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(fren, fren) FT Weekly Meta Discussion 🔥
Recorded: Oct. 10, 2023 Duration: 2:21:43Space Recording
Full Transcription
Yo, what's up?
Can everyone hear me? Can you guys give some emojis?
I was talking to myself and I realized I hadn't actually plugged in my microphones.
Yo, Dragos. Yeah, we can hear you.
Awesome, awesome, awesome. So I'm just inviting people on stage to speak.
What's up, buddy?
What's up, what's up, what's up, what's up, what's up, what's up, what's up?
What's up?
Oh, good, man.
Ish.
All right, so I'm just sending some messages that everyone joins.
I'm sure people will join slowly.
What's up, guys? How are you guys doing?
Feels like we're having a lull in the market on FTF.
Lull, but work, not lull.
Busy, busy.
busy yeah what are you working on is your dashboard taking all your time yeah coming like so the
dashboard it's obviously trying to coordinate with that and then i uh i've been working with
friend bond to try to help them bring their product to market so what was friend bond again
it's a protocol that's going to basically create it creates a on-chain perp protocol against keys
and baskets of keys so oh my god yeah so like they just set up uh it's only a test net right now but
um like we just set up a basket against the the cartel so you can go and you can buy buy a position
for it's only a dollar so like anyone can get exposure to it but the actual price of the bond
goes up and down um relative to the actual price of the underlying basket and since it's all on-chain
can be called from the contract the actual contract or the keys act as oracles so just
allows for some outside degeneracy
that's really interesting i can also see how this stuff can go wrong really fast
uh yeah so i think like making it a basket makes it a little better but yeah if you have a sizable
enough position of course there's manipulation risks but it's it's t-wap so it's not just
not it's a little bit of a defense there as opposed to just like active price
all right that makes sense so we got brit here we got the guys from seamless protocol
uh jeremy is on i'm not sure if makes you wants to talk kind of passive with king um guga if you
want to jump on tyler feel free guys i messaged some more people to jump on i had a few things
written down mostly talk about uh what's been happening the last week so it's kind of been a
bit crazy with um with all the defections due to mental health uh rebalancing portfolios
i heard a new one today with a lack of volume
which was which was cited as a reason
um but yeah i don't know i mean i think some of you guys got hit more than i have with those
things although i i had the the root thing happened two days ago which really got me really pissed off
in the moment i was about to go to sleep and i stayed up like awake for another like two three hours
um yeah yeah just to kind of digest everything then um i think also the i mean two-factor
authentication maybe you want to have a short discussion on that although it's not really
two fa i don't know um the cbb pre-sale stuff i think is really interesting um it would have been
cool to have yeah i want to talk about that i've been i actually haven't read the thread so i want
to understand the behavior with that yeah i'm gonna message jay from manifold to see if uh
he wants to jump on so that would be a cool one um the ft points valuation discussion even though
we had ironically with uh root a conversation last week he was the guy he was the guy putting
out numbers of like 10 dollars 12 dollars and shit yeah which is pretty funny yeah so we can talk
about that and then also we have seamless protocol on i i have no no affiliation with them like i'm not
investor or anything like that but um i met their their founder in paris and he was asking me some
questions about frantech and they jumped on and they want to do some stuff as a protocol so i thought
it would be interesting to have them on since i i know some people mentioned they were asking like
why some protocols don't um actually try to use frantech for like marketing purposes or whatever so
i'm kind of curious just to see how they're approaching it and how they're thinking about it
so i mean we don't have to make the conversation necessarily about that but like jeremy feel free to
jump in the general conversation whenever um just these are just like a few of the points that i had
written down we can talk about other stuff as well um and i'm sure more people will come on board and
it's going to be more organic so yeah how are you guys feeling about uh frantech right now it feels
like uh personally i feel like there's a lull um i don't know it feels worse than it actually is i mean tvl is
down maybe like 4k eth which is not nothing it's like 10 12 something like that of like the peak tvl
so um some players have exited it but i'm i'm i'm seeing most people are are hanging on but also not
that much stuff not not that much exciting stuff is happening so what's your what's your opinion
i don't know man like uh even a lot like so i kind of my post on root or sorry some hypothetical
seller uh kind of addressed this where in my mind it's it's the fucking mid game so like it depends
on what you're here for one people capitulating on lower volume like in my mind that's silly and
that's indicative like you don't want crazy high flipper traders all the time if we get to a point
in this this system where everyone doesn't feel a need to cheat each other's keys the second they
stop chatting like that's that's a good sign right when things start slowing down whenever you start
trusting the value of the the thing has value right the key itself has value and you don't feel a need to
like gtfo immediately the second the person is there that's the sign of of actual either value creation
asset creation whatever you want to call it right that's a good sign and i look forward to the day
where everyone isn't constantly feeling a pressure to watch each other's shit and pocket watch and say
oh my god this guy's selling and i need to get the fuck out because this guy's gonna cheat so like
i'm thankful that it's like we're hitting this period now where that's a little bit going on lower
not lower tbl but lower volume more like not a constant need to feel uh the ability to the need to post
all that shit right so that like opposite fund there for me with lower lower volume although
obviously volume is good because it's fees and everything so there's that and then um what was
it you brought up something else that um yeah oh so yeah it's just it's well because of the lower
volume stuff it's just like just let your shit park and farm with the homies at this point if my
if my portfolio did not adjust from here and everyone that i parked my capital in was just here and
cool and chilled assuming the actual points turn into like an airdrop which obviously still a
question mark but assuming that happens i would be totally fine if nothing changed from here until
12 months or six months from now whatever 12 weeks 15 weeks whatever the fuck the number is like
that's fine totally cool with me farm the points with the boys chill make some make some potential
money or just you know do whatever so i don't know like i i think people are overthinking things and
everyone is has bear goggles on and they're scarred from the last few months that they need to get the
fuck out of everything but if this thing is what we we hope it was and are like we built up a solid
thesis that plays out then there really is no bad condition tvl goes down points go up cool tvl goes up
about fdb potentially goes up cool like it's just play the game don't be fucking weird and hope it turns
into a token and we win like that that's it don't be a fuckhead and you win so i don't know i'm i'm feeling
comfy
jeremy makes you anything to uh add
i think you kind of like what what brett's saying is like yeah inevitably like there's going to be
lulls like front tech's been at this cultural zeitgeist moment it's just like been up up up
there's going to be like some lulls and volume and whatnot and it's like okay who has the hands
to withstand that i think you know with like the folks that are selling where it's like a first line
of defense right so it's like those aren't the guys that you necessarily like want in your camp
defectors all the way so i agree like it's it's hard to envision like that it would just continue to be
um tons of volume up up and up like there's inevitably going to be lulls and people need to
like hold on um and so i kind of echo that with with from bread but um it has seemed that you know
the narrative has really just been about kind of this three three and like who's first who's the
first party that's going to break um so it may just kind of you know take out kind of some of those
like uh paper hands type type players but um seeing like who can withstand but um i would tend to
agree yeah also agree um i think we're kind of uh yeah in the same market regime that we've been in
the past couple weeks uh it's just kind of farming no product uh feature development really but a lot
of stuff is getting built in the background so i think probably the intermediate stage is going to be
seeing a lot of the products that are getting built come to fruition and that that could change
the meta a lot depending on what the adoption is there does anybody know anything about anything
they might be adding well not not just the team but like the stuff that brad's talking about
anything uh that can be built on top or like uh to the side of the protocol you know could really
change things especially with perps perps are interesting because they don't actually depend
on the contract other than as in like a data input
yeah what do you think about that did you hear me talk about friend bond earlier
yeah i think there are a couple right yeah but um but yeah i'm not i'm not familiar with that one
but yeah yeah well i know you used to at least early on i don't know if you do it anymore
didn't you used to hedge uh fluctuations yeah totally yeah i mean there's crazy stuff you can do
you know with perps so you can go long spot short perp and if funding is positive then you get paid
you know to hold to hold keys and make friends so that's like kind of a crazy thing uh if funding's
the other way then that's a little trickier you might you know hold the perp and then uh sell sell
some of your spot you know but you can do interesting market making stuff uh but at the
same time it can kind of like take away maybe it would take away some of the speculative demand
for keys but then like yeah the market makers kind of balance things so not sure how it will change
things but i mean it has changed like the fungible token market a lot because so much of the flows are
dictated by the by the perps another thing dracus me start talking about all these these clones getting
spun up now i'm seeing people talk about cypher pretty heavily oh god yeah i saw that we're we're so
far down this this spin i was actually gonna do a post on it i remember ox5f early on is adam cochran
behind that i don't know if he's behind it but someone said he dumped 50 eth into it
yeah i heard i heard he's behind it i don't know if it's because vombatis apparently posted some
really nasty shit not good yeah yeah to troll him it's all the stuff that it's all the stuff you used
to you used to google as a kid um from like rotten.com like that style yeah let's not go there i don't
know i don't know if that was your one thing before so i want us to talk about because i think okay
let's let's talk about exciting stuff um because we're kind of like i don't know like the energy
is kind of like i know nothing is happening let's talk about the new development bitch you're making
the energy talking like all right constantly reiterating bro i'm fucking excited mental push
okay i'm gonna i'm gonna shout at you as well super fucking lit we just we just came out with
a three key room utility meta right no one's fucking doing that i thought it was pretty fucking chill so
now you and all your homies got access and i think that's something that's going to unlock a lot of
cool shit so now now we're ascending into this like individual service like b2c stuff to b2b right
if i have people in the ecosystem that's really energized and want to provide stuff to their
utility it's much more sticky to have people buying aggregate keys of me and my products so that they
then provide for their room now that's that's their utility right that's a little deeper cut so
that those people don't want to eat those keys because now it's not just that they don't use it but
then they feel guilty for taking it away from their holders too and that was a utility that they
prop themselves up on so i think we're going to start entering into this meta of people trying
to provide room utility as opposed to individual user utility because it it's a deeper deeper root
so you stop fucking being all debbie downer i'm fucking pumped this stuff's cool all right that's
the change that we needed all right let's talk about cool stuff that's being built on top so um i'm not
sure how many of you saw the cbb fair launch thingy i thought it's yeah quite cool so essentially what
they're doing is let's assume you're a big account whatever big twitter account celebrity etc and you
want to launch on frintech and you want to do like a whitelist uh with people beforehand so essentially
let's let's say you have 100 people on the whitelist so you buy obviously the um the the main
account buys its first key and then the way i understood it works is cbb uh snipes 100 keys
with their uh smart contract and then if you're whitelisted you can buy a key on the bonding curve
so let's say you buy it at like whatever it is 0.690 0.658 whatever um after cbb's allocation yeah so
you buy it and what they do is they sell one of their keys obviously there's a difference there
there's like a 20 whatever fee difference right and they refund you the difference um so it's you
still pay a bit more so like let's say it's at like there's 100 people and it's at 0.65 eth if you
only get to buying yourself when it's at like one eth or something if more people buy in the meantime
you will effectively pay more because that difference the 10 of fees that you pay on top and the 10 of
fees that they take um they also refund you the creator difference so it's like five percent on
their part you will end up paying a bit more but essentially it's not going to be that much more
from the initial price so in this example i think what they gave as an example in the room was um
zero point like 0.23 eth uh per key for each uh whitelist participant and if you're the first one to
buy it you essentially buy it like 0.35 eth or something that you get like 56 refund and there's
a number around that so it's not ideal but it's one way to do it that is quite simple i guess
this this reminds me of when when early loaning protocols spun up on this stuff and they were
trying to talk about how they're doing it uh it didn't make any fucking sense because you can't
get loans on your action because you can't turn over collateral right on keys and the only thing
that kind of made sense if i squinted was like a buy now pay later situation which it sounds like
this is basically doing an aggregate at launch where it's i pay the fee now or they they get
the average price and then i if assuming the key price goes up which if you get it lower on the
bonding curve which you would most likely because of the snipe then you get a buy now pay later with
and you can use the extra on top of the bonding curve to actually make sense of the thing actually
make it economical so it sounds like it's just yeah buy now pay later as a service so that's cool
um but question with that so jay i think i think you went behind the account right now
question for you it's just like is this a possibility thing to avoid because obviously
going in and out of the the actual sale purchase whatever every single time and incurring incurring
the exorbitant fees again i'll keep saying that these these prices need to come down is not optimal
so is there a way where and maybe it's a coordination pain in the dick but is there a way
where you guys could collect a bunch of signatures so that they actually purchase from the curve directly
