Thank you for joining us here this morning.
We're going to start the show in just a few minutes.
We will give it a few for folks to filter in, get our speakers up on stage while we
Good morning and welcome to the Lucky lead.
Today is Friday, February 2nd, Groundhog's day.
In fact, and folks, it was a sunny and 50 degree day here in Chicago yesterday, I actually
We took the kids to the park.
It was fantastic, a bit cooler here today, closer to 40 degrees here in Chicago, but
The United States jobs not cooling off at all.
In fact, heating up as our employee wages, as our big tech earnings, which crushed yesterday
led by Meta, but what does that mean for interest rates and more relevant to us?
The price of dog with hat and broader crypto and NFTs.
We're going to break that all down on today's show.
I see some friendly faces out there, Meta, Emmett, Oro, thank you for joining us.
As a reminder for any new listeners out there, we do run this show every weekday Monday to
Friday at 10 a.m. Eastern, covering all the major news in crypto and NFTs.
I'm your host, Tyler D., and I'm joined today by some amazing co-hosts.
We've got Emmett Loves Crypto, a Web3 security expert and co-founder of Foolproof Labs.
He's got the day off, but we do have Logan Hitchcock.
He's our editor-in-chief over at Lucky Trader.
He's been covering the space in-depth for years.
Logan, GM, how you doing?
I'm wrapped up in an electric blanket, which is a relatively new thing for me, watching
tennis, enjoying the markets.
I mean, you can't really do too much better for a Friday morning.
Well, I think we may have to spend a few minutes unpacking you being wrapped up in an electric
blanket at 10 o'clock in the morning, perhaps a little bit later in the show.
But thank you for sharing that and giving us a bit of a visual about how you are taking
Folks, there's been a ton of macro news this week, so we invited Corey Leavenworth on to
break it down with us here this morning.
He's a currency trader by day, NFL best ball aficionado by night, an artist, and focuses
Corey, GM, how you doing?
GM Tyler, it's a nice day in Michigan, close by you.
I have the mother-in-law on the way to say for the weekend, so I will be very happily
tucked away in my office talking all things macro.
Well, I can certainly understand that.
We're happy that we could have you on with us, folks.
What are we talking about today?
On the docket, we're going to start with macro, recapping the FOMC meeting, some jobs data
breaking from this morning, a regional banking crisis, and then talk about the crypto impact.
Then in more NFT and crypto topics, we're going to talk clusters from FUBAR, Pixelmon's
latest raise, Mocha versus Shard Rush, SPL 20s, and then we're going to finish the show
with a fun buy or sell segment.
Before we dive in though, Logan, any housekeeping for today?
If you do not already subscribe to the Morning Minute newsletter, it comes out every weekday,
Monday through Friday in the morning.
It covers all the top news from NFT's Web 3 that we're going to discuss today.
I haven't done so already.
It's pinned at the top alongside Tyler's condensed morning minute recap, and of course, we'll
get into all those things right now.
Logan, thank you for that.
Folks, it's casual Friday.
If you've got a hot take on any of the topics we're covering, feel free to shoot your hand
up request to join the conversation.
We'll see if we can get you up on stage.
Well, I'll start with a brief read-in, and then I'll turn it over to Corey here regarding
some of these macro headlines.
On Wednesday, we had FOMC.
It seems like it was a bit of a mixed signals message with Pal saying they're not going
to cut rates too soon, but they also don't want to wait too long.
We saw the market kind of yo-yo a bit coming out of that.
This morning, we had the jobs data come in.
I did have a chance to briefly catch up, so I'll share a little bit.
It looks like it was a surprise increase in January.
Non-farm payrolls up $353,000 for the month, smashing expectations of $185,000, and unemployment
held at 3.7% against the estimate of 3.8%.
Also saw wage growth up 0.6%, up 4.5% on a year-over-year basis, also beating the estimate
So those pretty strong numbers.
They also revised December's job numbers up by about 30% to 40% along with November's
And then we saw the GDP numbers come in very strong from Q4 as well.
So it seems like things are humming along pretty well in the U.S. economy right now,
and I think this does raise questions about what this means for the Federal Reserve.
Will they be able to lower interest rates here in the near future or not?
I'm curious for Corey's thoughts on that.
And then from last night, we also had META and Amazon both crushing earnings.
META specifically, they tripled profits.
They announced a dividend of $0.50 per share and a $50 billion stock buyback.
It's literally like a Pico top outcome for any META shareholders out there.
The stock's up 20% this morning, up over like $470.
Just an absurd move for such a large company.
You don't really see that too much.
Corey, I would love your thoughts.
What's the important items here?
Yeah, entirely too much going on.
Lots of conflicting data.
And it seems that everything is kind of happening at the same time, which seems to happen.
So yeah, let's just step back and see why are we seeing the markets in kind of turmoil
right now and what happened.
So in kind of a nutshell, it was kind of bad re-pricing.
We got a little bit too far in front of our skis after December FOMC.
So the big difference between September FOMC and December FOMC, we saw the Fed governors
shift their risks more to neutral versus higher inflation.
We saw a slight move lower in dot plots.
And we saw Powell with a pretty dovish press conference.
We saw the Santa rally continue.
And we saw two more cuts get added.
And then March cut went from about 40% to about 60%.
So since that timeframe, I think we liked the time, but we knew that it probably was
not possible, especially if we get six cuts.
That signals a recession.
And then we're not cutting due to disinflation, we're cutting due to a slowing economy.
So let's just take a look at some of the quotes that we've seen in the last month in January
from the Fed governors trying to walk this back.
So Waller said, the time is right, I believe we can lower up the five really carefully.
Nestor said March is probably too early.
Williams from New York said that the base case is that current restrictive stance of
policy will continue and bring balance back to our goal long run.
And then we had some really hawker stuff.
We had Logan from Dallas talk about, he thinks it's going to happen later this year, the
And we also have some pretty cautious quotes more on restrictive, maybe even hiking later
So we saw some walking back there, risk assets kind of fell off.
