PUMP Listing - Getting Liquidated Live

Transcript

I'm getting [Music] [Music]

[Music] [Music] Is this the chart? >> I'm freaking muted. All right, we're live, gentlemen. This is the chart. MXC trading on pump is live. >> Put on the one sec. Can you even do one second on MXC?

>> One minute. Let's see. I'm on the five day now. Hold on. No, they only have one minute. Let's go one minute. >> Hold up. Let me get the deck screener out. What's Should we do an introduction or we just raw dog in the one second? >> Uh the one second would be crazy. Hold on. I've got Kcoin as well. Let me see if I can get on the one minute. >> Guys, um this one is actually a pretty special episode. We're just going to watch Danny get liquidated. >> No, I'm safe here. All right. So, maybe just to open things up. pump trading live now on centralized exchanges. I think Ryan, you mentioned it's live on chain as well. Transferable trading on Jupit.

>> I can't tell. >> You can't tell. We need to find out. Uh we're just we're monitoring the situation currently. Hyperlid is I'm on the one minute still at 55. So above Okay. Yeah. I mean relatively close here though I guess is what's interesting right the hyperlquid market was at 6 billion or so over the past few days. Um everything seems pretty much converged around this like mid 5 billion FTV kind of implied valuation right now across all these venues. I don't have like the Binance premarket open as well but I think it's should be in a similar range.

What do we think fellows? Uh, >> big wicks incoming. >> It's live on chin. I can transfer. >> Can you transfer me? Holy [ __ ] It's the go. Daniel Smith active addresses with regard to pump. Fun. Let's speak about this. >> Uh, let's get Sharples in here. Let me ping him. I was I will note that the hype market was up at six before these markets went live and has corrected downward to them in the mid five >> ballpark.

>> All right, there we go. I got the one second though. >> Do you? Yeah, pull it up. >> I got to remove you, bud. Present or invite. There we go. Okay. >> Being told it's live on chain and can transfer it. So, trading should be open. >> This one has I think I don't know if this one has the most liquidity. >> Try to buy it. >> Huh? >> Just try to buy it. >> I don't have any money on Solana. I sold all my Solana for hyperlquid.

>> A DWF Labs address received 2.5 billion pump tokens. >> Holy [ __ ] They're going to scam it up. I wonder if the um the cybol we found kept their tokens or not and look into that. >> Yeah, check that account. That'd be interesting. Or I guess >> guys, can I say something? The one second is actually not very useful. Surprise. >> Can I say something? It is not very useful at all. >> Works. >> I wish I could open all these charts in one chart. You know what I'm saying?

like a trading view style. >> Yeah, I want to see like all four of them next to each other. >> I got kind of snippy with with >> you. >> Yanuo, do you think you'll get up? >> Where do I see? Here's the volume. Who's doing more volume? MXC's done 4 million in USD volume. KCoin's done three million in USD volume. Dude, just pull up the hyperlquid chart.

These are all useless. There's only one application to trade on cuz we at least get some price history, right? Like >> Yeah, it works. It works. >> I have it here. You want this? >> Yeah. Perfect. >> I'm on the one minute. See? So you can see here like at 1258 before it went live it was up at 6 and then corrected down towards the prices where the exchanges are trading at. >> I randomly spot checked like a couple of the early trades and it looks like it launched really close to six.

>> Interesting. Okay, >> dude. Sean does get liquidated >> like with very small size or what? Dan >> uh I mean sorry say that again. You said you checked the early trades and it was at six. >> Yeah. I mean, they're like $100 trades. >> That's Yeah, that's what I meant. Like no size basically. >> I try to find the largest trade here. There's a $1,300 trade, but like it's roughly >> I think people think I'm leveraged because Riley just messaged me asking me if I'm okay.

>> Uh, let me check that account. though the 888F who sold 500 wallets for $400 each for 200k in total. Uh which seems like a lot of effort to get the exact amount of tokens. >> It doesn't Yeah, it still doesn't make sense unless they have some kind of >> or they're just gambling on a some kind of benefit for airrop. Yeah, >> they did like a really poor job trying to hide it, but >> it's definitely possible.

>> Sometimes you don't really need to. Yeah, >> it's funny because sometimes you get like um who was it? Like the layer zero team and they're like, "We're going to search your houses and your mothers and your wives and your children's closets and look for all the civil addresses." And then you get other teams where it's like, "Yeah, we put a weak geob block on the website. Enjoy." Yeah. >> Oh, here we go. Yeah, this wallet's moving uh tokens. >> Oh, wow. Wait, the hype market is moving. We're back up at six, gentlemen. >> Very good.

>> What do we actually expect here? Like, Ryan, I know we we meme around and we say 12 bill by end of week, but can we can we speak freely? >> Serious. I think there's a meaningful probability that it closes the week above 10 billion and even today. >> If it closes at above 10 billion today, you will be invited to my wedding. >> I didn't think that. I thought I was just going. So, it's nice to know. >> That's funny. >> But I got to work for it. >> 30 million liquidity on >> Salana is interesting.

It's the Cyber has aggregated all of its pump tokens into its single address and it's 200k participation is now worth about 260K. >> Okay. >> But again, we could have just done this with a single address, but it's kind of funny. >> It feels like that probably wasn't Well, no. I guess if they have all this infra set up, >> it's clearly got to be worth it for them right? >> It would have been fairly effortless. you have I mean you're spending gas to facilitate somewhere under so it's 500 wallets they had to send soul send USDC deposit into the ICO and then send back so it's 2,000 transactions I mean that's pretty negligible in terms of cost to

run this and they already had the infrastructure set up so I don't know >> okay well [ __ ] Riley's idiotic because now I break even I'm gonna bully him It's what? Can I see the order book on here? Oh, I can. What? Why is it not up above? >> It's You need to be logged in. You're not You're based in the US, so you can't actually see. >> I don't want to be logged in. Just show me the order book. >> It's Should I just pull it up here?

>> Yeah. Put I want the order book next to the chart. Do that for me. Because I >> He's treating me like [ __ ] we gave him the podcast hot seat. Now he's treating me like I'm Who's Joe Rogan's guy? You know who I'm talking about. >> Yeah. Hey Jamie. Hey Jamie. Pull it up. >> There we go. >> Well, normally I use Axiom, but that's on my laptop, so I don't want to go do that. >> Jamie lives a good life. It's not a bad person to be. >> Yeah, that's true, >> bro. He's getting paid. Let's be real. >> What was Rogan's contract with Spotify?