in a single transaction as opposed to having having to do this sell and buy situation later and get
the spread the 20 spread or incur the 20 spread down the line is that a possibility um yeah it is a
possibility um but if there's a leak in like the actual data um that they signed then it could
allow a sniper to basically try to come in um in the middle so like they wouldn't be able to get in
between let's say you know the initial buy and then the self-snipe but if like the gas price of the
snipe transaction was leaked and then you know they would the person signing it would have to see the
data right um yeah then it could be a bit of an issue um and then also like it is an operational pain
because if any of those you know buyers don't have enough eth then it's going to reverge so you need to
also make sure that each person has yeah it's basically like impractical to do logistical nightmare
yeah yeah i think you know the fees are bad right um but at the same time like with coveted launches
which there's actually a utility for this it's like you don't care about the 10 20 fee like an example
is let's say even an account like yatsu the ceo of animoka when he launched um key price was supposed
to be 0.3 eth or like 0.25 eth but the bot sniped it up to 1 eth immediately right from from 0.25 to 1
um like if you were to be on the white list you probably would have been able to buy the key at 0.2
eth and you know even if you're paying you know a 10 fee later on to get out it's like you're having
a profit of what uh so 1 eth 0.9 minus 0.2 so that's 0.7 eth realized profit right versus
if you're buying on the market like who gives a shit about 10 fees at that point right like the
bot margin and the spread caused by them is is way higher um than that 10 fee and you know later on
when things are stable you can always just like rebuy like sell and then rebuy into the main like
friend tech key so that's how like we designed it in like the proxy contract manner where like
there's not a lot of coordination that the users have to do it's like they drop an address they
fund the wallet um to contribute to the white whitelist launch and then after that like they can
do whatever they want with it right it just gets transferred to them i think the refund model is
interesting uh and i and i really like that like other people are building different custom launch
mechanisms um we only have to do that because of the very rigid way that friend tech's architecture
is um i do think that like the the whole refund thing is complicated like it's hard for normal
people to wrap their heads around it versus if it's like it's a whitelisted pre-sale like everybody
knows how that works because you know we've all experienced it before with normal erc20s
this is one situation though where if the fees were to go down it would be more viable as a product
not the case now of course because the fees are enormous but what do you mean like if the fees
were only five percent then this whole like refunding thing there's you lose way less on the whitelisting
thing like the refund thing actually works way better the difference between the price that you'd
get like the average cost of all the keys that are sniped versus what you end up paying with like
the refund and stuff won't be as big if it's not if it's five percent instead of ten percent
so i think that's the same thing for if you use a proxy contract though like on the way out you'll
be paying less right yeah yeah but with this the advantage with this is you get the actual keys right
it's more complicated with the refund stuff but you actually get the key like you can actually
participate in the chat it's there you don't have to use a proxy contract
yep yep correct um but yeah like with the proxy contract all you'd be doing is just sell and then
rebuy um and like that spread like at the end of the day whatever value that's taken away by
frentex fees is being charged in in both models it's just like whatever ux you would prefer um
yeah i mean i'm interested to see um one of these launches go through do we think and this is kind
of a broad conversation on fees now so like at what point do you think it becomes detrimental to
to the actual protocol to keep the fees where they are because obviously everyone is still operating
like without any forward guidance on what they plan to do with the fees or whether the token airdrop
is even a thing like i don't know if it's good or bad that everyone kind of feels gridlocked you
don't want to do stuff because the fees are pretty fucking crazy especially the higher up you get
right i think it's something like once you get above two eath it takes 19 buyers in order to be in
profit so you're not flipping those things for profit up at the those ranges um and like at what
point do we think they need to either reduce protocol side fees um i know like obviously star shares is
has the second biggest one that's taken off and they do a seven to one split so they give creators
a little bit more so there's that competitive thing there but they're a smaller smaller chain
or smaller protocol so i don't know that they even feel the heat there but i think at some point
they're going to have to reduce the at least reduce the protocol fees or indicate on some level what
they plan to do with them because i think right now they're just siphoning them off and yeah i think
it'll eventually become detrimental to the protocol i don't know when that point is though
do they have do they have any pressure right now like what's what's the pressure i i guess this
can go and and levi by the way welcome uh drake you don't have to raise your hand just like speak
whenever let's just not we're not going to talk over each other but you can talk whenever it's fine
yeah like how how do you guys are how are you guys seeing this in terms of what do they have to
do like what kind of pressure they feel um to deliver more features to the app to like get the
excitement going and don't get me wrong like i'm i love the situation right now i welcome the
consolidation but i'm wondering with all these like stars arena i didn't try it like i can't comment
from like firsthand experience what the app was like i know some of you really liked it but it was
getting quite a bit of traction and there's like forks left and right etc so i'm wondering like
when are they actually going to feel the pressure are they just going to ride this until close to the
airdrop and just prepare something big um close to that point so that they energize people when they
drop the token well i i think the biggest thing like on the fees wise i i don't think they can lower
the creator side the reason for that is they'll lose it to other accounts the reason why stars arena
was starting to gain traction is that creators were making seven percent plus an additional one
percent if um they were referring other users so i think the way frantek would have to yes it's
specific for protocol side yeah there's they set the bar at five percent that's why all these other
protocols are five percent plus so that you can never ever ever reduce that ever ever ever so it's
all protocol side discussion right so yeah they in in order for something to happen i think they would
have to reduce the protocol side fees um and and i do think it's it's going to happen in the future
um or else you'll have other forks come up like openc for example you had all kinds of forks come up
you had like looks rare you had blur and then blur ended up taking a huge market share of that but
again frantek has that network effect similar to how openc does but like in defy like on uniswap
for example the fees just everything steadily trends towards zero um i just don't think that
like if they do try to reduce the creator side there will have to be some form of incentive i think the
first thing that's going to have to be give or that's going to have to give is going to be the
foundation or frantek the team itself reducing their fees and then eventually going into um some sort of
revenue share or additional revenue to incentivize the uh creators at the higher level if that makes
any sense
what about the app specifically do you guys feel like they're they should feel the pressure to deliver
stuff because i don't know i don't know if you guys are in touch with the team etc and you wouldn't
be able to talk on the space anyway because they're like very tight-lipped but do you think they could
just i know they're competitive i know they they they want to to fucking win but like i don't know
that's directional at any specific other thing other than just like yeah like they feel like they have
something and they want to they want to crush you know you know what i mean though like like how do
you feel that the dynamic plays out with like the amount of pressure that they might feel to
introduce new features versus they already have a big advantage and they could just let things as they
are for like one two months and it wouldn't really affect their positioning that much and they'll
just write it out and like prepare like bigger stuff towards the end of the timeline because they
already have such a big advantage that it's not there's no point dropping all the good stuff now
do you know what i mean i don't know i mean i think it's so like there's the human element of the
shit and then there's like the execution element of it right everyone like you can have a game plan
and have a roadmap for how you want to deliver stuff and they maybe are shuffling some of that a little
bit and they may be really confident in their product and i would say that the visions are
totally separate where a lot of these other things now are trying to be social media replacements and
there's isn't so like they're different visions so i don't think they feel a pressure necessarily
that oh we need to now shift our entire focus from being this curated soft launch intimate
experience to a full-blown twitter clone like i don't i don't think they feel that pressure
i think it'd be silly to expect that but i think it's also would be silly to say hey this other
thing is gaining traction it's showing that there's a market demand for certain things and
maybe we need to shift and or we should try to push forward some of the things that we thought
we were going to do i mean it's always a balance but i've built products in the past before and
like there is a human competitive nature to all that shit so even if you would like not to think
you can stick to your game plan there is going to be a little bit of pressure there just because
you're humans and that's how product building in a competitive environment kind of goes
yeah i i find these forks just like extremely uninteresting um so yeah any anything that like
basically builds on the frintech contract and has all the same kind of drawbacks as far as
composability goes it's just very uninteresting to me um so um yeah i mean i think i think one
like a new type of fork that would be that would be interesting is something that is more composable
and allows for like increased developer velocity either uh by defy or like chat clients or whatever
um but right now like yeah feature development is gated by the team which has two devs is that right
it's like two developers on the team so yeah although i did i do know they were rapidly expanding the team
whenever it first caught fire i don't know how many actually like caught on and like how much they've
actually expanded but i do know yes it was two and they're trying to integrate more i think did
help a paradigm but i yeah i can confirm that it actually took place yeah yeah i hope so yeah i
mean i just haven't heard any updates and haven't seen much but yeah i mean basically they they yeah
they definitely need to expand the team the dev team you know like at least five people you know
and um but um yeah i mean that that that slows things down and uh but yeah the forks to me are just
like not that interesting i feel like the network effects are way too strong so like just tweaks
around like the revenue share one or two percent i i don't think it like overcomes the network effects
or the lock-in that you have from like in a social product so i've just never been interested
in those i think you know they they do seem to have product market fit in terms of like when a product
like this is that lower tvl you go back to that kind of like what people call organic usage which
is just like content consumption so if it's lower stakes you can just say hey like this person's
really active on there they're producing interesting content i'm willing to pay for this because you
know somebody else will be willing to pay like four or five hundred dollars for access to this
but you know once it gets to a farming game then it's like you can't you can't justify it on the
content anymore and people seem to like that lower level so i mean there is room for products like
that and whether it's like just a proliferation of forks or like somebody changes the bonding curve
to be you know uh like to promote more content consumption type use cases but um but yeah like
like if they're forking the same curve and stuff it just i don't know it doesn't doesn't make sense to
me as like a like from product strategy perspective
gm everyone gm i was uh i was wondering when you would wake up
yeah sorry i was busy with some stuff no i i totally agree with what makes you say
um with the forks and stuff i wonder in terms of the uh features on front tech if it has anything to
do with the um safari browser that front tech is using because i don't know about you guys but the
mobile app is essentially unusable for me like it takes me like four minutes to like load it and then
as soon as i like make two moves delete your app just like dies for me delete your app and re-add it
yeah it works for me like i haven't had issues lately maybe you have too many chats like that
could be that could be another like i literally tried everything like i have reinstalled my my
account on multiple instances but yeah yeah so i think levi really might be pushing the limits
of the back end that would not surprise me actually because he has he has so many accounts and he's in so
many chats i don't think pwas have like access to device storage right like maybe jay can comment
on this but if they don't have access to device storage it's like it can't yeah it cannot work as
like a chat client um you know it's got to load that stuff every time so i feel like pictures like
the reason it's not like high definition right like it's just so slow and like imagine if they had
like video right now oh my god like i don't even know if the desktop will work for me at that point
but is is it even possible if like images and everything else is so slow i don't know if it's
even possible with the way the app is built that's why i'm kind of like hoping that they just built a
new app entirely on top of these smart contracts and just migrate it but again i don't know if that
could be like the same thing that's like overcoming the apple thingies it's yeah it's it's all dependent
on apple right like if they can get apple to do it then all problem solved but like in its current form
like i see features being kind of limited right now i would say that like almost certainly they're
they're going to have to make significant feature improvements just given like the vc dollars behind
this um clearly they've like objectively had a win and cornering the market but um it's kind of
sink or swim like you don't just want to stay in its current form and you know kind of on this panel
here like the discussion of you know should the reduction of um platform fees be the thing they
toggle like it needs to be needs to be bigger than that um so like this idea of like i think it was
but like uh you know composable uh keys like you know if these friend tech keys were to someday be
on chain uh be composable using other platforms um that's pretty interesting um as opposed to just
kind of living and dying within the room so i do think that there's a roadmap that internally like
the team is really small and just a few devs got important millions and millions of dollars i think
um just from a like a complacency perspective they're certainly going to want to keep improving
as opposed to just kind of staying with the platform at hand so yeah maybe if the mobile
