of social platforms.
It has never worked.
It's not an Akita Beer thing.
It's not an Elon.
It's not an X thing.
On Instagram, on any platform you want, whenever you used to do that, they didn't like that
behavior, right?
But then I do agree it doesn't help.
Like this weekend, there was a cute video of like these hockey kids.
Maybe you guys saw it.
That's like fighting right in the middle of the rink.
And it was really cute.
And I liked it.
So I liked the video once,
but then the next 10 posts were actually 10 times the same video
from 10 different people.
So there's something broke, clearly,
in that because my interest,
as much as it is hockey
and what's going on around, let's say,
and some political stuff,
my main interest is my community with crypto,
right, within crypto.
And so I do want to be able to be served,
let's say same white whale before
it runs, so 150 mil.
You know? Or the testicle token,
for example, right? Or stuff
that's going on on Ethereum, etc.
So much more interesting. But anyways,
I see Mike in the stew. Tyler,
is there anything else
you want to cover that's like top
priority? And if not, we'll just go to Mike.
No, let's get Mike up, yeah. Let's get Mike up on here pardon me i'm gonna have to run you know this as well
guys i'm gonna have to love love to leave mike what's up mike how you doing i'm well i'm well
how are you we're good we're good just uh another day in paradise, you know? I love it. I love it. I'm in my own little suburban paradise here.
Yeah, no, I like it. I like that suburbia life, you know?
Like, it's you and Wiz. You guys got that suburbia life. Like, I kind of like it.
Problem is, I looked, finally, at my year in review, Apple Fitness, and my depth are down, like, significantly.
Like, a couple thousand per day
so i uh i put the old treadmill in my home office now so i'm gonna start walking and talking oh
you're gonna be one of those guys that's like walks on treadmill during their meetings
holy i'm gonna be like heavy breathing sorry midlife athletic crisis i love that hey that
that's that's not a bad shout listen mike, obviously you're a friend of all of us.
You and I, we've got to talk quite a bit in private, but we were reading one of your takes
on a timeline last week, a week before. I forgot which one it even was. And we're like, fuck it,
let's just have Mike on because you have a lot of opinions to share and we like it. We like
chatting with you. But maybe first for the people in our community part of this that may not be too aware of who you are, what you do, because they definitely see your bangers on the timeline.
But they may not know what you actually guys do at Six Plans Ventures.
So let me intro yourself and we'll start there.
Absolutely.
So these days, last five years, actually, it's fascinating.
It's been that long.
Crypto just moves fast but basically
i've been an early stage investor so we invest in crypto projects companies protocols uh equity
and token businesses at pre-seed seed series a so um and primarily at the application layer
and so we don't really do l1s l2, or pure infra for the most part, but invest in
basically products across a bunch of different segments from like DeFi to stablecoin finance
to trading to RWAs, to generacy, D-Pin, DeFi that utilize blockchain rails. And so we're having fun
and hopefully we're going to the golden age of crypto enabled applications.
We'll see.
I love that.
Before that, by the way, I was like in, I'm like a boomer.
So I'll call it pre-boomer.
But I worked like my first job was at Disney.
I worked at YouTube and then spent 10 years working in fintech.
So Venmo, PayPal, Google Wallet, Braintree, Paxos.
Yeah.
So it was a lot of fun.
And I've started a couple companies, you know successful but not wildly successful i wouldn't be a vc if i created
a unicorn um hopefully you know helping others too so yeah you're doing pretty good for yourself
you're pretty good at finding those unicorns you know um you guys are i mean i personally consider
you guys one of the like the better ones right, especially when it comes to crypto and for finding those apps.
Tyler, I'll go to you.
Maybe you got some stuff for Mike here.
I'm happy to jam.
Yeah, Mike, I'm just curious.
I want to walk through the VC arena here in 2025, 2026.
I guess, for one like how has it changed?
Like how,
how has your investing process outlook changed over the last few years and now
into this new golden age to use your terms?
Yeah. So I, the couple of exciting things,
like one is we can as investors,
we can, as investors, reliably invest in revenue generating projects with confidence that if they launch tokens,
there is a way to basically accrue value of those tokens, whether it's through buybacks, whether it's through fee distribution,
whether it's through, quote unquote, ownership coin mechanisms like MetaDao.
But the regulatory environment has improved significantly. And by the way, while there's not
full clarity, and that word's important, we're looking to pass the Clarity Act here in the US
that will give clear guidelines on what tokens are securities, what aren't,
to grossly oversimplify. We're at least moving in the right direction, and we have a favorable U.S. administration
and some constructive regulation in other areas.
