Bankless - ROLLUP: 3AC Further Contagion | dYdX Leaves Ethereum | Huge Uniswap Acquisition

Starting point is 00:00:02 Bank Station, it is Friday morning. You know what time it is. It's a Friday morning, Bankless Weekly roll-up, a little bit different this week because Ryan, the AI, powered down for the moment. He and his other AI kids and AI wife are all at the beach. And so we're bringing in the substitute teacher, Anthony Zazano. Anthony, welcome to the show, man. Hey, man, great to be here.

Starting point is 00:00:21 Great to be the substitute teacher. We all know the substitute teacher is always the one that you have the most fun with, right? That's exactly right. Yeah, we always love the change of pace. So, yeah, we all know what's going to happen next. It's the end of the week, Friday, weekly roll-up. It's the third week of June. So you got to drink, go grab your morning coffee

Starting point is 00:00:37 because you are going to recap the entire week in crypto, which is always an ambitious endeavor, yet we persevere nonetheless. Some big things happen this week in the world. We got further three-a-os capital contagion to talk about. The cancer spread a little bit further than what we originally thought last week. So we're going to cover all of that. Also, D-Y-D-X spins up D-Y-D-X chain on Cosmos, leaving Ethereum going for the Cosmos chain.

Starting point is 00:01:01 So we're going to talk about that. And Uniswap acquires an NFT aggregator. So we're going to talk about that as well. You know what to do? Got to like and subscribe. If you're watching this on the YouTube, hit that subscribe button. If you're watching this on the podcast, go give us those five-star reviews because the ETH price and the five-star review number are highly correlated.

Starting point is 00:01:18 So if you want that bull market to come back, we need those five-star reviews. Anthony, ready to get into the markets? Let's get into it. Starting with Bitcoin, of course, coming in at $20,500. a little bit flat on the week, I'd say maybe a slight down. Anthony, how are you feeling about overall in the market and Bitcoin price? I don't know. Like the markets are in a funny place, I think. They've done things over the past, I think, a few weeks that people never thought they would do, right? Like BTC and ETH both going under their old, all-time highs. ETH did it first,

Starting point is 00:01:51 then BTC caught up after it. And we've kind of like bounced back. ETH is still not back above its old all-time high, but Bitcoin is back above that 20K. And I think, it's kind of like no man's land right now. People are like, oh, did we actually bottom at that, in the 800s there for ETH, or are we going lower?

Starting point is 00:02:08 And I think people are just scared to bid right now because of that, right? They just don't want to get caught buying something that's going to go down even more. But we don't know, right? It's just very, very hard to tell right now, I think.

Starting point is 00:02:19 Yeah, certainly Ether coming in at $1,100 right now, which is about 24% below its previous all-time high, which is kind of a big oof, I'd say. I don't really think. we've seen that in prior market cycles. Usually the previous all-time high is the crypto prices stay well above that. And so that is uncharted territory. Look, I think we didn't go as high as people thought that we were going to go on the way up, right?

Starting point is 00:02:44 And I think that because of that, we came down percentage-wise, ether's down, what, 80%, which is obviously less than last bear market, which is 94%. And last bare market, BTC went down 85%. So I think because we went up less, we've just come down. like similar amount, but because of that, uh, it means that we've kind of like gone below that all, all time high, which once that broke, it was kind of like, well, you know, where's the support now sort of thing? So yeah, I mean, that's just brutal looking at 2018 right now, like 94% down. So crazy to see. Oh my gosh. Okay. From 2017, it went down 94%. But then it went up

Starting point is 00:03:23 in total from the bottom. Oh, a casual 5,500% to the, very, it's, uh, but then it went up. And it's, uh, a casual 5,500 to the very, very pico top. And then from that 5,000 percent up, we are down another 75%. So, you know, like three steps forward, one step backward, 5,000% up, 75% down. These are normal shenanigans, I guess, if you zoom out in the crypto world. Quick comment on the ETH-BTC ratio. The new number is about 0.054. We did get to a low number of just below 0.05, but it looks like the ETH-BTC ratio is

Starting point is 00:03:58 defending the 0.5. number, 0.05 number. Anthony, any comments on the ETH BTC ratio? I think, look, the overall market is bearish, and I think people are risk off in general, and the wider market definitely considers ETH to be at least a little bit riskier than BTC is to hold. So, you know, we did see the ratio kind of loose strength there, but I think it's on kind of like a support level right now, you know, depending on what the market does, I'm not sure where the ratio goes from here. Obviously, we have a huge catalyst coming up towards the end of the year for Ethereum with the merge. which is not just a huge catalyst on the technology side, but also on the market side.

