Oh yo-yo, what up? What up? Good morning, Good morning, GMG. Oh my mic. Monday, June 24th, 2020. Tyler's laughing. He's like, shit, he's back. It's my favorite part of the Internet. It's we have double force today June 24th 2024444 look at that another beautiful day to have a
beautiful day. Jesus Christ guys sorry my microphone is like not locking If anyone knows how to fix this my sure microphone is not locking the sound volume it never does this so I'm like playing around with it but anyways another beautiful day to have a beautiful day. I got my Co host in the house Tyler Mando. How you guys doing today? Long time no see. Yeah, we've been holding it down without you, man. It's been, it's been good. We had a great show last week.
You have been, you have been holding it down. Tyler, how you doing? I'm good. I don't let the the negative price action impacts my mood. I only let the positive price action, it impacts my mood. So just totally ignoring it. I'll tell you what, it was a kid filled weekend here in Chicago. They, they don't tell you this when they give you out the instruction manuals that come with your children. We had five different kids birthday parties across Saturday and Sunday.
I, I didn't know that was possible. So it literally dictated our entire weekend. But I'm happy to be back. Five kids birthday parties this weekend if you're not like. Unique parties requiring 5 gifts all in different venues across do. They know it's a bear market. They're all trying to front around 4th of July I guess It doesn't even make sense to me. I don't even know these children were born even around this time period, so I don't know. That is crazy Mando.
I hope you're ready for that. You're gonna have to take your daughter out to five different like kids birthday party. Speaking of birthday parties, Mando, happy birthday again. Your birthday was yesterday, so I want to see some happy birthdays in the chat. What did you do for your birthday? What did I do? We, we did a boat trip actually in the morning, went out across the Bay around where we are and then and then went over to a friend's house. They and hung out like the kids
in a pool. It was a good day. And then went out for dinner. It was it was a solid birthday, beautiful weather, beautiful, beautiful life here in Portugal. I know you know what the South of Europe is, is nice. I I've been used to, I'm in Spain right now and I'm in Ibiza. At least I have a beautiful office now to do this stuff and do some work in the morning from here. But you don't want to leave. You don't want to leave. The weather is so nice.
Every day you wake up. I mean, I wish I would say that the negative price action didn't impact my mood, Tyler, because I totally let it get to me this past week completely. I have to tell you guys something from Tuesday to Sunday. So last night I was a bear. I, I have to come clean. I have to come clean on the show. I have to tell the people of FOMO hour 'cause you guys, you know, have been with us for like 3 years now. Your boy, your boy went full bear. I let the ghosts of the bears
get to my head. I was tired, I had my toothache. I have everything going on. We wake up in like bleeding my mouth. Everything got to me brain fog and and I let it happen. I let the negativity spread into my body like a tumor and it got me. And last night I did something crazy. I actually sold all of my one of my favorite coins. And then I woke up this morning. Amanda was like yo, get it together. OV was like faroque, I'm going to be laughing at you when it double S in a few months.
Don't do this to yourself. And Mando said I will be sick if it pumps and I was like, you know what, I would hate to make myself sick as well as my friend, so I bought it all back. Let's go so back on it. We're so fucking back. We're feeling better. The antibiotics are doing their job and with that, with that, with that to dance show today, today. Can I just say, how depressed would you be right now if you hadn't bought it back? I I would be down very bad because the coin that I sold is
up 10%. Yeah, I think that's what I mean. You'd be. You would have been so annoyed. I would have been sick, yeah, I would have been sick. I would have been sick. I would have been really, really, really, really, really sick. But anyways, so lessons in there, right, you know, lesson you want to sell. You saw times like OV did, he sold, he's comfortable, he sold enough, but he also has kid in the game.
