We started right on time today.
Time fodders in shambles.
We should have a prediction market up for will the team ever start on time?
First time, I think, this year.
We're going to give the room a little minute to get packed.
We have a big show today.
We have the hottest product right now this weekend.
Coming on the show, Adam from Football the Fun.
Coming later, like usual.
All right, all right, all right.
Make sure you retweet the show.
What's up? What's up? What's up, Floor, Zoom, TM, NFTs, Cappy? What's up, Evie? What up, Trad, Fireguy? What up, JGR Boss? I'm with Johnny. What's up?
Fluor, Zoom, TM, NFTs, Cappy.
We're about to go live on Kik any second as well.
You know, the vibes DJs live on Kik to find us.
And Mr. Mondo is here in the studio. Mondo studio. All right. We are out here and Monsieur Mondo is here in the studio.
All right, Charlie, kick it, baby. Boo! I'm out. yo yo yo yo yo what up what up good morning good morning gm g
mondays uh august 25th 2025 look at that another beautiful day to have a beautiful day i got my
co-hosts in the house tyler mando good morning good morning how you guys doing today yeah man
doing great how are you dude you're working on a bank holiday look at that i know look at that
thank you for understanding what's going on what is What is going on? Look at that. Look at that. Sims 2.
If your founder is not working on bank holidays, I mean, come on.
Tyler, how are you doing?
Nice little weekend, family.
A city full of rec holders, I'm sure.
Oh, for sure. Oh, for sure.
Oh, for sure. It's holding up half the economy,
It might have been a bad week in the touch grass.
I missed the entire football.fun
We'll have a good chat with Adam here.
Still found time to post about
We got to talk about that.
I missed trade, but I saw the price action,
so I saw at least engagement farm.
I'm very curious what your wife thinks about your thick Latinas trade.
I'm not sure she saw that one.
He didn't take the trade.
He didn't take the trade.
So he didn't take the trade.
That means that we're not going to spend 20 minutes talking about it today.
And he didn't catch the football.fun trade, but we are going to spend 20 minutes talking about it today. Correct. Okay, got it. And he didn't catch the football.fun trade,
but we are going to spend 20 minutes talking about it today
because let me tell you, around 10.35, 10.40 a.m.,
so about 30 minutes from now, Adam from Football.fun
will be joining the show.
I mean, may as well, right?
What a killer weekend for those guys,
and it's a lot of fun to see the timeline get something
to get excited about. So Adam's going to join us in a little bit. Make sure you share. He's going to be joining us
on audio and on video. So kick.com forward slash DGENZ live, D-G-E-N-Z live is where you find us.
I'm going to post it. I'm going to pin it in exactly a minute from now. First, we'll talk
markets because wow, what the hell was that last night? I definitely want to talk about it because
maybe it was Mando selling. I don't know. But there's definitely like this. That was crazy. I'm not going to lie.
And it's still going on right now. So let's let's chit chat about that. And then I'm sure
Tyler's got quite the weekend recap for us as we were just talking about. And then last
but not least, this show. And then, like I said, Adam for Belafonte coming to the show
to chat. And then this show is powered by Adam for Belafon coming to the show to chat.
And then this show is powered by Wallet Connect.
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Mano, tell us what the hell was that that happened yesterday?
Who is the man, macro daddy of the land? GM everyone.
If you weren't paying attention over the weekend,
then I don't think prices are really that much different.
ETH was about this sort of level on Friday.
Bitcoin was about 3% higher.
Solana, I think, is around the same,
maybe even slightly higher.
So I think what we just had is a bit of volatility
There was nothing really fundamental after Friday,
We had a marginally dovish Fed, Jackson Hole, which led to stock
seeing all-time highs. Then over the weekend,
we were kind of edging higher. As we went into the
US futures market open, ETH was touching
something like that. And then
just started to sell off.
We got news that a Bitcoin whale went to
And still has like $17 billion worth of Bitcoin. So he's got a decent amount. And still has like $17 billion worth of Bitcoin.
So he's got a decent amount to sell.
We should sell shame him, by the way.
Now, it's difficult to judge this one because he clearly has a massive bag.
Today is a UK market's close close which is generally the biggest european
market so i don't know if that he decided to sell it into what is traditionally a quiet quiet day
uh in markets this one um similarly like i think next week is is pretty quiet in the US because it's a US holiday. So you could say
But Europe did not like it.
And Bitcoin went all the way
ETH touched, I think, a low
and Solana went down to like 195.
So, I mean, we're just selling off from all-time highs now.
We're now about 10% off all-time highs in Bitcoin.
And obviously, we touched about 10% off all-time high just there in ETH.
Bitcoin necessarily outperformed that much
in this move. It outperformed slightly.
didn't trade that amazing.
ETH still looks pretty strong to me
Yeah, I'm not really that worried about the setup here.
One thing, just, this is me as a trader talking now.
It is very clear that CT is willing to throw away this market
What do you mean by that?
One downward move and everyone's like oh
it's completely over yeah yeah that really tells me that no one's made money that's what it tells
me it tells me that people do not have the trades on in majors they probably missed bitcoin's move
they missed eats move and now is this coming so move. Well, this has been dancing around in shit.
And they are kind of almost happy when we have these sort of moves.
Or it's just like, oh, yeah, yeah, it's completely over.
They would rather it was over than the idea that we can continue to go high.
Other than some chartists bringing up some random chart,
overlaying a 2021 thing or talking about fucking fifth wave bullshit.
Like, there's nothing that tells you that we're just going to dump.
And this is the end of the cycle.
Like, stocks hit all-time highs on the weekend.
We had a slightly dovish Fed.