So as far as FOMC is yesterday, it wasn't much of a surprise, but it was walking back
kind of what we saw in December.
So they held rates as they are at 5.375.
The probability for a March cut is now about 15.
So basically off the table.
I mean, we'll talk about the banking potential crisis kind of brewing that as we saw last
spring can change things very quickly.
But yeah, I mean, we saw extremely strong labor numbers today about double what the
Huge revision, like you said, for the previous month, hot wages.
So that's not going to help much.
So Powell basically wants to see not better falling disinflation.
He just wants to see a continuation.
He did say that he likes the way that things are moving.
He didn't mention much about hiking rates.
It's more of a dovish neutrality.
That's just re-pricing what we saw.
So we look at services inflation.
That is what's getting sticky.
So even though we have strong demand, it's hard for the supply to really get there.
So if we look at the foreign quadrants of the US, we've never seen higher construction
for multifamily units as far as for rental.
So the Northeast quadrant is going the opposite.
So rent is increasing and we can't expand supply in some areas.
So rent's getting sticky.
We also, when we measure it with the BLS, they survey about 48,000 homes and we have
six areas that they survey, but they skip them every single time.
So we were getting these lag effects and we're also seeing a landlord saying that it's harder
to increase the rent for an existing tenant than it is for a new tenant.
So there's some catch up there to work itself out.
So Powell just needs time.
I think it's a bit too soon.
I mean, straight from his mouth, that's something to tell you.
I don't think it's likely the committee will reach a level of confidence by the time the
So Corey, can I just jump in?
I feel like we've talked about this a bit before on the show.
So the jobs day, let's just take a look at that on the surface.
This feels like a headline that the average US citizen should be cheering on, that jobs
are strong, unemployment is low, wages are increasing, but it seems like from a trader
or market perspective, that can be a negative headline.
So can you explain that just a little bit, just like the average listener who may not
Because it seems counterintuitive, right?
It feels like we should be cheering this on.
This should have been just fantastic news.
Yeah, no, that's a good point.
I mean, we saw GDP 3% plus when it should have been recessionary, as the experts said
So good GDP, good employment, good wages, this is good.
But we have two problems that arise from fast wages and good, strong labor.
And that's we're seeing wealth inequality, and we're seeing inflation kind of take root
if we have stronger wages, it kind of helps support the corporate earnings.
It hurts the people at the bottom.
But what we also have since 2008, we have a lot of companies that are very dependent
on low interest rates to help grow.
So when we kind of get a tease that that's going to happen, and then we get some really
good data or reflationary data, that then kind of the sugar that they get from the low
interest rates, it just gets kicked down for a little bit longer.
What it also means is that we are now higher for longer.
So we kind of talked about last time, we're at that, the death zone on Everest, we're
at 9,000 meters, 5.375 versus inflation target of two is way too high.
Something is eventually going to break.
So what this means is that we're just going to have another month at least of interest
rates at this high of a level.
So it tracks US dollar, it tracks yields go up, we're safe even.
So unfortunately, equity is just, they just want to get back to what the way things were
where we can just focus on growth versus actual cash.
Yeah, I think that's a great explanation.
And you mentioned something breaking.
It seems like something might be breaking in regional banks right now.
I think NYCB, perhaps being the signal, can you elaborate just quickly on kind of what's
happening here and what might be an impact?
Yeah, I mean, it was, yeah, the baking, we'll get to in one second.
But as far as things breaking, the first thing you look at in that is manufacturing's PMI,
factory activity trucks on a road.
And this week we had hotbed and not only in labor, but we had in manufacturing as well.
So ISMs beat expectations, we had some metrics of ISM that are over 50.
What that means is the economy is an expansionary versus contracting.
So that was a bit of surprise.
So that also could be a potential flying deployment.
But as far as the baking crisis is concerned, not a whole lot has hit my desk.
So I'm not saying to swoop in on the rug, but it's not exactly what your hair on fire
news right now in the world.
It's hitting a few headlines.
But the banks that I've talked to, they think it's pretty much contained.
We saw a few other regional bank stocks sell off.
An animal CB basically took on signature banks, toxicity as of last year.
They're heavy in the CRE space.
We know that commercial real estate, people are working from home, is a bit in the shitter.
NYCV is not getting the deposits they need to keep this going.
There's some duration risk where these banks didn't think that interest rates were going
They got into five year treasuries when they first started moving up and now they're negative
So at this point in time, it looks like the Fed is saying that the financial sector is
Believe it or not, XLF, ETF was green yesterday.
We had SoFi have earnings themselves.
So it's not all doom and gloom, but it's definitely something to keep an eye on.
We saw last year the biggest mover in Fed funds futures pricing was the SVP signature
regional banking collapse.
They changed things quickly.
So we're only have inflated rates because of only one thing, and that's inflation.
There's a million reasons to lower it.
So I think if this potentially kind of, you know, is the public sector a little more in
the next week or two, I think you could definitely change March.
I think that these things happen very quickly, sometimes over weekends when the market gaps,
and I wouldn't rule out a March cut if this starts to get a little.
Maybe it was in this conversation kind of tying it back to crypto.
I think Arthur Hayes, he shared a few posts on his timeline yesterday.
I'll just read a couple and then Corey, I'll throw it to you.
One he says, I think it might be time to get back on the train fam.
Maybe after a few US banks bite the dust this weekend, again, kind of pointing to the regional
And then he said, he got doubled down on this last night.
He said contagion is spreading while the feds won't cut.
They can change eligible collateral requirements to include CRE.
That is back in money printing, but optically they can claim no rate cut due to strong economy.
And then he goes on to say Bitcoin sees through their trickery and then $1 million coins incoming.
So a bit of hyperbole there, but he basically saying that the money printer could be turning
Curious, any reactions on your side, Corey?
What does some of this macro set up here in February of 2024 mean for the crypto outlook?
And kind of open with it was it's hard because we have a lot of things going on at the same
I mean, we have Zuckerberg talking to Congress about kids on his platform.