responsiveness that's a hopefully a fix but i think feature wise um something cool in the pipe
versus just like modifying the fee curve i think that's really what's going to have staying power
um that would be my that'd be my take i suppose i think i think it's pretty fair
to deduce that they are working on a major app overhaul and that's why feature delivery on the
current platform has been very slow that's like really the only thing that makes sense from a
development pipeline at this point like a lot of the asks that we have are super simple um like
one day max types of features and you can tell that the type of things that they're prioritizing
either significant delighters for the most active users or absolute necessities like the security
fixes um i think that's pretty telling to say that they must be putting all of their effort towards a
new app um and that's probably why they haven't even had time to hire people which is the type of
thing that you would expect um their their backers like paradigm to be helping them with vetting new
candidates to help accelerate the growth because i mean any vc would look at this and say like this
is not the type of thing that we can let die on our hands you know this is this is a winner we have
a winner right here so i would think that they're busy navigating um you know the absolute necessary
features that they must deliver plus whatever legal bullshit they're dealing with to get onto the app
store plus um really getting a grip on understanding what the users want and have used it for because
you have to be ready to pivot if your app is getting taken up by not your necessarily like
predicted market share um if you found if you found pmf you don't want to abandon pmf in favor of
you know whatever you set out to do you want to you want to capture that opportunity and realize that
you know the mechanics you put into place were maybe not ideal for who you had originally targeted so
i think that's very likely what they're struggling with right now
what do you guys think about the two-factor authentication thingy like i was convinced we're
going to get a google thing and we got the password thing um i know some people argue that
okay you can switch to your google account and your google account has 2fa which i guess fair
enough i don't know like what do you guys is it like a letdown do you think it's enough security
to bring more tvl i'm a bit uh arthur didn't join i was hoping arthur would join or someone that has
like uh manages like a yeah go for it honestly like i trust this password more than the 2fa i know i'm in
the minority here but if you're comfortable using just a self-custodial wallet like metamask and if
you're comfortable writing down 16 words on a piece of paper and then like try to hide it i mean
you should be comfortable making up a password and write it and like keep it the same way it's
essentially the same mechanism so i actually haven't gone through the process what's so i know they
delayed it because they wanted a confirmation page i guess that's in place i also heard though that you
can't actually you can't actually like update it or change it or maybe you can't remove it after the
fact so you have it on your account i did it last night um and you go in like it's it's probably
misleading to call it a password um what you're doing is you're setting your own recovery phrase
is what it comes down to right like the same way the same way if you set that up on discord they give
you like a batch of six randomly generated recovery keys and you only get six tries or whatever
it's it's very similar but it's a self-generated one so like don't use a password you've used before
and treat it like a seed phrase um it's and like you know make it super complex you don't want to
make it something easy to decrypt um it should be like random letters numbers and characters
generated to like i don't know at least put 20 of them on there because it's it's got to protect
whatever you have on the app very similarly to a seed phrase so here's the thing right privy
they they break down your private key into three shards one of the shards is kept by the device
one of the shards is kept by your account and now the third shard is going to be covered
covered by the password that you say and it's it's a two out of three that was the api one right
that's because that's the third shard is the api to privy yeah it was essentially kept by your
account um like phone or like google account and that's why like as soon as people get your login
they take over your account because that's all needed but now if you set a third password
unless someone gets your device and your password or your device and your account or your account or
your password like they need two of those things out of three so i think in my opinion it definitely
makes it a lot safer yeah it's a significant improvement oh my god am i talking over someone
no you're good i'm not okay cool um yeah it's absolutely a significant improvement like everybody
should use that don't not use that especially if you have a large amount on there like if if you're
the type of person who just joined and didn't put anything on there and is like playing on trading
fees and now you have 0.1 eth i don't know maybe that's an inconvenience but um more than that like
yeah take it take it seriously treat it like your wallet like you don't store things on there
and it's like like adamie said you should treat this as a seed phrase like don't use your usual
password use something that you cannot change in the future right like even type in a random string
and just like save that um and yeah treat it like a seed phrase i know that arthur was super
concerned about the security side so just i'm excited to hear your view yeah yeah what do you think
let's your cat walk across the keyboard and they'll generate something nice for you
so firstly welcome arthur what's up and secondly tell us your uh tell us your take as someone who's
been on the um who has who's on the fun side and is super invested into ft what do you think about
like the the 2fa thing in particular but also like i don't know like the the smart money the
the vcs uh putting more funds now into ft
hey everyone um thanks for having me um yeah pleasure to be here
uh i think first of all i'll address the wallet security side
um this is something i've been through before so i pay a very close attention um and put a strong
emphasis on wallet security i essentially do not use any mobile hot wallet nowadays except for
frantac um and i only put in the amount that i'm ready to lose so that's that's how i see the wallet
security i think with the 2fa uh the security went up significantly uh i think that's a major move in
the right direction so good move on that i think the team do recognize uh which feature to prioritize
especially after star arena got exploited you know but for different reasons yeah i think yeah
i think this is something that you you're not going to see any people putting like a few million
dollars you know until they are comfortable enough with the wallet security because
any og who still have money right now you know know how how important it is
i think moving on to the on the on the fun side i think the i think there was certainly a lot of
excitement uh three weeks ago back in token you know a lot of people talking about it i think right
now um you you went through the initial hype phase people who are more into the consumer side of
the crypto are still quite exciting about excited about frantac um but it's not like a daily chatter
topic anymore um and i think most of the big money um still think that it's it's very interesting but
still very early stage i don't think we are gonna see people any funds putting five to ten million tv
out here to buy up random keys because it's something so new and and this kind of market
environment um it's also harder to justify taking on so much risk i mean just to give an example right
any any funds that you know i i think there's probably less than 10 nft funds in the entire space
i think one confirmation has one uh you know um three arrow used to have one obviously that gold
out zero um i think most of them are probably down at least 50 to 70 percent so i think people just
learn to be a lot more cautious when they invest into this kind of new asset which is still very
experimental um obviously that doesn't stop you know some um trading firm which i manage only
proprietary capital like manifold i think they have a lot more freedom because essentially just
you know the the owner the founder decided to invest and those money will come in so i think that
even for like um you know i think i forgot who wrote the tweet i retweeted that you know there's always
different group of institutional participants in crypto um they are not they are not the same um i
think the first group of more institutional money that will interact with crypto are those
um you know people who are like um proprietary trading firm family officers or like just some whales
right like machi big brother um you know so i think these will be the first group of people that
probably putting serious money to to interact with friend tech yeah i don't think you're gonna
see as cinzy putting in 50 million or 20 million to buy all the front tech here pump our back
i think that's not happening anytime soon yeah but i i do think it's possible you see some of the nft fund
um putting like 500k you know or 1 million um probably more a few hundred thousand into buying
the front tech key because in a way you can say that social token is quite similar with nft in a way
um but i think so far most of the nft fund seems to be more focused on the art nft now
um they seem to have more staying power so i think social token is still very new so
i think it's just going to take some time for that to happen uh hey arthur i've got a question for you
specifically sure yeah um okay so what do you think about um like a hypothetical scenario where
vcs actually use this as a way to signal value in founders of their portcos like uh you know put
backing in there to boost up someone's key price because they say like what this person is saying
is valuable we believe in this person and really highlighting the the social proof that comes with
an ad like this yeah i think that's uh that's impossible um i think that we have to see the
network effect taking off uh first i think right now it seems to be more of the which i think is a
good thing um you have more of the organic user i think so far i have not seen any project founder
being super active to use friend tech to bootstrap their uh their user base and i think this is
actually a pretty big missed opportunity so that that might happen soon but i think that you just
have to see that kind of a network effect start forming between the founders of the project and
the vcs just use it a lot more regularly first jeremy since you guys uh have a protocol and you
jumped on uh on frantic do you want to comment on that like how are you using it and if you see any
opportunity that other protocols or project founders are not using yeah yeah for sure yeah um so i think
like for from like our project perspective like um it's just been mostly like a really interesting
uh experience like we're trying to explore ways of how to possibly merge our own rewards program uh so we
have one called like og points with like potential friend tech key holders that would like say join a room
so like our og points are currently for folks that interact with like our protocol but like if
you're in the friend tech room um you know is there other ways to kind of like shift reward emissions
i think the one thing that we're like facing and this was kind of brought up earlier with the bonding
curve is the tough part about for a project on friend tech with something like what we're doing
which is lending and borrowing on base it's you know ironic but the exciting part is the exclusivity
and like to build an organic community um uh it's really kind of price inhibitive right now for us
to kind of like build and like grow that community in mass and so it's kind of almost like the opposite
angle of like what a new project would want um right now i think like many people are wanting to like
learn about the project and um you know adopting it by joining the friend tech room is kind of limiting
and so like we're looking you know for other ways on how to do it i think the promising thing that we
have found is that the convos like within our friend tech room have been pretty um genuine and
like deeper than say just like gm and like when token like we're getting some creative ideas of like
room holders and how they're rewarding their um key holders and so i think that that's like
particularly interesting um but in terms of like the actual tech itself like what what bread makes you
were saying earlier of like product improvements like with any new tech i think you know there's
always going to be a place where it's like okay wow this unlocks xyz but it may be lacking in certain
areas too i think with friend tech it's been like an amazing to see like the consistent usage like
people coming back to check in on updates like day in day out like we haven't seen like that sort of
engagement um across like other web3 apps but i think like there's this belief system that exists here
for sure where like you come in find the hot rooms you participate you stay loyal to those
communities like very well made popular with like the three three movement it does lack like the scale
in terms of you know how to build an inclusive community that doesn't like price out some of our
like smaller you know minnow users and so what i'd love to see from the front type platform is like
a change to that curve where it's like a little bit more inclusive i recognize like the hype cycle
early on for like this exclusivity but like if we need to like scale out this platform like it's
it's extremely price prohibitive and so like as a as a protocol where it's like decentralized it more
comes down to like features of what we could include in say front tech as as a platform and so
kind of hinted earlier but like you know imagine a world where like these keys are more composable
and on chain and so like it could be posted as collateral somewhere where you could borrow a position
like doing more with keys i think is really going to be the future and that's like what really is
exciting for us um as a protocol is like just kind of you know joining these discussions uh it's
awesome to be here and like learn kind of what's the latest and greatest but seeing how could that
eventually evolve because i think in its current form where there's some clear limitations like
it's really just hurting our ability to like um you know grow a community at scale just due to the
pricing curve so that's kind of what i would say on that front so yeah okay brett you go ahead
because i know what you're gonna say oh yeah i mean i had two things for that one i'll just i'll
reiterate this to the time i die like that curve ain't changing i'm sorry guys we're not moving that
shit it's meant to be an exclusive community and if if they even attempt it it's this whole thing goes
to fucking zero and i'm just i'm gonna say that outright right now you're gonna lose a huge amount
of people that that that go if we go down that path so that uh and then second thing is i so i
understand the the desire to want to try to like be distributive with this but obviously the curve
does not allow that and i think i think you're using it in the way that it's intended but it should
be paired with other things as opposed to trying to make friend tech the replacement for all of the
things because like you can build a community through discords and on twitter and these other
highly distributive systems and then and then yeah that's kind of cool he's trying to do the
same thing uh but then use this as just your smaller curated focus group stuff that you're
already using it for right like you you have this this small meaningful and intimate environment where
you can actually get benefits to these people and then distribute elsewhere so like i think you're
already nailing like it's actual usage for sure i think like what i would add to that is just like
with friend tech just in its current state it sometimes feel like you're fitting like a round
