← The Wolf Of All Streets
The Wolf Of All Streets
SOL Revenue Now 10x ETH, Gas Fees On ETH Hit 5y Low | Crypto Town Hall
01:01:20
SOL Revenue Now 10x ETH, Gas Fees On ETH Hit 5y Low | Crypto Town Hall
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- [00:01]
Scott Bessett
Good morning, everybody. Sorry for the delay. As usual, we're having a major glitch here on X. Hopefully you guys can hear me. To me, it sounded like the music.
- [00:09]
Mike McGlone
Was speeding up and slowing down at a ridiculous rate.
- [00:12]
Scott Bessett
Not sure if everybody else heard that, but hopefully I will be able to hear each of our guests. Obviously we have a title here. Sole revenue now 10x eth gas fees on eth hit 5 year low. But first, I actually want to talk about Powell. Right now I'm trying to get Mike McGlone up on stage because I wanted to ask him specifically about this Dwayne here as well. Dwayne, are you watching pal? At the moment, I haven't looked at pow that closely.
- [00:43]
Dwayne
It's just, you know, it's a lot, it's a lot of volatility, you know.
- [00:47]
Mike McGlone
Within that, you know, within that particular equity.
- [00:50]
Dwayne
So it's kind of, you know, I, I don't really have a lot, I don't really have a lot of comments right now for that. But yeah, I have seen that it's, you know, it's, it's, it's, you know, doing a lot in regards to, you know, the, the price. So.
- [01:05]
Scott Bessett
Yeah. Which I think anyone would expect. Mike, got you up here. Perfect timing considering Powell is currently testifying, maybe give us.
- [01:15]
Dwayne
And at this moment he was testifying.
- [01:17]
Mike McGlone
Right before with Elizabeth Warren, which always is entertaining. Her first, uh, her first comment was.
- [01:23]
Scott Bessett
About President Trump and co President Elon Musk. Of course she had to get her sh in there. But Mike, what do you, what are people looking for right now, do you.
- [01:31]
Mike McGlone
Think, in this testimony?
- [01:34]
Dwayne
Well, that's a good question. To start. What's been impressive lately is what he said and what he did at the last meeting. Trump actually said he agreed with it, which. And him and Besson have doubled down on the desire not for much lower rates, but lower yields, which means bond yields. And that might imply Powell staying the course for a little while, then cutting rates later, meaning if he cuts too early, like we learned last year, cut too early, you pump up risk assets, which included cryptos. And it just creates more inflation, more wealth effect, which hurts things in the long term. So I think they're playing a little bit of a long game. We'll see how Powell works on that. But the way I see it right now, he's going to stay very much stable. No, no higher rates until, I mean, this is what. Until markets tell them to. And this is why I really appreciate Scott Bessett as Treasury Sector. He's a trader Ex hedge fund guy. You know, it's kind of our space and we haven't had that in a while. I mean, we've had like Janet Yellen, you know, all economists and stuff, but traders get it. They know what it's going to take for bond yields to go down. And when bond yields go up and the Fed cuts, that's a sign they're not going to go down until the Fed hangs out and lets other risk assets go down. So if what Powell's going to say, we'll see. But I think he's going to do very much in the middle in total line, but not be hinting at anything unless the data suggests. And that's the key question I like to ask. And even I'm sure best it asks what's going to take for the next rate cut for rates to go lower. We both know what that means. Either unemployment going up, it's unlikely. Inflation can go down. We have such a massive wealth effect and so much wealth creation. And so the other key thing is the stock market, which means where I think the leading indicator on the planet Bitcoin might be hinting at.
- [03:26]
Mike McGlone
Duane.
- [03:29]
Dwayne
Yeah. Pardon me. For some reason I was thinking about Palantir. We're talking, we're talking about the comments here.
- [03:34]
Scott Bessett
So Jerome Palantir, he's the new rock star in the.
- [03:39]
Dwayne
Yeah, I heard pow instead of pow. Okay. So, yeah, like when we take a look at this here, you know, we have some CPI data coming out which might give us some sort of guidance here. But I do agree with the previous speaker that we're not going to see rates really move anywhere for the next few sessions here. I don't think there's any really need to see rates basically decrease here. I think later on in the year Trump will push for some sort of rate cut and there'll be a lot of friction in that regard. But I think for now things will pretty much stay the way they are unless something really changes dynamically in the market or in employment as well. There's a lot of pressure right now on federal employees and that was some of the comments that he said previously that they're going to push to basically raise the unemployment rate at least as it comes to federal employees. So I think that could possibly put pressure on a rate cutting cycle, but we'll have to basically see what happens from here.
- [04:55]
Mike McGlone
Yeah, it seems like the Fed is.
- [04:56]
Scott Bessett
In a pretty rough spot here, right? I mean, when you take a look.
- [05:00]
Mike McGlone
At it from, from the outside looking.
- [05:01]
Scott Bessett
In you, we're still pricing in Rate cuts at the end of the year.
- [05:06]
Mike McGlone
But if inflation doesn't cool further, we should see higher for longer.
- [05:10]
Scott Bessett
They effectively seem, they just cut too early.
- [05:13]
Mike McGlone
Right.
- [05:14]
Scott Bessett
I mean they're caught between keeping rates.
- [05:15]
Mike McGlone
High to control inflation and the risk.
- [05:17]
Scott Bessett
Of slowing down the economy too much. It's the recession that never comes, but.
- [05:21]
Mike McGlone
It'S a tough needle to thread.
- [05:22]
Scott Bessett
Go ahead, Andre.
- [05:25]
Mike McGlone
Yeah, hi, I, I just want to.
- [05:27]
Dwayne
Ask, have you seen that chart? I, I think was shared by Andrea Stano Larson from Steno Research. He shared that interesting chart by truflation. They have this high frequency inflation indicator and it suggests that inflation is cooling like headline inflation is cooling over the coming months, which would suggest a decline in yields. I don't know whether you've seen that, but it's, it has huge implication. At the same time, also agree that like the, the labor market in the US is quite. Yeah. At risk because you have this decline in construction employment. Right. I mean we've seen these construction job openings which usually lead the whole employment growth. Right. I think that's also definitely a risk. But I think the inflation numbers, the forward, forward looking inflation numbers, they look quite promising in my view.
- [06:23]
Scott Bessett
Mike, what do you think?
