Weekly rollup: ETH ETF updates, BlackRock tokenized treasuries and the Munchables exploit

Transcript

right now all our money is in banks in the future all our money is going to be on chain this may sound obvious but to most of the world it's not and even if it was obvious it's boring but while the rest of the world sleeps on crypto the boring stuff is changing our financial system forever and this is super bullish for everyone listening to this podcast gmgm welcome to milk Road radio the easiest path to get smarter about crypto I'm jird along with my co-host Kyle rehead and we believe that crypto is going to change the world now before we get into today's episode this is super exciting as you've

probably noticed we are no longer web3 Academy we are now milk Road radio our mission has not changed from the beginning two years ago when we started this our aim is to guide you our listeners and our readers towards understanding this onchain world that is in constant transformation now in today's episode we've got many exciting things to go through Kai what are on the docket for today yeah it's going to be another amazing episode and I'm to be doing this under the new brand of milk Road some of you might have already seen this through our newsletter and Twitter where we've announced it but this will be the first episode on the podcast where we come at you with our new

branding we have merged with milk Road and um for those of you looking for more on the story we've got too much news so we're we're not going to actually dive too far into this story today but we have a special episode coming up next week where we'll give you all the end- up details of what's going on here uh but for now all you need to know is that web three Academy is merging with milk Road and so all the Beloved content that you usually get from web three Academy whether it be the newsletter whether you follow us on Twitter or the podcast you'll still get all of it and more it's just going to be branded with a Milkman which is super fun so that's get you up on a speed in terms of news in the crypto industry so much going on there's

a billion dollars tokenized in treasuries on chain today we just surpassed the billion dollar just the other day and that happened of course because of Black Rock and its new uh platform called b or fund called B Biddle so we'll cover that story coinbase is moving its assets both its Treasury and its customers assets on chain so we'll talk about what's going on there and then l2s are lighting up specifically bass which is just printing money right now we'll talk about all the story going on there we've been following this one for a few weeks since the EIP 4844 upgrade some craziness going on over in that world we've got an exploit happening over on on blast we've got mem coins still going crazy someone in Indonesia making what was it Millions

Jay's gonna tell that story because it's a wild one and the new super intelligence Alliance a couple big crypto AI companies are merging together to become one of the biggest decentralized AI companies or Platforms in the world so lots of big things happening today Jay man super exciting exciting for so many reasons milroad radio super stoked to get going on this but also exciting because we have a special offer right now for our listeners and the readers of our newsletter as part of this new launch of web3 Academy merging with milk Road Kai what is this exciting offer yeah this is for milk Road Pro so for those who are already signed up to milk Road Pro by

the way you'll continue to get your pro reports uh they're going to be in the form of milk Road and um there's going to be much more coming to this uh subscription or membership now so have a look they'll be coming out on Saturdays instead of Thursdays now from milk road instead of from web the academy for those that are not yet Pro this is your opportunity to go pro and this is the best time to do it so for those that don't know Pro is our crypto research and Analysis subscription that we have it's a paid product and it's made to make research and Analysis things that are usually quite confusing make it very easy for investors to read it's one of the best research products that I think are on the market for crypto right now you currently get one weekly report that

is either about toonomic Deep dive so token analysis sector analysis market analysis or investment strategy there's I think 70 past reports that you can review right now that help you become a better investor in this space we're also coming out with a new uh where are we at in the cycle indicator a weekly update with a bunch of charts to to let you know where we're at uh in terms of the cycle when you should be selling when you should be buying and then also you get access to the pro community in our Discord and this is right now 33% off for the first 500 people who sign up to milk Road Pro the link is in the show notes below so make sure you go do that if you are the first 500 remember this is going out to all of milk Road where there's about 300,000 of

us now and so this will end quickly but if you want 33% off for life not just for right now but for life you can do that right now if you're a part of the first 500 so click the show notes there the link of the show notes and gopr today yeah I think I I just got to say having been a a a subscriber myself from the beginning of when we first launched what was previously web3 Academy Pro this is a product that anybody that is investing in crypto needs because this is the weekly report that gives you a not only like an analysis ofis of what's happening with your investment but also a macro big picture understanding that allows you to make decisions around when

to buy and when to sell which is always the hardest things to do in these bull markets is to know should you still be buying on the way up are we still going up further and when should you be taking profits and getting out and that's a decision that you need help with and milk Road Pro the Milkman the pro Milkman is going to make sure that you get your profits or you get your milk I don't know what the line's going to be for us but something like that so make sure you guys sign up link again is in the show notes by the way we're creating a ton of memes in new new language for our podcast and memes on Twitter all around the Milkman and so our team is going to come up with a budge but please help us we are new here this is our

first day under milk Road branding so we're going to need some help from from the community I know many of you guys are already milk World subscribers so you might have some good ideas please share on Twitter uh that would be absolutely amazing all right Jay let's get into uh some of the news here we're going to start things off with market watch as per usual Bitcoin currently sitting at $71,000 today it is up 2.74% on the day up 5% on the week it's been just kind of up and down for the last little bit here the pullback that we had kind of maxed out at about 15% and it looks like we aren't going to go any further and we're now back up we talked about that last week so all things good but not super bullish for me at this point in time I think we're going to

probably chop around for a little bit but that's just my guess I'll talk more about why I think that in a second but that's Bitcoin let's move on to ethereum currently sitting at $3,580 um it is up 2.3% of the day and 1.8% of the week so Bitcoin outperforming a little bit here as people are debating if the E ETFs are going to get improved approved so we'll continue to see what happens there and then salana the last one on the list is currently sitting at $187 and it is up 77% of the day down 2.15% Bitcoin continues to be the leader deeper deep deeper into this cycle pretty wild actually the pro report coming out this week Jay is a discussion around is Bitcoin just going to lead

this entire cycle does the ETFs change everything and Bitcoin dominance just continue to go up and up it is a full breakdown of the bull case for Bitcoin and also some thoughts around will Bitcoin just continue to lead and dominate uh because of the ETFs and all the flows coming its way interesting Pro report to read and understand how this cycle is likely going to play out and so I got subcribe to get that on Saturday you do you gota show notes for for the discount it is and guess what if you're the first 500 you're going to get a 33% discount but Jay you said you're already subscribed oh oh yeah I am already okay I'm gonna unsubscribe and then resubscribe to get that that discount for Life the crypto market cap the total market cap is currently $ 2.58 s