Then he, you know, makes 150 billion added to his market cap because he has hired users
and we have FOMC and we have unemployment.
We have all these things kind of going on at once.
So I don't know the exact reason why yields collapsed that day.
It very well could be because of a little bit of baking stress.
It could be just people kind of getting in front of the position.
We had like we said, colossal tech or anything.
These companies are trillion dollar companies that are steering into market movers.
So I don't know how tight it's related to crypto.
I personally, even though the correlation is breaking, I look at crypto as a risk asset.
And if we start cutting, that's typically good.
I know we have the habit in coming up.
So to me, that's kind of good.
We have seen that correlation break, which I think is the best thing for long term crypto
that it doesn't just follow the froth.
We haven't really seen anything since that week that things got possibly worse.
We should see some reactions.
So if we get a headline, I am curious to see kind of correlation of crypto if it starts
Just move because yields are moving lower, not necessarily because people are exploring
crypto as a potentially safer basket.
But it was an interesting point.
You know, it seems a couple of factors.
One, any type of rate cut environment where folks go more risk on is going to be bullish
crypto and then any money printing even behind the scenes could lead to a bit of a flight
So a few bull case scenarios out there.
Corey, this is fantastic.
Stay up here with us for the rest of the show.
I think that was some solid macro talk.
We got to talk about some headlines here in the broader NFT and crypto space.
And we're going to start with OX FUBAR and clusters.
And is this ENS 2.0 cross chain?
So if you've been active in NFTs in the broader crypto ecosystem over the past three months
or more, it seems one clear problem has presented itself and that is fragmentation.
Each blockchain has its own wallet, its own apps, its own currencies, etc.
It can become a lot to manage, especially when one branches out beyond two to three
chains on a daily or weekly basis.
Interclusters who is ready to solve this now and they've got some major backing.
So quickly, what is clusters?
I think FUBAR's announcement thread said it best.
Some quoting, clusters is your universal name.
All the chains, all your wallets, one name.
So a little bit more about what that means.
So users can register a name, i.e. Tyler D, and then attach it to subdomains as desired.
Tag to specific chains or use cases like Tyler D slash hot or Tyler D slash cold, Tyler D
It works with all addresses across Bitcoin, ETH, Sol, layer twos and Cosmos coming soon.
Each cluster gets its own personalized animated video, which is a visual representation of
the chains and those use cases set up by the users, a fun little twist.
And then clusters has partnered with layer zero, enabling users to track their wallet
And I think perhaps that the lead that's been buried here is they've already raised $9 million
in funding from some huge names like Coinbase, Polygon, Metastream, and more.
Certainly a promising start.
They're also using an interesting auction system for this name buying, apparently inspired
by a Vitalik blog post about demand based, demand based recurring prices pricing.
We're not going to dive into that.
You can check out that blog post if you are interested, but effectively it's a bid system.
The winning bid gets the name and all losers are refunded.
The goal is to eliminate name squatting, have a little bit more of a fair process.
The team also clarified that early bidders would receive boosts to their bids, making
them more likely to win competitive auctions.
We've already seen 4,000 distinct names bid on so far on day one.
So that's the quick update.
I think to me why it matters, and I want to hear from our speakers, for one, it's better
and easier wallet management.
Making funds around, making NFTs around should be easier in this cluster world.
I think tracking and monitoring activity across chain becomes easier as well, though I am
wondering is there a negative impact here to ENS values?
As this does seem like a bit of a direct competitor, are we going to ever see the types of a bubble
and speculative price action on ENS domains, again, like we saw in 2021, 2022, and then
Andor, if up to the coin, will clusters approach any pricing levels like ENS did?
So that is a big question on my mind.
I think this is an area that Emily is close to, has spent a lot of time with Emily.
What's your reactions to clusters here?
I feel like the advertising it is like the first cross chain thing is a bit misleading
because ENS domains are cross chain.
So it's, I mean, as long as they participate, right?
And like the thing about it that I think is also kind of, you know, an unmentioned complexity
is that like all of this needs integration.
It's not native to the chain itself.
It doesn't like just slip right in to how these things work.
The person who's running the DAP needs to explicitly choose to build in this functionality,
This feature set in order for it to actually work.
So it creates like an enormous amount of overhead in the actual technical processing of this
And also it creates a maintenance layer.
And a lot of the times, I mean, it just depending on how hardcore you are with your beliefs,
like DAPs are meant to be trustless and having a maintenance layer in between kind of messes
that up, which I think is, I don't know, kind of weird, but whatever, ENS, I think ENS
got slowed down as a result of becoming a DAO.
However, they also gained their popularity as a result of their massive token drop, like
many of the people I know do really well in crypto got their initial liquidity injection
And I think that meta is back in a very strong way, right?
Where that's the best way to encourage people to use your products.
And so it kind of like fueled that speculative nature for a long time because they gave people
the money they needed in order to speculate on it.
So I don't really know like what the strategy is in this case, like the long term financial
strategy beyond, oh, we're just going to like bid on names.
But the last couple of protocols we've seen that are meant to be like name layers.
We even saw one maybe like a year ago at this point that was uncovered as one of the earliest
DAPs on Ethereum that people that got like reskinned and people could bid on, bid on
Like they, I don't know, they tend to be like a they tend to be a flash in the pan.
I think this is this is one of those scenarios where when you have when you have such strong
traction in the market like ENS, it's a bigger barrier to cross than most people, the most
And like a lot of those larger institutional DAPs that are out there or the ones with like
a lot of a lot of integrations are are hard to break into.
It is hard to sit there and say, hey, you should respect my protocol on top of all of
Like, that's a challenge I faced myself.
And it's it's not an easy thing to do.
Yeah, that totally makes sense, especially with respect to Ethan almost feels like to
me, this is a bet on like layer zero technology and, you know, operating in the multi chain
I think you raised a good point at the beginning there, Emily.
