you're fucking with me man this is this is ridiculous I'm so pissed off
literally I was looking at my phone okay I'm looking at my phone and then
Twitter just turned off it just went blank disappeared gone
what the hell that's ridiculous man I'm so upset about that we'll get things
rolling in just a second here oh my god I'm so sorry about that I intend to keep
this going for probably another like half hour to an hour so I'd like to and
that's what I want to do but wow that was just so frustrating I like there
has to be a fix for this this is two weeks in a row now so last week the
issue last week the issue was that um oh my god I'm blanking last year the issue
last week the issue was that uh I was on Wi-Fi and the Wi-Fi cutout so that led
to like that led to a break that was a problem but this week I made sure to not
be using Wi-Fi so I wouldn't have that issue so I'm not on Wi-Fi and it just
turns off like the Twitter just died on my phone I'm not running any other apps
I'm not doing anything else ah I'm sorry we'll get things cooking in just a
second here that is so unbelievably frustrating but whatever I'm gonna
message Cyrus I hope he can come back cuz I don't know how much time he had
left that is so annoying anyway hi again you know the deal like some
retweets bottom right they go a long way and they mean a lot yes we got
Cyrus back at least for a little bit longer hold on Cyrus dude that was
ridiculous I'm sorry I don't know what the hell happened it just broke just
turned off I'm sorry no worries at all everyone the everyone's already gone
from my house so you know I'm happy to stay here and chop it up I'm having a
good time all right three more hours you got no I'm kidding oh my god which
by the way do you um like what why don't you come on spaces that much he's
just you don't like to you like and I asked this I asked this because I've
spoken to some of the other people that I really really respect and I'm like hey
would love you would love for you to come on a space they're like I don't do
spaces and most spaces have horrible asinine conversation like I fair but
what is it for you I mean I would say my answer is probably similar to what you
just said but I mean from I've listened back to a couple of your spaces and then
you guys always have really good discussion and topics that are like
relevant to what I'm doing and relevant to the market and some high-level
speakers on so I have you know so I mean I've had a good time I haven't I
haven't had a moment on this space where I'm like why am I here but when I
listen to a few others but yeah I mean that's the short I'll definitely start
tuning more to this one the two that I've listened to there was one with like
NFT stats and I had a couple others that I listened back to of yours that were
they were really good so when you asked me to get my I was like yeah for sure I'm
for sure come on I'm gonna try and get Sam back some time I don't know I tried
to get him on for tonight but he was busy bunch of the a bunch of the other
NFT phi guys were all like asleep today I was like alright fine loser but we'll
hop we're getting a hold of this industry I know I definitely feel old I
like go to bed like 9 to 10 dude it's my birthday this week I'm aging I'll be 25
on Thursday don't send me anything no ma sorry I totally cut you off earlier
or we on total I don't even remember where we were at you were talking about
price lock something like that it was exciting yeah where do you guys lose me
I was the last thing you heard I mean I don't know where everyone else lost you
I just know that I shut off at some point while you were talking about
price lock and I was I was too frustrated to uh like I was just upset I
still am upset he finished and then we sat in awkward silence waiting for the
host to direct it to the next person and then it just shrugged okay great
perfect that's exactly how I was hoping it would have gone all right so damn
wow that is awful I'm so sorry well here as I reset things here I'll just do a
quick quick little reset and we'll hop back into things again cuz I cuz I do
intend to run this for at least like another 30 minutes to an hour I'd like
to and I've been enjoying this and I think it's a useful conversation I have
and by the way I think like a lot of people are starting to get into a lot of
people are starting to get into like the like for example I was listening to nifty
portal they're the nifty this week right and Spencer who is one of the single
best I'll call him market participants because he does a lot of things in
crypto one of the single best market participants I've seen in this industry
to date and there's been crushing it for the better part of the last year and a
half so I was talking about wasabi and I was talking about it to an audience of
hundreds of people and people in my opinion are finally starting to figure
out like there are more things to NFTs and crypto at large than just going on
OpenSea and pressing buy and then pressing lists at a higher price right
like there's there's more things to that and also I mean even if you don't want
to necessarily play with that and if you just want to like buy and sell right
you still have to at least be if you are considering yourself a trader and not
like a collector if you you have to be at least lightly aware of the goings-on
right like as if you're not you end up buying an Azuki at 18 ETH right before
they have a liquidation cascade down to five right so stuff like that's
fascinating to me and why I think you know frankly we should just all be a
little bit more aware of this stuff but before we get back into things again
this is an arcade sponsored space part deuce doaks I don't know how they say it
in the French but part two I guess which if you guys don't know what arcade is
they're currently co-hosting this space they're the leading P2P NFT lending
platform over 175 million dollars in volume it is again the literally so the
single best place to unlock liquidity on rare NFTs like like pudgies basey and
especially rare art a lot of which and also just like smaller collections that
you might have as well like for example sappy seals if I want liquidity on my
sappy seals because I have a lot of them and might like actually need to unlock
liquidity on those things at some point right one of the problems is they're not
supported on blend and they're not supported on other like like this is
this is the single best place to do it so and also if you it's a vastly
different loan structure when you compare it to blend if you look at
things like pudgies and apes so if you want like actually certain terms which
the terms on blend are not certain if you want certain terms and know exactly
what to expect with your NFTs arcade is bar none the best place to do it and
they're like a battle-tested platform it's actually amazing beyond that couple
other things over two and a half million dollars of interest has been earned by
lenders it's a ridiculous amount of money so congrats to all those lenders
that have been cooking like Cyrus and finally arcade Dow is a decentralized
protocol it's powered by Arkd and governed by the community and expanding
over the course of the next few months so I just would say like you're at all
interested please make sure you check it out all right so yeah absolutely insane
design I don't know who their designer is but I fucking love it dude it is
pretty sick but anyway I'm gonna toss to Chris real quick and then get back
into the conversation we were having so what's up oh and also guys if you if
you guys don't mind please like and retweet it does help considering totally
got fucked over by amazing app design but whatever Chris what's going on yo
oh thanks for having me I put my hand up earlier so I thought like that or you
know something else happened but I got two questions for serious ones just
like straightforward I didn't catch the name of that platform that you were able
to check like the law the outgoing loans and all that earlier so if you
could just give me the name of that that your friend developed his name was also
Chris you have no Genesis snow Genesis okay sweet I'm gonna put that in my
notes cool yeah so I I've been looking into like NFT five for the last few
months and I just pulled out my first loan this weekend very responsibly so I
can double X leverage for an expensive man but one earlier was on nicely done
yeah man of course that's that's what's why we're here make bad decisions you
mentioned like newer markets or newer chains you mentioned liquidity
liquidity I know you're familiar with them I that's who I took the loan out
for is from Bitcoin ordinal loan specifically I think you said
disproportionate to the lender I noticed specifically the Bitcoin ordinals
again I'm still newer to this so it's not like I have like very like like a
lot of data to go off of but it just seems like higher risk for the lender
almost than the borrower at least with this like newer and and again I'm more
familiar with that because I've been on that lately what advantage do you see
like when you're going to like either a new chain or a new platform and maybe
like let's just say a bunch of inexperienced people like me and you're
looking at like do I want to do I want to land or do you want to borrow like is
there like a striking points there like advantages to to lend or borrow or why
is it so disproportionate to lenders I know that's not like a just a one-sided
question but if you can kind of get what I'm asking yeah yeah I think that's a
fair question I think it's not always disproportionate to the lender I think
especially on ETH with incentives that lenders had to farm lending points on
blur I think it was actually disproportionate to borrowers like why
would a lender ever offer a 0% APY loan that is absolutely disproportionately
advantageable and you know there's a disproportionate advantage to to
borrowers on ETH but when you go to like Solana or Bitcoin if you want to
incentivize lenders to actually land against new collections like node monkeys
or whatever it may be big pizza ninjas right ninja pizza ninjas then you're
going to like the only way they'll come in is if the rates are high so when I
saw like 200% APY loans on node monkeys I was like at half the price that the
floor is I was like okay I kind of have FOMO on these things I want some
exposure 200% APY for 50% of the price that they're actually at would I buy a
node monkey at half the price that it's at right now in in in 14 days yeah why
not like all my friends are so hyped on this you know and if they don't crash
then I earned 200% APY for 14 days or whatever it was like the I guess the the
risk reward just has to be there for lenders lenders in are just looking for
yield most of them ETH on ETH some of them blur points on ETH but yeah so I
it's just like an EV calculation basically at the end of the day if
somebody with capital feels like it's worth putting up you know X amount of
ETH or Bitcoin or whatever it may be secured by this specific NFT in a week
do it the question is basically like do I think a node monkey will be less than
point one BTC in two weeks no I don't how much am I willing to be paid or like
how much does it have to take to get me to put my money where my mouth is on
that bet if it's 200% APY sure why not like that's pretty good pretty good yield
for something that I feel confidently about that's like not gonna happen I
don't think no monkeys will be under point one ETH in a week sure I'll earn
200% APY on a few thousand dollars you know in the real world that's kind of
unheard of but the real world the real world has a hard time wrapping their
head around the true risk of something like node monkeys crashing 60% in a week
you know like stuff like that it's just like a an EV calculation basically like
if I think that the risk that I'm taking by agreeing to buy a certain NFT for a
certain price in 30 days 14 days whatever it may be is worth the yield
that I'm gonna receive by taking that risk I'll take the risk from a lender's
point of view that's how I think about it no that's a great answer honestly it
seems obvious but I don't know the way you said it just makes sense like if I'm
already like interested in this collection or I think this is a good
price point might as well lend it out cuz worst-case scenario you know you're
stuck with it or no you might as well lend it out yeah based on the ratio so
yeah thank you that's a good answer yeah I would say like if you're getting
started lending the number one thing is like get started on collections that you
would be fine with buying like get started on collections that you're
interested in because you can basically say okay I'm willing to buy this NFT a
pudgy penguin for 10th in 30 days if I don't get the chance to buy that I'm
gonna earn 30 to 40% if you go on I woke up today and I checked blend today and
you know he's not a close friend but a buddy of mine CBB he's like the second
