Jupiter Earns Millions—Where Does the JUP Value Go? | Daily Crypto IQ

[music] I never knew it. >> [music] >> Oh yeah. I never knew. >> [music] >> Hey, [music] hey, hey. [music] >> [music] [music] >> I think that we just holding on to something. [music] I think that we just holding on to something. >> [music] >> I think that we're just holding on to something. Just tell me what's over. Hey, [music] hey, hey. I think that we just holding on to something. I think that we're just holding on to something. Just tell me what's going [music] >> [music] >> All right, let's go. Well, welcome to the Underground Crypto Deep Dive Show. Get myself on camera here. How's everybody doing? And tonight we are going over Jupiter. I'm excited about it. How about you guys? I think it's going to be a great show. How's that chat rolling? What's up, Blues

Guy? Melissa Strugart in the building. My people. My people. And shout out to all the undergrounders who are still coming in. Smash that like button for me if you would. And uh consider a membership. Starts at $3, right? $3 to support all the work and research and time and energy that goes into being here and having something of value to say to you, right? And I'll leave it at that. I appreciate everybody. Thank you for being here. Uh I'm kind of excited to go over Jupiter, right? Because Jupiter has just such a main staple inside the Salana ecosystem. I very much like the wallet and the app, but how does it stack up in token value capture? Also, guys, drop in the chat other things that you would like to see me do a token autopsy on. That would

be that would be really good. I'd like to see some sentiment. See if a lot of people say the same thing, stuff like that. So, you can see I have Jupiter up here and it's about 23 and a half cents, give or take a little bit. And you could see that it's been pretty high as it came out, dipped really hard, then pumped again, and then it's mostly just kind of been losing [music] value, right? Little pump, little little little worse dump, I guess. I don't know exactly how I should should probably be saying that. Anyways, market cap of about 783 million, max supply 10 billion, circulating supply 3.3 billion. So, that's a lot to come out here. outstanding supply is not that different from the circulating supply. And we're going to be going over the numbers as we

do the token autopsy for sure. So, I don't want to, you know, give you all the numbers now and then do them all over again. So, Melissa says, "Hi." All right. So, let's go ahead and jump into it, guys. I'm just running in off the gym, so I got like that euphoric uh you know, gym pump going on, but hopefully that doesn't mean like halfway through the show my energy is just going to nose dive. Anyways, I'm going to cut this out for the people who watch this later. Anyways, yesterday we did Athena and that show went really, really well. I don't know why, but certain shows sometimes just feel like they went perfectly and Athena was one of those. Athena gave us a project with a successful product, right? But the value connection to ENA had not really

activated yet, right? So, we talked a lot about Athena and the fact that they had approved buybacks, but they had a threshold that Athena had to reach and it still had about 60% growth to even get to the first threshold. There were multiple thresholds, right, for multiple different buyback levels. All right, that would make some value capture for the token ENA for Athena. Just recapping what we talked about yesterday. Hopefully, you were there. But Jupiter gives us a different version of kind of the same investigation. And as I pick the coins for a series, right? Even though they're token autopsies and I could just kind of randomly pick four coins, try to put it together a little bit more than that and they have something in common. So this week was very much about DeFi and DeFi projects. So

again, Jupiter kind of a different version of the same investigation. Jupiter is not struggling to find users, right? It it it routes billions of dollars, right, in trades, operates a perpetual exchange, and has expanded into lending and produces measurable protocol revenue. So right there, we're already pretty sure that it's useful and that there is protocol revenue. It also has something many governance tokens lack a live mechanism using protocol revenue to purchase Jupiter. So far sounding pretty juicy, but we're going to get into the details, right? Although it's a token value capture and we're very much concerned about the ecosystem and the product project capturing value for the tokens that we own, we still want to know what the heck it is and how it works. maybe who's in charge, stuff like that. What uh you know things how you

can break the project down, what different project uh products that they have, which we saw a lot with ENA yesterday. And that sounds like an easy win until we ask what happens after those purchases, right? Rather JUP the token is actually required to use Jupiter the product and how much supply is waiting outside the circulation. I've already hinted at that a little bit here. Tonight we are going to separate three different things. A successful product, a revenue producing business model and an investable token or and its token, right? Not to make that overly complicated. So those three things can overlap but are not automatically identical or interchangeable, right? So we start off [sighs] with the central question and the central question about Jupiter is really Jupiter generates real activity. Okay, we know that and real revenue for that matter.

But does the revenue created create durable value for Jup the token or merely a temporary buying pressure? That seem might might seem a little bit repetitive, right? But I really want to drive that home that people understand what the point of what we're doing is. Like we're not just here to know what Jupiter is and how it works, what ecosystem it's in, who's in charge of it. Like we're not just here for that because none of that is something you could really speculate on, right? You could know about the company, but you can't buy a share of the company like maybe you could say in a stock world. Here you buy a token. And this is where I think most people get really messed up. Never financial advice. This is just research and food for thought, right? But if

the ecosystem isn't producing value that is captured inside the market cap of the token, it's not looking good for you making any kind of money off of the token because it's very hard for the token to go up. Basically, when that is the case, when the ecosystem in the project doesn't create any value for the token, then basically your only road to price increase is just people buying it on the open market for whatever reason. And that is not enough uh confluence for me to get into something, right? I want something a little juicier than that. So, you may not know this, but Jupiter is really no longer just a swap aggregator, right? Jupiter now presents itself as an everything exchange on Salana. And we've seen this kind of everything exchange movement from uh from Kraken to Coinbase to

Robin Hood and Jupiter. They're not sitting on the bench. They're in there as well. And Jupiter is decentralized exchange, right? So, I don't know if they have points of centralization. We'll get into that, but they're very much already in that decentralized exchange game. So, if you're somebody who really really favors that blockchain original ethos, code is law kind of thought, Jupiter might be a better everything exchange than even Coinbase or something like that. It's all about the way that you believe things. So it produces or its products that it produces include spot swaps, limit orders, reoccurring purchases, perpetual contracts, lending and borrowing, Jupiter soul, Jupiter or JUP USD. That's fun to say a bunch of those. Uh prediction markets, they got that. Token launches, they got that. A launchpad portfolio management, all inside of their own dashboard. crypto payments

and spending and onchain stock trading. So, what did they miss? What does Jupiter not have that you would like to see Jupiter have? Put that in the comments. I'd love to know. So, the investment thesis is no longer based on routing interface right where Jupiter kind of started. It is based on Jupiter becoming a complete financial platform on Salana and of course beating out its competitors. Remember that trading volume can look like some really big numbers. Trading volume is not revenue, right? There could be like two billion trading revenue uh or trading volume, sorry, I don't want to mix you up [music] when I'm trying to explain it, but that is not revenue and we shouldn't be confused by that. Right? So during the last 30 days, just a couple of numbers here, uh about 17 billion in aggre

in aggregator volume and 7 billion in perpetual volume. And I don't want to just overdo it with all the numbers, but Jupiter does have a real buyback demand. And this is pretty cool. This is like one of the more bullish things about Jupiter. Approximately 50% of Jupiter's protocol revenue is used to actually purchase Jup the token. That's what we call a buyback. Now, don't confuse that with a burn. A buyback is not going to necessarily create deflation, right? You don't know what they're going to do with it. And that's the kind of the question that these token autopsies are all about. Can we answer it? Sometimes information is available. Sometimes it's really not available. And so, I can't give you what doesn't exist. All right. So, that's what that is. All right. over the last 30-day period. Uh that

represented approximately 3.7 million in Jupiter holding revenue. That is a much stronger product to token connection than a governance token receiving nothing. Kind of like ENA or Ono for that example. [music] Now you're starting to see the compounding effect of all these token autopsies. Now we're starting to be able to stack them against each other. Remember, I'm just like you guys and I'm learning every day. Some projects I might be a little bit more knowledgeable about and some of them I'm not. ENA was a really good Athena was a really good example. I learned so much in that token autopsy, that deep dive, raising your crypto IQ as I always say. It's probably just anybody else watching it. Of course, I go over the notes a little bit and put it all together and get everything in order, but

um I really doubling down, tripling down on that information is what really locks it in your brain. Remember, repetition is the father of learning, and you should never really be worried about hearing things multiple [music] times because that's what really makes it stick in my experience, in my opinion. Right? So, the the Jupiter that is purchased, right, is not automatically burned. And that's a distinction that we really kind of got to repeat here a few times for the guy in the back. So, JUP purchased through the mechanism accumulates in the litter box structure. So they call it a litter box structure, which is interesting cuz I mean what is a litter box like for a cat? Now that creates market demand and removes tokens from immediate circulation, but it's not the same as burning. So it's like they're taking

the tokens and they're setting them aside when they do the buyback, but it's not quite the same as them actually being deleted from the circulating supply. So permanently burning tokens, right, is not the same. [music] uh that whatever this litter box mechanism is that we will or structure we'll learn more about it is also not the same as distributing cash to holders giving holders a legal claim to revenue right or making Jup the token necessary to use Jupiter those are very different but Jupiter already destroyed 3 billion Jup tokens and that is where I'm going to have you guys jump into the notes with me here let me bring up. All right, cool. Here we are. Shout out to all my undergrounders. Smash that like button if you love getting the real depth of some research when it comes

to crypto and not just a little video and and I'm not knocking nobody, right? I've even probably made a video or two that's similar where we just kind of give a couple of factoids, but it's not a breakdown, right? It's taken me honestly most of the time that I've been in crypto and most of the time I've been on YouTube to really understand what is necessary to really have an edge and understanding about a project. And then of course if the token is good for speculating at all and I understand that there's a lot of people who probably have not fully understood that yet. So come along with us on this deep dive of Jupiter. So Jupiter already destroyed three billion Jup tokens. Let's talk about it because that's pretty awesome if you ask me. Um, and I mean

there's let's go back to our tokconomics for a half second here. There's only 3.3 billion outstanding maybe 3.8. So if they've already destroyed 3 billion, is that out of what? Oh, the total supply. Yeah. Wow, man. That just that just kind of tells me that this could turn uh heavily deflationary at some point once you get past the rest of those tokens because there's actually about 6 point something billion tokens out and they've burned already three billion of them and so that's like half. It's kind of crazy that Jup is not worth more for that but you know we're going to go into some bullish times. Yep. Exactly. Blues guy says spread your love. Hit that like button. All right, so they've already burned 3 billion uh previously unissued JUP. Okay, so they weren't even issued in January 2025.

