Bankless - ROLLUP: 1st In-Person WRU | Permissionless 2022 | Web3 Social | Staking & Wallet Wars

Episode Date: May 20, 2022

3rd Week of May, 2022 ------ 📣 ALCHEMIX | Get a self-repaying loan today! https://bankless.cc/Alchemix  ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALED ETHEREUM https://bankless.cc/Arbitrum  ❎ ACROSS | BRIDGE TO LAYER 2 https://bankless.cc/Across  🏦 ALTO IRA | TAX-FREE CRYPTO https://bankless.cc/AltoIRA  👻 AAVE V3 | LEND & BORROW CRYPTO https://bankless.cc/aave  ⚡️ LIDO | LIQUID ETH STAKING https://bankless.cc/lido  🔐 LEDGER | NANO S PLUS WALLET https://bankless.cc/Ledger  ------ Topics Covered: 0:00 Intro 5:27 MARKETS 5:30 BTC Price 7:00 ETH Price 7:13 BTC Ratio 7:34 Total Crypto Market Cap https://www.coingecko.com/en/global_charts  7:46 $35T in Global Market Value Gone https://twitter.com/cullenroche/status/1524441227931774976  11:08 PERMISSIONLESS 11:50 Web3 Social Media https://twitter.com/LensProtocol/status/1526918065409216512  https://twitter.com/sabarehmani/status/1527284540045086722  17:44 Robinhood Wallet https://twitter.com/Blockworks_/status/1526618593856823297  https://twitter.com/Blockworks_/status/1526620218352619521  https://youtu.be/pxolJ9ijVVc  19:43 SBF Takes 7.6% Stake in Robinhood https://twitter.com/fintechfrank/status/1524856587206246409  20:27 Coinbase MPC Wallet https://mobile.twitter.com/petejkim/status/1527027583254241280 26:54 Ledger Connect https://twitter.com/Ledger/status/1526638379886161920  27:28 Coinbase Liquid Staking https://blockworks.co/coinbase-cloud-figment-back-new-liquid-staking-protocol/  30:08 NEWS 30:10 Terra / Luna Updates 30:15 Do Kwon Called to Attend Parliament https://twitter.com/WatcherGuru/status/1526499355221495810  31:04 NFTs 31:15 Chainsmokers Album Royalties With Fans https://decrypt.co/100168/chainsmokers-new-album-nft  32:08 Spotify Trialing NFTs?! https://messari.us17.list-manage.com/track/click?u=5b89525c77acdd986027c25d1&id=62a55abfa2&e=29f2240adb  34:28 JOBS https://pallet.xyz/list/bankless/jobs  31:15 RELEASES 37:18 a16z 2022 State of Crypto Report https://twitter.com/a16z/status/1526524210927083520  39:37 EY Supply Chain Tracking https://www.theblockcrypto.com/post/147287/ey-unveils-supply-chain-tracking-service-on-polygon-nightfall  40:30 RAISES 40:33 a16z $600M Gaming Fund + Framework https://www.wsj.com/articles/andreessen-horowitz-debuts-600-million-gaming-fund-to-add-to-web3-bets-11652878800  43:49 Community Questions https://twitter.com/thefaketomato/status/1527029194336632834  46:11 TAKES 46:14 Legitimize Price Gouging https://twitter.com/VitalikButerin/status/1525301234516652032  49:34 Long-term Crypto Fundamental Indicator https://twitter.com/matthuang/status/1525871531070435328  50:21 Build the Dip https://twitter.com/RyanSAdams/status/1527278030095147008  52:46 What David’s Excited About 53:15 What Ryan’s Excited About Pics from Permissionless Meeting IRL https://twitter.com/0x_Lucas/status/1526237799699169281  Meeting on stage https://twitter.com/mad5/status/1526553782808678400  David + Ryan at DAO event https://twitter.com/JulianPscheid/status/1526756748555694080  https://twitter.com/GrayberJef/status/1526772418118836225  Rosenthal on Stage https://twitter.com/DisruptiveBrain/status/1526662343333138433 The Merge https://twitter.com/BanklessHQ/status/1526954353709531137  First ever Ryan+David pic with a fan https://twitter.com/res_fluid/status/1526910754473000961  Ryan + Dixon https://twitter.com/RyanSAdams/status/1526570918851530754  Getting Green Pilled https://twitter.com/BanklessHQ/status/1526625409214959618  DeFi state of the Union https://twitter.com/mcutler/status/1526914528633552897  Party https://twitter.com/PallerJohn/status/1527152102459461638  59:07 Moment of Zen ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

So all the haters, all the doubters, I am a real person. Can you confirm that for me, David? Bankless Nation, happy third week of May. It's not just the third week of May. This is the best week of May. David, what time is it, man? It's the Friday Bankless Week we roll up, Ryan, and it feels a little different for some reason this week. What's going on? Why is this different? Well, all of the rumors of me being a deep fake have dissipated suddenly because we now have proof of existence. So all the haters, all the doubters, I am a real. real person. Can you confirm that for me, David? Yeah, no. It actually, he does have matter. He does have physical matter. I can actually feel his face. There's no battery in the back of the head. I promise, guys. But look, man, it's been so much fun. This is the first roll up, David and I have ever done in person. And we met for the first time on Monday. There's a lot of first going on this week.

This is like a crypto story because people are blown away. In fact, like, I think 50% of the people we talk to don't actually believe that this is the first time we met. They thought this was a It's sort of a PR event because we've done, God, how many episodes have we done of bank lists before meeting? Like, over three, somewhere in the three to 400 range. Yeah. Uh-huh. Hours and hours and hours. And I feel like I, like, I feel like I've known you already.

And it was just this, this funny thing. We didn't meet in COVID. And now it's an opportunity to meet and we sort of delayed it, made a meme out of it. But it was really cool. Kept the ball rolling. Yeah. Yeah. Guys, stay tuned to the end.

And there's actually, I think, some footage of us, actually. meeting for the first time. It's just, it's just kind of fun. And this was permissionless, David. So if people aren't familiar with permissionless, what's this conference? What are we going to talking about today? Yeah, this is permissionless week. And now, permissionless has broken my brain about how a conference can go down. It's a very, very crypto frontier, but also very, very conferencing. And so the blockworks absolutely killed it with the curation and the back end. I think we killed it with some of the content. and some of the talks.

Definitely. Definitely. This has been like, it's a first year conference, and it's insane for a first year conference who goes so well. So already looking forward to Permission List 2023. Let me just tell you, like, for a first year conference, permissionless doesn't deserve to be this good. Like, it's like, it like shouldn't be allowed.

