Bankless - ROLLUP: 1st Week of May (Uniswap V3, Elon Musk SNL Dogecoin, Bankless DAO, ETH & BTC)

Starting point is 00:00:01 Bankless Nation, it is the first week of May. David Hoffman, what time is it? It is roll up time, Ryan. We are rolling up the first week of May. The crypto industry moves so incredibly fast that we need to dedicate a whole entire episode to making sure that you can keep up with it. And so we are going through all the things that happened in the last week of crypto. Markets for Lisa's news takes what we're excited about, ending with the meme of the week.

Starting point is 00:00:38 Stay tuned for the meme of the week. It's a good one. going to try to jam-pack the entire week of crypto into your Friday morning. Enjoy this with a cup of coffee. David, we've had a busy week, man. I heard a Dow launched. It did? It did? What Dow? Yes. A very important Dow. Oh, tell me more. It's called the bankless Dow, and you should be a part of it. I think I will. I think I like that Dow. You should be a part of the bankless movement, David. How do I become a part of the bankless movement, Ryan? Dude, we're going to get to all that, actually. So I think we have a section for Bankless Dow when we talk about releases. I think we have

Starting point is 00:01:14 a section when we talk about news. I think we have a section when we talk about what we're excited about because it has definitely been an exciting week. So if you haven't heard, bankless has launched a Dow basically through a Genesis team and it is going like gangbusters. I can't even keep up with the amount of activity. It's going on some exciting stuff, brewing in the bankless community and the bankless movement. Yeah, inside the bankless Dow Discord, it really just feels like a shaken snow globe

Starting point is 00:01:44 and everything is starting and it's chaotic and crazy and everyone's really excited and everyone's buzzing. And like we're starting to see the first like little drifts of settlement as to people are finding their niches, people are self-organizing,

Starting point is 00:01:57 emergent organization. A lot of thoughts are going around as to how Dow's work nowadays, especially a media and culture, doubt. There's nothing. We didn't actually do too much on-chain stuff. There's no smart contracts. We don't have a protocol. We have an organization of people. And that's something that is unique. It's completely layer zero, completely people. And just like a shaken snow globe, it's pretty beautiful. Yeah. Like seeing all of it come together. All right, man, let's, we'll talk about the

Starting point is 00:02:26 Dow many times throughout this episode, but let's get to the markets first, David. That's what the people are here for. They want to know what the Bitcoin price is right now. What is the Bitcoin price. Bitcoin price, $55,720 at the time of recording. Bitcoin just hovering between $50,000 and $60,000 would be the range that I would call it at. Just a very long consolidation period for Bitcoin. So we're up on the week, but still like, you know, it's not hitting its bull highs as it was previously. What does that mean for Ether? Ether, quite the opposite. Quite the opposite story. Ether has hit a new high, actually of the day of recording at $3,600. It is currently at $3,460 at the time of recording.

Starting point is 00:03:12 And it's really done a fantastic job of not dumping, which is absolutely crazy. Either started the week as low as $2,700 and then went all the way up to $3,600. And a lot of people in my circles and the people I talk to are like, all right, this has got to be like too steep, too fast, too steep, it's going to dump. And then it continued to keep on going up. So I would call this precariously high, but if we want to call this a quote-unquote new financial paradigm where people were under-exposed to ether and now they are trying to snatch back what

Starting point is 00:03:45 ether they could because they were under-exposed to it now, realizing that perhaps this is actually going to be a new global store of value, then it kind of makes sense that people are phomoing into ether, not just individuals, but institutions. And there's been a lot of conversation this week, especially that this extra, basically insane buying volume and buying pressure for ether has been coming from institutions rotating into ether and understanding and accepting ether as a macro store value asset. Yeah, I think that's the big story in markets this week, to be honest, David. And what's interesting about what you said is people who are worried about the price of ether, they'll point to Bitcoin and say, well, can

Starting point is 00:04:26 ether sustain this level of price and continue to grow while Bitcoin is. And, you know, is stagnant because that hasn't been the case previously, except, David, if you flash back to 2017, when this was happening from March 2017 on forward to most of the rest of the bull run, was ether. It was story of ether outpacing Bitcoin. Maybe we are repeating 2017. Again, we've talked about this on bank lists. We talked about it last year. We even talked about it at their earliest episodes of like we think that 2021 is going to be somewhat of a repeat of 2017 and maybe that's what's going on. But you mentioned institutions. This is Ash. He works at a crypto hedge fund institution. This is a tweet thread he put together about 14 reasons. ETH is a higher

Starting point is 00:05:15 upside treasury reserve asset. Interesting term. Treasury reserve asset versus Bitcoin. David, I think we should do all 14, but we got to be quick, man. Yeah, there's a lot in here. Yeah. I think before we get started, because Ryan, I know you're going to take number one. The, the interesting thing to note is he's calling it a treasury reserve asset that's basically what i was saying when i was saying a store of value macro store of value different words same same but the important note is higher upside higher upside so keep that in your brain as we go through these ryan you want to kick us off yeah man let's do every other okay so i'll do one so heath is a proven store of value having an having appreciated 85 000 percent since inception five years ago six years ago in 2015 85 000

Starting point is 00:06:01 percent since inception. Proof-up number go up. That is absolutely crazy. Yeah, do two for us. Two. ETH is only 25% of the market of Bitcoin. Ether is, or Bitcoin is one trillion dollars versus ether $317 billion. So there's that upside, right?

Starting point is 00:06:20 Like if you believe that ether is equivalent in Bitcoin store of value nature, you would see ether being only 25% of what Bitcoin's market cap is. ETH staked is now going up. ETH staked now exceeds $9 billion. So that is ETH locked in staking. That is 3.26% of ETH supply. And going up if Justin Drake ultrasound money thesis pans out. That's number three.

Starting point is 00:06:45 Number four, scarcity is here. EIP-1559 effectively cancels out ETH inflation rate, which really puts Ether as a macro store of value treasury reserve asset. And yeah, it deletes, excuse me, deletes 4.3% of the total supply. Is that the right metric? No, excuse me, it cancels out ETH's inflation rate of 4%. So, EIP-159, no inflation. There you go.

Starting point is 00:07:12 Another ultrasound money theme. 22.5% of ETH, this is number five. Supplies illiquid locked up in smart contracts. This is ETH being used as economic bandwidth. Another bankless theme for DFI. And Ash says, number will only go up over time as use cases accelerated. And we're certainly seeing defy use cases accelerating. What's number six, David?

Starting point is 00:07:34 Six, whale wallets are growing wallets that hold more than 10,000 ether, right? This is actually people, largely institutions, I would say, who are actually putting more and more ether into their treasury, into their balance sheets. So people with big money are buying more ether. We report on this number seven every week, 66 billion in years. US dollars locked in DFI protocols. That is aggregate of everything that's locked in DFI protocols. And that's 66 billion already

Starting point is 00:08:03 growing at a rate of 40% per month. Absolutely crazy. At number eight, Gray scale holds roughly 3% of all ether supply, which quote unquote won't be sold anytime soon. And if you are a lazy institution and you don't want to set up the infrastructure

Starting point is 00:08:19 for just more sophisticated holding ether, you just go to gray scale. Right? So that 3%, that's not just gray scale as an institution that's other institutions using gray scale to access ether and put it on the balance sheet won't be sold because it can't be sold as well the way gray scale's product works number nine ethereum has over 2 000 active monthly developers compared to bitcoin at 360 development leads to more apps more innovation more disruption look that developer score is only measuring ethereum specific protocol libraries so it doesn't even include all of the developers that

Starting point is 00:08:55 are building defy protocols on top of ethereum and ethereum is still leading the charge there what's number 10 david. Number 10 eth derivatives have gone from 50 million in april of 2020 to three billion total open interest institution adoption signal institutions love derivatives they love options and that is really how they elect to get exposure to assets like ether and so not only are we seeing a maturing in the derivatives market but we're seeing adoption of it which means that institutions are using it. This follows number 10. This is number 11.

Starting point is 00:09:29 ETH futures positions have seen a 20x increase. Now sit at 7.5 billion in open interest, another institutional adoption signal. 12. 24-hour ETH options. Trading volume has gone from $1 million in May 2019 to exceed $1 billion in daily open interest.

Starting point is 00:09:47 Again, same thing as before. This is what institutions use. Looks like they're using it. Number 13, ETFs in Canada, full stop. ETH ETFs in Canada. They're coming to the U.S. soon, right? That's the tweet. Number 14, ETH is starting to gain and decorrelate with Bitcoin,

Starting point is 00:10:05 and this will continue as developer activity rises and more use cases are created. That decorrelation from Bitcoin is key to actually people understanding it to be a uniquely different and compelling macro store value asset. Ash summarizes it with a price prediction. ETH currently range from 10,000. he says is inevitable 100,000 best case scenario 100,000 absolutely crazy numbers here. And he says there's more incentive to hold ethereum's growing use cases. Again, Ash works out of crypto hedge fund.

Starting point is 00:10:38 He's been listening to bankless for a while. I think he's tuned into the narrative here. And that is the narrative being presented to institutions right now. So if you're confused by why Eith price go up while Bitcoin price stay flat, take a look at this thread. Re-listen to the last 14 points we make. All right, David, let's go to the DFI token watch. Defi Pulse Index.

