Uniswap V4 and Fed Impact — Full Breakdown & Transcript

[00:29] How's it going? How's it going? How are you all doing? back again in Andorra. So now we're looking forward to doing a bit better these

[00:43] live. Anything you want to ask us, you know you can ask there. Give it a like so it gets noticed and more people can join us. And as always, we're back to enjoy another Wednesday afternoon chat. Today

[00:55] we'll obviously be talking about a busy week on a macro level. We'll also talk about some very interesting news in the crypto sector from Uniswap, and we'll also give you our point of view, our opinion on where we are in the

[01:08] crypto market cycle so you can also have your own. Well, knowing important, although you always have to have your own. This isn't an investment recommendation, so if you're okay with it and I can be heard well, let's get started.

[01:25] if you're okay with it and I can be heard well, let's get started. Put me in the chat if you can hear me well, a "one," an " OK," whatever. It's

[01:37] saying they can't hear. So we assume that... Yes, good afternoon Jaime David Pau, how are you all doing? Pau, how are you all doing? Perfect, great. Okay, well then, if you're ready, let's get down to

[01:49] business. Today we're here with news, especially the more macro side. Okay, the important thing is what's happening today. What's the weekly mentopic regarding crypto in general and the

[02:02] financial markets? Regulation. Crypto regulation, because for the last few weeks, as you on several companies, mainly the biggest ones like Binance and Coinbase, and consequently, their lawsuits are also affecting

[02:17] many projects in the top 20 and top 30 that are super well- positioned. This has caused Coins to drop by 40-50 percent in the last 30 days, last 30 days,

[02:32] something we were talking about. I did so soon because I thought it was going to come not so much from regulation or a lawsuit from the SEC, but more from the

[02:46] Recession, but what has happened is that the S&P 500 continues to rise seemingly without any barriers, while cryptocurrencies have taken a hard hit. Okay, so

[02:58] mainly happened? As you know, I'm not going to summarize what has happened because we cover the Binance and Coinbase lawsuits every week, but I am going to update you on what has happened in this last week.

[03:10] First, before getting into Coinbase, I want to talk about the annual meeting of colleagues a few weeks ago at the Walt Economic Forum, which is one of the leading economic forums—well,

[03:24] the world's leading economic forum—and one of the points they addressed was the regulation of the crypto sector. There is a governance consortium for these digital currencies, and they were creating a white paper to regulate

[03:38] these cryptocurrencies. What good can we take away from this summary of what was discussed at this forum? Basically, they are asking for

[03:53] global regulation, meaning that it doesn't make sense to regulate each regulation has to come for everyone because it makes sense, or largely decentralized environment where basically you can't have

[04:07] these cryptocurrencies are or where... Okay, so this was one of the main points, and also important, what we learned is that it's not public, but it is said that within this

[04:21] digital currency governance consortium it's private, okay, but in part... Within this consortium there are members of Ripple, Ethereum with Sensis and Circle.

[04:33] You know that it's the issuer of USB, so it 's interesting that these people are involved because it means they will surely have some influence on the decisions, or at least contribute their bit to understanding how this sector works,

[04:46] to understanding how this sector works, point: the SEC issue against Binance, what has happened? Latest news, it will be an important question, so leave it there so I can see everything. Greetings. If you have

[05:00] we will also try to answer some of the questions we have, or at least the most interesting ones. Yes, so that's what happened with the equivalents after... happened with the equivalents after... Of that 13-point lawsuit, in which,

[05:12] well, those being sued, also requested the freezing of Binance's US funds—that is, the funds of the Binance branch or subsidiary within the United States—after a withdrawal of almost

[05:27] half a billion dollars from the Binance exchange, which did not affect the Binance exchange, which did not affect the global finance generated, they requested that freeze of funds. Binance said that the US branch would close and

[05:44] countries. That attack obviously hurt the US, and a hurt the US, and a Federal judge has asked them to please reach an agreement. She has dismissed the request to freeze

