Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
FOMO HOUR: The Bull Case for a Risk-On 2026
Recorded: Dec. 4, 2025 Duration: 0:48:19Space Recording
Short Summary
In a dynamic discussion, key trends in the crypto market emerged, including BlackRock's bullish outlook on Bitcoin and Ethereum, the launch of Solana Mobile's SKR token, and significant institutional investments from sovereign funds. The conversation also touched on the growing intersection of traditional finance and crypto, as major banks explore stable coin pilots.
Full Transcription
Thank you.ん
んん I I
20 25 folks prices may be chopping but bullish news keeps flooding it.
We've got black rock saying sovereign wealth funds are buying and not for a trade.
They're going to risk on in 2026.
The question is what just, what does that mean?
Exactly.
We're going to break it down on today's show.
I'm your host, Tyler D.
We've got Logan in the house.
One more day this week
logey jim how you doing hey good morning tyler yeah doing a little less well uh with prices
broke my streak of two days in a row with uh some you know more than uh marginal greens
but otherwise yeah i'm i'm doing okay fighting off a little bit of uh congestion here so a little
nasally but otherwise i'm doing okay well maybe the uh the cure is to zoom out a little bit
logey and drink in some of these bullish headlines that i'm going to force feed you
and all of our listeners here on today's show uh no faro he's still out in the middle east i don't
know exactly where he is. He's been traveling.
But he broke some news about Myriad Pools live during a conference on stage this morning.
So I think he's going to join us tomorrow.
So we'll get fully caught up on Myriad Pools and everything he's been doing out east.
And then no Mando today, but shout out to Yeet.
I don't know if folks saw this.
$1 billion in lifetime volume.
And they haven't even been around that long.
So huge, huge day for Yeet.
Happy for all of them.
And excited for us to get back to our Yeet giveaways here soon as well.
Folks, what are we talking about on today's show?
We're going to go through the market report, talk this price action.
Looks like we're selling off a little bit.
Binance says Q1 is going to be a bull market.
BlackRock says sovereign funds are buying and they published their 2026 global outlook.
They're buying as well.
They're going to risk on.
So we're going to talk about that.
We're going to get into the synthetics competition.
Quick check in on the leaderboard.
What I'm trading is like, I made a good trade, but I didn't close it.
We'll talk about that and what to do now.
We'll get into Coinbase pilots, maybe a little bit of this shift, CZ, gold versus Bitcoin debate.
If you have a chance, Solana Mobile released their SKR token, tokenomics, XCopy bubbles,
and a bit more. Before we dive into it, shout out to our partners. First up, EigenCloud,
built on Eigenlayer security, extends crypto grade verifiability to any application from AI bit more. Before we dive into it, shout out to our partners. First up, EigenCloud. Built on
Eigenlayer security, extends crypto-grade verifiability to any application, from AI
agents to prediction markets to on-chain games. Build anything, verify everything. And Wallet
Connect powers billions in monthly volume across wallets, apps, users, and institutions. That blue
logo, it's everywhere. An icon of trust in crypto is recognizable as Visa at checkout.
If you want to learn more, follow at Wallet Connect on X and Telegram to stay ahead of what's next.
All right.
Well, let's get into it. I will do my best Mando impression again here today and walk us through a bit of a market report.
Let's check in, see how we're doing.
Okay.
So Bitcoin had briefly dipped below 92 right ahead of the show. It looks like we're rebounding a bit. So Bitcoin 92, 160 down 0.7% on the day.
ETH has been leading the way. So ETH has been the story. It's up 1.7% on the day. 3155 is flirting
with 3200. I think the ETH Bitcoin ratio, I'm seeing some folks in the timeline saying it looks
like it might be ready to break out. Tom Lee is certainly doing his part with all the cash on hand he has.
I also saw the headline over from Decrypt that the ETH whales have been stepping in
and buying heavy as well.
So maybe check that out.
So there's a little bit of an institutional buy headed for ETH, it seems right now.
Solana up half a percent, outpacing Bitcoin, underpacing ETH.
So the ETH trade seems to be the one.
As for top movers, Arrow, Curve, MYX, Tau, Zcash.
So Zcash has been pretty volatile back around 350 or so.
I think I saw it hit like 365.
We'll talk about that more in the trading section of the show. I think Arrow got a Robinhood listing.
Did I get a notification about that this morning?
I didn't see that.
That's big for Arrow.
One of the more fundamental base DeFi plays out there.
How has Arrow held up during this market?
Let's check out.
All right. So you could have bought it in april so we're still 140 above the april lows i think you call that a win
in this market though it is down about 50 from local summer highs but and it's tough keep thinking these like defy esque you know i mean of course this is clearly defy but
these tokens are um substantive we've used that word a couple times this week
and uh they i mean the price is just not it's not following yeah a broken record there yeah
exactly um not a whole lot else to say.
