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How To Bet on the Stablecoin Narrative
Recorded: March 27, 2025 Duration: 0:59:12Space Recording
Short Summary
The latest discussion in the crypto space highlights the explosive growth and emerging trends in stablecoins, with Tether leading the charge in revenue generation and new projects like Athena and Nirvana innovating within the ecosystem. As the DeFi landscape evolves, strategic partnerships and innovative products are set to reshape the future of digital finance.
Full Transcription
all right welcome back another episode of coin church we're gonna go through we decided that
we're gonna be a lot more formal today we're not going to actually be
unserious it's going to be serious the whole way through we're actually going to add value we're
going to make your lives better and we're going to show you guys the way forward because it's
happening in d5 at the moment yeah primarily going to go through the main opportunities
that is on everyone's
top of mind.
Thanks, Lin, for having that
front and centre as I open up and screen share.
Yeah, we're going to go through stablecoins,
how to best
position yourselves in the market for them.
Are there any
weird adjacent players that could
benefit from it that might not just fall directly under the stablecoin category where are the picks
and shovels are there any new novel products coming online and yeah all that kind of good stuff
because as i say stablecoin didn't necessarily sound the most appetizing and interesting market and i put
out a tweet this week and a lot of who i'd consider smart giga brands had picked it up and and retweeted
it and and ran with it as i basically just said i think it's the most interesting opportunity not
just in crypto but on the planet at the minute that and ai that's where my head's at with this thing
yeah i think i think it's really it's quite interesting how
listen we all see it in in the space where people end up sharing sharing the same thoughts and i
mean it's just part of the whole thing but it's been a while since everyone arrived at the same
conclusion at literally the same time.
And that was obviously this whole stablecoin narrative.
And you said it just before we went on stream.
Surely Tether is probably one of the most successful businesses on the planet, what, $20 million a day.
So the question now is, like, where do people invest their money?
Where do people actually expose themselves to the stable coin markets um you did bring up a post that 563 had obviously written earlier on
in the week and him and i actually chatted yesterday about just putting together some
proper research pieces around this very subject particularly for the meal deal but we'll obviously
release a lot of that content for free anyways
because it would be our responsibility to do so and yeah i think someone did a study on this before
like the per per head count versus return on tether is just absolutely ridiculous it's like
millions of dollars per person working there annually. So, yeah.
Yeah, I'm just running it through Grok now.
Estimated revenue per employee.
There we go.
It's 80.6 million dollars a year.
So they're even estimating.
So Teva's revenue per employee might be around 100 million,
give or take, based on its 2024 performance and staffing levels.
Absolutely batshit crazy.
So this is why, and we have to point out that we're well aware of how the algorithm works
and it creates this echo chamber.
There is no new content.
Every piece of content is just a mashed up version of what you've consciously or subconsciously
absorbed so that's why there is no new conscience and no content and everyone's kind of saying the
same thing but it all comes down to like that input right so how many new stable coin is it if
it's issuers or headline news like fidelity wanting to release a stable coin backed by t-bills on door doing a like
a very very similar sort of product they're doing really really well like tether absolute cash cow
circle probably gonna go public this year i'd expect maybe maybe next um what else have we got
donald trump and this whole world liberty vibe they're releasing the stable coin again a state has just approved to
release stable so it's top of everyone's mind because everyone's talking about it so like that
input is reflecting the output but it's not for it's not just for the sake of it it's like that
looking at those numbers and even if they are like ballpark figures based on
and even if they are like ballpark figures based on tether's employee count per revenue like revenue
per like head at tether people are looking at that and being like well that's just ridiculous margin
that i want a piece of it's like there's also a quote your margin is my opportunity but again a
lot of it's coming down from like how they're actually allocating their treasury.
And obviously rates have been a lot higher.
They've started to diversify.
They're going to start like looking for a field that more different opportunities are and yield on the deposits.
But this might seem like hyperbolic, but I still think this product in and of itself is only a fraction of what it could potentially do.
And I know there's the whole, speaking to Nathan from Plasma earlier,
and the whole trillions verbiage that's getting thrown around,
it's going to get there.
It really is.
And it hurts my brain to think how big these things can get.
Yeah, I mean, I think what's also interesting about it um is kind of like the the flywheel effect that it obviously
creates obviously the the the early players in the space i can't stop thinking of frax even though
frax has never really been this top of top of um top of the pops kind of thing for lack of a better
phrase to to kind of like describe it is that they've consistently been they have consistently
been grinding away at this you know sam kuzmanian is like one of those really clever guys who's to
stay true to the mission no i do not have fxS bags. I don't think I've ever owned any
fracks, to be honest, but I've always recognized that these guys have been true to the mission,
and it's going to be really interesting to see whether the market rewards that long grind
and the long work that they've put in. So I really like what they've done. Obviously,
Aave also comes into the picture.'ve we've heard a lot um about how
they plan on scaling the the stable coin side of things but i'm not sure whether they are as
relevant as people would like them to be we obviously need to see how it plays out but they
do have tvl they do have serious experience and if they if they ramp it up I think they could be really dangerous
in the space. And then
kind of like circle and tether and
then there's obviously a whole list of others
but those are the ones, those two
particularly come to mind is obviously
Arve and Frax.
