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FOMO HOUR: NEWS, MARKETS AND STATS
Recorded: March 12, 2026 Duration: 0:57:58Space Recording
Full Transcription
Music Oh, songs.
All right. All right. All right. and let's just go right into it!
Charlie! μ΄ μκ° μΈκ³μμ΅λλ€. Thank you. Yo, yo, what up, what up, good morning, good morning, GMTN.
Thursday, March 12th, 2026, look at that.
Another beautiful day to have a beautiful day.
I got my co-hosts in the house, Tyler,
and today's special guest, who honestly,
maybe a co-host at this stage.
Stats, boys, how are you guys doing this morning?
GM, GM, what's going on?
Good to have you, Stats.
Always a big show when we when we've got you
yeah i mean no caffeine today so and hung you know i i i i got pretty drunk with my wife last
night so you know 3 a.m 3 a.m bedtime it's 8 a.m now let's go 3 a.m.? Wow. I haven't seen Beyond Midnight in quite some time.
So you're out there living.
My wife likes to give up drinking, and then she likes to re-drink.
So, you know.
I like that.
My wife.
My wife.
My wife.
Well, Farouk, we got to click into this for a second.
Well, Farouk, we got to click into this for a second.
The real reason Stats was out is he's doing boots on the ground marketing for his new photo app.
He's taking selfies of people in bars and showing them exactly what his app can do.
I respect the hustle.
Yeah, I mean, I used to do that at Uber a lot.
Like at Uber, there was kind of early days back when there were 50 employees.
You wouldn't leave like a Starbucks unless everyone had had a ride a card for a free ride that was 2012
i'm not gonna lie this app 10 times easier i mean obviously you gotta take someone's picture
which is a little awkward but like you get a couple drinks in you it's like off the races
people like people like to take pictures i'm an ai i'm a vibe coder. I'm a developer. I built this fucking tool that allows you to get a headshot.
None of that.
Broke is none of that, though.
That's the thing.
It's take a pay.
Is it cool if I take a picture of you?
Okay.
One minute later, you come back with like a pro headshot.
Like, holy fuck.
How'd you do that?
Like, wait, what?
Can you send that to me?
Never use the word vibe coding.
Never use the word vibe coding.
You've lost people.
I'm just kidding.
But I was saying, you know, you can see an AI.
I mean, dude, Paradigm may invest like at a $100 million valuation here.
I was hoping for a little more, but you know.
The only investor in this is Sam Gellman, me.
When's the token coming out?
It's not a profitable product.
When's the token coming out?
Man, it is not a problem.
One of the problems with AI, with this product, with AI portraits, is that it's not viral.
Because if people have a good photo, I mean, on Quifro Twitter it is, but the people who love their portrait don't want people to think it's AI.
So they're not like, holy shit, you have to use this product.
They're like, check out my photo, not telling you where I got it.
It's like the other app I built is marriage counseling.
That is a very hard, that is not a viral product because the marriage counseling one is because when I had relationships issues with my wife a little while ago, I was talking to chat GPT
about a lot, but I was like, what I really want is for her to write to it. And for chat GPT to
give me advice based on both of us, as opposed to just one person's kind of rabbit holeing about the relationship
is much better.
Both people are inputting.
So I built a product that were both people input,
like what's going on,
answer questions,
stuff like that.
And then it gives like the couple of advice,
like chat to be talking to people,
but again,
very non-viral product.
Actually the headshots is more viral than that.
See,
I'm not inhibited to tell people it was AI generated.
I don't really see the difference between using a photographer
who's going to touch it up behind the scenes.
That's not that much more real.
You're not disclaiming your AI use.
That's not a holdup for me.
No, I know.
I think for you, you're also in the game of understanding technology trends, right?
Whereas I think certainly the women i've got
who've used i've seen them post on facebook and everyone's like love that picture oh my god you're
so beautiful they're not saying that this is a gem but you're right it's not you're right i think
there are some people who are like the other thing is i'm a photographer right i actually trained
my app on my own photos i mean obviously it's gonna ask well how is it still trained so well
it's pretty cool yeah i did a lot of photo shoots at Uber.
And in 2018, I was like, the coolest photo shoot I ever did.
And I was like, I want you to model it after these photos.
Which I, yeah.
And you were, let's be honest, you're the biggest NFT photographer on blast.
Dude, I mean, let's be honest i mean we're no one's here to mess around with dishonesty right i mean those photos were sick by the way i that's when i
i found out i didn't know you were doing photography i don't think you talked about it until you did
that and then everybody yeah yeah this is smart five credits ten credits you just paid you sign
up and you fucking throw your photo in there
and it comes out nice like that,
huh?
That's crazy.
It's pretty,
I mean,
sometimes it doesn't do well
and then it's embarrassing for me
and people yell at me,
but,
you know,
but when it works,
it's awesome.
It does well with PFPs,
ironically.
I love,
I love the NFT factory.
This is insane.
Like,
Tyler, I saw your text yesterday you sent me a few of those. Like, Tyler, I saw your text yesterday.
You sent me a few of those.
Like, Tyler, you better PFP this.
Like, this is incredible.
If I ever make money in crypto again, I'm slamming this up.
You'll know.
Yeah, that could be a bull market PFP.
That's it.
Then you know.
Yeah, everyone knows that Tyler's made money when he throws the king out.
Someone just said for my marriage app.
Yeah, he said, like, can you just program it to say your wife's right?
I was thinking I was going to do that.
I was going to charge $10 an hour.
You both write long journal entries, and then it says she's right.
And then I thought maybe I could charge $20 for it to do an exclamation point and put it in bold.
Up to the bold, she's right.
I've been right sometimes, though.
So you have a marriage counseling app
what is that i didn't finish it i didn't finish it i do but i didn't finish it because i what is
that going to be doing oh it's what i was saying it was that you can it basically it asked questions
to both members of a couple and then the ai turns out advice to both of you because normally people
use ai as a therapist and they only get one person's perspective.