Starting point is 00:10:59 Where are we right now? Yeah, DPI currently priced at $560. Hit an all-time high of $584. Is that right? That's not right. No, the all-time high was earlier this week at $610 or so, and currently took a little bit of a tumble from that high down to $560. But overall, dollar price performance of DPI.

Starting point is 00:11:21 Doing great. Doing up. Not as fast as eth, though. Tell us the story in our DPI to ETH ratio. Slaughter. DPI being slaughtered on the ETH ratio. It had a valiant effort at point two. It had another about valiant effort at point one eight, but it ultimately has fallen down to 0.16 ether per DPI. And so defy assets getting just absolutely demolish in ether terms. As you would expect, ether just went. Are you happy, David? I mean, yes. It was ETH's turn for a day, right? It has never been ETH's turn since like literally December of 2017. It's, it patiently waited its turn and, you know, it's the moment right now. There you know.

Starting point is 00:12:08 I'm eyeing the ETH to DPI trade. Like I'm eyeing it. It looks tempting. Like DPI is going to reverse at some point in time. It's just a matter of like, do what knife, at what point do you want to catch the falling knife? You think we're going to have another D.P. summer, but we might have an ETH summer first is kind of the point, right? And it's hard to trade into that. We've already had an Eth spring. Two seasons of Eith in a row, you would spoil me, sir.

Starting point is 00:12:32 We'll see how it plays out. All right. Let's talk about stable coin supply, because these are hitting new all-time highs, too. The first stat we have is USDC, which is a coin-based circle. They hit 15 billion, so 15 billion on chain in USDC. Another follow-up to that is Tether, actually hit on-chain volumes of one trillion, the one trillion mark for the first time. Stablecoin adoption is just going up into the right. Yeah, and it just makes sense. All the times that Ryan and I talk about how, like, terrible, the banking UXUI is, obviously stable coins are going up into the right.

Starting point is 00:13:10 Congrats to Teller, $1 trillion in one year period. That's pretty phenomenal. Guess what, man. I had to wire funds from a Wells, literally from a Wells Fargo account this week, right? So had to schedule an appointment with the banker, had to go there in person. An appointment? Right? Banker asked all sorts of questions.

Starting point is 00:13:30 Where's the money going? Like what's happening? All of this. And I was just like, oh my God, you guys, this is a fax machine. You guys are so dead. Wait, did you? You're operating a fax machine and we have the internet here. Was it like small talks?

Starting point is 00:13:44 Like, oh, where is your money going? Or was it like, please go out this form? It was just, it was a little bit like, oh, so where? is the money going and like like just weird questions that shouldn't be asked about money marginally personal questions yeah and it was also like a you know it's a nice person good conversation i guess but the fact that you have to show up in person to actually like make that transaction schedule something with like the banker right geez friction friction that could be done in two seconds my my roommate he was going to transfer me some some money and for some reason we just did it in cash

Starting point is 00:14:19 because he's my roommate, just handed it to me. Real cash? Paper dollars? Paper dollars? Literally the worst form of cash. So I took that to the bank. It's private though. I gave it to the, well, not when I come to the bank with it.

Starting point is 00:14:29 I give it to the teller. And she was like, oh, like, did you make a big sale? And I'm like, don't ask. Don't ask about that. That's not your information. What are you doing? Yeah, no. Yeah, exactly.

Starting point is 00:14:40 Cease. That's not credibly neutral. Why do you get to ask? Why do you get to ask? You don't get to know. Exactly. All right, David. Let's get to this.

Starting point is 00:14:46 Well, we're on markets, man. Doge is pumping. So, like, everyone, many friends that I know, they'll text me about Doge Price these days, right? So like, what's going on? Why? And why so sad? Because we live in a goddamn meme culture. That's what's going on.

Starting point is 00:15:03 Yeah, deep sigh. And like, it really does like. But we love memes, don't we? Good memes. What's your problem with memes? There are good memes and there are bad memes. Yeah. I mean.

Starting point is 00:15:11 Why is this a bad meme? It's the people's money. Right? Doge. Yeah, God damn it, Elon. Look, look what you. done, Elon. The thing is, like, we are doing our best to promote the real values that this industry has to offer. And then Doze just fucking yeats itself to the goddamn moon.

Starting point is 00:15:29 Joe Wisenthall. Do you know him, Bloomberg? A commentary on finance has lots of say about crypto, of course. He says that, okay, David, Doge is no different than Bitcoin. It's just a meme, buddy. It's a community that says it's going up, hold it as a store of value, it is money, it's no different than Bitcoin. What's your take on that? Yeah, like the thing is like Doge is, it's a, it's a funny meme, but Bitcoin is a meme and the same as like the US dollar is also a meme. Like, it's just something that you have in your head and you ascribe value to it. It's like the different, when we talk about memes, we're just talking about narratives, right? The Bitcoin narrative is serious. Bitcoin narrative is, you know, personal sovereignty with money, no money printer,

Starting point is 00:16:16 you know, power by the people for the people. And Doge is like, ha, ha, cute dog, number go up. Like, the narrative behind the meme is important. Like, the Doge meme is very, like, nihilist. Like, you know, and like, I'm all one to say, like, fuck the system. But I want to fuck the system with a better system. Doge is like, you know what? Let's actually just burn everything because nothing matters anymore. And let's pump it to the moon. Do you know I think of it is? Look, I feel like it's a low conviction meme. Like it's a meme, but it's a low conviction.

Starting point is 00:16:46 Yeah, that's good. I don't think there's good. You're not going to get holders of last resort in Doge. They're here for the pump. They're going to be gone. And by the way, have you looked at Doge distribution near the top? It's awful. It's awful.

Starting point is 00:16:57 It's terrible. Right. Yeah. The reason why Doge makes outside news is because like I bet you a higher, much higher percentage of Doge is lost than Bitcoin because why would you keep on holding on to your Doge? right, you would just lose it. And so that's why it goes like from one penny to 60 cents in under like three months, because there's no supply.

Starting point is 00:17:18 There's no supply out there. Gary Vee just said that he had some Doge and he lost it because he didn't know what it was. Like, yeah, he just said that on the podcast or lose. Anyway, Doge, we'll get back to you when we get to the Elon S&L news. But for now, we want to tell you about the fantastic sponsors that made this episode possible. Bankless is proud to be supported by Uniswap. Uniswap is a new paradigm in asset exchange infrastructure. Instead of a cumbersome order book system where trades are matched with other humans,

Starting point is 00:17:47 Uniswap is an autonomous piece of software on Ethereum, which is what Ryan and I call a money robot. No human counterparties or centralized intermediaries, just autonomous code on Ethereum. Input the token you want to sell and receive the token you want to buy. Something brand new in the Uniswap ecosystem is the Uniswap Grants program is now accepting applications for grants. We have been saying this for a while and we'll say it again.

Starting point is 00:18:12 Dow's have money and they are in need of labor. If you think that you have something to contribute to the Uniswop Dow, apply for a grant to Uniswap. Just look at the size of the Uniswap treasury. It's almost $3 billion. This mountain of capital is looking for labor. Do you have something of value to contribute to the Uniswap Dow? No matter how big or small your idea is, you can apply for a Unigrant at Unigrants.org and help steer Uniswap in the direction that you have you.

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Starting point is 00:20:13 You heard about it with our podcast with Hayden Adams. He finally came on, David. He told us about it. And now it is here. May 5th, it arrived. Talk about it. What launched to MayNet? Yeah, Uniswap V3 finally here.

Starting point is 00:20:26 And so there is now this a little bit of a tug-a-war between Uniswap V2 and Uniswap V3, right? Uniswap V3 is not the simple transition. that uniswap v1 to v2 was. Uniswap v3 has much more dials, much more switches, much more things that need to be tinkered with, and people need to learn how to use it. And so that's what's here today. And I actually think the really cool thing is right there, Ryan.

Starting point is 00:20:49 Tweet number four in this tweet thread is that, if you guys remember, when you deposit liquidity into uniswap, it's a specific band of price action, right? So you are only depositing for a very narrow band of price action or a wide band. It's up to you. point is it's unique to you and it's unique to what you chose. And so when you make a unique

Starting point is 00:21:09 deposit in providing liquidity, you get an NFT back. And the cool thing is they've actually made cool little gifts for the NFTs. So I would imagine that you can like see your NFT LP deposit into Unitswiton something like OpenC or any other NFT explorer. It's going to show up next to your bankless badge or any other NFTs that you own. So that's kind of cool, which is actually kind of really bridging the world of defy to NFTs because they're kind of two separate worlds and now they're getting a little closer. It's kind of fun. Look, and that's an incentive to open up a pool. So kind of neat that way too. David, let's go to the high level. I thought this tweet from Hayden was actually pretty good. He said it's been 24 hours since the launch of uniswap v3 and here's

Starting point is 00:21:53 some stats. V3's 24 hour volume was already 150 million. They've got 300 million total locked. and volume by efficiency, which is a really interesting score, is 50%. And he compares that to Uniswap v2. And the bottom line is in its first day, V3 has already seen twice the volume that V2, not V1, V2 saw in its first month. So again, kind of we're on this exponential curve of growth. V3 is like 2x V2 volume in its first month, and it's doing that in the first day. pretty crazy volumes already coming out of Uniswap V3.

