Okay everyone, let's get going.
Happy Wednesday. I hope you can hear me. Let me know.
Fabio, can you just signal to me if my audio is fine? Okay, it's fine. Good. Good rate. Welcome to the Twitter space. We're gonna get you to blive in just a second and then
We're going to discuss the meme coin craze. We're going to discuss.
the setback that's going on in the markets.
CPI numbers coming out today, we have
that retired on cake and yield vault everything gets moved over so couple of exciting topics. Let me get you to life.
I think we're live. Welcome everyone. Happy Wednesday. May 10th. We are doing this a day later than normal. I'm not in my usual
I'm traveling right now, so yesterday was not possible to do this, so that's why we're doing it today. But I think shouldn't be much of a difference next week or back to our regular schedule.
topics for today. We have the meme coin crease, we have crypto setback, we have the earn service retirement on cake and
Yeah, bit tracks couple for the topic. So we're just gonna dive through a bit all with that from you. How are you? How's everything going? Happy Wednesday
Yeah, happy Wednesday. This time a bit out of the order at ordinary a day later. Normally we do this on Tuesday this week on Wednesday.
Yeah, lots going on actually in the crypto market in the ad cake in the macro sphere Not sure should we start with the main coins
I actually do own one particular mean coin since a very long time 17 or 18 I don't actually remember what I own some dodge coin
I haven't touched it in a bit. I've seen it run up from like a cent to a 71 cent and back down to 10. But for me this is just I don't know. Having a bit of fun and I don't know if you're in crypto you don't own any doge. It's just not the
the real crypto field. But it's not, you know, so let me let me, I have a little bit of an opinion on this. It's the whole Gen C and millennials, for them it is, you know, these meme coins is like going to casino. You have this
You have this feeling, but the main difference between going to a casino and trading mean points is you can justify trading mean points by saying I'm an investor and you can actually do some research and you can see which one is going to go next and it's thrilling, it's exciting. So, you know, I understand why people chase these things and we feel
saw a new height phase with pizza and with pepe and with with all of these other coins and you know for people that are new in the space they think maybe this was the first time but this is like the third big mean coin craze that that we are seeing like I remember very vividly in 50
I don't know what this was in the back.
2021 and now we sort of have the third iteration of that and you know just one thing to consider and a majority of people will definitely lose money in these things because like I saw a few people that actually did some research and there were two
teams, you can track this on chain. There were teams they were pushing out five meme coins a day for like 500 days in a row and I got it at my at the hostel of these people that are you know like just hustling and pushing one of these meme coins out every day and just you know if you do some research if you go
So for example, you look at Pepe or at Pizza Corner or at the ones that kind of made it, going to CoinMarketCap and open their homepage and just take three random coins that you heard about in the last five weeks or so. And all of these coins have identical homepage. These are the same people that
behind these things and there is one additional like this market became increasingly sophisticated. So for example, crypto banter, ran newer. He has his own organization and he has a few researchers. So what these people actually do is they look at all recently created
meme coins. They are tracking their daily active users within the first few days of a meme coin. And if they see a certain pattern like they are increasing, they are going in and taking allocations in those meme coins. And there are a lot of sophisticated players out there that do
exactly the same. This builds these run-ups. So a meme coin gets adoption or attention. Then you have the sophisticated players jumping on them. It gets hyped on social media. Then retail and everybody else that he heard about it for the first time they come in and people that have been there earlier.
earlier, such as the team or sophisticated players they take their profits and in the end a lot of retail people lose their money. That's just in my opinion how these MIM coins tend to rum. I have to say, PIPA did a really, really great job with leveraging the PIPA meme. I don't know what's your take on all these MIM coins that are out there at the moment.
