Most New Chains Won’t Make It — Here’s What to Watch!💡

[music] >> I think that we just holding on to something. >> [music] >> I think that we just holding on to something. I think that we just holding on to something. >> [music] >> I think that we just holding on to something. I think that we just holding on to something. Just tell me what's wrong. >> [music] [music] >> All right, let's go. Welcome to the Underground Crypto Deep Dive show. Ready to kick off here. Make sure you can see what I see. Make sure you can see me. How's everybody doing out there? In the of crypto YouTube. Wow, we got some green bubbles. We got some bounce back today. We're talking about LAB being $8. Yesterday and then that would have been an amazing buy. You'd already be up 51% if you would have bought LAB yesterday. Siren

up 22%. Humanity [music] up 13.7. TON coin up 15.8. Luna Classic up 16%. BEAT up 36% here from what is this? A dollar and dollar 60 to $2.30. It's crushing it. So, a lot of things bouncing back. How do we feel about it? Meme coin up 10% [music] back over $3. Yesterday it really felt like things were starting to fall off a cliff and we really [music] bounced back hard. So, as we toggle our 1 through 1,000 here, everybody can hear me. How's the mic? How's the mic? As we toggle our 1 through 1,000, let's see what the biggest gainer of the day is actually in the top 100. That's actually quite surprising. [music] So, let's jump down to 100 to 200 here. Sky AI up 90%. [music] We were We were talking talking about Sky AI. 18% or

18 cents, sorry, to 36. A clean 90% breakout today. GWAY 37.8%. [music] This is a low of 10 cents. Now it's 14 cents. Kuwait is down 16.9, which is [music] the Seal coin. It's been bouncing around out there right now. It's dropped down another 100. Moses says it's good. Thank you for the feedback. I appreciate it. Uh Degen, 27.4% to the upside, which is nice to see. I haven't seen it pump in a while. On the week, it's up 82%. I have some from quite some time ago. I'm not sure. Not sure exactly when I bought it. Very interesting. Uh it's very little of it. Knock, we were talking about knocks in the base ecosystem. Velvet up 24%, Form up 15%. This NXPC down 12.8, [music] Next Space. The name sounds really cool. I don't really know what it

is though. Alora, we've know about Alora though. We've gone over this plenty of times. It's up 90% as well. So, there's a lot of things you could have bought yesterday and be up pretty massively. Where's Cam's stuff? How did he do on all of his stuff? Was he shorting or was he longing? I can't remember. I needed that. Well, what are we going to get into tonight? Of course, we'll start with our usual rundown. Let's take a look at where the price is. Refresh, make sure we get the right numbers. 2.19 trillion. So, with all this [music] going to the upside, we're still only at like basically 2.2 trillion overall market [music] cap for this entire market. Lab leading the way with a lot [music] of the charge here. It is trending. Pudgy Penguins, Bitcoin, Zcash, Auday, Hyperliquid, Near

Protocol, Solana, Ethereum, Bittensor, Alora, Worldcoin, Cardano, Ondo, and VVV Venus Token. And Venus Token not having like a crazy bounce today. It's down to 16 bucks. It did kind of pump yesterday, I'm pretty sure. Ayo, there's Campster. I was just talking about you, Campster. Did your trades do well? I was trying to remember if you were long or short yesterday. Yeah, last cattle call by [music] H. CCC or Mega ETH DCA, baby. Yep, there you go. Where the crypto is everyone? That's a good one. I like that one. All right, so that's what's trending. Nothing here that we don't know what it is, right? I mean, maybe Alora. Some some abstraction there for you. I mean, I certainly know what Alora is. Let's refresh crypto rank here. Still 12 on the Fear & Greed Index, so we're not not

moving around too much. Yesterday, the day before, I swear it was 12 as well. Yep, the day before it was 12 as well. So, that's the Fear & Greed Index. Let's go to our trending coins here. Mega at the top 20 and not the top 10. And Mobius kind of at the top of our list today, which is interesting cuz no token generation event yet. Mobius is a DeFi protocol with a single margin tier that tracks users positions across multiple venues. I would think this is much more for DeFi than centralized exchanges, if I'm not mistaken. But, things like says right down here, hyper liquid, Aster, [music] etc. So, this is just like a dashboard to bring it all together so you can see everything. I'm sure you got to go in and plug it in. But, it does

have investors like Y Combinator Labs, which was previously Binance Labs. Let's take a look at their website if it'll let me. Mobi is trade like a hedge fund on Astar, hyper liquid. See, this is giving the others lighter. So, it's like an aggregator, brings them all together. Where do you actually [music] go to trade here? Collateral, credit, margin, the [music] capital hub, yield seeking. Writing. The illusion of a level playing field, it says. That's interesting. I don't actually see the product. I mean, it has something that says product. Let's go. So, yeah, it depends on what you want. You want collateral, credit, margin. This like very thin light writing on a white background. Bad move for a website. See what happens if I click collateral. Oh, it does it just expands the writing a little bit. I don't know.

I don't see where the product is. But, there's no token generation event yet, so maybe it's not fully out. Currently in a funding round. So, put that in the back of your mind here. Welcome in everybody. Smash that like button for me. Let's talk about, I guess, Velvet Capital. Their logo's very interesting. Velvet Capital is a DeFi operating system designed to streamline on-chain portfolio management and asset creation. Very interesting. What ecosystems are that a part of? BNB and base. That's a good mix. That's a That's a really good mix for like basically a launchpad, I would say. And it had a really [music] nice bump. Bounce today. It bumped to the upside today. Oh. Oh, W right there. Leading the way. 78.5 million in market cap. All-time high 80 million. You can see the team down here. Here's the

founder. I do like Crypto Rank for that. They usually give you that information. And it's about 18 cents. Sounds cheap, but do we know our tokenomics? Let's highlight this real quick. I like the tokenomics. I like to look for tokenomics much better on CoinGecko than Crypto Rank. Just the way that it's it's presented here. So, 78.9 million in market cap, 1 billion max tokens, circulating supply 420 [music] million. So, I mean, at that point you can pretty much say like 42% [music] vested. 24-hour trading volume a little low, only 8 million. BNB contract and [music] a base contract, which lines up with what we have already read here. Artificial intelligence, AI application, DeFi, DeFi, [music] but like DeFi but with AI kind of thrown at the end there. I see that tag a [music] lot. Base native. So, this