[06:02] for Binance. Furthermore, she has urgently requested that Binance's lawyers meet to reach an agreement so that it can continue operating in the United States. The judges, in this case the US Federal judge,

[06:15] have asked that they, in turn, be allowed to continue operating obviously, there are many investors behind this... For me, it's a

[06:27] victory for the pods in the short term, and also this judge said that it also this judge said that it seemed the SEC's approach to cryptocurrency regulation wasn't very clear, and she really

[06:39] categorized it as inefficient and cumbersome. So, well, in any case, they'll have to get their act together. So, well, in any case, they'll have to get their act together. point? And I think I'm going to share the screen so you can see it

[06:55] screen so you can see it more easily, okay? Here, okay.

[07:07] earlier, okay? News in the Binance case, where you can Binance case, where you can zoom in a little, Eric. Everyone will appreciate it, I suppose. [Music]

[07:20] There it is, ready. Now much better. What I was saying is that there were indeed doubts about the next series, that is, the issue of how the SEC had approached crypto regulation, and she described it as inefficient. And, since I do

[07:35] n't have perfect English, I had to look it up, and it's cumbersome. Okay, so what look it up, and it's cumbersome. Okay, so what is that both Binance and the SEC reach a compromise, or rather, that they

[07:51] reach a negotiation. Yes. Then another important issue is that I know it's having Gary Gensler, in particular, has had many detractors, mainly from Republicans. As you may know, in recent weeks

[08:06] they introduced a bill to remove Binance from power. They said that what Hitman had said about all

[08:19] the documents was Washington— referring to discussions

[08:33] within Washington—said that Gary Gensler had overstepped his bounds in his lawsuit against Binance. So, what he's saying is that they expect more

[08:45] anti-securities news from the establishment, which is ultimately coming from the Republicans, in the coming months. We'll see how this affects things. In any case, it's mind. Furthermore, I also want to point out that

[09:00] a video from 2018 surfaced the other day saying that Bitcoin and Bitcoin Cash—specifically, these four— are not securities. More than three- quarters of the

[09:17] Therefore, this has gone viral because He's really contradicting himself 100% of what he said in 2018. So, this covers the

[09:29] So, this covers the main news about the Binance and SEC case, and then another important thing. I'll see if there are any questions, and if fundamentals. Now, let's go. Okay, as I was saying,

[09:47] Two important news items: one is that Coinbase issued a statement or conclusive evidence that Gary Gensler had placed short orders right before

[10:00] the news of the lawsuit against Coinbase. This hasn't been 100% officially confirmed, but in any case, we should know that it might have been like that, and that in the end, well, 100% reality. Okay, so don't believe anything they say,

[10:15] neither side. Also, and importantly, when Coinbase had this lawsuit, one of the direct requests was to please clarify the regulations once and for all, I mean, what are

[10:27] the regulations regarding cryptocurrencies? Please clarify it, how? The have to comply with and what I do n't, and the SEC, well, obviously, isn't clear on it. They've asked for four months to

[10:42] respond to that request. So, we're starting from the premise that even the SEC isn't clear on what the crypto regulations are. So we'll see what I think it's something that's going to be on everyone's lips for sure in the

[10:58] coming months, 100%. And then, regarding the fundamentals, and then to macro level, it's true that we've had a drop, obviously due to all this mess with

[11:10] the demand from the SEC, mainly Coinbase. But well, at this one of the indicators has shown that the 20-week moving average has been broken, and also the Bollinger Bands, which is another indicator, are

[11:26] narrowing. And this usually always induces strong movement in the market. strong movement has been upward, but we've also had other occasions where Therefore, the important thing is to hedge. Maximize your positions, keep them adjusted, and

[11:42] take advantage. If there's an upward or downward movement, being positioned in that direction will be perfect for making a profit. I sincerely believe that in the short and long term, we're in

[11:58] buy recommendation; it's what I ultimately do, but I'm 100% confident that both Bitcoin and Ethereum, the main assets in the crypto market, will have better prices in the next year or year and a half. I'm not talking about