I've been kind of wondering, so like when they turn this thing on, I think what February
24th is supposed to be the launch date, like, what does that mean?
Like, will we be able to actually send, you know, send and swap currencies from ETH to
Bitcoin to Arbitrum, you know, using clusters, does more infrastructure still have to get
built out to enable that?
Because I think there's there's there's certainly like the concept here, which I love, but then
the reality of having the infrastructure and connection points to make all the potential
opportunities with this happen is going to be important.
So I am very curious to hear more about that.
Just a quick follow up, like, there's lots of ways to integrate existing liquidity pools
and make those a part of your protocol.
But that's not a way to make money.
So right, because like the owner of those protocols or whatever would ultimately be taking
those exchange fees unless you like reskin it and add a new element to like the smart
contracts, you know, whatever.
But like, it's, you know, when you have when you have bridging and you're trying to supply
liquidity through something like bridging, you're opening the door for one, an enormous
amount of vulnerabilities and to a lot of niche variations where there is really no way
to make it scale affordably, it gets super expensive just because you're talking to so
many middlemen to get across the bridge before you can get from like your final location.
So I mean, I'm interested to see how it plays out economically, but it's it's definitely a
Sure. Yeah, I mean, it absolutely is.
I think having food bars name attached to it does help with some of those security concerns.
But yeah, I mean, bridging is one of the more dangerous actions one can take.
We've seen several bridges be hacked.
And clearly the economics are important.
I mean, we've got some big names who threw some serious money at this.
So they are expecting return in some fashion.
Logan, you've been patiently waiting.
I'm curious for your reactions to clusters here.
I mean, not I'm going to just put aside all the technical and security concerns.
Of course, I appreciate Emily bringing up from the me being super dense and not understanding
many of those or just pushing them to the wayside in terms of the idealistic, maybe
ambitious what this could be or what this could mean as a user.
It's super great to be able to link all these things together in a way that just manages
all of our activities or could manage all of our activities much, much easier.
And you sort of stole the words from I'm out there.
I think in some way it is, you know, in participating in this and others like it, right?
We squid raised like four million yesterday, another interoperability thing.
I mean, we've become in the last few months, right on this show in particular, we become
almost chain agnostic in spending so much time talking about all the others just because
that's where all the attention is flowing beyond just one place.
And so these types of tooling and infrastructure, you know, coming to fruition at this point
in time, I think is super important for us to continue to realize that and to participate
in a way that I don't know is easier, maybe not safer yet, but certainly easier.
I mean, I feel like that's like the surface like left curve take on this, which was mine
And of course, I don't know everything that is going to have to go into this behind the
scenes to make all this happen, you know, how much of it is dependent on layer zero
But conceptually, again, this one makes just a ton of sense to me, I'm tired of having
to remember, you know, what's the best bridge to move from from ETH to this certain L2,
And if there's an easier way to stream on that, I'm all for it.
Emily, reactions to that, and I do want to talk to Logan about if he's started bidding
But I'll throw it to you.
Yeah, I mean, when I was reading it, it didn't sound easier to me, I don't know.
Like it's there's there's a lot of like really complex interactions in crypto that you have
And part of the reason that you have to take those, you know, multi step complex interactions
So I mean, I guess I guess there is a possibility that he could have designed it so it does
But like, every time that you do that, you are making a compromise, especially when you
have all of these relays relay layers in there, like those, those relay layers are, you know,
you're literally implanting opportunities for exploit.
So I you know, I don't know, I'm really curious about like what the UI would look like.
I'm really curious about how that would how that would all come together into like a singular
And if it's like super seamless or whatever.
But like, I guess no matter what, like I am a big proponent of keeping enormous separation
between your profiles and like not sending crypto between your different wallets or profiles
And also, it's like when I you know, I have I have separate wallets that I use for swapping
and bridging and like, you know, occasionally I'll do it on a regular wallets but like not
And then I like have separate wallets for for off ramping and like, I you know, there's
there's wallets that I intend to on ramp and off ramp from and there's wallets that I never
intend to on ramp and off ramp from and part of that is just like kind of off sec.
So I I I don't know, like there's I think people I think people underestimate just how
much data can be implied by what you're doing on the blockchain.
And you know, one thing that I would be super, super, super interested in is privacy policies.
Yeah, you raised a good point.
And that was one of my first reactions to this yesterday as well, because I'm a no one
no nobody really tracks my wall activity.
But I do see posts sometimes if I if I make transactions with my Tyler Tyler default account
And on that note, I've been enjoying what feels like a little bit more anonymous trading
on Solana and on Bitcoin.
And my first thought with clusters is well, if I tag those wallets now, it all becomes
And there certainly are impacts to that.
Of course, the flip side is you don't have to connect those.
You want to maintain the anonymity, but then perhaps, you know, it kind of ruins some of
Yeah, just to clarify, like, I don't necessarily care who you are as an individual, if I want
to harvest your data, I care what you are as an aggregate profile, and how I can sell
And that has very little to do with Tyler individually and has a lot more to do with
this person is this liquid and has interests that look like.
But wouldn't you then I mean, if you want to sell products to me, wouldn't you be cheering
on a product like clusters where now you can have a much fuller picture of how I'm operating
But what I'm saying is, I guess, depending on how much of a of a, you know, decentralization
purist you are, is that something that you think you should be paying for the privilege
Or do you think that's something that you should be paid for?
And I think that that question is really important here.
But I mean, it would you could make the same argument against like, ENS, right?
Like, I mean, ultimately, it's kind of a similar, similar argument or discussion.
Um, well, no, not really, because ENS is is just a name layer, right?
And you can use it across teams.
You can assign your name to multiple different blockchains in order to achieve this.
But it doesn't have all of the the tooling that clusters is claiming to have with like
the cross the cross bridging and stuff.
And I think that that that specific detail is what's, you know, building up this data
layer and or or centralizing the data layer rather.
And that is a key difference.
Well, I appreciate your thoughts.
I'm sure you've dove into this yesterday.