- [06:26]
Dwayne
Yeah, well, the issue I like to point out is we talked about this yesterday on Macro Mondays is you look at US money supply, it's up 40% since the end of 2019 and we're all looking for that inflation and it's not going down. Inflation is not going down. It's still tickling higher now. We had it up for 10, 11, 11, 12% for a while, still running 3% which means everybody's costs are still increasing. And I think that was really important was said is what's happening with Doge is almost unprecedented on a global economic sovereign bias. Meaning this kind of cuts are just delightful to see from someone who's, you know, watches forever is if you really want to cut excess spending and cut out waste just across the top, just start cutting everything and make people beg for more. They're doing that. It's impressive. And also what they're doing with, you know, and obviously it's going to be court pushback. They got to, they're going to absolutely push the limits. But it's very impressive. But what it means is it's very negative for economic growth. I mean we are spending 7% of our GDP on economic growth. And this is also a sign when you have a risk or you lose your job, you ain't going to go be buying a new car or washing machine. You wait until you have sort of solid employment inklings and, you know, cover your dependence. So to me, this is pretty significant that the Trump administration gets it. They're thinking midterms and he's already talking about the next four years or the next president. I was kind of shocked by that. It's a little bit early. Did not endorse JD Vance, but they're thinking, well, hey, you got to get the pain over early, especially when you have have advisors who are traders who get it. Like Besant, he's a trader, hedge fund guy. He knows about cycles of markets. So I think they're going to continue to focus on don't underestimate the tariffs. They learned the last time of not doing it, of trusting China and they're just kind of walking you through. He doesn't even have his team in place yet. So I think this to me is the elusive 10% correction. We've been looking for that stock in the S&P 500 for a while. Last year we only got 8% kicking in at some point. And then we're going to have some very good opportunities for tactical moves and decision making, particularly maybe risk assets in the meantime. I think the risk is, I point out on a one, two and three year basis, Gold the Rock is beating stocks s and P500 as of yesterday. And that's not a good sign. You don't. I have right in front of me. I have cnbc, Bloomberg and CNN up and I haven't seen gold listed on the top of those screens for weeks, even though it keeps making record highs. But you see stocks every day. Right now I see my famous Elizabeth Warren. I've never seen her smile, by the way. To me. So that's the key thing is gold's telling us there's something wrong with this narrative. A little bit of a resets overdue. Bitcoin's peaked at 100 grand. For now, the charts look great. I get it. But then here's a question I want to ask. The chat is I don't see what stops Ethereum from going back to two grand. Just a normal rotation. It peaked near four. It's been hovering between two and four forever. It's got 11,000 other cryptocurrencies it has to deal with. There's a lot of.
- [09:20]
Scott Bessett
You mean 11 million.
- [09:21]
Dwayne
Sorry, yeah, I missed the zero there. It used to be 11,000. That was just a couple years ago. Yeah, thank you for correcting my, my knot on that. But to me, this is a key thing. And so I published today something I Published last year, we're seeing decade almost multi year lows in US stock market volatility just starting the bottom looking at like 50 week 200 day moving averages. And yes, that was early. But the key thing I'm really noting is as if it's like a 200 week moving average of the S&P 500. Gold and Bitcoin, they're the same chart, they're all heading to new highs. But if volatile is bottom, which I think it is, particularly with our new president who does have to be in the tape every single day, and he's quite mercurial, what wins when volatility continues to revert higher. And this is one of my key signals in 2006 that helped me make a lot of money in 2008. Unfortunately I was a bit early.
- [10:11]
Scott Bessett
Andre.
- [10:13]
Dwayne
Yeah, I totally agree. I mean I think there's some mixed signals between inflation expectations which are forward looking, especially market based or consumer survey based inflation expectations.
- [10:26]
Mike McGlone
Right.
- [10:27]
Dwayne
If you saw the University of Michigan survey, I mean like the mean inflation medium term inflation expectations, they, they increase to a 40 year high. Right. So and I think also the, the short term inflation expectation the one year had inflation expectations of in the University of Michigan survey is totally consistent with what you're seeing in the gold price, right. And the comics, gold inventories and all these indicators. So I think inflation expectations in the medium long term are moving higher. Right. But at the same time you still have this drag especially in core inflation via the decline in rents. Right.
- [11:07]
Mike McGlone
And they, they make up huge part.
- [11:09]
Dwayne
Of shelter inflation as we know. Right. So we have this kind of mixed signal between increasing inflation expectations. Also market based inflation expectations like CPI swaps break even rates. I just saw two CPI swaps increasing to the highest level I think since 2023. So this, that's also consistent with forward prices, right. Gold, bitcoin and so on. But at the same time I think like the realized inflation is still coming down because of these drags. Right. Can I piggyback on that one real quick Scott? I'm writing about copper for tomorrow because copper sets in major shenanigans. So so far this year you've got some of the blame. I think crude oil's peaked at 80, so let's talk about commodity stuff. I know, I think natural gas has peaked at 4. We have corn probably peaking around 5. And it looks like copper might just peak just below $5 a pound in US and there's some major technical sign show that a lot of it's because there's nuances in future stuff that I used to do in trading pits. The key thing is you look at bond yields in the rest of the world, including China, they're almost collapsing. I mean this is not sign of global inflationary forces yet commodities have peak. What is that in the back of speculators? I used to be one of them. I know how to make a lot and lose a lot of money speculating in the future. So to me these are part of all the trickle downs. And so I need something to show me otherwise. And that's why I look at is this inordinan burden. If you just get a little bit of a backup in the stock market, say 5, 10%, those are severe deflationary forces kicking in. I just have to point out that US 10, that 10 year note yield in China at 1.63% is severe deflation. The US might be heading that way. And the key thing is what prevents that. And that's why I look at cryptos as a leading indicator. But from a commodities guy, I'll just point out I'm putting my head on the line. I think these markets have peaked for the year. It's early in the year and they need something shocking to make it go higher. What's all these countries who have been exporting a lot to the US forever. The joke we used to use in the trading pits was everybody in the world wants free trade as long as they can export. The US is now facing a hammer that they have not seen in their lifetimes. Really not since the 30s. This is seriously coming and our administration is willing to take the pain until something forces them to stop. We all know Mike, couldn't that hammer.
- [13:18]
Mike McGlone
Cause inflation, not deflation?
- [13:20]
Dwayne
Oh, it's the opposite. Well, that's the key thing. Well, what we generally expect doesn't occur. It's 10% of the U.S. economy is, is import exports in, in, in China it's closer to 25%. In Germany it's 50% is exports in Europe it's 25%. Who's going least pain. Canada and Mexico much more dependent on exports. So in the short term, yes, but I like to hear let's put the facts to it. So I say no, it's the opposite. If one key thing happens, everything about the US offshoring and all the imports we've been doing forever is about corporate profits. The number one reason, I mean Jack Welch even said it. He would not put spend invest any companies that were not offshoring and trying to minimize cost by exporting, importing outside so that, that is about. If you put 20% on our total 1 trillion of deficits, that's $200 billion. Let's fix the zeros here. If the stock market traps is just 10% stuff that used to be normal, that's $6 trillion. Remember, it's bounced. Last year it bounced $12 trillion. That was 40% of GDP. That's my point is that's your deflationary cliff's edge just waiting to happen. It has to stay up, up. The stock market has to stay up or we're going to get that severe deflation. That's why I look over it. What are my leading indicators? Gold bond yields, cryptos.