Yeah, so 5-6-3
kind of short
post was really, really good.
Athena's an interesting one because
this is that is a new i suppose cash and carry wrapped up in a stable coin which you're going to
start seeing more and more of those come online i know the resolve team is building a similar
sort of product i know the falcon team are building a similar sort of product with a bit more
i suppose for lack of a better term
advent adventurous strategies to generate the yield for the underlying for the underlying
positions um athena's interesting they're obviously going to go and do this um this network as well
so i can send me permission i've got connor coming on the podcast next week so i'm going to pick his
brain on that one um if you do want to listen listen that it will be on this channel so just hit the subscribe and you should get notified by it usual was again everyone
was speaking about usual at the beginning of the year but then they had that a bit of an issue with
regards to i kind of like the how the dynamics of that token actually work so that kind of came off
the boil a little bit um as you said they frax is a good shout i think i've just to
back up what you were saying i think sam and the team have always just stuck to their guns they're
true to what they're like thought was going to happen and then they they usually are probably a
half a cycle ahead of most people with their product rollout is like some super super super in the weeds and
always kind of i always try and follow like what he's up to and why he's had to kind of get a bit
of a trend forecasting outlook he's that he's that kind of person i look to in this space so
but yeah there's a few more on here like fx fxn from fx protocol is really really good
maker and sky i can't help but feel like slightly annoyed by it
even i just don't know why i just don't know why it got with like whoever's idea that was
just i'm not going to be nasty but i think it was a terrible idea
what in terms of changing their branding? What do you mean?
When you've just got so much brand equity, you just don't fuck with it.
Like if you want to mess around with like the visuals and the,
maybe even slightly the brand identity to a degree. Okay.
But you've thrown so many spanners in the works with having this like sky
token and it's hard enough for people
to figure out regardless without having to throw in another protocol and i bet like they're kind
of kicking themselves now because we were looking at this yesterday die and where are we at die and
sky collectively are probably like nine billion in t t, which would sit in third position,
but they're behind Athena's USD,
which Sky might flip it, actually, inevitably.
But yeah, I don't know.
It just got messy.
Maybe it just takes a lot longer to play out then.
Yeah, a good question came through now.
Is CRB the winner on all these stable coins and
i don't think there is going to be anyone to rival tether from that perspective in my opinion i think
those guys are ahead of everyone and they're now looking to ramp it up they're definitely
not getting comfortable in their in their victory kind of like moment i
think they they they obviously looking at growing their network um if any of you were wondering
what tron does exactly and why it is that it has the amount of tvl that it does and the volumes
that it does it's very simple you know one of the best use cases product market fits for stable coins
is cross-border transactions and tron facilitates tether and justin's son is as wealthy as he is
because he takes a dollar for every transaction that gets processed you know um yeah i mean 1.81
um yeah i mean 1.81 million dollars a day in fees i mean that's just ridiculous
so i think i think that's what um tether are now looking to do is basically take on tron
they're developing their own their own chain uh yeah i mean you've you've done a lot more
research on plasma so yeah take it away ground
yeah i'd say it's less so their own chain because plasma has had an investment from usdt zero
whatever that means it feels like just moved a couple of the entities around to so peter teal's
invested bifnex invested highframes invested and then all over the um all over like the the
the graphics and the branding and the announcements it says usdt zero like again whatever that means
but yeah this is um 24 million raised this is effectively going to be a bitcoin sidechain
um says it's it's on l1 i'll leave that up to you to decide you know a little bit more about the,
like how everything is actually coined, if that is the case,
in that realm as a youth host, BlockMate Orange.
So this is the interesting part with it though.
So there's going to be zero fee on USDT transfers.
So it's going to be settled back to Bitcoin,
thousands of transactions per second using hot stuff. It's going to be settled back to bitcoin 1000 transactions per second using hot stuff
it's going to be fully EVM compatible
and then dedicated to the Bitcoin ecosystem
with deep liquidity
so it feels
like a bit of
thanks Justin but we'll take
it from here
a little bit
it's just going to increase the velocity of
USDT.
If you have an infrastructure network
that can be tapped into all
the on-chain venues and all the
off-chain venues as well that can
offer zero fee USDT transfers,
that is fucking ridiculous.
You've already got the distribution. Now that's
just kind of like game over for everything else.
So be interested to see how it plays out.
Yeah, interesting one.
I think it plays out based on the kind of incentives
and the rewards that they will be offering.
So all stablecoin issues,
what are the rewards and incentives that they will be offering?
That's like any business, right?
It's like, who's going to give you the best yields?
Who's going to give you the best service?
And obviously the best liquidity across,
whether it's EVM, Bitcoin.
I think that's where the game is going to be played.