peg and like a square hole of like this market of use case exclusive access to individuals that you
want direct attention from and that is not what you've got in regular social media sorry hey jeremy
wanted to wanted to follow up with something too um i've noticed a lot of protocols have kind of
like built out their rooms and hoped that people would come to them and i was talking about this in
tyler's spaces like a week ago with another protocol i think i think what friend tech did was it opened
up doors um to mainnet on-chain data and interactions um in specific niches in crypto and connected that
to a twitter account that's accessible via friend tech um so i'm just wondering if you and your team
have thought about like you know you guys are a lending site can we go you know track down some of the
biggest like lending whales that we would want to onboard onto our platform um connected that to you
know from mainnet wallet to friend tech wallet and then try to buy their key and actually go speak
to them and onboard them um i think that's like a you know if i was a protocol in the space i think
that's something that i would be trying to do you know you're you're you're hopping in someone's room
you're buying the key maybe you take a haircut you know if they're not interested but like as a you
know a former former key holder i would be interested and willing to listen to someone if they were to
hop in and like make me a you know a tailored offer um you know with the thought that we don't want
them to immediately sell our key right like they have leverage over us to at least get us to try
their platform or show some interest yeah um great great point king i think like i think with friend
tech it's all just like what are their kind of how does it inspire us to kind of think outside of just
like the traditional like community building just in its current state and so like from a community
side with what bread was saying of course like there's other tooling out there and i think what
i was trying to say earlier was um if we're just focused purely on like community for community's
sake like friend tech quite frankly it feels like kind of fitting like a round peg in a square hole
like there's other platforms for that like you can certainly achieve an end result with like a discord
channel or a guild role that like by holding x tokens you can get access but king i think like you're
totally you're totally right like i think like if you can kind of put up join kind of some of these
rooms where there's bigger whales that would be potentially interested at lending and have a direct
line of conversation like so much bd efforts on our back end right is trying to get in front of these
people and instead being able to kind of like put up get in front of them um and have kind of a
narrative um i think is a really cool opportunity um so yeah feel you feel you on that thread
i think ft it aggregates liquidity right it's like open c aggregated liquidity for nfts and now you
could with ethi and wally can go on one platform and buy all the nfts and ft is the same way you can
go on ft with a hundred and start buying everywhere and it's all aggregated in the same app that's why
it's so great oh i think i want to i want to take advantage of arthur's time is emily actually yeah
we'd kick you down to finish your thought now and go back to arthur arthur real quick yeah i think
what we see here is the ultimate uh you know 180 from the the beast that social media really became
it's meant to be niche it's meant to be targeted it's meant for people to make tough decisions on
where they want to allocate um the finances that they have to gain access uh and i think that
ultimately the app that wins is going to be the one that creates the happy balance between the two
widespread access as well as a feeling of exclusivity um and i don't think we've seen that
yet or what that looks like ultimately and it's going to be a hard balance to strike
thank you and now so arthur you and i agree with you emily by the way um arthur so question for you
because we you'd mentioned funds coming in and and uh some of the things that would stop them from
deploying capital i was just trying to think off the top of my head some of the stuff we talked about
earlier so and things that the team could maybe do to entice some larger capital players to want to
allocate and in my mind the obvious ones are again protocol fees being reduced a little bit so that
they can not have to worry about a large position taking a 20 haircut and then some some level of
confirmation on the token even being a thing obviously would instill a lot of confidence
and then something like a hard hardware wallet that would allow again funds with giant sums of money
to feel a little more confident in security which of those three things priority wise do you think
would be something that would be most enticing from a fund
i think security should be the number one um doesn't have to be hardware wallet but uh there should
be more options uh in terms of how the user can handle the account security yep i think that that's
number one but i think another point i would like to mention is um is i think sometimes you just need time
right because you know this is a very new asset class you know even nft has been around for like
so many years we only see nft fund be created in 2021 and there's still not that many of them as
well and so this kind of new asset class is gonna take time and i think even right now most of the
major nft holder the tongue whales um you know all the nft as well yeah they're all individual whales so i
i don't think this is gonna change anytime soon so i think that these individual whales um and i
think one of the reasons i i have decent people asking me why why don't defiance bring the fund capital
to come and farm as well i would say you know we actually believe to underwrite this risk you know
be um we have a much more um you know our our risk um um profile are like wider than the rest of the funds but
if i if i'm only using fun i can't lose the fund in in using the apps right i mean you know people
like to interact with individuals especially a social network not with a corporate back brand
you know this is why elon must have a lot more followers on x than tesla or spacex so if i'm using
the company then i'm just going to be buying everyone's key no i mean yeah i mean i can talk to people but
then why don't i just use myself to talk to people instead i think that make a lot more sense so
yeah i think individual whales you know um are the much more uh interest interesting profile that
friend tech should focus on and actually do bring more organic value in into the platform rather than
individual funds i mean sure they bring in capital but i i think we have seen you know like historically
too much capital into a product or an asset that's not ready can actually um you know um make it uh go
to an unsustainable price level so i'm actually happy for the price to grow in a more organic manner
so you said asset class creation there i do you believe like i had been saying this early on that
we're trying to create an asset class with this stuff do you believe it's to the point where
it's uh obtained that or where are we going like asset class just in in social tokens in general
because like that's the hardest part right getting people to believe these things are an asset and
have value i i think um the concept of social token has been talked about for quite a while i think
you can say is the first successful implementation of it um that are also scalable i mean we've seen a
few individuals launching their own uh social token uh i think there was two uh there's one guy called
alex mass match he launched a token two years ago but i think the whole community was just wasn't that
strong because it's just hard it's not scalable so i i think will frantek be the standard going forward
potentially yes we have seen market leader being able to maintain their dominance quite regularly in
crypto but it's also not taken for granted right i mean you know um we it's also possible we see
other better implementation of the social token standard that take off um but yeah i think so far
it's looking promising um if franteks uh the standard of frantek adopt do turn out to be the standard
the technical standard yeah i do think this uh asset class will grow um and will become big and i think
it will take away a very decent chunk of the profile pick nft market cap because fundamentally i think
they they share a lot of characteristics and attributes you know people want to flex people
want to be part of the community and for a certain big accounts um it actually makes less and less sense
for them to rock a pfp nft um and i think this is as a matter of a little bit objective here i think
any of the accounts with more than a few hundred thousand followers using a pfp nft that's not in
the top five um they actually should be a paid ambassador you know they are actually giving value
to the community rather than you know you know gaining any value that that's my perspective and so
using like a social social token your own social token is the best way to capture your own brand value
um yeah that especially especially the the more influential you are and the more that is the case
i love that take i love it too um so since you're here because before brett did that i was like okay
yeah i also want to ask arthur some stuff i know like maybe a month ago or so you said you would invest at
500 million fdv um i mean i don't want to necessarily throw numbers on here because we've
like last week we had someone on who was like the most the most bullish person ever and he ended up
rugging all his key holders a few days later so but i'm curious like how you think like has that
evolved how you think about the metrics on frantech how you think about the fact that you know they
keep breaking in fees like crazy i don't know if it's still 1 million per day but it's probably close
and how does that all factor into the eventual token that's going to drop and maybe another
question would be i don't know if you've seen crypto yield info he's um he's saying you know
there's a lot of debate on how much of the um of the airdrop they will give in this first phase
everyone seems to assume like everyone's taking a conservative 10 so let's say like all these points
that we're fighting for right now are going to be 10 of the of the total supply so let's say it's one
point per token 100 million tokens and it's going to be 1 billion tokens uh fully he's saying that it
would be better for them obviously it'll be better for us but he's saying it'll be better for them
to do 50 because then the value of the token will be way higher and they can do much more stuff
what's your take on all of that
i don't think it will be 50 percent um because i think they do want to retain some of the supply
for future incentive i think blur is still the best example and reference point you know both are
paradigm back and given the success i think paradigm team will spend a fair amount of resources to help
them design and fine tune the token economics probably with some learnings from blur as well
um so in that sense i think 10 for the pre-token launch supply makes sense and then you probably
you know they're gonna continue to do a multiple season season two season three and i think every
season probably have five to ten percent of the supply and they probably gonna run it for like
they probably gonna reserve the token for like a few seasons at the very least
so i think 50 is probably the total allocation for the community over a few seasons so i think
you know we range from eight to 15 for the pre-token launch airdrop that seems to be the most sensible
number from yeah and i think that um yes i think we still maintain the case if i will give it a chance
to invest at 500 million i will do that um given attraction right now um i think the fact is you know
the biggest question okay um just to share a perspective i went to um one of the crypto
conference i went to recently um i met a guy from softbank so softbank run a gigantic growth stage
venture fund so the vision fund to have 40 plus billion dollar of capital they are still looking at
crypto which is why they were at a crypto conference but they are not they are not seeing
that much thing they can invest in and actually for them um they really want some consumer application
that is exciting there's good numbers you know that these these are the thing that can command
multiple billion valuations um but so far they're not seeing that much of them so i think that the the
the vc that are interested in the consumer crypto side will will be you know willing to invest in this
at a very attractive valuation but again this is also very dependent on the market launch
if you launch in the bull market you're going to get the two to three billion um we launch in the
bear market it's probably more like 500 to one yeah
very interesting what would you what's your confidence level in that the token even existing
i know there's no confirmation and we're all operating under it being a thing what would you put your
confidence level at uh uh i would say 99 yeah i i think given the way racer has been tweeting he's
also like a house a non i mean he's like a semi a non right so the way that he has been tweeting i
think launching token is come in his dna i mean i could be wrong but that's the way i've been the white
has he has been giving off he you know he's yeah yeah i think this is unless some huge accident you
know sec come hard i wish i don't i don't think it's a base case so yeah i think the chances of the
token launching is very high bro arthur's the only real one out here all these other people just
never answer this question let's go i love it absolutely love it we you're welcome to come anytime
in our space wait arthur i have a question for you too what do you think about like the current
emphasis on on farming and it just makes everything else seems boring yeah i think that's at least the
cardinal scene of crypto um you you we i mean money always incentive always drive the world but too
much incentive sometimes also um distorted the initial intention and objective of the platform
um and i think really that this is um there's no perfect solution to this you know i i don't have
an answer if if i have an answer i'll be building a free social app as well this is something i think
the team need to figure out how do they balance the growth you know the good thing about incentive is
the accelerated growth but you kind of need to prevent this from hyper financialize the whole
thing which i think is again you have nft as a playbook right i mean when the whole blur farming i
think it does inject a lot of liquidity into the system but it can't uh kill the mid-rare market like i
was like the biggest thing nft teach you is like do not hold mid-rare you either hold the grills or you
hold the floor mid-rare just got decimated because it just become it becomes like trading shit coins um
which i think that is something that we need to prevent uh ultimately um i don't have a good solution
to this um yeah yeah i've got a question too this is turning into the arthur ama yeah no it's it's super
interesting take advantage of it go for it macy thank you um yeah so uh currently we only have
keys right and and there's this promise of the token which kind of like as you've mentioned kind
of warps the market because it's a subsidy but it doesn't exist it doesn't trade yet what do you see
the the end game being going into the airdrop because i know a lot of people are you know expecting
just like kind of a massive dump of keys you know a lot of people defecting on three three bonds and
stuff like that um uh because you know many of the people are just in it for for the token um you've
also mentioned that like paradigm probably obviously preparing some sort of like token economics to
address things like this that they learned from blur but i'm just curious how you would see
the end game playing out like going into the token drop and how they'll how they'll prioritize like
keys which are kind of the fundamental like product that they're selling and the token which was kind
of like an adjunct i guess so just curious to hear how you think about that split i think if the team
