Bankless - Is Crypto Dead? Fed Crashes Markets. Bored Ape Land Mint. Hop Airdrop. Solana Down.

Starting point is 00:00:00 Red Alert. This is an attack on Defi. I know I'm laughing, but it's also not funny. They are coming for Defy. Bankless Nation is the first week of May, and it's Friday morning. So what time is it, David? It's the Friday, Banklips Weekly roll-up time, Ryan, where we cover it. The entire week of news in crypto, which is always an ambitious endeavor, yet we persevere. Nonetheless. Ryan, what happened this week? Look, man, so much happened this week. Oh, first of all, David, by the way, I'm excited to see you at Permissionless in person. That's coming up really soon. So we're going to meet in person for the first time. We'll talk about that later. Allegedly.

Starting point is 00:00:34 I am a real person, okay? I don't know where these rubies came from. But what are we going to talk about this week? First, we've got to start with the Fed Watch. All right, Jerome Powell packed his biggest punch yet, a largest interest rate hike since the year 2000. That had an impact on markets. We'll cover that in the market section.

Starting point is 00:00:49 What else we got, David? Yeah, speaking of impact on markets, the gas wars this week were absolutely insane. The board ape virtual land sale created $166 million of transaction fees, burned an absolute ton of Eith. There's a bunch of fiasco and a bunch of drama with that. Leading to a brand new ape chain? Question mark? I don't know if that's a good idea.

Starting point is 00:01:10 We'll have to talk about that. Also, Solana went down again. I don't know if this is the fourth, the fifth time, the sixth time. Should they convert to banker hours at this point, David? Down for working hours only? Yeah, just no Saturday and Sunday hours. We'll talk about that too. What else we got?

Starting point is 00:01:26 A troll is suing pool together for a quarter. quarter billion dollars, which is ridiculous. They put, they put $10 into pool together and then immediately filed a class action lawsuit against pool together. This person doing this has very strong connections to, you guessed it, Elizabeth Warren. So this is a red alert. This is an attack on defy. I know I'm laughing, but it's also not funny. They're coming for defy. So we all need to get up to speed with what the hell is going on with the attack on pool together. Yeah, man, I've lost some money in defy. Maybe there's some lawsuits I could drop. Yeah, wait a second. But we also have a new air drop that's coming. I hope you're ready for this.

Starting point is 00:02:04 We're not going to reveal what it is, but be sure to listen to this episode to find out more. What else should they do, David? Oh, they got to just like, subscribe, rate, and review, Ryan. If you're watching on YouTube, you got to click that button so you can go and subscribe. This comes out every Friday, and it's the most high-energy way to recap the news in crypto, also the most entertaining. But also, if you are listening to this on the podcast, please rate and review the bankless podcast. The number one podcast in crypto, you know it. to make sure that we get to the mainstream,

Starting point is 00:02:32 and we need those reviews to get that done. Look at David, hyping us up, man. But, you know, this is a lot of fun. I enjoy doing this every Friday. This happens every Friday, guys. So come back for the next Friday and subscribe so you don't miss it. Fridays happen every week. Fridays do happen every week.

Starting point is 00:02:46 That means we're recording a lot, David. You know what else we're doing? We're doing a lot of experiments in Web 3. We have this theme on bank lists where you can join crypto and become a self-sovereign employee. You can work for a bunch of Dow's. There's massive opportunities to be sort of, of a self-sovereign worker, an independent contractor in this new economy. But the thing you're

Starting point is 00:03:05 going to need if you move from your cushy corporate job is health insurance. You need some benefits. You need someone to manage payroll. Opelus does all of that for you in a box. This is a way to pay yourself in crypto. They handle health insurance. They handle dental. They handle medical. They handle all of it. And they'll even pay your payroll in crypto. So you can start receiving your your salary in crypto from a Dow. So if you are a Dow employee or want to work for Dow's in the future, you got to investigate this. This can onboard you into crypto. David, there's some benefits here when people sign up, right? Some deadlines and benefits. What are those? Oh, the Web 3 always has benefits. Ryan, if you sign up with Opolis before May 25th, 2022, that is this month, as the end of this

Starting point is 00:03:51 month, you get 1,000 work tokens, the native token of Opelis and 1,000 bank tokens when you sign up and you get your first paycheck paid by OPLIS. Basically, it's a collective. It's a big collective, a Dow for getting good health care rates, basically de-risking the process of becoming a self-sovereign worker in Web3. That's why we love OPolis. It's a Dow that services other DAWS. Guys, you can go check that out.

Starting point is 00:04:14 The link in the show notes, it's bankless.com. It's bankers. Make sure you get that capital O in there. All right, David, let's get to the markets, man. What are the markets telling us about Bitcoin this week? They were almost happy, Ryan, but now they're sad. We started the week at $39,700, trying to keep our head above that $40,000 level,

Starting point is 00:04:33 which we definitely love, and we just never got there. We are currently down to 36,300. Oh, wow, it's dumping as we speak. So it was down 6.5% when I wrote this, but it looks like we're down to something like 7% or 8% down 8% on the week so far. It's funny.

Starting point is 00:04:50 People thought we were out of the woods. Look, after the Powell speech, you could see that on the charts, right? So the kind of Powell speech around here on Wednesday and markets were up. After Powell talked, we'll talk about what he said in our Fed Watch. But then, a day later, bam,

Starting point is 00:05:03 oof. We got wrecked. There's a big red candle down. We tried to be bullish, but we just couldn't do it. Same thing happened with ETH. What's the story on ETHor this week? Yeah, Ether started the week at $2,940. Again, the $40,000 is to Bitcoin as $3,000 is to ETH.

Starting point is 00:05:20 We tried to climb above $3,000. We couldn't do it. We were, when I wrote these numbers, it was down it was 2,700, 760. We are now down to 2,720. So that's about like down 8% on the week. Big sad face. We are setting all time lows on the week as we record right now. So sad face. Yeah, it's it's funny. It's like we thought we were out of the woods, happy times, after Fed, market goes up. And what this looks like to me, I don't know what it looks like to you, David, is just whale games. The games whales play during crowd, during crab season, when the market doesn't

Starting point is 00:05:54 know which direction to go in. And suddenly we have a massive dumpage right here. You know what's happening, Ryan? We don't have any links in here. But people are getting liquidated this morning. Like, because they, on margin, even though we were at these prices at that on May 1st. And so people aped into a leverage position like yesterday. Oh, yeah. And then got liquidated today. Of course. Yeah. They were, they got bullish after the Fed news. The market responded very favorably to that. And now they're paying for that the very next day and getting liquidated. So it's going on. I can't believe people have positions like that. But what do we know? We don't trade. Eith Bitcoin, the ratio. What's that looking at? Oddly looking good. It was up 1% this week.

Starting point is 00:06:38 And so pretty cool. It's actually trending in an upwards direction. Do you ever look at this in trading view? The technicals? Yeah, that whole like meter thing. Yeah. It's basically a weather vein, dude. It just follows like, did it go up recently? Then it's a buy. Did it go down recently? Then to tell. It's a sentiment indication, not like a technical indication. It's not what technicals are, though? Just sentiment indication? Is it more than that? Are the triangles more than that? Do they mean more than that to us? The triangles are more than that. But like in the same, we recorded a podcast with Jim O'Shaughnessy and we like, one of the big TLDRs is that narrative follows price. And so like, yeah, people are happy about their assets when they go up in price. Like crazy thought.

Starting point is 00:07:17 That's a great episode, by the way. That's coming out Monday and has a whole bunch of tips that GM relays to us that are super useful in crypto and how not to fall prey to the FUD and the phoomo and all the psychological traps we can fall in in crypto. How about the total market cap of crypto? We up, we down? We're down. If you go to that 24-hour tab, we started the week at $1.9 trillion. We are currently down to $1.77 trillion.

Starting point is 00:07:41 So lost like $130 billion in crypto market cap this last week. We lost half in Elon. I think that's the measure. But let's talk about the Fed stuff because that is dictating. of the outcomes in the market, at least I think right now. The Fed just raised rates by half a percentage point. So that's 0.5%. That's the biggest interest rate hike in two decades. The goal, of course, is to fight inflation. It's the largest since 2000, as I mentioned. It's the first time since 2006 that the Fed has increased rates in back-to-back meetings. So they did that. They also

Starting point is 00:08:20 announced some guidance to the future. So it's not just happening in May, 50.5% increase in May. They're also planning another 0.5% increase in June and also in July. That's what Powell's guidance is saying. And then you provides a bit more guidance as well. But basically, they're doing some quantitative tightening. So that means, you know, that balance sheet that they racked up over COVID and like the last couple decades? of debt that they've accumulated since 2000? It's about $9 trillion at this point. All right?

Starting point is 00:08:53 So they are reducing it by $50 billion a month. And they're planning to do that in June, in July, in August. So, you know, that's a quarter of an Elon or so. They're going to reduce their budget by. And then September and going forward, they're going to get even more aggressive, and it's probably $100 billion a month. Did you say $9 trillion debt? Is that what you said?

Starting point is 00:09:15 And they're reducing it. They're trying to pay it back at $50 billion. $50 billion in month? Yeah, you've got to do those down payments. You got to... What does $50 billion do to the face of $9 trillion? You know how many months that'll take, Brian? I just...

