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FOMO HOUR: Iran Escalation, Web 4.0 and What’s Happening on Base?
Recorded: Feb. 18, 2026 Duration: 0:53:58Space Recording
Short Summary
In a dynamic discussion, the hosts explored the latest trends in the crypto space, including the rise of AI agents on chain, the launch of new tokens like Pump Fund's cashback coins, and strategic shifts such as Zora's pivot to Solana. They also highlighted significant fundraising efforts by major players like A16Z and Dragonfly, alongside the geopolitical factors influencing market sentiment.
Full Transcription
I'm going to go to the next video. Oh I'mんん
ん gm everyone and welcome to another episode of fomo hour today is wednesday february 18 is Wednesday, February 18th, 2026. Folks, it has been an action-packed
24 hours here since
yesterday's show. We've got Iran escalating
fast. Oil is surging.
Base apps are seemingly
all shutting down and pivoting one
by one, and Web 4.0
may have been born
on chain last night. Thanks to
Sideshowin. We're going to break it all down on
today's show. I'm your host, Tyler D. We've got logan in the house me here this morning i'm sure mandel will be
joining us as well logi jim how you doing hey good morning tyler doing well temperatures are
warming up even if the market isn't so that is nice the the snow is mainly all melted here
maybe maybe time for the market to unthaw as well I think I saw Is the east coast going to get another snowstorm though?
I'm going to ignore it
I would ignore that as well
We are at 60 degrees today
Just a euphoric turn of events
Here in Chicagoland
And yes, our snow is finally all melted
Which took quite some time.
So hopefully we're officially thawing out for the spring.
Certainly we are rooting for that here.
I'm sure you all are as well.
Folks, we're going to talk about on today's show,
AI agents on chain are thawing out.
Web 4.0 may have been born last night.
AGI on the Solana blockchain.
Was Frank right?
We're going to talk about it.
We're going to go through the market report.
Stocks are green.
Oil is up.
Crypto's flat.
Crypto just never goes up these days.
You know how it goes.
We're going to talk pump fund and their new cashback coins, what that means for the market.
Zora is pivoting to Solana, and there's some fun going around about base,
which Brian Armstrong himself responded to. So we'll dig into exactly what he said. And we got
to talk about crypto AI. There is a lot going on. We had Sideshow Web 4.0, Phantom introducing
their MCP server and the Yuga founders. They're letting the codas run around with open call AI in the other side and
they're founding new religions.
How about that?
So we'll dig into all that prediction market ETFs.
What's happening with some memes plus a lot more.
And then it is weighted Wednesday folks.
So at the end of today's show,
we will pick a yeet winner, as we always do,
based on yeet action over the past week. The code today, weighted Wednesday. So make sure to
enter that. And again, we're not going to do the actual yeet action today. We're just going to pick
a winner. Come back Friday for what will be a mega yeet day when Farouk is finally back.
Farouk is at that World Liberty Five roundtable conference here today.
So excited to hear from him about what goes down and whether or not Nicki Minaj is actually delivering the keynote, which is something I saw on X yesterday.
And I'm unsure of the truth, the veracity behind that, but we will find out soon enough.
With that, why don't we get into the markets?
And I'll do my best Mando impression here this morning,
and then I'm sure he'll catch us up when he gets on.
Let's take a look at the crypto board.
All right, so we're moving up a little bit since the U.S. opened.
So Bitcoin up almost a percent, 67.5.
Still pretty much is flat.
ETH has been outperforming.
So actual oil is surging on this Iran news.
So is digital oil with ETH up 2% in 1988.
Solana is like down 0.5% at 82.90.
Pretty much just flat prices across the board.
I did see World Liberty 5 up 28%.
It is the top mover on the board
ahead of that round table today.
I thought that was a little bit interesting. I'm not really sure
that we are expecting any specific
World Liberty 5 protocol announcements
today, but who knows?
Maybe there will be something that comes out of it.
Sorry, Tyler. Did you know how big
the USD1 stablecoin is?
I was just looking. Could you guess how
among stablecoins where it ranks
top i would have top five yeah it's number five which is uh wow 5.4 billion or something 5.14
billion just looking at this exact page you're pulling up on defi llama uh i have no clue what
the protocol announcements may be this is common-ish, right, for these key conferences to see the tokens associated with them sort of blossom into them.
Although, you know, of course, it didn't happen this year for Breakpoint or anything like that.
But it has historically been the case.
So that doesn't shock me.
There's a couple of things like outstanding.
We're going to get to it later, perhaps.
But like I wrote about Bridge, the Stripe company that got the OCC, the conditional approval yesterday.
Well, last month, I think World Liberty Financial applied for one as well.
So like there's potential catalysts there.
You know, I don't know that this timeline makes sense for that news, but who knows?
So they're up.
USD1 is up 48% in the past month.
Wow.
That's a pretty substantial jump.
I mean,
they do that again this next month.
They're going to flip Athena's USD and the Sky dollar and they're going to be top three.