So anyway, we can invest with confidence at the application layer now
and know that those tokens can be valuable.
At the same time, you've also seen that equity-based businesses
building on blockchains can be valuable.
So a number of them have gone public.
The Circle went public last year.
We have Kraken and I think BitGo today
said they're going public. There's a bunch
going public Coinbase.
And then you've had acquisitions.
So Stripe buying Peruvian Bridge.
And there's a bunch more
coming down the pipeline. So it's exciting
to see that value can be created
application layer.
And then you can see value being destroyed,
but it gets healthy at the sort of L1 and L2 layers.
So, you know, from a sort of peak in 2021 of just, you know,
empty nonsense block space, we've just seen, you know,
most of those coins bleed out over the last four or five years.
And then just a handful that have maintained strength,
like Ethereum and Slawn and a few others. So that's exciting. And I think it just brings
purpose and clarity. The other thing that's exciting is you're starting to see, you know,
instead of like, hey, blockchains are going to be useful in the dental industry, therefore we'll
produce Dentecoin. We're seeing actual useful propagation of
blockchain technology into the areas where it makes sense. And that would be stablecoin finance,
DeFi. And you just see all the metrics around that. Stablecoin's issued increasing,
number of people with self-custody wallets increasing, on-chain trading volume increasing
across bot and perps. and then real-world assets,
things like gold coming on-chain and many other assets. So it's exciting. Stocks.
And so what's interesting is all that's happening, all that positive stuff,
is happening sort of against the grain of sentiment. So basically since October of last year,
the last four months your things
have just basically been down only i mean up only the last couple weeks um but from a pretty low
bottom so you've got sentiment bottomed um a lot of people feel churned out by you know the sort
of speculative fever of meme coins and nfts and your multiple cycles of speculative games you know, meme coins and NFTs and, you know, multiple cycles of speculative games, you know, yield farming and sort of poor, perhaps, expressions of what can happen on blockchains.
And so I think we're in this just, like, weird transformational phase where you have some of
the OGs burning out at the exact time when exciting products that I think are going to reach,
you know, hundreds of millions of people
are coming to market and being more broadly adopted.
It feels spot on to a summary of where we're at right now, sentiment-wise,
and just a 5,000-foot view of the industry.
So in your view, how do we break out of it?
Is it the Clarity Act, the market structure bill?
What are the catalysts to get us through this turn which is uh yeah so candidly there's
like no quote-unquote quick fix i think just like deep breath and um and and frankly like
uh taking that 5 000 foot view and and looking the classic zoom out, but just look at the big
meaningful trends and seeing that they're moving in the positive, in a positive direction. So,
you know, hey, for example, perhaps some metrics like the total fee revenue on Solana is lower
today than it was at the absolute peak of January or February 2025.
But it's much higher than it was two and a half years ago,
or sort of the last bottom.
And you just look across virtually any metric,
TVL, like I said, stable coins issued,
RWA is on chain, fees are dropping.
Like just everything is much more stable.
So I think if you zoom out, we're in a good place. And we've taken a deep breath. We've,
I think, flushed out a lot of folks who were coming in to kind of make a quick buck. And
the people, the big brands that were here five to seven years ago on the venture side,
because you asked specifically about VC, like they're all still here.
The best brands, right?
A16Z just raised $15 billion and put out, you know,
their whole thesis last week.
And, you know,
said one of the two core foundational technologies and architecture,
sorry,
that's going to be critical to all technology moving forward is
crypto alongside AI. So, you know, that's exciting and they're doubling down. You have Paradigm who
for, you know, maybe a few months, six, 12 months, you know, they put AI all over the website and
now, you know, are just focused with a flourish on building a tempo blockchain alongside Stripe and doing incredible
research across blockchains to optimize them and double and triple down. And then all the other,
like, I don't want to give credit to too many of the firms I'm competing with, but the best ones
are all here. And over the last six months in the crypto VC world, while it had been almost impossible to raise funds for crypto funds in 2023 and 20, sorry, 2024 and early 2025, that improved in the second half of 2025.
So there were successful fundraisers and there's capital to deploy into the quality entrepreneurs who remain. In addition to that, we've seen an expansion of
the type of capital that is investing. So I mentioned MetaDAO. I'm an angel investor in
Legion. Echo is acquired by Coinbase. There's a bunch of options for founders to raise capital.
Even our portfolio company Pumped Up Fund is talking about creator capital markets and their capital markets. There's just a bunch of ways to raise funds.
