DOGE coin MANIA taking over! Crypto with Friends

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Crypto with Friends: Meme coin mania? Today we have Nate (Cryptonauts), John (Genesis Block), and Darius (Drops) to discuss meme coins, where this mania is heading, and more. 00:00 Intro 05:04 Mark...

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Hey there! So, this "Crypto with Friends" episode dives deep into the wild world of crypto, covering everything from the explosive meme coin craze to groundbreaking NFT developments and ingenious ways to beat those insane Ethereum gas fees. It’s a super casual chat with industry veterans John from Genesis Block, Darius from Drops, and Nate from the Kryptonauts, all sharing their insights and some seriously good alpha on what's happening and what's next in the market.

Here’s a breakdown of the key stuff they chatted about:

* Market Momentum and Ethereum's Surge:
* The market is on fire! Everyone’s pretty stoked, especially about Ethereum (ETH) flexing its muscles. It’s surprising to see ETH at $4,200, given how Bitcoin is hanging below $60k. It just shows how much ETH is performing.
* Darius is super bullish on ETH, citing Sergey Nazarov's prediction that decentralized finance (DeFi) could grow to $500-700 billion in total value locked (TVL). If DeFi gets that big, then ETH's current market cap just doesn't make sense; it's got a lot more room to grow.
* However, the elephant in the room is gas fees. They're outrageously high – we’re talking $27 just to send ETH and a whopping $123 for a Uniswap trade! This makes it really impractical for anyone to trade small amounts of money. Solutions are desperately needed.
* Despite the gas fee concerns, there’s optimism that Layer 2 (L2) solutions or upcoming ETH upgrades like the Berlin fork will help.
* On the personal side, it was a good move to not exit an ETH position fully, even though some thought it was a bubble. Taking a small 5-10% profit is smart, but keeping the majority in seems to be the play.
* John, on the other hand, admits he made a mistake flipping some ETH for Bitcoin and is now kicking himself. He’s also surprised by ETH's performance, given how Binance Smart Chain (BSC) and PancakeSwap have seen huge transaction volumes and TVL, and Solana is emerging as a strong DeFi alternative. He even questions if EVM (Ethereum Virtual Machine) is truly the future for DeFi.

* The Unstoppable Dog Coin Mania:
* You simply can't avoid talking about Dogecoin (DOGE) and the whole "dog family" of meme coins. It’s not just DOGE anymore; now there's Shiba Inu (SHIB) and Woofy (WOOFY).
* SHIB’s growth has been absolutely insane, skyrocketing 27,000% since its inception and getting listed on major exchanges due to massive trading volume.
* The theory is that after DOGE’s astronomical pump, newly minted DOGE millionaires and those who missed out started looking for "what's similar to what already pumped," leading to this meme coin frenzy.
* Woofy is a super interesting case: it's literally just a repackaging of YFI (Yearn Finance). If you put one YFI into a contract, you get a million WOOFY, and vice-versa. It’s just a unit and name change, but because it has "dog" in the name and a "cheaper" unit price, YFI’s value shot up 51%! This bizarre trend really highlights how much branding and perceived affordability matter in this market.
* It's clear that sometimes, you just can't fight crypto logic; you have to join it. While not personally recommending these coins, it’s fine if people understand they're essentially participating in a "big casino" and pure hype plays. People learn fastest from their own experiences, even if it means losing money sometimes, similar to past hype cycles like BitConnect.

* Drops and the Future of NFTs:
* Darius introduces Drops, his project that’s building a DeFi solution for NFTs. The goal is to extend the utility of NFTs beyond just collectibles, allowing them to be staked for yield and used as collateral for loans.
* The NFT market is evolving rapidly. While collectibles are big now, game NFTs and financial NFTs are next. Financial NFTs are particularly exciting because they have a quantifiable value, being backed by tokens.
* Drops' main products include fractionalization (valuing NFTs through bidders and splitting them into tradable fractions), loans (using NFT fractions as collateral, built on Compound Finance smart contracts), and yield generation (earning yield from staked NFTs).
* A significant use case for Drops is enabling NFT leverage: you could put up an NFT, get fractions, and then buy more NFTs with those fractions, effectively leveraging your position.
* This is a game-changer for the art world, where valuable paintings often sit idle in freeports due to tax issues. Fractionalization allows shared ownership and unlocks liquidity, transforming these dormant assets into usable collateral.
* Beyond art, Darius envisions game NFTs (owning powerful in-game items) and financial NFTs (representing real-world financial papers and trades). This creates more advanced opportunities for collectors and gamers alike.
* Drops has an upcoming IDO (Initial DEX Offering) on Polkastarter on May 21st, with the whitelist closing on May 18th (as of the video). Their mainnet is expected to go live in early June, and a testnet for their loan solution is launching this week.
* The concept of NFT redeemables (tying an NFT to a physical item) is gaining traction. Imagine an NFT representing a pair of limited-edition Yeezys or a luxury watch in a warehouse. You can trade the NFT, and the holder can redeem the physical item. This is already seen with Uniswap SOCKS, which are trading for an absurd $90,000+ a pair! Such innovation could drastically change how limited physical goods are bought, sold, and traded.