Now 100% I think there's always two things that are needed in especially in the crypto space. You always it always starts obviously with the with the need or demand or the wish to make money right I mean I think a lot of crypto kind of gets is driven that way but that is not enough. There also always needs to have some things
technological kind of improvement. And one thing that's very interesting, especially on the main coin hype right now, is how does it actually set up from a technical aspect. People always forget this a bit about me. They always, like I know they see always these as this business person as the marketing person. I do however have a very strong interest in the technical
aspects. And I mean, I made a cryptography series on YouTube. I actually understand all this stuff from a technical standpoint relatively well. And so when you look at the current ordinals and especially the BRC 20 kind of craze, you see that this entire BRC 20 craze
is really set up to actually be noticed. And you have to really understand that. I mean, just the naming, right? BRC20 is so clearly an association to ERC20. It has nothing to do with BRC20. That concept doesn't even exist because on Ethereum, this was simply the
that the 20S kind of proposal for all that. And so on Bitcoin it simply kind of gets copied over now. Then on top of it the entire idea behind basically being able to run tokens on Bitcoin has been existing for all the time. And the way BRC20 is actually set up is absolutely ridiculous.
So inefficient. However, and that's the key thing. It is so easy readable for a human and that's what a lot of people underestimate and I think it just shows how powerful this is from a marketing standpoint. So I belong to this group.
of people who actually think that the ordinals, the BRC 20 hype is actually going to stay for way longer than most people are assuming. Most people just think, "Oh, it's going to be now and give it a week, then after a week it's going to die off." And I don't think this is at all. I mean, do I think that this current form as it is right now is going to last for years? No, I...#
I don't think that it needs a change to what's actually being used there because I mean let's be honest here at the moment this is just pump and dumps. So either this gets changed a bit and there's like new ideas and approaches to it or it's just not going to last that long but I also don't think this is just going to take a couple of days and I mean I see
see a lot of the Bitcoin fans, the hardcore fans on Twitter always talking about our, don't worry, this is just going to take a few days and give it a few days and that it's all going to buy off and I really don't believe that. I actually believe this is going to take weeks and at the minimum, even months because people are going to be
more creative, more creative, more creative and they're gonna just try new new things. So yeah, that's where I'm kind of standing with all this myself. I mean, I try just for myself to learn. I actually try to invest in BRC 20. I'm not kidding. I think at the moment it is
It's madness and I just spoke actually to David who runs our partnerships and I mean he managed to have that he send it actually to gate I/O and actually try to sell it all this stuff. It's like so complicated. It's insane right so at the moment the user experiences 10
It's also interesting. I mean, from our group perspective, we actually invested with our venture fund into a project that, like a million dollars, who was really focused on a decentralized, ordinal's platform, a decentralized BRC20 platform.
And we're really helping actively from bursty research with the tech resources because I believe there's like something there, but I think at the moment the user experience is just terrible. And so, yeah, I mean this is independent of cake. It's like really something completely separate. But yeah.
How do you see this? I mean, I know that you are way more on that Bitcoin hard line aside where you believe that again, I don't want to put words in gym out but from everything I kind of understand about you. You believe Bitcoin and the Bitcoin network should really be used for money and should be used for financial transactions. So how do you see this? How do you see this also?
And I can be a very outspoken critic of that you know that as well like and we have a lot of conversation sometimes that I shouldn't be so critical of that Which I always appreciate when you give me that feedback my like my feedback has always been that like lightning has issues with that and at the moment you really see
I think with these high on chain fees lightning should actually work really well, but then the entire like network doesn't really work because you cannot get into lightning and you can get out. So how is like how do you see this do you see this as an issue micro sailor I think there was interview on value table and I think where he now even
came out and said, I don't know, maybe this was a bit taken out of context or something, where he goes and doing, it's going to be interesting. Obviously, miners are loving it. We're seeing the first blocks where the feed part is higher than the subsidiary part, a subsidy part. So how do you see this? And what do you see there?