Global liquidity, this is the biggest deviation in Bitcoin's price from global liquidity in about three years just to put that in perspective
um bitcoin according to that you know like uh that what 14 week lag of global liquidity should
be trading about 150k right and right now everyone's like oh it's going down it's going to
zero um i just don't see it like if you're talking about a fundamental reason why we should be going
lower it just feels as though people want it to go lower and uh i think hold on to your horses
hold on to your hats i think we're going higher i think go personally i know bitcoin hasn't done been the best best trade like i obviously i i moved about 70 of my
bag to uh of my eath bag back into bitcoin and then move part of that into link um i like owning
bitcoin here my gut tells me that bitcoin is going to continue to be an asset you want to own.
And it's not going to go down that much at all. But I also like ETH. I like the majors. I think
I'd be really wary about not owning those. I do own some Link because I just kind of feel like it's got government limits, but Link is the 11th biggest coin in crypto. It's not like I own some Link because I just kind of feel like it's got momentum. But Link is the 11th biggest coin in crypto.
It's not like I own some random coin.
Yeah, it's not a random shit coin.
And it has a fuck ton of utility.
That's including like four, three different or two different stables in there.
So like if you're going to own alts, make sure you own maybe some major ones.
But I think the majors are
going higher. I really do.
I don't know who needs to hear this, probably a lot
of you, but you don't have to pick one of these. You can simply
own all four and log all of them and get rich.
BTG Soul hype, but for you it's like
BTG Soul link, or whatever.
I've considered swapping it all for JLP
and then just swapping out some of the Solana exposure there for link.
But JLP is BTC eats, stole, USDC.
Because I've kind of got that trade on.
I've got Bitcoin, I've got ETH, and I've got Solana.
And I don't mind, like Solana, I don't hate Solana.
With the treasury announcements? Yeah. Yes, I don't hate Solana. It's looking good, dude. With the treasury announcements?
Yeah. Yes, I think it looks okay.
and owning a bit of Link and swapping, because Sol, it's
45% Sol, so I'd probably go like
of that out for like Bitcoin
and Link. Do you know what I mean?
I don't think that you're going to get much better than that.
It's pretty defensive as an asset anyway.
The lines we drew last week just are trusted.
We're not seeing them, FYI.
We're not seeing your lines.
and yeah not safe for work on the screen
spot on everyone is seemingly
out of position and actively
rooting for the coins to sell off
it's not even like they're okay
sells off like they want to happen
the fear and greed index is at 47.
One business day after we hit all-time highs.
No, I don't believe you, dude.
And that matches what I'm saying.
We had to stop the fear and greed markets on Myriad
because it was so high, it's like a waste of time.
We should bring him back at this late.
There's one thing that could be risky this week.
We have PC inflation, which comes out on Friday.
And maybe we'll trend into that.
But I'm pretty sure the Fed's going to cut rates
I mean, he was very hawkish, right?
No, he was a little bit dovish.
Yeah, it just doesn't really feel that risky to me, guys.
I'm going to say, well, it is ghost month.
Oh, wait, Mando wasn't there for that.
Mando, you didn't hear about ghost month, did you? the only, Oh wait, Mando wasn't there for that. Mando,
you didn't hear about ghost month,
is the seventh lunar month where Asia,
historically gets spooked and doesn't like to trade.
Historically sells off in this.
The trend is, it's arguably too big to ignore.
But of course, just because it's happened 15 years in a row
doesn't mean it's going to happen for a 16th year.
And September seasonality, which is usually not great.
But it is believed that during the month,
the gates of the underworld open
and spirits and ghosts are free to roam the human world.
Families hold ceremonies, burn incense,
and make offerings to appease wandering spirits.
Impact on traders in many Asian countries.
Actually, we'll be visiting them end of month, Mando.
Especially Hong Kong, Singapore, Taiwan,
and parts of Southeast Asia, Ghost Month
has an economic and trading implications
because of cultural superstition.
Investors often avoid making
big financial moves, example, buying property,
starting businesses, or investing in large projects.
Markets sometimes experience lower
trading volumes as traders stay
cautious. And I've got to say,
Asians are super spiritual.
They're very superstitious in Asia.
This is how you have setups for a huge keyboard.
It's like we have all the fundamental setup to be pushing higher is absolutely there.
Could we chop, consolidate
for a month because Asia's
It doesn't change my fundamental view
in any way. I'm just talking about on a
This could be an overhang
for a while. It ends the day
You know they're not going to have the conference during
Ghost Month, right? Exactly. The conference is on the 23rd. They're going to have the conference during Ghost Month. Exactly. The conference is on the 23rd.
They're going to be partying
because Ghost Month is over.
Korea's going to be so lit.
that doesn't give a fuck about Ghost Month,
and his name is Tom Sleek.
But yeah, man, good for you to know this.
Ghost month for everybody on listening to the show.
Just a reminder, we are live on video.
Anyways, I think that's the good little roundup.
You've got all the prices.
So Bitcoin's back above about $112.
We'll talk about this in a second, I'm sure, Tyler,
as you cover your topics with the dots.
I knew you posted yesterday, it's back to 86%.
So we're looking good here.
For daily NFT and crypto analysis.
Tyler, the on FOMO hour calls to KitKat.
Great ambassadors. Yeah, folks, crypto majors were very red this morning after a massive Friday rally.
But we are rebounding a bit.
We got Bitcoin down 2% a day at $112K.
We've got ETH down 2%, $4670.
It was around $4,500, as Mando mentioned, and sold down 3%, 199.
Hype, 4%, one of the top movers on the day,
a big beneficiary of some of that Bitcoin whale selling action that took place over on Hyperlooker.
We'll get into that later on.
The ETH ETFs pulled in a net $288 million last week
while the Bitcoin ETFs lost a billion plus.