And I think USDT, namely Tether,
have obviously a massive head start.
They hold essentially the crown jewels
of stable coins at the moment.
And what I find really interesting is that they're not backing down.
Once again, to repeat what I said earlier on, it's game on.
Let's see where we can take this.
Just to kind of clarify, sidechains versus L1, especially if you are using Bitcoin as a settlement from the L1.
So Bitcoin as a network is a true L1.
That's what it is, right?
It's the L1 the same way you would imagine Ethereum.
And then L2s are what Arbitrum and Optimism are.
So the way that it's defined from a Bitcoin perspective is that there's only one true kind of like layer one to Bitcoin or layer two to Bitcoin, and that is the Lightning Network.
And it all comes down to how the bridge functions. Is the bridge 100% secure between the layers?
And the only one right now is the Lightning Network. And obviously, there's a number of
Bitcoin DeFi chains that are looking to emulate what Lightning Network have done.
Maybe Plasma does the same thing.
But until they do that.
No, sure.
I had looked at the opportunity earlier.
Until that bridge actually gets qualified accordingly by the gurus that do that, it will remain a sidechain.
But I somehow think they're going to probably do the true bridge and do everything.
And then they'll probably get Bitcoin miners to allocate resources, namely hash rate to the EVM.
And then they'll take it from there.
So the bridge logic would be, yeah, so they obviously are going for that.
Yeah, see, they're the miners.
So you need the miners to secure your network.
That's the reason why they're doing it.
And then people can't fuck with what you're doing.
So this recipe has been written.
They're obviously just going to plow a whole lot of money into it,
copy, paste, do things their way,
and I doubt it's going to be unsuccessful.
Yeah, and if Tevlarlar incentivized by usdt being
able to run on such a um enabling system for them with zero fees and being able to settle
the usdt with gas as well so reading between the lines you can kind of see what's see who's got the incentive there um personally i prefer stargate
overcoat yeah i suppose stargate's an interesting one i never really thought about it that way you
if you're betting on um i suppose the cross-chain movements of stable coins which i think is only
only increasing um i think that's potentially a good one
it's the only way for me to be able to get usdc from solana to baruchay and elia was through
um d bridge and everything else was offering me up some horrendous slippage but then get over to
usdc and i think it proved every stargate and stuff like that and then away i go so yeah who else 563 got on this list curves curve and convex the obvious one um yeah because of
curves stablecoin amm that is designed for like to like assets then obviously that makes an awful lot of sense
i'd have to have a look at where the aggregators and where the volume for stable swaps is actually
going through is it going through uni v3 is it going to end up going for uni v4 is it going
through curve i don't know but what i do know is a lot of these stable coins are going to come on
come online a lot of these new novel stable coins that come online and they're gonna have to try and incentivize usage and they're gonna have to try and incentivize
liquidity and usually what we've seen from prior cycles how that plays out is they just go and
bribe the curve pools and get to extremely deep liquidity go and bribe curve users go and bribe
Convex holders
complex uh holders and that just play that whole game out again
and just play that whole game out again.
So someone's asking
what is FRAX collateralized against?
It's essentially over collateralized
between USDC and the FRAX token.
Yeah, let's have a look at the makeup of it.
You'll be able to see.
I don't think it's ever depegged, to be honest.
In my memory, I don't think they've ever had an issue around dpegging i could be wrong but it's from my understanding
is it's the frax token and usdc um
do do do
if you go and see the makeup of it
frack's balance sheet
this is cool i've seen it like this before
yeah their website is cooler
at one point they were a mixture between
crypto backed
and algorithmic and i think obviously
they moved away from there
they did yeah and my understanding was it's their native token backed and algorithmic. And I think obviously they moved away from there. They did. Yeah.
Um, and my understanding was it's their native token USDC at a hundred percent.
Yeah.
Yeah.
There we go.
Frax USDC and USD.
So look,
yeah. Frax FRAX USD.
So like LPs, FRAX USD.
Yeah, so just a lot of stables and FRAX ETH, CVX.
Interesting.
And then obviously they have the diversity in the pools in case of attacks.
So they run a good shop i think it's tight and you know they've seen some shit go down so and they've been just fine so in all intents and purposes not to say that
no that's it's not impossible for things to go wrong i think they've survived most of the batch that's happened in this space.
Yeah.
Gaz was taking the piss on the timeline, asking if someone was going to lock
the CRV for four years to get the yield. Now that it's back
in the conversation, I basically said, don't do it. Mitch needs a new condor.
Just taking the piss. Obviously, we've been pretty good supporters of curve and the whole ecosystem
over there.
And then it really started to get some people's backs up.
I think that credible just figured out what fucking DBI is by the sounds of it.
Obviously couldn't read sarcasm through the fucking Twitter feed.
Epic.
Yeah.
So I think what's really been kind of like just coming back to,
you know, the question, so where do I put my money?
You know, like what's the, you know, where,
because a lot of people are struggling to come to terms with this thing.
It's kind of like, well, where's the upside in this for me?
