Everything Crypto Vol. 151 - Powered by Pyth & solcasino.io🔮

The Spaces covered a wide-ranging market and ecosystem update with a strong focus on Base, Solana, and Sui. Hosts highlighted Nvidia’s $5T milestone and ongoing earnings season while noting crypto markets are soft but activity is vibrant. Base is seeing builder-led momentum, AI narratives, and expected airdrop flows, contrasted with Solana’s meme coin hangover and a call for more innovative DeFi and infra. MegaETH’s oversubscribed public sale and Monad’s airdrop drove discussion on valuations, lockups, and testnet performance. The Titan vs. Jupiter vs. DFlow aggregator drama underscored the value of competition and execution slippage nuances, with Ranger offering a Titan badge campaign. The new Sol ETF had a solid debut, with expectations centered on medium-to-long-term institutional inflows. A Sui-focused segment spotlighted SuiFest, upcoming events, and deep infra: Walrus/Seal/Nautilus for storage, Scion for resilient networking (already used by Swiss banks), GRPC/Mist updates, Fireblocks MPC, and Eka’s Wallet-as-a-Protocol and multi-sig support expanding to Solana, Bitcoin Taproot, and R1. Builders from Delorean, Carrier One, Momentum, and Tala’s shared roadmaps, while an AI agents debate explored how automation will increasingly execute crypto activity, with human evangelism still vital for adoption.

Evident Crypto Show Vol. 151 — Markets, Base vs. Solana, MegaETH/Monad, Aggregator Drama, ETFs, and a Sui Deep-Dive

Who spoke and their roles (as identified from intros/context)

• Crypto Ape — Host (Speaker 1)
• Poppy — Panelist/industry operator (Speaker 5)
• Legend — Panelist (Speaker 6)
• Ubergie — Panelist, infra-focused (Speaker 8)
• Evan Kuhn — President, Delorean Labs (Delorean Motor Company’s web3 arm)
• David — Co-founder, Eka (MPC network)
• Andrew Lithey — Co-founder, Carrier One (decentralized telecom on Sui)
• Momentum team — Top DEX on Sui (BuildPad project; name not stated)
• Mike — Chalice/Talis (agentic/automation on Sui)
• Others referenced: Titan (aggregator), Jupiter (aggregator), DFlow (aggregator), Ranger (aggregator frontend), Natash (DFlow founder), Kevin O’Leary (guest at Sui Fest), Simon (ETH “superteam” initiative)

Market backdrop and macro

• Nvidia hit $5T market cap, a first in history; earnings season optimism seen as equities (esp. AI beneficiaries) keep printing ATHs. Crypto majors lag: Bitcoin down from local highs, alts choppy/down overall.
• Panel sentiment: No clean “Q4 ends the bull” narrative. More token generation events (TGEs), airdrops, and institutional flows are expected into 2025. Four-year cycle “determinism” is viewed as outdated; crypto now more intertwined with macro, institutional adoption, and stablecoin rails.

Base vs. Solana — narrative divergence and capital flows

• Base is presently outperforming Solana on-chain for many: notable AI token runs and strong builder momentum. Hypotheses offered:
  • Base is positioning for builders (hackathons with Cloudflare/Google; deep Coinbase ties), leading to higher-quality pipelines.
  • Anticipation of a Base ecosystem airdrop drives liquidity migration.
  • Base’s institutional support and Coinbase distribution are catalyzing ecosystem credibility.
• Solana’s on-chain scene is weighed down by extractive meme coin cycles and “creator capital markets” churn. Many participants lost, reducing risk appetite and long-hold behavior.
• Counterpoint: Solana’s focused hackathons (e.g., Cipherpunk/Cat hackathons; builder houses) and superteam model remain strong; participants expect a reversion to more innovative, less purely speculative building.
• Coinbase’s acquisition of Echo is viewed as a strategic step that may route early-stage builder attention and raises toward the Base stack.