And instead of the $200 million ICOs of 2018, where the money was unaccountable, the models
now are much more like traditional funding models.
Hey, raise $4 to $10 million in this public offering.
You're accountable.
With MetaDAO, it's an ownership coin.
And then go and execute.
And so it's exciting.
So I think capital formation is improving.
Token design is improving.
But it's not showing deeply in prices yet.
I think that's going to change.
But it's going to change.
You know, I think this is pretty consensus.
And I think this is pretty consensus.
I'm not being non-consensus by saying it's going to change for select assets.
I'm not being non-consensus by saying it's going to change for select assets.
The last thing I'll say is the select assets that it will likely be positive for, some
of them are going through their own sort of growth pains before our eyes, which I think
is introducing a little bit of doubt, right?
Some of the larger caps, application layer coins like Aave, like Jupiter, like Helium
and Deepin, they're all kind of going through a mixture of governance, value approval, token design transition.
And it's been high profile.
And I think it's introducing a little bit of doubt in potential buyers because things are so fluid.
So I think over the next year, we're going to work through that.
And then those teams will be able to earn the trust of investors and
stakeholders by finding a model and then executing against it consistently to the point where then
capital will follow. I don't think we're there yet. It's going to take time.
Is there anything on the nose, is there anything specific you're looking for in the Clarity Act?
And maybe like part two, are we going to get to a world where you can effectively buy a token as
like effectively a proxy equity bet on the protocol company?
Like, are we going to get there? Like, how are you,
because you said you were more confident.
Yeah. So it's, it's challenging. So, so what I would say is for,
um, let's, there's so many categories of,
of companies and like,
it's impossible to give a blanket statement.
So I'll just start with one.
If you haven't issued a token yet,
there are a lot of teams that are waiting,
to issue tokens until they have more insight into the rules around,
you know,
what would make,
whether there's a separate category
sort of between security, commodity,
like is there some carve out
for tokens that might have security like properties
to value accrual,
but might also have staking or value accrual
or security mechanisms or loyalty mechanisms?
Like, will there be some sort of a carve out?
So if you haven't issued a token yet, there are many teams I think will do that once this act passes, based on what's
outlined in the act. If you have issued a token, you're basically, many teams are waiting or doing
very simple things like buybacks, because, you know, that's not security-like, that's not, you
know, the efforts of a team, you know,
basically directly sending value to the token.
It's kind of a roundabout way to demonstrate that you're committed
to the token value, but might over time migrate towards other models.
If you can, for example, direct revenue, hey, 50% of revenue
goes directly to a token holder who stakes their token,
and they can receive that as USDC.
I'm just making this up.
And then there will be a category of just securities on chain.
And so that's going to be interesting and novel.
And you see folks starting to experiment with that.
But right now it's hard to confer legal rights.
The way that you have to go about issuing these things is pretty complex and you see you know and he's like super state you're
pushing forward on doing this but there's a lot of overhead um you know to get any specific issue
and sunshine the last thing i'll say is if you've all the other thing that i think people are
cautious about and is going to need sort of interpretation beyond just this bill is, hey, let's say I issued a token and I did an ICO.
Can I later migrate that from something
that I've explicitly structured not to be a security
into a security?
Does it depend on, again, who I sold it to,
how I sold it, whether I only issued it
to accredited investors, that kind of
thing. So just a lot of unanswered questions. But again, moving towards more answers is
critically important. And I think the notion that, I'm sorry, it's important that it would
be bipartisan. That's really critical because I think entrepreneurs have to feel like,
well, if I do this, I'm not going to get rugged in two and a half years if the Democrats become-
So do you think this is going to pass? There was some like-
Yeah, I think so. I haven't been spending as much time in DC as a lot of my peers and friends
who,
but based on the amount of energy that I'm seeing in the industry and we're
members of the blockchain association,
my expectation is yes.
I would be pretty disappointed if something didn't get passed.
I saw Coinbase saying,
Hey,
and we may not support this.
That's why I'm asking.
You know,
yeah.
Like we might not support the Clarity Act if we
pull back some of the things that were implemented in the Genius Act, for example,
allowing stable coin issuers to provide rewards. So yield or some sort of yield to folks who are
holding stable coins. I think that's probably more of a threat than practical, but we'll see.
But it's sort of sensible for everyone.
