Transcription
You know, the thing about red days like this? I don't like them in general, but sometimes they're a blessing. And I'll tell you why they're a blessing. Not because you can buy things very cheaply, but because sometimes red days like this distract the market from big things that are actually happening. And when it does, if you can pick up on the big things because you're not distracted by the short-term price movements, then you can maybe pick up bargains that other people aren't seeing. And as soon as the market recovers, those bargains will recover more than any other token.
Today I want to talk about exactly that because the market's red and there is something massive, something seismic, which is happening under the hood. And a lot of people probably missed it. You know why? Because when the markets go down, people aren't actually that interested in crypto content or don't actually pay attention. They come back here when the markets are back up, but by that time, everything's run. Today I'm going to break down for you something seismic that actually happened. I'm going to show you exactly what I'm going to buy. And at the end, I'm going to show you my favorite token around the specific narrative that the SEC approved yesterday. And it's a very, very big and very, very seismic shift. So, good to be here. Especially if you're here during the red day, you know you guys are going to be the ones that actually profit at the end of this bull market. We're going to be sharing a lot of alpha today. Ran in the house, as Bruno says, "Let's go."
You know, the biggest mind shift change that you can actually make is to love the red days more than you love the green days in crypto. I know it's very hard because I'm in crypto and I understand exactly what it's like. And to be honest, my entire mood in a day is whether the market's green or red. If the market's green and everything's running, generally on those days I'm much happier. And when the markets are red, generally my energy is quite miffed and it's not the same. But if you can have a change in mindset and you can celebrate the red days and be happy, but not be as happy on the green days, I reckon that that's the way that you end up making a lot of money in this bull market. Don't ask me how to do that. I guess you've got to be here for multiple cycles. You've got to understand, being here for multiple cycles, as we spoke about yesterday. And being able to buy hated rallies and being able to stay focused when everybody else is tapping themselves whenever when everybody else is doing other stuff and not really focused on the markets, if you are still here, that's probably the best way to be able to beat this market. So, really, I think what we've got to try and do is we've got to try and change our mindsets. Red days, good days. Lots of red days, very good days. And then when we get a green day, we celebrate that all the everything comes to fruition. So that's the challenge. That's what we're going to be trying to do today.
I'm going to show you how a lot of people are actually missing this massive narrative because it's a red day. And what you'll notice on red days, less people actually watch the show here. So I want to show you something pretty interesting because I think you'll like this and I think you guys will resonate very well with this. If you go to the Crypto Banter YouTube channel, I just want to remind you. You go to the channel last week and you go to our videos, and you go specifically to my videos. Look how much higher the views are when the markets were up. 75,000, 62,000, 56,000, 110,000. The market's up. Two days the market's been down, the views are back down. But despite that, the people that were here yesterday, the people that watched the show yesterday, you know that we were calling pump.fun. We've been calling pump.fun. I called pump.fun in the Discord group. Now, those that were here yesterday are probably up 170% or at least I know I'm up 170%. And I know that anybody that was in Front Runners is probably up more than that because I started calling pump.fun at 26. It went down to 22. The thesis for me was "Alon's not going to keep quiet for very much longer." I also made a full show yesterday. And again, it wasn't our best watched show. It's actually our worst watched show because there's just no interest on the days when markets are red. But if you listen to that show, you probably got into pump.fun. And if you did get into pump.fun, you'll know that our thesis actually played out exactly. Alon's back within one day. I just want to show you how crazy this is. Within one day, all this FUD about BONK and Pump. Who's in the lead again? Pump. One day. Three weeks of FUD, grave dancing, people saying that Pump's dead. "I have to send congratulations to pump.fun for making the new all-time low in DEX trading volume, the lowest revenue in more than a year, an FDV of 3.1 billion and 182k in daily revenue, P/S of 46 assuming 100% net margin. TLDR: Longing pump in the face of worsening revenue and volume is like asking for anal without lube." Okay, this was yesterday. 