Stocks, it looks like stocks are basically flat here today.
I don't think there's really a whole lot of macro news.
There was some layoff numbers that came in, topping 1.1 million.
I think anyone who's been following, that's not a huge surprise,
though it may be a little shocking to see the number aggregated there.
aggregated there.
I think a couple of things that jumped out to me.
I think a couple of things that jumped out to me.
So Binance, their CEO, or the head of research rather,
Alice Liu, we're going to see a market come back in Q1,
2026, February and March will be a bull market again,
based on a combination of macro indicators.
So been an interesting take, not fairly specific.
Like they're not saying Santa Raleigh.
They're not saying next year is going to be good.
They're saying February, March, the bull market will resume.
Not sure what that means for December and January.
Should we be nervous about what the next eight weeks has in store for us
based on how else has come?
So I actually just, I saw that the top level, like, oh,
bull market's coming.
I actually didn't read between the lines here.
So now I'm actually a little nervous live.
Did you see this one, Logie?
Any reactions?
Not, no, nothing specific.
I mean, this feels like it's in line with a lot of predictions, right?
That regardless of what you're feeling about this end of year,
that 2026 is still going to be kind of an up,
I shouldn't say up only, but an uptrend year.
So nothing for me additionally on this.
This feels in line with other predictions.
And we'll talk more about the 2026 bull case a bit later on
with the BlackRock report.
I want to dig into that in more depth.
But a couple other rapid fire headlines. So black rock ceo larry fink saying that sovereign funds are buying
bitcoin they bought in the 120s they bought at 100 and they bought the dip at 80 watcher guru
i can tell you there are a number of sovereign funds that are standing by they're adding
incrementally at 120.
Sad.
Basically, what Larry is saying is number of sovereign funds,
they're buying the 120s, they're buying at 100,
they're also buying at 80,
and he closes the clip saying this is not a trade for them.
So this is a buy and accumulate.
He's been yelling this all year.
All year long.
Price,
you know, irregardless of price.
And if you were able to just zoom out enough,
he's back at it.
Saying, hey, they're going to be buying.
We don't have any bullish KOLs left
on crypto Twitter.
But at least we have Larry Fink
who is still bullish.
One of those reasons, perhaps rate cuts. So the rate cuts spiked. And I thought
Myriad kind of led the way on this one. Myriad was at 93% for December rate cut,
again, less than a week away now. Polymarket matched it 93%. So this looks like it's a pretty much
foregone conclusion at this point.
One piece that surprised me
was I was looking at the ETF board
and inflows this morning.
And we finally got those BlackRock IBIT numbers
from Vanguard's first day.
It's paltry, a paltry 42.2 million in net inflows on a day where they saw 5 billion in
total volume. So I guess a lot of folks were selling, I guess, into the Vanguard opening day.
So I'll be honest, I'm a bit underwhelmed when I see this figure. I was expecting more.
We're still at net inflows. So we had a five-day green streak going. Yesterday was
slightly red, 14.9 million in net outflows. But I think I'm surprised that EBIT wasn't higher.
Well, it takes a few days, right, for trades to settle after folks selling what's already in their Vanguard accounts. Right.
so maybe,
maybe we'll see the spike in the next few days.
I still do think that is an important indicator.
Yeah.
I will say like if we don't see a noticeable spike and I bet in the next,
I'm not saying hyper local today,
tomorrow,
if we don't see it in December, I guess we overblew the Vanguard headline then.
Or else, again, there's just mashing sellers for every Vanguard buyer that's out there.
Well, are people actually gaining?
I mean, I don't know logistically what it actually looks like, right?
Do people have the access now to those?
It was said to have gone live on Tuesday.
I'm no longer a Vanguard customer,
so I can't provide a firsthand account.
Yeah.
I mean,
I'm not either.
So yeah,
we'll,
we'll look into it,
but again,
a little surprising.
Actually,
I haven't checked on ETH.
How are the ETH ETFs doing?
pretty big day.
140 million inflows.
So they run a very nice inflow streak here.
Again, in line with the institutions are buying ETH here.
Let's check in on Synthetix.
Let's see.
How is the leaderboard doing?
Loopify.
Wow.
Back up top.
He's at $215K.
So again, everyone starts with the 50 000 balance this is
fake money you can do whatever you want um he's made 138 trades 50 million in volume so he's been
hyper trading this thing's been live for two and a half days but he's doing something right
and 38 trades i don't know if i made 138 trades in the last six months. It's the thing about perps though,
especially if you have tight stop losses,
right?
It's easy to direct these up.
your boy,
Tyler D I was briefly in the top 20 yesterday.
Let's try to find me.
I don't know.
Okay.
I'm 51st only up 2775.