want to prevent this they can certainly um do like a vesting schedule um kind of things you know like if
you probably need to continue to hold a certain amount of portfolio values um and certain number
of holding before you can invest the token i do not think the team will do that though it's just
the kind of why i've been getting from razer and the team they seems to be a very pro free market kind
of person they'll probably like let them let the market sort it out and you know if you're talking
about frantat becoming the reputation layer of web3 um yeah i mean these people are just gonna destroy
their reputation right if they're just gonna in here for the money i think we are kind of seeing
this you know this this market you know i mean there's still a lot of profit maximalists
in the space but if you keep doing that you know um i mean it's just
you are not gonna command as much influence i i think that's going to be gradually the case
i think siang have a much he wrote an article on this it's worth it he's probably a bit too bullish
on that um but i think his point makes sense right i mean his article um yeah basically if you're
gonna need your reputation for like you know fifty thousand dollar twenty thousand dollar then
yeah sure you can do that but you know is you lost the reputation it's getting it will be very
difficult to recover this reputation so yeah i think that's gonna happen you just let the free
market sorted out if that's happening yeah does ft feel like an early formation of a reputation layer
on top of the blockchain to you i i think yes um i mean certainly we need more expansion of the future
before we really get there um but i think we saw quite a few whales right they can't already been able
to identify who are rich i mean you see some people nuking their reputation for like what
less than 10 if or what people using various sorts of nonsensical excuse to dump their keys
i mean it's good right i mean you know like yeah especially anyone who is wealthy who have experienced
this before you know you lend your friend some money and they never pay you back i mean the best
way to think about this is like you you spend that few thousand dollars to recognize what kind of
friends are worth having and what kind of friends are not love it and yeah we have some very clear
examples of that in the last uh last week or so and trying to bring some of those things forward
do you see a lot of reception for it can i ask one question yeah arthur um just curious just curious
on your uh frintech strategy right now are you just here uh farming points or do you actually see
something in the future to where you're going to be using this as a um kind of like a reputation layer
like you were saying is this going to be something that you're going to be using or is it just farm
the points and then move along similar to maybe something like blur no uh no i certainly see this
as a very interesting first of all i think it's interesting to use um i i'm you know i given the
followings i have on twitter and i certainly be a lot more careful with what i'm what i'm saying here
but on on on the frintech i think i'll just be you know more like a private chat room where i'm
i'm i'm just having more fun using that in some manners um and i think i think having the points
it certainly helps you know but it's also it's not a bad idea to put a price on um you know certain
accounts so i think that i mean having the points to farm is certainly a good bonus to have but i
don't think that's the only reason it's probably not even half of the reason i'm using that it's just
a good way to signal your your reputation um it's not perfect yet but i i think uh this is
probably the one of the better mechanism we have you know there's a multiple way to signal your
reputation you know your followers on twitter um you know your key price on frintech is gradually
becoming one on web3 i mean and twitter followers are easier to fake um you know some people bought
over the hack account so people just outright buy fake followers but um frantech um the key
price are harder to fake you know especially if you have a very diverse holding base i mean you have
more than 100 holders and not a very concentrated key holding i think that certainly means uh means
some things right yeah that makes sense that makes sense and the second question i'd ask is how do you
choose those rooms like how do you select your closest people that you want to be a part of and
what rooms you want to join i i think i i do a fair amount of three three um i think i my three three
ratio is probably 50 to 70 percent i i didn't really keep track um so i i think generally that you
if people buy my key and they are active and i i generally do buy that kid unless it's too expensive
um and i think i generally prioritize people who are likely going to be active and likely going to
stay in frantech uh you know not just you know hit and run as long as i can receive like a sustainable
value from you know interacting with them i think this is kind of the thing i'm looking for yeah i think
activity and um likelihood of um you know continue to using frantech yeah
i mean forget about video i think if they implemented that space feature within frantech
that that would drive literally the next leg of can you imagine imagine the app works can you imagine
like doing spaces like that's like but think about it like like literally that's like the perfect use
case right because a lot of times the chat room doesn't feel personal enough but then literally like
if arthur does this with you can you're a holder and you can get on an eminent ma with him and just
ask him and chat with him like that is so much bro that is so valuable you know what you're doing right
now it's like you have one of those like 1994 pcs that works with a floppy disk the kind of thing
that i was playing with when i was like four years old and you're sitting in front of it and you're
like you know what would be really cool if this thing could read blu-ray that's basically what you're
doing right now like man i would so watch a 4k movie right now and the the computer in front
of you can barely do like 100 pixels or some shit yeah i mean it's tough right because we have like
twitter right in front of us no but like it's just such a yeah go for it no i mean it's just twitter
is such a perfect platform like yeah it's great i mean in a lot of ways right like in usability and ui
except for now you know the algorithm's a little messed up but like imagine if ft was inside of
twitter and you could you know instead of dm you could you have your chat room and then you can host
private spaces it just makes perfect sense the annoying part and this is one of the things that
is keeping crypto behind when it comes to mass adoption is most people use mobile phones using
mobile phones is the easiest way to to get the masses on board it obviously there's like security issues and
stuff that hopefully will be handled but you cannot fucking put this app on the app store because
apple won 30 cut of everything you're making and you don't want to do that so that's why they went
with this like the the route that they built the app and it's like i don't know when when jay
from manifold explained it like a few weeks ago that it's basically you can't really build like a like a
telegram level chat app with the like it being a progressive whatever they call whatever the hell
it's called application progressive web app yeah progressive web app and that it's like that's what
made it click for me when he said it's more like a forum than a chat app i'm like oh okay so this is more
like a forum so like you're thinking about like let alone images are super slow imagine videos which are
way bigger than images and then imagine like live audio which is like coordinating all these people
like bro you can barely load more than 15 messages on the at the on at a time on the app like to scroll
up and catch your history you don't have a freaking at sign to see whenever someone replies to you in the
chats and you want like live spaces yeah i mean it would be great i would love it for them to just build
a new app from scratch but i don't know how they go around the the apple thingy what i think an
interesting choice was made on the team um was to not make it easier to build on and like those features
are supported through privy oh i'm about to get cut off um yeah i i think that was a really interesting
choice on their behalf to not know i don't really she she did it she got cut off am i back oh did i
come back now you are oh okay yeah um okay they made it they made a really distinct choice not to enable
that functionality from privy and people are still doing it anyways right they're just like yeah export
your keys and uh put them into our app cool and people are doing it right people are so excited about
it that they're doing it and i think i think their best bet to move forward is to make it a lot more
accessible um for builders and a lot easier to expand on and that's where the traction comes in
right the more excited people get about that hackathon feel with like oh i got a new toy or a tool set to
play with what can i do with this that's really what drives a product like this forward super fast and
i think that's what these larger social media companies that are monetizing their creators
lack right now right i can't i can't do that on instagram or twitter or youtube really like you
can make layers with their limited apis but in order to capture the attention at the early point
where the users feel like it's more of a native experience is something that you really need to be
there at the beginning from and that's i mean it was a distinct decision and i'm not positive why they
would go that direction i don't think any of us will ever know because they don't say
should for better or worse i think if you look at the features that they have shipped it's mostly
just incremental ui improvements right that doesn't have anything to do with the infrastructure
or load on the app it's mostly just a color change you know when someone sells your key
or like a watch list um which i think it's fine we definitely need that um but i feel like for this
app to move forward there has to be another like big push like big feature it doesn't have to be
like implementing video right but like something out of the ordinary that gets people excited well
like i said earlier i think that's the biggest indicator that they are building a much better
overhaul of the app because the types of features they're delivering are just not huge lifts they're very
and she's gone and i love you but we need to get you a different plan uh i'm actually going to use
this to swing back over because i think he can actually have some good input here so my dude daily
over here has been we talked about building community a little bit earlier uh he came on this
past week and i don't know if any of you guys have keys but he's been fucking busting in there to try to
to find different ways to deliver value and i saw a take from him just today or maybe it was last
night hard to remember anymore uh that i actually respected pretty pretty damn hard because a lot of
people as you guys know being native but people in the room that aren't native one of the best or
easiest ways to hyper extend your growth is to just do the whole buy buy a bunch of other keys they'll
buy you shit right like just spread well throughout the ecosystem and he was he was pretty adamant about
pushing back against that and carving his own path and saying like yeah you can do some some
purchases to buy into the community but it's not here for hyper growth through what everyone else
has done he's been and he just gave away some tickets to miami just moved down there he's uh
he's actually buying breakfast for people like every fucking morning he's in venmo shit to people
uh and he's cutting it up and giving some insight into his business uh that he has with onboarding
artists and stuff so daily i don't know if you have being a quote-unquote person on the other side of mass
adoption if you have any input on where you think the the actual experience could improve and like for
you to facilitate what it is you want to do with the application and just in general what your your uh
experience has been so far well honestly the experience has been great thanks for having me
today guys appreciate it um i think it's really cool like uh the direction like uh we're trying to take
it i think people haven't really seen this yet like you know just like you know engaging you know on
a daily basis i try to respond to everybody i can you know we're really building that community value
that um you know like you said a lot of people aren't really responsive a lot of people are kind of
just like you know doing the whole farming thing and my only issue is you know i have 2.5 million followers and it's just
hard to onboard these crypto novices because they're skeptical because it's still in beta and they still
don't really understand you know how it all works so i'm hoping frontech eventually makes the onboarding
easier process for like people that aren't really aware of how this you know system works yet and um
another point too is like uh with artists that i'm talking with like i talked to post malone i talked to um
um um my friend adam 22 he owns no jumper i'm talking to my boy uh daniel snow he owns uh rap tv
like they're all super interested i already put the word into them about it and they just kind of
want to see where things are going you know and like the whole beta thing is just giving out a kind
of a skeptical vibe because you know people just they don't know whether to invest they don't know the
value yet and i'm just trying to like show people that there is value here like there is a community
that can be grown there's more to just you know pumping and dumping and buying keys and selling
keys and you know all that is great it's cool i'm not a fan of that i don't do that as you know i buy
keys of artists that i support people that i like and i don't i haven't sold a single key so like
and i don't plan on doing that i don't plan on selling any of my personal keys either and you know
the incentive part is a little difficult for me because um you know the giveaways are cool like
we're giving away the two miami heat tickets to the home opener here for any one of our key holders
and then you know i'm working on the whole private event situation down here where we're going to you
know went out run out a venue bring down artists and then all of our like any one of our people that
have a key or any one of our key holders lifetime access for free vip access the artists things like that
like so like like you know shit like that is things that i'm implementing but i think something
that fintech could honestly do is um you know what about a collab room like where you can collaborate
with like another you know key holder like if like for example if i onboarded offset and like we did a
collab room together where his like key owners and my key owners we you know we're all in there together
and we all can discuss and then you know having a live space with like everyone and you know
implementing where you can like add you know speakers and everything i think that would be nuts
you know something that simple but i'm just gonna keep riding the wave and just you know keep saying
seeing where this is going because i like the direction i just think it needs some improvements
you know you know you actually work against my running thesis so whenever i was in a good way because
whenever i i was thinking about the users that would be interested in this app and obviously
you're someone that that gets a huge inflow intake right through twitter dms or hot garbage i think
everyone can universally agree on that so it does create a smaller avenue for you to to really find
people that are interested in you and talk to you whatever maybe this is just me be jaded whatever
but i i always just you just mentioned post balloon and a few of these other top artists and
in my mind i didn't think it would appeal much to those people because the incentive being like yeah
you make some money on this stuff like they're not going to give a fuck because they have all the money
but you have all the money like you're doing well for yourself right you pointed out and like you