The biggest thing I've seen in the last couple weeks is actually it feels like a groundswell
towards broader than crypto, towards like innovation i think people are just absolutely being wowed
by the pace of every technology like you know ai technology improvements you know we saw with
the venezuela situation the the military and defense technology improvements and uh i it it
doesn't make sense like to stand in front of the innovation train and i think it's
becoming increasingly clear to all politicians particularly uh democrats uh and again you see
this uh the voice of innovators uh who are often many of the wealthiest people in the world are
getting stronger you see that with the debate in california around the billionaire wealth tax
where you actually have more sympathy
than I expected for billionaires.
And by the way, they're actually moving
much more rapidly to talk with their feet.
So again, all these things are intertwined,
but I think what we're seeing is
smart people, decision makers across law, know, law, policy, technology,
realizing again, you know,
sort of innovation is a runaway train standing in front of it at a time of
when the stakes are raising on a global scale. And again,
we might be moving, you know, from this like globalist landscape.
Again, this was in the A16Z stuff last week to a more US centric
landscape. Like it's almost like patriotic to be, you know, friendly innovation. It's just
incredible by the way to see. And part of that, by the way, is that the voice of technologists
is becoming stronger. They're becoming much, much, much more effective through the all in
podcasts, through their own media organizations and through these technology platforms elon musk going x at absolutely shifting the dialogue towards
the outcomes that they want to see it's the american dynamism push and yeah yeah i mean
the branding is incredible it's actually more powerful i would argue than a lot of the political
rhetoric that you hear and it's like less polarizing.
Who doesn't want American dynamism?
And like, you know, let's go win.
And I feel like it's such you kind of mentioned this.
There's such a split between like A16Z, one of the biggest VC companies in the world, has AI and crypto at the forefront and says we have to invest in this.
And yet sentiment on chain is at all time lows.
Maybe not all time lows, but it sure feels local lows.
Yep.
At minimum.
We'll have to get to the churn, I suppose.
Yeah.
So like this happens and we tend to like,
the recoveries tend to be pretty ferocious, right?
The low in 2019 for Bitcoin, which was like a double low,
like you thought the low was 2018 and then it kind of like went lower and
then boom, DeFi summer. It's like, oh wow. And then, you know, NFT mania.
And so, you know, the next flavor was post ftx lows in 2022 boom recovered really really
quickly from that to like all all-time highs and sort of trading on chain and then the um blockchain
is working you know in a low fee environment so different use cases um okay boom like what happens
fastest is like sort of low calorie and you really rapid. A lot of people lose.
So you cycle through and then now we're in a sentiment drought. And I just think the recovery
on this one is going to be significantly bigger because of the things we talked about. We're now
applying these things in meaningful ways towards real world problems and use cases. And by the way,
one of those is a big category that still is gaming
and speculation. And we can call it prediction markets. I still think meme coins and creator
coins, like all this fun stuff, it's going to exist. But it's much better if it exists within
the context of sort of longer build, like slower moving meaty things that people already do off
chain. Maybe quickly we can talk pump funds. So you mentioned pump funds, one of your portfolio slower moving meaty things that people already do off-chain.
Maybe quickly we can talk PumpFun.
So you mentioned PumpFun is one of your portfolio companies.
Folks who around know that.
I guess what did PumpFun do right and wrong as your future portfolio company?
What should they learn from PumpFun if they launched in 26, 27?
Yeah, yeah. So the best things they did is they launched and they rapidly iterated um they stayed
extremely focused and simplistic right you know bonding curve um you know then launched pump swap
uh then launched streaming pay streaming you know got a lot of hand pulled back relaunched it after
they reworked it but they basically just did a, a few things and didn't do 50 things. Right. So they could have launched perps. They
could have launched stocks. They could have launched, you know, but like those things all
existed elsewhere. So they really staked out who they were and what they were. They also were not
afraid to generate revenue. Right. So like 1% on the bonding curve, you know, have pump swap fees.
And they were unapologetic about,
we're going to generate revenue
such that we have a war chest
such that we can build a long-term business
that's going to survive multiple cycles.
They've used a lot of the cash that they've made,
you know, pre-token to invest in their mobile products.
And they continue to do that
at an absolutely feverish
pace.
Most of the organization is deployed against building out their mobile capabilities.
And they just kind of have been contrarian, and they don't listen too much to the hysterics
of public discourse.
On the flip side,
what I'd argue they've done wrong.
And by the way,
they did a great job of issuing a token
at a price that the market was willing to pay,
having confidence they were able to do that.
And they raised more than a billion dollars
by doing that,
which again, pre-token,
and they can invest that capital
for many, many years to come,
which then once they issued the token,
gave them the ability to drive all sort of future revenue to buying back the token.