I was up about 25 K at peak last night,
largely due to the salon along long, the 50X that
you told me to put on yesterday, Bucky. So it's carrying me right now. I'm up 7K on that.
My Bitcoin long down 750, not bad. I think my lesson here, again, is like I'm more of the
mindset of leaving these trades on.
And I'm still bullish on Bitcoin and Sol going up over the next few weeks.
So in my head, I just want to leave these on.
But the reality is, if I close those up $25K last night, go flat, and I wake up and put them back on now, I'm much higher on the leaderboard.
What's your liquidation for soul?
one 31 and climbing.
Yeah.
I feel okay there.
Yeah,
I do too.
I still think,
I mean,
again,
I'm not a,
I'm not a trader.
I'm not a macro expert either,
but I'm,
I'm still feeling a little bold up anecdotally just on the break point stuff.
Like we're going to get some headlines to some headlines to give you that short-term flash it was actually a brutal day to be in the soul longs it was just incredibly flat like look at this like it really hasn't
done anything other than uh i mean it's basically flat since november 26th We had the, the sell off and then the Bart rebound and it's basically just been a
horizontal line.
So maybe soul is not the trade.
We'll see climbing right now as we speak,
maybe some people are jumping in with us,
Logie up 8,400 on the soul long Bitcoin is flash green as well.
It's like we're pumping perhaps front running the ninth,
the 10 30 reversal.
I was in a few other trades.
Oh, gosh.
This is an egg all over my face.
So I was long Fartcoin and hadn't really been doing anything.
And it looked like some tokens were selling off.
So I took it off.
Basically flat.
I was in it 33 cents.
It's up 10%.
So I think I was probably like 20X leveraged.
So that would have been a nice gain. Those are the moves you need man i know you gotta catch this is what's like longing bitcoin
like i'm never gonna win with that being my primary trade like you gotta go further out and
you gotta catch these 10 to 20 moves i had it i didn't have the conviction i exited sad sad story
and then zeke i was in briefly as well uh uh, sold for a brief loss. I didn't
really love the price action. This is still, I think perhaps a make it or break it trade.
I'm still monitoring. I want to see this 300, 310 level hold. And if it does, and if we can,
maybe, I think the key is that do we break 360, 370? And if so, I could see some folks piling back into this one.
So watching these ones closely.
Other than that, I'm going to have to dig in and spend some more time
really thinking through what the highest upside plays are.
I mean, it was Farcoin and I was in it.
And just didn't hold.
You know what I did yesterday?
What did you do? Unrelated yesterday what'd you do unrelated to this
uh you had shared earlier this week about testing out infinex so i messaged you last night i was
looking messing around on the platform i just transferred in like a tiny amount to throw on
a trade just to see what it was like i longed pump i don't know i longed it and then i xed out
i don't even know what my i think i was in what is it, 0.0003 or something like that.
So I might be up a little bit.
I don't think you got in at 0.03.
I think you got in probably a little higher than that.
Okay, maybe a little bit higher than that.
I'm probably flat, it looks like, maybe a little down.
Probably flat.
You could be up maybe a touch.
Yeah.
Pump's been tough, too.
Pump's just been flat.
To me, this was another one of those.
I'm going, I want to be Solana aligned.
Levered Solana.
I get it.
Yeah.
Yeah, yeah, yeah.
The thing about Pump though is if you get the right tailwinds and you catch like a nice
buyback candle, like you can get the 10%.
Like it's still one of the bigger movers out there.
But it's been a fun competition.
I will get,
I'll remind folks we're partnering with them and anyone can get it.
So you think you can beat me for Oak Mando.
If you think you can beat loopify KBN,
there's still plenty of time left in the competition.
It's just 10 K 10 K buy-in and you can jump in some big prizes.
Let's see how many folks are in this now.
Okay.
Some folks are adding.
So we're up to 227 folks.
So some folks are, are jumping in here. here um what are the prizes again yeah 200k up top 100k
second and third 50k fourth and fifth so and 50 is a good spot to be tyler you're you're totally
fine right now man yeah i'm in an all right shape for perhaps the top five slow and steady wins a
race you don't want to blow up.
I don't like just being totally flat.
I need to get in and get the muscle memory going a little bit
and start getting some reps in.
Get out on the field.
Start warming up a little bit before the final week
when we make a big push.
Again, it was tough missing that big leg up on Monday.
Was it Monday or Tuesday night?
That could have been the biggest move we see for the week.
So you really got to catch those trades.
I think a lot of folks were offsides.
The folks who caught it, they're at the top of the leaderboard.
So we'll continue to revisit this.
Now we're going to zoom out. We were hyper-zoomed in on daily'll continue to revisit this. Now we're going to zoom out.
We were hyper zoomed in on daily 50 X perp trays.
