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KOOK VS SOLANAβοΈποΈ
Recorded: Dec. 27, 2023 Duration: 1:29:01Space Recording
Full Transcription
All right.
What is it?
Wednesday?
Tuesday?
Christmas week?
Let's go.
Any speakers, if you want to come up on the stage, that would be cool because it's only
me and Waluigi right now until I get boot.
Here we go.
Boot's always good to help me start because he always knows what's going on.
So I ask him what's going on because I just woke up like 10 minutes ago.
So I actually have no idea what's going on in Clifo right now.
Couple shitters for sure.
I'm seeing on the timeline that went 100x and probably 75 more than rug.
But that's why we do it.
What's up, bro?
Happy Wednesday.
GM, GM, what's going on with you guys?
I guess you guys just woke up, right?
I feel like I shouldn't be asking because nothing.
I literally just woke up like 10 minutes ago.
So I know less than usual today.
I haven't done my usual like checks of what's going on in the crypto incel world.
Yeah.
There was, I don't think much happened today.
There was an exploit on one of the bots, Thunder, Thunderbot, the sniping bot.
Bro, everybody's been shilling me that one, I think, recently.
I'm pretty sure Thunder.
Thunder.gg?
Yeah, well, if that is the Thunderbot, yeah.
I don't actually know.
But Thunder something rather bot, yeah.
Probably yes is the answer.
I just don't want to say yes to the wrong one until someone can confirm.
But yeah, people got selectively scammed out of heaps of ETH for that stuff.
So that's really the only thing that happened today besides my old favorite, Injective
Quants, going to 16.5 INJ because it's the autistic play of the year somehow.
But yeah, no, honestly.
Did they go up?
Yeah.
I was thinking about buying more.
They were like 10 yesterday or something.
I was like looking at them yesterday or the day before.
Yeah, they were literally 10 yesterday.
Okay.
Let's go.
They put out their announcement about like the token distribution and stuff.
Well, go look at their announcement.
It's pretty light on facts.
It's a single picture.
Is it on Twitter?
Yeah.
Okay.
I didn't look at it.
And it got people to start sweeping the floor.
And there were some guys sweeping like 50 and stuff like that.
So it pushed the floor up, obviously.
So yeah, a little bit of bullish news with that.
But then it overtook Premier Ninjas in terms of total volume.
So now it's like the most traded collection on INJ.
But it's supposed to be the second collection.
So I don't know how that works.
But I thought it was pretty interesting.
But yeah.
That's pretty funny.
They don't like each other, right?
Isn't there some kind of Premier Ninja beef and Quant beef?
No, I guess.
Maybe they're just like they're vying for the top collection on the chain.
And it's supposed to be the ninjas.
Yeah, they're founders, they're brothers.
Oh, cool.
Yeah.
So I think they're basically, my theory is that they're injective employees or like somehow
directly connected to INJ.
And they put this up to onboard people.
And they just did the ninja project first.
But then the quants one is like the one with more kind of tokenomics like mapped out for
Or maybe they're just like carbon copy projects.
Maybe they're their exact same thing.
Like, I really don't know.
But they seem to have like a pretty decent kind of plan connected to the token.
Like the NFT is whatever.
Who gives a shit, right?
It's a fucking NFT.
But the token is the important part.
So we'll see what happens with that pre-sale.
And what that does.
That's true.
We sound like fucking idiots up here.
Like, oh, yeah, someone swept the floor.
There's all this volume.
Buy these cartoons.
No, the reason we're saying that is because these things get you pre-sale for this meme
coin on INJ that's going to like, I mean, my perspective is it will absolutely cook.
Like, I want it.
So that's why we're buying these NFTs.
We're not like cartoon maxis.
Yeah, the NFT, like, to be clear, like, it looks shit.
I'm not going to change my m'lady for a quant, right?
Like, maybe for like one hour to do a bull post on it, right?
But there's no way I'm swapping that out.
But like, yeah, if this token cooks, then obviously the NFT is going to start looking
better, right?
Because that's how the LARPers come in.
They'll be like, oh, the pixels look so great.
Look at how stylish this art is because, you know, price go up, right?
So that's how you make art good is just make it expensive.
But yeah, let's make the token cook so that we can get rich off quants because that would
be the stupidest.
That's such a, the token is, I can't even say it.
Like, it's an Australian swear word that we would use, like, regularly here that Americans
would be offended by.
That's what, that's what the token is.
Q-U-N-T.
It is not spelled that way, but you can fill in the blanks.
You know what?
Quant.
It's quant.
Yeah, like, I don't, I don't like it.
You know what I mean?
Like, I hope it cooks, but it's like boner on Arbitrum, right?
Like, my homie Noodle, like, these guys are great.
I love them.
They got me into this fucking presale thing, whatever.
The tokens don't unlock for two weeks, so I don't know what an Arbitrum shitcoin is
going to look like in two weeks.
But anyways, it's called boner, and I'm just, like, looking at it.
I'm like, guys, like, it's just not that funny.
Like, they're all on the timeline being like, boner this, boner that.
I hope no one's in here from it.
But it's like, those jokes to me, like, I like autistic jokes, retarded jokes.
Like, this gently used 2001 Honda Civic, like, that's a banger.
Like, you know, m'lady humor, the fucking racism, the autism.
I love it, man.
But it's got to be, like, some shit's just middle curve and lowbrow, and I'm like,
it's not even funny, bro.
So, I don't know, but I'm still going to get the token, and I think it'll cook,
because it's like this first token from this big project, big release.
Like, you know, there's a lot of pieces to the puzzle.
Yeah, the name is stupid.
Like, they shouldn't, like, they should just say that it's quant.
You get rid of the narrative that it isn't, and, like, that's just,
the cash tag was different.
Like, just go with that.
I know that's what they weren't trying to do, but it's like,
if you want to actually onboard more people, like, if people, like, find it,
like, again, being offensive is whatever, but you've got to do it in a way
that is, like, memeable and kind of funny.
And if you just do it in, like, a way that is forcefully kind of like that,
it's just lame, right?
So, like, hopefully they pull it back and just go, you say it's called quant token
or whatever, because I think it's going to cook, and, like, that'll make it cook
more.
So, like, a little bit of PR and marketing around that would do well.
But, yeah, like, that's the main thing I'm waiting for, apart from, like,
the Manta stuff, which I don't know.
Like, we talked about it briefly.
We can talk about it on this space a bit more.
But, like, yeah, let's say $2 to $4 per token is kind of, like,
the bullish estimate on that.
Like, what was the TA airdrop, $2 or something, $2.35, $2.37, around that.
So, the thing I'm confused about, and let's go to Sammy in a sec,
because I know he probably knows about this too.
But, okay, so I like that graphic I had that compares Manta to Blast,
and it made me understand the different benefits.
But what I don't understand yet is how the fuck are the tokens derived from the pieces
which make up a box, and there's, like, a frenzy thing.
Like, which thing turns into the Manta token?
Like, do you know?
I don't know, but I think that β I don't know if that is known either.
I think it's just theorized that six pieces equals β like, it turns into one larger piece,
and then you can buy the larger piece.
And my thesis, based on talking to people much smarter than me, right?
I didn't come up with this.
This is what smart people told me, is that the more rare the token β
the more rare the NFT, the more token allocation.
I think that is how it works.
But, again, obviously I put my money into this thing before even asking those questions.
So now I'm trying to find out the facts now that my money is locked up too much.
But I'm pretty bullish.
Yeah.
Smart people are worried.
Yeah, well, smart people are there.
And if I see smart people there putting a lot of money in, like, I don't even really β
like, people are like, oh, why didn't you ask any questions?
I'm like, bro, like, what am I going to learn more than these gigabrain guys
who just, you know, who just ate in six figures on this thing?
Like, what facts am I going to uncover that is going to be like, oh, actually, like, yeah,
that's so mid-curve.
It's just, like, follow the winners and back the people that you trust
who are winners in the space consistently, and then, like, work out kind of all the moving parts.
That's my philosophy anyway with a lot of these plays.
But, Sam, you got your hand.
Yeah, let's go to Sammy.
I know you were talking about Manta too, so you can talk about whatever.
But for me, I just want to say one piece of Alpha on Manta.
Maybe it's Alpha.
Maybe it's more risk.
But when you deposit your ETH, you get Stone on Manta, which is different from Blast
because it just gets locked up, right?
So they give you this token called Stone, one-to-one for ETH,
and it's, like, their liquid-staked version of ETH.
So it's, like, the native liquid-staked ETH of their network.
But you can take it, and you can go lend it on, like, there's three or four different protocols,
and I heard Shoebill's the best one, so I went and, like, supplied it for a loan on there.
I don't know if you guys knew that part.
Shoebill looks real sketch, by the way, real early.
So it's either going to be worth a lot of money because there's no one there,
or it's a fucking rug.
Yeah, I think I have to DM you after this, but I'm a little bit confused about the Manta.
These boxes, and I opened one, then I tried to claim the NFT.
I don't have the unknown on my Manta network.