biggest second or first biggest lender on blend can you get him on one of these
spaces by the way I want to talk to that guy he's one of those guys who I just
can't see come I haven't I've had very limited interactions with him but from
from what I've heard and how he operates he feels like one of those guys who will
just do is talking on chain I mean maybe I'll just buy his friend tech here
or something like that there you go yeah I don't know I don't know if that's
that's that's still going but yeah like for example the penguins like if you're
willing to buy a penguin for 10th today when you woke up or when I woke up there
was a bunch of loans that were being auctioned off as a result of CBB pulling
all his liquidity you could lend you know 8 to 10th on a pudgy penguin and
earn 60 to 100% APR for that on a perpetual like that loan would be closed
when the borrower decided it's going to be closed or when the lender decided
it's going to be closed that in my opinion is kind of absurd like I would
be deploying a lot of I would be taking all of those loans if I could I kind of
gave the NFT stats an earful for he tweeted out something about how he yeah
he was like I'm doing this yeah you know he messaged me he's like what do you
think of this I was like dude why are you like I'm not gonna be able to lend
anymore stop it bro but I guess like over time as people learn where these
inefficiencies are capital is going to flow in and same way that if capital
flowed in and close the inefficiencies on NFT trade trading trade trading and
stuff like that like that's just how it works like as a market matures when
there's inefficiencies capital is going to flow in and take advantage of those
inefficiencies and eventually those inefficiencies aren't going to be there
anymore because the you know the people are willing to express their enough
people that are willing to express their level of risk we're going to come in and
then undercut each other to like the true market price I guess if that makes
sense I'm gonna toss to Jen here and I actually have another question for Elmo
afterwards but Jen what's on your mind by the way Jen has an amazing show
remit reality you guys should make sure that you're watching it like it's
actually really good so thanks Eddie you crushed the spaces and serious like love
the alpha but the loan to own strategy that's awesome I actually wanted to get
up here and just to shout out to Elmo and the tensor team I know price lock
was just recently introduced and I was looking at your guys's activity wait
hold on am I saying it wrong is it like Elmo like Elmo I don't know
oh my god but the amount of users that you guys had because I feel like price
lock is way similar to options in terms of like the NFT by category and I was
looking at wasabi's dune you know for their all-time kind of options
obviously their perps are taking off but and I love the wasabi team oh geez
in the NFT option space but you guys have just crushed their stats on soul
just within the first 24 hours and it is so fucking cool to see like NFT by and
this defy adoption really starting to pick up and heat up on soul so just
wanted to say shout out to you and your team like Dalton and I are big fans of
the way you guys build and keep it up I'm excited for that tensor airdrop yeah
appreciate that thanks for the kind words yeah actually ill moi okay got it
that's not a real word right so it's not like you're it's not like you're
missing there I mean I try I try I said ill moi thinking I was like smooth with
the French but but my question is like you know obviously you're super exposed
to Solana clearly you guys have been building probably one of the most used
protocols upon it over the course of the past year you know I've been I've been
saying for the better part of like last two years now that if you want to know
what's likely to happen in the world of let's say crypto you probably want to be
looking at Solana because Solana tends to move first on a lot of things and has
moved first on a lot of things for example the royalties debate was
basically begun it like it happened it started it ran for like three months or
so and it ended but six months before it began on e so it's like okay if you want
to know how people feel about royalties and how like that'll work you should
have been looking at Solana six months ago rather than trying to figure it out
on the fly today so my question right is looking at the Solana ecosystem
especially which I was just saying where wasabi like wasabi is great and
does great work but they have not moved nearly as much volume as you guys have
in a similar and a similar protocol with price lock in just like the last 24
hours right so my question is how do you feel about the soul culture as as
to NFT Fi generally like how amenable are people to trying out different things
like experimenting moving things around what would you say worked in terms of
actually getting people to to learn this stuff and mess around with it because I
for one am more present on ETH but I also have plenty of you know soul
exposure I basically always use tensor because it's literally the best and like
I want to know what works on solar what you've seen that works on soul and then
see how it could better work elsewhere as well yeah I'd say that it's
interesting I think the ecosystem as a whole is maturing right now for example
I think most protocols are currently either already open source or are gonna
open source shortly within the next two quarters that's included and so I think
that's kind of sign of like the team is maturing and being ready to let their
babies out into the open I think the products have a bit of Lindy by now and
the contracts do but in general I would say that the biggest difference between
so on and a theorem is that the audience has to be a bit younger and maybe a bit
more immature and I think as a builder that's very important to understand and
think about that so for example with price lock we intentionally removed a
lot of the dimensions of complexity and we basically kept it like very very
simple you know there's like memes there's explainers like when you first
open the product we force you to do like a short tutorial because we want
you to you know understand what you're doing because it's it's a product that
lets you do like you know fairly sophisticated things and I think the
products are gonna win long-term are gonna be the products that have that
approach of like hey let me make something super user friendly where the
user doesn't have to like go and study a finance textbook in order to understand
that that's kind of how I feel about the ecosystem right now I think it's
maturing but I think you know products still need a bit of work yes I was I'm
curious like I'm not gonna try and put you on the spot here but mainly cuz I
would like to know in a sense Cyrus how you would approach like what questions
would come to mind if you're talking with a marketplace do you have any
thoughts or questions for Illinois I would say with the new it's called price
lock right the from what I understand it's kind of like options in a way I
haven't looked at it at all to be honest the only thing I've heard about was like
from friends who have used it but for tensor specifically it would be like how
does price lock work yeah that's my main question is like how does price lock
work is it an options protocol is it like perps how does it all like in layman's
terms for someone who's never used something like that yeah I would say
it's a very stripped down version of options where we kind of like built it
from first principles thinking like hey what do we think the ecosystem needs and
then like what are the primitives we can borrow from stratify when you go there
you basically as a maker you select whether you want to fund blocks with
NFTs or with sold and when you do that the only thing you specify is the price
that you're willing to either buy the NFT ad or sell the NFT ad so you're
funding with an NFT then you're basically specifying the price you're
willing to let go of that NFT ad and if you're funding was sold then you're
basically specifying the price that you're okay acquiring an NFT ad so
basically like the the short lock is the same as lending it's exactly what
you were describing before and then the long lock is kind of like reverse
lending where you're putting up the NFT and then somebody might take it and then
if the price runs away then you'll never see it but you'll get the soul and if
the price crashes then you'll get it back that's basically what it is that's
the only parameter that the maker controls and then the takers they
literally have one button which is go long go short and they always take the
best offer in the book that was like very intentional designed to keep it very
simple so again if you use Sharkey before it's like very similar experience
for the taker gotcha yeah so to me that sounds like a simplified versions of like
an options protocol like as a as a liquidity provider I guess I can I can
sell cash secured puts kind of or I can sell covered calls basically if I'm
understanding it correctly yep you are we're just not using any of that
terminology because the thing is like too confusing for most people who don't
come from that background and we're using something that we think is like
way more intuitive which is like yeah you lock a price for a week you know and
then either goes down or goes up and then you either get back your NFT or you
get back soul totally I mean I agree with that decision because it's like
most people hear that that terminology and they kind of get scared off like I
mean a year ago I would have gotten scared off too so like I think that's a
good move on on your end and it feels super simplified I'm definitely gonna
gonna give it a try when I get home or like this week and see what's going on
with it I know you guys just launched that like a couple days ago so awesome
congratulations on that yeah thanks it's been is blown past all of our
expectations we definitely didn't think we'd get like five minute volume in the
first week that's kind of crazy and by the way question right so one of the
things I find interesting so I'm I'm a pretty aggressive blur farmer right like
I'm pretty aggressively bidding and playing around there I'm pretty
aggressively using arcade right so like my question is how so like one thing
that kind of shows how I would say it developed a market is is how bought it
is for example right so like if you look at the shoe market it is one of the
most aggressively bought it markets and all of like in all of the I guess you'd
say retail industry right and then if you look of course at you know real the
the actual stock market obviously the amount of algorithms that are being
worked on and botting the market on a day-to-day basis are absurd right
market-making etc so I don't know if you can or can't talk on it but what
patterns have you seen in terms of people who are botting or at least
attempting to buy a tensor because you guys do have for anyone not aware you
guys have a points system that's ongoing and then also even just general market
makers but regardless yeah I know everybody loves points right so we
definitely have a point system this week we also moved all of our employees from
salary to salary points that's been a great transition everybody's really that's
amazing trying to convince them okay but on a more serious note I mean yeah
it's basically whenever you have rewards whether it's points or something else
people will try to game it because by definition it's typically worth it and
the way you get around that is you basically need to obscure the feedback
that's the only way you can sustainably prevent gaming so on most products that
have points you basically add almost real-time feedback for you know you did
something and then your points went up or they went down and your rank and
leaderboard went up or went down that's also how we had it in season two and
after that season ended last summer we actually removed the points counter and
we made the leaderboard be async and it updates only once a week and that's the
only week the only way you can at least somehow prevent people from gaming the
system because they just can't reverse engineer the formula anymore and that's
really interesting by the way I can tell you that really interesting like probably
20 25% of our time every week is wasted on like understanding the data and then
like adjusting the systematic algorithm that we have in the background that
assigns points to take into account like new ways of gaming the system for
like a couple weeks there were people who were basically like was trading back
and forth like a single collection with 0% royalties and that ended up accruing
in this proportion of the amount of points so we had to adjust the algorithm
to fix that so people are still finding ways. Did you retroactively remove the points on that by the way?