trillion dollar um which is yeah which is actually quite near the the very very top it's interesting obviously Bitcoin eth going up so the biggest part this market cap that's what's going to lead it to all-time Highs but the more aird drops we get the more that adds to this market cap so maybe Bitcoin and eth can just continue to chop and um we just keep dropping new tokens printing new money into the crypto world and this market cap will reach alltime highs just from that we'll see what happens how that goes regardless though Jay this was a nice tweet that I just saw that I wanted to start the the market watch episode with which was R Paul who just says we're in the midst of the greatest macr trade of all time don't mid curve it basically saying there's a lot of people that still don't get crypto

there's two two points here a lot of people that are like no this thing doesn't make sense why is it going up so much are we really having another cycle doesn't make sense and that's mid curving it just sort of trying to think too deeply into what this thing is but if you look at this chart here it's basically comparing Bitcoin ethereum salana and then the NASDAQ and real estate and treasuries and bonds and gold and basically every other asset if you look year-over-year crypto just absolutely dominates every single year uh except for in its full markets where it gets completely but that's okay because it dominates so much in its other years it's pretty nuts just in the last two years Bitcoin up 155% and then 45% so far this year ethereum 91% 48% this year salana 9 22% last year 16% so far this year nothing

even comes close the NASDAQ had 54% last year so like pretty respectable nothing else is like even above 20% other than us large caps which is basically the NASDAQ so there's no point to put your money in anything other than crypto at this point because this is just it is the macro trade of the year or of the decade without a doubt so just um a nice realization when you look at that chart to see what's going on here but Jay let's dive into Bitcoin a little bit ETFs have had a bit of outflows over the last week which is why or in part why we had that pullback but thankfully over the last just couple days here so this week we have made it back into the positives we are once again getting positive inflows not massive numbers like we had two weeks ago but still not

so shabby can't complain about a couple hundred million coming in on a daily basis into Bitcoin so we are back up on that no buys from Michael sailor over the last week either which is uh maybe a little bit strange however there is some random wallet we talked about this one a while ago they're calling it Mr 100 this is some I don't know if it's an institution we don't know if it's a person we just know this person has a lot of money because they're buying a 100 Bitcoin basically every day sometimes even more than every day they currently own so they've been doing this for months and months months they've just been buying and buying 100 Bitcoin at a time every time they make a p a purchase it is 100 Bitcoin regardless of the price it's quite odd and anyway they've accumulated

55,78430 keeps buying we don't know who it is there's some speculation from Arkham or Aram whatever that that research analyst protocol or whatever they are I think it's called upbit or something I think that might be an exchange I don't know we don't know who it is for sure but um either way someone's still bidding so that's good even if Michael saor decides to take a break which I really don't think you will but um nice to see nice that we can track that eh so nice to see and so not a surprise either like we're still so early for the large you know government solver wealth funds institutions are going to be coming in and buying Bitcoin and so get ready to see more of that in the coming I think in the coming months

and throughout the rest of this cycle oh absolutely now the reason why I think markets are kind of cooling off right now and it doesn't mean we're going to go down have this crazy pullback like that I I just think the reason that they're sort of cooling off right now is um this is the ETFs we just don't know what's going to happen Market still like uncertainty obviously getting this approval would be super bullish for the crypto world because once we get this it's sort of like like Bitcoin was one that was great but Bitcoin doesn't really impact it does but not to a full extent impact the rest of crypto right because there's no smart contracts really on bitcoin doesn't have a bunch of other tokens once ethereum gets this approval it's like it's just lights on for everything right it's like okay smart contract platforms this is like

legit and so it's going to be just nuts for ethereum and all the tokens on ethereum is going be nuts for Salada and all the other ecosystems Bitcoin like obviously it matters for crypto at large it's just a little bit of a different asset so we're still waiting to see what happens there so I think the markets don't know what to do until we get this approval though one other thing is we do have the the having occurring in the next month so that's coming in April it's actually less than a month now so there's just a lot of mixed emotions I think in the space and so generally this means we chop we go up we go down um I don't think we're necessarily going to have a crazy leg up just yet if those ETFs get approved then absolutely on the news of the ETFs we talked a bunch about

how people don't think it's going to happen anymore the chief legal officer of grayscale he came out just the other day and he put his thoughts down on what's going on with the spot ETF approvals and um most people are saying that it's not going to get approved because there just hasn't been any comments on any of the applications so far whereas with Bitcoin it was like back and forth for weeks and weeks and it was like non-stop every day we had new news and there's just been nothing it's been crickets what Craig the chief League officer of great scale says is you know what I actually think that this isn't a bad thing I think the reason that there's no comments is because we figured out all the ins and outs for Bitcoin and ethereum is basically the exact same there is no difference the

only difference would be the staking aspect which probably doesn't get approved anyway so they they probably just approve this thing to be the exact same as how they did with Bitcoin which means there is no feedback needed they already know what they're doing coinbase takes care of the um custody of it all they understand if it's in kind and how how it all works so like there just not a lot to discuss is what his theory is so he actually thinks that this is completely fine and things he's still very positive that this approval will go through so interesting for those ones to come out bunch of people got pretty excited about that because they haven't really said anything and grce scale is one of the leaders in this although the Bloomberg boys Eric balunas came back and said hey well that may be true and

that's cool that you think that we still are keeping it only at 25% odds so still not looking good from the Bloomberg boys side of things but again that's just one person we have no idea what's really going to happen there although one other interesting thing so there's the no comments from the SEC that people are worried about and then there's this whole SEC you know wagering a campaign against ethereum as of security a lot of you know big people in the space have come out saying look it's not a security there's tons of reasons to believe it's not ether Futures ETF is already approved Etc but what happened this week was the US government indicted crypto exchange cin I believe they're an Asian crypto exchange but they've indicted kucoin in two of its Founders for criminal charges citing a multi-billion

dollar criminal conspiracy so something similar to what happened with binance again don't know what's going to happen with this but what's interesting is this lawsuit is coming from the cftc so there's a governing body the SEC that's what deals with Securities basically right then you have cftc which deals with commodities and in this lawsuit or in this indictment I guess the cftc clearly pointed out that they are involved in this because Bitcoin ethereum and they included Litecoin are Commodities and so that's why they are involved in this lawsuit and not the SEC does not need to be involved in this because these are not security so it's not under their jurisdiction so interesting that this is coming out there's a bit of a turf war between these two we want the cftc to win