Starting point is 00:09:27 I just did the math, because I'm a math. Do the math for us. 180 months. Okay. That's 15 years. It's doable? 15 years to pay back the debt. Don't say it's not doable, David.

Starting point is 00:09:37 It's doable. I guess 15 years. I guess it's shorter than the most home mortgages. Well, Powell says we don't want to do things too quickly, and that's part of the thing, because a soft landing is the goal. So what he means by soft landing is basically like, we're not planning to do this until we totally, until we wreck the economy.

Starting point is 00:09:55 We just want a soft landing. So we're not trying to cause a recession here, guys. All right. He said the strong economy can handle these rising rates right now and some of this quantitative tightening. And I guess we see if he's right. But what that also means to me, maybe the market responded with this is like,

Starting point is 00:10:10 if there's indications of the R word recession and some blood in the streets, then some of these plans could reverse. Maybe the market's anticipating that. The story here is there is a needle to thread with can we fight inflation and also not cause a recession at the same time. And so that is the Fed's drop to thread that needle. Let's raise interest rates to fight inflation, but also let's raise interest rates not too

Starting point is 00:10:33 much so that we cause the R word, the recession word. There's a bunch of debate as to whether that hole in that needle even exists, Ryan. So like we actually might just have to be chosen, choose one. like what do we want the recession or the inflation? It's like, you know, which, which nut do you want to be punched in? But basically, what's going on is like, you know, the Fed is saying, hey, we're going to raise interest rates this many times throughout the future. And it's so like, you know, to put this into a visual terms, it's just like, imagine it's like, hey, we're going to punch the market in the stomach seven times. And then the market.

Starting point is 00:11:05 I'm glad you went with the stomach because I was getting the visual there. And then the market, they're like braces for seven punches. And it does that by like selling off. That's what we saw through January through now. But then the Fed is like, oh, we've changed. We're actually going to punch you guys eight times. Or perhaps they say, oh, we're going to only punch you guys six times. And so, like, the market can brace or unbraced based off of, like, how many times the Fed is going to punch it.

Starting point is 00:11:28 And to be fair, like, we're calling these punches. But it's just like, I mean, they got us drunk first, right? Like, the market's totally, like, drunk. And, like, here's a tweet. You wanted to talk about this. It says party hard. Party hardy and then dot, dot, dot, hangover. And what we're looking at, well, why don't you explain what we're looking at here?

Starting point is 00:11:43 Yeah, this is the disposable. personal income amount over the last, what, like, 50, 60 years. And like during the middle of COVID, you see this real personal disposable income. It's like savings in the bank, right? Yeah, just like personal savings. Like how much cash you got, your slush fund, your personal slush fund. Yeah. And like it was like jumped up like four times higher than it has ever been in the last like 50 years as a result of COVID because of the stimmy checks, the unemployment income. And so that was like what everyone was talking about. Oh, they're wrong. roaring 20s. Like everyone's parting. Everyone's quitting. We got all this money. Uh, and then, uh, in

Starting point is 00:12:20 2022, when they start to fight that inflation, uh, goes in the complete opposite direction. So now people have less disposable personal income than they've ever had in the last 50 years as well. So it's just like whiplash. First we got a bunch of money. Now everyone's poor. It is, it is, it is, it is scary. This chart is scary. Yeah. Like, tech stocks have erased all of their gains. Like all of these like, uh, you know, Wall Street best traders and D-Gen Robin Hood traders. Like, they don't have any money anymore. And so, like, all the money's gone. All the money's gone.

Starting point is 00:12:50 Oof. Yeah, and the money is evaporating it, you know, but before our eyes with inflation as well. This is the kind of volatility. And something that you've said recently, and we've said for a while at bankless is like, hey, you know that volatility that you're trying to avoid in the crypto market? Well, it's coming for the real world. Here it is. Look at this whiplash.

Starting point is 00:13:07 You know, positive 30 percent. Now we're negative 20 percent in the space of, like, just a couple of quarters. Let's stop talking about Fiat, though, David. I want to talk about the new economy. Let's talk about the new economy. The economy that is actually enjoyable to look at. We put out, bankless put out, Ethereum's Q1 results, and what does this look like? bullish.

Starting point is 00:13:31 Is that the answer that you wanted from me? I want more detail now. We'll go into this. Yeah, hang on. All right. So Ethereum is a protocol, so it's not going to release its quarterly report. So somebody has to do it on Ethereum's behalf. So we have volunteered.

Starting point is 00:13:43 We put our lead analyst, my mind. on the case, and they've produced a report, Ethereum Q1 results. You can review this on the newsletter. But here are four quick facts to cover what the state of the Ethereum economy is in the last quarter. 2.4 billion in transaction fees. That's up 86% year over year, plus 2.1 of that billion was burned in ETH. So $3 billion paid in tips to miners, $2.1 billion of ether burned. Can I just pause? I want to pause there after you're done. Sorry, David. Which created a 54% decrease in ether issuance as a result of EIP 1559. So while the U.S. dollars inflating, the inflation rate of ether got cut in half.

Starting point is 00:14:25 That is so cool. This is so cool. So what we're saying is like if you look at the U.S. government, which is operating in a deficit, okay, the Ethereum economy, the Ethereum government brought in $2.4 billion in transaction fees. And then this ETH burned, that's essentially a dividend back to all the ETH holders. It's a freedom dividend. It's a stimulus. And Heath owners, like people who own ETH got $2.1 billion in value back. So we're going to the complete opposite direction if you got economy.

Starting point is 00:14:57 There's no $9 trillion deficit here. We're actually like giving the surplus back to ETH holders. That's exactly right. Take us through the next one. Because DFI did some cool things. Talk about DFI. Yeah. So there was also incredible growth in DFI.

Starting point is 00:15:10 as you'd imagine. So 2,700% increase in Perpetuals volume, which is huge. 6,557% growth in spot volumes and also another doubling of stable coin supplies. That's pretty impressive on its own. Can you tell us about the NFT ecosystem? Yeah, of course. We can't not talk about NFT ecosystem because at some point the NFT ecosystem just broke all metrics. Like what does it mean when trading volumes rise 19,000 percent, right? Like, I don't even know how to quantify that, but that's what happened to the NFT market. 19,000 percent increase year over year as a $116 billion worth of NFTs traded in Q1.

Starting point is 00:15:55 $116 billion in Q1, Ryan, Q1. That's just one quarter. A crazy quarter. It's a bullish quarter. I certainly like looking at these numbers rather than Fed numbers. There's also a really cool chart here, David, that you uncovered. Yeah. Can you talk about this?

Starting point is 00:16:09 Yeah, this is a brand new Dune Analytics dashboard, probably covering like the most global set of metrics about ether and Ethereum at large. So, you know, it starts with the basics, like the price and the market cap. But then it gets into more granular stuff, like how many wallets there are, 205 million. How many total transactions there are, 1.56 billion. How many blocks have there been, 14.7 million. 50 million smart contracts created. And then you get to see some gas metrics, the price over time.

Starting point is 00:16:36 So it's like the most global, universal, like, satellite level view of just the state of the Ethereum economy. And the cool thing about this is that it's real time. Like bank lists, the Q1, Q2, quarterly reports. So it's really useful to compare quarter over quarter. But also this dashboard just compares granularly block by, block by block for the complete state of the Ethereum economy. Never before I've seen, like, metrics going into economies coming out of crypto right now. That's awesome. I guess they did our job.

Starting point is 00:17:03 We could just screenshot this. And this is to be a record every quarter. Here it is. real time. Optimism doing some things too. What's up? Oh, we saw this comment from a long way off. You know, you remember the whole layer two, two, two summer, Ryan? That's... Oh, I remember. Yeah. Right. Yeah. It's kind of, it was always predicated on tokens because tokens create incentives. And we need liquidity mining incentives, adoption incentives. And today, or this week, I mean, optimism has announced their Stimpack, their Stimpack program, along with one of their, you know, very

Starting point is 00:17:33 famous slightly indie hippie niche memes that I don't really get but they always do these odd memes. It's cute. But also I kind of don't get it, but I do get it at the same time. Anyways, for the listeners, it's a cat looking at a fish and this fish is the stem pack. It's peekaboo though. It's a surprise for the cat. Oh, it is a surprise.

Starting point is 00:17:55 Oh, right. Okay. Give to the community. The cat is the community in this picture. The fish is the liquidity mining you're going to get. Right. Right. Well, okay, so the OP token is not yet unlocked. People got their air drop, but they have not been able to claim their air drop that happens in just a few weeks. There are 230 million OP tokens coming to liquidity mining incentives, just project growth incentives. For context, the optimism total supply is like $4.2 billion. So $2.30 million of that $4.2 billion supply going to incentivize project growth on optimism. Ryan, can you smell that? the fish or the money or or layer two to two too too

Starting point is 00:18:33 I smell layer two two two in fact look man we've released two episodes on this this week it's called a trillion dollar opportunity in layer twos I think that's what's called and it's a two-parter and it's a must listen if you're interested in all of our thoughts on the opportunities ahead in layer two to 22 summer summer of 20 yeah all of it I mean, most of the opportunities, I think, are pretty expected, like just looking at the native tokens of the layer twos, the optimism token, the probably coming arbitrum token, then the tokens on layer twos, like the Lyra token, all these apps, and then also the liquidity money, like all this stuff is known.