Starting point is 00:22:34 Yeah, there were some complaints from people who are just trying to use Uniswap V3 that some things were broken, some things weren't working. And as you can see, there's a comment right below that Hayden's tweet saying, oof, it cost me 150 bucks to provide liquidity. Providing liquidity, that transaction is just more intensive, right? And so hopping in and out of liquidity pools is going to be more complex now that it's an NFT. there were a few other things that the migration from v2 to v3 wouldn't work with a ledger just for some developer coding reasons that's over my head

Starting point is 00:23:06 but there is going to be transition friction because like I said this is not just like an upgraded an upgraded V1 to V2 this is a brand new AMM system and so the porting of V2 to V3 is going to have some friction there's going to be some learning curve pains but I think in the long term it's going to it's going to all work out Yeah, absolutely. Some like things from the beginning. And I tweet this out like, hey, who's tried it? What's your experience so far with V3? And people mentioned some UI bugs. The analytics aren't quite working. There's an issue with connecting a hardware wallet to MetaMask and using it an issue with the signature that is probably not resolved as you guys are listening to this. So some UI friction. But like overall, man, that's not stopping the volume. We should, you know what? We should unbox this ourselves. So I haven't spent much time here, David, myself, using this. and I'm going to pull up Uniswap v3 and actually see what's different about it. So it looks like I've got the same swap interface. Slightly different for pretty much the same. Yeah, it looks really simple.

Starting point is 00:24:07 You know, it's kind of that Google level simplicity of the interface. And let's say I want to trade, you know, let's say a tenth of an eth for some dye. What am I doing here? Yeah, see, the dye east slippage, a lot, a decent amount of slippage. Some price movement. Yeah, right. I mean, that might, it's 24 hours old. I'm sure that's going to get worked out.

Starting point is 00:24:28 Again, liquidity providers are going to have to learn how to provide liquidity. And so I think people are being methodical and slow about that. Look at this button, though. It says get a better price on V2. So I guess where you can get a better price on V2, you know, button pops up to show you that because this is a lot of slippage, a full percent slippage price movement for that action. But the big thing that V2 is supposed to provide was sort of, you know,

Starting point is 00:24:54 stable coin to stable coin. trades in the way that that curve does with very low slippage. So here's the USDC to die. And the slippage is fairly low. Looks like it might be a better price for 100 USDC to die than Uniswap v2. You know, the price impact is 0.2%, I should say. I wonder what happens if we like scale this up. Yeah. See, that's where it gets pretty cool. I'm pretty sure. Yeah. So you're already up to $1,000 and it only got a little bit more. illiquid. Yeah, and so now we're up to $10,000, and it's actually just the same amount of illiquidity as one less zero, right? And so actually now we're up to $100,000, and it's still 0.4%, and so it's actually not getting any more. Yeah, you keep adding zeros. It's actually not getting any more illiquid. And at some point, you have to max it out because you're going to just completely wipe a market maker from one position. It's starting to max out. Max out $10 million trade. $10 million trade.

Starting point is 00:25:56 Wait, what's $1 million? How much slippage? Let me count my zeros here. One, two, three, four, five, six. Okay, $1 million gets you 0.4% in slippage on USDA to die. If you add one more zero, Ryan, if you go to $10 million, it gets to be 3.5% slippage. Add one more zero. That's all of it.

Starting point is 00:26:18 That must have 90% slippage. That's all of it. Okay, so if anyone was interested in trading $10 million, of USDC to die. Get a better price on V2. You might get a better price on V2. But overall, that is the power of Uniswap V3, right? Historically was terrible for stable coin transfers

Starting point is 00:26:35 because it would put the same amount of liquidity across the full spectrum. But now liquidity providers, like this is the easiest, most basic way to use V3 in the upgraded fashion, is only providing liquidity against a very narrow band of prices, which is particularly well suited to like priced assets. It's super cool.

Starting point is 00:26:53 Dude, I'm going to look at, liquidity here. So I can create a new position, it looks like. Yep. What if I want to, or I can migrate V2 liquidity, maybe I'll put a new position here. Is this me putting it, creating a whole new pair? Yeah. So, yeah, yes, well, you would have to select a pair. But I think the really just the adding liquidity page really illustrates all the different things about Unitswap V3, right? So it lets you select the three different fee tiers. For the die-eath pair, yeah, I think the 3.0.0.3% that's the Unoswap V2 and V1, you know, default fee is 0.3%, but you can add, you can pick different ones. And there will be liquidity in each of these different pairs, but one of these,

Starting point is 00:27:34 one of the fee tiers is going to become the shelling point for every single trading pair. And then you would set your price range, right? And so you would pick where the, the band of price that you would want to supply to. So Ryan is providing two thousand, die to east between 2,991 to three yeah it's got a little clunky interface right over overwrite all that and go back to three thousand and four thousand three thousand keeps changing it keeps changing yeah it keeps changing yeah so clunky little ui stuff it's close though it's very close it's very close so if i want to that that's the difference if if i want to provide a price range ban for my liquidity i couldn't do that you need to swap v2 i had to provide for the entire spectrum but now i could set

Starting point is 00:28:18 the spectrum of somewhere between three thousand dollars and four thousand dollars where i'm providing liquidity, right? That's the difference. Yep, exactly. Interesting. All right, very cool. Let's take a look at how it's doing so far, I guess, at the aggregate level. And I think this is where Uniswap analytics come in. So you took these screenshots, David.

Starting point is 00:28:36 On the left, we have V2, screenshot from V2. On the right, we have V3. What are we looking at the differences in terms of liquidity or total locked value and also 24-hour volume here? Well, obviously, there's just no comparison, right? Because Unswap V2 is many years old, and it has all. all of Uniswap's money, basically. Uniswap V3 is very, very young, only 24 hours old,

Starting point is 00:28:59 so people are still migrating liquidity over. But I think for understanding the UI, what's important to note is on the left side, where we see Uniswap V2, we have liquidity. That's the name that they've bestowed upon all the money, all the value of all deposits into Uniswap V2. On the right side, we have TVL. And the reason why they've changed this wording

Starting point is 00:29:21 from liquidity to TVL is that in Uniswap v2, you deposit like $100 worth of ETH and 100 USEC into the USEC ETH pool, and that gets spread evenly across the whole entire trading pair. So that's all liquidity. It's all liquidity, right? But on Uniswap V3, you have to specify where you are putting the money. And so it's not all liquidity. It's TVL. So a slight change in jargon.

Starting point is 00:29:49 but I think it's more accurate and more precise, right? And then on the other side of thing... The point I'll underline here is you can get more liquidity for less TVL. That's the efficiency factor. Yes, yeah, I forgot about that part, right? So TVL is the same thing in Uniswitv3 as liquidity is in V2, but with TVL and Uniswitv3, like the same amount of TVL would actually, in theory, perhaps give way more liquidity.

Starting point is 00:30:19 That's the whole point of Uniswap V3 is that your dollar goes further in liquidity terms in Uniswap V3. All right, very cool. So what's this second chart we're showing or this list, I guess? Yeah, second chart, again, on the left it's Uniswap V2. On the right is Uniswap V3. And we're just looking at the different pools, right? So we have the Fay-Eath and Fay Tript Uniswap V2 pools is the largest pools in Uniswap V2. And then goes US.C.

Starting point is 00:30:45 Eith and then the other common pairs at WBTC-Eth. ETH, U-S-D-T and Uni-Eath. And then on the right, we have the Uniswop v3 pools. And what's also added here is that each one you see that 0.3% fee tier, that's something that's going to be new in Unswap V-3 because, oh, there's the, you do see the one of die to USDC, which is a stable coin to stable coin, and also USDC to USDT, and those are 0.5%, which makes sense. Lower fees.

Starting point is 00:31:14 Lower fees for stable coin pairs, right? And so this is new in Uniswap V3. And so these pools are going to be also, so there's not, not only is there a theoretical, you know, die-USDC.0.05% uniswap pool. That's not theoretical. That's exactly what's there. But there's also a die-USDC or die-USD-T. 0.3% and also 1%. But those are just illogical for stable coin to stable-coin pairs. It might be more appropriate for more illiquid assets like uniswok. Unisox. for example would actually be a great 1% LPT fear. And so that's something that you need to pay attention to in V3 is that there are the same pools of the same assets, but they can be segregated by trading pay or trading fees. What's kind of cool here is what we're seeing is,

Starting point is 00:32:07 I think what we expected to see, it's happening. It's still early, but a lot of the stable coins are receiving a massive amount of seven-day volume, you know, pretty, pretty interesting that stablecoin pairs are the one seeing a lot of adoption. And you kind of predict that from the way Uniswop V3 is optimized for those types of curves. I do wonder, speaking of curves, what curve is thinking as a D5 protocol, because many have said that V3 was going to be sort of a curve killer in curve, curve being a protocol optimized for stable coin to stable coin types of trades. and it looks like Uniswop V3 is absorbing maybe some of that right now. We'll have to see how that plays out.

