SHILL Issue 47

Solana ecosystem zine.

Solana ecosystem zine.


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0.1 ◎

MTNDAO experience

MTNDAO experience

kidonthephoenix takes us

on a journey, literally

yellow trashcan

interview by alanj with a

project that should be on

your radar

balance askew

collectors and creators, is

there a balance?

cyborg iguanas

welcome to the iguanaverse














So much to write. So little


MTNDAO excperience

KidOnthePhoenix takes us on

magical journey #alpha

Balance ASKEW

Austinvirts thread about the

current imbalance in this space

Probably Nothing

Things you should know


Regular contributors and for

good reason.#alpha

YELLOW trashcan

Alanj with his first interview

with a little known project - are

you watching anon? #alpha


This project is still pumping

along with a strong base, find

out why #alpha





#Shill is nearing its 50th issue. Got an idea for how #Shill should

celebrate? Let’s hear it: pixeltoy.sol@gmail.com

#Shill zine is grinding. So much content out there it seems that 2

issues per week will never cover it all. What #Shill does offer is an

opportunity for you #frens to catch up on the space.

This issue has COLOSSAL pieces. A real opportunity to kick back

and actually read!

KidonthePhoenix has written a quasi-tome about his recent

experience with the MTNDAO. A worthwhile piece with a plethora

of personalities you should be adding to your FOLLOW list. Take the

time to read this one.

Alanj submits his first piece. An interview with Yellow Trashcan. I

can’t think of another project out there doing something like this.

I consider this #alpha. Especially considering some of the entry

points available at the moment.

Wrapping up the colossal texts this issue is a piece on Cyborg

Iguanas. Iguanaverse seeks to explain what the project is about and

what you can expect from the team. Make your own judgment on

this one.

Before I let you get into it. NO! I am not signing up for your WHITELIST!

Your 5000 mint project at 2Sol has a slim chance of minting out. Your

roadmap is similar to every other project out there at the moment.

AND there is NO F$ING WAY you have 50000 followers on Twitter

since joining in January. Go f*k yourself I have other things to do.

That’s what I would like to Tweet back to so many projects out there.

As always, show your love on the Twittersphere with a simple retweet

before #Shill zine increases in price!

Enough said. You know the drill. Let’s f go!



SHILL Issue #47



SHILL Issue #47 5


Mar 2022


Big shout out to everyone who put the event on. The Shop in

SLC, @cypher_protocol, @marginfi, @PsyOptions, @slmehr,

and all the sponsors who made this possible. For the first time in my life,

I got to experience what it would be like to work in a tech office. This

was no ordinary office. A communal workspace that is shared by many

different people, doing many different things. To me, this is the future of

workspaces. From learning about trading expiratory futures of SpaceX;

to talking to a congressman about crypto; to learning about the future

of on-chain art marketplaces from teams like @grapeprotocol, this was

a fascinating learning experience. Thank you @TheOnlyNom and @

MetaMacDMonke for the tip to go. Especially @MetaMacD_Monke,

who went out of her way to find me lodging for the event. Biggest

shoutout to @GroveSt_NFT and @blockchainkaine, my roommates

throughout the event, and now friends for life.


SHILL Issue #47

I jumped in the Buick and took off from the #HackerHouseSeattle

towards Salt Lake City. I stopped in Boise, Idaho to meet up with the @

tat2fingers clan and go to the zoo. I hate zoos. The look in the animal’s

eyes reminds me of being locked up. A look that I hate to see in animals

of any kind. However, I couldn’t pass up the opportunity to hang with

the @tat2fingers family. Plus, we went to the arcade after the zoo, which

is right up my alley.

Upon arriving at @MtnDao, I was greeted by @GroveSt_NFT and

welcomed up to The Shop. The Shop SLC is a workspace in downtown

Salt Lake City. 30,000 square feet where tech, art, and hospitality meet.

This is a shared workspace where anyone can join and set up shop and

create. There is a beautiful, shared kitchen, rooftop spot, and innovative

design throughout the 4 floors. There were tons of monitors set up,

but without the lo-fi purple lights, you would normally find at a Hacker

House. You could lounge on one of the couches and overlook the

downtown SLC. From the view, you could even see the billboard right

on University Blvd. plugging the @MtnDao event. @slmehr and @

barret_io made me feel very welcome, and let me know I could stay

at the sponsored Airbnb as long

as I’d like. This was so refreshing

after forking over big cash for

hotels for the other events. I had

my own room at the Airbnb about

15 minutes from The Shop.

I’d like to thank the staff of

The Shop for being amazing

and cleaning up after a bunch

of degens for a month. One of

which is @franchestnutte. You

would find her cleaning up the

place throughout the day, but she

is an amazing artist herself, and

out of all the questions asked to

congressman John Curtis when he

came to have a conversation with

us, her’s was the best. Give her a


Salt Lake City is beautiful. One

gets the sense of it being a city

on the ascent, which sadly is rare

in the U.S. at the moment. Most

cities and towns I go to seem like

they are on the descent. There was

still a homeless population, but it

was extremely minor compared to

other large cities. I didn’t see any

actual tent set-ups throughout the

city. Not sure I would ever want

to call it home, but I can tell that

if I were to call it home, I would

be happy with all that the city has

to offer.

Weird fact: More people visit

Temple Square (Mormon Church)

SHILL Issue #47 7

annually than they do the five National Parks in Utah.

Awesome fact: On average, Utah has about 300 sunny days a year,

making it the second-driest state in the United States.

I will say this, Utah has some of the craziest and weirdest laws that I

have ever heard… For better or for worse

This event was made possible because the @cypher_protocol and @

marginfi teams just got into the dm’s of potential sponsors and made

the shit happen. It goes to show you with some can-do attitude you can

make really cool things happen.

I spent the first few days finishing my #HackerHouseSeattle story and

putting together a digital art collection that I never ended up releasing.