Starting point is 00:19:13 But then part two of this whole series is something that I'm pretty sure, 99% of listeners, 99.9% of listeners have not yet heard of. And the magnitude of this opportunity is equal to all the other opportunities on layer two. So don't fade that podcast. Yeah, listen to them both back to back. Okay, NFTs, all right? So, Defy seems a little dead these days, David. But what's propping up the Ethereum economy these days? It's NFTs.

Starting point is 00:19:39 Again, people thought NFTs were dead. When will the JPEGs go down in price? It's like, never is the answer. What's happening here? What are some metrics that are relevant? Well, okay, so there's been 160 million transactions on NFTs, which are absolutely crazy. OpenC registered more than 476 million.

Starting point is 00:19:58 worth of MNFT trades on one day. That was one day. That's half a billion dollars of volume on May 1st. As a result of the other side project launch, which we will get into in just a little bit. The single previous day record for OpenC with $323 million set on August 29th, 2021. So NFTs continue to break records. However, I will say that there is a lot of churn in NFTs.

Starting point is 00:20:24 Volume does seem to be just kind of permanently leaving. projects and going into newer projects. So there's always this like churn, this like rolling forward of the NFT ecosystem, where volume seems to be going all-time highs every single quarter. Like it's going into new projects every single quarter. So like it's not like defy tokens where like the same tokens are around quarter after quarter after quarter. There's always something new in the NFT world because like everyone's always looking for

Starting point is 00:20:49 the next new shiny thing. Yeah, right, right. That's how it goes, guys. And we've got some more stuff to cover for you, including the ape gas fiasco. David just alluded to it. We're going to talk more about that. EnS markets are on fire as well. We're going to discuss why. And what's the last one? This is big, David. I hope it comes out by the time I say this, because if it doesn't, I'll be in trouble. But the hop drop. The hop drop is coming. It's a drop. And we're going to hop about it.

Starting point is 00:21:16 And it's going to be fun. All right guys, so all of those details are coming up in the second half of the show. We'll talk about the hop drop and other related things right after we get to some of these fantastic sponsors that help you go bankless. If you're trying to grow and preserve your crypto wealth, optimizing your taxes is just as lucrative is trying to find the next hidden gem. Alto IRA can help you invest in crypto in tax advantage ways to help you preserve your hard-earned money. Also, crypto IRA lets you invest in more than 150 coins and tokens with all the same tax advantages of an IRA. They make it easy to fund your alternative IRA or crypto IRA via your 401k or by contributing

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Starting point is 00:23:59 All right, guys, we are back. Newly released on the scene. Lido is doing an interesting scorecard for themselves. They are giving themselves a self-assessment, excuse me, a self-assessment on all the things that make Lido, Lido. So I just really like this because it's just transparency and making, like, the weaknesses of DOWs explicit. You can check this out at scorecard.lydo.fI.

Starting point is 00:24:21 and they just go through and give themselves a rating a self-assessment on every single variable of every single metric that they need to work on. And so they have things like no distribution geographically around the world. They have things like governance that needs to be improvement, such as is there a robust set of Lido governance delegates? Is Lido governments have sufficient safeguards? Governance seems to be the weak one. But, I mean, I just like the explicitness and the intentionality that Lido is putting into giving themselves a rating, on vectors that they need to improve on. Yeah, we really need LIDO to become more decentralized

Starting point is 00:24:55 or other staking pools to kind of pick up the slack. Rocket pool is there, of course, they're more decentralized in a lot of ways than Lido, but they have not been able to accrue the massive amount of stake that Lido has. And so you see most of the issues on the scorecard, the decentralization scorecard, are all governance-related,

Starting point is 00:25:11 involved with who can be a Lido validator and who cannot be and how upgrades happen, this sort of thing. So, yeah, you know, what gets measured, gets managed, and look, they're naming it. So hopefully they get better. And this is super important because there's some debate in the Ethereum community about the massive amount of a stake that Lido has accrued over time.

Starting point is 00:25:30 And it's more decentralized than like, say, a coin base doing this. But still, there's a lot of centralization vectors. And that is not a good thing for Ethereum long term. Also, David, it's early in the game, though. Like we haven't even done the merge. You can't even withdraw your stake. So I expect a lot of things to play out. But hopefully Lido goes in the path of making their.

Starting point is 00:25:50 protocol more decentralized over time. Yeah, and overall, it's just giving a roadmap to other alternatives, other staking as a service, people saying, hey, like, if you're trying to do a staking as a service thing, like here are the variables that you also need to work on. So I think, I consider it just like a public good for the ecosystem, just touting out knowledge about the difficulties and what needs to be targeted. Yeah, I'm pretty happy. Let's see progress. What's next, David? EnS Constitution. There is a constitution, a literal book for the ENS DAO, a set of binding rules that determine what governance actions are legitimate for the Dow to take. But this is instantiated in a book. Like a physical book. A physical book. Yeah,

Starting point is 00:26:28 you can, well, you can download the digital edition for free. But you can buy a physical edition for about $115. But in addition to the physical book, there's also the special limited edition where you can bid using the ENS token on 25 numbered copies out of a total of 50. I would imagine and the other 25 goes to like your Dow members. But there's a physical copy, a physical constitution with special edition being bidded on sometime soon. It starts, actually it already started. It ends in five days. So like, you know, real world relics about our DAO's, which are kind of cool.

Starting point is 00:27:01 If you are that into ENS, which you might be, if you are in the 10K club, which we'll talk about in a second, you might be interested in buying one of these special editions of the ENS Constitution. That's cool. Very cool. What's this, David? we got a transaction heat map feature from EtherScan. Yeah, this is just a good data visualization. So right now a new feature out of EtherScan. You can go into a specific contract or a specific address,

Starting point is 00:27:23 and you can just look at the heat map for activity, as in just how active is that contract, has that contract been over the last year? The cool thing is you can do this for every single contract. So you can just get a nice little visualization of the activity around addresses. What am I looking at? Is this less more, less more of what, transactions for this particular contract? Just like raw transaction number.

Starting point is 00:27:43 Ah, cool. That's cool. Yeah, EtherScan just continues to pump it out, pump out the features. I show up guys. Raise time. Man, every week, I feel like there's a new crypto fund that's raised some money. This is a crypto fund that is investing primarily in public tokens. The title of this article is Crypto Wonder Kids secure $85 million to start their own hedge fund. Ryan Watkins is in on this. We've had him on the podcast before. He's a former analyst at Masari. Definitely knows what he's doing. And there's a lot of big investors backing this particular fund. Who are they, David? Oh, my God, there's so many.

Starting point is 00:28:19 Brad Burnham from Union Square Ventures. We have Apollo Global Management co-founders Josh Harris. Also, Doquan, I think you all know who he is. Alameda Research from out of SBF's camp. And also got multi-coin capital's Kyle Simani. So some big chads going into this fund. What's cool about this is I do think that there's something to the thesis that the real opportunity is not private markets in crypto.

Starting point is 00:28:41 It's actually undervalued public. markets. And so I expect this fund and others to follow to see if that thesis plays out. Here's another one, Syndicate. They just got another $6 million in funding. What is syndicate, David? Syndicate is a new fund. It's $6 million isn't all that much, but it's the structure of syndicate that is more unique. It's kind of like a Y combinator, but for DFI, but for DOS. And it's trying to figure out how do we include as many people as possible, compliantly and legally, which is the challenge into the fund. And so they have raised, as a result of this, a total of $28 million in just this year.

Starting point is 00:29:17 Again, a very, like, robust name of contenders on this list. A16C, Carta, Ledger, Circle Ventures, OpenC, Uniswap Labs, Coinless, Polygon, YG, G, pool suites, Sephirmeon, Outliers VC Dow, creators of Friends with Benefits, Rug Radio, Lute Project, Deadfellas, Nansen. Like, all of these people are part of syndicate. The cool thing about this is it's not actually a fund. It's a tool set that allows people to create decentralized investment clubs. They have over a thousand different investment clubs that they've created on this fund. And so this is another $6 million to fund that infrastructure and that tool set. So more investment clubs coming to crypto, more democratization of finance, which is definitely what we need. We need fewer. You have to own a million dollars or over in order to invest in this fund. And more. more like capital structures for the people. And hopefully DFI brings that about.

Starting point is 00:30:13 David, it's jobs time. But we also have a community question going into this. What's the question? Yeah, so we are doing a new segment called community questions. They're going to go at the end, but because this particular question is relevant to jobs, we are raising that question up to the job section. And so Degenerati, I love the name, says, are there jobs in Web3 for people who don't have experience in Web 2 or code?

Starting point is 00:30:35 and degenerati, I think we got plenty of answers for you on the bankless jobs board. The answer is yes. It definitely are. I'm going to go to that jobs board and show the positions. Maybe as we go through, we highlight them because it's time for us to tell you that you should be getting a job in crypto. Now is the time. Crypto companies, crypto projects, they are hiring hard right now, and you should investigate.

Starting point is 00:30:56 You should be on their list. You can enroll in the collaborative, submit your resume. Also, I'm going to read out a few samples of jobs that crypto companies are hiring for as David dances and listen for the ones that are non-technical. The first is a marketing manager. Non-technical. Non-technical. B-B of engineering.

Starting point is 00:31:15 That one's technical. Yes. Head of growth. That was not technical. Lead community managers. That's on technical. Senior product designer, parcel. Kind of technical.