- [14:40]
Scott Bessett
Dwayne, you had your hand up. Give you a chance here. And then I want to pivot to.
- [14:43]
Mike McGlone
The comment Mike made about Ethereum and.
- [14:45]
Scott Bessett
Dig more deeply into that with the panel. But go ahead, Dwayne.
- [14:47]
Dwayne
Yeah, sure, thanks. Actually, I had a quick question for Mike since you're up here. How much weight do you put into say, geopolitical uncertainty when it comes to gold and other commodities here? Because we have the demand drivers that have been in many aspects driving the, you know, driving the price of gold here. You know, central banks buying gold, the jewelry market, some of the, you know, the release of some of the tax that we've seen in emerging markets like India. So on the top level there with geopolitical uncertainty, how much would you say that's priced into the rising price of gold here? Dwayne, I'm glad you went there. It's the number one thing. So I wanted to measure gold. You start with February 4, 2022. That's the date that President Z announced the unlimited friendship with President Putin. Now, some of you know I'm not an expert on history, but I just am complete addicted to it. That shifted the world order. Gold's up 60% since that date. S&P 500 is closer. Total returns closer to 40%. Crude oil is down 20%. That shifted the world's order, shifted the world's axis. So I'll start with that. To me, it's number one Minx. The number one risk for gold, I think is Z wakes up in the morning, picks up the phone, calls Donald Trump and says, hey, I want to your best friend, this guy Putin, I'm done with him. No more limited friendship. That's the risk I think to go. Because all about geopolitics, the number one buyers of gold on the planet are central banks. China's leading and according to the latest World Gold Council report, The last three years they bought more, more gold than ever. The question is, will that stop? We have a D. People are talking about dollarization. There's no other currency in the planet. It's even close to the dollar. It's gold. So that keeps me bullish. Gold in addition. So that's part of the macro, it's the underlying support for gold. And then let's look at key things. Also. In the last four years we've had net outflows from ETFs. People are not buying gold ETFs. We know anybody in 30 doesn't touch a boomer rock. They go to cryptos. And if you're equity investor, why touch the rock when the stock market's on a tearing to get high bond yields? I think that's going to shift this year towards people buying gold ETFs. So that's part of the big upside. And the number one thing, I think the gold, to really have it take off now, it's going to bump into good resistance. About three grand, just like Bitcoin did. Around 100 grand is the number one thing I think to really accelerate it is when we have that next, God help us, what we would call a bear market equities. I mean it doesn't make a record high for a couple years. I'm not saying it has to go down when people start giving up a little knife only. I'm only 60. I've seen a few cycles like this, they always come. But to me that's the next key thing for gold. So I'm sticking with the rock until proven wrong. And a good thing would be global, Seriously, global detent or some kind of something that shifts the regime in China, which are very unlikely at the moment.
- [17:27]
Mike McGlone
Okay, I want to talk about what Mike said.
- [17:29]
Scott Bessett
What stops Ethereum from going to 2000 since we have, you know, Robbie and Gaurav and Gareth, all these people here, I mean, Robbie, my feeling is that.
- [17:38]
Mike McGlone
We'Re at peak Ethereum bearishness, personally.
- [17:42]
Dwayne
Yeah, no, I would, I would tend to agree with that. And I think that, you know, obviously we've had some huge liquidity draining in the market recently with the Trump Coin launch. So alts have just, you know, suffered across the board. But, you know, I tend to be erring on the bearish side. I think if anything, you know, the outlook for the next, you know, if you measure it in weeks or a month too, might be a little bit slow given that so much liquidity has been wiped out of the market. But I do think, you Know, looking at this year as a whole, definitely, I think where, you know, I'm happy to call we're at the bottom ISH on eth, because I just, you know, this happens time and again and it always recovers because ETH is where all the developers are.
- [18:31]
Scott Bessett
Yeah, that was exactly the next point I was going to make. When you look at the developer activity tvl, it's still disproportionately, massively on Ethereum, Right? It's not even close. I mean, even Solana is not even close.
- [18:45]
Mike McGlone
And we know where most of the action on Solana is coming from.
- [18:49]
Dwayne
Absolutely. And I always think that one of the things that's a common, one mistake in summing up the Ethereum universe is people look at the price of eth and the price of ETH does not necessarily bake in the price of every L2 or L3. And really the ETH community should be the aggregate of all the L2s and L3s, because that's the world of Ethereum. It's just not necessarily reflected in the price of that single token.
- [19:15]
Mike McGlone
Yeah.
- [19:15]
Scott Bessett
So just quickly, since you're seeing this.
- [19:18]
Mike McGlone
On the ground, obviously at Animoca, are you still being pitched as many things on eth or eth L2s as you were in the past?
- [19:26]
Scott Bessett
And what's, you know, versus other chains at this point? Are you seeing it disproportionately in either direction? More or less on eth.
- [19:36]
Dwayne
So I think we're being pitched, I would say, just, just as much stuff on eth, although obviously, you know, Solana has been having a tear for a long time now. So we see. Although I think on Solana it's interesting because we're starting to see more stuff that's not just meme ish. Like you're seeing people pitching Defi and other things on Solana, which is nice. And then some of the upcoming things like Barachain and Mega Eth and stuff like that as well.
- [20:07]
Mike McGlone
That makes perfect sense.
- [20:09]
Scott Bessett
Matthew.
- [20:11]
Dwayne
I think one of the other things.
- [20:12]
Mike McGlone
That folks haven't necessarily priced in, or.
- [20:14]
Dwayne
As we've seen through the wave of either liquidations or capital coming in, is just this note that things like Chainlink and Ondo, for example, are interesting applications that are based on the Ethereum blockchain that could be used by institutions or larger financial conglomerates, most notably something like a World Liberty Financial. So I think that there's a lot of money that will come back into that ecosystem. And one thing that Ethereum certainly has over itself, you know, younger Cousin Solana is that it hasn't gone down nearly as enough time. So when you think about the ability for a blockchain to stay up and running, working with institutional players, it's just kind of the bulletproof option that I think we're going to see. And also a note and a nod to the it's not reflected in the price because you've got so many other L2s that are taking some of that liquidity out and it's just not going to be reflective. So it's kind of an interesting juxtaposition. Yeah.