MegaETH — public sale, lockups, and ecosystem strategy

• Public commit momentum: ~$784M in public commits reported; oversubscription is extremely high.
• Sale mechanics:
  • Two options: unlocked or 1-year lockup (with ~10% discount, implying ~$900M FFDV vs. $1B headline). One-year lockers are prioritized in allocation.
  • Post-TGE “rewards campaign” note: wallets that attempted to participate (public/Echo) and are active in the MegaETH ecosystem may receive additional tokens later. Strategic implication: attempting allocation may be advantageous even if you don’t receive much.
• Valuation and performance expectations:
  • Hyperliquid pricing seen around ~$4.3B FFDV at time of discussion.
  • Panel base cases: 1-year horizon could span sub-$1B in a harsh bear to ~$4–7B+ if MegaETH “wins” vs. Monad. Fast, smooth testnet impressions are positive.
  • Ecosystem approach described as highly selective/enshrined (favoring a small set of projects). Different from neutrality of some L1s/L2s; could concentrate success.

Monad — airdrop, boxes, NFTs, and valuation

• Pre-market indications: ~$0.05–0.06 token pricing implied ~$5–6B FDV (slightly higher than MegaETH). Hype is substantial; some banter around L2 (Monad) vs L1 comparisons.
• Airdrop box opening mechanics: day-1 heavier, day-2 ~80% lower, likely surging again later; wallet linkages/nomination cards were part of gamification. Late reveal apparently not penalized.
• Early NFT angle on Monad:
  • Expect early NFT collections to gain traction as native tokens/tools boot up; mention of “Chog” (CHOG) community as one to watch.
  • A Monad “founding class” educational page is planned to help users evaluate collections; roles/Discord participation may matter.

Airdrops and farming — Seeker (Solana phone) token and more

• Seeker (Saga 2) token:
  • Back-of-envelope: with ~500k phones, modest initial market caps imply fairly small median airdrops unless valuation is large. Actual value depends on active user filter and allocation share.
  • Pragmatic stance: Don’t overinvest time; light, regular usage (swaps, staking, trying new dApps) is reasonable. It’s “free” yield; avoid entitlement.
• Ranger “Titan badge”: doing $1,000 in swaps on Ranger (which uses Titan) could accrue a badge potentially relevant for future airdrops (Ranger or Titan). Frontend lags noted.
• MetaMask airdrop rumor: Polymarket odds moved from ~50% peak to ~9–15% for 2025. Skepticism on long point-farming cycles and an OpenSea-like drawn-out timeline.

Aggregator drama — Titan vs. Jupiter vs. DFlow

• Issue: Titan’s website quoted comparative prices vs. Jupiter and DFlow. Critics argued on-chain execution can differ from quotes, sometimes benefiting rivals.
• DFlow publicly disputed Titan’s approach; Jupiter joined criticism around program versions and execution assumptions. DFlow was later removed from Titan’s aggregator.
• Independent tests shared in the community suggested Titan frequently edges out rivals on net execution, but differences are often modest.
• Net effect: A marketing win for Titan; volumes spiked post-drama. Panel takeaway: competition is healthy, reduces monopoly risks, and keeps incumbents aligned with users.

ETF developments — Solana spot ETF

• Bitwise SOL ETF reportedly drew ~$69M day-1 inflows (larger if you include seed capital), setting a 2025 “new ETF” inflows record. Expected impact:
  • Short-term: likely less explosive than some hoped; markets tend to price in early flows.
  • Medium/long-term: a stronger structural tailwind (retirement accounts, advisory platforms, and hands-off allocations incrementally add SOL exposure). Not nearly as large as BTC’s footprint, but noticeable.
  • Regulatory risk flagged: future administrations could reverse the policy posture.

Token notes

• Meteora (Solana) dropped to ~$0.42 at launch; token performance diverges from strong protocol revenues. Watch for value dislocations among Solana DeFi names (e.g., Orca, Raydium, Jupiter, Meteora) as potential catalysts re-emerge.