Starting point is 00:31:24 Not really, though. Ethereum core developer, Nethermind. That's extremely technical. Yeah, don't. Sorry. That one's technical. GoLang engineer, Starknet client, Nethermind as well.

Starting point is 00:31:33 Bankless newsletter editor. What's that, dude? Non-technical. That's on technical. Content manager at Talley. That's non-technical. Director of Developer Relations at Valist. That might be a little technical.

Starting point is 00:31:43 A little bit, not really though. Solidity architect, Alloo. That's definitely technical. Marketing manager, Meshaw. Non-technical. U.X designer Prometheus Research Labs. Kind of mixed results. And community manager at Digen Dogs Club.

Starting point is 00:31:56 Definitely non-technical. You just seem to be sociable. So as you can see Digenerati, there are a lot of opportunities for people who want non-technical career. trajectories in crypto. In fact, I feel like that's a lot of the demand these days. That's where some of the, like people need managers. People need like, people's growth skills, marketing skills, community management skills, writing skills, writing skills, universal. Writing skills are universal. Get a job in crypto guys. Like, even if you're non-technical, especially if you're non-technical. The bankless job board has those jobs for you. So go submit your, your resume,

Starting point is 00:32:26 submit your profile or take a look at one of those jobs. David, you ready to get to news, man? Yeah, let's do it. Are we ready for it? Yeah, this one's big. Why you lead with it? This is what I'm dubbing the hop drop. Hop protocol, one of my favorite bridging protocols. It allows you to be a bridge or across all the layer two's and back to the layer one. And they, a while ago, teased this loading bar, which is like really, really close to finish. And also, I hit up the hop team that there is no official hop team.

Starting point is 00:32:55 There's actually a really cool story behind hop. They've never taken any venture capital, Ryan. Really? Like, yeah, they've never taken money. You can do that? Yeah. That's an option? They just started building out hop protocol.

Starting point is 00:33:04 they put a team together. And they haven't, it's a little bit like ENS Dow, where they have not taken any outside investors. And so how they are releasing this token, they call it the fair, fair launch, where like Uniswop was the fair launch,

Starting point is 00:33:18 right? Retroactive token because no one saw it coming. No one even knew what the term retroactive token air drop was. But now that's been gamed. And so Hot Protocol, they've been doing this fair, fair launch strategy where they kind of just figure it out. They just give it, hey, you've done some work,

Starting point is 00:33:32 here's some tokens. You've done a lot of work. There's a lot of tokens, and it looks like they are teasing perhaps. Again, what I'm dubbing the hop drop. Well, and perhaps they might be coming perhaps on the bankless podcast and YouTube channel. Perhaps tomorrow? Or today, as you're listening to it. Friday.

Starting point is 00:33:50 So 1 p.m. Pacific time, 4 p.m. Eastern time. At the very least, hop will be launching the Dow. And so we're going to talk about that with Chris Winfrey from Hot Protocol. Yeah. So as we're expecting some announcements, probably by the time this. this podcast comes out. I hope it comes out. But anyway, stay tuned for the live stream with Chris Winfrey of Hot Protocol. Yeah, we should say at the time of recording, it's unknown whether there's going to be an air drop associated with this or not. But when people say Dow, they also generally

Starting point is 00:34:19 mean token, because how is it Dow governed by tokens? You guys put one-on-one together and join us at 1 p.m. Pacific time today to hear what they have to say and what some of the criteria for the Dow responsibility might be. David, what else we got to talk about? Fiasco time? I think it's a fiasco time. So this happened this weekend. I was kind of monitoring it a little bit, Twitter, but like, you know, and this one was hard to pull away from once you realize what happened. Could you go through the Bored Ape Yacht Club, mint fiasco, the crazy gas fees that people experience this weekend, and all of the fallout that resulted. Yeah, so listeners might remember Yuga Labs released that deck a while ago talking about their

Starting point is 00:35:01 Metaverse. They're going to build out a Metaverse complete with virtual real estate, virtual land. So we have come to that part of the deck. There was the other side, which actually I think is a cool name for Metaverse Land, other side. Metaverse Land NFT Mint was happening on

Starting point is 00:35:17 Ethereum. And so this happened on Saturday. Saturday night, this Mint went live. It was the largest NFT Mint ever. And the demand for the other side land NFTs was so strong that it even crashed ether scan. Very rarely will ether scan ever go down, but they managed to get this done.

Starting point is 00:35:37 The average gas price, Ryan, was absolutely insane. Like, never before seeing gas prices. Like, I saw numbers up above like 3,000 for a very brief moment. 1,000 guay. Yeah, 3,000 guay for the, for the very, very peak. But even on the coin metric chart, you can see here, there's absolutely needle of a candle all the way up from like the typical gas fee that's been in the last few weeks of like 40 to 50 all the way up to 800 dwarfing all of defy summer so that is pretty cool 60,000 234 eth were spent in gas fees Ryan that is absolutely insane and in one in just a few like an hour or so it's new contract brand new contract becomes number six in the all-time high leaderboard for

Starting point is 00:36:24 burned ether that's a head of MetaMask that's ahead of MetaMask that's ahead of Meta mask. And so, like, just jumping up to the top, inside of 24 hours, 55,900 ether was burned. This is it right here. This is it right here. It's other deed. Other deed. That is it. That is it. On the burn leader board. Number one. It's number one on the week. Oh, it's number one in the last 30 days. Yeah. And it's number six. All time. It's all time six taxpayer. Thank you, Board for your contribution to Ethereum Public Goods funding security. That's a pretty big contribution. Yeah.

Starting point is 00:37:02 It's not necessarily a good thing, though, right? It's not a good thing because a lot of people weren't able to get their transactions through. This is what happens when Ethereum becomes super congested as transactions fail. And so what doesn't happen is Ethereum doesn't go down. We'll talk about that Linneton second. But yeah, a lot of people weren't able to get their transactions through. They spent thousands on gas, but they are reportedly being refunded by Yuga Labs because Yuga Labs has basically infinite money. And then people people are going like why if only we could have known like how could this possibly happen like where did this come from? I'm blindsided by Ethereum's congestion issues completely blindsided there's no way we would have known that an NFT auction like this would have resulted in what we saw and then didn't Yuga labs I saw this tweet thread they went through a long tweet sort of apologizing their community what went right what went wrong and one of the tweets that Yuga lab sent out was basically like oh Ethereum is

Starting point is 00:37:56 not sustainable. It's not scalable for the apes. And so we encourage the board apiote club Dow to start planning to migrate to its own chain. That's what they said. So they want to move off of Ethereum. This was floated out there anyway and create an ape chain of some sort to handle this excess transaction, some sort of a side chain, let's call it. Are you sure about that's what happened? Other people were interpreting a brand new layer one. A brand new, what's the difference, right? It's a question. It's a side chain until you can get other people to come on the thing with you and then maybe

Starting point is 00:38:32 it's a layer one. But you have to kind of earn the right to be a layer one, in my opinion. Andrew Steinwald had a take on this. What was his take on Yucalab's potential threat to migrate? Yeah, he puts this into context. Dapper Labs, the creator of Cryptokitties, created their own chain flow because they broke Ether, Ethereum back in 2017 with the CryptoKitties congestion. 2018 Axi Infinity tried to work on ETH, but transaction fees were too high, so they tried on Lume.

Starting point is 00:38:56 That also didn't work. Lume Network is a deep cut of an old plasma chain that is no longer relevant. So that didn't work, so they launched Rona in the side chain. Yuga Labs now also saying Ethereum's broken, so they need a new chain. For the record, Ethereum is like five to ten times more scalable than it was back in 2017. That's a little fun fact. We actually have way more scalability than we did back in the CryptoKitties days. you can talk to the Mutable X team

Starting point is 00:39:22 who minted a ton of on-chain NFTs. But then there is some pushback on this whole thing where Fubar, he's a famous crypto-twinter commentator, also a technical guy, he goes to Yucalab, saying to Yucal Labs, you guys wrote a terribly unoptimized contract, unoptimized NFT contract,

Starting point is 00:39:38 created a gas war, lied about Dutch auction mechanics to pump your own narrative, and then hid how many wallets were eligible to participate in the mint. Maybe get a solidity dev before you go trying to create buying a smart chain 2.0. Wow. Hot take. Hot take. That is a hot take, right? So basically,

Starting point is 00:39:55 they shot themselves in the foot. They knew that this would happen and they're not optimizing. And instead of kind of like saying, oh, we could have done things differently, they're kind of taking their ball and going to another chain. Yeah, they're saying, Ethereum's unoptimized. And then Fubar is basically saying, no, your guys' contracts were unoptimized. I think there's some skepticism. Some people are like, well, was this all planned to begin with? Because now you get to you benefit potentially from the, we've got a layer one token pump that is so popular in the narrative right now if, if, you know, ape coins become a layer one coin as well. But there is a path forward that I think it makes a ton of sense to me.

Starting point is 00:40:33 This is somebody called way-corri-wa-cori.eath. This is what I would do if I'm Yuga Labs right now. I fork optimism, launch my own roll-up. I make apes one house and the ape coin, the other house. This is alluding to optimism's two-house governance. later, I get atomic composability with the entire optimism ecosystem. This satisfies the need for the ape chain to have its own self-sovereign blockchain. Just fork optimism.