But when I was doing that, because I had some marriage issues, all right, not, you know, I won't go too deep into it, but I had some marriage issues over the summer.
I was trying to resolve some stuff and I was like, the AI only hears my voice.
This is pointless.
It would be much better if it got both of our opinions.
I built an app where both people input stuff.
That was what I did.
It was called couplescoach.ai, I think it's called.
But it's not quite ready for primetime.
Anyways, I don't mean to ramble on my AI asking page.
I'm trying to find the photo shoot that I built it off of.
Interesting.
Well, anyways, today on the show,
yesterday we talked to you about looks-maxing for 20 minutes with Rasmur.
Today we're talking to you about AI for 20 minutes with Sam.
We are in the basement of the bear market
as someone told us.
That must have been one of the greatest comments
I've seen on the show this year
so far. It said, we are really
in the basement of the bear market. That was hilarious.
But anyways.
Does Rasmur come out a lot?
No, he came out on the show for the first time.
Okay, I saw that. Honestly, I thought it was an incredible segment.
I feel like we're a little bit more aligned with the older generations.
And I want to speak for you, Farouk.
You're more in touch.
You're more fashionable.
I'm not in touch.
I mean, Gen Z is like a foreign population to me.
They speak a foreign language.
And you hear it just talking
to Razmer.
I think it's important to understand
how these young kids think about the world.
It's also foreign language to me.
The middle child is people born in
the early 1990s. I'm a 94 kid.
Where it's like you're old enough to remember
something
but also young enough to have been born in that generation.
For example, like I'm old enough to have played N64,
Super Smash Bros, for example, and like Mario Kart
and Game Boy Color Advance.
But I'm also young enough to have, I don't know,
like the first iPhone, like the first iPhone, the iPads.
I was there right before that, like, you know,
by the time I was of age, like that switch to like the fullads, I was there right before that, by the time I was of age,
that switch to the full internet, right?
I'm old enough to have had the big-ass computer
and the big-ass TVs
that weigh a million pounds.
So that weird thing.
So it's also quite Chinese to me sometimes,
not gonna lie.
But it's funny.
Stess and I,
we're the lucky generation.
I mean, Facebook was just starting
to get popular when i
was like a sophomore in college but no one was really posting on it and it didn't really blow
up until we were out of college so we had the the no social media
coming of age era which was well what year was facebook i think I was 12 years old when Facebook came out. I forget when Facebook came out.
Facebook date of launch.
It's 2004, yeah.
No, I was 10 for that.
It was September 2006 when it went.
Yeah, so I was literally 12.
That makes sense.
All right, anyway, so now we'll talk markets.
We will talk news.
We've got stats.
We're going to, you know, fuck around and find out what stats.
Then we'll hop on and give one of you guys some money as we do every single day.
Did we get lucky yesterday?
Not so lucky, but I still won like 700, 800 bucks.
I'm sorry.
Well, last but not least,
this show is powered by Walrus.
Walrus is a verifiable data platform
for builders in AI and on-chain finance.
As these systems handle more money and decisions,
the more mission critical this data foundation becomes.
To learn more, follow,
sorry, visit walrus.xyz.
Tyler's going to you.
For daily NFT and crypto
analysis.
Tyler,
on FOMO, our calls, the kid can't
miss.
Great batch of bears.
Yeah, folks, it's a bit of a mixed
day out there. So crypto majors
are slightly green. We've got Bitcoin up
0.5%, 70,400.
ETH up 1.5%, 2080.
On the same day that that. ETH up 1.5%, 2080.
On the same day that that new ETH staking ETF from BlackRock comes out.
So that's a bit notable.
Solana up 1.5% at 87.
Meanwhile, stocks are pretty red.
Stocks down, NASDAQ down 1%, Dow down 1% as well.
Gold is red, though silver is green.
And oil is the story of the day.
Oil up 8% back at $95 a barrel.
So it has been the story of the last few weeks and back grinding higher, unfortunately.
I think the other main crypto story of the week is hyperliquid.
The hype Bitcoin ratio hit a new all-time high after hype surged 8% to $37 plus overnight.
So it is on a huge move up.
And some crypto headlines here.
We had Ripple begin a $750 million share buyback at a $50 billion valuation ahead of a potential IPO.
Kraken announced Kraken CLI.
It's their new interface for AI agents
to access crypto markets natively.
FDIC chair Travis Hill confirms stablecoin users
won't receive FDIC deposit insurance
or pass-through coverage under the Genius Act.
At the same meeting, the American Bankers Association took aim at stablecoins,
citing yield competition and deposit flight risks.
We had the DOJ reportedly investigate Iran's alleged use of Binance
to route $1 billion through sanctioned groups.
This was on the same day that Binance simultaneously sued the Wall Street Journal and also appointed a new CEO for Binance U.S.
So a lot going on over at Binance.
Northwestern Mutual found that 73% of Americans invested in crypto and prediction markets say they're financially behind,
with 80% of Gen Z citing these as faster paths to wealth
than traditional investing.
So we know a little bit more about their motives there.
We got some breaking news this morning.
New CFTC guides on prediction markets is expected to come today
for Commissioner Selig, so that will be big.
In ETF news, Bitcoin ETFs, $115 million net inflows on Wednesday.
So a nice little streak.
ETH also had $57 million stretch.
Not quite a record, but had a huge day yesterday, 3.65 million shares,
another 2,000 Bitcoin, and today is off to a gangbuster start.
I'm seeing over 1,100 Bitcoin raised in the first 45 minutes of the session,
2 million shares traded.
So it is going to be an all time high day though.
I think the today is the cutoff for getting the next round of yield.
So there's a good chance that today's the blow off and volume will decrease
starting tomorrow,
but we'll be monitoring the situation in token airdrop and protocol news.