(yet) I submitted the art to FormFunction to apply to the platform. I

got rejected. I’m ok admitting that here because for the first time in my

life, I am learning to deal with rejection. I took it hard, but as an artist,

overcoming rejection is a must. Not everyone will think I am a good

artist. I don’t care. No matter how many times I get rejected, I will keep

making art because I love doing it. I may have to get another normie

job, but I will still make art as long as it is something that I enjoy doing.

The second night I was there we went out to dinner, and I got to hang

with @matanaDAO, @MikeFraietta, @TheOnlyNom, @MetaMacD_

Monke, @GroveSt_NFT, @blockchainkaine, and @slmehr. We had a

great dinner and @MonkeDao picked up the tab. I am only writing that

they picked up the tab because I think it’s important to highlight this. I

don’t own a Monke, but they continuously support me and include me

in what they are doing and provide me the opportunity to get to know

them. I’ll be real with ya’ll… I’m pretty poor by American standards. I

drive an old ass car, and I have no assets other than some undervalued

1/1 art I’ve been able to snipe along the way. When people take me out

to dinner, it means a lot to me. When people let me stay at an Airbnb, it

means a lot to me. I think the inclusivity that the @MonkeDao and @

MtnDao showed me really speaks to the inclusivity that makes Web3 so

great. Sure, I can’t vote in the Dao or reap the financial gains, but I’m

ok with that. That stuff is great, but I’m here for the people and the

art. I’m here because I want to be a pioneer in the digital Renaissance. I

really enjoy hanging out with these people, and I learn a lot from them.

I think they learn from me as well.


SHILL Issue #47

Let’s get to the Defi Protocols

The three protocols I will mention here spoke on an amazing panel.

After I write a bit about each protocol, I will include a couple of quotes

from each team leader.

@cypher_protocol- This team led by @barret_io & company is

building expiratory futures on Solana. So, what the hell does that mean?

Well, just like it sounds- you bet in the future that something will be

either better or worse, and you put your money where your bet is. The

expiratory part just means it is a set time frame. Perpetual futures mean

you can just leave your bet on the table on-going. Keep in mind if I

explain this stuff wrong it’s because I’m not some stock or token guru.

I only know the little I’ve been privelaged to be taught by people like

@barret_io. I also watched the Big Short. I love the part where Ryan

Gosling explains that they use fancy terms to say things so that normies

won’t understand. Anywho, @cypher_protocol has a killer catchphrase-

“Trade the untradeable.” For instance, with their devnet they recently

launched, you can long (bet for) and short (bet against) SpaceX. Let’s

touch on the gravity of this. They are creating a place where ANYONE

with some wifi and some crypto can do what has only been achievable

SHILL Issue #47 9

y gazillionaires and “elites” until now. So we could potentially stir up

a market for any asset or company we want. Sure, this could lead to

uneducated and irresponsible people like myself losing money, but it

could also lead to an even playing field where everyone has the same

right to change their life based off their research and intuition. This

means that someone from the Middle East or south-east Asia could

long a private company from anywhere in the world and be rewarded in

a crypto-asset that no government or opposing forces could take from

them. This is powerful shit. Plus, let’s be honest… it will make some

degens out there very entertained.

Quotes from @barret_io

“We’re getting rid of accounts receivable and providing actual


“We’re building a platform where anyone can trade the untradeable.”

Find out more about @cypher_protocol and how to “Trade the

Untradeable” here: https://cypher.trade

This is a good time to introduce the community manager of @cypher_

protocol @0xisabelle

Immediately when you meet @0xisabelle you want to know more about


SHILL Issue #47

her. She is the self-proclaimed “problem child” at @cypher_protocol

doing a lot to help this project, but I really want to talk about her art and

writing. She is a wonderful painter, drawer, and designer. Soon she will

share her amazing art with the Solana NFT space and is even working

on a provocative project that I will let her unveil to the world when she

is ready. What impressed me the most about her is her writing. She has

an amazing article published by The Defiant about how little NFT sales

are from female artists and how this should change. It is a must-read.

Here is the link: https://thedefiant.io/web3-inclusivity-equality

@marginfi- This team led by @edgarpavlovsky is building a

decentralized portfolio margining protocol for trading on Solana.

According to the website “the protocol gives traders a unified account

to access margin, compose a portfolio, and improve capital efficiency

across underlying trading protocols.” I’ll be honest, I have no idea

what this means. @edgarpavlovsky tried really hard to explain it to me,

but I’m an idiot. However, I think it’s a simplified way to do a ton

of defi stuff in one central place, making it easier for people to gain

the benefits of many protocols, and evolve the way we use financial

services. I was thoroughly impressed with the vision they have for the

future, and @edgarpavlovsky’s beliefs about where we are headed in

the future of finance. I could be really off here, but my perception

created the analogy of like Travelocity or one of those travel sites that

provides you the best rates on hotels, cars, etc… all in one site… but

for finance. Since I didn’t understand it all that well, I will simply quote

a medium article written about margin trading. You can find the whole

article here: https://medium.com/@kevinmooers/how-is-trading-onmargin-different-from-borrowing-28ae46c09f71

“We discussed before that trading on margin refers to borrowing

money to buy financial assets. When you open a margin account, you

post margin to that account (that’s depositing your equity or getting

your “skin in the game”). When you place a trade, you specify how

much leverage you would like to take out to execute the trade. The asset

that you buy is then used to collateralize the margin loan and helps the

lender manage the risk that you might default on your loan.”

In the past, we’ve had to borrow when THEY (trad. banks) told us we

could and use it for what THEY told us we could use it for. These elitist

SHILL Issue #47 11

arriers are being broken down.

Please forgive me if I butchered

this explanation of @marginfi.

Here is the @marginfi websitehttps://marginfi.com

Quotes from @edgarpavlovsky

“The concept of a bank has always

been evolving.”

“The open-source nature of Web3

is why it moves as fast as it does.”