Starting point is 00:40:57 They already have, this is a beautiful thing, Ryan. The optimism team is like pioneering this whole two house governance model. One is NFT-based and one is ERC20 token base. The NFT is like this solebound NFT for identifiable people. And the other one is the optimism token. The apes already, they have demand for a brand new chain. that's their self-sovereign like control, where they get to create their metaverse.

Starting point is 00:41:19 They already have the NFTs, Ryan. They're the apes. And they already have the ape coin. It's the ape coin. It's 100% the right-in- All of these pieces are so perfect. This is, this is, this is advice. This is actual advice to any of the Yuga Labs people

Starting point is 00:41:33 that might be listening to this. This is the best path forward for you. And also not to fade the atomic composability with the entire optimism and other EVM equivalent chain ecosystem, not to mention the Ethereum Layer 1 itself. Yeah, I think it's the game theoretic optimum, you know, because otherwise you're actually, you have to spend ape coins in inflation or something to pay for security.

Starting point is 00:41:54 In this model, you get security of the theorem for free. So you're not really sacrificing anything from the migration. You stay completely composable and you maintain the security. Now, they might not benefit from the short term where an alt layer one pump, though, David. I don't know. There's a, there's a, we're a brand new sovereign blockchain layer two on a Ethereum pump. That's a, that's possible. Yeah.

Starting point is 00:42:15 I think it's a pretty obvious choice, but we'll have to see what they do from here. David, there's another big story that's happening, and that is ENS names. We talked about ENS a little bit earlier, and we mentioned it on the roll-up. People snapping up ENS names. What's happening here with the 10K ENS Club? Oh, yeah, this story has just continued, Ryan. There have been 1 million ENS names total created, and people are just bidding on all of these four-digit ENS names.

Starting point is 00:42:43 So they're calling it the 10K club, like, are you in the 10-K? club you know how they're like usually nfti profile picture uh projects are like 10,000 of them well the bottom 10,000 numbers of ens like one through at nine nine nine nine like zero dot eth one dot eth two dot eith all of these i don't actually think single digits or two digits are viable ens names so i think it starts at 100 got it might start it might start at zero zero zero oh for interpretation but anyways there's the 10 000 club as in the people that have three digit any Ns names up to four digit Ns names. Wow. So if you have like

Starting point is 00:43:17 1, 2, 3,4.Eath or remember last week 555.5.Eath got sold for 55.5Eath, of course. And so, yeah, if you have the four digit ENS names, you're in the 10K club and we're doing a live stream. Wait, so the 10K club itself,

Starting point is 00:43:33 this is not a Dow that's going out and purchasing all of these ENS. It's basically a self-organized entity that just came together and is like, hey, we have a club now and we're at Everyone in it who has from zero to 999.e. Dot eith, basically. And you come on in.

Starting point is 00:43:50 We'll build a treasure. We'll do some cool Dow stuff. But it's not a organization that started in advance. It's kind of more emergent Dow. It's a bottom-up Dow rather than a top-down. It's out of a trend. Guys, like, wait, do you guys also own four-digit ENS names? I own a four-digit and a DNS name.

Starting point is 00:44:07 Let's get it into a Discord together. It's great. It's really fun, man. Yeah. And so, well, there's also, well, there's the 10-1s, 10 K club, but there's also the 1K club, because there's for the people that only have four, or three letter, ENS names. One K club.

Starting point is 00:44:20 Yeah, one K club. Fun fact for you, David, you know turtles, there's only 500 turtles, tiny turtles in existence. So that's the 500 club. Brian, do not try and equate turtles. I'm just saying, look, I'm just saying that could be a club too, okay? Get out of here. Get out of here. Don't discard the turtles. Absolutely get out of here.

Starting point is 00:44:36 In addition to all of the 4Ks, I think the floor price for a 4K, you know, same as something like 1.5 eth. The 5 digit club, the 10,000, 10,000, no, the 100,000 club has 98.5% minted, as in there are only 1.5% of the numbers up to 100,000 that are minted. So there's still some numbers there to claim. There's 1.5% left, yeah. And as soon as they get, as soon as they get minted,

Starting point is 00:45:07 you know what happens is that the floor price starts to rise because people want to get into, at least if they weren't able to get into the 1K club, and they weren't able to get into the 10K club, well, then they can get into the 100,000 club. Still, there's the million club to come. There's also a million club. It keeps on going. Oh, hilarious.

Starting point is 00:45:24 It probably dilutes with each club that you become part of and that ring there. But speaking of... Before we move on, we are doing a live stream with two members of the 10K club community tonight, as in yesterday for you Friday listeners. And so that is available on the YouTube as well. And everyone is a Friday.

Starting point is 00:45:42 listener besides our editors. So that applies to all of you. Yeah. So for the editors, we're live streaming, but you guys hardly know that. Let's talk about this. Starbucks, sticking in the NFT game, man, corporate NFTs. They're a thing. Sweet. My favorite. Budweiser doing this and such. What's Starbucks doing, though? Do they have a unique take or is it kind of same same? It's, uh, let me, let me read it to you, Ryan, and you can tell me if this is unique or if this is the same same. Starbucks X, we plan to start our first NFT collection, membership and community later this year based on coffee, art, and storytelling. It will come with a host of unique experiences and benefits worthy of a Genesis NFT collection from Starbucks. Okay, unique or the same same.

Starting point is 00:46:22 You know what? Starbucks has never done this. I've never seen it done with coffee. We could have a utility NFT for coffee. Who knows? I guess, you know what? It's cool. Look, I don't want to disparage it. It's cool. Look, Starbucks is getting in the game. I think it starts to feel when you see too many of these experiments that are kind of cookie cutter and they're coming from corporate it starts to feel a little you know me too innovation theater we're using nfts too watch our stock price go up a little bit like that so we'll see what they actually do we should probably suspend judgment until we actually see what starbucks is trying to put out too late i already judged well you did judge but let's give them another chance is what i'm saying remember buddweiser they're doing it well buddwiser started from the

Starting point is 00:47:02 beginning very strong yeah they have never tripped up we're you can hear the nfts us that are just like, you better do this right, Starbucks, or we're going to judge you hard. Speaking of not doing things right? I mean, they already have shitty coffee, so why would we expect any different from there any NFTs? He's also a coffee hipster. Listen to this guy. Speaking of doing things right or maybe not doing it right, Salana. They went down.

Starting point is 00:47:25 Down bad like Salana. Okay, down bad. And this is not the first time. We've talked about it a few other times. It's not the third time. It's like the fifth time. I think so. I've lost track.

Starting point is 00:47:34 But I think this bears some analysis or some conversation. Why don't you start by telling us what actually happened? Yeah, there's a Solana status Twitter account, which, that existence of that Twitter account, I feel like tells you everything you need to know. Anyways, block production on Solana Mainnet has halted. There's been, quick side quest, there's some debate as whether the halted word is appropriate. Other people have said, just say, call it what it is. It crashed.

Starting point is 00:47:59 Validator operators should prepare for a restart in MB validators channel on Discord. So, yeah, that's what happened. When was that? That was on April 30th in the evening. time. Solana ended up going down for seven hours because of bots that were swarming an NFT project called Candy Machine. So Solana Foundation calls it in effect a denial of service attack. But again, debate because people were, these were normal NFT minting bots using the Salana blockchain more or less as designed. Like you have those bots on Ethereum too. But there were

Starting point is 00:48:32 too many of them. And because Solana doesn't restrict its block size and it lets every transaction go through, they just got swarmed with capacity. And so it broke, it crashed, it went down. That's the first part of the story. So Solana goes down due to NFT bot spam transactions, right? And so number one, we should say L1 blockchains are not supposed to go down. Like, let's just repeat that. Number one job. They do not go down. I understand people talk about, well, it's in, it's in beta, but it's like, I don't know how much. A $20 billion dollar beta? No, as soon as you're a $30 billion or larger, you are not in beta. That's what I think.

Starting point is 00:49:09 You have user savings on there. So you have a layer one. But the other thing is, imagine if this was like a layer one that had all sorts of layer twos attached to it and settled on it, right? Then all of those layer twos would no longer be functional either. So you can't build on something that is not up all of the time. That's not the only part of the story. And I think even the more alarming part of the story is not only did Solana go down,

Starting point is 00:49:33 there's talk of censorship at the valid. level, which in my mind is even worse, David, but what are we looking at now with this tweet? Yeah, in the effort to get the Salana train back online, they were talking about blocking the contracts that the NFT bots were engaging with. So if they block the contracts, as in the validators say, hey, we don't answer to this contract, any transaction that is pinging this contract. We will not process. We will not honor. And so they, hey, somebody says in the MB validators discord in Salana, they say blocking candy machine V1 and V2 and the Magic Eid and Cloned should be a last resort, any other options.

Starting point is 00:50:08 Somebody follows up saying, in my opinion, blocking them is perfectly fine for now. I'd rather have a network that is up without NFTs versus a network that is down. And then 10 green check marks in support of that. And then people spelling all in letters, yes, F the bots. But like, Ryan, it's not like I'd rather have a network that is up without NFTs versus a network that is down.