If you drill into that,
actually,
Tyler,
if you click on,
yeah,
you'll see which chain it's on as well too.
I actually,
I did not expect this breakdown.
I see a comment about the Qatar investment, right?
There was some FUD around that.
I was actually expecting most all of it to be BNB or BSC as it's labeled here on DeFi Llama.
I'm actually surprised that the bulk of this is on Ethereum.
That would not have been my guess.
Yeah, I mean, it's almost a one-third.
It's a little bit heavier weighted to ETH and BSC,
but then Solana at 18%.
But, I mean, it's kind of the big three there.
So they are becoming a force in stablecoins, like it or not.
So certainly something to pay attention to.
Curious if we will hear more out of that conference here today.
Looking at the broader markets, stocks are green.
NASDAQ back up a percent today, bouncing back pretty swiftly.
I think the big headline, NVIDIA was up about 2%.
They inked a new deal with Meta.
So the big Mag 7 players continue to make deals with each other,
which has drawn its own ire in FUD.
We can save that for another time.
And then I think arguably the biggest news of the last 24 hours
is the U.S. continues to send tankers, jets, fighters to Iran.
And yesterday on the show, we said, well, the odds aren't really moving.
Well, they did pretty substantially.
So the odds of a U.S. strike in Iran by March 15th basically doubled.
So they were just 26% yesterday.
They're 51% now.
The odds of a strike by March 31st at 61%. So now favored.
And that's up 44%. So that was just hanging out at 17% yesterday. And now it's at 61%. So a pretty
substantial day move. It is interesting that this lags so much, right? Like there was no,
Interesting that this lags so much, right?
Like there was no, we saw like the OS,
the OS Twitter page has been reporting about all the migration of the ships
of the jets that has been taking place over the entire weekend.
So I guess perhaps maybe it's,
it's something that stalled in the peace talks.
And we had, we had the headline here from Vance.
And I guess they, I ran ignored one of the key us demands.
So perhaps that's what triggered it, but pretty substantial moves. then I guess they ignored one of the key U.S. demands.
So perhaps that's what triggered it, but pretty substantial moves.
Speaking of headlines, you see that one to your right, the boom session?
That's a good one.
The boom session.
So what is the boom session in your words here, Logie?
I have no clue. I've never seen that word until just now, but apparently it's the hurt for the American people as the economy grows.
A poor man told the words boom and recession. Thank you. Thank you for explaining the two words that went into it here. Highlights how the average American doesn't feel they're reaping the benefits of the economy. So I think that feels right.
Yeah, so the average person is still struggling.
Costs are going up.
Income, perhaps not really going up in line.
It's the same thing.
It's just another word for the K-shaped economy.
In fact, some assets are going up.
If you don't hold those assets, you're not doing any better.
Meanwhile, your cost of living is either the same or going up.
Key there is that some assets are going up,
not the ones that we're here to talk about.
Not ours.
That is a fact.
I mean, we can pull up some of the charts here briefly.
I mean, yeah, Bitcoin chart kind of tells the story.
We're still just flat folks right in this chop range.
I mean, still higher lows, still holding since our February 6th sell-off.
I think folks are still kind of not holding their breath by any means because we're in the apathetic stage of the bear market.
But I think there's some concern about if a war with Iran does start, what is that going to mean for crypto prices?
I think a lot of folks are thinking it'll lead to a sell-off. Um, I don't know that I have a strong opinion on that.
I feel like it's sold off so much already. Could we see like a brief sell-off? Yes. I don't know
that that's going to be what sends Bitcoin to 55 K over the course of a few days. At least that's
not what I'm expecting, but nothing really surprises me in this crypto market these days.
In line, most of the charts kind of look like this, right?
So we sold off into January, now just kind of in this chop zone,
and it doesn't look like it's going to be ending anytime soon, unfortunately.
Rounding out the rest of the macro boards,
said stocks are green.
We had oil up 3%.
That's arguably the biggest move
with the IRN escalation that has been taking place,
checking in on gold.
So gold and silver are almost trading,
not quite meme coin-like moves,
but silver was down 10%.
Yesterday, it's back up 6% today.
Copper up 2.5%, gold up 2.5% as well.
So metals are green.
Stocks are green.
Oil is green.
Crypto is still red somehow.
So we continue to underperform everything else in the markets
while we just patiently wait for our time.
And on that note, we've got Manda in the studio with us.
Manda, GM.
How you doing?
GM, lads.
How we doing?
Oh, just covering how stocks are green, oil's green, metals are green, but crypto's red again.
Interesting.
Which seems to be one of the themes of the crypto bear market.
Yeah, we talked a little bit about Iran.
It seems like that was one of the biggest stories of the past 24 hours of that escalation.
The odds did finally move.
We talked about it on yesterday's show.
They hadn't really moved, but now they have.
So it seems like something has changed in the past 24 hours, and the conflict seems perhaps more imminent.