Oh, yeah, I got you.
I know how to do it.
So it's fucking confusing.
Have you opened a bot yet, Boot?
Or a box yet?
No, I haven't opened any boxes yet.
Okay, this will help you.
So you have to actually mint the NFT when you open the box.
Like, you can claim it, and you can see what it is.
It'll show you, like, some gay-ass trading card NFT.
And then they'll sit there.
But then, like, to claim it, you need gas.
And it's, like, in ETH because it's a normal L2.
They don't tell you any of this.
So you got to, like, go to a bridge.
I think I used Orbiter.
And you can actually just bridge ETH to, like, Manta Pacific.
I've bridged, like, a little bit of it.
Orbiter is, by the way, a raggy fucking shit.
They just take from the community, and they will never fucking drop a token.
Now I have these fucking O points.
I was like, yes, soon airdrop.
And now they are running to the, I don't know how long, this fucking inscription, yeah, you get five points.
They just take from the community and never give back anything.
It's a fucking rock shit.
The whole fucking Orbiter, fine.
They can go and fuck themselves.
That's what I said.
Bro, I actually, it's funny you say that because I hate them too.
Okay, I haven't used Orbiter for, like, a year.
But way back, like, when I was on Arbitrum.
Well, I'm still on Arbitrum.
But, like, I don't know, man.
December 2021 I was on Arbitrum.
And I used to, like, bop and bungee.
And I tried Orbiter a couple times.
And so I went on there expecting to have, like, all these points when I got on there.
And it's just what you're saying.
Yeah, they're like, do this, do that, blah, blah, blah.
I'm like, fuck you.
But the only reason I used it for Manta is because I think I, like, found a Medium article.
And they're like, oh, yeah, you can bridge on Orbiter.
And anyways, I just used it once to get a little bit of ETH on there.
But once you have some ETH, you can open the, you can mint the NFTs.
So, by the way, this whole thing pisses me off.
Like, I don't want to have to bridge ETH and spend gas to open an NFT to later get points out of it or whatever the fuck they're doing.
I don't like the system.
Blast is better.
Just let me spin a wheel.
But I guess the liquid stone part, and you can lend it and whatever, that's cool.
I guess the last piece is the gas is really cheap.
Like, it's an L2.
So, minting the NFT is, like, a couple cents.
Excuse me.
Yeah, by the way, I heard it was some Chinese guy, but he did the math that how big the airdrop is going to be.
And it's bigger than people think.
That's, bro, that's what I'm saying.
And let's see how many, there's not very many people in here.
The guy who gave me the Manta invite code, I chatted with him about it, and he said he knows some news that is coming that is, like, really bullish.
So, yeah, I think this is going to be, like, one of these undercover pretty good airdrops, man.
I put some more ETH in there yesterday.
Yeah, I did it today.
I saw a little bit NFTs, so I got more ETH.
But, yeah, I don't know, would it be in purple with his mother for me to put that on blast, but now I have a little bit on both.
I don't, I'm not spraying anymore around.
I, I'm not, but, fuck, I don't want to withdraw my soul and swap that to it, that's fucking gay.
So, I think that the soul, margin, five, Camino, at least is the must-do.
Jupiter, of course, if you were doing the first part, but I wouldn't, myself, I'm not interested in the page two and page three of the airdrop on Jupiter.
But, yeah, that's just my thing.
I'm trying to, kind of, starting to narrow down and getting these bigger airdrops.
Yeah, let's go.
I agree with you.
I didn't want to, like, when I heard about Manta, I'm like, fuck, I'm not adding another one of these things.
Like, I'm good with blast and Eigenlair and a little bit of friend tech.
Like, and just staking or whatever, but, yeah, I added to it twice, actually.
I got a reasonable amount of ETH on there now.
I'm trying not to add another one, but just like you, I'm not going to sell soul for ETH to add to a farm.
I'm also not going to sell ETH for soul to add to the soul farms.
Yeah, I'm just going to keep it on each chain.
I think I'm good.
I got enough to farm the big ones.
I'll dump everything back to the main coin, ETH or soul.
I don't want to chase them.
But, yeah, I'm expecting.
The other thing about this Manta thing that's pretty good is it ends in January.
It's, like, really short term.
So we probably shouldn't be talking about it.
I don't want anyone on there.
Because, you know, it's a flat 50,000 Manta tokens.
Or, no, sorry, 50 million Manta tokens that are going out.
And so it's like Gito, right?
You know, everybody got 10 grand for putting a soul on Gito.
And it was because nobody put anything on Gito.
It was a flat distribution.
So maybe we get lucky.
That's the math.
This one's good.
Because, like, Blast, I think Blast will be better.
Like, I think we get more from Blast.
Actually, I actually don't know.
But, like, I'm...
Well, I think, like, the value of Blast, like, they will airdrop more money.
But it's pretty cooked because they have a billion of deposits, you know?
Yeah.
Like, that's the thing.
And this is 350 million, right?
So it's, like, you know, it's 3x this.
But, you know, people know less about this one.
But, like, I was just telling people, I'm like, look, this is a reputable kind of thing.
Like, just dump a little bit in and get the token.
Because, like, the thing is, you'll be able to unlock in March.
Just fucking go away for January.
Do whatever.
And then there's, like, four weeks you'll be having to think about it, right?
Like, don't...
Like, this is not like you have no idea when it's coming out again, right?
So, I mean, like, if you think the bull market is here, like, what's the risk of putting some ETH in and waiting for two months?
Like, is the top of the bull market coming in two months?
And if it is, then, like, if you put all of your ETH in there, then you're retarded.
I just put stables in there.
Because I was like, fuck it.
Like, I have stables.
Like, let's chuck them in.
Let's make them work for me.
And then, yeah.
Like, I'm not putting all my liquidity in there.
No way.
But I'm definitely farming points there.
Like, why not?
That's the meta.
Now we can focus on something else, just passively earn.
But, yeah.
Like, I mean, TIA was two bucks something with the airdrop.
I don't know specifically.
But, like, and now look at TIA now.
And, like, if...
TIA was actually lower, I think, the airdrop.
And people didn't get that very much of those tokens.
But it ran very much the same.
It pumped, right?
Yeah.
It pumped a lot.
Yeah.
And now, so, like, what's the catalyst for TIA to be 12 bucks now?
Like, and then, is it, like, would, I guess the question is, how comparable would man to be to TIA in terms of, like, a token price, like, from a predictions kind of standpoint?
Yeah.
Yeah.
So, I, uh, Celestia is the data availability layer for the, uh, what the fuck?
I'm, I'm confusing now.
Uh, yeah.
It's data availability layer for the Manta.
And was there some other things, uh, I'm fucking forgetting.
Uh, my head is spinning because I have so many, uh, of these things.
But, uh, I forgot.
I'm sorry.
It's the modular data, whatever, that allows you to build on top of it, but it can go cross-chain, right?
So you can, you can build in solidity leveraging Celestia, right?
Is that, isn't, isn't that what Manta is specifically doing from my lay person's understanding, right?
So, like, it's allowing L2 to scale up without specifically having to be written in solidity or be, like, built on an ETH tech stack, but still leverage an ETH tech stack.
Which I think is kind of bullish for Cosmos because it allows this scalability problem of ETH, which everybody's, everybody's bullish on all this L2 bullshit.
Cause they're like, oh yeah, L2s, L2s will solve ETH.
It's like, yeah, okay.
If the L2s that are solving ETH get built on Cosmos, like, like, then where, why is the money on ETH, right?
Look, ETH infrastructure is, like, the devs are good, right?
They're pretty cracked.
But, like, if those solutions start getting built out on all these, like, millions of Cosmos chains, like, like, I want that token.
I don't want the L2 bullshit on ETH.
I'm going for these, like, chains on Cosmos because I think the upside there is way bigger.
You know, like, grab something at 1 billion and then at 10Xs because it becomes, like, a, you know, the go-to L2 of choice for scaling Ethereum solutions.
Like, fuck yeah.
So, Cosmos is where it's at, basically.
This is actually a really interesting conversation.
It's funny because you're like, oh, I don't know shit.
And then you say all this big brain shit.
It connects the dots with this tweet I saw yesterday.
Did you see Anatoly, like, the sole founder or whatever?
He said, he tweeted that Solana's an Ethereum L2.
And so, the reason this reminded me of that is because, like, the technology is totally different, right?
So, I don't really, and I'm not a tech guy.
So, I'm just kind of saying this out loud as I think about it.
But, like, how the hell is Celestia going to become an Ethereum L2?
And then if that's going to happen, then why isn't everything eventually in Ethereum L2?
Like, ultimately, if these things can interact seamlessly, that's the best outcome.
Because all the liquidity is on E.
If you can bolt your technology on as an L2, that's good for you, right?
Even Solana.
So, there is also, yeah, say is, the version 2 is, like, EVM compatible.
So, you can basically use, I think, Solidity, because it uses Ethereum virtual machine.
But, yeah, I'm not that deep into blockchain tech data.