And I think the main one right now that a lot of people have been speaking
about is obviously Athena and kind of like what they've been doing. ASF is another one. It's kind of like
they're highly speculative charts at the moment. CRV, dude, from a chart perspective, I don't think
it's ever looked this good. It looks great, actually. So then you've got to ask yourself
the question, how much upside does this thing potentially have? Well, based on where it was previously and where it can go,
there's a tremendous amount of upside.
And I think that if I'm looking at it objectively and I don't have a bag,
CRV right now looks like an obvious bet to me.
I think the other one for me has been Arve.
I posted about that at the beginning of the week.
I think irrespective of whether they
take on the stable coin thing head on which they probably will i think there's tremendous upside in
all they just in terms of who's involved they've got go as well yeah yeah they've got they've got
their own crypto back stable in go so um yeah the only thing was stuff like this is if you're gonna swing
trade it or like even medium term while everyone's talking about this thing then
yeah i think there are some really really good trades to be had like but then it gets into the
realms are you gonna trade it or are you gonna invest in it and then if you're gonna invest in
it particularly with curve and like the convex and maybe in fracks to a degree you need to be
kind of putting it to work and you need to be kind of putting it to work and you
need to be buying into the system because if not you're just gonna get diluted to every
every two weeks i believe it is so the problem is not a lot of people understand that they just
buy stuff because they see people talking um price is that 54 cents roughly now currently
Price is at 54 cents roughly now currently.
It's been at a high of around $6, 650.
And then market cap wise, 716 million market cap.
It's been up to as high as 2.5 billion.
So you're probably three and a half X from market cap all time high.
Whereas you're 12 X away from price all-time high.
So there are additional inflationary forces
that you need to be aware of
if you're actually going to hold on to something like this for the long term,
just to make people aware.
What was the other one we were going to look at?
I think Athena's got similar dynamics as well.
And there are unlocks.
I don't know know i've got my
token on mr can't open i don't know if i'll still be signed in but so athena currently sat at 43 cents
uh previously had a high of what 146 totally like three round numbers take 3x three yeah
mark yeah market cap wise 3.7 bill it's currently at 2.2 so price is 3x away whilst this is like, what's that? 45%, 50%.
So there are these dynamics
and you need to be able to,
because Athena's done so well
and come onto the market
and kind of captured everyone's attention
of what's physically possible.
You need to be able to check the supply side dynamics as well.
supply side dynamics as well.
Let's see if we can have a little quick look.
So another 0.77% coming on in five days.
I need to log in to see the distribution of this,
but I'm pretty sure you can go and find it.
By signing up to Talk Onimist
or even Diva Alarm, I might have one for unlocks as well.
So yeah, just to be aware of.
Yeah, Serhan's just coming to chat,
and he's saying take a look at the Nirvana-Solana chart.
We'll chat about Nirvana in a little bit.
I think it's a potential new primitive in the making,
new primitive in the making and we'll chat about it in a bit. I think the really interesting
and we'll chat about it in a bit.
side to the whole stable coin thing is have we got a representation of stable coins
on Baruchan at the moment? Like a native DGEN? Yeah. Honey being the native stable coin on baritrain um
let's have a look
so you've obviously got honey you've paypal's got a basically a py usd derivative called by usd over there um usdc's native overlap
and then there's a few others but i think you'll start seeing a lot more
interesting use cases spin out now that proof of liquidity's gone live i know we've
allocated it i want i do want to stay on the topic of stable plan because there's so much to
to unpack but yeah yeah i think i think honey could get interesting there's a lot of good yields to be had if you know where to look
i think um go and look at any of wadges videos on youtube if you want to kind of see those
opportunities but yeah you best believe there's going to be some super ponzies over there but with actual substance underneath them
so 563 pointed out asf apparently these were
kind of pivoted previously went from like an lst towards towards this which i don't mind to be honest but yes home of customized stable coins how do i just have a look at that website
why is it
does not just have a website i can look at instead of trying to push me by the token
then i haven't been yet so maybe the website yeah
you update the link tree
that's the case
if you're listening
yes I'm a tree
update the link tree
yeah
yeah
yeah home of customized stable coins 23.15 mby usd uh usa.d
i get a bit nervous only 20 yields on things just anchor i think that's because of the infinite number of 20.
I think you're right.
UST.
So Spot and Ample, that's interesting from ampleforth i know they had the uh
like flat coin idea maybe there's something that i have a look into as well but
never really got going for me that one
personally i don't know yeah i remember there were a bunch of people who were quite bullish on it and then it really did land up kind of like disappearing out of the
mindshare.
So yeah, I mean, for me, I'd probably just bet on Athena.
And I mentioned the other day that if you want to say,
we're going to reserve a coin narrative reserve protocol.
That's also a good point.
They actually have real
adoption and use case, particularly in LATM
I believe. I had them on the podcast
probably
two years. Do I really want to say
it was that long ago?
I remember you mentioned it early
on. I just don't recall
because it's been so bloody long ago.