- [21:11]
Mike McGlone
Agreed. Gareth. Hey guys, good to be back. Yeah. My quick thoughts on this. I actually had a very interesting conversation with someone at the Ethereum foundation today and they made some very interesting comments to me. Obviously all off the record, but stuff that I can at least offer as some perspective here. If you look at the entire Ethereum ecosystem, it's a mix of various L2s and obviously some different infrastructure providers is, and all have a load of TVL locked in them, but all very decentralized and I think that that's always a good place to look. A lot of these newer age protocols that have come up have a lot of questions around the decentralized nature of them, the mix of liquidity and holdings of tokens, and also just the amount of nodes that are part of these ecosystems. Ethereum is a very big beast. I think the shift to an L2 focus means that it has been fragmented in some sense, but at the time, this is something that the entire ecosystem has already addressed and has agreed that they need to bring it all back together in a way that allows for the Ethereum layer 1 to function as it needs to, but allow the scalability and use cases that everyone imagined. And I also had a conversation with my brother, interestingly, who's a developer, last night, and he's been diving into a lot of the Ethereum documentation and starting to play around developing in the ecosystem. And he was like, this thing goes deep. You know, it'll take time for people to learn how to do this and there's complexity in that, but there's also a first mover advantage here. You know, like Ethereum really pioneered smart contracts and a lot of smart people have built a lot of great things that have led to a lot of the L1s and other protocols that we have today, you know, the Suis and Salons of the world. So at the, at the very, the end of all of it, I still remain pretty optimistic about the Ethereum ecosystem. It's Number two, by a long way, there's a lot of development that's gone into it and it's not just going to all crumble down and fall. And I think, yes, you're right, Scott, we're at the bottom in terms of token price. But I do think from the conversations that I've had in recent weeks, there's a very big push to get things going in the right direction again, just as much as there was before the merge and everything. Right. The move to proof of stake. There were a lot of questions about what's going to happen and a lot has happened since. And I mean, they pulled the merge. A shift from proof of work to proof of stake without the blockchain stopping. And some of the major protocols have had various outages over the years. So hats off to the Ethereum movement community ecosystem in general. It's still very much alive. Whether or not people are happy about the token price is another question altogether.
- [24:05]
Scott Bessett
Yeah, I mean, the actual activity on.
- [24:07]
Mike McGlone
The chain at the moment is obviously relatively low.
- [24:09]
Scott Bessett
I think the title we had at.
- [24:10]
Mike McGlone
The beginning was that Solana had 10x it temporarily or something like that. Gas fees are low, so it gives people the impression that the base chain.
- [24:17]
Scott Bessett
Is not being used. But it's.
- [24:18]
Mike McGlone
I think that's misdirection for all this development. Andre.
- [24:23]
Dwayne
I just want to say it's funny that we're talking about eth, BTC or SOL versus eth, because we just published one piece about ETH BTC today. And what we looked at in this piece is we looked at fundamental indicators, relative fundamental indicators, Ethereum versus Bitcoin, things like relative realized cap. Right. How much capital pools flowing in on chain, relative ETP flows, transaction count and so on. And what we realized is since Q4, the fundamentals of Ethereum relative to Bitcoin have been improving.
- [24:58]
Mike McGlone
Right.
- [24:58]
Dwayne
Especially things like transaction count.
- [25:00]
Mike McGlone
Right.
- [25:00]
Dwayne
On L1 only. I'm not talking about L2s. Right. L1 only. So has been outperformed Bitcoin and now this. There's a huge divergence between what's happening on chain on Ethereum relative to Bitcoin.
- [25:16]
Mike McGlone
And the price action.
- [25:17]
Dwayne
Right. It's almost two standard deviations.
- [25:20]
Scott Bessett
Right.
- [25:20]
Dwayne
And I think we're, we're getting to a zone where it becomes increasingly attractive and a reversal becomes increasingly likely. I mean, probably we've been saying this for one and a half years.
- [25:31]
Mike McGlone
Right.
- [25:32]
Dwayne
Or two years already.
- [25:33]
Mike McGlone
Same.
- [25:34]
Dwayne
If you look at the fundamentals. Right, Right. I think there, there's such a huge divergence already and I think what, what corporate adoption and sovereign adoptions for Bitcoin, Stablecoin and RWA tokenization is for Ethereum. And I think we're in for a very big surprise, I think especially towards the end of the year because if you look at the fine print of central banks, they, they tend to say like, oh, we're probably going to use an enterprise blockchain. Right. But many of these major central banks, they're testing on public blockchains, mostly on Ethereum. Right. And I wouldn't be surprised, I mean I'm personally not a big fan of CBDCs. Right. But I wouldn't be surprised if CBDCs end up being tokenized. Right. On, on Ethereum. Yeah.
- [26:27]
Scott Bessett
We had Dan and then Gora have.
- [26:30]
Mike McGlone
Yeah. So if you want to talk about chains that are, or, or you know, networks are derivatives of other networks, you know, Ethereum is essentially a derivative of Bitcoin. It's a, you know, it only exists because Bitcoin first existed. If you want to talk about trains that had outages, Solana has outages all the time. XRP had an outage for its first 13,000 blocks or something like that. Whatever it was, you know, we can say that Ethereum had its outage during the Ethereum classic fork, right? Let's be clear about that. That was a failure of the network. But if you want to go even further, you can say that even Vitalik himself said something like along the lines of if transactions cost more than I think it was 50 cents per transaction, that would count as a de facto outage of the network. Right. So there's a few things. Look, I'm not totally against Ethereum. I am a maxi, clearly. You know, I spend a lot of time in Bitcoin and Bitcoin is my bag. But I think there's a few reasons why Ethereum is facing headwinds. The EVM model of Ethereum is easily forkable and we've seen that with Binance Smart Chain and you know, Polygon and others. It's very easy to spin up. So I think the fact that BSC and Polygon exist as change shows that it's failed to capture the like public sentiment, like kind of in the way that Bitcoin has, you know, it's not technology led. So people can work on things on Ethereum chain, sure, but they're totally immediately portable to BSC or Polygon or any of the other EVM chains. And the fact that you don't have one single kind of place where the, the layer zero is what we call it, right? Layer zero is the human layer that are not coalescing around a single layer is one thing. And I think the main difference between Bitcoin and other chains is that, you know, Bitcoin has captured the store of value of chains and Ethereum was the place back in 1617 where you would have the ICO and you know, the new token and stuff. And that has totally now been eclipsed by Solana. Clearly it's been eclipsed by Solana. You know, I have all these times, all these tokens launching on Solana. So it's hard to find a way in, in my opinion, that Ethereum finds its place again because it's, it has the highest level of usage and, and that kind of stuff, but it's not the fastest, not the cheapest, and it's no longer captured that layer zero level of, you know, where everyone does it on this layer, on this network rather than others. So, you know, just to throw a little bit of a counterpoint in there.
