How to Analyze Any Crypto Token Before You Buy | Daily Crypto IQ

I never knew. [music] I never knew. >> [music] >> Hey, [music] hey, hey. [music] >> [music] [music] >> I think that we're just holding on to something. >> [music] >> Heat. Heat. >> [music] >> I think that we just holding on to something. I think that we're just holding on to something. Just tell me what's holding I think that we just holding on to something. I think that we just holding on to something. Just tell me what [music] Heat. N. >> [music] >> Let's go. Welcome to the Underground Crypto Deep Dive Show. I had to come up with a different intro. How's everybody doing tonight? I am definitely going to be doing some uh some switching around and some changes to the stream, but it'll look a lot like what you're used to, just in different order. Um, what

do I want to say? So many things I always want to say and then I get here and I can only remember a couple of them. This week's show has been a ton of fun. The autopsy of a token. What are we looking for? Should a project have a token? All of those kind of things. But let's talk about this 4hour BTC chart. I'm zoomed kind of way out. I mean, it's a 4 hour chart. I could be zoomed more out. We could be on a daily chart or a weekly chart, but I don't really think that's helpful. Just kind of wanted to show, you know, we were way up here. We fell down pretty dramatically. Had this kind of inverted head and shoulder kind of move here. That measured move went so fast. And then we made what

is usually a reversal pattern, a shoulder, head and shoulder. And up until about here, we were respecting that 21 beautifully. And we started to get the drop. Now, I'm sure some people were freaking out at first because I mean, it was a decent drop. You went from 81,05 to 76,850 or something in that range. And that probably seemed like we were going to go lower, but we didn't. And we bounced. Now, I would not say we're out of the woods yet, but what I would say is a lot of times when we're extremely bullish, that dip gets bought up before it can really fall down. Of course, this is a bearish continuation pattern. Uh, maybe not. May Well, yeah, I guess it kind of is still. And this is what's supposed to happen. The whole point that I was

getting at here is usually if you're overly bearish or overly bullish, um people will start flipping bearish even though the market's really bullish and they'll start shorting this thing and that will cause, you guessed it, the short squeeze and then it can fall down or it can continue. Anything can happen in cryptocurrency. But I just wanted to say that real quick before we move on. Uh stochastic RSI still pretty low. No real divergence on the 4 hour. Let's see on the daily. I mean, it's a little hard to tell. I'm not really uh not really seeing any divergence there. Maybe I'm missing it. All right. How's everybody doing out there? Kicking off this stream. Plague Dogs in the house. Melissa, thank you for all you do posting all the links. Digital Revolution, Funky Farret, we got Struggle Heart in

the building. Welcome in. Welcome in. Smash that like button and let's get this thing started. Let's get over to those crypto bubbles. Don't worry, I still have an intro. So, here we are at the crypto bubbles. Which one of these big bubbles are you invested in? That's what I want to know. Which one are you holding? So, tonight, of course, is Saturday. Saturday is the wrapup of the entire series that we've done all week. We take a little bit of a pause on the crypto education for Friday night when we do our uh you know DeFi gaming. That was a ton of fun and the new game that we tried out. I'm still watching some videos trying to get a little better at that. I will show that maybe later in the stream. So tonight's not a separate topic.

This is the conclusion of our token autopsy series. To recap, of course, on Monday, we asked whether a crypto project or company, however you want to get, should they even have a coin? Like, do they have any business even having a token? Because they don't need a token. A token is not the treasury. The token is not the bank account for a project. On Tuesday though, we examine token price and market capitalization, fully diluted valuation, circulating supply, and future dilution. Basically, it was tokconomics with a little bit of a twist because I want you guys to be very keen on tokconomics. So, we went you usually when we talk about tokconomics, we don't talk about the dilution, right? We don't necessarily talk about the future dilution and stuff like that. It's a little bit more saucy than our normal,

you know, token 101 explanation. But on Wednesday, we investigated who owns the supply, who controls the wallets, and who receives the tokens when they unlock, and why any of that matters. On Thursday, we followed the money to determine whether activity inside a protocol creates demand or value for the token. They're not the same thing. Talked about the difference between demand and value and what is better. That was a really good stream or educational part of this series because we went into a lot of nuances of what's better than what, right? Like for example, a treasuryfunded buyback versus a revenue funded buyback. Revenue funded buybacks can continually happen because revenue is continually happening. Where a treasury buyback, depending on the project, only has so much money and in theory isn't always generating as much as you'd probably need to buy

back and so it's very limited. But if you combine those two things, then you can really be off to the races. CCP, welcome in. Welcome in. Thank you for being here on a Saturday night. I know we're a little later where I am. I don't know, maybe it's a little better for some other people. So, tonight we put one of those lessons together, right? Putting it all together into something that's usable. We're going to take tokens from its original purpose all the way to the final verdict using one repeatable 100 point scorecard. This is going to be I think it's going to be a lot of fun and I think there's a lot of things that we could do with this. So this week also gave us a perfect demonstration of why token autopsies cannot stop at one number.