Myriad announced the launch of season three taking place on BNB.
Markets exclusively settling in USD one plus new myriad wall.
There's a lot to unpack there across protocol.
This is pretty interesting.
The across protocol raised a proposal to change their Dow and token structure
into a token for equity exchange.
One of the newer trends here,
actually unlocking real value for tokens.
And Optimism Labs, unfortunately, announced 20 layoffs.
Sharing the decision reflects a narrowing of focus, not runway.
Rounding this out, memes were mostly green on the day.
Actually, a little bit of new action in the trenches.
This distorted meme, which is literally just a meme after that new emoji that got released.
Up 50%
at 5 million i hadn't really seen a even a 5 million runner in the last few weeks so some
action uh zero bro up as well and that's uh it's pretty much the the roundup yeah that's why i was
so confused when you texted me you're like yo are you in this meme and i'm like what are you talking
about and you're like this image that you posted this morning as a gm is a meme coin i'm like, what are you talking about? And you're like, this image that you posted this morning as a GM is a meme coin.
I'm like, fuck.
I posted this morning.
I was like, I just thought it was funny.
So clearly, this is the kind of memes that work best usually when the ones that you're
not pushing with an agenda.
I'm just like, good morning.
I like to post photos now when I put my GMs and I didn't have one handy this morning.
So I just posted this.
And I guess that was a meme coin.
So I hope you guys 10x that even more
it would be great
I sent you the chart, let's pull it up
we haven't looked at any memes in a while
there hasn't been anything to
let's see, let the dex screener verify if I'm a human
okay, there you go
okay, it's 4.6 million dollars
I mean, the emoji's amazing guys
but I don't know, let's see if this has lags yeah, I'm not touting this by any means no disclos. But I don't know if... Let's see if this has legs.
Yeah.
I'm not touting this by any means.
No disclosures.
I don't hold any of this.
But the trenches have been so dead.
I was just excited to see anything catch any kind of a bid.
Yeah.
Before we go to the market, although the market is kind of flat,
so we're probably going to say the same thing as we said yesterday.
Can we talk about this stretch ad?
Oh, God. have you seen this one
Mike
I haven't actually watched the video Now feel the room, now find your grave. Red skin to the grave you never knew was there.
Let go of less.
There's more beyond the edge.
I don't believe the disclaimer at the end of the AI ad, you know?
Strategies in the first security area are not the collateral supply.
So does that make you bullish or bearish entirely?
I mean, you've been a stretch bull all week.
This is a great ad.
I have to say, I've been talking about Stretch a lot,
and I feel like I'm kind of cheerleading it.
But at the same time,
it feels like it is just the pure definition of a Ponzi.
It really is.
So basically, you buy these shares,
and he's promising to pay you out 11.5%,
which is dependent on him selling microstrategy shares.
So basically, the money has to keep flowing in.
We got another one.
Hold on a minute.
Hold on a minute, boys.
Hold on a minute.
We got another ad two hours ago.
I got to check this out.
Definitely not AI.
Let's see.
I love the disclaimer.
Saylor's got a good taste in women.
Whatever he's inputting in there, you know, I have to say,
I got to give him credit for that.
But besides that, it's very amazing.
I think it's hilarious, dude.
I mean, I think it's fucking hilarious.
Like, I mean, you're making an ad for a financial product.
Like, it reminds me, I think, like, my normie kind of podcast I listen to see Pete Crypto as, like, Larry David and all those guys putting on, like, endless crypto ads for FTX and Coinbase.
This is, you're like, this is like putting in an ad for a stock.
You're like, literally, you're not trying to sell Apple products.
You're putting in an ad for the ticker AAPL.
It's not like, buy our MacBook. It's literally buy our stock more like a hot woman if you don't
believe me it's even different it's more like a an advertisement for like a bond product like
it's like buy this so you can get 11 yield so he's not making those videos i do want to put
that out there i just saw there's a credit down there atlas huddled so which is a community but he's like he's not oh that that makes it different but yeah he's this
person but he's still he's still copy pasting the caption that this person's maybe it's his all it
looks like it's from him look like feel the stretch feel the stretch i feel like this one more because
the second one more you the second one you think you're in some random Italian location
and it's supposed to be super high-end
and then it just starts singing the word stretch
like the sticker of your preferred chairs.
It's fucking hilarious.
I disagree.
I disagree.
You like the first one first.
Because it's literal.
I understand what stretch is now.
Because the woman is stretching.
So now the whole 11.5% total sense whereas the second one you're like
it's not even a sweat she's breaking a sweat as well uh if you notice here can we just unpack
like the opportunity that's out there's not anyone in the world can effectively
make a cool ai generated marketing ad for stretch and Michael Saylor might see it and retweet
it right like there's I really want to try you can really crowdsource a like
the crowdsourcing opportunity for brands and protocols but then on the other
side right it's just it's totally open for business right now it's fascinating
so you sent me this what's the latest so i look at the numbers yeah 1175
bitcoin today so for everyone to understand as of last tuesday the record was like 787 for a full
day we ended last week with a record of around a thousand then we had a blow off record on tuesday
which was 2000 i mean today it's on pace for like 3k plus. So today is on pace for a massive new record.
Pouring through this. Again, the way it works is people trade, people buy the stretch shares,
as long as it's over that $100 par value, then Sable 2. MicroStrategy shares, I think it's a
three to one ratio, which gives them capital to buy Bitcoin. Last week, he bought $1.28 billion.
The stretch was $370 million of that.
And this week is going to be, I don't have the total numbers,
but this week's going to be probably 3X bigger than last week.
So, I mean, he's going to be putting in multiple billion, I would guess.
The downside of that is $70 K in a massive sailor week.
And if stretch does slow down,
what does that mean for the,
for the near future?
So like we see basically single-handedly keeping it at a float over the last
couple of weeks.
And the second stretch spigot slows down,
are we going to fall off?
So that is my concern.