And it's, well, look, it's the best crypto conference I've ever been to, David. That's really saying something, Ryan. Oh, man, but we got so much to cover for you. And I think part of this episode is to update you on all of the announcements that happened at Permissionless because it seems like permissionless has become a shelling point for announcements. So number one, we got the birth of Web3 social, okay? The Lens Protocol release, David was on stage with a live demo. He created his first Lens wallet, which is like a decentralized identity protocol, social media,

and I'm calling it, man. I saw it this week is the first time I've actually gotten super bullish on Web3 social. So we're talking about that. What else are we covering, David? Oh gosh, there were so many wallet announcements, one out of Robin Hood. Robin Hood, getting into the self-custodial wallet game. We actually had a podcast recording with Vlad, the CEO, from Robin Hood, all about those details. That episode came out earlier this week, but we'll also talk about some of those details as well.

Coinbase had a secret announcement, which they revealed on stage here at Permissionless. Glido competition coming out of Coinbase in a partnership with other people in the staking community. What else is there? You know, there's not just the Robin Hood wallet. Coinbase actually announced a really cool wallet that I want to tell you about. Someone demoed this to me yesterday, and so did Ledger. So this is also Wallet Week, in addition to it being the birth of Web3 social media week. So, guys, we are going to take you through this.

Of course, David, we do the weekly roll-up every Friday. So if you want to catch this again, you got to make sure you like and subscribe, rate and review. Okay, so if you're listening to the podcast, give us a review, five stars, help us jack up to the top. of the charts and also if you are looking on YouTube make sure you hit that subscribe button send this to a friend because we're doing this every Friday right David tell them about alchemics before we get in some people don't believe that this is a real thing because it sounds too good to be true it sounds like a little like a doquan Algo stable coin but it's actually awesome tell

them what this is yeah especially when we are trying to avoid getting liquidations but we're still trying to get defy capital and yield on our capital alchemics is a self-repaying loan system So what happens is you go to Alchemics, you deposit your dye, you deposit your ether, and then up to 50% of your deposited capital, you can borrow against that capital. And you get your basically your future yield payments to you up front. And so deposit 100 die, borrow 50 die while that 100 die goes and yield farms in Defyye and pays that 50 die loan back automatically. Since it's fully collateralized, you can't get liquidated, you're not taking leverage. It is a self-repaying loan technology. Something that is, you know, unique to the world of crypto. We cannot do this in Tradfai. We can only do this on CryptoRails. There is a link in the show notes to get started. Bankless.c.clics slash Alchemix, capital A at the start to get started. Thank you, Alchemix, for sponsoring this message. Dude, this is some bear market technology. You're going to hit me right there. So if you need cash, but you don't want to

sell your ETH, this is what you can go do. Self-repaying loan on Alchemix, bring that yield forward, and actually get some cash without selling. Because, like, why would you sell your Eth at these prices, dude? Why would you sell pre-mer? merge. So anyway, check that out, guys. But let's talk market, David. What's happening with Bitcoin price? We actually had a green week, Ryan. What? Yeah. Why? Yeah. We started the week at 29,000. We are currently at 29,800 on Bitcoin. So above, up almost 3% this week. So, uh, blood bath last week, but new normal this week. Is the pain over? You done here? That's not okay. That's not, that's not, how it's carried away. This is, uh, could also be the dead cat bounce week. Who knows? Yeah. those who have been throughout 2018. We know that it's a bloodbath followed by just a long, long, steady of nothing.

And sometimes another blood path follows. I don't know. That's what 2018 was. Who knows what this has in store for us this year, though? You know, it's funny. It's a lot of the talks I've heard, I've heard the bear word being mentioned, right? It's like everyone assumes we're entering the bear market. Do you believe that?

Because I feel like there's so much bullish building news in this podcast that we're going to cover. And yet at the same time, prices are down. and so there's this bear sentiment. Yeah, the bear market is definitely getting memed into existence at this point. So I think the community is using the bear market word more and more and more. I'm doing it as well.

So I guess that means bear market. But I would say the bear market vibes that permissionless are totally absent. Yes. We have a lot of permissionless talk to get to, so we'll keep on hinting at it. But like no one really feels like we're in a bear market, at least only in the prices.

The only thing about the bear market is the prices. And who cares? Those are numbers on a screen. Who cares? Who cares? I don't care about pricing, right, David? No, we're not here for the money. We're not here for the money. Eith Price. Tell us about that. Yeah, Eith Price started the week at 1950. We're up like 1% up to 1980, kind of flat on the week.

Who knows what it'll be by the time this podcast comes out, though? I'll take it. How about the ratio? That's been down a little bit? Down a little bit on the ratio. We lost about 1 to 2%. Not too much there. But in bare markets, Eith does go down versus BTC. It's been holding up. Until last week, we took a nose dive. But since then, we're kind of about at the same, more or less. Okay, so it's not telling us anything specific. We're just, we're up, we're down, we're a bit crabbing out.

And total crypto market cap, we still above a trillion? Yeah, we still above a trillion. One point three trillion. It's basically flat on the week. So total crypto value market cap, no change there in seven days. Do you want to zoom out? Just take a quick look at macro at what's going on here. So read this tweet out for us.

$35 trillion in global market value erased since the beginning of the year. That's 14% of all global wealth, including the $1 billion that we lost in crypto. For reference, 2008 was a 19% decline. So those are like comparable numbers. That's kind of crazy, actually. 2008 felt so much worse. Right. And we're like within the ballpark.

And maybe this goes to 19%. That's only like 5% more. And this would be like a 2022 would be. be like a 2008 level event in market decline. It's incredible. Absolutely crazy. People that were sitting on cash in 2008. Those people did well. Yeah, those people did well. Guys, we have so much to cover. So much, we're going to talk about some events at permissionless, some things that happened again, the birth of Web3 social. David, what else to be talking about, man? Oh my God, there's so much. An insane number of wallet releases. We tease them at the beginning.

Like I said, a brand new liquid-staking competitor. And at the end, we also have like a little photo gallery for people who are fomoing about permissionless. We got you. Yeah. Stick around to the end. We got some photos. Absolutely. Guys, we're going to get to all of those things. But before we do, we don't want to thank the sponsors that made this episode possible. 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. Also, 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

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All right? And so a lot of the news events and important things that are happening in crypto are being announced here on the floor at Permission List. And the first is this. I just got done this morning from watching David on the main stage with Stani from Avey, but also the Lens Protocol. And I feel like I was in the audience and I feel like I just saw the birth of Web3 Social.