Right? Salana validators narrowly approved what is the SGP I don't know 00002 with approximately 67% support. The proposal doubles the annual disinflation rate from 15 to 30%. preserves the 1.5% terminal inflation rate and projected to reduce issuance of Salana by approximately 18.9 million soul over the next 6 years. Were any of you guys even aware that this happened? I hope we moon exactly. So during the same governance cycle the SP the SGP 003 right received 53.9% support. So call it, you know, 54% support, but failed to reach the required 2/3 approval threshold. So we had the SPG-00002, let's just call it SPG2, and it did get approved. And then we had the SGP3, not get approved. That proposal would have changed the network's fee structure and increased the amount of soul that was burned. Why didn't it pass? I

don't know. I'm not into the sole governance necessarily. One network, two tokconomic proposals with two totally different results. And that demonstrates tonight's lesson perfectly. Where are we at? Supply, governance, and value capture can change independently and simple majority does not necessarily control the outcome. So SGP2 proposal still requires technical implementation before its economics change you know becomes active before it actually becomes relevant. Just because it's passed doesn't mean it's been implemented. That's another really good point here. And a government governance vote can establish direction without instantly changing the token. So the SPG 2 that didn't get approved. Hold on. Which one did get approved? Am I saying them backwards? Come on now. Keeping all this stuff straight is crazy. Okay, so SGP2 did pass. The three did not pass. Anyways, requires technical implementation. I didn't say it wrong before

its economic changes become active. A governance vote can establish the direction. So tonight, we are not searching for some magical number that predicts price. That's not what we're talking about. We are asking a more responsible high crypto IQ question. Has this token earned the right to receive more of our research in the first place? This is education, not financial advice. All of that jazz. Let's perform the final token autopsy. And of course, let's talk about these crypto bubbles behind me. You're in the moon. Yes. Underground crypto uh secret moon base. That's where I stream all of these from. That's where we do our research. Anyways, Bitway, Bitcoin DeFi. There's a couple projects within Bitcoin DeFi that just seem to keep doing something and I'm impressed. Uh, number 64 by Market Cap with 1.2 billion. I haven't seen a Bitcoin

DeFi project really catch this much attention since like what, since stacks, maybe. Anyways, we got Dash, we got Pump.f fun pumping. We got Canton Network 7.5% to the upside back to basically 12 cents. Just barely shy of 12 cents. Unis swap pumping. Memecore 4.3%. What are we talking about here to A$18. So, it must have fell down before that. Yeah, cuz we were at a 111 then you fell down to 98 cents and now you're Okay, I see what happened there. Velvet pushing up just slightly. Let's toggle that one through 1,000. Biggest pumper category is 2 to 300 which we will definitely take a look at. Wow, we got some big bubbles in here. So, Aikido was doing really well for a while and then it started dumping. Reminded me of so many projects lately like Lab and projects

that pumping get a lot of speculation or is it manipulation? That is for you to decide I guess. Camsta says, "Heyo, welcome in. Welcome in." Cards is of course a project that I've talked about quite a few times. I have some questions about the business model, right? You It's for collectibles for anybody who doesn't know. You send your collectible to them, they mint it as an NFT, they hold it, right? And then you can trade it around for real value because they hold the asset. But like what happens if they go bankrupt? What happens if there is a largecale fire? Is it all insured? Does everybody just get paid for their NFT and then the NFTs get deleted because technically the items don't actually exist? Pawns is a Robin Hood launchpad seems to be doing well. 181 [music] million.

Uh Pulse Chain, we love to see that pump. We got a lot of good people in the PulseChain community who visit our show. That's for sure. Shout out to Down Under. Hopefully he he hangs out with us. Aliens are people, too, says CCP. All right. Like like the little gray ones or what are we talking about? So, H&T helium up 83%. Uh there's a lot of people I guess who mine helium. Uh, if my memory serves me well, I think reliable J might mind Helium or he did at some point. Either way, it got a 80% pump. That's good for anybody holding that. Prom 46% to the upside. Iron Lungs. What are you What are you going to do with those? What are you going to do with those Iron Lungs? Prom has been on the radar a bunch.

Let's go check it out real quick. I forget what it is off the top of my head. Smart contract platform. So, it's a layer one. No, it's a layer two on Yeah, as soon as I see layer two, I'm like, it's got to be Ethereum. So, on B&B and Ethereum. Okay. 19 million max supply. I like that. That's good to only 18.2 out, so not a lot to come out on you with 130 million in market cap. It's not too bad. I like the tokconomics of prom. Let's look at it year-to- date or max chart here. Of course, max chart it's up like 600%. Let's go to like the year. So, $746 from about Wow, this thing was like $2. I knew it'd have been pumping pretty hard, but really that's just kind of getting you out of this

dip here. Great tokconomics for prom. I wonder how relevant it is. Maybe we'll have to do our token autopsy on on prom. All right, get back to it. Seeker with some nice numbers. I know that there's I think supposed to be another Seeker airdrop for the people who own the phone. Shout out to the people who got that. They've done very well with that. Cisc 26% I believe Melissa owns a little bit of this so hopefully you're getting above break even. Ant fun. Ant fun. I do slightly remember this one and it is Salana contract social. Yep. Trading bots 10 billion max supply. See, this is an example of not good tokconomics in my opinion. Eight or 10 billion with the circulating supply only being a little shy of two billion. That means there are 8 billion to come

out on your head and dilute your value. I would pass. I I wouldn't just pass because of that. I would also pass because it's social. Oh. Oh. Oh. Is this the new game that we've been playing? I did figure out that you can run free rounds of this. So, that would have been good to know the other day. Anyways, let's not get distracted because I will go straight into game mode and we won't talk about anything. Can't do that. Let's do our price rundown here. 2.7 trillion down.3%. For me, the easiest way if I've been kind of uh busy running around for the day, the overall market cap is like the easiest way for me to tell inflow and outflow of capital in this asset class. So hopefully you find that valuable as well. Chris Goss, thank you for

being here. Says 333. Melis says, I'm sorry I'm going to have to watch the stream when it's over. It's too funny. Hey, don't worry about it. I hope everybody is enjoying themselves, having a good time. You guys got to remember we are crypto family and I uh I enjoy being here. So, I want everybody to have a good [music] time. The education we do over and over and over. It's not the same stuff, but you know, I can always teach it again. Bitcoin 78,066. So far, what I really was trying to say is that we we're just doing stuff that's like trending right now. Will it matter a week from now? I don't know. Uh, Ethereum $2,457. B&B, we're just looking at the pullback. Who's pulling back the most? I mean, XRP getting a little bit of a pullback.