because obviously we don't want any of these to be considered uh uh Securities just a lot more legal stuff if it is so this is although it's bad news that an exchange in the crypto world is obviously going through more lawsuits I think it's fine we need to get these things all cleaned up and get them regulated anyway so that's okay but the bullish news from this is hey cfcc is calling ethereum a commodity so that again helps our chances uh again I don't know where this is going to go we don't know what's going to happen we got to kind of just let it play out but this is why I just think markets are going to be up in the air for the next little bit until we see where approvals go what's your bet Kai you think it's going to get approved on May 23rd look I have no

expertise in the space so I don't necessarily want to say anything but yeah I think it is going to get approved to be honest I just don't see a reason why they wouldn't and it's because it's the final date May 23rd I just to me it makes sense if they will I don't think they do the staking which Fidelity just actually and a few others have applied for but I don't see why they wouldn't other than you just never know what happens in the government political world and I think there was a lot to support Bitcoin we know Gary Gensler likes Bitcoin always has and he just doesn't like ethereum and everything else so like maybe there's just some shading that goes on and that would be the reason it doesn't but otherwise I think it should the reason I think it gets approved is aam's Razer the

simplest answer is usually the answer and I think we are all so we're we're so excited about this we're watching it almost too closely that we're expecting something to come out before that would indicate that is either getting approved or not getting approved and because we're not getting any indication and nothing is coming out everyone's being like almost freaking out and like throwing a fit about much to do about nothing really right like that just because nothing is happening doesn't mean that it's not getting approved but we're almost no news could be good yeah I agreed like I think it does get approved and I think they're planning on that I just don't think they don't want to leak obviously any indication of so

and I don't think they're procrastinating I think they've just already made their decision so they don't need to do all this all these meetings and all the things they did last time for the BTC one because they've already done all that stuff they get it now so but hey look I could be wrong wait and see I'm certainly not an expert in SEC matters either all right let's go to the first story of the week Kai we got boring but exciting stuff happening in the onchain crypto world what's going on with a billion tokenized treasuries moving on chain yeah so one of the big narratives of I guess the bare Market but also just of the last two years was tokenizing treasuries real world assets going on chain tokenized

treasuries was one of those because we've had high interest rates and then obviously Black Rock launched the fun bidd which we talked about last week and that is that or maybe two weeks ago but that has actually taken off so the combination of that plus some adoption from the other tokenized treasuries we are now over a billion dollars in tokenized treasury so that's a pretty big moment I think super cool you have Ryan Sean Adams here who just says I expect 10 billion by the end of the year and he says every asset is a token every bank is a chain which I completely agree with everything's getting tokenized everything every company that deals with finances so think of banks trafi think of fintech they're all going to have their own layer 2 Chain and they're all going to manage it in the same way that

we'll talk about what coinbase is doing or what black rock is doing and so pretty massive if we go to the next tab Jay a lot of this is coming from Black Rock who launched at I guess it was like 100 million but they are up to $240 million in their fund now they were up 400% in the last week in terms of assets moving into their fund and moving on chain so Black Rock is an absolute Beast obviously and of course moving on chain they're going to bring a ton of adoption there if you scroll down you can see there's a bunch of wallets that are that are buying this fund or or I guess moving their investments into this fund we don't know who any of them are except for one which is um Ando Finance they are the biggest holder of build

currently and they're a crypto protocol but um yeah interesting to see the the adoption it's great to see that they're actually having success here they came out yesterday Larry Fink CEO of Black Rock was on the news and he said Bitcoin ETF is their best performing ETF in history so black AR has like 590 something ETFs and Bitcoin which only been two months it's already the best performing ever so that's nuts and then also launching this fund on top of ethereum has been massive when they first launched it the first couple days it didn't have a lot of adoptions so people were like oh is this going to be a flop no this thing is just crushing it right now which is exactly what we wanted to see so this is just really cool and again as you said Jay it's kind of the boring thing for like mainstream

most mainstream people don't really care about tokenized treasuries but Finance people care about this and again this is big big big money right this is a billion dollars already this is 20 what 40 million for Black Rock in a couple weeks this is just going to multiply and multiply so this is what we want to see we want to see the financial system move on chain and black rock is literally leading the charge Black Rock and who's the other one coinbase coinbase has also announced this week Jay that this was the head of product I believe so his name is Max brenberg on Twitter he tweeted out a thread saying going forward coinbase is going to be storing more corporates in customer usdc balances on base this enables us to manage and secure customer funds with lower fees in Faster settlement times

with no impact to the coinbase user experience so what's really cool about this is this doesn't matter for like the end user what this matters for is coinbase the company itself that's managing all these funds if to pay so much in fees in the trafi world they also have to wait so long to get money from like One bank to the next Bank can be very painful and um by moving on chain it all happens instantly you know they want to move $100 million it costs well I guess about a dollar five cents currently on base which usually it should be a couple pennies but we'll talk about what's going on with the Bas in a second but either way a dollar is pretty damn cheap to move a hundred million dollar so coinbase is really this is really cool because coinbase is Paving the way for all the other

corporations in the world who don't currently know why they should be moving things on chain right again this isn't an exciting thing for coinbase customers they don't care nothing changes for them so it's not a mainstream thing but corporations seeing this and when this comes out in their earnings report where they talk about oh we've saved you know thousands probably millions of dollars on fees by moving our assets on chain this is going to be a really big deal and I think they're going to sort of like pave the way for other corporations to do this so you got black rock over here Paving the way for the financial institution saying here's how you can move funds on chain you've got coinbase saying here's how corporations can do things on chain and so two incredible businesses that are the top of their industry of their sector sort of Paving

the way for the rest of the corporate world I just think this is absolutely massive but again one of those things where it's boring to the rest of the world if we think of last cycle Jay 2021 you had nfts really lit it up we had the culture that was moving on chain right you had musicians and artists and you had all the big Brands launching on chain so like it became so mainstream and everyone was talking about it everyone heard about it but these things no one cares no one's talking about black Rock's fun except for like our small group on crypto Twitter and on like trfi Twitter or whatever no one cares no one cares about coinbase moving their funds on chain uh which is like to me is like a really good thing because this is just improving the fundamentals