So that's a noticeable trend.
rate cut ran to 90% plus on Friday following Powell's speech at Jackson Hole around 86% this
morning. A Bitcoin, well, as I just mentioned, sold 24,000 Bitcoin on Sunday, causing a flash
crash to just over 110,000. Japan's rate numbers are preparing to lower crypto taxes and authorize
Bitcoin ETFs by 2026. It looks like Japan is actively
And then onshore in the US,
for the private sector amidst
It looks like they are understaffed.
He's joining E, actually.
In corporate treasuries, we got an influx, a flurry of announcements this morning.
So Tom Lee's BitMine added another 200,000 ETH last week.
They held 1.71 million ETH.
billion. They now have 8.8 billion
in ETH plus cash on hand up.
in Seoul three announcements.
So Galaxy Jump and Multicoin
are going to raise $1 billion for a
Seoul treasury. Sharps Technology
filed for a $400 million placement to buy
Seoul. And then DFTV, who we had on this show, announced a $125 million dollar placement to buy soul and then dfdb we had
on this show announced a 125 million dollar equity raise to buy more soul so combined that's around
1.5 billion dollars in potential soul pressure if they're able to raise all these funds uh so big
money going into soul and then bmb a 1 billion dollar bmb debt was announced tied to this company
b strategy it looks like it's going to have some backing from CZ's investment firm as well.
So take a look at that one.
In token airdrop and protocol news, football.fun was the talk of the timeline this week,
and it exploded in interest.
All metrics, its ecosystem market cap, ran past $150 million at peak on Sunday.
We had the Trump World Liberty Phi token debut on Hyperlink,
but this thing opened at $40 billion FTV before falling over 40%.
It was around $23 billion the last time I checked.
And then Hyperliquid set spot trading volume record.
New all-time high on Sunday, $34 billion thanks to that big game.
I think they outpaced a lot of the central exchanges.
of the central exchanges.
So some big moves on Hyperliquid.
So some big moves on Hyperliquid.
And memes, memes are red,
with the majors being red.
LLM, Latino language model
was still on January 1 of the weekend.
I got to give my quick daily shout out
They're going to lock up their Light tokens
The token did fall about 30% over the weekend.
Just to go back on Ghost Month quickly,
it's in line with my birthday.
I told you that September 7th is the bottom.
The Ghost Month begins on August 23rd.
The Hungry Ghost Festival, which is the peak of ghost month, is on September 6th.
Also, if you want to know what to offer, the common offerings are cooked meals, fruits.
Tea, rice wine, and some incense.
So I may be partaking in these offerings, Tyler, for Ghost Month.
So we go long on September 7th.
Anecdotally, how that lines up.
So this is the last vacation week.
The first week of school, it's like you're just kind of getting back in the mix.
The focus is on getting the kids into the routine.
So it's that next week when everyone's like, okay, let's get back to the desk.
Let's lock in for the rest of the year.
And that's the setup right there.
He's put the shit in my head now.
I did miss this in my rundown because it happened after I posted,
but John Wayne, who we had on the show, the head of crypto at Kaushy.
I saw that. I saw that. Look at that. Look at that. Prediction markets.
Dude, is it me? Is it you guys see this too? Like over the weekend, like it's prediction markets like dominating timeline.
It's the only thing people are talking about now.
It felt like a prediction market cabal had gotten together and decided.
I don't think it actually happened, but it felt like a prediction market cabal had gotten together and decided I don't think it actually happened
but yeah you love to see it
I mean as a member of the prediction market cabal
I can tell you this is real
we all got me and some folks at Polymarket
so yeah it's typical typical calls, right?
Anyways, make sure you sign up.
It's going to be a big...
I think one quick factor.
I think the MemeCoin Casino is an enemy of prediction markets.
Because when there's easy gains to be had in that casino, folks are going to go over there.
That is a very hard casino to win in
right now. And I think a lot of people have taken their
chips and are looking elsewhere.
And I think it's a good setup for
Definitely. One of which was kind of gaming
football.fun. But let's keep that for
when Adam comes because there's
a lot to cover on that front. Tyler, go to you.
Some big news on the Solana dads,
which we talked about last week or the week before,
Yeah, we were talking about speculation on the timeline.
And I think when people who seem like they have connections
are kind of whispering that these big deals are coming,
you have to pay attention.
And here we go, Just a week later,
MultiCoin, huge firms, they're going to try to raise
a billion dollars to buy Sol.
And this other company, Sharps Tech,
private placement to buy Sol. So that's $1.5 billion.
If you look at a market cap adjusted
So that's the equivalent of $7 billion
There's some asterisks on this because
there's some talk that they're going to be buying from the
So there's some nuance to
this, but just for perspective, Tom Lee
the impact he had on ETH. Of course,
along with SharpLink and the
ETH machine, which have also
combined to buy $5 billion.
So not just Tom Lee driving the ETH price action,
raise those funds, I don't think
that's priced in, I guess is my cut to the chase comment.
What do you make of the Solano Dats, Mendo?
Do you have a strong opinion on that?
I think they were known about for a long time.
and we saw Sol catch up a decent amount, right?
So I don't know if like that being announced necessarily was new news.
I think if they, if they bought and then said,
look, we're going to buy 5 billion more, right?
The real news that started moving ETH, right?
Was when they said, Hey, we're going to start buying.
And then we're going to buy 25 billion more.
We're in the low billions right now.
Like if they said 10 plus, right?
Or we really started to get big figures get thrown around a shelf.
Then I think we'd start to see Solana really move.
I've said it for a while.
Solana, I do think Solana's time is not just yet,
I do think Solana's time is not just yet.
just because I think you need the ETFs as well
to really ratchet up the demand.
