What Actually Gives a Crypto Token Value? | Daily Crypto IQ

Hey, [music] hey, hey. >> [music] [music] >> Hey, hey, hey. [music] >> [music] [music] >> I think that we're just holding on to something. Heat. [music] Heat. I think that we're just holding on to something. I think that we're just holding on to something. Just tell me what's over Heat. Heat. I think that we just holding on to something. I think that we're just holding on to something. Just tell me what Heat. Heat. [music] >> [music] [music] >> Hey, [music] hey, [music] hey. >> [music] [music] >> I feel [music] I want to [music] All right, let's kick this thing off. Welcome to the Underground Crypto Deep Dive Show and let's take a look at that trading view. Make sure I get myself [music] on screen here. All right, cool. How's everybody doing on a Thursday? It's weird. YouTube notifications

in the chat. I couldn't miss my favorite crypto streamers intro song. All right. I was wondering why you were here. Have a have a good time at work. Thank you for stopping by, Melissa. Let's take a look at this 4hour BTC chart. We've been watching this thing every day in the beginning of the stream. And what is there really to say? Well, the first thing is I keep saying it really does look like it wants to make this shoulder head and shoulder. Now, I feel like if you were, I don't know, had less time put in in technical analysis, you'd immediately look at that and be like, it's going to make a head and shoulder and it's going to dump and I'm going to short it. A lot of people probably thinking the same thing. Remember this is on

a higher time frame. So a lot more serious big money traders will probably see this versus if it was on say the five minute right in extremely bullish times. I see these go like this and defy the rule. Zero guarantee that that's going to happen. You easily could fall down. So, what would we immediately do? Pull your fib. There's your fib from the impulse, right? From the explosive price action. And most people are targeting right about here. That would give you about a $70,000 BTC. It's about a $10,000 price point fall. I think it's a little optimistic to think you're going to get that in this environment. But if we did start to roll over and kind of get that measured move, let's see what the actual measured move of this shoulder head and shoulder is. There you go.

Yeah, you're looking more like maybe a 0.5 bounce. And I mean that kind of lines up. So, if you start getting a roll over, I would not immediately think that it's going to go to 70,000, but who knows? There's so many different catalysts. There's so many different things that could go on here. What's up, JDub? Welcome in. So, what I'm trying to say is if it does roll over and start to fall as a shoulder head and shoulder pattern, it might freak a lot of people out and you might get down here to this 70,000 region and come test this 200 day moving average. How to put this in a way that would make sense to everybody? It's like you're either going to get a pullback and it'll probably be relatively nasty or you're not going to like get

one at all and you're going to get a pump because again, if everybody goes to short this, where do you think their stop losses are going to be? I mean, conservatively up here. And if they're probably a little bit more seasoned trader, probably up here, stop losses, right? and that'll bring liquidity right up to it. I love taking a look at the 4 hour chart to start off every stream here. It's almost too much, right? And yeah, you can't deny that that's starting to look like a slanted shoulder head and shoulder, but at the same time, it's above the 21 200 coming up into price action, starting to come up. So, I guess it just depends on what kind of trader you are. And thank you for everybody who's here. Chris Goss 333, John316 says, "Smash the like button."

I appreciate that. We got uh Blues Guy in the house. Melissa stopped by even though she's working. JDub said, "What's up?" So, we're off to a good start here on a Thursday. So, let's talk about our series, right? Because on Monday, we asked whether a project really needs a token to start with. Do they even need a token? On Tuesday, we learned why Market Cap can hide future dilution and why that's important. On Wednesday, we investigated who owns the controls like authority to move things around and also the supply. Tonight, we're going to follow the money, right? A protocol can process billions of dollars, collect substantial fees, and build an extremely popular product. while its token received no direct economic benefit. This is highly important. I don't know how to say this to anybody other than this. Of course,

we're doing education as a crypto education stream, but I'm trying to give you stuff week by week that's highly relative to what we have going on. And this is so highly relative because a lot of people are going to be looking, hey, crypto's finally starting to move. I should put some money in it. And they don't most likely have spent They they haven't spent any time most likely learning about tokconomics, the economics of the whole asset industry, crypto assets. They just don't understand how to look at a coin and see if the money flows in the market cap and the price goes up. How hard is that? How likely is that? They're just buying things that they hear other people talk about that they think are popular because they've heard a lot of people talk and they're likely to

make an increase. But are they going to make huge wealth? Probably not. So that's what we're trying to break down here. The company, foundation, validators, liquidity providers of a DAO treasury may receive the revenue instead of the actual coin. And a lot of these projects are startup companies. So the money that they make from the services that they provide go into their bank account, not the market cap of the coin you're holding associated with the project. And that'll confuse people because they'll be like, I picked a really good project. They have a service like they make tons of money. We can see how much money that they're even making and yet the coin that I bought associated with it isn't going up because they don't understand tokconomics. And the opposite can also happen. A protocol can create a direct

connection between the usage of a token through required payments, staking, collateral, buybacks, burns, and re revenue distribution. Right? These are all ways of increasing the market cap. Uniswap provides a current example here. Its protocol fee system converts all collected fees into uniurns. Then governance has continued expanding that framework across additional networks and in July 2026 proposal sought to bring Robin Hood chain into the same fee collection and uni burn structure. Ave demonstrates why we must examine who controls these mechanisms. Its DAO has acquired more than 2,500 A during the first 10 months of its buyback program, but the program was paused April in April of 2026 to preserve Treasury flexibility following the RS ETH incident. If you know that does not make the previous buyback meaningless, but it shows a a discretionary value capture, right? Can change when governance

prior priorities change. So what we're saying here is they were doing really good. They had a buyback program and then they had that incident, the RS ETH incident on a right was a big deal and then they changed what they were doing or they put a pause on that buyback, right? And so now we're we're realizing, oh, it's not just about what they're doing. When the priority changes of the governance because of something catastrophic happening, well then that changes what they're doing. And that can change very quickly what you purchase, what you speculated on can all change very closely. It's [music] why you have to pay attention to what they're doing. So Lidos's Nest proposal approaches the issue very differently, though. It proposes a rule-based system that would connect excess protocol surplus to LDO purchases subject to revenue threshold

daily limits and governance controls. These examples give us tonight's lesson. Raise that crypto IQ. Protocol activity is not the same as protocol revenue. Protocol revenue is not the same as profit and profit is not automatically connected to the token that's connected to the project. Let me know in the chat what gives a token more value. Is it utility, scarcity, or cash flow? And that really kicks this thing off. Let's go ahead and get into the crypto bubbles as we always do. I don't know why today feels like it feels like uh I I want to say low energy, but that's not what I mean. I'm not coming with no low energy. What I'm really saying is it feels like low engagement today. And I don't mean I I don't know. I don't even mean that from the people here.

All right? I don't mean you guys are low engagement. I just mean I expect low engagement because of the way that the market is and the fact that it's Thursday. Why I'm even telling you that, I have no idea. Very casual. We are a crypto family. Welcome in. Welcome in. So, let's go to our crypto bubbles. Toggle that one through 10,000. This immediately gives us a good snapshot of the most relevant cryptocurrency projects in the game. Your top thousand by market cap. Easily anything after that's probably not so relevant unless you're just trying to turn a dollar into a million dollars on the most highly speculative meme coin that launched 12 minutes ago. All right, there's those people out there for sure. And I don't knock it. You do what you do. So 100 1.8 8 1.9 anything bigger

than that. Yep. 2.7 down at the bottom, but like I said, anything under 600 is a little less relevant to me. So, the most meaningful is probably this 2 to 300 here, but it's green nonetheless. You know, let us uh be grateful for what we have right now because we just went through a lot of bearish time. There's zero guarantee in my opinion that the bearish time is over. I think we need to see another month or two of just nice green candles or sideways action with small pumps, sideway action, very very small pullbacks and then immediately pumps out of it to keep us in a bullish momentum and then we could say, "Hey, I think we saw the bottom of the market. It's over." Now, we did have in the last bare market, the bull market start early

due to Bitcoin ETFs. We have an interesting catalyst right now that really got the market riled up. It's not exactly Bitcoin ETFs, but it could if we continue. Clarity Act gets passed. Uh there's people on Twitter right now talking about it's been [music] passed behind the scenes, like stuff like that. We got to keep those positive news cycles up in order to really keep the money flowing in. And we looked at ETFs the other day. a lot of money consistently day after day flowing into ETFs, which is [music] good because an ETF requires the underlying asset to be purchased. Other things are paper trading and they do not. I'm getting ahead of myself though. We're going to learn a lot about a lot of stuff tonight, but let's just take a look at these crypto b uh bubbles. I

always have so many things to say to you guys. So, Athena is up almost 18%. Trumpcoin up 16.8%. This thing is volatile. Okay, official Trump token here is very volatile. Let's take a look at it on the monthly. And you just see like big spikes, immediate pullback. Big spikes, immediate pullback. Just super big price action, immediately large pullback. Big price action, immediately large pullback. Big price action, pullback. You see what I'm saying? It's got a lot of volatility where like here, this is the absence of like a lot of volatility. This is very flat. So, it seems like that might be a good one for, I don't know, high lever day traders or something like that. Jupiter up 10%. Good to see that. Soul up 8%. Uh, JLP token, which is PERS, right? Jupiter per liquidity pool. Melissa says,