Yeah, so I have a bit of a nuance take on that definitely the Bitcoin hardliners and as you know the the general population on crypto twitter would call them Bitcoin Maxis which I think is not really fair but let's I'm calling them the hardliners
And they don't like, um, ordinals at all because it's a, they think it's a distraction and Bitcoin's purpose is, you know, to dissolve the boundaries between state and money, to be this protocol that is just meant to be money and you're not supposed to have any fun with it, besides, you know, trolling
people on Twitter, it's just for money. So I can understand where they're coming from. My position is a bit more nuanced because as you said, so we had the first block where the value of altering sections in there was bigger than the block reward the minus of CD. And this is huge because a lot of
people said, oh, this is not feasible for the future and the security budget is going to be compromised. And the minus of the city is not going to be enough to pay for Bitcoin security. So, and one point the haters or the critics there, they have to be silenced right now because it's definitely possible if blocks are full.
But it's also funny because a lot of people switched from, oh, it's not feasible anymore to, oh, the transactions are too expensive. And here also, a lot of hardcoin bitcoins, they like to say everything is good for Bitcoin. And I tend to align with that state.
Because what's happening right now is Bitcoin didn't have the necessity to scale in 2017 we really like end of 2017 with the last race This was the last time that the mempool got extensive like full you couldn't get a transaction through it was $50 to get your transactions into the mempool and we can't
of see that again, but in between 2017 and now there were only like very short and very brief periods of time where the Bitcoin network was congestion. And as it is with humans or with institutions or with anybody is necessity matters. If you have the necessity that oh my
God now these are expensive, then things will happen and we started with Binance. Binance actually did a complete stock on the positive withdrawals because it was too expensive. A few hours later, as Yizhi came out and they said, "Oh, we're going to onboard the lightning." You talked about lightning a lot of times.
The lighting is not, it didn't came very far in the three years. It has consistent growth, but it's nowhere when you compare scales to other protocols. And it needs to have a lot more adoption. But how do we get there exactly with the necessity that we
right now. If an offered exchange is made, the choice to adopt lightning right now, we're probably going to see less and less congestion in the future. There's an interesting thing going on right now as well. For everybody that's been around in 2016 and 2017, we had what in the
the community what's called the the block size war. There is a fantastic book written on this. It's called the block size war and their decision was made to stick with small blocks instead of making the blocks bigger and bigger. And this debate kind of is reigniting again right now. You see a lot of
people from the big block camp and also a lot of newcomers and new people saying hey we need to increase the block size from one megabyte to whatever. So there's definitely this discussion going on. But to come back to your question is definitely in my opinion it's
These are good developments. We are still early, at least that's what I'd like to think, and a bit of experimenting with all kinds of these things. It's interesting, definitely. I like that Michael Saylor came out with also a bit of a new on stage because his opinion matters.
people follow him and you pointed that out on Twitter earlier today that a lot of laser eyes will change their opinions and I'm fully with you there. So it's important to have people like him being open-minded and nuanced when it comes to innovation on Bitcoin. Yep, interesting. Okay. How do you
I mean, I saw this very scary chart that whenever Bitcoin fees kind of went to this, I don't know if you've seen those charts, where Bitcoin fees spike as they're doing right now, that this is actually always kind of signaled a major top in the cycle. So I really hope that
this time it's different and I can definitely not be a major topic because we're definitely not in a major topic. It could be in a local kind of topic or something. But and then we see this pullback. Suddenly people are like, "Oh yeah, Fabio was right. Go away and me and stuff."
How do you explain that a bit? How does that tie in? Does it have to do with that? Do you think that people are losing face in Bitcoin right now because they use it? Or it's like $50 transaction fees if they actually want to get into the next block? Or do you think that's just like there's no causation? This is just correlation.
Yeah, the latter. So I don't think they there's a direct impact of high fees and price this time, you know, like in 2017 it was very clear that you could really see on the fees that a lot of new people were joining and we don't really have that this time.