Okay? And just some history. We're talking about Web3 Social back in 2017. You know, there's this project called PEPF. They tried to put Twitter for Ethereum, all transactions on the blockchain. Like it sounded really cool. It's just like we were not ready for that. And so I've been somewhat bearish since then on Web3 social.

Like, no, first we've got to do the money use cases in Defi, and then we'll come after Twitter and Facebook. But no longer. Like, I actually see things that are being built. Could you take us through what you demoed this morning with Stani? Yeah, if you are into Twitter, crypto Twitter, if you're addicted to crypto Twitter like me and Ryan, this might be for you.

It feels very much like Twitter. It feels a lot like a Facebook profile. And so I was actually given the chance to mint my own lens. profile on stage. I now have trustless date dot lens. So that's pretty cool. And if you, if you can actually, if you are whitelisted, you can go in the mint your profile as well. This is on Polygon. And Lensster is a app that is built on top of Lens. So Lens being the protocol, Lensster being the social media platform on top of the protocol. And it looks and feels a little bit like both like Facebook, a lot like Twitter. When you follow someone, you actually sign a message. You don't

have to broadcast a transaction. The only thing that you actually make a transaction for is minting your profile. Your profile is an NFT on Polygon. And then when you follow people, you sign verifiable message to say, I indeed follow this person. And that is how we build out social graphs. And so people are minting their lens profiles. If you signed that early message saying, hey, I should own this tweet. This happened a number of months ago. You have the white list capabilities to go and mint your profile. And so I set up my put my crypto punk as my profile picture, I followed Stani. What is it called to do something on lens?

What do you call tweeting on lens? Tweeting on lens. And it's actually on Lensster. Are you talking about specifically? Yeah. We need a verb for that. Sonny needs to come up with a verb for that. But I sent out a tweet, TBD for that future word.

I sent out a tweet saying just setting up my Lens account, as Jack Dorsey did when he set it up, his Twitter account way back when. And yeah, so like Web3 Social is underway. Yeah, what's really cool. And here's the distinction that I think if you're not yet understanding the significance of this, because you might shrug it off and be like, oh, we already have Twitter.

That's cool. But the significance of this is what we're talking about doing is we are building on top of a protocol. Okay? So Lens is the protocol. It's decentralized. It's like self-sovereign identity. You own your own profile. Okay?

You guys recall, David and I were banned. Bankless YouTube was banned last week. And that's because the social media platforms, they control our profile. They control our followers. They control everyone who's subscribed to the podcast. We don't have control over that, okay? But Lens is the base layer where the creator, where the individual has full self-sovereignty and control of their social media profile, all right?

And the app that David is showing right now that you see on screen, if you're on YouTube, is just one app that was built on top of this thing. So we're not talking about a new Twitter platform that has launched. We're talking about underneath the Twitter platform an entirely new protocol and multiple different interfaces. We could have many different versions of a Twitter or something even better than a Twitter launched on top of this.

And also, Astani was talking about the ability to change up the algorithms. So a user being able to, maybe I want to subscribe to something that's not so ad-centric. Maybe I want to subscribe to an algo that emphasizes public goods. Talk about that a little bit

because that is a paradigm shift as well. Yeah, the idea is that you can have a drop-down menu for your preferred algorithm. Maybe you woke up that some morning in a particular mood, and you can select an algorithm to match your mood for that day. I'm bullish today.

Is there an algo for bullishness? Only feed me bullish content. That is something that could be built. And the thing is, like, that can also be opened up to the developer community. And so what the algorithm is, is open source.

And so algorithms are free to create and free to upload to your lens profile. That functionality is not yet live. But like, hey, maybe you're feeling particularly rageful. one day and you just want to be angry. I don't know why, but the thing is, you have that power. Yeah.

Maybe you're euphoric. I want the euphoria algorithm today. You know what? You know what's crazy, though? I do feel like that's the default algorithm of social media. It's just like rage. It's just like, and that's partially why Twitter's gotten so toxic and society

has gotten so polarized. So I want an optimistic algorithm, right? That's not feeding me advertising. And David, you and Stani closed with this, which I thought was was super powerful, where you talked about, we are no longer living on Mark Zuckerberg's property. Okay? This is moving us from the era of feudalism where we had Web2 overlords controlling our property.

We own no property in the social media world as individuals. Okay? We are in freaking medieval times right now. And this completely changes that. Now we can be property owners of our own social media content. But seriously, Mark, do come on the podcast so we could talk more about how you can incorporate this protocol too. I did a fantastic panel with Christina Bellamytri from Lens Protocol as well as Evan McMullen

from Disco, who is one of the, Disco is feeding data into Lens Protocol. So if you want more on this content, I did a panel with them at Permission Lists. So tap in for that one. I can't wait because no one's going to notice this during the bare market season. This is the time amazing things get built. David, let's talk a little bit more about Wallet Week. Okay, so you tease this, the Robin Hood Wallet, self-custodial. Again, we had a podcast with Vlad Tenev, who is the CEO co-founder of Robin Hood,

and they are doing something I didn't expect they would ever do. Okay, this is sort of a fintech company. They haven't been all in crypto. We've actually criticized Robin Hood in the past because it was the case prior to like late last year that you could only buy crypto. within Robin Hood and then Robin Hood would custody it. They didn't even let you withdraw your ETH through your Bitcoin to your own private key, not your keys, not your crypto.

So that is not a bankless path. And then they added the ability to withdraw and now they are doing something even bigger. Talk about this, David. What is Robin Hood launching? Yeah, they release Robin Hood 3, which is a self-custodial crypto wallet, multi-chain as well, so that you can hold your own key. and it's under the Robin Hood brand. So this is separate from the actual Robin Hood app.

This is a separate app. And they say it's going to onboard people into layer twos. It's going to have NFT functionality. They have swap features. And I asked, I asked Flad, like, how do the swap features happen? Is that via the Robin Hood Exchange or is that via DFI app? And he gave me the, that's underwraps.

But he did leak some tidbits of information. So that podcast came out earlier this week. So if you want to get into and download, on all things Robin Hood's Web 3 app, watch our podcast. Look, guys, this is part of our DFI mullet thesis, as you know, and the thesis has always been FinTech in the front, DFI in the back. And that is what's happening, and now Robin Hood is growing out their DFI mullet. Look at this line, David.

Easy access to D5 protocols to earn yield within Robin Hood's wallet. So that's kind of cool. Beautiful. Also, did you catch this last week? Oh, this is a picture, by the way, of us recording at permissionless. Setting up to record. Yeah. But did you catch this?

So what's SBF up to? Yeah, SBF bought 7.6% of Robin Hood. So he is getting into the game. FCX also bought Blockfolio, and it was a great onboarding mechanism for them, because, like, Blockfolio was the app that I checked a bazillion times in 2018 to check crypto prices.