It went as high as like a$155 or a$160, something like that. B&B, even with the pullbacks, like at about 700 bucks, we're looking pretty good, I would say. So far, Salana still up 10% basically. dollar uh dollar $105 actually. Hyperlquid above 80 bucks still holding well. Zcash $832 still doing very well. Dogecoin can't seem to do above 9. I don't know what that's about 8.5. Chain Link $1.40. Starting to see a little bit of red. Cardono though down 12% from 20 cents or 220 cents from wherever it was. XLM 17 high 1718 18 Canton network almost 12 Toncoin $1.35 Avalanche $728 and sweet 74 memecore $18 I don't know why it was they were trying to make it out like it was green it is definitely down from the other day and we will take a look at what

is trending over on coin Gecko Mosa says, "Smack that like button. It helps the this research channel grow." It absolutely does. So, we got Pawns. Pawns is up 500% in the last seven days for anybody who missed that. Chumpcoin is hilarious. Seems like a new meme coin on the radar. for Helium up 133% in the last 7 days. That's pretty good uh for the fact I haven't really seen it pop up on our radar in such a long time. Pumpf fun collector cards. There's a couple of these like collector style uh protocols. Not protocols. That doesn't sound right. Uh projects. There you go. Cash Cat Hyperliquid Bitcoin the index. All right. We might need to check that out. Thinking Cat, more meme coins, Virtual Protocol, Monero, Pudgy Penguin, Stonk Broker, that was kind of a newer one, and Ethereum.

Let's go check out the index. The heck is the index? Billion max supply. Circulating supply 980 million, 31.4 million, a Robin Hood coin. All right, the index. Finance. So, of course, very financial. We don't really have any other categories on this thing. Hold the index, earn the stock, earn stocks. All right. 3% ETH fee on trades fund distributed for eligible. Okay. So, this is very RWA, I guess. Very tokenization of stocks of real world assets, supported stocks here. Probably most of your top stocks, right? I was going to say S&P 500, but that's not really what I mean. I mean the ones that are in the top. Because if you don't know, the S&P 500 are the 500 best and most performing. And they do change. You got to think whatever uh stock is like number, you know, 499,

it changes depending on how well they're doing, right? So we will there's not much to say on that. We'll we'll come back to that another time. Thinking Cat is a meme coin. Let's see what the market cap is of this thing. That's 24. Okay, so that's 20 million. And let's move right along. Let's take a look at that fear and greed index. And let's refresh it. Make sure it is the right fear and greed index. That number you keep in the back of your mind about the sentiment of the market. It is pulling back. We needed to pull back in my opinion. We had a couple of days in the sun that came a little too quick. 73. I swear we had a day where we were like 79. I don't know. It's always different when I go back

and look at it. So 73. Let's call that our highest fear and greed index number in any recent history. For sure. Recent history. Look at Look at the year. Look at that thing. The last time we were in great Look at these tall. The last time we had any kind of anything like this. Yep. 74 on October 4th, 2025. That was like the last time we saw anything like that. And if you look uh not year to date, let's go all. Wow. I don't even know how far this thing goes back. I don't know if I've ever put all on. This goes all the way back to 2018. Yeah. And look, we hung out at like 90 94. I like how they put the price here as well. This is really cool. This is something you could spend a

lot of time on. Go to the fear and greed index, hit all, and then look down here where you can see the actual price of Bitcoin, right? Bitcoin's price right here at the highest sentiment. Can I zoom in on this? Oh, they don't let you do that. But like right there, Bitcoin was uh almost $12,000. I can't seem to hit whatever the fear and greed index was 96 95. This I could spend a bunch of time on that. I'm not going to do that right now, but that's very interesting. I don't think I really thought about hitting the alltime chart on that. Let's make this the top 20 and not the top 10 and let's talk about it. Guys, keep that chat running. Helium, of course, we already talked about Chomp, Finax, Zero Drift, RQD Clearings, that's probably a

clearing house. XStable, and D1 all in funding rounds. We will talk about those soon. We got Uni, Uniase, Pawns, Tether, Urfi, DAP operating system. That was kind of newer on the radar. River. Okay. And then ICP at $245. BFUSD. I just had a random side [music] quest. Let's go to ICP. And let's look at the tokconomics on this thing. Infinite. It's not good. But the circulating supply isn't horrible. So when you have like an infinite max supply, you kind of have to just ignore that and go straight to the circulating supply, right? It leaves a big unknown question mark there because we don't know how high we can go and how quickly at this point with with no max supply. It's not about how high you can go in circulating supply, it's how fast you [music] can increase circulating

supply, right? Does that make sense? And so there you go. 556 million, which is not a horrible number. I mean, that's less than a billion tokens. Obviously, it's just slightly over half a billion tokens. So, I mean, it's really not that bad. Always trying to figure out why ICP can't get any traction. I need to go deep dive. Like, is the technology good on ICP? I've always been told it was. I watched a lot of interviews on that kind of thing, but that now I don't actually remember how much of it I've actually seen with my own eyes. Anyways, let's move along. We got Chomp. What is Chomp? It's a gamified social consensus protocol and prediction market for crowd sentiment on Salana. So, it's a Salana project. Under tags, we got of course social prediction and creator economy. All

right, no [music] tier one investors here. They've only raised 3.6 million. That's not a lot of money. They have a weird symbol. It looks like almost like checkers or is that like a double eight or a butterfly? I don't know what the heck that thing's supposed to be. But let's get down to the actual definition of what this thing is. Operating on the wisdom of the crowd principle. So this is a very different idea and it says social decentralized social consensus protocol. Consensus is usually a word we use to describe the way a blockchain works or the way something works. Usually for blockchain it's like proof of work or proof of stake consensus. Anyways they're telling us wisdom of the crowd. That sounds like a very social kind of thing. [music] The platform function as an interactive question and