- [29:22]
Scott Bessett
Yeah, Gaurav.
- [29:25]
Mike McGlone
I'd build on what Dan said and then of course agree to the fact of general consensus there. I mean, agree to the general consensus there. It is indeed all time low. I think it's a good time to bag up more if anyone was planning around it. Of course there are so many other better investments you can make. So, you know, depends on what's your investment thesis. Now, how many startups are building on Ethereum? I only see the opposite. I see everybody who built on Ethereum now getting ready to launch, thinking about other EVMs because Ethereum clearly has lost that charm. So that's about the Ethereum and I mean the Ethereum startup ecosystem. EVM indeed was the core innovation. The point about developers and we operate some of the largest hackathons through one of our companies. EVM indeed was the biggest driver of developers and development, hence. But that is a broken code that was already broken three years ago or four years ago. I mean, of course many, many years ago. But now everybody has an evm. You know, polka is launching their native ev. Hbar has, I was talking to them, the foundation yesterday. They have almost EVM and EVM like implementations. So basically everybody has their evm. So the biggest developer point and the ecosystem of developers is no longer limited to Ethereum. They would actually choose a better technology with the same access of EVM if they, if they can. And that's how convenience around development and business works. So I think I touched pricing, I touched ecosystem and development. Another last segment that Dan talked about, Indeed, as a layer 0 it has a certain value of a financial layer 0. So the smartest crypto money still sits on the largest amount of smartest crypto money still sits on Ethereum. Let's not forget that. So, so the moment we are done with this meme stupidity we will see an alt rally. And alt rally means more prosperity on the native ETH tokens as every large enterprise and a large product evolves. It started from something Bitcoin started as whatever game currency transfer of value now sits as a store of value and so much more. Ethereum started with smarter money, moved to the startup ecosystem and so on and now can find its utility as this native finance hub. But will it actually account for most of the transfers? I don't think so. I think all the older Ethereum tokens, larger Ethereum tokens have found their bridges and have bridged to more efficient, technologically advanced and cheaper chains. So, so 99% of the transactions around those tokens, native ETH tokens happen through the bridge on these new chains while ETH still holds the bridged assets and the value hence attached to it. So I think that would be my sum up around eth, which is not a small utility, which still accounts for a massive, massive ETH run. But not the least. Let's not forget that there's a huge world of value being unlocked as we talk which is the Bitcoin, Bitcoin native Bitcoin on chain as they call it and the Bitcoin L2 ecosystem which is what they don't like calling it, essentially all of that is, you know, Bitcoin layer two but I mean I'm just respecting their nomenclature. And if we think this particular value proposition of Ethereum, which is the asset value sitting on financial asset value sitting on Ethereum matters, then there's so much more on Bitcoin. So there's like good sides to review do and I think the bets have to be placed accordingly. I think it's hard to fade Larry.
- [33:29]
Scott Bessett
Fink and he keeps talking about tokenizing.
- [33:35]
Mike McGlone
Yes, to me it still seems like they'll maybe Ethereum has lost its luster with the crypto degens and natives, but.
- [33:44]
Scott Bessett
I think that the future of real growth is going to come from institutions.
- [33:50]
Mike McGlone
And I think that they're still very focused on Ethereum. Ethereum, yes, it's still the host of security, it's still the host of value and I don't think anyone would mind building on op stack and that's the biggest value proposition of optimism. It's being pitched to the largest institutions as Ethereum, it is Ethereum tech, right? That's how they ship it. So if you look at, I mean, if you look at their pitch, it definitely promotes Ethereum on the, the top, right? And I don't think anyone would build directly on Ethereum. I don't think Larry Fink being Larry Fink or I don't know, whoever would ever put their assets, if they're looking for liquidity on Ethereum, where it would cost a $350 to move a fractional property from one point to another. Makes sense. Gareth, you had your hand up. Yeah, I was just going to say I think it's important for everyone to remember why L2 strung up and actually why they settled to the Ethereum blockchain chain is because it's got security, you know, it's, it's decentralized. There's a lot of different nodes, and that is why those layers all settle to Ethereum. So, I mean, if you look at some of these other protocols they have, it's the blockchain trilemma, you know, you're balancing different things. And Bitcoin, I mean, I'm also a closet Bitcoin maximalist for people that don't know that. So I'm a big believer in Bitcoin, but I've written about all these different protocols for years now, so I have a generally good understanding and an appreciation for different things, doing different things. Right. And this is one of the, the core reasons why Ethereum still remains, you know, the, the, the, the second in charge and the, the home of smart contracts and the father of smart contracts on blockchains. It's, it's an important thing to remember. And I mean, there's a, there's a great book that was written by Paul Brody, the head of Ernst and Young, about why enterprises use Ethereum. And this is a key reason why it's got privacy.
- [35:48]
Scott Bessett
Yeah. Quickly, Robbie, you and Gorav kind of.
- [35:52]
Mike McGlone
Had different takes on what you're seeing.
- [35:54]
Scott Bessett
From, you know, pitching, certainly, and what's being built. I do still see quite a few.
- [36:01]
Mike McGlone
Things coming around on Ethereum, or at least that are EVM compatible. So how does that square with what Gorov was?
- [36:08]
Dwayne
So I think from our perspective, we see a lot of stuff that's EVM compatible, I think, because, I mean, you know, if we went back two years, everybody was grant shopping, you know, with all the new L1s and L2s coming out, whereas now, I think a lot of it, especially when you come into consumer applications, like things like, like gaming for Example or gamefi, a lot of people are pitching within the EVM ecosystem because all the tooling is largely built out now. So plugging in custodial services or plugging in marketplaces or other things or doing cross chain compatibility is just much easier in the EVM ecosystem just because of its maturity and the availability of tools that you can plug and play. Matthew I just think it's interesting that when we talk about Ethereum, him being the father of smart contracts and all.
- [37:05]
Scott Bessett
These kinds of things, I think it's.
- [37:06]
Dwayne
Interesting just because it's not, there's nothing that's better. So this is what we're using and.
- [37:11]
Mike McGlone
That'S the frame of reference that people.