[12:12] the short term, though. And if news or rumors come out, whatever, within this market, it can obviously affect the price, but in any case, I think that these prices, and prices between 25 and 20, will always be good

[12:26] within the sector. I do it month by month, week by week. So I have no doubt that, given the current state of the doubt that, given the current state of the financial markets and the

[12:40] traditional financial sector, with all the banks experiencing so much instability, Bitcoin will undoubtedly become an increasingly attractive alternative for safe-haven capital, or at least an investment alternative. 100% for major investors, from the

[12:55] writer, so we continue working hard to bring you the best news, and I'll hand it over to Kevin now, who I'm sure has a lot of information. clarify what you mentioned, I think that in these

[13:10] market moments, when everything seems negative and there's negative news every week, what we have to try to do is think back to when there have been

[13:22] other similar moments. For example, think about how you would have felt about this market when COVID hit, or when FTX crashed, or when COVID hit, or when FTX crashed, or when Luna crashed. For

[13:36] example, with COVID, we saw Bitcoin fall from $14 to $4,000 in a few days, and it wasn't just uncertainty about bad news in the crypto sector, but global uncertainty. We didn't even know if we'd be able to leave our homes for years. Then, for example,

[13:54] homes for years. Then, for example, when FTX crashed, Bitcoin fell from $16 to $17,000, and when everything was already bleak, one of the world's largest exchanges collapsed. Then you look at it with perspective after these months have passed and

[14:06] think, "I wish I hadn't been so afraid back then and had made some good dollar-cost averaging (DCA) investments." And now I would even be in profit right now if I had bought at that time. So, let's not let this news, this

[14:20] short-term noise, blind us, let's not make us think that this downturn will continue for much longer because markets are cyclical and there will be a time when a bull market returns, another bull cycle. And therefore, these moments of

[14:35] fear, when everyone is afraid and selling, when we have to be able to do the opposite of everyone else, keep a cool head and make our purchases gradually, our DCA and our good strategy, or at least that's what we

[14:48] strategy, or at least that's what we do. Yes, add to that the fact that we are less than a year away from the next halving, which again always implies a change in trend, or at least opens the doors to a bull cycle, or

[15:01] has always been the case in previous years. This does n't mean that it will repeat itself in the there is surely a greater probability that history will repeat itself than that it won't history will repeat itself than that it won't change completely. That's that point of

[15:14] view, and besides, they are handing it to us on a silver platter, given that at the macro level we are the coming months. Therefore, it will be the total boom to start a rally from

[15:27] doubt. So, what I encourage everyone to do, as Kevin rightly says, is not to lose touch within the crypto sector. Obviously, it's much harder to stay involved now, and it will be much harder to keep track of

[15:41] that are coming out. But the reality is that those who persevere in these reap the best rewards in the long run. As Kevin says, indeed, when there's fear in buying opportunities arise, although it's when it's hardest because emotions are running high, making it harder for

[15:56] people to make that purchase in moments of fear. But of course, when everything is going up, it's super easy to buy because basically everyone buying, and at least you feel supported, and it's easier to make

[16:12] purchases. But in most cases—well, not most, in the majority of cases, quite the opposite—that's when the best long-term buying and selling opportunities arise. In fact, it's curious because I heard a metaphor the other day from Pablo

[16:27] Gil, who said that it's curious how our minds change when we go from being consumers to investors because, in the end, when we are investors, we are really consumers among ourselves. I use quotation marks because we're consuming an asset. Although,

[16:40] well, we're not looking for a return, but we're buying an asset. And when you're a consumer, you buy a phone, a computer, a car, whatever, and you look for the cheapest possible price, the best deal, to spend as little money as

[16:53] you can. Then, when you're an investor, what usually happens, and the mistake that often possible because that's when FOMO kicks in. When it should be the other way around, when everything is as cheap as possible, that's when you should invest, right? And try to

[17:08] buy assets at their equilibrium price, or their real or fair price, right? mentality: when we become investors, the mistake is to buy as high as possible. When we're consumers, we try for that deal or that discount, right?