"Evening deep divers, please don't forget to tap that like button and subscribe to the channel. Join the Discord and become part of the community. That Discord is pinned down in the chat. It's usually about 20 30 minutes into the stream that everybody comes pouring in here. Maybe I need to start streaming at 9 instead of 8:30. So, we got Ansom at 16%. Of course, that's a memecoin. Cash co uh Cash Cat was up a lot yesterday. Still holding a 200 million market cap, which is pretty nice. When it comes to meme coins and stuff, I tend to look at market cap over actual price. >> [music] >> 151 for the black bull. I'm surprised that this has held up so much to be honest with you. Looking good. ZBCN, you know, bankroll will be happy there. XPL, Borg, Tibber,

UB getting some nice move across some tokens you might have heard of. Two to 300. Seeker up almost 50%. Well done. Well done. I know some people that'll hold some Seeker that get some air drops of some Seeker. Good stuff. Looks like you guys not only are going to get some free coins, [music] but they might be worth a little bit more in the next week or so. Beam up 21.6%. I have not seen Look at that thing just go from 0.001 to 0002. Uh Beam is a a project that people talked a lot about in the past, but not necessarily heard much recently. Haven't seen many pumps on it recently. It's been pretty irrelevant for a while. SN51, Subnet 64, that is all Bit Tensor ecosystem stuff. Prom has been kind of pumping day after day here. Or

maybe it's just been up and down and up and down. Has it just been volatile? No, it's been up and to the right. Looking good. Started at about $2.14 a week ago, as high as $5.14. That's a nice move there. And let's see what else we got going on. Of course, these numbers shift relatively fast. Can you see that? See what's going on. 900 to a,000 here. Hemi got a little bit of a bounce. I held a little bit of Hemi for a long time. I eventually dumped it because Bitcoin DeFi never seems to do much, but somehow recently it has. Moon River, not to be confused with River getting a bit of a pump. All right, let's move along and take a look at our price rundown. It's fun to do when things are pumping. Struggger heart in

the building. Welcome in. Welcome in, Struggle Heart. Coin Gecko does this sometimes. I'm not really sure why. Every once in a while, Coin Gecko is just down. Okay. Hey, well, we're going to do this in a little bit of a reverse order tonight. Maybe it'll be ready here shortly. H yeah, top 100 coins. We could do this on Crypto Rank. I don't ever do this on Crypto Rank, but we could do it. So, let's look at that overall market cap. 2.79 almost 2.8 trillion up 1.7%. I mean, guys, if there's two plus over two and a half trillion dollars to be up 1.7% is a decent amount of money for sure. You would think it was a lot of money if it was in your bank account. Um, and I don't mean all the money. I just mean the

increase here. So, Bitcoin at 80,420. Who could be upset about that? Ethereum 2500. I'm happy with that, especially for how quickly it did. I swear two weeks ago it was 1,800 bucks. Same way what, two weeks ago, Bitcoin was like what 65,000 good increases, very short period of time. BMB 713. BMBB will be like back over a,000 bucks in almost no time. It flipped XRP again. Where's our market caps here? So yeah, about $5 billion B&B has lead over XRP. All right. Has anyone bought the CLLD AAI token in pre-sale? Where can I buy? Sounds like a token maybe you own and maybe you made. Uh people be very wary of comments like that. I would not go looking it up. It's most likely scammers. somebody who never comes to the stream ever and has a very odd username

talking about some coin and where can you buy it, right? Uh that's like this one I What is it? It's I don't even I I can't even show it on accident because I don't even know what it is. But every single video that every live we do, a bunch of, you know, bots come post about this one project. They're like, "When are you gonna do a review?" And it's like, I don't even think it's a real project. Anyways, XRP at $144. We got to I'm so used to having the 7day percentage change and all I have is a 24-hour percentage change. Can I change that? All right, that's probably not a good use of my time live on stream. Salana at $109. Salana moving very quickly. That ecosystem does bump when it goes. It goes. All right. Tron at

33 cents. Hyperlid $84. That thing is going to Hyperlquid is going to be at 100 bucks in no time and we were just looking at it at 50 bucks. [snorts] That's wild. Give it another week or two. Dogecoin just hanging out under 9 cents. I would really like to see Dogecoin get a little bit more traction here. Dogecoin's uh market cap is already quite big. I mean, it's a memecoin with 13.8 billion in a market cap, right? That's crazy when you sit down and think about it now. It's been here for like 11 years. So, there's a lot of people who hold it. There is a Dogecoin ETF as well. Uh when we get to our Block Works segment where we look at the ETF stuff, let's look at Dogecoin's ETF. So Zcash $812 thing is still holding its

gains. Chain link $11.96. And really again what stands out here is that um things are holding their gains and not giving them back. That's different kind of market than we were looking at recently. Before it was like if anything pumped it immediately gave 70% back in 24 hours like no matter what bare market vibe. Monero about to get close to $500. 459 bucks up 5% today. Cardono 21 cents. Ah, I hate not having that 7-day marker there. XLM 18. Seems like XLM pulled back a little bit. Canton Network pulling back a little bit, but nothing all that substantial in these pullbacks. Toncoin 141 or Graham. Litecoin 50 bucks. HAR 8 cents. Very glad I sold my Litecoin when I did uh quite some time ago. Avalanche $753. Avalanche probably primed to have uh some real nice moves here. It's

only got 3.2 billion, which is not a lot for a top project like this. Big Money is going to probably be eyeing Avalanche. SWE 78. Up a little bit today. Still under a dollar is good in my book. Where's Memecore? Wow. Meme core has fallen uh 111. Let's go see if this wants to work now. Now it wants to work. Let's see what's trending over on Coin Gecko. So we got Athena, Salana, Pudgy Penguins, Bitcoin, Lighter, Pawns, Pumpfun, Cash Cap, Bit Layer, Fartcoin, Hyperlquid, Bit Tensor, hence all that subnet stuff getting positive price action today. Jupiter and Ethereum. Uh, that's what's trending. No point in really clicking on any of those. You should know what those projects are in my opinion. Let's go look at that. Fear and greed index. The fear and greed index is 73. Hanging out

here, I guess, is all right. I'd like to see it closer to the neutral zone, but I guess we did get some positive price action today, so it makes sense. people are starting to get really bullish, but when they get overly bullish, that can be a problem because then we enter extreme greed and we usually go back into fear pretty quickly. We have a pullback. That's just how the market runs. If you know, you know. If you know, you've been here for a little while. Let's go to the top 20 things over on Crypto Rank. Oreo and City Protocol. We talked about those yesterday. This next space keeps like being relevant and I don't know why. I know what it is. Um they somebody who's always here who's wellrusted person in the community said this this game pretty much

cooked. They tried to do it. They messed it up. They had bad leadership. Whatever it was. But maybe, just maybe, in the meantime, uh, the community is taking it over or something like that. It [music] would be good if they did, that's for sure. Let's go to their X. Let's see what they're talking about. Wow, they have two totally different Twitters. What do we got here? Quarter two, burn is complete. 20% of quarter 2 protocol. Okay. AI assisted game creation is moving beyond code generation. Vibe camp turning AI into interactive game design part. Okay. Is there any game play though? That's that's my whole problem with these kind of projects. Like where's the gameplay? Like a lot of the projects that we follow nowadays, there's like constantly people posting or they they're posting actual video of gameplay. When you

go to a project like this and there is no videos of gameplay, that means there probably is no gameplay, which means how can you be a game with no gameplay. I just wanted to check it out, see if anything relevant was coming. If you played Maple Story in the past, you would understand why. That'd be a pretty cool project to see go like web 3, real NFTt marketplace, that kind of thing. Let's get into this coin. Uh, Oreo, it is in a funding round. Intentbased AI platform, an autonomous agentic finance protocol for web3 execution. Very interesting. Uh total raised about $3 million. Not a whole lot to say here about this other than it's designed to bridge the gap between natural language command and complex web3 execution. Think of like a chat GBT that's also well connected to everything

web 3 blockchain technology and is able to implement. Uh a project that we first really got dialed into that whole category and niche was a noma. Uh, so far it's been a little bit of a dud as far as price action, but we were in a [music] bare market, so we will see how that goes. Blues Guy says, "Hope everybody is doing fabulous." Blues Guy, how far did you uh make it? Where you at? What uh are you in the US yet? Total raised 11 million. So, Cooking City has become one of the Protocol's projects. Just for anybody who's watching, and I know we're down a couple of people. We're probably gonna change the way we do the show. I I'm really getting a vibe for that right now. I'm getting a vibe that we've been doing the show