There is some overlap, but most money or most price in flux in Bitcoin came out from other coins and from stablecoins. It's not new people that are joining in and that the network is too congested to onboard them or something like that. It's purely BRC 20, this
memes that are going on at the ordinals and so on. But I still believe that going may might be a thing because what happens is crypto or if the general market gets boring. So these degenerates, as we like to call them, in the
in the crypto space they always look for the next high thing the next adrenaline and if it doesn't come they're gonna make it themselves you know they're gonna make it happen and right now we just see okay it's a bit boring everything is saturated so there's really this drive to look for some
in shiny new and bumpy, which currently is mean coins and these things. But I personally think there is not a lot of air left there. And now it's more like the depression phase of that height phase is kind of unbiased.
and I'm still personally, it's just my personal opinion. I don't really see a bullish summer ahead of us. I can completely foresee also in general markets. I don't know, maybe we're going to touch on macro as well or have what are your thoughts on the summer
I mean, for me, let's say, I really, I mean, we have seen this decoupling right now, especially from stocks and crypto. I we've seen this over the last weeks. And I think it all comes down to me because I mean, to me comes down to finance and I know I've been very vocal about this now for almost two months.
I just think Binance is the one who has been buying up most of the big coins in the past, actually, four and a half months, even five months probably now. And it really depends on them. I don't know how much powder they have left. There's still a lot of viewers to you left. I don't know how much of that USD belongs to them. And I think that's the major.
If they keep buying, if they are able to really allocate that, I think that's the crypto markets are going to do well over the next couple of months. If they stop, if they slow down, then this is going to be quite bearish.
Stock market wise, I would tend to agree with you. I would be very cautious on the stock market over the next couple of months. And it really, I mean, I just, again, I do see the Fed now pausing rate hikes and generally this is not the best time to invest.
Yeah, I just people just need to understand that there's still like six billion dollars waiting on the sidelines in the USC and that depends who owns this.
The other thing is today there was the Citroen Currency Group loan that was supposed to be settled over 600 million. Obviously we don't know exactly if it got settled, but based on the blog post and based on the reaction that the Citroen Currency Group made, it's very likely that it didn't get settled.
now it seems like from what I understand, there's about 30 days until the beginning of June, and then at that point actual creditors put actually a four-stitial currency group into an involuntary chapter 11, and I think that's also something to really consider. So I do see a lot of kind of
crazy things here a bit. Binance gets investigated for
criminal kind of action now by the department of justice. Again, there's no allegations yet. This is just like investigation. I mean, investigation is actually nothing, right? I mean, it's just, it just means it gets
And there's rumors that CC is going to get personally kind of, you know, these are all things that are good, but all of that is irrelevant if someone is pumping six billion dollars into the market.
Yeah, I posted this on Twitter so many times and people are like, "Why did you change your opinion? Why is suddenly bullish?" I'm like, "Well, it's very easy to be bullish if there's $6 billion waiting and you can just constantly see those $6 billion flowing into the market and whenever they do, the price goes up." So, as long as these billions of dollars keep going in, I'm staying bullish.
And I don't know when they stop. I mean, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I,#
I noticed it and mid-March, I started to notice it. Actually I noticed it in the beginning of March but at that point I was still like, "Is this just like, what is this? Is this something real? Is this like some woohoo?" I think mid-March and I started being very vocal about it.
Yeah, that just me a bit. What about your thoughts?
So I think it's one and done. There is not going to be another rate rate hike. That's just my personal opinion. The market also tends to favor that there won't be another increase I have checked actually the last three days or so but last week when I checked the last time it's
like a 90% probability that they wouldn't race again. And so it's going to be really interesting because you have both of these curves. So you need to imagine there is inflation, which is currently in a downtrend. So inflation is like every print is lower and lower and you have
a fed fundraite which was in an uptrend, every tick is higher and higher and both of them are actually converged, or there is a they are running into each other within the next one or two or three months, it depends a little bit on what kind of print we are getting this week, but usually you can say for sure
like a month or two or three ahead of time that the actual or the fed fund rate will be higher than inflation rate. And this is what the fed is aiming for and I think they're going to see exactly what they wanted to see. And so they can take their food away from the pedal and let the rates do their thing.