[17:24] we try for that deal or that discount, right? But anyway, having said that, let's continue with positive news, leaving aside all the negative stuff, and let's talk, as very positive news for the crypto sector, especially for decentralized finance:

[17:38] especially for decentralized finance: Uniswap is one of the biggest protocols, we could say, in all of DeFi, and

[17:52] now... We're currently on version 4, so let's take a brief look back at the Uniswap versions. Firstly, when Uniswap was launched, liquidity pulls or swaps could only be done with Ethereum; Ethereum always had to

[18:07] be the currency in these swaps or liquidity pools. Version 2 enabled liquidity pulls and swaps liquidity pulls and swaps with RC20 coins as well, meaning USDC and

[18:22] DAI, for example. If they were on the Tyrium RC20 blockchain, swaps could be made without needing the Cyrium coin. Then we moved on to version 3, which is the one we have today, and it was a complete revolution

[18:36] in the FIT system. This is when liquidity pools with liquidity ranges were introduced. What does this mean? It means we could concentrate our liquidity within a price range, making it much more efficient and generating

[18:51] much higher returns. Okay, so now comes version 4, which will improve Uniswap even further. I want to show you a screenshot, and so you... I show you a screenshot, and so you... I

[19:25] what Uniswap is because I think it's important. If we go to the all the DeFi protocols in the world, we can see that Uniswap is currently in 5th position in terms of TV (Treasury Value). That is, in position among all the protocols

[19:41] that exist in the DeFi world, we see that it has has $3.86 billion locked, or liquidity, within the protocol. In other words, it's a giant

[19:54] in the cryptocurrency sector. But I don't just want to compare it with the DeFi world because I think it's also important if, for example, we go to the largest centralized exchanges in the world, we can see that, aside from some things, it's far

[20:09] ahead in trading volume. In the last 24 hours, we can see, for example, that Coinbase and Kraken are at $519 million and $

[20:22] 345 million, respectively. Millions of dollars in the last 24 hours. If we look at decentralized exchanges, 24 hours. If we look at decentralized exchanges, has moved a volume of $354 million in the last 24 hours. What does this

[20:37] mean? It means that currently, in version 3 (not counting version 4), it's moving a volume that's among the top 2 or top 3 largest centralized exchanges in the world. And this is considering that many people who own

[20:52] cryptocurrencies today are still unfamiliar with the DeFi sector; many are just starting out with their first purchases, and it's a reality that they buy the cryptocurrencies there. Although we always say this is a mistake because

[21:07] we need at least a decentralized wallet, and everything decentralized is always more secure, in this case, it isn't. But you can still see that if we have version 4, Uniswap v3 is already moving a volume

[21:22] around the top 2 or top 3 of centralized exchanges. Taking into account, so you can also see, in this case, IDX

[21:35] works with order books, as you've seen, and not with soft ones. That is, the seen, and not with soft ones. That is, the volume there is only [unclear - possibly "it can

[21:49] have much more volume with less capital"]. And I'm telling you all this and making this comparison because with v4 I think there's going to be even more adoption of a decentralized exchange.

[22:04] First of all, what Uniswap usually does, which it already did with version 3 version 4, is to release the code privately. Why? Because what they do is become precursors or pioneers. Or rather, in some

[22:21] updates, like the liquidity ranges, they keep it private for a while, absorb a lot of capital and a lot of adoption, and then they make it public so that the rest of the protocols can copy it. For example, right now, in

[22:35] v3, the liquidity ranges are already open source, and the rest of the protocols of other blockchains in the DeFi world are adopting it, taking the code, copying it, and that's why we can already create ranges of

[22:48] Liquidity in many places. But what happened with Uniswap version 3? They captured almost the entire DeFi sector, and that's when they really took off. For example, there was a time when Pancake Swap and Uniswap were almost on par with TVI,

[23:03] but then Uniswap released version 3, updated it, and developed it much more than Pancake Swap. That's why they're now so much further ahead. And now with version 4, something very similar will happen. So, what they

[23:19] explain in this thread is that they've released version 4, and with it come hooks. Okay, let's translate the tweet a bit. Although Hubs translates it as "hooks," let's call them

[23:33] hooks. What they're saying is that they're going to allow new functionalities in allow new functionalities in Uniswap pools. And this won't just will also allow new things for project developers.