Now we're going to step all the way back and talk about macro 2026.
So Logan, you wrote this up for decrypt.
BlackRock published their 2026 global outlook report.
Quite a bit to go through.
And I do want to go through this in some depth here,
but I think TLDR from my perspective,
and I want to hear from you as well on the headlines.
Basically, their view,
a few mega forces are driving the global economy right now.
Primarily AI, the report has several pages on AI.
They throw crypto, digital finance, stable coins. And as one of those mega forces,
they're talking about private credit, a handful of others as well. But I think what stuck out to me
was they're hitting you over the head that this is not the year to diversify.
head that this is not the year to diversify.
Diversification is a bet itself and a bad one in their view.
And they think you need to be selective and bet on the winners.
And then they go through 18 pages of saying they think that we should be
curious for your takeaways.
Yeah.
I really liked this report because I feel like it has something for everyone.
Tyler,
you mentioned the active investing thing that's front and center in this report.
In the summary is the fact that they want to be active picking winners.
And you're right, passive is a choice.
And then also, too, just like if you want to get into the very, very specifics about what they're long, what they're short, they're providing that blueprint for you.
I just thought this was really comprehensive
and any type of trader could pull something from this. I think the themes, of course,
make sense. AI is driving everything. We already know that. This does put some context behind it.
If you're a little uncertain about what specifically regarding the AI trade is driving
things, they talk about energy constraints. They talk about defense fragmentation,
things like that in here that are some of these megaforces driving things.
The biggest takeaway, though, for me,
it's just maybe the simplest one, is risk on.
You know, there's still long U.S. equities with the AI theme in particular,
pro-risk moving forward.
Of course, you know, a little bit of confirmation bias. The AI theme in particular, pro-risk moving forward.
Of course, a little bit of confirmation bias.
We want to hear those things as we are asset owners and enjoyers.
But that was the biggest takeaway for me is you don't see any shying away from risk here, which is, of course, in my opinion, good for crypto.
They don't specifically spell out Bitcoins going up.
You're not going to read that here um but they do talk about one of the megaforces being the future of finance and the
entire section is about stable coin growth um more or less and yeah just the further entrenchment i
think i said that word 100 times on the show probably throughout the year but i mean that
that is it and it's spelled out here um pretty clearly. Yeah, let's go through. We can jump to the crypto page real quick. So the future of finance
evolving quickly. There's not a huge, I don't know, there's a whole lot of specific takeaways
from this and you kind of went through it, right? They're just saying stable coins are here.
Stable coins are growing rapidly. The Genius Act is being put in place. We've got this
Clarity Act coming. So there's going to be more of a regulatory framework in the US. They see it as
a disruption for payments. They see it as big in emerging markets as well, perhaps as a replacement
for currency. And then their closing thoughts, these developments mark a modest but meaningful
step towards a tokenized financial system that is evolving rapidly.
So BlackRock pounding the table right now on tokenized finance.
And they're clearly leaning in, trying to drive it themselves and saying, yes, stable coins are a part of this as well.
So they're not saying go buy Bitcoin, but crypto, digital finance,
div coins have a seat at the table and there aren't many forces.
Like this is a mega force in their, in their words.
And there aren't very many mega forces listed on here.
Yeah. And so I went,
I went in a little bit deeper beyond this document to find, you know,
the definition, their definition for mega force.
And more or less it's these like broad thematic um things that are
truly changing markets in the global economy both for investors now and in the future so this isn't
you know this is uh like readily available information in alpha if you want to call it that
this is what they're saying it's impacting things now and into the future the future of finance being one um and ai just being of course the the super big one
a few other themes that kind of stuck out so they talked a lot about private credit and basically
it's tied into their ai theme that these big ai companies are going to need to continue to borrow
and borrow that right now is a time of major CapEx expense.
And that revenue is not here yet to catch up, but it will,
or at least that's the bet.
But because of that, that they're seeing some rising debt.
They talk about private credit. And again, this is,
this is above my area of expertise.
But they're also saying that you should expect more stress in the private
credit market.
They also said multiple times throughout this,
that the,
the,
these,
the leverage that the AI companies are requiring to build out in such rapid
speed is going to create vulnerabilities in the financial system.
So they kind of tell us like,
it's going to be a rocky ride.
Like we're risk on,
but be prepared for some bumps in the road.
I like that in reference to the AI build,
there's a few other things that stuck out to me.
One is it's difficult for, at least for myself,
to kind of go back to the telecom bubble stuff from 2000.