answer [music] network where users express opinions on various topics and predict the collective sentiment of other participants. Oh no, this sounds like prediction markets in dystopia. The combining trivia plays with social pole mechanisms. Chomp allows users to monetize their knowledge and intuition without relying on com complex financial charts or traditional assets. Sounds like it could be highly manipulated by bots. That's my first takeaway is yeah, if I had an army of bots, like you could probably manipulate the heck out of quote unquote sentiment. What is sentiment other than maybe just other profiles echoing the same thing? Struggart says, "I'm listening 111." Well, I'm glad because we're wrapping up the series for the week, and this week was a banger as far as usefulness of the of the education and that you could implement right away, which is what I'm

really trying to focus on right now as we're starting to heat up in this market. And when we were like deep bare market, I was taking the time to deep dive topics that I really wanted to know about that I just thought were highly interesting that I thought could help you be a good speculator in the future. But moving forward from like say two weeks ago, I'm really just trying to give you exactly what be useful to you right here and right now. So, all right. So, Chomp says, "Hot takes blah blah blah. Let me in. Is this thing already up? We're shining a light. When I see this type of thing, I just think, who are the people who put this together? What are their opinions on the world? What are the people who own this platform's political

agendas? If you think that something like this is not going to be basically weaponized to push some kind of agenda, no matter what you believe, maybe you love, maybe whatever they're pushing, you love, right? Um I just I don't trust the whole No, we're free and fair. We're just here. We're just fact checkers. We're just we're just here to make sure nobody says [music] anything that's not true. Uh and you do with that with with what you want to do with that. Anyways, they haven't raised a lot of money, so who knows if they'll ever get anything done, but I will check that out later on. Finax, FinTax, that sounds like a highly uh exciting retail project, institutional grade, crypto accounting, audit, and tax compliance software. We saw a lot of these projects receiving money. Uh we see, well,

I say money, all of them. We saw like the other day there was like five or six and they all had 500,000 raised. They all had YZabs as like the main if not the only backer. Of course, all jokes aside about the retail, uh, [music] this sounds like a highly useful piece of software. And if you can plug and play and do taxes for crypto with a software that's reliable, oh man, that's a game changer. If anybody has tried to do any of those kind of taxes, what a headache. What an absolute headache. All right. Zero Drift. See what that is. Zero Drift AI native web 3 auditing firm and smart contract security platform. Very similar idea. Raised 500,000. Apparently YZI Labs puts 500,000 on everything. They're just like, "Oh, okay. Good idea. 500,000." So, they have the auditing

and stuff kind of like that fintax, but they also have security again that is orientated towards institutions. So, we have this RQD clearing cloudnative clearing and custody infrastructure for tokenizing traditional what assets? Traditional US markets. They've raised $74 million. All right. A little bit more interesting here. Capital Tech. Let's see. Oh, wow. They don't really tell us. These don't seem to be tier. They They don't seem to have any tiers on any of these. So, they must be like independent. It's a technologydriven correspondent clearing and custody broker dealer that provides foundational infrastructure for modern financial institutions. Don't jump up for joy quite yet. I know that was exciting stuff. Xstable decentralized exchange onchain club for RWA perpetual contracts again. Here's YZI Labs throwing $500,000 at them. Like, get out there and make me some money. And D1, I need

some water. Make sure you hit that like button. Needed that. All right. D1 AIdriven infrastructure for liquidity aggregator building the financial world model. So this was formerly known as open ocean. So, they did a rebrand at some point. Got that DeFi or Def AI. They like took the word DeFi and threw a a in there for the AI. I think it's clever, but I'm not really sure how I'm supposed to say it. Defia. Defy. Just sounds like you're saying DeFi. Anyways, shall we hop into the education for tonight? But before we do, what you may not know. You may not know that a useful blockchain does not automatically create useful investment tokens. Not every project needs a token. I think we need to normalize not every [music] project needing a token. Get rid of the clutter. A token, you

may not know this, can pass the utility test while failing the supplier ownership test. It can have utility and the utility still not be worth owning the coin. A low token price says nothing about whether its overall valuation is low. And to go back to my point about utility. So if say you need say there's a say there's a project, the project has a token. The token is worth $1. And in order for me to sign up and be on, I have to hold one token. Okay. Technically, that token has utility. But [music] if my account is only required to have one token, that's only $1, that can help the market cap of the token. But it would be a lot better if you were required to have $100 or a 100 tokens. See the difference? It's like it

can have utility, but the utility not be large enough in value to really help much. How about this? Same idea, but I need $1 worth of the token to start my account, but I can just sell it right after I start my account. And then I don't even have to hold it at all. That's even worse. And you may not know this, but market capitalization is not the total amount of money invested in a token. Perpetuals, you have a lot of other things going on there. So circulating does not necessarily mean actively available for trading. Network usage does not guarantee the value flows back into the native token. A token burn can be outweighed by staking emission unlocks and treasury distribution. A widely distributed token can still have concentrated governance power. And of course, several moderate weaknesses can combine

into one serious risk. Bang bang. Let's do the education for tonight. Are you ready? Who's ready? Who's got their listening thinking caps on? Let's start with the problem. So, most investors research cryptocurrency one fact at a time. They hear that a project has strong technology, a large community, and inexpensive token or impressive transaction volume. Each claim may be true. While the complete token remains pretty unactive or unattractive, same thing. The project might be or have real users, but no reason to hold the token. Like they might have a lot of users who use an app and and a service they created, but the token is nowhere to be found in any of that scenario. It might have strong tokens, right? Demand, but enormous future dilution. It might have a sensible supply, but concentrated administrative control. That's probably one of