Starting point is 00:32:50 I think the last take to have here is that not only do we have up to three different liquidity pools in Uniswap V3 with three different fee tiers, even though one of those fee tiers will be the dominant one, there will still be three. And then we still also have Uniswap V2. And so as a user, it's actually getting a little bit more complex to use Uniswap. And Uniswap have done a great job making that very easy to navigate that complexity, because they have that button that says like this the there's a different uh fee tier or different trading pair that's more liquid or more liquid um but i still think the role of aggregators and in decks

Starting point is 00:33:25 aggregators is going to play a very large role here because they're just going to obfuscate everything and not only are they going to aggregate across all uniswap trading pairs but they're also going to do everything the other decks and so i really only think that aggregators are just going to be the place to access uniswitwap v3 yeah absolutely we don't lose anything you don't lose New Swap v2 is still there. No one's lost anything. We are just gaining in Defi. All right, David, we focused on that release because it's such a big one.

Starting point is 00:33:49 We just have a few others this week. The first one is this launch, Neibits. This is an NFT. This is from the folks who created Cryptopunks, right? So that's why this is getting such, I guess, such press and such adoption so early. So what is Meibits? Yeah, MeBits is Cryptopunks 2.0, basically. They are, except that, you know, where Cryptopunks were 2D pixels, me bits is 3D pixels, right?

Starting point is 00:34:17 So very much Minecraft-looking characters. And the same basic rules apply. Like each one has different traits. There are many different traits. There's hair, different hairs, glasses, shirts, pants, and shoes. But also you can have multiple different kinds of traits inside of the same category, right? So you could have like a Mohawk that's red, a Mohawk that's black. You can have round blue glasses.

Starting point is 00:34:39 you can have star yellow glasses. And so it's really just Cryptopunks 2.0. And off, there's been some criticisms of Mebit. Some think that the prices for these things and the amount of revenue that Larva Labs is going to make is going to be insane for this. People are saying that this is kind of them making up for how they just never monetized Cryptopunks. Yet Cryptopunks are like billions of dollars in market cap. And so there's a little bit of controversy. But at the end of the day, the market decides. And right now the market's kind of hot for me bits. Yeah, it's the $80 million, David, they've sold. Meibitz NFTs. Some of them are selling for six figures already. And Larva Lapses banked $80 million, dude. Yeah, that's not something

Starting point is 00:35:24 to scoff at. That is not something to scoff at all. Eighth largest, I believe, NFT market, right? Eighth most successful NFT market project of all time based on the secondary sales volumes as well. So I don't know, what are your thoughts in general here? Are we, we've had this conversation a little bit, but is this bubble territory again for crypto, for NFTs? Well, I think the reason why crypto punks have done so well is that people get to buy them and then put them as their avatar. And that's kind of cool because, like, you get to kind of, you know, brag about your

Starting point is 00:36:00 crypto punks, but you also, in a very virtual world that is crypto Twitter and crypto discords and whatever. Social signaling, right? Social signaling, right? And what these things are, Cryptopunks are, are avatars. And so are me bits, right? And so what Larva Labs is really doing is they're really borrowing from their success

Starting point is 00:36:19 on Cryptopunks, which they did not monetize. And using our episode with Vitalik, borrowing legitimacy from cryptocurrencies and bestowing a little bit, borrowing some and putting it into me bits because, you know, one worked out so well, speculators are saying, well, the second one might work out pretty well. too. And so there's a lot of buying pressure for me bits. And I think that I would separate this from the rest of the NFT market because this is one, this is something that, you know, just like Cryptopunks, very uniquely crypto. Sir, you said Vitalic legitimacy episode. Quick plug. Coming Monday, guys, you have not heard it yet, but that's coming Monday. Don't miss a

Starting point is 00:36:56 metallic episode. Early release for bankless paid subscribers. Absolutely. So if you are paid subscriber, you already have access to it. David, you know, I'm going to come back to bankless doubt because I want to end there, but let's talk about this, which is super exciting. OK, X is a crypto exchange. We call these crypto banks. They are now supporting direct deposits and withdrawals, not just on Ethereum Mainet, but to a roll-up arbitram. This is something that we had hoped would happen, predicted would happen.

Starting point is 00:37:26 Crypto banks actually depositing user funds directly on to roll-ups and layer 2 chains rather than Mainnet. this is definitely the future. I feel like a whole bunch of other crypto exchanges will follow suit, and it's super bullish to me. And he takes here. Yeah, the amount of surface area there is on L2s for just innovation and integrations is extremely large. And it's just going to be overall where people end up where they have their money and it's not on Ethereum and then they want to go to Ethereum, but they don't want to pay gas prices. What do you do? You go to an L2 first. And there's no reason why you can't go to an L2 first. I think L2s are actually going to become the dominant onboarding vehicle onto Ethereum.

Starting point is 00:38:08 Ethereum, the center is actually going to, I think, become like the harder place to get to in the long term because people are just going to want to play around in L2s in the first place. Difference between an L2 and a side chain. Of course, an L2 is secured by Ethereum, by the asset price of ether, by the economic security of the main chain. A side chain is not. That might have its own validator set. Absolutely.

Starting point is 00:38:32 So it's bullish news there. Okay, speaking of L2s, I think a long-awaited feature enhancement for crypto has been privacy. So all of this information is public on the blockchain. If I send you money from an ETH account, somebody knows what my address is. I send it to you, David. They know what your addresses. They know exactly how much I sent you. But we are adding privacy to layer twos as well.

Starting point is 00:38:55 This is Aztec protocol with a private roll-up now supporting ZK-Dye, not just ETH. Kind of cool. get into this for us. Yeah, so they launched ZK. ETH not too long ago, and again, now they are launching ZK. Die, a hidden through line. Again, let's cite the Vitalik episode on legitimacy coming out, where he said that DeFi apps prefer die because of Dye's legitimacy as a stable coin. So hold that in your brain until Monday when you listen to that episode. Absolutely. Cool. Not only do we have private Eith, but now we have private crypto dollars or die. So that's absolutely fantastic.

Starting point is 00:39:33 I keep going back to like, David, this is the vision for crypto since it was born, right? Imagine if we had a non-sovereign money that was peer-to-peer and completely private, right? And now we do. It's super cool what's happening in crypto for those that are paying attention. Again, this is not reaching CNN mainstream news yet, but the price of Doge is somehow. David, let's talk about the last release. Bankless Dow welcomes you. The bankless Dow has officially released Genesis Team.

Starting point is 00:40:03 put out a post about this. Man, I'm super excited about all of the activity that we've seen in the bankless Dow since launch. It is like that snow globe, as you said. What are you excited about? Dude, that's our last question. I can't ask you that. Don't answer what you're excited about.

Starting point is 00:40:20 Maybe talk about the distribution of it and how it launched. Yeah, so we wanted to do this differently. And the bankless Dow is already a different Dow. Kind of like I said at the beginning, like we aren't a yearn. We're not, you know, sushi swap. We don't have an on-chain defy app. We have an off-chain group of people who are interested in a shared common banner, the bankless banner.

Starting point is 00:40:47 And, you know, there's really, like, we got Ryan and I on in the bankless LLC side, and we got Lucas and we got a couple other people. And so many other people approach us to be like, yo, I would love to help out. How can I help? And I don't really want to be a manager, and I know you don't want to be a manager, Ryan. So bankless LLC doesn't have the surface area to onboard all the people that want to help. Yet bankless Dow as a digital organization, which if you just, the difference between Discord and Slack, by the way, is they're the same apps, but one is open and one is closed, right? And so Discord, where the Bankless LLC is, is like the open Slack, right, for a company, except it's not a company. it's a Dow.

Starting point is 00:41:31 And so when I talked about the snow globe and the settling of people, people are finding their parts of the Bankless Dow that they want to contribute to. And so it's an open organization. Like you can find your niche inside of the bankless Dow and contribute in ways that you think is interesting to you. And that's how the Dow grows. Yeah, we got. We already did this kind of in small ways, right, David? So as you said, like we're a very small team producing all of this content.

Starting point is 00:42:00 but we've had people in France reach out and say, hey, we want to translate bankless and spread the mission in France. And it's like, yeah, go do that. And like bankless France has been doing that for the for the past year, right, as an offshoot. Bankless Russia, there are bankless chapters all over the the world. There are even bankless clubs inside of universities now. And so we can't coordinate all of that activity. The meme is really the coordination layer. It's like, what's the bankless movement about? It's about going bankless. Right. Right. It's just like, that's all you need to know. And with that rallying cry, now others can get involved in the movement. But now we have a mechanism to coordinate some of that activity. That's the difference

Starting point is 00:42:40 with bankless Dow. So super exciting, man. And like the energy around this, the quality of people who have joined so far, like I go through, everyone joins the bankless Dow and they introduce themselves in the intros channel. We've got like Harvard professors and like rocket scientists. And like, I'm like, you listen to this podcast? What are you doing? But they do. And yeah, I'm just excited to see what comes of this experiment. It really is an experiment.

Starting point is 00:43:08 Yeah, let's talk about the Genesis proposal. Ryan, can you bring that up on the screen? Okay. Let me find where that is. I think that's the announcement post. Yeah. Yeah. So this is something, again, a different way to do it out is that we distributed,

Starting point is 00:43:21 the Genesis team distributed the bank token to a bunch of different people based on different criteria, right? Like if you were a bankless badge holder, fun fact, that's why we were telling you to get the bankless badge so often. And a couple other different vehicles, did you donate to the get coin? Did you buy a BAP zero t-shirt and a few other ones? And then we so, and then, so I got my air drop, Ryan got his air drop, but we didn't get any air drops in outsize of what other people got, right? We got equivalent air drops. And then we submitted the Genesis proposal. And that's where bank LLC requests a distribution of bank from the bankless Dow. And so bankless LLC is requesting

Starting point is 00:44:03 permission from the bankless community to bestow upon us a portion of the bank tokens that we propose that we think is fair. And so if you are a bank token holder, you can vote yes or vote no. It's up to you. Yeah, it was really, it's really like the vision for this is for bankless LLC to be one media node on the network, right, along with other media notes. And so the Genesis proposal was really like a question. Like, here's what we think we can provide the bankless movement. Would you like us to continue doing that? Would you like us to coordinate our activity?