What they did right there is that they have continued to buy back despite people saying,
oh, well, that's an inefficient use of capital. They have a couple billion dollars, so it's going
to be okay. They have plenty to invest in the future of the business where I think some
of the things they've done wrong.
And they, they would probably disagree with me, but you know,
I think if you've said you're going to do an airdrop, you know,
at some point you should do the airdrop.
And I believe that they will pretty strongly.
They, and they have not communicated.
I don't think, as consistently and with the tone that I think is necessary with external stakeholders.
So in other words, you grow from just the trenches being your customer base, and that will always be the primary customer base.
Those are folks using your protocol.
But when you have a publicly traded token, you now have a you know, separate constituency, which is like professional investors and institutions.
So you do have to sort of serve both of those.
And that's a new muscle for them that, you know,
I'm working with the team on ensuring some consistency of communication and
they need to do that better.
And I think that is reflecting the token price,
not being where it should be relative to the business,
but the business is doing great. And like, honestly, 75, 80%,
maybe more of, of what's important
is making sure the product works.
They're doing over a million dollars in revenue a day still.
They're pumping back up.
I think they did 1.5 million the other day.
This isn't a market where everybody's saying meme coins are dead.
Yeah, they always say that.
Well, you can see the necessity for Alon to be present
because Q4, he was absent.
And despite saying Q4 is going to be a big one,
and it started really weighing in on the token.
And then as soon as he tweeted one thing on Friday, the token skyrocketed.
Yeah, so he's back in a big way.
I think it was just the timing.
Was there something holding them back?
Was there something going on there?
I just think the sequencing of the product being ready for that next yeah basically when they launched creator capital
markets uh i don't think the infrastructure is very support the level of streaming the demand
they had there's some issues with like people be streaming and then like it would crash and like
they've they spent a few months reworking all that and have done a really fantastic job and you can see they're sort of now ready for that next uh phase of the business and
uh you know also waiting i think for sort of the market to be ready for for again a new structure
um and so yeah so like i expect you'll you know maybe move that q4 quote into Q1, but I think you'll see good things,
and they have some really exciting product developments planned to launch.
So I'm excited.
I've spent a lot of time with the team in December.
I like that.
Yeah.
And they're just like one company.
We have other ones in our portfolio doing some really cool stuff.
But I would say there's definitely a dearth of – I think part of the sentiment right i would say there's a there's definitely a darth of
i think part of the sentiment right now is there's a darth of things for like us to do like the three
of us who we love nfts we love like yield farm and like all the stuff that moves fast like we're
like crypto definitely and like this is one of the things we're on the lookout for is things that
move fast one of the things we're invested in is sport.fun, football.fun.
I think they're coming in this week, going on this week.
Yeah, it's going to be awesome.
Their token is launching, what, next week, I think.
So it's just like really exciting time.
And that's a product that's, you know, FIFA World Cup's coming up.
So it's going to be so relevant.
It's a good year for them.
Yeah.
So we need more exciting things like that across more segments.
I think we will.
And I think a lot of the consumer stuff,
you have to recognize that trading is important to it.
So you're seeing it with the Pokemon, the collectibles.
We just backed the collectibles protocol.
It's going to launch in Q1.
I think you're going to see some cool stuff.
We haven't invested in it yet around ticketing,
but just think about things that people trade, start getting more of that stuff on chain. We've seen it with RWAs like gold and there's compute indexes coming on chain. But ultimately, you have to have the realization that these are ledgers and financial ledgers, shared state, like anyone anywhere can get access to this asset trade it and while there's going to be assets that
you hold and are yield on for for this stuff to work people have to be like looking at their wallet
I think on a pretty regular basis and so I'm excited for that I want to ask you I know we're
coming up on time and I'm sure you're busy but like what makes because you've you've this cycle
I feel like you guys have been one of the better VCs at recognizing which apps are going to do well. And I think you've hit a few home runs.
What makes a good app?
And the reason I'm asking is because some people farm everything and therefore get nothing.
And I think you waste your time.
So similar to VCs, I think the user in crypto gets fatigued by praying and spraying.
So I kind of want to ask for the people because that way they get to understand how to farm better in a way, right?
It's like, what makes a good app? Like for you, like, what's your like
thing? And then second fold question is, for 2026, what's your outlook? What do you, is there going
to be a new narrative? Or is it old areas? Like for me, prediction markets, I think I'm going to
keep leading this narrative this year. But like, what will be the narrative of this year? But first,
like, what really makes a good app?