I know everything of every chain and the Cosmos ecosystem.
The good thing to tell me is, like, if you build the L2 on a Cosmos tech stack, you can
IVC bridge across Cosmos into the L2, which you can't do on Ethereum, right?
You have to just find the bridge, right?
Which is, and you can't bridge across bridges, which is, like, it's a point of friction that
the average user won't be able to, like, get into.
But, like, if you build the L2 on Cosmos, like, and you're just on Cosmos, you can just
transfer straight across.
And it's, like, you can, you can, it's just, like, it's the chain is the L2.
So, it's, like, that's what I'm bullish on.
Yeah.
Yeah.
Let's skip this ahead and get to the, I'm getting a little bit worried that we're going
to sound like mid-curve technology experts that give a shit about which of these technologies
is better or what actually happens here.
And I want to remind everyone that, especially me and Boo, we do not give a shit at all.
We're just trying to go where the money will eventually go.
And so, this leads me to the biggest question here of Manta and these L2s and an ETH L2 built
on Celestia.
Yeah, I'm still thinking that I just dumped this token as soon as I get it.
Because my experience with, like, you know, Arbiturum, I kind of held on to it.
I think I dumped a little, held on to it, held on to it.
But I'm just not sure these, like, L2 governance tokens, like, sure, one of them can win.
And then, you know, it goes up 10x like Tia did on Cosmos or whatever, maybe.
But I don't know.
It's probably better for me.
And I want to know what you guys think about this.
I'm going to claim these stupid NFTs and turn them into Manta tokens.
I'm going to get my stone and the shoebill tokens or whatever the hell they're going to give me.
And I'm going to dump it all to ETH.
And then I'm just going to move it to a new farm.
Does anyone think that that is, like, a mid-curve way to approach this?
What do you think, Sammy?
I think farm is the way to go.
And if someone is into NFTs, why not to farm now and then buy the fucking NFTs?
You get a little bit extra money and you get the fucking NFT.
And you know the NFT price is going to go down while you're farming.
That's the thing.
You're going to get a cheaper price.
Which NFT price goes up?
Come on.
Yeah, I think I've got my play here, Cook, which, you know, is like, I wait 48 hours with any of the token airdrops.
Because I wait for people to sell and then I wait for people to panic buy.
It doesn't always work because you can wait 48 hours and be the retard holding the bag.
But sometimes you wait 48 hours.
Well, you were right about Blur, though.
I mean, I was, when Blur came out, I'm like, I want to dump this thing.
And Boot's like, no, that's mid-curve.
Like, I'm going to hold it.
Let's see what happens.
And so you nailed that one.
Yeah, so I'm using that thesis again.
And if it works, then we can call me, like, autistic.
But if it doesn't, then I'm retarded.
But that's what I'm going to do.
And we'll see how it goes.
So that's my plan.
Yeah, there's this whole, like, airdrop PSYOP, like, thing now that I'm struggling with.
Because it's the same thing with Jupyter.
Like, I'm probably, I don't know what to do.
You got all these idiots on the timeline saying $15, $20.
Like, okay, what?
This thing's worth as much as fucking Microsoft?
Get out of here.
Like, that TV.
Dude, you can't, like, it's like $0.80 max.
Get out of here.
Like, I don't know.
It's crazy, these guys on the timeline with these numbers.
And I tweeted, like, yeah, you guys see me tweeting, like, oh, $20 for Jupyter is fun.
Hopefully you know that that's a fucking joke when you see that.
I am not retarded.
But I like to play into it.
It's funny.
But I think, again, this thing comes out, it's anywhere near $1.
Bam, I'm clicking the button, bro.
And maybe I'll look back in a week and be like, oh, I'm an idiot.
Cozy was right.
It's $20.
Oh, fuck.
I faded Jenny Wealth again.
I don't know.
Yeah, you got to sell most of these, though.
That's my opinion.
Don't sell at all.
Just sell 50%.
And then you can be 50% right or wrong.
And then you'll be okay.
Because, like, yeah, I mean, I don't fucking know.
We're just laughing.
I'm just guessing that the price is going to go up.
I have no clue.
So, like, I know, like, I've been sucked into the Cosmos ecosystem and talking about cross-chain bullshit and all this stuff.
IBC send and stuff.
But does that make price go up?
I don't know.
I want price just to go up.
I want to make a bag.
Yeah, it's funny.
Because I'm like, oh, yeah, there's no way it's over $1.
Why?
I don't know.
Like, I actually don't know shit.
But, no, I heard at, like, I heard at $0.80, like, the FDV of Jupiter is, like, the same as Uniswap.
So, yeah, it can't be worth 20 times as much as Uniswap, in my mind.
What's up, Sammy?
What do you think?
The Cheeto price went nicely up.
I think that people are comparing to that, mostly.
But, wait, there's some math differences.
Because, and this is important, with Cheeto, the total supply of the token was a billion.
And they dropped 10%.
And with this thing, they're dropping 10% as well, but the total supply is $10 billion.
Okay.
So, it's a lot different.
Yeah.
There was some pumponomics with the Cheeto thing, right?
Like, it's not the same.
And one thing that I have to say about the Layer 2s is that they are a horrible way to, like, Arbitrum, Optimism, CK-Sync, what the fuck, there is so many.
Manta.
Manta, yeah, Manta, all these, they are, I believe that Manta is actually going to be a good drop, but, and Blast also.
But the CK-Sync, it's fucking taking forever, and I don't like it anymore.
I would like to fucking withdraw everything and be done with it.
But if I withdraw everything, I'm afraid that I will fucking lose the airdrop.
But, yeah.
There was this one project that tokened it actually pretty well.
It was, it's kind of, I'll talk about this earlier.
It was a hold station, hold token.
It went as much as three and a half dollars.
And I fucking staked it, and it, the withdraw was fucking five epoch, and I'm getting it first of January.
So, I should have just fucking dumped that shit when it was three and a half dollars.
But, I haven't checked that price after I find out that I have to wait, like, next year.
Hindsight, bro, 2020.
Yeah.
You're damned if you dump, and you're damned if you don't.
Yeah, but also, I'm getting more of the tokens when I staked them again.
And, that was actually a pretty small drop, but I think everyone got it, who staked it.
But, I think that much of people didn't even know about it.
So, I don't know.
I got a test right here for manta.
We're going to find out how big of a cook it actually is.
You want the ones nobody knows about, where they're dropping a fat bag.
So, this is the test.
Root, are you farming manta?
I am not, sir.
Really?
Is it because you know about it, and you think it's bullshit?
No, I just, to be honest, haven't looked too much into manta.
So, you're going to cook on it.
Hopefully.
I mean, the most bullish thing about it to me is that the website where you deposit your ETH has spelling mistakes on it.
Oh, no.
They threw it up real quick.
And they got an infographic in their Medium article with a list of the benefits over Blast.
And there's like five extra benefits.
Weren't they calling manta something else before it was called manta?
Or am I thinking of something else?
You're probably thinking of mantle, I think.
Mantle, Metis.
They're two different L2s.
And now you got manta Pacific.
Yeah, it's getting outrageous, bro.
Like, I'm there to farm for a month, and then I'm dumping that shit right back to you.
Who's manta made by, though?
Celestia, right?
Or is it made by Celestia, or it uses Celestia?
No, it uses Celestia's data availability.
That sounds like a cook, man.
What do I got to do?
Yeah, maybe there's a post to, or a tweet to pin.
I actually don't have any referral codes because I used them all.
But it's the same as Blast.
I got one.
I can DM your root.
I'll DM your root.
This stuff.
Okay, sick.
The ones that I've been farming are Linea and Scroll.
Yeah, this is Blast.
You just deposit ETH, except some differences.
Like, so anyone who carries, like, native liquid stake yield, fine.
You're going to get manta points.
That's cool.
But you get this, like, their version of liquid stake ETH is called Stone.
So you get that, and you can, like, take it and lend it on, like, DeFi protocols.
I picked Shoebill.
So apparently, there's a Medium article.
I've got to hunt for it.
I'll DM it to you or some shit.
But you're supposed to get the liquid stake yield, manta points, but also eigen points.
And then you can get points from DeFi protocols.
So you can get, like, five farms going at the same time.
And then the best thing about it is it ends next month.
So, like, it's kind of quick.
And they're doing, like, a flat airdrop of 50 million manta tokens, and, like, nobody knows about it.
So it might be kind of, you might get an outsized drop out of it.
You know, my only issue with some of these is the fact that I would have to lock up capital in ETH.
And right now, I actually, I mean, for the first time in many, many years, don't have much ETH exposure at all.
I probably have a few thousand dollars worth of ETH, and that's it.
But you can, um, I'm in there with just USDC because I didn't want to convert to anything.
But, yeah, it has to obviously be on Ethereum.
But I sent you the stuff in a DM.
But, yeah, I mean, this is one that not many people are talking about.
I mean, 350 million locks so far.
Yeah, I mean, like, a lot of smart people are already in it.
And like we said before, like, who are we to pretend that we know better than them?