Starting point is 00:50:30 It's I'd rather have a network that is up with censorship versus a network that is down. That is the through line here. And that's the thing that I personally do not agree with. It's also a whole bunch of validators in a Discord channel shouldn't have the ability to decide this. It's not like this shouldn't even exist. This conversation shouldn't even be possible

Starting point is 00:50:50 on a layer one that is censorship resistant. That's what we're saying. This is a tweet from the Magic Eden founder. I think it may be coming into Discord. What does this say, David? Well, this is not the Magic Eden founder. this is a guy saying that the Maya Chiquita founder is begging Salana Vala Validators to not block their contracts. And he goes, please do not block this contract.

Starting point is 00:51:11 Please do not block this contract, right? Because this is this guy's business. Like he's got a business to run and it's on Solana. And like the Solana validators are like, no, we're going to have to like shut down your business because it's clogging the network. I'm a little bit worried we're a broken record on this, all right? Because so I don't, I just, I don't want people to get the impression that we're just like bankless is here and we're just like arbitrarily bashing other chains. Okay. The reason we're talking about this is because decentralization is essential, without decentralization,

Starting point is 00:51:41 without censorship resistance properties, we don't even deserve to be, the whole industry doesn't even deserve to be worth over a billion dollars. It's accomplished nothing. We're databases. We're open databases. We are not a new social fabric that we can, like, create a money system on or create a new property right system on. Effectively, everything that the crypto people have been talking about is a bunch of bullshit. Okay, that's why this is important to us. And it's not about Salana in particular.

Starting point is 00:52:14 It's about let's make sure at the base layer of our protocols, we're building decentralization such that corruption can't seep in, such that validators can't censor and block transactions. Because if we're doing that already at this early stage in the game, then we're no better than the system we just left. You had to take it. on this too, David. Yeah, I called this the dual problem of Solana. It goes down because its fees are too low to prevent spam attacks. And the other problem is that the Solana tokenomics are terrible because it's issuing

Starting point is 00:52:44 $8.5 million a day in security spend while only generating $53,000 in fees per day. So, like, cross those two things. It can't keep itself online because it doesn't prevent transaction fees because their fees are so low. Or excuse me, it doesn't prevent, like, spam attacks because the fees are too low. But the tokenomics are bad because it's inflating so much and it's not capturing any revenue. So, I mean, to me, the simple answer is you raise the fees to prevent the spam. And then you, as a result of those fee, that fee capture, you stop issuing so many sole tokens.

Starting point is 00:53:16 This, of course, is like the Ethereum game plan. So like the critique here is like, oh, you just want Solana to be like Ethereum. Granted, Solana is being designed to do something that Ethereum is not. It's supposed to be this like all, like this instant messaging platform across the world. But like, in my mind, it's just like that's not how blockchain. work, it's just not what's going to be long-term sustainable. So this is my path for Salana to become a network that has good tokenomics that also doesn't go down. Look, and I recognize, I think the Salana community knows that they still need to fix things. And so there is the hope out there that they take a

Starting point is 00:53:49 path that leads towards more decentralization while they're scaling this. And maybe you kind of agree that the Salana network is in beta and they need to take steps towards this. So I just very hopeful that the Salonan community gets things together and they figure. this out and they move it forward, but they're not going to be able to do that unless they have some better mechanism design here. Yeah, the last take I'll say on this is remember, we are here to have anti-Nation state level resistance. And so if your network trips over because like NFT minting bots killed it, like a nation state can definitely kill it. Like it can definitely go down. Yeah, the Fed just has to go in that Discord channel and be like, yeah, stop right now, please.

Starting point is 00:54:27 You guys, quit your shenanigans. Yeah, stop your blockchain. Right now. And then deactivates or AML KYC or anything else you'd like. Anyway, moving on. Word Buffett. Still doesn't like Bitcoin, David. He just doesn't get it. This is my shocked face. Well, let's read some of the quotes he said. So he and Charlie Munger just this week, Buffett said he wouldn't pay $25 for all the Bitcoin in the world. Yes, he would, Buffett. Don't lie. Why would you not do that? Right. Yeah. It's like a, it's like a, he's virtue signaling, right? He's basically with virtue signaling and say, hey, all the other boomer investors of the world, I wouldn't take

Starting point is 00:55:06 Bitcoin for $25. He goes, in my life, Charlie Munger says, in my life, I try to avoid things that are evil, stupid, and make me look bad in comparison to somewhere else. And he says, Bitcoin does all three. Question mark there. But then he follows up and saying, the billionaire investor explained that holding Bitcoin is stupid because he expects it to be worth zero dollars in time. Okay.

Starting point is 00:55:27 Evil, because it undermines the integrity and stability of the U.S. financial system. Yeah, statist, okay. And also makes the United States look foolish because China's ruling party was smart enough to ban it. See, Ryan, these in my mind, I call these all personal problems. As in like, yeah, those are your problems, bro. Like, Bitcoin's going to add another block every 10 minutes regardless of your opinion on it. You know, it really cracks me up when people like this talk about Bitcoin say it's stupid and it's going to zero. Yet it's also evil and it undermines the U.S. financial system.

Starting point is 00:56:00 Like, you got to pick one of those things. If it's stupid and it's going to zero, it's not going to undermine the U.S. financial system, is it? It's just going to go to zero, so you don't have to worry about it. So how come you're saying it's stupid and it's also undermining the U.S. financial system? You've got to pick one, Charlie. Sorry, you can't be both. That's a really good point. Yeah, well, moving on.

Starting point is 00:56:20 Maybe Buffett, Munger, come on bank lists. I have a big discussion. They're fantastic investors in other areas, so I just don't understand this refusal to, like, dig deep in the space. but let's talk about this. This is big, David. So pull together is involved in something. We alluded to this in the intro today. Tell us what's going on with this troll

Starting point is 00:56:41 that seems to be suing pooled together. Yeah, somebody who is connected, intimately connected with Elizabeth Warren's campaign. I think a previous campaign, like, helper person, came to pool together. They bought $10 worth of pooled together tickets for pooled together's no-loss lottery, which they call a prize-linked savings account

Starting point is 00:56:59 as in it's the savings count that you get a prize every now and then. And then as soon as they did that, they filed a class action lawsuit against Pull Together, saying that it operates in a regulatory, legal gray area, and then it's actually a lottery, and that is not a legal thing to do. And so this class action lawsuit is suing pulled together on behalf of every single Pull Together user

Starting point is 00:57:22 that has ever deposited money into Pull Together. I'm one of those. You're one of those. So he is suing pulled together on your behalf, Ryan. And so of the, I believe, the $144 million, $122 million that has collectively been put into pool together, they are suing doing a class action lawsuit for 2x that amount. So they are suing pool together, $244 million to make their users whole. The thing is, pool together is a no-loss lottery.

Starting point is 00:57:49 No one loses any money. That's the point. So no one lost anything, yet they are suing, in a class-action lawsuit, pooled together, for a quarter billion dollars. This is, it's embarrassing, David. They're picking, like, the nicest protocol to do this to, right? Rather than go look at all of the other, like, all these D-Gen protocols and, like, people who've got shitty paths and maybe have run away with the money, this is freaking pooled together.

Starting point is 00:58:13 It's pooled together. Never lost anyone to die. Like, tens of thousands of people from, like, countries all across the globe. If there's any defy app that has onboarded, like, third world countries and, like, non-Western countries the most, it's pooled together. It's a savings account. man. It's a savings account that boosts your savings. Why isn't this person who put, why doesn't this person put $10 in their Wells Fargo account and sued the U.S.

Starting point is 00:58:39 government for like losing 9% per year on their money, right? Like, I mean, pooled together is only upside. I don't know why they're picking on the nicest kid in the class to go do this to. Maybe it's because of sort of the lottery type of example. Maybe they feel like they have a stronger legal case, but it's very clear to me that they are trying to make a statement to the entire defy industry. And they are trying to use the court systems, to troll the court systems into like, I don't know, some sort of action that would further regulate, further constrain, further destroy the innovation of the defy ecosystem in the U.S. That's what the intent seems to be. Yeah. And I think they're not, they don't really care about pool together specifically,

Starting point is 00:59:25 I think they are seeing pool together as like a chink in the armor because of its association to being a lottery. And they're going after pool together. And I think the strategy here is if they win something in court, they get to go in discovery mode. And so pool together has to turn over all the communications, all the discord messages. And then like all those people. It's a Dow. So they work for other Dow's. And so the communications about like Uniswap comes out and compound comes out.

Starting point is 00:59:49 And so then they get information about those things. And it's like a backdoor attack into the defy ecosystem. using a legal exploit in the legal world. It's incipit in both accounts. So absolutely F these people. It's not even a lottery, right? Like in the traditional usage of the word lottery, people put money at risk and they actually lose money.

Starting point is 01:00:12 No one's lost money here. They've only gained money here. Or not, or nothing. Worst case scenario, you get your money back. I hope in some way that the defyne crypto industry rallies around pooled together. I don't know if there's a way to do that, but like if this is a hill to die on, I mean, like you pick the wrong protocol guys. Like, I mean, there's examples of shadowy protocols out there with like some, you know,

Starting point is 01:00:38 stuff that like some shenanigans going on. Pool together is not one of those. Right. Okay. So I don't know if there's a way to rally the defy community around this and push back. But like we have to win at every level of government or else people who, I don't know, what is the vendetta against? this? Is it coming from the banking industry? I don't know. Well, I mean,

Starting point is 01:01:00 a former technology lead for Elizabeth Warren's 2020 presidential campaign. Mr. Kent is described in his lawsuit as someone who is gravely concerned at the prospect that cryptocurrency, which consumes voluminous amounts of electricity, could contribute to climate change besides enabling bad actors who circumvent financial sanctions. So pool together? What? It's just, look at this. Voluminous amounts. of electricity, contributing to climate change, I put $10 in pool together, and now you owe me like $150 million. Insane.