24 hours later, and pump.fun takes it again, and everyone's happy and everyone's smiling, and Alon's back in the trenches. "Alon's back in the trenches" is like the Elon of the underground real communities. They're now talking about incentivizing communities. A pump.fun coin, Troll, is over a hundred million market cap. So, everything's good in the hood again. And pump.fun is the best again, and the price has gone up. I'm going to say this again. This is a typical crypto chart. Launch, FUD, beat all-time high. I want to show this to you because Hyperliquid had a similar thing. Not exactly. I'm going to say it's not exactly the same. But look at the Hyperliquid launch FUD lows. Crazy crazy crazy lows above all-time high. That's why I'm going to say it with conviction. I'm going to say it here, and if not, I know you guys will cut up the show and you'll meme it. Pump is going back above 0.0006. Guaranteed. I'm willing to put my money on it. In fact, I have put my money on it right here. Here are the screenshots to prove it. There are a lot of these screenshots because I've opened a lot of positions on a lot of our partner exchanges. And so I think that our thesis is actually playing out. And congratulations if you got in. And if you haven't got in, I think pump is amazing to be buying on the dips. I said it to my research team. I'm saying it to you guys again. There are very few times when I have so much conviction in something that I'm willing to sell from my Solana bags and switch in because I'm fully invested in the market and I don't have any cash. So if I want to invest in something, I need to go, and I literally I took Solana and I sold Solana and I actually ended up buying Pump. And so far, it's been an amazing investment because those are the returns that I've basically been getting.
Anyway, so today we're going to bring you more returns. And if you're new to the channel, that's what we do here. I've been here for a while. This is my third cycle. I've invested in over a thousand companies. I was an early investor in Bitcoin, I was an early investor in ETH, SOL, Sui, and a whole lot of other protocols. And today I'm going to show you another narrative which I think we're very, very, very early on. So, if that sounds good to you, you know the story. Subscribe to channel one. The subscribers are exploding. I love it. 1172. We're going to go. Also, remember that we have a new video launching on the new channel in less than 24 hours. It's nearly finished editing. If you're not already subscribed to the new channel, if you're not one of the 4,000 subscribers, there is a link below here where you can go and subscribe on our new channel. So, there's a new channel called Crypto Insider. That's my channel. That's where I'm making Ran videos only, not Ran, Sheldon, Kyle. It's Ran videos only. So, you click here, you click here, and you subscribe to that channel. There will be a massive video dropping, so maybe just put the bell notifications on. It's around one of our favorite protocols. Really, really, really one of our favorite protocols.
Alright, let's talk about the new narrative and what the bubbles have been distracting everybody else from. As I said, the bubbles have been a distraction today. But I think we need to keep sight of what's actually happening or what's actually driving this market. And it's very, very important that you understand how this market cycle has worked. The one thing about this market cycle is there have been two bags that have run. If you take the market performance in the last eight months or since January, there have been two real bags that have performed and nothing else has performed. Last year, September-October, it was memecoins. Then November-December, it was AI agents. I don't know if you guys remember that. And I want to remind you that since then, we are now almost eight months later. We are seven months later. I see David watching. Welcome, Davey. So we are now eight months after the December boom. And when I say the December boom, if you look at this market, this