Like, me and Cook look for upside, and sometimes upside is someone with a bigger brain than you having decided that something is worthy of investment.
And that's how you make money sometimes.
So that's kind of our thesis.
Absolutely.
I think that's a great idea.
I mean, you guys are effectively, like, getting yourself a larger portion of the allocation by, you know, it being relatively unknown.
Um, I think for me, the only thing is, is it kind of goes against my current thesis with the market, which we talked about a lot last night, right?
So I'm not going to rehash any of that.
But I would really like to see some sort of abstraction layer across L2s.
I think that's going to be super important.
I think fragmenting liquidity is the big issue that I see in the current L2 ecosystem and going forward as well.
It seems like it's only going to get worse to me.
I mean, there's already base Arbitrum, Optimism, you know, Manta now, you guys are telling me.
Um, there's ZK Sync, there's, uh, you know, all of these different layer twos and, um, I just, I want to see a liquidity, uh, unification, uh, technology get built, um, before I can really get bullish on the L2 thesis.
Because, uh, every time I, I've used an L2 and I've spent quite a bit of time on, on Arbitrum and not so much Optimism, um, I did get the Optimism airdrop just for, you know, random shit that I've done over the years.
But, um, you know, it's always been a case of, uh, you know, I thought it was going to be CCIP from Chainlink, right?
But, um, they're really dragging their feet on that and they're not doing a good job.
Um, and, you know, this is coming from someone who was pretty much a Chainlink maxi for, uh, a while.
So, you know, I, I'm very disappointed with, uh, what they've been able to achieve so far, because they were supposed to fix that, that problem of, uh, fragmented liquidity.
And, um, at the moment, I just think, uh, kind of like monolithic network is the way to go, at least for the foreseeable future until that tech is developed.
I'm not saying it can't be, uh, I definitely think oracles will solve that problem eventually.
Um, but I think Chainlink is dragging their feet and, uh, there's no, uh, other oracle network.
I think that is, uh, you know, uh, trustworthy enough to do something like that.
So that's just my two cents.
Yeah, I love it.
I mean, like most of these, or most of these L2s are completely unusable because there's no liquidity.
Like Polygon.
Sorry, just real quick.
It's, it's 3 a.m. my time.
And it was 3 a.m. my time last night when I was in your space.
And I absolutely love having these conversations with you while sleep deprived.
Like the conversations that you have in these spaces are so intellectually stimulating compared to like 99% of the spaces out there.
And they really remind me of like the art and coffee days.
And like, you are, uh, really making me want to make a habit out of staying up until fucking 3 o'clock in the morning.
Dude, bull market hours, bro.
3 in the morning is when everything happens.
That's my old time zone.
It's funny.
Let's go.
Um, but yeah, dude, fragmented liquidity.
Like all these L2s are basically unusable.
Like the only one that I've had a good experience on that I think is actually going to make it is Arbitrum.
And, um, like Polygon's fucking ZK roll up.
They were trying to hype up and sigh up everyone.
Like it had $2 million of TVL.
Like what the hell are you going to do on there?
So I feel this monolithic thesis.
Everybody always shit talk soul for the security.
But like if it's a giant box and everything's in there and you don't have to fuck around and bridge and spend all this money and do, that's all too complicated for everyone.
Right.
So I'll hear about fire dancer.
Like the box is going to get bigger.
Pardon my, uh, retard analogies, but that's a pretty good one.
It's a big box.
Everything's in there.
You don't have to fuck around.
Uh, it's a good technology.
What's up, Sammy?
What do you think?
We're, I'm not a monolithic maxi.
I'm still just a money maxi, but these conversations, you're going to hear more and more.
I swear.
Uh, yeah.
Uh, I'm, I'm, I'm on the same line.
Uh, until I see some wallet that I don't.
That usually bridges or do whatever.
I don't have to think about the L2s or anything.
It just automatically does every transaction and it's cheap.
Then I can think about it like using it.
The L1 is unusable to my mind.
Uh, so yeah, I, I also like Sol a lot because the, uh, low fees, uh, I don't want to, uh, pay fucking $70 to deposit, uh, USDT or USDC on the L1.
It's fucking, or bridge it or fucking transfer it to somewhere.
It's, it's fucking insane.
Um, and we are not even at the fucking highest transaction, uh, uh, in the bull market.
This will, it will get even worse.
Bro, man, not even in a bull market.
Like, do you remember when Pepe came out and everybody was trading shitters and it was pretty crazy on me for a bit?
Um, I was like, so I was working at Pine at the time and I was like using the product a lot.
And I had a D God loan on there.
And when gas was like mega insane, like the peak of the Pepe days to roll a loan on like this NFT five protocol with all the contracts and shit that had to be done, it was like $400.
And that's when I was like, man, like gas is expensive, but actually doing shit on ETH when people are using it, it like doesn't work.
Like it's, it's completely ridiculous.
So I don't know what it's going to look like in a real bull market.
Yeah.
I'm still not selling ETH.
Don't worry.
I'm using it, I'm farming it, whatever, but like, I don't know, man.
I think the upside is limited and I'm coming more around to this monolithic shit.
The L2 narrative is stupid.
Totally retarded.
I'm going to see where it goes.
It's stupid anyway.
I got a couple new speakers, Sydney, Abe, with the very formal PFPs making me feel a bit serious.
Can I hear Boot?
No, I can't hear anyone now.
You were saying something.
Boot, do you want to finish your thought real quick?
No, let me take a lap.
If you can't hear me, I'll take a lap.
Okay.
Nevermind.
Sorry.
No, he's right.
Nevermind.
I can't hear him.
Yeah, he's talking.
Fuck.
You want to go down, bro?
It's, I swear to God, we always have problems with this Boot thing.
He got a new phone too.
Fuck some Twitter spaces, man.
What's up, Sydney?
Sorry.
All good.
Cool.
The thing is, I totally agree with you that having layer twos on top of layer ones and
bridging, it's just an hassle.
It's painful.
Although, if you look to, like just doing a simple analogy like telecoms, you used to pay
to communicate with other networks.
And nowadays, you have one plan.
Let's say you have AT&T and you can communicate for free with other networks.
But, I do believe that someone will create a mechanism to interact with all different
blockchains, regardless of the gas.
Although, bridging is really painful.
To move to Solana, to move to Ethereum, to then move to Polygon, to Arbitrum, yada, yada,
yada, yada.
So, the thing would be Polkadot, right?
That would be the thing.
But, it's slow as fuck as Cardano to make developments.
So, I do believe that Solana and Optimism, maybe, will have the most upside in the next
blue run.
Just because it's kind of gas-free.
Why?
Okay, I've never heard somebody shill Optimism as like a big win.
Very little.
What's the bull case, bro?
Why Optimism?
Why not Arbitrum?
Like, as I understand it, they're both on Optimistic Technology.
They both have ZKs coming.
So, why would it be Optimism and not one of the other boys?
That's a very good question that I don't have an answer.
But, I'm bullish on Optimism and Arbitrum.
Although, the TVL on both, it's just, it sucks.
Arbitrum is way better, of course.
But, it would be the same case for Aptos.
Although, I never used Aptos.
That's the thing.
I've heard more and more about Aptos the last few days, too.
I'm not going to chase it, but I've heard the bull case on Aptos a few times.
Last year, and then nobody talked about it.
And then now, when everybody's talking about these L1 wars, I'm hearing about Aptos more.
So, I might be mid-curving it.
But, I don't know.
I'm not going to chase.
I can't be on 20 chains, man.
I've got to stick to the majors for the most part.
But, that's the thing.
What's up, Sammy?
Don't show me Aptos.
Or, actually, do it.
I need to hear it.
I don't have anything about Aptos.
But, maybe Optimism because of the Optimism stack and base.
But, yeah.
Other L2s have stacks also.
So, they can build Arbitrum has it.
Blah, blah, blah.
But, maybe that's the bull case I can think of.
It's not a big one, but it's something at least.
You know, Kuk's thinking to himself, like, holy shit, Root's right.
Like, you know, you guys are proving my case for me.
But, like, just to point out, like, you know, one of the things that I think is really interesting about developments in Layer 2s is the modifications that get made for each specific L2.
I mean, not even to mention that, you know, in terms of, like, token form, you're not actually gaining exposure to the network.
You're gaining exposure to governance of the network, which is an entirely different matter.
So, go ahead, Boop.
Yeah, maybe I'll just say, like, because we'll reset maybe the room a little bit.
Because I think some of the stuff we're talking about is pretty high-brow, which is good.
I think we should explain this to people as well.
But maybe I'd position, well, first of all, guys, we hold these spaces just kind of to talk about DeFi.
We don't like to laugh.
We like to talk about how to make money and, like, the best angles of the space for you to kind of pursue, right?
Like, from, like, a non-idiot position, like, how can you come and learn something to, like, exploit a narrative or to get leverage over a particular play to kind of best position yourself for the bull market, right?
We're not here to talk about, like, the color of an influencer's shirt or, like, what car they drove around at Art Basel, right?