Logie, I want to throw it back to you.
Additional thoughts on your side.
Yeah, I was just going to add that, you know, again, Emily making all these great points
regarding the security and stuff.
But I just think, you know, so many of us, as we've mentioned here, Tyler, the left
curve stuff, but also to people who could potentially be utilizing these features and
functions and blockchains in the future, you know, how many really care about the true
I know that's a, you know, a tired topic, perhaps, but it's just where my head keeps
going back to, like, the ease, the convenience, should this really achieve those things, right?
Regardless of how ambitious it is, you know, that that solves for maybe that solves for
I shouldn't say that, but that's a nice consolation for some of the security issues
that arise. To answer your question before, Tyler, about whether I started bidding.
Yeah, I did yesterday on Logie, which is what I try to use across things.
Logie slash, or I guess that's what we're calling it at this point.
I bid like I bid with Solana, actually,
like 0.4 Sol or something, which I guess is what, 0.02 ETH.
And I don't believe it's been overtaken at this point in time.
So I've not yet attached my I mean, to the point about attaching all your wallets and
stuff, I'm still trying to decide, you know, which wallets I would want to do that with.
Right. Some of it, as Emily mentioned, is operational security.
Some of it is, you know, protecting some level of anonymity.
So I'm uncertain. I did it with one wallet.
I attached like my main Logan Hitchcock dot ETH wallet, which, of course, you know, is
not well hidden at this point in time.
But otherwise, I'm still kind of sitting down and trying to decide exactly how I'd wish to
proceed with any other connections at this point.
Yeah. Well, the good news is you don't have to do it all up front.
I think you can add you can add new walls whenever you want at any point in the future.
So that's nice. So you've got time to make that decision if you are on the fence about it.
I am curious, Logie, if we'll find out when these auctions end.
Because I mean, the clusters backslash Logie, that's going to be a pretty, pretty solid
handle if you can pick that thing up for 40 bucks.
So we're cheering you on.
I bet on the name myself.
Perhaps you might have to rig electric blanket or Logie electric blanket as well.
Perhaps that'll be more of your your non clusters handle.
I am curious, Logan, any thoughts on an ENS market impact here?
Specifically the speculation and pricing around elite names.
Do you think that market is hurt by this or unaffected?
I think right now and probably in the next like three to six months, it's likely unaffected.
Should clusters really, truly achieve what it's trying to achieve without any of security,
And we see continued growth of kind of this multi chain participation, which we've seen
over the course of the last three to four months.
And I think it certainly impacts it.
I also just naturally think that the level of stupidity that surrounded the ENS, you know,
blow up the four digit type of stuff like I don't think that's ever coming back again.
Maybe that's me being too middle curve.
That was one I did not participate in just because it made literally no sense to me.
Of course, forfeited lots and lots of money by not doing so.
But so I don't expect that to come back kind of ever.
And definitely I do believe it's impacted should something like clusters or clusters
itself actually achieve what it's trying to achieve.
I think that's where I'm at as well.
There's there's always going to be a market for certain maxis.
There's a ton of maxis out there.
They're going to want the best names.
But some of the digit mania that we saw just random three and four letter combinations.
I think you can kiss those valuations goodbye that those are done done forever.
So I apologize if those are your bags.
I am wrong a lot of my takes on this show.
Well, folks, we are halfway through.
There's a few other topics I want to get to.
But first, let's read the news.
Today's top headlines powered by Lucky Trader.
Trading volume on each jumped to twenty three point three million dollars on Thursday
while leading NFTs did see slight green on the board.
Those killer bears and Pixelmon did lead top movers jumping 58 percent and 30
percent respectively that Pixelmon the news.
They raised eight million dollars in their latest seed round, including investments
from Animoca Brands, Delphi Ventures, Foresight Ventures and several of the top
influencers in the space.
Doodles, the rares have been on the move.
A single buyer has picked up an ice cream cone doodle for 10 and a half week and a
That was a huge sale for the Doodles with the four holding just around two
Mochaverse introduced their shard rush.
The last Mocha, the latest Mocha ID feature, providing users a better overview of
their Mocha ecosystem achievements.
Then we saw OpenSea claiming that they've had more than 100000 users create an
account via their email onboarding process since launching that feature just three
weeks ago. But we have not seen a respective uptick in wallet usage.
So take that with a grain of salt.
Chimpers latest arcade game Dojo Clash goes live today as well with NFT prizes.
Over on Bitcoin, RSIC leads action once again, 33 Bitcoin and volume the floor up
another 10 percent to point zero seven seven puppets are up 20 percent on the day as
well at point zero five four and node monkeys keep grinding up zero point one nine
Bitcoin floor for the monkeys.
And we saw a new Bitcoin art project blocks by Matryka mint out as 256 NFT supply at
point zero two five six from our chief.
It did briefly surge to about point zero four four Bitcoin floor now right around
point zero four. Then over on Solana NFTs were mixed.
Jupycats led volume up 40 percent to three and a half.
So Tensorians finally got some buys up six percent to 82 mad lads even at one
seventy seven even at one seventy seven.
Frogganas down six percent to five point nine and brought our web three crypto news.
Crypto majors are green this morning ahead of the U.S.
I think they have fallen maybe a touch since Bitcoin up two percent right around
forty three thousand ETH up two percent around twenty three hundred.
So was up six percent at one on one ninety.
I think it's down below one hundred now.
Jupiter was up three percent on the day to sixty two cents and eight hundred forty
nine dollar market cap with over sixty six percent of the airdrop value claimed.
Alt layer confirmed its airdrop registration and details and then confirming everyone
holding at least thirty five stakes.
Andrew Tate briefly teased launching his own crypto token and backing it with a
hundred million dollars in a now deleted tweet.
Squid announced a four million dollar strategic funding round for more multi chain
activity and swapping tokens across chains and single click then open campus Forbes Web
3 and animoca are looking for the top creators and thought leaders in Web 3.
So I'm going to pause there.