Now they're getting into Robin Hood. The price of Hood, the equity behind Robin Hood, jumped 28%. That's roughly over $500 million of stake. Wow. Right. Yeah.

Which is absolutely crazy. So, SBF, making moves. Yeah. You know, the mullet is also a good value proposition for pumping your stock price apparently as well. It looks good there, too. Hey, let's talk about the second wallet because that is only one of three wallets that we wanted to talk about. And I actually, I think this is super cool. I saw a demo of this, David.

Have you heard about this? No, you're going to have to download me, man. All right. So I think this is kind of cool because it's something I have never seen. And I want you to try to explain this and ask me questions about it. And there's some things I'll probably get wrong, not understand yet, because this is kind of a new approach. But you know how we have obviously custodial wallets? Certainly.

And Coinbase has a custodial wallet. And so if you're someone like my dad, I'm like, Dad, you know, it's okay. Just keep it on Coinbase, figure out the private key stuff later, right? But that is also not the bankless path, obviously. So we have custodial, and then we have non-custodial, okay? And that is the bankless path where individuals taking their own private keys and it is their keys and it is their crypto. Right. So we have sort of this divide.

And of course, on the non-custodial side, we have like hardware wallets. Yep. We have Metamask. We have smart contract wallets, which we haven't seen the renaissance of smart contract wallets yet. Okay. But there's this gap in the middle that I didn't notice until now, and that is a gap that Coinbase is trying to fill a semi-custodial wallet. Okay?

So like right in the center. Custodial, non-custodial, semi-custodial. So what does that mean? It means basically this new Coinbase MPC wallet is going to be an app. Right now it's available for Android. They're going to release it an iPhone, but it splits your keys, your private keys. So the phone itself, you return. one copy like a shard of your private keys. It's something called MPC technology, multi-party

compute, some cool cryptography behind this, and then Coinbase gets another part of your keys. Okay. So it's both of these keys together are required to sign transactions. Let me read this out for you. The idea is pretty simple. The user keeps some key material on their device, and Coinbase keeps some key material. Both are needed to use the wallet. If one party is hacked, funds are still safe. Okay? You fall in so far? Yeah. All right. So you might ask like why. Like what's the use case for this? Yeah. Is this not just a two of two multi-sig? It's not quite a multi-sig, but it's got some similarities. But the reason why is there's this space in the middle. Coinbase support gets a lot of people on their, on their non-cit. So they have a non-custodial wallet too.

Coin-based wallet, yeah. Coin-based wallet. And the biggest support requests, can you guess what that is, David? Can you give me my keys, please? I lost my keys. keys. Yeah. I lost my keys. Please support. Help me restore my keys. Can I have my money back, please? Can I have my money back? I forgot my seed phrase. All of these things. And so this provides a way to, for Coinbase to essentially socially kind of recover, not socially recover, but it uses Coinbase's security apparatus that's already, that's already trusted to, so if a user loses their keys, then Coinbase can also restore that, all right? And then the benefit is, if you are in the custodial side of things

completely, you don't have access to anything defy. Right, right, yeah. So this wallet provides you access. There's literally a browser in the wallet where you can go to AVE, you can go to compound, you can connect, and do all of the permissionless

defy things, but you have a security blanket in that super easy to set up. It's abstract, the complexity is abstracted from the user, and like, your dad's not going to lose his private keys this way. And he could still use defy. So it's almost like defy with training wheels. And some people hear that and they're like, well, that's not maximally bankless. What happens if Coinbase goes away,

that sort of thing. And that is the tradeoff. So if Coinbase goes away, you're still kind of, you're still kind of strewed. And so there are some tradeoffs as well as like you have to dock yourself to Coinbase, right? They have your privacy. So this is really like, they have it anyways. Right. So this is kind of like defy with training wheels. and I think it's an interesting design space. And I didn't even think that it was possible, but here it is. Right. Okay, so this feels like, so I use a password manager in my browser.

Yeah. And that is encrypted on their end. Yes. So they host that in a database. Yes. But it can only be accessed when I type in my very specific password. Yes. What's your password, David?

I sound it out loud. And so that's how I get my password for all my password managers. It feels a little bit like that. Yeah. So, like, my private key is stored in a centralized server. Right. It's encrypted and safe, and it can only be accessed by my device. Yes.

Am I tracking here? You are tracking. And the cool thing about this, let me go back to what they said. If one party is hacked, funds are still safe. Funds are safe through. Okay? That's the way MPC works. Cool.

So that provides an additional layer of safety. So this is semi-custodial. Again, it's just not for every, but we're trying to get more people in a defy. and, you know, losing your private keys, the terror of that, right? Like, so when people ask me all the time, should I withdraw from Coinbase, I'm like, not until you're ready, right? Like, not until you're ready. And then they have to be ready. They have to get private key management before they start to use Defi.

This is a faster path. It's like an interim step. It's your training wheels. And actually, I have a social recovery smart contract wallet that is very like the most bankless wallet of all time. They don't have my private keys. Private keys don't exist because it's a smart contract wallet. And there was a social recovery mechanism. If I lost my phone, I would lose my wallet.

And so I would go to my guardian and he would restore my wallet. Problem is he also lost his wallet. And then I lost my wallet. And so there are tradeoffs going into the opposite side of the spectrum. Even for a crypto native. Even for a crypto native. I lost my private keys, Ryan. I had an ENS in there.

And it was so hardened and it was so restrictive. that like, sometimes the compromise is actually nice. Like, I will even use that as a very bankless person. Have you tried emailing Coinbase support about that issue? I did not email Coinbase support. I kicked myself in the butt. It's cool. Like, I think this is cool.

And again, if you want to be maximally self-sovereign and maximally bankless, there's still that option, but this is a space in between for some people. Also, last thing on Wallet Week, it feels like at this conference, Ledger announced a browser extension, I think. You want to talk about this? Ledger Connect. Yeah, so this was Charles from Ledger, and they tweeted out today,

we are taking a further step to announce Ledger Connect. Ledger Connect is a browser extension that makes it easy for you to connect your ledger to Web3 directly from your browser. It's easy, smart, and safe, he tweets. It makes me think that they're just routing right around Metamask and going straight from Ledger to Defi app.

Interesting. Yeah, right, okay. Metamask really gets some competition lately. I'm glad for it. I think Metamask is a fantastic team. They also gave a fantastic presentation at Permission List, but it's good to see some more options in the space for sure. David, you want to talk about this, too?