market pretty much happened in two stages. The first stage was the bull market that took us to December. In December, we were all rich. I don't know if you guys remember. I remember I was in Mauritius. I was buying bottles of champagne like it was nobody's business. Why? I was rich. And then, you know, the problem is that after December, it wasn't so great. Specifically with the altcoins. So, I'll take you to Total 3. I think that's the best place you can see it. Total 3 had a top in December. Here it is. And since then, it's just been down. I think most of our bags are actually down. And the reason why most of our bags are really down here is because if your bags are down, you'll realize that actually since the end of last year in this whole cycle, you would have had to change your investment thesis. And what I mean by change your investment thesis, you would have had to stop investing in narratives. Up until now, crypto has been very much about investing in narratives. It's the AI narrative, it's the memecoin narrative, then we jump to the gaming narrative. But this isn't that market. In fact, right now, if you want to make money in crypto, there's actually only one narrative. And that one narrative is institutional investment. The sooner you come to that realization, the more protected your bags will be because it's not the old crypto market. And I must say, I was also a little bit caught off guard. It's not the old crypto market. In the old crypto market, if we could sniff out that you were going from the Avalanche narrative to the gaming narrative, from the gaming narrative to the AI narrative, you could end up making money. You'd make money on all these different narratives. But since December, there has actually only been one narrative. That narrative has been institutional adoption and the Americanization or the American institutionalization of crypto. That has been the only narrative. As a result of that, anyone who played any other narrative that didn't play around the American institutionalization of crypto basically missed out on the whole cycle. And I know some of us actually did that. I'm still holding some of my AI bags. But you know what? Those AI bags aren't going to run. You know why those AI bags aren't going to run? Because that's got nothing to do with the Americanization and the American institutionalization of cryptocurrency. They're not interested in that. So, there are two narratives that have been running. One, Americanization and institutionalization of crypto assets. The second one that has been running, memecoins. Because the thing is, it's like a barbell. So, on one side, American institutionalization; on the other side, memecoins. That's it. Those are the two places you can make money in the market. Anywhere else, anywhere in the middle of that, is a sure place to get wrecked. Gaming? Sure place to get wrecked. AI agents, AI? Sure place to get wrecked. All these other protocols? If it doesn't have anything to do with memecoins or American institutionalization of crypto, chuck it away. It's not part of your portfolio. It shouldn't be part of your strategy. Rest in peace, all the gaming coins, except for one: Super. And why? Because SuperFarm was very clever. They created this narrative around institutionalization and building a DEX and getting into DeFi. So that's what's pretty much going on. It's not only that, you can see it everywhere. It's the treasury companies. You know, what are treasury companies? Treasury companies are Americanization and institutionalization of crypto. And you can see that Pavel Durov actually commented yesterday when the Telegram The Open Network vehicle launched, and he said, "It's a historic milestone. For the first time, American investors gained access to TON in the U.S. stock market." Americanization and institutionalization of crypto. Any asset that actually follows any investment thesis that follows that will end up making money. You know, like they say, "Don't fight the Fed." Don't fight the narrative. That's the narrative. AI, great narrative, amazing, but it's not. You need money. You need a lot of money to push up the crypto markets. Where is money coming from? American American Americanization and institutionalization. That's exactly what it is. So that is the narrative. Remember when Circle launched? Remember how it was Americanization and institutionalization of crypto and so it went up and up to the moon and it's coming down now? Maybe we'll buy soon if it carries on coming down. Anyway, so that is it, and that's the narrative that's made money.