* Reacting to TikTok Crypto Clips:
* A hilarious and cringe-worthy segment featuring TikTok crypto shills. One clip promotes "Eclipse Token" as a booming, new coin, while another passionately defends SafeMoon, calling it "genius" and its critics "uneducated."
* The SafeMoon defense sounds eerily similar to arguments made for past scams like BitConnect. While it's fine if people understand they're gambling, these videos often present pure hype as legitimate development. The presenter views SafeMoon as a "casino" or "ponzinomics" due to its purely hype-based nature and lack of long-term value.

* OMG X and Layer 2 Solutions:
* John from Genesis Block shares big news about the OMG Network's next phase, OMG X. The crucial update is that OMG X is now EVM compatible.
* Previously, OMG allowed fast and cheap coin transfers on its Layer 2 solution but couldn't execute smart contracts, limiting its functionality (e.g., no Uniswap builds).
* With EVM compatibility, developers can now build DeFi protocols, NFTs, and other feature-rich applications directly on OMG X, significantly addressing Ethereum’s high gas fees.
* This is a major step forward, representing the culmination of months of work by the enya team, who came on board in February. It highlights the increasingly complex landscape of Layer 2 solutions.

* Secret Alpha Leak: Save Gas Fees with CowSwap:
* A real gem shared: CowSwap, an exchange that helps you save on Ethereum gas fees and avoid frontrunning.
Here's how it works: When you place an order, CowSwap tries to match it with an opposite order (e.g., someone selling the same token you want to buy) within a 20-minute window. This matching happens off-chain*, bypassing Uniswap’s 0.3% fee and the need for expensive on-chain transactions. You sign an off-chain transaction, which is then handled by their system.
* It's not entirely free, as there's a small fee taxed on your transaction, but often it’s significantly cheaper than Uniswap, especially with current gas prices.
* It doesn't work for all tokens, but for about 60% of common trades, it's a huge money-saver. Always test it with a small amount first on a non-main account before diving in fully.

* Final Thoughts and Other Projects:
* John is bullish on anything Sam Bankman-Fried (SBF) touches, including Solana (SOL), FTT, and Serum (SRM), in addition to Bitcoin and Ethereum. He also likes staking and lending USD Coin (USDC) on FTX for "safe days."
* Darius is, of course, excited about Drops. He’s also a big fan of Polygon (MATIC) and its upcoming NFT bridge, which will allow NFTs to move between Ethereum and Polygon. He believes this could drastically increase Polygon’s TVL and is thrilled that many developers like working with it.
* Nate, after jokingly mentioning meme coins, expresses interest in DeFi tools that solve real problems, such as 1inch aggregator, decentralized private networks like Deeper, and oracles. He also likes projects like Casper that are ambitious and try to do something new.
* On a personal note, the presenter is heavily involved as an advisor for Refinable, an NFT marketplace being built on Binance Smart Chain (BSC). He highlights the immense effort being put into it, despite challenges in communicating progress due to non-disclosure agreements (NDAs). He’s excited about its potential to revolutionize the NFT space.
* And yes, he also admits to trading Dogecoin, which has been profitable, and has since exited those trades.

All in all, it’s a whirlwind tour of the crypto market, packed with insights on new trends, technological advancements, and practical tips for navigating the space.

Transcript

all right folks welcome back to another episode with crypto and friends or crypto with friends rather so this is a show where we bring some experts on board today we have john from genesis blog darius from drops nathan and we chat and chill and share some of our secrets especially a lot of these guys have been veterans in this space we have seen everything that can go on all this crazy insanity the crazy logic that can go on so i definitely want to thank everyone for coming let's do a little bi...