the exact same way for a little bit too long and we need to change it up. And I just got a great idea on how we can just just change up the order and change the way we're doing things. And I think we will do that very soon. Yeah, I I Well, tomorrow's Friday, so it's DeFi Friday tomorrow anyways. Struggle heart says 111 letting us know that he is here and I appreciate that. Blues guy says, "Not in the US. I'll be in US tomorrow." Okay. How many days do you think it's going to take? I'm just curious. I I meant to ask you that the other day. What was it? Three or four altogether? If everything goes according to plan, of course. So, City Protocol onchain infrastructure for structured products RWI uh RWA tokenization. Lucas says, "I'll be

there, homie." Oh, tomorrow at D5 Friday. Is that what you're referring to? It's going to be a blast. I love that. And so, we're going to be changing up the way that the stream goes. I guess I'll let the cat out of the bag a little bit. I literally just thought of this like 20 minutes ago. What I think I'm gonna want to do, because I noticed that we get the most like interaction later in the stream, like after 9:00, after even 9:30, like we seem to get a solid group of people. Maybe they're relaxed and they're done with their day or whatever at that point. So, I'm wondering, I'm going maybe try this for a little a little bit. We're going to find some other things to do, play some DeFi games and stuff in the beginning of

the stream. and kind of give like a moment for everybody to come in, chitchat amongst themselves, uh, you know, talk about whatever's going on, news, what maybe they want to see, and then we'll get into some of the educational bits later on in the stream and news and stuff like that. We're just going to mix it up a little bit more. I noticed that the DeFi Friday gaming has been a huge hit recently and we're we're really reaching other audiences and that's really cool. We're not going to get rid of the education, but we are going to change some of it. Um, a lot of people used to really like this part of the show where we went over these things on Crypto Rank and deep dived them. And I've noticed that the uh sentiment has changed a little

bit. So, I don't want to like be stale and just keep doing the same thing over and over. We'll still do it, but we're going to mix it up. I don't know exactly how I'm going to do it, but I'm going come even Saturday, you're going to see an entirely different stream, but really Monday of next week, you're going to see a different style of stream. Even though you'll find that you get a lot of the same information, just maybe in a better way. I don't know. We're going to see. We'll see what I come up with. the stuff I should probably just wait and roll out. It's uh 3,900 miles, two days non-stop, which I won't do. I don't blame you. Thinking five days. Yeah, there's no reason to like, you know, go full throttle like that. It

It's not going to make any difference. Enjoy your uh trip through the states. Hivemind Digital Group 17 million total raised institutional digital asset investment firm and RWA tokenization platform. What else do we got? Alomo. Elomi. That's just a fun name to say. Elomopi. What does that even mean? EVM native hybrid pop automated market maker decentralized exchange delivering centralized exchange execution quality on chain. So they're like we're going to be as good as centralized exchanges. We're just not going to be a centralized exchange. Alomopi that just rolls off the tongue. I love that. A filtifish. Uh if you don't know rush hour 3, you won't get it. Um let's see. 500,000 raise YZI or Binance backers. It's an automated market. Prop prop a AMA or AMM. Sorry, not AMA. SmartX, Colorado, Texas, Louisiana, Mississippi, then Florida. Okay. So, you're coming

that way. Yeah. Just from Texas to Florida is like 23 hours. How long it take me to get to Maine? Two days. But it was like one full day, like one like I don't know 18 hour day and then uh not even maybe it was like one like 15 hour day and then the next day I think we drove for like six or seven hours altogether. I think it's like 23 and a half hours or something like that from our house here to the cabin in Maine. All right, SmartX. SmartX is an AIdriven personalized social trading platform for onchain market and prediction for onchain markets and prediction markets. I'm not big on prediction markets, but I guess they're here to stay. The only thing I can say about prediction markets is that I like the fact that it gave

crypto something native, something that was born out of the world of crypto blockchain that became really mainstream and that's prediction markets. This is interesting. This is the third project in a row. Look at this. Where YZI Labs is the backer. Start with uh Elomi. Look, YZi 500,000 raised. Uh SmartX YZI previously Binance 500,000 raised. Next route, uh, YZI Labs, $500,000 raised. So, I guess Binance is just out here throwing $500,000 at people like, "Make me some money." Crosschain routing and intentbased execution infrastructure for web 3. Again, intentbased execution for web 3. And when we think about a project like Anoma, are they going to be able to build everything necessary to create the vision that they are trying to create or should they be working with other projects that build more specific use case products and then putting them

all together? I think might be I don't know exactly what their plan is. Rootsto Yi Labs Binance 500,000 raise competitiondriven crypto trading simulator featuring AI agents and educational tools. Roo, Binance is trying to get this get this ball rolling. Uh let's see. What was your longest driving stretch? 18 hours. No switch up. Uh yeah, the first day my uncle I did all the navigating, he did the driving. And you're probably like, "Well, why don't you just put it in maps and and and GPS?" Because then you will create a terrible time for yourself if you just throw it in the GPS and don't have any idea what you're doing. But it you could do it. You could get to where you're going. You just might take you five, six, seven more hours than you intended. Um I think it

was probably like 15 or so hours that he pretty much drove straight. Obviously we stop for gas and stuff like that. Intent like anoma. Exactly. So what is this? Uh Cravada API based payment infrastructure for fiat on and off ramps and crypto treasury in Latin America. YZABS is in this one too. They're just bidding everything. They're like we'll give you a little bit of money. Give us something. A lot more money raised. I bet you they gave 500,000. Look at that. YZI Labs previously Binance 500,000 raised. Finax YZI Labs 500,000 raised. This is kind of funny. Institutional grade crypto accounting audit and tax compliance software. That sounds amazing. I would like some crypto tax compliant software for sure. Um, it's just funny because like everything is just backed by YZI or Binance and it's all 500,000. This one too.

X API gateway social data infrastructure for AI agents and DeFi applications. I mean, these AI agent trading bots, stuff like that. They're they're here, guys. They're not going anywhere. It's not going to die out. It's not a fad. It's just going to continue to push. Here's another one. Zero Drift AI native web3 auditing firm and smart contract security. And I think that's all we really need to go over. USD.AI or a Alico. What is Alico? This is in his funding round. Another one. 500,000 YZI Labs institutional platform for issuing onchain ETF token and tokenizing complex assets. So, what they're specifically going after like complex assets? That's interesting. That's a narrative I haven't heard yet. Like RWA, but RWA pertaining to complex asset situations like the difference between tokenizing the property of like a house, like one house, and tokenizing

a whole portfolio of houses. You get what I'm saying? that'd be very different. All right, let's get into the topic of the day real quick. Let's initiate this. So, confusing a successful product with a valuable token. Let's get kind of straight to the point here and we will get into the details if you would like to raise your crypto IQ. But what we're talking about is there's a project. It's a crypto project. It has a token. the crypto project does some kind of service, some kind of function just like many of the things that we just read [music] in in their funding rounds, right? They have a purpose. They're probably going to make some money. Your institutional, you know, uh tax software for institutions, guess what? They're expecting those institutions to pay some money. Now, to be clear, all

the ones we were just looking at in funding round, they don't have tokens yet. But let's say they did that any of those projects. There's a big difference between money made by a company because they are companies and the bank account that is their treasury where all their money is held and money flowing into their bank account versus money flowing into the market cap of the token associated with the project. Because if the money doesn't flow into the market cap of the project that you own, the token that you own, you're not making any money. And it doesn't matter how successful the company is. It doesn't matter how much money they make unless they do something like buybacks. You know, those kind of programs are done usually through the treasury, but they have a positive price impact on the

coin. Do you understand what I'm trying to say? All right. So, an investor finds a protocol, billions in transaction volume, a popular application, growing user base, large feed generation, and a recognizable brand. The investor assumes the token must benefit from all that success. This is the number one place people who don't have a high crypto IQ go completely wrong. All right. And we're all learning together. That's not a shot at anybody. I hope everybody understands that. Um, just because the project is good doesn't mean the coin will do well. That's the point. But users can access the application without buying any of the token. So, here we're going to get into why fees are paid in a stable coin. Revenue goes to a company controlled treasury, not the market cap of the token that you own. Staking rewards are

funded by new token emission. The product may be successful while the token remains economically disconnected from it. And this was our point of I believe Tuesday's show where we were talking about does a pro no Monday's show. Does a project even need a token? Because if all the money flows into the treasury like the bank account and they provide a service and they get paid and the product or the token just stays economically disconnected from everything, why do they have a token in the first place other than it's kind of free marketing? Uh friends, where can I buy this CLD AI? I it's guys, whoever's posting that just wants you to go probably buy their token that they created three days ago or whatever. Um, highly doubt that that's a real project. Just so everybody's real clear on that.