Now, in continuation with that narrative, things are happening very fast. When I say very fast, it's happening at the speed of sound. Seismic shifts are actually happening at the speed of sound. Why? Because five days ago, actually, not five days ago, six days ago, the SEC comes out and says, "You know what? We're actually launching this new chapter of crypto." They basically said, "We're going from being completely against crypto to winning in crypto." Listen, "Today I'd like to discuss what Commissioner Peirce, Hester Peirce, and I are calling Project Crypto, which will be the SEC's north star in aiding President Trump in his historic efforts to make America the crypto capital of the world. The SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant. We're at the threshold of a new era in the history of our markets. As I mentioned earlier, today I'm announcing the launch of Project Crypto, a commission-wide initiative to modernize the securities rules and regulations to enable America's financial markets to move on-chain. And the President's working group on digital asset markets released the PWG report with clear recommendations for the SEC and other federal agencies to build a framework to maintain U.S. dominance in crypto asset markets. This report is the blueprint to make America first in blockchain and crypto technology." I think you pretty much get it. If you look at the date of when that was launched, it was like four or five days ago. We've gone from an environment where the SEC is being completely hostile to an environment where the SEC is actually promoting crypto. I don't know if you guys remember, but Scott Bessent came out and he said, "Build your companies here. Hire your employees here. You will be rewarded for actually doing it." So we're in an era where I think a lot of people haven't clicked at the rate of change. It's like you almost had a train that was accelerating one way. Imagine you had a train. It was accelerating one way and then it turned around and it started accelerating the other way. So it's not like the train just stopped. The SEC attacking crypto train just stopped. It actually started to accelerate the other way and almost tried to make up all the lost ground because it was traveling in the completely wrong direction. That's the environment that we're playing in. The big question is whether you have managed to adjust your mindset and whether markets have managed to adjust their mindset to operating in this new environment. I can tell you that I don't think I was able to adjust my mindset to operate in this new environment. I think I understood that the SEC was no longer against crypto. I think I understood that there's a massive opportunity. But what I didn't understand is I didn't understand how quickly the train is coming back. And I didn't understand the speed at which the train is coming back. That's what I didn't understand. I think now I'm starting to get a much clearer picture. And why do I say now I'm starting to get a much clearer picture? August 4th, they talk about this Project Crypto. They don't even wait two days, and they make an announcement which is seismic, like massive. The only way I can word it is seismic. The announcement is around liquid staking. They said, "Today's staff statement on liquid staking is a revolution," basically clarifying the SEC's view around liquid staking. What actually happened? The SEC published an announcement. I read the announcement. I don't think you guys need to read this whole announcement, but if you look at what they talk about in the announcement, they talk about liquid staking protocols specifically, and they basically said, "Look, liquid staking activities as we know them are not securities." So they say, "Activities undertaken by liquid stakers in connection with liquid staking, including their roles in connection with the earnings and distribution of rewards, slashing, minting, redeeming, and staking receipts, etc., are not deemed to be securities."
So why is that such a seismic shift, and who's actually going to benefit from it? Before I tell you that, if you read Matt Hogan's statement, he says, "The most obvious question to ask about Atkins's vision is whether it's priced in. If markets were already anticipating the turn from the SEC from crypto antagonist to crypto catalyst, then it should already be factored into the price." He says, "But I'll close this off with 'I was caught off guard by the speech.'" I was caught off guard by the speech. It seems that the broader markets haven't yet caught on to the speech. And that's why I say it's because look, that's the one-week bubbles, which one week gives us exactly the timeframe where the speech was made. There's no way that the markets have actually started to price this in. And that's effectively one of the two opportunities because there are two opportunities here. The first opportunity is it's not priced into the market yet. The second opportunity is that even when it is priced into the market, we can front-run the institutions because they can't invest yet. You understand what I've just said? Number one, the market hasn't priced this in. Number two, the institutions are about to start using the protocols that we can invest in, and they cannot invest in those protocols. You get that, right? But they will be able to invest into it one day. It's almost like thinking about using Amazon but not being able to invest in Amazon. It's cool, but then anybody who is invested in Amazon just makes money off every single transaction that you make. That's exactly what's about to happen. So I think the big question that you have to ask yourself now is, "Who are the biggest winners and who are the biggest losers, and why are those the winners and why are those the losers?" That's what I want to break down for you in the show because that's really where the alpha is. If you're enjoying the show so far, just remember, guys, help me hit the like button. Let's try and get everybody back. I know the markets are red and everybody's not watching crypto content, but let's get them back here. Who wins and who loses here? I think you need to break it down by understanding exactly what this liquid… This is, by the way, announcement number one of a whole lot of different announcements that I think are going to be made in the next couple of days.