You know, he was teaching me this yesterday and then instead of selling, selling lows and feel like a dumb ass, which I did. But you know what, sometimes I'm sharing this story because just so you all know, it happens to the best of us. You know, we're out there every day, we're smiling, we're bull posting, but doesn't mean it's all good, right? It doesn't mean it's all good. Always, all the time. Sometimes you feel like fucking
shit. And as you all know, almost all My Portfolio is on Solano and ecosystem, right? So it's like, it's been a rough fucking month. It's rough waking up every day. Not another Whiff has been down 10% per day, OK during my vacation and during all events. So I have to like put a smile on, fucking cry in the morning from my pain in my face and beat down like $1,000,000 and a half. OK, that's not easy. But anyways, life, life is good, life is great. We're alive.
I got my homies on the show. I'm really happy to see Tyler in mind with this. I really like, I'm really happy to see you both this morning. We're so back. See how the show today, today as usual. Obviously, you know, Mando's market report. Let's see what's going on seems to have somewhat of a bounce
across the board. But please, Mando, please reassure us. My favorite bulls have all turned Barry. So I'm very worried when I saw St. pump this morning, who's like my favorite one of my favorite people to follow on Twitter for what it's worth got his notifications on say hey, if we break below 60, we could see 48. I'm not gonna lie. I was shaking shake. I was shot my pants and and then and then after this we'll obviously go through Tyler. I mean work. It's a big wig.
We have blast tge We had a few air drops last week. It's a massive week. I mean blast TG's in 48 hours right June 26th, if I'm not mistaken. So it. Was over though. Crypto was over this week dude. Should I go sell again? My legend is here. Oh no, I so love. Is over. Mert has sold everything. Crypto was over man. OK, OK, Listen to me that. Listen to me. That was so embarrassing and and and it's been fixed internally on the editorial side.
This has never happened. Listen, crypto media, I feel like every crypto media is allowed one fumble per per per market, right? So you know, the crypt had its little slip up this morning reporting on a shit post for Merck. You know, clearly a joke, but they fixed it. Articles fixed. They pushed it back live without the Merck shit and we're sold back. And then after this, we'll be obviously going through Tyler's top 100 or five or actually two
since crypto's dead. He probably has nothing to talk about. And then last but not least, this show is powered by moon Pay to buy and sell crypto with PayPal, download the moon pay app and fair side network wallet coverage for drain scams more. And let me tell you guys something. We have intracellar giveaway and we have 88 roll bit spins to do this week.
So we're going to be doing 2 per day for four days except for Thursday. So two today, two Tuesday, 2 Wednesday and two on Friday. So make sure you retweet the show everybody. Bottom right, show us some love. Let's show them what the people that bulls do exist and let's fucking go anyways. Do we have the jiggles now? We have them. I tried, it failed. We'll try again tomorrow. Oh no, he. Is the man macro daddy of the land Mando?
Can you dig it? Hey. So yeah, it's not been a great weekend. Again, I forget where we were on Friday, but probably around 6364 K, something like that. It's we headed low over the weekend, particularly today. A couple of major headlines around that. Firstly, we have, we continue to have the German government potentially selling up to 3 billion of Bitcoin from from that that website that it
confiscated it from. And then today we found out that the Mt Gox distributions might be happening starting from July. So that was slightly earlier than people predicted. Remember, this isn't Mt Gox isn't selling Bitcoin. It's not like FTX where they basically had the, they sold all the assets. They are giving people back their Bitcoin. So people will be giving back around 9 billion of Bitcoin through this distribution. So it's pretty big that's going to be coming back into the
market. It's unclear if they sell it or not, but that's that's a transfer, let's say to people who may sell it. And then like I said, the German government kit was also selling. So we had a bunch of different people coming out looking at at technical levels. I think you know, in bear markets will be technical levels come back out and that that recent support of around let's say 58 to 60 K is, is kind of the important one. We, we bounced just below 61 K on Bitcoin.