Starting point is 00:44:42 So I think it's not only like about bankless LLC getting more involved here. It's also a template for other organizations, other media nodes to, get involved. So it's super exciting. And dude, like I had, you know, I had no idea what people, what the, what the like people in the DAW would do, whether they would vote yes, whether they would vote no, whether they would find the proposal, negotiate. It's all up for discussion and it has been. And the proposal, the vote doesn't close until tomorrow. So anyway, this is just a really exciting experiment. And I'm, I think that now we have an internet scale organization. that can live long past a set of five individuals that run bankless LLC.

Starting point is 00:45:28 Right. So like if something happened to us, David, you know, this movement lives on as a media entity. And that's what's so cool about Ethereum and so cool about the Dow structure. Yeah. Yeah, that's exactly right. Again, it's things are a bigger tent under a Dow form, right? Like we could not fit enough people under bankless LLC.

Starting point is 00:45:52 and to the point where it started to have its own spinoffs, and like you said, with Bankless Russia, Bankless France, but now everyone can find themselves under the Bankless Dow tent, right? And just as you said, the bankless meme needs to be some, like the whole point, the bankless meme is literally about being a bigger tent. It would be stupid if we kept it under the LLC. It can grow into its fullest potential in Dow form. And so, Ryan, are you familiar with Google's 20% time?

Starting point is 00:46:19 Yeah, that's where like they encourage employees to spend 20% on a creative project, right? Exactly, right. And so you and me, we need to help, help bootstrap this Dow, right? We're part of it. And so I propose that like Fridays are our Dow days, right? Where instead of working on bankless LLC, we work on bankless Dow. Obviously, we're basically in the Bankless Dow Discord Monday through Friday plus weekends too. But yeah, we're also juggling bankless LLC stuff.

Starting point is 00:46:47 perhaps on Fridays is only Dow Day. Friday is Dow Day. Yeah, dude, that's a good idea. The other thing is, like, all of the 20% hobby time that all of these professionals outside of their work activity, they can pour their skills and talents into the Bankless Dow. That's super exciting. I want to say one last thing, and then we'll move to news,

Starting point is 00:47:06 and that is this. If you are upset or disappointed that you weren't part of the original distribution, like what I want to say is this is four days old. Right. Right. The entire purpose of future seasons of the bankless Dow is to invite more people into the bankless Dow. And so there's, I think the community has lots of things planned. The best thing to do is continue to like monitor, raise your hand, volunteer, do things for the movement, get noticed when, when, you know, grants, grant proposal process comes available, apply for a grant. Like there's tons of ways to stay plugged in. This is just the first week. So anyway, just stay tuned for that. If you're excited about the bankless movement, want to help out. Again, this is like, this is for the builders of the bankless movement. This isn't necessarily for the consumers, right? Like, if you are just listening to the bankless

Starting point is 00:48:01 show, absorbing the content on your journey, you don't have to be involved in the bankless now at all. This is for the people that are building it for those users. Anyway, that's it, man. Should we get to news? Before you move on, just to, yeah, can't stop. Can't stop. I think the world of Dow's and the new culture around digital organizations will benefit people that advocate for themselves. And so there are already proposals out there to include some missed people in the initial distribution, people that had a bankless badge, but some weird scenarios. And so the final distribution of bank is unknown because it's in the hands of the Dow, right? The Dow will figure it out. And there have been some people.

Starting point is 00:48:43 And I want to try and attempt to change the culture in the Dow. already is there are some people who come into the Dow and they ping David and Ryan and like, hey, I think I think this. Like it should be like this. And I'm like, great. Like yeah, we have no, we have no control. We literally don't have any, any governance over this thing above and beyond our air drop. So advocate for yourself, formulate a proposal, submit it to the Dow and let the Dow decide. Because again, like, we can give our opinions about it, but that's all we can give is only our opinions. Yeah, absolutely. It's very active, very cool thing.

Starting point is 00:49:20 Definitely get plugged in and advocate for yourself. Advocate for the movement too, right? It's like, ask not what the Dow can do for you. Ask what you can do for the Dow is what I'll end with. There we go. All right, David. Now we can end. That was a perfect ending.

Starting point is 00:49:39 News, Ethereum stuff. Let's talk about the first one. Defi is now funding defy. Let me skip to that. Polygon launches a $100 million fund to support defy adoption. This is Polygon, a successful side chain slash layer two solution, getting a ton of defy adoption. And they're now launching an entire fund to build up defy infrastructure. Yeah. And the Maddick token, the token of Polygon is definitely one of the outperformers in recent times. And so it's really good to see them recirculate some of that,

Starting point is 00:50:10 that wealth back into Defi. I'm reminded of Kevin Milwaukee's regenerative finance coin desk article. which has been a fantastic mental model of mine, where using defy, using one defy app makes that defy app valuable and then that defy app invests into the rest of the ecosystem and new defy apps are built. And then those defy apps are built and those become valuable. And it just recirculates and recirculates and recirculates. And that's how you bootstrap a network. And Polygon sticking true to the ethos of regenerative instead of degenerative,

Starting point is 00:50:39 if you didn't get that, regenerative finance. Well said, speaking of Polygon, Polygon, is not. now top 10 overall on D5Pulse. So they've been added. They are now top 10 with four billion. Starting at eight. That's pretty impressive. Four billion. Again, they are a somewhere between a side chain and an L2 solution. So they're not completely roll-up dependent. But they are definitely culturally invested in the Ethereum ecosystem and what it's doing there. Let's look at this. So my wife actually sent me this homepage. It was the homepage of CNN. And Vitalik was on it. and it was Ethereum's 27-year-old CO-C-O-C-creator

Starting point is 00:51:18 is now the world's youngest crypto-billionaire. Vitalik, a billionaire. I don't think he cares, though, David. I'm willing to bet that he didn't even know. I bet this is news to him. I just think this is probably one of the billionaires that cares least about having recorded like five or six podcasts with them. Like you feel like you get to know a person.

Starting point is 00:51:42 You spend a lot of time talking. to them. He doesn't care about this at all. I remember reading Cammy Russo's book, The Infinite Machine, and there was a section about how Vitalik would say it like the cheapest hostels while either was like over a thousand dollars in 2017. Yeah, yeah, it's cool. But look, this is a milestone, I think, for the community as well. Definitely, Eith Price Appreciation is the reason why. Let's talk about this. Speaking of Dow's, The Maker Foundation is returning all of their dev fund holdings to Maker as a Dow. Is this Maker Foundation like disintegrating?

Starting point is 00:52:21 Bowing out, yeah. Bowing out, saying bye-bye. Yep, yep. And so handing it to the community. Exactly. So the Maker Foundation has a pretty large supply of MKR because that's where MKR got minted in the first place. And the Maker Foundation about a year ago committed to dissolving itself in the future

Starting point is 00:52:40 as it was ready. And so this is the process of gradual decentralization. And I would like to give a shout out to all the bitcoins that came on my other podcast, POV Cryptopod, and talked about how gradual decentralization is not possible. This is gradual decentralization being completed, being finished. The Maker Foundation is dead. The Maker Dow is alive. The king is dead.

Starting point is 00:53:04 Long live the king. Is that a shout out when you call someone out like you were wrong? Is that a shout to you? Call out, shout out, whatever. I could list names if you wanted me to. I got it. There you go. Next episode.

Starting point is 00:53:18 Oh, save that for the debrief, David. The list of names. That's where we named names. All right. Defi, more disruptive to banks than Bitcoin. Who says this? Not the bankless guys. ING insurance is saying this.

Starting point is 00:53:32 This is a headline from a quote. They released a paper. Lessons learned from decentralized finance. A few quotes here. Defi is an integral part of ING's digital assets. asset vision. Wow. Wow.

Starting point is 00:53:45 Researching Defi. They're spending a lot of time doing this. They're commenting that it has 76 billion locked up. The best of both worlds is achieved if centralized and decentralized financial services cooperate. Defi Mullet? Defy Mullet? Yes, sir.

Starting point is 00:54:01 I've heard that one before. Defy Mullet in a corporate exec speak, analyst speak, defy Mullet. That's what it is. He's crazy, dude. Wait, before you go on, um, fuck what was I going to say? Oh, cut.