So, the first announcement, who is it good for? We agreed what the SEC has basically said is, it said, "If you do liquid staking, then that's not a security." Up until now, you almost want to think to yourself that all the liquid staking protocols had this gun to their head, and they never knew if they were going to get shot at or not shot at, right? Because, "Is this a security? Is it not a security?" We weren't so sure whether it's a security or not. Now, there's no more. Now, it's not a security. The gun's basically gone, and they can continue to operate without this cloud over their head as to whether what they're doing is legal or illegal. That is a massive, massive, massive anxiety. Imagine you were working every single day and you had this thought of, "Is this illegal? Can I get arrested?" Or, "Is this not illegal?" You never knew. Well, now you know it's not illegal. So, who ends up benefiting from it? The first people that end up benefiting from this, by far, are the protocols themselves. And specifically, I'm going to allude to two protocols. The first one is ETH, and the second one is Solana. Why do ETH and Solana end up being the biggest gainers here? The thing with ETH and Solana is that... Sorry, with ETH, the ETH ETF right now doesn't allow for staking revenue. So in other words, if you invest in the ETH ETF, you invest, but you're not getting the staking revenue because the ETFs are not allowed to stake those tokens. Now, you may say, "Okay, well, the staking revenue is not so big." But for Wall Street, yield-generating assets are far, far, far superior to non-yield-generating assets. The worst asset that you can have is an asset that is a yield-generating asset that is dilutive because it brings more tokens out, and you can't participate in the dilution and you cannot participate in generating the yield. That is the worst-case scenario. If you're in that scenario, you're in the worst-case scenario, and that's really if you're holding the ETH ETF now, you're in that scenario. So, the first winner here and the biggest winner here, I think, is the ETH ETF. Why? Because now BlackRock and a whole lot of others have actually applied to the SEC to allow for ETH staking in their ETFs. Now that the SEC has said that liquid staking is actually allowed, we're one step away from the SEC saying, "Look, all your ETFs that want to do staking, you've got our blessing. You can actually go and you can actually do staking." So the biggest winner here, I think, is ETH, and the second biggest winner here is Solana. Why? I want to just show you what happens to the returns when you start... If you invest $10,000 in Bitcoin, and I'm just for now just saying, let's just assume that the price of Bitcoin remains the same for five years, a ridiculous assumption, but let's just assume that for now. Over five years, you still have $10,000 worth of Bitcoin. With the ETH and with ETH staking, and assuming that the staking remains low at 3%, which is kind of where it is today, you can see that if you invest $10,000 in ETH and you get staking rewards, because it keeps compounding after five years, you end up making 15.5%. When you go to higher-yielding assets, assets like Solana, for example, you can see that because the staking rewards on Solana are much higher, they're about 8%. If you invest in a SOL ETF and the SOL ETF actually allows staking, if the price doesn't go up, you make 50% over five years just on the staking rewards. I guess you understand now that the biggest winners here are actually the protocols which have staking rewards because now all of a sudden, it's going to happen very soon. The SEC will approve staking in ETFs. So that is the first bunch of winners. The second bunch of winners are the liquid staking protocols. For those of you who don't know what a liquid staking protocol is, it's pretty simple. If you want to stake your assets or participate in validating on the network. I'm going to take a real step back here for those of you who really don't know. If you own ETH or Solana or any other proof-of-stake asset, you can pool these assets in a validator node, and a validator node is what approves transactions on the proof-of-stake network. If you have these assets and you stake these assets to become a validator, you earn staking yield. The only thing is that instead of you actually running this node, this validator node, and staking, there are certain protocols where you actually give them your ETH, and they run the validators on your behalf, and they give you a staking reward. They take a very small fee for actually running the validator rewards, and it's actually very much worth it. You have a whole lot of really big protocols that do this for people. Long story short, who are these big protocols? Lido is the biggest one. It's got $32.7 billion in total staked assets. Then Binance. Binance takes deposits for people on the exchange, and you stake it with Binance, centralized obviously. They've got 11.57 billion worth of ETH. Then JTO. JTO is the biggest