is also like a base native product. I don't know, where was this when we were looking at base native coins? I don't remember if we went over velvet or not. But regardless, it's getting a little bit of attention and a little bit of a pump. Let's go ahead over to their website here. Trade like a pro with AI co-pilot. So, I can understand why it would be attractive. I can understand why people would care about it. The 100k user trading 200 million plus chain. Trusted by Wyze AI Labs, available on base, Ethereum, BNB chain, Solana, and [music] Sonic. If you know, you know what Sonic is. Uh don't let others outwork you. [music] Find the next 100x trade. Get started. Okay, very enticing. I get why people would want this. Uh reject the cookies. And let's check this thing

out. So, right off rip, kind of looks like a DEX. I don't think that's their angle. I think their angle is more AI, but they have trade perps, >> [music] >> trench, my position tracker, portfolio, velvet unicorn AI. [music] Unlock AI superpowers for trading in DeFi. Let the best DeFi agent do the work for you. And again, that's DeFi, but they threw AI at the end. Should be familiar [music] with that. All right, so they definitely want you to log in here. We're in turbo mode, or you can switch to classic. I mean, I can [music] see how you would manually buy whatever it is that you want to manually buy. CB XRP, so they have some kind of wrapped [music] version here. Let's see how many assets we can scroll through real quick. And I'm not going to

give it a long time to load if it doesn't load anything. Like where's all? I don't know why [music] it was set to the CBXRP here. Okay, and then it randomly switched [music] to HTTPS. I don't know why I would want that. Huh, I'm not seeing a wealth of [music] different coins here. I don't know why it switched to that. How about BTC just for the heck of it? Just for the sake of uh seeing this thing work a little bit. Green fingers in the house, welcome welcome in. Looks like your chance to earn some Velvet down here. All right, I'm kind of done with that. I don't know why it's not populating, why it's not letting us see some coins. I don't know why it took us to this random coin either. Not sure. Yeah, perp's not available,

but you can trade in America, I guess. You just can't use perp's. You got the trenches where they're launching coins left and right. Everybody's trying to get something popping there. Your positions. All right, this is very interesting. I just really trying to figure out what the craze is here with Velvet. When it's like, "Hey, let Velvet AI [music] copilot trade for you." If that was easy to get into, then I definitely could understand why people would want it. >> Hold on. All right. So, let's see what else we got. We were still running through this list over [music] here on CryptoRank. Anybody got anything they want me to look at? Have an asked in a while. [music] Isn't perp the same as futures? As far as I know it is. It Somebody's probably going to pop in like Green

Fingers and say they're not exactly the same, but as far as I know perpetuals are the same thing as futures. Yep, Green Finger giving us the green check. So, I I guess I wasn't too far off there. So, we looked at Alora before. Alora still very interesting. Hasn't been relevant in quite some time. Like here, if we go to the chart, you know, you can see this thing came out all the way back here the 11th of November 2025. It was in the trending coins. It was around. It was It was relative [music] with the token generation event. If I do recall, I think we were looking at it before it even token generated. And then it kind of faded off and it never did anything, right? So, you kind of felt like, "Hey, maybe that coin isn't going

to do anything." Kind of like Anoma, kind of like Mega ETH, kind of like a lot of tokens. And then they can just wake up one day. When they're new. I mean, any coin can just wake up any day, right? But what I'm saying here is like a lot of coins did this, came out, big drop, just sit at a bottom here for a while. And then the market decide that they're a relevant coin. Very interesting. 100.6 million. 100 106.3 million, sorry. All-time high 169, like 170 million. Allora is a self-improving decentralized AI network. We've been to their their website here. Says, "Thank you, guys." Uh the abstraction layer for intelligence, right? So, Allora is a self-improving decentralized AI network that harnesses community-built machine learning models for highly accurate context-aware predictions. Says that they are trusted by, and this

is their own words here, right? Alibaba Cloud, [music] I see AWS, um STC, and I see on I feel like I should know what STC is, but off the top of my head I don't. The intelligence The internet of intelligence powered by network of machine learning models. One day I'm going to learn how to talk. Allora solves for the siloed machine intelligence. So, it's just saying that there is a lot of machine intelligence, right? With industry giants that is [music] very isolated, and they want to un-isolate it. Also, abstraction is the idea of taking the difficulty [music] away on the user end of crypto, things like wallets and contracts and seed phrases and stuff like that. So, I certainly wish them luck because abstraction chain abstraction, wallet abstraction, taking away the difficulty [music] of crypto from the user is

how we get the next big group [music] of people to adopt crypto, and they probably won't even know that they're doing it. rwa.ltd [music] is a platform developed by Inery, which I'm not familiar with. Um that provides [music] consumer goods trading through tokenized non-financial assets targeting retail users [music] in Web3. So, it enables merchants to issue customer consumer tokens. Okay, representing goods and services and redemption rights. And of course, [music] we know what RWAs are. I would certainly hope so. He says that made me laugh and then he said like the what is that? The mouth zip closed. All right. Peace. See out of here. What do you mean light green thing? Hm, I'm not sure. I'm not sure what I said when I said it. I knew that you would know though about the whole perps being the

same as futures. So, yeah. rwa.ltd chain commerce [music] platform brand launch. Innovative combinations of token mechanisms for consumer economy bringing you a brand new experience. I like the idea. Sounds pretty cool. See, they have Cuz that was like, yeah, isn't that some Chinese writing? >> [music] >> So, this has something to do with maybe the Asian market. It's trending. Keep an eye on it. Uh, let's see, no token yet. But, there's been some buzz a little bit about RWAs lately. Canton Network trending. You should know what Canton Network is. Can you believe that Canton >> [music] >> is only 0.6 years old? I remember when it came out. Uh, Vilo. Vilo. I haven't seen this one yet. Is a Web3 music fandom platform where fans earn yield from artists revenue [music] on BNB chain. There's been several projects that

that came at this web 3, you know, music kind of idea. Haven't seen anybody be wildly successful. It's on BNB. [music] Connects fans and artists through music IP and music IP [music] through on-chain participation markets. The core product is this Viola boost and vault system. [music] Users deposit into campaigns for artists they believe in. And yield is generated from real [music] music revenue streams, streaming, drop, licensing. Okay, I get it. Do you get it? You understand the [music] idea you can support an up-and-coming artist and then maybe even make it real big off of them getting some exposure there. BNB attestation service Beat, right? And [music] BitTensor. Those are probably not worth going over. Let's look at k25.ai. We saw this the other day. A live streaming and real-time prediction market for sports and esports with AI Oracle resolution.