It was a whole lot of headlines in your hand popped up.
What do you what do you want to react to here?
Sorry I was brushing my teeth.
Has anybody ever explained what a liquidity pool is to Andrew Tate because I am not
buying a shit coin with a liquidity pool that high.
I can't make a bag on that.
I think he is truly an exceptional idiot.
Yeah a hundred million dollar liquidity pool.
I wonder if that's not exactly what he meant by by backing it that way.
But I was going to say like this is going to must buy even if you hate Andrew Tate.
I considered maybe that's not what he meant and then I was like what else could he
Yeah I think you just couldn't figure it out.
I'd say my read as he just wanted to throw his money around and say hey I'm going to back up this
coin with a whole lot of money.
I don't know that he really thought through all the logistics of what that means.
But I certainly could be wrong.
I do not have a line to Andrew Tate.
Logan curious for your reactions to that or other top news.
I have no real reactions to Andrew Tate thing.
Obviously not a not a big fan of the guy.
I don't think I would be participating on the coin.
I guess it would it would highly depend where my potential entry would be.
But it seems like something that's probably going to drop in the middle of some random night if it drops at all at which
point whatever it probably let it pass me by.
I want to react to the doodle stuff perhaps not surprisingly.
Of course you know I'm a big doodles fan do have some doodles assets not an OG doodle at this point in time.
But in terms of you know that massive brand awareness that I think all these brands are seeking and you know
at this point in time probably Pudgies has done the best at achieving beyond our little bubble not including
board APA club doodles just has always felt to me like one of the potential you know champions of that.
And what now another collaboration with G shock and Cassio we saw one with Crocs Crocs has done a couple web three
collaborations and it just feels like a great IP.
I mean the run up the push down as a result of farming whatever I get all that stuff.
But I'm still feeling really solid about doodles future and you know keeping my eye on the floor price to
potentially finally add one back to my back.
I mean we were supposed to get some news at the end of the month.
I think Austin did say but don't hold your breath.
It might be a few days after but I do think we were expecting a doodles announcement anytime soon on perhaps their next
major partnership unless it was G shock which we already got this week which the markets did broadly kind of just shrug
off. And I think EB7 kind of hurt the timeline sentiment a little bit.
He posted publicly how he bought back in in size just to flip on his bet just a few days later when he just was not
excited by the price action at all.
And the deals are down about 20 30 percent since then.
Emily reactions to that to the doodles.
Yeah I mean I guess in particular the G shock thing stands out to me especially because of where we are in like the fashion cycle.
Right like G shocks and baby G's were super cool in the 90s and early 2000s.
So the timing on that is right on par and also like the original kind of jelly icy color schemes of those watches fits right in.
So it's like one of the more perfect one of our perfect pairings I've heard of I think.
And I mean I but a pudgy pain was obviously has done an exceptionally good job.
I just do everything in my power as a parent to avoid acquiring another goddamn stuffy.
So I'd like to see you know what they do next.
But holy shit those squishmallows are gigantic.
Like half of my daughter's room is occupied by stuffed animals and I just have zero desire for another one.
And so like I you know I want to see what what else they're going to be.
I can certainly empathize with that with two toddlers at the house.
There are a lot of plushies and stuffed toys everywhere.
I mean this doodles IP is just so strong.
It does feel like we are going to eventually find a breakthrough collab here that that really makes sense and starts to see some some broader adoption.
Logan additional thoughts or Emily feel free to react.
Yeah I was I mean I was going to say I I absolutely agree.
I think that you know burnt toast has a much better understanding overall of you know what it means to to present a cohesive IP.
Like if you if you look at kind of the standard generative collections you'll get combinations that make very little sense and people find that unappealing.
And then people are trying to like come up with a story behind them to like you know explain why the sailor has you know rainbow suspenders and it's you know the the marshal at the Folsom Street Fair or something.
But you know if you aesthetically look at doodles there isn't anything in there that doesn't make sense.
Right like the color palette goes very well together.
There isn't like weird kind of trade indicative traits that are happening.
I mean the one the one thing that people knock on is like the cigarettes but I mean I don't know who doesn't enjoy a cigarette once in a while.
So fucking whatever you know when it when it comes.
Yeah like when it when it comes to when it comes to like the visual cohesiveness of a collection and like the branding functionality or the break the branding opportunity.
If you see one doodle you can recognize the rest of the doodles whereas like there's other collections out there where you're kind of like I think that's the same.
Maybe it's not if it's not the type of thing you see every day because the traits are just like so widespread and they've chosen so many colors for their palettes and you know do I think doodles overall did the best job out of any of the collections I've seen and I've kind of been waiting for them to get picked up because I think there's people who recognize that.
And you know that kind of pastel palette is still very spot on as far as branding goes.
Emily I had no idea you felt so passionately and strongly about the the cohesiveness of the doodles collection.
So this has been well what I really feel what I really feel is that a lot of the other collections look like I think that is a fair compliment dig sandwich there.
Logan your hands been up additional doodles thoughts.
Yeah I want to add I'm really glad to hear this positivity from Emily regarding doodles that's making me feel really great this morning I actually wanted to take it elsewhere Tyler if that's okay.
Yeah so I was I was thinking about these other these other chains actually you're in particular the Bitcoin stuff you know we're at what.
Another three days until quantum cats and I've just been like pretty shocked actually about the movement in in well RSIC up to zero point eight sorry yeah zero point zero eight node monkeys back to zero point one nine one.
And I've been monitoring in particular full disclosure I do have a.
Equity in both these these bags but I've been monitoring kind of like the owners and the listed it for node monkeys in particular and the unique owners keeps going up and the list that keeps going down.
You know I think we've been proven at a time that doesn't really necessarily mean anything but for me I'm using it as a confirmation bias I was mainly curious about your thoughts and strength and if.
You're you know maybe taking anything off the table ahead of Monday's mentor it's just going to ride into more strength.
I'm not taking anything off the table on Bitcoin I feel like we are so so early I'm just smashing all in and rotating any gains back into new things so yeah you can forget about me taking anything out.