staking protocol on Solana. Then you've got Rocket Pool, you've got Sanctum, which we'll talk about in a second. You've got Marinade, and a whole lot of others. If you look at it like this, these are the biggest staking protocols on ETH. Lido, Binance, Coinbase, Ether, Figment, Kiln, and Kraken. And then there's the same scenario actually on Solana. The thing with these staking protocols is that they're not these airy-fairy, "we're not sure how we're going to make money" protocols. It's pretty simple how they make money. How do they make money? They stake your assets in the validator nodes. They earn for you 2.9% and 7.2% and more or less the percentages. And whatever they claim for you, they give you a very small, they cut a very small percentage of it as a fee for actually managing this process on your behalf, and that's how they generate yield. These protocols end up being some of the most profitable protocols in crypto. If you look at the most profitable protocols in crypto, and this comes from the Dune.com dashboard, you can see that some of the biggest revenue-generating protocols after the DEXes, which by the way we love, are the liquid staking protocols. You can see Lido is over here. You can see Jito is over here. You can see Ether is over here. These liquid staking protocols actually end up making a lot of money in crypto for actually doing this. So, probably the second biggest winners, other than the chains here, are the liquid staking protocols themselves. Because now all of a sudden, number one, all these ETF providers are going to start staking, and the question is, where are they going to start staking? Well, they can either run their own nodes. I don't think a lot of people have run their own nodes. Or they can start staking them in places like Lido, JTO, Binance, Rocket Pool. If they want a centralized option, Binance, etc. This then makes them the second biggest winners in this thing.
I want to talk a little bit about the actual staking protocols because I told you I'd bring you some real alpha here today and show you which ones are really, really, really undervalued. Let's talk about who the players are. Lido is the biggest staking protocol on ETH. Funny enough, they actually shut down their Solana staking when there was so much FUD. They didn't make money out of it, and they shut down their Solana staking when there was so much FUD. I guess they probably regret it now. That opened the ground for JTO to come in. And JTO became not only did they become the biggest staking protocol on Solana, but they also came up with a way to capture the MEV on the chain. MEV stands for Miner Extractable Value, or Maximum Extractable Value. What that stands for is the best way to order the blocks and to capture the value for validating the transactions. These are effectively the biggest protocols, and I'm going to show you which ones of them I think are undervalued or overvalued. It's not a fair comparison. I'll tell you that it's not a fair comparison. Why? Because you cannot compare JTO, which captures MEV, to Lido, which doesn't capture MEV. It's just not a fair comparison. JTO captures the most value across all Solana transactions, and Lido doesn't actually do that. So let's talk about which ones of these are over- and undervalued. Here's the fully diluted valuation, which is probably what you should be looking at. Then you've got the staked value. So JTO's got 2.6 billion. Marinade's got 1.79 billion. Cloud's got 2.2 billion. Lido's got 32 billion worth of staked ETH. EigenLayer's got 17 billion. EigenLayer is slightly different. We'll talk about that in a second. And then you've got Rocket Pool. Here you've got the fees earned. So Jito earns $537 million worth of fees. Marinade earns $148 million worth of fees. Cloud, etc. This translates into a certain revenue for them. This is the revenue that these make. If you look at the revenue-to-fee ratio, the revenue-to-fee ratio is given to you over here. And then you look at the FDV relative to the fees. And that is effectively what I think is the metric. For me, it's FDV divided by revenues. So if you've got FDV divided by revenues, you're saying, "What is the total multiple of revenue that this protocol is actually trading on?" JTO is slightly overvalued because they capture MEV as well. But the rest of them are trading at about a 10 to 13 multiple on their revenues, on the revenues that they're actually creating. So if you look at the ones that I believe are probably slightly undervalued, it's, for example, if you look at Cloud. You look at Cloud, the market cap to the fees ratio is probably the lowest in the whole market at the moment. So effectively, what you want to be doing is you want to be looking at these liquid staking protocols. You want to be saying, "Look how much are they earning." You want to extrapolate the fact that they're going to earn a whole lot more. And the reason why they're going to earn a whole lot more is because now all of a sudden, the green light for staking and what they're doing is actually completely legal. And you want to start valuing them. I think that probably the one that is the most undervalued at the moment for me, based on its market cap, not its fully diluted valuation, is Sanctum. Why? Because they make about $5 million worth of revenues, and if I look at their fully diluted valuation, it's about $81 million. So what's the ratio there? 