Axios released their report this morning. They said that a conflict seems imminent as well. although imminent but not immediate I guess would be how I'd
frame it just because it's hard to
pick individual days but the
odds by the end of February are still fairly low
but they increase significantly
in the March time frame
but yeah
maybe I'll flip it to you
any big market headlines here
on your side what's kind of jumping out
um I'll flip it to you. Any big market headlines here on your side? What's kind of jumping out?
What's jumping out for me?
I put out a tweet yesterday, which is I just felt a little bit like this. This really feels like similar bear markets to me now.
Like just that people are raising money.
The same people are still sticking out, it feels like.
And I think we can go...
I'm not saying, actually, this is...
People misinterpreted that as, like, doubling down on prices.
I actually think we can go lower.
But I do think that this is, like...
We're now getting towards the sort of phase where like, it's just going to hurt.
It might drift lower and hurt people a little bit more, but I really do think we could have some incredible prices here.
The main things that have changed for me have just been the AI agent sort of bullishness, which really feels like it could be huge for crypto.
which really feels like it could be huge for crypto.
And then the continual...
We had A16Z, now Dragonfly,
raising pretty decently sized funds, right?
Two of the biggest VCs in crypto there,
coming in and doing that.
You kind of feel like this reminds me of previous bears.
This really does.
I think some of the tokens are actually the worst pit of crypto right now.
There's still all those altcoins are still there.
I'm not saying it's altcoin season,
but I think we could be heading for a...
This just feels like an obvious place will come out.
I don't think the quantum thing is that bad.
I think Bitcoin can rally pretty hard.
And I think apps can rally really hard too.
So I'm feeling more bullish overall.
Love to hear it.
And I love the rallying cry on the timeline.
It feels like it was needed.
Not a whole lot of folks saying that.
It seems like there's more folks just saying to pivot to AI,
if you haven't already, than to double down into crypto but agreeing we talked about dragonfly and what that
means yesterday clearly a lot of investment taking place it it's one of those things where if you want
to find the winners you do have to still show up every day because you mentioned like you're not
gonna throw a dart at an altcoin and see massive
return just because we flip back to a bull market eventually um you'll have to pick the right ones
or the ones that are coming right i think that's what you have to pay attention to
and understand the trends yeah you definitely still have to pay attention but i think it's
actually if you are here and paying attention uh even moderately so it's actually probably easier overall to to find the winners. And I don't mean that maybe necessarily in terms of pure like coin go up or token go up, but you can track which protocols or apps or whatever are doing things or trying way easier than you could, you know, when everything was ripping.
There's just way less noise on the timeline. So I'm not suggesting like the pump news is
bullish or whatever, or any news from any protocol, right, Zora, etc. But if you were
looking for a period in time in which you wanted to create an investment thesis, it's easier now,
in my opinion, than before because
there's just a lack of information out there. So the few bits that you are getting, it's just
easier to sift through. It's one of the beauties of the bear market. There's less noise. You have
more time to actually think, build conviction in a bet, in a protocol. you don't have to worry about, you know,
trying to catch trades of the day because those are pretty hard.
But, Mando, I think you also mentioned the crypto AI.
So it's on my list.
I think we should just go straight there.
But arguably the biggest story of the day, perhaps of the week,
is Seigel.
Seigel Wynn perhaps introduced Web 4.0 yesterday.
And if folks aren't familiar, Seijal Wynn is a Teal Fellow. He was also active in the early AI
builder scene alongside folks like Andre Karpathy and the founders of Anthropic, Perplexity. So he
does have real credentials in this space. And basically he's come out and said that agents up until now, they can think, they can reason, they can't act.
They need someone prompting them.
And that has been their bottleneck.
And he's saying Web 4.0 is the fix where agents can read, write, own, earn, and transact entirely on their own.
He built this Conway protocol to enable that.
So Conway is the infrastructure that plugs into any MCP compatible agent.
They are allowed to use cloud code, codex, whatever language they want, LLM they want
to use.
Conway gives them a crypto wallet, the ability to pay via X402, Linux servers,
domain registration, and ability to deploy products.
And then he took this further.
He built this Automaton, which is an open source AI agent that effectively is kind of
financially self-evolving.
And what I mean by that is it has to make money to pay for its compute
costs or it dies and it no longer, it ceases to exist. And in theory, the stronger agents
would survive and would start to replicate, would build children, which they would be able to fund
and continue expanding in this way.
And perhaps it would lead to AGI.
And of course, getting a little over our skis,
perhaps calling AGI here with CIGIL and Web 4.0.
But we're seeing more and more of this,
and we're seeing more and more integrations with crypto rails.
So it feels like something is happening here mando
curious if you saw this and if you had to take um is this just slop or is there actually something
more substantive here it may be slop it's difficult to say at this time but but the concept is where
we're going right i think everyone can agree with that like if he doesn't do this somebody else is
going to essentially agents which basically manage their own life
is kind of where we're at here.
If they don't make enough money, they don't survive.