That's not us.
If you want to do that, there's plenty of spaces to go to, number one.
Number two, anyone's able to come up on stage and ask questions.
Like, there are no stupid questions, just stupid people.
So feel free to come up on stage and be retarded with the rest of us.
We will not care.
We will help you as much as possible.
So please do that.
And third, maybe we can probably unpack and kind of try and explain some of this stuff.
Like, maybe if I can flick the question just to you, can you explain, maybe just give a quick overview as to, like, why this kind of, like, monolithic thesis makes sense and, like, why liquidity is so important in this kind of L2 kind of, like, what should I say?
Like, fractured kind of environment and why that matters?
Because I think a lot of people here, they probably hear the term, but they don't understand specifically why that's so important.
Yeah, absolutely.
So when we're talking about liquidity, what we're referring to is the depth of an order book on a market, essentially, right?
So when you buy and sell, what is the efficiency with which you are able to buy and sell, right?
Do you get hit really hard by slippage or do you not get hit really hard by slippage?
And then you also have the issue of selection of assets, right?
So on each of these Layer 2s, there are liquidity pools that exist inside of these decentralized exchanges that pair assets, right?
So, like, ETH and USD or USDC, ETH and, you know, whatever your, you know, pick your favorite flavor of the month shitcoin, right?
Let's just use, like, Chainlink for sake of argument, right?
Because a lot of these chains do have Chainlink oracles and LINK is a token on all of them, right?
Yeah, I see Sydney laughing.
Absolutely.
I would be, you know, wrecked if I were still holding Chainlink too.
Don't worry.
I don't.
But these DEXs, so, like, something like Arbitrum, right?
Like, Arbitrum, last time I looked, was, like, 5 billion TVL, right?
Now, compare that to something like Optimism, right?
And when we're saying TVL, right, we're referring to, like, total value locked as a metric, right?
And so total value locked has a direct correlation with liquidity because a majority of the total value locked that exists on a particular Layer 2
is directly related to the liquidity that exists inside of the DEXs on those Layer 2s, right?
So basically, if Uniswap is deployed on Optimism, how much money exists in Uniswap on Optimism that allows traders to trade efficiently on those chains?
So, you know, there's a saying in TradFi, and by the way, I never really worked in TradFi.
I worked in, like, TradFi adjacent industries, but liquidity begets liquidity, right?
And so what that means is, right, when you have enough liquidity, that means that more liquidity centralizes around that liquidity, right?
Because it's attractive to trade there, which is actually why L1 Ethereum did so well in 2017, 2018, 2019,
is because when you compared Ethereum's TVL, the total value locked, to other chains, it was very attractive.
And so ETH kind of became this hub, right, for activity in decentralized finance, right?
And what we're seeing now is that the same thing that made ETH popular, right,
which is that liquidity begets liquidity concept where Ethereum had the best liquidity, right?
If you wanted to trade Bitcoin in a decentralized manner, right, the easiest way to kind of do it was via WBTC on Ethereum, right?
Otherwise, you were using a centralized exchange, right?
And so, like, we're not going to get into, like, how wrapped assets, like, kind of work and, like, what that kind of, like, means.
But just think of WBTC as basically, like, Bitcoin custodied by BitGo, right?
A company that's, like, based out of, I think they're in California.
But they've been around for a while, they custody Bitcoin, they basically wrap it and throw it on Ethereum, right?
And that allows you to trade Bitcoin on Ethereum, right?
And that's really attractive to a lot of people, right?
Because sometimes you don't want to use an exchange.
Exchanges have notoriously high fees.
Now, there's pros and cons to, you know, DEXs versus, you know, sexes in terms of both liquidity and custody, right?
But all of this to say that the same thing that made Ethereum popular is actually kind of tearing Ethereum apart right now.
Because now, you know, as been stated, you know, multiple times in this space, it is very, almost prohibitively expensive for most people to interact with Ethereum as a layer one.
And that's only going to continue, right?
Because of the way Ethereum works, you know, the way gas works, this is basically a fee market, right?
The more people that use it, the higher the fees get because there's only a certain number of transactions that can be processed per second, right?
And so, you know, if I pay more than someone else, I can effectively, you know, push my transaction through before theirs with higher priority, right?
And so, all of this to say that, like, the fact that, you know, Arbitrum and Optimism and Base and Polygon and Manta and ZK Sync all exist in these separate liquidity silos means that TVL is actually flowing out of layer one Ethereum into these different silos.
And because they can't communicate effectively, there's a problem now with what's called liquidity fragmentation, right?
And that's kind of self-explanatory, right?
Liquidity is getting fragmented across all of these different ecosystems, which is actually becoming quite a problem, right?
Because some of these alternative layer ones, right, that can process more transactions per second than Ethereum are actually growing in terms of the amount of liquidity that's available on them.
And going back to that saying liquidity begets liquidity, that that's attracting traders, right?
Because they want the best deal on the trades that they're going to take, right?
And so, that's kind of, you know, the two cents on at least liquidity fragmentation.
Now, there are people working on solutions to this issue.
The most popular one in the industry right now is Chainlink CCIP.
However, Chainlink's been fumbling the bag really, really, really badly for quite some time now.
You know, the technology itself, and I've actually looked through the CCIP codebase.
When the CCIP codebase got released, I spent time kind of, like, going through it and seeing how they did everything.
And it's really good.
It's great, in fact.
But it has its own set of problems that aren't necessarily, like, solved quite yet, right?
There needs to be wallets developed that leverage CCIP so that the user can use something like Optimism and get liquidity from other locations or Arbitrum and get liquidity from other chains, right?
It's basically what CCIP stands for is cross-chain or communication protocol or some shit like that, right?
It's, uh, God, it's 3 a.m.
Please don't make me, like, fucking, interoperability protocol.
That's what it is.
There we go.
And the way that CCIP works is essentially, if you're unfamiliar with Chainlink, Chainlink is what's called an Oracle network, right?
So Chainlink is not actually a chain, right?
What Chainlink does is Chainlink reports on data, or it actually just does anything that you cannot do on-chain.
Chainlink, it does in a decentralized fashion, right?
So whether that's going and fetching a price feed, which is what it's most commonly known for, right, going and fetching, let's say, the price of the S&P 500, right, and reporting that on-chain so that the chain knows what the price of the S&P 500 is so that protocols can know what that is, right?
Because you might have, like, some sort of, like, market built around that or something, right?
Or you might need to know the price of ETH on an exchange that's more liquid than what's going on on-chain, right?
Or you might need to know a particular piece of data that can only be gotten from an API call to a specific, like, Web2 provider, right?
Let's say you're asking the DMV for a fucking driver's license or something, right?
Like, well, the way to do that is via an Oracle network, right?
Now, the issue at the moment with Oracle networks is that right now there's no value accrual layer for a lot of these things, right?
So Chainlink has essentially been operating on subsidy since its inception at this point, right?
And there was, like, a quiet gentleman's agreement for most of the industry to just say, hey, this is okay, this is fine because Chainlink is providing us a service and they're paying for it and nobody has to ask questions as to, like β
And, you know, really this is actually very bad for Chainlink holders in particular, right?
This is one of the reasons that I've completely pivoted my stance on Chainlink, right?
I mean, I see let's go in the audience, right?
Like, I used to hang out in Chainlink spaces and sing kumbaya about how CCIP is going to unify liquidity across all of these different layer twos.
And what I've realized is actually we're not there yet.
I think we get there someday.
I think Sidney is on to something when he was talking about, like, you know, these telecom networks didn't use to communicate with one another.
And now there's, you know, these unification layers that allow for that communication.
And I think that that is the eventual endgame.
But I do not think that's ready for this cycle because if it were ready for this cycle, we would have wallets that already had CCIP integrated.
First of all, CCIP is not even publicly available yet.
CCIP has been in private beta for, like, six months now and has no real, like, users.
It has no fees.
It has no uses right now.
It's literally deployed on a permissionless whitelist, right, or deployed so that the people using it are using it via a permissionless whitelist.
Or I'm sorry, a permissioned whitelist, right?
You have to be added to the whitelist to be able to use it, right?
Which makes it effectively, like, completely unusable for DeFi stuff right now, right?
And so that's a very big problem because I don't think that the bull market is going to wait around for Chainlink or for Layer 2s to get their shit together.
I think the bull market is going to happen regardless because of the narrative of Bitcoin as a hedge against inflation and because of all the liquidity that's beginning to slosh around in the market based on how inflation has skyrocketed over the last couple of years due to very, like, loose monetary policy.
You know, like, quantitative easing essentially where, you know, they're diluting the money supply and thereby that directly affects the price of assets, right?
And so the bull run is going to be caused, in my opinion, based on that, what I've been calling for, like, the last, like, eight months, a liquidity tsunami, right?
And the liquidity tsunami comes from all of the money that's been printed over the last couple of years.
And it only becomes available once the Fed essentially decides that rates are at a point where they can stop tightening, right?
And so in November of 2022, I'm sure everybody's probably familiar, right?