They raised $6 [music] million. There's no real token generation event. Interesting. Let's try to go to website. See if it lets me. Here we are. I don't really want to join no waitlist. Go away. All right, can I just see the website? I hate when they do this. I just want to show off the website. I don't want to be on a waitlist. All right, never mind then. Moving along. Quite a few coins here that look interesting that we're kind of waiting to see if they're going to put out a token, right? Are they an ICP? ICP having the tiniest little bump today at 3% to $2.35. [music] Cineflix This is another concept that I see a lot, these entertainment coins. I haven't really seen any of them do anything crazy, right? This says Cineflix [music] is an entertainment

platform designed to bring together content, community, and participation into a single a single digital [music] ecosystem. They've raised 75 million, which is a decent amount of money. It's pretty cool, >> [music] >> right? So, Cineflix is an entertainment platform designed to bring together content, community, participation into a single ecosystem. Cineflix is being built around a simple idea, [music] the relationship between audiences and streaming platforms. My wife just like put the cat in here. I don't know what that was about. [music] I don't know why she did that. Now the cat's meowing. Uh tell her to come get this cat. >> [music] >> So, Cineflix aims to create So, yeah. Create a platform where viewers can become [music] more active participants in the entertainment ecosystem. So, I guess that's another one that we're kind of waiting to see. I've seen

a lot of those come um >> [music] >> with tokens, of course, token generate, and then never really be exciting, never really be trending ever again, never really have [music] anybody talking about them. So, is this the one? I don't know. This could be the one. Some of some project's going to get it right. That's what I always say about certain, you know, ideas that you could have for a Web3, you know, project, coin, whatever you [music] want to call it. Uh, but in the entertainment line, it seems really hard. It's kind of like the web three music. It's like you really got to get it right and then people have to care and then, you know, you got to hope that your coin doesn't get messed up when you launch it. There's a lot of things you got

to juggle there as a project. [music] Wasabi coin or card, Wasabi card, is a crypto issuing platform, right? With via MasterCard USD payout [music] and API and global payment infrastructure. Build on Solana, Celestia, and Aleo. Let's go to Aleo. Is a private layer one blockchain >> [music] >> based on zero-knowledge proof technology that enables confidential and compliant payments. And it's kind of just fallen down. I mean, does this not look a lot like Alora? Just without the actual pump at the end. And since there's actually no pump here, you have to ask yourself, why why is it trending? Why is anybody caring about this, right? BNB, its own Alora ecosystem, remember it's its own layer layer one. Let's go to the Let's go to the website. The blockchain built for payments. We see a lot of stuff around payments,

stablecoins. 99% of blockchains put your financial life on display. So, this is sounds like it has [music] some kind of privacy built in. Every payment, business transaction, and payroll detail is permanently broadcasted to the world. And IRS, if you're worried about payroll. So, Aleo is the first blockchain to enable private and compliant payments. I can see the use case for it. Zero knowledge proofs definitely uh definitely good [music] technology there, that's for sure. Protect cons- customer trust, control you share. [music] So, I can see the angle here. I can see why people would want it, especially if you're somebody who is doing uh payroll on chain. And that's kind of the 20 most relevant here. I'm going to toggle 50 real quick just just to roll down and see what happened. Chainbase. Ethereum, Babylon, Tron, Trust Wallet, Uniswap, Aptos,

Moon Dang. Which this looks like a different coin than the one we're all familiar with. Jasmy. I'd love to see Jasmy just get all in the conversation in any way, shape, or form. >> [music] >> BitPay, which had really good days the last couple, you know, 2 3 days. It was up like 260% there. Did it pull back? Let's take a look at this. Sorry, I don't have the chat up. Let me pull that chat up. There we go. There's Blues Guy. He says, "Thank you, dear God, for the good life and forgive us if we do not love it enough. Gratitude UGE and everybody. Welcome in. Welcome in. Is there going to be a continuation for BTC tonight or am I safe holding my short?" I don't know. That is a good question, isn't it? On a Saturday

night, a lot of times it's low volume. I don't know, you might be safe there. But definitely getting a little bit of action. So, yeah, this hasn't had a lot of pullback. I mean, you're not in an all-time high, but you're very close to one. All-time high market cap, 129 [music] million, basically 130 million. Uh and right now you're at 120. So, you're only like 10 million [music] away from the all-time market cap here. So, it is holding its gains quite well. And it's up 4% just today after some big moves. It's holding them. That's good to see. Chainlink Popcat back in the conversation. GE seem or SIM. I'm sure it has to do with your SIM card, right? ApeCoin, OKX Token, Cardano, USD 1, Shiba Inu, SWE. What is SWE up to? 74 cents with a little 6%

bump to the upside. Nothing crazy. >> [music] >> Morpheo, Sandbox, Lyda, Fine Tu, BNB, Pith Network. Not even up a whole percent, though. >> [music] >> Octa up 25%, Lido, XRP, and Venice Token. Let's look at Octa for a second. I don't [music] really like when they have these charts, but that's all right. Octa is a privacy-focused blockchain using fully homomorphic encryption for secure data processing [music] and confidential smart contract. What is the difference between fully homomorphic encryption and zero-knowledge? Anybody? Anybody at all? And of course, [music] hope everybody is doing well. Again, that fear and greed index is at 12 and our altcoin index is at 48. Let's see how our ETF inflows outflows are today. So, they've been really negative the last 3 days. And today, overall, looks like we're getting just a slightly positive inflow. 51

basically 52 million [music] overall positive. Which is interesting. So, for [music] June 5th, which is actually yesterday, I guess they don't have today's on here. 31 [music] million in the BTC, almost 20 million in the ETH hype, 10.5 million. Those are your biggest ones. I'm not going to read all of them. Very interesting there. I usually use Blockworks simply for our top gainers, top losers here. Top gainer of the day, it says is [music] SKAI >> AI >> at 82%. I feel like there was stuff that was bigger than that. Let's go back to our crypto bubbles. [music] 1 through 100 was like the biggest category. There was definitely some things up 90%. Maybe they're not up 90% now. LAB still still pumping. Had a high [music] at $15.38. Hopefully Reliable Jay still trading the heck out of that