We only did it for one week because it was so blatantly bad that we decided that it
was more damage than good and what we did ever since is basically implement a
tracking system so that we don't end up in this situation again and basically
we're now looking at it before we release it just to make sure that
there's nothing bad going on. That is okay that is fascinating huh do you I'm
actually also curious cuz cuz Cyrus mentioned someone CBB right so CBB is
one of the biggest if not like basically the biggest power user of blur and he
has had a history in which he has made complaints about specific wallets and
within like days those wallets get scold and they there's a review of those of
those accounts I'm curious if you guys have power users that you've identified
and either work with privately or publicly again don't know if you could
even say anything on that but I'm curious so we actually have a chat with
CBB and that is so funny he's pretty new he's pretty new he only go to the start
recently so he's he's pretty late to the season actually but yeah basically of
course we have like bar users and you know sometimes they will tell us like
hey this looks fishy but we also have a prop trader and staff who's been trading
for seven years in crypto and has like a ton of experience of understanding
markets and he sees through like many many many more wallets than anybody
else but the real thing I will say is like we try not to do things by hand
because that's like a very slippery slope we try to have an algorithm that
does all of it and and sorry when I say we try to I mean we just don't do things
by hand like we have an algorithm it has parameters and it assigns points and we
tweak the algorithm to take new factors into account and then that algorithm
basically decides where the points go because like at the end of the day you
need to have something systematic because otherwise like where's the truth
like how do you define it yeah so there's there's no easy solutions guys
it's basically back and forth and trying to your best that's remarkable and real
quick I'm just gonna do a real quick reset so guys again if you guys are
enjoying this space you know the deal bottom right purple button likes and
retweets go a long way you don't have to but thank you again if you choose to do
so and just again this is an arcade sponsored space which I am a thrilled
ambassador of arcade I'm not going to give you the full like I've given you
guys maybe five times over but it is a like it is the single best place to be
taking in a peer-to-peer loans on NFTs particularly on ETH but it's just like
it's actually very good and if you if you want to do me a favor like the least
you can do is just go to the website just go to it's on okay so if you're
listening to the space just look on your phone press the arcade button they're
co-hosting the space okay and then click on click on their account and go to it
it's arcade that XYZ it's very simple and just look at it if anything it looks
pretty like it's a very nice looking website and just take a look browse
around see if you like it and that's that would be a huge hit like I would
appreciate that and they would too and I again wouldn't be talking about them if
they weren't actually excellent at what they do it's also you know rare night we
get a chance to talk with Cyrus and Ilmoy on the same night like that's pretty
pretty based so I'm pretty hype about that like these are in my opinion two of
the most influential slash important people and all of NFC trading and yeah
I appreciate you guys coming like it actually does mean a lot I'm gonna toss
over to King Arf what's going on dude Arf not much dude I saw tensor recently
like just got into it absolutely amazing really actually made money because of it
so super bullish on that platforms and make making money easier very bullish
bullish on arcade as well I've checked the new I need to like get deeper in it
I'm more on BTC right now like fully so I've yeah I know you've just been going
runes non-stop bro yeah so like you got to get all the things that get you the
runes right and that's good like there's no like allocation process until
ours RSIC like which kind of like was first movers there right so I'm just
trying to find all the things that get you all the runes and then when they come
out at having then I have them but I'm very bullish on platforms and platforms
that are gonna like pivot to runes because I think that's going to be huge
because it will but like liquidium has you know they have like a BRC 20 beta
where you can like lend against and whatever borrow against BRC 20s I guess
I think I applied for it I haven't like messed with it yet but I've been
messing with their platform a lot I love what they're doing but I do think that
runes might have the possibility to just kill BRC 20 and I think that's something
that people aren't like prepared for or thinking about so some of these
platforms that are not thinking that way I think I think I'm more apt to like
look to ones that are actually right now talking about runes which like I've had
some meetings with some people that are actually from some of these platforms
that are kind of thinking in the same direction so yeah that's I mean that's
just kind of what I'm noticing bro is like I think runes are gonna be
something that's way easier than what we've had for a year which has been
bloated and terrible and I think runes are just gonna kill them but uh we'll
see but yeah I don't know if anybody else has thoughts or like ideas there
but I'm pretty sure that like BRC 20s can die maybe and I think other BRC 20s
might actually transition to runes and they might like move and do like an
allocation for current holders and then just like drop them to them or whatever
have some kind of claim but we'll see but like I like the idea of just on
Bitcoin having like all of these defi so I think it's more of like a defi summer
on BTC right because you have these new platforms cropping up and I just think
it's gonna be really good so runes is the number one thing to me until like
having and then just like seeing what these platforms do and like I think a
first mover to me makes sense for a liquidium because they're already all
over this I'm hoping they're like looking that direction I haven't really
talked to the team too much sure there are we'll see I'm gonna talk tomorrow a
little bit but I don't know it just makes sense to me right that runes will
be next up and it's gonna solve all the problems that BRC 20s had which by the
way King off when you talk to them tomorrow make sure that you tell them
that I've also applied for that BRC 20 beta and if they could expedite that
process that would be nice which but my question actually and this is for him
Illinois I'm still getting used to it it's weird weird man working on it I'm
curious for Illinois and then also I don't know who's currently behind the
arcade account but if if you're willing to chat for a second would love to hear
from you and also for Cyrus how much like do you guys how much do you guys
look at other chains like for example what's happening with BTC and how much
do you guys I guess cross it's weird cross pollinate with with other platforms
that are working on other chains and how much do you like bounce that information
off of each other especially by the way especially in a world where layer zero
is coming very quickly and is pretty damn effective and the cross train cross
chain world is becoming a reality faster than most people expect I'm just curious
like how do you guys balance the fact that you know we're not gonna be limited
necessarily by hard boundaries over the course of the next few years assuming
all things go to plan yeah I think there's a few different ways to look at
NFTs and depending on how you look at them that informs your cross-chain
strategy if you look at them as all NFTs are the same and they're kind of like it
doesn't matter whether I shoot people are gonna trade them the same then the
most optimal thing you should do as a builder is build cross chain as fast as
possible there's a different way to look at them with which I think we subscribe
to which is at least today like NFTs tend to be like almost like an index on
a chain's activity where like if Solana ecosystem yeah really well then
there's a lot of projects they're very like Solana focus and they kind of like
stand up for Solana and they like they're proud to be Solana and they're
like they want to represent Solana and then somebody like on ETH and then on
BTC and what we found so far is that like they don't really intermix that
much and building a product that is like on two three four ecosystems doesn't
seem to have a lot of synergies at least today and so like to be honest like we
don't really see ourselves competing with anybody on the other change like
you know blur whatever like somebody on BTC we don't really see ourselves as
competitors we feel like we're serving different audiences with like different
products I don't know like at least today that's how we see the market maybe
in like five ten years that will change but I don't know interesting that's
fascinating have you have you had conversations with any of the other
founders from any of the other teams or whatever and also again I don't know if
anyone on the the arcade account and willing to chat but if you are curious
but anyway go for it yeah we we have chats with pretty much every major
marketplace in crypto right I mean it's like a pretty small world and like we
talk to each other and kind of ask what worked and what didn't work and learn
from each other sometimes so I don't know we we don't really see ourselves as
competitors as much I will say that like an analogy I like to use and I'm
sure many of you heard of this is you know blockchain is almost like countries
and let's say you're starting a food delivery app in the UK and I'm starting
a food delivery app in the US like are we competitors like I don't know it
doesn't feel that way like maybe at some point in the future there'll be a day
when you want to go to the UK or I want to go to the UK you want to come to the
US and we're kind of starting to like compete a little bit more there but at
least today kind of doesn't feel that way I also have a suspicion that like
NFTs today they look fairly similar across different chains but if you
extrapolate five ten years from now I have a suspicion that the way NFTs will
look and behave in different chains will be very different because like no way
like you're telling me that a chain where transactions settle one once in 30
minutes is gonna have the same NFT ecosystem five years from now is the
chain where transactions are free and settle every second or like it's just by
definition something else is gonna merge there yeah that's fair and actually
Cyrus I'm curious if you have a thought on this because I I had um especially
when you're talking different chains and one thing that I mentioned was the was
the idea that they kind of act in a sense as an index right towards towards
the the activity of the base chain itself where let's say if Solana is
going crazy people are like what's what's the NFT that represents Solana oh
mad lads oh tense aureans oh klanis or it's like let's take a look at those and
by those and they tend to perform really well in tandem or at least that's what I
would think but Cyrus our friend Sam NFT stats definitely does not agree with
that I will say like I he was like yeah there's no um I'm also adding toast in a
second here sorry flood I'm just rotating you real quick you're welcome
to come back up because I would like toast answer in a second but Cyrus
what do you think about the idea of NFTs as an index to the base chain have you
seen that because I've seen that or at least I think I've seen that but stats
does not think so yeah I mean I would I would side with you on this one where
when attention goes to a certain chain I think that NFTs on that chain start to
take off I think we absolutely saw that with Solana over the last few months we
absolutely saw that would say we're kind of starting to see that with base
although they don't have a token or anything like that people are starting
to pay attention to base like attention is shifting to that chain and now people
are like oh what are the NFTs I can get into to position myself for when this
this gets all the attention even with blast there's a couple projects on blast
that are getting a you know they're kind of flying under the radar but they're
getting a lot of attention and they're absolutely going to stop talking about
it yeah yeah I'll stop there but thanks yeah I think I think you're absolutely
right I love stats but stats is one of my biggest mid-curve indicators out
there like when I stats is probably NFTs that's probably my eyes yeah he's
probably my one of my best friends in this space I'll bounce ideas off of him
all the time he'll message me about anything and you know absolutely like
really smart guy but he does have a tendency to be a bit of bit mid-curve
and yeah I don't know I you know I'm not surprised that he that he doesn't
agree with that deck he'll probably have some data that backs it up some some
specific data that he put together but I'm gonna have to side with you on this
one I think when attention shifts to a certain chain price starts going up for
the token people start to look for NFTs as like a beta to that to that you're
like yeah he's just a nerd he's just no no he's a really smart guy really cool
guy really smart guy like I'm one of the people I'm most happy to amend this
space but you know he's he won't get mad if he hears yeah he knows what I think
yeah and it's either funny because they basically combine at least the current
better combines in themselves so they're like two categories of products at the
same time so one of them is basically luxury goods where there's only like
you know that many Rolex watches and equal there's only that many Mavads and
so like imagine you live in this country called Silana and this country all of
sudden gets rich because the stock market or in the token market in this