Like nine figures. He's doing all right. >> Wait, what is it on chain? Because I think it might be 0.52. >> Juke, it's at 58 right now. >> 58. >> I'm looking at Kcoin. KCoin 59. MEXC 57. Hyperlid is it's more expensive than everyone everywhere else right now. >> You know what that is? That's the leverage. >> Every chart is like up and to the right right now, though. They're all just up. Not a lot of liquidity on chain though.

Dog [ __ ] >> Really? It's >> 30 million, >> dude. Imagine the size Ryan Connor is slinging if he says 30 million. >> Not enough for Ryan to get in the order books. Hold on. Let's see what kind of size these guys have in the order books. Why is the total show me in dollar? >> Okay. All right. We should probably talk about something semi meaningful. Are you ready?

>> Okay. Okay. Okay. >> Just keep this. Just keep this. >> Keep it up though. I want to know what's happening >> when we do that. Like I get really distracted. >> Jamie, keep it up. Keep it up, Jamie. Wait, that's not the one minute chart, >> dude. Oh my god. >> I want to see the candles, Boach. >> There you go. That's what we needed. See, look at that. >> Dude, I'm about to make Ryan Connor puke. Are you ready? >> What are you doing, >> Ryan? Thoughts on this? >> It's legit breaking out. You have to admit that it is breaking out. Do you see?

Look at this. Bam. Holy [ __ ] Does >> it made a little bit of a wedge and now it's breaking out? >> Is there like an AI like uh TA tool yet that will >> Well, there there's a million of them, but it doesn't The thing is AI will never be able to do this. >> You can you can send chart pictures into like 03 and it'll tell you what it thinks. >> Really? That's hilarious. >> Yeah, you just tell it to analyze the chart and like, you know, explain key levels and like, hey, should I long or short here? And it'll tell you what it thinks. Interesting. Phantom uh now has uh regional gates on theirs product on their wallet. I didn't know. I don't know if that's new or if they've always

had that since launch. >> I I'm not sure because I didn't You're right because I didn't try when they first released it. I saw I had the per option, but I didn't try to like add money to it. And when I tried the other day, I noticed that it was uh georestricted. So, it may have been from the beginning. >> Is Jacob coming down or are we stuck with you? >> Uh, you're stuck with me. >> Did you find out if that the address is still holding all those addresses are still holding that sibil amount?

>> Yeah, I just tweeted it out. Um, so you can get the you kind of have to click through the thread like I quote tweeted Jacob initially and then quote tweeted myself most recently, but here I'll ping you the address in the chat. Do you want to pull that up? >> Oh, yeah. Can you pull up my tweet? >> Can I? >> No. No. I literally sent the Oh, I just sent it. Whatever. I put that in the show. The >> Want to pull this one up on screen. Boach, show us how the liquidation feature works. >> [ __ ] Z's bullying me as well. >> Oh, he put the address in the YouTube chat. That's amazing.

>> All right, let's um There we go. I'm gonna run over this. I think we can show this. I can show the pump Fun ICO dashboard right? >> Yeah. Yeah. Yeah, pull it up. >> Yeah, for sure. We're working on a token one as well, just to give more insight into what's happening with the token. But um >> do you want to run over it or should I run over it? >> You can go through it. I mean, it's pretty straightforward. I'm happy to add color as needed, though. >> Okay. Well, I was hoping you would run over it because I feel like I'm gonna embarrass myself. I'm happy to run over it. It's the first time I'm taking a look to the dear listeners. So, I got 500 in the pump. Should I hold?

Good luck, bro. Let's continue. ICO participant summary. Yes. So Dan, did you check? So this thing is cooked, right? It says 3,000 addresses between 100 and 1K. This is the one where that address matters where it's >> Yeah. Scroll down to there's like a Sanki diagram of the distribution here. So yeah, see this top piece here? It's like roughly I don't know 20% of the known addresses. Um 500 of those are from a single wallet.

>> Oh wow. Uh, and so it's I mean I think it was what 10,000 in change that participated in total. 500 were this one cybol. Uh, I don't know. It's not like a huge amount by any means. So it's just kind of interesting. >> Well, how how do you think you So does that mean that this account did 500 different KYC accounts? >> Yeah, I mean it looking at the history. So the 500 addresses had all previously been used for two other events, let's call them. one was um so there was a token called Arctic. It was launched by this like team called IBX exchange and ended up being like a pre-sale scam that's down 99% and was somehow attached to Orderly network. It sounds like IBX

was working with Orderly and Orderly tried to like promote this as like a a way to get some marketing around what they're building and it totally ended up backfiring. But nonetheless, this account, these 500 accounts that are all controlled by the same individual or entity, uh was able to basically farm that with this the same wallet cluster. Uh so that was event number one. Uh event number two was this other token called like Wukong. I'm not sure if it was a pre-sale. It doesn't appear to be. It looked like they did some holder count spoofing on this as back in the day. This was about eight months ago, everybody was trading on the number of holders a token had. Um >> wait, are you not still doing that? No.

And I recommend you don't. Uh but yeah, so this this cluster has been active in like spoofing stuff before, which I think is probably the most interesting. Um you know, you think if you really weren't trying to be or if you're trying to not get caught, like one, you would not use address with history because now it's very clear what your intent is. Uh but two, you would also not use one single source like wallet. It's pretty easy to cluster those together. Um, but the the other side of it is because there is history on these accounts, they they look real at a very quick first glance. Um, so maybe that was the the intent there or just like a low effort. Uh, you know, in totality, this one entity uh participated with 200 grand. Um, so $400

split across 500 wallets, 200 grand, and the max limit was one million. So you could have just done it under one. So they must have the only the only motive there is you were >> trying to you know maybe there was a subsequent airdrop to uh users or small retail users that were participating in the ICO. I think that's like the only angle you could kind of concoct here. Shout out to not a wizard for proposing that one. Yeah, I think that I talked about so we did a pod earlier today as well where we talked about this exact same thing and my take was that I don't know if you remember this but on Ethereum so there used to be like airdrops for participants in specific events.

