Prediction markets and why crypto apps may outgrow their networks

Transcript

I don't know what else to do with my life but to build something in this industry. >> What's up everybody? It's LGD set here and welcome to the Milkroach Show, the daily crypto show that didn't sell in May and go away even though we probably should have. Today is May 19th, 2026. Listen, it's not easy being in crypto. Okay, you guys, our loyal listeners know this as we've documented this bare market for almost 8 months now. Many of us can't help but look sometimes across the street at the stock market and wonder why why are we still here on this side? They're having a lot of fun there. Well, this episode is for you. My guest today is the president of one of the biggest media companies in the space.

And like me, he's been a crypto podcast host for a very long time. His positive energy infects everybody he meets. And unbeknownst to him, we have actually been on a Twitter spaces years ago, 5 years ago together, and I'm going to reveal that to him today on the show. Faro, the head of Decrypt Media, Myriad Markets, and the host of Rug Radio and FOMO Hour is on the show with us today. Today's episode is brought to you by Cape, the privacy first mobile carrier. Feros the layer one built for reali and nexo earn interest borrow and trade crypto vero what's up man first time talking in five years I don't know if you remember it was a late night spaces >> I love that well thank you for having me uh I've definitely seen her around you know you used to be around there in the

NFT days uh I have talked to a lot of people especially late night on those spaces but I do remember the name I do remember the the the Canada name you know so >> it was it was when Nate from OpenC when the when the accusations broke against him and like D's and Peter Jennings and a few other guys were hosting a space and I hopped on and you were on and then I don't know we're talking I don't know there's a few other people on but we did we did briefly chat and that's a long time ago man that is a really long time ago but uh good to see you again this will definitely be our longest conversation ever uh and I'm excited to dive into you into it with you um let's talk about um let's talk about what's going on right now man because I feel

like you you are such a magnet for kind of positive beliefs for for people really believing in the space. Uh and you recently tweeted something that caught my eye which was that you refuse to convert to stocks and that you are in it in crypto for the long term. Tell me about that man. This it's that's a very interesting last couple months uh for someone you know thinking about it that way. >> Yeah, I mean it's been a it's been it's been a it's been a crazy you know cycle I would say or at least bare cycle right now. I do think it's kind of like a like this bare market is kind of more fun than the last 2022 one in a way because there's still like a lot of opportunity in the air, right? Like even like with the rise of prediction markets which I'm

sure we'll get into with mirror and nerfing in a second. So don't want to go there yet, but that's huge. And this during this bearer and downtrend, they have been like only growing. So there's that which has added like this level like fun I guess into the industry. And then um and then you know kind of like you and I were riffing off on offline you know you have the hypes, you have that the Zcash of this world and you have a lot of fun uh things going on. So while like you know the market's not great like you know we are getting a lot of like clarity in terms of like uh the market in DC and and in in regulation and at the same time we we do have more adoption more institutional adoption.

People love to say there's no retail but I actually disagree like there's there's a lot of stuff going on. So um you know it's uh it's been an interesting one you know to uh follow. Mhm. What do you tell like I feel like you know you're probably a very social person and I struggle with this as well like when you talk to people IRL and you're like and you explain what you do and they're like oh man crypto and maybe maybe you talk about prediction markets but when you talk about crypto like what and people like probably push back and be like man you know what the trade was was AI like what is kind of like what is your what is your argument there for crypto still having a lot of life going forward because I think a lot of people especially retail side are like listen

man I'm not getting back into that [ __ ] I got torched at some point or like it's totally dead the scams or whatever. What is your current day like argument for like why this thing why why this whole thing we still have a lot of legs? >> I mean all roads always lead back to crypto. I mean I was talking about this you know uh on the timeline this past week. You know everyone's like oh stocks this stock that AI this AI that like dude like all roads literally always lead back to blockchain technology and cryptocurrency. Um I don't know if you follow the latest like AP Swatch craze. If that doesn't show you that there's always going to be an appetite for retail to like ape into something if there is the chance of potentially making a 2x return. um then I don't know

what will right you've seen the Pokemon card craze very similar to 2020 all-time high Pokemon cards uh open uh sorry One Piece uh TCG in general just popping off see a lot of crypto companies actually like NFT companies going to TCG as well and doing well uh so there's always going to be this this this will um there's always going to be the need to make money I mean the the the the gap between the rich and the middle class the poor is like getting even wider in very sad way and like you know there's people are always going to want to come back whether it's the casino you know, whether it's prediction markets, whether it's, you know, um, safer haven highets within crypto. So, I just think like the whole, you know, thing that, oh, crypto's dead is is it's just cycles being cyclical. Um, there's always a