of crypto without letting anyone know about it it's like sneakily we are just like crushing it on chain right now moving billions of dollars on chain and no one knows and no one cares and I actually like that a lot more than 2021 where everyone's talking about it everyone's launching something and trying to figure it out now I I think at some point this cycle we will hit mainstream again what that will be I don't know maybe nfts have their big comeback and we we make it back into the the side guys or maybe it's mcoins to be honest that's my guess is what it is I think meme coins continues to like become a bigger thing and makes its way into me mainstream because it's just so simple but the more that this stuff happens the more bullish I am because these are like the underlying

infrastructure stuff that we need for this thing that we want to like really happen you know the nfts of like Nike and Adidas and Reddit and whatever it's like H we could go without that it's cool but like doesn't really matter but moving all of our financial instruments on chain like that's a really big deal it's so true the thing the simple truth right now that I want to make sure that everybody is not missing is like yes Finance is boring for most of the world like 99.9% of the World Finance is boring as but that is where all of our money is held secured traded moved so it impacts 100% of the world I guess

maybe not 100% because three billion people are still unb begged but we're going to solve that too and we're not g to talk about theb we're gonna solve that we're also gonna solve that but here's the thing here's what's happening every asset is becoming a token and every bank is becoming a chain that is yeah currently happening before our eyes and it's happening gradually and then all of a sudden it's going to happen suddenly and that is where we are headed in this cycle and that is so incredibly bullish for all of all of the major chains that the banks are going to build on top of and we're going to talk about a few of those chains in a minute but you know whether it's base which is on op and ethereum or whether it's another

L2 or whether it's on all of these chains are going to win as a result of just the financial system forget nfts don't even worry about any of that stuff even if none of that other stuff happened on chain we are going to get there just with the financial Revolution that we are doing it's right now right and by when we say borf it's stable coins this is so massive if we can just do stable coins if that's all crypto solves the stable coins like moving US Dollars on chain it is a massive unlock for the world and huge for all of our bags who hold ethereum so whatever if we can get institutions like Black Rock to tokenize on chain this is super super massive and that's these are the all the things that are happening and I'll tell you why this is such a big

deal Jay I'm in Brazil right now I tried to buy a surfboard yesterday okay ordering it from a company that is in Brazil and so I went on line to try to buy it can't buy it why well because my credit card is a Canadian credit card and their system just doesn't work with it because they don't have the right input for a postal code they have their own postal code and my letters in my postal code which is a zip code for those who are Americans it doesn't work for that and so I had to message them like hey guys this doesn't work your system isn't set up properly need something new so they sent me this different payment code that doesn't work my Banks won't allow it because it's a Brazilian company I was like guys I just want to buy the surfboard and I need it

fast because I'm leaving the country so they need to make it and like deliver it to me so then they're like okay what else can we do so then the guy goes well I got a US bank account personally he's like why don't you just wire transfer me the money and I was like God okay sure like this is a risk but whatever let's do it so he sends me it I go on my y's account they won't wire transfer to US bank accounts to Brazilians I was like you kidding me so then I go to my bank they'll do it except it's a holiday tomorrow because it's freaking Easter and so this won't actually go through until next week and by then it's too late for them to start creating my surfboard to get it to me in time so I have to drive a half hour to the city to

find a bank to like give them cash to put it in this guy's bank account who will then go and pay for this thing for me who's in like a different city than me and I was like dude will you please just take my crypto like I could literally get you this money in 3 seconds for like a penny and he's like sorry we can't do that I was like God please just update the financial system so this is the boring stuff is actually not that boring it impacts everyone so it would make my life Bloody hilarious story first of all that you want a surfboard that badly like is everybody who's a new listener to this you just learned a lot about Kyle and how much he loves to serf in that story but also that's a great point of how you know yeah it's easy to say hey this is boring

and it only impacts Banks and large institutions but here's a small business that you are trying to make a purchase from that needs your money and cares about every single sale that they make and they probably I mean they should have lost out on that sale let's be real if it wasn't for the fact that you wanted to Sur for it so badly right so we're not there yet but we're going going to get there this is going to impact every single person every single business in ways that people don't see yet and it's happening it's happening right now guys and yeah that's just why we're so excited anyways let's keep moving along you know who else is excited right now is coinbase and all the fees that they are getting from Bas

Kai what happened this past week on base yeah so we touched on this last week a bit where Bas since they updated to 44 four their fees went down like 10x and but their demand went up at least 5x and so their fees were down to like pennies for a little bit and then the next day basically it's now up over like a dollar and that is continuing to happen so one of the things they have announced that they're doing is they're going to reduce or sorry increase the gas Target 50% so to 3.75 and then they did this yesterday and so that has helped to leave you a little bit of these fees but they're going to do it again I believe today as you listen and so they're going to increase the gas Target up to five uh and so this should help to alleviate the

reason you hold this back is like it's not as secure the higher the gas limet goes or gas Target but full as you decentralize more and more and more it's okay to increase it more but also bases are decentralized as is for now it's working on it um but they just they need to do this because they need to make sure people can uh get their trades in and this is become an issue because just so many people are using uh base right now but the good news of this in terms of how this looks to the rest of the world or at least for base and coinbase is just yesterday base reached a new high of $ 1.73 million in transaction fees that they made okay now this used to be good but not that great because a lot of it went to ethereum just to cover

the settlement cost but out of that 1.73 million they only had to pay ethereum $4,000 so they made 1.72 whatever million doar in one day off of their L2 so in the past 24 hours just put this into other perspective base has made or users of Base paid 666 eth in fees okay in one day so 566 eth of that went to coinbase okay 100 eth went to optimism so op Collective good for op holders and3 eth went to ethereum so that's the sort of like flow of how this works on chain and you got to remember anything that's bullish for base is one bullish for coin which is the asset of coinbase

it's bullish for op which is the asset of optimism it is bullish for eth although eth didn't get that much but that's okay that'll continue to scale because remember there's I don't know 100 l2s at this point all paying that so pretty wild and then Ryan Watkins just tweeted out and he says imagine when Wall Street realizes coinbase is is printing $500 million in annualized revenue from an ethereum rollup he just says base may be the ultimate Catalyst that gets Enterprises building on chain now these fees aren't going to stay this high so I don't think they're going to make $500 million in annualized Revenue but the current projections if you were to do that over the last week because they've literally been printing over the last week would look that way but either way they are going to be showing millions and millions and millions of