Solana is slightly outperforming. Since that bounce happened. ETH has kind of underperformed, I would say on that bounce, which has been slightly surprising because obviously we have the ETF now in about 8 days. Looks like we'll, we'll be very, very soon for the ETF range of emotions out there right now. And you have people like Kang, like you said. What's his name again? Same pump. Calling for the calling for new lows. You have people like Anthem and Emperor BTC.
Who else have I been? Who else have I been seeing? Just a few others just being like you look, we're just Arthur Hayes. We're going to bounce around the 6061 K level. Don't don't get shaken out. And the timeline continues to basically fight about that. It does feel like Bitcoin, if you just like a Bitcoin, this doesn't really look like that bad a sell off. It's really been a sell off on everything else. It's been pretty, pretty brutal. I'm obviously still very
bullish. I I think it's it's very much effective where people probably had their most, I don't know, their most exposure in terms of gambling sort of bags. So meme coins have really been hurt over this period. Altcoins have already been hurt over this period. ETH Bitcoin have held up OK and then Solana's kind of fallen the most, I think because a lot of it, lot of it has that sort of
gambling exposure to it as well. So here I'm looking at the market I bought, I bought some whiff this morning. I bought some a little bit of Solana. But other than that, I'm kind of been happy with my bags of JLP plus plus Pepe. And yeah, the market, the market looks like it could maybe maybe test that 60K level at least once or twice more. But I, I still like, I still like the market here in terms of bullish things to maybe flag.
Yes, you have a lot of you have some of this supply that could be coming to market, but it does feel like macro is going to be in a slightly more easing cycle. You have 10 of the top 11 central banks now looking to ease in the second-half of this
year. There's a very good blog by Arthur Hayes over the over the weekend, which talked about the the Japanese banks and the fact that we're going to have huge, huge easing because they're going to come in and try and sell the US Treasuries, which I thought was very interesting, he says. That's like one of the main things that will cause an increase in global liquidity. If you bring up Delphi, Delphi Digital, I don't. Know who should I bring up from Delphi?
Just bring up their their main page. Yeah, there was a really good graph which basically just you cut out all the noise and you see how linked Bitcoin is to global liquidity. Oh, I remember that chart that goes like that. Right. So if you yeah, so empty money growth basically. So we've seen a slight retrenchment in empty money growth, which is basically completely mapped this this moving Bitcoin and the second-half of this year, we are expecting to see those sort of conditions ease.
So you're starting to see, like I said, 11 of the of the 12, the 10 of the 11 top major central banks are going to start easing and then you could have this. So there was a report last week that that to kind of go into a bit more deep depth on this Japanese bank situation, a bunch of Japanese banks own U.S. Treasuries and they have lost a lot of money owning them. And there's out there, they're similarly having the sort of issue that you have with the regional banks in the US 18
months ago. So there by a strange mechanism, the Bank of Japan could potentially buy these bonds and post them back to the Fed and get dollars in return, which would basically be a huge amount of easing. And this is to the this is to the tune that they own trillions of dollars worth of U.S. debt. So like, I think it's something like 3 to 4 trillion of foreign owned bonds in Japan at the moment. So that could be a huge, huge easing cycle here for for empty money growth.
So I don't know, you could simplify it and just be like, look, we're going to have more easing. Everything will make sense when that happens and Bitcoin has really just sold off slightly because of empty money growth. Or you could focus on the the short term flows, which is going to be the Mt Cox and potentially the German government. It's difficult to say if that news is already like people knew about it. I have to say that Mt Cox is
well flagged. A lot of people would have known when those distributions would have happened. So maybe we've already seen some of the some of the reaction to that already. So that one's more difficult to say and even the German government is difficult to say. So I don't know if we are, it's best just to look forward and think, right, we're going to get more, more easing.