Yeah, they were originally backed by Peter Thiel,
if I remember correctly.
And whoever's in the escaping Samsara.
Correct me if I'm wrong,
but I do believe they were an original teal investment.
So yeah, I don't know. It's something that always has this really, really strong community. I don't
know if it taps into more of a YouTube crowd and more of a Reddit crowd and stuff like that, but
um, they're all like all the ones that we've brought up have definitely had like that strong
All the ones that we've brought up have definitely had that strong uptick recently.
Grant, just a little bit of a philosophical question.
Just in terms of stablecoins, the obvious reason why they're so important is obviously being able to move liquidity around but is there anything else over and above that that really does kind of like
make them even more valuable beyond just kind of provisioning liquidity i mean you could argue that
that's the most important thing so why even look at others but is there more to it is it just the
fact that they capture value so well i mean what else is there from that flywheel that stablecoins bring to the table that you think?
Well, I think it's everything.
Like the access to on-chain opportunity,
it's a bet on the industry moving.
You can't also discount how important it is for people globally to have frictionless access to dollars
um where i'm at currently it's just had the lowest local currency against the dollar since
financial crash so like being able to have for for a fraction of a cent being able to gain access to
dollars over your potentially volatile currency
is is also a big thing for a lot of people um and if we'd look at it from a pure technology
perspective it's just a way way way better technology being able to move as much or as
little at any point of the week without having to like sometimes you need to actually go into a bank and
try and get some money out and try and move it or like people who are sending regular
remittances and stuff like that i know that's the kind of stuff that gets people i suppose like nerd
sniped and brought into the industry but it's very real if anything it's one of the only true
industry but it's very real if anything it's one of the only true product market fits and use cases
we've we've got um so it can't it certainly can't be overlooked and i think that's why you're
starting to see so many come online i'd be very surprised if you don't see visa and mastercard
come online robin hood come online with stablecoin this year i put that in the thesis as well at the
beginning of the year um even if some of these businesses even if it's just like a small
new product that gets half a percent of whatever we're doing that's a very profitable business or
one product within a business to make it to make it make sense they that probably becomes a power
law where a handful are accepted or they're branded around this was issued by so and so
i suppose the issuers of them could be quite interesting to watch like i'm pretty sure
this team uh show you it now
So it's written M to the power zero.
so it's written m to the power zero
So I believe these guys have allowed anyone to be able to launch Stablecoin, I think.
So their ticker is M, brave.
I think Noble launched through these guys.
So these are in of one I included in the thesis at the beginning.
Yeah, but I definitely pay attention to these.
If everyone wants to issue, who are the pixels to allow people to issue?
It's like everyone wanted to launch a meme coin,
so they went and bumped our phone.
Now if everyone's going to launch a stable coin,
then my God are these guys.
So it's gone from a potentially philosophical conversation to very much a practical
solution-based product across the board i mean one of our least favorite companies
or corporates in this world are paypal and they were relatively early onto this thing and and
even though like the last thing i consider them to be as innovative beyond what they did initially as a
business i suppose there is a lot of credit to them for actually seeing the opportunity um you
know obviously you know they're going to be a stick in the mud and they're probably going to
be the slowest moving once they got it going but they're in there dude and it's like really
interesting to see that if you've got someone like paypal doing it then
visa and mastercard who are even slower will eventually come around and then you know you
talk about a network effect i mean that's just an absolute like genie in a bottle if those guys get
involved yeah so um so these guys actually launched they've provided the infrastructure for usual to launch so
I don't know if it's like the parent company or what but definitely worth paying attention to
if they're providing stablecoin infrastructure
actually funny enough just looking at the visa the visa chart at the moment and it looks pretty
but I reckon if I hear anything that's stable
coin related to visa i will be buying these slum maybe maybe not but you know what where i'm going
with this so yeah i think it's a super interesting how like you said earlier like the real value is
just how easy it is and how you can go from something that's extremely volatile
to fairly stable in the dollar.
I mean, that's obviously what changed for Bitcoin in 2016, 2017.
It's like you didn't have to hold Bitcoin.
You could go into stables and didn't have to take those swings.
And I think the same applies to it.
That was huge and like unprecedented as
well yeah absolutely um i wonder if someone accused me of being a 2021 cycler that i was kind of like
doxing myself so i remember when you had to hold that thread guy i remember it comes
third guy some when he was like and and he was like, oh yeah, that's interesting
from someone who joined the industry a month after me.
And I was like, you have no idea.
Because I only started my personal account.
It was previously like an old actual personal account.
So I only started that.
That's a long ago.
I was mining Bitcoin not so long ago. I was mining
Bitcoin in 2017,
bro.
Yeah.
This is all just going to bring in
the actual stablecoins.
I want to see tokens associated
with...
We have to talk about
the infinite money printer, and that's
Ripple and XRP and their stable coin.
But this is what
the best
con artists do. They
make sure they're part of every conversation.