>> Um I wonder if they're trying to set up a a wallet like I guess 200 wallets that >> whatever the number is. >> Yeah. You mean like subsequent projects where like oh I want to target you know pump fund users like if you IC participate in the ICO you care enough so like I want to air drop you kind of thing. That's a good angle. I hadn't thought about that either. It's definitely a good one. >> Yeah. And then I guess $537 medium pump purchase. Is this ignoring those cooked wallets or does this include those wallets? It includes >> uh I can double check real quick, but most likely that is including them. Um, >> it's probably marginally higher. Uh,

there is a a large enough participation that this cluster >> probably doesn't make a massive impact, but um, I can rerun that and check in a second. >> And the unique addresses, is that unique users or unique wallets? >> Wallets. So, there's no clustering involved in that. So, the 500 will count as 500. >> Okay. >> Oh, sorry. Go ahead. >> No, you go ahead. Now, if you scroll down to uh that Seni again, what's also interesting about this is the reason why this got built out is to see like where funds were coming from. Um, so it's pretty cool, right? Like a lot of funding came from wallets that already were on Salana. So, right, so they just swapped through a DEX probably sold Soul and then a lot of came like through bridges and sexes, which is also what

you'd expect. Um, but that's also why like now that infrastructure is so good, right, it's very easy to come from anywhere. you have funds on arbitrum, it's very low effort like I mean relatively speaking uh relative to like let's say two years ago to get from chain A to chain B. Uh so I think that's kind of interesting uh where it's like everyone was like oh everyone's going to sell soul to buy this like you could very easily sell Ethon and L2 and and use that as your source of funds as well and we did see some of that um through these bridges as well. Yeah, I imagine all of the exchanges are selling on another chain and then bridging it over to or I guess it could also be washing soul on a wallet so that people aren't >> Yeah, you could have done some of that.

I agree with both takes, right? Like I use Coinbase as a bridge pretty frequently sometimes if I'm just, you know, have a wallet I'm trying to like uh deprecate anyways and like I put it back through uh Coinbase and then spit it out in a new wallet. >> Yeah, I was I was pretty wrong. I mean you can see that clearly like people sold rad like I guess Solana and Solana related assets on Radium Sulfi and Jupiter RFQ. Um but in general I think I was pretty wrong about how much of a liquidity vacuum it would create on Solana because that was my main argument and I assume that's also what you guys were trying to look at with this Sanki, right? Like where the assets are coming from and then

I didn't do a good job. I failed. And then I guess last caveat here is this is specific to the onchain ICO. So you could participate through centralized exchanges but we just don't have that data on hand. >> Yeah, that makes sense. >> What's the funding on um >> it's like barely positive now still. >> Can you see my screen? It's 0.33% annual wise.

>> Interesting. >> It's like near trending like near zero. >> This honestly I thought this was going to be a lot clearer of a go up and up and up as opposed to what it is right now. I guess it has also been only 21 minutes. the um seems like it's going to take some time to like settle this dislocation between the hype markets and the others.

>> I think it's trading the same price on chain though. I think it's just market determining higher or lower at this point. >> Yeah. >> Yeah. >> Yeah. It does seem like I mean we're like very nearly converged across venues. >> Check out >> not insane volume yet either. What do you think they do for the uh air for you know airdrop if that's the direction they go? >> I don't think they'll air drop.

>> I think they're probably going to do streamer rewards. I don't think they'll air drop. I think they got token buyin from retail or public or whatever you want to call it for the ICO. So, I don't think they're going to be interested in doing it. >> I think that's the most likely path. It's going to be focused on growth growth initiatives. Like we were saying before, we think that they're pretty it's a pretty shrewd team with the capital allocation. They don't seem to waste money and they don't have to. So, it's like where do you deploy capital?

You deploy it in your into your growth. So, so they're not going to do retroactive like airdrops to users. It's going to be forwardlooking. >> Well, I might be wrong. One, sorry, I saw a poly market chart, but then I remember realized it's 500,000 volume, so you can't really trust that. >> What was it? Now you got to stir the pot. Anyway, >> live 31 air drop 60%. bottom 500k volume which is it.

>> Say that again. What is it? >> July air drop by July 31st. 60% chance. >> 60%. That's two weeks. >> But it's only 500k volume. >> This is just whether or not they do an airdrop. >> This is when they aird drop by. Interesting. >> 60% is interesting. It makes me feel like someone knows something. >> Yeah, but what like if I put 5K into that, how far do I move the market? Like usually these mean nothing to me?

Like what's like an amount of money where it would be reasonable to like trade this with inside info? And then how much do you push the price? What is it? Ryan, >> you guys are using KHI or Poly Market? >> Poly Market. I don't think I've ever opened >> K.I. app is actually pretty good. What's their market selection like? >> Um, I haven't really poked around outside of the Joey Chestnut. Um, lie.

Uh I feel like it's pretty similar. >> Sorry. I feel like uh listings velocity is equally as important there as it is on centralized exchange and purpose venues alike. Like you need you need to get the markets people want. >> They don't have any pump fund markets. >> Yeah, that makes sense. I mean they're are they they're not cryptonative at all. Right. This is by um you might find this interesting, Daniel. This is from Do you know Jason? Do you know Xerx per >> uh on Twitter but not like beyond that?

>> He built out this thing called adjacent um and they do basically like they do data.json.news and they track um they track betting platforms and odds and they present it similar to news. >> Let me see. There we go. And this is like their This is the pump fun one. And they like track the I think usually they aggregate stuff.

It's just their It's not loading, so it's not going to be a good ad for them. But um usually they track multiple markets and they aggregate them together. So it's pretty interesting. But this one was just one market, so it didn't make a lot of sense. >> Interesting. That's cool. >> Okay. I feel like the vibes are very low. I think it's because the market isn't going up. >> What are we at? >> It said six on Hyperlid. >> I mean, the most boring come boring outcome is the markets were extremely efficient and the six uh the six price range is where the market's going to price it for the next couple weeks.

>> Can you imagine, Ryan? >> That would be very boring. >> He's going to kill me. It would make me the sole winner of a Oh, a bet that won't go live until Thursday. Chat will find out later. >> I'm pretty [Music] >> When I picked a token, it went up straight in a line for a week and then it stopped and then it went up straight in a line for another week and then it stopped. When you picked the token, it hasn't done anything for 27 minutes. I I wish it'd go down a bit. I wish it' go down so that I could be stressed out.