And if for any reason I'm wrong about that, I am very sorry to uh this uh Alabberto. Very sorry if you are legitimate, but 99.9% of the time those comments are illegitimate. needed that. All right. Trace every dollar and every token. Instead of asking whether a project earns revenue, ask what activity creates the fee that earns the revenue. What asset is used to pay that fee. Who receives the fee? What expenses must be paid first? Does anything remain value created? Does any remaining value created right token demand? Are tokens burned, locked, distributed or reinstated? How many new tokens are simultaneously being issued here? And can governance change or pause this mechanism like we saw with a payout separate economic value from promotional language? Understanding economic value is going to be a much more solid thing to speculate on than

promotional language done through campaigns and stuff that is just literally there to get to draw you in. Right? There may be value, there may be no value. This process helps distinguish between real product usage protocol revenue, treasury revenue, token specific demand, inflationary incentives, sustainable value capture, and temporary or discretionary price support. Now, protocol success and token success are separate questions, and we're going to come back to this in just a second. And let's go take a look at our top gainers, top losers of the day. And that is going to be brought to you by Block Works, who's not a sponsor, unfortunately, of the channel. I just really like their website. So, here we go. Convex Finance taking the lead here. Let's refresh it. I want to make sure we have the right numbers. No. Okay. So, that was

yesterday's. Uh, Official Trump is up 21%. Athena is up 20%. Vchain up another 11 or 12%. Jupiter up 11%. Lighter up 11%. Good stuff. Uh, Blues Guy says you can purchase the CLD AI token during ongoing ongoing stage five pre-sales direct from the official CDL. Blues Guy, what is that project? I didn't entertain it because I'm I'm pretty sure that it's not legitimate. Uh friends, where can I buy a good triple burger? So dang hungry. I don't know where you are. Where are you located, Struggleahart? Maybe we could help you find that triple burger. So Aikido Metadow, the two top losers of today, derive, I mean 14%, it's a decent loss. He's all about the burgers today. Usually he's dropping that taco emoj uh emoji. Taco Tuesday, but I guess it's burger Thursday. All right, let's go take a

look at some ETFs and revenue. You start to realize how important revenue is. Network revenue, right? And who's the number one in the last 30 days? Oh wow. Hyperlid just just knocked I think Canton out of that top spot. What about on say the 90day Canton? Yep. Canon's got him beat a little bit in the last three months. Let's go take a look at that crypto ETF. That's what I'm really here for. All right, looks like more inflow. Of course, we're going to be behind today on these ETFs. Yep. 26. Today's 27th. UG. It claims to merge artificial intelligence with blockchain technology. So, like the same thing as every AI agent ever. That's that's what an agentic network is. artificial intelligence with blockchain technology. Uh, I appreciate you getting me that information. Uh, I really do. So, let's see.

One, two, three, four, five, six, seven days of straight inflows. I like how it lists all of these different ETFs and then it just says and five others, you know, like maybe I want to see those five others. Look, Doge, that's what I was looking for. So, turn all of them off and let's just turn Doge on and see if there's any meaningful money rolling into Doge. Wow, a lot of money rolling out of Doge. So there's like a million and a half inflow. It's like TW. Okay. So you can see that Doge ETF getting very little purchases. That's basically what I wanted to figure out. How much money was actually flowing. I mean, we would know because the thing would be pumping hard and it's not. Let's turn on BTC. So yesterday, $333 million flowing in. The day

before that, 374. What is the big takeaway here? The big takeaway here is Bitcoin, the largest asset in crypto, has had like seven today, probably eight [snorts] straight business days of inflow into the ETF. That's very bullish. That's probably a huge portion of where all of this money is coming from into the market for those who don't understand. AI ecosystem access is a market utility. Yep. Staking rewards [music] holders are promised. See, the thing is I don't trust it. I appreciate the information, Blues Guy. But what I am unfortunately aware of is people will [music] come into any kind of crypto show and drop stuff that they're are basically benefit, you know, benefits of whether they bought some or not, and then they they try to get some traction. That's all I can find for now. Hey, that is

more than enough information for sure. Great job. I appreciate it. Let's go take a look back to our education here cuz I'm really trying to raise your crypto IQ. Protocol success and token success are separate questions. A protocol is a product or the network. The token is one economic component of that system. a successful protocol. It may generate fees from validate fees for validators, not from validators, right? For validators, revenue for a company, income for liquidity providers, and [music] assets for the DAO treasury, burns and buybacks for the token, and some combination of all of those. Never assume the token receives anything that the protocol generates. Don't make that assumption. Uh, I've been guilty since I've been in crypto. Obviously, at one point I was a complete noob and I had just found out about crypto, right? It was

quite some time ago, but it w there was a day it was like that. And anyways, I assumed that if I looked at a project and they looked like a really good project that that meant the token was going to go up, that they were connected. And I remember pretty vividly the day that I realized that all of these startup companies in in crypto, which is a better way to think about them, all have a bank account treasury of some sort, whether it's a Dow or just a bank account that they hold their corporate, you know, money in, corporate funds in. [music] And that had nothing to do with the market cap or the token. That was a very IQ raising crypto IQ raising day for me. So, I'm hoping to share that Eureka moment with you here if

you don't already know that. Looks like the same AI stuff knowing AI is hype. Yeah, it's just so easy to make a website and throw like we're AI network or we're we're going to make bots or like they can say whatever and never deliver. I mean, look at the AI agent craze. Most of those coins had no AI agents. A few of them had Telegram bots that they disguised as like some kind of AI agent and there was no AI involved in any of it. All right, this is where Fartcoin came from. And I don't really know a lot about Fartcoin. My assumption is Fartcoin did so well because it was one of the only ones that maybe actually had a real product. All the rest of them were junk. So learn the four economic layers. And again, the

reason why that they're able to do that is because people have low crypto IQs. And AI is relatively new. It seems very technical and high brow. You know, only a developer would understand. And therefore, most people will just trust stuff because they have no way of understanding what is legitimate and what is not. Learn the four economic layers. Here we have activity. What are users doing? Examples would include trading, borrowing, staking, transferring, gaming, and purchasing on, you know, purchasing storage. So, the first thing you're asking about the economic layers. I'm trying to make sure we connect this so it's really straightforward. Is that there's going to be activity across a network, but what is that activity really doing? Are there fees that the users have to pay for these activities? And where do those fees go? Protocol revenue. How

much does of that fee goes directly to the protocol? I'm trying to say like six things at one time. I got to stop doing that. How much of the fee goes to the protocol, right? After you pay because remember there's other people who have to get paid here, validators, liquidity providers, or other participants in the system. They're trying to make some money too. What is left over token value capture? What portion of that retained value if any creates demand or or for reduces the supply of the distributed value of the token. So is there increased demand in any way shape or form here? A project can be strong at the first three layers and then weak at that fourth layer, the token value capture. And it matters a lot. They're not equal. Required utility can create organic demand. [music]

A token may be required for things like network gas, validator staking, collateral, access to services, storage or computing resources. You're going to see that a lot in AI style projects. Uh creating markets, governance deposits, security bonds, and in-game actions if it's a gaming product. So required utility is stronger when people must repeatedly acquire or lock the token to use a valuable service. But utility alone is not enough. Ask whether users must hold the token can acquire the immediate spending of it. Right? So ask whether users must hold the token or can acquire it and then immediately spend it. Those are two totally different things. [music] And governance is utility, but demand may be very limited when it comes to governance. So don't rely don't rely on governance utility to create any kind of demand for the actual token. Once

people buy, they might use their tokens for a little bit of governance utility, but it's not usually a high demand, you know, place for a token. All right. So, governance, of course, tokens can be good for voting on upgrades, direct treasury spending, everything that a DAO would have to approve. That authority authority can be meaningful. I don't know why I can't talk today. Maybe because I do this every day. However, if a few people participate and the token is not required for anything else inside the ecosystem or the governance, it'll create very limited reoccurring market demand. That's the point of I was trying to get across there. So, understand token burns. A burn permanently removes tokens from the supply. burns and buybacks are probably the most common deflationary uh instrument right in making a token worth more money because

that's what people are really after. So we want to be really straightforward. Most people just want to see price go up. Ethereum provides a clear network level example. Each transaction includes a base fee paid in Ethereum and that base fee is burned. However, validators also receive newly issued ETH. So, the correct measurement is net issuance, not the burn viewed by itself. So, you'd want to calculate something like net supply change equals new issuance minus your burn tokens. If a protocol issues 10 million tokens and burns four, the net supply is still increased by 6 million. So, if the tokens being burned are new tokens and they're being burned before they even go into the supply, that is very good longterm, like overall long term of the project, but it's not something you're going to see immediately in your price.