Yeah. I think you're right actually um i i had a meeting with alo the other day and he was actually quite bearish on everything
and and he was saying in what reality does xrp not roll over here come on it's got to roll over
right here right now it's got to roll over hello Right here, right now. It's got to roll over.
Alo, it doesn't look like it's rolling over, dude.
It looks like it's getting ready for the next leg up.
Sorry to say.
When you're so rational and down to earth like Alo,
you probably have a very difficult time
understanding how the minds of people who brainwash think.
You just got to go with it, though.
Like, just ride the flows, ride the wave.
Like, it doesn't matter.
It's all just a game, isn't it?
It doesn't matter.
Listen, it's an infinite money print to the cards.
It is.
Lay0 is.
You're right.
Wow.
They had a brilliant stable
coins report on their on the laser site anyone wants to actually understand the importance of
not fragmenting tokens so you end up with a situation like usdc.e usf usdc and like all FUSDC and all these stupid wrappers and AxelRUSDC
just make it an omni-chain
fungible token, use
Layer0
the industry would be way better if we just
adopted the OFD as a standard
but everyone's got way too much
vested interest in a lot of infrastructure
product. It would be so much
more streamlined if that was just the case
I think we'll inevitably get there but it's just going to take some time of infrastructure product. It would be so much more streamlined if that was just the case.
I think we'll inevitably get there,
but it's just going to take some time.
These guys have been relatively quiet
and been grinding away, haven't they?
Do they get to play effectively in the stable coin game as well?
Well, I suppose it's a messaging layer for all stablecoins, isn't it?
Okay.
Because it's not just going to be one chain to rule them all.
It's going to be...
My barber was showing me XRP today.
I was just laughing until I realized he's out-traded me.
Yeah. Yeah, yeah yeah yeah yeah i know it's great isn't it um what else could be i mean ondo i've got their own little product but i don't know
there are two interesting ones that you can't get access to the token just yet, but rings on Sonic.
Basically takes USDT and USDC and applies a lot of interesting yield strategies on top of those within the ecosystem.
And then level LVL money as well, similar sort of product.
I think they've got like boosts on LVL points and also symbiotic points as well
so there is opportunity if you're willing to play the
sit and wait, farm
potential new gems game if you want to go and play that
and to be honest if you're still in the mindset that markets are
pretty choppy then farming stables or
even some long time positions is pretty good
avails a BTC buck stable coin stables or even some long-time positions is pretty good.
Avail is a BTC buck stable coin.
What?
I didn't know that.
Is it Avail?
It's probably another Avail.
Surely it can't be the
Avail.
Surely not.
No. Do they have a stable coin this is obviously another avail no definitely not no there must be another avail that's another thing why can't people just do
fucking some basic market research when they're naming these protocols and just
check if there's another team called it like And someone who is as predominant as Avail, you know,
because they're very predominant.
So it's kind of like...
Avalon.
Okay.
So it's correct.
Avalon.
There you go.
Okay.
So I have heard of Avalon, actually.
I didn't realize that they were a serious player in the stablecoin space,
but it looks like they might be.
I'm just looking on my screen as well.
Is it live?
I think it is, yeah.
10% on the day, big space needle coming in.
Bye, Bert.
Yep.
Oh, God, I don't like that price, actually.
Oh, look, wait, I have an announcement to make.
New York Stock Exchange is about to open, which means the markets are about to dump.
So get ready to hit your shorts, boys and girls.
This is not financial advice, but you know what's coming.
Yeah.
Luke says XRP looks like a good short here, he says.
I wouldn't fade Luke if he says that.
I wouldn't fade Lukeke but i also understand how stupid
um all right so what what i put out on twitter the other day is i'm just gonna
like start tracking relative strength across so everything that we just spoke about. So how strong it is in absolute terms.
So how well is it performing by itself?
How well is it performing compared to the other tokens in that basket?
And then probably just go heavy on the fastest horse and not trying over index on trying to be spread too thin
across a lot of others.
I think the market will show which is going to be the front runner
if there is any at all, to be honest.
So how are you planning to report on that?
How are you going to report on that?
I'm just going to keep it all for myself so I can make them much money.
No, dude, you've got to report it.
We dumbasses need to also know these things, for goodness sake.
Maybe I'll build it this week and then I'll report on it next week.
But I'll be already in and out by then.
Thanks for the excitement.
It's amazing how dudes come onto YouTube
and still can't help themselves
and start shitposting Twitter style.
Relative strength, you say.
Appbook looking good here.
How dare you.
How dare you type that into our chat.
chat.
It's the greatest.
It's the greatest
it's just
the greatest second-hand
marketing.
It is, by far.
That's all it's good for.
What's he called?
Boslamic something?
Where's he at?
I don't know.
There he is.
There he is.
The king of shit posting he's still trying to cto after us himself he said he's only at 0.12 percent
that's too funny people need to find like if there was
whoever these protocols are that are
raising like hundreds of millions need to just go and hire him as the go-to-market chief poster
so he'll do you he'll do you way better justice than any of these marketing execs
are people bringing from web 2 and don't know if i can ask from their elbow. So I have an honest answer to this question.
