I'm really hyped about Multidex on ICP. It is like Hyperliquid, but fully on chain, which means truly decentralized, and it shows the incredible power of Internet Computer Protocol's technology and what AI can do. DFINITY built Multidex with AI, and they built it relatively quickly. However, there's one huge problem. How is anybody going to find out about this and use it? This is the same issue with Internet Computer Protocol all the time. So let's talk about what it does and why it's amazing, and then we're going to talk about the huge problem in the reality of where we're at in crypto: the difficulty of how you are going to get somebody to actually transact on this.
What Makes Multidex Special
What's special about Multidex, which is at multidex.ai, is that you can have the same kind of experience you can have on dYdX, on Hyperliquid, or all kinds of other decentralized exchanges like Uniswap, or centralized exchanges. It's the same basic feel, but it's 100% on chain and 100% native assets. That is a huge game changer. We need this. We need this to take over in crypto. We need this to be what people use instead of the existing things people use like Hyperliquid, because Hyperliquid is not actually decentralized. Parts of it are, but the critical parts of it are not. This is an exchange that is set up to technically be truly decentralized and even owned and governed by the Network Nervous System, which is amazing. DFINITY has given out tens of thousands of dollars to anonymous people for showing how they used play money to make millions of dollars in trading profit, which I believe is marketing, and that is cool to see.
Why Would Somebody Actually Use Multidex?
However, what we need to do is address the reality of the crypto market we are in. So I need to ask you, why would somebody actually use Multidex? On the surface, and when I was all in on ICP, I'd say, well, they'd use it because it's better, because it's on chain, because it's native assets, because people care about having a better experience and being safer and using the best technology.
But I've dealt with the reality of DFINITY not supporting content creators and not doing marketing for years, and most of the crypto space ignoring ICP because all these other people are paying almost everyone else like me to talk about their centralized exchange or their decentralized exchange. People are chasing viewers and airdrops and exchange deals and affiliate referral systems. I send people to MaxFi through my referral link every day. Why do I do that? Because I get 3% when people go there and provide liquidity.
So Multidex is going to have to have some very lucrative reason to pull people away from where they're at. The reality is most people are not going to stop trading where they're at now just because there's something that actually is better. It's sad, but sad but true. Most people are not going to stop trading on Coinbase to go over to Multidex because the assets are actually on chain and native. There will be a very small percentage of people who do, but how are people even going to find out that it exists? When DFINITY has for years not stepped up to pay some of the biggest creators that are just shilling ICP repeatedly for free, like me, then how is anybody going to talk about this? I'm not going to sit here and show Multidex for free every day, by any means. I have much better ways to make money.
Profits Over People
If we're honest in the content creation space, and most of the people watching are just allergic to this idea and do not want to face it, content creation and capitalism generally is profits over people. Profits come first in almost every area. Especially look at the top content creators. It seems all their decisions are made because profits come first, and all the deals and everything they shill are about profits. So how is Multidex going to generate profits to onboard people via marketing? I hope they can launch some kind of system to do that, but you're going to need money behind it. If you have people like me that get sponsorships, that have referral fees, that are able to monetize directly, then if Multidex isn't monetizing and supporting me, why would I talk about them? Simply integrity?
I'm a great case study that if you put integrity first and caring about your viewers first, then you're committing to being broke in most cases as a content creator and depending on your wife for money, because the viewers don't hardly want to pay anything. The ad revenue is not there because you're not shilling stuff. You're not getting paid the big money and getting all the views like all the other people who are getting paid. And then your wife divorces you because she's tired of supporting you. She doesn't care about your ethics. All she cares about is your financial contributions. I mean, that's a narrow way of putting it. But in the world we're in, where profits generally come before people in almost every industry, how is Multidex going to get users? Where is the money going to come from to pay people to talk about it?
At this point, my idealism that this is going to just get talked about for free, and people are going to refer their friends, and it's going to grow, has been crushed. The odds of that happening are very small unless ICP gets huge government partnerships that bring a bunch of people online and then they just happen to see that Multidex exists and share about it. In crypto, when you've got huge amounts of money going out to pay people to talk about certain exchanges, that's heavy competition for Multidex.
Skeptical but Hopeful
So I hope Multidex can get adopted. I will certainly try the real version when it comes out and be there to swap on it. But I care about paying my rent first and foremost. I know some people have been so toxic about my honesty. I'm just being honest. Almost all the other content creators all over crypto are thinking what I'm thinking, and most of them don't have the honesty to say it because they want their audience to stay in a trance and not turn on them. I find that honesty in the long term works better.
So if Multidex comes out with something that's lucrative, and I could actually make some money by bringing people into it, or they'd actually pay me to talk about it, then I would. But otherwise, I'm not. I'm not going to talk about Multidex when I can get a lot of money going into all these other ecosystems, liquidity farming, buying other coins, getting sponsored. I'm the kind of guy that gets millions of views, a content creator that could promote Multidex quite a bit. At this point, DFINITY has signaled they don't hardly put almost any money into marketing. So maybe something will change. Maybe people will care about the best technology. Maybe my videos will get enough views to merit covering Multidex just organically. But at this point, I'm skeptical. But I'm hopeful. That's why I did this video.
I would prefer if crypto trading went towards Multidex. But I'm not going to volunteer to make that happen, because that's just going to be a way that I can't pay my rent and have to move in with my mom, thinking like that and acting like that. So if we can face the reality of Multidex, it's really interesting, because there's so much good about it. It's such an amazing thing. But without marketing, where's it going to go? So we shall see. I hope Multidex works out. I will give it a try, and I may make a video or two showing it when I'm using real assets with it, and we'll see where we go from there.
Where to Find Me
If you appreciate my honesty, I do videos every day for you showing you what I'm doing. I'm on a journey to make a million dollar crypto portfolio, and I show that off on my Jerry Banfield Crypto Reviews channel on YouTube. I have Jerry Banfield Crypto on X. On YouTube, I live stream on Jerry Banfield, and I live stream that video also on Jerry Banfield Games. If you want all of that, the Jerry Banfield live experience is the best, so come watch on those two channels. I'm also on all the other platforms, and on jerrybanfield.com I've got links to all my other platforms with short videos.
You can join my Skool community. If you want to DM me, you can schedule a Zoom call, or join my chat access if you want to talk to me.
I have sponsored crypto videos available, I've got books, I have a meme coin game, and I have shirts also. I'm grateful for everybody who has supported me. This is what I do full time, so I need like 10 grand a month just to pay the bills, by the time I pay all the taxes and everything, and I appreciate your support.
I hope you enjoyed it. Every video I've made about the Internet Computer, from years of shilling it to honest takes like this one, is in my ICP Crypto playlist. I keep it real.