@PsyOptions- The team led

by @tomjohn1028 has built an

American style options protocol

on Solana. Look I have no idea

how this works. Even reading

the website hurt my brain. I’m an

artist, not an investor or financial

guru. I’m just going to steal the

following from their website.

Writing an option

To write an option, one must lock

the underlying asset in the amount

specified by the option market.

For a SOL/USDC option with

underlying asset size of 100, 100

SOL would be locked in order to

mint the option token. The option

writer will receive two SPL Tokens.

One represents the option, which

the user may sell to generate

yield. The other represents the

written contract (the claim on

the underlying asset) and can be

exchanged for the underlying asset

post expiration.

Exercising an option

Holding an option token preexpiration

gives the user the

ability to exercise by swapping

the quote asset for the underlying

asset. Whether the option is in

the money or out of the money,

it's completely up to the token

holder whether to exercise. When

exercising, the exerciser locks

[strike price * underlying asset

size] worth of quote asset, burns

the option token, and receives the

underlying asset.”

This I do know: All the stock

market dudes I know; have always

told me the way they made their

money were big conviction

bets and options trading. I wish

I understood it, but I don’t.

According to the site, they have

4.4 million in TVL so it appears

they are cookin’ strong, and they

are financially backed by Alameda

Research, and even this moron

knows that name.

Here is the website for @

PsyOptions- https://psyoptions.


Quotes from @tomjohn1028:

“Until I get an email or a subpoena,

I’m just going to keep going.”

“We’ve got a couple of decades

left with the banks.”

Again, I wish I could explain these

amazing protocols these teams


SHILL Issue #47

have built better, but I at least wanted to present them to the 5 people

that read this. I may not understand the ins and outs, but I do understand

that what teams like this are building are going to shake shit up in a

much needed way, and provide ways for people all around the world to

gain access to financial services they would have never had before in a

way that gives them actual ownership of what they gain. It will also put

these legacy financial systems on their heels and rightfully so. The banks

better move fast… cause these degens and shadowy super coders move

real fast.

IMHO, Banks build big fancy buildings to show us all how much more

important they are than us, and they use overdraft fees and their inability

to pay interest rates to provide fancy Mercedes for their higher-ups

while underpaying their tellers and security guards. I’d also like to add

that when you deposit your hard-earned money into a bank, they don’t

have to keep any amount of that on hand legally. In 2008, if the banks

wouldn't have been bailed out, you wouldn’t have been able to withdraw

your rent money from the ATM. Something to ponder. True ownership

without the fancy brick and mortar buildings and elitist control is the

future. Call me an optimist, call me a pessimist, call me a conspiracy

theorist, call me an idiot, call me whatever… Just don’t call me late for


SHILL Issue #47 13

Meeting with Republican John Curtis

This once Democrat turned Republican and former Mayor of Provo, has

been the U.S. representative for Utah's 3rd congressional district since

2017. So yes, a congressman from the “silicone slopes” came and talked

to a bunch of degens about crypto. I’d like to point out here that he had

some player ass blue and white socks on and killer brown dress shoes.

Nice swag Congressman. He explained just how outdated the tech with

congress is. When it’s time for a congressman to go and vote, a clock

bell tings in an office and alerts them. In other words, it sounds like they

haven’t updated their tech since Benjamin Franklin. He said, “Congress

views crypto the same way we view Congress.” God, I sure hope not.

Can’t say I think too highly of Congress these days. After he explained

how legislation works, I came to this conclusion. Regulation will never

be able to keep up. I already knew this, but he simply confirmed it.

Thousands of bills die before they ever even get to a committee, and

he mentioned he has seen bills with hundreds of sponsors signed that

he can’t get a vote on. Although this may sound like it will keep them

off our tail for a bit, really it prevents us from getting new laws passed

that are crypto-friendly, and well… that make sense. It also points out

the inefficiency of Congress. What is alarming about this is that when

Congress can’t move, the Federal agencies step in and do what they

want without answering to the people. Basically, we are applying 1933

laws to current-day technology. This is crazy. We are applying laws

created at a time when computers, the internet, and crypto-assets were

not even around. At some point, you would think we would come up

with some new laws to go with the exponential growth in technology

we have seen in the last hundred years. Not to mention the U.S. dollar is

not even close to what it was worth then in terms of purchasing power.

Even further, you would think when they tried this little fiat experiment

out they would have at least developed new laws to accommodate the

Ponzi scheme they created. It’s not that I think regulations are bad, but

when you look at history, regulations have only ever killed the small

guys and gals, and let the big fish parade freely without competition. For

instance, right now Facebook or Meta or whatever the crap it’s called is

screaming for regulation because they don’t want anyone else to have a

chance. They know their Libra or Diem or whatever it is sucks, and they


SHILL Issue #47

are trying to keep anyone else

from gaining the upper hand. If

FB controls the metaverse then

I am moving to some island that

doesn’t even have the internet.