I have never been on Aptos, to be very honest with you.
I've used it.
And what's it like?
Well, it works, but there's nothing there.
So I'm going to ask this question again for the 13,000 time.
Who uses Aptos?
Does anyone use Aptos?
Let's have a quick look.
Let's have a quick look, shall we?
I can guarantee you the volume that you see on this thing here
is more than likely bots.
Frantically coding. I can't even find it where the fuck is it
just do a search at the top there we go
how is it possible that this thing has a billion dollars in stable coins on it
million dollars in stable coins on it no idea wild so aries markers let's just go and look at the
let's go and look at the protocols that are there because now i'm i'm really interested in just
looking at this thing more closely just scroll down a little bit sir
perhaps volume 26 million that's nothing okay so that's really there's not that's nothing
so Aries markets you've got lending 400 million dude that's a lot of money
This might also be...
this might also be
Right, there's a couple of things that can go on here which happen a lot.
Teams do really, really well to offload shit ton of tokens to realize some kind of runway.
Then they have an ecosystem fund that they can put to use in the ecosystem to earn
yield and support the ecosystem and make the metrics look good i'm not saying that's what's
happened but it potentially could have happened it's been done before the other option is you
work alongside large liquid funds that will basically lock up capital in ecosystem protocols for either discount tokens
or an option on tokens
some stake in the protocols that they're depositing into.
So there's
either one of those two things happening or both.
Activity is absolutely dog shit.
They've made $3,500
in the last 24 hours.
I mean, I'm not saying that this is what's
going on, but I mean,
is this potentially a
laundromat?
Well,
the founder left, and I don't think we've heard
that full story. I don't know if...
Something's happened.
Well, he left after his tokens unlocked.
Yeah.
I think he was on the timeline saying he just had a new idea
and he's going to raise for it.
The people who play this fucking game of go to silicon valley on a on a on a on an idea and
raise a bajillion dollars and don't see stuff out till the end it's like i suppose it's don't
hate the player hate the game and all that shit but it's just so i couldn't live my life like that
like i know certain companies can only exist if you if you do do that
i still think there's a hint of that that's as well but it's just so ingrained in the psyche
if you need to go down this well-trodden path of raising like an exorbitant amount of money
give way too much of your company away and it's just like this blueprint that people love the
idea of doing as opposed to getting a job job just go build something and fucking bootstrap
it and it works and you're going to be profitable
regardless
I just don't get it whatsoever
makes no sense
I'm just not going to have a head rally
because no one
cares about it that much
it's going to zero
yep 100% it is
so let's talk about
a fucking valuation of 3.56 billion
it makes no sense to me that's that's and i keep on asking the question who uses it and very
listen i have had one or two responses obviously new type and chat is getting great yields on
selena finance but then the question is have you seen the yields that are
currently being achieved on bearer chain but more importantly on bearer chain with multiple
protocols being involved where you can actually go and do stuff on kodiak move it across to other
protocols like infrared finance and it's just like there's a whole lot of activity and it's
really interesting and it's really cool and the games that defy has been famous for being played at the moment and i'm loving bearer train and in
terms of what's happening i'm loving what's what sonic is doing as well um you know they basically
everyone laughed at sonic and said well fuck you know phantom was a disaster andre left
and now look at it you know it's doing like doing, like, the most insane, like, TPS.
It's super smooth.
And it's probably one of the best performing kind of, like, experiences,
like, from a, like, you hit the button and it's done.
You know, it's, like, Barrier Chain as well.
Same story.
It's, like, super fast.
And there's a lot of stuff happening there.
And this is great to see.
I mean, can't be bullish enough on those two um and long that's that's where the activity is
it's berat and it's like at the minute correct um that's that's that's where the activities are like
yeah just i can't speak highly highly enough i can't speak highly enough about those two,
and it's just been great.
It's been really, really cool.
Yeah, the opportunities,
the Pendle, IBERA, and IBGT farms
have just gone live on Pendle,
which are not to dilute my own yield or anything,
but they're pretty juicy at the minute.
Getting rewarded from all over.
And yeah, the underlying, I think,
still underappreciates that you compounded that way.
We put some of our, so we were lucky enough to,
because of our contributions towards Bershain,
got the RFB.
So we've put some of that to use in the ecosystem recently.
Using Kodiak um
yeah iberra then pushing it through into pushing it through into infrared and then also we did the pendle strategy as well so it's just great it's like what we thought was going to happen is happening it's like
some really interesting you can it can be as dumb as you want it to be or it can be as complex as
you want it to be with some of these strategies that are over available on virgin and on sonnet
currently so feels like the what was promised is has been delivered which is not often the case. So that's good.
Yeah, you can see the boys are taking it seriously. They've been true to what it is that they weren't set out to do. Once again, they also ate a lot of shit from people. People gave
them a hard time that launched. The token nuked a bit, but just a little bit of patience.