return uh to this industry. >> If you're not seeing this, you're trading blind right now. There are real moves happening behind the scenes that most people don't see until it's way too late. Inside Milkro Pro, you can track exactly what our analysts are buying, selling, and what's on their watch lists before it moves. Martin recently unloaded 40% of his cash off of one signal. And Melvin is up multiple calls by like 50% and we're already up 30% this month on some alts. This is all happening every week. You can try it out for just a dollar for 7 days. The link is in the description. Where do you think we're at right now in the timeline for crypto? Right. I think this has been a big debate and I'll give you a bit of context and one thing that we talk about on the show a lot. We've had a few

different analysts come on and tell us we've actually been in a we actually started a bare market in early 2025 uh and that the DAT trade and the some of the ETF inflows and stuff and people like Michael Sailor basically propped up the market but that the bare market has actually been going on for much longer than we realized despite alltime highs and that now we're due to come out of it. So that's one line of thinking. The other line of thinking is the typical one like listen bare markets start started early October on schedule the four the four-year cycle with the 10-10 dump and everything and then we got to wait you know at least a year for for greener conditions. What's your view man? Like where do you think we're at?

>> I mean I'm a four-year cyclist. Uh I know a lot of people were that was quite contrarian to be this cycle. You know people are saying for cycles are dead. A lot of people I interviewed were saying for cycles are dead. A lot of my friends were saying for cycles are dead. And obviously like they were all wrong. Not that they're not smart. is just like it happened right like the four cycle did not break clearly we have been in the bare market since then and uh so if you follow the four-year cycle theory um you know we should be getting some momentum after the the around the midterms um and there's also like so much data around midterms like how like you know after this month like maybe we go towards like a little lull and then and then um and then we start you know ramping up maybe

we front round the midterms and midterms happen and then this business as usual and then great 2027 so I like to just like I don't over complicate things, LG. You know, I don't like to get into like, oh, like crystal ball type [ __ ] Like, I I like to navigate the market as is. I do think that it's nice to see a recent little uptrend uh on crypto in general in the last couple of weeks. It's been nice to see Bitcoin hit, you know, $82,000. Can it push higher? I think it will. And if it doesn't, it is what it is. But, um, you know, in general, I think we're not in a terrible place. Like, if you compare it to 2022, we thought the industry was finished after FDX and SBF. literally I had to ask myself like yo like like is my like

what's going my future going to look like and I'm sure you do the same thing people around you whereas this cycle around I'm just like okay cool like let's just build and when the market comes back the market comes back and we'll be even more successful then right so um I'm I'm not too concerned with that but I do think that generally speaking you know once the midterms are out of the way and obviously geopolitically like we're going through a couple wars you know whether it's Ukraine and Russia that has been endless or Iran Iran and USA most recently you Let's let's just go through all of that and then and then we'll see where where the market takes us. >> Hopefully there's not some other conflict. But >> yeah, just simple things. Yeah, simple things, you know, just just little things like that.

>> Just popped off finally and you know, but look like even the war news like they're being like they're being, you know, they're they're like the warnings are are being silenced now in in the charts. Like every time, oh, the war may pop off again, Bitcoin's like I don't care. So >> I think people are starting to kind of not care about this anymore. >> Mhm. Absolutely. I do want to come back to talk about a little bit about stock market too because it is something that we've seen a lot of people in our community right people that uh are I guess I guess like CT let's call it a lot of people did rotate and start to trade uh equities start to trade AI stocks become experts in things overnight as we as we often make the same joke um but is that something like

why would you not be tempted in something like that especially somebody who runs like a large finance company media company where that has been the story I I mean, it must still be interesting to you, especially there's a lot of drama, man. If you go to the very top, like between the the Sam Altman's and all and the Elons and all that kind of stuff. There's a lot of really fun stories. Have you been tempted at all? And what do you even think about the AI trade at this current time? >> I think the AI trade has been great for most people, but like what what really is the AI trade? I'm not too sure, right? Like for me, like the most interesting AI trade has been probably VVV. I didn't take it for what it's worth, but it's been really good to see on the timeline. Um, I think the

