Chyan | chyan.base.eth

@mac_eth asked how to fix the $SURPLUS disconnect. So I went looking at what's actually worked On June 7 I wrote that $SURPLUS was the strangest chart on Base: product usage at all-time highs, token at the bottom, and nothing connecting the two. This week Mac posted something better than another metrics update he asked how to close that gap. Two ideas on his list: buying tokens based on how the business does, and converting the token into actual shares of a company. Same disclosure as last time: I hold the token, I'm down on it, and I'm not a developer or a lawyer. I read what's public and check what I can onchain. That's it. So. Do his two ideas hold up? Idea one: the project buys its own token This is the playbook everyone runs now. Hyperliquid spent around $644M last year buying its own token with trading fees close to half of all such purchases in crypto. Optimism announced its own program in January. Pump fun burned $370M of PUMP in one go 36% of circulating supply then cut its purchases from 100% of net profit down to 50%. The predictable demand that had been holding the price floor got halved overnight. Two problems for Surplus. First there's nothing to buy with. Hyperliquid funds purchases from fees. Surplus charges nothing. $0 revenue is Mac's whole position, he repeats it in every single update. Buying tokens "based on business results" with no revenue means buying them with runway money. The same runway he sold 2% of supply to secure. That's the project eating itself. Second even funded buying isn't the cheat code it was a year ago. By early 2026 the market had seen this playbook so many times that announcements barely move prices anymore. It amplifies revenue that exists. It can't replace revenue that doesn't. What survives from this idea: write the rule now, run it later. A public commitment "the day this product charges anything, X% of it automatically buys the token" costs zero today, breaks no promises, and turns "$0 revenue" from a dead end into a countdown. Idea two: turn the token into shares This one got a lot more real recently, so worth being precise. In January US regulators said it plainly: putting a stock on a blockchain doesn't change what it is. A token that gives you a piece of a company is a share, with all the paperwork shares come with. Then in March Nasdaq got approval to trade tokenized versions of listed stocks, and firms like Securitize started offering tokenized shares for US companies. The rails are getting built for real this time. Here's what the rails don't fix: you can only convert a token into shares of a company that exists. SURPLUS started as a community launch through Bankr the community picked the name, launch fees went to Mac. I couldn't find any public trace of a company with an actual cap table behind this token. So the path would be form the company, structure the equity, do a compliant offering, then run the swap. For a solo dev with no revenue, that's months of lawyer invoices before a single new line of product ships. Not impossible. Just the worst possible first move. What's not on his list Both of Mac's ideas try to push value at the token from the outside. The thing the token is actually missing is a job inside the product. Right now you can use Surplus every day and never touch SURPLUS. That's the disconnect. All of it, in one sentence. Three jobs the token could do: Hold it, pay less. Keep some SURPLUS, your inference gets cheaper or your requests jump the queue. Demand starts scaling with the exact number that keeps hitting highs transactions. Sellers post it as a deposit. Anyone listing surplus credits locks some SURPLUS first; deliver bad service, lose the deposit. This one quietly solves a second problem too why buyers should trust anonymous sellers at all. For a resale marketplace that's the existential question anyway. Payments destroy it. Pay for inference, the tokens used get destroyed; a fixed amount gets created for the compute sellers on the other side. More usage means more destroyed than created. The supply itself starts tracking the product. And here's the part where I correct my own post. Last time I flagged the contract's built in ability to create 2% new tokens a year as a risk a switch sitting in the owner's hands. Unexplained, it still is one. But it's also exactly half of that third mechanism, already written and deployed. The creation side exists. Add the destruction side and the "risk" becomes the engine. I missed that the first time. Reading a contract as a threat list makes you skip what the same code could be used for. What I'd want to see, in order of cost The written rule about future revenue free, could happen today. Then hold for discount, the smallest build. Then seller deposits. The destroy and create design last, when volumes justify touching supply mechanics at all. Shares go in a folder labeled "after the regulation settles," not on a roadmap. One thing none of this changes: when I last counted, SURPLUS had around a thousand holders and thin liquidity. Any of these mechanisms sets the direction of the link between product and token. None of them sets its strength. The chart stays violent either way for a while. But "violent and connected to the product" is a different bet than "violent and connected to nothing." The second one is what holders own today and Mac just said out loud that he knows it. We'll see which way he goes. I'm still holding mine.

$rootAI now have 3 revenue sources in only 3 weeks. Insane This team is cooking and senior level ex-shapeshift IYKYK Hard to fade strength in this market but man they are cooking My quants think should reprice to $10M+ soon 0x461d3C96D170e551611f54FA466D3D74A680AbA3