Yeah, so, I mean, it's a really broad question,
but some things that help.
The one, so let's just start with the founders.
The founder, authentic,
and do they really deeply care about the market that they're operating in?
So the pump guys had been working on memes
and speculative stuff for a long time,
for more than a year before launching pump.
Adam from sport.funt, football.funt, you know,
was a so rare whale, cared deeply about it.
So the folks who actually make it, who create the apps,
need to have like deep authenticity and care about what they're doing.
And you don't want like tourists.
So like the collectibles, one that we invested in,
the guys you've been collecting for decades.
He's actually a traditional entrepreneur who's been really, really successful and now sees this opportunity to come on chain and reach a global audience.
Most of his products today have been U.S. only.
Second thing is you'll know when you see it and the other people around you will, too.
So are people talking about it? Are they excited? Are they authentic?
Do you not need, you know, KOLs and other people like telling you to farm it,
but like you actually have this innate interest in the thing
and are passionate about it.
And I think you've seen that with prediction markets, with perps,
with this fantasy sports thing that I was talking about,
with some of the Cato stuff early on when it was talking about projects
that you're excited about and following people, the leaderboards. Leaderboards is an example. Things that bring competition and fun and
training. So that's on the speculative fun side. But there's a whole other side. So like DeFi apps,
it's completely different. It's like, is this thing something that I can trust? Like right now, as I look across much of the DeFi landscape, most applications called 90% plus are not ones where I'd park my money because I simply would not feel comfortable in the robustness of the protocol like so like something like ave becomes lindy and just becomes a showing
point for like where should i put my capital even if the returns aren't as grandiose as you know
what's being marketed by other protocols because i won't lose it now the next question is is that
return significantly better than what i can just get with bank or you know with vanguard or other
financial products um so with anyway withFi, with things like that,
you're looking for trust, reliability.
Anyway, with all these,
the other thing you're looking for is simplicity.
Like can a normal person understand what this thing is
and what the rules are without, you know,
and then is it like organic?
I think we've moved past the age of like super juiced, really exotic.
You've seen entire chains launched with really complex mechanisms like, you know, like protocol and liquidity and just like stuff that just hasn't worked repeatedly.
Normal people need to be able to rock stuff for it to be long term sustainable.
And then, you know, authenticity and again, sharing with the people actually using the protocol
hyperliquid really great example of this many perps protocols have come and failed before
one because the product just didn't work is the product work is the other big one right like
you know am i getting uh you know is the pricing reasonable is uh you know is? Is the depth, liquidity and perps, things like that.
Now, how do you discover them? It's tricky, right?
So I think it's pretty clear now that so much of this stuff is KOL driven and it's slop and you shouldn't trust it.
I'm deeply self-interested when I say this, but I do think like the best VCs do quite a bit of diligence.
Like, so like we hadn't invested in a purpose protocol previously.
We invested in one called Bulk that's launching in Solana this month.
They just launched your test net.
So, you know, we co-invested with Robot Ventures.
And, you know, it's just a team that has a really novel architecture and we think is going to
be really successful.
It's on a chain that has a number of assets in Solana that are already on a
chain, a lot of liquidity already there, a lot of traders there.
So like, you know,
we think it's going to be successful and we placed a bet on it.
And, you know, I think to your question,
like it's always gonna be risky. It's impossible to say ahead of time what's going to be on it. And, um, you know, I think to your question, like it's always gonna be risky. It's impossible to say ahead of time, what's going to be super successful, but there's a power law here.
Like if you're gonna, you know, quote unquote farm or use things because you want rewards,
you should probably go to the winners, right? Like, so you're going to, you should probably
be using Calcio or Polymarket right now. You should probably be looking. I have
no investment either. On the
perp side, again, it's going to be
majors like Hyperliquid and Lighter
were rewarding. Astro was rewarding.
What's next? I think it's going to be Balkan Solana.
It's just that simple rubric
is a good one.
What's
going to happen in 2026? What narratives?
What's your favorite narrative for so like i would say on the so prediction markets have to get like i think
they're interesting but they have to get significantly better in terms of like market
resolution in terms of liquidity so i think we're going to see you know probably improvements in
oracle and if a lot of efforts around like truth truth and what is the truth and how do we settle and approve this.
I think you're going to see the DeFi blue chips grow and you're going to see more meaningful assets issued on chain.