like you're not doing it for that but you're still taking to it because there is a need right but
for you there's a need slash desire to want to connect to people so do you feel like there is genuinely just
no way for you to be able to do that in today's world and like is this fitting that need yeah i
think honestly man like the deep the dm flooding that you know i get on a daily basis is just
overwhelming but it's cool to just have like the personal experience with like you know the key
holders for me at least and uh you know being active with them and like you know just doing like
that you know the fun shit like you know the daily brunch you know the daily stuff like i
accidentally sent out like three i saw that i don't even care i made a mistake i sent out
i sent out so much money yesterday i just don't even care but like i just want their experience to
be fun man like that's what i'm trying to do i'm trying to bring the concept of fun like something
that isn't just about making money but like the experience you know so i mean i have that story
like go ahead doorcast no i was just gonna say a minute i your your room has been like one of the
funnest rooms i've been holy shit are you talking through a voice changer or is this just me that's
got to be on purpose oh my god yeah it's like messing with us sorry i muted you because you sound like a
crazy robot that's passing slow motion halloween came early
he just he just sounds like his pfp i know right i mean that's what i thought that's why i thought it
was intentional yeah i just kicked you down request back up get you up here maybe a little reset a little
fix your mic otherwise yeah that was wild oh but uh by the way oh sorry go ahead for yeah daily
loud like as like you know if you kind of going down the thread of what you're talking about right
if like there was a collab room or anywhere where artists can kind of give exclusive content like you
know post malone dropping a single or something that's kind of just for key holders like as a as a key
holder like that would be epic right like i totally get the appeal from like the artist side with what
you guys with what you've been sharing is there any desire or feeling that you've gotten from these
artists where they were really looking for like their core fans like core community i can think like
right now like in an offline world it's like people buying concert tickets merch or whatever but it's so
fragmented like are they are they looking for a solution right now and like who am i like oh gee like true fans
well i think right now like you know with the og fan point or fan standpoint i just think like with
artists like you know the only way you really get to meet your favorite artists is if you get like a
meet and greet pass or vip access or just like a backstage passes and like that's cool i mean yeah
it's probably a sensational experience no like no question but like being able to talk to like your
favorite artists on a daily basis and even if he just seems to respond like once a day i think like
that would be dope because like they would i feel like as an as a fan of like let's just say
hypothetically drake like i'm a fan of drake you know i mean i'm sure people aren't but i am but like
just being able for him to connect with like a fan that he like never could connect with let's say he's
in dubai or you know budapest or somewhere crazy that you know it's hard for this guy to actually
get to a concert in the states or wherever it may be i think that like it would create an interest for
the artist because they could connect with artists or fans that they've never been able to really
connect with before you know so as far as like what i say would artists like to be able to connect
on a more personal level i say i would say absolutely with their fans i think it's also
the flex aspect too right like people buying nfts it's like yo you know if it makes me feel good
about myself and this is like exactly the same way you have private access to post my loan oh
that is so cool right i feel so good about myself exactly like who the hell can say i had i had private
access to steve aoki and i asked him to cake me and he never replied so i just sold his key
like three days later replied to me either see see i think the fun thing is you could do that too
and then you could like post on on x and gain more visibility for yourself right that's another benefit
i think what what it comes down to is consistency if these artists are actually active in their friend
tech uh groups it's going to really drive additional people that aren't really in this space into this
space so i think what needs to be implemented is some sort of like i don't want to say like a
contractual agreement but like something where it's like if you don't respond at least to one of your fans
once every seven days you you like your value of your room goes down something like that yeah it's not
possible from a technical perspective but yeah the interesting yeah the interesting thing that like
racer said um when he's tweeting it's like he said he said his initial idea for ft is like an important
announcement board for people it's like it's not for ship posting every day but it's like when you have
something real important to say you post it on there like it's totally different than what people are using
ft today for um but i wonder if we go that direction yo um what do you think so you're talking to all
these like artists and they there's definitely a problem with the onboarding and we've talked about
it earlier i think before you joined the space what like how i don't know how you launched on ft did you
did you bought yourself and like buy a ton of your own keys and how are you looking at onboarding them
do you think that's a problem with the fact that you know there's like 50 to 100 people that are
getting a low price that are usually there's going to be the like the the bots that will just bought
the account and then that kind of sets like a really really high floor price for everyone else who comes
after or would you want to use some of like the pre-sale mechanics to get you know like 50 of your
true fans in and then let whoever else wants in as well i think the pre-sale initiative would be huge
because that would actually like if they had their own exclusive link that you know bots had no access
to and artists could like you know send it directly to like or even like i mean tweeted directly to fans
and there was like a way to like authenticate if it was like a bot but i mean i'm sure that's probably
difficult but i mean if there is some sort of way that we could like institute that i think that would
really change things 1000 when you say that and i don't mean this in in like a bad way
i can tell you don't understand like how the potting works at a specific level and i was just about to
explain to you like what cbb is going to do with this launch and then i realized shit man if we try
to explain this to people on the outside like yeah sure you know you can just bought your launch and
basically this other bot will snipe 100 keys and then uh you will get refunded a part of that sum
but it really depends when you buy the key because if you buy it later because of the 10 fees you're
going to get refunded a bit less than if you buy it earlier but essentially you know assuming 100
people bought the key you'll pay like 0.23 plus minus it's so complicated man like nobody will
understand and there's no predictability on like what you're actually going to pay for that key
except for the fact that since you're a big account you're probably going to be in profit after
well i understand where you're coming from and like i said i'm a novice to frentech i mean i just joined
like four days ago so and i never really was well versed in the crypto world i mean i just understand
markets and value because i'm in the stock market but like that being said like i i think that uh
i wish there was a way just to like completely take bots out of the artist's onboarding i mean
if there was something they could implement but you're telling me they're not there's nothing that
they could do that's just no they can they can there are solutions but they're just not perfect
the current ones are are less than cool for for someone that's not familiar it's just like you
could do it but it's going to be hard for us to explain to you and it's not like entirely predictable
like the predictable the predictable parts would be let's say you have an artist who wants to onboard
50 of their own fans right like you can definitely do that in a way if the fans like create frentech
accounts and they give their addresses you can do that and they will ultimately get their keys
but you'll not be able to guarantee like an exact they will probably get in lower than everyone else
like way lower but you can't guarantee the actual price that they will get because it will depend on
a few variables so this is like because of the the way that the contract is built on frentech it's a bit
inflexible so these kind of things like they're they're it's kind of like you're doing like you're
like patching things you're like putting a band-aid and coming up with a solution because the contract
that frentech is built on doesn't really allow for much flexibility
so what initiatives do you think could uh possibly help the situation in your opinion
i mean i mean honestly it's not up to us right like i feel like given cbb credit like it's a brilliant
solution and it's definitely better than nothing right but the real reality is like i'm not seeing
a lot of people onboarding using his method because it's just too complicated and like for ft it's like
it has to be a ft native solution it has to be an in-app solution that truly everyone will use um and
you know it's not up to us it's up to the team to decide where they want to take this or if this is a
priority that they want to focus on right now because there's a thousand ways you can they can
develop this app and but but they need to do it in a very sensical a very calculated way because once
you push a feature out you know it's hard to like take it back you know you have to say oh i messed up
and all that so i think they're very careful with with any kind of like drastic changes in features
do we see like manifold and cbb kind of becoming like the moon pay of frintech because i think that's
that's kind of the only solution that makes sense is like you you know you don't want a celebrity to
bit to hop on or on board and have any any like requirements of understanding you know for launching
especially with how complicated this is like you need uh you need you need moon like moon pay 2.0 where
they're just like oh you want to buy an ape um you know give me this money we'll sort everything out
and i think like manifold cbb the hope and then maybe other platforms built on top of frintech to
handle stuff like this um you know the hope is that they can handle that you know and mass adoption
can occur i just hope you're i just hope they don't gift the apes under the pretense of they got money
for the apes that's that's all but i think he he hit on a super good point man like you can't stress
how much a positive impact moon paid made really made for board apes you know without moon pay like
none of that would have would have happened so like and like i think ft is easier for celebrities to like
on board by themselves in a way um but it's also a huge risk right like board apes like oh cool i got a
free free eight you know it's a free asset no liability but with this is like you know the
celebrities are they go shoot it comes with obligation too yeah i mean like did i securitize
myself do i need to like allocate free time every day to like chat with people like it's a huge commitment
fine unless we don't do hands around here so feel free to step in i trust you man right yeah cheers
man thanks i just a courtesy really somebody made a comment earlier and i had to jump in and that was
the dilemma of hey this was initially designed to be a certain type of product right it's the whole
bitcoin as dilemma oh it's supposed to be pay to pay cash oh it's replacement for the dollar oh it's
decentralized money oh it's a long-term value proposition coin um i think the beauty here is
the fact that no matter who picks this up they will use it in a myriad of different ways and it still
works that's the magic behind this right it's the fact that you can pick it up with different pair of
advisors still use it you may design a pointy stick to be a spear but somebody can pick it up to
dig a hole to go spearfishing for self-defense for hunting to prop up a tent to prop up a flat
and it still works and does a good job at all of those things so i don't think it's a criticism that
something may be built for x purpose but your audience then picks it up and uses it for a million
different things i think that's actually a strength and you'll find that type of application usually comes
with something that's very simple in design if it's overly engineered then it has a very very very
narrow specific use set now it's defined and you can't do much with it but the more simpler something
is designed suddenly you'll find people using it in many different ways and it works so yeah i don't
think that's a criticism i didn't i don't think you meant it as one but sometimes your audience might
think it's a criticism that something is designed a certain way but your audience uses it for something
else and that's such a fire point it's yeah it's great actually this recalls a conversation that i
had earlier um talking about and fred he's down there in the in the audience i'll credit him fred
rustler um talking about just constraints and how constraints broadly when app when applied to
something allow for a lot of people to depend on that thing so just it's beauty and simplicity it's
constraints i my particular example of that was i listened to a podcast from like the web three wing of
shopify and they were talking about how whenever you do have a very narrow focus thing it allows for
people to to then build very specific use cases on top of that or just be able to hone in on exactly
what is going on so they can depend on this thing and then extrapolate it into whatever their vision
is go ahead mindless yeah bro you absolutely nailed it i mean it's creativity and the human ingenuity in
general right even art for example the fact you have a limited canvas a limited surface area
right a limited number of palettes or color palette to use sometimes the most profound works of art are
done in very limited constraints in that way but uh yeah i yield thank you that's what i love man
people coming in and they give like fire takes they give them in like 20 seconds and they're just like
okay like they drop the mic and like i'm out like okay respect man man that's a good guy i've been
talking on space with him for a while now give him a follow i recommend it levy levi like you can
make your point if you i'm sorry for interrupting you do you guys want to do q a after levi makes
this point no i mean i mean like just one comment like the celebrity thing is is great right if we
can onboard them i think the other aspect of this is just it's it's literally a way for any human being
to cold launch themselves right into this internet marketplace for people and it's like it doesn't matter
where you're from as all you need is an online identity right and as soon as you sign up i think
the fact that bots buy you immediately it's actually a good experience for like your average joe
because they're like what the hell like it's a positive reinforcement the moment you sign up you
make a tiny bit of money just from the trading fees right and you have early backers um and then
you can advertise yourself you can choose to do whatever but but it really signals like how many people
are willing to put this much capital to back you and i think is it's such an innovating primitive
to to be able to express that um in a way that's something that i think they should adopt from because
and daily maybe you can actually speak to this too or uh you might have been pre-funded by some bots
because they do that to some of the bigger accounts but for anyone that's not a notable account um
they whenever you come on board that first transaction you have to obviously fund it if that could be