5 million, 81 million, 13 times. If I look at something like Lido, they make 100 million. Okay, that's a massive product. Let's look at Marinade. Marinade's making 9 million, and their fully diluted valuation is... Yeah. So I would say all of these guys that are trading like 10, 11, 13, those are probably the cheap ones to buy. To me, if you said to me, "Look, buy a crypto company at about 10 times its revenue," I'd say, "That's probably a good place to be." So where do I think the players are? I think the play is to start investing money into JTO, Marinade, Cloud, and Lida. Because they actually haven't started going up yet. They haven't yet responded to the news, and the institutions can't really invest in them. The institutions actually can't really invest in these because there's no ETF. How are they going to put money into JTO? But they're going to end up using it because they have to end up using it because that's where they're going to be staking pretty much all their assets. So that's the thesis for me. A lot of people are saying that JTO is undervalued. I must say, I pretty much agree with you that JTO is undervalued. And I looked at this chart this morning, I was like, "Holy [__]." You know, the last time I bought this, it was at $2.20, and I thought I was getting myself a good buy, but then the market actually came down. Why is this protocol trading so much lower? Right now in JTO, there's a proposal called JIP24. What this proposes is that all the fees that they get, instead of investing it into the JTO company which has been developing the protocol, it now goes into the DAO, and the DAO decides where to actually allocate those fees. Some people are actually worried here that they'll reduce the sustainability for JTO Labs' development. But for those who are into decentralization, this is a brilliant way to actually say, "Look, it's decentralization." So two tokens that I'd end up buying, or I end up buying a lot of, are JTO and Cloud. I do personally hold a lot of JTO and I hold a lot of Cloud. Why JTO? Because it captures the MEV and it captures the staking rewards on Solana. Why Cloud? Because I just think it's one of the strongest protocols. It's really passed. I read this about them. I don't know if I've got it here, but they really are the clean guys. You can kind of read it over here, and you can say, "Quarterly report. They published their quarterly report. One of only two tokens to achieve a perfect score on the Blockworks token transparency audit by completing all the Cloud audit movements from the team, and wallets are now documented." It's just one of the cleanest protocols that's going to start generating a lot of revenue, and you're still getting it pretty cheap. So that is the thesis. That's where I think we can front-run the institutions if that's your thing. It's definitely my thing to front-run the institutions. Cool.
Let's talk about some other things today. What else is happening today? I think the other thing that we need to talk about is the bots. The Bouetle bot and the Joseph Lubin bot are trading again. I saw that today they've actually opened a couple of trades. Remember that they were... they did very well when the market was going up because they are directional bots. Then when the market started going down, obviously, they started doing quite badly, and the one is at break even, and the other one is slightly down. Again, if you guys exit now, then you guys are basically the guys that exit when the markets are red. These are directional bots. They're going to do better when the market actually goes up. Lastly, I'm doing another bot trading workshop for those of you who want to do grid trading bots. I did one on Monday which was really fantastic. In 25 minutes, at wherever you are now, at half past, we're running another one of those workshops. There's a link below over here to this Zoom link. Go and register on that Zoom link. In 20 minutes, we're going to start another free bot trading workshop. I'm going to show you exactly how to set up the bot. I'm going to show you exactly how to get out of the KYC. I'm going to show you exactly how you can end up programming the bot so that you can actually end up profiting. And I'm going to show you how you can copy the trades on my bots if you want to copy my bots. Absolutely free workshops. I do suggest, though, that if you come, have an account open on Pionex. Use this link over here. You'll end up getting a deposit bonus up to $1,000, and then let's meet again in 25 minutes at the bot workshop so that instead of me saying to you, "Trade well, my friends," I can just turn to the bots and say, "Trade well, my friends."