- [37:13]
Dwayne
Have right now is like because there's nothing better, this is what we have to use and it's certainly proving the use case so far I think kind of a hot Take perspective. I think alt season, this quote unquote alt season is kind of a garbage nomenclature and a nothing burger. This cycle around, there's way too many tokens and not nearly enough liquidity for people to actually believe that tokens in the 300, 500, 700 like levels down in the market cap are going to be, you know, crazily in demand when institutions come flocking to these tokens because banks are not going to go flock to the 500th token.
- [37:46]
Mike McGlone
They're going to flock to a thing.
- [37:47]
Dwayne
Like Chainlink or the indexes that are getting created by ETFs that are only going to be really around like the top 50 or top 30 tokens. So if you're, if you're really plunging down like we have to just reevaluate what we call a altcoin, a quote unquote altcoin.
- [38:01]
Mike McGlone
In 2017 and 2020, you could get.
- [38:04]
Dwayne
Away with calling these like the first 500 tokens. But now I think that you have the designation of altcoin as maybe the top 50 or top 70 and the rest are just kind of like a gambo garbage kind of situation. Like nobody really knows what, what is going to be popping up from those tokens. And so I just, I think people should be wary of what quote unquote alt season is going to happen because I don't see a coming.
- [38:29]
Mike McGlone
We, we, we do have a sponsor today which is Me Market, Me Market Fund. The account is up here as well. And just before we get started, I just want to note of a disclaimer. So Mario's company, ibc does marketing incubation and investing and sponsors on this show are working with IBC and not necessarily crypto town hall Scott, or even myself specifically. So with that ME market, I'd love for you to just open the floor door and just explain what the product is like an elevator pitch.
- [39:01]
Scott Bessett
Hey everyone, nice to meet all of you. Some of you I know on Mario, et cetera. Scott. Yes, I mean, so basically ME market, I'm one of the core advisors and we are the first gamified prediction market and super app for Meme Coin. And we provide a seamless gateway for not only degens, but Web2 users into the Meme market as a whole. And by providing a safe and seamless access, we leverage a prediction market game to hedge risks. Also with some novel tokenomics and normal solutions to some of the high barrier entry to normal prediction markets. And then secondary and third products are mini games and we have in app swaps and wallets, et cetera. We're trying to provide a seamless experience. Basically you have to jump into the trenches Whether you're a DGEN Pro Trader, forget about Web2 users. And we aggregate the entire market on Solana under one roof. So liquidity Meme coins and with the gaming aspect, as we mentioned, you have direct access to communities of all the hottest coins, branded IP prediction games and ways to leverage risk as opposed to jumping in the hole, as you could say.
- [40:35]
Mike McGlone
And J.D. i assume it's you talking. I'm getting a bug with Twitter spaces right now. It doesn't show you as actually talking, but I was able to deduce it. It's J.D. right?
- [40:44]
Scott Bessett
It's like ghost. Yep. Yeah, I've been getting dropped audio this whole time. It's pretty weird.
- [40:49]
Mike McGlone
Yeah, another day, another day with X spaces. But I just wanted to, to make.
- [40:55]
Scott Bessett
Sure the one with Biggie Smalls on, on the front, that is.
- [40:58]
Mike McGlone
Yeah, got it, got it. So I think what might be helpful for the audience is, is maybe running through an example of what somebody can do with the product. So let's say, I mean, Jail Stewards tool is really hot right now in the market. A lot of people talking about it. How could a user use ME market to kind of like hedge their risk or get more deeper involved? What can they do on ME market?
- [41:22]
Scott Bessett
So there's numerous ways. I mean first you can join the app, you know, your profile set up, you can go into. So what we do specifically with prediction markets is try to provide a low barrier to entry. Right. That's one of the biggest problems with prediction markets. High barrier entry, most 87% of people on Polygon lost money usually Whales are the only ones who could really do anything. And it's extremely, extremely low engagement and low liquidity after. Right. They're long pace markets. You can look at our prediction market game in a few different ways, but it's very much a binary option or an extremely fast paced futures market. Right. For memes with a novel token design, you can deposit stables by becoming a liquidity provider, not so much like a liquidity provisioning on an aem, but by depositing into each event you become a liquidity provider provider that is tied to a bonding curve which then rewards each member of each event with a second prize pool for providing liquidity. And then aside from that, if you hold tokens or part of governance, you earn revenue. Right. And then the next best thing is that we are the only prediction market where you actually always win because technically if you lose and you're a holder, there's a portion of that second liquidity setup incentive price pool. Right. For all losers. So we created this very kind of hyper fast paced, addictive where you could still get the dopamine boost of speculating on meme coins, but you could do it in a more safe way. Right. And still earn a lot of money. Which is why we did that double prize pool and those tokenomics and stuff. I know that was a little long winded. It's, you know, coming up on Midnight, where I'm based in Asia, so a long day, but there's a lot more because behind that scenes we got mini games where you have normal gamification of simple telegram, mini games etc and where you can earn points, you can earn more rewards. We have branded IP with other big meme coin partnerships within that. You can go into what we call the pump zone and then you have all the partner ecosystems or the partners within the ecosystem on Solana, where you can access directly to their communities, to their socials and you can earn points and rewards, awards. So it's. We have some pretty major partnerships coming up and.
- [43:39]
Mike McGlone
And you launched in January, is that correct?
- [43:42]
Scott Bessett
Yeah, we've been basically less than two and a half months we've launched and we're only man on the angel round budget which are about, about to announce, which you guys already kind of dropped it already on this, on this space is one of them. But we're about to announce all our, you know, tier one VC in our angel round and angels from other leading companies that we raised and in less than two and a half months we're at, ooh, I think almost 160,000 users and 430,000 communities and socials in two and a half months and that's on basically bare minimum budget.
- [44:22]
Mike McGlone
Wow, that's impressive. I know that. I think even pumpkin, I think even Pumpfun has about, what is it, 220,000 users per day and you guys are what, 160k lifetime already?
- [44:38]
Scott Bessett
Yeah, two and a half months. Yeah. I mean they're incredible what Pump Fund has done. And we're working on, actually we're partnered already with almost every major meme launch pad except for them. So we're working on that next because we add value. We have a very symbiotic ecosystem model and a portion of our community tokens are for all our ecosystem partner communities. But we're all OGs behind the team. We've been in the game. Oh man, I've been in 10 plus years, our other core advisors, 12 plus years. So we've launched some of the biggest projects in crypto before this.
- [45:16]
Mike McGlone
Well, that's a really good segue about the M fun token because in your gitbook it's talking about M Fund which is upcoming token for me market. How is it going to be used? And I assume there was an angel round that's specific to this, like maybe give some, some context into that and how the token works. Sure.