pre-funded to the amount that you can actually just buy your first share without having to worry about
whatever and obviously there's some simple issues there people spin up accounts just to get that
initial fee but like to wipe away that initial one so that the bots can then step in and start
buying up your shares and paying the fees to actually kind of get you jump started and getting
rid of that first initial funding hurdle i think would be another big thing i think star shares does that
or stars arena they do that they pay for your first thing so that you don't have to transfer
something in swap from coinbase all this bullshit right just go link your account you can start off
your first one for free right it's sponsored you can say if i can coinbase sponsors it or whatever
do that out of the the treasury fund and then the bots start trading you up they start paying fees and
that kind of gets you going i think that would be a good hey brett actually actually you don't get your
first share just so you know on stars arena like everyone's allowed to trade yeah you don't get it
it it's really great oh you can't yeah yeah you don't you might be you might be trading at like
30 avax and you're like oh yeah i'm riding my share yeah no you don't got one um but what i
want to say on the frintech thing it's like i 100 agree with brett right like they could totally just
subsidize the first transaction just make it from the protocol just spend some money for you and then
the moment that the first share is minted or even just minted for free right because the moment
it's minted a trading fee start coming in and and you have some like a little bit of money and now
now like your account is mobile and i think so many people just get stuck at like transferring ethane
and it's just such a bad onboarding experience yeah well i mean you have the logistical cost of the
actual cost of transaction more so than the cost of the share so you have to have something in there
even if it's just dust and we have ways to do that now and that's coming but and and it's like it's
like it's like a bad user experience to like ask someone to pay for something even before you use
the app right like every social media app you can log in for free and start checking out right and
like frintech is like before you can see anything you need to load some money in like what the hell
i'm guessing they did that just to lower the vector of attack right so imagine a malicious actor
doing a massive one million sort of user campaign to essentially drain funds just launching nonsense
spam attacks on networks right it's why you see networks that are gasless gasless blockchains just
get spammed to hell with a load of crap on the network because the cost vector is very low so i'm
thinking they did that on purpose it probably was an accident 100 yeah there's just one thing i wanted
to say real quick um like as far as like going back to the artist onboarding i planted so many goddamn
seeds out here with every one of my label connects every one of my artist connects and i think what's
happening is they're much they're very much aware of like what's happening like like like frintech but
they don't really know like the in-depth idea behind it and i think once they see that this isn't just
some like crypto scam and that's another thing for my you know normal followers the people that aren't in
this world i think once they see that you know maybe like i'm thinking they're using me as a case study
to see like okay is this actually going to be able to transfer to someone like this kid who's an
influencer not really in the crypto game can he capitalize on this and make this into something
great and what i'm trying to do is like with these you know private events and like the ticket giveaways
the free money fridays i do in my you know room i think people see like a real person and they'll start
to see like okay once i throw my first official show in miami and i bring all my key holders down and
we're chilling with fucking metro booming and everybody else and they see like this is like
oh shit this is like actually like because you know actions speak louder than words they see this
actually in fruition i think it's going to be a really easy process once i get that one case study
you know 100 yeah that'd be insane it's also just so like lols that like you're getting this a tier
one you know a list attention yeah leave i was saying the safari browser is like you know sometimes
doesn't load and stuff like there's such um there's so much improvement to be had where these artists and
like these creators who can really kind of build this amazing content and use it as like you know one of
these use cases for frantic like they need to have trust in the system and i think you know objectively
like there's just some limiting factors right now so like bringing it back together like with bread at
the very top of the call was like or you know it was drag us but like you know volumes kind of petered
out or you know is the hype cycle dead like not at all like there's so many there's so much more um
like product improvements um to be had um that i think like gets rises to the level that like you know
a tier one artist would expect to like curate a community and so i think that like that's that's one of the
pieces that's like particularly exciting and like proves that it's still super early versus just
saying like okay the ship has like already already sailed or whatnot so i think like that that presents
like a massive opportunity just the fact that like it's on post malone's radar yet levi's browser
is breaking when he tries to open the app it's like what um one last thing i was just gonna say
i'm actually going with one of my key holders to a dolphins game like we're going together like
like this weekend so like it's connected in such a personal like it's personal intimate like
relationship now with these people that i'm actually going to hang out with them you know what i mean
what is it me what is it me no i'm going with uh i don't know if you know captain jpeg
oh dude yes he's a holder of me too he's a giga chat yeah we're going this week in my room too
bro that guy has the most insane watch collection bro he wears a different watch every single day
it's all patek you know ap low-key low-key levy's asking for an invite you should take care of
i'll talk to him i think it was jpeg stuff he got he got reverse gifted didn't didn't uh jpeg offer you
yeah i didn't even like yeah the guy has a suite bro the guy has a sweet you're gonna be there today
man bro i didn't ask for shit man i just was like he's like you want to come i got i got a
fucking suite i was like yeah let's get it i'm in you know and i'm bringing my guy from rap tv dan
oh so invited him to come so your key holder actually invited you to the game correct that's
hilarious yeah and and if you're captain jpeg's key holder uh you can go to his suite so oh my god
no wait dude i actually this is interesting because i actually like one of my first interactions in
crypto like i was in crypto for like a year not even a year i was in in san francisco and i don't
know how i got into this like vc evening something like a super small event and i met some like really
cool people in sf and i was telling this guy uh back then it was like in the nba finals it was
cleveland against golden like lebron against golden state like i think it was the fourth time in a row
that they were in the finals that year and um this one guy that i was talking to super friendly they
had like the nice he said they had the nicest suite at the the golden state games this was like may 2018 so
he was like look if cleveland and golden state play them play each other in the finals you're welcome to
to chill with us for the games um i only stayed in the us for like two more weeks and then i went back
to europe but um yeah that's like had i taken him on the invite i would have gone to like i don't know
like game one that was like probably one of the best games of lebron's career he scored like 51 points in
in game one of the finals but like this kind of stuff if you're holding the key to someone and
they offer you that kind of stuff dude that to me is sick like that like i would i would hold that key
just for that well now that you said that i'm about to look into miami heat suites because i
don't think anybody got a miami heat suite and i'm gonna do that dude dude dude i'm how many
how many more keys of yours do i have to buy and i'll fly to miami
i mean you don't even have to buy anymore if i get these heat suites or the suite you're welcome
to fucking let's let's go we need malaka can we get emo jimmy up in the suite though
anybody that has a key is more than welcome to fucking come and i'm gonna look into this
literally while i'm on the phone with you guys right how will you enforce it how
how will you try that they have my activity start ripping wait sorry show what'd you say
how will you enforce it you need to you need to see if they actually have the keys actually i might
have to get my girlfriend to buy your key as well so that we can both go yeah i'm gonna i'm gonna try
to get a good ass game though i don't want to get some like boring ass game i'll try to get like a
really good heat game for us that'll be sick i'll definitely do that yeah i love that idea by the
way unbelievable watch list gotcha i'm actually already a big holder so that hell yeah
all right um dragos you said you want to do some q a stuff i think we're coming up on what two hours
yeah let's not see if there's anyone that wants to come up do some yeah let's not run this too too
long let's do some q a do you want to britt do you want to set up the space for the points like actually
create it so we can share oh yeah yeah i'll do that now i'll do that now yeah set it for let's do
6 p.m est again i guess i know they were a bit late with the points but yeah so guys bread will
bread will create a space for friday he'll be hosting our co-host on fridays because if it runs
again to like 3 4 a.m my time and i'm like falling asleep on my desk but i can't close the space because
it ends the fun for everyone it's better that bread runs them so that i can just leave if i if
i fall asleep in front of my laptop so yeah um so guys just request if you want to get on stage
we'll let you ask a question for anyone who's who's here as a speaker um try to be short and not mess
it up please because we'll just mute you and boot you off stage so i'll just add some of the people
who requested to speak earlier and see if they have questions yo what's up guys pedro
trying to add daryl as well but it's not working for some reason yes it's only pedro and both side
liquidity i don't know if you guys have issues with yeah i'm seeing yeah hey pedro what's up
what's up um i was just wondering why we don't have like a on board that people could just you know pay
for for for the things with uh usd you know like there are already the solution over there and i believe
that uh ft will just you know add this one to the to make it easy for people to on board and you know
break this friction and we you guys was talking about the streaming uh i believe that uh sunco tv
the the the guys from dmt they are doing something like that it's on test net right now they they use
the ft keys to token gate the access to streaming so maybe the solution will be you know some other
projects to build like a lego blocks on top of ft there are also some guys playing with bounds and shorts and
logs over a nest of keys that's very interesting so yeah thank you guys for for the space i learn a lot with you guys
guys and wanna always keep around thank you uh let me know what you guys think i think brad
it's already in touch with the guys that are building this bound stuff i'm not sure but
yeah i think so thank you guys thanks man so i'll take the first part like i don't know the paying
with usdc i get your point sometimes to be honest when i see the price converted to you into usdc i'm
like am i paying this much for this i'm kind of like it's almost like the it being eath denominated
but this might be i think it's probably a crypto native thing it being eath denominated kind of
makes it easier for me to buy stuff rather than it being usdc denominated yeah but we are like web3
native right now so but the people around us if they want to come they they don't have any idea what
it is you know i know what you mean do you guys have any takes on that and then also on the streaming
stuff which i think is quite interesting the usd calculations when you're about to make the purchase
so i think in terms of a pricing and also today like people are very used to like having an ing
ingap currency like people get that um so i don't think it's it's necessarily hard for people to
understand there is that stigma towards crypto there and i'll admit that's that's a hard one to
beat but i think every attempt like nft is like like ft um it doesn't matter if it's success or
fails it shows people that crypto is a step closer to our real lives
yeah and and maybe they're on ramp even you know metamask you can load with your cards or
stuff like that so maybe it's another uh little trick that could be massive to onboard more people
as well you know you mean like the ability to buy eth on uh the base network by card like five dollars
ten dollars worth immediately i mean the credit card is already available um i i still don't know
if many people uses it because it still seems like most people who sign up are still crypto natives
as expected um so i i don't think the friction is there i think the friction is why would a normie
come on to use this board if they're not here to try to make money i think that's the real problem
like you need real demand from outside of crypto to come into the app in a sustainable way that's
not financially financially driven from the start
yeah yeah makes sense i was most mostly think about the the moment when we have more uh you know
artists musicians or um athletes or sports guys and you know people who have more like uh
attraction 100 no i mean 100 and i think it's super exciting if we're able to to onboard these
spot people but i think the more important thing is when we onboard them we need to onboard their fans
and we need to onboard we need to have them to lure in more users right the fact that they come in
doesn't mean anything unless if they can bring a whole new wave of people in because otherwise as we
have seen right with banks like launching with all these athletes launching yeah i mean like they they're
not bringing additional capital it's just crypto djs find another name to to speculate on and that that's
value destruction alone yeah i think that's the biggest thing like an example with all the previous
like step in and walk to earn type of things those only lasted so long but the ones that did last
weren't uh necessarily ethos driven around the money they were more ethos driven around like hey look
we're let's get a good workout in or hey look uh basically a community developer develops around them so
if people are coming over to frintech or at least their friends are saying hey come here because
you make a bunch of money i don't think that's a great idea because i mean of course one it's a
bear market and two as liquidity stops coming in it's not like a positive some positive some game where
everyone makes money i think the best thing to just kind of explain it like hey look this is a
uh good place to network and meet new people type of thing so just have a different ethos or at least
sharing a different ethos besides hey come here to make a bunch of money
yeah and and that's why like like i think i'm bearish on this farming meta right because farming
is mercenary capital it's literally capital um attracted by the incentive rewards right live
for for six months um but it's not it doesn't represent real demand and and for every asset class
to take off you need real demand like with crypto like there are people who believe in bitcoin
ethereum at store value and literally put millions into them right for nfts they're there are collectors
who buy board apes for from cloud underneath because they don't care they just want it to take we need
to see that with ft too like some people they just don't care about making money and they just want