Let's put it this way. 10 million tokens come out, new issuance, meaning they just are put into circulating supply again. And four million of those tokens are burned. Not going to see a positive deflationary number because you still have 6 million of those tokens coming into the supply. So, you're going to actually see an inflationary measure. Now, if I were to buy back tokens that already exist inside of the circulating supply, I buy them back and then they get burned. That is more deflationary than burning tokens before they really reach the circulating supply. So, what did we just realize here? Hopefully, you just realize this Eureka moment. A buyback and burn is worth more in the short future of a token than say a burn out of the new issuance of a supply. I know that went over some

people's heads, but that's okay. Uh, understand buybacks. We're going to get into buybacks. Okay, so buybacks occur when a protocol or DAO purchases its token from the open market. Afterward, those tokens might be burned permanently, held in a treasury, distributed to stakers, used for employee compensation, reissued as incentives, paired with another asset as liquidity, like a liquidity pool. Therefore, the protocol bought back tokens does not automatically mean the supply permanently declined. So, we're compounding here. So, we learned that a buyback and burn is better than just burning newly issued tokens in the immediate short-term future. That is now a buyback by itself, a project says, "Hey, we're doing a buyback initiative." Okay, that's cool. But when they buy back, what are they going to do with it? You get what I'm saying? What are they going to do with

the tokens that they bought? Are they going to go into some kind of uh incentive or reward? Are they going into liquidity pools to create more liquidity? Or are they straight up going to burn them permanently? All of these things highly important. Revenue funded and treasury funded buybacks are different. This is a little saucy so hopefully you guys can follow. So revenue funded buyback reoccurring protocol income finances the purchase. So reoccurring protocol income income into the protocol that's reoccurring finances the purchase of revenue buybacks. This is just understanding the money. If usage grows, the buyback may also grow because the income to the protocol is growing as well. A treasuryfunded buyback existing reserves of finance of money is the one buying those purchases. So the treasury now that's not saying how much money is actively coming into the treasury

often or if there was a large chunk of money at some point during the creation of the project that has been set aside as a treasury. Right? This may create demand temporarily, but the treasury cannot spend the same reserves forever. So, if there's $100 million in a treasury of a project and they're like, "We're going to do 10 million uh dollars, uh, you know, buyback." Well, they can only do that 10 times and then they're out of money. Treasury is not likely to run their money down to zero. So I wouldn't expect them to do that much where if you have a revenue funded buyback that can go on for whatever amount of time because the reoccurring income is what's financing the purchases. So what did we learn here? We learned that revenue funded buybacks better, right? Better than

treasury funded buybacks as a long-term thing. Now, if you had revenue funded buybacks going on and treasury funded buybacks happening periodically at the same time, that could be a great catalyst for some deflationary numbers. So, this may create temporary demand, right? But the Treasury cannot spin the same reserves forever. The strongest analysis identifies the original funding source and whether that reoccurring is sustainable. So again, the revenue is the better. Real yield versus inflationary staking. I feel bad for anybody who's not paying attention to this because this is such good stuff. So imagine a token is offering 15% staking yield. That yield might come from user fees, protocol profits, borrowers interest, newly created tokens, treasury reserve, a combination of all of these. Most of them come from a combination of all of them, right? If rewards come from newly issued

tokens, stakers receive more units while the complete supply becomes larger. So, if the way that you get your tokens from your yield are the project just issues new tokens, well, all of those are going into the circulating supply. And if you remember our lessons from tokconomics class 101, that dilutes the value of of what you're holding. So you have more tokens, but if that's all they're doing, then you're losing value to dilution. And that may protect stakers from some dilution, but it does not necessarily create new external value. So measure the net token flow. A simple framework is this. A token support equals [music] buyback plus burn plus required locking. Token pressure equals emissions plus unlock plus treasury sales. So what we're saying here is support for a [music] token keeping it deflationary and pressure making it inflationary. This

is your combination. I actually really want to screenshot this. because that that'll be good to post somewhere later on. All right, so we got to compare the two sides. This is not a price prediction. It reveals whether the e the tokconomics the economics of a token are currently adding or removing transferable supply and demand. This is really pretty simple stuff. When you get to the core of it, it's not complicated. There's rather more tokens or there's less tokens. Less tokens means price goes up easily. More tokens means inflationary price stays relatively the same or goes down. Current example unis swap. Uniswap fee system creates a visible path. Users trade. Certain pools collect protocol fees. Fees accumulate in protocol controlled contracts. searchers convert that value into uni. Uni is sent to a burn address. The system expanded beyond its initial

Ethereum deployment to additional chains during 2026. So they expanded this burn system. This created a direct connection between protocol usage and uni supply reduction. And so the more times that we're using the infrastructure, the more UNI supply is being reduced. But an investor must still compare the dollar value burned with UNI's valuation, remaining supply, treasury distribution, and overall market demand. Current example, a make sure we're caught up on the chat. Blues Guy says 81,300 for BTC. Well done, BTC. I think it's going to keep going up. I think I think that shoulder head and shoulder is just a probably going to be uh a short squeeze catalyst here. So, a shows why the rules surrounding a mechanism matter. The DAO for a we've switched from uni to a now. The DAO's buyback program acquired more a than it was

distributing during its initial operation. When the RS ETH incident created uncertain potential obligations, the DAO paused purchases to preserve financial flexibility. I don't even think that's a bad move. I think that's a pretty good move on the Dow's part. This creates several research questions. Is the mechanism automatic or discretionary? Can other financial priorities override it? Which is basically what happened? Are purchased tokens burned or retained. Can they later return to circulation? Is the program funded by reoccurring revenue or the treasury reserves? What happens during a protocol emergency? Next example. Lido. Lido did something very different. Lido's proposed Nest system attempts to connect protocol performance with LDO Lido, that's the token through preset [music] conditions. Let me read that again. Lido's proposed Nest system. This is just what they're calling their system. It's attempt to connect protocol performance with the

LDO token through preset conditions. Its proposed framework includes a protocol revenue baseline, a percentage of surplus allocated to that mechanism, daily and annual spending limits, emergency controls, governance authority over parameter changes. So again, governance authority over parameter changes. The important [music] lesson is not that one design is automatically best. it is that a transparent formula is easier to analyze than a vague promise that tokens will [music] benefit later on. This is a good point. A lot of projects just say, "Hey, just trust us. Everything we're doing is going to be real positive to the token later." They don't say how. They don't say buybacks. They don't say anything. They don't say burns. They don't say how any of that's going to happen. and they just say like trust us. And I've seen it a lot. You know, for a

long time we went to a lot of websites. Uh we don't do it quite as much anymore, but we do it still quite often where we deep dive a website for a crypto project. We'll be doing it a lot more here shortly as things heat up. It's more of a bull market kind of thing because we will have new tokens coming out all the time, right? That's when we really do those website analysis. But a lot of times the road map is just like we're going to be cool and great and people are going to love us and then we're going to do even better quarter quarter three of next year we're just we're going to do real good. I I'm [music] not even kidding. There's a lot of road maps. That's all they are. Then there's other road

mapaps that are like next quarter we're going to roll out this product on this chain, you know, and it's going to do this and then the next quarter we're going to roll that out on another chain and we're going to add, you know, X Y and Z to the protocol. Like it's a real specific road map. Road maps is a great way to analyze a project. Calculate the capture ratio. A useful approximation is token capture ratio equals value directed towards the token divided by the protocol revenue. And then now we're talking about token capture. So value directed towards the token aka money coming into the market cap divided by protocol revenue. Suppose a protocol generates 100 million in annual revenue and directs 10 million into a revenue funded token burn. So out of 100 million, 10% is going to

get burnt. That is a 10% capture ratio. This does not prove the token is fairly valued. It tells us much more reported revenue currently reaches the token mechanism, which is highly important. This is what you want to see when you're researching a token. And if you're doing no research on a token that you're going to put what is to you a significant amount of money, don't be one of those people who's like, why do I always lose? You didn't put in the effort. You don't know what you're buying. people on Twitter are talking about it. It that's not a good reason to buy something. Okay, compare capture with a mission. Imagine that the same protocol directs 10 million into buybacks, issues $18 million in token incentives, and has 7 million in insider unlocks. The headline will advertise 10 million

in buybacks. The broader token flow contains 25 million of new emissions and unlocks. That is why every benefit must compare with the dilution because the buyback doesn't matter. You have a ton of money in new emissions and unlocks more than double red flags. Again, when we have something like red flags, this is if you paid attention to nothing else, this is where you should pay attention. The project highlights transaction volume but avoids discussing actual revenue. Good thing for things like Block Works, right? Where we can come right to the dashboard. We can pick pretty much any network for revenue. Like let's just untoggle all of these here. Maybe. Maybe we will. Oh, it froze. It's shy. And let's go to Avalanche. Right. Bang. All right. It's being really slow. I don't know why that is. Really ruined my dramatic

moment there, huh? All right. So, now we're looking at the revenue for Avalanche. So, we know that these last five, six, seven, eight days have been great. So, if they're really great, then how much I messed it up here. How much revenue are we really getting? I think this is a good way to kind of use the information that we're going over here. Let's go to Avalanche. All right. So, its peak day was $11 million. Oh, no. That's that's $11,000. Whoa. Okay. Well, this actually proves my point a lot. $11,000 was its peak revenue on like one of the best days we've had in crypto in forever. Think about that. Now, let's add Hyperlid. So, Hyperlid generated $3.3 million and Avalanche generated $11,000. Okay, so this is actually the better day here. 5 million for Hyperlid. $8,000 for Avalanche.