Starting point is 00:54:16 Well, God damn. I just got out of it. But I and me, David. Uh, Ryan, earlier I said that defy season is coming, like this is why. And again, uh, while we have retail aping into things like Dogecoin, we have in my, in my opinion, in my, in my, in my, from what I can tell, my analysis, we have institutions, putting ether on the balance sheet and using ether as a store of value and also investigating

Starting point is 00:54:40 defy assets. And so I would like to present the possibility that there are strictly different cohorts of buyers between why Doge is pumping versus why Eth is pumping. And I think people are also settling in around people were circling, the institutions were circling around Ether, and then they just landed on it recently. People are also institutions are circling around defy assets, like Uni, like YFI, like AVE, comp, whatever. They are circling around defy assets, and there's going to be a defy season that is institutionally driven, and I'm bullish for that. Sir, I accept that proposition, and I'm also bullish, sir. Well said. All right. Let's talk about Bankless Dow already making its own news. Two days old, it's already giving 100K away to charity. I said we would inject Bankless Dow in every single section of this conversation. Here we are doing it. I don't know if it's a meme of the week, but here it is. David, what's going on? 100K. How is Bankless Dow already donating to charity?

Starting point is 00:55:38 going on here. Yeah, if you click that snapshot link, we'll give a little of the backstory. So Udi Werthheimer, who, you know, famous troll, has publicly stated that he is interested in coming onto a podcast to articulate the vision of BNB as hyper-sound money. It's a finance coin. Right. And CMS Holdings, another famous Twitter account, said that Udi should go on bankless. And then Udi responded saying that they're never going to invite me on. and that's true he was right probably true right but then CMS holdings was what said what if i donate a hundred thousand dollars to the to the charity of bankless's choice uh and so i mean i've kind of feel of a personal responsibility ryan to say yes to that that is uh i can't say no to donating

Starting point is 00:56:25 a hundred thousand dollars to charity an hour of our time david to have a conversation with udi is definitely worth a hundredk to charity yeah and like you udi he's a conversationalist like we can have a conversation. It'll be fun. It'll be fun. I don't know if it'll be useful, but it'll be fun. It'll be funny. Yeah. And so what we're what we're doing is instead of bankless LLC saying where the money is going to go, we just handed handed the rights to that over to the Dow. So the Dow chooses where $100,000 goes. Right now, get coin is in the lead followed not too far behind by India COVID relief, followed not too far behind by by Coin Center. This is only, let's see, there's only, I think, five or six percent of total outstanding bank voting.

Starting point is 00:57:08 And so this is this current vote is completely swayable in any direction. I'm kind of bummed that Bitcoin mining carbon offset isn't really in the lead. But, you know, fair enough. Like, I'll give that. I'll give it to that was yours. That was mine. Well, you have, you have it like a 0.001% to vote on, sir. So you should do that.

Starting point is 00:57:26 Yeah. I definitely should do that. But, you know, Kikoy in the lead. So, you know, maybe if this, this comes through, we're donating 100, uh, bankless Dow plus CMS holdings donating $100,000 to get coin. Cool. How silly is that, dude. I don't understand it. Okay. Dude, what if what if, though, BNB is actually hyper sound money, man. And what if? What if we're wrong? What if we're wrong? What if we're wrong? TB continued. When's that podcast happening? We haven't scheduled it yet. Well, first, first,

Starting point is 00:57:54 we have to come to ahead. Bankless Dow needs to pick which charity to donate to. Then we'll forward that off to CMS and then he'll donate. Schedule time. And then we'll schedule it with UD. Stay tuned, guys. To be continued. All right, Ethereum is headed to 10K. Not again, the bankless guy is saying this, but somebody on CNBC saying this, Gary Tan, a famous venture capitalist angel investor saying this live on CNBC for the world to hear. He said a few things. Heath going to 10K. He said, ETH is ultrasound money. Wow, David, two months from the creation of ultrasound money. Genesis of Ultrasound money?

Starting point is 00:58:34 It wasn't the creation. The creation happened in like September of 2020, but it was really started. The articulation. The heavy, heavy promotion. It was all Justin Drake. Yeah. Yeah.

Starting point is 00:58:45 Yeah. So dude, that's, you know, look, we've said before, social layer, meme layer, it propagates up. Here it's propagating up to traditional finance, CNBC, Gary Tan, now supporting ultrasound money. Kind of fun. Yep. All right.

Starting point is 00:59:01 Let's talk Bitcoin. this is a big one this is bigger than bitcoin like this might i mean we should have we could have led with this u.s banks are allowing bitcoin trading in 2021 says ny dig execs nydig is that how you say that n ydig i'm not sure but new digital investment group has inked a partnership with fintech fidelity fidelity is been in crypto for a long time since like 2015 2016 doing a lot in the space that's Fidelity, the investment company. And now NYDig is going to be signing on a whole bunch of banks, I believe, to be able to actually buy and sell crypto assets, in particular, Bitcoin.

Starting point is 00:59:48 So like this is, David, I think this is the banks wanting a piece of this. The bank's not knowing how to custody crypto assets, not knowing what to do with it. and this agency, NYDG, helping out with that with a partnership with Fidelity. So pretty soon, it's, look, this is something we predicted. When Coinbase goes public, all of the other banks are going to look at their financial statements in the SEC. They're going to look at all those financial statements and start salivating and being like, oh, my God, this is possible. Where's our cut? And this is them coming back and trying to get their cut of crypto.

Starting point is 01:00:24 And so you'll basically have the ability to buy and start. crypto at your local bank. That's what this leads to. Yeah, there's a typo in this article where they say new digital investment group is actually New York Digital Investment Group. Okay. And the way that this works is that NIDIG takes care of the trading and custody, and they just have APIs to apparently hundreds of banks. And so all this is, from what I can tell, an API integration. If you want to hear a better explanation of this, to listen to NLW's podcast with somebody actually from NIDIG, explain this, but apparently very simple integration where they just put in an API and then all of a

Starting point is 01:01:01 sudden next to your USD balance in your bank account, you have a Bitcoin balance. That's so hard for me to fathom to even picture that world. But that's what's coming and it's because of the profit incentive for banks to get aboard this. All right, let's talk more about profit incentives. NFTs. There's a profit incentive in NFTs as well. We had Gary V on the podcast. He's doing some stuff with NFTs and he's just launched Vee Friends, which is his take on NFTs. There's some cool features here. I think that we covered in our episode with him earlier in the week. But I guess a few takeaways. One, I think this on boards more people to Ethereum wallets.

Starting point is 01:01:39 So in order to get these NFTs, you have to have an ETH address. So it's a crypto native from that perspective, which I like. You're also buying these NFTs with EF, which is kind of cool too. So again, onboarding more people. This is not necessarily something for me, not necessarily something for you. But it is something that his community is interested in. And we'll see how this goes after he launches it. Yeah, and I think that's really actually the big takeaway with Gary V and his NFTs.

Starting point is 01:02:09 You know, with Cryptopunks or Euler Beets or all the other, like, more general NFTs, there's like anyone who's interested in NFTs can start to speculate on like the cool NFT. These Gary Vee NFTs are really just for Gary Vee and his fans. It's kind of more of a not form. but informally a closed ecosystem because, you know, if you don't care about Gary V, then you're not going to care about his NFTs. But if you do care about Gary V, then you probably are really going to be interested in his NFTs.

Starting point is 01:02:37 And these NFTs aren't just like some weird, weird drawing that you saw on screen. It's not just some thing that Gary drew. They're actually redeemable for some sort of time with Gary. And so they're like hang out with Gary collateralized NFTs, right? You like, dinner, deer. He just drew a random picture of a deer. Now it's an NFT. and if you buy this NFT, you get to have dinner with Gary.

Starting point is 01:02:58 And Gary has a massive fan base, and if you are not in that fan base, then if you are not in that fan base, then you are probably downloading Metamask, loading it up with Ether, and then buying it a dinner-deer NFT. And Credit, Tip of it had to Gary. Could have done this on, you know, Solana,

Starting point is 01:03:17 could have done this on some other chain. No, he did it on Ethereum L1 with Ether. Not with Fiat on top. shots. He's doing it right. He's doing it right. Yeah, I agree. And if you think this is stupid, that's okay. It's not for you. Like, my wife thinks crypto punks are stupid. And I'm never going to explain why they're actually valuable to her, right? It's just not for your community, not for your culture. But the fact that you could do these for it, your community is pretty cool. David, let's go on more NFT news. Coinbase is partnering with Sotheby's,

Starting point is 01:03:50 which is, I believe, a large art auction group to announce a collaboration with Coinbase Commerce so that people at Sotheby's can buy a Banksy image with crypto. So Bitcoin and Ether can be used to buy Banksy right now. Bitcoin and Eth is money? Wow, Real World Banksy? You can use it for that now. I guess it's becoming more money-like. David, this is cool too.

Starting point is 01:04:15 Upshot has just announced that they've raised $7.3 million. I think of Upshot what they're trying to do is be sort of the Zillow for NFTs where they give you like a price estimate for all of these NFTs. And there's actually an opportunity for bankless badge holders here that we can get to. But what's your take on what upshot's trying to do? Yeah. So it's kind of like I'm going to I'm going to kind of butcher this explanation, but then I'm going to get back to how it's actually accurate. So like think of like swiping left or swiping right on NFTs or kind of like a hot or not, right? So you're presented with two NFTs and you just pick the one that you live.