That reduced the effective supply from 10 billion to approximately 7 billion. That's a great start. After the burn, only approximately 3.31 billion. Let's call it 3.3 billion. JUP about 47% of the reduced supply was circulating at the time of this autopsy. So that's like today's information. Now we've done the intro to the show, right? Just to explain how this works. We've done the intro of what we're getting into. We've given you some facts. The facts can be a little bit heavy. We take a deep breath and we kind of keeping it Jupiter geared. Go into the signal verse noise. Important signal, not important noise, nothing but noise, right? and we talk about a few relative stories and things like that that go along with the stream, but it is a minute for us to kind of come to something

else. I think it breaks up the show rather nicely, but you tell me what you think down in the comments. So, signal, it's important. Tokenized stock trading receives a regulatory opening. Right. On September 17th, which is today, the Security Exchange Commission issued temporary conditional relief allowing approved tokenized security venues, not everybody, but approved tokenized security venues to trade certain tokenized US stocks through permissioned automated market maker liquidity pools. The order requires protections including limits on eligible symbols and trading volume, equivalent shareholder rights, public and audible smart contracts, public permissionless settlement infrastructure, and trading halts that follow the underlying security and probably regula regulation, right? This matters to Jupiter because it is expanding towards onchain stock trading. So that kind of puts it in the realm of tokenized stock trading. That's why the story is relevant. But I don't know

if they're exactly in with the uh the regulators or the SEC if they're considered an approved tokenized security venue. They are pretty big though and they have money. So they could be in there with that, right? Anybody have any questions so far? I really want to do a better job of uh allowing people to have a space to ask questions. Please feel free to ask questions here. If I can get you an answer, I will. We have a ton of information about Jupiter to go over. So, we may answer your question either way. And uh we do have super chats. Feel free to send in a super chat. So, signal, right? Important. The CFTC, the the other branch of the government, right? It's not the SEC, but the CFTC. They kind of argue the C the SEC and the

CFTC kind of argue over who has the authority to do what and what regulation in cryptocurrency asset class, right? From a government level. So CFTC uh relief for passive software providers. Um I'm I I think I know where this is going, but let me read it first. Right. So the CFTC issued a noa action position for certain passive software providers that connect users with registered future intermediaries and markets. So I guess middleman the relief is conditional and limited, right? It's not a blanket immunity for decentralized exchanges or unregistered derivative products. And please don't give them an uh a blanket of immunity because God knows what they will do with that. So the broader signal is that regulators are beginning to distinguish software infrastructure from the regulated intermediaries and markets to which that software connects. So they're not the same

thing, right? So distinguishing software infrastructure, right, just built from regulated intermediaries and markets that use the software. That's what I'm getting from here. Right, Struggar in the building. Thank you for being here, Struggleahart. Struggleahart is just every stream I can count on them. It's nice to have people in the community that I could really count on. Makes me feel like they really want this information and they really want to raise that crypto IQ as we always say. So noise. This story is just noise. JUP has fee discounts and a 70% burn. This must be a story that's circulating about Jupiter, right? So, a September community proposal recommends JUP staking tiers, trading fee discounts, increase buyback from 50% to 70%. Man, they really want to pump this coin. Permanently burning purchase tokens. Those mechanisms could substantially improve JUP's value proposition,

but they are proposals. They are not active token rights as of now. So, you got governance. Jup is part of the governance. Jup the token is part of governance right remember if I say Jup token JUP and Jupiter is the project or the decentralized exchange all the products that go with Jupiter until they formally adopt and implement Jup scored as if it has what it actually has the current 50% buyback and hold structure not the proposed 70% buyback and burn structure but let me tell you if if if they pass that that's going to be that'll really change this token autopsy. If they pass those proposals, I'll probably do some kind of update or something, but I'll do it additionally. I won't I won't do it as like a whole another night of just talking about Jupiter. Maybe I'll

do like a pre-recorded video or something. Anyways, if you've been living under a rock and you don't know that Jupiter is on the Salana blockchain, uh, now you do. Token ticker Jup. This is just so we're all clear here. Primary role is governance, staking, and participation in Jupiter community ecosystem. But product to token connection. Well, approximately 50% of protocol revenue purchases. Jube doesn't get much stronger than that, guys. And 50% is a good number. Current economic snapshot right now. Of course, we've been over a few of these numbers, but let's give you a couple more details, right? Total value locked is about 1.8 8 billion. Not too shabby. Active loans, cuz remember they do have lending, is about 997 million, just like 3 million short of a billion. 30-day aggregator volume 17.1 billion. That's not going to mean much

to a lot of people. Perpetual volume is a good metric though, about 7.2 billion, right? Uh protocol fees about 21.3 million and remember 50%. of I don't know exactly the numbers what whatever's left over after they pay their validators and stuff. I'm not exactly sure if it's if you could literally take 21 million cut it in half and that's what got bought back. I'm not sure. So 30-day protocol revenue approximately 7.5 million. Um Jupiter buybacks approximately 3 million. Okay, so yeah, here we are. So protocol fees got you 21 million. I got ahead of myself, right? I should have read the numbers. uh protocol revenue after they paid all of their validators and all the people who are involved and there are many uh it was [music] only about 7.5 million and that results in 3.7 million buyback still

pretty good. So we're going to keep moving. Uh active addresses 10,000 that can be fudged through bots and all kinds of stuff. Not that Jupiter fudges them, just people use the network and they use bots to do whatever for good and bad. And uh that can really prop your active addresses number up a lot, right? All right, let's get through that. Approximately 23 cents. We've kind of been through that. I don't want to be overly repetitive here. I want to get into the sauce and not waste a moment of anybody's time without delivering value as that's kind of my job here on YouTube. So product and adoption. So we're going to talk about the product itself and how well it's been received in the market that it it supplies. is and it's in multiple markets. So there's a good

bit to talk about. So the aggregator, right, that's a product. Jupiter searches multiple Salana liquidity sources and chooses routes intended to improve execution. A trade can be divided across different venues when a split route produces a better result. So there's all this routing and connecting and you know interoperability going on in the background to give the most robust liquidity. Maybe you're trying to fill a very large order. Jupiter is doing its best to route all that liquidity and connect it together so that it's accessible, right? But all there's all the security features involved. There's a lot to talk about. So we'll try to keep that relatively simple. This creates user value through better price discovery. That's every everybody wants better price discovery, right? Reduced manual comparison, right? The reduction of you having to go compare it everywhere yourself. Access

to fragmented liquidity, which a lot of people don't really understand how important that is. Trust me, it's it's important. When you're somewhere and a lot of the liquidity is fragmented and you can't get orders to go through and there's several other things that go with it, uh you really feel it. It It sucks. I've been there. So, lower slippage on some trades, which is nice, right? A single interface with multiple venues. So, a single interface, but you're getting access to multiple venues. That's great. Um, that is abstraction, right? That is abstracting the complexities of what's going on in the background away from the end user. That is how we're going to get more adoption in crypto. We got to make it way easier to use. Sounds like Salana's on top of that. APIs that wallets and applications can integrate

with, so it's easy to develop and build with. That's always good. Uh demonstrated scale, right? Jupiter uh aggregator volume has reached about 1.2 trillion. I assume that's in its lifetime. And 30 days about 17 billion. That's a lot of money using it. What do those numbers tell us? Okay, these numbers are not like wow a trillion dollars or wow seven. It tells us people use it and it's been being used for a long time. So from that we can infer or we can assume that they're going to continue to use it, right? If you're speculating on a coin that has good value capture, you want people to continue using it because all the value capture for a token in the world [music] means nothing if nobody uses it. So product conspar uh expansion not comparison product expansion Jupiter has

expanded beyond routing in into uh okay so what I want to say here is that originally Jupiter was just about routing what we talked about before those uh you know fragmented liquidity connecting liquidity getting you the best price uh making slippage better right you're losing less percents than what you thought you were going to get and then they moved into native perpetual trading because that's a huge market. Lending, great market. Liquid staking, stable coin infrastructure, prediction markets, token launches, portfolio tools, mobile access, payments, onchain stock trading. [music] This expansion reduces dependency on a single product. It also increases complexity and creates more individual risk surface. Right? Risk surface is like more places for things to go wrong. Important limitations though is that an aggregator volume is not entirely proprietary meaning it's not something that it exclusively has to itself

it's volume right and that volume can move to different exchange different niches get high like Jupiter has to have what you want or you go somewhere else and if that happens then you've moved volume out of this aggregator to a different aggregator right and that could be troublesome. Although Jupiter's got so much, it's hard to believe you're really looking for anything Jupiter doesn't have or that a large amount of people [music] are looking for something that Jupiter doesn't have. So Jupiter routes liquidity created by underlying exchanges, right? Market makers and liquidity providers. Those external venues remain economically important. Let me check this chat. All right, chat's looking good. No questions so far. If you have a question, drop it in the chat, guys. We we are, you know, still a community. I do want to hear what you guys

have to say. I know we've been very like fact heavy lately, which is great because this is supposed to be an educational channel. So, I'm not shying away from giving you a lot of facts. Just hope I don't overwhelm people, right? It's always a weird thin line there. All right. So, Jupiter owns the routing, the interface, the integration, the brand, and the customer relationship. It does not own all the liquidity passing through the platform. Of course, those that money belongs to market makers, exchanges, individual people, stuff like that. And we got a nice graphic here. So, Jupiter token autopsy, the money is real. This is a snapshot from September 17th, 2026. Uh, we already kind of talked about it, but we're just going back over it. So, we have the 17.1 billion aggregator volume, right? It's just volume. perpetual

volume 7.2 two billion and protocol revenue of about 7.5 and that all trickles down to the I wish I had a drum roll the number that actually matters to us and that is the 3.7 million of 30-day Jupiter buyback demand and it's locked it is locked but it isn't burned as of yet but apparently they burned 3 billion tokens at one point so that's kind of crazy not a lot of projects do stuff like that a lot of projects say stuff like that, but I haven't seen many projects really do that. Put their money where their mouth is, which is funny to say here because Jupiter is all about liquidity, right? All right. Product to token value map. So, how this is probably one of the most important segments and I like that it's like number two. It's not

buried deep in the video. How does the value in the ecosystem, the revenue, buybacks, all those kind of things equal more money or less tokens for the token, right? Let's go. Step one. All right. Users create the activity, right? Users interact with Jupiter through swaps, perpetual tradings, all of its different products, right? Token launches, reoccurring fees, and there's other little fees in there. I don't want to be too repetitive. Step two, user pays the fee. All right, the last 30 days we got 21 million in total fees. But there's a lot of people who got to get paid, right? That's why only about 7 million really becomes revenue because you got validators, stakers, all kinds of different people uh rather keeping the network, running, securing the network through staking, whatever it is. Uh they have to get a cut

as well. So out of that 21 million, it's only about 7 something million that actually winds up as revenue and then only 50% of that is actually bought back. So these compensate of course liquidity providers, I did forget that trading counterparties, external infrastructure and product specific participants, right? Step three, Jupiter retains protocol revenue. That is 7.5 million in protocol revenue. Step four, half of that purchases Jupiter the token. That gives you about 3.7 million. We've gone over this now so many times. I hope you really get it. Step five, the purchased tokens enter the litter box. The purchased JUP is accumulated rather than immediately distributed to holders, which is good because if they just buy it back and give it to people like uh that doesn't really help deflation, right? that is just continuing to have the same amount

