MiracleRay | 富 | 🟦 ⛓️

Heads up We're adding trends into the @zora app and .co website soon. It will be on base and is nicely integrated with the existing creator experience. Some notes 1. I expect this to be met with some combination of disinterest and then some further hate. Fair enough. 2. We will be doing 1bps fees for Trends for the first month. This is the lowest we could safely take them. This is for trader UX, to experiment with the logical extreme of the $zora pairing model, and also like why not it'll be interesting to see. 3. You will be able to pair any of your new posts with any trend. These posts will show in a different section of your profile to delineate between them. The UX is very fun and more simple than it sounds, it’s like a tradable hashtag or TikTok sound. 4. The zorb will return. Expect to see it show back up on social channels. It never changed on the app store so that will remain. 5. Our app usage held up better than expected despite the huge amount of self-inflicted turbulence to start off the year. Moving forward I'm just going to remain centered on our own metrics and what we see vs. overrotating on commentary and other dashboards. 6. If I could go back in time I'd probably just take some time off at the beginning of the year and stay the course: we originally planned to launch Trends on Base. Instead I simply powered ahead after an already crazy year (5 years really), friends and partners shutting down, moving on and publicly pivoting across the space, and I overreacted to the market and commentary across the timeline. This was all somewhat exacerbated by the fun and speed of being able to ship with AI. 7. The Solana team is awesome, the network tech is strong and opinionated and the different tools and teams in the ecosystem are fun and high quality to work with. I hope for us to show up again there in the future in a way that plays more to our strengths and a complimentary way to our existing markets vs. all or nothing. 8. One pivot too far: we've survived and grown by making structural changes to the core experience (e.g. 1/1s to editions, editions to coins) that improve the core experience. This one was an incorrect pattern match that in hindsight I could have known due to the fact that a) it was in a different app and b) I wanted to change the brand. 9. I put our users, community and team through an unnecessary amount of turbulence through the start of the year—I'm sorry about that. I can't guarantee I won't make incorrect bets again in the future but I definitely have some lessons to minimize the pain to the extent possible. One of those lessons is to be more proactive in comms, e.g. like this post you're reading right now. 10. We simply keep building.

COMMENTS ON FRIDAY’S SHART ON THE FARTCOIN CHART We own 5% of a crypto investment bank called Sentora. The investment banking side came from Trident Digital, and the technology side came from IntoTheBlock. One of the benefits of this investment is that the main founder (@admff492) regularly and patiently explains to me what's happening in the crypto markets. One important thing to understand is that the crypto market is extremely leveraged. This leverage makes the technical functioning of the market critically important to the price discovery process. The market structure has bifurcated into two groups. The first group consists of stablecoins and perhaps five “real” coins. The second group is altcoins, or more descriptively, “shitcoins.” Real coins are traded both on centralized exchanges and decentralized systems. They’re held in ETFs and by real custodians, etc. When real coins are leveraged, they are leveraged across multiple mechanisms that provide some flexibility in terms of time to cure a default. For example, if you’ve used real coins as collateral and they crash, many of these mechanisms give you 12 hours to cure the default before liquidation. This means that real coins crash much like stocks do during a market downturn. In contrast, almost all shitcoin leverage is based on smart contracts on decentralized systems. That means there’s no time to cure. When the condition is met, the contract simply auto-liquidates. This is true crypto, operating according to the original vision. If you borrow money against Fartcoin and Fartcoin crashes, there’s no phone call, negotiation, or Fedwire delay—you're auto-liquidated the moment the collateral value trigger fires. This is why Bitcoin crashed less than Fartcoin on Friday night. Fartcoin auto-liquidated; Bitcoin much less so. A few things to note: - This was probably the largest market crash and liquidation ever in the crypto world. - The crypto market liquidity arguably exceeded that of the traditional stock and bond markets during the crash. - The system worked, even though it was 4:50 p.m. on a Friday night. - Exchange protection mechanisms, codified to close winning positions when losing positions default, worked as intended. - Lending platforms didn’t break; Aave, in particular, didn’t miss a beat and simply worked. - It’s insane for people to lend against shitcoins and then run portfolio-insurance schemes on the collateral, but the system is now robust enough to accommodate such insanity. - People crying while exiting the casino is a feature of the system, not a bug.