I'm preaching to the choir here, but if you're not, the Fed, you know, began raising interest rates and they've gone through a record number of interest rate hikes.
And what these interest rate hikes are designed to do is they're designed to reduce the money supply, right?
They're designed to constrict the money supply so that inflation doesn't get out of control.
The way the Fed combats inflation is via these rate hikes, right?
And so we've been in a series of rate hikes for years at this point.
And essentially, going back to the whole, like, monolithic thesis, right?
Well, you know what?
That was a lot to chew on.
I'm just going to kind of, like, leave it, like, there.
I think there was a lot, like, explained and it's 3 a.m. and I'm losing my train of thought.
So, yeah.
Big brain, though.
Like, seriously.
I don't know, man.
I hope everyone's listening to that shit.
I'm going to retard it for you.
TLDR retard.
Why is this liquidity stuff important?
Because if you have a lot of money, you can't go to some janky-ass L2 with a fucking $10 million deep order book.
Because if you try to buy or sell something, you're going to get, like, a 30% price impact.
You just can't do it, right?
Like, institutional money trades the U.S. large cap blue chips, S&P 500.
Like, you can't go trade stocks with a billion dollars unless it's a really deep order book.
It's the same thing in crypto.
Numbers are smaller.
So, if you're trying to trade a bunch of different coins for, yeah, whatever, buy stables.
And like Root said, right?
He's only worried about Solana and he dumped whatever 50 ETH into soil, doubled it in a week.
Like, these size of orders, most L2s, there's no point.
You're going to go in there.
You're going to dump your ETH for USDT or C.
You can't place 100 ETH orders on L2s.
You can't do it.
And the interesting part is, like, 100 ETH orders aren't really big on sexes, right?
Like, on centralized exchanges, like, 100 ETH orders, like, okay, bro, like, thanks.
Like, your slippage is, like, 0.15, 0.2%.
You know what I mean?
Whereas, if you do it on an L2, you might get hit for, like, fucking 2%.
Which, I mean, it doesn't sound like a lot when you're saying these numbers.
But think about, you know, you place a million dollar order, you get hit for 2%.
You're losing 20 grand, right?
You place five $1 million orders in a single day because you're trading back and forth between assets.
You have a real problem.
Yeah, like a massive problem.
And that's why I actually paraphrased some of what Root was saying and sent a banger tweet.
While he was talking.
But it's like, if L2s are the solution for ETH, and the solution seems to be, like, the path we're on, continue to build more L2s.
But the liquidity is not shared and they don't talk to each other.
Each L2 is taking away from the ultimate goal of, like, the ETH ecosystem being a good trading venue on chain.
Like, every L2 is going to pull TVL and liquidity from ETH and from other L2s and it makes every L2 less usable.
Unless, like, some rising tide of liquidity comes and everybody puts a ton of money on ETH and all the L2s and then it becomes a good environment.
But with Solana, and I'm not a Solana Maxi, but, like, this thing about the monolithic chain, the more money goes into Solana, the more TVL, the more liquidity.
It benefits the whole box.
Like, it's a big box, right?
So, it doesn't have the same problem.
I like this conversation.
What's up, Boot?
Yeah, I was going to say, like, that's a really good summation as to why Ethereum could die, right?
Like, the fracture through this, like, multitude of just L2s, like, pulling everything apart and, you know, fragmenting liquidity, right?
But the other thing that you should know, people listening, you can make a lot of money off that because all of these L2s are going to have token airdrops, right?
And we can farm that shit while being Solana Maxis or other L1 Maxis, right?
Like, so, just because, like, this is a really bearish narrative on ETH, it doesn't mean you shouldn't be in every single one of these L2s, like, farming the absolute shit out of them.
Take that token, dump it.
Like, take that token, dump it, right?
This is the easy meta of making money in the industry.
Token airdrops.
Farming, farming.
That's just what you should be doing.
Like, look at all the angles.
Anything, like, that is reasonably reputable, like, chuck money in.
And, again, not financial advice, but, like, do your risk assessment.
And if you can, then look to put money in because those things are, like, the ROI on them and the amount of effort is, like, barely anything.
You log into Blast, you click a button, spin a box once a day.
Like, it's hard, it's working.
Sorry, Root, go.
Can I pick apart something that you said, Boot, if you don't mind?
So, I 100% agree with you on the airdrop farming, right?
So, where I think we may differ is in exactly what we're farming, right?
Because if ETH is a failed experiment and the L2s rely on ETH as a settlement layer, you're effectively farming something that's doomed from the start, which means that you only have a limited amount of time to be able to offload those bags.
And if the narrative becomes apparent quickly enough, you also have the opportunity cost of being in an asset that is underperforming due to, like, a bunch of reasons related to its fundamentals, right?
That we've kind of, like, gone over here, like liquidity fragmentation and the fact that there's all these different L2s, right?
I'm actually not really attracted to farming L2s with ETH because of the opportunity cost of sitting in ETH as more people come to the realization that we need a monolithic environment until we have a liquidity unification layer.
So, it's a really, like, weird kind of, like, predicament that we find ourselves in in this space because I think a lot of the things that people think are sure bets right now are actually not.
And a lot of the things that have been for years painted in a negative light because people don't view Solana in a positive light, right?
Now, it could be some other chain.
It doesn't have to be Solana, right?
Like, the thing is that there's no other chain at the moment that's fulfilling that role except Solana, right?
So, I would be very happy to see a new L1 appear that is able to garner liquidity.
But this goes back to what we were saying a second ago, right, which is that liquidity attracts liquidity, right?
And so, ETH is essentially a snake eating itself right now, right?
And all of the L2s are basically, like, you know, right there with it, right?
Because if ETH dies, the L2s die.
And then everybody's tokens that are, you know, related to ETH are essentially worthless.
So, we were talking about airdrop farming, though.
And I think what's very interesting would be ecosystem airdrop farming on Solana for this cycle
because if that's where the liquidity is and it's going to get more liquidity
and there are going to be airdrops within that ecosystem,
then those ecosystem tokens are likely to do well, in my opinion,
because they're likely to see more usage as the daily active users, as the liquidity grows.
So, this is why, I mean, listen, guys, like, I bought Ethereum sub $10.
I was in Ethereum maxi for a very, very long time.
And I just think it's done, man.
I think, unfortunately, you know, there were too many chefs in the kitchen
and there was not enough actual leadership and guidance.
You know, and people used to get really excited about the concept of L2s
because we thought there would be that abstraction layer built for liquidity unification already.
And that was Chainlink's role in the ecosystem.
And Chainlink kind of, you know, has really so far fumbled the bag on that.
Now, it remains to be seen whether they'll be able to do that, like, later.
Maybe this is Solana's cycle and then next cycle ETH comes back with a vengeance, right?
Because there's actual, like, a liquidity abstraction layer, right?
But that also, you know, goes back to the whole concept of opportunity cost, right?
So, it's a really interesting problem to think about.
But I just wanted to kind of, like, comment on the whole, like, you know,
farming L2 airdrops is very different than farming ecosystem tokens within an L1, in my opinion.
You know what?
When I see Aave or Synthetix or Balancer or Convex and so on and so on moving to...
I'm sorry, did he cut out for anybody else?
Yeah, he's...
He runned, yeah, he runned.
...3.3 billion on TV alone.
And following...
Hey, Sidney, you're ragging a bit.
He's ragging, right?
Yeah, he's ragging.
Basically, the strategy would be deposit on Aave, borrow, move into Curve, from Curve move into Bfee, and just let it be.
The same thing will happen in other protocols, yet I don't have it on the top of my head.
But if the same thing happens on Solana...
Sidney, you were ragging, so we didn't hear anything you said.
I'm sorry.
Can you start from the beginning?
Oh, shit, I was ragging.
Yeah, yeah, for sure.
So what I was saying is, I will move into Solana when incentives like Aave, Compound, Curve, and Synthetix gave to Polygon back in 2022, early 2022, where you could just deposit, sit your money in there, then borrow or deposit again on Curve, get the Curve tokens, deposit on Bfee, et cetera, et cetera.
That will be my incentive to move into Solana, and in all of a...
Well, that's exactly what's already happened, though, Sidney.
Sidney, that has literally been the last six months.
I wouldn't say...
What is the utility of those tokens?
That's...
Well, those tokens aren't out yet.
They're literally farming an airdrop for a token that has yet to come out.
So here's another thing in crypto, right?
One thing I've learned in crypto is you don't want to buy last cycle's tokens, right?
Like, you want to buy fresh charts.
They will never bump.
Sorry.
I'm sorry, what?
Go ahead.
They will never bump.
The old tokens, like...
Yeah, the old tokens, they're liquidity traps, right?
Because of the way the emission cycle works, right?
Because of the...
Yeah, they're...
Exactly.
So, you know, you're talking about Aave, right?
So, like, you know, the equivalent of Aave right now on Solana is MarginFi, right?
Which I don't...
I'm not terribly fond of, to be honest.
I wish Aave existed on...
Solana.