of circulation you already have. What the mechanism actually accomplishes, right? It creates reoccurring dup buying, that's positive, removes purchase tokens from immediate circulation, connects revenue growth to token demand, and provides a transparent product to token pathway, which was what we're looking for. But what does it not accomplish, right? What is it not doing? Well, it doesn't provide cash distribution. It doesn't grant equity in the company. It doesn't give holders a legal claim on Jupiter's pro uh profit and it does not permanently remove the tokens unless they are eventually burned. Right? And it does not make Jup necessary for ordinary Jupiter usage. Right? So value capture conclusion here is that JUP has real value. The mechanism is less durable than a permanent burn. Right? So how could you make this a little bit better as if it just bought 50%

and burned it? That would be amazing. or direct distribution because the final uh disposition of accumulated tokens still matters, right? So, what they finally do with them still matters. Are they getting burned or or what are they doing? Are they going to sit in the litter box infrastructure forever? I do believe that there's a burn at some point, but I haven't figured out how that exactly works. If you're just rolling in, smash that like button for me. I appreciate it. We are talking about Jupiter. And there will be a score at the end and a ranking of all the other things that we've done and I will post that over on Twitter as well. All this information uh well not all of it but a breakdown of each category and its score is posted over on Twitter. So follow

me crypto run with the blue check mark over on Twitter. So tokconomics and valuation. So let's talk about its tokconomics. So far we've touched on it a little bit and it's pretty good. So the 3 billion token burn. Jupiter originally created 10 billion JUP tokens and January 2025 three billion previously unissued. This is an important fact unissued tokens were permanently burnt. Simple math 10 minus 3 7 billion max supply at this point. That's a pretty dramatic move towards almost cutting it in half, right? So the reduction was divided between teamcont controlled and community controlled allocations and that was a meaningful permanent supply reduction. Yeah. I mean and they're gone, right? They're never coming back. Those three billion tokens are never to come back. That's what a burn is supposed to be. So that makes 3.3 billion the current circulating

supply. 7 billion the max supply, right? And that leaves about 47% more than half of the reduced supply can still become part of the circulating economy. Market cap versus fully diluted value. Honestly, I don't find that to be highly valuable. So, we're going to skip that. Right. Buyback yield comparison. 30-day buybacks about 3.7 million. Uh simple annualized rate if this continued. So, when you get like an annualized rate, another fun part about this is I can kind of show you and and and explain some things that like normally maybe you'd read read something like an annualized rate and you'd be like, "What the heck does that mean?" It's just basically assuming that this number 3.7 million is the same for the rest of the year or same for a year. Maybe not the rest of a year, but for

12 months, that would come out to about 45 million, right? compared with the current market capitalization. That would equal approximately 5.9% annually, but it's not guaranteed yield. Again, these kind of annualized things, they fluctuate. They're just not even worth doing, I guess. But big investors do look at that kind of stuff. So, it assumes that the latest month's revenue continues for the entire year. Although, I do think we're going to go into a much bullish time. And I also really think that that'll increase, right? because it's 50% of the protocol revenue after they've paid everybody. I don't see how that doesn't go up as more people are getting in, more people are buying. Even if they're buying spot, they still paying fees, right? So, it's best understood as a current buyback run rate, not a promised return. So, we

don't want to focus too much on this 45 million annualized. Just be glad we got 3.7 million and we want to see that continue, right? And I'm sure there's some people who are going to tune in who are big on Jupiter, own a lot of Jupiter. And uh I feel like the more stake you have, the more you understand how valuable these deep dives are, these token autopsies. Like if you own $100,000 of Jupiter, like this this matters, right? If you own $10 of Jupiter, you're like, "Eh, I I'll I'll pop in for 15 minutes." Highly encourage you guys to raise that crypto IQ and go farther than most people. This is my opinion, but if you want to have the life most people don't have and you want to have success that most people don't have, you got

to be willing to do what most people won't do. And to be honest with you, most people will click on this stream and watch about 20 seconds and they'll be like, "Ah, this feels like effort." And they'll leave. But that's fine because this is not for everybody. This is for quality over quantity. Anyways, uh Jupiter token autopsy. The supply is not finished. So, let's take a look here at our circulating not circulating and sometimes it just having it visual. Some people are very visual. So, I always want to make sure this is included. So, circulating so far. [music] Uh JUP not circulating about 3.6 billion. And that's about all you really need to know there. We could go into diluted and all of these different things. It's not really worth doing for the average person. And if you're a

hedge fund, probably not watching this and also know how to get those numbers yourself. Competitive mode. Now, this is also one of my so token value capture probably my favorite category because it's really what matters, right? And those other things, all the other categories do matter, but nothing matters more than will the price of the token likely go up, right? But competitive mode is a big part of that because how does it stack up against its competitors? Does it have two or three competitors? Does it have 25, 30, 40 big competitors? That's very important. So, let's talk about it. A moat is its ability to fend off its competitors or have something of value that they don't have, right? Something of that nature. So, why Jupiter has a moat in the first place? Well, distribution. Remember, Jupiter is big.

Jupiter is deeply integrated through Salana ecosystem. So if you're in the Salana ecosystem, you're probably being routed somewhere through Jupiter's products. Users may interact with Jupiter routing without visiting the main Jupiter site because wallets and applications can integrate its infrastructure. And that's what I was trying to say like you may use something totally different than Jupiter and you very well may actually be using Jupiter's product. Liquidity access, right? Jupiter can search across many venues rather than relying on one liquidity pool. More integrations create more possible routes, creates more ability for you to get whatever you're trying to buy. Brand and trust. Jupiter, I think, has that. Jupiter has become one of the best recognized consumer brands in Salana DeFi. Like without a shadow of a doubt. Um I can think of other ones, but really who's that number two

on in the chat? Like if if Salana is like the biggest most recognized Salana DeFi decentralized exchange, who would you consider number two? Is it like Orca or something like that? There's quite a few other ones, but I just don't think that they hit the same brandwise and brand recognition. So that reputation reduces friction when new products are launched, right? So product breath or breth, which is a weird word. I wish it would use a little bit better language here. Uh Jupiter is building a connected financial platform rather than defending one isolated feature. So just saying it's expanding right into other markets instead of just staying so niched that if somebody ever came for that one niche and and competed with them in a significant way, it would really damage their business. when they have many, many, many different

products and places where they're making revenue, makes it much easier to be a large conglomerate that you can't just put out of business or compete with overnight. Also makes people want to use you because you have so many things in the same place. So, a user acquired through swaps can later turn around and use things like lending, perpetuals, uh portfolio tools, payments, predictions, and stocks. I think the point here is that most people's first interaction with Jupiter is like pancake swap or unis swap, right? They're just trying to make fiat dollars or uh representation of that USDT, USDC turn into the coin that they're highly excited about, right? Or that they want to buy for whatever reason. Maybe they'd buy things they're not excited about. I don't know that it's a little bit of a rant, but anyways, um

I get myself off track, guys. What? What? What is going on? How's everybody doing out there? Real quick, make sure you hit that like button. We have any new people in the chat? Please drop something in the chat, even if you're watching this video later, so I can tell who's been here and who's not scared to be a part of this community. All right. So, yeah, my point here is that most people's probably and my own I can definitely say for myself, my first interaction with Jupiter was just trying to swap, right? Uh, but you could now you're in there, got your wallet connected, you have the website. Who knows what else you'll get into from stocks to perpetuals. Yeah. Blues Guy says, "Indeed, people have short attention spans, especially with crypto. Seems like they don't want to learn

until it's pumping and they buy it." This is the Yes. All right. I'm I'm actually going to take a second not to rant hopefully, but just to really say something about that because you have such a good point and it's just it's sad to watch to be completely honest with you, but it's a product of of human, right? Like they they don't care about something until it's kind of like too late or it's too important too quickly. They don't have the time to really learn. And everybody seems to do the same thing. Crypto will get hot. They'll run in here. They won't want to learn anything at all. Uh they'll think they're geniuses. Some of them will do the worst thing possible and get lucky and make a few bucks almost guaranteed to set them up to overexpose themselves

and and lose too much money. This is not a financial advice kind of platform and I'm not a financial advisor kind of stream here, but they all seem to do that and then and then that's when they come get the education. And I'm just pointing out that it's sad because if they would just have enough discipline or thought to think, I should probably know what I'm doing before they go lose tons and tons and tons and tons of money. And I've seen people lose like 250 grand, right? Um, for the average person, that's a lot of money before they were like, I'm going to actually learn. I Hey, just don't let it be you. That's all I can say. Don't let that be you who loses exorbitant amounts of money. You know, what's a lot of money is different

to everybody. I mean, the the homeless guy on the street, couple grand is a lot of money, right? So, it's all proportionate. It's all perspective. CCP, welcome in. Welcome in. Welcome in. It's hilarious. Hey, he's trying he's trying to get kissy face with me. What's up with that? Oh, he's just kissy facing everybody. I I honestly don't even know if is CCP a guy or a girl. I don't know. It's not important. I don't know why everybody gets offended nowadays, but I don't think CCP is one of those people. So, data and routing experience. Let's get back on track, right? Let's do that. Let me let me recap for you. We are talking about the competitive mode of Jupiter and how Jupiter beats out its competitors. Data routing and experience, right? Large transaction volume provides continued experience with routes,

liquidity sources, failed transactions, and user behavior. Why the moat is not permanent though, right? Just like we talked about aggregator volume, DEX routing is competitive and relatively easy for users to compare. Users generally care about price, slippage, speed, and I would say they're kind of in the right order here. Price and slippage number one. Then maybe MEV protection, maximal extractable value, right? Which is people trying to sandwich attack you and all kinds of different things and make a buck off of your transaction. That's a whole another story for another day. I could go way into that and I shouldn't. Failed interaction rates, right? How many of them fail? And of course, reliability. I feel like failed interaction rate or transaction rates are the same as reliability. But I digress. There are not necessarily loyal to one router, right? So

people are just firing things off. They're looking at who's giving them the best price. They're looking at how much they're going to actually get of a token. Like say you're buying a memecoin. Meme coins tend to be the coins with the most slippage. Although there's a little bit of slippage on everything really, but you're going to look and you're going to figure out what what's giving you the most for your money. And that's not like loyalty to a brand, right? There's probably very few people out there who's like, I only use Coinbase because I love Coinbase. I got a Coinbase coffee mug and a coin and the same thing with Jupiter. I got a Jupiter hoodie and a Jupiter keychain and I only use Jupiter. Like people aren't really like that. They're just looking for the best deal. So,