So the issuance of meaningful, established, valuable assets like the ability to bet on compute index, gold, uranium, silver,
this, that, the other thing is all, it's going to come on chain. And I think that's a reliable
narrative that you can get behind. And that will increase trading volume. I think, you know,
I think you're going to see an increase in on-chain trading versus, I actually think this is finally
the year where people are pretty discouraged by sexes.
You know, 1010 was like really, really bad for a lot of people.
There's a decrease in trust in Binance and some of the other centralized exchanges.
And also token issuers themselves are seeing that, hey, launching on an exchange really
hasn't been a boon to their tokens.
And therefore, you may be doing things organically on chain. on an exchange really hasn't been a boon to their tokens.
And therefore, maybe doing things organically on chain might be a winning strategy and putting a lot of liquidity and efforts there.
That being said, the thing that needs to happen with that is improvements in self-custody,
right?
So we really need to simplify what it means to hold assets on chain and I think make it easier for people.
So the one mistake doesn't cost them your tremendous amounts of money and then figure out like real world security.
Like we need privacy. You see Mert and Naval and many others pushing Zcash, but just the overall theme of privacy. We have a massive, massive problem right now where it's really easy to sort of like discover
whales and folks and then sort of one, target their trades.
We invested in a shielded transaction product on Hyperliquid called Silhouette.
And we think that's going to grow the market on Hyperliquid when people can't hunt whale
positions and people are going to start to put on different kinds of trades.
But also the real world applications.
Like many, many people, I've taken a lot, a lot of folks have taken money off chain because you see these real world security risks.
And a lot of folks have, you know, I saw you treating that for oak, but like, you know, if I'm going to France, I'm not telling anybody ahead of time.
broke, but if I'm going
to France, I'm not telling anybody ahead of time.
Yeah, I did.
So some improvements that are
really, really needed both in terms of on-chain
security and physical security.
Love that. Mike, this has been great.
Really insightful. Appreciate your time. I know we're
a couple minutes over. One last
question from me. You mentioned PumpFun was contrarian
and that was actually on my list. If you
have any contrarian takes
for 2026. any contrarian takes for 2026.
Ooh.
Yeah.
So contrarian takes.
Good question.
I think it's contrarian to say that
I think Solana will,
I think Solana is going to outperform Ethereum as a token.
And that's not because Ethereum is incredibly valuable
and it's going to have more TVL than Solana
at the end of 2026 significantly more than Solana does at the end of 26.
But in terms of just like where activity is happening, and I think Solana will be a significant institutional chain.
And it's already like proving that there are significant assets issued on chain many stable coins moving in significant volume on the chain so I think that's pretty interesting
and I think there's going to be a breakout stable coin outside of you know tether and USDC I think
a lot of folks are dissatisfied so I don't know, maybe something that gets
to $15 billion or more in
TVL. Maybe it's
PayPal's, which was not doing
much for a long time, and now they're baking
it into the core product and incentivizing
consumers and merchants to hold it and giving them
rewards.
Yeah.
The other one is
that I do think we're going to see, and this isn't,
maybe it's not contrarian, but like 2025 was a total washout year for AI and
crypto, right? Like not, not a lot meaningful.
Like the things that went to the highest market cap were complete and utter
slop and trash. Yes. No less value.
And I think that'll change, but i'm not an engineer and i'm not
even i'm probably not smart enough to tell you exactly like what that will be but it's going to
be the kind of like we know when we see it it'll certainly agentic payments is going to be a big
thing but like it's hard for you or i to get like exposure to that like you know circle's pretty
expensive yes it's a public stock coinbase i don know. Like you can't just bet on that specific business.
So I'm not really sure.
And Stripe's private.
By the way, that's a problem.
So I'd love to see, you know, some of these private companies come on, Jane.
I think that will start to happen.
Robinhood's, you know, doing that.
Robinhood's going to outperform again.
Shoot, I'm an RIA, so I can't say it.
Robinhood's a great company and
I can't make, you know, stock recommendations, but look, I'm not sure if anything I said was,
is maybe the most contrarian thing is like the obvious things are going to work. Like,
yeah. Right. Like, I don't, I don't think you need to be a genius to do well in the market in 2026.
Like stablecoin finance, DeFi, speculation and trading, stick to those.
I think D-Pin is going to underperform for one more year, sadly.
I don't know if that's contrarian because it's just there's too much messiness
between labs and token and where value accrues.
And most folks in the deep end sector are horrible marketers.
It's really been disappointing.
It's what we've invested in so few teams,
but I can tell you the ones we haven't invested in,
we think are phenomenal.