So nothing to worry about for a while or you just focus on short term flows in which case I think it could be a little bit volatile over the next month or two. Do you think the Mount Gox you just kind of like already sold into because a lot of people seem to think that they don't understand last week that why Bitcoin kept selling and selling and selling with like macro being good, inflows for ETS
being good and everything. Was that because of the Mount Cox stuff or just just kind of cope? Well, we saw big movements in the Mount Cox Bitcoin about two months ago. So and there are various different people involved in this distribution. This distribution has been going on for many, many years involving various different payment agents, I believe at Japanese banks, but also at other institutions. So I'm sure thousands of people knew that these distributions
were going to happen. This isn't just like our one person knew this. This has been probably well flagged to a lot of different people. So the idea that people would know that this was going to happen in July probably was known by, if it's known by 1000 people, it's known by enough people then to move the market. So, so yeah, I would say that this was probably very well known. So we probably didn't know about
it, but other people did. So I personally would look at that as slightly backward looking. I think you could have dumps on certain days where it comes to market very similar to GBTC. But I would say the headlines that of that doesn't necessarily scare me because I feel as though enough people would have known that. OK, OK, OK, OK. And then and they said something about German government on top of rugging me on my football bets. Are they done rugging me in my crypto? We don't know yet.
They, they were moving about 50 to 150 million per day the last three days last week and they they have 3 billion. So they could very easily come in and sell more this week that that I would say is probably loaned by fewer people because it seems a bit slightly sporadic when those repayments can be made. But the fact, just the fact that they are selling it, I think will make people think twice a little bit. Definitely, definitely, definitely. Also, yeah, I guess, I guess I
guess we'll see. So hopefully we get somewhat of a of a relief, you know, today and this week, but it's not looking great. It's not looking great. We also have the ETF. What's the latest on the ETF man though I think are we still on pace for July 2nd? So we, yeah, we should theoretically see them within the next two weeks there. It's still unclear when exactly it will be. The Bloomberg analysts think July 2nd, which would be in eight days. OK, OK, perfect. That would be great.
What do you think? What do you think about this? I'm curious about your thoughts on inflows and stuff. A lot of people seem to be quite fudding it. I saw the Andrew Kang article, didn't read the whole thing. It's really long, trying not to read too much honestly right now. What what what? How are you feeling about that influence for that? I think a lot of people are frustrated with the market. I think a lot of people have actually lost money this year.
Genuinely. I think a lot of people, despite Bitcoin being up 50%, we, I think a lot of altcoins are lower. I think a lot of VCs invested at much higher valuations even for some of the major projects. We saw even last week that the layer, the layer zero final round is now underwater with respect to at least the token. And I think you're probably going to see quite a number of these sort of takes from people in, in the VC part of the the
the market. I don't think anyone thinks it's we're in for an extended bear period. I think me and Tyler were speaking about last week. The majority of the takes point to a retracement before a for a rally later this year. My, my view is that I don't even see that happening. I just think that we're going to continue in this bull, this bull trend. But one thing I've I always realise is that during that bull markets fund, fundamental analysts kind of come to the
forefront. The idea of new use cases for crypto come to the forefront. And during bear markets, charters come to the forefront. And suddenly my, my feed is full of charters talking about technical levels, about where it has to hold. Like just just think about what you just said. It has to hold 60K or it'll go to 48 Ki Mean what? What? Like why does that? Just why does that happen? Tyler's dying laughing. Tyler, what do you think about that? Yeah, we've maybe gone a bit too
far into the bear market. I'm going to. Have a tequila to that. I'm going to have a little shot to that. I think it's a reposado. You know what's great about being in Europe? The show's at 4:30 PM. So it's like it's OK to have tequila at 4:30, whereas at 10:30 PM it's not so great. I mean, Tyler, what do you make of all that? Yeah, I mean, all I think that the TA is fun and all, but it's just nonsense. I think OSF had a great suite.
He was talking about, oh, the token's up 50%, the chart looks great. Oh, the token's down 50%, the chart looks terrible. Yeah, no shit. So I don't know, I I kind of just just put it all aside. I think with the EBTFS, like every investment manager just preaches diversification non-stop. So like once they start recommending crypto allocation, it's not much of A leap to think that they are going to start recommending X percent of Bitcoin and X percent of ETH.