AI/crypto trade, so the intersection of AI and blockchain technology is far more interesting to me than just the AI trade because we don't really have access to the AI trade, right? Um, I know a lot of crypto loves to be like all focused on stocks and stuff and that's probably because of Hyperlid in a good way. I mean, to be honest, for me it's great because I just own hype, you know, like own the on the on the picks and shovels type of play. But um I think for me and that was always a hot take I had I guess for some reason like blockchain technology is far more interesting than than AI is. >> Um I don't know why per se but I just find the crypto space much more fascinating and I do think there's much more upside there. Like what's your AI

exposure you're going to get as a retail investor? Um you're not going to buy anthropic shares or trillion if you do like their fake shares right like you just saw they made a statement etc. uh you're not going to get exposure to those big u big um big coins uh big big stocks etc. So I'm just like I just find and maybe this is me refusing to leave my bubble but I do think this bubble is like the best one. >> Yeah. No absolutely. Let's talk you know I I wouldn't mind talking about a little bit about those hyperlquids as well and and kind of more that sector. what what in the space kind of excites you these days because Hyperlid it seems to be like really the top story in terms of being able to trade stocks whether obviously as as derivatives but still

something that um I think we saw a lot of SEC news yesterday saying they're going to allow 24/7 stock trading which would potentially spell good news for hyperlquid obviously there's a lot of other alts that that people like to discuss. What's what's kind of in your not necessarily in your bag for Oak, but what is in your like line of interest uh potentially going into you know a recovery towards the end of the year? Yeah, I mean the thing is like I pick my interest based on what is showing its hand. I try not to based on oh I forg like this more therefore that's the only thing that's going to work out. And this is how like what's in my bag in a way it's like I'm looking at what is performing well in this downtrend.

What's doing well when Bitcoin is going to 63K? What is holding up when Bitcoin is going back to 82K? What's outperforming it in the double digits? It's very simple. What's been outperforming is privacy Zcash, right? That's been the biggest narrative. And by the way, I was not early to the trade. So I'm not even going to sit here and claim, oh, I was early. Like I saw Mer, etc. Mando was taking a trade on the show at like 100 plus all the way out to high. I didn't join until like maybe the 300s. I most recently just again. So I trade Zcash a lot uh in and out. Even most recently like I got in on this dip two days ago at 500. I think 501 was my my my my price and you know got all the way to like 600. So it's a

fun coin to trade. Um because the market is so volatile right now. I take my singles and my doubles, right? I took that from Whiz. He was like, "Dude, like when you say get like a double digit percentage trade, take it." Uh, because we're not in a constant uptrend. Um, but that's because I'm trading. But if I were to just like build a bag in a way like Hyperlquid, [ __ ] greatest app I ever created in crypto. I mean, I believe that apps should be worth more than blockchains. That's also another take I have. Like for the longest time, I don't know why blockchains were valued at billions of dollars when there's nothing going on. And I think the bare market has shown us this. Like most blockchains are useless. um or at least shouldn't have a token and or shouldn't be worth billions of dollars but apps

should like for me like Poly Market should be worth more than Polygon and guess what bang it is. So point point in case right uh Hyperlid should be worth more than uh you know the underlying chains etc. Um, you know, very excited about the hyperlquid in general. Um, very excited about Zcash just for the privacy sake, right? Uh, it's got a good narrative. Um, the whole like, you know, Bitcoin has lost a cipher punk narrative because it's institutional now, which by the way, there's a lot of truth to that, right? Um, so I kind of like that. Um, and then I, uh, I, you know me, man, I love my memecoin. So, I trade out of Farcoin, I tepee. Uh, not in them at the moment of the show, but like I just like to trade them. I think I love trading culture. I love trading that stuff as

I'm building my own app. So, um that's really what I'm looking at um at the moment. But look, like tomorrow there could be another narrative and and I'll be on that train. It's just I think you know you have to um this is a market where you cannot marry a bag. You cannot marry you know something. You need to have your conviction of course you need to study the market but you can't just like you have to be aware like there's a lot going on. >> Mhm. Absolutely. How often how this is actually curious like how often are you trading right now? This is this I feel like we're we're going this is okay listen for people that listen to this and we usually have people on from institutions and we talk about clarity act all that kind of stuff. This is the point you guys know listening to me this

is the point where the show is going to diverge into DGEN territory. Okay. This is where this is the real this is the real show that Ferro and I should have been doing for the last 5 years is actually just talking about trading memes and NFTs and [ __ ] But even but even you're talking about like swing trading Zcash. Is that something that you're kind of hitting and I love what you said about hitting singles and doubles. I think that that's a great way to look at it especially if you are going to trade short-term in this market is like don't look for these thousand you know thousandx kind of things there they'll be be very few and far between but what is kind of your current approach to taking these little swing trades on Zcash from like even just like a 500 to 600.