thing. Not here with us today, I do not believe. Well done. Well done. And our quote of the day, and I love this quote, is don't [music] wish it were easier, wish you were better. That one is is a bit of a truth gut punch a lot of the time. Whatever you're complaining about, whatever we're talking about, don't wish [music] it was actually easier, wish you yourself were better. And you may not know this, but many blockchains are not competing only on technology. They're competing on developers, liquidity, users, culture, and attention. Everybody's competing for attention, right? And that means in a chain can have strong technology and still fail, unfortunately, right? The blockchain market is not just about who has the fastest system. It's about who can create an ecosystem that people actually use. And one thing that really

just comes to mind when I read that is when we learned a lot more about Sui as a chain being involved with Move instead of, of course, Solidus as like a coding language [music] and stuff. Very interesting stuff in my opinion. Let's get to our our story notes here. Said it's pumping. Oh, yes. Good to see you, bro. Absolutely. So, every crypto cycle creates a new wave of blockchains, right? [music] Layer ones. Each one enters with a promise or some kind of goal that it's going to be faster, safer, uh better for gaming or institutions, that it fixes fragmentation or improves the Ethereum Virtual Machine. Things like Monad or Mega ETH are good examples of that, right? Real-time blockchains. This one This one moves beyond the EVM entirely. And at first, every new chain sounds important, right? They did

They do good job of branding and making it sound like they're really going [music] to come in swinging doing something that really matters because every new chain is usually built around a real problem. And crypto really does need a lot of things like speed, user ability, interoperability, [music] and gaming infrastructure rails for RWA. But, solving a real problem on paper does not mean a chain becomes important in practice. And that's a mistake a lot of people make. They confuse a good thesis with a winning ecosystem. A thesis is an idea, and an ecosystem is what [music] actually forms around it, developers, apps, users, liquidity, culture, infrastructure, communities, partnerships, real economic [music] activity. What is the difference? A chain can be technically impressive and still pretty much empty. A chain can have huge incentives and still lose users after the

rewards dry up. It's something we've talked about a lot. Where it's like a very quick way I mean, you got to remember a lot of these projects, they raised quite a bit of money, right? And some of it's for marketing and things. What easier way to bring people in other than to pretty much give them financial incentive to come over. But at some point, you got to make the the shift, you know, it's like having a small animal or something and you wean it off of like, you know, milk cuz it it was like a young animal and you start giving it like solid food. Um it's like you have to wean them off of all of the incentives and rewards and then whatever you built has to be interesting or use enough, [music] you know, usability, people care

about it that they stick around after those rewards really dry up and that they're actually willing to pay a little bit for your product, even if it's small or neutral, right? >> [music] >> So, a chain can have a strong narrative and still fail to produce apps that people care about. So, the goal is not blindly chase every new chain. The goal is to learn how to evaluate them because new chains, well, they're not going away. We see them all the time every cycle. There will be more L1s and L2s, more app chains, more modular systems and niche ecosystems. If you do not have a framework, every new launch will feel like the next big thing. But once you have a framework, you'll start asking better questions. >> [music] >> Not just which chain is promising, but who is

it built on, >> [music] >> right? And who is building on it? Who is using it? Where is the liquidity? What does it do better than the existing chains already? Does it need its own chain to do what it's doing or would it be better built else? Why users stay after the incentive fades? Like do they have a really interesting product that people would actually want to Is this a real ecosystem or just temporary narrative? That's a That's a big one right here. I like this one, all right. Is it a real ecosystem that's going to be around for a long time or is it just a temporary narrative that people are hyped up about in the moment? Think of AI agents. Um And we still hear a lot of talk about AI agents, but it's not like the

AI agent craze that we had at one point, right? And that is how you raise your crypto IQ, not by memorizing every new product or project, but by understanding what actually gives a new chain a chance to be super relevant. How's everybody doing out there? Smash that like button for me on a Saturday night checking in with you guys. And I feel like doing a little bit of a doom scroll. Just Just for a minute. Let's see what we [music] find here. Says the new Swiss bank. Math is the new Swiss bank. I don't know what math is necessarily. [music] Unless they just literally mean math. Bringing elite impenetrable, it's a big claim, privacy on chain, fully homomorphic encryption, your keys, your wealth, nobody else's business. But what is this weird profile that's posting it, right? Uh this looks

definitely made by AI. [music] No doubt about that. If you're waiting for the next crypto to crash, you might [music] want to rethink your strategy in 2025. Why did they say in 2025 and it was posted [music] 1 minute ago? While you're sleeping, the market is printing. He's up $65 crushing it. Uh [music] yep, yep. Most More people posting the exact same thing. Seems scammy. Seems very scammy here. See [music] the exact same post, right? It's the exact same $65, right? All right. I hate when >> [music] >> all you get is a bunch of spam. Usually not that much of it. US lawmakers [music] oppose labor debt plan to include crypto in 401ks [music] citing volatility risk. They warn this could jeopardize retire retirees savings. Pushback on crypto Yeah, [music] in 401ks. It's very interesting. Makes me think

let's take a look at what the news of the day is. 00 Zoo in the house. Welcome in. Welcome in. So, Bitcoin and Ethereum are on pace for their worst weekly drop since [music] the FTX collapse. Well, there you go. CoinDesk reportedly today that Bitcoin and Ethereum on track for their worst weekly losses since the FTX [music] collapse in November 2022. Bitcoin is down 17.3% this [music] week while Ethereum is down about 22%. The broader crypto market lost [music] around 390 billion in value this week. So, that was a bit of a bloodbath. I think we [music] all felt it. The important part is not that this was one isolated bad day. This [music] is a full week breakdown across basically all crypto, stocks, uh ETFs, and leverage. Nearly 7 billion in leverage positions were liquidated. Liquidated. [music] I

don't know why I can't talk. Across digital assets this week. Fun, fun. All right, Bitcoin [music] briefly lost the 60K region and then reclaimed it at 61. Right, it fell overnight, it says, to 59,227. [music] ETF outflows are still one of the biggest market-moving stories. Just trying to cover, you know, what's important here today without like going into every little detail and getting repetitive. Crypto ETF outflows remain a major pressure point. Earlier this week, CoinDesk reported that Bitcoin, [music] Ethereum, Solana, XRP funds all combined 4.4 billion in outflows. We've looked [music] at some outflows, right? The AI is stealing crypto's liquidity >> [music] >> narrative is getting louder. I could see that to some to some degree. Uh one of [music] the strongest social narratives today is that crypto is losing attention and capital to AI. But we have