And once you start turning that faucet on like it's not going to stop. So like, how could you be bearish about the inflows? You know what it is I needed you guys last week. That's why I I need it to be on the show. I got my Co hosts are bulls, the bulls with big balls. You saw that video going viral of that that sheep with like balls this big. You guys see it and where they have to put it in a bag and like carry the sheep. You guys see it around. It's been viral on X for some reason.
I needed that. I needed that. You see he's just going to turn into four more hour without me or not as a matter of fact. Good thing I was here last week. Jesus Christ. Anyway, Tyler. Tyler. Tyler's top 100. What? What? Fuck I I, I don't. Damn, I really need those jingles. You know what? After this, we're gonna, we're gonna figure out how to download them on your Rd. caster to play them 'cause I need you to be ready to smash some bears. Tyler, what do you got for us?
Yeah, let's go with eight today Tyler's top eight Bitcoin tumbles 5% after Mount Gox issues notice that it will begin making its repayments in Bitcoin and Bitcoin cash starting this July in accordance with the rules of each impacted country with falls 30% on the weak to new three month lows. Though it is up today, it fell out on the top 50 as Solana Means continue to get crushed. MOG jumped into second place. Over on the Etherium meme board after a big weekend.
The leading NFTS did fall about 5 to 10% on each chain. Following the crypto dip in celebrity meme coins, Jason Derulo's token Jason has rebounded strongly this morning. It's flying. It's over 6,000,000 bucks after he announced last night that Sahil got me and that he had bought $20,000 of the token himself. Though the community notes are out in force pointing to prior crypto pumping up so so be careful out there.
Another slot of news, Solana Debs did introduce ZK compression this weekend to help scale Solana in what could be a 5000X improvement to Solana state compression, leading to a massive reduction in fees as well.
BLAST AirDrop speculation has run rampant as the team loaded 14 billion tokens and 3 billion tokens in the separate contracts, leading Stats good friend of the show to bump his gold estimate to $8.58, though he did acknowledge that the 15 to 20% drawdown in L twos could bring that number back to seven. Yeah, yeah. We'll, we'll, we'll take it. Every day there's something bullish happening to gold lost. Gold estimates, man. No matter how bad the market is.
Arbitrary might be done 20% in a day, but you know what's higher? You know what is higher? Blast Gold. L2 could be going to zero blast gold going up. It just doesn't go down. It's magical gold. We'll be we'll be hired by Wednesday, no doubt. Just rounding out this report, Luke and that's he announced Igloo Inc, the new parent company for Pudgies overpassed and redacted with the mission to build the largest on chain community and driver consumer crypto revolution.
Two NFT tokens are coming soon with AI Arena's NRN token launching today. Mocha's token Mocha is coming in July. And then a lot of fancy top news. They did a retroactive gold AirDrop yesterday for users based on historical activity. Their last round of main tournaments finally ended. Hero payments have gone out, and they announced 20% of their new tactics product is of the province is going to Heroes as well. So that's the rundown. A lot of a lot of directions we could go with this one.
OK, We're going to start with Blast TGS in two days. So I think we should start there. I did, I did see the, I did see the post from ICOB. So it's really been on top of like blast gold, you know, for a while talking about the 14 billion tokens etcetera. I mean, what do you what, what do we think here? Like what do we think is actually going to happen with this blast? I'm I'm curious, what's your actual estimations, Tyler? Yes, the decent stage.