the number ones that you're going to miss, right? You're going to look at everything, everything's going to look good, and then you're going to realize that a handful of people have control of the project, and you're basically at the mercy of their their their crypto IQ, to say it any other way. So the investor never combines those facts into one decision. Evaluate the complete system. Stop asking whether one statistic looks good. Evaluate five connected areas: necessity and utility. Supply and dilution, ownership and control, demand and value capture, transparency and governance resilience. A token must survive the complex examination, not merely its strongest category. make a defense decision or defensible decision. Same thing. Scorecards do not tell you what the price will do tomorrow. Matter of fact, anybody who says they know exactly what crypto is going to do uh

is rather in like a 01% of people on the planet don't know why they would be talking to any of us. And the other option is they have no idea. They're guessing. Maybe they're good guess. Maybe they have a really good guess. Maybe they wind up being right. That doesn't mean that they couldn't have just as easily have been wrong. The point here is it's cryptocurrency. Anything can happen. Black swan events can happen out of nowhere. So, it helps you decide whether to reject the token, place it on a watch list, continue researching it more, compare its quality with its valuation, and monitor a specific unlock or governance change. That is a more disciplined outcome than buying because one attractive statistic created excitement. And when we come back, we will be analyzing the project before we analyze the token.

Basically saying, look at what the project is before you look at the token because if the to if the project's really not that exciting, then the token is surely not going to be all that exciting. Wow, we got disconnected. All because what? Because I said I didn't like the game. Apparently saying you don't like the game is is frowned upon. Let's just reload the whole thing. I don't know what's going on. All right. Here to break up uh the education of the night is Cambria, which is a game that I'm still trying to figure out if I love or hate. So far, uh not so good. Looks like maybe their server is down. I swear we were just We were just playing this game a minute ago. I'll give it one more reload. Maybe we got to go do

something else. Oh, verify that you're a human. I could do that. Okay, so it looks like they're doing some kind of update or something like that. So, we will pop on Kendra. Just breaking up the education. I won't uh I won't make you wait too long. I know you guys are very excited for the wrap-up of this series. Oh, wait. I'm still in the cart. I don't think I want to do cart races right now. Whoa. We went in, out, and back in. There we go. Zoom out. Give the computer a minute to dedicate the bandwidth to this window. take out this boss. Yeah, I'll be glad to spot you on a trade route. You want to meet me at the uh the icy area, the snow tundra area? I was just breaking up the the education. I didn't

have an agenda here. Look at that brand new casino we have on Kindra. Somebody was telling me how it looks rather out of place, and I'd have to agree. We don't have any large dark buildings anywhere. I mean, what's the point of the building? If we could go inside the building, maybe that would make sense. But before we just had a little house and you clicked on it and it was a casino. Did we really need anything else? All right. Whenever you are ready, I will go get the hunter's reward. All right. Are we taking out this boss? We could take out the boss first. Let me go pick up that hunter circle. Hunter's mark. Sign on as the hunter. I know, but I have an agenda. Whoa. Okay, I got you. Let's roll. Where are they at? Oh,

way to attack the wrong thing. Not sure what was going on. Like I I should have definitely killed all those guys many times over. I don't even think it was I don't even think it was the lag. Anybody grab that free mint of the NFT collection? The citizens NFT collection. Usually you get attacked again right there. So I guess we won't have another attack. Hey, look. It's Rob. What's up, Rob? I don't actually know who that is at all. I I just love that when you jump the mount doesn't jump. You jump on the mount. I thought you were running like the hardest level. I don't know if you just got really lucky or if maybe you weren't doing the hardest one. When you're done with this one, are you going to need to do more? So, I got

you. If you need to do more sometimes it hit you with another mob like right here. Yep. And they sure did. So you must be doing the more difficult one. I like how it'll pull him, but it won't always like actually attack it. And I'm paying zero attention to my health. I cannot believe I haven't died. All right. That's a wrap. Okay, you're good. Nice. I'm going to probably run that hardest one back. Well, I don't have any uh swift potions, so I'll go get some swift swift potions first. Oh, the Kindra Cup is going on. Have you done the Kindred Cup? Reliable Jay was telling me about it. I could never seem to really figure it out. It's got three minutes on it. Let's see if we can go figure out the Kindra Cup real quick. Okay, you

did do the hardest one. And you're welcome as always. Thank you for all you do for the channel. Where the heck? There should be like a pillar somewhere. Is it this thing? He said it looks like a falling star, which is this thing over here. I don't know why I stopped to attack that thing. Okay, that was an actual falling star. All right, not going to get too distracted cuz last time I wasted forever trying to find it and I never could find it. Swift. Oh, that was a swift crate. Oh, it had three in it. Oh, that's perfect. All right, let's run this thing. Got to put the hunter sign back. Got to get off the mount and we'll run the hardest one. Throw that swift potion on. Probably should have a couple more Swift potions, but thank

you for your help, Melissa. Appreciate that. I don't know why I didn't think to ask you to guard me, but I usually just eat a ton of fish. That's That's how I do it. Just spam the eat button till I make it there. Oh, we ran out of swifts. I don't really know of a longer route. Is there a longer route than this? Let's see. Can I uh keep going fast enough? They don't really bother me. Not sure. I know it gets really hard when the next swarm comes in. Right about here. There they are. Like clockwork. Done. Probably run the really small one on the way back and then we'll get back into the education. Again, I just wanted to break it up. Most people in our uh our crypto family love some Kindra here. Glad to see

