Why Your Crypto Tokens Keep Dumping

Welcome back to Talking Tokens.

HAPPY THANKSGIVING!

I thought about skipping today’s episode for the holiday, but then I remembered how thankful I am for each of you and I had to let you know.

Without an audience, there really isn’t a show. So with that said, thank you to every single one of you for listening to the pod. I’m truly grateful.

Also…today’s episode is a fun one. If you need a quick break from family, friends, or just want something to listen to on your cousin walk before dinner, I got you.

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The latest Talking Tokens podcast 🎙️

In this episode of Talking Tokens, I sat down with David Phelps, Co-Founder of JokeRace, while in Buenos Aires for Devconnect.

JokeRace is an onchain platform that wants to turn governance, incentives, and community engagement into lightweight, fun, and highly participatory experiences. David breaks down why governance has failed in most crypto communities, how JokeRace simplifies participation, and why real utility often comes from small, low-friction interactions rather than complex systems.

We also discuss how communities can design better incentives, what JokeRace has learned from thousands of contests, and why the future of onchain engagement depends on experimentation, humor, and user-driven creativity. David also walks through his recent Base controversy, what he actually meant in his comments vs, how it was interpreted online. He also, talks about expectations placed on L2s, foundations, and application teams building in public.

TIMESTAMPS:

00:00 – Intro

01:27 – Devconnect Buenos Aires and public-access events

02:08 – How someone buying substances introduced David to crypto

03:07 – Discovering programmable money and why it “changes everything”

04:13 – Bitcoin vs Ethereum and how Bitcoin creates value

07:04 – Stablecoins, USD dominance, and crypto’s internal contradictions

09:23 – Why DAOs failed and how that led to the creation of JokeRace

10:29 – Participation, incentives, and why governance must be fun

12:27 – Subjective prediction markets and competition inside JokeRace

15:32 – Tribalism, rivalry, and true community psychology

19:06 – Who actually uses JokeRace and how mainstream users onboard

21:36 – Governance failures, branding, and why DAOs aren’t entertaining

32:03 – The Base controversy: what David meant vs what people heard

35:09 – Why chains must be opinionated and focused, not “for everyone”

44:22 – Token launches, market makers, and structurally short deals

49:03 – David’s best advice on being online and embracing authenticity

Talking Tokens episodes are released on Spotify and Apple Podcasts at 6AM EST or YouTube at 8AM EST every Tuesday and Thursday. Listen in!

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Money and people moves

1. Paxos acquired Fordefi to build out its custody infrastructure layer

2. DWF Labs launches ‘proprietary’ $75 million DeFi investment fund (The Block)

3. Crypto Market Maker Portofino Said to Be Hit by Another Wave of Staff Departures (CoinDesk)

4. Naver Financial officially confirms merger with Upbit crypto exchange (The Block)

Talking points for the road

1. Bitcoin’s Drawdown Breaks Old Rule as Volatility Stays Tame (Bloomberg)

2. Klarna Will Launch Stablecoin on Tempo in Effort to 'Challenge Old Networks' (Decrypt)

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.