Starting point is 01:01:35 Yeah. Anyway, enough said there. Hopefully it's just, you know, nothing comes to that, but I know protocols like pool together has spent a lot of money fighting these legal fees. So this is not just, this has been ongoing, this news broke. We actually covered this news months ago, right? Like, person put $10 into pool together and now suing them over gas fees. Yeah, we saw the original complaint.

Starting point is 01:01:53 Yeah, that was like a quarter ago. This has been going on for pool together. ever since then. So it's not like this is some brand new thing. Like they have been fighting this and like they're finally just like going public about it. All right. Moving on. Hopefully things get better. We get a lot of work to do in the U.S. The Faye protocol. Speaking of things, not getting better. Yeah, this is not getting better. Okay. So there was an exploit, Rari Capital exploit. David, what happened here? Yeah, there was a 80 million dollar exploit in a what's been described as a textbook re-entrancy bug. Somebody was able to bug the Rari side

Starting point is 01:02:24 of the Faye Rari Dow for $80 million. As a result, there is a $10 million bounty on that $80 million on that capital exploits. I don't really know how to read the code, but there was a cool tweet that I saw that illustrated the exploit. But again, the person putting out this team says is a textbook re-entrancy exploit, whatever that means. That is the type of exploit that I believe. Is that the one that got the Dow, David? Yeah, it was the one also that got the parity wallet. I don't know if re-entrancy attacks are like universally the same. It's probably just like the same pattern over and over and over again.

Starting point is 01:02:59 It's the smart contract code. There's a flaw in the actual smart contract code, which is different than an economic attack. Anyway, guys, we got more to cover. Coming up next, we're going to do this new segment, Dave. It's going to be a lot of fun. Questions from the nation. These are questions from roll-up listeners like you to David and I. We're going to answer those questions. Of course, we got to get to the takes of the week. But before we do, we want to thank the sponsors that made this episode possible. Arbitrum is an Ethereum layer 2 scaling solution that's going to completely change how we use Defi and NFTs. Over 300 projects have already deployed to Arbitrum and the Defy and NFT ecosystems are growing rapidly. Some of the coolest and newest NFT collections have chosen Arbitrum as their home, all the while DeFi protocols continue to see increased usage and liquidity. Using Arbitrum has never been easier, especially with the ability to deposit directly into Arbitrum through all the exchanges, including Binance, FTX, Hobe, and Crypto.com.

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Starting point is 01:05:35 and so you can mint dye with the assurance that your collateral is safe. Soon, Maker will be present on all chains and L2s, so minting dye can take place on oasis.app, Zerion, Zapper, or any other defypiret protocol that you use. Follow Maker on Twitter at Maker Dow and learn from the oldest and most resilient down existence. All right, guys, we are back. We're starting with the questions of the week. This is maybe a recurring segment we're going to do.

Starting point is 01:06:00 And the call to action, guys, if you have a burning question in your mind, if you're listening to the roll up for David and I to answer, go follow at Bankless HQ once a week. It will ask you what question you have. You could drop your question in the thread, and we will pick maybe one of the most liked our favorites to answer, and we got a few questions teed up. What's the first one, David? Yeah, first one comes from Michael Wong. Good buddy Michael Wong actually works at bankless. His question is for you, Ryan. How tall are you?

Starting point is 01:06:27 I feel like this is a troll tweet, okay? Because there's some rumors going on. How about you'll find out, David, when we meet in person. I think no one knows this. But I'll give you guys a hint. It's somewhere between 4 foot 6 and 6 foot 4. I think it would be between those numbers. What else we got? Well, I think that confirms that you are not a bot because you, At least have legs. Yeah, definitely have legs. Definitely have legs. All right, next question. I'm a huge friend of the podcast, and both of you. Thank you to truckin.e for that.

Starting point is 01:06:58 I have learned a ton about a crypto in general from bank lists. My question is, why do you guys seem to only talk about optimism, arbitrum, and polygon when discussing layer two's loop ring seems to be trying to accomplish exactly what you guys are. They don't finish that sentence, but we get the gist. You want to start? Loop ring is fantastic. Loop ring is great. We actually talked a lot about loop ring during the early days.

Starting point is 01:07:18 I think we're fans, we love all of our children, all of our children being all of the L2 solutions that are truly decentralized out there, big fans of Arbitrum, big fans of Polygon, big fans of optimism, ZKSinks, Starkware, all of these things, loop ring included. It's just a matter of like time and attention of what we can focus on in a given week. We tend to focus on the ones that are gaining momentum and gaining more traction. So, you know, one proxy for this that we like to look at is on layer 2B. You can see total locked value and growth of these layer 2. over time and we pick, you know, the most legitimate ones and the most high-growth ones are the

Starting point is 01:07:54 ones that we generally prioritize. But all of them are fantastic. What would you say, David? All right, I'll play devil's advocate, Ryan. I think the reason why loopering hasn't had the adoption that other layer twos have had is just because it's not generalizable. ZK roll-up, it does two main features. It's really good at payments, and it's really good at swapping tokens. So, like, it's a good, like, currency exchange slash payments roll up. You can also do NFTs on it. but it doesn't have like the generalizability that something like an optimistic roll-up has. And so that like constrictedness and use cases, I think is why like loopering has kind of lagged behind the rest of the layer two ecosystem over the last year since we started covering it.

Starting point is 01:08:33 But I mean, as soon as we see any meaningful adoption, we'll start talking about it. But just like, you know, got to go to where the attention is. Got to go to where the news are and news is. And I just don't see that much like use cases coming to loopering that frequently. Yeah, absolutely. Here's the next question. I don't know if this is a, I don't know if this is a troll or what. No, it's a good, maybe a little both. It's good. You want me to read it? I'll read it. Yeah, you read it. Which one will come first? Sharding on Ethereum or Ethereum the movie? Well, that's a legitimate question. Never mind. I take it back. This is not a troll question. So what do you think will come first? Eith Sharding or Eith the movie? And we said, Eith the movie was coming what? Cammy told us 2024, two years from now. You're going to get sharding sometime before 2024? Yeah, well, it depends on when in 20204 the movie comes.

Starting point is 01:09:19 But like, you know, both of these things could be delayed in tandem with each other. So this is actually a really tough question. Like the timing on these things is actually kind of lining up. I do think charting does happen in 2024. You know what? This is a good question for the dank charting panel that we are doing. So this is a pan. Look, that was totally unintentional.

Starting point is 01:09:40 There's a panel. We're having Vitalik. We're having Tim Bako. we're having some of the other Ethereum researchers. Dengrad. The dank and dank sharding is coming. This is like an earlier attempt to bring sharding to Ethereum, basically, in the form of data sharding. And I think we're going to want to talk about timelines, if we can, in that panel.

Starting point is 01:09:59 Are we talking dank shard in 2023 or 2024? We'll ask that question. Of course, Tim Beko and the rest of the Ethereum researchers hate having dates press upon them. So we'll ask this question instead. That's a way. That's a way. Thank you, listener. For giving us this question.

Starting point is 01:10:15 It's a much more low-key way to ask and not put them on the spot, but still put them on the spot. Sorry, Tim. I know we're listening. Takes of the week. Takes of the week. This is, yeah, this is coming from you.

Starting point is 01:10:26 You want me to read it to you? Yeah, read it to me, please. Brian Sean Adams says that layer two's are parasitic. He's being facetious here. Layer twos are parasitic to the Ethereum economy the same way that New York,

Starting point is 01:10:39 California, Texas, and Florida are parasitic to the U.S. economy. And then, of course, he follows up with, Lull, no, they're not. They're really not, David. And this is something we talked about in our episodes early in the week, the trillion-dollar opportunity in layer two, which is this is a map of U.S. states, and they're all renamed in this map to countries with similar GDPs.

Starting point is 01:10:58 And so, like, California is renamed U.K., because California, U.K. are the same size in terms of economy. Canada is the size of... Texas is the size of Canada, right? All of these states are massively contributing to what? to the United States GDP. All right? They're all secured by the United States federal government.

Starting point is 01:11:19 They subscribe to the same security regime. They subscribe to the same protocol. That is a great analog for layer two. All of the layer two is that we've been talking about, loop ring included, optimism, arbitram, loop ring, Starkware, all of these things, if they are settling on the Ethereum network, then they are net accretive to the Ethereum economy.

Starting point is 01:11:39 They are part of the Ethereum network, if you will. People talking about, like, even last week, last weekend they were talking about Ethereum transaction fees are so high. Oh my God. And like, they are on main net, but broaden your view of what an Ethereum transaction is. If you're doing an Ethereum transaction, if you're doing a transaction on Arbitram or Optimism in the future, that is an Ethereum transaction. And that is 95% less in cost, right?