But if he's able to keep it going at this pace,
I don't really see how we don't break out of the range.
Yeah, Bitcoin's looking good too, right?
Top of the range.
We're just consolidating right under that, right?
Right under, right? And here, let me just put up up it's a good segue into bitcoin actually tyler but no big signs of of weakness not in
strength either but i'm just saying like we're not like you know we're just right there
so it has outperformed everything else since the iran war and that's pretty it's just
objectively true besides oil it's gold is basically flat i think gold actually is negative
since the iran war started stocks are negative bitcoin it was consolidating and there's like finding a bottom for so long. So we've kind of sold off before everything else. So maybe it makes sense that the weakest asset is like the strongest here
because it was consolidating and there's like finding a bottom for so long.
And the other side of me is like we have no fucking idea what's going on with this war
and anything can happen.
It's so scary.
That's why I think your Goldman Sachs thing makes sense.
There could be extreme bullishness if we get good news
because a news of any sort of ceasefire here or like
um you know slow down of this war will just send the markets flying past 80k probably
unfortunately it looks like it's escalating now right so like last night there was
some kind of either like a pager attack or some kind of surprise drone attack in iran and then
iran also attacked three ships. So it's not.
It feels like it's going to get worse before it gets better, I guess, is my read.
It's, yeah, it's not.
I mean, there's a reason why oil, I think, caught a bid, right?
We were talking about are we buying the dip or not.
It's like 93.8 now.
It went all the way up to 95, which is actually the chart doesn't look bad.
So. My gut is oil is going to go higher near term yeah it's probably quite a good buy it's 70s in the 70s knowing that
this is not the conflict is not going to get solved overnight. Right?
Yeah, I think that's the... So we'll see.
Mando's two-month call feels...
Go ahead, sorry.
Mando's two-month call, like, end of April, right?
I think that's the right line.
Yeah.
I hate to put, like,
lines on it, but...
I'm talking about oil 20 minutes ago on the White House page.
The United States is the largest oil producer in the world by far.
When oil prices go up, we make a lot of money.
But for far greater interest, it's important to me as president
stopping the evil up.
So we know they're all focused on the oil.
We talked about this yesterday or the day before the show.
We're like, well, they're one, fighting a war,
and at the same time internally trying to fight the markets,
not going to zero of this war.
So interesting times to be in the markets anyways it's a good time to be in the hyperliquid markets
in what the hyperliquid markets it's a good time to to be in that hey we got to pull that up it's
it's the story of the week
37 it's up 18% this week,
28% of the month.
I think I just saw 25% of the month.
Oops.
This is a painful one.
I mean,
just because I'm,
I'm hype line,
very hype line.
Just,
just watching it,
knowing it's the strongest protocol.
This cycle,
thought it would be just more correlated with macro crypto action and it's breaking out
like i said in my in the minutes the high bitcoin ratio hit a new all-time high as it's ever been
yeah it's looking good well i keep clicking the wrong button guys um it is looking really oh wow
yeah it is yeah is there much precedent for tokens hitting
new all-time highs
during like depths
of a bear?
Like,
I'd have to go back
and look through
history.
What was Solana doing?
Because Solana was
the last bear story.
Like,
it wasn't even close.
Like,
it was,
and I've seen
the Solana comparison and i do kind of get
that but like solana was starting to get to like 70 when solana was like 40 and then it had the the
big solana conference and then it broke up to 70 like okay this thing's really starting to move
but that was when we were coming out of the bear um yeah november 23. I moved all my ETH to Seoul
literally here,
that day.
Okay.
Here.
So that's when I was like,
fuck this.
And I already jumped to 40.
It was like,
I had a 50-something average.
I remember at the time.
There's a 3X on the day.
But this one,
WIF was coming around.
Remember?
Early WIF,
$20 million WIF,
$50 million,
something like this.
Pre-December.
Then December Whiff kind of happened.
And that.
I don't think there's another better comp.
I think I can think of one.
Yeah.
Is hype the soul of this cycle?
I mean, it's...
I'm seeing that comparison.
That's how some of the gen z accounts think about hype though is that
you know hype does kind of have a cash flow story like are we seeing that their buybacks
are increasing like is that what's driving this or is this just uh oh i buybacks like
the oi on the just because their volumes are going through the roof? Is the coin actually correlated with volumes?
I mean, that would be kind of interesting.
I'm stats.
I should run that.
Well, go ahead, Tyler, because you may have the stat.
Yeah, and their HIP3 volumes are up and to the right.
So volume is significantly up.
Open interest is significantly up at new all-time highs.
So their fundamentals areβ¦
Not only that, remember, I think I said this at the lows again a few weeks ago.
I was like, BTCβ¦
There's a show for sure a few weeks ago where I was showing Bitcoin and Ethereum OI,
which Bitcoin and Ethereum were both under a billion OI each.
We're back above
now. Bitcoin has $1.8 billion
of open interest and Ethereum
has $1.2 billion.
So just them two alone are above $3 billion.
And that's always a sign for me.
The open interest and the volumes
on hyperliquid is all you need to study
if you want to take that trade, I think.
And also, stats would help with the
oil trade. Oil is doing an absurd amount of volume on there.
It's over a billion dollars a day on HL.
Yeah.
That's a good...
That's interesting.
I mean, if this is like becoming a...
If this is actually the example of traditional assets
coming to crypto,
and yeah, I think that's a thing.
I did... Yeah, so looking at defi llama so i
mean revenue is not at all time highs though so like the some of these the new volumes are
but they are still down from where it was at peak so i mean there were days when it was doing five
seven million dollars a day in fees in august and we're now at more in the 2-3 range.
So I guess the price is pretty much in line with a daily revenue percent.
So it's 40% off all-time high solar revenue.
And it's still tether circle hyperliquid.
It's so crazy, bro.
This is the new era, right?
You have to generate cash.
What's going on with Pum?