So blast speculation heated up after two big token moves into the test net contracts in the last day. So 14% of the tokens that's 14 billion were moved into one contract, 3 billion moved into another, then that 3 billion actually got divided into 2 billion and one. The TLJR is no one knows anything and this is all speculation. But as we mentioned stats, he originally guessed that everything would go into the 14%
bucket. So if the blur points are coming from that 3%, then he acknowledged that his estimate is in fact low 15 to 20%, which bumped his target to $8.58. I think that aligns still somewhere in the, the seven to $10 billion FTV. But I think ICOBST, he shared some of the the, the target numbers as well. Everything just comes down to the incentives that PAC Man's going to announce on Wednesday. If there's incentives to buy the token and hold it, I think we're going to see a higher FDB than
people think. If the if the incentives aren't let down, I think we're we're just going to come out probably a little bit lower, but I don't know. I think I, it's hard for me to see a world below like 4 billion FDB 5. So I I'm still. What was the bit about vesting that we need to like so maybe 50% of it is vested or what did I that somebody was saying? That for the whales, something about whales vesting 50%, what was that? Yeah, so Nyax looked into the
contract. So there is some code that points to a 50% vest. There's also a threshold amount in the code. So people are thinking that only for whales who hold above a certain percentage are going to have to do this vest. This is another one where where no one, just no one knows the details. Because if you remember the blur, the last blur AirDrop came with an auto staking component as well, but you can simply unstake it and sell. So like there's a chance that
this is the same thing here. So we don't have any confirmation that it will be like a forced vest. CBB is saying CBB just tweeted out two minutes ago that it's going to be probably 50% investing with a 2,000,000 token threshold. So I don't know top whales. I mean, 2 million seems like that's a lot of tokens. So I mean, we're talking about probably like less than 100 people. I'd have to go look at the
leaderboard. I think that's probably, I think for most people that's probably good news. That's good news, yeah. You're happy with that? Interesting. OK, so we're we're going to get rich. Yes, we're going to keep raising the estimate by 20% per day until Wednesday. My my Blast gold estimates have gone up from half a cent, half a dollar to like $2.50. That's what I'm putting you. Got to up those numbers. I'm I'm, I'm I I I it's over for me. I'm I'm I'm.
I'm going to start everything low so that I get happy on the way up. I'm done. I'm done with the shit paying 20 bucks and going down. The bigger story is just like starting to think conceptually about like what needs to happen in this ecosystem. There's been a lot of chatter of basically telling Pac-Man to incentivize holding up tokens. I think OVOS stuff shared something along those lines we talked about on the show before, but there's like nothing is going up.
There is no wealth effect being created on on blast right now. Like Clemente ran a poll like 60% of users have lost ETH so far over on blast and they stopped. Like the jackpot got turned off. There hasn't been a good jackpot hit since Pac-Man hit the the 57%. And that was like two months ago. Like if you told me like I was so happy with the jackpot. I thought it was so fun and innovative and new and it was just a fun like gamble and they just made it less fun.
Like nothing hit for the last like three to four weeks. We're like we're literally limping into TGE and it's like the opposite of the type of momentum I would think you'd want to build going into this AirDrop. And I think that is the concern is that it just seems like all the momentum is just like kind of gone, like the tokens are going down. The NM TS have been dust for a while. You know a few of the absolute like district one has the most but it's ever had fancy top
doing OK I saw. That. I think fancy stopping one of the the the lights still here with, you know, apps that still have potential for users after after this week. So we'll, we'll see. OK, it's a big week. OK, it's, it's a big week, Mando, Mando tweeted. It's a big week. This morning. I saw that. I saw you, Mando. You're like, oh, big week, big week. So what, what do you what, what is your call, Mando? What's what?
What is your blast projection? Yeah, I, I, I can't imagine that it won't require some level of either staking or vesting for me. Like I think he's going to keep the Ponzi going. Like knowing he might, he might have a, he might 14% I think is, is, is relatively good or 70% would be relatively good. But I imagine there's going to be some sort of draw to keep you involved as well.
So I don't think we've seen the whole picture, but my guess is this isn't going to happen how anyone thinks it's going to happen. That's, that's, that's basically what my, my view is on this. And I've, I've thought that since the start. I, I think kind of like it, just it's not going to be your classic thing to me. Yeah, it's going to be something out of the blue. He's a smart, he's a smart guy. He knows he's a smart guy.
