⟠ FΞdΞ

hodler🧘🏼‍♂️
farmer 🧑🏼‍🌾

[RYAN SΞAN ADAMS - rsa.eth 🦄 @RyanSAdams]

The Ethereum not ETH stuff is the mental fallacy that triggered me into writing and podcasting in the first place.

There is no strong Ethereum without an ETH worth trillions. Without ETH as a global store of value, Ethereum is a failed project. Full stop.

ETH is economic bandwidth for DeFi. It is the only asset maximized for CROPs, fail at high value ETH, fail at CROPs, fail at Ethereum.

Saying you’re bullish Ethereum not ETH is like saying you’re bullish America not the American economy. They are one and the same - economic engines.

Better to admit Ethereum is a failed project than “Ethereum not ETH”.

So spew that weak blockchain not crypto stuff out of your mouth, it doesn’t make sense for BTC, ZEC, ETH, or any truly crypto native project.

[⟠ FΞdΞ @fedevx]

@Ethereum_Maxis 👀

[⟠ FΞdΞ @fedevx]

@EthereanVibin 💯

[Krugman @krugman87]

Here's my nuanced view of Bitmines 9.5% yielding Series A offering, and what Lee would need to do to keep this out of the "ponzi-zone".

With the ethereum:native staking yield around 2.5-3%, if Lee is able to ensure that they don't sell more than 25-35% of the Series A compared to the size of their staked ETH, they could cover the entire amount of series A dividends with staking yield. This by definition keeps it out of the ponzi-zone and the allows ETH to become the *true* digital capital instrument that Saylor can only dream of but never achieve with BTC because BTC doesn't generate a yield.

Now, there are a number of caveat's to this. Firstly, $BMNR holders were under the assumption that staking yield would accrue to their equity (i.e. tokens per share), but in this case the yield is diverted to the Series A holders. Kind of a rug pull on the common shareholders if you ask me.

Secondly, for this not to enter the ponzi-zone (i.e. covering dividend payments with cash from previous buyers) Lee would need to ensure this never grows bigger than the staking yield could cover. That means capping the series A market cap at maybe 15-20% of their staked ETH (they need a buffer which I'll get into below). Otherwise this runs the risk of ballooning so large that Lee needs to begin covering dividend payments with cash on hand and diluting common stock shareholders, which is just a slow motion trainwreck as we're seeing with Strategy.

Thirdly, there's a risk that Lee can't control which is the price of ETH dropping rapidly and sustainedly. Even if Lee capped the Series A at 25% of staked ETH, if ETH price plummeted 50% (not uncommon), then the series A is now 50% of the staked ETH, and now were in the ponzi-zone. The point is that the dividend payments are fixed in dollar terms, but the underlying asset is not, which is one of the largest risks of this type of financial engineering of DATs.

Fourthly, we recently saw a proposal for ETH staking yield to be reduced significantly. This is yet another risk out of Lee's control that should be accounted for.

Final comments:
There are some interesting potentials with this that don't require Lee/Bitmine to go full blown ponzi and blow up BMNR & ETH in the process. That makes Lee (and the Bitmine board) the central points of risk as they decide which direction this goes (i.e. sustainable digital capital or ponzi-zone).

I think it's too early to go full doomer on this, even in like of what's going on with Strategy/BTC right now.

[⟠ FΞdΞ @fedevx]

@ZBZB1993 Anyways, pumpcade

[vann dough💰💹🧲 @VannDough]

Each $AgentLayer update removes another point where humans are still required.

The long-term vision appears to be:

🤖 Agent discovers an opportunity
🔍 Agent evaluates risk.
💰 Agent accesses wallet.
⚡️Agent executes trades/payments.
🏦 Agent manages assets.
🔄 Agent repeats autonomously.

No manual approvals.
No technical workarounds.
No constant supervision.

This could be the “PayPal for the Agentic Economy.”

PayPal didn’t become valuable because moving money was exciting.

PayPal became valuable because it removed friction from digital commerce.

AgentLayer is removing friction from agent-to-agent commerce and finance.

To an investor, that’s the signal hidden inside updates like this. 🧠💰

[⟠ FΞdΞ @fedevx]

@PopPunkOnChain @pumpcade 👀

[⟠ FΞdΞ @fedevx]

@0xRookmate @pumpcade 🔥

[⟠ FΞdΞ @fedevx]

@PopPunkOnChain @pumpcade 🔥

[⟠ FΞdΞ @fedevx]

@vydamo_ Pumpcade fixes this.

[⟠ FΞdΞ @fedevx]

@dfsic7 @ZBZB1993 Yes
https://t.co/0uPpRcypgp

[Pop Punk @PopPunkOnChain]

The @Pumpcade Tokenomics System in 60 seconds:

The Pumpcade Value Engine sits at the core of the platform and routes real platform activity into areas that strengthen the ecosystem:

1. $PUMPCADE burns
2. User Redistribution (paid in USDC)
3. Creator Rewards (create better markets, get better rewards)
4. User Acquisition

Congestion Fees improve market quality by making it more expensive (on a curve) to join the "safe" side of a market the closer it gets to ending. These fees route into the Pumpcade Value Engine.

Pumpcade Passes are season passes that give access to:

1. Lower fees
2. The ability to create premium markets
3. An increasing list of platform benefits in the future

The passes last for "seasons" and can be purchased with:

1. USDC -> Platform market buys $PUMPCADE and burns it.
2. $PUMPCADE -> User receives a discount and platform burns it.

Pumpcade has no token emissions and no farming. The ecosystem grows stronger with REAL activity.

[⟠ FΞdΞ @fedevx]

@hedge__x

[⟠ FΞdΞ @fedevx]

@IamCryptoWolf Yes.

[⟠ FΞdΞ @fedevx]

@MikybullCrypto

[⟠ FΞdΞ @fedevx]

@yugacohler @CoinbaseDev 👀

[⟠ FΞdΞ @fedevx]

@dtrain22k Higher tbh

[⟠ FΞdΞ @fedevx]

@MrPricedIn Anyways, pumpcade.

[⟠ FΞdΞ @fedevx]

@kantianum @supercontraa $opal

[⟠ FΞdΞ @fedevx]

@RainsRevenge $opal coded

[⟠ FΞdΞ @fedevx]

@anglio Pumpcade