[23:48] What does this mean? It's going to be much easier and much cheaper to develop a project and incorporate liquidity within Uniswap. Currently, if you want to develop... Starting a project and providing liquidity through Uniswap

[24:02] is quite expensive, especially with Ethereum. Obviously, developing all this liquidity, this code, and providing the liquidity on Uniswap is expensive. But right now, with v4, it's going to be much simpler, much cheaper, and this

[24:16] liquidity will also be modifiable depending on the token or project's performance. The liquidity will move as the developer wants, with

[24:28] certain parameters. So, this will bring much more adoption to Uniswap and encourage project creators to go directly to Uniswap. Most new projects with liquidity will come directly to Uniswap. Okay,

[24:42] what else do we have? Well, here they tell us that we're going to have—I'll translate because this sounds like Chinese—we're going to have a

[24:54] to achieve from now on with Uniswap v4 is the ability to make time-weighted average purchases. What does a DCA mean? Until now, if we wanted to do a DCA on Uniswap, it wasn't allowed; we had to do it

[25:08] manually. For example, I want to buy Ethereum at 1500. 1400 1300 1200 I had to have an alarm set, and as soon as I saw that price, I had to place the order.

[25:20] At this moment, it will be done automatically. We can place buy orders automatically in Uniswap v4, and not only that, but this is very focused on large holders or large whales who, for example, want to do

[25:35] a swap of one million dollars from USDC to Ethereum. They want to transfer one million What happens now in v3 is that the purchase cannot be made directly; instead, the large whale would have to divide that million dollars into

[25:50] many amounts to be able to make the swaps because otherwise the price impact would be very high. With this new system, the TW AMM, what v4 allows is that

[26:02] with one click, this million dollars is distributed automatically to make the purchases in the most efficient way possible for this large whale. What are we going to achieve with this? Much greater

[26:16] adoption of Uniswap v4 because all whales will be able to make these purchases here whales will be able to make these purchases here and will not need to talk to an exchange in parallel or do it in other ways. Doing it from here will

[26:28] then give them custom on-chain oracles. Up until now, Uniswap v3 had an oracle that was external to them, and now they'll have it internal. What this will achieve is making fish trading even cheaper and more

[26:43] efficient. Okay, then we'll have on-chain limit orders. What I mentioned is the DCA, which we can set up automatically based on swaps. Yes, then... Well, here they show us the code.

[26:59] For those of you who are more developers and like this topic, you can go here to see the code. Then they also tell us that from now on they're going to have a Smart Contract that will be general for all pools, and that

[27:13] the rest of the smart contracts for the different pools will be born from that Smart Contract. And what will this be for? So that tokens can move between different pools efficient every time we do a swap. Okay, let me explain. If, for

[27:29] example, I want to do a swap with Ethereum to USDC, but in the 0.05 pool it's going to be more expensive right now because there are more people doing swaps, but the 0.3 pool works for me. To make it cheaper or similar, we can do, or rather, it will be

[27:46] directly and automatically, the token can be moved. Our between all the different pools on Uniswap to make everything more efficient and cheaper. This will be the main objective.

[28:00] Then they give us the code again, and basically, this is a bit of everything that Uniswap v4 will bring us in terms of new features. Yes, for the moment, it ca n't be used as users; we can't see any changes, but they will

[28:17] bring all these new features. I also forgot to mention, when we have a created LP, imagine the typical error that has happened to all of us, or well, not an error, but we open a liquidity pool, the range goes below, and then we have

[28:32] doubts about what to do, whether to undo them and set up another one. Well, what Uniswap intends is that when our ranges go below, instead of undoing them ourselves, we can use the created SLP, which will be like an NFT to

[28:46] take to decentralized lending protocols, and with that NFT we can request decentralized loans. So what do they achieve with this? Not only does liquidity not disappear so quickly from people's hands, but

[29:00] we can also use SLP to borrow cryptocurrencies, and even with those borrowed cryptocurrencies, with a good strategy, we can recover from a drop in our position by opening another range further

[29:13] down, opening ranges in other coins to try to generate profitability elsewhere. Yes, so basically, it's all these new features. Obviously, until we see them as users, we wo

[29:26] n't be able to see all the benefits or how profitable they will learning about the new features, studying them so that as soon as they are to start using the protocol.