Like it just wasn't on my radar. I like six seven years old right so i had no clue any of the surrounding factors or anything like
that it talks about the fact that many people are speculating we're reaching bubble standpoint and
it kind of at least my interpretation of this is it kind of says that like we're not there yet uh
and bubbles are really only like
you know you're only seeing them in hindsight anyway so like we're gonna keep pushing things
are gonna keep going if and when we're in a bubble if that happens to be right now we'll know
in a year or two or something like that so that was interesting to me um because it matches
if you're a kathy wood fan she said you know two weeks ago the fact that like this is not the same
as the telecom stuff i know a lot of people want to want to put those two things together like get ready
the you know michael burry stuff like get ready for a bubble and a collapse but we're not there
yet the other part that stuck out is just like how unprecedented this is in their eyes as well
you know they're talking about the fact that like this is moving so fast faster than nearly any technological transformation
ever uh and as you noted the leverage required um is just absurd yeah i think pages four through
seven cover that pretty substantially and here you see how rapid of a transformation it is uh so
they're trying to map out and paint that picture. And then they're talking about
historically, US GDP grows at 1.9%. Right. They mentioned specifically that no prior invention,
steam engine, cars, trying to think what else they name drop here. I can't find a specific
sentence, but basically no prior invention has ever gotten us past 1.9%.
Yeah, steam, electricity, the digital revolution, nothing enough to break out of 2%.
But AI could conceivably do it.
This time, it's different.
And the caveat, right?
They say, basically, things have to go right.
And they're not even saying it's a certainty.
They're saying it is conceivable.
But this is how you kind of grow your way out of the debt, right,
which is another theme in this.
And I don't think we need to go through that today.
It's been thematic over all of our conversations.
It's the whole debasement trade foundation is mounting debt.
But this is how you could perhaps outpace it,
which I thought that was interesting.
And again,
the micro is macro.
So what their takeaway here is you got to be invested in the big players
who are winning.
Like that is the macro trend is the few companies that are driving this all
forward and the few assets.
And if you miss those or you're over diversified,
you're missing the trade effectively. They even have a whole slide on it called the diversification mirage, which is specifically interesting to me because on prior underexposed episodes, I've kind of went down this route myself where I kind of found myself not wanting to be in the S&P 500, but the MAG-7.
So it's similar mindset.
You don't want the field. The field might not perform that well. Like it really could be a total K-shaped economy in 2026 where the
biggest winners take all the gains. Yeah. What's that, um, losers average into losers.
That's, that's a little bit of my feel here,
right?
Winners win.
Winners win.
Historically though,
like the index was been a big win.
Of course.
Of course.
Right.
So like,
this is a bit of a,
a pivot.
I'd say,
I guess,
I don't know.
I haven't studied all the prior year black rock reports to know their,
their talking points year over year.
but I thought this was all very interesting.
You can see kind of a summary as a part of this.
They're not short treasuries, but they're underweight.
So they're effectively overweight U.S. equities.
They've talked through here which ones they are,
and they're underweight U.S. treasuries.
Overweight Japan.
Strong nominal GDP, healthy corporate capex and government, government, governance reforms.
All support equities.
All right.
So this stuff's above my pay grade, but I thought this was awesome.
I really do think there's something for everyone in this.
You know, if you're a passive investor, despite the conclusion perhaps that they're trying to
draw about active investing may be better, just the thematic stuff here I think is really helpful
to understand. Thank you for putting this on our radar. I encourage folks who are interested in
learning more, just go read through it. It's 18 pages. You can digest it in 15, 20 minutes.
I don't know if asking the robots to summarize it for you
is really going to be as impactful,
but you can at least get the high-level takeaways
or just go read Logan's article over on Decrypt.
So thanks again for putting that on our radar.
Let's keep rounding through some of these other stories.
So the other person on stage with Larry Fink
was Brian Armstrong at the deal book summit.
And he went out and said, I don't know if this is necessarily huge news, but basically said that multiple large banks are running crypto pilots for stable coins for custody.
I think one other function as well.
So just more reinforcement.
I find it interesting because I've actually painted that as part of a bear case for Coinbase that TradFi, JP Morgan's of the world getting into crypto custody.
But they are not viewing it that way.
I think that's pretty clear.
So maybe they're selling the pipes or the picks and shovels, so to speak, to enable that to happen.
So maybe this is not a part of the coin bear case.
Let's take a look at how a coin is doing.
Even on the day, not a huge surprise.
Fairly flat over the five-day period.
Up 8% on the year still.
So that's not a terrible outcome when you compare it to Bitcoin.
So what's Bitcoin on the year now?
Down a percent.
So CoinStock continues to outpace.
Not sure if we have a whole lot to unpack from that story
other than just the fact that, yeah, the big players are here.
They're coming.
They're building with Coinbase.
And you can expect that trend to continue.
An interesting clip, I don't know if I have the link for this one.
I'll try to find it here.
The CZ, Peter Schiff, gold, Bitcoin debate happened.