>> Yeah I mean for me you know I I I do I I have to say I've been trading quite a lot. I think I've done I mean I don't know what it's compared to other people but I'm looking at my hyperl like I think I'm doing about $15 million a month volume on there which is not crazy but I've done but it's not like I've done what $155 million of volume on Hyperlid since Q4 Q4 I think >> it's um so size are you trading with what okay hold on what's an average bet something like Zcash what's your what what what's your what's your leverage and what's your size I just need to know that's >> that's a great question I'm happy you went there I don't do leverage Okay, the last one I just did was 2x leverage.

So, I guess I do leverage in that sense, but that's like almost breaking my rule. My rule is not over 2x. I don't like it. I really do not like leverage trading because also like I'm a founder and I know we'll get there. I'm way too [ __ ] busy to like baby a position. That's why when it's when it's when it's um and I do size, so like position size will be anywhere from $100,000 to like $2 million. Um and um like the latest Zcash one was obviously seven figures but like um I could open like a year long for like 100 200k and the reason I do spot is because I do not have the mental capacity and or time to worry about a position that way at least if I'm down 10% on a spot position dude I don't care like it doesn't matter but if

I'm down 10% on a 5x leverage position then I'm like starting to sweat here right and and that's because I've lost way too much money doing that that's why I don't do it and I hate Um, I understand that I'm also in a position to be able to do that because when you can spot size, it's way better than doing leverage, right? Um, like I rather put half a million dollars at 1x and 100k at 5x. Uh, with that being said, I do think more people should adopt that and then focus on singles and doubles instead of going for the home run because getting 10 $10,000 winning trades is better than getting 100k winning trade because you're just nailed 10 of them in a row, right? Uh, so arguably you have a better hit rate and uh and you may lose it all after. So

it's just like that's kind of how I've been approaching it um in terms of bet size and trading frequency. So it has been more often. But also one thing I've learned is I don't always have to be in a trade. I am in no trades at the moment of this call. But just 12 hours ago I probably had like $2.5 million worth positions on. So it's just like it's just um you know I'm not a whale. I don't trade small either, but I trade more often. Uh I also do host a morning show, right H hour every morning at 10 a.m. Eastern. That keeps me on edge. So it's my it's literally my job >> to know what's going on. I report to you. So it's like that I guess that's my edge and that's something I like and I'm really about it, right? I'm not trying

to host a show and tell people about coins and stuff and not [ __ ] trade. Um with that being said, there is a lot of opportunities in this market. So, I didn't hit any of the recent big meme coin runners because I don't want to trade them. But like Astero, Asteroid recently went to like 100 mil plus 200 mil. This past few months, you had a few runners that went with white whale, penguin, etc. Like a lot of coins went to like 50 to $200 million range. So, even for the person that is like low bankroll, trying to go for moonshot, like there is opportunity uh in this market, which is why I'm like this bare market is not like the others because the others had nothing. you you had Pepe, you had Mog that went up and down, but like then it's sideways for like 10

months. In this market, there's a lot um you just have to be more on top of it. Like even right now, me's running, so um NFT is running. So, you know, I dabble uh as much as I can um while uh while building. I like I like that that's dabbling, man. If that's dabbling, I don't know what the hell you'd call what I do. Like if that's dabbling, I don't know what I that's like I don't do anything. Man, I I I I love this [ __ ] It's also like a, you know, my environment, right? I talk to Mando. I do what is so Tyler. Like, everyone around me dabbles. I mean, it is my full-time job and it is my life. So, I just, you know, I just love it.

>> Who's the biggest freak you know? Who's the biggest dabbler? Especially at this current time, like the person you're like, "Man, that guy's nuts." Or that girl or whoever. >> I mean I mean I mean Mando's always trading size, you know? Like that guy that guy's always like trading cool trade like grid bots like [ __ ] crazy AI blah blah blah. >> Like he'll like he'll like he'll be able to make like a million dollars in a day and then stop trading and then you know he'll take his losses but he's arguably like the best trader. >> Why do people like that? Why does Mando why does Mando still do like shows and write tweets? I don't understand about people that just like go out like I'll just make a million dollars trading this swing trading this thing and then they're like you know what I do need to