We want to trade securities in crypto now.
So show us the cash flows.
But even with markets like memes being dead,
Pumps is like still number four
and it can't catch a bit for the life of it.
That's insane
to me.
It's the most confusing thing in
this modern crypto era.
Is there any sense
of what their yields are right now?
In terms of what they're paying
people back or what they're buying back relative
to the price?
They were buying back a lot. Like a million
a day, bro. For like 100 days.
It's crazy.
Yeah, I don't know. Maybe that's the part of it.
I don't know. They never published their specific
buyback program.
I'm a little confused, man.
But Leiter has buybacks
but that token's not doing well.
So it's...
It's not just the miracle answer.
And I'm only saying this
because it's fourth.
I wouldn't have made this comment
if it was like,
it's fourth.
It's tether circle hype pump.
You know?
It's in...
It's above Tron, too, you know?
It's in presence of some big fucking...
Damn.
And yeah, that revenue is very consistent.
If you look at it and expand out 24 hours to seven days,
they're making 1.25 every day.
It's not just once.
How do I change this?
How do I change the seven-day revenue here?
In order of seven days, it's not just once how do i change this how do i change a seven day revenue here this is or in order of seven day it's still fourth in order of 30 day revenue
it's still fourth as a matter of fact the revenue 30 day for hype was 55 mil and pump 39 mil
it's not that far apart so what's it it's trading at so annualized revenue is 475 it's trading at 2 billion ftb it's trading at 4x well four and a half someone just said in the comments said play the pump game but no
you don't token that's not wrong it's like the casino tokens all over again right what's even
the pump market cap like so i mean hyper look if you look at it on this basis, Hyperliquid FDV is 35. What's its annualized?
Well, market cap is 1.1 billion.
1.2, sorry.
At least here on that.
Here.
On this one, I'm going coin market cap.
Let me have it more accurate.
This is actually wild, no?
That much of the token can't be circulating.
I see market cap 670.
Unlock market cap 670. 670?
Unlock market cap
129.
Alright.
unlock market cap is trading at
3x revenue.
What's
total FDV?
FDV is 2 bill, bro.
Yeah, so this is just a...
So basically, it's trading at like six times revenue.
Yeah, but FDV's a meme.
But yeah, I know what you mean.
This is going to be like a turbo runner in the bull.
But that's it.
Just off of that narrative, by the way.
Are we sure?
Yeah.
I'm not sure.
They're going to own so much to supply by then
that they're going to pump the shit out of it
like just from
supply perspective
I'll take the trade
when time comes
and I'll let you know
how that goes
at this stage
I think it's like
he's forming
such a strong floor
like what if it just
keeps doing this
Tyler
and save this Charlie
but what if we just
keep doing this
bullshit here
like
until like here October whatever it does and then like when the bull picks up again And save this, Charlie. But what if we just keep doing this bullshit here, like, nyah, nyah, nyah, nyah, until, like, here, October,
whatever it does, and then, like, when the bull picks up again,
you know, we just kind of start seeing, you know,
finally some sort of recovery, you know?
I don't know.
Yeah, it's dependent on another meme cycle playing out.
Games are always going to play out, right?
Yeah, I would not bet against a meme cycle playing again. I think people like to play out, right? I would not bet against a meme cycle
playing again. I think people like to play that game.
But, you know.
It's also hard to
predict it's going to be exactly the same as last time
too, right?
They failed.
Every one of the competitors failed to beat
Pump, even the bear. So it's like they're still going to be
the undisputable number one
when time comes as well right
and allegedly i don't know if you guys saw they're expanding to multiple chains
yeah um so their their their competition is about to be taken out there too
there's gonna be so much supply control by then that i think this is gonna be
quite a pump even if it's just for an exit pump like
there's gonna be like there's gonna be like a trade here at
some point when it's an easy
mode you know
when we're all
geniuses
there's going to be
like it's only
takes a 340%
trade to go back
to all-time high
that's nothing in a
bull
so I don't know
save that one
Charlie and post it
in like six months
that way you can
sound like a genius
it's easy you just
start making crazy
bull takes guys
pre-bull
anyways Ty yeah it's easy you just start making crazy bold takes guys pre-bouled anyways uh ty yeah i think in
line with this convo i think it was a pretty interesting update out of the across protocol
yesterday so across is paradigm backed uh it's cross-chain bridge has done more than 35 billion
in volume but what's interesting here is yesterday they posted what they're calling a governance temperature check.
And what they're trying to do is explore interest in converting from a DAO into a USC corporation.
And then letting their ACX token holders exchange those tokens for equity in the company.
Which feels kind of like the crypto holy grail.
So here's how this would actually work.
As ACX holders would get two options over a six-month window.
They can swap ACX for equity in the company at one-to-one ratio.
Second, redeem tokens for USDC at a 25% premium over the past month's average price.
We had the ACX token jumped about 85% on the news.
I think it cooled off a bit after that.
It's still down fairly significantly from highs.
But, I mean, isn't this like the best case you could ask for?
The token's hurting the gutters.
Absolutely.
I haven't been following at all what's going on there.
It's interesting, man.
I've seen some mixed reviews on this.
And I'm curious to your thoughts, both of you guys.
So one of the takes that I read was,
oh, was never found on the cross,
but this type of behavior is what kills the ethos of crypto,
of decentralization,
of the point of trying to do
the tokenization, blah, blah, blah.
Valid.
But what I think invalidates that thought
is that we're also saying
that 99% of these tokens are useless
and they're going to go to zero
and they've literally gone to zero.
Right?
So I think that's also valid.
And I'm curious for you, Stats,
what do you think?
Like we're seeing a lot of this switch
from token to equity.
It's hard to do token and equity.
We're almost there.
We're looking into all of it, by the way,
just for Myriad and Myrtoken and all that stuff.
We're evaluating everything.
We have lawyers on every case.