a lot of AI in crypto, so how does that work? CoinDesk [music] said that this week's sell-off was fueled partly by competition from AI investments [music] and upcoming IPOs. Definitely upcoming IPOs, that I believe, right? Uh Anthropic's, OpenAI, those [music] two you probably hear about a lot less, but definitely SpaceX, right? And that is important because crypto does not just compete with other crypto assets for capital, it competes with the hottest growth narratives across the entire [music] market. And right now, AI is the strongest narrative, right? Some investors appear to be treating Bitcoin as less attractive compared to AI stocks. Uh Strategy's Bitcoin sale is still hurting sentiment. I I people will get over it. [music] The company only sold 32 BTC. They hold a lot. >> [music] >> Thousands, I believe. America's largest banks are building a tokenized

deposit network. That's very bullish for for AI or not AI, for crypto tech here, for stablecoin tech. I don't know how much it'll actually translate to price go up for crypto or the overall market, right? Stablecoins are forcing banks to respond. Coindash reports that stablecoins like USDC and USDT dominate on-chain dollar activity. Believe that. And are increasingly used for crypto trading, cross-border payments, and saving products. Banks are [music] worried cuz they have a huge monopoly on that whole savings product. >> [music] >> Are worried that if stablecoins become mainstream, customer deposits could migrate out of traditional bank accounts and into crypto wallets. So sad for the banks. >> [music] >> I know everybody everybody's got lots of tears for the banks, right? Cuz they took your money for how many decades? And and they held it and they used

it and they they lent off of it as well. They created money out of thin air based off of the money that they hold. If you don't know this stuff, definitely [music] look it up. And then they gave you 0.01% of all the money [music] that they made off of the money that you gave them. They literally wouldn't have been able to make all that money if you didn't put your money in their bank. Think about that. [music] And they're really mad because you're going to go get 4, 5, 6, 10, 12% on your money. And you're going to let somebody else use your money instead of them. They don't like that. Mastercard stablecoin settlement remains a major adoption story. So, Mastercard stablecoin explosion is still one of the biggest stories from this week. Mastercard says it will support

settlement using regulated stablecoins including USDC, PYUSD, USDG, USD Yeah, we're not going to read all of those, but you see that Ripple's USD is in there, right? SoFi, Arbitrum, Base. Here are the networks. [music] Arbitrum, Base, Canton, Ethereum, Polygon, Solana, Tempo, and XRPL is mentioned among them. That's really interesting, some adoption there. Securitize moves to moves closer to going public [music] on the NYSE. Do you know what Securitize is? BlackRock based tokenization company behind BlackRock's [music] Biddle Fund. That's That's That's important stuff, if you ask me. Cleared a key regulatory hurdle in the in its plan to go [music] public through the SPAC merger. So, that could be it could be a new story to to keep an eye on that that the public, >> [music] >> at least in, you know, finance will will care to talk about

and speculate on. US House Committee [music] is weighing crypto tax bill. So, the US House Ways and Means Committee is circulating seven crypto tax bill drafts. Seven drafts, so that'll be interesting. They'll have to hash those out, right? Ahead of the June 9th hearing. The proposal includes tax relief for small crypto transactions, stablecoin activity, network fee, mining, staking, and wash sales rules, right? And crypto donations. So, definitely some some clarity that is needed for Is it part of the Clarity Act? >> [music] >> Cardano falls under 20 cents. Ouch. While social activity surges. >> [music] >> Cardano is under major pressure. I know some people here probably hold card on it. ADA fell to around 16 cents, [music] down nearly 30% over the past week and more than 75% over the past year, marking its lowest level [music] since

December 2020. The social side is interesting because Cardano's activity and attention is actually rising [music] during the sell-off, which is very strange, I would say. CoinDesk reported [music] that activity addresses hit a fourth-month high and social dominance is nearly 2026 peak after Charles Hoskin warned of a possible wave of failures in the ecosystem. I don't know what that's supposed to mean, but a wave of failures doesn't exactly make you excited about Cardano. So, Arthur Hayes dumped Worldcoin after saying he would keep holding it. So, he lied. Big surprise. [music] I don't know about Arthur Hayes, uh, in general. Like, I I literally don't know a lot about him, right? But, it's trending again. CoinDesk reports that Hayes sold his, uh, this must be his company, Mailstorm's, >> [music] >> uh, entire Worldcoin position less than a day after saying

the firm [music] would keep holding the token. So, he's a liar, I guess. That's what it seems like. >> [music] >> Zcash bug puts privacy coin and AI-assisted audit [music] in the spotlight. So, this is very interesting. Not so much just that they had the bug, cuz we all kind of [music] knew about that, right? But, let's see. What are they going to say about AI-assisted [music] audit, right? Zcash is still a major security story. A critical vulnerability was discovered with Zcash Orchard pool using Anthropic's AI tool. And the flaw could have allowed undetected counterfeit Z uh, Zec, right? Zcash, creation if it was exploited, which I'm sure it was. Zcash dropped sharply after the disclosure. So, CoinDesk also reported today that the security researcher who found the Zcash bug has added Monero to his [music] audit queue. So,

I guess he's going to go audit Monero. So, will Monero be next? That puts privacy coins under a new level of scrutiny and creates a bigger conversation [music] around whether AI will expose hidden bugs across major crypto protocol protocols. >> [music] >> Protocols, there you go. I mean, I like it. In one regard, we shouldn't be scared of of AI auditing and finding bugs because if there's real problems, might as well figure them out now than later when, I guess, you you and many other people potentially have a bunch of money in it. Satoshi era Bitcoin moves [music] after 14 years. So, did somebody finally get a hold of it? I'm not sure. Long-term dormant Bitcoin addresses holding 35 [music] BTC since March 2011 moved coins this week. So, does that mean they're going to sell off? What does

that mean, right? >> [music] >> Uh let's see. Connected to massive New York lawsuit involving 39,000 dormant Bitcoin wallets and a legal claim over roughly 3.8 million BTC [music] under the New York lost property law. So, is that saying that New York's coming for that [music] Bitcoin? Very interesting. This is not just a whale wallet curiosity. It matters because it shows that some old wallets being treated [music] as abandoned may still be controlled by original owners. It also shows how legal claims, on-chain messaging, and old Bitcoin wallets are starting to collide. Prediction markets are becoming a trading venues. I I like all of the prediction markets, but people going gamble. That's just how it goes. Meta and stablecoin creator payment remains part of a broader narrative. Blues guy says, "Work, work, work." Think we all know that vibe, right?