I think that's been a concept ever since.
My agent can make money for me.
Well, let's just spin up as many agents as can make money for me,
and then when they stop making money, they just shut down.
So I think we're kind of in that world.
And I think, I mean, it's very easy to go like Skynet with this sort of stuff, but I
think I wouldn't do it yet.
This feels on the edge of the plot to me.
But I do think that this is what people are going to do, right?
But they're going to do, right?
They're going to ideally have tens of hundreds of agents working for them, making money.
It did feel like this one
specifically
has a lack of controls
or security, which is where the
Skynet comes, but Logan, I know you took a look at this.
What were your initial reactions?
I'm right in line with what Mando just described.
I think it's too early to perhaps indicate that this particular protocol is the ultimate winner or anything like that.
But, you know, idealistically, this matches, I think, where the ball is going, right?
This is the or where the skating to the puck or whatever, you know, they say the hockey puns.
So, yeah, I'm eager to see.
I mean, I thought this was written out
really well. There's a lot of, uh, there's a lot of language in here that like spoke to me a little
bit of, you talk about like the, he says organism survived. I think there's something about metabolic
rate, right? This is giving me the Darwin survival of the fittest, you know, circle of life type
stuff that I think we do fully expect to see at some point. Yeah,
there it is metabolism of artificial life like that was kind of funny, but also at the same time
makes so much sense. And when I think about like, how do I explain this to people? You know, like
trying to explain this to my parents, for example, about like, what exactly is happening, or what
could happen in the future with these agents? I thought this was a good way to describe what could be possible.
And so I'm excited to see what might come from it.
I saw the Solana account retweeted and engaged with this type of stuff.
It's going to happen, whether it's Automaton and Conway or some other protocol or firm, it's going to happen.
You know, this is the very first iterations of this future.
Yeah, I mean, Phantom yesterday.
Perhaps even in line with the announcement, maybe, I don't have the exact time.
So when did Cigel, oh, almost exactly the same time, Wild,
about 30 minutes before Phantom introduced their MCP server,
effectively catering to agents.
So the infrastructure is actively being built out for this kind of thing.
My first reaction to Seijal and Conway,
A, he gave a very compelling pitch.
And the selling the picks and shovels to agents feels like a brilliant play.
So like the Conway protocol itself, it is a winner in this. So again, they're setting up
the infrastructure to give them a crypto wallets and private keys. They're, they're connecting
them to the X 402 protocol. So they didn't invent X 402 by any means, but helping build the connections. They're giving them compute Linux servers, access to frontier models.
And then even more, going even further, ability to register domains and market products and
whatnot.
So not necessarily, like they haven't built like a new model.
They're just putting the pieces together and doing it on chain, effectively
allowing the agents to make money and survive. What's interesting as well, I think if you ask
the average person who's following AI agents, perhaps hasn't really dipped their toe in yet,
but wants to, what is your end goal? What do you want to do with agents? I think the majority of
them say they want to make money.
I think there's the cohort of folks who are true builders, are visionaries, and want to use agents to execute their plans that they already exist or refine their existing businesses.
But for folks who don't have that but are AI agent curious, I think a lot of them would love to just spin up an agent and say, hey, go make as much money as you can.
Go make a million dollars.
Make no mistakes.
Right.
It's a it's a meme, but I think it's also the reality.
And you're effectively able to do it fairly low risk.
I mean, so let's you want to take some security precautions, like maybe put it on a different laptop than your core laptop that has any you know, any of your, your crypto, you know, basic things like that. But if the, if the entry cost is low, like what's, what's stopping you from doing this?
Like Logan, like, do you have any qualms? Like, would you, would you spin one of these up and just say, let it rip? Yeah, no, that exactly that. I mean, the bigger concern for me as someone who
is not really partaken too much in this would have been the financial, how do I set the financial constraints, right?
And so if the thing just dies when it's unable to continue or if it's been unsuccessful, that feels good to me.
If I can say like, hey, here's $100 worth of compute, go do the best you can.
When the $100 is up, it's up.
That's a really rudimentary description of it, it seems like.
But if that's the case, I'm much more likely to participate
than needing to know all those distinct components
and variables of cost on my own.
I mean, it's not that different than approaching a meme trade, right?
Like let's say you set aside $100 using your same number.
You're going to trade this in the trenches.
You're going to try to catch the runner of the day.
And if you can run it up, great.
If you lose it all, you're going to stop for a month, right?
It's a similar concept.
Like let's let Automaton try to run it up.
If it can't, all right, I lost 100 bucks.
Maybe I learned something in the process.
Hopefully I didn't create Skynet in the process.
I've seen the criticism that it's not truly AGI.
So their own words, they're saying if a new Frontier model drops,
the agent's heartbeat detects it,
and then it would effectively connect to the updated model.
So they're not self-improving the models themselves.
He's providing, again, the access points to that.
So it feels like the actual innovation here,
like what's different about this, is the evolution mechanism.