They he's probably sat in a room with like paradigm just being like, let's let's do something crazy here, like. Yeah, Wolf of Wall Street meme. The Wolf of the Wolf of Meme. Yeah, exactly. There's no way he's just sat down and gone like, yeah, it's going to give these people tokens and see what happens. Like there's, there's like just there's no way in my mind that that that conversation has
happened. We're going to do like a AirDrop like everyone else does an AirDrop, and it's going to go completely how everyone thinks. It's going to go like, no. It's so funny, you know that meme where they go like this guy, here they go and then they thought they're going to get the token right away. The fans they'll. Be like that, Like there's no doubt. I just think that it's just going to be complex. It's not like it's always been complex again, and there's just
no way it's going to be simple. I agree. I agree. No, it's to purchase it. You know what? I'll take another sip to that to a blast. Woof. To bullheaded. But it's going to be hot. That's one thing I do now. Oh, no, I I agree with you actually. That's why I've been going home in the fantasy tops, which I by the way, Tyler, I really like what they did yesterday to retract. It. Felt good, right?
It's just an, it wasn't like a huge amount of gold or anything, but I think it was just a nice touch. Like everyone loves like the free surprise and no one expected it coming because like in in theory, like you, they had been rewarding users along the way. They hit the jackpot a couple times. Not many apps that I can recall did any kind of like retroactive AirDrop based on your historical activity. I think IKB, the sports book kind of did.
That's a little bit different because that was more in line with their payment model. So they're they're, I think they're claiming this is the only retroactive AirDrop we've seen, which might be kind of true by by the terms. But they they seem to be kind of cleaning up house a little bit, getting all the ducks in a row here ahead of the the the TG and whatever's coming next so that they paid out heroes and the heroes got a decent chunk of gold. I don't know if you've seen your your hero.
I just saw that holy shit I just opened I have 4000 gold from fantasy. Let's go. That's a nice. Number I didn't even know. Oh I'm revising my gold. Gold is going to open at $12.55. I just holy guys. I've gotten 5300 gold total just because of fantasy top. That's all I did on blast. I did nothing else. Who's sick? Only $500,000 by Wednesday, easily.
Everyone 100. Bucks Yes gold is going to be $100 OS F1 OSFI mean at this stage mando like OSF is going to be able to buy the island of Madera like this guy's so rich like this guy must have made like 200. I heard he made like $200 million on whiff like this is crazy. I I heard he made like. 20 done a decent decent cycle so far. You know what, I'm so happy for
him. He's about to have a kid in like 5 days for like 10 days I don't know anyways, it's on the way that's why he's tweeting so much he's home too much see you right now. But anyways, Tyler, so let's talk a bit about this Solana devs Introzika compression to help skill song up to 5000 X right this I thought this was
some pretty big news. I know Adam Cochran as usual, wants like duck on it, but Mert, I thought I really like Mert's response to him, which was like killed you not with kindness, killed you with like braids, right. You know how usually CT dogs with like shit posting, but Bert came in really with brains and explained like what? What's this thing all about? Yeah, so Solana ZK compression
on Saturday, Slana did. Slana devs did introduce ZK compression to Solana. So this works through a process known as state compression allows developers to source certain types of data using Solana's cheaper Ledger space rather than a more expensive account space. Though it did come with some criticism from the eve camp Mert in his introduction. He goes on to note that everything you thought you knew about Solana and scaling L ones
is about to change. We're compressing on change state to get 10,000 X scale improvements to get one step closer to building the financial computer in unstoppable global atomic state machine syncing at the speed of light. And he goes on to clarify for non-technical folks, devs can now build and scale literally anything they want directly on Solana. He gives an example based on this AirDrop to 1,000,000 users. This today would cost $260,000 just for the state. Now it would be $50.00.