But I do think the risk reward here looks okay.
That is an important difference.
So the ETH ETFs have been a huge part of this pump too, right?
I think we've been giving a lot of the applause to Tom and Joe,
but those inflows were insane.
I think we got some updates on that this weekend too, right?
Was it Friday or Saturday on the, I mean, XRP especially,
There's a staking ETF being filed for, but they haven't been approved yet.
They haven't been approved.
And the main one is BlackBucket, as I've said a few times.
And I think they will apply for one by the end of the year.
They've got a lot of people.
VanEck files for 100% liquid sticking ETF on Gito Sol.
So that was the news over from Nate Jirasi over the weekend.
Anyways, Tyler, we got something.
We talked about the headline.
We're just digging in a little bit.
I guess they added another $200,000 to ETH.
They now have $8.8 billion in ETH plus cash.
Their MNAV, and I don't know if these figures are totally updated,
is trading around one or slightly above one?
So that's going to be interesting to track
if that's going to perhaps be a slowdown for them.
But I mean, not a huge slowdown
considering that they were able to buy 200 million in the past week.
It will be very interesting to see what Sharplink reports tomorrow
and how much they were able to accumulate.
Their MNAV has been right around one for the past week,
which traditionally would hamper their ability to buy.
But, of course, they also just announced that buyback program.
So maybe that gave a little bit of investor confidence.
So we'll see how the debt trade continues here this week.
And if it's signs of slowing down,
that could perhaps be a little bit of a hindrance to near-term price action as well.
It's just something to keep an eye on.
But the more positive news, perhaps a surprise, was out of Japan.
So they are trying to find this here.
Yeah, so the first headline,
they're preparing to lower crypto taxes and authorize Bitcoin ETFs by 2026.
And then this morning, their finance minister said
Bitcoin and crypto can be part of a diversified investments.
So kind of giving the green light to putting crypto in more broader portfolio allocations.
And again, this is how you get to that more 1% to 3%, 5% standard portfolio allocation,
which is the higher for longer primary foundational bull case right there.
And now we're starting to see signs of it in the U.S.
Now we're starting to see it in Japan as well.
So I think that's a very positive sign out of one of the biggest economies in the world, for sure.
Yeah, that's definitely, damn, Japan.
I guess they announced it because right now,
because we have WebEx happening in Japan right now.
I saw Arthur was speaking there today or yesterday.
They have a whole crypto conference happening at the moment.
We know they're pro-crypto AF over there.
Quickly, I do want to go there for one second.
Our favorite chart, Tyler.
We used to talk about this chart a lot.
M2? I haven't pulled up in a while.
I know what my favorite chart is.
How did you know? This is great.
Oh, my God. Look at that lag.
He's the quant. He's the show's quant.
deviation from global M2 correlation in two years.
It's actually much more than two years.
I think it's like close to four years.
And this correlation is not just a two-year thing.
This has been going on for a long, long time with Bitcoin.
If it starts to correlate again,
I think you'll be kicking yourself and being like,
crap, should have bought this.
They're like, if Sailor's not buying,
And they're just totally forgetting.
forgetting it's not just a sailor trade,
It's like one of the biggest inflation slash liquidity pumping hedges in
I'm positioned for this catch up trade.
So I really hope that it,
it plays out and we, we spurn the ghost month trends.
Was it also just a fat CME gap on this morning?
I think also, like I said to you, European markets, at least UK markets are closed.
And that's the biggest European market.
I didn't know the UK was that important, honestly.
Well, think about where all the market makers are based.
I always thought most market makers are like...
Most of them are UK because it's the biggest...
When it comes to global markets, FX is the biggest...
And most of the market makers are FX adjacent.
Like they're often started as FX houses.
London is the number one market for like half of the securities out there.
Basically half of the markets out there.
Just because of the times.
Are you bullposting the UK right now?
are you trying to sell us the UK right now?
I'm just going to tell you
when the UK is on holiday
I just didn't know the UK was that important
in the grand scheme of things
of the markets of the world
alongside New York right?
Let's pull up the WLFI chart on Hyperliquid.
And then you open up the chart.
The chart raises some questions.
The first being, how did it open so damn high?
So it opened at 44 cents, which is 44 billion.
Since, go to the one hour so you can see it.
Yeah, I'll go like five minutes even.
So it's basically down 50, a full 50%.
I mean, it opened too high, right?
$44 billion is pretty crazy.
I think it is more interesting here at $22 billion.
I'm not in this trade, so nothing to disclose.
I think that the float is high up to be low float.
So I think the float is like 5% or something.
much lower than this. The token
comes out September 1st, I want to say, so I think
Interesting day that they chose for that.
The president of the free world
is launching a coin on Labor Day. I love
The president's last coin went to
$75 billion. It didn't's last coin went to $75 billion,
and it didn't have a product tied to it.
And this one's going to have a product tied to it.
So, I mean, you can paint a pretty easy bull case, right?
Like, even if you think like...
Is this going to be $25 billion? I can't's wild. Is this going to be 25 billion?
What does World Living Financial even do?
Aave is 67% of the whole lending market.
After that, I think it's Camino or maybe one of the others
but like what I believe is financial
it's the president's coin
has he got coming as well
is it true social going to have a coin
one every six months probably
it was properly wild to me.
long, but I would be also...
I don't know if I would be short on this.
I gotta go, l it. Tyler. I got to go, lads.
I pinged Adam, but I think he's coming soon.
A few friends were in this trade
I was just out with the fam.
It's just your meme coin runner of the weekend.
But this one went on a pretty healthy tear from sub 1 million.
I hit like 27 million or something at peak.
No gas in the tank, man, still.