case goes up and so everybody's feeling rich and they're like all right well I
gotta I gotta I gotta show up I gotta buy something right like what am I gonna
buy and in this funny weird digital realm that we all exist the stuff you
buys not watch us it's it's pictures right it's pictures watches ironically
and so that's why these things they kind of pop and they pop last and I guess the
second category of products that NFTs are is just like very very illiquid
instruments like by definition this is like you need very little higher power
to move the market by a lot and so when you combine those two with a bit of
memes with a bit of fun with a bit of joking and a bit of like you know
community some sauce you know yeah yeah I mean it's what we've seen not now I
will say this I don't think this like very speculative low supply meta is
sustainable for the next 10 20 years for NFTs like I don't think we can build a
multi-billion dollar business on that meta alone and I think what needs to
happen is more serious use cases need to come in and the current meta of
marketplaces us included it's probably the best position to serve those so for
example you know we're talking to somebody who's basically putting whiskey
bottles on chain and that's like a huge market probably like seven billion a
year and for those guys like they're taking care of all the sort of off chain
is it by chance Drew vorman I don't know the person but I don't know the company's
backs us because okay well then maybe not because he's uh he's the moonbirds
jin guy anyway sorry continue right okay but yeah I guess what I'm saying is you
sort of like start with a silly use cases and those silly use cases they
bootstrap the infrastructure like right now what Fencer has and what many other
marketplaces house is actually pretty serious infra for trading all of these
things right and price lock doesn't care if you're trading punk pictures or
you're trading something more serious like whiskey bottle so one day real
estate needs it's gonna work just the same because the standard is the same
and so like with these silly use cases and all these memes and all of that we're
kind of bootstrapping like very real world infrastructure which probably 5 10
20 years from now is gonna service most of non fungible acid trading needs so I
guess that's that's the playbook and you know when I actually think about it kind
of blows my mind would tend to agree and real quick I'm gonna toss to Yogi and
Emma in a second but toast I finally got a chance to bring you up dude what's on
your mind you GM sorry I'm running the arcade account too and for some reason
good I can't even connect to it anymore but so it's up there it's a code it
Twitter's my favorite app or X excuse me X is my favorite app thank you yeah
unfortunately you can't short it or I'd short it right now but yeah no no
Elmore I think what do you just said it was great we've been talking about that
a lot like with these you know RWAs real world assets you know anything from
like bankruptcy claims on FTX to I know we saw a certain boost you know with
like the Rolex watches coming on chain and stuff this is you know billions and
billions and billions of dollar industry a year that just is like right for the
picking and I think if we like time ourselves right we'll be able to like
mail that really well I think you were asking earlier about multi-chain stuff
you know it's definitely something we're thinking about at arcade um so you know
we have some news coming out in the next couple you know a couple weeks month or
so about some multi-chain stuff I think we tease it out at the beginning of this
year that it's something we're definitely like hinting towards and
definitely something that we're building towards so we'll be happy to share some
information around there as we get closer to it yeah cuz I'll be I'll be
straight with you like if for example right now looking at liquidity and one
of the things that is kind of a missed opportunity and like for example with
with arcade if I look at high-value art yeah I could do the loan in ETH or maybe
I want to do the loan in USDC right or maybe like literally any asset I want to
put the loan in and that optionality isn't right as it stands currently it's
just not available on BTC or maybe I wanted to provide like for whatever
reason maybe I'm crazy but for whatever reason it works great here I want to
provide a loan in ETH against a Solana asset that sounds actually pretty damn
interesting so I will say like the world of cross-chain cross-chain NFT
phi is also extremely fascinating has not been developed and I you know what
I'm saying might have almost like no users but who knows like there might be
certain things in certain applications that absolutely boom yeah and like
Elmore said it's a very small space that we're in right now so we're all kind of
like building towards this like greater good you know in supporting each other
and trying to like build up this space of you know getting people on board with
like NFT finance products you know and just once they come on I think it makes
more sense just to have a bunch of people on there kind of building towards
like the greater good of unlocking all this like you know financial power
that you can utilize with essentially you know JPEGs eventually one day the
JPEGs will back stuff like you know cars plots of lands potentially houses like
all this kind of stuff but right now we're still in like the discovery phase
so if all these people we need to support each other as builders that's
just gonna help us in the long run I'll go for a gym I was just gonna say I
don't know if you guys know but liquidity I'm just cross like three
million in loan volume wow they're up like 20% week over week and I think it's
like pay attention to ordinals and I if arcade or any other NFT lending platform
goes there I think there's a massive market opportunity just across all the
chains because you know DeFi and NFT phi is still very much well specifically
NFT phi is like still an early vertical cough yes cough yes um I want to toss
real quick yogi you are like one of the most annoying people when it comes to
spaces because you constantly you refuse to just chime in you constantly raise
your hand and then you always put your hand down like not so long just like at
the most inopportune times did you have an opinion or on anything literally
anything yeah but I just you get lazy just tell me you're just just let's
chat what's going on you guys the topic changes so much I think that most of
space is still vaporware I love what people are building but like so I had a
bunch of random thoughts and I someone started texting me so I lost my train of
thought but like I think high level a lot of points were touched on this space
I don't want to rant so just tell me to shut up or I will shut up so no you're
good no so I think like when I first came across NFTs I thought that we were
gonna do financial assets on chain this is 2017 obviously the regulatory hurdles
have been having pretty extreme I love what's been happening with NFT phi
generally like I think I'm blanking on the names but before blur there were a
couple where you could do like long dated loans on I think there is
something unique about that but I think the true innovation needs to come at the
smart contract level so I'm curious on marketplaces that are looking at token
standards for how you are gonna allow stuff to happen because you have buying
and selling right like and I think that we can shit on open see all we want but
the two things that they did well and it's been outdated at this point but you
know buying and selling including on ramps and then the seaport contract that
really allowed the space to kick off what blur brought to the space was cell
side liquidity in the form of bids and then you had blend loans that allowed us
to call it D gen further and unlock liquidity I don't consider blends like
actual loan vehicles given that you can get a contract pulled in 48 hours or
whatever the term is and there's just too much uncertainty and we're just
degenning on assets that go up and down I think the true NFT phi at least
that's like I think that will stick around is gonna be more OG assets I
Cyrus hit on that with punks and like a couple art pieces which I think is
interesting everything else I think is pretty scary and you can farm it and
make tokens I just don't know how long it sticks around I think that we're very
early on the curve for them this is probably a very mid curve take but I
just I don't see it surviving in a couple years and then on the Bitcoin
stuff I have a lot of opinions there I don't want to rant on that because I
don't any good ones or yeah I don't know what I can and can't share it cuz it you
know I'm working on some shit so you know I so like that's like the general
like gist of it I guess for me like you know seeing what tensor is done what
blast is not blast blur has done you know sharky phi I think is an
interesting one you can build out the user side I think whoever optimizes the
user flow is gonna do well but then whoever can bring in certain things to
allow security assets to trade is gonna probably take share so I like what
people are doing but I think that the market is very easy disruptible still
given that the one company I really liked and this is outdated now harbor
was doing real estate assets and they built compliance models into their token
model and this was like 2017 17 to 2020 they got acquired they're working with
MIT on certain things and then they kind of like completely like they were
like three years too early to this market and I think the real volume with
a lot of these things and allagrand again was another one that was working
on this but who can build in KYC onto the wallet side in a way where if a
financial asset does need to be traded in a in a in a compliant way and this is
us I'm not saying we got a good I'm talking about very specific asset I
think that there's gonna be a huge market there like I was advising for a
company that is tokenizing rare earth minerals for a mine in Greenland like
very random very weird and they had a market participant where you had to KYC
such that you could buy the NFTs that gave you spot exposure to whatever is
being mined it's gonna mine for the next five years so that shit gets really
interesting so that's where I am really excited about NFT fine we're very far
away so I love the innovations on the NFTs that we do but like even with my
Azuki dude I don't know where this shit goes I would not be like and this is why
like I like what Cyrus does with like short-term loans but it like at some
point we do need to get to like even six months twelve month horizons which I
don't even think we're there yet which I'm not I don't think we're not there
toast there's toast toast is gone damn so that was my quick rat and then there
there was there was all I say that all the only to say that there's been like
year-long loans put on on arcade like year-long loans yeah dude maybe there
dude I'm really bad at doing stuff the one I got wrecked and I just don't pay
attention enough like I will do something and forget about it and then
I'll come back two months later and be like well I shouldn't have done that so
that it's on me as well yogi real quick can you talk ordinals for like 30
seconds you're about to talk Bitcoin and then you stop just like I just want to
please pull post pull talk I'm just curious I love how the puppets want
ordinals speak more higher yeah I should have bought puppets let's blow I'll put
that out there you still can't no I know I can dude did I I'm just slow at stuff
dude work gets in the way it's really annoying you just gotta push one button
I know dude I know I know that I was actually about to use liquidium the other
day to give loans out to puppets and then I was like this is so dumb and so I
did it we'll see how that goes nice let's go yeah yeah you might get a half
off puppet because they rip it into salami and then lose it yeah like any
puppet that is willing to take money on collateral against their puppet is
somebody you want to be lending to because Jesus Christ holy shit it's
fucking crazy it makes no sense no so I think my quick take on ordinals I think
it's exciting I'm not gonna get into the beer like I've been on the ordinals for
a year now I'm obviously a little bit biased but I'm also a very critical beer
c-20s I thought were really stupid I could have made like a few million
dollars so like I don't know where to come out on that like someone literally
sent me a text message on March 8th yo dude mint orty it's gonna print and I'm
like why the fuck would you trade shit coins on Wow Bitcoin yeah dude like
more Bitcoin that's exactly no I just it's one of those things where miles
will just throw a few grand into it we lose enough money in this space every
day anyways what's the point just throw yeah but what I was gonna get at is the
meta protocols with liquidium and and beer c-20s are interesting the big
concern is that like at least with I don't know how liquidium operates I need
to like look like read into their docks but the big issue has been just indexing
and the way that the resources need to like the amount of excess resources you
need to make that protocol work is kind of what concerns me which is why I
haven't dabbled aggressively into beer c-20s and I think that building building
these protocols on the L1 or like it's fun go do it but for scalability you're
gonna have to go to an L2 and so the next time you looked at runes there
runes are actually gonna be usable on Lightning Network also yeah so I think
but I like again like Lightning Network I'm just not convinced on and I'm not an
engineer to give you like hardcore reasons why it's just more a gut and
more people I've spoken to just a lot of like tech debt and issues that will make
it difficult for me I would rather wait and you know maybe launch an L2 and be
like yo who wants to build on the tell to you know I think there there's
something more that's gonna happen from that perspective because if you think