That does seem to be the primary innovation
and what's different here.
But perhaps even stepping back from Automaton and Conway itself. If we do feel like this is where the puck is going, so who are the
winners? Mando, I'm curious if you've spent much time thinking through that. So agents,
an AI agent explosion on chain. In fact, they do use crypto rails.
Is there a bet to be made?
Who are the winners going to be?
Well, the L1 narrative, I still think it's pretty challenged.
Just because I think it's kind of... I'm less bullish on the idea that just use of a network means the price goes higher of the coin.
I think Hyperliquid still becomes the most obvious one if i'm honest because you've got to think about ways they're going to make money
and although i think a lot of this could be related to just consumer products and the build
out of a sense of like digital drop shipping and all this like you can tell that that digital marketing
digital commerce is gonna it's gonna go after this sort of world the other world will be in
trading and i think i think that it will be related um yeah so i i'm still i'm still bullish
but i think bitcoin as well as just one where I think could go higher
in that sort of world.
Weirdly, I also think the privacy coins,
because I think that could be quite more valued in that sort of world.
I still think digital stores of value could be valuable,
is basically what I'm trying to say.
But I don't necessarily think that Solana's price goes up a lot
if AI agents start using Solana.
That's what I've been increasingly worried about.
So the broader trend, app coins, app tokens can win.
And digital stores of value.
Digital stores of value, yeah.
I think I can get on board with that.
I think prediction markets are a potential winner here.
We're already seeing,
basically the winners of these five minute,
15 minute crypto markets seems to be those who've been able to figure out
how to automate it and have bots running the trades.
And then of course their user numbers are going to go up and to the right.
So are their liquidity volumes are all going to continue to increase.
So they're a potential winner here.
Basically any app that these agents would use
are potential winners.
Is Pump fun in that conversation?
Do we think Pump is one of the apps
the agents are going to use?
Are we going to have new deployers?
I think so.
I think so.
I think it's a decent shout for token creation.
Yeah, for sure.
And on that note, we did have a fairly large update out of the PumpFun team yesterday.
They are not abandoning creator fees, but they're opening up a new model where they're calling it cashback coins.
And now anyone who creates a token will have the option to select effectively
what fee model they're going to use. So it's either trader cashback or creator fees. So creator fees
is basically the model that's been running out. You deploy the coin, you get the rewards
with trader cashback that the rewards would be funneling to those who are trading that the meme
coins themselves.
And then looking into actually how it would work,
you got to go into the PumpFun mobile app, create an account,
head to your profile, you'll claim the rewards there.
So it is unclear to me if you need to actually be trading
the tokens themselves on the PumpFun app,
or if that's where you just go to get the rewards.
And I have traded a few Pump fun coins over the past day.
So I'll,
I'll try to do some boots on the ground investigation to,
to figure this one out.
But on that note,
Logan,
perhaps any reactions to this?
I know you're still somewhat in the trenches.
Yeah,
I'm,
I'm half in half out.
Actually probably more like 80,
20 in 80 out. Actually, probably more like 80, 20. It's a 20 in, 80 out.
I'm neutral on this.
I'm all for trying to, you know, regenerate, like,
what does the proper incentive structure look like for folks in meme coins
between the creators or developers and those trading or, you know,
creating a community around it as alan he had a
long post about this as well i think you know he pointed out that they haven't been able to solve
this but it's like one of the things that they're thinking most about um thus far just giving
rewards to like the person who creates a coin and then is perhaps done forever you know just hasn't hasn't been the solution uh so we'll
see the my concern is that this i don't know that how many conditionals you can put on the cash back
stuff right like you have to do an x amount of volume to earn it do you have to do x amount of
trades to earn it i'm not exactly sure what those variables are but uh my concern is that this just generates
a ton of additional volume you know doesn't necessarily mean number go up for tokens
uh most of them are going to go to zero anyway but we still need to see some tokens win
in the trenches uh and we don't really see that happen at all
hump down five percent on the day.
Not great.
I saw fairly mixed.
I'd actually say most of the sentiment I saw was negative.
But you also have to take that with a grain of salt.
I mean,
the haters are always the loudest on the timeline.
I think largely the pushback was saying that this just means the creators
will bundle tokens more so that they can get more of
the lion's share of the fees anyway um which this would incentivize so look out for that i mean
as for the the trenches themselves it hasn't been great and i looked at the board this morning as i
always do there weren't any runners over like 2 million.
Like I used to not even report anything if it didn't go to 10.
That's impossible now for the most part.
We've had a handful.
Kimchi was the number one mover on the back of the Doge ETF launch day, I suppose.
It was mercilessly PVP'd and vamped.
There were several coins, the top ones at 1.8 million.