do? I have to I have to close my trade because I have to show up on this podcast you know for like a couple thousand people to listen to it. Like I don't this what I don't understand. >> Then he starts a [ __ ] casino, you know. Shout out to Yeet and >> uh love of the game. Honestly, I'm the same. >> What? Let me return the question to you. >> Yeah. >> What the [ __ ] else are you GOING TO DO? >> LIKE, DO YOU KNOW WHAT I MEAN? I MEAN, YOU were talking about, you know, raising a family and stuff, but beyond this, like, I don't know what else to do with my life but to build something in this industry. I I I've thought about it. Like, first of all, there's nothing else I want to do. I think we live in

the most electric fun. We know about the news three days before your mom will call you about it or your sister or your cousin or a friend outside of the space. Like we are the most electric like industry ever. Like there is nothing else I want to do. Like even when I go out with I guess regular people, I'm not as entertained in the conversation either, right? like my my brain doesn't get the same level of like you know um you know um I forgot the word but anyways >> stimulation >> stimulation >> excitement >> I'm not stimulated right when I talk to people outside the space so the question is really what else is there to do man you always want to step back in >> oh man that's the voice every time I'm

like I got to take some time off that's I think that that's what like just pulsates for me I'm like but what am I >> my time off I'm just going to I'm just going to think about this the whole time, you know, like I'm just Should I go on a kayak trip with friends so I can tell them about crypto? You know, like that's how it feels for me. >> Always talking about it like back to crypto. >> Yeah. Yeah. That's great. Okay. Here's a question for you that I think a lot of people want to know and I've been asked a few times. Um actually I still get asked a lot. >> You know, years ago when you and I started in the industry, NFTTS were a huge entry point for retail. Very hot, cooled off naturally. Um, in the last run there was memecoins, there was like

AI somewhat legit kind of vaporware kind of stuff. What do you think Baroque if you had to like throw and and do not say prediction markets that's the next part of the this this episode we are going to talk about prediction markets but outside of that I'm talking about like that type of asset like NFT memecoin that kind of thing what do you think would be next right let's say like 2021 was NFTs 2024 was like memecoins AI 25ish and then the next run whatever it is maybe soon maybe 27 maybe 2028 what what do you think would be this next thing is it going to be a hybrid of all that is there going to be some new thing that we're going to come up with that we can trade in a fun way like we have with those assets.

>> Good question. I mean, I'm not going to say the obvious because there's a reason why we're building markets because I believe that. But that's different because it's not pre market is not even the answer because it's not a meta like meme coins and NFTs. It's a multi-trillion dollar asset class in the making, right? You saw NASDAQ poly market, etc. So, it has nothing to do with that. Is there gonna be like me meme NFTTS arguably were like the biggest onboarding event ever in the history of crypto, right? And they were fun. Meme coins I was it's funny. You know what? I'll just read you exactly what I just told a bunch of friends like five minutes before getting on the show with you.

>> Oh yeah. Yeah. Give us the give us the secret for real. >> Like literally literally >> alpha call group. >> I was like I was just talking to friends about NFTs and stuff and we're talking about how like simpler times, right? It was so much fun to trade NFTs and I said side of me thinks this coming cycle will be more similar to 2021 NFTs than 2024 memecoins. I'm not fully sold on this thesis yet, but a side of me just is starting to feel that way. It's it's good that 2024 exposed just how much it sucked versus 2021. And I think a lot of people have to say 2024 suffers 2021. I think you would agree with that. Um me, I just make lemonade out of lemons. I don't care. I don't have an opinion on like whether it sucked or not. I made

money. I did well. you either follow and adapt or you just you're going to get you're going to get lost, right? Um, but I do I do have a feeling like people realize how much more fun NFTs are to trade than memecoins, how much fun it is to participate within prediction markets, how much fun it is to dabble within apps within crypto. So, I do think like we're finally going to have like major breakout apps and that we're going to have more adoption in that sense and that people are going to are going to are going to use uh that more. Now, it's a tough answer, dude. How would you know? No, there's no way to know. I'm just throwing it out there.