about it high level with beer c-20s you guys know like there's UT explode there
ruins are a much more efficient protocol so I'm excited to see how it comes and
and plays out but from a fee perspective guys you just can't do the volume like I
love that we want to make all this like it's amazing but if I were to go to
someone let's take thank you acts like he just dropped a really cool piece you
know if you wanted to build something scalable you're gonna be spending a
half a million million dollars that's today at some point the V bytes are
gonna go up then you're doing lending on that like you can use Bitcoin as a fee
asset and do it but if you want to do something a bit more extreme you're you're
putting fucking duct tape on an airplane as you're flying it and you're
saying yeah this is working yeah you're gliding you're gonna glide for a while
but that's not a guarantee that you're fucking going somewhere I actually think
by the way that the fees and you know the the differing ranges of fees have
been a direct reason why Solana like the Solana culture has been vastly more
accepting I would say of generally speaking NFT fine in all of its
variations and why you see something like tensor launching price lock and it
immediately being like an extremely high performing product just think about how
the market works like you would have to if you're telling me that you're gonna
spend 30 cents a minute calling someone and then that like unlimited data is not
gonna be a thing or unlimited voice minutes aren't gonna be a thing it's the
same thing as using a fucking network so like when Solana first came out I
remember using it to do like yield this is back in like yeah 2020 2021 like
radium and like you had solid as a it was such a fast chain and it obviously
had a bunch of issues back then but like if you're gonna do high-frequency
trading on chain you need someone that can handle the throughput with a lot of
transactions on top of it right so there's obviously a benefit between Solana
and ETH and then you go to Bitcoin and now you're saying that you know
transactions don't matter because it's inscribed like you're basically arguing
against yourself on a lot of these things and I love Bitcoin don't get me
wrong so with all that said you have to have a marketplace that is extremely
frictionless with the lowest fees possible at some point and so on the
ordinal stuff I think that we have a lot of cool exciting things being built
however I think the real breakouts are gonna I can guarantee you in the next
six months that there's gonna be like three L2s that go live a lot of them
have already teased like you can check out mirror protocol they oh fuck they
didn't never mind see this is right like look at some shit there's some like
Twitter accounts going live okay there's definitely I think the issue with
Bitcoin that you're kind of getting at is there's hurdles to building these
dApps but I think the the bull case for Bitcoin ordinals for runes etc is the
fact that you have assets on there on the Bitcoin blockchain they have value
and are denominated in Bitcoin so from a trader's perspective like it makes
sense to be there but to your point there's hurdles and there's friction
involved in getting the dApps the dApp infrastructure built out I think that'll
happen over time there's people working on it but I agree with you about right
now it's sort of it's it's in building process it's all being built that's
gonna take time let's go I think rins are gonna fuck everybody's face I think
they're gonna kill brc20s that's what I think they're gonna rip so I have I have
the r6 thingy like I'm not fucking around yeah I'm not gonna lie I just put
out a I just put a collection like stealth mint and it's like point 0.1 6
9 it's six pieces and then I swept our sick at the bottom and that's the
Treasury so like I'm kind of planning to leverage that actually to like fund a
Treasury for that project but my friend King I was kind of busy
inscribing this this application which for this crazy thing whatever but I
heard I heard you say that our six are gonna fuck your faces that did I hear
that right yeah I think so I got him okay no this is very appropriate from a
puppet I just wanted to make sure I was literally inscribing this and I just
turned turned away just to make sure that's well Casey Rotemar he made
ordinals and he he put these on github and like that's why I've been screaming
for three months cuz he put I'm very well I'm very you know I just I just I
was I was more talking about the fuck your face part yeah but he said he
wanted to fuck every chain in the ass that's what Casey said he wants to fuck
every other you have that quoted from Casey I have that quoted from Casey I do
I said it in the ordinal coding extreme like a month ago and I was like wait a
second and then yeah that's where I've been since it's just ready to do that
all right you're kidding Garth where do you stand on this debate and this is a
stupid debate but I'd love your opinion on it which ruins is gonna be first
cuz like whoever spends the most fucking money okay and like our six our six
spent a lot of money doing what they did okay so I think they got bags it's like
it doesn't matter who's saying who's gonna be first it's whoever it decides
to spend the most money and if our six just like the fact that they decided to
airdrop 21,000 inscriptions on the on Bitcoin and that's not cheap boys crazy
they paid a hundred they can spend a few million bucks to front run I would
wonder who's gonna spend the most money to fucking get that block was a 40 I
think about whatever the fuck but like the when that happens you're gonna see
a mad Russian people trying to be the first rune of course yeah they're not
gonna be most of them are not gonna be but whoever's bags that's it yeah it's
either somewhat it's either an institution which I highly doubt cuz
institutions doesn't don't play in this ball game or it's a it's a high net worth
who is willing to spend a few million dollars because they saw already run to
a billion five or two billion whatever the fuck the highest market cap was
ability and given that the it's just gonna be the highest bidder that has the
most capital available and I don't think that's gonna be like I don't think Casey's
trying to like that's just not who Casey is he could have printed off or
I have I have a crazy theory it's kind of a long shot but so as far as like
people who have had the inside track it would be his his co-worker very orderly
and like so he did like these cursed inscriptions like sub 100 because he
there he has a sub 1000 K collection he's pretty close to to Casey right so
like if his co-founder a chode convinces him to be a DJ there's a there's a slight
offhand chance that he gets in first yeah I think that so very orderly I've
met nice dude just real quick I mean I'm having some some food that my mom brought
to my apartment which was crazy like thousand wild thing for her to do but
also we'll say you mentioned one you mentioned the word ordinal one time one
time these people fucking lose their minds that's it I don't want to I want
to let you finish Yogi but holy Christ continue oh yeah so I think the future of
finances being built in front of us with these PFPs I think Azuki is gonna be the
future Rolls-Royce brand there I think Cyrus is probably gonna be like the
he'll be in a film at some point one day where he like the he's the bond trader
of the 80s but at this time he's doing it on chain you know you know you guys
were building a few future layman banks here so look man I don't know dude I
don't think Casey's gonna probably do be my English you might be honest some
shit but it really just can be the guy with the most money like it's just
that's it so I want to find that guy and there's also like I think it's I think
it's our six if unless like a dark horse comes in because let's be honest let's
assume I mean I'm gonna assume based on public knowledge and Twitter none of this
is coming from me based on tweets I've seen upon the timeline one side you have
rock Toshi who was allegedly behind our six the other side you have Casey Casey's
more of a tech innovator and builder rather than like someone that's trying
to make a buck otherwise he would have front-ran inscriptions which I don't
think we've seen him do and so if you look at the two sides the third player
in the horse now is the is the cabal which you have like Leonidas and those
dudes which are doing like a fundraise to drop stuff so you have three
different parties and so if you it's not hard to look at the chain boys look at
the numbers did you look at the arsenic numbers bro if it hits one billy and you
held like from day one and you farm it till day one if it hits one billy one of
those if you farm it the whole time is $47,000 that's just numbers but that's
assuming that the whole allocation is completely what divided by 21,000 so
like if that's 10% of the supply and they do like the release over there then
your funds we just don't know altogether but activate their their miners right
because if there are some people am I the one am I adding Eddie you've been
taking over nobody cares anyways just just briefly regardless the happening
is gonna be nuts because people are gonna be mining for the epic rare set so
there's gonna be miners like having like their a six like overheated to get that
you're gonna have like Deejuns trying to get these ruins it's gonna be like a
crazy shit show and I'm here for it yeah but I think you guys are all playing
checkers here's my tinfoil hat theory on the 3d chest that's being taken also
this theory is going to end the discussion by the way like I yeah this
this is gonna end like it's gonna be so off track that you guys should go back
to NFT phi so I don't know if you guys so when the first block happened right
ordinals have technically like you had on-chain data I think Satoshi Nakamoto
or however Jamie Dimon pronounced his name I think he comes back because at
this point black rock and these guys have a few billion dollars and he
decides to nuke the chain because his goal was to take down finance and he can
do that by turning on the the Bitcoin faucet so I think that this was a long
con and he did a really good job and you guys are here buying pictures on chain
or yeah so this uh this is an arcade sponsored space we're talking about NFT
phi primarily except for you put a few literally probably ketamine and and some
orange pills in the hands of people and they just lose their absolute fucking
minds yo so again welcome this is an arcade dot x-rays this is an arcade dot
xyz sponsored space we've been having a fun time tonight talking NFT phi with
one of my favorite Cyrus over here and again if anyone's curious you can check
it out they're co-host in this space they're they're like the little triangle
looking thing and it's again arcade dot xyz I would actually very strongly
recommend that if you guys are sitting at a computer that you go and check it
out even if you want to just look at it it's very pretty it's the single best
it's literally like the single best peer-to-peer loan market on aetherium
and cough cough teasing maybe more than that soon
Cyrus what's your thought on sharky phi yeah okay can I hold on let me just let
me just finish yogi we'll get to that my god I'm like on one tonight I called on
you once and you lost your mind anyway 175 million dollars by the way has been
moved through through arcade so it's a serious platform like this is not this
is not like a nothing burger it's not just like a random sponsorship monitor
to be a sponsored by this team like one of the most based teams and out-of-seas
all right so I would if anything like if you want to do me a favor click on their
account give it a follow check it out turn on notifications the whole nine
yards and it's worth it anyway yogi you had a question I thought I heard it's
your fault for picking on me did I just got first thing caught and I feel really
good about that Cyrus what do you think about sharky phi
huh I think I think we were talking about it earlier I think to me sharky
phi feels like the go-to landing platform on Solana I don't know if I'm
missing one but that's all I needed to know man thank you yeah I made it yeah
it is it is yeah okay good yeah um yo yeah I mean I use it I throw my soul at
it I have soul I want to earn more soul on my on my Solana then yeah I mean I'll
lend on on collections as long as the premiums are worth the risk that you're
taking I invest so yeah yeah I just didn't I just thought they were that I
didn't know much I didn't like they were the only NFT platform I knew on that was
doing lending on Solana and I just needed someone to vet that because I
didn't really do any due diligence yeah so you're just asking for me to shill
them on space okay yeah I got it got it yeah so from what I from what I could
ascertain they have a token generation event that's coming up fairly soon that
actually I've also participated in and yes Yogi like yes okay honestly though
there they were on the points thing before it became like a thing they had
their Sharkey points yeah actually yeah before most platforms how the point is
the one more serious question what do you think given that you have top points
the title Eddie what would you in your ideal state what would be points because
like at this point we see a lot of people like you know points this points
that there's a lot of different ways to do it but in your opinion as someone who
farms or does a lot of these things like what are your biggest like things that
you've liked for with the points meta and one of the things that you wish were
was that for me or for Eddie that's for you okay he doesn't want to talk to me
no um honestly I think blur with the amount of money that people made on
blur I think the points thing kind of got kind of got overblown I kind of
missed the days where it was like here's my platform if my platform is making you
yield or if it's providing you some type of on-chain value like you'll use it and
eventually I'll reward you for using my platform now it's become like hey come
use my platform because I'm going to give you these points that will