When asked if the constitution

should be changed for digital

rights, he simply acted like it’s

impossible. On one hand, there

are many freedoms that we don’t

want to be changed, so if we

open the floodgates of change

that could end up really bad. On

the other, the times have changed

so we have to at least consider the

possibilities that adjustments may

need to take place. Some things

that Congressman Curtis said that I agreed with were that the next

Presidential candidate that brings up crypto will change everything in

the sense that once this becomes a part of debates they won’t be able

to continue to pass the buck and ignore it. He also mentioned that we

cannot make this a partisan issue. I couldn’t agree more. Web3 and

crypto are largely about inclusivity so we cannot make this a Republican

vs. Democrat thing. IMHO, the fact we even have partisan issues is

somewhat of a joke. It’s just an illusion anyway. From one party to

the next, they seem to have the same agenda: The rich get richer, and

the poor get poorer. Personally, I think political parties are a joke, and

the fact that we have all these partisan issues really just keeps us from

accomplishing anything. I don’t like writing about political stuff so the

last thing I will say is this: I really appreciate that Congressman Curtis

at least came and had a conversation with us. It’s more than most will

do, but at the same time he just kept saying, “I don’t understand,” or

“You’re not speaking my language.” How do we make them realize the

importance of understanding? How do we make them stop putting

band-aids on problems… wait politicians aren’t even putting band-aids

on, it’s more like they are jabbing knives into open wounds. How do we

SHILL Issue #47 15

get them to understand that what

crypto is really trying to do is get to

the root of problems? In fairness,

we are all just people. We get

busy, and it is hard to understand

another person’s world. I don’t

have the time to keep up with

politics. Mostly because I think

it’s a bunch of crap, but still, I

can’t be mad at a politician for not

understanding crypto. I think we

as a community must do a better

job of educating and encouraging

people to realize the importance

of taking the time to understand

crypto and what this could do for

people all around the world. Rant


The Big Party

A huge party that went on while

I was at @MtnDao was at the

Natural History Museum. There

were free drinks and amazing

food being passed around on

trays. Craps and roulette tables

throughout where you could turn

your chips into raffle tickets used

to enter raffles for dope prizes.

You could find @GroveSt_NFT

running up and down the halls

from excitement. This become

apparent: I must take @GroveSt_

NFT to Vegas. This dude can

roll some dice like no other. I

got to hang with @fordudesake

and @forbabesake, two of my

favorite people, and stand outside

overlooking an amazing skyline

of Salt Lake City. Whoever

coordinated this party really did a

phenomenal job. Beautiful people

everywhere, and plenty of degens

in full activation. At the end of

the party was an auction for some

skis and a snowboard where @

barret_io and @edgarpavlovsky

got into an extreme flex match.

This also became apparent: I

must find a way to get these two

at one of my future auctions for

my art, because they show up and

show out. I had a great time at

this party and the after-party was

awesome too. At the after-party,

you walked into this cool building

with multiple rooms and secret

spots. There were DJs at both

parties, and the after-party had a

sick limbo dance-off. You would

find @ChelseaKeefer8 running

around casting light throughout

the party. She is a gorgeous ballet

dancer and artist who coordinated

to have physical art on display

throughout the event. This brings

up an interesting point: as much

as I love NFTs, they will never

replace the magic of physical art.

The smell, the texture, the energy.

The after-party was beautifully

decorated. I even tried to hook

@GroveST_NFT up with this


SHILL Issue #47

tantric lady who was on the prowl. When I told her that my friend

was interested, she jetted over there so fast you would think that she

teleported. I had a great time vibing with @GroveST_NFT and @

blockchainkaine. Thanks to everyone who contributed to making these

parties happen.

Fashionable mentions for the week

@matanaDao- you would find her rockin’ these sick coats that had me

wondering if Beyonce was hanging in the midst.

@0xisabelle- She beautifully blended punk rock, elegance, and not

giving a fuck while also giving a fuck. Yes, that makes sense in my mind.

@0x_thug- showed up to Snowbird for a day on the slopes with the

most fashionable snowboard outfit I’ve ever seen anyone wear. The

dude has style.

Hitting the slopes at Snowbird

I didn’t ski because I hate cold and didn’t want to shell out the cost to

rent gear, but everyone that did was having a great time. I went for the

views. The mountains of Utah are beautiful, and I got some amazing

photos. @GroveSt_NFT passed out from the altitude and still went

back up and ripped the slope. What a G. The snow of Utah is some

SHILL Issue #47 17

of the best in the world to ski on. I personally thought it was cool to

see an outdoor activity like this at a Hacker House. Something I hadn’t

seen before.

Meeting @_Dean_Machine and @Whalesfriend, the legends behind @


Whether we were out to dinner having amazing Italian food or back

at The Shop talking about the future of Grape, it was an absolute

pleasure to meet these guys. They will be organizing a Hacker House

in Greece soon, and I am trying to make that happen. @Whalesfriend

does live streams on Twitch and used to on YouTube. When I first

got into the NFT space, there was such little resources online about

Solana projects, and his live streams really provided a lot of info that

was much needed to me. Not only that, but the positivity and good

vibes that radiate from him are contagious, and what I like to have

around. @_Dean_Machine is such an intelligent innovator and good

time to be around, but something that really stood out to me is how

much of a good father he is. I asked him what he was doing one day,

and he said he was going shopping with for his son, and the look in his

eye was filled with so much love for his son that it really touched me.

We see these pseudonymous people online with pixelated monke pfps,

but behind them are real people full of emotion. It is really great to see

that in person in people. I cannot wait to get to hang with these guys

again. Hopefully in Greece.

Let’s talk @grapeprotocol

If you’ve been in the space for a while, you might remember when the

$Grape IDO crashed the entire Solana network. If I’m not mistaken, it

topped out at like 400k transactions in a second. That is just a testament

to the hype that was surrounding the IDO. They were also the first

verification service on Solana that projects could use to verify their

holders. Their discord is a vibrant community full of channels for devs,

gamers, artists, and the overall degen. A great example of the kind of

community members you will find there is @Pixeltoy who has a digital

magazine called #Shill Zine which is documenting the history of Solana

one issue at a time and shining a light on the many great artists of

Solana. I know that I have been featured on the cover, and it’s made a

great impact on me to see that. Through @grapeprotocol someone like

@Pixeltoy can be voted on through the Dao to be rewarded in $Grape

token for his efforts. If you go to the @grapeprotocol website, grape.

network, you will find a plethora of tools. You can view your portfolio,

make SPL token swaps, view the communities you are verified with, and

view your NFTs in a streamlined and well-presented way. One can list

collectibles and make offers. You can scroll a feed where people have

pieces listed almost like a combination of Twitter and a marketplace.