We're looking at every single way we could approach this best.
But I'm curious what you think about this sort of change.
I think that the problem with
like vibe tokens which is basically every token all the way up to bitcoin but maybe a hype again
like very little other than hype and or pump you know and i think if pump would be really transparent
about their buybacks maybe they aren't i'm just not noticing it um the problem with that is when
it goes down there's no floor it's like when things start to tank and you're seeing this with all the coins that were culture
coins, you know, like all of them, bonk, far coin, you know, uh, mog, whatever it is, like,
there's no one to say like, how could mog be only worth $200 million?
Like, there's a lot of money, you know, like, and, and so I think in these bear markets,
like some form of cashflow and some form of like equity type structure kind of can save you.
But even if you're a culture coin, having cash saves you, it's like cash rules the show. So,
you know, if, if, if I think from my experience at proof, it becomes very hard when you have a lot
of like vibe assets and, and cash flow assets all at once.
Like at Proof, we had shareholders like Andreessen Horowitz, but then we also had Moonbird holders.
And then we also had other NFT holders.
And then we want to do a token.
It's like, who gets the money at the end of the day?
And I think just simplifying that structure like Hype has with like, there is one token.
This is our business.
As we make more money, we're going to
put it into buying back the token. That's just like the cleanest way to do any of this stuff,
if you can. But, you know, it also means, you know, I think one of the issues is as you get
cash flow over time, how much do you keep yourself? How much do you give to token holders? Like,
do you want to commit to giving it all the token holders? I mean, Facebook didn't pay a dividend
for their first 15 years as a company. You know, it's like,
there's a lot of question marks there, you know, as far as how these commitments go. And I don't
know, there's just, there's just a lot to it. And I think one thing, one of the issues, what pump,
what pump is basically saying by trading at like six times revenue is either a in crypto,
like a 13% yield, 14% yield is kind of what we want like like I mean if they're
at six times revenue that's basically yeah it's actually more than 15% if they're using that money
by the token I think what people are really saying is we don't trust these guys we don't think they're
going to use their money to buy back token in the future we don't believe a word we say we don't
believe a word they say or they're saying that or they think the revenue is going to go away but I
think that that's and that has good precedent for guys to say hey we're either saying that or they think the revenue is going to go away. And that has good precedent
for guys to say, hey, we're going to give all our money. And then
two years later, you get the resignation tweet
and they're going off to start an AI company.
And I think there's just a lack of trust in the
space for any of that stuff.
Yeah, I think that's really fair.
I'm just thinking this through
right now. So if Hyperliquid had
done, so right now,
like one of the pushbacks about doing buybacks
is they could be using the net cash to do other things, right?
They could be building out a team, expanding, all that.
If they use this across model
and let hype tokens
equate to equity and Hyperliquid, the company,
they no longer have to do the buybacks, right?
Wait, say that one more time.
Does that absolve them of having to do the buybacks?
Aren't they killing a token?
So no need for buybacks?
I'm just saying in theory,
I'm just using hyperliquid as an example,
but if you are going to eventually announce
a token to equity-equity conversion model
where it's one-to-one,
one token equals one share,
can you then abandon the buybacks?
No, you're saying if you're actually going to become
a public company.
Yeah.
If you become a public company, right?
Yeah, that's true.
Yeah, I guess that's
but i mean is it cross protocol public no no they're just going no they're just giving you
equity do you mean like new york stock exchange listed no i'm just saying so like if hyper liquid
announced this program and like hey you were going to get for every token you have you're
going to share of hyper liquid the private company eventually we plan to go public we're not public
yet yeah but do they have to continue doing buybacks if they've effectively the reason for
the buybacks is turning it into a de facto security right so no well no i mean the reason
for the buybacks is that that is a buyer every day who's going to, if you're buying it now, you know, Hype's going to be buying it back from you tomorrow with all the cash you make.
I mean, yeah, I mean, there are all sorts of ways.
Like, I mean, one of the interesting things is I think crypto markets pay more for stuff than equity markets generally do.
But like, so is the idea of going public actually something that's appealing to crypto holders?
I think it is because of the novelty and uncertainty.
And what we actually love in this space is novelty, uncertainty, and anticipation.
Like, that's actually the currency that we all trade on.
But, yeah, I mean, yeah, it'd be interesting to see what the market says. Like, does the market get more excited about a future NASDAQ listing?
Or does it get excited about just knowing that, you know,
you're committed to buy back like token with 90% of the revenue you make?
Yeah, I mean, the pros and cons is like,
well, it's just so much, it's so much nuance, right?
I think we, there's not even right or wrong answer
because it'll be depending on the protocol and the company doing that, right?
One of the biggest criticisms was that,
oh, when you have a token or the NFT or whatever,
is that you don't have equity in the token in the company.
Therefore, the founders make the most money
and then the holders, et cetera, left for dead.
The other side of that as well,
the token's in, this is liquid.
You can't just sell equity in a cross protocol,
but you can sell your token, right?
You can trade your token up and down, etc.
Unless it's a stock listed on the stock exchange.
But then again, a lot of people don't even have stock accounts.
So the whole decentralization thing is valid because it makes it easier to buy and sell on chain.
Until the NYC goes 24-7, then the CME, like, this is coming, right?
I guess it depends on the company, guys.
It's very interesting
i i want my ideal world is a token that is one-to-one backed with equity
i think so it's it's the cleanest and that's my ideal world what we're seeing in 2026 is
effectively like if there's no real use case for the token, people are finally asking, like, well, what is,
how do we value this?
It's effectively a meme coin.
How do you view, Faro, because you've played with
all these structures with rugs before, right?
So, like, what's kind of your lived experience
and that you, like, learned from that?
First experience was that DAOs were a failure.
Yeah, DAOs were a failure. Yeah, DAOs were a failure.
But we found that early on,
but after two and a half years of trying.
So I'm not someone who's trying to DAO
and then try and then, you know, it was a lot.