- [45:37]
Scott Bessett
Well, we don't want to announce all, all the investors yet in the angel round that's coming out any moment right now. We're actually just still waiting on, on the quotes from Mario and ibc. So whenever you guys finish that, send it please. But yeah, as far as the token, so it spans across multiple, I would say facets. Right. But first and foremost the prediction market game can't live without the token. Meaning that a lot of the solutions that we added to that. Right. To try to create a more low friction, high engagement, low barrier of entry into the prediction market, which is creating double prize pools, et cetera, et cetera was tied in. So you know, by providing liquidity you, you know, you earn rewards by staking based upon your weight of staking or locking you can actually earn higher percentages of revenue off of the protocol, I. E. From all the revenue within the platform. The same thing goes, same thing applies to based on staking weight or locking weight and lifetime up to that moment of providing liquidity you get multipliers, etc. Right. It's extremely gamified the whole thing thing. Aside from that you obviously win rewards for participating and contributing to the ecosystems. That means contributing to other partners ecosystems through the form of quests we have in App payments for in game items. We got governance and I could continue going through. But they were designed by really, really a well known team and with us as well and they took quite a long time to design. So we're quite excited about launching mfun.
- [47:17]
Mike McGlone
Do you have any sort of approximate date to share in terms of when MFUND might go live?
- [47:23]
Scott Bessett
Oh man, you gotta ask that question live on a space.
- [47:27]
Mike McGlone
I can move on to the next one, man. I don't want to put you on.
- [47:30]
Scott Bessett
And when? Soon, Right? We're shooting sometime soon. Let's just say that could be in March, could be in April, but you know, we don't want to throw out out of date. You know how, you know how retail is, right?
- [47:41]
Mike McGlone
I know how it goes, man. I just asked questions that I know people are going to get excited about.
- [47:46]
Scott Bessett
Yes. But you should definitely join our community. It's. It's extremely exciting. You just go into our chat right now, it's. It's absolutely mayhem. I mean you go in our chat, we got like 130000 members in there. There's probably like 40000 live right now. You can just go in there. It's pretty mayhem. We have contests running weekly. The prediction market game is not live yet, but a lot of the other features and games are. And we got what we call prediction market training. So each week either with a partner that we're doing last week, next week we had another big Meme Coin partner. We're doing basically online prediction market training. Leading up to the games we got meme contests. Tons of exciting things happening basically every single week.
- [48:31]
Mike McGlone
Awesome. And obviously people who are tuning in probably know that Meme Coins has been the narrative of this cycle. But the other has been AI agents. And I know that you guys have a AI meme advisor. So how does this, this product work? How are you blending that in?
- [48:47]
Scott Bessett
Yeah, so we were actually. That was part of the whole goal prior to it being as hot as it is. So I'm very grateful it's so hot right now, but we use it. Basically the vision of this super app is that the fragmentation within crypto and then add Meme Coins to it is absolutely a nightmare. Right. So we use this as a way. Let's give you a simple example. You go to let's say even bonker any of the Meme Coins, right. There's like a thousand decimal points. They do it on purpose, obviously. Right. It's a psychological thing. As a regular user, let's say even me, I don't Know how many tokens I can buy with 100 bucks? Let me alone. A million. Right. So the, the easy thing by using the AI agent is you can ask about fundamentals. You can get direct data at your fingertips that's intelligent. Whether it's how much you can purchase, what are the tokenomics about, you know, what's the different price movements. You can even have it analyze your wallet and your holdings. And then within that, once you can get a direct. Basically either allow the agent to process an order, whether it's just buying it your favorite meme coin or making a trade, or you can have it actually an actionable suggestion meaning like I want to buy 100 bucks, tell me that, blah, blah, blah, and it'll load it right into the wallet directly in the app and then you have the option to push, execute or not.
- [50:07]
Mike McGlone
Is this an agent that you guys have been working on and building from scratch, or are you partnering with any that are existing?
- [50:14]
Scott Bessett
We're partnering with one of the biggest ones in the industry right now, which we don't want to make public just here yet. It's not our core product, which is why we're not building it. We're not one of those projects. You try to build everything under the rainbow to add more value to their token.
- [50:29]
Mike McGlone
Yeah, it's the best way to scale too, right? Partner with the best and integrate even.
- [50:35]
Scott Bessett
Our, even our swaps and everything with the wallets. Those are all major, major partnerships too, that we'll be announcing soon. So, you know, we leave that stuff for really strong partnerships, chips.
- [50:49]
Mike McGlone
So do you guys have any. I mean, just since January, there's. You've noted a lot of different features within the app that are, that are already live and are even coming soon. Are there any other upcoming sneak peeks, releases, new features, things like that that you can kind of share with the audience today?
- [51:07]
Scott Bessett
Oh, yeah, we have an incredible, what we call squads that's about to launch any moment right now. So stay posted for that. And that feature, there's 12, at least right now we have some new partnerships that work 12 of the biggest exchanges and the biggest, let's say Dexes and a couple other, you know, not public ones we're going to announce on Solana as well. And those will be partnerships with all them. And Squads allows users to rally around their favorite exchanges and compete for points by joining a squad, you get extra points just by joining it across the board within the the app. That means when the prediction market's live with all the games that are happening right now within Your Quest, you earn more 10% more. And then the. We provide a weekly bonus millions of points to the winners as well based on tier positions within the squad rank. So it's another exciting way to basically provide value to our users. Give them something to do. Which is one of the biggest things in crypto with a lot of projects projects is the retention level. Right. So that's. You could really look at. Our app is very much gaming and if Robbie is still on here, I totally should have dropped this. He might have left already. It's so funny. We use his quote all the time and I just used it with another VC that's coming in our next round is that he basically is calls Meme Coins is very much hyper casual gaming. I should have dropped that when he was on the call. So you can really look at us A as very much gaming underneath all of this. Right. And that's the beautiful thing about Meme Coins is that they. Meme Coins. Meme Coins are very much social, finance and gaming intertwined. Right?
- [52:52]
Mike McGlone
Yeah, I. I agree. And that's. That's why I've been so interested in how Dave Portnoy is talking about Meme Coins in the last week or so. Because it's almost like a case study. And like okay, how is somebody digesting this who's not from our industry and somebody who is great at marketing. How are they explaining it? And he's using a lot of the same verbiage that you just highlighted.