dollars in profit from base and when that comes out in the next earnings report it is going to be like no one is pricing that in right trafi doesn't even understand that they get the business model of the exchange and all that sort of so like and that's even super bullish once they go holy this base thing is making this much money it's going to be pretty wild so I'm excited for whenever their next earnings report is and then the last thing on the Bas side is so it took base 203 days to reach a billion dollars in total value locked okay it took another 23 days to get to2 billion and now it took five days to get to3 billion so when Jay says gradually and then suddenly this is that this is that right there the value locked on I

mean part of this I guess is coinbase moving their assets on chain as well as that we just talked about but it is a lot of users moving over to base as well and I don't think this is going to stop l2s their tbll is just rocketing right now and this is just huge for the entire L2 space so bunch of liquidity moving there bunch of fees happening on there it's uh all good things in the L2 World well not all I guess bases fees are kind of high but that's okay that'll get figure out that's a moment in time and you know sorry to the users that's it's honestly it's like when we were all early to the internet remember how much the internet cost to get on in the beginning and how slow and painful it was but we still used it early days

because it was better than the old forms of getting information and communication and pirate music from Napster yeah that's right I need to get I need to get my jams man pump up the jams Eric brids let's go okay also happening this past week Avalanche and chain link released a case study that they did and so I want to point this out because this was done with Australian New Zealand bank which is the biggest bank Australia New Zealand AZ hold over a trillion dollars in assets and they are experimenting on chain and so we talk about base being on chain well yeah of course coinbase is a Crypton native company that's their

whole objective but the trafy world is also bringing their assets on chain and not just the more Forward Thinking trafy companies also the OG super old Banks like A&Z City Group JP Morgan and so in this case study what they did was they showed that you can move money in an onchain way that is better than the trafi way and if you know right now the way we move money is through the Swift Network and Swift also sees the opportunity in blockchain that this past summer they released a report where they said that 97% of institutional investors believe that tokenization will revolutionize asset management and be a

positive force in the industry not least because of its potential to increase in efficiency reduce costs and by enabling fractional ownership open up opportunities to more investors so through this partnership Avalanche chain link and ANZ what they did was they showed that A&Z customers could use chain links ccip which is their interoperability protocol to securely transfer an AZ issued stable coin cross chain from Avalanche to ethereum in order to purchase a nature-based asset that was held in the form of an nft now that's a big mouthful of a lot of

buzzwords that I just threw in there but the point is here's what the existing problem is right now when we want to move money we have to move it between banks in order to do that you need a bank interoperability protocol that's Swift okay well now in order to move money on chain we're also going to need an interoperability protocol because we have many chains each Bank as I said before is going to have its own chain in the future a lot of large Enterprises are going to have their own chain we already talked months ago about flip cart one of the largest e-commerce companies in India has started its own chain and so when we have all these chains we are going to have stable coins

on all these various chains we're going to have assets on all these various chains and think about right now how difficult it is to buy something in a stable coin on one chain if you want to then buy it from another chain where you got a bridge that stable coin across super complex but ccip chain links cross chain interrup ability protocol makes this super simple for users and Australia New Zealand banking group showed how easy this was in this case study which produced tremendous results that is super bullish for all of us to show that hey the banks are going to benefit from moving on chain and it's not only better for the banks because

it's going to be faster it's going to reduce fees which going to allow them to make more money and again because they control their own chains they're going to make fees as well don't worry they're not missing out on this party but also it's going to be better for the users because just think about right now how annoying it is as Kyle said earlier to buy something in a foreign country with a current with a credit card from a different country it's it's horrible it's awful while blockchain is going to fix all of this so shout out to avalan and chain link for showing off how that is possible next up let's get to a fun story this week Kai let's talk about the munchables I'm not talking about what you get after you might maybe smoke a doobie and you get the munchies

I'm talking about about a collection that is on blast blast is getting a lot of hype right now and for good reason really I'm really bullish and excited about blast but somebody launched basically a game on blast where the more eth you stake in this game you grow your munchable if you're watching this on YouTube You'll see I've got uh an image up on screen of these little munchables they're like AI little like creatures and basically you put your eth into a contract and then by doing so your munchable improves and grows and you get

more rewards more blast points and so lots of people were involved in this game getting excited and the mbl's team was growing so fast they needed to hire more devs so they hired a Dev online from North Korea and great this Dev is working as they build more trust with this Dev they gave de this Dev access to their multisig wallet which controlled controlled all of their U assets that were locked in this contract which got up to be almost $100 million and then what do you think happened next that Dev rugged the entire team he took 62 million out of the contract and basically was like peace out I got $62

million now you might think that's where the story ends but no it doesn't end there what happened next was a lot of people on crypto Twitter said hey look blast is still a centralized chain they still have full control of the bridge and the contract that this money this $62 million would be locked in so hey everybody says you know what blast should just roll back the chain and give the 62 million back to the users and boom we're over with but obviously that's a big decision that would lead to a question of are they leading towards decentralization or are they centralized

and who takes the hit here right blast is new obviously they're concerned about their users so there was a debate about this Ryan celus from assari got into this debate he said hey if North Korea gets away with another 62 million we're done with crypto in the US and that's a little bit of a extravagant statement I'm not sure I fully agree with that but he's he's not far off like we're concerned so he says Hey blast just deal with this for us we can't handle this anymore and then later on the same day because everything happened so fast in crypto Pacman the founder of leuren blast came out and he said hey the money has been secured we've got it back I'm not exactly sure how they got it back or how they happened because there's two

things he said in his message first he said it took an incredible lift in the background and then he also said But I'm grateful the ex munchables Dev opted to return all the funds in the end without any Ransom required so whatever happened the dev clearly decided to return the money maybe there was pressure from somebody I'm honestly not sure but in whatever way this whole exploit basically was nothing in the end they got the money back and we all get to keep on moving and putting money into munchables for some reason because I mean I wouldn't be doing that but I mean good news for blast like that that sucked for sure still early days of

its main net so to have to go through that is Is Not Great by the way just to clarify you said they just hired some Dev and he's from North Korea I don't think they knew that they were doing this at the time although there's also the speculation of like there was four hires and people think it was like all the same guy because you can see on chain of the wallets it looked like maybe they were all the same person pretending to be one like we don't really know the full scoop of what's going on here which is also why Jay said like how did they just get the money back without any Ransom like this doesn't really make any sense they didn't roll back the chain and don't even know if blast team was ever thinking about doing that that would obviously not be great just you know the