Call it 9,000 8,700. So what do we know here? Avalanche does not make money in their revenue. So if Avalanche comes out tomorrow and says, "Hey guys, we're doing a revenuebased buyback program and we're going to burn it." It doesn't matter because they don't make any money. That got hardcore real fast. Okay. Revenue includes money paid [music] directly to outside liquidity providers. So, the money being paid to outside liquidity providers is being included in what they're considering revenue. That's not helpful to anybody except for these outside liquidity providers. Staking rewards come entirely from new issuance. Not good. Not good at all because you are diluting or increasing the supply of tokens. That's not helping anything. Yes, you have more tokens. Yes, you are probably making some money, but it is being diluted heavily. And if that's all they do,

it'll be a matter of time before the dilution is so significant that you're in impermanent loss. So the token is optional for every important product action. So everything that's going on inside the ecosystem, the app, whatever it is that the crypto product is, the token's not really required for it. Buybacks rely on treasury reserves. Treasuries are only going to have so much reserves. Uh most treasuries are not going to spend themselves down to zero dollars. So there's only so much money a treasury is going to be willing to pump out for buybacks and burns. Purchase tokens are quietly recycled into incentives. So like say they do a buyback program, but that buyback program is just to take those tokens they bought and give them out as rewards. I wouldn't consider that a negative thing. That's a cool thing to

do, but if that's all they're doing and it's not getting burned, it is not making your token deflationary. The burn is smaller than the annual emissions. So, say 10 million tokens come out every quarter and every quarter we burn 1 million tokens. Okay, that's not helpful. That's still 9 million more tokens inside the circulating supply every quarter. That's not deflationary just because there's a burn. What we're really getting at here when it comes to raising your crypto IQ is we're saying don't be tricked by the words that are being put out on social media. Understand what they're talking about. So, your favorite project says, "Hey, we're going to do buybacks. Hey, we're going to do a burn." You have to know if that's relative to the amount of new tokens coming out. That's that's that's all it is. It's

it's really not that complicated. Cuz a big part of what I'm trying to do is also show you that this stuff is relatively simple once you wrap your mind around it. It's not as complicated as it seems. Purchase tokens are quietly recycled into incentives. the burn is smaller than the annual emissions. Governance can redirect the mechanism without meaningful notice, meaning like they don't have to really let anybody know. There's a board of people and they can kind of do whatever they want. They have the governance feel important. They vote on a new logo. They vote on if we're going to change the ticker to these letters. But when it comes time to drop money and and and do stuff, the governance is never asked because there's a board that's usurping the governance and making it pretty much just inname

only kind of governance. You know, should we make the logo pink or should it be purple? That's not a meaningful decision for governance. Should we take $100 million out of our treasury, buy tokens in the supply, and burn it? That's a meaningful vote for governance. Should we do a hard fork and roll back a hack that we just had? That's a meaningful thing for governance. So, the company earns revenue while token holders receive only voting rights, right? So, you have voting rights to vote on meaningless stuff most of the time. And meanwhile, the company is charging for whatever service and they're making money and putting it in their bank account, not doing anything for the market cap of the coin. That means all for the company's gain and profit and nothing for the people who supported them getting there.

Future value capture is repeatedly promised but never implemented. So just watch out for what they say is not what they do. Are the promises made, promises kept? Struggart says, "Good stuff. I hope you're enjoying it." Yeah, I I love this stuff, guys. I I don't know how to say it any other way. That's why I show up every day because I'm learning. You really don't get good at something until you're learning things that you've already learned again, again, again, again, again, again, again, if you understand what I'm trying to say. Again, again, that's when the things start to turn from just head knowledge to actual wisdom and understanding. constructive signs because we got to give you the opposite. Free and clear revenue definitions, well-defined definitions of revenue and where they're coming from. Public dashboard tracking fee destination. If a

project doesn't really want you to understand, they're not going to put together a nice dashboard with all the information for you to easily see. Now, don't be fooled. A bad project in they know what they're doing, right? they're making money and they're not giving you much value for them making money. They'll put together a dashboard. It'll just have like a bunch of useless information on it. Onchain buyback or burn transaction. [music] Transparent emission schedules when tokens come out. Sustainable expenses below reoccurring revenue. A token required for genuine genuinely useful services. See, look. Blues guy, that uh [music] Berto person, they just said the exact same thing they said earlier. It's a scam. It's not a legitimate project. Nobody go check out that CLLD AI token. Nobody go check that out. That is garbage. Cuz like we already looked at

it. We already said stuff and then he just comes and he says the exact same thing again. Scam. But I'm glad that somebody or I know I'm glad that at least one person out there is really enjoying this as much as I am. Blues guy says transparency. Exactly. You'll want to see clearly defined stuff aka transparency. Published rules explaining when mechanisms can be active or paused. That could be hard information to get. Buyback finance by real operating surplus. Right. So, we want our buybacks to be from revenue, not the Treasury sustainably. Now, if the Treasury does a handful of buybacks, cool, that's fine. No big deal. That's great. But if you're expecting the Treasury to hold up the project and make it deflationary off the they're going to run out of money. It is just simple money in money

out. They're going to run out of money most likely. clear treatment of repurchased tokens, governance limits, and emergency controls that are publicly documented. So, you want good documentation, something that Cardono does really, really, really, really well. It's why even though Cardono's price doesn't always do what we all wish that it would do, they're highly transparent about what the heck is their agenda and what they're doing. And Charles says all the time, uh, it's just what came to mind. I wasn't actually planning on trying to uh defend uh Cardano, but they're very public about they have so many boards. It's it's really interesting. He blues guy. He was never here. He's he's probably a bot that just says random things. Uh, transparency. [music] I wrote it like an Italian word. Ah, transparency. Too funny. This funny. There's another YouTuber. He

does more like I guess technical analysis and stuff like that. And uh I kept follow like I kept seeing it was like his thumbnails, right? And I was like, "Dang, that's like the Spanish version of me." And then I found out he wasn't Spanish. He was Italian. And I went into like his uh stream and was just, you know, being funny because he looks like me, a lot like me. He's got long dreads and stuff. And uh and he's in, you know, markets and crypto specifically. And I used like the translator, Google translator, and uh it was just really funny that uh I was doing it in Spanish and then he's like, "No, we speak Italian." And then he just started talking to me in English cuz he knows English. And I was like, "Oh, that's hilarious." All right,

what do we got going on here? Welcome to the Twitter doom scroll. I don't know why my voice is a little horse today. I finally unlocked this island and there was nothing to do there. I gota I got to save up and make it useful. What is this? Whoever leaked this has zero fear. Someone connected 350 Grock bots to run a oneperson trading desk. One bot scans the market. Another hunts for setups. Another analyzes news and sentiment. Yeah, exactly. These Grock bots are basically AI agents but for Grock, which is cool. I mean, it makes sense that an AI platform would would make its [music] own easy to use AI agents. Something I certainly will be looking into. Founder rewards are live. Complete the campaign. We're just doing some Twitter doom scroll. I mean, look at this going on.

I think this was Nepal. Is this Nepal? Capturing more than 50 kilometer downstream from site. Glacier collapse showing rapid arrival. Is this from Nepal? Oh, I think this was Dang. Take a look at that. People yelling. I'll change the volume over so you guys can hear stuff in a minute. Oh yeah, it just ripped through a bunch of those houses. Dude, that's a ton of water. It's a lot of freaking water, man. Hopefully those people Oh, no. You see people like running. They need to run away. Where is he going? This guy. Look at this guy. He's turning into the water. Oh, they're screwed. I like how none of them went fast away from the water. Terrifying. That would not be fun. If you thought you were having a bad day, just know they're having a worse day. Rumors,

yep, that the Senate has already passed the Cryptoclarity Act behind the scenes and will officially pass it on September 15th for the public. I thought they were in a recess. Are they back yet? Caspa, real time decentralization is the security Bitcoin proof of work. Remember that this is very much like any news. This is social media. It doesn't matter if what's being said is true. All that matters is that [music] it's being said. You get what I'm saying? It just matters that people are saying it. And then you want to see how many people are saying it and what the sentiment is. I've had the same Yahoo email since I was 17. I'm now 44. Not once has Yahoo asked me to buy storage. Yeah, if you know, you know. That's a good one. CZ says he expects Bitcoin

to reach a million and doesn't believe it will take 25 years. But he also highlighted something I agree with. Bitcoin needs more real world adoption. Payments, pension funds, everyday use could take Bitcoin thesis far beyond simply holding it. Yeah, they they need to see it actually used. He looked out of place wearing that suit until the beat dropped. I'm like, why is he wearing a suit? All right, we're not going to find out. Whoa, that dude was like in a collapse there. buys buys 75 inch TV. Has no idea what he's going to do with it. Oh, now he thinks he's going to get in the back seat. He might. He might get it in the back seat. Oh, not even close, dude. Just tie it to the top of the car. What could go wrong? I've seen this