- [53:14]
Scott Bessett
It very much is man. And it's. You know what. What we always. We don't say this kind of publicly. This is more kind of like partner B2B investor. Right. In VC is that, you know, the Meme market is very much like 2019 DeFi high 0.5 or 1. Right. Is where we are. And we really need to get to a place where this market can mature. And what that needs is actually products. Right. And infrastructure around it versus just exchanges to trade at the top which disconnect you from all the community and culture or the launch pads. And nothing against them by the way. They're incredible. Which give you direct access to the early stage ones. And yes a part of their community though it's very essential around just that Meme Cats community. But there needs to be more products there. Right. Different ways to experience Meme Coins, different ways to engage with them and different ways to access them better ways. Which is what we are working on now.
- [54:17]
Mike McGlone
You know, do you guys envision solely focusing on Solana or are you kind of exploring other ecosystems where Meme coins are flourishing and I know BNB chain has been hot lately, but are you focused on finding product market fit within Solana?
- [54:36]
Scott Bessett
Yes, yes, 100%, first and foremost on Solana as a base chain because of the liquidity, because of the, the, the engagement and the seriousness of that community. Right. And then obviously the technical aspects of it. But we do plan and are have already started, you know, working with. You can see a lot of big partnerships we've done. You can go on our Twitter, Twitter see partnerships we've done with some of the top meme pads on ton. One of the top two L chains, sorry, the top L2 chains on ton. So we have a lot of stuff focused early on with bringing in the TON ecosystem within to Solana and then we do have a bunch more. I don't want to drop names yet because we actually haven't activated them, but all the discussions are there since early days with a lot of the other big meme chains. You know, we just got to go in step steps and actually get the prediction market live before we start integrating all the other smart contracts and stuff across chains. But that is the goal.
- [55:32]
Mike McGlone
Awesome. I do want to call to action for people who are tuning in. So the Meme Market account, even though JD is speaking on behalf of the project, is up in a speaker spot. So if you click on that green M in a speaker spot right now and you go to the Meme Market profile, you can get all of their official links in their bio there. Make sure that you're, you're giving them a follow as well and, and following J.D. but J.D. i also wanted to ask, as we're, we're wrapping up, what was the, the original thesis for, for launching the project? Like the, I assume as an entrepreneur you kind of identified a problem or a niche that, that could be tackled here. What, what was the motivation behind starting the project?
- [56:13]
Scott Bessett
This was to, to provide a gateway that is seamless functionality, safe and rewarding into Meme coins and crypto as a whole. Really, truly that's it. You know, the ten year plan is that meme coins, you look at the data, you know, on how many Gen Z own meme coins and how much percentage of them got into crypto because of meme coins. It's because it's fun, it's entertaining. Right. It's culture. And there is literally barely any way to access it safe, safely right now. And that is really our motto.
- [56:48]
Mike McGlone
So that's a great segue into what you think the future of this market sector is going to Be. I know there's some retractors who say, okay, meme coins are a fad. They're a fad of this cycle. They're the NFTs of this cycle. But where do you personally see meme coins going? Where do you see it in not only 10 years, but even a year or three years from now?
- [57:09]
Scott Bessett
Well, first, anyone who's saying, saying that they're just a fad is completely wrong because they've been around now three and a half years through both cycles of the last two, at least, right? And they're only getting bigger and bigger and bigger. So.
- [57:21]
Mike McGlone
And the velocity, right, the velocity at which they're launching. Like if it's a volume play, that's where the volume is, right?
- [57:29]
Scott Bessett
Dude, I mean our front. Well, I don't know what, you know, there's a bunch of different nationalities on here, but I'm, you know, I'm American.
- [57:35]
Dwayne
Are the u.
- [57:37]
Scott Bessett
You know, now you have Africa. But the US President lost. For better or worse. What everyone wants to, to say it's still incredible that the president lost a meme coin, right? So 10 years, I don't know, five years. You know, Murad has a really great chart that talks about all the different types of meme coins from the ones with utilities, the ones that are more entertainment, the ones that are more gaming, the ones that are more cult culture based, blah, blah, blah. What I believe is that they will segment out into kind of what he's saying. Right? I, you know, we, we do have, have a lot of strong meme coins with strong IP and brands. Just look at Bonk and look at Floki. Both of them incredible vertically integrated corporate structures, extremely smart teams of what they built those meme coins into. Right. So anyone who wants to crap on meme coins, yes, there's some, let's just say less savory ones can look at some of the great ones and see what they've done. Right. So I think they all will hold their own special place. But what I do see is that the ones with utility are going to keep growing and there'll be more meme coins with utility. You'll have the ones that are very much brand and IP focused, which probably lean more on gaming, entertainment, anime, et cetera, et cetera. That I believe is probably going to take a lot more precedence because it's such a normal human thing and the basis of, you know, life for the past, what, 500,000 years since there was like, you know, on stage acting. Right. With Shakespeare and you know, and all that stuff. You know, so I believe that those will take precedence because it's very much like gaming and a cult and association, just like any kind of celebrity brand, esports brand, lifestyle brand, like hip hop, how hip hop literally changed the entire world. And what is that? That's actually just culture, right?
- [59:27]
Mike McGlone
Yep. And. And I noticed one of the coins you didn't list was I got to give a shout out to where I come from as the development representative over there. But Shiba Inu, and I see a lot of the Shiba Inu community follows me to a lot of these spaces and they're, they're tuning in, so I want to give a shout out to them. I see Calvin J in the audience. He's one of the. The biggest creators in that community too. So I think Calvin will all really like this product as well. But jd, as we're. We're wrapping up here, what's maybe one call to action? If people are tuning in, they're hearing about Meme Market for the first time. What's the best thing that they can do to get involved.
- [60:05]
Scott Bessett
Join our community, either by joining our chat on Telegram or loading our app, which you'll find everything right there. We are the most fun, exciting, and rewarding community, providing extremely fresh experiences. Right. So that's probably the best call to action I could do at almost midnight right now.
- [60:23]
Mike McGlone
I love it. Well, I'll. I know you're in Asia, so I'll let. I'll let you go to bed. Don't go to bed as long as Hayley Welch. But I appreciate you joining today, jd and of course Me Market as well. And just an advertisement here for ibc. IBC is also hiring for writers, journalists and moderators. So if you're looking to join a great team, make sure that you DM Mario's account there at the top. Or if you're a project, who's tuning in. I see there are a couple projects here in the audience as well. If anyone wants to do an AMA just like this one, just like Me Market and what JD just did, make sure you DM the Mario account up there. He's got a ton of people that are working around the clock to answer all those dms. So, jd, I appreciate you joining and Me Market as well. Didn't get to talk to who's behind the mic at Me Market, but appreciate you joining as well and looking good up here in a speaker spot.
- [61:14]
Scott Bessett
Sounds good. Thanks for having us.
- [61:16]
Mike McGlone
Thanks for coming and thanks for all the listeners for tuning in. Everyone, have a great day.