And it's probably one of the best-looking charts at the moment.
So I think Beru continues doing well.
Yeah, I like what they're doing.
They're just sticking to it.
And then there was that interview that Smokey did recently with Unchained.
And it just kind of like, you know,
like where he admitted that maybe they sold too much to VCs
and they wanted to make up for it.
And I actually believe him.
I think he really means that, and I think he's going to be true to his word.
Yeah.
It's better to be on the front foot with stuff like that as opposed to
people trying to play gotcha games and trying to like people in this industry aren't but they
are stupid but they're not stupid at the same time it's like yeah nothing gets past them they've got
six cents for all the so as soon as people are acting like idiots it gets called out and quite
rightly so if you try to say on like if you try to respond to that question any other way,
saying, uh, no, I think it was like, right, blah, blah, blah, blah, blah.
Then it's.
People know, like, just like treat people with people aren't stupid.
Like they might act stupid, but they're not really stupid.
No, you're, you're right.
Like, and people pick up on that kind of stuff.
And, yeah, I think these dudes, honestly,
I hope I don't regret saying this,
but I don't think it's about the money anymore.
I think it's about proving a point,
and it's about delivering on what was intended to be delivered,
and then some, and then kind of like grow it.
And I hope that's the case. what was intended to be delivered. And then, and then some, and then kind of like grow it. And,
and I hope that's the case.
I really do because it's super cool to see dudes eat their words.
Like,
yeah,
like you guys fucked up this,
that,
and now look at it.
I think they've got some of the smartest brands in the industry working on it
as well.
Yep. That know
what's at the forefront of innovation and how you get that into product.
The whole Royco and Boyco thing was an excellent move from Jack.
They set these kind of waves off and i think it's really really really impressive
and it's people who like really care about like the intricacies and like how stuff should play
out as opposed to it all just being like stupid and theoretical and never nothing ever gets
actioned like they put stuff into practice which is really good so no question about mega if yet
um i've got some bread
was kind enough to send me some testing so i'm going to go and try a lot of stuff out i want to
try cap which is a stable coin our friend defy davis is is on that team gte which is the club
and then noise which i think i've mentioned on here a couple of times so i won't bore people to death on that but yeah another exciting ecosystem and i think all being well
they'll probably deliver on what they've said they can do speaking of stable coins um just
to close it out from my side of things because we're reaching the top of the hour
is nirvana we've spoken about nirvana in the past before um and people have
been very skeptical so if you go to temple.nirvana.finance um they're basically running a simulated
version of the mainnet nirvana and you effectively can mint yourself um as much us USDC as you want, and you can buy as much honor as you want,
and you can loop it by borrowing Nerve, which is obviously their stable coin.
And the whole idea is to try, as you can see, that green line at the bottom is actually
the floor price that's currently being established at $3.76 or $75.6, and the price is $12.82.
The whole idea is to basically get that floor price up over the next two weeks
and then to try and zero it
and go below the floor price
and they're giving a $20,000 bounty
to anyone who breaches that floor price.
So I think it's a great incentive.
I truly believe that this is the birth of a new primitive.
I think this could change the way that tokens are launched,
provided that founders are true to wanting to launch a fair token
because there are no tokens that are being allocated to founders here or team.
This is something, if you want the token from a project like this,
you have to buy them.
That's the catch for this and then the
algorithm basically establishes the floor price and you cannot every token that's in existence on
this thing has been bought at some point the only advantage you have is by being early and then from
that point onwards you just hope that the floor price continues to go up and it doesn't just stay
in one place so interesting experiment you can loop there's no
there's obviously no liquidations this thing really really i think is is super interesting
um i can't wait to see what happens in two weeks time good shout what about arm arm could be the
stable kind of winner oh that's true as well.
Absolutely. And they've been through
every iteration of
Hull, Hades,
you name it. They've been there and they've been back.
I think they own 1% of
Beretra as well.
Dude, these guys are proper players.
They're not
fools, these guys.
Yeah.
Good shout. They're not fools, these guys. Yeah.
Good shout. Om could be something to pay attention to.
Have those words just came out of my mouth?
Yeah, is it 2020?
2020, dude.
I wish. Fuck me.
Jesus Christ.
Those are good times, bro.
Yeah.
Remember when this thing was at $800?
This thing's
moving. I don't know if it's
just pure AI
slot there, but the chart looks great.
I've been picking some of this up as well.
I am
here to be...
We never really got a chance to do much
shit-coining today, guys. Sorry about that.
We just wanted to get into the weeds with the stablecoin stuff.
Grant, for some reason, is like a cockroach
and just refuses to stay away from the pain and the suffering,
but that's why he's here, to educate us on that,
on surviving, that is.
Yeah, so we'll see. Yeah. All right. Cool. Um,
please give us a like subscribe. We do this every week.
And it's really hard to grow YouTube if you're not willing to be an idiot moon
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It'd help us out an awful lot and we'll see you next time bye thanks guys take it easy all the best