So, meta stablecoin payments are still part of a larger creator economy [music] and stablecoin discussion. Reports say Meta has explored stablecoin payments for creators on the platform like Facebook and WhatsApp using options like USDC and USDT rather than relying on one stablecoin. I think that's probably a smart move. This matter because [clears throat] creator payout are a very practical use case [music] for stablecoins. And I tell you as somebody um I'm not monetized on Facebook, but [music] my wife is. I can tell you that would be very useful. If social platforms start using stablecoins to pay creators globally, it would bring crypto rails in the everyday internet business [music] without users necessarily thinking of it as crypto trading, which is very true. And [music] is it crypto winter again? Now we're getting into what is trending on on social,

right? Is it crypto winter again? [music] Everybody wants to know. ETF outflows, AI versus crypto. Think the AI versus crypto, I mean, on one side makes sense, right? Stealing capital, people getting out of crypto positions and going to get AI stocks and stuff. Okay. But there's plenty of AI projects in crypto that could also see inflow, I feel like. They're not really mentioning that. They're not really They're not really uh acknowledging that that's actually a thing. Strategy and Michael Saylor, of course, stablecoins versus tokenized bank deposits, Mastercard settlement. So, basically a lot of this Cardano stress, a lot of stuff we just talked about >> [music] >> um is all also trending on social media. So, there you go. And let's get it in real quick. It's Saturday night. We are 1 hour into the show, and we're just

checking in here on a Saturday night. I know for a lot of people it's late. It's 11:00 p.m. for me [music] here in uh the US. So, we we did our story to set the foundation, and [music] this whole week we've been talking about new chains. We talked about Monad and Mega ETH, right? Two different projects with [music] two different angles trying to solve the same problem. So, every new chain is a bet [music] on unsolved problems. So, the first thing to understand is that every new blockchain usually exists because someone believes crypto still has a major bottleneck or some [music] problem that needs to be solved. So, Monad and Mega ETH are bets on crypto needs faster execution. That is the bet. They need faster execution. Sui and Movement are bets that crypto may need different programming languages

altogether, different models for the languages. That would be the Move language, if you weren't here for that show. Anishia is a bet that fragmentation needs better connected [music] app chains and rollups. Plume and Montra are bets [music] that real world assets need specialized blockchain infrastructure. And if you don't know, it's like that's Monday, Tuesday, Wednesday, Thursday, Friday show. So, this is really showing you what we went over this week. When you really break it down, like we covered a lot of really interesting stuff this week. I hope it raised [music] your crypto IQ. I hope it found you well. So, Somnia and XAI are bets that gaming needs faster, smoother, [music] and more invisible infrastructure. There are There are chains that are focusing on that. That is the right way to think about this entire week. These are not

just names. They are different answers to questions. [music] What is crypto still missing? I think a lot of us have a lot of opinions on that. >> [music] >> But identifying a problem is only one step. The hard part is proving that your solution is the one that the market will actually adopt [music] and people will actually speculate and care about. Technology is necessary, but it's not really enough to get people's attention and money flow, right? This is probably the most important lesson of this entire series, so I'll read it again. Technology is more than necessary, but it is often not enough. Crypto people love technology comparisons. Throughput, right? All the metrics, [music] finality, virtual machine design, execution speed, fees, modularity, [music] consensus, how the blockchain works. All of that does matter. But technology alone does not really create

a lasting ecosystem. It doesn't do good marketing. It doesn't [music] get people excited and into the ecosystem, generally speaking. Cuz if that were true, the technically strong chains would always win. And we know that is not exactly how it goes. But that is not how markets work. Ecosystems win because they combine technology with adoption, which can be as simple as marketing. I mean, look at BitTensor. BitTensor is a serious AI project. Feel like their marketing and their website and everything is just kind of dry. If you're a AI on-chain developer, you probably love their website. It's packed full [music] small text that's full of all kinds of detailed information. >> [music] >> Feel like if you're a retail user, you'll get that and you're like, "Mhm." You might give it 1 minute of read, if [music] that. And I

think that that's that's a bit of a marketing fail and a fail to draw [music] people in. And that's just the start of why I believe that NEAR Protocol is going to reign as the number [music] one AI serious big project in crypto, and not Bittensor. And I think it's [music] single-handedly because of that, and I don't think it's simply because the tech isn't as good as NEAR. So, a chain needs [music] developers, it needs users, it needs capital, it needs applications, right? It needs an ecosystem, and people need to trust that stuff. It needs a reason for people to stay. And we talked about how rewards get people in, but if you can't transfer people off of rewards, and then even get them to pay even a small amount for the services [music] they used to get rewarded

for, then they just leave and go to the next rewards, and that's that. Nobody sticks around. You don't really have any use case. So, a faster chain with no users is not success. >> [music] >> And a better virtual machine with no meaningful apps is also not success. Specialized chains with no liquidity is not success. Technology opens the door. Ecosystem growth determines whether anyone walks through that door. Now, I think it's highly [music] worth mentioning that this little talk we just had right here is worth far more when it comes to scanning the market [music] and looking at things than I think people realize on first glance. I'm just going to leave it at that. Developer activity is one [music] of the first real signals, right? If people are developing, that means they see enough >> [music] >> value

that they want to come develop on it, cuz that takes time, energy, and effort, right? And if [music] developers come over, they're going to produce something, and that means a wealth of things on the on the chain, on the ecosystem, whatever you want to say. So, if you want to know whether a new chain has potential, watch the builders. Developers are usually early signals. They decide whether the tooling [music] is good enough, whether the ecosystem is worth spending their [music] time on, whether the chain has enough support to justify even building anything at all. A new chain without developers is [music] just infrastructure without products, and infrastructure without products does not create adoption. But, developer activity [music] needs to be evaluated carefully. It is not just [music] a hackathon hype or a grant-funded project. If you want to ask,