They practically just say, "Okay, we are at a terminal rate. We're just going to wait until everything is going to play out." And if this is the case, historically, the market doesn't really take that so well. Like in the super short term, let's say we're going a month into the future, we have the next Fed meeting and he's going to say, "Okay, we're pausing right now."
The short term, the action mostly, the market is going to pump slightly because, oh yes, finally, we are a terminal rate. But what's unfolding over the next six months after this moment is usually very bearish. The bigger part of the correction is usually after the Fed turns around. So the two or three
things that we can look at this for example unemployment but unemployment is a lagging indicator so usually it's already too late if you see unemployment pick up things already kind of started to unbinds and the other thing is of course CPI we want to see lower and lower prints and then probably the fact is
just going to wait until something bursts open into their faces, like even worse than what we saw in the earlier part of this year. We saw like four major banks in the US blowing up already, but until now not really something huge has happened. The market is holding up quite well.
Yeah, so I guess we need something even bigger for them to reconsider. What I find very interesting is that if you go into the future, I think, 18 months and you're looking at Christmas 2024 and you're looking at what the market is betting on where
the Fed fund rate will be, I think they are pricing it at, or that the probability is like 30 something percent that is going to be around 2 percent in 18 months. So like 30 percent of the market is actually betting there will be a drastic event within the next 18 months and the Fed will be
So, of course, to lower interest rates very drastically. This would be like historically the measurement to go from 5 to 2, that's a very drastic change. But a lot of market participants are actually betting on such an outcome. And I think it's not far-fetched. We clearly have seen some cracks.
in glass. Now it's just a question of how long can we go further as we are going right now. What's your expectation for CPI today? I mean, I think expectation is that inflation is going to go down even further. Co-inflation, I think expectation
like 4.5% and then inflation for like top-line inflation is like what like 5.0 something percent going down from so that's the April inflation going down even further from the March. How do you see this? Do you think that's in line? Do you think what do you think we're going to see there and how do you think the market will react?
I'm not very knowledgeable on this specific issue, but I would say we can expect something similar as we have saw in the last six months or so that usually these events are pretty much priced in and aligned with expectations, you know, maybe slightly above or slightly below.
but in the realm of expectations and probably pretty much priced in. That would be my best guess but I haven't looked at any data or anything to make a... I think you're sophisticated. I mean from everything it looks very much like that. What about Petrax, filing for chapter 11?
Yeah, heavy because I love the exchange I've been signed up with them since I don't know five years or so I loved the exchange or I still do and I'm a bit confused and maybe you can shed light on that but there is several different entities no it's not bitrex is basically
But they have like bitrix us and bitrix global and bitrix Incorporated and and and and only a subset of them is actually affected by bankruptcy only the yes I think I mean and when when you read the tweet and the email that the tracks you ask
sent out, what in my opinion they were trying to communicate without being allowed to say so this is basically to shut the door on the SEC lawsuit. So the way in my opinion they did this and again I have no evidence of that I don't have insight information
that I want to be very clear, this is purely an assumption. So from everything we see from like which I think is very clear, they have a US entity and they have like the Bitrix global for everything else. They are very clear that Bitrix global is not affected by this, it's regulated I think in Bermuda and in Lichtenstein.
So there's several evidence to believe that bitricks global has any issues now Does that mean you can trust bitricks global blindly probably not but I don't see any reason on why like we shouldn't believe them now. I don't leave coins just on an exchange and
for nothing, but I just want to be very clear on this. Vitrix US announced that they are winding down their business and they want all the US customers to withdraw their funds. According to the email, most of the customers did join until the end of April and then they filed for
or voluntary check the 11 bankruptcy. And in my opinion, the reason they did that was because that with that newman lawsuit is probably the only way, I'm not the legal expert, but I think that's the pretty much the only easy way how they can just stop operating, right? Because they basically paid out profits, right?