it's really on Jupiter to stay competitive um to bring people there. They got to have the best stuff, which is in our interest as consumers. That's pretty much how quote unquote capitalism works at its finest is it brings the best prices and opportunities to consumers. evidence of competitive pressure. So where is the pressure being applied on Jupiter? Well, Block Works data, which we love that website, reported by Salana floor showed Jupiter's weekly Salana aggregator share falling from approximately 88% in early April [music] to only 68% in August. During that snapshot, Jupiter approximately 68%. OKX, now we're getting into their competitors. OKX, DFlow, and Titan. 18%, 10% for DFlow, and Titan only 3%. So, I wouldn't even really consider him that much of a competitor, but OKX and DFlow seem to be the biggest competitors, at least in this time

period. Jupiter Jupiter I I I've said this I've said Jupiter one too many times already. I can tell. Yo, CCP is killing me. Oh, man. Dude, you're so funny. So funny. And and by dude, I don't mean I don't mean a guy. I just mean dude, like bro can call chicks bro. Oh, you could call anybody bro, as far as I'm concerned. Off topic once again. Anyways, Jupiter remained the clear leader here. Obviously, it's got 68% and its next best OKX has got about 18, right? But the decline demonstrated that routing dominance can be extremely challenging. Uh, it's funny from being in business myself and things, never at this high of a level, right? This amount of money. But that's got to be stressful to be Jupiter, right? You just got everybody breathing down your neck and you just

got to like give everything away for free. It's amazing that they managed to make 21 million, right? I wouldn't be able to sleep at night. I'd be like, everybody's going to take all take all my market share. Competitive mo conclusion. So, what what what do we really make from this? Well, Jupiter has a meaningful ability to win over its competitors, right? Through distribution, integration, brand and product breath expansion, right? The routing technology alone is not an unbeatable moat, right? Matter of fact, routing seems to be something that a lot of its competitors can kind of do as well. If you're just hopping in, smash that like button for me. Consider subscribing. Security and decentralization. So now we come to Jupiter's security. How is Jupiter even secured? Right? What mechanism do they use? So this is an interesting category, but

I can't think of any better way to do it, right? Cuz we have security, but we have decentralization. Maybe they should be their own separate categories, but putting them together, I think kind of makes them compete a little bit. And I think that's good for the overall score that you get, right? And as long as all of them are done the same, the score holds a lot of value. If we start changing them now, then what's the point? Anyways, let's start with security. What are the strengths? Jupiter publishes audit information for its protocol and provides a process for reporting vulnerabilities. So, they audit. Audits are only good as far as the last time they did them though. You got to remember that about audits. And it does provide a process for people to report things that are vulnerabilities or

glitches or like whatever they don't like. I guess that it's probably not a place to complain, but you get my point here. The core routing experience is non-custodial, right? Users remain or retain, sorry, wallet control. Swap settle on Selatada blockchain and Jupiter searches external liquidity rather than holding every user's deposit. Jupiter's scale also means its products have received considerable realworld testing which when we talk about security is actually a really good point here 1.2 trillion and it's like lifetime of money has flowed through it. If there was any big obvious like exploits, they would have done happened [music] already, right? And uh total side note here, I know Zcash is absolutely [music] pumping, which is great. And shout out Zo. I know he's he said he bought some at like what 80 bucks or something. Good job, man. I

hope you bought a couple of them. But um just remember that they had that problem where because they're a privacy coin, there was an exploit. somebody, anybody, multiple people, developers could have minted as many Zcash as they wanted, and they have no way of telling if it did or didn't happen. Somehow, I have this sneaky feeling that that is going to be important later down the line. And I said it from when it happened. And I said, "Hey guys, like they're going to wait for everybody to forget about this and then they're going to pump it and then everybody's going to run into it and then those coins whether genuinely bought or not are going to get sold." Just now where that is, I don't know. Is that at $3,000 for Zcash or 50,000 a million? I don't I

don't know what the price point that could happen is. But, you know, regardless of if that exploit actually was exploited, people actually minted tokens on there for free. Um, people are going to sell it at some point the higher it goes, right? Anyways, we're talking about security for Jupiter. I don't know why I felt like I needed to say that, but hopefully 007zo is here. Yo, y'all are cracking me up. I don't even have time to read all that. I got to focus. All right. I hope y'all are having fun in the chat. Hit that like button. Consider a membership. support your boy in his research and all the hours I put into this channel uh for uh minimum $3. It's pretty good. So, security complexities for Jupiter getting back on track, right? Jupiter, the project now refers to

many different products, right? Doesn't just mean the routing uh routing behind the scenes of liquidity. Each one introduces different risk, right? aggregators, incorrect routing that can mess things up, malicious tokens or fake tokens or uh minted tokens that nobody actually paid for. Uh like I was just talking about Zcash, external liquidity failures and API and interface attack. So, you kind of got to know where your risk is. But with Jupiter, it's kind of difficult because Jupiter has so many products. That's a huge plus for them as being attractive to consumers. But you got to remember with that many products, there's a lot of different places for things to break or go wrong or have problems. So, we got to keep that in mind. But I don't know where you're going to go that you're not going to have that

some kind of risk like that, right? Perpetual exchanges can have oracle failures. Oracles feed data. Uh liquidation errors, leverage, liquidity pool losses, impermanent losses even, and smart contract risks, lending, of course, bad debt that doesn't go well. Oracle manipulation, collateral failure, liquidation risk. So just getting liquidated and lending is not cool. It's like perpetual trading. Getting liquidating sucks. Interest rate model risk. So just the way that they have their interest rate set, that can have risk. Stable coin and asset products, reserve structure, that could have risk. Counterparty exposure, third parties and things like that, that could have risk that's not even necessarily known. redemption risk and regulatory restrictions. That's probably a pretty big one when it comes to the stable coin because that's what they're focusing on first if they can ever agree to get anything done. Uh with

Clarity Act, we've touched on it a few times. It's not dead in the water, but it's not looking real great either. Did the banks pay those senators to kill that bill? Because banks do not want you to get good interest on your money. Banks have been very happy to make all the money off of your money and give you nothing. Uh they don't really like anybody changing that. So a secure swap router does not automatically make every Jupiter product equally secure. Decentralization limitation. So we just went from security to decentralization, right? The original ethos of blockchain technology aka Bitcoin. Jup the token holder can stake and participate in governance. However, the core team remains decisive o uh control over these things, right? So, the team has control over these things even though the token is used for governance and

you're supposed to vote on things. But hey, the team still retains control over product development, new product launches, technical architecture, many token utility decisions, which community proposal reaches implementation. So, how good is your governance? I don't know. From what I just read there, like your governance is great, but it's not that decentralized because uh the team seems to get the final say. Foreign participation is not automatically binding governance. Hopefully, they're not just kind of blowing smoke here. Salana dependency. Well, Jupiter is deeply dependent on Salana for settlement because it's on the Salana blockchain. network availability, transaction inclusion, wallet infrastructure, liquidity, and of course, ecosystem growth. Should they start integrating other blockchains? Would that be a positive for Jupiter or a negative for their brand? Because their brand is very Salana heavy. Jupiter benefits when Salana grows, but it inherits

Salana specific technical and economic risks. whatever Salana has trouble with. Salana goes down, Jupiter's pretty much down, right? Where other ones might have inte uh routes and integrations with other blockchains and may be able to still somewhat be usable through other blockchains. What is going on? I don't know what's going on. All right. Uh, y'all are hilarious in the chat. Catalyst and execution, right? Jupiter lend. So, they have a lending protocol and all of that fun stuff that goes along with it. Jupiter has approximately 997 million in active loans. It's almost a billion dollars, 3 million shy. Uh lending gives Jupiter another reoccurring source of activity and of revenue beyond trading. Broader financial platform. Jupiter's active or developing products now cover everything from trading, leverage, lending, stable coin prediction, token launches, launchpads, payments, stock trading, and portfolio management that

creates multiple possible revenue engines, but of course more risk tokenized security. Well, the SEC's coming back to that signal verse noise stories that we did earlier, the SEC security exchange commission new custo uh new conditional exemptions, right? Provides a clear regulatory pathway for tokenized stock venues. Jupiter still needs its own compliance structure. I was I had a feeling Jupiter wasn't quite in that yet. Partners and approvals. The regulatory direction is nevertheless favorable to the broader product thesis and Jupiter's got money I think that they can figure out hire lawyers whatever they got to do they can figure out how to be a part of that compliancy revenue growth automatically benefits buybacks. So anytime they make money that's great for buybacks and it's great for the token. It's it's almost very hard the the only way this could be better.

Let me put it this way cuz we talked so much about how token value capture for the token is the most important thing here. That's why it's a token autopsy and not a project autopsy. Uh buybacks, the only thing better than a buyback is a burn. I haven't quite figured out when they burn and when they don't burn. They burn three billion tokens, but that was like a one-time thing they decided to do. They have a litter box infrastructure which is just a title a name that they give it where they lock up all the tokens that they bought back. So it like kind of removes them from revenue but it's not official or circulating kind of removes them from circulating but it's not like officially they're not gone gone forever. So that's important, but this is still amazing

and I don't want that to be lost on us because this is a great I would love to see many many many more products do this right 50% at this point and they want to raise it. So here's the thing I really want to say. There's going to be a proposal or there is a proposal sorry that they're working on now and hopefully gets passed where it changes the buyback from 50% to 75% and it's burned instead of locked up. when they do that, I'm going to buy a fat bag of Jupiter. And I only know that because I'm doing these token autopsies. Otherwise, I probably would have never caught on to that cuz I don't I use Jupiter as a product, but I don't sit around in their like, you know, governance forums and stuff like that. There's

so many projects. Who here is in the forums for all of these different projects? Probably nobody. Anyways, I wouldn't say it's off topic, but I got on a rant there. So revenue increases Jupiter purchases without reoccurring uh requiring sorry a new governance vote each month. So it's another good point. There was other projects where it kind of seemed like they had to keep voting on these buybacks, right? And although they were significant in size, all it takes is for them to not agree in a vote and then that's over. Where this is built in, it's done. It's happening over and over until of course they decide to vote to change it or something like that. So that's a great catalyst for token value capture. Potential token utility upgrades that are coming, right? Possible future improvement includes right here. We

just stop and say this is potential. This is not guaranteed. Don't get excited. Uh well, you do whatever you want with your money, but I'm not going to get excited and run out and buy a bunch of Jupiter because of potential things that could happen. I've been in crypto long enough to know what is said doesn't always equal what is done. Like I said, when I see the proposal for 75% revenue buyback and a burn or either one of them really, that's probably when I'm going to consider buying quite a bit of Jupiter. Now, I may consider buying some after this uh when I see the score that we get here because I have a feeling it's going to get a really good score. So far, a is our top token autopsy token value capture coin that we've done