What do you think it would be? >> Also, like what else would there be? It's like right now it's like RWAs, PERBs, production markets, memecoins/NFTs. It's almost like in the same basket. It's like what else are we going to invent? Like nothing else. But now we have better access to per we have better access to RWAs. We're trading stock tokenized stocks, etc. So, it's just like everything's finally getting tokenized. Everyone's adopting blockchain technology. Everything's beyond chain. And you just have pockets of people trading [ __ ] Pokemon cards on chain. And you have pockets of people trading NFTs on chain. You have pockets of people trading meme coins, etc. Um, you know, >> it's all one big thing. Now, >> your phone carrier knows more about you than your best friend does. Where you go, who you call, when you sleep, and they're selling all of it. AT&T,

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They've got a $10 million incubator backing builders who want to make real a reality. Join the Atlantic Ocean test net and start building at milkroad.com/faros network. >> Totally. Yeah. I never I think I think the general lesson there and somebody told me this recently is crypto is a way of making basically anything into a market and I've seen that even with the metas and that there's there's even you're saying it's like what else could it be? It's like well the crypto will find a way to make some other thing >> a market you know same as NFTs and memecoins >> you know there will be another another way to to marketize something but dude let's talk about prediction markets man because you have been building myriad markets uh for a few years now um jumping into the race with uh with poly

market and koshi the big boys you guys just raised a seed round this week with some pretty big names uh big names that we know uh from around the community what I want to know from you folk is like what what what sets Myriad apart from from the other two. What What is kind of like your moat here? How are you going to compete with them? >> Well, first and foremost, um I do think that a winner in this multi-t trillion dollar asset class has not been chosen yet. Like, you know, we're it's so young in the sense that KCI just got out of becoming legal and then there was election and um poly market just had its big election moment with made pretty prediction markets huge and then both of them proved that it it goes beyond uh just the election cycle, right? Uh but I

think it's way too soon to say, oh, this is a winner like there's not going to be another one. So like whenever we were raising etc. I had like 2000 calls with VCs and stuff and you know maybe 10% of those people like you know said yes which is awesome. Shout out to those 10% believing geniuses. Um but the rest were always like oh there's not going to be another one or are you going to be able to compete? And my answer was the same thing I'm going to tell you. It's like first of all a winner has not been yet picked. >> Second of all if we're talking multi- trillions of dollars then if I settle for third then I have a multi-billion dollar company in my hands. Right? Like in cryp in exchanges there's Coinbase, Binance OKX Bybit Bitah there's like a [ __ ] bajillion of them

and now Hyperliquid came out of nowhere. It's taking everybody's lunch, right? So there's always opportunity. So that's my first thing versus like the big two. Now back to why Marriott because now forget the two. There's the next generation prediction markets. There's a lot doing well. Shout out to Predict Fun. It's my boy Ding killing it. Uh I know the Limitless guys are doing good. Um, and there's a bunch of other ones that are coming out or how come like worm doing leverage like and to me I just see us less as competition to everybody else but just like as one massive industry and we each cater to our own set of individuals right uh doesn't require that many users to to do a lot of volume doesn't require it doesn't require just like as much as people uh think and um and for us the edge was always media

like you said at the beginning when you introduced me we own one of the largest media companies in crypto right we own the cry media >> and uh which is the second largest in terms of like website traffic after Coindesk. Shout out to Coindesk as well. Uh and Rugg Radio, which is kind of like the podcast uh arm to all that. But it's we've pretty much like merged the two of them fully over this past year. I think that's one thing that we've been doing. Um and you know, we're the only media company with a White House press pass, the only person I've ever interviewed a sitting president um regarding currency. And so this is access that we have that other people don't. And that's our edge is the media. And that was always um the thesis is distribution. Content is king.

Distribution is queen. I've been in distribution for 17 years now. I said my first blog is 14. I'm 31. So I've been in the game and the way we got from zero to one here at myriad is with zero dollars of marketing is just by using our native channels. Now obviously like we need money to like marketing which is why we're raising. It's like we got to start spending because you see how much poly market is spending just they spend more on the chain for Nanu than I've spent in marketing over the last [ __ ] year. Oh my god. Got billions of dollars. So yes, this is where we start needing the cash by the way. So this is why you're raising in in production markets which is ironic. Um, and so this is how we plan on doing it, you know, is just keep doing the way we're doing it,

offering better UI, better UX. If you go on Myriad right now, it is so freaking clean. And if you're listening to this and you haven't been in a while, go check it out. It's gorgeous. Like I I'm not even like, you can just go compare all prediction markets, I do think we're the best looking in that sense. And I think by offering a better experience, better liquidity, which is something that we're solving for, and then different markets, etc., uh, is how you differentiate yourself. So, >> we'll see. I I'm very bullish on us obviously. You know, we're a team of like 30 people working on this every day. So, we nothing. The other thing is that we're dogs. Like you were talking about this in the stool before you like you you never stop is like how many teams have been as consistent as us when