Actually, lead with this for me, because I'm not sure I fully understand it. This is just one of the many, many announcements that happen at Blockworks, but this one's big, Ryan. Coinbase, you can stake your ETH with Coinbase, but we all know the drawbacks of that, centralized staking. We don't really want to put too much ETH on a centralized database, especially with a centralized company. And Coinbase knows this. So they've partnered up with Figments and other people in the staking space to make a brand-new

liquid staking protocol. So this is now coming for Lido, Ryan. So this is not only is this announcement at permission this week, not only is this wallet week, but this is also healthy competition week going on. Yeah. So Coinbase Cloud, Figment, and a few other members have joined a brand new Dow to start up, basically what is a Lido competitor, a rocket pool competitor, that is also decentralized. So this is using fantastic technology out of an OBLE network as well with shared secret validators, which has a new name, which I'm forgetting at the moment. But yeah, brand new taking Dow getting spun up by some really big players. That's good. Look, there's been some concern. I don't know if people tracking it, but I do think it is a concern. Do you know how a few months ago,

we were worried about ETH2 client diversity? If you don't know what that means, we don't have time to get into it. But it was a vector, kind of a moderate, like mild centralization vector. And now that problem has been solved. So we have all sorts of different ETH clients. Now that the next problem for, I think, the Ethereum community to solve is Lido's been crushing it. Okay, they have attracted a lot of stake inside of their protocol. And we don't want any one single liquid staking protocol to kind of take over. And so this is an answer to that.

My thought was always like, we got to bring competition into the space and actually like, you know, try to try to diversify this a little bit. So that looks what it looks like that's what's going on here. And this is actually specifically geared towards institutions. So this name, the name of the protocol is alluvial. I actually didn't know that until just now. But yeah, this is going after the institutions of the world. And so this is, but like allowing institutions to get into the liquid staking game. It looks like they are doing AML and KYC checks, just because that's what institutions need.

And so I think this is going to bring a lot of TVL, a lot more stake into ETH 2.0 staking. It's going to lock up a lot of ETHRine. Yeah, dude, you know what? That reminds me. There is a panel we need to get to later this afternoon after this. And this is moderated by Justin Drake. It's the institutional case for Ether. Right.

I'm super excited about that. But this is another on-ramp for institutions to get into space. Dude, can you give us a quick Luna update? Oh, God. It's still bad. Like, we don't have to dwell on this. It's bad. That was last week's news.

But this week, what's happening? Just a few quick highlights. Gosh, a number of things. Feels bad to be Doe Kwan at the moment. He is formally getting charged. And so he has been called in for a parliamentary hearing in South Korea where Doquan is from on USC and Luna. And so TBD on what comes out of that.

But Doquan is going to have to go to, I think, whatever, court, I guess, going to go to court. Yeah. Would not want to be in his seat. It's, yes, there are some financial, South Korean financial, you know, regulators, investigators, really looking into this, into this as well. He was going to be speaking at the conference, but of course, Tara pulled out. understandably so. I don't even think they formally pulled out.

I think everyone just kind of assumed. I don't think Doe Quad's coming. Yeah. But in more exciting news, Ryan, getting back onto the bullish and exciting side of things, do you listen to Chain Smokers? Oh, yeah, dude. Really?

Like, I mean, especially when they were huge. Like, it's just good music to just chill to, relax. I don't know why. I thought that was surprising. I didn't really take you for a Chain Smokers person. Now that you've met me. I'm like a pretty cool guy. Ryan's actually cooler than I thought, guys.

Yeah. He listens to Chainsmokers. Chain Smokers also cooler than I thought, because they're doing NFTs. Surprise, surprise. So with the platform Royal, Justin Blow, his royal platform, we did a show on that, if you guys want to dive into that, allows you to tokenize your songs and get your streaming royalties on it, on it. So chain smokers, you can buy a chain smoker song, Ryan, because it's an NFT on Royal. So that's a really big deal. Chain smokers are like probably top,

probably in the top 10 bands of currently. Look, if the James Smokers came on the bankless podcast, this would make me like the coolest person alive. to like my family, to like my kids, my friends. Yeah. So I think that needs to happen, man. I think we've got to work on that. We're talking with the chain smokers manager right now.

Oh my God. Oh my God. That'd be amazing. Also, not just the chain smokers, but music platforms. Spotify, yes, Spotify also getting into NFTs. So like,

shout out to Cooper Tully for just meaving music NFTs into existence because I guess it's working. So Spotify trialing music NFTs on its platform. I think we're going to need some more details out of this. The quick take here is that selected U.S.-based users, we're able to see some of the NFTs of artists on the platform. So we already saw Instagram doing an NFT feature. There's literally NFT tabs on Instagram now.

Yeah. And like Spotify, there's videos and like lyrics and like album artwork in Spotify, so they're really getting into the whole multimedia thing. Now they're doing NFTs. Guys, this is the story here. Okay, this is the story of Web3. Use Web2 platforms for distribution. use them to distribute.

That's what their algos are good for. That's what they're optimized for. Use Web 3 to build community and to own. Distribution versus ownership. So Web 3 is not possible without Web 2. The distribution, like the memetic energy, the ability to spread ideas and concepts and gather communities, but Web 2 is not where your platform is.

That's not where you own things. And so, yeah, this is another example of using Spotify as a distribution tool to get music NFTs out there. And are you ready to say Cooper is right about music NFTs, dude? Because you were a little skeptical. I'm still skeptical. I'm still skeptical. We'll see.

We'll see what happens. I mean, there's plenty of reasons as to why music NFTs need to exist. And this might not even be music NFTs. It says that they will just link to some external NFTs. So it's really up to the NFT ecosystem to make NFTs, because whatever NFTs are done by the artist go into the artist page. Right. So I think it's form factor agnostic.

Yeah. So either way, Spotify wins. Yeah. But, like, leaning into, like, how we need Web 2 to do Web 3 things. Like, Web 2 is where you flex, and then Web 3 is where you own what you flex. Ooh. Yeah. Nice take.

Right? Yeah. You're going to steal that one for me? No, no, no, no. It's yours. It's yours. Okay. Yeah.

So I think now we can flex inside of Spotify, too. Well, thank God for that. Got to flex on your friends. Product market fit right there. David, you know, one of the big questions or like one of the big, the coolest part, one of the coolest parts about this conference has been meeting all of the people who have gotten a job in crypto as a result of listening to the bankless podcast. And us berating you about why you haven't quit your job yet.

No one's angry that we tell you to do this. Everyone is thankful. So we're going to say it again. Quit your corporate job. It's lame. It sucks. It's not where you want to be. You're listening to bank lists because you know this already.