very similar thing for sure. Yeah, there you go. Uh probably I hope he lives very close. I hope you live very close. Uh because you're going to need to tie that on. Hilarious. Get a little bit of comedy in there. the TV. Lol peoples. Yep. Dude, so many times I've got out of my truck and been like, "You want me to put that in my bed and just follow you to your house?" I'm like, "Do you live far away?" You know, first one time the lady had something and it was I don't think it was a TV. I don't know what she bought. It was some kind of big big box and she was like, "Oh, I live." And it was it was probably like 30 minutes away. And I was like, "Yeah, I'm gladly help you, but uh

you're going to need to pay me some kind of money for that." And she did. She did definitely pay me. I charged her like 20 bucks, right? Nothing crazy. Uh, bro, what did I just watch? Rockstar did him dirty content c. Okay. Is this the guy who leaked? Yeah, he's the leaker. Yo, that's funny. They took him and made him in the game. Just straight disrespect. All right, guys. Let's go ahead and get the audio so you can hear it if we're going to be messing around. Welcome to the Underground Hangout part of the night. I love to kick off the underground hangout. We did our due diligence. We looked at the market. We looked at the 4hour BTC chart. We learned a lot about buyback and revenue and treasury and stuff. Uh, we learned a lot about where

real value lives in a token. Now we get to enjoy the fruits of our labor and hang out a little bit. How you like that? On a Thursday, >> can you guys hear this? Because I sent the audio to you. I can't. He's a lol, right? Eugi, he's a kind man. Got that gold, my friends. Yeah, we got that gold for sure. He Okay, so this guy, he leaked the footage of GT GTA 6. >> [laughter] >> And then they just dissed him hardcore. Hilarious. That guy's dog helping him out. Yep. I love perogis. Oh, get the No. And this is, you ever watch those videos where people are like, you know, they're they're freaking 1,000 pounds and they can't get out of bed. This is this is how that happens. You get me? Th This is what a

1,000b soon to be man has in his bedroom. What did he even dip that? Is that mayonnaise? I don't know. But he just made a lot of money. That's all I know. You saw that freaking saw that that multiple was crazy. BTC still sitting on the 21. That was 23 hours ago and we're still good on that one. What is this world of slime? Is this like Pokemon but slime? I like that. Okay, it's a demo. It's a free-to-play MMO RPG, but is it crypto? Like, if it's not crypto, we don't care. That's how I feel. If it's not a crypto game, I don't really care about it. Let's check this thing out. World of Slime. Definitely looks like a Pokemon game. A great idea though to take like slimes and then make them like, you know, evolvable. But

we can't play nothing that's not DeFi. It's a Steam store, so no, it's probably not a DeFi game. Huh. I think that they missed uh I think they missed a great opportunity here. Of course, we love us some DeFi games, and we will get to some DeFi games in a minute. All right. Well, that's out. Of course, Sunflower Land. Shout out to Sunflower Land. Link in the description. Yeah, I can hear it. Thank you, Struggle Heart, for actually letting me know >> because once I direct the sound to you guys, then I don't necessarily know what I can't hear it either. It's one or the other. Either I can hear it or you can hear it, but we can't both hear it unless I plug in some headphones. And I probably should do that, right? That would be smart.

But I really don't want to hear my own voice while I'm talking. That seems really annoying. I don't know how the lifer does that. buys 250k grows to 12 million. If he sells, he owes taxes on that gain. Instead, he puts it in a trust, borrows against it. Borrowing is not income, so no tax. He lives on loans, never sells. He dies holding the asset. Kid inherits 12 million. IRS gets zero. There it is, guys. I mean, I know it seems simple. But there it is. >> That's how you do it. >> Okay. So, this was on the border of Nepal. Ah, that see that makes a lot of sense. Yeah, look at that GTA 6 footage. Yeah, just hit that tire over and over again. Simple. They just coming out the woodworks on them, huh? everybody excited about

that GTA 6. I honestly could really care less. If they implement a cryptocurrency into GTA 6, I will buy it. Uh, entertainment finance is going to 100x from here. And the traders who turn four to five figs into seven to eight figures publicly are going to be revered as the most famous athlete. Yeah, I hope so. This is a different uh environment, right? This is trading slash poly markets and stuff like that. Cyber leak just rugged. Who could have saw that coming? Salana is cooked and full of scammers. Rotate into Robin Hood. All right, guys. If you have no like basis of pumpf fun, [music] you might believe this. Cyber leak was probably always a scam. You got to kind of have a little bit of an idea what you're buying over there. It is very hard. There are

ruggers everywhere. But you got to kind of know how to play the game. All right. If you know how to play, if you knew how to play the game, you would have got in here and when you doubled your money, you would have sold your initial bags. That would have gave you a free bag of Cyber Leak. As it pumped, you would have taken at least 50% more profit somewhere in here. And then when it dumped, it would have just dumped like your moon bag and you would have been fine and you would have even made money. You got to play that game correctly. And luckily, I had somebody educate me on it. Shout out to that person. You know who you are. So now you got to go grocery shopping. I don't want to go grocery shopping in

GTA 6. What is that about? That's crazy talk. Oh. Oh, he's telling the unthinkable. If you know, you know. I think that you could do Twitter doomcroll all day every day for the rest of your life. Are these recent? Will Pulse Chain do a 10,000x from the bottom like he hex did? >> The problem with this is when is this from >> is PDA. Okay. Nobody's saying anything important. I was hoping somebody was going to tell us when this video was from cuz I have no idea when that video is from. All right, a lot of GTA 6 and we'll leave it on the Yakaman. All right, guys. We're going to move along here and just keep tapping that egg till it hatches on Yakaman. See if we get any more boxes to claim. We're just stacking boxes to

open when this thing drops. Looks like it's going to be revealed quarter 4 2026. It's not that far away. I can I can keep messing with it till then. It's not costing me any money to do. And in September, midepptember, there should be a free airdrop or it's a minting. It's a it's a NFT minting. It's just going to be like for the first 10,000 people to get there. And I really do think that that's probably a good value capture that you can get just for being there on time. All right, what do we want to play today? First, let's check out Sunflower Land. >> And if you're still here with us, throw a 111 in the chat so I know who's here. I bet it's Blues Guy, Struggart. Who else is here with us? First, we're going to

harvest some trees. Maybe we'll get a few more people. I'd love to hear other people's input. For my main people, like Blues Guy and Sugar, what is your favorite part of the show? Do you like it when we do the news? cryptobubbles, the what's trending? Do you kind of like all of it? Uh, is there any part of the show that you like best that you look forward to? Like that's the best part. Is it the underground hangout where we actually play some DeFi games? Like what is your favorite part of the show? Hype around GTA 6. Oh yeah, for sure. Hey, hit those sunflowers for that sunflower land. Sunflower Land is fun. Link in the description if you're not already playing. real DeFi games are going to win. Um, GTA 6 will always be popular, but I think

that they'll win because I think that the traditional games are going to join. I don't think that they're going to be a game like Sunflower Land that just becomes more popular than Grand Theft Auto 6. That's not that's not what I'm saying at all. What I'm really saying is that the bigger games are going to implement this kind of technology and therefore it will become a highly popular product. I guess the blockchain products will all become highly integrated and popular and I think they'll become demanded. I just think that they don't want to let that stuff happen too quickly because once it's out, it's out and it's demanded and once regular gamers know about it, they're not going to settle for anything else. And when games come out that don't have it, they're just not even going to get

attention. And that's a real problem for gaming studios who are used to making a ton of money off of everybody and giving no like value back at all. What are we rolling into? Oh, we're almost at two hours of streaming. Trying to make sure the stream's at least two hours for everybody. Harvest some rocks. Just kind of run through everything. We got some hungry chickens. I need to buy some more barley. Running low on sunflower. I need to put some more sunflower in this account. Get my cheese. Let's go make another pizza. And we don't have enough cheese. So now we got to start making more cheese. I just spent way too much sunflower on milk so I can make cheese forever. Lose Guy says, "I like the news, bro." Okay. Melissa says she made it home. Welcome in.

