Are We Headed for an Altseason Melt-up? | Michael Nadeau’s Defi Report #1
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Bankless nation, the question today, are we headed for an all season melt up? Man, I sure hope we are. We've got Michael Naito on the podcast. Mike, how are you doing? I'm
doing great, Ryan. How are you? I'm
doing pretty well. You know what? I'm I'm I'm wondering if a lot of people listening to this episode on Bankless are kinda like, have you seen this Vince McMahon meme? So, for those who can't see, this is this is, a tweet. Wow. Bitcoin is all time high. You must be so rich. Me with 99 percent of my net worth in alts, and it's Vince McMahon, and he's just crying because he's not getting that upside. I'm wondering how many people are feeling like this meme right now, Mike. I
think a lot of people are. I think a lot of people are. You know, ETH made a pretty big move, a few weeks ago, and it looked like BTC dominance may have been peaking. We've seen Bitcoin dominance actually sort of come back a little bit, since it fell after the ETH rise. But, yeah, a lot of people out there, ready for alt season. I think there's a lot of animal spirits kinda ready to to come roaring back, so excited to talk about it today. Yeah.
We'll get into it. Mike's got a lot of data points around this. I I know it's something that you've been studied. You know what we should do is we should just tee up this episode before we get into the alt season conversation. So Mike's been on the episode before on Bankless before a number of times. And, Michael is the founder of the DeFi report, which is my number one destination when I wanna read reports about, like, crypto fundamentals, what's really going on. And we've actually partnered with Mike to bring these episodes to you every single month. So if you wanna think about this episode,
I've been at this since '21, trying to understand how value accrues through these networks. And I think the only way to do that is to be really, really deep, in the data and to be thinking uniquely about valuation. It's been interesting to see, like, this topic of real economic value, you know, getting hot on crypto Twitter. Very cool for me to see. I've been very focused on on fundamentals. And so, yeah, for me, I mean, how do I how do I think of this? It's really, data driven. You know, everything for us, it starts with data, and then we kinda build our thesis from there. So super excited to
Certainly, crypto is, like, super data rich, and we're still early on the journey of fundamentals. I I know you and I have talked about this, analogy before. Right? The this idea of, like, well, what did the early, US equities market actually look like? And when we think about fundamentals and equities, where did those actually come from? You know, some someone like Warren Buffett. Okay? So he bought his first stock. He was, like, 11 years old. It was 1942. And at that point in time, there was really no concept of fundamental valuation for a stock, for an equity. The idea of discounted cash fl
%. I think that's a really good, way to think of this. And, you know, I think one something that's really interesting about crypto is you can go back and look at past industries as they were emerging and see tons of parallels. And I think, you know, in terms of valuation, we see this, in terms of how do we value these things? What are the key KPIs that investors should be looking at? How is the market eventually gonna sort of converge on a consensus or a social construct around valuation. You know, that certainly has not happened yet. And it's been mostly speculation. And that's just normal. T
if you guys are trying to get a sense of what Mike and I are gonna do
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