so far. Anyways, potential token utility upgrades include fee discounts for JUP stakers, higher buyback percentages, permanent burns, additional governance authority, JUP, the token collateral utility, and deeper integrations with future Jupiter infrastructure. Right, with these catalysts, these are catalysts only when they're implemented, which is the same thing I said at the beginning. All of this is cool. the higher buyback percentages, the permanent burn, that 75% in a permanent burn is absolutely amazing. That will send this thing up for sure over time over time, right? Because you got to make the revenue before you can buy and burn. But the point is if you buy on that news or before the news, right, when it's actually being voted on, I'd almost buy some. Anyways, that's neither here nor there. That's my opinion, not financial advice. Execution record. While Jupiter has consistently

expanded from aggregator into additional working products, execution is one of the strongest parts of this thesis. The challenge is ensuring that product expansion strengthens Jupiter rather than merely expanding the Jupiter brand and just opening it up to more risks. Those products not only have to be purposeful, but they have to bring in revenue. And of course, risk and unanswered questions, which I believe is the last category here. Supply overhang. Now, this is one of the biggest ones, but supply overhang doesn't necessarily mean anything off base because we don't know when new supply is coming out. And a supply overhang with of course buybacks and then hopefully buybacks and burns can really offset things. So, approximately 52% of post burn before burn, right, supply was not circulated. Buybacks must be evaluated against future emissions and not isolated, right? So, you

can't just look at a buyback. You can't just look at a burn. You have to look at how many new tokens are coming out into supply and how often. Well, buybacks are not permanent burns. Purchase tokens are [music] held, right? They're not burned. So, if those tokens can eventually fund grants, rewards, compensation, or ecosystem spending, then the buyback delays circulation rather than permanently preventing it. What we're saying here is if [music] they buy back, they hold them in their litter box infrastructure, which is a weird way to say it, right? Then they turn around and use it for literally anything, then it stays in the supply. If it's not burnt, it doesn't help uh deflation. So, Jup the token is optional, right? It's not something you have to have in order to swap, trade perpetuals, lend, borrow, or use

most Jupiter products. Normally that would be a huge red flag for me and and just really downgrade how I felt about it. But these buybacks and the potential of of more buybacks and even burns is highly highly uh bullish for sure. So revenue catalyst Jupiter revenue depends heavily on trading and financial activity. So we need bull market right to really get this thing running. Revenue and buybacks can decline during low volatility bare markets. Reduced salana activity right if things really move to another chain. Falling leverage demand. Reduce token launch activity bare markets. Of course anything that's bearish is bad for revenue. when you really kind of live off of um trading and financial activity, meaning a lot of activity, the opposite is not a lot of activity, and that's what a bare market is. Competition, OKX and DFlow really

are the biggest. And I've already demonstrated an ability to take some aggregator share. Wallets can also internalize routing or direct users towards preferred execution partners. So routing is like a whole another lesson. And I think at some point it would be really great to do a whole kind of lesson at least one night if not a week on routing. High potential to kind of lose everybody on that though. So we'll save that for another day. But routing is highly important because you're controlling the flow of who gets the volume and who gets the volume is who gets the fees. So you're controlling who makes money when you control routing. If you set up a wallet and you only use a certain person, well, that's who's getting all the fees and revenue, right? As well as the wallet. Anyways, that's

as far as I'm going to go there. Product complexity, right? Jupiter's widening product catalog creates more growth opportunities and of course possible places for risk and failure. Governance, Jup the token governance role is real, but it's limited by the core team control over product and token utility decision. So, it's like you have a say, but the team, core team anyway, not all of the team, just the core team, they have control over really what happens. That's what it sounds like. Regulatory exposure of course, perpetual contracts, prediction, stock market, and payment products. Each face different regulatory requirements. They have a lot of regulatory stuff to juggle. I hope they have some good uh, you know, whatever you need, lawyers, whatever on the payroll, and I'm sure they do. Smash that like button for me if you enjoy these token autopsies.

And if you want to know if the token that you like has high potential to go up or capture value out of the ecosystem, smash that like button, subscribe, and there is a link to our free Discord down in the chat. And I'm linking it literally right now as I forgot to in the beginning of the stream. It's very rare that I do that. All right. And now should be pinned down in the chat. Please feel free to join our free Discord. That's where we hang out when we are not live streaming. And there's lots of great people in there. Of course, you get access to [music] me as well. So, the autopsy lesson here is never stop at the protocol makes money, right? Don't just stop because a protocol makes [music] revenue. If the funny part is if

if people do any research, that's about usually as far as they go, oh, look, they do make money. They have a real they have a real product. People really use it. Uh they do charge a fee or something. there is product revenue and then they kind of stop there because a lot of people I guess don't really understand how to look and see um what mechanisms and you could just ask yourself right now name the mechanisms that are commonly used or would make a token capture value out of the ecosystem that they're associated with. That's what we're highly about. All right. So, this is kind of a just a little mini lesson on what you should be thinking about and why we do a token autopsy. So, separate these five things. Product volume, users fees, protocol revenue, holder revenue,

and net token effect. Right? And I'm going to kind of move past that. So, activity is strong, revenue is real, buybacks are active, permanent value retention remains incomplete. That's kind of our assumption just for Jupiter out of these questions. Hopefully that makes sense. Now we get into the complete scorecard breakdown. Now generally I don't read all of these for you, right? Because this is like taking the category and making a short summary case for every single category, but we've already gone over it in detail. So it' just be highly repetitive. But I do post all of these over on Twitter, right? or X, whatever you want to call it, doesn't matter to me. I like actually calling it X, but that's an unpopular opinion. Anyways, uh here I am underground crypto. Crypto ROM blue check mark. You can see

my face in the thumbnail. That's ground crypto if for whatever reason you like to do it that way. And uh yes, I only have 178 followers. Is very hard to grow on X. Uh I post often every day actually. I post like almost every single day. And we are seeing growth over on Twitter. So that's a great place to follow me. you'll see what the show is every day or you can join the Discord. Whatever it is, I'd really appreciate it and I'd love to have more people to interact with over there on Twitter X, whatever. But what we will look at is the score, right? So, utility and adoption 19 out of 20. I mean, you almost can't get a better score. That's a great start here. Then we have token value capture and they actually only give

it a 15 out of 20 which I'm a little bit surprised but is still a really good score especially when you add the 19 that it just got then we have tokconnomics and supply an 8 out of 15. It's a pretty decent score right moat for its competition its ability to beat out its competition 12 out of 15. That's pretty good. a little bit to be desired, but not likely to just get blown away by its competition. That's what that score tells me. Security and decentralization, right? Two different factors. We put them in the same category. It's a seven out of 10. Not a whole lot really left there to get three points. I think seven out of 10 is a good score. Catalyst and execution, a nine out of 10. Almost a perfect score. I don't think I've

seen anything get a perfect score yet, so that's pretty good. and risk and unanswered questions. Five out of 10. Um, [music] I see five out of 10 is a common score for the risk and unanswered questions. Probably because you have risk and unanswered questions combined together. You can have a lot of unanswered questions. So, five out of 10 daily scorecard. It got a 75 which still puts it on the watch verdict. Now, I will say that the token value capture test here or autopsy, right? Token autopsy is kind of hard to get a passing score. I'm going to be honest. Like, you need 80 and above. I think we have like one that passed so far. Um 75 is a good score and I'm feeling pretty good about Jupiter, right? So, let's go ahead and just do our final

verdict kind of close out here. It's not the end of the stream. Don't run off on me. We have plenty of other things to look and talk about, right? It's only 948. But let's just recap here. 75 out of 100 is what Jupiter scored. Our final verdict is that Jupiter passes the product test, passes basic value capture test. The platform routes enormous amounts of trading volume and is expanded into multiple uh functioning products and generates measurable protocol revenue. Unlike many governance tokens though, Jupiter has a live connection to that revenue through buybacks. Approximately 50% of the protocol revenue creates reoccurring Jupiter buybacks. That's banned. So that prevents J from being classified as a purely decorative governance token. However, the mechanism is not complete enough to pass, right? That's surprising to me. I really thought we were going to get

a pass on this one, but it's about five points shy. Purchase tokens are accumulated rather than automatically burned. And I think I think I heavily agree with this. That is kind of my biggest problem. And after I've done a lot of other token autopsies or what we've done so far, I should say it. It really is a lot better than almost all the stuff we've looked at, but it's not burned. All right. And a burn is deflationary. It's not proof of deflation, but it is deflationary, right? So automatically burned or distributed. JUP is not required to use most Jupiter products, right? Meaning people aren't going to buy it just to use like a swap or something. And more than half of the post burn supply remains outside the circulation. So we have a large amount of supply to come

into circulation, right? Jupiter's aggregator dominance is also facing strong competition while the expanding platform introduces additional technical and regulatory risk. The result is a token with real economic support but incomplete scarcity and incomplete operational utility and unresolved governance questions. Jup earns a place near the top of the leaderboard because Jupiter has achieved something very important. The product makes money. The part of that money creates token demand. The remaining question is whether the demand can consistently outrun future supply. 75 out of 100 and a watch an upgraded watch list. Where is our ah the leaderboard? This is what I want to see. So the best score so far is a right with an 82. Hyperlid just edged Jupiter out slightly at a 77 and Jupiter now a 75. Avalanche actually with a 68 and I'm surprised that Avalanche is holding

up as well as it is. It's a conditional pass which I'm not really sure why it got that score. Um I forget what the conditions were. Anyways, everything else is a watch from from render to sweet Athena. It is very hard to pass our token autopsy with a passing score. So that should say a lot for A and Hyperlid. Oh, Hyperliquid didn't even pass. We've had one token pass so far, and that's A. So, it's got to get higher than an 80 all all over. Right now, let's move along to a couple of fun things. Let's take a look at the token. Uh I say token autopsy way too much, guys. Let's go to the crypto bubbles, right? MCAT. Mars Cat apparently just absolutely exploded. I have no idea why. 706 million. Holy crap. Well, that that that requires

going here and looking at something, which is the market cap chart and when this thing exploded. Okay, so today it already was 246 million, almost 247 million, right? So it didn't go to this like 700 million overnight, but okay. So it it had about September 15th, it still had about $4.6 million in it. Marscat just went crazy. So it had about 4.6 6 million in it when it came out. It seems like to when they started tracking it, right? Uh there's a whole thing about, you know, when uh it starts tracking it. It's got to get I forget what the proper word is for it. Is it Oh, it's not a pump fun. It's actually a B&B token. It's nice to see. It's kind of refreshing. And uh Marscat, it it's got people's attention. What the heck is it?