it comes to like media production in crypto. Honestly, like >> is there two or three maybe? Like we must be one of the most team in all crypto. And I can say that with confidence because I've hosted 4,000 [ __ ] episodes for more hour at this stage. So it's like, so it's like, you know, we're gonna we're going to see this through, dude. >> I have no doubt. And and that I think that that's the kind of thing that that investors look for, especially in a founder. So you know, explains a lot of your seed around a lot of people there is that, you know, you will be relentless in this pursuit. And I think that that that matters so much in this industry and also when you're building a product. What I I think I think maybe a question that I have and maybe a lot of

other people have as well in terms of prediction markets overall is um both their future but also their valuations right and myriad I don't know what your seed raise was at but I think people see like Koshi valued at $22 billion like is that realistic you know and I think that that's and it's like and I think I want to know from you like I feel like you you believe so but maybe you can explain that a little bit more that to us especially these days you know if you put on the crypto mindset a A lot of the top performing apps these days are revenue driven. That's the big question. We talk about the other big big companies uh in the world like OpenAI Anthropic. The big question for them is like how will they ever make enough money to justify these insane raises and

I think the same lens is being put onto pred onto prediction markets these days especially those big ones raising at those huge valuations. So I want to know from you like clearly you you really believe in the growth of this space. So maybe detail that a little bit for me. Um how they can live up to those and and how this how how this space grows, how the prediction market space grows into into retail and beyond. >> Yeah, I mean for the longest time poly market was just like until recently, right? It was like burning cash like crazy until they they turn on the revenue fee and now they're killing it. They're seventh in terms of revenue. I'm checking right now in 24 hours on on DeFi Lama. So they're up there, right? They're top 10. They're killing it. Cali is making a [ __ ] ton of money by the

way. like like I think it's like 100 mill annualiz or something maybe more. Koshi makes a lot like a lot. This why in the last phases poly market fetch like 15ish and Ki raised 22 uh at 22 is because Koshi is making a lot like they're proper regulated like KY [ __ ] fees everywhere and stuff like that. So um they make a ton of cash. Um one other thing about the valuations first. um they're crazy uh now, but uh there will be a prediction market that will be worth $100 billion in the next 18 to 24 months.

Uh I'm not going to say which one cuz I don't know, but there will be a prediction market worth $100 billion, at least one. Uh and there will be several ones worth over five. Uh poly market right now in the secondaries is fetching about 14 and a half bill. And I know people personally that are like setting up SPVS to buy that. So like people believe first of all the you know how the market works. If someone is willing to pay that, it's worth that. Period in the story. People are willing to pay 14 and a half billion secondaries for Cal for Poly Market, then it's worth that. People are willing to pay primary [ __ ] $22 billion raise on cash, that's what it's worth. Um and and it's only going to get bigger because I think people generally see the vision like people outside of crypto because these

are mostly like outside crypto investors by the way are seeing the vision. They're seeing the the revenue uh path, the path to revenue. Uh these companies have massive burns, but their burns are media, right? Their burns are are are marketing. They're they're spending I don't know how much money to be Siri partner, NHL partner, NBA partner, NFL partner. So they're F1 partner everywhere. Everywhere you know there's a [ __ ] prediction market now buying ads uh on Tik Tok, on Instagram, on YouTube, everywhere you go. It's like all over the place. Uh sometimes it's a little too much, but it is what it is. Um so I I see it, dude. Like I know it sounds crazy, but we're talking about a potential multi-trillion dollar asset class. Um there was a point in time where actually like prediction markets um were bigger than the stock market uh

back in like 20s and stuff. So it's not a new thing right prediction markets but I I see the valuation I I I I genuinely see it. Um just so you know like behind the scenes all the next generation prediction markets are not fetching anywhere close to like poly and ki's like multiplier. So just like this these two are outliers, right? Like by by I kind of know a little bit about like how much was raised across the board and how much for for for other prediction markets and I'm sure they know about us too. >> It's nowhere close. Like we're talking like >> [ __ ] 200x less type thing. Like we're talking 200 to 300x less. So yes, it's true. They are outliers. I do think it's like wild when you see prediction markets like Kali being worth more than like a DraftKings by a lot right now by

the way. Um but I also I also see why if you really understand that this is like the future of like contract and options etc. Like the CFTC is going all in on it, NASDAQ SEC. So I can see it. >> Nice. Nice. Okay. Yeah. I mean I agree with you. I think I I I was >> What? What' you say? I have to believe it. You have to believe it. No, no, I agree. No, no, it's good. And that's what I want to hear from you, man. What's actually Actually, here's a question for you. On Myriad, what do people trade on Myriad? What do people like to trade? What's What's the main thing people are into? Because I we've looked at this on Kali on Poly Market.