community was saying that they could do that and it's not that big of a deal potentially because they're so new but uh I don't know what happened there very very odd I am super bullish on blast I think what they're building is really really cool and Pac-Man is an absolute Legend and so I would assume and it's never good to assume in this industry because you never know what's happening that they didn't do anything like shading the background but something tells me they had to have paid something to get this money back it doesn't really make sense so I don't know I'm sure something will come out probably by the time we release this podcast so we're probably old news at this point okay let's go from munchables to mcoin Mania that is this week where's the mcoin Mania it's over on base last week it was

on solada the week before it was toyer SW swol joah Bowden and Trump it's never ending I'll tell you whoever the meme cor of the week is they probably wearing a hat because that is all that is required these days to be a popping off me actually not wearing a hat okay this week's big meme coin is goali goali okay who the heck is goali so goali is this kid from Indonesia who about about six years ago started taking a selfie every day and he took those selfies and then he uploaded them as nfts every single day and so he had a different selfie

every day and he's just a you know young at this point he was an 18-year-old Indonesian kid these are very basic selfies nothing special about them sold them for $3 his nft collection ended up for whatever reason getting flying off the charts and this is back a few years ago he got over a million dollars that he raised from selling these nfts and he said things like this is great said you can do anything like flipping or whatever but please don't abuse my photos or my parents will very disappointed in me I believe in you guys so please take care of my photos so we got these nfts okay we got all these goali photos on Chade and then

he kind of he stopped doing the daily selfies maybe uh about six months ago and he kind of disappeared off of Twitter for a bit and then all of a sudden he came back this week and he said I'm launching part two of goale every day and guess what it's not an nft anymore what do you think it is now it's a meme coin coin course so and how does he do the launch of the meme coin well he says I've got a pre-sale open okay send eth to this wallet a minimum of 05 a Max of two eth add a cap of 400 eth and you will get a opportunity to get involved in this token before in this meme coin before I launch it and so what

do you think happened here Kai well a whole bunch of people F guy like hundreds of e he got so much money so this is his wallet right now it's on base I'm looking at I got it up on screen here his balance is $1.45 million in eth he's got 400 just over 400 eth this wallet did get up to like over 300 three $3 million because so many people sent him eth and he actually refunded he stayed true to his word that he was only going to do 400 cap so he refunded a whole bunch of it and now basically this guy is if you go to his Twitter he is teasing that the

token the mcoin will be launched soon look I wouldn't suggest that anybody go invest in goali mcoin but this is what's happening right now with meme coins it is so easy to launch a mem coin it takes you literally no time all you need is some sort of a cultural brand which gozali has because of his everyday nfts people love this guy or dogs have it or anything with a with a hat has it I'm sure goali with hat will come next and a lot of people are just for no reason sending money to these wallet addresses like it's just dgen Behavior to the max it is a wild wild time out there Jay

let's jump on over to the super intelligence Alliance from one narrative to the next we go from meme coins over to Ai and this is actually a fairly big move so there's three AI crypto tokens or companies let's call it that are have announced that they are merging together this is fetch AI Singularity and ocean protocol and they are merging together basically to become the biggest AI crypto company in the space and really it was not just to become the biggest AI crypto company it is to become a massive AI company in general that can try to compete with the rest and so this makes them the largest decentralized AI company although I don't know they're actually all fully decentralized or not

but it's quite interesting so fetch AI has basically as a protocol for like autonomous AI agents that use blockchain infrastructure and so they're pretty big they've been doing quite well we've talked about them in one of our Pro reports before then you have Singularity which is like a research and development for AI company and they have ocean protocol which is basically like a Marketplace for data in general but they've really hit the the AI narrative as well and so they're a place where you can basically sell your data and other can come and buy it and they can use it to train like their llms and stuff like that so they have kind of three different branches here while they're all merging together and what's interesting is in the crypto world the way that this works is instead of all the difficulty in terms of getting a

bunch of lawyers and we understand mergers because we just had one obviously with web3 Academy milk Road uh it is an absolute show and you have to get a million accountants and a million you know lawyers all involved now I'm sure they still need this actually for this tokens but the way that it works is the three tokens that exist today for fat singularity in Ocean they are all merging into one token called ASI and how this works for the end user is basically they will just once this is approved by their communities which will start I think April 2nd basically you just will have a feature to swap on the site where you can just swap your let's say your Fe which is the fetch token one for one into the ASI token and what's cool is the combined value of these three is

something like $7.8 billion market cap this will turn to I believe where's the number here I'm trying to look for it current price is around 7.8 billion so it'll be easily the biggest AI token in the space so I mean pretty cool this happens a lot in bull market so this is expected you'll see a bunch of these probably happen throughout the cycle whether it's a good thing bad thing honestly don't really know a lot of the AI crypto narrative is a little bit overblown already and we're still early in the cycle uh but what's interesting is as we did our report we were looking at what are some of the more legit AI crypto tokens or companies I guess and Fetch and ocean were both part of it so two solid ones I don't know much about Singularity to be honest the other two as we were doing our

research looked pretty legit we're looking to do a deep dive on more AI crypto tokens so maybe we'll do it on this new ASI token that comes out but anyway pretty cool to see and um will this be bullish for the token or not honestly have no idea let's see what happens here but pretty cool to see a three big companies all kind of come together to be fair though it's still very small compared to like trafi AI companies like open AI so like this isn't that big of a deal in the AI world but they're trying to make it a big deal to take wind of this crypto AI narrative it's interesting how how much of a hype cycle crypto AI narrative is right now but at the same time it's also kind of not because there is within that hype cycle there is some very legit Tech

being built that will change the world it's so so much of hype find which ones those are and that's exactly why you need to subscribe to milk Road Pro because we're going to tell you which ones you need to take keep your eye on and watch out for let's jump to airdrop them like it's hot our segment every week where we talk about the air drops that we are following Kai first up here we've got Athena Labs what's going on so Athena has launched or will be launching 750 million Ena tokens on April 2nd this is their big airdrop we haven't really covered Athena that much it is a sable coin protocol where they've created stable coin called usde they're not calling a stable coin they're calling a

synthetic dollar part of the reason why is I mean it's quite complex but also just chilling or talking about stable coins is just a scary world since taluda so I don't think it's one we necessarily wanted to Hype up too much though I think what they're doing is really cool it's obviously experimental but Arthur Hayes who's been in the space for a long time we've talked about a bit he's backing it as well as some other big names basically it's a it's a stable coin that is backed by eth the problem is of course eth goes up and down and so it's not over cized like like what maker Dow does with die the problem is what happens when eth goes too low so what they do is they have this mechanism where they're always shorting eth at the same time and so like by shorting eth if