And you've got to find a way to get into crypto. All right? I don't know how many success stories I've heard of people who've been able to do this. And sometimes it takes time. You have to invest your hobby. Like, you have to feel, like figure out what opportunities are a good fit for you. But it can be done. And like so many people are so happy and excited.

and just grateful for the opportunities provided for them on crypto. And so, yeah, what do you want to say about that, Dave? I've berated enough. Everyone has their own journey. And so whether or not a Web3 job is right for you can only be determined by you. But there was a man that we met, and he joked about how, like, oh, yeah, every single week, I just listen to Ryan and David tell me how I need to quit my job. And at some point, I was like, you know what?

Maybe I should quit my job. And so he did. He didn't even have a job to land into. He just started working in the Dow space. And he said, like, he was not prepared for how well it was going to work for him. So I think there is a big net for you to fall into, into the Web3 world. And so here are some jobs that we're going to talk about. I think actually before we talk about some of these jobs that you can fall into,

sometimes, like, people tell us, like, yeah, I quit my job. I joined Web3. And then, like, I think we've actually killed more jobs than we've created. Oh, yeah. We've killed a lot of jobs. We are a total job killer. But then we revive it on the other side, right? You got to cross that chasm.

But the amount of bankers, even, I've talked to so many people in TradFi who are like now in crypto. It's amazing. All right. I should read some of these out. I don't know how to dance. I don't know how to dance. But like, you know, I'll just read this. I'll just read this.

Okay. David's fist bumping. Business development lead at Goldfinch, a marketing manager, Wanderverse Incorporated, VP of Engineering, ZKX, head of growth, ZKX, lead community manager, crypto skulls, Dow, senior product designer, Parcel incorporated, I could go on, but I don't need to because they're all for you, available for you on the bankless jobs page, bankless.compan.com. com.com.com.com.com.com.com.com. If none of those appeal to you, just submit your resume to the talent collective and plug in and... Make the jobs fight for you. Yeah. They'll come for you. Play hard and get a little bit. Right. David, you ready to get into a few more things to finish out our new section with releases, A16Z's report?

Yeah, so you are actually on stage with Chris Dixon going through a few of these things, but A16Z released the 2022 state of crypto report. A16D actually puts a ton of money into research, and so you know they're going to come away with a lot of fantastic data. Ryan, since you're on the panel, what are the big takeaways that we should focus on? I think the big takeaway is the state of crypto is strong. Like Dixon said, he's never seen, he's never seen more interest from a talent perspective in the heart of Silicon Valley and what's going on, right?

So prices are down, but inflows are up. Product ideas are up. Talented founders in the space are up. And don't forget, guys, price is a trailing indicator of talent. So what people like Chris Sticks and track are the energy, the talent, the human resources pouring into this space. Who cares about pricing? Because pricing will just follow the talent that's building in this space. So, yeah, I've got to take on this a little bit later, but we're still strong.

And the other thing that's in this report is we've been through these cycles in the past. Right. Like, this is a fractal. We've seen this at least three other times, maybe four. And this is, again, what we're seeing is talent inflows while prices are going lower. There couldn't be more differences between the 2018 to 2020 bear market versus the one we're going into right now. First off, we are flush with cash. Yeah.

Like every single team just raised a bazillion dollars. So there's a ton of money out there to pay people to work in crypto that like in start contrast to 2018 where companies actually is like just closed up shop and left. Yes. Because we did not have any money. Yes. So there's a huge safety net for what's getting built. Do you remember like ICO treasuries just dissolved overnight? Totally.

Yeah. Dumping and dumping and dumping and it's like, yeah. Even like layoffs on layoffs on layoffs. That's just not happening right now. It's actually the inverse. People are hiring because everyone just raised at insane valuations. So like the whole entire industry is short up. And so we're going to onboard a ton of people.

And you know what they're going to do with their brand new Web3 paychecks? They're going to buy crypto. They're going to buy crypto. You mean working in the industry is not like, yeah, that is the ultimate way to be bullish, right? Yeah, people that work in the industry, they don't go and buy the S&P 500, right? Yeah, I haven't bought stocks in a while, David. That's true. Although coins are looking pretty attractive these days.

That is true. That's the only one. You know, the last thing I'll say is a polygon just, it feels like they're crushing it. One thing that's slipped below the radar, we haven't talked about because it's not super sexy, but is enterprise blockchain stuff. Ernst and Young just unveiled a supply chain tracking service on Polygon Nightfall, which is another polygon chain. And I think we'll be seeing more of these enterprise use cases in the future.

They're being built on in the background. This is like the dream of 2016, 2017 starting to be realized. Yeah, there was a lot of critiques as like enterprise blockchain. And to me, even for a while, it's always been confusing to me as what the hell that is. But after talking to Paul Brody at the EY, who's an absolute genius. Yes. I will not fade Paul Brody in the slightest. He's a killer.

And he knows exactly how to get blockchains into the world of enterprise. So when I see him doing stuff at EY, I know their signal there. Yeah. And last thing we'll say on this, A16Z, a $600 million gaming fund. Okay. I thought we were broke. Right? I thought this was a bare market.

How you raised in $600 million? $600 million. Did I say that right the first time? I don't know, $600 million. And this is after Framework. Do you know, Vance Spencer and Michael from Framework? He just raised. Just on the stage right now, yeah.

Yeah, a few hundred a million as well. So, David, what's coming up next, man? Oh, my God. We got our favorite new segment, questions from the nation. There's just one of them this time. But then also a super hot take from Vitalik Buterin about taking fees from ETH staking protocols. So we'll get to that in the coming up next.

If you have not yet, if you didn't do it at the beginning of the show, I'm going to remind you again, please like and subscribe. It is how we get the bankless podcast to the front of the RSS, wherever you listen to podcasts, Spotify, Apple, also YouTube. And literally, the more people listen to Bankless, the more people end up buying crypto. So if you're feeling bare market broke, those five stars make crypto number go up. So you've got to do that. Wow, nice link, David. Guys, we will be right back with a spicy take from Vitalik. But before we do, we want to thank the sponsors that made this episode possible.

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it was always meant to be. Fast, cheap, secure, and friction-free. All right, guys, we are back leading into questions from the nation. This is a weekly thing that we do every single roll-up. I'm actually really enjoying them. The tweet out of Bankless HQ goes out every single Wednesday. So if you're on Twitter and you want Ryan or I to answer one of your

You've got to go find that tweet. We try and find the best question that we think is the most fun to ask. The number of likes on that question also helps as well. We only got one this week because we're also super busy. We've got to get back to permissionless stuff. Question from tomato.eath. I guess I have to ask this to myself. What was it like to finally meet the hologram in person?