they're always doing something new. I haven't really checked out the casino yet. Let's do the smallest one here. Whoa. Hit that swift potion. I don't know what you're sorry about. No worries. Dang. You got 20 levels on me, Melissa. Crushing it. I need a I need a good day of grinding on here. I guess maybe I could I could grind 10 levels. I don't think it'll be tonight, though. That's for sure. All right, we'll go turn this in. Maybe pick up a swift potion on our way through. Wonder what would happen if you just kept holding the trade pack. Right. Where are you at? Swift Tonics. Grab a few of them. There we go. Can't stand moving so slow. That hardest trade route, you go so slow. Even with a swift potion, you go so slow. All right, done

deal. let's jump back into that crypto education. So, let's talk about it. We want to analyze the project before the token. Start with the project's product, the users, and the problem that they're trying to solve, [music] and ask, does the protocol actually do anything important? Who uses it? Is blockchain necessary for the product in any way, shape, or form? Is there a measurable activity? Could the same product work without a token? A token cannot rescue a product that nobody needs. And I'm going to say that again for the people in the back. A token cannot rescue a product that nobody needs in the first place. That doesn't solve a problem that anybody's having. Test whether the token must exist in the first place. Identify the token's required job. Possible legitimate functions include paying for network resources, securing a proofofstake

network, providing collateral, uh coordinating governance, accessing scarce protocol capacity and incentivizing behavior that the system genuinely needs. Then perform the removal test. If a token disappeared tomorrow, what would stop working? If the answer is almost nothing, then its necessity is pretty is pretty weak for the project. Audit the complete supply. So record circulating supply, total supply, maximum supply, market capitalization, fully diluted value. I mean basically your tokconomics, inflation and emission rate, token mechanism, and the percentage already circulating. Do not confuse a low unit price with a low valuation. measure future dilution. So, like we saw, we had a project a minute ago and it had 10 billion tokens in its max supply. 1.8 billion in its circulating supply, meaning how many times more is it to get to the max supply from where you are and it was like

several multiples. That's not really a good thing. Now, of course, who knows what time frame those multiples come out at? Could be over the next hundred years. I don't know. But still problematic if you do not have those details. So for every important release we need to identify the number of tokens its percentage of current circulating supply the recipient [music] and the recipient's probable cost basis whether the release is automatic or discretionary and if the market available liquidity to even sell that stuff off. An unlock is potential supply, but it's not [music] proof of an immediate sale. Again, guys, this is like a recap of everything that we've gone over this week with a little bit of extra new sauce. So, map ownership and control. Let's separate teams and advisor allocations from private investors, foundation controlled tokens, treasury reserves,

ecosystem initiatives or incentives or rewards, all the same thing. publicly distributed tokens, market maker and liquidity allocation, and then determine who controls those wallets, contracts, multi-sign wallets, and voting power. Wallet count alone does not prove decentralization because, you know, one person can own a thousand wallets if they really wanted to. And with that being said, it's not weird for somebody who's trying to break up their ownership of something to hold 10 different wallets, right? So identify real token demand. Ask what requires someone to acquire, hold or lock or spend the token. Does it have real demand? Separate durable demand from temporary demand. Right? Durable demand can come from paying unavoidable protocol costs, securing a network, posting productive collateral, receiving valuable access, and participating in economic meaningful governance. Temporary demand can come things from like short-term farming rewards, [music] speculative

launches, unsustainable yields, point campaigns, air drop airdrop expectations, pure price momentum. They can be very temporary. So keep an eye out for when you see those things. They might be a good catalyst, but not for long-term. That's a short term. Follow the value. Determine whether the protocol revenue grows. It may flow to validators, liquidity providers, applications, right? Developers, foundations or companies, token holders, a burn address, no direct recipient at all. Protocol revenue is not automatically token holder revenue. Calculate net token pressure. Do not examine burns in isolation. Compare demand and supply forces. Positive token pressure requires purchases. Productivity locking, productive locking, sorry. Staking demand, buybacks, burns, and collateral requirements. Negative token pressur is like inflation, unlocks, team or investor sales, treasury distribution, liquidity incentives, validators, operating sales. So the relevant question is which side is structurally stronger over time?

The weaker or the positive? I guess the negative or the positive better way to say that. So then you can examine governance risk. governance risk probably one of the most tricky risk management [music] things to evaluate on one end cuz [music] calamity can strike and they can do all kinds of different things that you would have never saw coming and if that happens to you it makes me think of Bonk makes me think of like strugg liked Bonk [music] um and something crazy happened to Bonk I don't know where they're going to go from there I haven't really [music] paid attention to it. But that's one of those governance very specific stories that can really highly affect a project that otherwise might have seemed like a great investment. So, of course, with governance, you want to decide who can

change things like issuance, burn rates, fees, treasury spending, token utility, unlock schedules is a big one because that's tokens coming in to dilute supply, administrative permissions, and contract upgrades. The recent Salana votes demonstrate that governance is part of tokconomics. Right? So, that's what I was talking about. This SGP, these are proposals, by the way. Don't don't get intimidated by this fancy little number uh letter number ticker whatever it is right addresses issuance. So this this was all about issuance and it passed while this SGP3 didn't pass. It was all about fees and burning. One passed and the other did not. Tokconomics is not always a fixed document. It can change with politics and governance and all of that stuff. It's [music] not set in stone. Look for risk combinations. One weakness may be manageable. Several weaknesses reinforcing each other

can be extremely dangerous. A particular weak combination is optional token utility, low circulating supply, high fully diluted value, large insider allocation, near-term unlock, shallow liquidity, measurable or no measurable value capture, and concentrated upgrade authority. Never examine these risks separately when they can interact or compound, if you will. And of course, separate token quality from token price. A strong token can be overpriced. A weak token can temporarily pump really hard. The token autopsy evaluates design and risk. Valuation analysis asks whether the token or the market price already assumes too much success. meaning people are super bullish on it is another way of saying people highly expect this to do well or be intriguing to other people. Well, what if it turns out that it it messes up? Governance has problems. It doesn't do as well as people thought. And then