eventually translate to a token that'll give you money like it's become I don't
know like in the NFT market like people are participating in the NFT market
because they want to get these points to eventually get this token that they
don't actually like they're bidding on NFTs that they don't actually want so
that they can eventually get this token that they don't actually want so that
they can dump it on on whoever you know whereas before before blur surprised
everyone who wasn't in the know about how much it's gonna be worth with like a
300 or whatever 200 300 million dollar airdrop and you know some people got 10
million you know eight figure airdrops which doesn't happen very often in grip
though it was it felt like a way to organically not organically but like
semi organically I guess compared to what we have today drive drive volume
and activity onto your platforms now it's like it feels like 90% of the
protocols and platforms we have in crypto over the last half year or five
months or whatever it's been since since the second blur airdrop are purely
driven from here's our point system we're eventually gonna give you a token
it's uncapped on the upside like that was one of the things that blur did was
you know most protocols will be like oh there's like tears like looks rare had
tears x2y2 had tears I'm SOS had tears of like based on how much volume you've
done if you're in the top tier you get your capped at this amount of tokens if
you're in the second tier you're capped at this amount of tokens blur was like
we're gonna proportionately give you the percentage of tokens that like if you've
done 10% of the liquidity providing or volume on our platform we're gonna give
you we're literally gonna give you 10% of the tokens if that's 10 million 15
million dollars for the for the top two or three people so be it that that sure
that kind of changed the game a little bit yeah because because because people
started like speculating on the upside of some of these airdrops and doing like
these wild and by the way the amount of money that's going into some of the
stuff right now so like on blast I am well outside of bid forming I have like
pretty significant deposits on blast itself and I'll just be for the sake of
honesty I'll be fairly specific so I've like give or take ballpark like 30 eth
deposited on blast with another 50 eth behind me in terms of referrals and I am
so with that much capital which is a pretty significant amount of capital
I'm 1500 like I'm roughly 1500 in mine so there is so much money the crazy part
about that is like I know people who had like three or four eth farming on
farming NFTs on blur and they were top 200 like and then that airdrop happened
and everyone's like oh my god I have to be I have to turn into a full-time
farmer I gotta put farmer in my bio like I gotta like whatever I can do to
farm these protocols I gotta do it's crazy how that meta became the thing now yeah yeah
because it's like it's become fairly obvious how much money can be made out
of it with almost in a lot of ways zero risk like I I was one of those farmers
for blur that I probably had about five eth in bidding at the time and I walked
away with a like a pretty substantial airdrop it was like a hundred thousand
blur at the time so it was serious right and I and it became like it came to a
point where in the second round it was like basically untenable for a long
period of time where it was just like there was no way to really actually you
know reasonably make money and farm at the same time it was just like a crowded
trade effectively now I even like even now it's still fairly crowded and the
botting is very aggressive on blur but I will say comparatively like so I'd
mentioned I'm probably let's say like a total of 80 eth give or take or on
average let's say 50 eth involved with with blast I have I think like five to
ten eth pretty consistently bidding and I'm a top a hundred bidder pretty
consistently on blur right so the difference there is also fascinating and
watching like the differences in scale depending on like active risk versus
inactive risk and whatnot comparing that so I would say like you know it's
just fascinating watching that right and it's also fascinating seeing how little
or how much money it takes to move you up ranks so like on liquidity I moved
in volume to this point like I think around a Bitcoin in volume or almost a
Bitcoin in volume that's this I mean I have a Bitcoin moving through it just a
volume wise and I'm like a top 40 user of liquidity total right so it's just
it's fascinating to see how these distributions play out and like how like
you said the biggest thing was because I used to farm arbitrum and optimism
pretty heavily and on optimism I think was optimism I'm blanking yeah I'm
pretty sure it was optimism or something like that there was once I just like
funny story where there was one time a home fork that was launching I think
optimism and I I got whitelist for the for the home fork at the time this is
like 2021 late 2021 I got up I got whitelist for it I was like I don't want
to do this I think this I think this home fork is basically total garbage and
I don't want to participate but if any of my friends want to participate like
I'll let you participate in my account and I'll just give you back all the
money that you put in because I am a reputable person yes and I actually did
that fluke you would know I did it with slicter and so so hey I did this it was
like I kind of anticipated an unsuccessful an unsuccessful venture
where he put in like a thousand bucks it turned into like $800 and it was like
alright just pulled me out pulled him out gave him his money back it was over
those like six transactions that I did in late 2021 fast-forward like a year
optimism was like you you checked off boxes X Y & Z as a user of optimism so
here's like six thousand dollars which which like you're saying Cyrus point
systems now are like you need to have put in millions of dollars worth of
volume if you want to get millions of dollars back right like the it's more
like a percentage of volume and effort is now it's being rewarded as opposed to
then airdrop farming is more like ticking off boxes and I think in certain
cases like for example layer 0 I would not be shocked of layer 0 and well yeah
more so layer 0 was more of a tick off boxes type deal where it depends on like
okay did you use Stargate did you use this did you did you bridge using layer
0 how many different chains did you touch right stuff like that like how
many how many months apart did you use the chain so I will say like the
airdrop farming strategies and actions that that these protocols are rewarding
has changed drastically with the introduction of points and it's been
pretty fascinating and and like we were talking with Elmoi earlier is actually
really interesting to hear because like they have one of the most interesting
point like one of the problems just to be clear is a lot of these protocols
will not be rewarding like one point on blur is definitely not like the same as
one point on on magic Eden or one point on parcel like they're vastly different
right and and determining where's the best places to farm is pretty it's like
a difficult endeavor but tensor to be honest you know now that Elmoi isn't
here that's probably gonna be like one of the biggest cooks on Solana if you
know how to how to help to farm tensor it's gonna like absolutely rip I have
not deployed enough there yet and I'm pretty upset about it but I need to it's
like on my mind is something I want to do but one of the things that you were
listening to earlier is like he was saying that they on their point
managing side have to actively account for okay here's how it's being gamed for
so we have to change the algorithm on the back end in real time so that we can
figure that out and then also retroactively reward or punish users who
are gaming it in a way that we find like genuinely bad for the system so it's
just it's fascinating like this is probably one of the most a lot of people
get pissed off about the points meta I I would say it's probably a net
improvement over something like the liquidity farming meta where was just if
you have let's say $50,000 liquidity will drip you out at a thousand percent
APR but our token price is just going on a straight diagonal line down and that
paints the chart poorly and generally makes things like unwanted like no one
wants to buy that chart ever if they're like you know what they're just gonna
dump to zero whereas many airdrops actually perform really well if it's a
reputable protocol and it's a lot easier to to gauge and market make as well for
the market makers who are like looking at that and like hey I want to make sure
that this token does well so there's there's there's pros and cons I would
lean towards the pros on points but there's definitely some protocols that
definitely should not have included points and will not reward properly and
people are paying way too much attention to for no reason so yeah I
just rambled points is such a good retention tool if they are yeah they are
they're like gambling it's like little gamble things you're like oh my points
are going up and you're like that means money how much money don't know but I'm
excited right like it's it's the easiest thing whereas whereas if you tell a user
here's my token I'm gonna give you my token directly and they're like your
token is worth a penny I don't want this garbage and they just eat it right
like they just get out of it as soon as possible and especially especially if
your protocol does not have the money to support it so for example what we're
talking about NFT phi I was one of the bigger providers of liquidity early on
with floor protocol I had to like kind of back out of that because blur is very
aggressively being like absolutely not you are not allowed to provide liquidity
for any sources of NFTs and I was like all right whatever I really want to
prioritize blur fuck you for doing that but whatever I'll run with that but
even still they they don't do points they did mention recently I think pimp
capital was talking about like an airdrop coming up tune potentially
which was also really exciting if that's true but regardless they had a they've
been dripping out their token to people who use it and also by the way sappy
seals stay winning sappy seals have been getting an extended boost on flooring
since their start so flex on the haters with the seals but point being part of
the reason why that tokens been successful generally even though they
are doing a drip is just let's be real dude pimp capital is just funneling
money into that protocol and like it is an obscenely high amount of money that
he's funneling in and it's one of the sad realities of a lot of these let's
call them experimental defy protocols is that they just generally don't tend to
work unless they either are already established so they were so early that
they've kicked off and done well or if they want to be a newcomer now like you
need money you need serious money to support the to get the legs off the
ground so yeah man it's fascinating Eddie I've been trying to speak to my
fucking computer for the past like 30 minutes has been fucking terrible thanks
Twitter thanks Elon but one of the things you were talking about earlier
with like the the point stuff we were you know what was interesting and you
kind of brought it up a little bit so when we were doing like the arcade like
point system all that we actually had a back-end system that was doing all of
the points for that past like airdrop we had with art we just didn't service it
because we didn't want to do the thing you're saying like we didn't want to you
know have people like artificially take our loans try to gamify the system so we
had this whole back-end system and when we did the initial airdrop it was
really to empower the community of users you know the Cyrus's of the world that
were providing liquidity but it was also for the people like me that were you
know taking loans out on the platform and really kind of like using the system
now this like next one we're doing we're trying to you know be a little bit more
forthcoming than some of the other like protocols I'll say like when in terms of
like farming is like hey this point what is a point equal at least with this
next airdrop with art you can kind of see oh this this 3 million art tokens up
for grabs the leaderboard is at 6.6 million you can kind of do the math you
know and we actually like surface the formula of how to earn those art tokens
we have like charts we have diagrams so you can see like oh maybe lending at
this rate lending at that rate providing collection offers that kind of thing so
I do hope that does change in the future and that was something we kind of
like stuck to our guns a lot of us are kind of like OG you know DeFi users DeFi
people like on the art team so a lot of us were like oh this makes sense like
surface everything like make it well-known you know and that stuff can
change we're we're wrapping up our level one season one whatever you want to call
it soon for this airdrop and we could change from the point system you know
we'll see how it like pans out but that's just something I want to chime
in on of like this whole points thing is I like the points sometimes they get
they get overblown and if people are left guessing at the end of the day like
what they're actually farming what they're actually doing I don't know I
feel like you can leave a bad taste and I use his mouth at the end of the day if
like they don't actually want to use your product they're just doing it to
earn these magic internet money points that don't actually equate to magic
yeah yeah I would agree I like I like I like when points are a subtle addition
to something I'm already using but then again you know like I can't fault I
can't fault new platforms for being like look we're fighting in a very aggressive
like doggy dog type world and the reality is if we don't get volume we die
so if you're gonna incentivize volume with points sometimes that does make