Hey, hey now. The hologram. Deep fake, okay? Not a hologram. So I'm going to, I don't know what to do how to call this. Maybe a slight docs, but like Ryan uses the filter on Z. Zoom. And so when I see him in real life, I'm like, oh, my God, there's like high fidelity here. Yeah, it's just like, why do you have so many wrinkles, right? You've got whiskers, right?

You are a dad. It was pretty funny. There's the Finding Nemo meme of just like, when the fish are in the water, but they're still in their plastic bag. Like, all right, now what? Yeah. It was a little bit of that. Like, gave Ryan a hug. It's like, okay. Do you know is funny? So I couldn't get it in the house at first. Like, I was like, I was looking for the key. I must have been staying at the front door for like a minute or something before you guys let me in. I was on the other side of the door because we were here to not. I thought I was in the wrong location.

And then we took, um, quickly after we took this selfie. Uh-huh. It's a little like my hand placement is super awkward, dude. I was like, I didn't know where to put my hand. I don't know what to do with my hands. And you took it so quickly. Yeah. Anyway, it's, it's really cool to meet in person, David, man.

It's, it's, uh, it's been a blast. And now you can testify. I'm no longer. I don't know, man. AI technology is getting real good these days. put that room to rest. It's over now. We crushed it. I don't know. I'm only 99% sure. You'll never be 100% sure. You'll never be 100% sure. Let's get to some takes. This is the spice from Vitalik Buterin,

laying it down on the theme of actually staking and some staking centralization here. What's this about? Yeah, this is in conversations of Lido getting a ton of liquid steak share. So because the ST-Eath pair out of Lido, where you put your Eth, you get S-C-Eth back, It's dominating the market and there's centralization concerns around Lido. And so Vitalik says, speculative, controversial take. We should legitimize price gouging by top stake pool providers. Like, for example, if a stake pool controls greater than 15% of total e-stake, it should be accepted and even expected for the pool to keep increasing its fee rate

until it goes back down below 15%, which actually just makes sense. So if you are something, if you are a staking provider and you're monopolizing all of the e-stake, Yeah, start jacking up the fees because you have the monopoly and make those fees go up. Also, that will incentivize a wider distribution of ETH across the staking ecosystem to balance that thing out. So you actually, it's bullish for the Dow when stake supply goes up, but then you get to turn on fees, and you get to turn on more fees as the centralization goes up to discourage centralization, but also you get to capitalize on your power. It's like a nice balance.

Yeah, it is. It's a good. So what's interesting to me, and I think we're going to do, we should do a lot. more content on this. Like there's there's honestly there's no rush because I don't think think like you describe it as like when withdrawals are enabled post merge and again post merge and then another hard forks it's going to take some time. It's going to be like a giant snow globe right. Everything's going to reset. We don't really know with the market share of these staking services and you know self staking what that breakdown is going to be until we shake that that snow globe. But what what Vitalik is talking about here is some

decentralization on the layer zero, on the social layer. He's saying, let's make it socially a thing that staking providers do. They commit to socially if their market share exceeds, say, 15%, that they'll start to gradually increase fees. And that would be sort of a social good. It's unclear whether that's a profit maximizing take, right? So I would assume the profit maximalist, if you're a staking provider, is I want to own the market. I want to be the monopoly in the market.

But it's not a bad mechanism. And it does raise the fact that some of our decentralized protections in crypto will actually always be on the social layer. Right. Right. Here's another example of this. We tell you every week, go bankless. We're doing that. We're communicating that on the social layer.

Client diversity. It's run your own node if you can. If you have those capabilities, that's how we keep the system. decentralized too is on the social layer. And I think the staking wars, Ryan, are definitely coming. We had the Coinbase release of their staking as a service protocol for institutions. Right now we got Lido and RocketPull and Stakewise Live. So these are the three. We just had the Coinbase announcement go live as well. We have Oble Network coming. We have swell coming. The East Staking Wars are going to be hot. They're going to be hot.

We're going to be talking about it a lot. And of course, I think people want insight in terms of where they should stake, right? It's still a little bit risky. We're pre-merge. It's a stake right now. I don't know. Do you steak? You steak. Of course. Yeah, I steak.

I steak. I steak, I steak. David Stakes. What's this next week? Leading to Matt Huang from a paradigm, he says, the most important long-term fundamental indicator for crypto slash Web3 is the quality of talent inflows. We've talked about this a few times so far on this podcast. Not only are the inflows still strong despite a jittery market, but they appear to be

accelerating, as many Web2 stock packages are down 50 to 80%. Oof, the Great Migration of 2022, just really leaning into this meme of as crypto goes down in prices, talent goes up in supply. It's true. That's what you've seen. That was also reflected in the A16D report from Chris Dixon as well. Should we go back and read our jobs list? Oh, my God.

No, just like skip back. If you're listening, guys, just skip back. Okay, go back to the page where you listen to the jobs and then we'll resume here. Get a job in crypto. Get a job. Here's some guy. Ryan Sean Adams tweet, Build the Dip. Yeah.

That's a new take. Yeah, I tweeted that out in the audience while you were giving your demo, David. You were on Twitter while I was on stage? No, just like, you know, sometimes ideas come to me. Like, you inspired it. How about that? And I was like, look at all these things we're building. This is Web3 social.

Like, for the first time, we're actually seeing products that I feel like could achieve product market fit and transaction. And that's the message. Remember last cycle, 2017, there's this whole meme of buy the dip, buy the dip. Cool. Buying the dip is cool. But you know what we're here to do? Build the dip. Okay, build through the dip.

And that's honestly what I'm seeing at this conference. What I'm seeing in the crypto community right now is this resolve. Right. So people are bearish prices. Like everyone here thinks we are headed into a bear market. But you know what? They're all resolved to build through this. Like there's so much confidence that we're going to come out on the other side even stronger

that this industry is here to stay. And that like the things we build during this, I don't know, year period, two-year period, two-month period. Who knows, during this brief, this period of time, brief in the whole trajectory of crypto, this will be an epic opportunity for builders and also for buyers. But let's build the dip, man. I think if you zoom out in crypto, we're actually not, well, it's always, timeframes are always an issue, but we're really in a 12-year bull market. Oh, yeah. And so, like, the bull market hasn't ended. It's just a dip. And I'll just reiterate this, because I said it a couple weeks ago, but, like, I'm sure a lot of people, a problem,

have exhausted all their money because they aggressively bought the dip, maybe too soon. I don't know. Either way, you're going to run out of money to buy the dip. Yeah. And so how do you gain more exposure to crypto? Yeah. Here, what I did in 2018 is I started, like, built a podcast, P-O-V-Crypto, my first podcast, turned that into a company with bankless and turned my social network into a crypto-social network, just leveraged every form of capital that I had into the crypto world. And it's best done in bear markets. Some people might say you're overexposed, David. I don't think I'm I'm looking under all couch cushions, trying to find different ways to leverage myself up on crypto without actually taking leverage.