The Sui ecosystem — events, technology, builders, and adoption hurdles

Events and ecosystem momentum

• Sui Fest (Singapore): ~8–9k footfall; strong production, booths, curated experiences, merch (Delorean racing jackets), driving simulators; high-quality attendees. Kevin O’Leary hosted Shark Tank-style sessions.
• Upcoming:
  • Sui Connect — Buenos Aires (Nov 18), aligned with DevCon.
  • Tsunami Lagos (Nov 15) — Nigeria; >1,500 participants expected.
  • Collaboration with Solana for IRL events in NYC noted.

Technology roadmap and infra (Sui/Mysten Labs)

• Mysticeti v2 rollout (consensus/throughput) and gRPC support; Dune integration for on-chain analytics.
• Scion (decentralized networking): Aiming to provide resilient “secondary internet” rails for validators/full nodes against DDoS; mentioned that Swiss banks are adopting Scion to interconnect. Broader telco integrations envisioned.
• Walrus (decentralized storage), Seal (encrypted storage), Nautilus: building a decentralized AWS-like service stack (compute/storage/object storage/web publishing), enabling web2-class services with web3 back-ends.
• Azure Fabric integration (C# devs): lowers barriers for enterprise developers to consume Sui as modular building blocks inside familiar Microsoft stacks.
• Fireblocks integration: enables institutional MPC custody and vault use across Sui dApps.

Eka — MPC and “wallet-as-a-protocol”

• Network upgrades to MPC v3; new signature schemes: EdDSA (Solana), Schnorr/Taproot (Bitcoin), Zcash, R1 (Substrate/TLS). Goal: universal signature home for multi-chain asset control and web2 TLS use.
• Decentralized Wallet-as-a-Protocol (with Human Tech): Eliminates single-provider WaaS fragility (e.g., centralized WaaS outages disrupting many apps). MPC wallets run on Eka; policies/logic on Sui. Emphasis on zero-trust, no single server dependency.
• Builders integrating Eka (e.g., Colonel, Native) moving from testnet to launches. “Degenerate gaming” experiences (web2 UX, web3 rails) teased as near-term showcases that abstract infra for mainstream fun.

Builders spotlight on Sui

• Delorean Labs (Evan Kuhn):
  • Bringing a new Delorean EV as “the car of crypto,” each vehicle with a native wallet. Vehicle build slots (queue NFTs) presold (~1,100). DMC token is ecosystem lifeblood; staking and a merch store integrating token mechanics coming. Focus on broader exchange listings to reach web2 fans. Speaking at Futurist Conference (Fort Lauderdale) next week.
• Carrier One (Andrew Lithey):
  • Decentralized carrier-grade network on Sui. Metrics: ~260k unique cellular users, ~500k GB data carried, ~36M sessions (WiFi/4G/5G).
  • App launch: phone numbers (multiple per user), eSIM provisioning, voice calls, SMS, potential Telegram number linkage. KNS lets users send/receive funds via phone numbers, with wallet auto-creation for recipients.
• Momentum (top DEX on Sui):
  • “Everything-in-one DeFi app,” also the primary multisig for Sui and across Aptos/Movement/IOTA. BuildPad raise oversubscribed ~18x; TGE coming soon.
• Talis/Chalice (Mike) — Nexus framework:
  • Decentralized automation for agentic workflows. Leverages Sui’s object/capability model to assign granular permissions without exporting private keys or using external signature networks. Focused on real on-chain automation and asset handling by agents.

Adoption challenges and path forward

• Dev pipeline:
  • Move/Sui Move developer scarcity; hiring is hard. Tooling maturity lags more established L1s.
  • Sui launched post the last NFT/meme “frenzy,” missing a mass-retail ignition moment that seeded other chains’ flywheels.
  • KOL gap: many Sui ambassadors have smaller reach vs. other ecosystems. Sui is courting larger cross-ecosystem KOLs with IRL programs.
  • Large market makers are now integrating; expect a visible shift in 2025.
• Security/fud:
  • A prior ecosystem hack event created reputational drag; panel consensus: it was handled professionally (including validator coordination), yielding a more battle-tested stack. Some Degen segments disliked interventions, but overall resilience improved.
• Narrative need:
  • DeFi incentives alone won’t unlock the broader flywheel. Sui likely needs a differentiated retail-facing narrative (beyond meme coins) that attracts liquidity and attention, then flows into core DeFi. Candidates include agentic gaming and real AI/robotics integrations.

