Infinite Garden by @lennyjpg

Incoming

NFT Chart: @BoredApeYC There has been a lot of chatter about BAYC slipping under 5 ETH, so I charted it again to see where we actually stand. After ApeFest 2024, there was a moment where it looked like the final leg was complete and Major wave 2 had bottomed. Instead, that bounce turned out to be a wave 4 bull trap, and the past year has unfolded as leg C of Major wave 2. Even ApeFest 2025 could not stop the floor from bleeding lower. Leg C of a Major wave 2 is the knife that cuts through the last hope. It is the stake through the heart of a community. Hopelessness, fear, uncertainty, doubt, complacency, and eventually capitulation. These emotions do not signal failure. They mark bottoms across every market. Will BAYC recover? The NFT track record is brutal. Roughly 99 percent never return from their wave 2 collapse. This is not a uniquely NFT problem. Stocks and other assets experience the same pattern. After an impulsive wave 1 and a full ABC corrective wave 2, every asset faces only two paths. Option 1 is death. Option 2 is the start of wave 3. History is full of survivors. Apple, Amazon, Tesla, Nvidia. And in crypto, Bitcoin, Ethereum, and Solana have all dropped more than 90 percent before launching their next waves. Their wave 3’s were legendary. The question now is whether one of the strongest NFT brands can do the same. A wave 2 can retrace as much as 99 percent and still leave a valid wave 3 setup as long as the low does not violate the origin of wave 1. I remain hopeful that Bored Apes can stage a comeback, and if they do, it will be historic. We should all want them to recover because if a brand with this level of head start and resources cannot climb out, the odds get worse for everyone else. Any KOL bashing @BoredApeYC or other struggling NFT projects only accelerates the destruction of the NFT sector. But the real question is whether NFTs deserve to live. A healthy NFT ecosystem needs strong communities and multiple flavors, but it also needs a flagship club like BAYC to survive and prove that NFTs still have a viable path forward. And none of that happens without a roaring crypto market. NFTs are higher risk with lower liquidity, and demand returns only when people feel wealthy again and shift back into risk-on behavior. That requires Bitcoin and Ethereum breaking to all-time highs and a true alt season that mints new millionaires. In that kind of bull run, which I hope arrives in 2026, projects like Bored Ape Yacht Club will have their best chance to thrive again. 🍌

Those of you trying to value $ETH w fundamentals and justify this PA rn w crypto native baggage are underestimating the magic you felt when Ethereum and smart contract platforms first clicked for you. Wall street hedge funds never truly had to rationalize crypto as an asset class. The 2020/2021 run happened in a flash and it was a fun distraction, now they have to actually do some work. Their talking points around $ETH are elementary because they are literally figuring out wtf it is now. Seeing these CNBC clips actually just reminds me of when I first read the ethereum whitepaper and watched some vitalik interviews and decided $ETH was digital oil / programmable money / the internet of finance. We’re all too jaded and cynical at this point to remember it, but do not fade that beautiful feeling of discovering groundbreaking blockchain tech for the first time. It’s happening right now for the richest institutions in the world. The last thing they’re thinking about is cash flows.

Today, I’m incredibly excited to make my first proposal to Uniswap governance on behalf of @Uniswap alongside @devinawalsh and @nkennethk This proposal turns on protocol fees and aligns incentives across the Uniswap ecosystem Uniswap has been my passion and singular focus for the past 8 years. What started as a small side project is now global financial infrastructure powering thousands of applications with ~$1.8 trillion in annual trading UNI launched in 2020, but for the past 5 years Labs has been unable to meaningfully participate in Uniswap governance, and has been greatly restricted in the ways it can build value for the Uniswap community. That ends today! This restriction was in great part due to a hostile regulatory environment that cost thousands of hours and tens of millions in legal fees. Fortunately, the regulatory environment has shifted This proposal comes from a strong desire to see the Uniswap protocol win as the global decentralized exchange for tokenized value At a high level, the proposal: 1. Turns on protocol fees and uses them to burn UNI 2. Sends @unichain sequencer fees to the UNI burn 3. Burns 100M UNI from the treasury representing the protocol fees that could have been burned if fees were turned on at token launch 4. Introduces Protocol Fee Discount Auctions, a new way to improve LP outcomes and internalize MEV to the protocol 5. Introduces "aggregator hooks” which will turns Uniswap v4 into an onchain aggregator that collects protocol fees on external liquidity sources 6. Focus Labs on driving protocol growth and adoption, including a contractual agreement to only pursue initiatives that align with Uniswap governance interests ^ As part of this, Labs will stop collecting fees on its interface, wallet, and API to supercharge distribution and adoption of the Uniswap protocol 7. Moves Foundation employees to Labs with a shared goal of accelerating protocol growth, under a growth fund from the treasury 8. Move governance-owned Unisocks liquidity to v4 on Unichain and burn the LP position I believe Uniswap protocol can be the primary place tokens are traded. This proposal sets the stage for the next decade of its growth @Uniswap will ship relentlessly over the coming years and supercharge the ecosystem of developers, LPs, and traders building on top I'm so grateful to the community that has made this all possible, and excited for what's next 🦄

GMMMM!! i had a number of people text me that Joe Rogan and Elon mention me on the latest episode and then follow up with, Joe should have you on the show... 🫠🫠🫠 i was on the show in late 2021...