sense so like I you know I understand both sides of it but as a user if I were
to pick my optimal world obviously I would only be getting points is like an
additional thing to something I'm already enjoying using at the start right
but I would also tell those like platforms or protocol whatever it is
like to also be cautious because if you don't give enough of a reward to this
people that are farming it you kind of screw yourself like this people using it
for that exact reason you said or like hoping to get you know the world out of
it if you don't incentivize them enough when whatever token you're dropping
whatever it is you're dropping if they don't get enough out of it kind of fuck
yourself on that product like they don't ever want to come back to you so if you
kind of reward them along the way make a good product and it's in the background
and it's just a supplementary thing that's probably the best way to do it
and actually by the way we'll know and we're gonna wrap soon and probably like
the next five minutes or so but we'll know there was a there was a fun moment
when it comes to points and tracking activity I pinned it to the top a lot of
people don't know but the reality is OpenSea actually almost did launch a
token I wrote about it today because everyone's been talking about that
recently OpenSea actually was like very very very very very close to launching a
token they their developers signaled it all over the timeline on the same day
that blur launched their token so I wrote about it I pinned it to the top
it's in a mirror article if you're interested you could go read it there
but I'll give you like the one you know the 30-second summary or whatever gem
which is the aggregator that was acquired by OpenSea Pro excuse me OpenSea
would eventually become OpenSea Pro but it was acquired at the time by OpenSea
and was gem they on the day that blur launched blur like their token not the
protocol but the day that they launched their token which I think was like let's
say February something February 1st which is my birthday or in that range
like February something last year Vasa who is their chief developer was like
you guys can go ahead and enjoy lunch but we're making dinner something to
that effect on Twitter which was like a pretty damn clear indication that we're
making a token and it's gonna be massive because it's effectively backed by
OpenSea and then then over the course the like ensuing months they kind of
backed off that stance and started progressively do the leading tweets and
whatever and but they kept they kept on the gem.xyz website this thing that was
like we're tracking user activity and it was like a it was a game controller and
it was super exciting was an exciting little button that button not there any
longer and their reward that they gave to holders or the reward that they gave
to users was an NFT it was like a gem NFT that no one gave a shit about people
speculated on it because they were like this might be how they distribute the
token in the future cough it wasn't and nor will they actually ever do that so
that NFT was effectively useless and they've basically as far as I can tell
effectively deprecated that so yeah there's there's a background story when
you talk about points like on the on the on the failure side of it it's literally
OpenSea like OpenSea tried to say hey we're incentivizing and tracking
usership and then and then backed off of it and then didn't do it. Interesting
right so if you want to read that by the way I wrote on that to the top of the
space if you want to read about that I wrote it there but yeah man I'm Cyrus
I'm I'm just curious because we're about to close out the space so anything else
that was like on your mind or something that you have questions about you're
something that you're exploring anything like that I'm just curious I
say that a lot by the way but anyway yeah I feel like that's the third third
third or fourth time yeah I know I know I thought the points discussion was
interesting at that I thought the I think points you know I feel like right
now you're almost forced to have points as a protocol because if you don't like
your competition has it and it's like a free marketing tool but like I was
saying earlier I think like I prefer I missed the days on protocols would have
like real uses for liquidity providers or for you know whether it be borrowers
or users or whatever like they were getting real value from the protocol and
then those loyal early users were getting rewarded for being loyal early
users with a with a surprise token that would come out of nowhere I kind of
miss miss the dopamine from from those days but you know after blur put on a
master class of of how to turn these points into dopamine while you work while
you wait for the for the dopamine of a token airdrop like they absolutely put
on a master class of how to draw that out and how to use that to pump their
numbers which eventually translates to like happy and angel investors and and
early contributors they figured the game out and I don't think it's there's any
coincidence for like why they decided to to do a second token with blast and and
the L2 and you know pac-man just hasn't figured out I yeah I feel like I feel
like blast was not part of the plan from the beginning it was definitely not
no yeah exactly yeah I was one of the yeah go ahead just to mention that
because to tie it back I remember at the time when you were talking about when
they launched blend you were like yeah three months ago blend was not in the
plan a hundred yeah it definitely wasn't in the plan black blur I think I was one
of the first 30 or 40 users of blur and pac-man you know pac-man came to me and
asked me to invest in the platform and one of the most mid-curve things I ever
did in my life was not invest in the platform because NFT volume was dying
and I was like wow this is like so much better than open see and everything else
I use I'm definitely like this definitely gives you an edge as an NFT
trader like the listings pop up 30 seconds quicker and you know you can you
can preset gas on the UI you can it aggregates every listing on every
platform but then the mid-curve thought was like oh NFT volume is going down
nice you have this giga Chad founder who like clearly hasn't figured out I mean if
he talked if he you know if he talked dirty to me about points and how he's
gonna incentivize all that stuff you know maybe it would have been a different
story but while you know during those discussions and I was already deeply
involved in lending lending was never never brought up so like that I feel
like was a result of he saw an opportunity in my opinion maybe I'm
wrong but it feels like there's a low pretty low chance of that he saw an
opportunity cuz cuz lending volume was was steadily growing while NFT trading
volume was steadily dropping there during like a long prolonged period for
like three to four months in 2020 to end of 2022 I clearly remember it and I
think he saw that and he saw the opportunity to build this product where
I build these perpetual perpetual loans that can be like you know most of them
are probably gonna end up being one-day loans and I can incentivize them and I
can just these numbers are gonna be crazy for investor because because if
you compare it's not really a fair comparison because lending volume on
blur a lot of it is one to two-day loans people will take a loan and then
they'll either get called by their lender or they'll pay it off within one
or two days and they compare those numbers to the 30-day loans to 60-day
loans of platforms like arcade or you see fire Gandhi or whatever and most
people don't understand that difference and when our and when blur like parades
about their their lending volume numbers they don't bring that up they just show
a chart that shows like lending volume of all NFT five protocols and it's like
Pac-Man knows the entire blur team knows like they all of the traders that use
the platform no exactly you know it's not the same thing the real comparison
should be like outstanding debt or like interest earned that's a much more fair
comparison and a much more like reasonable from a lending standpoint like
it makes sense but he you know I think in his in his I forgot exactly what he
did but in his previous career he was like oh I could tell you yeah it was an
incentive structure yeah it was an incentives it was in census for like
referrals for like jobs or something if anyone wants to know look just if
anyone's curious and wants to know about him which by the way this is not me
flooding him I actually like have a lot of deep respect for Pac-Man I think he's
excellent he had he has a website like a personal website and it's I'm gonna
butcher his name like all hell his name is Tyson record record a or something
like that it's like TI at TI es h un r o q u r r e or something like the like
that but he has a website which has his past history and a series of like 20
books which he recommends and it's phenomenal insight into blast and blur
like unbelievably strong insight and I would recommend you look at it but yeah
I was saying no yeah I'm with you on that Tyson is one of the smartest people
I've ever met honestly and this is coming from someone who's you know
actively you know advising and and participating in a protocol that's like a
direct competitor to him he's a really smart guy knows what he's doing but at
the sit like you know he's crafty with it yeah I have a lot of respect for him
though and I think that that blend is a great product and although it can be
gained in certain ways like they've put on an absolute masterclass of like
incentives and and drawing this out and generating the most value they can for
themselves and and their investors and you know I know they have a lot of
polarizing opinions about them and yeah I just think they're there they're
really really good at this game that we're all playing they are by the way
I've just been informed that it's not recurring it's rock air rock air yeah
there you go so that's just that's and that's not me
doxxing him he was already doxxed in a previous article you could look it up on
a Google and like a very easy Google search super simple but yeah really
respectable guy and yeah dude I and I will say we've been talking a lot about
NFT phi we're gonna wrap in a minute or two but I will know blast is clearly
intended to be like the chief NFT phi protocol from like at a base layer in
terms of as a layer to unclear as to how that's gonna work in a sense like
unclear as to what if anything will have to migrate NFTs or whatever whatever
that will mean but the reality is with L2s the the business of L2s is moving
volume because L2s make a ridiculous amount of money off of gas fees like
basically for anyone that isn't aware L2s make money because if I spend let's
say ten dollars of gas on an L2 the L2 is probably paying two dollars for the
same spot on the chain so they are pack pocketing that $8 difference like that's
profit to the chain which makes chains like arbitrum and optimism ridiculously
profitable like they are all certainly profitable and there's likely gonna be a
war of chains like base because that's just gonna print money for coinbase
like that is the sequence they're there it's just gonna be a money printer right
for bait for coinbase and if you look at what blast is doing what's one way to
generate ridiculous gas fees NFT phi like moving NFTs around is a fairly
complex task for a chain to process and managing those contracts and it just
would make a lot of sense that a lot of the money that gets produced would
would result out of NFT phi and if you have blur as your previous launch you
have obviously a pretty strong background with NFTs so you do the math
and it's like okay this is probably gonna be among other things like among
you know the native yield idea concept whatever beyond that this is gonna be the
NFT phi chain what is gonna stem out of that like it's a little unclear and it's
also obvious that they're still trying to do things like when they when they
say that they're limiting liquidity provision or at least you know not
rewarding points as well and reducing loyalty to people that that do liquidity
provision that's on protocols like floor protocol NFT X pseudo swap stuff like
that it's pretty obvious that they're gonna be either actively currently or
like likely in the future trying to kill that by taking it over themselves and
like we've seen these are massive massive massive impacting movements on
NFT collections like blend itself has led to one of the single well actually
three of the single largest cascades and NFT history like Azuki d gods and
there's one other that I was thinking about but those are massive massive
liquidity liquidation cascades as a result of blend right so this stuff is
like critically important to the entire NFT market and I'm glad that I'm glad
that people are just starting to get a little bit more accustomed to it and
picking up on it now and that's why I also talk about it because it matters to
anyone who's buying selling NFTs but you go you had a question what's up dude
get to chat yeah hi yeah great to chat I asked you a question about four hours
ago that is true that is not only that the question you can ask it you can ask
it the question that would have pertained to what serious was talking
about you can you ask it ask it ask it I know you can't do this I don't think you
could do this on arcade but I believe you could do this on blah I'm not a
blast you just went on your whole Ponzi with laugh but uh on blur you can pay
like if you paid the loan early you can like also save on the interest correct
because on arcade you can't do that I didn't see that but I paid a loan early
the other day but I just paid it off in full I didn't give a shit so I would
you're right that you on arcade right now although they're building this
feature prorated loans so like if you pay a third if you take a 30-day loan
you pay it on the second day you're gonna pay you know 230th 115th of the
interest they're adding that feature soon but I'm blend there's really no