they all start dumping it because it didn't do what it was supposed to. End with research verdict. Whoa, that came out of nowhere. All right. End with research verdict. Use four possible outcomes. Fail. Of course, the token purpose or disclosures are too weak. It's just done, right? You're done with it. You looked at just a couple of things and it failed. It's interesting, right? We might watch it, but specific risks require monitoring. Then you have research further. The token passes the initial framework and deserves deeper investigation. Price dependent. The design is credible, but the valuation may already reflect excessive growth, meaning it's already been kind of priced in. Even though it's growing, it's already pumped a ton. Past does not automatically mean buy. And none of this is financial advice. It is education. So, I'm not telling you to

buy anything. Fortunately, we're not even talking about a specific project right now. So that helps a lot. So something like a 100 point token autopsy would look something like this. And we're going to come back to it. I don't know why my voice feels like very strange. Like I've been talking all day. Uh yeah, I've already been inviting all of my friends and family. There's a link in the description. Says three referred. Oh, that's what's up. So, I have three referrals out. I never check stuff like that. I probably should. And uh let's get to the farm or the home home base, home island. Sunflower land doesn't really get old. But I like how you always are unlocking stuff. There's always something to build. Like there just seems to always be something to do. Oh wow. We got the

little bees out today. Those are a bonus. Sometimes you get locusts on your crops and they it's the opposite of a bonus, right? They uh take some away. They eat some of your crop, I guess, is the idea there. All right. Where are we at, man? My uh my farm has gotten so large. I feel like it takes me a long time just to harvest them all and then replant them. All right, so we're back to spring stuff. A weird dynamic on this game though is things like this where you have wheat and then you have your free daily shipment but wheat is not in it you know like it doesn't it's not in there. So if I don't spend 15 gems will it ever refresh? I don't know. It's just an interesting uh interesting concept. I don't know

how that works. There's a lot going on with this. There's a whole ascension uh thing going on right now. Wait, I'm out of barley. We're going to need to buy more barley. Uh that's not barley. There we go. They're like they're considered advanced crops. Need some salt rakes. What are we going to plant here? Tomatoes. Let's grab like 10 of those. Oh, we got another pizza ready. We need to whip up some more cheese. I'm glad with the VIP I finally can like queue up multiples. Your composters give you bait for your fishing. Oh, wow. We're done with that. Cool. Wait, we got multiple. Did I mess something up? Like, did I spend tokens on something that I shouldn't have? [music] All right, let's go to pizzas. I got four pizzas. I could probably be like level 45 by

now, but I don't have these stupid crimson stones. I need to buy some more flour and uh send it over. Not feeding the cows. They They take way too much food. All right, this guy needs some medicine. Fix him up. We need to sell some things. An eight and up. We got a eight and up, right? Send him out of here. H a nine [music] and up. Well, since I know I'm going to put some more flour in here very soon. Wow, everything has gotten so freaking expensive. I really should have uh stocked up on some flour while why while it was cheap. I think that yakamon >> is really driving the price of everything up. All right, let's get these chickens fed here. I guess I really only need to feed these two. All right, moving on. There's

the reliable Jay. Let's go clean up his farm. Make sure we're being good uh sunflower fam out here. Wow, he's making a lot of those uh carrot stews or whatever. Actually, there's like a triple carrot there. That must be something else. Oh, I remember what I really needed to do. Need to hit all of those. And oh yeah, we don't have any stone. Trying to get some crimson. It's going to take me forever to do this upgrade if I don't actually buy the crimson stone, which I don't really want to do. Cost a lot of flower. Got to stop buying all the upgrades. It was fine when the upgrades were cheap. That was fine. But they're not cheap no more. Come in here. Craft all three of those. Let's see. I think we needed one more gold. Might as

well craft another one of those. One of these. All right. And that gave us one crimson. How many did we need? Five. Let's go. That's going to take a little while. I was sorry because I didn't get to you on time to protect you and Kendra earlier. Oh, no worries. No big deal. I'm actually used to running like, of course, don't get me wrong, it's nice having your help, but I'm used to running it by myself anyways. I just eat food nonstop. Just make sure you're well stocked on food and just keep mashing the button. Let's go turn in a few quests. See if we can't get some rewards. Deliver. What else we got? Can do that one. Can do that one. We don't have kale stew. Don't have that. [music] And I obviously don't have any of those.

At least they're all at the beach. We could dig for some artifacts and then we'll probably move on. I really wanted to check some of the news stories, but my voice is like not doing so hot. Don't let me get sick. My kids just got over a a very minor scratchy throat, runny nose, and then my wife saying her throat was getting all irritated today. So, I'm like, crap. It's like right after the kids get sick, a couple of days will go by, everybody's okay, and then the adults will start getting sick. And I'm like, what is going on? I thought we beat this. I thought we avoided this thing. Apparently, no. Apparently, we did not. Oh, you need more stone. Yeah, I guess I did spend all my stone on other stuff. Do I only have two shovels?

