Interview with Dragonfly Partners Airdrop Controversy Sparked by Celebrity Meme and zk

Compiled by Deep Tide TechFlow
Guests in Dialogue:
Haseeb Qureshi, Dragonfly Managing Partner
Tom Schmidt, Dragonfly General Partner
Robert Leshner, Superstate CEO and Co-founder
Tarun Chitra, Robot Ventures Managing Partner
Podcast Source: Unchained
Original Title: $Mother, Hamster Kombat, zkSync – The Chopping Block
Air Date: June 15, 2024
Key Highlights of the Podcast
Crypto Market Sentiment: Discussion on the latest market trends and how inflation data impacts the community.
Memecoins and Celebrities: Analysis of Iggy Azalea’s $Mother and the trend of celebrities launching Memecoins.
Emerging Memecoins: Insights on new Memecoins, including issues with fake and hacked accounts.
Tap-to-Earn Games: Overview of the rapid growth of simple click-to-earn games like Hamster Kombat.
Airdrop Controversies: Discussion on recent controversies, especially involving ZK SYNC and Layer 0, and challenges with Sybil attacks.
Future Airdrop Strategies: Discussion on the evolution and demand for clear, non-gameable metrics.
Current Market Sentiment
Robert mentioned that recent market sentiment can be inferred from price changes. He noted that the positive inflation data released today (Wednesday) led to optimism in the market, with expectations of a potential interest rate cut by the Federal Reserve this year, bringing the market back on track.
However, this optimism only lasted a few hours before a significant sell-off occurred, causing prices to drop. Ultimately, the market sentiment returned to a relatively calm and watchful state.
Celebrities, Memecoins, and Market Impact
$Mother
Tarun highlighted Iggy Azalea’s promotion of her memecoin as the biggest news on crypto Twitter today.
Haseeb quoted Iggy Azalea questioning Vitalik’s views on charities and hospitals in an interview, hinting at Vitalik profiting from gas fees.
Haseeb introduced Iggy Azalea and her memecoin “Mother,” noting that she is now more of an internet celebrity and has clashed with some prominent figures in the crypto community.
A meme featuring Iggy Azalea and Vitalik was shown, depicting Vitalik as a baby being breastfed by Iggy Azalea, implying she is his “mother.”
Market Impact
Tarun mentioned that the memecoin market this week has been turbulent, with many celebrities venturing into memecoins.
Haseeb explained that Hulk Hogan’s memecoin was a result of a hack and pointed out that hackers are now profiting by launching fake memecoins.
He mentioned Andrew Tate’s launch of a memecoin called “Daddy,” competing with Iggy Azalea’s memecoin “Mother.”
Haseeb emphasized the peak in celebrity involvement in the current memecoin market but believed there could be higher peaks in the future.
Haseeb discussed the future monetization of celebrities through memecoins and other means, pointing out that celebrity tokens may be a zero-sum game in some cases.
He mentioned the difference between celebrity tokens and traditional product endorsements, suggesting that while celebrity tokens may create value initially, saturation in the market could erode that value.
Robert believed that monetizing celebrities through new businesses like wine brands, vitamin water, headphones, etc., was the most valuable way, as these businesses are legitimate and create value.
He thought that while memecoins might create positive wealth in breakthrough successes, they are generally a zero-sum game.
Robert mentioned Doge’s unique value proposition as the first ironic crypto asset, attempting to mimic blockchain like Bitcoin or Litecoin and other Bitcoin forks, giving it greater persistence in crypto history compared to other celebrity tokens lacking such uniqueness.
Robert discussed the saturation issue in the memecoin market, believing that market demand is limited and will eventually reach a peak.
Tom agreed that every market trend eventually saturates, and the current memecoin market is no exception.
He mentioned the difference between celebrity tokens and traditional product endorsements, suggesting that while memecoins may create value initially, saturation in the market could erode that value.
Tarun believed that the core truth of memecoins lies in their attempt to simplify income-sharing agreements, but they have not effectively addressed this issue.
He discussed Pump.fun as the first successful token launchpad project, emphasizing its user-friendly and enjoyable nature. Tom believed it was closer to a genuine viral consumer app than many blockchain gaming projects.
Robert stated that Pump.fun was the first project similar to Launchpad and was well-executed.
Tap-to-Earn Games: Hamster Kombat vs. Notcoin
Haseeb mentioned two blockchain gaming projects worth discussing: Notcoin and Hamster Combat.
Haseeb introduced Hamster Combat as a Telegram-based click-to-earn game where players earn feedback and points by clicking on hamster images on the screen.
Hamster Combat has over 100 million users, with daily active users surpassing Ethereum.
Haseeb believed the success of blockchain games might be viewed as a social issue, as these games could be addictive and time-wasting. He discussed the simplicity and virality of these games, fulfilling people’s need for “digital growth.”
Robert believed the success of click-to-earn games lies in their simplicity and ease of use, appealing to those looking to earn rewards through light work.
Robert mentioned the short-term appeal of these games, suggesting that players may lose interest after a while.
Robert also discussed the economic cycle issues of these games, noting that once airdrops end, players may lose motivation to continue playing. He also pointed out that the design of these games is straightforward and requires minimal technical innovation.
Tarun suggested that the popularity of click-to-earn games may be a reaction to complex games and AI overload. He believed the success of these simple games is due to their low computational requirements and usability.
Tom thought the popularity of click-to-earn games might be a response to high-end games, with people preferring simple, low-investment games.
Tom mentioned the cyclical nature of culture, believing that the current trend is a return to simplicity. He thought the