I want to get liquidated and they just won't give it to me. >> Well, it went down initially. >> Yeah, that's true. >> I don't know. This is I mean some volatility going on here. We went from six to five and a half to six and a half. People are kind of deciding. The market is deciding the all knowing market. >> I kind of regret buying it on purpose because I could have just shipped it in on launch for like 20% lower.

I was too lazy to close my purse and bring you over. >> Damn. BMR is up again today. I was really hoping this thing got to like the 30s. The house [ __ ] ship it in. Tom Lee can sing songs. >> You love this guy, man. >> Dude, he can sell a dream. I said it the other day, but like Joe Lubin can't motivate a fish to swim, but but dude, Tom Lee, he's got he's got the sauce. He can none of it. Well, not none of it, but a lot of it you can poke holes in pretty quickly. Uh but who's going to spend the time to do that?

He's um yeah and we said on the other app that he has a new audience retirees in Florida who are watching CNBC. They're going to be cryptofilled. >> Your friends dads that text you. Yeah, that's who Tom Lee's talking to. And he's >> like talk about stocks like for like 25% of the family gathering >> and they like buy the ones with like super high dividends. They like buy call call option strategy ETFs and like don't understand why it pays the high dividend. They just know that they get account in the they they get they get a dividend every month.

>> That's all that matters. >> All right, I got to hop. I got a call I got to jump to, but I'll be back. >> Yeah, >> we'll wait for you, sir. >> I removed them. All right, now we can actually have some fun. I had a limit order and at four onchain price got to four too. >> Terrible. >> Jeez.

>> You have a limit order on Jupiter. >> I did. Yeah. >> For the super like I don't know how well they do when it wicks super hard on chain though. >> Yeah. Like if you're competing with a lot of >> high fee paying snipes, you're probably going to miss. >> Oh, well, Pumped Spot is live on Hyperlid. >> Oh, w do you remember when we had that fight? Our only fight we've ever had?

Well, that's not true. >> Who? Me and you or you and Danny? >> Me and you? I've never fought with Danny. >> We fought. >> We fought. You said that hype would never do well because it wouldn't ever get a Well, you didn't say that. That's wrong. That's That's clearly wrong. But we said that there was a cap because the asset non-hyperlquid assets would never come on. Hyper liquid. You didn't say that to be fair. You said we didn't know when it was going to happen and it came on. >> I don't remember this.

>> Very convenient. You know what I say? A lot of things. You have to have a lot of takes. >> That's true. >> Having a lot of takes is really hard. You start to lose track. >> No, this is one. Oh, that's not >> What did you do? >> I don't know. No, but that's very true. And I have that as well. I I found that sometimes I just say stuff on the podcast without actually believing in it. Does this happen to you Danny? >> Saying things you don't believe in. just to say something.

>> Yeah. >> Yeah. I think the other thing I do is like um >> I just straight up lie as well. >> Sometimes I might feel a certain way, but I don't know like I hedge certain things or I'll play devil devil's advocate >> just to have a to provide a balanced view >> for the episodes. >> Yeah. >> Oh, what do we have? We've got some content here. Hold on. I'm I'm getting breaking news that we have some content. Oh, this is actually wild. >> What is that? >> Surely we have to do a little bit of a flipping here. I think the market is the market's missing this one right now, huh?

Pump below bonk. This just in. Breaking news. >> That's very silly. No. >> Yep. Ryan Connor said it first, fellas. It's pretty silly. That means it's going much higher. We call that a free flip where I'm from. >> More news coming in. >> The news is just our producer sending us Twitter. >> Bonai is weighing in saying actually I do want to share. This is funny. Bonkeye weighing in saying Bonk looks good here.

I wonder why Bonkeye might be saying that. >> Either way, >> is Bonk is Bonk up on the listing? This would be interesting actually. It's pretty I mean thinking of like the history of competition in crypto. The bonk um kind of like it's not a vampire attack but let's call it a vampire attack on pump volumes. I mean they clearly planned it for this right like it's pretty coordinated and well thought out and I can't think of another time in crypto where I saw something like that.

>> Yeah. Yeah. I think Radium and Pump is also a pretty clear one there. It's like >> the original uh when Radium launched it, I think they probably built it out months before and it was like they just waited until it happened and then they went live. >> The only more interesting competitive move I can think of is uh and FTX, >> dude. Dude, he's so far out of >> I don't think we can talk about CZ. CZ is probably the only person that I don't want to talk about >> that.

>> Also, Paulo. >> That feels a Wait, CZ and FTX. You mean like when he tried to >> he didn't try to do anything? Let's not say that. He didn't do anything. >> I think that's a little It's a little different though, right? Yes, it definitely. >> Oh, this is a good actually good question from Westy. What do you guys think about CZ launching his own launchpad today of all days? >> There's this Kobe tweet from >> obvious motivations >> two years ago that said that CZ is probably the most competitive man in crypto and I very strongly believe that like Binance was the most dominant exchange and it still is the most dominant exchange. Um, I can't imagine

that CZ got to where he is by not being competitive. Um, so I don't like I think it's pretty on brand for Binance and CZ, right? Like to to try to compete on all fronts as much as possible. I'm not sure if it will do well. I like D, you have a better say on BSC than I do, but I I'm not sure. Like they tried with broccoli, they tried after that as well and before that. It just doesn't seem to be working out that well for them at this point. I'm sure it can, but I don't know. What do you think?

>> What do you mean not working out well? >> Well, are they doing well on the on the volumes and fees and launchpad front? I don't know. I don't track it at all. So, I'm like probably very off base. >> Let me pull it up again. Um, they had been for a while though. Yes. Like Forme was one of the few launchpads that actually had any staying power other than Pump. >> Oh yeah, that's >> Yeah. And are they they're competing with Formium now? >> Yeah. I don't actually know. I mean, do we have the details on this like release of Binancees on Launchpad?

>> Let's ask our very own Jamie. >> I know. No, I just saw the headline, but I don't know if they're like going to because they could just tap four meme in the background. >> Pump just whipped down to fifth to five on uh on chain. >> Yeah, >> I think they liquidated Sean. >> Holy. They're trying to liquidate me out here. Don't let them do it, guys. >> Don't say that. Dude, we're not we're not moving the market on a $5 billion asset.