Yeah, put your heart on that for sure.
We did, we tried.
DAOs were a failure.
So that was, we marked it off.
But also worth trying, right?
It was great exploration.
Great way to grow at first.
Second thing is, with token,
is that if you launch a token,
you should launch a token with no viable plan,
this, this, and that, and a lot of support,
then it's worthless because it's just going to go down.
And then you do never have a second chance
to bring it back up almost.
It's really rare.
I think the only people have done it is like Maple Finance,
like Syrup token. I don't think I saw
like this thing was worth nothing and then it revived.
And what we're
exploring now is we're exploring all of it.
So I don't have the answer. Hopefully
what we come up with will be the best one.
Because from what I've seen in recent days,
months, and you guys probably can
agree with that, like the ICOs that we've seen
either didn't TGE yet
or there was an instant spike
and then they are not trading well.
So it's tough, man.
Because the thing is, you have different type of users.
You have the user that just wants the token to dump it.
Fair.
Brought you value, brought your user,
brought you some volume, gets his cash,
leaves the special market.
Then they have a user that is more aligned but doesn't want equity and stuff like this. you value, about your user, about your some volume, gets his cash, leaves, especially in this market. Then
they have a user that is more aligned, but doesn't want
equity and stuff like this. So maybe you don't want to get
the backpack thing,
where it's invested for equity after
a year, blah, blah, blah. Or not invested,
but you know what I mean.
Stake. Then you have the
Moonbirds launch, which was like, I think it's
1% a day or something. So at first,
the token's doing well because the flow is low.
Therefore, a token does well.
That excites people.
So they're more aligned long term.
And then you have this equity route, which I have no idea how it's going to do
because it's just starting to happen.
So I don't know, man.
I feel like this space, we're always stuck in this weird position
where we're like, we don't know what's going to hit and you got to just do it.
But the problem is if it goes wrong, you're really fucked.
Yeah.
So we're genuinely looking at everything.
Like we're like,
there's plans are still,
you know,
Marriott token tied to the ecosystem,
do the whole thing.
But you got to,
I don't know.
It's tough.
It's really tough.
It is.
Hopefully we get more clarity.
I respect the problem
yeah
this administration
definitely helps
like I know not everybody's a fan of it
and stuff like this
but I have to say like
one thing that does help man
like the fact that
you do have like
I'm curious to see what
Mike Selig says today
but all this stuff
like is helping
like the SEC
and the CFTC
moving into the same building
which that doesn't mean they're going to become the same thing but looks like
they're getting closer and closer like there's there's a lot of progress on
that front um is there any question what Mike's going to say let's be honest
what is he talking about I mean we can go there like prediction markets like
Tyler likes his children I mean this is uh or like I like my children which is
probably uh more on and off than tyler liking his children might be a real pain in the ass
but uh this dude fucking loves loves Davidson markets he does he's just smiling in this picture
can't wait to to issue his guidance exactly exactly i mean he's just this is just like a
dude that love i mean every now and then it's fun to figure out what the power plays at stake are.
And there's like a serious ceiling versus the state's power play.
And it's just every time is like, I got the bully pulpit here and you fucking don't, state of Massachusetts.
No one cares about you.
It seems this house gone so far.
Listen, he cares, man.
I met the man this month, right?
Not long ago.
I met Mike not long ago.
It's great.
He is good.
I mean, I'm also talking as a co-founder of a founder.
I'm fully biased here, right?
But also, it helps, man.
We need these things.
Because I need an attack.
We need these things. So it helps, man. We need these things. Because if you're an attack, we need these things.
So it's good.
We need to be able to bet on if Faro's going to be Tyler in a trading market about trading markets.
That was great, by the way.
I love it.
I love it.
I'm just joking.
Don't tread on us, Stats.
Don't tread on us.
No, I'm not going to tread on you.
I love that.
I love that.
You make a good point, though um and it's really interesting and forth it's worth like we need
this clarity because you can come to how she pardon i said i think stuff like that i like
it's like do we need to know if trump's gonna say auto pen in his state of the union like and do we
need to bet tons of money on that like that that that's the stuff that i have a little bit more
like skepticism over if it's what we actually need or not i think like the gambling on gambling on
gambling it's like let her rip you know well i want some guidance on insider trading where like
what are the like where's the line where it's where it's a problem versus where it's it's on
you like so the sec has come out and said basically like we don't care about meme coins if you want
to play that game that's on you we're not we're not out and said basically, we don't care about meme coins. If you want to play that game, that's on you.
We're not going to touch that.
But we will go after bad actors in crypto
who are doing other things.
So they've drawn a bit of a line.
It's an interesting thing though,
because where do you draw the line?
I mean, would anything be on you?
Isn't prostitution on you?
What is the thing?
I'm just saying anything that they make illegal
because they don't think it's good for you or for people.
Like, what is the what is the line you draw where you're like, this is something where we're going to protect the person from themselves versus sorry to bring prostitution in the camera.
That just made everything awkward.
I think it's a bigger question, though, of like, or is the real place that we want to go, like, that the government should not protect people from their own mistakes?
And clearly trading any of these prediction markets where there are obvious insiders and assuming that the regulators are going to keep them out is probably a mistake.
Because they have friends and they have friends of friends.
And so do insiders at companies,
but insiders at companies,
there's precedent for people going to jail
for 10 years for insider trading,
not for prediction markets.
Well, that's what Mando was kind of saying yesterday.
I used to trade in the market where the calls,
everything is tapped, right?
You really have to follow these guidelines.
It's just a 40-second clip.
This is what this headline was based off of, Tyler, it seems.
Today, we're taking action by coming out with some clear guidance that will help our exchanges,
which really are the first line of defense. Our exchanges self-certify contracts and
have their own rule books, and they need to be understanding of what the CFTC's expectations
are. So we're going to put that out in clear text for them to follow. And we're also going to be
coming out later today with an advance notice of proposed rulemaking. We intend to set clear rules
of the road for this new asset class and these new markets. And it's really important that we
don't have manipulation and insider trading and all sorts of abuse in our derivatives markets.