What do people like to trade on your platform? >> Um, I mean, people like to trade these like, you know, we had this 15-minute candle markets, I think, before everybody, but we're all like way smaller. So, when Poly Market came out with it, like, dude, like everybody went to Poly Market, which is fair game, you know, we're we're the small fish in the big pond right now. Um, people like to trade, dude. They they'll trade anything that that that is uh that's like that's remotely tradable. Man, it's so funny. But you know, people ask me all the time, what's your favorite markets? Like political markets, they'll trade it. You put sports, they'll trade it. You put like a Zcash market, like up or down market, they'll trade it. One fun one was like KBM versus Mando. So, they put 100K each whether Bitcoin's go to 100K

or 80K first. KBM won, but that market was like going for a while. I think we did one or two million dollars of volume on that. So, PVP markets are doing well. Uh we have a ton of World Cup stuff coming uh because people keep asking for it. But >> it's funny. It's just like honestly, dude, if the platform's good, people like to bet and predict on almost anything. Um there's never really a category that's like outlier. Um sports and crypto are obviously the biggest, but then you know, politics and stuff, I find it way more fun, personally speaking, but sadly I think the market goes towards the same stuff all the time.

>> I think there's something I think there's something wrong with your site, man. Look at this. What is this all about? This is the Stanley Cup odds at the start of the conference finals and your and the Montreal Canadiens are are fourth in odds behind the other three teams, man. How is this even possible? >> Well, first of all, what the hell is this order thing? Why Why is the order off? I'm going to tell my devs right now. >> Oh, yeah. Come on, man. >> What the hell? Can the devs please do something? >> It's an al is alphabetical order. >> Carolina, Colorado, Montreal, Vegas.

Jesus Christ. >> Okay, let's just open up the Montreal one, man. Only 12 cents to for to win the cup. Dude, what's going on over there? >> 11 cents on Paulie. So, you know, Myriad Myriad believers tell the influence. Listen, like myriad, my abs are the underdogs and against all odds, they're going to win the Stanley Cup this year. You know, I've got some money on them Cup. Um, I'm really happy that we have that on uh on My I'm going to go do some influencing there and people know I'm a die hard. So, um but dude, um it's funny, man. It's it's that's why you have to have such a diverse portfolio and that's why liquidity is really necessary. Like that's one thing obviously like we lack most of because like yo, you have all

these market makers, etc. that you have to work with and that's all coming up coming along. It takes time, but dude, I promise you people will trade whenever it's tradable. Like it's just like crypto. People trade meme coins and then they'll trade Bitcoin and then they'll trade Zcash. Then they'll trade like a Pokemon card TCG and a gacha machine. Um it's crazy but like you know because I get asked a lot what are the top stuff and same [ __ ] man people just you know people just want to trade they'll go there's no also there's no that's why also goes back to you were asking me like about the top two etc like there's no loyalty in crypto like people follow wherever they can make the most money wherever there's an ARB who has the least fees etc or airdrop um you know

it's crazy it's super like merc mercenary type of industry we're in. >> Mhm. Mhm. And that's why you live love it so much, man. That's why you're here. >> I love [ __ ] I I love it, dude. I I wouldn't trade it. >> Oh, well, for man, it's been good to chat with you, man. Best of luck with Myriad. Congrats on the success. And um you know, when the trenches return, although there are there is some good trench action right now on base and a few other spots, there's a good there's a good a few good NFT mints lately. Not the same, but a couple singles and doubles to hit. Let's put it that way. In the trenches, >> singles and doubles. singles and doubles, you know, that's >> doules. But listen, man, when there's the next big meta, whether it's pump another pump fund or another virtuals or

NFTTS or whatever it is, uh I'm sure we'll be we'll be together again on a show uh to to go through it all. So, uh great to chat, great to chat with you, man. Good luck to the Habs. Uh and thanks everybody for listening. Check out myriad.s uh is the site if you want to check out what Froak is building. Otherwise, man, I'll see you next time. >> Appreciate you, man. Want insights on what's moving crypto markets and how we're trading each event? Subscribe to our channel and join the Milk Groth Daily and Pro Newsletters and start investing like the top 1%. This show is for educational purposes only. Nothing we say is financial advice. Investing is risky. Never invest more than you can afford to lose.