Solana.
Solana.
Yeah, absolutely.
I love Aave.
I've been an avid Aave user for many years.
And similarly, you mentioned Curve, right?
You know, farming like a DEX token, right?
Well, this is also why I think Jupiter will likely be the first billion-dollar-plus airdrop of this cycle, right?
I mean, you already saw JETO, right?
So, JETO is the Solana equivalent of LIDO, right?
It's a liquid staking protocol for Solana, right?
The JETO airdrop, you could have deposited one Sol in JETO, right?
You could have deposited one Sol, and you would have gotten about a $4,500 airdrop, you know?
So, if you did it on 50 wallets, you know, you're walking out with, you know, hundreds of grands, right?
Like, that's phenomenal ROI, right?
Now, I didn't farm JETO because I didn't come to these conclusions early enough, right?
Like, there are people who foresaw this occurring, you know, a year ago, two years ago, right?
For me, I still was in my kind of, like, Ethereum maxi mode where I didn't really recognize the kind of, like, fatal flaws that that ecosystem has.
And I don't think anybody is really debating at this point whether or not Ethereum is usable or not.
We all know it's unusable.
That's why we're trying to go to Layer 2s.
But I don't think people also realize that Layer 2s are equally unusable.
So, I don't know.
That's my two cents on that.
I think the alpha is going to Layer 2s just to farm the tokens and move it again to Layer 1s, let's say Ethereum.
Because, look, if you look to the TVL of AVE's Polygon, it just dropped, basically, from the top of 2022.
It's non-existent.
It's non-existent.
Arbitrum's AVE, as well, is in a similar boat.
All of the DEXs on Arbitrum are, you know, relatively liquid but not great.
Yeah, 100%.
But, look, it's β and correct me if I'm wrong.
I'm not sure if Tether is alive on Solana.
I'm not a very usable user on Solana.
No, just USDC as far β yeah, that's a good β I never thought about that.
Because on EVMs, I prefer Tether to USDC.
Nothing technical or risk-based behind that.
I like green better than blue.
Just like in Canada, I picked the green bank.
Later in my life, I actually worked for the blue bank for 10 years.
But, yeah, it's only USDC.
That's fucking weird.
I never thought about that.
So, let's say when Santa Paolo gets into Solana, that shit is a market maker mover, for sure.
And you will get more liquidity, more pairs to transact, not only USDC.
So, I believe more money will get into Solana, and Solana will get even more apps being built on top of it.
It's so interesting that you bring up the stablecoin issue, Sydney, because I think a lot of people don't monitor stablecoin metrics, right?
Like the size of the stablecoin market caps.
And it's actually very interesting that like Paxos, which is one of the largest stablecoin providers in the world,
actually just announced this past β I think it was probably a week ago β that they'll be launching on Solana in January.
That's pretty β dude, I never thought about this.
Imagine like β yeah, okay, Paxos, I'm not so familiar.
But like when stablecoins, one by one, like USDT moving to Solana, this is going to be such a massive liquidity event.
Like, bro, I think Solana has a lot of runway.
Yes, I'm fully convinced that β Kuk, so if you compare the ETH chart in 2016, 2017, and 2018 to Solana right now, they are extremely similar charts.
The timeframes are a little bit moved around, but for the most part, they are, you know, almost mirror images of each other.
I remember seeing Ethereum go from $8 to $20 to $80 to $400 back down to $100, up back to $400, then to $1,400 that cycle.
And what I'm seeing, exactly the same for Solana right now, exactly the same.
And it's got all of these tailwinds behind it that are just going to keep pushing it up.
And unfortunately, I mean, the entire space was brainwashed last cycle to think that ETH is as stable as something like Bitcoin.
It's not.
And I said this during the merge.
I mean, Kuk, you've seen that copypasta that I wrote, right?
Like the one that's, you know, I don't want to sit around circle jerking for the merge or whatever.
Like, you know the pasta I'm referring to?
You know, Ethereum has failed its users, although it once supported them in the past.
You know what I'm talking about.
That's literally, I wrote that during the merge.
The night of the merge, I wrote that pasta.
And it still, to this day, gets floated around by all the fucking ETH maxis.
Hey, what's up, guys?
Can you hear me at all?
Yeah.
Yeah.
Hey, just talking about airdrops and stuff, there's this project that's leaded by the Ubik leader.
It's called Promised Lands.
If you take three of them, you put in 1K USD into a bot you download, you get like around 100K.
Margin, 5Points, they've integrated Zeta farming as well now.
It does everything automation.
I just advise you checking that out.
There's no Twitter page, though.
They want to keep it down low.
They don't want margin-firing them to figure out how to do it.
But I'm a Discord mod.
I don't get paid.
So I'm not sure to properly shill it for them.
But yeah, it's just been really helpful to use.
Cook, did you grab what I told you last night?
Maybe he's writing a tweet.
Cook, he's smoking, definitely writing a tweet.
So I couldn't hear Thief, and I couldn't hear halfway through Root.
But yeah, but I can hear you.
I don't know.
Twitter's fucked, bro.
I don't know how they haven't fixed this thing yet.
We got like 15 minutes left.
I'm going to cut it at the time.
But we got Morph on stage.
She's usually good for some wild entertainment.
Morph, how are you doing?
Hello.
Good.
How's everyone?
Pretty good.
Yeah.
Are you guys still in Asia?
No, I'm in Portugal.
Boots back in Australia.
I don't know if that's doxing him.
He's pretty.
He's not doxed.
Yeah, I don't think anybody cares where you live.
It's okay.
Boots?
I don't know, man.
He's a shadowy crypto giga millionaire.
People want to take him down, rug him.
He's your basement.
What are they going to do to you?
They know you're in Portugal.
And they want to find you?
No, I'm broke.
Don't come find me.
Go find Boots.
He's in a basement in Australia.
The cell in Tidalway is so big.
Sorry, we just thought it was like a pro-Cambodian space.
What's going on, Morph?
Like, what's news with you?
No, I figured we could, like, I thought that she was going to see the title and come in
and, like, talk about how Solana's terrible.
She's really good at budding stuff.
And I want to hear it.
I think she got, oh, we got Siderides, too.
I got a question for you, Siderides.
A, I was calling you side rides for a while.
Who told me that's pretty common.
But I understand it's Siderides.
When he connects, I'm going to put him on the spot.
When?
Okay, I hope it works.
My Twitter spaces has been really fucked up today.
But I got a question for you, bro.
When Solana on Shuriken.
This is a critical question.
Because every bot on Solana fucking sucks.
And I want to use Shuriken.
But I'm also not really trading ETH shitters.
I only like the Solana shitters right now.
So when Solana, bro.
Also, welcome.
Nice to have you here.
GM, I'm just driving at the moment.
So give me 30 seconds to get home.
But just to let you know, this question is of the utmost importance to me.
One hand is on my phone right now and the other is on the wheel.
So that's how much I value you, Kukun.
But I value you more than my own life and my own safety.
So thanks so much for that.
Let me just do a crappy parking job here.
Well, it's not a good space until one of our listeners dies in a horrible road accident.
So maybe you can help us set that precedent.
Oh, look.
Like you said, it's all about entertainment, right?
And what's more entertaining than hearing a crash sound effect that is totally not made up.
But yeah, to answer your question regarding Shuriken, we are going to make an announcement very soon.
So if you've tuned into this space, you're early, as you always are.
Anyone who follows Kuk is early and clever.
Now, please sign up using Shuriken on that note.
But the official answer is soon.
We're looking at January next year.
More information to come.
But basically, yeah, it's coming.
And we've started our outreach.
We're really trying to launch as strongly as we can, just as we've done with Ethereum.
Within eight weeks on Ethereum, we're at $15 million in trading volume.
We're still in beta technically, right?
So we just really want to make sure that we hit the ground running and we start off on our best foot forward.
So yeah, that's the answer.
Soon.
Look forward to it early next year.
That's all I'll say for now.
Bro, that is, I got to say, I didn't expect such a definitive answer.
That is amazing news.
For people in the audience here, yeah, Joss works at Shuriken.
And Shuriken is, I've tried like every bot.
Shuriken's the best one by a mile.
It's fucking sick.
So I have a ref link for ETH, but I got to talk to you.
I want the Solana one.
I want to be the first guy distributing this shit because everyone's going to use it.
Have you tried bot socks yet?
I have a pretty good sniper one called Magnum.
I tried ST bot, Solana trading bot.
I've tried, fuck dude, I've tried probably six of them and they all kind of suck.
Bonk bot's the best, but it's laggy.
But the key thing is they're all in Telegram.
So if you guys can do like the web app, which I know that's like your bread and butter.
So I don't want to ask you too many questions here, but yeah, dude, that's massively bullish.
I'm getting in our little chat and I want the, I want the Solana link.
I'll put that in fucking every DGEN's hands, bro.
Yeah.
The important thing to take away, the important thing to take away from that Kuk is that Sideridis
just promised everybody a thousand X if they use Shuriken, a guaranteed profit through using
your ref link.