Starting point is 01:04:49 like the most. And this is an NFT appraisal platform. And so with more and more data, everyone remembers in the social dilemma or the social network where Mark Zuckerberg did that hot or not thing with like college students on campus. Very controversial. Good thing that NFTs don't have emotions. And so you can just pick your favorite NFT. And with more and more and more and more data of more and more and more people's inputs, we can actually come to some sort emergent pricing or emergent appraisal for the value of NFTs. And so as an appraiser, you are incentivized to pick the same NFT that everyone else is going to pick. And you have to do a little bit of due diligence, not only looking at it and seeing if you liked or not, but looking at how much supply there is,

Starting point is 01:05:35 previous trade history, who made it. And so it's a two-sided marketplace. People who want to earn money appraising NFTs and people who want to pay to have their NFT appraised. And then there's also a wisdom of the crowds mechanism where if you pick the other things that other people pick, then you get rewarded outsized. And at the end of the day, art is just valued as how much other people value it. And so this is a pretty cool NFT appraisal platform. Again, already beta access available to bankless badge holders and bankless badge holders only. Yeah. So if you have a badge, right now you can log on to app.upshot.io. If you connect your badge with Metamask, you should be able to access the interface and become

Starting point is 01:06:19 an appraiser and start earning for appraising these NFTs. Super cool protocol. Excited to see where that goes, David. We'll end the NFT section on this. Cryptopunks is now being valued at $1 billion USDC. Is this Triple Comic Club or what, man? Yeah. And go ahead. Yeah, dude, like I just, just an NFT that is worth $3 billion in the NFT market, that like blows my mind.

Starting point is 01:06:47 Are you to, I mean, does it feel frothy though? Yeah. I think it's inflated in the same way I saw, I was talking about how the Doge market cap is inflated because so many people have lost Doge, so many people have lost Cryptopunks, right? And so I think, I think over 50% and it could be even higher than that. That has to be heartbreaking. Right. Imagine that. There's a lot of wallets that just, I mean, because they were free to claim. And so back in 2016 when they were released where gas was like below one way people would be like oh i'll take i'll take a thousand crypto punts and then i'll throw away my wallet and that's where we are today and then it turned into the value of a house right sorry sorry that's sad a more than reasonably size house i'm

Starting point is 01:07:28 at crazy all right uh let's get to a few others before we leave goldman sacks is leading a a $15 million series B into a round for coin metrics. Coin metrics is super cool. Great data site for crypto, doing fantastic work. Our friend Nick Carter over there. And this is Goldman Sachs leading the round. So like big financial institutions getting involved in crypto. Really cool, really bullish.

Starting point is 01:07:53 Anything more you want to say there? Yeah, top tier data analytics platform with a seed round from a top tier. I mean, I'm not going to say nice things about a bank. But as far as banks go, Golden Sachs is like really. high up there in tier status. And so tip of the hat for coin metrics. And this is, illustrates just the value of good data in this place. I'm going to blaze through these because this is all the same theme, which is a traditional bank uptick of crypto. Here's another one. S&P, Dow Jones, a famous index, of course, they're launching a Bitcoin and Ethereum

Starting point is 01:08:27 Indycy. In 2017, this would have been huge news. This week, it barely is a blip on Crypto's radar, but it is huge news. PayPal has held exploratory talks about launching a stable coin. Dude, the rumor mill keeps swirling. PayPal's absolutely doing something in the stable coin space. So is Visa. I wouldn't be surprised if they come up with something this year. PayPal has the largest defy mullet,

Starting point is 01:08:52 or at least it will have the largest defy mullet. That's my prediction. The largest, dankest, nastiest, rhesiest defy mullet imaginable. That's what David's predicting. All right. Here's something else. David, Galaxy Digital is acquiring BitGo. BitGo, of course, is a very large crypto-custodian. Premier Crypto custodian. Definitely. They are one of the go-toes besides like Coinbase and a few

Starting point is 01:09:16 others. They're definitely the go-toes. Galaxy Digital is a large crypto fund of sorts. They're acquiring them for $1.2 billion. I'm not sure what Galaxy's intentions are, but it feels like they're planning to maybe flip them to another acquire. That's what I would guess, but have no idea what their intents are. Interesting activity nonetheless. Let's get to the next one. Oh, this, look, we'll park on this for just a second because we talked about it in markets. Elon Musk had an S&L appearance Saturday Night Live, of course. Did he say something about Dogecoin? He must have. Wait, no, he's going to have a Saturday night live appearance on Saturday because it's live, right? It hasn't already happened yet. Of course. Yeah. Of course. And so he's been shilling how he is the Doge father,

Starting point is 01:09:58 and he's going to shill Doge father? The Doge father? Is that really what he says? That's what he's been saying. I don't have time in my life right now for Elon, so I haven't been paying attention. Sorry. What you could be doing. I mean, he bought Bitcoin and put it on the balance sheet for Tesla. So I guess he's being good.

Starting point is 01:10:10 Dude, he's launching rockets and making space age cars. He's doing a lot. And he's making a farce out of my industry, Brian. Okay. Well. I'm sorry. Yeah, I mean, he's a big memester. And he's apparently going to be shilling doge really hard on SNL this Saturday.

Starting point is 01:10:27 How do people know this? Oh, because Elon said he would. Because Elon's been, been, tweeting about it because that's where the Doge father meme came from. Why? I don't know. What's his purpose? So what I don't understand is a lot of people who text me asking me at Dogecoin say things like yeah, Elon's involved in this. Elon thinks it's a big deal and that therefore gives it legitimacy, which is why I worry again, low confidence, mean, low conviction meme is why I worry about Dogecoin. Should we send Elon's in bank tokens? So Elon's part of the bank

Starting point is 01:10:58 Dow? We should send Elon the bankless podcast. And he should listen to it to understand this industry a bit more. I know Elon, very smart dude, understands a lot of things, but I don't know why he's doing this. Yeah. Come on, Elon. All right, David. A16Z is raising another fund as much as $1 billion for a new crypto fund. What's your comment here? Yeah, A16Z always pioneering the charge into crypto, So $1 billion going into this industry. Is that going into crypto assets? Is that going into seed investments? Probably a little bit of everything.

Starting point is 01:11:35 But overall, our industry is about to get $1 billion better. All right. How Fini would be 65 earlier this week. Rest in peace. How Fini, 65th birthday. What do you want to say about this? Possibly Satoshi would have died in 2014 due to ALS, a true cypherpunk.

Starting point is 01:11:53 Happy birthday, How Fini. Yeah, super. cool. David, we're going to get to takes in just a minute and don't forget the meme of the week, but before we do, we want to thank the sponsors that made this episode possible. Synthetics is Ethereum's derivatives liquidity protocol. What does this mean? Synthetics is a platform for creating and trading synthetic assets. This includes real world assets like commodities, equities, and currencies. You get access to a global range of assets on a single decentralized platform. Traders could use the Quintic Exchange, which,

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Starting point is 01:13:40 If you're going bankless, you need Metamask, period. Browser and mobile, get them both. This is your tool to unlock the world of Defi. Here's my favorite part. Now you can swap tokens directly in Metamask with a single swipe. This has got to be the easiest way to trade Ethereum tokens. Choose a token you own, a token to exchange it with, get your quotes. If you like what you see, you hit swap.

Starting point is 01:14:04 That's it. What makes swaps so useful is what happens behind the scenes. It compares dexes, aggregators, and market makers to find you the best price with the lowest network fees and the least slippage. This means you can swap a wider range of tokens, and swaps can even automatically split up your trade to give you access to better liquidity. You don't even have to think about it. Try it out. Download Metamask for desktop or mobile now at Metamask.io and start swapping. All right, guys, we are back with some hot takes for the week. Let's go to the first, David.

Starting point is 01:14:43 Ethereum is green. What's the take behind us? Yeah, so this is a post made by status app that talking about all about how exactly green Ethereum is. And I think the, I'm going to lead with the punchline actually and say that if you want to be green, you don't turn your energy consumption into renewable resources. You consume less. I mean, you can do both. You can do both. But consuming less is actually the greenest path forward rather than just reorganizing how you

Starting point is 01:15:14 consume resources. If you can just stop consuming resources, you don't actually have to find renewable resources to consume. You can just stop consuming resources at all. And so what status is showing in this blog post is that Ethereum is green because it actually just doesn't consume anything. And so under a proof of stake paradigm, it is 99% more efficient in energy consumption than proof of work. Dude, I just feel like this is checkmate to the proof of work argument basically, right? So like, or the environmental impact of proof of work.

Starting point is 01:15:48 It's basically like, yeah, the answer is we turn it off. Right. We stop doing it. It's not this convoluted answer of how much energy is Bitcoin or Ethereum proof of work using and how much of that is renewable versus non-renewable and how much of it is like net new innovation versus not. Like the answer is like, we just turn it off. And even if you don't care about any of this, that is a better narrative to go mainstream with

Starting point is 01:16:17 and a better narrative when your friend asks you about crypto's environmental impact or the media announces you about how much energy crypto is using on a given day. You just have to say, like, none, zero. Now, like, so anyway, we've talked about this before, but I just feel like that's a checkmate answer. And Ethereum, to be fair, can't say that yet. Right. Until the merge. Right. And that's cool. Nine months from now, 12 months from now. And I see the same, like, I saw like three headlines this week. Like Bentley is committing to produce only electric cars by 2030 like an you know ex car manufacturer committing to only electric cars by x date that the model the move towards electric feels like also the move towards proof of stake like proof of stake is just like

Starting point is 01:17:02 the most efficient green like minimally consumptive thing and like proof of work feels like a gas guzzler it feels like a hummer it feels like a tank and that's kind of the the same ethos of protecting bitcoin is like well we will just pile on armor after armor after armor whereas proof of stake is like we'll just be really agile and lean. And I think the society, instead of wanting a big hunking gas guzzar, they want something agile and lean. Yeah, definitely. All right, let's talk about the next article or take from the week.