Of course, it's like a memecoin. That's what I'm assuming. No, a privacy first social platform designed to operate natively on peer-to-peer networks. Okay, you I mean look at Zcash. Privacy is hot. All right. [music] um actually makes me kind of want to look at a few other things like piratecoin and stuff like that because when that money if if privacy is hot and that money rotates, is it going to rotate into other privacy coins or are we going to see a totally different category of crypto pump? That's kind of the question that's kind of forward on my mind right now. Now, they have an app, Mars app, Anonymous AI. So, I can see why people like this. It's got real function. Uh, I don't want to download the app on my computer. I'm very wary of stuff like that.

I will absolutely do my research before I download anything. A lot of uh new coins and stuff like that, they'll have a wallet that's like native and only and some of them you can only buy through a native wallet and stuff and uh you're going to need to download that usually directly for their website, but they'll be small small tiny projects and I just don't trust it. It's what keeps me out of a few of those product. If they're not on some kind of exchange for me to buy, then I'm like, uh, it's hard. Melissa says, "Now we have Arc Network and there's memes, too, on Arc." Yeah, I don't I don't doubt that. Blues guy said, "I'm going to wait till the top to buy some." That's that's hilarious. This is the That's the funniest thing I heard

all night. Jupiter to the moon. What's going on in this chat? CCP and Blues Guy, you guys getting along? Can we all be friends? I didn't read it, so I don't actually know what's going on. All right, I'm supposed to be talking about Mars Cap. So, peer-to-peer network, right? Just like that original Bitcoin ethos. Fully decentralized, full end toend encryption. Now, remember something about encryption. All right, encryption is great if nobody has the keys to the encryption. If somebody gets the keys to the encryption, then they can read anything. All right? And the keys to the encryption are just a file. So if they can get that file in your phone, in your computer, whatever it is, uh they can read everything. So don't don't let the end encryption really go to your head. If you think like big

intelligence agencies can't read it, then you're crazy. Um I don't think they let any I honestly don't think they let anything out on the market that they don't have the ability to look at. All right. Anyways, now crypto is totally different because developers can do whatever. But just take take that for some food to thought, right? Future proof of security design. That's interesting. The network security was designed with long-term needs in mind using sustainable cryptographic solutions to address future challenges posed by increasing computational power. anonymous identity. Mars Cat does not require a phone number, email, or any real world identity. It's so funny because like you have this one section of crypto and stuff that really wants to go in this digital ID section, right? And then you have everybody else, right? There are a few perks to digital

ID. I'll be honest, but it's not enough, right? And can here's the thing, right? People are so black and white or one extreme or the other. Do we need to have a digital ID linking you to everything or just complete anonymous, right? Or is there a way that we can have both and have digital IDs for where it matters and anonymous where it doesn't using things like zero knowledge proofs, right? Zero knowledge technology. Uh the evolution of like optimistic roll-ups and optimistic techn could go into a lot of that. I'm not going to do that to you right now. We were talking about Mars Cat and it was nice until I ruined it with that rant. Just kidding. Uh, use without registration. So, it's cool. It's very uh decentralized and anonymous and they don't ask you for nothing. I

could see why people would like this. Seems like a real project to be honest with you. It doesn't really seem like a memecoin. It's called Mars uh Mars Cat, which seems very memecoinish, which is probably brilliant cuz Marscoin was doing really well. This thing just came out. I'm going to be honest. Uh I I'm kind of feeling like that Mars cat could run uh even higher than this, right? To multiple billions of dollars. Oh, and you know, a lot of your profits from uh a lot of your profits from Zcash might be running into this because Zcash is cool, but do they have all of the different stuff that Marscat, do they ask you for your phone number or your email or any of that? I know like if you buy the token, right? Like they're not asking you

for your email, but I don't really know a whole lot about Zcash's products. Uh, in general, Zcash would be a great project to do a token autopsy on. I should write that I'll write it down mentally since I don't have uh a marker with me. All right, guys. What else do we want to talk about here? Oh, we were just getting started with the crypto bubble. So, MCAT's just absolutely pumped. Uh you hope for a pullback. It's at 700 million. This thing could go to many, many, many billion. So, you could see some multiples, but I' I'd kind of like to catch it on a dip here. And I'd like to do a little bit more research about the product itself. Right. Then we have uh Stonk. No giant bubbles here. Bedrock token. Useless Stonk, which I'm pretty sure

Stonk is a memecoin, right? Let's see if they give Stonk a memecoin category here. Says it's a launchpad. Oh, I guess it is, right? It is. It's got that.xyz. Stonk fun like pump.f fun or all the different ones, right? Launch coins paired with anything. Uh yeah, that's just weird. But who knows? It could be highly useful. So you could pair it with a bunch of other things, stocks, current. Oh, man. That just sounds confusing for you as somebody who's buying them. It sounds confusing because it's like, all right, this this memecoin's paired with like a stock and this one's paired with another memecoin. Like that just sounds confusing. I'd need like they have to put them all into chat GBT just to figure out what the heck is going on. And you got to think about barrier to entry.

Uh I think a lot of people will buy stuff and have no idea what they're buying. I think they'll buy it, especially in a bullish environment. I think they'll buy, but I don't think that they'll know what the heck they're buying. Pawns is doing well. Aikido bouncing. FET doing all right. Uh it's still up 10% on the week. How's it look on the month? FET's up 50% on the month. I love that. Go fat. I own a little bit that I've held for way too long. Couldn't tell you if it's above when you've held things for like a long time. I don't even know if it's above water or or not, but when it pumps 50% still makes me happy. We got genius. I remember I called it Ginius at one point. I don't know what the heck was

wrong with me. Uh Geode Geodet, I'm pretty sure is super old. I don't know why they don't give you the lifelong thing here, but it pumped like 60% in the year and 42% today. It's a high of about 32 33 cents there. Backpack up 18%. Cross. What is this? Yeah, just cross. I want to call it crosschain because we say crosschain so much. Chip AI up 11%. Man, I was eyeing this thing for a while. Maybe you guys remember. And I was like, they're going to pump this. I don't know why. I said this about USD.AI several times, right? And this was like back in the uh like lab era or even farther back. What was the coin that just absolutely dumped? Oh, what was that, man? I really wish I could remember it. I'm tired, guys. Um, what

was the coin that crashed before Lab? Rave Dow. Raved Dow. It was back in the Raved Dow era. And then shortly after this came out and I was like I don't know why but like I feel like they're going to pump the crap out of this coin. Um it didn't happen right away and which is what I said. I think a pattern that I recognized and it's weird because we go into different eras and this is pure speculation and just my thoughts from being here on like a pretty much daily basis is that we have these periods where we start getting patterns, right? And then a new period comes in, right? And then we change patterns. But it seemed like for a while it was [music] new coins come out, wait until it's been about a month, month and

a half, two months, everybody's forgot about it. Then some pump group gets a hold of it and runs the thing to the moon because there's nothing exciting going on at that time in that era of crypto, which was like, I don't know, four or five months ago. Everybody goes running into the only thing pumping and then they just dump it on them and hurt people just get more hurt and it's sad. Anyways, my point was I'm not surprised to see this doing pretty well. It's got AI in it, right? AIO oz if you understand, you know, and unify AI. Let's drop down and see or one through 10,000. What's the best category of the day? That one through 100 because of that Mars coin 3 to 400 here. Uh the Islam coin, which I don't understand. I guess that's

like all of the money in Arab nations unite and have your own memecoin. I don't really know what that's about. I knew it. I knew it. Did you all hear me? I I'm telling you, pirate chain. Oh, look at that flag for Pirate Chain. Uh, as long as Zcash holds up, I think you're going to see these other ones pump. 20% is really uh nothing. On the month, it's up like 80%. Oh, man. I I've got a I wonder if he still owns some. I met a guy one time who he had a company where he helps people buy crypto and stuff. I was like, and this was a while ago, so it made more sense, but nowadays, I don't know how you could not know how to buy crypto, but whatever. Uh, he had made a bunch of

money off of Pirate Chain at one point. We should go look at Pirate Chain. Let's do that. Let's go to Trading View where I can actually draw on the chart a little bit. What do we got up? All right. Well, before we go to pirate coin, you can see we are respecting the heck out of this red line, which is a 200 day moving average. Long long shooting says, "I'm an hour behind listening at work, but Jupiter also has Pokemon and other card pack." Gotchas. Yeah, they absolutely do. And if you like that uh long shot, hopefully you you hear this part because you said you're an hour behind. Um, Lumina, Lumina, look that up. Uh, I I think you'll heavily like it. I think you will like that a lot. Anyways, if you like Pokemon, that's the idea

there. Now, we're starting to get this 21 kind of holding us down, right? So, like held us down here and here and here and, you know, finally broke above immediately lost that 21 and now we're riding this 200. That 21 is meat. Things happen when you get pinched between the 200 and the 21. Things happen when you come to the 21. Stuff like that, right? So, that's highly important, but we really came here to talk about pirate chain. I'll just grab a chart. Now, they have this AI co-pilot to help analyze charts. It's interesting. Maybe we'll look to see what that has in store. What is going on with my VRVP here? All right. I won't mess with it until we bring up what we actually plan to be looking at here. Uh, let's see. Plus R. Where do

we want it? Huh? So, you can't buy Pirate Coin on Coinbase. Is that true? Anybody want to check? All right, let's pull this up. Look at her go. There's so many things I wish I would have bought. And there's things I bought, but I There's never enough. There's just too many. It's like Pokemon. You can't own them all since somebody brought up Pokemon. All right. On an 8 hour chart, it's a little hard to distinguish. So, lifer vision. Turn it on. Turning on that lifer vision. So, on a 4 hour chart, it's a little bit hard to see, but if you go to the hour, see, you got a big pump. And look, you pumped. You were up here and you needed to come back to the 21 and you did. Look at that. And now it seems to

me like you're flagging out pretty good here. Like this seems very flagw worthy. You're sitting on the 21 and you know, of course, what Bitcoin's doing, all these different things are highly important. I mean, I really feel like you could pull this more back here and that gives you a lot more time. But as long as Zcash holds up and Bitcoin doesn't do anything crazy, I mean, I really think you could find uh Pirate Chain at about 52. Let's grab this. That's about a 67% gain here is the hour chart, right? And you'd be buying it kind of off of this 21. That's pretty good. Unless of course other things roll over like Zcash starts dumping, Bitcoin starts dumping, stuff like that. Probably happen in the opposite order. Uh I like that. I think that looks pretty good for

a 67% pump to about 52 cents for Pirate Chain. What else you got running for you? Your uh stochastic RSI is low and and take a look at this on the hour. You've got bullish divergence, which looks like it might just barely be starting to kick in with that. Let's go to the 15minute. Um, which is going to be a little bit different, but with this little bit of blue here. I don't use red and green. They're they're psychological. Get out of that in my opinion. Change your stuff. I learned it from the lifer. I'm not taking credit for that, but you can change them. And so this is Oh, it's been a while since I've had to do this. Uh since I've been buying spot and not trading. This is uh bullish, right? Bullish d or yeah, hidden

bullish divergence. That was the word I was looking for. It's hidden bullish divergence versus bullish divergence. Right. So anyways, this thing is got like hidden bullish divergence. It's the way I was taught. It tells you you have a 90% chance of breaking this top wick right before breaking this bottom wick. Hopefully I remember that correctly. It's I haven't been doing as much TA lately, but we're going to get back into that for sure. And of course, I got this thing long drawn there, but you could probably give it a little more like that. Although, I don't like that. That puts it into it could go either way kind of thing. Get a lot more touches on the candle there. All right, I'm not going to be overly crazy about it. Bitcoin's looking all right, but the one thing that