Here, I've got one and it seems like someone on cz's side handed peter schiff a
gold bar um and tricked him into believing it was 100 real so just kind of showcasing that
how do you know that's so good how do you know this asset's even real right i think
the other interesting one have you been seeing all these headlines about all
the new gold reserves that are being found? Like it is quite literally an inflationary asset.
Like just in the past few weeks, I've seen some headlines from some huge
stockpiles and I haven't dug into them. So maybe they're a little bit overblown for what they are. But a little bit of gold FUD for those who are touting digital gold as the premier asset.
So I thought that was kind of fun to see.
This would have been an interesting debate.
We would love to catch the TLDR and even the outcome of who won this one.
Continuing to push through Solanaana mobile this is another one that
you put on my radar um big announcement of them yesterday we were getting a token
the skr token you and i i believe are both phone owners saga owners saga owners don't tell me the
owners are gonna get well missed in this logan well i don't know um i need i need to do some asking i spoke with uh the head of salon of
mobile emmett hoyler who actually is a fellow pit alum killed a pit uh i spoke with him in may
maybe earlier this year when they initially announced the token right so the we knew the
token was coming at some point pre-orders for the device had started, I think, in 2023.
And shipments began earlier this year as well.
But this, yesterday, the announcement was that the token is coming in January 2026.
The reason I need to ask is when I had previously spoke with him,
more or less, he made it seem, it is not explicitly stated,
that Saga owners, the original, the original device would receive a token.
But more or less, it seemed that any Solana mobile ecosystem participant, which in my opinion includes, this is my opinion, includes Solana Saga users, would ultimately be eligible for some sort of reward.
sort of reward so i'm not entirely sure but i i believe probably the the one note there is i don't
So I'm not entirely sure, but I believe probably.
know if you saw this headline from a couple months ago is they uh they're no longer supporting the
swan of saga what yeah i wrote about that maybe at the end of october it was kind of a quiet there
was just like a discord announcement there was like a help article put up on the support thing
i mean this is common in device manufacturing and stuff right you sunset support for devices after x amount of time
you keep making new ones right apple does it i think every five to seven years is the support
window for your device once you're outside that like you can't call apple and be like hey my device
this device doesn't work they're not supporting supporting it anymore. Outside of like really basic stuff, I think.
But that happened earlier this year,
which is why I'm a little muddied on exactly where the saga sits in this.
Nevertheless.
Not great, Logie.
Sometimes being too early is being wrong.
Yeah.
Nevertheless, there is a seeker token, SKR.
You know, this is going to be for the solana mobile ecosystem i asked emmet when i
spoke with him in may about why another token and they wanted something that stood specifically for
this ecosystem to help folks in the mobile world here which they're trying to be they're trying to
be a player in the mobile world you know um they wanted to have something that better aligned with just that kind
of mobile build the developers for dApps in the solana mobile ecosystem hardware manufacturers
for solana mobile ecosystem all that stuff they just want to have something that better aligned
instead of just using solana right um which of course is a much much bigger beast at this time
so yeah i'm very interested for how the market's going to value this one and yeah the seeker that
they laid out their flywheel here across staff developers, guardians, users,
their manufacturers.
Some interesting tokenomics,
which I'll get to in a second.
But they also came out
and talked about token inflation.
So their goal is to get token inflation
down to 2% by year six.
So try to get tokens out kind of as fast as you can.
Like,
I don't know if that's super fast.
Like it's,
it's kind of fast.
It's a new trend.
I'm very curious to see like the next major protocol.
Who's just going to drop them all.
Right.
Like friend.
Can you imagine us talking about the secret token in 2032?
I can't.
Well, the secret phone even be supported?
Seeker 2, maybe.
Who knows?
I don't know.
Seeker 2, 3, 4, I'm not sure.
The original, probably not.
That would fit that window.
For those in the eco, just quick, 30% of the tokens are for airdrops.
So you should expect to get something.
But you said, what, 150, what 150 000 phones 150 000 pre-orders
that was as of i believe august so there may be it might be around that number though yeah so you're
probably not going to get a massive windfall but maybe a little something quick anecdote and this
just reminds me how i bought the pico top of the saga market i paid like like $3,500 on eBay for an unopened
saga. If folks don't remember,
this is because they had the Bonk
tokens on the phone.
The Bonk alone was worth like
a couple thousand, I think, at that
point in time. More of you held it.
You also got the
NFT that Tully
was rocking. The saga monkeys.
Yeah, and we thought we were gonna get all these
airdrops and the airdrop stopped the day i bought that phone for 3500 i don't think i recouped my
investment i probably got like half of it back yeah i did well i was one of the final the final
like actual the the actual from solana Mobile, not after Market stuff.
You know what?
Small anecdote.
I don't know if I ever told you this.