So Don Internet and others,
but it's going to take time for deep end to work through problems.
It's going to take time for D-Pen to work through problems.
And then, yeah, I think we're probably, overall price appreciation,
probably less in 2026 than people expect.
Because we have to work through the regulatory stuff.
We have to work through the sentiment change.
We have to work through the mental model of shifting from, um, you know, quick hits or where you get the biggest rewards to making concentrated
longer duration bets is where you, um, generate significant rewards. Okay.
All right. Mike really appreciate it. I love that. Thank you, Mike.
I appreciate you for your time, man.
I love this. I love this. I love this. That was a really good show.
Wow.
I love that.
I went over.
It's so weird that the,
the,
the X broadcast broke,
not broke.
Actually,
it ends at four sharp,
11 PM,
11 AM sharp,
but we're going to extend it.
So it doesn't happen again.
But if you're on kick,
you're still here.
You can still want some money.
And the Twitter space is good.
Yeah.
Good old,
good old trustee.
You know,
this,
this Twitter spaces is that,
that,
that one,
like a golf club you have in your bag that was given to you by your great-grandfather.
It still works.
That good old trustee.
You know, it's still, like, 100-plus people listening there.
It's so funny.
But we'll just post a full interview.
All right.
What did we do today?
Was it Silver Spin?
Is that what it is?
Yeah, okay. Got it. Mr. Charlie. All right. What do we do today? Was it Silver Spin? Is that what it is? Yeah, okay.
Got it.
Mr. Charlie.
All right.
Silver.
Producer Charlie.
Peng Zoo.
Is that the guy that was in the comment talking back and forth?
Did I view this? I think this guy was going back and forth with Charlie just asking about the was in the comment talking back and forth? Did I view this?
I think this guy was going back and forth with Charlie just asking about the rules in the comments earlier.
And did he just win?
That's so good.
I think I was.
Yeah, it is, right?
He's laughing.
He's laughing.
I have the comments open on my screen.
And that was.
And that was...
So anyways, I saw that.
I thought it was funny.
He's good.
I don't think he was on ice either.
I think he's a first-time winner or something, right?
So let's give you some money, dude.
Let's give you some money.
All right, Pengzoo.
Choose the lamb chop.
You're here.
Choose the lamb chop. and let's get going
because we did go quite a bit over but that was so good we're meant to have a really big guest
tomorrow not gonna jinx it but i i followed up with her team um meant to uh if uh no reply yet
but should we have a big guest tomorrow should be a good one um i was just chatting with
blondish uh also in the show she wants to come on next week so we're fun easy ttt to the tracks
got it yeah clicked all right so you've already oh show zero balance one second there you go
so you've already made 500 bucks congratulations so every day you come in, you win. TDB. Oh, people want two to bar. He said TTT.
He's at TTT. All right. So 250.
All right. Let's go. Mando's not here.
Mando's not playing the dials behind the scenes.
Oh, good start. Good start.
That's it. Boom.
Track, baby.
Oh, baby.
All right.
Thanks, Zoo.
Easy tracks around there.
How are you feeling?
All right.
You can either catch 650, you have another turn, or keep it going.
It's up to you.
That was a pretty unstressful.
Oh, one more.
More. I like it. I like it. It's the Tyler D. Comeful. Oh, one more. More.
I like it.
I like it.
It's the Tyler D.
Come on.
You love that one.
No, shit.
Yes.
Yes.
All right.
I'm probably cashing here.
The Tyler D.
Strat.
I love that.
I love that.
People know what the Tyler D.
He says cash.
All right.
What do we think, Ty?
I'll cash it out, but what do we think?
I think he might get killed in this next one, yeah.
I think it won after that.
So let's see.
Oh, Tyler D!
Tyler D strat, baby!
Well done.
Let's add this man to the Hall of Fame here, Peng Zhu, for cash that round before.
So you've already made
like, what, that was a 7.71
plus 5.1270 already.
Alright, well you got another run.
Now you can gamble.
Alright, what are you thinking here?
You gotta go TTT again, right, Peng Zhu?
You gotta go TTB.
Easy TTT.
I love how people just have code now for a show this is no what's going on
all right let's go let's give it let's get into the tracks again oh my goodness oh that looked
good though all right i'd feel bad but you know what he cooked so well it's fun 12 70 given on
day one with a nice clean win right before the last jump.
Tyler, I'll see you tomorrow morning, 10 a.m. Eastern Standard Time.
Peace out, y'all.
Insights
Token L
P