Welcome in. See if we can get a drink uh delivered right to my door. It's like uh it's like Uber Eats or Door Dash except for it's just my wife bringing me stuff. It's wife dash and uh they're not consistent and we're not even we're not even really sure if they're even going to show up. Okay, now some of you are like that's kind of like Door Dash. Not really sure if they're going to show up, but we shall see. Wife dash, that's going to be the next big one, guys. It's just somebody bringing your stuff just to you in your bedroom so you don't even have to put pants on. So you'll have Door Dash, Uber Eats, GrubHub. They'll bring it to your door and then there will be a separate third-party service called Wife Dash that will

bring your food from the door, open it, put it on a plate with a drink to your room, and ordering Taco Bell for one person will cost $75 between the two services. What am I talking about exactly? Just coming up with million-dollar ideas live on stream. That's all. Don't nobody steal that. All right, that's that's that's my idea. See if anybody's either listening. Can't wait to make it to a palm tree. You're going to make it to a palm tree very soon, my friend. I I I for I I foresee palm trees in your future. I don't need any tarot cards to see that there are palm trees in your future, sir. Yes, I did go there, but I won't touch that one. All right, we're turning in some quests. Let's see. We got some iron. We got some

tomatoes. We have zero grapes. Are grapes expensive? I need three grapes. Do you think that's going to cost me a lot? Let's find out. H. Three grapes. Shouldn't Yeah, three grapes are kind of expensive, actually, now that I think about it. And you have to buy at least five grapes. All right, let's do it. First, we're going to get to digging before we go turn these things in. Can we find the artifact? Luckily, they have these items that they always put kind of right next to the artifact. What is that? A rock. That might be a sea urchent. I feel like that's what that is. Oh. Oh, that's the thing. That's the thing we were looking for, which means it's right here. Gotcha. All right, as soon as we get the artifact, we should bail. Even though I always

need sand. All right, let's turn in some tomatoes. Welcome home. Welcome home, Melissa. And welcome into the stream. Probably got a bunch of shipping to do tonight. I probably can't go too long here. Uh, let's see. Where else do we need to go? H, we'll go to the capital. We'll go to the kingdom and see the uh I don't know if it's a queen or a princess or what it is, but we'll go find out. Turn that quest in. Don't really feel like playing the mini games. The only mini game I liked was when they did the uh colors festival. That was pretty dope. Forgot to hit the like. Hey, it happens when you go to a stream every day. They can bore together and you can forget to hit the like button. It's happened to me. But, you

know, we don't we don't leave it that way. Oh, wow. And I actually have enough for the next quest. Well, that really paid dividends. How come I don't have any grape seeds to grow at home? I need to definitely grow some grapes at home on the farm. I don't know what's up with this beach lady, but she never gives me an order. I can do another order that I can't do. Like, where are all these parrot fish at? All right, to the plaza. Let's talk to the blacksmith, turn in the quest, see if we have any rewards, and then we will go on to the next thing. It is getting way too hot in this freaking room. All right. Did we get a reward? No, we did not. What are our next rewards? Three sunflower. That's helpful. I really

want this key. And I guess whatever that is. A bronze food box. What is this? A salt bottle onesie. What kind of reward is a salt bottle onesie? I guess I'll be a salt bottle. Look at And then I say that and then look at all these salt bottles. Yo, that's hilarious. All right, then. Two iron. I could probably swing [music] two iron here. Let's go back to the farm. That'll probably be like the last thing we do here. And let's hit those iron pickaxes. All right, we had enough to make two. Thank you. Suspiciously already open. Wife Dash might open your food before they deliver it. So, just keep that in mind. Like I if you if you use our Wife Dash services after your GrubHub services, there might be a couple sips taken or bites out of

your [music] food. It's inevitable. Trying to make it as authentic as possible. All right, we got to grow something that takes a little longer cuz I'm not going to sit on here. Let's hit some carrots. Let's buy all the carrots. How about that? Quit playing games. Cool. All right, let's move on. And of course, show off some Lumina. [music] Got to get our free item of the day just for holding at least 10 Lumina. Let's get a pack. We got rip packs now. I think this was a good move. I'm trying to get this guy. It's main legendary here. And I got this thing, which I [music] I don't have that Lumina, not Pokemon. I don't have that Lumina yet. See what's going on. News. Season Zero grand opening. Infinity Tower. Uh the Abyss opens, right? It's like a

labyrinth. They're just rolling stuff out constantly. It's pretty cool. I think this project's going to go places. I don't know if the like [clears throat] Oh, yeah. I had an egg I can open. I forgot all about that. Let's go here. It's awaken. It's a basic crystal. It's probably not going to be anything amazing. I already have that. So, that's They do have this like merging mechanism. Yo, this guy's back with the CL. He is obviously not paying any attention to the stream at all. >> Oh, you can recycle some of these lumen. Interesting. I think it's interesting too cuz like they have these like DNA sequence kind of thing core. They have to match and if they match you can merge them together. Which one do I have? Debb. Okay. See, I don't even have that one. And

you could just straight up recycle some of them. That's cool. What What do you get when you recycle it? What did I get? What is that? Like a recycling coin. Removes these lumens and awards one moes. This cannot be undone. What is a moat? Apparently, you use those somewhere else. I I I don't know what that's about. Okay, that's a cool That's a new mechanism. They didn't used to have that. They've recently added that. I'm not going to spend a ton of time on that game because although for me it's a lot of fun just grinding is just me running around in the grass leveling up and I could see how that might not be the most entertaining on stream. But if you played a lot of the Pokemon games, uh I could grind I could grind levels for

all of eternity. I did it most of my childhood. Anytime we were in in the car going somewhere, now they have like tournaments with like a thousand thousand not not $1,000, but a thousand Lumina worth of rewards, which is like what Lumina it went as high as $3. That'd be about $3,000, but it's probably like two something right this moment. Good stuff. World of Clawcraft. I haven't got to play this in a while, so I was going to bust it out for the end of the stream. Now, the end of the stream might be three hours from now. I don't really know. Anybody can anybody tell me what they learned today in the educational purpose? I feel like that might be a part of the giveaway, the giveaways that we do from now on. That would be pretty smart

of me, wouldn't it? >> All right, let's hit that map. Map's pretty big. We got some quests. What? Up here. Definitely have to give it a minute to I don't know designate all of my uh bandwidth to the game. >> Something like that. It is laggy at first. And I am level 19. I think the level cap right now is is uh 20. I'm sure there will still be stuff to do. >> Okay, we got a little bit of distance to go here. Are we supposed to go into that thing? No, we are not supposed to go into that thing. I don't even know what the quest is. [clears throat] So bones recovered and then we need to get whatever kill those things whatever that is. Need our good AoE effect here. Yeah, we need to make sure we

are hitting the right person. They must be rebalancing these a lot. Did I really hit the wrong button? It's annoying. Mike, how far will this guy chase me? Well, that was annoying. I certainly don't have my rotation down. What? Like why can I not move? I learned number go up. There you go. What more can I give you? Intent is becoming very popular. Maybe when it comes to intent though, it's like what is the correlation between writing it on your website and actually being able to to do any of the stuff that you're saying? What quest is this? Okay. Okay, so now we figured out who we need to take down here. Let's aggro him over here. Put the dog on him. Like, don't come in here and start stealing my work. Hey, we got one of our quest

items. Always good. Getting that rotation down a little bit here. Rattle shot. Hit him with the dog bite. Bang. They done. Dang. We did not get a quest item. finally all that just to like attack the person who I'm actually trying to attack. Dang it. Still no quest item. Well, anybody looking at anything else? ban that guy. Hey, look. A totally different random person saying the same thing. Maybe one of my mods will ban him. The funny thing, Struggle Heart, is it's a totally different person. It's actually not the same person at all. till we pulling. All right, good stuff. Let's hit those heels. Uh, the person who keeps talking about the CDLI, it says Brian something. We've had a different account spamming it most of the time. I don't know why I did not even really think to

ban them, but I guess we could. It's not a bad idea. Yo, what is going on? Just standing here farming the same thing over and over. Dang, they killed my pet. Ruthless. Yeah, pre-sale bots. Exactly. They just want to draw you in to buy something. It's probably uh absolute scam. Like not even a legitimate project, you know? Come on. Yeah. Time out or remove message. Either one's good. I could ban them and I may. The thing is they're a pre-sale bot. So, like the pre-sale will be over today and they're not going to probably be spamming tomorrow. And if they are, then I'll just start banning them all. But sometimes problems they just solve themselves. Now, if it was like a lot of messages or something, that would be a different thing. But so far, it's like one guy

said something couple of times throughout the stream, then we got this new guy saying something. No big deal really. If anything, those chats uh are helpful. They're helpful until they get out of hand. Once they get out of hand, then they're not helpful anymore. Of course, we've already addressed that it's nonsense. Hopefully hopefully nobody's going to fall for their shenanigans. So, tomorrow night, Defi Friday. I'm very much looking forward to Defi Friday, that's for sure. Come on. Please have the last item that I need. Nice. Probably going to call it here. Everybody have a good night. Want to make sure I was at least two hours of streaming and we are over that by like 10 minutes. We did a lot of stuff. It was a fun night. How do they find people's streams? Uh they probably I do

not I do not know why my person is auto running. How do we stop this? Okay. How is he auto running? I don't know. Let's log out there. Thanks again. You're welcome. They probably have like, you know, just a search through YouTube and things like that to find them. I'm going to hop off, guys. You guys have a great night. You know what it is. Stay underground. Stay crypto. Thank you to all my undergrounders who came here to raise your crypto IQ. I hope you know why projects have value or don't have value here.