So not the best performance. And
the weekend runners is continuing to drop by 23 to 30% per day. And Automaton token got spun up
last night and it's already back to zero, right? So this is kind of the state. So you can, to your
point, Logan, you can adjust all these incentives and fee mechanisms you want but then but at some
point the there has to be more consistent winning action less hyper rotation or it's the the lower
roller coaster loops are just going to continue yeah yeah you're not changing you're not changing
anything even though you've like changed the x and y variables the winners here are still the winners from the previous period which is just the
developers just pump right like you haven't distributed the well i think what they're
trying to do is redistribute the wealth a bit right of course just unable to do so right now
um given the the state of the market i have an idea how they could how they could redistribute the wealth. Airdrop?
Pump fund airdrop.
Well, let's check in on that.
Pump fund airdrop.
By December 2026, 27%. Oh, no.
That's wild.
We're really just never going to give these tokens, huh?
This shocks me.
I think I would be on the yes side here.
I don't know anything, and I have not really been paying super close attention to any of their announcements,
which have come recently, aside from this one that we're talking about right now.
But how do you go more than 18 months without dropping them?
That would be close to 18 months, yeah, I think July.
How do you do that like what's the
these folks are smarter than i am they know what they're doing so i'm not uh it's it's tough for
me to criticize too much here but what's the rationale for waiting 18 months from it i don't
know market conditions i guess they want perfect market conditions but market conditions were like I don't know. Market conditions. I guess.
They want perfect market conditions.
But market conditions were like,
oh, were they okay-ish around launch or no?
Yeah.
It launched in, I mean, the summer was great in hindsight.
And then September, October,
and Bitcoin was $126K on October 9th. I mean, it's been a little different for Solana, though.
I mean, Solana...
Yeah.
That's the other piece of this i mean if it's waiting for like some sort of solana summer uh to heat up i
mean what were 212 dollars or something off the all-time high yeah solana was solana was booming
in september it was back at 240 oh40. Oh, wow. Okay. Yeah.
See, it's so long ago that I've already forgotten that we could have possibly been that high in September.
That does feel impossibly high for Solana.
$83. Solana gained back to $240.
I thought about buying a meme coin yesterday, and my wallet had like .1 Solana in it or something, and it was like $8.
I was like, what the hell?
I don't remember this it's not great uh the last time solana was this low was in december 23 when really the first big meme explosion this was like the whiff days right um back when
one sold 70, 80 bucks,
it felt like play money in your wallet.
And then it became very expensive.
And then now, of course, full round trip.
Well, let's continue working through the stories of the day.
I think arguably another big one
and has led to a broader discussion
about what is happening on base.
So Zora, a marquee base app,
announced they're moving on to Solana
with their attention markets
for trading internet trends.
So we saw a couple of weeks ago,
base kind of leaned away from creator fees
and kind of focusing a little bit more
on the agentic action that was my
interpretation seems like zora has taken that and is i don't know pivot is the right word but they
are at least moving or expanding here on to solana so the way it works anyone can pay one
sold create a market speculate on specific topics.
This is fairly similar to how Zora creator coins had worked over on base.
Anyone can launch these.
You're kind of effectively wagering on, again, on attention, on viral trends.
It looks like, though, according to this article, I've not dug into the data myself, not the best start. I think one of the,
their top token reached to 70 K market cap around 200,000 in volume.
Yeah.
It's pretty rough.
Not,
not booming by any means.
Yeah.
I like,
I sort of like the,
the product idea this.
So you can sort of see in that screenshot.
And if you go to like,
I think wherever Zora.com it, product idea this so you can sort of see in that screenshot and if you go to like i think
wherever zora.com um it showcases that maybe a little bit better for you so you can see it
uh i like the you don't have to basically they're creating yet baskets like these are like a little
index funds of coins and i believe i'm not certain this is the case but i believe that market cap representative
there which you see for the top one at 63.78 is the collective market cap across those coins
so like if you click into that tyler i think it's going to show you like 15 yeah like 15 or 16
different coins that are like six or seven thousand dollar market cap which is horrible right
very very bad but this is this is
like trying to yeah dogs for example like we're we're talking about that you know the olympic
runner dog um i'm not gonna say the name for so people don't go by the token but um that's all
over my timeline right this is like it makes sense you don't have to worry about the pvp thing
right because all those dog coins would theoretically get funneled
into the same uh folder or category and then you'd be rooted you know it wouldn't matter which one
went up so i actually like that in terms of what's trending you know i've uh i feel like personally
as a trader i would be better at identifying okay this dog thing is popping off on my timeline on
the timeline i can just bet on the dog basket
instead of trying to pick which specific dog token goes up so i do like it in practice it does not
seem like it's being uh executed upon by traders thus far on chain yeah so i missed that aspect of
it so so instead of trying to pick an individual dog corner of the
day you just pick dogs and then you right i mean in theory that you would think that would
would go well yeah i'm not sure if there's still like you know kinks here that i'm unaware of um
like what what is maybe holding stuff back i think you might have to like pay to throw a pair into the thing as well which may be you know keeping some stuff back i don't exactly know
you know some of the the minor mechanics here but it is really interesting you can see like you can
search you can paste a link from tiktok and stuff to try to find things um i think it's an interesting
i would characterize this as a pivot uh from like individual coins of course i think it's an interesting, I would characterize this as a pivot from like individual coins, of course.