The Solana saga saved Marka and I tremendously earlier this year.
She was unfortunately the victim of pickpocketing in Peru when we were in Cusco.
But I had brought my Solana saga phone as a backup in case anything happened to mine.
And it got us through the rest of the trip.
So kudos to Solana.
It is nice to have a backup.
It worked totally fine.
Shout out to Solana Mobile.
It worked in a time of crisis.
There's your ad.
Maybe you can get some extra tokens as a part of their growth fund.
Let's keep going through the headlines.
We're going to wrap up a little earlier today.
X copy bubbles.
Did you,
were you following this?
We had a few,
a few buddies in some chats who were,
were buying these things on secondary.
I don't know if I actually found the correct secondary link for these,
but if folks don't know,
Art Basel is happening right now.
Typically bigger for the,
like the digital art crowd. And it looks like digital art has made a quite a big splash. People hadel is happening right now. Typically bigger for the digital art crowd.
And it looks like digital art has made quite a big splash.
People had a nice event there yesterday.
It looks like I think the broader crypto events are a bit quieter down there this year.
But art is still loud.
And XCopy did his part.
Dropped a stealth mint.
Bubbles. It's on Shape.
The L2 blocked. Actually, I hadn't heard about shaping in quite some time in quite some time.
So that's back on my radar.
Free to mint.
I think you had to be on a list to be able to mint capped at 10 million
supply.
We don't know how many will be minted,
but what's fun about these is the bubbles will start to burst.
So if you own a bubble,
it can burst into your wallet
and effectively become worthless.
And then in 2035, 10 years from now,
there will be one final bubble, the last bubble standing.
And we believe it's going to get some kind of a price.
Yesterday, I think they were trading at like 60 bucks a pop.
I think they're cheaper than that.
Now.
I thought that must've been like right off the rip.
I thought the folks in the chat that we're in were saying 20 to 30 cents a
bubble.
okay.
Maybe I,
maybe I misread that.
Let me,
I don't know if there's a link in this chat or not.
Is it this,
it's gotta be this,
right?
All right.
So these things are selling
all right they're selling for anywhere oh some of these are bad some some are selling for a dollar
some are selling for 50 cents 289s people are getting different prices uh all right so they're
selling for a couple bucks um at 10 million okay yeah maybe it maybe it was 60 cents, not $60.
It was the number I got yesterday,
which puts the value, the market cap, at 6 million,
which would be quite the prize in 10 years.
Do you have any bubbles, Logie?
Any thoughts or reactions to this one?
I was pretty busy yesterday.
I actually didn't go, but I'm a Shape user.
Remember, we owned them, I believe you did, too, a meme coin on Shape.
Remember that O token?
I don't think I tailed you on that one.
Okay.
Well, I think I actually made some money on that.
So I'm a Shape user.
I have not even checked yet to see if I'm on an allow list or not.
I love stuff like this, though.
I mean, it seems super silly.
We're going to forget about it for probably, well, in a silly uh we're gonna forget about it for probably well in a couple days we'll forget about it we'll probably forget about it for the better part of
the next decade until we approach you know the final bubble but i i love stuff like this i'm all
for it um spend 100 bucks get 100 raffle tickets come back 2035, and maybe you're the winner. Yeah.
It's fine.
It's different.
Yeah, I'm all for it.
Kudos to XCopy for trying to do stuff and innovate,
and I'm all for that.
Always pushing forward.
You know who else is pushing forward?
The team over at Tokenworks.
And so on Tuesday, they opened up their software to anyone,
and we've got a marquee is that a fair
term I think it's fair to to describe the knock amigos so the knock amigos came out they launched
the the meegster I don't love how they picked that terrible it's too close to meebster I don't
like it especially with meebster being one of the first five and Sergito is a homie. I don't like it, especially with Meemster being one of the first five.
And Sergito is a homie.
So I don't love the ticker they picked.
I think Naka strategy would have been better.
Does it have to have the STR?
Yes.
It has to?
Oh, I don't know that for sure.
But if it doesn't have STR, I'm not buying it.
I can tell you that. It's like anything else.
Amigos.
They could have done anything different.
Meegster? That's so bad so bad yeah not the best naming i will say um it's a 600k not amazing recursive the token that had done well the
day before is now back at 450 so not a whole lot of sustained success in this ecosystem right now.
But Punkster does seem to be the one gaining the primary fruits of this.
So they're not quite at peak, but kind of hanging out at local high here.
I think I've got the zoomed out version of this.
Let me find it.
Yeah, so hanging out at ..063 60 million or so looks like it's trying
to curl up off the local bottom these daily launches are helping because they're they're
sending tokens back and they're they're operating the flywheel um some punks actually sold yesterday
not sure if you saw that um not floor punks So the, the cheapest punkster is still about 12 off the floor.