I would say about Bitcoin, let's drop it into the hour. It does have a nice roundedness to it, right? But like what we don't want to see is something like this because that is a bearish continuation pattern if my memory serves me right. Again, I haven't been doing near as much TA lately, but I mean, that's a that is a rising wedge, and that would put you at about 72,000. So, uh, if you're really starting to get bullish on a lot of things, this can turn around on us pretty quickly and BTC just run up to this, you know, 200 day moving average on the one hour and get rejected. I don't know that I think we're going to get a lower bottom, but it could happen. And I I want to see us at least get past that

October 5th date. What's going on in this chat? What's up everybody? I don't know. You're going to laugh at me. I'm a fast learner. I I'm not sure what happened. Arc. Yep. Yep. Yep. Can you p me? What is PN at Mexi? Admiral Nav or Admin Nav 1000 says, "Hello, bro. How are you? I'm great, man. Doing wonderful. It's been a long day, but I got it my garage organized. Went to the gym. Saw a friend I haven't seen in a long time. Hit the gym pretty hard and then ran home and did the stream off of the, you know, the pump euphoria and it was a great stream. We've had some really good streams. I got 16 people chilling with me. I Things are heating up. You know, sentiment has a lot of measurements, but being on YouTube,

you can really see when the interest is here. and when the interest is not here. So, 16 people, 18 people hanging out with me right now is pretty awesome. Um, just doing a little bit of tea for BTC, but we were really here to say that as long as BTC doesn't take a huge dump, good chance that Piratecoin is going to see 52 cents with a 68% pump, uh, you do what you want to do. Never financial advice. I I like to think not getting uh too overly exposed with uh perpetual trades is a good idea. And they tell you, not my advice, but a lot of people say, don't risk more money than you're willing to lose. That I think is also pretty good advice. Oh, can you buy R on Mexi? Well, here's a good I just

want to show this to people. I'm using CryptoBubbles, but it doesn't matter. You can go to most websites, go to Coin Gecko. It's going to take me directly to Pirate Chain, right? And you come all the way down to the bottom and it'll tell you everywhere that you can buy it. You can change it from centralized exchanges, right? So, Mexi, you can uh Gate.io or just call Gate now. Non-KYCIO, big fan of I actually really like that. But if you here here's something I want to say, never financial advice. I'm tired of saying that, but uh when I buy things on nonkyc.io, I immediately move them off of it. I had a bad experience not with nonkyc.io, but another exchange it was almost exactly the same and uh they didn't KYC and stuff and then they went bankrupt and

I think they just stole everybody's, you know, whatever money was remaining on there. They did let you pull things off. Also, I believe that Coinx, right, Melissa, please correct me if I'm wrong. Coin X is the one that's going bankrupt, right? If you haven't heard, and this is important, CoinX, I'm waiting for Melissa to confirm with me because she was the one who first told us, but Coin X is going out of business and uh get your money off of there, right? How long you have, you might even be already past the deadline. You might have to go, you know, get on your hands and knees and beg with them. Let's see where else can you buy? No decentralized exchanges. Wow. Any perpetuals? No perpetuals. No futures. Wow. So, it is very limited. Well, you can buy uh pirate

coin. All right. What is going on? Spot. Yeah. Is just in like Mexi gate and non KYC. My recommendation for American users is probably non KYC, but you better have somewhere where you can move it to. So, you need to know. I wouldn't say it's advanced, but you really do need to know what chain you're using, what chain they're using. They will tell you. It almost always says, uh, I think Pirate Chain has its own chain for that matter. Yes, it's closing for good. Nice. Did I play the Spectre game on Telegram? No, I didn't. But I'm really glad that you reminded me about that. Um, I actually would love to do that. Let's see. Tomorrow, tomorrow is Defi Gaming. Um, Admiral [music] Nav, if you come to the stream tomorrow and remind me about that, then we will

definitely do that. Otherwise, I'll do it in my spare time. Just so you know, everybody knows. Uh, there's no DeFi gaming or gaming stream tonight. I'm getting really close to my third child being born. A lot of things that need to be done, of course. Got to help the wife out because, you know, they get really tired when they're about to have a baby. So, I got a lot going on. not going to discontinue any of those streams. You know, I love DeFi gaming. Never that. So, there will be plenty of time for lots of that. But as of right this very moment, uh just trying to deliver the maximum value with the token uh autopsy, but we will be getting a back to a lot of that stuff, right? But um I feel bad because I really try

to get to everything that everybody shows me. And um yeah, what what is your Adi Manav? Adimanov, I feel like I've been saying it wrong. I apologize. Says, "Congrats." Thank you very much. I appreciate that, man. I'm pretty excited about it. Um I already have one son, so having another son is going to be great. And I already have a daughter, so I feel like I'm winning. I feel like I'm winning that that game in life, the children game. Anyways, um I'll definitely check that out though tomorrow, especially if you come and remind me tomorrow. I'll go out of my way to do that. Um and tomorrow is D5 Friday. Let me not sleep on that. So, being Defi Friday, we're going to play some DeFi games. Now, a lot of times I do like a tutorial of a

game or something like that, right? And that's not what Defi Friday is. D5 Friday is us hanging out and just playing different games and stuff. There's some cool stuff. We can make a new character on Kendra. Like, there's some cool stuff we can do. I'm actually for D5 Friday probably going to I'm going to do my best to um really run for quite some time and not cut not make it like two hours. Two hours should be a long stream but for DeFi gaming I mean we really we really need like a 4 hour stream but again kid happening soon I don't know. Oh and that's another thing I got to just kind of reiterate to everybody. I could have a kid at any point. I don't know what time it's going to be when it's going to be.

It could happen at 7:30 right before a stream, but I keep everybody updated in that Discord to the best of my ability. So, go ahead and join that Discord if you care to know what the heck is going on. If you see I'm not live one day or something. I I rarely ever miss my Monday through Saturday streams. Rarely ever. And if I do, it's usually a Saturday and it's again not very often. So, this is called craft-world.gg. Just want to tell you guys that I did recently do like kind of a tutorial video on it. This is not so much an update here as this is just kind of the end of our stream. But you have a lot of things going on. So apparently uh we got a research center here. Apparently everything in this game, all

these different assets, you can see them up here. So like you start by mining earth, then it turns into mud, then you get clay, then it gets turned into sand through these little things. Anyways, each one of these things is actually tokenbased and backed. There's NFTTS. Uh there is a native coin. There's all kinds of stuff going. I think it's a newer project, right? So, I don't know how built up they are, but definitely check out some of that DeFi gaming stuff that I've been doing. I wanted to shout that out. Uh Yakaman is very much on the rise. I'm pretty sure that even though I set an alarm for the mint now, uh I'm pretty sure I still missed it. be completely obvious honest here. I tried not to miss it by setting an alarm, but it was

like 5:00 in the morning and I didn't get it. And it's 100% over and of course I didn't get anything. Um, I don't know how that they would really do these things differently, but I'm not going to lie, like I miss all of these. I I hate the way that they do these. I don't know how else they would do it. So, I'm not really trying to like say anything about the project, but the way that they do these, it just seems like people with tons of money and maybe already a big following or something where they can get a lot of points or something from social media, those seem to be the only people who get much of anything out of these and everybody else just kind of gets screwed clicking the little egg and getting like a

couple of boxes. But, I'll take what I get. I did not go hard on Yakaman, but uh I hope I hope other people did. And we got all kinds of game. I'm just kind of showing you a few things here before I hop off so I have an extra minute with you guys. Don't forget uh yeah, the soul farmer mining game. Yeah, we're I I want to show that off tomorrow, too. But I really want to do a tutorial of it. So, what do I want to do? Um, I'm probably going to do that soul miner as a separate stream. I probably won't show it off tomorrow. I'll probably do it on like Monday or something like that. So, I'm not explaining what I'm doing it at all. This is Lumina. It's like a Pokemon remake. I have a

lot of great things to say about it. I'm not going to say them all right now. They are continually building. They have all of this cool stuff going on. All these different competitions and uh there's incentive to hold the token. And the tokconomics are are phenomenal. There's only 500,000 max supply. Um, we should go look at Luminina real quick just because I'm curious at what the price of it is right this moment. I don't know why Coin Gecko lately has been so slow when nothing else is. It's actually called Lumina or Lumina. I guess Lumina makes more sense. Uh, because it's like little lanterns and luminosity or I guess whatever you'd say it. Anyways, 7day. All right. Started buying this around like dollar 70, A$160 or something like that. I bought it a couple of times, right? And as

you can see, it's at $2.36. I own about 50 of them, right? So, there you go. Hopefully, it goes to the moon. Oh, yeah. I wanted to show off tokconomics. Duh. Uh, it's only got about less than a,879,000 in market cap, only 5,000 max supply, and only 372,000. If you've seen other projects do crazy numbers, what comes to mind? Like, what is that? Y, what is that like a YFI or something like that? You're in Finance. Yeah, that's what it is. Wow. It's amazing. It's amazing. I can remember any of this stuff with as much as we look at. But look at this. It's at $2,000, but that's because its max supply is like 36,000. And I don't know who went with 36.666. All right. Right. But, uh, circulating supply is 36,000. It's pretty much all vested. But this

is the power of tokconomics that allows your finance to be like $2,000 if you bought in early. Let's go to the max chart here. I'm just all over the place. I'm just exploring whatever I'm curious about. Uh, this thing came out. I'm still on market cap. So, we got to go to price. Come on. There we are. Uh, this thing came out July something 17thish of 2020 at about $41. So, you could have made a crap ton of money. If you would have saw this come out and you would have saw the max supply at like $36,000, you would have been like, "Oh yeah, no brainer. Buy this." Because you don't need a lot of money for this thing to go absolutely bananas. Right. Anyways, that's just like a mini lesson in tokconomics when I was supposed to be