That's nothing, 27 mil, right?
Yeah, I mean, it's probably one of the...
We're seeing like one or two of these per week.
What was interesting to me about this one is we we already had an element if you remember it was
the large language model yeah which had gone super viral right so this is like a derivative of that
um but folks got behind it and this was this was the runner i don't think there was a whole lot of
other action the light ecosystem kind of got wrecked i mean they had that big announcement
which i thought would be bullish.
but everyone's just been collectively deciding to sell off their light tokens.
Is it just because it was really high?
It was a good shape for a lot of people
and it sold or was there like a catalyst
The metrics aren't looking as good.
So their revenue is down.
Some of their expectations are down.
Yeah. For me personally, from a trading perspective, and I've As we expected, right? Some of their graduations are down. Yeah.
For me personally, from a trading perspective,
and I've talked about this, right,
I don't want to jump to conclusions in what is historically
the worst few-week period of the mean market.
So I think if you believe that this team has a good foundation in place,
in place, I think this trade could potentially still have legs.
I think this trade could potentially still have legs.
But it is dependent on them, on traders and runners happening in this ecosystem.
And we haven't really seen that.
Nothing's really gotten past eight or nine million, and only a couple have gotten there.
And the early runners have all just basically sold off to zero.
So you need folks having some success in your casino to take off.
But the flywheel hasn't stopped.
I mean, they now have 4.1 million invested and 4% of their tokens burned.
And if they can keep the revenue up at the lower market cap,
they're going to burn a higher percent.
So there is a bull case to be had.
it's not the best weekend for that eco.
unless there's something else that you wanted to cover that we did not.
And then I'll get right to Adam.
The CEO of Bitwise hunter horseley
commented that their blue chip nft index took a i'm quoting meaningful new subscription
for the first time in a while interesting and that's they got like it's an empty etf it's like
54 punks it's like pudgies board apes It's a lot of 2021 shit, right? Yeah.
It's not the greatest index, but I think if this meaningful interest is probably
punks. Which, by the way, even out of that, mostly
punks. Because we know for a fact
a lot of people are trying to raise dads for punks.
I just want to view the fucking website.
The returns have not been great, I think.
Euro website? I don't want to get a Euro website.
Guys, this is not the best user experience
Hunter, I'm a fan of you.
But let me access your website.
54% weighted punks, 14%, 15% weighted pudgy.
Bored apes, Squiggles makes sense.
I mean, you're betting on Pudgy, so I guess whatever.
Mutant Apes, Milady, Izuki, Doodles.
These numbers are strange because Pudgies are not up 20% on the day.
In fact, they're down 20%.
It's a really bad day for Pudgy.
What about in US dollars?
Eats is down on the day too.
Yeah, I'm not sure how this works,
But where there's smoke, there's fire, right?
There's a lot of speculation around soul dats coming.
There's been a lot of speculation around punk dats and Dats.
It seems like something maybe in the works here.
This is going to get the raise, right?
I was talking to you guys on the show when I met someone
who was raising for these debts. He was telling me
most of the time they go to the end and
one investor pulls out or something
doesn't happen and it doesn't go live, right?
actually way harder and complex than
people think and we'll have probably
to wait until September to get there. But anyways,
let's bring the hottest guy on the timeline right now at least this past weekend adam founder of
football.fond oh nice hat adam gm how you doing gm guys i am very well how are you guys doing
we're great we're great you want everybody to call it football in a timeline i love it
that's pretty much one of the proudest achievements of my life i will have to say that Oh, great. You want everybody to call it football in a timeline. I love it.
That's pretty much one of the proudest achievements of my life. I will have to say that. Um, but yeah, like it's been kind of crazy. Um, you know, you, you kind of hope and you, you build your product. We've been building for over a year. Like a lot of people just think, where did this thing come from? Um, from um you know for us we were sort of building this it's kind of really big passion of ours that we want to bring this this product
we thought there was a gap there um and then but we just did not expect it would it would go the
way it did um and and go quite that quickly um so yeah then we've got a very happy, but also quite tired team in the last week.
But yeah, it's been going amazingly well.
So let's get into that, right?
I'm kind of, because I had no idea you were building for Europe, etc.
I fell into football, not fun.
Maybe it was last Monday.
I mean, I played FIFA my whole life. I'm a football fan. I was born in Paris. It's like the Euro kid
and me always loved football. And so I was like, well, this makes perfect sense. It's
super fun. Also, we did work with Sawyer last year on the show about a year or two years
ago. I forget when. So all of this makes incredible sense. And then this weekend, I was out and
about and I wake up on Sunday and this thing's
maybe give like a little background interest,
reduction on yourself and like that whole year of building.
Cause like a lot of people attribute like success,
like overnight in this space,
I had no clue you would've been for a year.
maybe like what's the background here?
Like, how did this all start?
And then Ty and I, we'll just jam with you on a few things.
So yeah, like very brief background.
I spent 10 years working for the UK government, uh, ministry of defense.
That was my first ever career in my twenties.
Um, so I did basically like infrastructure and large software project development stuff.
I realized it wasn't for me.
It was fine, but I had this kind of entrepreneurial kind of ambition,
and I started that about eight years ago.
And that kind of led me into the first thing I did in Web3,
which was actually working with SoRare,
and I built them a free-to-play game called The Surer Academy,
which used their nft cards
but their biggest onboarding challenge at the time was you know this is 2021 when you know the top
card in the game could be a million dollars people would just get on the app and they'd go
what the hell like we we do not understand these prices so i built them a free-to-play, and they liked the game. It became one of Soraya's best onboarding tools.
And I then joined – that was kind of like a side job.
It just kind of ran itself.
And I joined a fantasy sports gaming studio.