This is the future of social networking. All done in an open-source

and decentralized manner. I was recently in a Twitter space where @_

Dean_Machine said that they really want to focus on helping the 1/1

artists moving forward. Here is an example of what they are building

for artists. Right now, you can go to grape.art, which is an NFT DEX,

that anyone can build. The most important thing I want to highlight

about this is that when you list NFTs through this, they never leave

your wallets. This means you retain ownership every step of the way

until the sale is made. I don’t think most people realize that when you

list an NFT on the current marketplaces like Magic Eden, it is in their

possession and not in your wallets. As they say, possession is ninetenths

of the law. Having on-chain decentralized marketplaces where

the NFTs never leave the artist’s escrow means actual ownership for

the artist. Plus, I think it’s really cool that you can follow others and

they can follow you and we can see what each other are rockin’ for

art collections. I am extremely bullish on what the @grapeprotocol

team has built and is building for the future. Find out more with the

following sites.

https://grape.network, https://grape.art, discord.gg/greatape

Now I would like to go over a presentation that was led by Alex

Golding from @Delphi_Digital, but before I do, I would like to say

that I had one of the most needed conversations with Alex about life

that I have ever had. This is one of the beautiful things about Hacker

Houses: an artist can have a deep and meaningful conversation with an

extremely successful person from a Venture Capital company like @

Delphi_Digital. Alex presented how to go from an idea or small project

to a VC-funded startup. Here are some highlights.

·If you can’t see yourself committed for 3-5 years, then don’t do it.

·Ask yourself, “Am I ready to grow this at hyperspeed?”

·What would this look like with a team of 20 people?

·How will this project win the hearts and minds of its target market?

·Build a moat between you and your competitors

·Are we leaning into the core strengths that Solana offers?

·Do research on your investors

·Cut the leaches

He also mentioned some interesting points about Solana. One is that

no single validator holds more than 3.8%. Another point is that the

central limit order book of Serum was created through FTX playing

the break Solana game. What I take from that point is that by attracting

people in a cool and fun way to your tech or art, what comes next can

be a game-changer. I really appreciated Alex’s presentation.

You can sign up for the free newsletter that @Delphi_Digital puts out

by going to their website: delphidigital.io. Now that’s an alpha tip. They

are a research company and venture firm. Some of the projects they

have been a part of you may recognize: Lido, dYdX, Cosmos, Axie

Infinity, Perpetual Protocol, Mirror Finance, and of course they are

neck deep in the Solana ecosystem. So, if you want access to research

that spans many blockchains and projects, check em’ out.

I would like to close this story by just saying what a great time I had

getting to hang out in such an interesting workspace with such interesting

people. I especially enjoyed hanging out with @GroveSt_NFT and @

blockchainkaine. By the end of the trip, I felt like I had made friends for

life. We would go out for lunch and give each other hell, joke around,


SHILL Issue #47

and talk about serious stuff. I love how @blockchainkaine would call

me out on shit, and I really felt like these dudes cared about me, and I

care about them. We meet people online and some may think it isn’t real

but it is real. We never know when it can lead to IRL experiences that

forge lifetime friendships. You also never know who you will end up

having a conversation with. Who knows, maybe one day I will be having

burgers with @slmehr and @TheOnlyNom and Anatoly himself will

plop down next to us. If you want to make these kinds of connections

and friendships, you gotta get off your ass and go to a Hacker House.

This was just a brief taste of my @MtnDao experience. If you want

to know what happened when I disappeared for a few days with the

Woman In The Black Dress, you will have to read that story. Wasn’t quite

ready to tell that one yet.

If you like these stories, feel free to go and right-click save my art.

A @MtnDao experience

A @kidonthephoenix joint

@UnitedWeArtSOL With legends @TheOnlyNom @afkehaya

@Crasskitty @thevonwong @CailinDoran @kidonthephoenix

SHILL Issue #47 21





there is currently an imbalance between creators and collectors

in the Solana NFT space.

the rate of 'minting' is outpacing the rate of collecting by a

significant amount.

let's take a look to start, let's take a look at the data.

(for simplicity, I am using March 2nd as the baseline)

- average # of NFTs minted each day | ~50,000

- # of unique Solana NFT holders | 583,804

- average # of daily NFT transactions | ~12,5000

- # of daily new Solana NFT holders | ~3,500

* for transparency, the numbers above vary slightly between bull /bear

markets. I took a median average - numbers vary plus or minus 20% in some


regardless, the number of people buying NFTs is only a fraction

of the number of people minting NFTs.

why does this matter?to start, a standard metric of success

recently has been ‘number of NFTs minted.’ while this is great

and shows that folks are interested in and using the tech, it’s

excluding actual market demand.

on the contrary, we are seeing ~50k new NFTs minted on



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so what’s happening with all these new mints?the short answer

is not much (afaik) - the longer answer is a bit more complicated.

data between resale and fresh mints was challenging to find,

so I pulled the aggregate of both, which is around ~12,500.

this number includes actions both minting new projects and

secondary sales.at this rate, if we bundle new mints and

secondary together for ~12,500 daily actions combined with an

average of ~50,000 daily new mints, that’s still a 4x imbalance

between creators and collectors.to be clear, I am bullish as all

can be on both solana and NFTs. but, I do think something needs

to change in order to regain the momentum we saw in August

and September.

it seems clear that quantity over quality isn’t working as

showcased by the mean and medium prices below.

i.e imagine marketplace X touted 100k daily mints but sold 0. is

that good?continued...

looking at the data, we see on average ~3,500 people join the

solana NFT space. amazing welcome all the new collectors we

are glad to have you.

SHILL Issue #47 27

we still have a long way to go, but some of the most ambitious

and brightest minds are working in both solana and the solana

nft space.

quality is coming back with 1 of 1 artists shining through

platforms like Exchange and Form, but total volume here is still

low.over time we will see cash grabs not get attention, low-quality

projects not sell out, and real artistry priced in accurately as the

market slowly corrects.

all of these systems and tools are here to stay - it’s up to the

market to ensure things move in the best direction.lets keep

supporting artists and using this incredible tech to continue to

move forward

*my tweet threads are a stream of conciseness and are rarely

checked for typos and grammar*

*data was collected from @Hello_Moon___ and @DuneAnalytics*


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@joemccann 47.9K Followers


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The Astronaut @thexastronaut


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interview by @alanj___

Q/ We’ve been speaking on an off for a fair while now, but for those

out there that don’t know you, or the projects you’re involved with, tell

us a bit about yourself? Who are Jitta & Jason, what is Yellow Trash

Can, aka YTC, & the Garbage Patch Kids collection, aka GPK, and how

are they all connected?