such thing as paying a loan early because you're taking a perpetual loan
so yeah like the interest you pay is based on the the deterioration that you
took the loan for yeah yeah you said that earlier but I didn't catch it
properly so these are actually derivative contracts on black well blend
this part of blur is that what it is blend is the lending lending protocol
built on blur okay so then there's actual derivatives I don't really like
blur so I don't really touch it so there's actual derivatives contract on
blur or blend there are perpetual loan structures Cyrus so it doesn't work like
arcade or no it's it's very different mechanism there you can hold them up
open and definitely options that's what that's the way that's the way serious
describe them earlier there so they're not exactly I mean in a way they're
options but they aren't because options there's a set premium that you pay on on
on blend it's like if you take a 30% APR loan the amount of interest that you pay
is based on the duration that you leave that loan open as a borrower so whereas
on platforms like arcade and NFT phi usually the terms are fixed these are
variable these are much more variable like the the interest can change if I
if I take a zero percent APR loan on blend and I leave it open there's a
pretty good chance that that loan is going to change to like a higher
interest on platforms like arcade that's not gonna happen it's gonna that it's
gonna whatever you signed for whatever you accept it as the offer that's going
to be the rate that you pay it's a fixed interest alone what creates the change
on the on blend because on blend lenders have the option to call their loans they
can say hey I want my money back at any time and borrowers have 30 hours to
repay or if the borrower doesn't repay the the loan goes up for auction and it
goes to a new lender at a higher rate basically like if there's no lender
willing to take it over at the current loan structure so let's say I give you a
10th loan on a pudgy at 0% APR and then I say hey I want my money back because
I'm earning 0% APR and I'm not earning blur points for having the offer open if
there's no other current 10th 0% APR loans the loan goes up for auction and
it'll go from zero to a thousand percent APR over a 30 hour period if no
one picks that up it's a default but it's more than you know with a 17th
floor there's probably going to be a lender who's willing to lend 10th at
like once you get to like a hundred percent APR someone's probably gonna step
in yeah which by the way right now is directly impacting me because I have an
azuki that I picked up unfortunately dude I was so pissed off because I had I
had a short open on azuki for the better part of the last two weeks it was
open for like at least a week and it was sitting there and azuki just kept like
ranging in this tight little range and I was like at this point I'm paying too
much funding I need to close this short and just move on with my life I closed
the short the next day I landed an azuki on a bid and azuki dumps like 15%
just losing my mind I took I took I took a loan out on that azuki and now
that loan which I picked up I think was like a five five point nine five eth 0%
loan there are no loans there no loan offers at five point nine five eth so I
will be liquidated if I don't pay it off I'm gonna pay it off obviously but like
I just like very sad I'm very sad do you want to hear what I did so sure all right
so I ended up taking the loan for my monkey because I was short a couple of
hundred bucks for my ninja mint all right for this what I have on my as my
PFP so I took the loan on my monkey then the the airdrop happen is happening for
ocm so I had to pay that loan off but wait there's more to all of this I got
whitelist to quantum cats to for tomorrow so I'm just sitting here like
what the fuck so I ended up doing the loan taking the loan of paying the loan
for the monkey all right taking a loan out on the CEO moving all that everything
to Bitcoin and then getting the loan on the cranium between my ninja and my
monkey just so I could mint a fucking $4,000 a cat tomorrow dude I love it
though I love grip this is not like the greatest
it's amazing the crazy thing is it's incentivizing me to do all this I'm
getting points for all this crap to like it between liquidiums fucking loans and
all and now is that you know what I'm hoping I make some money out of all this
I might just start putting loans out on the cranium for whatever the fuck like
blending out on the cranium for shit that I might want to get cheap you know
you couldn't make a lot of money doing yeah I see nothing but 2.85% and the
long you last for 14 to 16 days you can't assert amount of money yeah you
can't ask for anything it's like I think it comes out to 120 APR a year yeah I've
I've moved 0.7 Bitcoin worth of volume somewhere in that range and I've made
like $700 so yeah absurd like that is right now is kind of the time to start
doing this even though I still think there's gonna be a dump like it's kind
of the time to start doing this is leave some cash on the side uh because like I
for the next year or so we're gonna be like pumping so like right now is the
time to be doing this shit I'm gonna wrap the space by 12 but what's up Chris
how we doing yo yeah I know we're wrapping soon sub everybody um yeah nice
to see man good to see thanks for having me um yeah I've been doing that NFT
lending thing for a little over a year and a half almost two years now um a lot
of people here know but I've been you know dabbling for a while a couple things
I want to call out man I hope that some like maybe arcade or some other
platforms maybe adopt what blend has done with the purple owns because
obviously we know blur in their point scheme we've been talking about it all
day and how those incentives change the market but if someone can just copy what
they did maybe arcade or I have perp loans as an option that would be dope
because I'll definitely use that also you know looking at what Gandhi's done
with the ability to take loans over same thing like I just love you know I'm
looking for people to innovate on the actual like capital formation side you
know and so I love that those two companies even though you know again
people feel a certain way about the points definitely innovation on the
actual like lending capital formation side of things super interesting and
maybe people can start to copy other people's notes and lastly I want to call
out calling back to what Cyrus said earlier about NFT stats tweet yeah that
that got me to go put the poison capital on penguins so you are the point one
percent you are the point one percent of people that read the tweets and are like
you know what you're right and then goes and puts money you know he was so right
because I had stopped looking because I got so fed up with the point farmers I'm
not a point farmer I'm just here to give actual loans and at rates that makes
sense and so yeah when I saw that tweet I was like oh yeah I haven't looked at
blend in a long time I'll check it out and put some capital up I was like and
as I was looking to like leave some some loan offers up and I start to see the
bot activity like I put a loan offer up for say 40% then I'd see it automatically
take down to 39.9 and then take down at 39.8 and I saw two bots going back and
forth and I'm like oh this is impossible if I don't get my own bot you know spun
up somebody I'll do that soon but anyway yeah I know we're wrapping soon I know
this is arcade sponsored we're love for you guys to copy some of those copy some
of those innovations from those other platforms because I'll definitely use
them I will say we have the rollover stuff that you were just talking about
you can roll over your loan to any lender whatsoever right now hold zero
Nico Nico can you can you hear toes sorry no no you're good he was just going
toast could you repeat that sorry Nico no no it was just it was just a Chris
like you were mentioning like they're rolling over to a new lender all that
stuff we've had that for forever like what would that be that like I could go
automatically as a lender and assume an existing loan at a better rate like
that's what I mean like say I have money burning a hole in my pocket and there's
an active loan at 10% could I step in at say like 9.5% which I think is what
Gotti does I haven't used them yet but I think that's okay so that might be a
little bit they would have to accept it on our side like the the bar would have
to accept it it wouldn't automatically roll over so like you could go make it
like all of a sudden like pudgy penguins you know say they're at 5e floor back
in the day you know a couple weeks ago what is that back in the day you go make
a you could go make an offer it like 6e with better terms or even better terms
at 5e and the bar where you come in and just like grab it up roll it over to the
new lender got it they saw they accepted and roll it over I'll take a look at the
Gandhi stuff yeah we spoke with the Gandhi team and stuff and everything
while we were in Miami and stuff and yeah cool stuff going on but yeah always
looking to develop the stuff so if you guys feel free to shoot me a DM and tell
me different product features you want to see different things we have a great
team we'll build fast and Chris I also DM you ignore the the placeholder I
planted I have a separate thing I want to talk to you just real quick but just
ignore the ignore the DM as it stands right now I for context I DMed him and I
said lorem ipsum because I don't know placeholder can't really think right now
I'm on a space so yeah I actually want to see the real DM Chris can you
actually screenshot that because I don't I don't think it was just lorem ipsum
I want to see what that I want to see what the picture was that he said you I
could send some wild pictures anyway Niko I'll talk to you real quick yeah
sorry whatever Chris was talking about before with the whole thing about adding
it to arcade like that the only way they even have the incentive structure on
blend is because they give away the token I don't like the fact that that
you started 0% they would have to have like a minimum of like five yeah I will
say I will say on on blend if not for the incentive structure the loans would
be remarkably healthy yeah and I will say like I actually do like I do like
the blend mechanism and especially for for traders like myself like I actually
use a mix of blend and arcade I think for different purposes both have their
own uses that are really powerful especially if you're talking about
like different types of collections and some collections I want like a very
secure and clear loan as to what I'm getting and I go to arcade there and
other collections I'm like I just want the liquidity native on blur in this
sense and I'm okay with it being a lower thing lower APR so vastly different use
cases but ultimately yes anyway I think we're gonna wrap then we're gonna do
that so let's let's just let's pull on the Rapski here one thank you guys for
tuning in this has been like really fun I love these kinds of conversations we
have some big ones coming up soon I'm gonna have let's see we're gonna have
we're gonna have an ordinals conversation at some point soon because
dude I'd like run an NFT phi space and the ordinal like the orange pill guys
just take it over for about five ten minutes because they want to talk about
whatever they call it runes which by the way too many people who care about
runes call them ruins like are you joking like if you who you spend 24
hours a day thinking about these runes at least say the right word like it's
runes it's not ruins anyway that was one person I've heard I've heard like three
people do it I've heard three people do it and I'm just my mind's blown anyway
point being we'll have an ordinals conversation at some point in the coming
few weeks who else or what else do I want to talk about dude I'm not I'm
gonna we'll see if I can pull it off but I mean I'm gonna be trying to reach out
to some people that are running in the political races this year especially for
like Congress or whatever and I'm gonna see if we can get some of those low-end
guys so if one if you know anyone by any chance like if you're listening to the
space you're like actually I have a friend who is a congressman out of
Missouri I'm like yeah dude let's let's chat cuz I would love to have a
political space at some point this year cuz that's dude like we're in a
political cycle we've got we've got we've got Trump versus Biden again which
is just gonna be so funny I'm gonna have this is gonna be so much fun this year
everyone is so concerned just put you know put some laughter in your life
this is gonna be hilarious it's gonna I saw them I saw them I
didn't I didn't buy them but I saw them but so there's that if Trump if Trump
gets elected and and decides to come back to Twitter are we just gonna run
back like the bull run yes probably I don't know I I'm not a
mathematician so anyway with with that in mind guys I'm gonna go ahead and get
to work on on my property stuff this has been an arcade sponsor space you know
the deal the literal single best p2p lending platform English also English
what's up the single best every close yeah because because I yeah man it is
what it is I'm tired and I would if you want to do me a favor at least like
press their button give him a follow and other outside of that dude Cyrus like
one please come back more but also to thanks for coming in the first place
like this has been insightful as hell I've been getting a lot of DMS I really
appreciate like very a lot of people were very appreciative of the insight
you provided tonight yeah I appreciate you having me dude this was super a lot
of fun I enjoyed it hell yeah you're always welcome back doors always open
just press the request button or at least like you know respond anyway no
I'll get I'll get Sam up sometime stats so that you could call him mid curve on
space all right enjoy your night guys be safe and I'll see you guys next Sunday
8 30 p.m. Eastern as always Arbois