They were building a game, like a kind of fantasy sports game,
which they sort of had – they were kind of like one of those Web 2.5 studios.
And they were like, hey, Adam, you know crypto come and come and make it crypto-y and then they eventually kind
of dropped that element like two years later so i i parted ways with them because i wanted to stay
in web3 you know i saw i saw the opportunity um i did a side quest then with a friend of mine who
was actually building a crypto payments business um which got acquired by PortalCoin. If you've ever seen Portal Pay advertised, that was a company that I founded
and was acquired by Portal. And then I worked for those guys for like eight months or so,
but really just wanted to be a founder again. Fantasy Sports was always been my thing and
what I really wanted to do. And I just saw this gap for this product.
And we just wanted to do it in a different way.
And the reason you didn't really hear of us
is that we didn't do any marketing
until we'd actually had a product.
So you get the standard thing in crypto,
big fancy trailer, they sell you an NFT or a token,
there's no product for two years.
In that time, they get bored or they rug you or whatever.
So when we put our Twitter page live in February,
people could log in and play,
and we had a fully playable experience.
So we've been playing this game with about 2,500 monthly active
since February, just kind of quietly invite only, like big, so rare holders, all that kind of crowd.
But also crypto Twitter people and just like people who've never really liked football before, but they like trading.
They're loving it as well.
So our retention was really good.
We knew we were going to retain users because we demoed it for six months and people were enjoying it
but we just did not expect
most of crypto Twitter to turn up
and just start smashing the buy button
number go up as the single greatest utility
we are kind of crypto native team
we know what marketing was in the space.
It wasn't a complete accident.
We've been planning this.
And you can be a good product and no one cares.
Like, oh, fun football game, no one cares.
The number has to go up or you're just not going to get the traction.
So that is why we used that kind of marketing path.
We made it really shareable.
And we kind of built the market in that way.
So I guess what we want to kind of get across now is, you know,
we're not a meme coin launchpad.
We actually do want to take we want to
build the product top shot should have been um and and carry on that arc and you know we're not
this isn't something you're just going to see for a week they're going to go so just as a reminder
because i see a lot of people just joined also to hear you speak uh we're live on uh kick so a lot
of people on twitter space about 400 plus it's been to the
top kick.com forward slash dgens live you can just get the link on my uh sorry on my ex account
or uh or tyler's and uh and we're live here with adam uh founder of football.funt i know you got
some questions quickly because i want to double down something you just said you said this was not
uh lucky this was planned uh you know also like a large part of ct is football fans but the
hand egg version right not that not the football with your feet so they don't know necessarily
lemme and yamal or let alone like kunia and liverpool right yamal is like kind of international
right but even the top four five six seven 19 they don't even know those players right that's
not a knock that's just the truth. So one question is,
what do you mean by this was all planned
So what worked, right, this week
to blow those volumes up?
that is not necessarily familiar
even with the sport that you're promoting
Yeah, and that's one of the most interesting things
about the journey of a beta
was that we expected, I guess, the usual suspects to like the game.
The fantasy sickos like me, you know, they will play most games.
We knew it was well targeted.
We've put a lot of like this game's been building in my head for about eight years.
We've put so much effort into the economics, the gameplay, making it like super-dead simple on the surface, but actually
a ton of depth as well once you really learn. It's got an esports-style skill ranking system
if you really want to learn how that works. If you don't, just pick the good players,
watch the man kick the ball, you'll do fine. You don't really actually need to worry about
the details. And what we've found to my surprise actually is that a lot of
the crypto guys who were just playing because they started out as maybe they're my friends or
whatever they just became football fans you know in the same way like crypto and money has a way
of making people interested in anything like who used to be an interest in decentralized science
or whatever like suddenly if there's money to be made in that protocol suddenly the timeline is
full of fucking desi experts or whatever you know it's like so as long as long as like people are
trading and then suddenly two three weeks go by and they're experts you know they're talking about
whatever like we've got people in our team who you know never liked football before and now
they're correcting their dads and like women who've never played football before,
now they're correcting their dads in the pub
I've got my wife who's never shown an interest
in soccer before or football before.
I now wake up to the sound of her opening packs.
I think it's just the simplicity of it that people get.
Adam, I've got some questions.
I want to dig into this in depth.
But I guess a quick just surface-level question.
Can you give our listeners who may not be super familiar with the game
just a quick overview of how it works?
You buy and trade players' digital cards.
Just give us the quick overview.
Yeah, if you're into trading, as this audience always will,
it's basically built on a Uniswap model, effectively.
So you log in, you will buy players.
They look like players in the back end.
There's a finite supply. They will operate exactly the way you would expect.
Once you own them in your squad,
when they perform in real life
and the real-life matches happen, if they're the best
player in their position,
ranking based on how well you do.
what we call skill points.
You can spend skill points on
packs of players, so you get this cool
Those players are tradable tokens.
So once you've got them, you can build your squad,
or if you don't like them, you can sell them, get gold,
which is actually USDC, one-to-one,
and then build the squad you want,
and just keep trying to climb the rankings.
So if you weren't paying close attention, you'd probably think this looks like a meme coin casino this week.
It has been a little bit reminiscent of one,
but that's not our ultimate purpose.
This is actually a skill-based sports game
designed to be just really simple and fun and enjoyable.
So weekly, the fantasy tournaments run weekly?
Is that the kids? twice a week usually so
early season's a bit quiet so we've only got weekend tournaments now but as the weeks go by
there's basically never a tournament not in progress um so you're always like two days away
from the next reward drop um from the end of the tournament um so yeah it's it's a pretty pretty
got it um well when i first found out about this one of the first. So yeah, it's a pretty new loop.
