HK Crypto Liquid Dinner Dec 2 2024

Courtesy of the host putting it together in Hong Kong (December 2nd, 2024). Good turnout and some front-line degens in the trenches. Summarizing the dinner pitches here for the crowd.

Pitch 1

• ◆$CLANKER, alive for 10 days.
• ◆50 mm currently, an interesting thing to own vs. Virtual. Pump.fun on Base
• ◆A lot of products starting to get built on it. People built clank.fun
• ◆7-8k tokens minted live to date. Protocol gets 60% (40% to creator) of the 1% of token trading fees (similar to pump)
• ◆Previously built degenswap and pivoted to do this. Know farcaster team well.
• ◆You buy AERO and get rekt by emission, Coinbase is too big. Move AERO had since election net of mania going to BASE is not beta (because emission is too bad). Probably more in bed with the BASE team – good option at 50 mm.

Pitch 2

• ◆$Symmio, pre-TGE pitch, TGE in 2 weeks (Uniswap LP launch, undecided where)
• ◆Launching at 60 mm FDV, intent-based settlement layer. Intent-based bridges had gone from small share to 60% share on asset based transfers.
• ◆On single-chain swaps, COW etc had gone from single digit share to 30%+ share.
• ◆The Perp market opportunity is bigger so should translate well for Symmio.
• ◆Some front-ends are like Pair Trading, BMX on Base, etc. This takes 40% of settlement fees, doing 35 mm daily settlement volume = 5k daily settlement fees (60x FDV / fees) so pricing in growth. More front-ends coming. When you open a trade someone counter-trade you on Binance – will be able to net trades. 2 MM / solver at the moment.
• ◆Bera / Monad / Eclipse etc want to launch – working w/ these guys and could get pick & shovel play to gain volume + gain fees from these ecosystems.
• ◆Disclosure – we own it via private.
• ◆Also like playcambria on twitter.

Pitch 3

• ◆Was gonna say JTO and ENA but too consensus. Gonna look into $VaderAI, moving away from Virtual. Interesting AI coin building a platform.
• ◆Think AI agent may be topping out given mental saturation.

Pitch 4

• ◆$RIF and $URO
• ◆Full disclosure, one of the top holders
• ◆Speculating BN listing. They had been pushing for BIO / Molecule / Pump. Science launch. BN wants this to work – CZ invested in BIO and so does Coinbase.
• ◆People in Crypto likes meme but not science. These tokens are basically IP-ownership tokens and memecoins. End goal is to pump the memecoins to make De-sci + BIO protocol launch.
• ◆The playbook is RIF and URO are wealth-effect marketing dollars for Binance & Coinbase such that BIO gets funded (and subsequently BIO’s subdaos get funded). So buy these 2 coins in synchrony w/ BIO listing.

Pitch 5

• ◆STRK coin, they only have 3 tokens. 1 is investible. $EKUBO
• ◆30 mm FDV DEX coin. The same distribution as Hyperliquid (33% team, rest community, LBP type launch).
• ◆The only protocol STRK unofficially supports. Guy is the lead dev for Uniswap – this is basically v4 already live. Foundation is gonna do a fund that encourages hooks.
• ◆Making 2.5 mm / year. The foundation owns a ton of it and they aren’t gonna sell.
• ◆There’s really no sell pressure – if you think ZK L2s get love this is the best RR play.

Pitch 6

• ◆$GAIB
• ◆We tokenize computation assets (GPU) onchain. Imagine you can have JITO-backed stablecoins that can ape into the defi space. Can also do options & futures. You can literally buy a piece of GPU.
• ◆We can also do structured products on top of it (100x leverage + yield bearing, etc).
• ◆We are a supplier and not decentralized. We supplied to Aethir for instance.
• ◆Hopefully TGE late Q1. Debating what kind of launch.

Pitch 7

• ◆$KAIA
• ◆Gonna launch a bunch of mini-apps, 2.4 Bn currently
• ◆Has way less users than Telegram, 220 mm users (1/4-1/5 the size)
• ◆Koreans and Japanese very crazy about crypto, just LINE for now. The team really changed – while slow but now moving a lot faster now.
• ◆Doing an OTC right now. Pumping the KAIA token rn and incubating a lot of tokens (wealth-creation similar to SUI playbook).

Pitch 8

• ◆3 things – $CATI, $ATOM, and MATH Equity
• ◆ATOM is going through mgmt. and foundation change that could actually ship + accrue value to the token. No one owns it and DINO coin could outperform again
• ◆CATI is the only ownable TON ecosystem coin that’s doing work. Still 250k revenue / day and could see catalyst of Koreans adopting it hopefully (Bithumb listing TON is a good sign)
• ◆MATH is well-covered previously. On track to do 10-15 mm USD in net profit this year and the largest Asian exotic deriv broker listed in Nasdaq. Cheap through the cycle bet.

Pitch 9

• ◆$Liquity, 100-150 mm FDV just about
• ◆V1 you get LUSD as borrowing. A couple issues that make token trash.
• ◆In v2 there are a couple of improvements. Increased collateral to all LSD tokens to expand TAM, rate changed to utilization-based – everyone who take out loans can decide their own interest rate. Some of the borrows on Aave / Morpho can move over to borrow at cheaper rates.
• ◆Downside is in v1, your levered position can be redeemed, riskier borrowers get redeemed first. But now in V2 whoever borrows the cheapest get redeemed first – so it’s a market dynamic of borrowing cheaply but not get redeemed.
• ◆Using same code to launch / airdrop to Bera / etc new chains. Uncertain but should happen. Defi renaissance thesis.

Pitch 10

• ◆$PENDLE
• ◆It’s a beta to everything, seasonable trade now because people rotate back to ETH and this is the best ETH beta.
• ◆People dumped Pendle after Eigenlayer + forgotten by funds. Everyone tries to dump; but ENA sUSDe pool drives it back to Pendle = 44 mm of topline revenue back to pendle, 80% of which goes to vePendle holders. Basically levered ENA.
• ◆Also launched on BASE and has the blessing the BASE foundation – launching cbBTC and cbETH on Pendle. Also kind of a BTCfi bet – this is an interesting way to express that bet. 30x PE is reasonable but not pricing in v3 which could open up a bigger market – traders can hedge their funding rate (implemented as order book system, coming up 1Q25 (Boros).

Pitch 11

• ◆Hyperfun, Telegram trading bot at HYPE
• ◆3 Bn wealth effect on HYPE, you can only trade meme. Similar to Banana.
• ◆Usage spiked after the airdrop, 35 mm market cap (pumped after airdrop).
• ◆2nd largest token after PURR. Basically Hyperliquid beta.
• ◆Doing 1 mm volume / day, 10-15k fees based on recent data.