A/ Yellow Trash Can is an Alt Band & Production Duo made up of Jitta

On The Track and me. We are completely independent as a band, but

Jitt does have a co-publishing deal with Sony where he has produced

for other artists and labels, as well as their own music. Jitt is down

in Woodland Hills in LA and I’m up in Portland, so we mainly talk

over spaces and DM each other throughout the day. YTC as a band

officially started around 2 years ago with our first track recorded in

the Summer of 2020. We’ve both been musicians all our lives and we

just naturally came together. The early days of the Garbage Patch Kids

collection, when the idea formed, was about a year ago and actually

started with the Trash Cans

as the body with different

heads, but we switched to

the Trash Can head as we

felt it would be easier for

collabs. Our goal is to build

in streaming royalties from

our music later in the game

that are attached to the GPK

NFT series. We want to offer

a safe space for 1 of 1 artists,

with 100 original GPKs done

by Jitt and another 300 that

are a collaboration between

Jitt and other artists with the

growth of the NFTs along

with the band. I guess I’m very


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technical minded and

we produced a song for

Blocboy JB called Carlton

which we sampled music

from a Nintendo switch

game and had to get

approval from Universal

to use. Jitt is also an

Animator and Cartoonist

and helped with the cover

art and animation for the

YouTube clip of the song.

He’s also worked with

Def Jam, Warner, RCA,

he’s done videos for Lil

Yachty, Lil Wayne, and 2

Chainz. I do a lot of the

artist management and

also have a full recording

studio called Burn Money Music that we run. The end goal for YTC &

GPK is to sell royalties with additional utilities available like discounted

studio time at Burn Money Music in Portland, and we’re also talking

to studios in LA to offer the same to help expand the space for other

artists in LA and hopefully bring more artists into the NFT space as

well by helping them setting up their own stores, setting up wallets

and basically setting up other people and educate them in the same

space we’re in.

Q/ WOW, a bit to unpack there, that’s awesome! Ok, so onto a bit of

a standard question, but what drew you to Solana for this project

over any of the other ecosystems? I see much more music-based

collections on ETH than SOL at the moment, did you ever consider


A/ What drew us to Solana is that we are more free to learn as we go

and let’s be honest, gas prices are far too high on ETH. Solana lets us get

our feet wet and is easier to learn. We’ve got some close friends that

we have watched succeed in this space, like iiiso (aka gh◎$tlord) who

has had the ability to express himself freely and that success has been

an inspiration to us. But ultimately, we chose SOL over ETH and others

like TZS is because 1. Yeah, the gas fees, and 2. Easier to onboarded

for artists and NFT collaborations. We want to help other artists with

SHILL Issue #47 43

production and give them the freedom to avoid the major labels and

take more ownership over their own work and future. Factoring in fees

for labels, fees for management, fees for talent agencies etc, costs can

get high, but as YTC we help produce, do vocals, mastering, do the art,

help with social media content, as an all-encompassing team and with

gas fees on SOL so much lower, it is easier to get started for any artist

to set up a template and help them get their projects started ASAP.

There are a lot of artists that are sitting on A LOT of music that they

just don’t have the budget to release or market. But there is no barrier

of entry with SOL. It

is more community

driven, and we can

meet more people and

connect more directly.

We probably would’ve

expected to have spent

10-15k on ETH so far

plus marketing, it’s

very different and we

would have been so

limited. I mean we’ve

onboarded around 10 to

15 artists already which

we wouldn’t have been

able to do on ETH based

on the gas fees alone.

The art forward aspect

and the community on

Solana has been very


Q/ Now you’ve had some amazing collaborations so far in the series,

the McNatt was one I actually tried to snipe myself, but also gh◎$tlord

which you’ve mentioned earlier and even Art by Micro, how do these

come about?

A/ We’ve done 15 to 17 already with another 20 or so in the pipeline,

but they all started differently. Micro (@art_by_micro) is a member

of Paragon (Paragon Art Agency - @ParagonNft), which we are also

a part of. It’s been great as Sean (Paragon founder – @xVirtualSD)

is a big help and he greatly helps move things and people like iiiso

(@iiiso_wassup), Keez (@keezerfeld), Jason the Photographer (@

wolcottphoto), and a lot of others through Paragon. I actually knew


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Art by Micro through his music much earlier, so that was interesting

to know of him and then meeting him in real life, which I completely

blanked out, but then properly connecting again years later. We used to

have these studio sessions where we would bring in people and Micro

was one who came through. I love his art, especially his Ring series and

the Cut-out series with the typewriter paper, he’s very talented!

Q/ Totally agree, Micro, and all the other artists mentioned, are

incredibly talented, I’m a big fan. So, looking at your roadmap, you’ve

listed a music initiative by the end of Q4, with a hope that it’s done

earlier, can you elaborate on that a bit further on this? Sounds very


A/ So the question is less about when, and more about how because

at the moment there’s not really a thing such as a music NFT. Our goal

is to create an interim solution, involving manual labour, which will

become fully automated in the future. So, say we release a song, that

(the royalties) would get paid out in fiat like USD, then that would be

transferred to SOL and then split up between the owners. But we are

hoping to automate it where it the royalties gets distributed before

it hits the YTC account, this direct payment

system is what we are working on. The hope

is that we can add this utility by Q4 because it

hasn’t been done before, yet. There is Distrokid,

the platform, which is working on paying out

to the artists which then use the platform

(Distrokid) to allocate %s of royalties in real time,

so that when Distro send out these payments it

goes directly to the people listed by the artists.