[29:53] of the main chips, or rather, in the main dexes. And in the end, it's important because right now, people are sometimes more afraid of keeping their money in centralized exchanges, and

[30:09] all these advancements they can make within decentralized exchanges will also provide better utilities and better features within this decentralized world. That's always good news,

[30:22] forgiven. There's a question there. I was saying, of the topics you mentioned, in advance, okay? I suppose it refers to, or you mean, if we go out of range, that it

[30:38] rebalances the range. All this, I don't know if it's going to be 100% like that, I can't say for sure, but for example, I do know of some protocols that already allow it, like Quick Swap. It's a protocol that works in polygons,

[30:53] a protocol that works in polygons, okay? And it has the Gamma Farms option, which means that the Gammads are flexible with the price of the assets. For example, if we enter Bitcoin, Ethereum, and Bitcoin, then

[31:09] our liquidity goes up with the price; if then they fall, our liquidity also falls with the price, and they are like flexible ones that are quite interesting. I recommend you take a look at Quick Swap because it's also quite profitable.

[31:21] In my opinion, I still like Uniswap v3 much more because of the opportunities it offers us with smaller tokens and such. Well, the people who are here From the Alpha I'm reading, you'll already know what I mean, and that's why I like it more.

[31:35] But also, for the very long term, and wanting to form pools that will last us for many months, the quick swap range farms are quite profitable because the liquidity won't go out of range; it goes automatically. Yes, I don't

[31:51] range; it goes automatically. Yes, I don't know if I've answered your question. But know if I've answered your question. But about moving the tokens, I do n't know exactly what you mean, but if it's about the liquidity

[32:04] moving with the price, I'm not sure. In principle, I haven't read anything about it. But it could be because if it already exists in other protocols, I would understand that Uniswap v4 will also incorporate it, but I couldn't tell you.

[32:20] update where you could move tokens between different pools to avoid fees. Yes, this is valid. This will be done automatically; we won't have to do anything, obviously, but this will be

[32:34] general Smart Contract for all pools, and then below that Smart Contract, there will be more Smart Contracts for each pool. I think what they will allow is for the Swaps more efficiently. Okay, so we don't know

[32:50] 100% how it will work for the end user, that is, for us, but what we will achieve is that all swaps will be much cheaper swaps will be much cheaper than what we know now, that's for sure.

[33:03] We'll see if they're faster, but they'll definitely be cheaper. have any more doubts or questions about any crypto topic in general. You

[33:18] minutes to see if anyone has a question; if not, we'll close up because we like these live streams to be short so we can add value. Don't you say, "Yes, yes, good and brief," twice? Well, so, as we connect several times during

[33:33] information through different channels, these directors who get straight to the point, directors who get straight to the point, add value, and give it their all next year, in charge of the Uniswap system... Well, it does n't surprise you in the end, the

[33:47] bad part, or rather, the part... [Music] Although it's true that there's a decentralized part because in the end, company or to, well, to such and such, not to those three Suri that it

[34:03] has So I don't know how it might affect things or if it's completely decentralized, but we shouldn't look at it. In any case, let them keep giving bad news. The more fear there is in the market, the better the

[34:17] opportunities will appear, 100%. And what's certain is that the more demand there is for exchanges and all these problems, the more people will gravitate towards

[34:30] everything decentralized. Two or three years ago, we couldn't even imagine doing decentralized trading with futures and leverage. Now there are a thousand projects that allow it. We have GMX, we have

[34:44] The Wide DX, which we've seen the volume this exchange is moving, and in the end, there are always decentralized solutions. And no matter how many centralized systems, we'll have these kinds of opportunities.