it ever goes down it evens it out and so they have the system that essentially Works should be perfectly and they never need to be over collateralized it's pretty interesting it's quite it's pretty cool and it's working quite well it's become really really big I think they are the billions of dollars already in terms of their like value locked into it so but it's still just it's pretty early days you just you never know what's going to happen but anyway they are launching their governance token so congrats to anyone who used that and sorry that we did not promote it we want to make sure we're not promoting things that are going to go to zero like taluda so anyway that's all good now interestingly on the airdrop side of things in terms of points there's sort of like two ways that people are doing

this obviously the points thing has been the big narrative recently optimism was one of the earlier ones in this where they do something called retro active funding where instead of giving you points to do things and then air drop you based off those points you just do things and they'll just you know at some point just maybe aird drop you stuff but you don't really know they were doing this before points existed so probably they wish they were doing points they're like the next thing they're doing because they just announced a new retr funding which is basically they're giving 850 million op tokens but they're actually incentivizing people so they they've bucket it into sort of four categories if you go to the next tweet below Jay you can see they're doing a drop in May for on chain Builders one in August for the people building on the op

stack one for in August for people working around governance and one for Dev tooling which is an October so they're sort of giving more Direction on who will be rewarded tokens it's still not a point system but they are trying to incentivize certain individuals and so hey if you go work on these things you can apply and if you get accepted you will get the uh tokens that's how they do it different from anyone can go and do this it's sort of open concept just go and and get your points and you'll get token so Optimus is doing that if you're building on the op stack make sure you go and get those it's free money and they want to give this because they want to basically a grant right to get people to to build on chain so if you're doing that you need some funding

go make sure you check this out you can find it on the optimism Twitter feed one more airdrop to speak about we've been talking about margin fi for a while and their points program has been going on what some would consider for too long and people are a little bit fed up saying hey look I've been farming I've been involved in your uh ecosystem give me give me my airdrop already and so somebody within their ecosystem was just fed up and done waiting so they created their own token called margin mrgn and aird dropped it to margin Point owners basically kind of like preempting the margin fi team and their airdrop and

just making like a new token and saying hey I'm going to make this the token so that happened and obviously a lot of margin Five Point holders were like were excited they got this airor drop but then here's what's interesting the same time like literally I don't know if it's the same day or the next day margin fi came out and said hey we saw the first team reward loyal margin Five Point earners with an airdrop they said it's just getting started now you can we going to allow others to do this through a simple UI that we're building so they announced it's called hampter and hampter is basically an interface that allows anybody to get your token in front of 400,000 margin fi users so

basically what you could do is you could you know launch a meme coin and airdrop it to margin fi users you could launch a governance token same thing you could have an nft that you want to whitelist you could whitelist it to margin F they call the margin mamas so very interesting to see did the margin five team sort of jump on top of this random person that air this token it's smart it's basically an API to their points right you can always see who's using margin five but you can't see who's highest ranked in the points because the points is not on chain so they basically just created an interface that has an API so you can then see it and then you can attach that to a wallet and you can now launch nfts or tokens or whatever to the points people which is cool because

like likely those who are highest in points are probably going to end up getting the most tokens also means they're probably you know have more assets than the lower points ones they're more committed so kind of like how we've talked about people are airdropping to like nft holders now there's this maybe is this the new meta of like instead of dropping to those who hold more assets those who have more points points are the meta so anyway we'll see what happens there if others follow suit it is quite interesting it's a way to reward your um users before you even reward them you know it's actually quite interesting now I'm top 5,000 in margin Five Points just so you're all aware on the leaderboard I didn't get that token though so I don't know margin or whoever launched that what the heck man I didn't get that so anyway if

someone wants to uh use this interface look for somewhere around number of 5,000 that's me okay let's go to our final segment of every rollup we do agree disagree where we read out tweets and we talk about whether we agree or disagree and sometimes we might need to explain them first up from Key youngu he says this cycle is different institutional funds of 86 billion doll entered the Bitcoin Market in the past six months and then he's got a chart which shows the Bitcoin ETFs and what has happened as a result of the ETFs and

basically it shows that it's just got absolutely parabolic from close to maybe 10 billion only a few months ago basically like late early January to 96 billion in just a few months as a result of Black Rock and the ETFs yeah I mean I agree the cycle is different there's something different about the having this CF we just never had this much ability for people to buy right in such an easy way in taxfree ways Etc so something is definitely different though the 86 billion or you said 96 because it's different from his chart and his tweet I don't know why it's a little bleading he's saying that all this is due to institutions but not everyone

buying the ETFs is institutions we don't know who's buying the ETFs it could be institutions and I'm sure some of it is but also a lot of it is probably just normal crypto natives who are now taking advantage of the ETFs in a different form and it's also probably retail who's coming in as well so it's not necessarily actually 86 billion coming in just because he has it showing Black Rock so it looks like black rock is buying this much Bitcoin it's not we're just using black Rock's ETF to buy but we don't know who is all buying that so it's different but like every cycle is different in some way but I think it all always Rhymes so I don't think it's going to be that different all right next up we have James Van Stratton he says Bitcoin will experience another significant draw down of 70% or less it

will just occur from magnitudes higher than where we are now so I agree that we will have another massive pullback probably around the the lines of 70% and for contacts for those who weren't in previous cycle in the first two cycles we went down like 80 something like 86% and 84% from the highs and then the last cycle we were somewhere on like 78% and so probably this cycle yes we will have another big draw down somewhere between you know 50 and 70% although maybe it's different with the ETFs right there's more you know bigger funds that are buying so maybe we don't have that although what he says is it'll Ur from magnitude higher that i' like an order of magnitude would be adding another zero we're currently at 70,000 which

would mean 700,000 is the top that's not happening I don't think there's a chance in hell that we hit 700,000 this cycle I think that's just Moon boys being Moon boys I would imagine this guy's a big bitcoiner I don't think we hit those levels we definitely go much higher than where we are now but um I don't think we're going orders of magnitude higher that would be a bit wild yeah I agree I think we are definitely going higher and we are definitely going to see a drawback we see a drawback of 15% last week alone I don't know if we'll get to 70% but I think somewhere in that range of 50 to 70% is likely uh to happen again in the future okay next up zenica says God I am finding it hard to get back into the SN of things leave for a