This will allow companies like Distro to pay out

in cryptocurrency like SOL and not in fiat. But

until then we will be doing a manual process

which just takes trust from the community

although with distribution platforms like Distro,

it is really easy to transfer the code.

Q/ Now, you’re not only doing NFTs and music,

but changing the whole landscape with

custom 1 of 1 merch, clothing, discounts for IRL

studio spaces to rent in Portland and hopefully

LA in the future, and I see you’re even talking

about furniture, how big can GPK & YTC get?

SHILL Issue #47 45

A/ Well we have a warehouse (around 1,000 square feet) in Portland, in

which we have some embroidery machines so we can make patches

and have sewing machines on site. The year before last we had a

different spot a couple blocks away, but it was a rented space not a

shared space. There were some amazing people, including 1 dude who

made 1 of 1 hand crafted canoes, but there was too much disconnect

and weird energy when Covid hit because all the other people/artists

were so different, that’s when we found this spot. Anyway Rex (@

Wrekitrex) we collab’d with on the 1st pair of YTC pants and he’s been

working on the 2nd pair at the moment. He also makes rugs which

get hand made on site at the warehouse in Portland. There’s a new

jacket he’s working on that is a repurposed Carhartt jacket which has

embroidery of YTC with some fish net textures stitched in underneath.

The 2nd pair of pants, which will be released soon, are black and white,

with all the embroidery, distressing, stitching, and patch work being

done by hand. We’re going to do smaller rug patches which will get

sewn onto the pants that’ll be all soft fuzzy too. It’s nuts, the furniture I

think will blow everyone’s mind. It’s a coffee table of a yellow trash can

with a dog in it. We are looking at some wall pieces of the GPK logo

and potentially even some basketball backboard sets, and there’ll also

be some wall pieces too. Our goal is to grow the YTC brand and expand

into a lot of new artists and different people with the music being the

main backing of the brand that expands. Sort of like the band is a

company with everyone chillin and growing organically together.

Q/ I did a little bit of digging getting ready for this, and something

that piqued my interest very highly was a bit of a cheeky feud you

supposedly started between The Birdman – Tony Hawk and Bam

Bam – Bam Margera. As a DIEHARD skater back in the late 90s and

the whole counterculture back then, how did this even come about?

A/ Tony Hawk played “tambourine” in the band as a joke, but it was

just a cameo, it wasn’t real. Then Jitt cut it and made an amazing edit

for a video which we posted on IG, and then ran it as a joke press

release, but the MSM just ran with it, and no one fact checked. So, we

got Bam to send us a video response as a cameo, that we then sent to

tony hawk, but he’d got a bit upset at that point, although it was just

all cameos which Jitt used to make some sick edits. I mean I just made

a press release, and we had a publicist at the time that was supposed

to go out and secure some press for it, but he got nothing, so I went

out myself and got like 5 spots, so I’m not sure what we were paying

him for at that point. It was all in good fun though.


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Q/ Is there anything else you’d like to add before we wrap up? New

collaborations, new tunes?

A/ We just released a new EP with Myke Bogan (@mykebogan) last

week, its pretty dope, we produced and did some vocals on it too. He’s

based out of Portland as well. We have a bunch of new music coming

out too, not sure what is next, but we have an EP coming up with

Nova, an EP with Mike the True. We got the 2nd set of WrekitRex pants

coming out soon and we’ll be doing a rug soon too, but a physical rug

coming out with GPK logo as a floor mat. So, keep an eye out!

Jason, I know the time zone difference between Queensland &

Oregon is a bit funky, but Thank You very much for your time!

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Enter the Iguanaverse:

By Cyborg-Iguanas

Cyborg Iguanas are the galactic mercenaries of the IguanaVerse. Born in a post

apocalyptic world amidst chaos and hardened in steel, the Iguanas must scour

the resource scarce galaxies in search for the coveted $CORE. Found in cosmic

space, CORE is the prized currency within the iguanaverse. Each Iguana is

uniquely enhanced and battle tested for any conquest in the galaxy.

$CORE Token Total Supply

Our total supply will be 10,000,000 with 60% dedicated to staking, 20% to LP

incentives, and 20% reserves.


10000000 Total token supply

60% (6,000,000) dedicated to staking


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20% (2,000,000) dedicated to LP incentives

20% (2,000,000) dedicated to reserves

$CORE Token Total Circulating Supply

The total 10,000,000 $CORE will not be released all at once. Total circulating

supply is the total amount of supply we are releasing per wave. We are planning

to have 4 waves. Each wave consists of ~2,500,000 $CORE with the same

distribution as our total supply.


Fractions of the total supply will be released as waves

There will be 4 waves in total

Wave 1 will release with 2,500,000 $CORE tokens

60% (1,500,000) dedicated to staking

20% (500,000) dedicated to LP incentives

20% (500,000) dedicated to reserves

SHILL Issue #47 69



We would like to directly provide utility value to traits for each Iguana. With

the release of our Genesis Iguanas, each Iguana will be assigned an experience

level. This experience level directly impacts the amount of $CORE the Iguana is

able to retrieve for the holder. We have the newbies at a base experience at 1x

and scales to veterans at 4x with newbies being the most common trait and

veterans being the most rare trait. Below is a visual representation of the

distribution of rarity tiers and the experience for each tier.

We would like to directly provide utility value to traits for each Iguana. With

the release of our Genesis Iguanas, each Iguana will be assigned an experience

level. This experience level directly impacts the amount of $CORE the Iguana is

able to retrieve for the holder. We have the newbies at a base experience at 1x

and scales to veterans at 4x with newbies being the most common trait and

veterans being the most rare trait. Below is a visual representation of the

distribution of rarity tiers and the experience for each tier.


SHILL Issue #47


Each Iguana is assigned an experience level as a trait

Rates for experience level range from 1 to 4

The rates in which the Iguana generates $CORE is Experience * Base Rate.