You pay our profits, so they took out the money that the company owns, they leave the customer assets that because these are separate assets, so you leave those. And now you just say we're filing for chapter 11. Any company can do this. And so by filing for chapter 11, now it's just like, okay, customers, here are your assets. You can fill with
They're still there, but any other claim you have to go against everything else. And so even if they lose that lawsuit with the SEC, I would assume there's nothing to take from the SEC because or to get from the SEC because there's just a shell left over. So I just think to me, this is more of a
Probably a legal play than an actual like thing. It's just that instead of winding down orderly which is super complicated I would assume with a looming SEC lawsuit because you would probably have to I don't know how much Asset you would have to keep or I don't know right you just go and say sorry for bankrupt chapter 11 Take whatever's left. So I think this is more of a
I would assume this is more of a smart plate than anything else. Now obviously there's definitely some repucational damage with that because I would assume a lot of people will instantly be like oh my goodness this exchange is bankrupt I'm not sure how much can I trust them and again this is also difficult to know maybe the US can simply then go and say you know what okay you're playing dirty tricks here okay
Let's screw you globally and suddenly they're going to go and track that down. Right. So these are definitely things that can happen. I doubt that any US customer is going to lose any funds there. I think the one that's losing out here is probably SEC. So yeah, sounds to be more like a business move than
than anything else. Again, a lot of assumptions here. I'm just watching this from the outside with the understanding of a CEO, but it doesn't look like this is going to hurt any customer, doesn't look like this is going to hurt any creditor other than the SEC and probably from all the options they had, probably the smartest move.
Just reiterate according to their statements, the directs global should be unaffected by that should be operating like normal I Have again, I'm just really kind of restating what they stated. Please don't take my statements here at face value and obviously at no point can I vouch for betrex liquidity or solvency? I have no
I'm happy to do so for cake but not for any other exchange because I just don't know. So I'm just purely kind of forwarding that. But for everything I've seen there, I would also not doubt their statement but that doesn't mean that I would vouch for it. Other topics Fabio, if we have any. Any other topics in the community we need to address?
we address the earn wind down, I think this makes sense. So we actually this happened on Friday already on Friday the returns on earn dropped below like 1.5%. I know for the customers you didn't see this in the app yet because it always takes a historic
So it's an historical average and so it takes a little bit until this kind of shows up and this actually cost everything to start losing money. So there was like no way that customers in and the company would actually make money would actually lose money. And so for us, we over the weekend made the decision to wind down earn.
on Monday. There was a small part where we had to, from personal funds like company treasury, we covered the volatility protection for a couple of users. This was tiny amounts, like really, super, super tiny. It was less than 1.1% of the total assets. It was like, of the total assets
of the entire kind of outstanding number. It was a tiny amount because most people were really close to the 100 days and then like there was just a lot of volatility protection left over. So we covered that. We didn't want anyone to lose money on that and we paid all the interest. So everyone got back what they put in plus the interest.
So we still wanted to unwind that down. I would highly recommend you move over into yield wall to return there better. You don't have that volatility. You don't have the employment loss risk. The product is super straight forward. And yeah, so I but I don't think there was
so much negative pushback on that. I mean, one thing I do want to mention, so obviously we did have to entire wind down this entire liquidity. So you saw this on DFI chain with the liquidity drop. There were also people on why did we have to unwind that DFI position back into Bitcoin. That's just because that's how that product is designed.
So you have for example the Bitcoin position if Bitcoin goes up in price versus the FI that liquidity moves over into the FI and if you unwind that you have to move that back. That's just how that product works. There's no way around it. Then there were people asking why did we not cover that with our Treasury?