In fact quite the opposite I'm trying to find ways other things I can sell on other chains to throw more capital into Bitcoin.
This has been a fun week has been fun to see through this quantum cast team continuing to delay and who God knows if it's even going to meant on Monday.
At this point I think the odds are probably 50% or less you know if you really had to put money at stake on are you betting it's actually going to meant.
I think the market got tired of waiting on their hands like okay we're just going to start trading these things anyway like we maybe we see a sell off on Sunday or Monday but it's fun to see the interest.
I've been born bullish on node monkeys clearly like them holding up at a floor and seeing continued interest has been helpful and nice to see but I have to say this this take from one baddest.
And I'm not a one baddest fan but it threw me for a total loop I'm entirely tilted now.
He basically made a comparison that ordinal punks are the autoglyphs of Bitcoin that OMB are the crypto punks and that node monkeys are the hash masks of Bitcoin and I haven't totally recovered since since he made that analogy.
And I think that the depth behind that is they compare that it was D5 people kind of rushing into Ethereum to buy hash masks we saw a brief bubble on those and then basically interest declined and has gone to zero over time.
And then compared that to a cohort of you know native a theorem in a tea collectors who moved over exclusively for node monkeys and are we seeing a similar bubble here so I don't align with one bass on that but it has given me pause I have to admit Logan I'm curious your reactions are node monkeys the hash masks.
I wish I hadn't heard that I actually did not see that tweet but it gives me a little bit of fright and terror knowing that I have exposure there and having lived through the hash mask stuff so long ago at this point but I was I was here for and regretting not buying hash mask just a small anecdote sorry hash masks had one of those no us users thing I don't know how many actually you know.
Held up that end right not not participating because they're based in the US but of course if you know me I don't really like to break rules and so I passed very early in the bonding curve as a result in the of course missed out on lots and lots of money nevertheless I hope that that doesn't happen because I do hold no monks but it does give me a little bit of fright and so like I'm browsing the collection I do like node monkeys we see it we see another point eight six nine bitcoin sale on a gold cowboy here just an hour ago.
So that's a big number clearly there's some demand here I guess what I don't have a read on is like who is the node monkeys cohort know what is this community what are they made of know is it is it mostly eth natives who that this was kind of their first dabbling in bitcoin.
So kind of an existing group have folks kind of come together for this one I just don't really have a read on it I do think they make good pfps I do see the pfps on the timeline but I don't know I think that's my only other question mark with with this set but am I curious if you've got thoughts.
Yeah sorry next phone I'm trying to see if there's any ocm in here I think that the node monks cohort is people that capitulated from ocm when they still didn't deliver the price action they expected to see interesting most early some some key differences rag omb much smaller supply collection node monkeys I do think no monkeys has that going for it up at 10,000
I think the rare sassy the team did a nice job in securing those there are certainly factors to be bullish I said ocm like ocm interesting yeah oh I actually had that's a that's a fairly hot take I could I could actually get behind that a little bit that would make some sense to me logan there's some thoughts I can get I can get behind that as well and one thing as I think more about the hash mask versus node monkeys thing is to my knowledge right
nodes are completely done like in terms of what to expect and removing a ton of that execution risk mints already off the table right there on like these rarer sats right it's more expensive to mint now like removing all those types of barriers I think it is a bullish thing when compared to something like you know the ocm guys kudos to them they're they're builders they're going to keep doing stuff and can keep doing stuff where they have a karma drop coming up as well
I think there's one you know one additional execution risk point that can sometimes get in the way and trip everything up yeah in some ways more and more building can become a flaw or negative right or definitely introduce this new risk vectors so that that wasn't an interesting comparison here I lost my train of thought I came 30 you are node monkeys hash masks what's what's your read on this discussion
my perspective is you know I'm looking to see who's driving the conversations and driving the community building on Bitcoin and no node monkeys seem to be to hold it holding that spot right and for me like when you see a lot of intelligent conversations people sort of creating spaces where you can actually be educated about the space know what's going on like a lot of those folks who are coming up to speak and running these things are node
monkeys is that standpoint it feels to me that who you know whatever communities sort of are able to sort of own a piece of the land grab that is Bitcoin conversations Bitcoin community. I think we'll have some staying power and we've seen some stability right as you said in terms of the floor price of node monkeys we've seen lots of notable holders not just Bitcoin folks but folks from Ethereum artists in the space.
And so I think that's notable. I also think you know in my mind ordinals is so new and in my mind it's just going to go through you know a large growth in 2024 that you could have many winners right and I think a lot of these early folks that are notable if ordinals is ultimately successful will be successful in the long term but node monkeys with 10,000 and being sort of one of the more active communities
I think is pretty strong and if they can hold that narrative I think they'll do well. Yeah that's a great take and Bitcoin is definitely not PPP right now at least from my perspective. I think there are several collections which can win. I think if quantum cast comes in and does well there likely will be some flow over into node monkeys even if there is a temporary dip. I think if the miners if the miners end up getting paid after the havening I think some of that is very very likely
to spill back into node monkeys into puppets and other collections so that there's certainly some some events to watch. I'm browsing the node monkeys floor right now. I'll be honest I would be happy with just about any of these on the floor like there's a there's a sick leopard that is which is the the absolute floor there's a nice ape for off the floor there's a couple of Pepe's there's a really clean robot. I do like a lot of the traits in this set. I think Logan and I have talked about we like the ducks quite
a bit it's kind of like the the poor man's gold you know and a quick glance that it's hard to tell the difference between golds and ducks. So I think ducks will hold up well over time. I'm also partial to death bots death bots were my favorite board ape treat back in the day. So I like that shout out from the node monkeys Emily additional thoughts. I couldn't hear a can so I don't know if this is
him but something that I think is really interesting about kind of the end of the delivery cycle for an NFT project and then it just gets like hang out and do its thing is absolutely that like reduction of risk. I think like for a lot of these NFT projects are trying to deliver you know different mechanics and like kind of string people along. It creates a really intensive amount of attention required to actually
do to the full capacity and I think that people are realizing that it's just not worth their time and that you know kind of it almost kind of takes the same shape as a shit coin right where like the number one job of a shit coin team is not to like raise the token price but its business development is to get put on exchanges because that's what creates the liquidity and if you're good at it you probably got in on like the liquidity pool early on and even if the price goes down by 90%
you're still up you know 10X so your your impermanent loss is not as great right so like I think it's I think it's very similar in that regards where like the team of an NFT project isn't necessarily to like build and innovate and do cool things and like you wear a PFP to represent that. It's that they've made partnerships that make your NFT worth something. Yeah it's a great point and I think that is one of the drivers for investing
in node monkeys versus some other collections perhaps is that you know it's it's an art project at this point. It's collectible. You don't have to worry about following what the team is doing the roadmap. The only thing to follow is your wallet to see which new airdrops you might get which is another X factor. We haven't talked about node monkeys were included on the RSIC airdrop along with a few others if that trend continues. That's another kind of a feather in their cap Logan. We're almost out of time.