Starting point is 01:17:34 And this is a take by Charlie Munger, successful Berkshire Hathaway investor. He and Warren Buffett, of course, very rich individuals. Great investment advice, too, both these guys. But Bitcoin's success is disgusting. is what Charlie Munger said this week. He's got some other lines here. Of course, I hate the Bitcoin success, Munger said. I don't welcome a currency that's so useful to kidnappers and extortionists and so forth.

Starting point is 01:18:01 Nor do I like shuffling out a few extra billions and billions of dollars to somebody who just invented a new financial product out of thin air. Peek. I'm going to keep reading this because it's great. I think I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization. David Hoffman, is what we're doing contrary to the interests of civilization, my friend? No, it's just contrary to Charlie Munger and his idea of his civilization.

Starting point is 01:18:36 It's just he's very aware that Bitcoin is popping his bubble and no one else is. And he sounds really insecure about who he is in his position in the world. Yeah, it sounds pretty. pretty angry about it. And here's the bottom line. I don't think crypto is for Charlie Munger. Like he's not going to have to deal with the problems that younger generations are dealing with as a result of like Charlie Munger's success. Again, fantastic investor, but has done it on the Fiat. You know, the whole Fiat money printer pumping stock prices and all of these things. Of course, he's made great decisions from an investment perspective. But he's also. benefited from the status quo banking system.

Starting point is 01:19:20 Right? So yeah, it's not for him is, is what I would say too. When we talk about the creative destruction that this industry brings, this is the part that is the destruction part. Like, goodbye, Charlie. Yes. With that the actual take? I don't know.

Starting point is 01:19:39 Yeah, I don't know if that was the actual take. But there's something there for sure. All right, David, let's do this take. Man, really good. Eva, Bailen. At $3, it was just a joke talking about Ether here at $30. It was a good hobby at 300. It was a group of builders at 3,000.

Starting point is 01:19:57 It's what? It's a revolution talking about the price of Ether. Really cool take here. Yeah, there's just something to say that we can talk about the revolution, but until it actually shows up in the market value of these assets, then it's only talk. When it's here in the number, you can say that the revolution is finally here. It's showing up. ETH price go up is economic strength, is economic security, is legitimacy.

Starting point is 01:20:20 David, let's go to our friend Rob Payone, who we had on the podcast. This guy recruits for positions in crypto, for jobs in crypto. He helps people find a job in crypto. Do you want to read this takeout and then give your comments? Yeah, he wrote an entirely long, a nine tweet long thread. So the whole thing is worth reading. but I'm just going to read number nine. It actually goes to 10.

Starting point is 01:20:45 He goes, long thread short, if you love the crypto industry and you want a job here, go for it. Is there a career risk? Yes, but everything in life has risk. Sitting in a cubicle at a big bank or big four droning away for the next 20 years is also a risk.

Starting point is 01:21:00 If you want it, go get it. Hell yeah. Hell yeah, Bobby. And I remember in 2018 after I went to East Denver, which was like the impetus for me to get into this industry, I flew home and reflected on the plane ride home and it's like, well, am I seriously about to go home

Starting point is 01:21:16 and study for the GRE so I could get into school? What's the point? What's the point? Am I seriously going to miss this? Whatever the hell this? I don't even know what this is, but I'm seriously going to miss it? Absolutely not.

Starting point is 01:21:27 I am not risking missing Ethereum over the next three years, right? I'm not waiting for the next bull market if this one's ending. And then you know what I did, Ryan? What'd you do? I used a bunch of defy apps. I used uniswapeswapes.

Starting point is 01:21:40 then I got the Uni AirDrop, so I didn't miss out on that risk. I learned how to use all these things, started a podcast. I would have, thank God, I didn't risk not doing all of those things because it pays to be in D5. David's profile shot, few know this. They found out on April 1st, though, when we published the joke post, the prank. His profile shot is still him standing in front of a Wells Fargo for a job interview. Am I right about that? one of my first days on the job, but it was actually at a crypto job.

Starting point is 01:22:14 Oh, my God. That's funny, though. Yeah, it's like, I think great bit of advice here. Like, drop out of university and join a Dow. You know, like, I'm only half kidding about that. Yeah. We talked about this on the Josh Rosenthal episode, which, by the way, I listened to a second time this week because it was so good. That's the crypto renaissance episode.

Starting point is 01:22:36 And he talks about this. And in his action items, where he kind of summed up the last thousand years of history, he said the place you don't want to be at this juncture in history is a part of the old institutional guard because that's not going to accelerate the path. So you can't trust the path in the career, like opportunities that the existing institutions have set out for you.

Starting point is 01:23:05 You have to find something new. You have to start exploring this new frontier. And you have to position yourself for the change that is coming about. And I think that's good advice being echoed by Rob in this thread here. Absolutely. In the inside of a revolution, the risk is staying the same. For sure. Well said.

Starting point is 01:23:21 Okay. All right, David, it's time. What are you excited about this week, my friend? You ready to see it? Because it's a show and tell. Yeah, I'm ready to see it. Here we go. Look at this piece of uniswap.

Starting point is 01:23:31 Oh, my God. Yeah. Wow. Check that out. Okay. So if I can you actually zoom this in a little. even more. You can actually start to see some pretty cool stuff in there. There's a little bit of Easter eggs going on here, and I think, I hope this isn't a mirror image. Okay, but here, here,

Starting point is 01:23:47 Eith is money. Is right there. What? Yeah. Here's, here's, here's. Wait, wait, I'm going to see that. Can you bring that closer? It's kind of hard. I see it. Yeah. I see it. Yeah. Here's, here's, Welcome. Here's welcome. Wow. If you stare closer, you can see over there is better together. Better together. Wow. And so there's just a bunch of really positive Ethereum-focused words written all over this uniswap logo, but in different languages.

Starting point is 01:24:21 Many different languages. There's Hindi in there. There's Arabic. There's English. And there's welcome. Bienvenito. Ithes money. Where did you find there?

Starting point is 01:24:31 Yeah, so I met up with this guy in Twitter DMs. You saw him a kayak, I hope I pronounced that name right. I probably didn't. I saw him post something similar and I was like, yo, like, can I have that? And then he said, no, I want to make you a better one. So he made me a better one, commissioned it, and then he sent it to me. And so now I'm going to get it framed and put it up on my wall. That is awesome.

Starting point is 01:24:52 Is this an NFT or is this like just old school traditional art, no NFT? Traditional art, pre-NFTs. That's awesome. But it is representative of crypto culture, crypto meme culture and Uniswap, man. Good week to get that, too. Did you receive it on Uniswop launch day? A couple days before. I've had it for a couple days now, yeah.

Starting point is 01:25:12 That is awesome, man. Very cool. So thank you so much. Yosama, really cool present. A bunch of creators in this community. Absolutely. Ryan, what are you excited about? I got to say bankless Dow.

Starting point is 01:25:24 One more time. Just one more time. I told you we'd fit it in every section. I think we've talked about it at length. but just to see the amount of experimentation, the community kind of rally around the movement gives me hope that we have started something here that is much bigger than ourselves and that can continue to carry crypto forward under its value set, which is like this is a technology about coordination, this is a technology about self-sovereignty, this is a technology that's

Starting point is 01:25:54 going to make the world a better place. And if those values are instilled in any way in this movement, it's just the most exciting thing ever. It's like, that's my answer for every single week after this. If I could give the same answer and it was still interesting. But there you go. That's what I'm excited about. Yeah. What I'm optimistic about is I think we also have found the right people. The right people have found their ways into the bankless Dow. And we'll continue to. David, let's get to you meme of the week. All right, man. This is one from our friend, Chris Berninski. Okay, explain this one. So this is the, the class. classic boyfriend looking back at a girl in a red dress while his girlfriend is upset at him for doing so.

Starting point is 01:26:34 You know the one. You know the one. The boyfriend is the institutions. The upset girlfriend is BTC and the girl in the red dress is ETH. Our ETH Maxi's hats are definitely on on this episode. But it's also reflected in reality in the markets. And so, yep, awesome meme, Chris. You know how to meme for sure.

Starting point is 01:26:55 Yeah, well done. not just a fantastic investor and explainer. He actually wrote one of the books that got me really excited about crypto. Crypto assets, fantastic book I think still holds up in a lot of ways. I hope he writes a second edition. And now he's talented at meming. Some people get all the gifts. He's got everything, man.

Starting point is 01:27:14 Chris Reninsky. Hopefully we'll have you back on the podcast again. That episode that we did last summer with him was fantastic as well. David, anything else before we sign off for the week? Long live, Bankless Dow. There you go, guys. ETH is risky. Bitcoin is risky.

Starting point is 01:27:30 D-Fi is risky. You could lose what you put in. But if you're hanging here, you are on the journey with us. This is the bankless journey. It's not for everyone, but we're glad you're with us. This has been the weekly roll-up. Thanks a lot.

Bankless - ROLLUP: 1st Week of May (Uniswap V3, Elon Musk SNL Dogecoin, Bankless DAO, ETH & BTC)

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