Starting point is 01:12:05 The transaction that would have cost you $10 on Ethereum Mainnet only cost you $1. $0.50 cents on arbitram, right? And so that is all net accretive. I don't understand this idea that layer twos are going to be parasitic to ether as an asset. They are absolutely not. And I think we have the full version of that case as to why in our episode, in our part one episode we dropped earlier this week. Yeah, for bankless listeners that are not on Twitter, this was part of the Twitter discourse in the last week, was that I think it was largely coming from the like the avalanche camp saying that layer two tokens, which is now in the conversation, because optimism, and launched their token, they were saying, well, layer twos are just going to suck away

Starting point is 01:12:42 all the transaction demand from the layer one. And we're like, yes, that's the point. But, like, the contrast is, like, Avaq subnets versus Ethereum layer twos. These are competing visions. And the claim out of the, some of the avalanche camp is, like, the layer twos will just be parasitic to Ethereum. I definitely don't see it. You guys listen those episodes and do your own due diligence and you get your take here.

Starting point is 01:13:06 David, this was something that I tweaked you a little bit. This one, this one triggered me here. This is a conversation from some non-crypto people about how blockchains are completely just like non-useful for computing technologies. So the parent tweet says every computer scientist should be able to see that cryptocurrencies are totally dysfunctional payment systems. And that, in quote, blockchain technology, including smart contracts, misspelled, is a technological fraud. Will they please go say that out loud? And then somebody follows up saying, Harvard computer science degree here, many, decades of practical experience, there is no computing problem for which blockchain is anywhere

Starting point is 01:13:45 near the best solution. And before we go to my tweet, I want to go to Santi Siri's tweet, who retweets this and says, oops, tease my tweet. Santi Siri, whoever had on layer zero, he goes, college dropout here, many decades living under high inflation, blockchains don't solve computing problems. They solve social, political, and economic problems. Yes. Yes. That's right. It's not a It's not a computation platform. It's a social platform. It's an economic platform. So, like, you know, Mr. Harvard with your computer science degree? Like, you're not coming in here being an expert, bro. And so this is the tweet I followed up. But maybe he was right, though, David, before you get to your tweet, maybe he's right. There is no computing problem for which the block. That's what he said, computing problem. It's in the domain of computing problem. Maybe he's technically right. He's technically right, but yeah, he just misses the force for the trees.

Starting point is 01:14:37 What is the force through the trees? Right. And so I did the whole capital letters on capital letters. I was making a fun of it and go, Harvard computer science degree here, decades of XP. I go, no amount of credentialism can help you understand blockchains. You learn about crypto by doing crypto things, not by sitting in an armchair. You know what happened next, Ryan? What happened? He blocked me.

Starting point is 01:14:58 Yeah. Well, look, man, your tweet was a little spicy. I understand. I think, look, I think that this is just the ivory tower talking about like, you coming down and saying, like, I'm an expert, I have these credentials. I understand, like, listen to me. Yes. And, you know, this, this system that you guys are creating over here is completely invalid. And haven't even spent the time to do the deep dive, due diligence, to actually come up with a well-informed critique. And we see this all of the time.

Starting point is 01:15:26 So I understand why you're tweaked. Do you have something against Harvard, though? No, it's just like, oh, I've got a Harvard degree. Like, it's kind of like, the crypto industry is inherently anti-credentialists just because like credentialists are like incumbent protections. And so like regulation, like credentialism, it's all just like trying to gatekeep away. And so like, you know, especially about blockchains where there is no textbook. There is nothing. And so you can only learn about crypto by doing crypto things. You can't learn about crypto by like reading about it. I just always turn back and I'm like, okay, explain why this industry is worth $2 trillion. dollars. Explain why it survived every single time that you said it was a Ponzi scheme and it was

Starting point is 01:16:08 going to zero just like Charlie Munger. Explain what's happening here. Put them on the defensive and you don't usually get good answers. You usually get answers like it's rat poison squared or it's a complete scam or it's toolups. It's a bubble. I'd love to hear from the great critiquers of crypto. They are few and far between. David, got to ask you the question. What are you excited about this week, man? Dude, I'm excited about the layer zero that I did with Carl Floresh. I've said it a bunch of times this week, but I saw I'll say it for my last time. Carl Floresh, he was a guy that got me into the Ethereum space to begin with during just the mania of 2017 when I didn't know anything. I was a crypto novice. All these different blockchains existed. They were spinning up new ones,

Starting point is 01:16:49 new tokens were a thing. I had no idea what was up, what was down and how to interpret these things. And then I stumbled upon Carl Florsh's CryptoEconomics. Study website where he was walking through like complex but also basic issues about blockchains and how blockchains work like things like nonces and hashes and he just like taught me so much in this thing and then so as a result of that is like oh whatever that guy is saying he's saying the right things like this guy gets it he understands what's going on and so carl force has been a personal hero mine ever since and i finally got him on layer zero Ryan and so we talked about what we we use the metaphor of like if humanity is a decentralized school of fish,

Starting point is 01:17:29 how do we steer the school of fish? So that's like the through line of the metaphor throughout the whole entire podcast. And this goes into the question of retroactive public goods funding and the MEV auctions on the optimism layer two. And it makes me super bullish on humanity, Ryan, because the public goods funding, we talked about this in the part two of our layer two podcast,

Starting point is 01:17:49 which again, for the 50th time of this podcast, listeners got to go listen to. The path towards a, Star Trek future, Ryan, is actually known. Like, we actually have the steps to getting there. Like, first, we sell blocks on optimism. We send that money towards public goods funding, using the retroactive public goods funding mechanism.

Starting point is 01:18:09 We build out public goods on optimism. We scale that out to Ethereum. We scale that out to the whole crypto industry. We scale that out to the whole world. A few question marks. And then all of a sudden we have a Star Trek future. Like, this path is concrete. And it makes me really optimistic about the future.

Starting point is 01:18:24 So if you have not listened to that podcast with Carl Floresh, I beg you to go listen to it so you can see the path forward for an optimistic future as well. Look, it's not just a substance that Carl brings. It's also tone. If you can find me a more optimistic human being, a more genuine human being, like, you know, I've never, I've never seen one. Carl, it just exudes this enthusiasm, this optimism, this hope for the future that's pretty infectious. All right, Ryan, you're up. What are you excited about? Look, it just kind of hit me. We booked Mark Andreessen for the podcast, all right? He's coming on the podcast with Chris Dixon.

Starting point is 01:18:56 And he does do That's the Adreson in A16Z For the listeners right there It's the guy who did the Netscape thing It's the Andreessen He created the browser You know The thing that we're all using

Starting point is 01:19:07 To like do everything in our life Whether it's mobile or on the internet It's like the portal into the internet You know he was there for that He was there for like all of Web 1's development All of Web 2's development Now A16Z is doing big things in crypto And Web 3

Starting point is 01:19:21 And I just can't believe that guy That guy's coming to the podcast dude Like I just He's been a on my list of people I've wanted to talk to since forever, way before crypto. But like, we'd have no chance to bump into each other, rub elbows until now. And so it just kind of hit me this week. Like, holy shit, Mark Andreessen's coming in the podcast.

Starting point is 01:19:44 So that's happening. That's what I'm excited about. Yeah, man. We were just getting like the wisdom of our technological elders getting on the podcast lately. He's also coming on with Chris Dixon, who was our most downloaded episode ever. So you know it's going to be fire anyways. plus you get the perspective of Mark Andresen andresen. Yeah, that's pretty cool. That's going to be a hot episode. Yeah, it's coming soon. And it may. David, me, the week.

Starting point is 01:20:06 Let's show it. Before we do, how many days until permissionless, Ryan? I don't know. I just, I've lost track of time. About 12. 12 days? 12 days? That's it till the first day of the conference? I think that's right. Oh my God, man. That is, that is soon. I'm excited. So here's the meme of the week. We brought on a new like meamer person in bankless. And so this is one of his memes. This is the, there's that, that cute gif of, like, the two toddlers running from super far away to hug each other. And it's me and Ryan. It's me and Ryan. It's awesome, man. I can't, look, it's going to be fun. We're going to meet in person. I don't know where that's going to happen.

Starting point is 01:20:38 We haven't, like, arranged it or anything, but it's, it's going to be awesome, dude, to actually meet you in person. In my physical human body, okay? Oh, yeah. Oh, yeah. That's what they all say. So, here's the weird thing. It's like, the artist drew my head backwards. I don't understand why. Well, yeah. That's because no one knows what the back of your head looked like, dude. That's what you said on Twitter. But then I showed you what my head looks like. This is exactly what it looks like. If that's not what it looks like, I'm going to be so disappointed.

Starting point is 01:21:03 I've never seen you wear a gold chain before. No, I put that on for the picture, you know, because it does fit the mole. It does fit the mullet. Yeah, this is my office there. You see that. Meme of the week. Do we have a second meme of the week? We do.

Starting point is 01:21:17 We know, just that one. Just that one. Guys, that's it. This roll up time. Thanks so much for hanging with us. As always, none of this has been financial advice. It's not haircut. advice either. Eat is risky. Bitcoin is risky. So is defy. You could lose what you put in,

Starting point is 01:21:29 but we are headed west. This is the frontier. Don't say we didn't warn you. We're glad you're with us on the bankless journey. Thanks a lot.

Bankless - Is Crypto Dead? Fed Crashes Markets. Bored Ape Land Mint. Hop Airdrop. Solana Down.

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