Well, when I first found out about this,
one of the first questions that popped in my head was,
what lessons did you learn from Top Shot?
And you kind of went there in your intro.
So you want to make this,
I think your direct comment was,
the product that Top Shot should have been.
So I'd love to hear you elaborate on that.
Yeah, I mean, I think the issue, top shot showed that there's a huge sports crypto crossover um that's to do i think with speculation like
everything that's this succeeds in crypto it's usually speculative and fast moving um so tokens
and tokens are kind of perfect for that people in people in sports love to speculate you know they
speculate on all kinds on all kinds of things
about the performance of athletes.
So everyone really engaged with Top Shot.
A lot of OGs in the crypto space got into crypto
But what they found was opening packs was cool,
There's no reason for these actually retain interest or value.
And that's what they wanted, but it was never really delivered.
We've seen other kind of like NFT-based card games,
things like Ultimate Champions, also Rare.
I think I would have probably done NFTs in 2021.
But I think what we've learned from that experience
is that NFTs are actually quite illiquid.
And they're actually difficult to trade.
If no one wants your player, you have to just sit on it.
Whereas in our market, it's a liquid DEX, effectively.
You can sell straight into that DEX.
Yeah, and it is a free market.
So as you can see, absolute sea of red today but yesterday like
that kind of reflects the run-up you know it was just absolutely i mean yes normal you could
it pumped like crazy all weekend it pumped from it pumped from a two mil market cap 12 days ago
to 150 mil market cap and it's obviously retraced so obviously yeah that's this whatever it's gonna happen um
it's fine um and because i think there's some people who just don't believe us yet they're
like oh my god when it when it blows up like that much on crypto twitter obviously there's a lot of
people who've just met us for the first time through some pnl screenshot of someone winning
a million dollars and they look at it and go is that a real thing? Totally
understandable and I think we're just
keep delivering a fun game until
people realize that we're actually not
just a 10 day entertainment
Well the other thing that happens when you blow
up on crypto Twitter is people look
I think we saw some folks trying,
like, criticizing the fee structure.
So I'd love for you to kind of get into the fee structure,
how it works, perhaps how and why you designed it that way.
Yeah, I actually love to chat about that
because that's been probably the most contentious thing.
I think people are used to, like,
DeFi protocols that compete on like these razor thin
margins and they look at that market and then they come to our market and they're like,
why are you charging a 5% fee? They kind of don't get that because it's very unfamiliar.
I stand by it. You know, there's a very, very good reason that we do that. So our basic principle
is that when you spend a dollar on our marketplace, 95% goes into the liquidity pool.
So that's 95% effectively is like our return to player.
So we don't actually take any customer funds, which is very different from anything like a DraftKings or a SoRare.
We don't take the money and decide like this is the reward pool.
The reward pool is the liquidity pool that's the
amount of money you've got to play in um and 95 just goes into that platform um all we do versus
on the reward side is try and manage that as like a custodian because it's not our money we're
giving away we're trying to manage does this game feel rewarding every tournament versus are we issuing
too much supply where it's going to start having an effect on the market so we do that basically by
75 percent automated maths and about 25 percent quant autism and we just adjust that on a per
tournament basis to make sure it feels good every week because i found other games try and predict
a year later like what the market will be like like look at our market like how do you predict
what that will look like in any time and then people try and like calculate an roi and they
drive themselves crazy so what we're trying to do is say hey look the tournament rewards will shift
um you know week to week um if you want like reassurance look at the overall blockchain
market indicators you can see june analytics like use that is our is our basic philosophy around
that um and then what i think the misnomer is that people think that the five percent is used to
finance my future yacht or something like it's not um we use that to support the ecosystem
so one of the main challenges
at the moment is that people look at these p&l screenshots and they're like a million dollars
and and people say well you'll never catch that out and cash that out and it's like well no shit
like we're 12 days old like the the entirety of crypto twitter can't just descend on us and expect
to be a millionaire in 10 days. But some people do think that.
So we need to grow that liquidity pool.
And you do that by growing the user base.
So we're going to do a 40% revenue share of our fees back to the referrers who were going to announce that later today.
That will power the growth, bring liquidity.
So already 40% of our 5% isn't actually going to us.
It's going to people who are going to help grow the ecosystem.
We also pay everyone's gas, which is on base.
There will be volume discounts.
So if you're like regular user, your fees will come down.
We're going to do some buybacks to like bring player tokens back out of the economy,
put them back in the reward pool.
And then whatever's left pays for operations.
People don't like it in crypto Twitter.
Gotta run a business, man.
We have a fee structure on Myriad as well.
Like I got 50 people to pay for every month.
And that all makes total sense to me.
I think the one piece that,
let me drill a little further.
So the feature is dynamic.
So it's meant to try to keep
Is that how I'm understanding it?
So I've seen the screenshots
where it's actually like 25% or something.
Too many people can sell?
it's really kind of part of this market initiation phase where as i said like we knew kind of what could happen like you
get traction in like a highly liquid product like this you will get the trenches come in and they
will just come and buy it all up and then they will sell it so there is this protection there for
you know really protect the market and the real players
of the game. So there is friction.
trivial to make a decision to buy a
player and then sell them again. It is a
game. It is supposed to be
a meaningful decision to select a player.
a coin on Uniswap. It is a
when you get that sea of red,
It's like an Uber surge charge, effectively.
And people complain and say,
hey, I'm trying to extract from your economy
and I taxed you four and you still made 16.
So don't cry in my skill-based sports arena.
Actually, everything we're doing
is trying to deter that sort of user.
We don't want them, frankly.
But what we do want is the real users
who are going to keep playing.
So we have this meme thing called good lads.
So the good lads who trade, they actually like the game.