>> You don't know that. >> Apparently, we moved the market on ETH and Salana. >> Dude, hey, if any whales want to move the market with their 100 million and make me profitable, go ahead. I just don't think we got the sway over that capital. >> Let me see this. >> I don't know. Pump doesn't look right. I think it was a failed experiment. I think unironically I was right. I'm trying to bottom it so hard and it's just not working. I think >> the failed experiment going to zero.

>> Let me pull up Oh, wait. Is this not updated? Have we not updated? Our B&B stuff stops at June 30, so I don't have fresh data. >> Don't say that on the pod, man. It's updated, guys. Be a subscriber. No, this is my request to Sharples to to make to get this updated. >> They are launching. No. Uh Ryan, you're right. It is together with Forme. [Music] >> Well, up until the end of the month, um Forme was absolutely killing it. They were knocking it out of the park. like they had a billion and a half in volume

on June 30th on the launchpad. I mean, they were doing like regularly a billion in volume every day for like the back half of June, which is kind of absurd. >> Wow. >> And I mean, we could say whatever we want about farming activity on Pancake Swap, for example, with the what is it? with the Binance Alpha campaigns, but when you're on the launchpad, you're paying you're paying the 1% fee or what have you. So, I'm I'm taking a look at their coins.

They're actually doing there's a four meme trading competition. Yeah, I don't know. I I think it's hard to have a really clear picture, Boach, while Binance and the B&B guys do all these trading campaigns and stuff because some of the activity is incentivized. Should we start get taking questions from the from the comments so that we have something to talk about?

Yeah. Yeah. You want to start with Ian here? >> Thoughts on Launchcoin? >> Off the air. >> Brian will have better thoughts on Launchpin. Ryan, do you want to get do you want to share some of your thoughts on believe and net new assets? >> I think um I mean what's the data show on believe? I'm just interested. I know that they had a kind of big unveil and now it's kind of leveled off, but I don't think it's a short-term thing.

>> What would you say? >> Story if you're trying to onboard actual founders. >> That's fair. >> I'm trying to find >> Next question. We're taking questions. I don't know how to do the question section. Boach, what NFTs do you like? >> I don't like any NFTs anymore. I have a Mady. >> Wow. >> I have some Mades. I have some puppets. I have That's it. I got cooked on puppets.

>> I heard were the board ape of this cycle. True. >> Who? >> I heard my ladies were the board ape of this cycle. >> They went up quite a bit. So, I'm I still made money on them, but it's just it's like a stupid thing to hold down. You ever like look at an asset and like you you hold it down and you're like, "Why the [ __ ] did I hold this down? Like, I should have just sold it." >> How many malades are there >> in total? >> Yeah. >> 10,000. >> How many do you have?

>> Why would we do this right now on the podcast? How is this relevant? He owns 10% of the supply, Ryan. Let's be >> thousand ladies. >> No, but it was just like stupid to hold it down. It's one of those things you can't bring up to regular people. >> Yeah. No [ __ ] >> Look at your position right now. I'm very safe here. I feel I feel comfortable.

>> You feel safe because usually people who feel very safe in a position have to keep repeating that they feel very safe. >> They are coming after my position. They're hunting my stops. I don't know. Price hanging out. Not Dude, Launchcoin also looks ass. Everything looks ass, guys.

>> Well, it is interesting the timing here. Like, Bitcoin had was kind of like trending up early in the morning and it's been uh headed back down the past few hours. >> Can I just say something? I'm really sorry about this. Like realistically, he can't win this, right? Like that's I'm not closing this position. >> It's what what does it say? Finish the year. What do you say? Finish the year below the >> Yeah, he said finish the year before the amount they raised or below the amount they raised.

>> Below the amount they raised. >> That was what he said. Yeah. pretty sure >> he he made a tweet. It was like they'll finish the year at an FTV below the amount that they raised. >> This is my favorite interaction. We'll put 1 mil on that classic. >> James Kristoff tried to strike a deal in the Zerx Research Telegram and was unsuccessful. So, >> James Kristoff was begging for a 54.

He was literally like [ __ ] begging him. >> Who did >> Kristoff on this right now? >> I don't think he's free. He has a day job. I'm asking him. We'll see. We need to get some motion in here. And James has the right He's got the right idea. Oh, he cannot today. That's unfortunate for all involved. Yeah, it does suck. Let's do this. [Music] >> What are your thoughts, >> Ryan Connor? Let's get thoughts on Hyperlid for you.

>> Thoughts on Hyperlid? Um, I like that everyone likes Hyperlid at this point. >> Fantastic. And it makes >> and it makes it interesting to bet against it at this juncture or bet on a competitor because universally everyone's saying the same thing. So you kind of want to fade you want to fade those moments in markets. And I'm exploring I'm exploring um a a bare take on hype but I don't know if I don't I don't know if I feel convicted any yet. I don't know enough.

>> Okay. Now, when you say everyone, Danny, with no offense, do you own Hyperlid? >> No. >> Ryan, do you own Hyperl? >> No. >> Okay. So, 67% of this large data set doesn't own Hyperlid. >> It's large data set. Chat clipped that >> of this statistically significant sample. >> Yeah. >> 0% own it. Yeah. No, it's it's it's interesting when that happens in markets and I don't think that we'd recommend a formal short or anything, but if the valuation were to get very excited um with competition coming online or just you know other

tokens overlooked in that space, I think that it'd be it'd be interesting to say to to take the other side at this point. >> I think that's fair. That's fair. >> It's not it's not today. >> Yeah. Also, like we've historically been very very bullish. hyper liquid like starting from three four dollars we wrote our first bull hyperlquid post. >> Yeah, you've been ahead on it. Um Karolina was early on it. Um >> was much earlier than I was. >> Yeah, at any I mean we you know you've played it very well for our subs. Um but it's always good to start thinking about you know how the the opposite thing could happen. your your note on the you

know that was kind of bullish hype kind of bearish soul from a fundamental perspective and it ended up being right more or less >> way too late like two weeks later they launched Trumpcoin on Salana it made the most money it ever has but afterwards it did dwindle down >> somewhat yeah it's it's hard I mean it's like yes it did but did it in a meaningful way like I don't know um it's hard to call tops on things >> yeah It is. >> But um I think you're getting to a point you're getting to a point where you just want to think about it. I think you could see like a meltup in hype. And if you get a meltup in hype and it runs far away from where it should be like when

it when it hit 35 the first time like I mean we had this conversation like that was like we were all bearish internally on it. We didn't write a note. We were pretty bearish on it internally. just I was not and I I held it down like 50%. So like just FYI, I was wrong back then. >> Yeah. >> Know, >> but I think look, I mean, you're hearing whispers about um like and this is what I was saying in the Xerox Research chat this morning, like you're hearing whispers about um you know, Salana upgrades coming in the back half of the year that could you know make hyperlid style per possible.