⚽️ Can’t wait for the World Cup. And there’s only one coin I’m supporting: $WORLDCUP 👀 Token just smashed in a 52% screamer and is already celebrating in front of the home crowd. Now we just need the macro referee to stop handing out red cards 😭 📊 $WORLDCUP 24H onchain via @nansen_ai • +52.1% over 24H • $2.3M volume • +529K fresh wallet inflows (3.5× avg) • KOLs: +$10.6K inflow👇🏻 • Exchange outflows → accumulation signal • 5,862 buyers vs 4,371 sellers 🧠 What stands out • Fresh capital continues flooding into the stands • Buyers comfortably outnumber sellers • Momentum backed by genuine participation • Exchange outflows suggest holders are settling in for extra time • Feels more like early tournament hype than a championship-winning top One thing that caught my eye: BonkGuy is sitting on roughly 2.85% of supply. Not many people I’d rather have on my team sheet for a World Cup trade 😅 📌 TLDR Yes, smart traders took some profits. Yes, the macro pitch still looks slippery. But: • fresh wallets piling in • KOLs in the game • exchange outflows rising • momentum staying strong If you’re looking for a trade, I still think dips into support are buyable. Not because it’s risk-free. But because the flows continue pointing toward higher prices for now. The World Cup is one of the biggest attention events on the planet. And attention has always been crypto’s best playmaker. The ball is rolling. Let’s just hope macro doesn’t blow the final whistle early 🤞🏻⚽️ Markets choppy, but football szn is getting closer. Follow @Chyan for daily insights. 📶 Use discount code CHYAN via the link in my profile to access the best onchain alpha + flow dashboards on @nansen_ai.

🐀 With Base flows running on fumes, $RATSPEAK is one of the very few low caps still attracting attention today 👀 The market is showing peak weakness and Base flows feel dead. Yet @ratspeakorg keeps quietly pulling in interest around a niche that’s becoming increasingly relevant: encrypted AI messaging. 📊 $RATSPEAK 24H onchain via @nansen_ai • Netflows: +$40K but still #5 amongst Base lowcaps • Buy/sell ratio: 1.46× → buyers firmly in control • 524 buyers vs just 166 sellers • Fresh wallets: +$50.9K inflow • Exchange outflows: -$16.1K → accumulation signal • ~$206K volume on a rough market day 🧠 What stands out • One of the few Base low caps still attracting attention rn • Buyer count outnumbering sellers 3:1 • Fresh capital continues entering • Exchange outflows suggest holders aren’t rushing to exit • Latest release showcasing the project’s potential and helping keep interest warm despite weak conditions • @ratspeakorg emerging as one of the more interesting builders on Base with a unique focus on encrypted AI messaging 📌 TLDR Sure, smart traders and KOLs took profit into the big pump. But importantly, neither cohort has completely left the building. And one whale continues to diamond hand 2.77% of total supply 👀 In this market, that’s a meaningful vote of confidence. Meanwhile: • users still showing up • buyers overwhelming sellers • fresh wallets entering • builders still shipping For a token that’s only fairly new, $RATSPEAK is holding attention and structure remarkably well while much of Base struggles to attract any at all. In a market where attention is becoming increasingly selective, simply continuing to attract it is a signal in itself. And rn, $RATSPEAK is doing a pretty good job of that 👀 Markets choppy, but the rat is still speaking. CA: 0xf1e9baa65d418a9025e1851dd2d37f1ad208bba3 Follow @Chyan for daily insights. 📶 Use discount code CHYAN via the link in my profile to access the best onchain alpha + flow dashboards on @nansen_ai.

gut says you should be bidding $BTC and buying dips on high conviction useless coins here

If the markets bounce, $PRXVT and $GITLAWB are going to go giga super turbo

👀 Watching $SURPLUS as smart money and KOLs start nibbling the pullback at support. 📊 $SURPLUS 6H onchain via @nansen_ai • +4.7% recovery from local lows • Smart traders: +$10.2K inflow (2.5× avg) • KOLs: +$6K inflow → attention returning • Top PnL wallets: +$3.1K accumulation • Exchange outflows: -$28.5K (2× avg) • Buy/sell ratio: 1.52× → buyers in control • 253 buys vs just 87 sells 🧠 What stands out • Smart money stepping in at support, not chasing highs • KOLs starting to add exposure again • Top PnL wallets quietly accumulating • Exchange outflows suggest holders are moving into conviction mode • Strong bid absorption after the flush lower 📌 TLDR $SURPLUS isn’t ripping. And honestly that’s what makes this setup more interesting. • smart money buying support • KOLs nibbling • profitable traders accumulating • supply leaving exchanges The market’s still fragile, but seeing smart traders and KOLs start scaling back in around support is exactly the kind of behavior I watch for. $0.000045–$0.000046 remains the key zone I’m watching while support continues to hold. Markets choppy, 👀 still onchain — follow @Chyan for daily insights. 📶 Use discount code CHYAN via the link in my profile to access the best onchain alpha + flow dashboards on @nansen_ai.

Today on MCG: @0xgilbert | @squire_bot | UsePod.ai | $SQUIRE $SQUIRE is the token tied to UsePod.ai, a two-sided AI inference marketplace where token holders get free daily inference they can resell on chain. Compute world order. Highlights from our chat: 03:25 - The brain behind this operation 06:11 - The UsePod thesis 13:55 - Why @solana? 18:34 - AI compute as a futures market (oil futures analogy) 24:42 - Long term compute deals actively settling 28:43 - 11x week-over-week growth in token usage 33:50 - Token holders may get direct equity exposure 37:43 - Almost half a billion tokens spent on UsePod this week alone 40:05 - 6 MONSTER partnerships announced last week 41:10 - Interest from industry leaders