to own that fee because it means something to them i think we're not there yet uh but but that's the
direction i want those two to go in because that's the real value potential that's a real value creation
out there
all right thanks uh by the way for the question that was interesting um i tried to add a few of
you to speak but for some reason it doesn't work i don't know like it's just it's telling me you guys are
okay to speak and then it just doesn't work so uh i guess we have hamid on do you guys do you have a
question oh so by the way guys before he unmutes um i shared the tweet above on this okay yeah bread
also shared it so the two tweets above shared on the space is with um the space that we're gonna have
on friday with the points drop so just click on there and set a reminder we might start it at one
um at 6 p.m est we also might start a bit later depending on how how the points drop looks like
or we might start earlier if the points drop earlier so uh that's why it's important to set
a reminder for that one because uh i'm not sure exactly when we're gonna go live so yeah hamid are you
around uh yes yes what's up tell us so it's like uh it's funny like one of the first spaces listening
so my question was around the user experience of uh like these uh social file apps so some like most
of them have implemented this uh wallet within the app itself so do you think like this greatly
benefits the onboarding of real life like real users or the like experience should be something similar
to like uniswap where they connect wallet and then uh log into the app basically
i guess my quick take on that one is um uh from like uh hamid thanks for the question um so it's
really just kind of like who's the end user i think like from frantech's perspective like you know so
connecting a wallet like to an app is very much like a web 3 native experience um uh so the folks
that they're trying to eventually appeal to might be more of like a web 2 audience like we heard that
earlier from like a daily loud speaker or whatnot where kind of with the privy um uh onboarding and
like you can just connect via your gmail like the wallet is kind of like an afterthought i think i saw a
thread from like manifold on that where they're really trying to onboard like normies as opposed to like
web 3 users so i think like that's one angle like i think i i agree from like a web 3 native
perspective like a lot of us here on the call would probably be more familiar and more
uh it'd be easier to use if we just connected like a wallet um like via metamask or whatnot but
it might just be ultimately how frantech is thinking about um who ultimately is going to
be using the app and like not necessarily having like crypto be forefront but more just kind of like
an afterthought to the access so it might be consistent with how frantech team is thinking
about that but um be kind of curious to see if they if they offer that as an option where you could
just uh you know connect your your metamask and whatnot um for for now it's as as somebody who like
is familiar with that process it does seem like a little more of like a jump um but it's kind of i
think just ultimately who's going to be the end user and who they're marketing towards
i think like this answers my question very well i had another question regarding this like so i have
seen like many social by platforms like any do they have founders have docs themselves in any of the
social by platforms yet uh yeah i think so you're asking which ones have docs founders right
yeah that's like yes of the ones that have been created and i guess so there's two ways you can go
with this answer one is there's like the gen two social five platforms which is kind of what we're
dealing now with the the keys or shares or tickets or cores or whatever the fuck you want to talk about
on a bonding curve right so there's that which is kind of i say like a the new gen social five and
then there's the old gen social five which is like lens protocol barcaster nostr all these things that
have tried to make it in the social five world and they're still trying to but just a different
implementation and i think the majority of the older ones the original um like lens protocol i think
those all do have uh docs founders and then in this new gen two uh world uh i think the ones that i'm
aware of that are docs is stars arena and even then it's only one of the or two of the
the four people five people that are docs and i i also know them personally but um and then pancakes
is docked so are doxed so we have pancakes on on friend tech and then i don't know if either
other two are and then we have the stars arena team and i don't know anyone from any of the other ones
that are docs but also admittedly i haven't spent a ton of time like researching the the actual founding
teams because most of them are just spun up and like just literal carbon copies of the contract so it's
less appealing for me to give it the time of day all right two more questions from luke's crypto and
the submitter and then we wrap it up thanks for coming for the questions by the way
yo guys how's it going bread great to see you uh thanks for hosting the space my question is just
oh yeah submitter what's up dude can you hear me i can yeah oh awesome sweet yeah um quick question
is we're just looking for who do y'all recommend uh among people who hold your keys people to look
out for keys to buy among people who hold your keys um what are your recommendations
oof that's a scary thing because then you start getting into like bag pumping yeah so i'm a little
hesitant yeah specific keys yeah okay no worries if it's anyone in really high quality looking out for
that yeah i'll uh i'll sell i'll do it in my room because i know you're in there like i like just on a
broad stage like this it kind of scares me definitely bread and dragos they're good daily
loud's good too and luxie is pretty good sweet thanks man
and submitter he's a i will i'll pump your bags a little bit i'll pump you you bags a little bit
he just came in recently and bought up um bought up a few of us it was you actually talked so talk to
us about your strategies you came in immediately and i think you bought luke makesy and myself and
then i see now that you're you're building tools um just like are not tools but like graphs and charts
and stuff right trying to do an analytical approach to all this what um what appealed to you what what
dictated your deployment strategy like coming in that way and then what are you what are you trying to
do now with the the charting and stuff the analytics hey yeah man um we've been long time you know
crypto traders my friend and i and um we got some strong recommendations to come in your key luke makesy
and now just trying to kind of make sense of the space and help others make sense of the space and
figure out a strategy we haven't really have we don't have a clear strategy yet
but just trying to figure things out and share what we're learning along the way
i mean clearly data driven right you're focusing on doing charts
yep yep i mean we have a strong like programming background you know data driven data science
background um we can build all kinds of tools so um yeah that's the that's kind of the approach just
lean into your strengths right so different people have different strengths our strength is definitely
our programming kind of background and investing background so yeah
sick i love it man yeah i plan on swinging your room a little bit more because i saw some of the
data you showed yesterday which was cool and i saw luke and and of them starting to contribute so
i uh i think that's a very much where we're realigned to just trying to do some of the on-chain actual
analytics of things yeah for sure and if anyone has any requests whether you bred or anyone else like
things that you can't find anywhere else where we have time and you know i'm willing to put in the
work to to get y'all things that are interesting love it uh dragos you were going around so trying to
go too long you said lux was the other one that came up and i see one more energy collector he's
actually been on the timeline pretty strongly so i'm going to bring him up too and then that'll be
all right let's was it luck the other one that hadn't yeah lux was the other one that hadn't yeah
what up lux
lux no or everybody just not hearing him or her i can't hear anything
yeah i can't hear him either but the answer like the question seriously though well yeah still
bread and dragos they're very good um is look for ones that have a value proposition and ones that
are actually doing something on the platform don't just go by twitter followers uh there are some people
that just have a massive following on twitter but they don't really grind or do anything on
frintech so if you're looking first thing to do is go over to twitter see what they're doing if they're
talking about frintech bringing value in that proposition and that aspect or if they're joining
different twitter spaces that's going to be a good avenue to start and then um if the room is low
enough kind of get in the vibe uh check that out but if the room is one of the higher price rooms
make sure you check to see the history like if people are just buying and then dipping pretty
quick then there's probably something wrong with that room but you also want to look into the person
that's simply just trading because they could also just be a trader just in general um so you also
want to take that with a grain of salt but in general see the retention rate in the room
and if it's cheap enough just get in the room and get a test for yourself
thanks straight uh lux we got you down back up my my trash bro yeah appreciate all of you
no you sound good you sound clear now yeah awesome so one quick question what's i'm pretty curious on
what brett's take on my cheese trying to create his own fork of frintech that's all appreciate it
oh and machi doing that yeah so i've been pretty adamant from the get-go that you know you're gonna like
like the leader leads right in a lot of these these situations and arthur actually just put out a
really good post on that i actually might may pin it up top and you see this this behavior repeat
over and over through all of the different sectors that that take place within crypto now that's not
to say it's a definitive thing it happens every time but right you had to i'm just gonna go down
the list that arthur called out because it was really good and i'll try to find the post so i can pin
it up but you know you had the digital cash stuff you had bitcoin that spun up and then you had all these
other ones litecoin dogecoin bitcoin cash whatever they all kind of spun off on their own stuff you
had the smart contract platform ethereum came up and then you had all these other ones spawn up
and they kind of do their own little thing to the side but the the gap between uh ethereum and all
the other ones has only widened then you have lending protocols right you have ave and compound
that led the way and then everything else kind of spun off and then you have the uh decentralized
exchange union swap spun up they won that they were the leader and then everything else spun up you
have the sushis of the world and all the other ones and they kind of spun off and did their own
little thing and that they don't spin to zero not all of them but that's what happens right
unless you do something meaningfully different from the original thing the chances are that you're just
going to do spin off your own stuff and it's going to be orders of magnitude smaller and each subsequent
one becomes even more small uh ox5f did a good chart to kind of sign up our cover this in here so
mox mochi can do his thing doesn't mean he won't make any money on it that doesn't mean it won't
succeed quote unquote depending on how you look at it but i think expectation should largely be based
on history that those things will always reach heights that are magnitude smaller than a leader
and then subsequent ones will go even smaller and we're already seeing what five ten clones at this
point so he could do it he can make some money people might even make money playing in the ecosystem
but you're not gonna you're not gonna see it really drive go ahead mindless i see you you had some
comments yeah bro i just like to sort of second that um derivatives are just that they're a derivative
it's a narrative play right so they remain a thing for as long as that narrative remains
and then every second third fourth player kind of just trends downwards into zero given long enough
we saw this with btc and everything that was bitcoin but better kind of remained for about one bull
market and then just went sideways and down and now they're pretty much unheard of every dogecoin
that was a dog coin meme but better did the same every uniswap that was uniswap but better kind of
just did the same um arguably everything that was a smart contract layer one solution like ethereum but
better kind of just did the same um but i stand to be proven if that ever changes in the future and
this will be the same so the moment you hear the word so far the first thing that comes to your mind is
front tech so anything outside of that is trying to be the front tech but better it will be a narrative
play that will last for a while but given the trend it's probably going to trend sideways and down
when given long enough yeah and on top of that add in like um you can look at each of the different
forks as their own layer one and then all the grifters that jump on each of the apps those are
different alt coins so as they are doing their thing and kind of showing what their butt really is
and they're just gripping and going on those are considered the poop coins
shots fired so i say i agree with that but i'm also going to push back a little bit too because
i've been i've been the poop coin on some of these other ones too and i don't think i don't think it's
wrong to go out and play test all of these things to understand what you do and don't appreciate in
those environments but i think it is exceedingly important to be very clear of what your intent is
whenever you enter those ecosystems because people are making bets on you and doing that stuff so
don't go there and say i'm going to be the biggest the best this is the the future kind of ship go
over there and say i'm here for this reason i'm testing this stuff out there's really high fees being
paid for those reasons and just be very clear and transparent about that stuff but yes if you're
going over there and trying to act or or trick people into to spending these on you um i think that
is disingenuous and should be called out oh my god this this this scam coin this scam coin is
pumping again you know the power of the pump always comes back to you if you respect the pump of other
people those are two very important lessons right there should we go to nft collector i know all two
hours oh you weren't on our uh you weren't on our space on friday i have more man i have more
hey hey what's up what's up what's up what's up yeah i want to guys i want to say only literally
it's really nice to see all the guys from the fan tech or all the keys that they have as well it's
really nice really nice to see guys collector what's up my man did you have a question yeah i want to
mention it's really nice to see all the guys uh with the keys frantex literally i can see this on the
the same space oh man that's super nice thank you it's nice man i think that's a good note to end on
if he doesn't have a question kumbaya we're all all friends on the space and exactly right up in the
sunset sorry i i need to make a tradition before we jump out um i forgot to play this um if you don't
know the context behind this i'm not racist in any way but it was probably the funniest moment in
our spaces so my some yeah this is this is frantex generated content what what is coke and i say uh
all right is there any was it right i will never i will never get bored of playing that i have to play
it in every space so yeah all right guys i gotta get back to work i will see you yeah i need to go
sleep soon thanks for coming up all right take care appreciate it dudes all right so you guys on
friday make sure to uh set a reminder for our space on friday we linked it above thanks a lot for tuning
again and and we'll see you in a few days that's it guys