So literally 5200 X cheaper. And he goes, this is just one example, there's a whole lot more that you can do with this. And then he goes on to explain the difference between between compute and state and we, we can let the nerds dive into that in in their own time. There was some hilarious back and forth with different folks in the community responding to this. It seems like a lot of folks in the ETH maxi crowd really did respond negatively to this. You mentioned the Cochrane comment.
Perhaps we can get to that in, in a minute. This other Ethereum investor, Ryan Berkman's was criticizing it, calling it unethical BS. He says their new product is actually an L2L2's are a winning model. And then Anatoly responded, I'm quoting here. Sure it's an L2 that doesn't need a Security Council multi sig users don't need to switch chain I DS, doesn't need a governance token, doesn't need an external sequencer. Flaw about air, still get all the transaction fees.
It's like an L2 without all the things that people complain about L2. So I thought that was a pretty good response there from Tolley and then Mert responding to Cochran, basically calling him out like you, you've never built anything in your life. Like how dare you?
You criticize this and then goes into the the depths so that they got a little fired up on the timeline this weekend, but rightfully so. This seems like a a big deal for for Solana and what fire dancer is still coming in a few months. Things are getting faster and cheaper. I love that. I love that just one second before I go on to the next thing I'm being told I got to give a coat out. FOMO, our wine for you wine
lovers. FOMO our wine shot the intercellular, our partners, we were here, they were in Cannes with us. They also sponsored the the boat last week. Super sick. Serve some good wines. So some good wines, Tyler, you were missed in France. You were definitely missed in France. We got better get you out to one of those trips with us. It's it was great. It was great. It's a lot of work. It's a lot of fun as well. So anyways, four more hour wine
is the code today for that. So OK, so all this fun was crazy. I really like merch reply. I think I shared it at some point. So I thought it was great, you know, as usual, but it's it's just funny. Every time someone's trying to do something cool, we kind of like try to flood it down to 0. So that was that. And then Pudgy. So what happened last week? So I oversaw the timeline because I was like semi off. There's a bent out liquidations
classic completely bought out. And you said the chance to buy a Pudgy out of 10 E may be here for the last time ever. So what happened since? Yeah, some have been saying NFTS are dead, perhaps forever. Apparently, no one told Luka Nets and the Budgie Penguins. So on Saturday, Luka Nets the pug Penguins CEO, he introduced their new parent company, Igloo Inc. It sits over Pudgy Penguins Overpass their IP arm and then this new Redacted entity.
The company's mission to create the largest on chain community driving the consumer crypto revolution. The plan is for Igloo to form is broader end to end ecosystem, allowing for new entrants to join the community in a non dilutive fashion. That is a key music to NFT holders ears. Of course, the team went on to confirm the Pudgy Penguins will continue to serve as the top of funnel Overpass IP alliance holders with the team brand through licensing opportunities. And then this new redacted
entity sits between them. They teased more coming in the coming months to complete this picture and show the full vision. And this came right at the same time that a fresh wallet had deposited 1069 E, which is $3.75 million in bid on the 110 Penguins, all the Penguins that were in Ben Dao. Basically, it looks like a fund or a whale did kind of come to bail out all the bad debt aligned with this announcement. So I think the pudgy 4 bottomed around 7 ETH shot back like 9.39 point five.
I think everything's down a little bit here this morning. But the pudgy loan crisis, it feels like that is in the past. And the, the big news here to me is the the redacted piece. So, So what is redacted? I think folks have started to speculate. We don't know what it is, but something big is coming. It feels like Luca and team have been building up to this announcement now for some time. Not sure when it's going to come, but I think it's going to
be a blockbuster. Yeah, it's, it's going to be really interesting and I can't wait, of course, to see what they've got coming up next over there. But it's always, always good stuff, it seems happening on that front anyway. So I saw this, I saw that, you know, Blast, Slaughter, Luca, et cetera. I think, I think we've kind of gone over the pico stuff already.