So, what does that do to an ecosystem that already has a bunch of capital in it and has like a devout and like um enthusiastic fan base in the context of a hyperlquid thing or or in the context of hyperl you know I don't know in my view like really not advancing to where it needs to to kind of run away with things >> like like if hyper core were like a meaningful like had a meaningful builtout ecosystem yet. I don't think that that would that much, but I think it matters given the context that they're not it's not hyper core isn't like really accelerating.

So yeah, look, I mean I know you guys are going to hate this, but drift volumes are at all-time highs. >> I hate this. I literally hate this. Like I don't hate any of they're at alltime highs. They're leading per decks on Salana. um Jupiter kind of volume has really come down. Uh, >> so, >> so what's that say for drift token relative to hyperlquid token when all all the DGEN attention is on Hyperlid and and everyone universally hates Drift? Like I like that setup. >> I don't know.

>> Yes, I have. Yes, I have used Drift Westy. But that doesn't matter, right? What matters is the forward-looking thing where Drift can where Salana becomes useful for market makers and um and and the Salana blockchain can handle hyperlquid style like throughput if that's if they can actually achieve that it it makes it makes for interesting competition. >> I don't know. Let's see. I I don't don't hate the take of potentially put Drift playing catchup. I hate the take of saying hyperlquid is not worth the world going forward and I think that's because >> what sorry what's I couldn't hear you >> I don't hate the take of drift playing

catchup I'm still interested in Hyperl as a token and ecosystem but I mean the pie is pretty big I mean just this morning we're talking about launchpads and how many there will be like there's clearly space for three or four and for different products to excel at different things. I think it I do think that probably the phantom integration must have thrown like the drift team can take that in two ways, you know, like it can just keep doing what it is or it can realize like look like we're because the Jupiter thing is kind of easy like you can always brush it off by saying they offer free markets. It's for unsophisticated traders. It's like we're not really competing with it, whatever. But like the hyperl I think phantom hyperlquid if you're drift you realize that I've never

been a huge like fan of this idea that like Solana needs to have its own perex like I think if Salana can offer >> Salana users a perex that's great but like if Phantom can offer something it's the same thing though. So I think if you're drift you have to realize like look I might like Jupiter wasn't a serious competitor but hyperlift could be. So if they get the fire lit up under them and they can build some stuff out so long goes well the upgrades then sure >> I I think the I think the revenue numbers for Wow let's go >> got a top holder of Palm joining in. How you doing James?

>> I'm back from being liquidated. >> No >> just reloaded the pers account. >> You actually got liquidated? >> No no no I didn't. I was just I was just like tooling around with like the 3x leverage on Phantom. I wasn't really trading all that much. >> Um I like what you're saying though, Ryan, from the perspective of like I understand what you mean that you want to be able to take like a contrarian bet. And I think that makes a lot of sense. Uh I feel like when you look back to like Salana a year and a half ago, that's very much what that was. Uh, I think it's it's something something similar to Hyperlid that gives me those feelings that you're talking about is looking at Robin Hood today and like the sort of like retail attention and

excitement and FOMO there. Um, and it's maybe approaching a point or already at a point where it's like kind of a little bit running away from its like near-term forward outlook potentially. Uh, so I understand where you're coming from on that perspective in regards to hype. It's not an expensive token. I just I'm preparing for the moment that it is. Everyone has the same view and that's interesting either on the upside or the downside. What do you think, James, for shorting Hyperlid? >> Uh I mean I think for me the devil's in the details of like how you construct a trade. Like I'm always nervous about shorting anything in crypto. Not really because you're going to get the

direction right or wrong, but just like how much capital you actually need to tie up if you want to give yourself like a decent margin of safety to avoid getting liquidated. Um, so on a token like this, to me, that's honestly almost more important. Like how how would you think about putting together a short on it? >> Scale up the little bar on liquid and press the red button. >> No. No, I'm serious though. Like, yeah, like you could you could be to you could be totally totally totally right on that direction, but like the construction of this stuff is so possible. Just shorting like five days is so hard.

>> Yeah. And I don't think I I I don't feel like I actually want to short it, but I'm just getting, you know, spidey senses for when that moment comes. It it's it's still a pretty cheap token and still I think taking market share. I think after this by bit Kraken blow up where they can't where they couldn't get allocation I think you know you've really I think that they've really annoyed a lot of the DGEN folks and that's going to you know that's going to make people reconsider >> I mean >> did you guys already cover this and like the the like the Phantom integrations and all that kind of stuff like I mean I know you had a kind of a whole pot on it

but did you talk about it all within the last five minutes with Connor. >> We kind of did. >> No. >> No. >> What's up? Talk about it, James. >> Ask your thing. Shoot your shot right now. James, >> no. I mean, I love it. Like I I've been like a perpetual uh telling Boach to shut the hell up for the last like six months for Hyperlquid. Um but no, I think like the Phantom integration stuff is like it's it's amazing. It's just going to it's just going to keep um compounding on itself, right? And like Brian and I were talking earlier about drift. I'm like that's what I think is the biggest mode that Hyperlid has and I don't know why anyone would not want to build on top of it for um mobile UIs for pers. Like there's a couple things that