They're going to stick around every opportunity we have to make sure they get the best value.
So they get access to, we're going to do another drop of tokens later today.
They're going to be the guys who get first access.
We still have over a hundred player tokens to drop at the and we drop all
at the minimum price bottom price of the market so guys who have positive trading history and
helped us build in this phase that are going to get that everyone who cashed out on us is not you
know they will pay the 20 tax they will not get access to the drops um and it's fair you know
there's no real other way to build a market that will sustain
unless you're selective of the users
and you play with the game theory of it.
I think folks, they see the quick profits.
They get excited about it.
They're not thinking about sustainability,
which is the only thing that you can be thinking about
or should be a top priority.
folks who are actually playing the game
We can't and are not stopping them, by the way.
We know this is part of the game,
them, and I think that's fair.
I don't know that we've seen
a dynamic like this uh which i'm
sure is why we're seeing some of the the flood out there but i appreciate your response i think
the other concern angle is around like the ip i know you've got deep experience in this industry
uh you know coming with so rare and having done this before i guess any commentary on that folks
who might be concerned um so we have a we have a data license from opta
one of the most reputable companies um in the space so that they provide the real match information
the player information player names um what we do not use and this is very deliberate is the um
official likenesses um player imagery club logos official kits we get those made as artistic impressions
effectively um one reason the main reason we do that is because our goal is to be the most rewarding
fantasy sports game so once you start doing these deals they want 40 to 60 percent revenue share right this makes your game innately extractive
um we're going for 95 plus percent back to player which is how you beat the draft kings of the world
um if you do the official licensing deals with everyone you will never get there so we don't
um we do we are speaking to individual athletes about deals, face a brand, whatever, but we're not going to do it on mass.
And this is perfectly legal.
DraftKings do not have official licenses.
You all know that you play fantasy games that do not have official licenses.
So we've had this cleared by a lawyer who used to work for FIFA.
They said we're on solid ground
this does not mean that people won't have opinions
clubs and players will look at this and go
hey, you guys are making loads of money and we're not cut in
and they'll be unhappy about it and they might send letters
when it comes to that we'll defend our position
we're pretty confident that it's fine
got it, thanks for clearing that up.
Adam, I know we're out of time.
Do you have a few more minutes to stick on?
I see a question here from Wally.
Not Wally's Woosh, but...
What triggered rep-level trading portfolio or what?
Is he asking about the...
objectives in the game, so
there's a tutorial, you go through that, you open
your first packs, you play your first tournament,
and you start building this reputation level.
What that is actually the start
trade, and let's say this week
you've got a positive trading balance,
And then when it's time to do some airdrops,
some free stuff, whatever,
obviously it's going to be those guys that do it.
So we've thought about this game theory
of how you build a really strong market.
And it's always by rewarding and retaining your guys, the guys who are going to stick around.
So that's what the reputation system is for. Got it. That makes sense. And the other question I
have is, how does someone get started? They've seen all the action over the timeline. Perhaps
they thought it was a little frothy. They wanted to wait for a pullback. Now that pullback is here what's great what's crazy is like that day yesterday started
and finished in exactly the same place with like 50 spike in the middle so in the morning everyone
was like um elated and then the evening they were like kermitting themselves off buildings
but actually we're all in the same place so um we we kind of expected it we just
thought nothing runs like this and then doesn't go down but you know we're we're confident in the
experience it's actually fun people want to that's the kind of most rewarding thing of like the last
week is the numbers are great but it's also like people are like, Hey, this is like a 2021 NFT.
I feel like I actually enjoyed this and I want to come back and I want to
And it's not just because I'm doing it for money.
It's also probably a bit for money,
but like they actually seem to enjoy the experience and the app,
I follow this industry pretty closely.
I see things that pop up that get excitement.
This feels like an outlier.
I haven't seen this level of excitement for a new app in a while.
I feel like they come around maybe once a quarter,
once a half a year or so.
So this feels like it might have some real legs.
But Adam, what I do know that I gathered,
so how does someone get started if they want to start playing today?
What are some steps that they should take to start exploring the website?
You can go to pro.football.fun.
Pro.football.fun is where you get your login.
We do have a Discord for new chat.
It's currently absolute chaos.
It may be more noise than help.
There is a wiki as well with like a how to play guide,
which is linked from the website and it's linked in the app as well.
But I would say just don't overthink it.
You go in there, you find some players that you like.
which is actually just USDC into your in-game wallet on base.
You spend it on the market.
Works exactly like any decks you've used and enjoy the games.
the next tournament is coming on Friday.
just kind of use that time to get to know the app and have fun.
make sure you subscribe to us.
Not a lot of y'all came to listen to Adams.
You're probably football.
There's a lot of you listening to us live right now.
Make sure you hit the follow button because we host this show Monday to
We usually give some money away,
Adam, but we're a little overboard,
so we're going to move it to end of week.
We give money away every day, five days a week.
We give money away like one and a half a minute. So do I, Oprah.
We've given like almost $2 million away on the show in the last two years.
Make sure you follow at AdamFDF on X with a little underscore at the end
Love what she is doing. Definitely rooting for
you guys, Adam. So thank you for coming on
and hope to see you again soon.
I appreciate it. Thanks very much
for the invite. I'll come back anytime. Hell yeah.
Alright, well, Tyler, this was great.
This was great. Like I just said, we're not going to make time
for Yeet today because we're over and your boy is already late to a meeting.
But listen, giveaways start back again tomorrow.
And we'll just do two for Farquhar on Friday like we like to do it.
For the Corinthians, Tyler, I'll see you all tomorrow.
10 a.m. Eastern Standard Time for the episode of FOMO Hour on ROG Radio.