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Main Channel t.me/blockchain_lobsters
There is some history of all the founders being scammers with WuBlockchain reporting consternation from the Chinese community that the project would be listed on Binance in 2021 already
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I plotted the cluster of the holders in some of these ecosystems as we looked at selling compliance solutions based on user count. The summary is there’s very few users and they’re highly localised. It’s an incredibly small user base in a lot of these products to the extent that it’s not worth going after anything in RWA unless you’re making bps of TVL or want marketing. There are interesting applications of RWA for sure but HODL largely isn’t it.
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QNT was also this "banks are users" fairy tale story in 2019 and then somehow broke into top-100. I am not gonna claim it's full vaporware (at the risk of being shat on) but back in the days it was just their CEO posting photos from bank meetings.
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Running up the price of hot air - to then abuse some of the unique web2 connections and add legitimacy - is exactly the playbook. It has been the playbook of even web2.
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Ser don’t attack like this, everyone in their heart is a market participant too. People have positions. Buying a bag every now and then is not a distraction fully, as long ad it’s not active trading-investing.
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Not giving voice to a 10B chain ponzi with a single digit TVL. Once there is something beyond just bullshit from them, share it. Also, the backers you mentioned are also gamblers (and a mix of probably clueless web2). Not some sign of reputation (and remember even Sequoia backed FTX). You are free to take any bets you want, but you are going a bit too far protecting an otherwise blatant pyramid. Getting too far.
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“They don’t like to see the price go down” ok boss stop pressing the keyboard please. We are letting your wife know.
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In that case where were the shorts… If everyone found it so obvious why did no-one attack, there were plenty of perp markets. IMO if you look when Mantra was about $3 there was a really aggressive peg defence. If you look at the ETH flash crash of liquidations from 4k down to 2.4k mantra barely moved off it’s ~$3 point.
I’m just hypothesising that with backers like BHD, Sharooq and Nomura, they have balance sheet. They’re very active in UAE and the main gem in the hat of the UAE regulator. Their cofounder was the ex VARA Gen Counsel. My gamble is in that area of the world they don’t like to see price go down and someone has been preventing price going down before
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https://x.com/jp_mullin888/status/1911525781454610757?s=46&t=eUZa7Aazqmv0jDxaHdfuzg
Some details
https://fxtwitter.com/insomniac_ac/status/1911511608872042510
Timing is everything. If you need CT accelerator for GTM strategy think twice 😂
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I feel sorry for the team - they were trying to build something slowly and carefully with regulatory input which is what made them slower to ship than a lot of the bullshit vapourware you see around generally
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Really people are buying RWA as a tradfi adoption play but tradfi isn’t buying RWAs; why would they? They already have a shit load. They want lobsters 🦞 and (3,3) mechanics & to distribute products to men under 35 that like to yolo into shitcoins at 2am
Look at how much money Robin Hood has made from this with WallStreetBets style trading.
Tradfi adoption is what the theme is for 2025 and it’s not about buying treasuries on-chain for 15bps wider than JPM or SSGA would sell you off chain
Let's be honest, ONDO also started with something incredibly simple as a product yet a 10B FDV. There wasn't a retail community as much either. But their team at least has been around the industry and connected since a while ago, so they are not fake faces as some projects do it. They have been on that narrative, product, mindshare. It's not a random outcome that they are trusted by the more decent names and product integrations (like, not just stories, but integrations). So I am not gonna claim any malice there, but the disconnect in product-fdv is crazy as well. Although their buidl and tvl numbers went up a bit more, so I'd doubt it's fraud. Disconnected? Sure but what isn't.
It's one thing to start at 10B FDV - can happen due to hype, low float, etc. It's not unrealistic, all L1s try to play the same game. But it's another thing to run yourself up to 10B (OM) - that happens with much more effort and rug mechanics, impossible without those.
It’s is fking annoying tho because most of the funds here are looking are moving more risk-on in crypto with the reg winds so this is for sure a stumble for on chain liq
Good luck pitching LP positions to any of them until 2026
Idk the idea that japans biggest broker dealer, or one of the largest multistrat hedgefunds that are both heavily long crypto would piss in the wind like this makes no sense. Idk about the others but the top 3 are insanely protective about brand and have huge rep risk around their macro books
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I’ll check in the morning but while my wife is asleep and can’t stop me I’ve gone 2x lev on $1 entry. I’m putting my lot in with the Emiratis lol.
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My ser it was the most well-known pyramid in broad daylight since the start. Don’t overthink it or excuse it.
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I’m bouncing the shit of this cat tbh they have some really serious backers and UAE investors behind them to go to zero. They’ve got big problems now for sure but I think price is detached
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Send it to close to zero, an mcap of $2bn is nonsense and should be the result of proven ability and actual revenue stream or something of value.
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https://x.com/mantra_chain/status/1911522720623530311?s=46&t=eUZa7Aazqmv0jDxaHdfuzg
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All CoinTelegraph TG likes and comments are botted lol ...what do you expect from them :D
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https://x.com/cointelegraph/status/1910395049487093973?s=46&t=eUZa7Aazqmv0jDxaHdfuzg
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maybe just another rogue mm, hope okx kicks them out
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