"Are serious teams building? Are apps launching? [music] Are developers staying? Are the tooling, docs, SDKs, wallets, explorers, and support [music] really there? Are apps gaining users? Are developers building because they believe the entire [music] ecosystem, believe in the entire ecosystem, or just because the incentives are very high? And that's a difference [music] that really matters." How's this chat doing? Everybody Everybody doing all right? How's this information finding you on a Saturday night? And I don't know, maybe it's not Saturday somewhere. Liquidity is the real battlefield, right? Liquidity is real real usability. And it's one of the most important factors in the crypto ecosystem survival. We're going literally over how coins, how to know if coins have something really going on or if they don't. I hope you peep this alpha, right? Without liquidity, DeFi struggles. Trading, it just gets

worse, slippage increases, users have fewer reasons to stick around, [music] and developers have a hard time building financial apps. If the liquidity's not there, how are they going to build financial apps? Liquidity is what turns a chain from a technical environment [music] into an economic environment. I like that. I'm going to try to remember that little phrase. That is why many new chains use incentives to get you in. They offer rewards to bring the liquidity in. That can work, but it's only temporary. But, the key question is does that liquidity stay when the incentive fades? That's what I've now touched on three times. We're going to touch on it again here because it's a big thing to look at. When you see something popping and a lot of people were interested in it, the first thing that should go

off in your [music] head is what are the incentives that are being given for people to use it? And then you have to think if those incentives were to go [music] down and be less or go away completely and the and people had to pay for it, is the product [music] or whatever your activity is going on good enough that people would still use it even if they had to pay for it? So, if liquidity only shows up for the reward, [music] it may not be enough to keep a real ecosystem strength. And if you can even look to see when those rewards [music] are going to dwindle, when they're going to be cut in half, when they're going to go away, can it can really time an exit if you're already [music] in it. It can time, you

know, if you think that it's a good project to be a good time to buy because some people are just going to leave because there's no [music] more free stuff. You ever seen how people act in real life over free stuff? A free hot dog >> [music] >> and soda somewhere at an event. Uh they go they go crazy for it. It may just be rented activity. I like that [music] because if you're giving a bunch of money and rewards a way to get people in and get your metrics up so that you can tout them [music] on your website, you're really just renting. You're renting activity. But, what happens when [music] you quit paying? Do they still show up? Most of the time, no. Strongest chains eventually develop sticky liquidity. Liquidity stays because [music] users, apps, and opportunities

still exist there, not because the rewards are being paid [music] out. CCP says he is back for noon. Well, we're getting a little bit of a pump today. Incentives can create fake transactions, right? This is one of the biggest traps with a new chain. So, what are we telling you here? This is something you want to look out for. A new chain launches. [music] It offers points, airdrops, liquidity incentive grants, campaigns. Suddenly, activity spikes. Wallets [music] increase cuz people are making wallets to collect those rewards. TVL rises, transactions go up. Everyone says the ecosystem is growing. But, the question is, and this is what I would say the smart people with the high crypto IQ say, is what kind of growth is it really? Is it real usage or is it incentive farming? There is nothing wrong with incentives,

right? We want to make sure that we preference that. They can bootstrap economies, but incentives alone can only distort the picture. They can make a chain look healthier than it really is. And that is why you [music] have to watch what happens after the campaign. Do the users stay? Does the app retain activity? Does liquidity remain? Do developers keep building or does everything disappear when the rewards stop? That is a good metric if you ask me. And that is one of the clearest test of whether a new chain has real traction. Just go look and see when the rewards run out. Watch the on-chain metrics for it. Uh it looks like this Blockworks is a great place to do that. Look at those metrics. Shout out Blockworks. Not not sponsored in any way, shape, or form. Just found the

website and liked it. And then, look to see when those rewards run out, how many people still use it and care about it. Just track it for a week or two. And if it's just zero, well, then you know people were just there farming incentives and [music] that was that. So, users matter more than transactions. A lot of people use transaction counts as headline metrics. But, transactions, they can be misleading. A chain can have higher [music] transaction volumes because of bots, incentives, spam, farming, or low-value activity. And [music] a lot of times, all this stuff is combined. You'll have bots, farming, incentives. You know what I mean? A lot of times it all goes hand in hand. The deeper question is, are real users doing meaningful things? Are they returning? Are they using apps because they want to or

because they are farming points? Are they spending time in the ecosystem? Are they using multiple apps? Are they bringing other users into that ecosystem? Are they forming communities? That is what matters. A million empty transaction means less than a small number of users who actually care and actually want to use it. Reminds me very much of a YouTube channel, right? A lot of inflated numbers or people who come in to the stream for like literally 25 seconds, but they don't hang out, they don't stay, they don't send any kind of messages, they don't super chat, they don't do anything. They don't even smash the like button. How valuable are they [music] even if their numbers look good in the back metric pages of YouTube? So, when evaluating new chains, don't just ask how much activity is there. Ask what

kind of activity is it? Culture is more important than people think it is. Damn, let's bounce back over here. Just trying to break it up here for a minute. What do we want to look at? Let's switch our doom scroll for just a moment. Switch to like hashtag crypto. See see if it's any better. Do always find some good information here. Just got to get through some of the junk sometimes. Yeah, some forex, the same thing here. See, can we find some real posts? It's like a scavenger hunt for real posts and not this [music] garbage. Yep, XRP diving towards a dollar. It's definitely true. The support level for crypto is zero. There are 10 to 20 exceptions. [music] All right. So, it's going to zero according to that guy. Not exactly surprising. Yeah, it looks [music] like just

absolute spam in the crypto category today. The DeFi category seemed better. It's unfortunate. What can you do about it? I [music] wish that they would like at least try to, you know, phase them out. Who is this SBT? [music] And it it is a lot of like being in the trenches, you know? You got to filter through a lot of junk when it comes to these hashtags. >> [music] >> Yeah, it doesn't look like we're going to find any good posts. Yeah. Oh, well. So, culture is more important than people think. This is where crypto gets weird, [music] but it does matter. Chains do not compete on technology. They also compete on culture. Ethereum has a culture. Solana has a culture. Meme coins, right? Bitcoin has a culture. Base has culture. [music] Cosmos has culture. Culture affects even developers.