I would want to change about Phantom. Like it's not it's not as clean as you'd want it to be. Um but for someone who's like not a trader at all, it's very easy to jump on and just get leverage. Like they they they've done a really good job with the initial UI. I can't >> wait like one sec. Let me pull up some data on this. Um, >> can you see how much money you're making from the Phantom front end already? >> Yes, I think they were making 40K. They made 40K yesterday since launch if that makes sense. So, I don't know when they build >> and I don't know, this is like just pure

vibe space, but the execution feels very bad when I when I trade on it. This is not me making an allegation, but it just feels like I'm getting terrible fills. Um, which is good for the protocol, but it just doesn't it doesn't feel it doesn't feel right. >> What do you What do you mean? >> Like it it it's not like a super snappy like latency and like refresh. So, I feel like when I'm actually trading versus the price that is being displayed is not the actual price versus um like you're not looking at like a continuous order book where you're seeing the price tick. You just like basically refresh and they give you a price and then you click long and it's like all right, I was filled at, you know, 2% wide of that, which is fine. Like you are being filled at the prevailing price. You're

not getting ripped off. My point is you just like don't actually know what price you're getting um before you hit long or short. >> Yeah. Yeah. I think they're probably running the like Coinbase regular Coinbase Pro type of deal. You know what I mean? Or like the Kraken regular Kraken Pro type of thing. >> And I did notice, I don't know if you guys noticed, like literally within the last like 15 minutes, they added up to 5x leverage on pump. Um I guess that's on that's on Hyperlid, right? >> Uh yeah. Should we? Yeah, they did. They added up to 5x. I think because now it exists on other exchanges.

Is my voice? >> Yes. >> I think because they now have pump on other exchanges, they can get proper um oracles. Well, I guess it has native oracles, so I don't know why they opted. One sec, Ryan. I'm going to do this for I'm trying to find the Here we go.

There we go. Okay. Builder codes. This the top 20 is >> what is a builder code? Can you tell me what a builder code is? So a builder code is it's basically a referral code and it allows um applications to monetize their front ends while using the hyperlquid back end. Does that make sense?

>> Yeah. >> So it's basically that and >> paid for API. >> Uh yes for API. >> Yes. So this is the builder cord's top 20 right now. So, you can see PvP's PvP's made a lot of money. >> Oh, wow. >> Axium has made less money. Um, Phantom is at 94K. I I don't know when that's from Danny, when was the Phantom Pod? >> Friday.

>> Last Friday. So, no, four days ago. Three days ago. I think it came out late Thursday. I don't remember. But yeah, it's within the last within the last 5 days. >> 94 divided by 5 times 365. If we analyze it, we'll annualize it. That's 6.9 mil that they make per year, which is not a lot of money, but I assume they're betting on that going up going forward. So, it's not a bad deal. Like essentially you don't have to build any type of product um apart from a front end. Like you don't have to deal with the back end at all. You don't have to deal with incentivizing liquidity. You don't have to deal with market makers. You can just

like plug and play basically and make >> Yeah. >> make money. Um >> it's a big deal if they can get some um I mean this is really interesting if they could get um like fintex Yeah, >> because because fintex want to offer crypto products. They they probably want to first plug into something >> and um pers are super profitable. >> Yeah, I mean you can like offer whatever Phantom is offering James Kristoff which is I assume is not like the top and I don't think anybody expects the top experience from trading on a wallet,

right James? Like when you log on to use Phantom to trade perks, you're not expecting the greatest execution ever. You just want to like get in and out. >> Yeah. No, totally. It's not for someone that wants to to you're not going to deploy a meaningful like serious position on Phantom, I would think, right? But if if you're if you're out and you see something in the news and you want to put like, you know, some some level of size on, I think that's like that for for someone who's like in market seriously, I think that's the benefit. >> Yeah. And it works out. you make a little bit of money, you just have to pay up front and that's to build a buy sell. I assume a lot of like if I'm I mean the the like Max Fiji FIG who you argued with this

morning, Ryan, in the X research chat, his like big argument is that which I think makes a lot of sense is that a lot of like you said Fintex, regional exchanges, etc. will plug into the hyperlquid order book using either HIV3 or builder codes and essentially just leverage the hyperlquid order book and back end to offer users the liquidity that hyperlquid has as opposed to having to like build it out, pay market makers, etc. I think it's a pretty like I know often we say like front end is the moat. Um I don't know. I think like also being backend across like a lot of venues is probably good. Is that a hot take?

>> James, >> I was just going to say like I think it's another step towards the future of like if if you want unified liquidity and you don't want fragmentation for people that are trading, right? So, like I don't think anyone thinks that the end result of of crypto 5 years from now is like all these fragmented little weird exchanges trading the same instruments fragmented, right? Like you're going to have like in my opinion, maybe it's wrong, maybe it's right, um two huge colossal winners, right? And then then that's going to be it. Like you don't have this concept of of dozens and dozens of exchanges. And maybe Hyperlink can be that. Who knows?

>> We're going to see. I'm bet that I'm betting that it will be. A lot of people are betting against me. I'm dying in the order books. Not for I liquid, for pump. Can we talk about pump because it's one of like the unironically things that I've actually not hated and have actually been like genuinely bullish on. >> Yeah. Tell us your tell us your story. I feel like you used to be a pump bear. >> I used to be. So, I think my view on crypto probably changed dramatically over the last like year and a half. Like I definitely I mean I still am like if you if you were to segment me probably like closer to like the Bitcoin maxi

camp where I generally think everything is is a bit of a scam. Um and not really sure why 90% of this stuff exists. Um, but Pump to me and just like memecoin trading in general is just so transparently o transparently open about what it is and it's just like yes, we're offering you a casino with bad odds and a high rake. Like we'll be totally transparent about it and you can continue to trade on it if you want. Um, and they make money, right? And like that's, you know, if we're talking about like this whole revenue meta nonsense, um, they've been way ahead of the curve on this, right? So like I don't know.

It's it's hard to it's hard to hate a business like that. >> Yeah. >> And I'm not like I'm not I'm saying this in chat like I'm not a big valuation guy when it comes to crypto to be completely honest considering because my portfolio is mainly Bitcoin anyway. Um >> but like it's pretty hard to me when you look at like traditional venture uh valuations like how you could look at a company with that much cash on its balance sheet and think the valuation is like four or five times cash, right? And obviously I'm not I'm not going to get into like token versus equity because whatever who cares it doesn't matter for this purpose. Um but if you slap on like a standard multiple of something that has that much cash on it balance sheet like that thing is valued at like 50 billion bucks.