showing you games. We got Zverse. Uh, we got Fogo Fishing, which is just more like a minor, which I kind of need to make sure is actually running. All right, I will deal with that at another time as I'm not logged in. And chainers. Let's do chainers real quick because I haven't talked about chainers in a long time. And by a long time, I mean probably since we started doing the token autopsy. Uh I don't know what I just clicked out of. Right. What is this? Active finished. I don't know if we got anything. So for most people who are familiar with web 3, DeFi, that kind of stuff, you'll notice that most of them have what they call farms, right? Which is mostly just you put up money and you earn yield, right? That's pretty much all they

are. And so this is like a gamified version of farms. You can start using it for free without putting any money into it and earning small amounts of some crypto. You are going to start with pretty much one plot uh barely any food or or different items that you can grow. So you plant stuff, right? And then you harvest it. You can sell the items that you harvest. You can use them to maybe make food for some of the different animals that you'll get over time. Uh there's a little miniame involved. The miniame will give you free stuff every day. And also um there's the atom extractor or something like that that also gives you a free item every day. And I'll show all that stuff to you in a minute. So we're just replanting some stuff here. And

it's kind of like a merge. If you ever played any of those like apps, mobile apps where you merge things together, it's kind of the idea. You come into your workshop and you can merge different things together. Let's only click on things that are actually available. So, we got some epic strawberries here that we can merge together. And we click merge. Processes our two epics into a legendary or two rares into a epic is actually what happened. And then we claim it. They are minted on chain from my understanding. This is very web 3 is very blockchain. You have wallets involved, right? You can see my wallet. I've got some CFB which is endgame, but I got Pmatic and I also have B&B 0004 B&B that I've earned so far. We've only ever spent $10 on this game and

we've been playing it for years. And with these kind of things, you know, it's kind of just like it's fun to do on stream and stuff, but it's also me kind of like dropping the money or taking the time to do the research for everybody. It's a double-edged sword. M maybe later you'll be like, man, I wish I would have did that. Or maybe you'll be like, glad I didn't bother wasting my time doing that. But you won't really know if you're happy or sad about not doing it or doing it until way way down the line, right? That's just kind of how things go. So, you go to this little little fruit stand here. You pick what currency you want. You hit all or I hit all or you could click what you want. I actually don't think

I want to put peacock eggs in there. Right. So, o, how do I I've never really tried to do this without doing all. Okay. Do you drag them? I always click all. All right. And then let's bring this off. I don't know how to bring this off. How do I I feel like I need these for something, but I don't know. Anyways, then you would normally hit sell harvest. I'm not going to waste time doing it, right? Uh there's some points for doing this, of course, but you see your uh projected reward here, and it's not huge. They're giving you free crypto. So, if they just give you tons of money, uh they'll be out of business and it won't exist anymore. We do have to keep that in mind as much as we're like, "Give us all your

money. We want all your money." Of course, we do because as humans, we are greedy. Hopefully, we're all working on that, but you know, we are human at the end of the day. So, this is the Atom Caster, and it gives you a free item. I'm just kind of explaining a little bit because I haven't actually showed this in a while. Uh, all links in the description, stuff like that. it it is an um affiliate, but I only get anything if you buy in USDT on the shop. There's a shop here. Some things you can buy in the uh native currency CFB, which you do earn pretty well inside the game. Uh but you also can use Polygon Matic or different versions of USDT and you can buy all kinds of things. They're always coming out with new stuff.

And then of course there's a little miniame as we wrap this up. They've had this one game coming forever. I really wish they'd get that out, but it's just like a quick shooter game. When you get to a certain amount of points, which takes like about 3 4 minutes max, thousand points, uh you get a free item for your farm. I think it's if you actually want to get your farm to a place where it does anything, probably worth doing this. But what I like is like even on the days where I do this cl I come do it once maybe twice a day but usually only once and I spend like a total of maybe four to five minutes especially when I don't have to like sit here and explain anything that I'm doing. I just do it.

It does feel like some stuff is really heating up for crypto though right now. So, I'd like to see that continue. You know, going through bare markets, you're so used to there being like this glimmer of hope for like an hour that we're about to pump at all, even a little bit. And even the smallest pump looks amazing in the middle of a bare market. And then it always, or at least lately, it just comes crashing down. It's just not time. and you know that, but you still want to believe something could happen, but it doesn't. And so to finally be in some comparatively bullish time, it's just been so nice. And I see such a difference in numbers of people come through the stream, uh, you know, people on Twitter, all over the place. And of course, Bitcoin

price and stuff like that, volume numbers. It seems like we might be done with the bottom of the bare market, but I wouldn't get ahead of yourself. Historical, from my memory, because I'm just going off memory here. Historically, October 5th was from bottom to bottom. So, I'll feel a lot better when we get past October 5th. When we get past beginning of the new year, I will start feeling a lot better about it. It would be cool if we got like uh that Clarity Act stuff wrapped up so they can't just keep jerking everybody's emotions around and more or less jerking the market around because the market is a measurement of people's emotion. And when you're playing with a lot of money, like you get emotional, right? So, the big people when they see a bad call or some

bearish news, if they're not somehow single-handedly responsible for it, manipulating the market, uh, they sell for sure. And the bullish news that we got was that they passed the Bitcoin reserve in the House Committee. If you didn't hear, uh, that's not necessarily a victory lap. that's not law, but it's of course a move towards it being law. But of course, uh they can always shoot it down in the Senate or whatever. So, it's got to go through. If you're not in America, maybe you don't even understand how all that works. Most Americans don't understand how it works. So, don't feel bad. Uh I think what nowadays the average American has like the reading skill of a fifth grader, so that's great. It wasn't that much better in my generation to be honest with you, but uh hopefully they learn

how to read. Anyways, my point is it's got other things that it's got to pass if you're not American and don't understand how that works. So, although they celebrate headlines, it's not that highly important. And I totally zoned out. I'm already well over my thousand here. I just let them take me out. And let's see what kind of free item we get. See if we feel like it was worth doing. Greedy for tacos. Struggle heart. Struggle heart. If we ever meet in real life, bro, we are going to the the closest best Mexican restaurant we could find. And hopefully it's a Tuesday cuz you know, Taco Tuesday. Oh, we got a pineapple seed. Cool. That's helpful. I will take that. All right. And that pretty much concludes that. Let's look at the uh events finished. All right, that ended.

I don't know if we got anything from it. Upcoming active entries closed. >> Honestly, I can't stand all of their whatever tournaments. They're just like bye bye bye bye by bye buy now buy now. It's like seems like all it is. But you do get some daily rewards. Fertilizer is helpful. some XP and something that I'll probably never bother with. Always need those common fertilizers. And we'll move along. I I'll maybe show off a couple other things. We got Kindra, which I'm not going to hop into right this second, but apparently you can have uh much Ah, here we are. Cool. It's finally loaded. So, one thing that they added here on Kendra, and there's 55 heroes in the valley. They are climbing, is we got knights, but when you click on them, they tell you 10% damage to

bosses increase, right? They have perks. Ranger, uh, a goblin, which is what my character is. 10% chance of second common material. Loot extra material from kills. The crafter picks, wields a blade, axe, or mole. It's like a blunt weapon. 12% damage with one hand and rummage. Rummage needs one. I don't know what that means. Uh bare hands count. All right. Well, it's good to know I can use my uh my sword and they're a melee type. I don't think I ever knew that I picked it. I think I just clicked like play and it was already on it. 3 I3 Chris Goss in the house, my fellow lifer. Thank you for being here. Givers gain. And of course, we got to talk about Sunflower Land. Yakaman coming out uh is definitely a product of uh Sunflower developers and stuff

like that. If you don't know what DeFi gaming is, if you don't know why Defi gaming is in my opinion a better idea than traditional gaming, although of course traditional gaming has more games, better put together games. It's a very emerging kind of uh platform, right? Or category, but uh what was I trying to say? It It's got a lot of perks. I'm not going to talk about it because you should come back tomorrow at 8:30 p.m. New York time where we do our DeFi stream. I think that that's a better place for me to really go on a long talk about why DeFi gaming is technically very superior to anything else. I guess we'll put some of these turnups down. They take forever. Only five hours. I think we're getting a bonus here. There's a lot to talk

about with Sunflower Land. It's an awesome project. Very, very, very active. If you want something where there's just a lot of people who care about it and are very active doing AMAs, Twitter spaces in their Discord all the time, there's always people in there. Uh they're always coming out with new stuff. Right now we're in the Ascension expansion. Cool stuff, right? It's got a real coin. I I was going to not go on a long trade about it. Uh why is it called DeFi gaming? Decentralized gaming is like kind of what it's supposed to be. I think that web 3 gaming is probably a better idea. Honestly, I think blockchain gaming is kind of the best way to explain it because what separates it are things like wallets operating as your, you know, username and your ability to get

in and out and it recognize and know who you are. Uh NFTTS to hold in your wallet. Of course, crypto tokens being a part of the ecosystem as I will show here in just a moment for Sunflower. pull up the marketplace and look, you got things going for 1,500 bucks. I've seen things for seven, four, $5,000. Sell like not just get posted, but sell. Uh the native currency is flower. You can look it up. You can buy resources and all kinds of different things. Pets you can buy. There is so much going on in this game. There really is. And they're always always building more stuff. With that, guys, I'm probably going to hop off. Shout out to all my undergrounders. Thank you for being here with me this long. Uh, since I wasn't doing a DeFi uh, gaming

stream or just whatever, a gaming stream tonight. I don't know what to call it. Web 3 gaming, DeFi, gaming, blockchain gaming. We can call it whatever, I guess. But anyways, um, I figured I'd hang out with you guys a little bit longer. I hate to cut you guys so short. Hope everybody has a good night. You know what it is. Stay underground, stay crypto, and I'll catch you in the next episode. Smash that like button. I got rid of the ad revenue. Please at least have a $3 membership. At some point, all the token autopsy stuff is going to be categorized and uh paired with its video and all that fun stuff inside the Discord. And at some point later, at first it'll be free, but later on once we get to like probably about 50 token autopsy stuff,

it's going to go behind a payw wall. And if you don't have at least a $3 membership, I'm going to make it very very very very minimal, right? If you don't have at least a $3 membership, you're not going to be able to see that stuff. um because I want to be able to do this full-time and we got to generate a little bit of revenue and I really don't think $3 is too much to ask. Now, if you live in like I don't know like somewhere where the US dollar is a lot, Pakistan or India or something like that, uh I I feel for you. I understand you. But $3 is still pretty cheap. Otherwise, underground crypto out. I hope everybody has a good night and I will catch you in the next episode later. Struggart. Later, Blues

Guy. Later, Melissa. Admin. I hope I'm saying that right. Later, everybody. Thank you for being here. Shout out Long Shooting for your commenting. I love when people comment. CCP, of course. Thank you for being here and all your comedy. Uh, you always be cracking me up. I can't even tell you. And I'll see everybody in the Discord. Underground Crypto out.