Super-apps, AI, robotics, and agents

• Super-app thesis: DeFi apps will converge (DEX + Perps + Launch + RFQ + Liquidity infra) in one UX, mirroring “Flychain/PD” style consolidation. The next cycle’s “hook” may be AI/agentic platforms or novel consumer utilities rather than pure memes.
• Robotics on Sui: “Robot chain” meme aside, real goals include on-chain verifiable sensors, industrial automation, and supply chain control using Sui stack (Walrus/Seal/Nautilus). Expect a multi-year enterprise adoption curve; value proposition is reduced Opex/Capex.
• Agents will progressively automate crypto: from signing/queueing workflows to cross-chain execution (via MPC). Front-ends may become “entertainment layers” while autonomous systems perform economic actions. Incentives still need to exist—agents ultimately act on users’ behalf. Ethical/marketing concerns around bot farms acknowledged; reality is that large-scale online discovery already includes automated participants.

Actionable watchlist

• Base ecosystem: Track AI/X-402/8008-style infra and potential Base airdrops.
• MegaETH: Consider one-year lockup path (allocation priority + potential ecosystem rewards) vs. unlocked; expect high competition for allocation.
• Monad: Claim airdrop; monitor early NFT mints (e.g., CHOG). Watch for official “founding class” guide. Pre-market FDV implies high expectations.
• Aggregators: Try Ranger’s Titan badge ($1k swaps) despite frontend hiccups; competitive quotes are converging—small edge matters for frequent traders.
• Sui events: Sui Connect (Buenos Aires, Nov 18), Tsunami Lagos (Nov 15). Follow Sui x Solana NYC IRL programming.
• Sui builders to follow: Delorean Labs (DMC, EV wallet), Carrier One (telecom app + KNS remittance), Momentum (DEX/multisig/TGE), Eka (MPC + Wallet-as-a-Protocol), Talis/Chalice (Nexus agents).
• Solana ETF: Track AUM build-up rather than day-1; it’s a longer runway.

Risks and open questions

• Regulatory/political risk: A change in U.S. administration could alter crypto policy stance; ETF-era tailwinds can be reversed.
• Overhyped catalysts: MetaMask airdrop probability in 2025 has fallen; avoid long, extractive points grinds.
• Aggregator concentration: Healthy competition is needed to avoid rent-seeking; quote vs. execution transparency matters.
• Sui dev funnel: Tooling, Move talent, and KOL amplification must improve to unlock mainstream attention.
• Narrative selection: Which consumer-facing “hook” (agentic gaming, real AI x crypto, telecom, robotics) will catalyze Sui’s flywheel?

Key takeaways

• Builder gravity is flowing to ecosystems that pair credible infra with clear routes to distribution and capital (Base is benefitting now; Solana’s innovation engine is regrouping beyond memes).
• MegaETH/Monad are the first “differentiated” high-throughput EVM entrants in a while; strong demand and high FDVs reflect that. Execution and ecosystem wins will determine relative long-run value.
• Competition among Solana aggregators is net-positive; recent drama worked as free marketing for Titan and reminded users to benchmark execution, not just quotes.
• The SOL ETF brings a structural tailwind; expect impact over quarters, not days.
• Sui is quietly assembling a full-stack decentralized “AWS” with robust networking (Scion), storage (Walrus/Seal/Nautilus), and enterprise bridges (Azure Fabric). Eka adds a decentralized WaaS capability. Now the ecosystem needs a breakout consumer narrative.
• Agents and automation are moving from concept to product. Expect more transactions to be executed by autonomous systems across chains, with humans setting policies and enjoying better UX.