I do. I only have two shovels. That sucks. Here's a game that Reliable Jay showed us. I never really actually uh tried out. No, not shears. A pickaxe, an axe. How do I harvest this stuff? Is it not ready? Oh, it's dead. Well, that sucks. So, how do I how do I get them up if they're dead? So far, not so good. All right, never mind. Might have to trim that game off. Right. So let's talk about 100 point token autopsy. Right. So necess necessity and utility. Right. Of course the question is is it even needed? Token appears optional or promotional. Five points. Token prefers performs to clear essential functions. You give it a high point 16 to 20. So you get the idea. Ownership and control. Who can move the tokens or change the system? Highly concentrated. It

gets a low value 0 through five. Transparent supply with manageable emissions 16 to 20%. So on and so forth here. Demand and value capture. Uh does it create demand for the token? If it doesn't create demand for the token, not the project, the token, then it's useless. Usage does not benefit the token or its durable demand and measurable value reaches the token. and transparency and governance. Who can change fairly and predictable? Right? Is it fairly are the rule changes fair and predictable? Hidden permissions, weak disclosure, audible contracts, and accountable governance. So, there you go. You get the idea. This is not a hard concept here. I just wanted to lay out kind of the framework for evaluating any token you want to go evaluate with your new found uh token autopsy ability. Let's go get our top gainers. Top

losers. Just had to text somebody back. All right. So, pawns is obviously the winner here. I must have clicked the wrong button here. I got one of those mouses with like 13 buttons on it. Sometimes it really messes me up. I don't know why this shirt it feels like having a 5-year-old choke you the entire time. All right. Top gainers, top losers, pawns 77% to the upside. Uh cards 42, unis swap 11. So, the two big ones today are pawns and collector. Top loser though, 29% for Aikido. So, somebody absolutely dumped that thing. Somebody had a decent amount of supply or there was some kind of news catalyst or something like that. I don't know. Trump and Stacks down a little bit. Zbec Network had a little bit of a pump. I'll be watching Zbec Network. I mean, throughout

the whole bull run, I think Zbec could do well. It just matches a lot of the trend that I've seen with coins that were supposed to do really well and then never did. Now, I could be totally off basis. That's just my intuition from being around in the market for a while. See Network. I really hope it does well, but if it didn't really attract a lot of attention. I don't know why. I wouldn't I just wouldn't be surprised. Do what you want with that. Let's head over to Chainers here. Let's go to the city map. Hit our daily rewards. I I feel like I've been burning out on chainers a little bit. You know, a lot of this stuff I do just for the the research, I guess. I don't know if that's the right way to put

it, but just to try it out for the community so everybody can see what it is and see if it's really worth doing. Now, it's giving me a little bit of freeb. The cash out is a little high. Technically, I feel like it's a little high like if you go look at the wallet. So, what we mostly try to farm is B&B. If you go to B&B, it'll show the minimum withdraw 01. We're not even halfway there yet. We're just slightly almost halfway there. So, as soon as we hit this minimum withdraw, we should probably withdraw. I don't know how much the fees are. I guess I'll have to see how much money it is. Anyways, just getting a little bit of fatigue with it, I guess. But that could just be on me. It's been a little bit

of a long week. Not enough not enough sleeping hours this week. Shrug heart, what's up, man? Thank you for being here. Let's get with the replanting. I'll probably just stack all these items to uh sell off another day. I guess I never fed the pig. All right. I don't know how that happened, but we'll make sure we feed him this time around. We have no chicken food. Some resources are just really hard to get. I They kind of want to force you into buying them, and I'm not not a fan of that. Let's see what we have that we can merge together here. Strawberry seeds. We'll merge those. Leaks, liies, pineapples. Let's see. Merry golds. And nobody really charging me any fertilizer out here. O, I didn't see I had to pay for that one. That's fine. Legendary fertilizer.

I have tons of that stuff. I guess I really do need to make some pig food. All right, looks like we're pretty much done there. Wish they had a claim all button. That would be highly useful. Rolling into that hour and a half of the stream. Did we claim everything? No, we missed a couple. Claim and claim. It's like acting like we got a reward in the season, but we did not. Miniame. H. We'll hit that mini game real quick. This other game that they have coming soon for forever, I hope actually rolls out one day. And what do you guys think about this upcoming week? Is it a pullback week, a sideways week? Is it going to be a pumping week that nobody uh saw coming? Or is it we're going to pump and everybody pretty much expects

it? What kind of week do you think we're going to have undergrounders? And I've said this before, if you know anybody out there who likes cryptocurrency and you think would enjoy this show, please let them know. It would be a big service to this community. And you don't have to know him in real life. You know, maybe you're in a few other crypto discords or something. Maybe you frequent a couple other communities of crypto communities out there. I'm not really trying to poach necessarily, but if you have somebody who you actually interact with and talk to often, like a digital uh friendship or something, and you know they love crypto, feel free to bring them to the stream. And I don't really care if they can learn a lot or if they can teach us a lot. Either way,

always be willing to grow. grow that crypto IQ, I tell you. Melissa says sideways. I don't really have any disagreement with that. All right, now we're over a thousand. Let them take us out. See what they give us. Was it worth our time? We'll find out in a second. Starise, I'll take it. Season pass. Do we get anything? We'll claim that. I don't even know what that was. All right, guys. I'm probably going to hop off. It's kind of a quick stream tonight. We wrapped up the series of the week. It was a lot of fun. For whatever reason, I'm absolutely exhausted from today. Got to catch up on some sleep here. That way, I can be ready to go for tomorrow. And then, of course, Monday. I'd love to do some Twitter doomcroll. Derpy Dave. I keep seeing

this guy pop up. Pretty funny. Here it is about Kindred's Casino. Oh, promotional video, huh? Welcome, hero. Your lucky seat is waiting. >> I kind of forgot to check out the casino, but that's all right. Why do they have SpaceX built into it? That's I don't know what that has to do with the casino, but It's interesting. Leverage got farmed again. ETF inflow snapped 201 million out the door. So, there a little bit of hawkish stuff going on here. All right, everybody. Stand ground, stay crypto, think long term. I will see you on Monday and have a great Sunday. Have a good weekend. enjoy your family and all of that fun stuff and I will do the same. Underground crypto out.