And so we're going to take on the responsibility of making sure that there are clear rules of the
road for these new asset classes. So today we're taking, so that sounds like what we kind of want, right?
Yeah. I mean, I think there's clear, there's certain markets that clearly will have like
illegal insiders. So I think just like you can't trade your own stock based on insider knowledge,
like you shouldn't be trading earnings markets on prediction markets.
Right.
So like we'll set out some rules of the road and then the exchanges.
Make that stuff illegal.
That way it's done.
You know, like let's just put the hammer down on all this stuff.
That way, you know, it helps.
Insiders, you know.
Of course.
Like there was a question we asked.
Mark yourselves. we asked ourselves.
We asked ourselves this question
yesterday,
and then I got a,
I got a hard stop,
so we got to get to that
and go back.
It's like stats.
Like, if Jeff Bezos, his son,
knows that Jeff is not going
to the Super Bowl,
is it insider trading
if he takes the bet?
I don't think that goes in
because why is the bet
even available to him
in the first place?
You know what I mean?
We're like feeding it to him.
Yeah, and is it available to his friends
who he tells on exploding WhatsApp messages?
I mean, the answer is obviously it's insider trading, right?
I obviously like to the extent that the whole purpose of insider
is someone who knows the app
or the rest of the marketplace does.
But whatever, we don't have to have the whole
Brian Armstrong insider trading as a feature, not a bug conversation. We don't have to have the whole Brian Armstrong insider trading as a feature,
not a bug conversation.
We don't have time
because Froak has a hard stop, unfortunately.
Yeah.
We don't want to get Froak aroused
ahead of his next call.
Yeah, dude.
Anyways.
That's funny.
Let's do the thing.
Tomorrow, I did want to make sure that we really hit on the whole Myriad ecosystem updates, by the way.
Obviously not going over that, but we're going to get locks on tomorrow.
And probably Ilan as well, my co-founder, so our CEO is still here.
So we can actually just do a proper segment on it.
I want them to come and talk to you guys about the updates, what we announced in the last couple of days, and also what's coming.
That way we can make a proper 10, 15-minute chat on that.
And we can talk about all this stuff with Lux
because he's very philosophical about prediction markets.
He just doesn't tweet enough.
But he goes deep.
So maybe we'll go then.
Let's give some money away, Charlie.
I'll leave it to you.
And then we'll play some Omaha probably.
I got one question.
For people who weren't here yesterday,
can you give us the one sentence
on what Rasmur taught you about
Luxmaxing? I just want to get that in
before we leave.
I think basically it's
the difference
between how this generation views Luxmaxing
is it's much more about
this is hard. I'd say between how this generation views looks maxing is it's much more about
this is hard i'd say it is like a pure aesthetic it is looks it's not necessarily about fitness or weight the thing it's about height it's about getting your facial proportions correct
it's about making you have better hair um it's basically tell they are the better you look, the more power you have on society
Yeah, man, that's behind
What else is there?
Alright, let's talk about it
Next time I'm on, we'll do a little looks next
Yeah, let's go
Oh, man
Oh, wow. Oh, wow.
Arizona Fred, congrats.
All right.
I love that song.
Arizona Fred, congratulations.
Congratulations.
What do you mean another bot?
You guys insult everyone.
You guys call everybody bots. If they're a bot't they won't get through the back-end processing so
let's just go ahead and run out again that i swear to god the crypts intern is not happy right now
are they are they here though they do have to be here unfortunately right well they have to be here, right? I think so. Uh-oh.
Charlie, where are we going?
Let me on.
Gotta be here.
No, hold on.
He found him.
Did he?
Yeah, he's doing more volume.
It's about volume.
This is weighted.
This is weighted.
This is actually weighted.
That means the volume is high, by the way. Okay. Oh, yeah, yeah. So this is weighted this is weighted it's actually weighted that means the volumes high by the way okay oh yeah so this is volume talking in all
wait so funny
get off the can you
uh it was a barrel one.
Charlie, I'm not seeing a reply from that person.
So it's just re-roll for now.
And then if they prove that it is,
we're not seeing anything right now.
All right, I guess we're going to rerun it.
Sorry.
Sorry, Fred.
Okay, reroll.
Everyone gets another shot.
What about Bob Kim?
Oh, he's right there.
He said, is that this person?
Gib, he got it.
Yeah.
Holy shit.
This person just said Gib.
All right, let's go.
That is crazy.
Look at the time step on the comment.
That is crazy.
See, next time all you guys got to say is Gib.
That is impressive.
That is cool.
All right, so congratulations.
You won $500, and then you get to play two hands at Omaha.
I'm just going to go quick because your boys are going to β
Oh, no.
We can beat it.
We can beat it.
Let's get a king.
Oh, wait.
Yeah, we need a king.
King or ace.
Come on.
Oh, wait.
Doesn't a full house beat a flush?
Oh, no.
We can't get a full house here.
Sorry.
Alright.
Okay.
Oh, these are strong pairs.
These are strong pairs.
Let's go.
We can still get a flush here.
Oh yeah.
Oh, flush.
Oh yeah.
Give us a flush.
Give us a flush.
We need a spade.
We need a spade.
Give us a spade.
Rando. He got his finger a spade. Oh! Mando!
You got his finger
on the butt.
Well, with that being said,
Stats, thank you as usual for joining us
on this.
Mando's not here. It's his fault. Sorry, guys.
Thank you for joining us, Stats.
Make sure you check out Stats' app if you want to look good.
If you want to look, Max, your PFPs,
go to Stats' Punknano.9s at link in bio.
Tyler, see you tomorrow morning, 10 a.m. Eastern.
Peace out.