[35:04] the market reacts. Well, there are 25 minutes left. So we'll let you know how it went on the Crypto Profe channel and in the chat, and on the Alfa channel too, but in any case, in my opinion, and the opinion of 95% of the... Guys, it's

[35:21] likely that interest rates won't rise this time. If that's the case, we might even see a small market rebound in the short term, market rebound in the short term, meaning a boost for Bitcoin. And if, on the

[35:34] interest rates rise by 25 points, which I think is really unlikely, then we'll probably see another small market drop, with But normally, when interest rates rise, the price rises in the short

[35:50] term. The price is affected in the short term, and then interesting opportunities arise, even to launch some looks. In any case, it's important to use stop-loss orders when there's Fed news and high volatility,

[36:04] always use tight stop-loss orders in your trades, okay? Because they can get triggered. Okay, let's continue, Carlos. Hey, welcome back, champ! I'm just getting back into it. I'm really glad you're there with us. So, we'll

[36:18] see you in the classes on Tuesdays and Thursdays, 100%. Then I'll answer these disk to ask us anything you need. There are several of us there to answer you, but in any case, Pancake is the main player on the Binance network,

[36:31] obviously. I think that's always It's backed by tokens, at least without anything changing. Hey, because it's the main one in the network, and therefore it doesn't make sense to leave the token itself adrift. If you're referring to

[36:47] investing in Kick, we're among those who think it has a certain, I mean, it has a touch that's not entirely attractive. Okay, at the time it was quite inflationary. I don't know if they managed to change the tokens a few months ago or not, but in any case,

[37:01] I think there are much better or more interesting opportunities that will come in the following months and later. In the end, the token craze... and define that sense... my

[37:14] camera is already going dark. Yes, now it's happening, they're now it's happening, they're cutting me off. I mean, surely there will be more interesting narratives. I was talking about it earlier, just in business TV,

[37:26] Movistar, that what had been a very interesting narrative in previous cycles doesn't mean it will be in the following cycles. And this is important: let's not fall in love with

[37:38] projects that had a great, incredible, in the next cycle because we've already seen history, that from cycle to cycle

[37:51] we've lost in projects that were even in the top 20 or top 10 cryptocurrencies, and it can continue to happen, and it will continue to happen in the next cycle. So I think, and in fact we haven't seen anything interesting from cycle to cycle,

[38:03] narratives that will dominate the market or that will dominate the next bull cycle and anticipate them. If the previous bull cycle was Defy, with all the farming, presales,

[38:18] and everything that came out within the Defy ecosystem, it was already perfect. Surely Defy will have another bull cycle, but we don't know if we will experience it within a Layer One like Dylan, or within

[38:32] second or third layers. Yes, so it's important not to fall in love with projects that have previously had a big turn. I've already answered you perfectly, in fact, with the Pancakeswap topic. If you search for Pancake Crypto, we

[38:49] have a specific one that will surely clarify more than what we're doing live now about Pancake, its situation, its no-mix approach, all of this, and you can take a look there if it helps. David, how are you, Mr.

[39:04] Juanito? Great family! Well, having said that, as always, we'll cut I hope you've all enjoyed this little bit with us. As always, we'll see each other next week,

[39:18] and I'm going to ask again if anyone wants to invite someone if anyone wants to invite someone afternoon sessions, or if anyone thinks there's someone who could come here to share their perspective or how they've experienced

[39:32] the crypto sector. It would be interesting if they were from the sector, since that's what we immersed in, not just

[39:45] talk to every day. And that worked out really well, huh? or leave a comment so we can try to bring them on. I

[40:00] so we can try to bring them on. I try to bring someone you know. I'll talk to them to

[40:13] Thanks a million to everyone for being here live with us, as always. I hope you enjoyed it, and we'll keep at it. See you next week, and we'll also be in touch through the chat and the groups. A big hug!

[40:27] Thanks a million, Kevin, and see you soon. A decentralized hug, family! Bye bye! decentralized hug, family! Bye bye!