But if you look at,
what actually moved you yesterday,
it was a nice set.
Just aesthetic punks that people seem to want to buy,
to collect and not,
to flip was,
was my read.
And there was about six or seven and the website's not,
there it is yeah so he's
these six nice little stretch we haven't had a stretch like that in a while it seems i like that
clown nose i'm not a huge clown nose fan but i sort of like that one i don't know why yeah you
know who is jeeps jeeps clown nose guy uh yeah shout out to the homie you know back to the punkster
uh say what you will about the price
action of course a lot of people that bought during the fomo fomo phase did not do well but
this has been a success i mean you can't characterize it anyway any other way can you
i don't think so um so kudos to uh renotic this awesome. Uh, I was in and out at one point, uh,
of this.
I don't own any right now.
I'm not like super eager to jump back in or anything,
but still kind of loosely following mainly through you,
but,
loose,
loose,
loosely following,
cause I'm,
I'm all for experimenting.
I feel like we do this to ourselves.
We get so hyped on these new projects
and every time we send it from what was a somewhat reasonable five reasonable in quotes right
five to ten million dollar level we send this to 300 million dollars in two weeks and of course
that was too expensive in hindsight we crash all the way back down everyone hates it now it's at
60 million and guess what like if you bought it at
10 to 15 million where it was very viable like you're up three to four x like had this just slow
grinded up to 60 in a straight line versus having this blow off top sell off the sentiment's probably
widely different yeah right well i think part of the stuff we got over our skis um well of course
your price action alone but
when it was doing that you know people were doing all the stupid m nav math stuff right uh which i
think is actually is a fair way to maybe assess this token if you wish to do so in that way but
i don't know it just it became something that it didn't need to be at that point versus like,
Hey, this is a kind of novel way to, you know,
see the interplay of NFT sales and token sales. And I don't know,
which is my favorite part about the entire thing, the entire time. I think,
I mean, if you went back and looked on the,
I was actually sitting in this same spot when this had started to run,
I said something along
the lines of like this being a pump.fun moment or something if you go back and look at that clip of
course i seem pretty silly at this point because you know it's back at 50 after a huge massive
blow off top but i still actually believe that this is uh opened you know a entirely new way
to think about token design you know so well yeah i mean the pump from 150
to 300 was the this is a launch pad now right and throw your m nav out the window i still think
what's interesting about this is like the it's never gonna end it's gonna run forever um if
and when those punks start selling this this gets, this token gets interesting again.
So you got to monitor for,
for that.
And then there's some temporary drivers with the flywheel and these new
strategies launching in the interim.
man,
I cut half my position in the past week,
week and a half,
just to kind of do some portfolio management and cleanup,
kind of have some FOMO.
I might have to get back in.
Well, that was not my intention.
You get me blowed up on Punk's trade.
I mean, I'm rooting for it.
But I have no exposure.
It's not a good trade from an MNAP perspective.
Let's be very clear about that.
They held 36 Punks worth about $3.6 million.
So it is still trading at 17X.
Not to derail too much, because I only have a couple minutes before.
I've got to run to an eye doctor's appointment.
But speaking of MNAP and the whole PE ratio stuff,
did you see the debate between Santiago
and one of the Dragonfly guys on thread guys thing
last night i was just reading some of the recap tweets from counterparty about l1s being way too
expensive whatever i i am not smart enough to belong in that conversation i just thought it
was really interesting that we're finally maybe not finally but looking to bring in some of like
the traditional financial metrics and analysis into crypto where it's just never played.
Yeah.
Ever.
I saw the headlines on that.
It's tricky, right?
I think that makes more sense at an app.
An app token.
I think when you're trying to do it for Ethereum, it's a little...
I don't think it holds up.
I mean, it's been an evergreen debate.
Yeah, it is.
Louder when the prices are down.
So I didn't have a chance to dig into that.
But I saw basically Santiago saying ETH makes a billion.
It's valued at 360 billion.
So it's turning at 360X.
It seems like an oversimplification.
Yeah.
Yeah. Yeah.
Well,
looking good show.
I think we went through all the items on my list was a bit of a slower
day.
Well,
we will have Farouk back tomorrow.
I believe so excited to catch up with him.
Talk myriad pools,
catch up on synthetics.
I don't think he's made a trade yet,
which worked for him last time.
I don't know if it's going to work out this time.
So Farouk, going to have to get you into a trade.
Maybe he'll do that live on the show tomorrow.
I want to thank all of our listeners as always.
Logan, I want to thank you for joining us this week and filling in.
This has been great.
Love catching up with you.
I want to thank our partners as well.
Folks, we'll be back tomorrow, 10 a.m. Eastern,
for another episode of FOMO Hour.
Until then, go have a beautiful day.
Goodbye.