I think it's a really interesting one.
And for someone like myself that like wants to be in, but not all the way into the trenches,
like finding that one particular coin, this actually feels like a more approachable and easy way to participate.
You know, I can see that.
In theory it does.
Yes, yes. But not in practice because the entire dog
basket is worth ten thousand dollars by market and if you did this on solana just over the past
day dog coins that launched on solana in the past day it would be like 10 million
yeah so there's a several magnitude difference in interest in trading these on Zora versus the
broader Solana meme market.
So there's some kinks to be worked out to say the least,
certainly an interesting idea here,
but perhaps more interesting is there was a lot of fun on the timeline
yesterday to the point I had multiple people sending me comments like is,
is base app shutting down?
And like, and like what is
happening on base and this comes out of this this post by hish kind of outlines a lot of it um
originally base app was gonna be the mother of all super apps they had farcaster zora now
farcaster shut down now zora is pivoting so it raises the question of what's left. What is base trying to do?
Or are they kind of like slowly shutting down? And I saw takes that they were actually just
going to shut down the base L2, which felt fairly outlandish. And then so Brian Armstrong
has responded saying he's going to take ownership of this.
But those decisions are in the rearview mirror, and what they want to do now is focus on being the self-custodial version of Coinbase, trading-focused.
And there's a pretty clear distinction here I just want to make, that the post here that you're referencing, which is largely factual i believe i did not read the entire post from hish but it
is in regards to the base app which is different from the base l2 right like um
when brian talks about the fact that they're transitioning the base app to being the self
custodial version of coinbase that is literally talking about like the mobile application right
that you can download and utilize uh which is where they were leaning into Farcaster and Zora to try to get
social use of that app. It doesn't have anything to do with like shutting off the base blockchain,
which is a massive blockchain and, you know, integral part, I would say, to the crypto ecosystem
and on-chain economy at this point in time.
And it's a moneymaker. I think it's one of their 12 apps that's making $100 million in revenue.
So good clarification there, Logan. To me, I think the base app, I think the L2 is kind of the same
thing. But yeah, he's talking about just the app here. So I mean, perhaps the questions of what
the direction of the base cell 2 chain are still valid with where they're leaning in.
Maybe.
You know, I do think Brian's response here, I can't really say it any better.
I mean, and Jesse, I think, was responding to some stuff yesterday, too.
You know, like they took a big swing at some of those things that they thought were going to be really important and were prioritized in 2025 social was one of them creators was one of them um
those swings didn't connect uh whether it's because they're too early or the implementation
was bad or whatever they didn't land that's like that's for sure and you know, so now they are sort of pivoting what that app, again, the base app, what the app is going to best be used for and what users can hopefully generate revenue for them.
Right. And yeah, so it's going to be about trading the app itself.
And Brian talked about the self-custody aspect, trying to make it a self-custody aspect of Coinbase as a priority.
But, I mean, this is like ridiculous FUD.
I saw some too, and it wasn't from that original comment,
but just stuff about Zora leaving and the whole thing just being on fire
seems really, really silly.
I do want to see how stablecoin, while I'm trending on base,
I'm going to check that real quick.
Still kind of grinding up a little flat.
And all that to say, I mean, that doesn't mean that the base app is going to be successful or that it hasn't been a failure thus far.
Because it probably has been a failure thus far.
So, you know, some FUD, of course, warranted if you want to say that, hey, hey, they should have been able to do something and been at least moderately successful.
But not FUD to the degree of like, hey, base is done.
That's pretty wild.
I think if you're hoping for base to win or you know grinding up to the right i guess the
leaning into the agentic on chain commerce is your your primary hope right now right it's like what
else like when you think about base the l2 like what do you think about zora's gone farcaster's
gone um yeah it's not a whole lot.
Yeah, it's an interesting question.
From a consumer perspective, there's not a whole – there was not a whole lot beyond those things, right?
Beyond Farcaster, which was, of course, super entwined.
Zora, yes, super entwined.
Virtuals, right, super entwined.
You know, beyond those applications, I can't really even come up with anything for you, Tyler.
Frontech is long gone.
Frontech.
Yeah, I can give you those.
But institutionally, I mean, Aerodrome is massive, right?
Like, there's still so much money on the chain that it doesn't probably need the little consumer apps.
And they were little, right?
Relatively speaking, little consumer apps on the chain to be deemed successful.
I mean, if you look at what's still being traded, put wrapped Bitcoin aside,
Conway token tied to Cygill's Web 4.0 launch, number one AI training coin on base.
You had the VVV, the Andre Cronges AI token.
Virtuals is in there.
Banker is in there.
So it basically is all the agentic tokens, more so than Solana.
So base is having more success.
And notably, there were no Conway tokens on Solana yesterday.
BASE was the ecosystem where they were being traded.