week and miss a decade worth of things that said literally sitting on my hands and doing nothing is not the worst strategy at this point in the cycle number still just keeps going up yeah I mean I completely agree if you have a good strategy and you're holding strong assets like this isn't the time time to really be trading around like crazy and I say that because there's always phases of these Cycles the first one is always Bitcoin dominance goes up it's like you want to be holding Bitcoin its risk adjusted return is just so large that it doesn't make sense to really hold anything else you can still hold some shitcoins and maybe it'll go up as much but like when bitcoin's going up from you know 15K last year now it's at 70k like this a 45x like you know it's hard to get that in something else so we're

still in that phase though like bitcoin's not going to fback from here probably but you have ethereum and salana the other two big Majors that are still outperforming most of the market even Bitcoin still overperforming most of the market to be honest it it's crazy to me to not be just like holding most of your portfolio those because that risk adjusted return is just so massive and when I go back to the very first tweet I showed the market watch of like this is like a generational opportunity don't mid curve this like it's really true and it's not about just mid don't mid curve it it's also don't go too far down the RIS curve and not actually capitalize on this like if you are holding a bunch of mean coins instead of just holding the majors couldn't be a dumber idea right now put it straight

just like that and on that note this isn't really agree disagree but I just I had to bring this up you teed this up well this is another tweet and this came from confessions said I put 5K into whiff sold for 7K thinking I was a genius my bag would be worth 12 million plus right now I lost over 100,000 trying to find the next whip I am ruined yeah I mean I was listening to a professional trainer on the podcast the other day and he's been in the space for forever and he's like yeah I'm in a bunch of mem coins of course but he's like um basically what he said is one I'm in them because I get early access to the mall right and so I own a large supply of them he's like I don't want to

sell them though because I know the people that launch them and there's a bunch of us in there so if one of them sells we just like dump the market and we're kind of screw everyone else so I end up he's like I basically he's in so many he goes I pretty much 99.9% of the time I ride it up to its highs and then ride it back down to lows to zero he's like because I just can't sell or I don't know when to sell it's so hard to time these things it's so ridiculous that's I mean that's the the number one rule in meme coins it's millions or zero so if you want to play that's the price to play okay next up Ryan Johan Adams says I'm going to say something that's true in crypto that I wish wasn't the case and have been slow to admit

narrative Market fit is more important than Market fit yeah I agree also Ryan has been slow to admit this one but this one is quite obvious in a bull market this is true in a bull market in a bare Market no and at some point this is going to be less true because when the Market's small narratives can just like run everything and also the the market is very immature let's call it because there a lot of people just like trading in their mom's basements or their parents' basement but as institutions come in I think this becomes less true and I don't know if that's in this cycle or next cycle whatever but definitely narratives will swing things although to be fair narratives also swing things in like the normal Trad stock market as well just probably to a lesser extent than what we get in crypto okay next up

Tang Yen says every chain that eventually makes it into the big leagues has to go through a trial by fire an existential crisis and prove that it can come out of it still running strong well blast got its crisis early I would disagree with it I don't think this was an exential crisis for blast this had nothing to do with blast it was just an app building on top of blast this is expected more than anything all chains have had these exploits so like this was definitely not an exential crisis for them sucked for the devs and the users I get that but again small amount of users if you're thinking long term about this of what blast is like really trying to build so like I don't think this was that big of a deal for them of course they are very happy that it got figured

out but like the thing with munchables or whatever they're called like I don't think that's like an existential crisis is like FTX collapsing and salana you know a lot of is like protocols had their treasuries on FTX it's like okay that's an existential crisis and also like most of the tokens were hold by FTX so that's a big problem eth when they had the Dow that was hacked early early days eth where in ethereum it was something like 40 or 30 something percent of the entire eth Supply was hacked okay that's an exential crisis blast this was nothing 16 million was not a big deal and it wasn't their money it was money on an app that's on there so I disagree okay last one Debs defi says those friends that called you lucky

two weeks ago are the same ones that will call you lucky when BT sits hits 100k this year have conviction it's what got you this far yeah absolutely I mean everyone is a little bit lucky to like hear about this you know the friend that told them about it or I don't know maybe they came across some video whatever like probably a little bit of luck in that but if you actually stuck around and continue to learn and especially if you stuck around like in 2022 2023 through all the craziness or if you go back to the previous cycle of 2018 when everyone was leaving if you stuck around that shit's not lucky that's hard right if you were putting in the work when everyone else was telling you the stuff is stupid or a scam it's not likey at all that is hard work and not many

people can do that so you should definitely be proud of that and don't let anyone call you lucky and conviction comes from hard work it comes from you know reading newsletters listening to podcasts doing your research and then you develop conviction over time I think he's saying which is is a good point or what they are saying I don't know if it's here or her is in moments like this don't lose your conviction Don't Stray From your plan is the main thing now is when there is so much hype happening in so many other things that you can say oh my gosh I should pull some money out of my Bitcoin and move it into or I should

pull money at my eth is probably more what you're thinking right now because eth is not keeping up with Bitcoin or salana currently and oh I'm going to go move it into some meme coins and try some other stuff that's where your conviction will lead you wrong because you gota you need to yeah you gota then you gotta get Super Lucky yeah 100% well Kai That's a Wrap our first rollup as milk Road radio super excited to be here with you all thank you so much for listening in to us we'll be coming at you every week every Friday with the rollup we look forward to many EXC weeks ahead as we said at the beginning there is an opportunity to subscribe to milro Pro for the next week only at a 33% lifetime discount so don't miss out on

that get that subscription so you got the crypto analysis the macro analysis the TA the onchain analysis that you need to feel good about your Investments through this bull cycle have a great day everybody have a fantastic weekend touch some grass we'll see you guys next week thank you for listening to milk radio the easiest path to get smarter about crypto if you like this episode share it and hit subscribe or follow so you don't miss out on the next one there's also a link in the description to our free 5minute daily newsletter where we simplify crypto for you while making you laugh and if you're willing to step up your crypto investing game then we'll leave a link to milk Road Pro as well your number one resource to help you

invest successfully in crypto one final note this podcast is for educational purposes only and nothing we say today is financial advice crypto is risky so you should never invest more than you're willing to lose thank you friends and we'll see you in the next one