I think you've been having some success. So can you give us just a quick TLDR of what these are and then perhaps some of the projects that have seen some success? Yeah, of course I full disclosure. I'm not the most technically inclined so I might butcher this but I'll try to do a really simple explanation. I believe you know just like ERC
is a different token standard or a type of token standard on Solana and what's been happening over the course of the last few weeks to months is iterations on these. So now you're getting like SPL 22 which is utilizing this new token 22 standard and the token extension stuff that Solana and Solana Labs is pushing. So all that to wrap up and say just innovation on different token types on Solana and you know what comes with early innovations on things just like what we saw with
Bitcoin right with BRC 20s and Ordes and all those types of things. People look to be you know want to participate on on sort of these new innovative things and you're seeing a lot of like these new free mints take place like if you take a look at the top action on like Magic Eden or tensor and you go to the inscriptions tab you'll see things like souls and FOCS 20 right all these different little collections that have really really blossomed. They're not necessarily hitting my timeline yet but the prices are kind of
wild and so as I've been digging in I've just been participating a little bit more trying to really dig into the trenches and find some of these new projects that are kind of minting and one of the really cool things is you know you can go from like NFT to fungible token really really easily by swapping back and forth. A new one that I just minted the other day now adds utilizing the token 22 stuff. It's got a transfer fee so it's actually like a deflationary token so when you swap back and forth you actually like burn
a little bit of the supply off which adds all sorts of game variables game theory variables and stuff as well and yeah I mean I've done extremely well full disclosure hit 100x here in the last few days which nothing to scoff at super happy to have been able to do but I just think it's it's really cool you know to be able to play back in these areas where you know it brings you back to even a few months ago with the BRC 20 stuff you were early to you probably made a killing and maybe setting us up right for just more and more innovation
for folks to dig into the trenches and play these types of games as well. The kids going electric blanket shopping this weekend after these SPL 20 token gains well we're happy for you Logie I think you're right I'm not seeing this on my timeline so I am not seeing SPL 20s kudos for you kudos to you for being in the trenches and grinding and finding these spots.
Well it's super crazy and you know it's also probably somewhat dangerous as well the fact that I'm not seeing it and you know I say that because it could be a handful of you know participants rising up right and making you know kind of taking control of the market much like we see with what's happening on and blur in many ways so I want to add that disclosure in there but like if you go to.
If you go to tensor if you go to magic Eden you just like take a look at the inscriptions tabs you'll see things like bozo right which is and you take a look at the price of something like that and you're like how the hell is this thing 200 soul floor right bozo hybrids 189 point or 591 soul floor right $19,000 for the floor but all it is it's like it's a packaged up NFT that contains X amount of the fungible token.
Which you know you can trade via Jupiter or whatever I'm actually I'm actually not sure if bozo can do Jupiter yet or not but like some of these new ones that the one I'll just you know again don't necessarily go by this to your research not financial advice but I minted vice the other day for like 0.03 it's a new deflationary token 22 right so piggybacking on all these buzzwords new token standard type things the first right that type of thing that's why that's why I made the play.
And what happens is you can then take this NFT break it into the 10,000 tokens and then sell the tokens via a decks if you wish to but only one decks at this point in time actually supports them it's flux beam which not many people know or utilize and so all these like little frictionary points that we've talked about before that typically signals like a maybe a small bullish signal right before the masses come in are kind of at play with some of these but.
It's super wild so I don't know I don't know what will happen it could just be a tiny meta that blows up tomorrow hopefully not but it's something I've been paying a lot more attention to.
And it clear you have some some success so again congrats I'm going to expose myself here I have never toggled over to the tensor inscriptions page until today I didn't know this existed I never even clicked on that that drop down.
There's a whole sector of this market that has been totally ignoring there's a hybrid that's at a hundred eighty nine so this floor this that's higher than mad lads so so clearly there is some some interest in this thing I've seen thirty thousand wow so we're going to dive in logan thanks for the primer I think we're going to talk about these a little bit more on the show here in the near term future and we'll turn to you as our resident expert but.
We are going to end the show there folks with the after that alpha from logie before we leave what's mentioned today there are some things on the list that 1337 zeros I believe mentioned this morning eight thirty seven am eastern on bitcoin.
These biceps five to nine at eleven and just went live hooks at noon and magic eating rewards are coming later magic eating is air dropping its diamonds to Solana oh geez rewarding historical activity ahead of their air drops so that's going to be a big one for those who have used Solana in the past other than that the men's day likely this thirteen thirty seven zeros a freemen on bitcoin tied to the og Ordinals collection we will see if any stuff.
Happened later today or tomorrow which could capture some steam but other than that folks that is it for today that's our show we'll be back on Monday at ten am eastern thanks to our listeners for tuning in thanks to my goals thanks to Corey and I keep for coming up to join us everyone enjoy your Friday let's make it a great.