And this, just for clarity,
Seigel has not endorsed or claimed the fees for that Conway token.
So, this is just a total meme coin that someone created
hoping he would claim the fees.
So, just be aware of that.
But, I mean, as for apps,
I mean, virtual has got to what, 4 billion?
So I mean, that's a pretty successful app.
So they have had some big winners.
We'll see if they're able to run it back in AI 2.0.
Speaking of AI 2.0,
I don't know if I had the,
I'll have to find the tweet here.
But Logan, I know I pointed this out and you looked into this a little bit as well.
Yuga leaning into AI agents and open clause.
I saw this one kind of out of the blue yesterday.
But Garga come out and saying, we hooked up some open call agents with codas and let them roam the other side each
of them can navigate the world keep tabs on who they meet decide whose friends journal and already
one um basically founded a religion in the first few hours of this so curious if you had any
reactions if you dug into this much at all yeah the first thing that stood out to me was the
religious point you remember from the molt book
stuff uh which i don't know that it was truly an agent or what because there's a lot of fuds
surrounding that but um it created a religion and tried to get all the other agents to join
that was the first thing that stood out to me i was reading this article from figgy um about gogo
yeah which sort of discovered this bug which felt like a light there's like a quote in
there i saw something today the underneath it was before not everyone will see it but i do
um and then the agent kept going back and and try to create a religion around it um
but just comical to me i think it's really cool that they're trying to you know experiment
see what agents will do uh i don't know that this means anything for the other side or that it matters.
I mean, if we have like a million agents in the other side doing stuff,
does, does it matter?
AGI in the other side. There you go. That's your pitch.
Yeah. I don't know. I mean, I don't know.
He's not buying it. But it is fun.
I was excited to see them leaning into it because it does make sense,
right?
Like,
this does feel like an interesting playground.
I'm seeing if Coda's even caught a bed on the back of this.
It doesn't really look like it.
So not a whole lot of demand just yet for,
for picking up a Coda to tie an open claw agent into it and let it run
around and form its own religion in the other side. We're still early, it seems. But a fun
piece of news from Garga nonetheless. And that was kind of it. I don't know that I had a whole
lot else on my roundup here from the day.
I think we talked, oh, the Peter Thiel one.
Just quickly, I know you've covered ETH Zilla
and the jet engine tokenization fairly at length.
It was a big headline and one that kind of summarizes the state of the dats.
Looks like Peter Thiel and the Founders Fund
didn't like that jet tokenization engine announcement.
Well, they front ran it, yeah.
Yeah, yeah.
The 13F filing, of course, reports on the fourth quarter, that's when they got rid of all their stakes.
So, yeah, front ran the jet engine tokenization stuff.
jet engine tokenization stuff um you if you remember as far back to last summer when it
was announced that peter teal had a seven and a half percent stake the stock like tripled like
in you know like 30 minutes of opening um and of course since that time has given back everything
and more um so yeah tough tough times yeah still trying still trying stuff and they've been
very active as far as dats go uh and ethereum dats in particular you know they're not just
buying eth they're not buying eth right now um but they've sold they've done stock splits they're
doing the jet engine tokenization so they're're trying there. I mean, they're,
they're definitely trying better than those probably just sitting on their
hands.
They're in the arena.
The other 13.
If I know you're going to dig into some other 13 Fs today for the
crypt,
but we saw the Stan,
Stanley Jokin Miller 13 F and it looked like he made some somewhat
notable portfolio changes,
rotation away from mega caps into financials, commodities, equal weight, breadth, cyclicals, airlines, energy transition, and selective biotech.
So some big moves from Stanley Drucker Miller, largely thought of as one of the best investors.
I thought it was one of the best investors.
So I thought this was notable.
So I thought this was notable.
Perhaps bad sign for the mega caps near term.
They have been underperforming as of late.
The airline stocks did surprise me a bit.
So we need to dig in this.
But again, thought it would be notable for our audience to see.
With that, let's do it.
Let's give some money away.
It is weighted Wednesday here. Let's give some money away. It is
weighted Wednesday here, so
last chance to get in. If you haven't
already entered that code, it is weighted Wednesday.
I'm seeing some questions.
Is Yeet also exploring agents
using the platform?
Unfortunately, we have to do KYC
as we are
a regulated entity or have a license at least
um i think there's a lot of decentralized platforms that don't operate like that
i'm sorry folks but there is your answer all right there's our weighted wheel
all right it's not a you know it's not going to be a total domination we've got a couple favorites
but a lot of folks are going to have a shot today.
Bruce Atari, let's give it a spin.
The favorite one, Icolando.
All right.
Icolando, you are our winner.
So check back in on Friday where we will do our Mega Yeet action.
I want to thank all of our listeners for tuning in here today.
I want to thank you, Mando, Logan, for co-hosting.
Folks, we'll be back tomorrow at 10 a.m. Eastern.
Until then, go have a beautiful day.
Goodbye. Thank you.
