The Uniswap (UNI) fee switch proposal is a major bullish catalyst that will use protocol revenue to buy back and burn tokens, directly benefiting holders. Consider participating in the return of ICOs, starting with the Monad token sale on Coinbase on November 17th. To potentially qualify for a future Base token ICO, you can start actively using the Base network now to build a transaction history. New tax guidance for ETF staking suggests liquid staking tokens like Lido (LDO) and Jito (JTO) may be undervalued. A long-term bullish outlook on Bitcoin (BTC) is also highlighted, with a speculative bet on its price exceeding $105,500 by January 1st.

Bitcoin (BTC)

• The host mentions a bet on the prediction market RAIN about whether Bitcoin will be above $105,500 on January 1st. The host is taking the bullish side of this bet.
• The current price is seen as suppressed, partly because long-term holders (people holding for 8-10 years) are starting to sell.
• This selling is framed as a bullish sign of maturity, described as Bitcoin's "IPO moment." The idea is that early, venture-capital-like investors are taking profits and "passing the baton" to a new wave of more liquid, public market investors. This is not seen as the end of returns but a new phase for the asset.
• A fun, non-serious indicator called the "Macrib indicator" was mentioned, which suggests that every time McDonald's launches the McRib sandwich, Bitcoin's price tends to go up.

Takeaways

• The host has a bullish long-term outlook on Bitcoin, betting on a price above $105,500 by the start of next year.
• Investors should not be alarmed by selling from long-term holders; the host interprets this as a healthy sign of the asset maturing, similar to an IPO, which could precede a new phase of growth.

Uniswap (UNI)

• The founder of Uniswap, Hayden Adams, has made a proposal to turn on the "fee switch."
• This is a monumental development for DeFi. It means the protocol will start using the fees it generates to buy back and burn UNI tokens.
• This directly passes value to UNI token holders, changing it from a simple governance token to a productive asset that shares in the protocol's revenue.
• The proposal also includes a retroactive burn, using fees already collected by Uniswap Labs to buy and burn tokens, which could create a significant "supply shock."
• An analyst is quoted as saying Uniswap could generate $500 million in annual fee burns, which could cause the price to "go parabolic."
• The host speculates this move might be a defensive reaction to a potential major announcement from competitor Aerodrome.

Takeaways

• The activation of the fee switch is a major bullish catalyst for UNI. It establishes a direct link between the protocol's success and the token's value.
• This move sets a new standard in DeFi, pressuring other protocols to share revenue with their token holders. Investors may want to re-evaluate other DeFi tokens based on whether they have similar value-accrual mechanisms.

Aerodrome (AERO)

• Aerodrome is one of the few tokens that was moving up at the time of the podcast.
• The host has been holding AERO as a large position in their portfolio because it is the biggest decentralized exchange (DEX) on the Base network and has strong tokenomics.
• The price movement is attributed to speculation around an upcoming conference ("dromos") where it's rumored that Aerodrome will announce a merger with Velodrome (VELO), the biggest DEX on Optimism.
• The host believes this potential merger is what prompted the major announcement from Uniswap.

Takeaways

• The host is bullish on Aerodrome due to its dominant position on Base and the potential for a major merger announcement.
• While there might be some potential upside for Velodrome (VELO) as well, the host considers holding Aerodrome (AERO) to be the "safer bet" given the circumstances.

Investment Theme: The Return of ICOs

• Due to increasing regulatory clarity in the US (specifically the "Clarity Act"), major exchanges like Coinbase are comfortable re-introducing Initial Coin Offerings (ICOs) to US retail investors for the first time since 2018.
• Coinbase is launching a new token sale platform, with Monad being the first project to launch on November 17th.
• The host emphasizes how powerful ICOs are for creating wealth for retail investors, which in turn builds strong, loyal communities around a project—something that high-valuation launches and airdrops have failed to do.

Takeaways

• The return of ICOs to the US market is a major bullish development for the entire crypto space.
• The host gives a direct piece of advice: "If you can get into an ICO, get into the ICO because usually the ICOs perform very, very, very well."
• There is speculation that the future Base token will launch on this new Coinbase ICO platform. To potentially qualify for an allocation, the host suggests users can start actively using the Base network (trading, etc.) to build a history on their wallets.

Investment Theme: ETF Staking

• The US Treasury and IRS have issued new guidance that gives a clear path for crypto Exchange Traded Funds (ETFs) to stake their assets (like Ethereum or Solana) and pass the staking rewards to investors.
• This is described as a "massive" development because it provides tax clarity and removes a major legal and financial hurdle that prevented ETFs from offering staking yields.
• The host is surprised that major liquid staking protocols like Lido (LDO) and Jito (JTO) have not seen a significant price increase on this news.
• Other protocols like Meteora and Athena are mentioned as not having fee-sharing turned on yet, implying they have future upside potential similar to what is now happening with Uniswap.

Takeaways

• This new guidance is a significant tailwind for the entire staking sector. It opens up a huge new source of demand for staking services from traditional finance vehicles like ETFs.
• The host believes the fundamentals of staking protocols are now disconnected from their prices, suggesting that tokens like Lido (LDO) and Jito (JTO) may be undervalued given this news. Investors could see this as a potential buying opportunity before the market prices in this development.