>> Yeah that's that's the really compelling part. um the the the cash that it has post money is very interesting and that it already had um assuming you know that that it made over the past 12 or 15 months of operation or whatever. Um I haven't said a lot about it because the the equity token split, but that's a pretty compelling part. Like who actually controls that cash? I think it's muddy. But yeah, that's it's I feel like I feel like this IP ICO is a gift, frankly.

>> Yeah, I think I think you I think you buy this now and barring like a total collapse of crypto markets, right? Like one year from now, I I don't see how this thing is not trading materially higher, assuming we're still in in somewhat of an uptrend. >> What if somebody was already long and they were losing money and then also they were paying funding? Would you would you tell them to keep the position open or would would you give them different advice? >> I I would advise not taking a fundamental view on perpetual futures. Perpetual swaps probably not the best idea.

>> That's a fair point. Yeah, I probably shouldn't have done that. >> Also, like I don't know. I'm I'm crazy. >> Yes, you're screwed. I I might be crazy for thinking this, but like there has to be the revenue announcement and staking coming out in the next couple of days, I think. Maybe. Not financial advice. I'm just guessing. Um, but if like imagine if Alon tweeted right now that the 25% rev shares is confirmed and it's coming within the next, you know, two days to the UI, like I don't know, this thing probably trades up 50% in a candle. I wonder if they'll do something like revshare only for stakers.

>> Why would they allow stakers? What are they? >> No, just for rev share like you'll lock it up for like six months or whatever and it's kind of this like you know kind of scam tokconomics where you just stake to remove cell supply. >> That would be such an exit signal. Sorry, but it's true. staking is a re it's a retail trap especially with tokens. >> Yeah, I think historically that's right and it's sad that that's right because I do think it's pretty interesting like if you in traditional markets if like you only receive the dividend if you agree to lock up your thing for a long amount of time. That's pretty compelling. But yeah, I just think you've seen so much abuse that like you can't do it.

Yeah, it it's just impossible because in equity markets, you have e the equity, you don't have the token. So, I'm I'd be way more inclined to lock up my Nvidia shares for five years or whatever uh for, you know, some, you know, bonus that they're going to offer me on top of that. But >> would you would you rather the team take 25% of the revenue, convert it to stables, and just airdrop it to you or use it to buy back the token.

I would rather have the cash. >> Wait, run it back. What did you say? >> Would you like So, let's just say there's a revenue return. Would you rather have the revenue return take the form of stables directly to your wallet like incremental to how many tokens you held during like a you know snapshot period or would you rather have them just buy back the token on a predetermined um timeline? >> Well, it's I I would prefer discretionary buyback because of the tax efficiency. No. Yeah, that that wasn't the angle I was going for, but yeah, I was thinking more in terms of like I don't necessarily would want a a buyback within crypto.

Um, but yeah, that's a fair point. >> I mean, I'd rather they like grow the business, but if I have to make them do it, then yeah, buy back the token to be honest because I think the other factor there at play is potentially like the liquidity question mark. How much does a dollar of buyback equate to in terms of like a return on the asset price versus them giving me a dollar in my wallet that I then immediately pay tax on?

>> It's tough though. We're working with so many assumptions like the how the market treats like doing a buyback at all versus not doing one. uh how just using the money and operating as if you're a business is like maybe not quite viable just yet unless you want the token to suffer. >> I'm on my cell phone right now. Can you tell me what funding is right now, Buck? I mean, I see people's messages streaming in. Is it like wildly negative right now? >> No, it's a thousand% positive. >> No, wait. Is it really? Yeah, that's what I'm I'm [ __ ] >> over. I gotta I gotta close and then buy a spot. I think I'm not

>> I gotta close so the market can go up. >> I'll sacrifice. I'll sacrifice for everyone else. >> It's [ __ ] over. >> You're welcome, chat. >> I don't know why I cared this up. >> Wow. So, I actually did not realize this. I'm not looking at my phone. The funding quoted to me on Phantom is hourly and it is not every eight hours. >> Do funding rates actually matter? I mean, I know that they matter from a

dollar's perspective, but like are people constructing trading strategies based on funding? Like, can you use them to time the market? >> I don't know. I just don't want to pay a thousand% if that makes sense. >> Yeah. I mean, I think it's just like the cost of doing business. So, if it's very expensive to hold your view, you got to be really damn convicted. >> Yeah. I think it's too expensive for me, unfortunately. >> All right, I gotta run, fellas. This was fun. I I'll be in the chat. Thanks for having me on, James.

>> How do we feel, folks? Getting um >> keep getting blown out live or what? >> No, I think we're done, right? >> Is this enough sadness? We're gonna You're gonna close out your position, end the stream, and then the market's going to wick straight up. Yeah, if it gets closer to your liquidation price, Boach, let's get back on. >> I sold my Well, I actually did not >> box out. >> No, I'm I'm >> send the chart. >> I I sold my I I sold my pause. I actually did not. Is such a [ __ ] Bach move. That's >> one day he sold it all, he's out. The next day it's up. Oh, no. I never sold.

>> He's baiting the candle. No, I'm I bridged over to the spot. >> He knows the MM are in their bag right now and he does not want to tempt them any further. >> No, I bridged over to Soul and I'm betting there. No, I bridged I swapped over to Hyperlquid spot and I'm betting there. No, I'm actually going to buy BTC in this one. I did not close my market. I may have closed it. >> He did not close it. He might be closed. >> It just doesn't make any sense for me to hold Oh my god. Am I fully [ __ ] filled now? Holy [ __ ] guys. Hyperl's great.

Are we done? I'm gonna go puke. >> Huh? >> You're back in? >> Yeah, I'm back in, but on the spot side, guys. I'm >> all right. >> I do think that this goes up in the long term. >> Yep. >> And I don't I think James Kristoff was right in that you should not have a fundamental position open as a burp. That makes no sense. Therefore, I've swapped over to spot. >> All right. Are we all happy? I'm not.

>> We can call it there. >> All right. >> I expected some more activity on this, but >> bit of a quiet day, it seems. So, we'll see how the rest of the week shakes out and uh >> we'll be talking about it. Yep. >> Goodbye. Have a nice day, guys. >> Thanks for watching. >> Wow, he just left like that. That's crazy. >> Well, I'm also going to leave now. Goodbye Danny. [Music] [Music]

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