Iguanas will be generating a different amount of $CORE based on their


We believe that this addition

to our ecosystem is vital as it

applies variance to each

Iguana and ensures that

rarity is an important factor

within secondary markets.

Tokenomics Thesis

The total supply of $CORE

will not be released all at once. A common limitation of a capped supply is the

exhaustion of total token supply. This usually comes down to the rate of

rewards. Rewards should not be constant in this system as total token supply

would be exhausted before a runway could be completed.

One solution to this would be to implement an inverse exponential staking

reward where rewards start at a fast rate but taper off towards the end. As seen

below where (Y axis would represent reward rates and X axis would represent

number of days).

This method works but is not

completely flexible as once

rewards are set, it is difficult to

change rates without completely

altering the other mechanics of

the project.

SHILL Issue #47 71

The solution that we propose is releasing a fraction of our total supply in

waves. By releasing in waves, we can modularize each release, customize all the

values in our system, and won’t need to worry about exhausting our total token

supply. Ultimately we are able to have complete control over all $CORE

emissions and burn mechanics within each wave.

Missions and Radars

For any token to be valuable demand must be present, as such in our system we

introduce missions and radars as incentives for $CORE.

In our system, holders of Genesis Iguanas will be able to embark on missions by

burning $CORE for a chance to get a Baby Iguana egg. There is a base chance

for successful retrieval. Users would also have the option to burn $CORE in

exchange for radars. The radars can either be sold in secondary market places

or burned to increase the chances of a successful mission. After every mission

an Iguana will have a cooldown before they can go on another mission.

With all these factors in hand, we wanted to create a $CORE token sink that is

sustainable but not too difficult that people lose interest.

Wave 1

In wave 1, we will release 2,500,000 tokens with a runway of 90 days. 60% of

which will be dedicated to staking rewards. 20% will go towards the liquidity

pool incentives and the final 20% will be for reserves. The total number of

tokens that will be rewarded through staking will be 1,500,000. Of which we

aim to burn 90% (1,350,000) through missions. This number is how we based

all of the mission costs, item costs, and staking rewards.


Board your Iguana and take off to cosmic space. Cosmic space is only for the

strong and staking will be exclusively for the Genesis Iguanas. Recall your

Iguanas back to base anytime with no minimum staking duration. The base rate


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for each Iguana before calculating the experience rate is 6.05. Below is how

much an Iguana will generate at each tier.


Only Genesis Iguanas can be staked

6.05 is the base $CORE rate before calculating the experience

No minimum staking duration

Gen 2 Missions:

1111 Baby Iguana eggs are scattered across the galaxies for Genesis Iguana

holders to find. They hatch into adorable but deadly baby Iguanas. However,

getting them is a rather difficult task. To go on a mission in search of these eggs

135 $CORE must be burned for gas. There will be a base chance of 10% for

successful retrieval and could be increased with the use of items in the Iguana

Armory. Upon successful retrieval of an Iguana egg it will take 30 days to hatch.

Get your eggs while they’re still around. Not all genesis iguana holders will be

able to secure an egg.


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Get your eggs while they’re still around. Not all genesis iguana holders will be

able to secure an egg.


1111 eggs are around for Iguanas to find in wave 1

Embark on missions to find an egg, 135 $CORE per mission

10% base chance of finding an egg

Not every Genesis Holder will be able to secure an egg

We decided that 135 $CORE a mission is a fair price for each mission as on

We decided that 135 $CORE a mission is a fair price for each mission as on

average, ~120 days per Iguana to successfully retrieve an egg not including the

average, ~120 days per Iguana to successfully retrieve an egg not including the

use of items. We also enabled the secondary trading of radars, to give the

option to genesis holders to sell for SOL on secondary marketplaces if they do

not wish to participate in the missions.

use of items. We also enabled the secondary trading of radars, to give the

Iguana Armory:

option to genesis holders to sell for SOL on secondary marketplaces if they do

not wish to participate in the missions.

Visit the armory for all of your Iguana needs, here you will find exotic items

from across the galaxies. Radars serve as tools to assist in egg hunting missions.

Each radar can be burned before a mission to give a significant one time boost

Iguana Armory:

Visit the armory for all of your Iguana needs, here you will find exotic items

from across the galaxies. Radars serve as tools to assist in egg hunting missions.

Each radar can be burned before a mission to give a significant one time boost

to the rates for a successful retrieval. Radars will have three tiers each with

varying boosts. Radars will be minted using $CORE with varying $CORE costs

based on tier. Radars will also be listed on secondary marketplaces for users to

buy and sell. Below is an infographic of the costs and boosts of each radar tier.



Unlimited amount of radars for purchase

Radars provide different percentage boosts

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uy and sell. Below is an infographic of the costs and boosts of each radar tier.


Unlimited amount of radars for purchase

Radars provide different percentage boosts

3 Tiers of radars boosts (10%, 20%, 40%)

Every radar can be listed on marketplace for users to buy/sell

SHILL Issue #47 75

The cost of items is based on a simple utility per % metric. We take the cost of a

The cost of items is based on a simple utility per % metric. We take the cost of a

mission and divide that number by the base chance to come up with a $CORE

cost per % increase in success rate. Using that number we multiply the

percentage boost and arrive at the item costs we have now.

Final Thoughts

The Cyborg Iguana team would like everyone to know that we have been

working our hardest for the past few months to ensure that we create and

deliver a quality project that meets everyone’s expectations. We truly

appreciate every single one who has been part of our journey so far. This is only

the beginning and we have so much more planned for the future we cannot wait

to announce. Strap in and take off to cosmic space.

Project Info

The mint will be happening on February 27th, 2022, at 1.5 SOL each, on our

official website https://www.cyborgiguanas.com/. The release will be split into

two phases, presale for OGs /WL and public sale for everyone else. More info

will be announced in our Discord.

Website: https://www.cyborgiguanas.com/

Twitter: https://twitter.com/CyborgIguanas

Discord: https://discord.com/invite/cyborgiguanas



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