He was cutting out at the end, so I'm not sure if anybody else heard that, but this is a
recorded space.
I would encourage you to go back and replay that, that Shuriken is guaranteeing one thousand
X profits through using Kuk's referral link or talking positively about Kuk or boot on
Twitter.
I'll get in touch with my lawyers.
Thanks for that bit.
No, but like actual facts, like everybody's trading Solana shitters on BirdEye, right?
They're just like using the swap there, like watching the chart.
No, no, no.
Kuk, they're using Bonk bots.
And then everyone on bots is using these shitty Telegram bots.
Like, bro, they're laggy.
Like you're not getting the best execution.
You're not getting the orders you want.
You can't fucking set limits and take profits.
You kind of can, but it's, trust me, they're shit.
So if you're on Shuriken, literally, you're going to be like the alpha shark in the Solana
shitter ocean.
Like you're going to have a much better chance.
I swear.
If you guys are there in January, I think it'll be a while before something as good is there.
I'm not even chilling.
These guys don't pay me yet.
I think Root's rugged as well.
Root, if you just want to take a lap, drop down, come back up.
That usually fixes it as well.
But yeah, Shuriken's not paying anyone.
I was saying that as a joke.
Obviously, Shuriken's not promising 1,000X returns.
It's only 500X returns.
The 1,000X returns comes when they build in the Solana, whatever, application ability.
Until then, you're only trading ETH.
And we all know that ETH, you make way less.
When Cosmos comes, that's when the real money flows into the ecosystem.
So yeah, when Shuriken badge, Siderity's when?
That's the question.
Well, I think Twitter's actually lowered their prices for gold.
Twitter gold, is that right?
Or X gold or whatever it's called.
Dude, don't say that.
You're supposed to be a successful trading company.
And you're saying, oh yeah, now we can get it because it's less expensive.
It should be more expensive.
And that's why you're choosing to get it.
Times are tough, man.
You know, inflation is at all time highs, right?
So, you know, we've got to, in all seriousness, you know, we've just, yeah, we've just been
sprinting pretty hard lately.
Obviously, it's the end of the year.
Like, who really thought that, you know, Solana would pick up as much as it did in the month
of December, right?
Everything's gone absolutely crazy.
And, you know, we kind of see this momentum carrying forward into pretty much all of it,
right?
Like, the Tether conversation was really interesting too.
So, like, Solana DeFi is still, like, in its infancy.
You know, aside from Bonk, there's never been, there hasn't been a safe moon.
There hasn't been an RB Doge or AI Doge or whatever it's called.
So, yeah, really keen to see how Solana plays out in 2024.
And, yeah, the NFT ecosystem is absolutely exploding as well.
So, there's really excitement wherever you go.
So, pretty bullish for Solana in 2024.
Obviously, I was a bit of a hater, not going to lie.
I think a lot of people were skeptical.
You know, Solana's for the Paws, Soylana, Solana Manlets, you name it.
They've copped an insult.
But they've done an excellent job with their marketing and kind of making a comeback.
And, yeah, looking forward to pushing something early next year.
So, stay tuned and more official information to come.
But right now, we're just building.
So, we're not going to be talking too much.
But, yeah, we're always open for collabs.
Cook, obviously, you're the master.
You know everyone in the space.
Next to Boot as well.
Boot knows pretty much every single person in the space on a first-name basis as well.
So, we'll see how 2024 plays out.
But, yeah, thanks for having me up, guys.
Bro, I'm excited.
That's huge news.
I cannot wait to get on that thing.
And speaking of Soylana Manlets, I love to make fun of Solana.
Like, it's one of my favorite things.
During the bear market, Solana's for the Paws, Jeep Chain, Scan Chain, Rug Devs.
I'm going to keep saying all that stuff.
I don't care how much the boys get.
Yeah, D-Gods, come on, man.
Oh, my God.
Man, I had a tweet the other day.
Boot's always telling me.
Like, Boot's my manager, right?
And he's like, oh, man.
Dude, sometimes it's just so easy to send a fucking tweet about D-God.
You have no idea how many I hold back.
Just because I don't want to be talking about them.
But it's like the lowest hanging fruit.
And Boot's like, bro, you got to stop talking about D-Gods.
Like, you're smart.
Just talk about the smart shit.
Like, just stop talking about them.
But, yeah, I had this chart.
I stole it from another tweet.
But it was like the Solana chart.
And it had circled the points like D-Gods, bridge to ETH.
Or, no, D-Gods, mint.
And then D-Gods, bridge to ETH.
And then D-Gods, considering bridging back to Sol.
Bro, it's fucking hilarious.
They minted at the Pico top.
They bridged to ETH at literally, literally the bottom.
Like, the fucking bottom tick.
And then now, like, yeah.
Oh, man, it's so funny.
But it's funny, yeah.
I saw that tweet.
So, Solana shitters are fun as hell.
It's kind of easy mode right now.
Because a lot of them just go up.
And everyone on Solana is retarded, right?
So, you just have to, like, think like a retard.
And so, you see a ticker.
I got this chat where we're looking at contracts, like, two minutes after they come out.
Lots of them are rugs.
But, basically, I just guessed the name.
And I'm like, are the Solana retards going to like this one?
So, yesterday, new contract, Manlet, Insta-Ape.
Guess what?
10x, man.
It was obvious.
Like, it's so fun, bro.
I cannot wait to have Shuriken on this fucking chain.
Let's go.
Sammy, what's up, buddy?
Yeah.
As Burd is your manager.
When Kuuk trading slash lifestyle, what's it called?
Forget the things other people are doing and charging.
No, we talk about that.
That's in the Telegram group today.
I mean, seriously.
No, no.
That was a joke.
Purple jumper yesterday.
That's supposed to be a joke.
Well, that's what we're pivoting to.
We are doing lifestyle content, but only in Telegram.
I have been in Kuuk's car.
It's not as nice as Farouk's car.
I will say that.
But he does have cool T-shirts.
So, if you want to get these-
Dude, my car-
Feet pics, et cetera.
Yeah, it's Telegram only.
I went to try to start my car like three days ago.
We were going to see an apartment because me and Waluigi were moving.
We got the place.
I think I mentioned that.
But, yeah, I go to try to drive there.
It's across the bridge.
And my fucking car doesn't start again.
Dude, this thing is like never works.
So, I had to get the fucking mechanic to come and bring a battery pack.
It's the battery.
It always does.
Anyways, yeah.
And I am wearing that sweater.
When I said I was telling them in Telegram, I got a new sweater.
And that means I'll wear the same sweater every day for like six months.
And then I'll get a new sweater because I'll lose it.
I wear the same shit every day.
And I drive a busted car.
Like, it's actually pretty weird probably.
But, yeah, Telegram chat.
Exclusive sweater updates.
It is lifestyle, but that's where millionaires are made as well.
So, if you want to get into that Telegram, it is invite only.
If you come up on stage and contribute and we think you're cool, like you can get an invite.
Even still, you might not because maybe I have a vendetta against you.
Maybe you're from Finland and I don't like Finnish people.
You never know.
You never know how this thing kind of goes.
But, yeah.
Exclusive group, again, Shuriken has promised 10,000x to anyone who joins that group and uses their bot.
I don't know how they're working that out, but that is just something that they said behind the scenes.
So, yeah.
If you are keen to be part of the Kook Inner Circle, maybe you'll get an invite.
And maybe you get a tap on the shoulder one day and it's Farouk inviting you to be a rug radio host.
Or maybe you're getting invited to Kook's Secret Discord where you can make a billion dollars.
You can choose the path that you want to walk if you get the option.
Yeah.
I'm speechless.
I would like an invite to this Telegram group, if that's a thing.
I'll let you and Kook discuss it in private at a later date.
But just know that I'm throwing my name in the hat for submission.
Yeah.
No, I'll DM you an invite.
It's actually a pretty good...
I'm trying to build it as, like, yeah, a smart person chat.
Right now, we're aping a lot of Solana rugs.
But there's a lot of people in there that, like, have spheres of expertise outside of Solana shitters.
But I've also got some Solana shitter guys.
So, that's what I like doing right now.
I can barely hear anyone.
I couldn't hear Boot.
Couldn't hear Sammy.
It's 1129.
I think I'm going to mute everyone.
Let's try Boot again.
You want to try to talk?
Yeah.
I think it's just your internet's fucked.
No, I can't hear them.
Yeah.
You're right.
Okay.
It was my fault.
I know the tricks from Fred from Superspaces.
You're supposed to, like, turn off your Wi-Fi before you start the space and close Twitter two or three times.
And, like, there's all these tricks.
Anyways, I didn't turn off the Wi-Fi.
So, every time I go out for a smoke, I disconnect and I lose another speaker or a co-host.
So, totally my fault.
Sorry for that.
I fucked it up.
Tomorrow, I will turn off the Wi-Fi.
And hopefully, we see you back.
This was fun.
Great conversation.
Thank you for coming.
And thank you to the speakers.
Root, thank you for staying up all night.
Let's go.