It's very simple because our trash only mainly invests into one asset and that's Bitcoin. That's just because we actually don't really invest in crypto which is hedge with crypto and to me Bitcoin is probably the best crypto assets to hedge because you're not really taking much bet. It's really a hedge. And so for us we are not after
We're not trying to pump some coin or we're not trying to kind of do any trading there. We don't try to trade against customer or for customers. We just execute what the customer does. And if the customer would have done this themselves, it's exactly the same process. So I just want to be very, very clear on this. We don't take any positions. We don't take any bets. We don't do anything of that for us. We#
execute what the customer does. And if we did anything different, actually our entire kind of business model, the entire license of being a custodial, custodial wallet provider, wouldn't work anymore because suddenly we would become a fund. And this is none of these things that we are. So just want to be very, very clear on that. I don't know if there's anything that you saw there, that you want to add there or anything else.
I think we have this very well and I could also really see that on Telegram within our community, especially within the VIP Telegram group, usually with DC events or when we retire the product, the most important thing is that none of our customers lost anything like we
everybody was made whole and everything was fully automated. You kind of received your balance on and it was made available the same day and now you you you can reallocate to any product that you might choose. You know what's what for me stands out and this is just my personal opinion is you can really
see how quickly changing and evolving our industry in our sector is. And you know, like if you just go back eight months or nine months when Earn was a pretty new product, Ealed World wasn't even possible to do. Like there wasn't even
opportunity in the market or you couldn't do a product like yield world. And now the tables have turned. Erdent is not really a feasible product and it was an amazing product nine months ago. And now you have the opportunity to start other things like yield world and now yield world is
probably the place to go and the place to be. But nobody can see any guarantees how the markets will look like in a year or in two years from now. There might be a completely new product that is even better than 10-year gold. And we are kind of in the business of identifying
these things, making them into an easy to understand a simple product where you just can buy the click of a bottom, like the yield wall, you have some balancing Bitcoin, you go on to the yield wall page and you add it to it, there's two clicks of a bottom, that's it and you basically can use a very sophisticated
products that we take care of in the back end. And like the thing that we really can be proud of on is we had several of these products before. We had a blending, we had Lapis, we had Earn, we have a very different and very diverse set of products and never
ever customers lost money with us on these. We haven't lost the cent in a hack or in a bad design product. If there might be a slight loss, we usually cover that for you. Like Julian just mentioned, we had a small amount of customers with not
100% volatility protection and then we just take care of that. So yeah, I really like how everything was handled that there's a replacement in form of yield world and I'm also really excited looking down the roads maybe year from now we might have an even better or a different product ready
100% yeah I see a question around a 3 month staking team is working on that To be honest, we haven't put that much focus on it We will prioritize a bit more because we just really been having a lot of things that we want to roll out one thing that also got delayed right now is
the entire idea of having different vaults so that you're yielded on Bitcoin, Ethereum, DFI and so on is even higher. So we are 100% working on that but it's just been different priorities and different things. So yeah, I know if you're with
waiting for the ease on staking, you can on stake at the moment it still goes via CSE so there may be a small discount there. Once the on-chain staking is happening we're going to prioritize that so yeah thanks much for that question. I don't know if there's anything else Fabio that we have
You are a mute at just you know.
Oh, sorry. Just one thing. Tomorrow, three years ago, exactly three years ago, was Bitcoin half in the 2020. And as some of you might know, that's also the
the May 11th 2020. This tomorrow, this is going to be three years. And this also means one more year to go.
until Bitcoin Halfing, approximately, which is exciting. And yeah, just on the rule, on the rule, mention because, yeah, it's very special day tomorrow. Cool. Yes.
Yeah, looking forward to seeing what's going to happen there. Nice. Great. I don't have anything else for you. If nothing else from your site, then let's call this space. Let's call this video. Cool. We did everyone. I hope you got value of this. If you do, click subscribe button. Click the like button.
Join us as a customer if you haven't done so so far. Go to kick eFi.com. Sign up.
could your crypto to work and, uh, yeah, we're still hiring as well. Go to K, you've had a calm slash jobs. Uh, pretty much all roles though at the moment, except for a few exceptions are in Singapore. So
Yeah, if you want to move or you live here already, then that's it.
Otherwise, thank you so much for all the best, stay healthy, stay safe, see you next week. Thank you so much, you're truly Julian and Fabio. Bye bye.