Hope you all are having a wonderful start to your day. Here we got some interesting headlines to dive into today, but before we do cj, how are you doing today? My friend uh doing wall monty um man sentiment is getting rough out there i mean it feels feels bad um, definitely 2018 vibes. I i like sentiment and just fear, but uh you know, got the tnx going down today. Rates kind of off a little bit. Traditional markets are up, so im excited to dive into those charts and uh check them out with you. How you doing my friend yeah im, doing well doing well, not letting this flood get to me. There is a lot of negative negative sentiment in this space right now, like you said, i dont remember the last time: uh gbtc grayscale bitcoin was trading at a 30 discount relative to spot um, and i think that just speaks to the fact that uh, you know People are rushing out of that trade right now. People are scared and uh. You know whether it be um settling up before they have to pay taxes or genuine fear um, either way its being reflected in a discount on gbdc, so interesting, stuff there, but plenty to talk about today. Besides bitcoin. One thing i want to talk about was matic polygon and uh theyve implemented some things that weve seen in ethereum in the past should be interesting to see how that affects price ill talk about that a little bit but cj.

I know you had some things about phantom. You wanted to speak about um. Are you saving that for doge of the day, are you gon na bring that out here on the daily crypto bite? Um? No, its just a phantom announcement from their foundation is coming out later today, so just stay tuned for that also in terms of the snapshot in the uh. Here let me pull this up the snapshot in terms of uh, the airdrop thats coming for the solid token that will be on january um, uh, 23rd. So four days um, you know. Originally, we thought it would be kind of on the 19th, but well still have a few more days left uh until you know the 23rd, so thatll be interesting to check out and uh ultimately see how the market reacts, but phantom is bouncing back pretty nicely. Its still being one of the most resilient assets here, uh touching the three dollar price targets, yeah its gon na, be interesting to see. Cj, i think you know andre, has put out some tweets that um when we get that snapshot well start to get some announcements from those various projects. You know like spooky, swap like spirit swap like you know, geist about how exactly theyre going to choose to allocate those airdrop solid tokens. So i know a lot of you. Members of the community have been you know, swapping into those various elements or those various projects within the phantom ecosystem.

Well, keep you posted on how to get exposure to that solid air drop because lexi just pointed out that snapchat is a snapshot, is just four days away here, um. So it should be interesting to see how that affects the market. But i want to dive into some polygon news here. This is pretty interesting and i it had uh members of our community buzzing this morning, and that is the fact that ethereums eip 1559 upgrade launches on polygon to burn matic. So uh, if you dont or if you arent, familiar with um ethereums eip 1559, this was the improvement protocol that switched uh ethereum to a deflationary asset. This is when we started to burn eth um. You know its its estimated that so far over five billion dollars of each has been burned in just a six month period. Since the um improvement protocol went, live and now were seeing. The same thing go live on matic and although matic is a layer two network, it does suffer from a lot of these same things. That held eve back during times of you know high congestion, uh, and if you look at this um data here from dune analytics, the median gas fee for polygon is something that has held it back. When we made new all time highs here, we were promptly rejected because gas fees got so high network. Congestion was incredibly high and it just became impossible for anyone to build on this network for anyone to make transactions on this network, and it essentially cut out the retail trader very similar to what we saw happen to eat earlier in the year.

That really led to the rise of a lot of these assets like luna, solana and avax. But as you can see, you know we had this spike in volume whenever you get that you know, increase in volume, um relative to what we saw um as kind of the norm over the last six month period. That is something that leads to high network congestion and, as a result, we have really struggled to naturally get above this previous all time, high that we set back here. We did briefly break this level, but have since been rejected and now were coming back down to retest um, equally critical levels at around the two dollar level. So now this improvement protocol is live. I think its going to be very, very interesting, its um its going to become deflationary at just over a quarter of one percent being burned every year. Matic is a fixed supply token, so theres 10 billion tokens currently in circulation, uh or 6.8 billion currently in circulation. With a 10 billion total circulating supply, so this is, you know, obviously something you want to see. This had a very positive impact on the price of ethereum and um. This is, i think, will have the same effect here on polygon like i said it really struggled to get above these critical levels here, because of the fact that we saw such high network congestion such high gas fees in order to transact on this network.