It affects the users. it affects the meme community loyalty. It affects how people talk about the ecosystem. [music] It affects whether people stay during periods that are slow. A chain with no culture can feel lifeless. Anybody ever been on a chain that really felt like it had >> [music] >> no real culture? A chain with strong culture can survive during downturns. [music] That is that is what you're looking for, right? Recession proof if you will. And that does not mean culture can replace fundamentals though. But in crypto culture helps ecosystems [music] become sticky. And this term is important, it's used a lot, sticky liquidity. People do not only join networks, they join identities, [music] right? And that is why culture can be a real moat. And what is a moat? [music] Do you Do you get the metaphor? Chains

need a reason to [music] exist. This is brutally important. Does the project actually need its own chain? Is a really great question [music] cuz there are some projects that really I don't feel like need their own chain. They could have just moved their their ideas onto chains that already existed. >> [music] >> Not every app needs a chain. Not every ecosystem needs a token and not every use case needs customer infrastructure. Here's a good one. Not every ecosystem >> [music] >> needs a token. Not every app needs a token as well. You could think of a lot of coins like >> [music] >> um like if Crypto Rank had a coin, if CoinGecko had a coin. Like they just don't need coins. What do they need [music] coins for, right? A new chain should have a clear reason for

existing. Maybe it needs extreme speed. Maybe the new chain needs custom execution or compliance controls, gaming specific infrastructure. That I could definitely see for a new chain. Um app sovereignty. Maybe it needs its own virtual machine. If the app chain cannot clearly answer what can happen here is meaningfully harder somewhere else, then the thesis may be very weak. A new chain needs differentiation, right? Not just branding. It needs to be different for a reason. Watch the post-hype phase. The most revealing phase is not the launch. Launches are exciting. Airdrops are exciting. Incentives are exciting. Narratives are exciting. And we're not against any of those things. But the real test comes later. This is what I was talking about. After the first wave of attention fades, after early users have farmed, speculation hype cools off, marketing campaigns slow. They usually

go to nothing. That is where you learn what is real and what was a bunch of inflation or hype. Developers keep shipping. Users keep returning. Does liquidity remain? Does the ecosystem produce apps that people actually care about? Does the chain become part of people's regular crypto behavior? That post-hype phase separates serious ecosystems from temporary attention events. Ooh, I like that. Temporary attention events. The best new chains change what developers can build. So, bringing value is what we're talking about. If you're a new chain, you should make it so that developers are able to do something they couldn't do before. Because if they can't do something they couldn't do before, then that doesn't then that means they can't build something suddenly because you exist that they couldn't build before. And if none of that is yes, then why do you

exist? That is That is [music] the thought process here. And this is the strongest way to think about new new infrastructure in general. Cuz it could be chains, but it could just be infrastructure anywhere. A A chain matters if it changes the design space. That means it enables apps that were difficult, expensive, unsafe, or impractical before they arrived. For example, a faster chain could enable real-time DeFi or games. Move-based architecture could enable safer asset-heavy applications. Interwoven rollups could reduce fragmentation. RWA chains could make regulated [music] assets usable on chain. And gaming chains could make blockchain invisible inside the actual game. So, you don't feel that you're using blockchain. And this is the real test. Not just is the chain faster, which is what everybody always wants to ask, but what can now be built that couldn't be built before

this project showed up. And if the answer is unclear, then I would be cautious of that new chain being highly relevant. Most new chains fail because launching [music] infrastructure is easier than creating a living ecosystem. It's easy to get the hype going. It's easy to launch something. Very different different story [music] to actually create something innovative and new that's useful that is actually going to birth a living ecosystem that people care about after the rewards dry up. That's That's my final take here. How's everybody [music] doing? I know we ran through a lot of information. I was trying to raise that crypto IQ on a Saturday night. Am I a mad [music] man? Why would I do that? Why would I do that to you guys? Chris Gosselin in the house. 333. Welcome in. Welcome in. After all that

reading, some cold water certainly does help. All right. Let's see what else there is. Let's see what the top gainer top losers are for CryptoRank. [music] So, here we are. Splinter is up 186% at least in the moment. Max chart [music] says the Splinter has been around since October 23rd, 2025. 14.8 [music] million in its market cap. Very little coins. Very little coins in circulating supply. Kind of scary. How many coins there are versus how many are out. They must really be playing the long game or they're planning [music] to dump a bunch of them at some point. It's a layer one. See splinter.org. [music] Self-custody and private and private transaction for digital assets. Oh, [music] you thought we were done? No, we're not done. Turn your card into a digital payment wallet. Any card with an NFC chip

or any virtual card becomes self-custody [music] payment wallet that you fully control. Tap to pay is a very interesting idea, actually. Settles on chain [music] in seconds and cashes out in fiat through connected providers. So, is this like a a more web 3 on and off-ramp [music] kind of thing? It's very interesting. Says it's quantum safe, even. This is one that might be worth taking a look at because what they're saying here is it has real use case. People would care about it. And they have the right narratives. Quantum safe technology, with no middleman, just you and no one else. A completely silent experience. So, they got the privacy. It looks like they have the on and off ramps, and you can link the card, right? So, there you go. There's your There's your from crypto to [music] your

regular traditional finance that you would be used to. It says any card with an NFC chip can be used in [music] their in their program. This is cool. Somebody go deep dive that. Where are my [music] deep divers at? Or I guess I'll do it myself if it stays relevant. Up 186% Alora now up 100%. Alpha Quark Quark, however you want to say that, AQT. What the heck is that thing? What did that just say? Coinbase says ETC ETH up 5%. ETFs ended outflow and co-founder defends [music] a 259 million debt position. Okay. Alpha Quark at 56 cents. Max chart says October 19th, 2020, 15 million in market cap, max supply 30 million, so tokenomics look great here. What does it do? It's in the ETH ecosystem. NFTs [music] and NFT lending and borrowing. Uh, that doesn't sound doesn't

sound [music] the greatest. I don't see a website here at all. I'd have to say I'm not real excited about that. Yeah, and you quickly get out of the high percentages, right? Bot coin, look at that, up 32% today. Research coin up 33%. All right. [music] That was a lot of fun to be had on a Saturday night. I hope you guys enjoyed it. Shout out to all my main undergrounders [music] out here coming to the channel show after show trying to raise that crypto IQ. I know that it will find you well over time. >> [music] >> Mhm.