This man last Friday was selling his furniture on a bankless live stream. If you need patio furniture in San Diego, hit me up. I expect those proceeds. Went into buying Ead, okay? Not sure, but I expect it. What are you excited about, man? Oh, my gosh, there's so much to be excited about. Like, all the things I just got launched and announced at Permissionless are new toys I want to play with.

Yeah. I'm excited for you to become a conferencer. I think you got conference-pilled, Ryan. It's extremely exhausting. I don't know how I have this much energy right now. I feel like I could go to bed. But like there's conferences ahead are absolutely insane. We got ECC in France.

We got DevCon and Columbia coming up. Ryan, am I going to see you at any of those? Oh, wow. No commitments, okay, because this is recorded. No commitments. But I will say, do you want to ask me what I'm excited about? What are you excited about, Ryan? It's crypto conferences.

Look, man. I'm excited about the crypto community. The energy here is palatable, right? Like, you look around here, and the bear market is fiction. Right. Back to what we said. It's numbers on a screen. Right.

Who cares? There is no bare market here, and the community has so much energy. The bankless community in particular showed up to this conference. I don't know if it's a third, half of all attendees. It feels like half of the attendees are bankless. And, like, people that I know their Discord handles, you meet them in real life. It's funny. So what David and I do, right, obviously, there's a lot of social media chatter.

And one thing that I was telling David is what I see often is kind of the negative comments, right? Like, go scan any YouTube comment on bank lists. And there's bound to be somebody, you'd be like, these guys are shillers. People are writing nasty comments as we speak on. Just shit talking us right now. And like, you just hear that, right? It's like, but the people in real life, these are the people that are building. These are the settlers, not the tourists.

These are not the trolls. It's just a tremendous amount of energy. And it's really cool to see the impact that the bankless movement has had. Because I'll just say it again. We've said it before. But bankless is not a podcast. It's not a newsletter. Bankless is a social movement.

And the end goal of that movement is freedom. Okay? Wealth is also a path towards freedom. And it's all connected here. And I'm just seeing a lot of gratitude. A lot of grateful people, a lot of people excited, even in the bear market to be on this journey. Right. The frogs don't come to the conferences, Ryan.

It's very, very refreshing. Shout out to all of the different parts of, like, the bankless organization, the bankless community. The Dow Punks were out in force. The Dalpunx shirts are so identifiable. So nice job with that, Sinjin, and the Bankless Dow. Bankless Academy also had their own shirts and their own branding. Bankless consulting is getting, like, the most amount of rep I've seen out of the whole. It's absolutely insane.

And just like all the bankless swag apparel is like very easy to identify and very, it's, I love it when I see those shirts. So like shout out to the bankless community. This has been awesome to meet you all you guys. If you don't know what bankless academy or bankless consulting is, it's cool because neither did we really. This is like the bankless Tao is self-organizing and creating all sorts of paths for people to get jobs in Web3 and launch careers. It's just incredible and I'm super excited about it. Man, David, I think we've got some footage at the end of this. of us meeting, but first we're going to go all like, you know,

we got a slide show on you. Here's this. And we're going to show you some albums. Here's a quick photo. Here's our Airbnb. Bankless fan and the Airbnb for the first time. So that's pretty crazy. That's awesome.

And then what is this? Oh yeah, this is when we met on stage, fake met on stage the next day. So that's pretty cool. This is at the Bankless Dow event. So these are all Dow members. That's Perchie right there. Let's see. What else do we got?

It was a great event. It was a great event. Tons of pictures, guys. It felt like talking to family. Also, some of our previous podcast guests were there. Got to meet Josh Rosenthal in person, and he dropped a fire presentation on the Crypto Renaissance. I sadly had to miss that one,

but I'm definitely going to go as soon as I'm back home. Hopefully I can watch it on the plane, but it's on the YouTube, so I'm going to go back and watch that on YouTube. Guys, we'll find you a link. Somebody's got to find you a link to this. So if you like their Crypto Renaissance episode, this was that plus more.

Like, Josh put in all sorts of teasers for the bankless community and extras. We also got to meet Justin Drake. So inspired by Michael Wong, we do the weird cross-hand shake. So there's that. Let's see. This is also our first picture with a fan. So part of the bankless Dow, also the very rare white t-shirt as well.

This is you with Chris Dixon on stage talking about the state of crypto in 2022. How was that? That was pretty surreal experience doing Chris Dixon in real life. Chris Dixon is phenomenal. He's also super tall guys. Like he's just a very... Playing the height game of like how tall are people is always a fun game. at New York Conference is.

Let's see. Oh yeah, I got green pilled by Kevin O'Walkie. And so Kevin O'Walky, he's handing out green pills. They're just green tic-tacs, but he's turning it into a meme. What else? Oh, yeah, there was this Defi State of the Union with Stani Kulachev, Mary from Uniswob, Kane, and also Robert Leshner. And last but not least, this is, oh my God, there's so many people here.

We got people from the Tracer Dow fam. We got Mariano O'Canti. We got Joshua and John from Opelis. there's Ryan Selkis in the back Ryan Selkis definitely in Tall Dow for sure Yeah this was at the bankless party And so thank you for everyone who showed up I had a ton of fun

Yeah so notice guys what David is doing here is he's trying to get you Conference FOMO to get you to come in person That's what he did on me But it was totally worth it Absolutely what a fantastic event this was We hope to see you at the next one No news yet But I think there's going to be something bigger, better next year

and we'll talk about that, of course, over the year to come. Coin desk consensus coming for you guys. Oh, spicy. Anything else, man, or should we close this out? I think we should close this out. I'm exhausted. I hope you enjoyed the very first weekly roll-up in person. I think we had a different, like, a cool dynamic here.

It's like quicker response time, you know? It's better than dealing with a deep fake. I'm sorry, you have to do that every week, David. A.I's learning, folks. Guys, there will be a clip of the moment we met. Super cool. I haven't watched it yet. You guys will get an opportunity to do this. But of course, got to end with this. As we always do, crypto is risky. ETH is risky. You could lose what you put in, but we are headed west. This is the frontier, but we're glad you're with us on the bankless journey. Thanks a lot. Ironically, we are actually pretty far east right now.

Cool. Is this bankless H-Q? Is this for a bankless? How's it going, game? Good, good, good. Welcome. I'm real.