Starting point is 00:04:34 But I don't have any strong feelings with the ratio right now. I think it's in the same position where it's kind of like, you know, it could go either way at this point. Yeah, totally. All right. Moving to the total crypto market cap. We're coming in at $0.95 trillion. So still below that $1 trillion mark, a little bit flat on the week. But overall, crypto in the last seven days, flat-ish, there's been some, some,

Starting point is 00:04:59 losses here and there. Any other comments about the total crypto market cap, Anthony? We've come down a lot, right? Three trillion, I think, was the top and now it's under a trillion. Yeah, it kind of like hurts that it's that low. But I think it's dictated mostly by the top coins, right? Like Bitcoin and Eith and stable coins, things like that. So, you know, it can change overnight, right? It can go back up to 1.5 trillion before we even, or something like that before we even know. So I don't know how much stock I put in the total market cap, but it gets a lot of media coverage, that's for sure. Certainly. That's, did you slurp any three-digit, my brother? I did, sir. Did you eat? Yeah. Yeah. I didn't get the catch the exact bottom because I was sleeping.

Starting point is 00:05:40 I got it like 900 because I have resting bi-olders like down every 50 bucks until like $500. So I was able to slurp at around 900 when I woke up. I was like, oh yeah, that buy hit. Well, that's scary and good at the same time. It's always when you feel fear and you press buy any. ways is when the opportunity arises. There's a fun perspective for the newbies out there. This is a frequent format for Bitcoin tweets. In 2011, the tweet reads, in 2011, Bitcoin fell below $20. In 2015, Bitcoin fell below $200. In 2017, Bitcoin fell below $2,000. And in 2022, Bitcoin fell below $20,000. I actually don't know if it fell below $2,000 in 2017. I don't remember getting that low. It would have been like, it would have been like

Starting point is 00:06:27 the volatility from like the start of the run, right? It's kind of like cherry-picked, but I guess that's what they were just trying to make like a pattern, right? Right, right. Well, I mean, when you make the pattern and you ultimately get a 14,000-like tweet, what would the price for Ether be if we did this? It would be like $80 in 2017, almost $800 so far. Maybe next time it's $8,000. Maybe. Maybe. Hopefully that would be bold. And then one last comment on the market. So different market than what we usually talk about, but the GPU markets are starting to get flooded. Here's a tweet that I thought was pretty interesting that reads Chinese miners and South Asian, I don't know what the next word is, now dismantling their mining rigs and putting up cards for

Starting point is 00:07:12 auction on live streams. 360 TIs, which is an Nvidia graphics card, going for $300 to $350 US, which if anyone has been paying attention to the GPU mining market, no, the GPU market for like gaming and also mining, GPUs have been super highly priced for, I don't know, two years now. And it looks like a lot of people are starting to actually, the GPU miners are quote unquote pricing in the merge by selling their GPUs on the open market.

Starting point is 00:07:41 And so GPU prices can finally come down. If you guys, if anyone has been on the hunt for a GPU to build out their gaming computer, it has turned into a buyer's market. Anthony, any comments on this? I've had a thesis for a while. This was going to happen. you mentioned the merge, but also obviously as the prices come down, miners have to sell because it's just not profitable for them to mine anymore.

Starting point is 00:08:03 So I think especially, you know, obviously once the merge happens, like all these miners have basically nothing as profitable to mine. Like some of them will go to other chains that are compatible with GPUs, but most of them will flood the market. And I actually remember posting to some friends a few months ago that I thought shorting Nvidia would have been a good trade. And that has so far been a good trade. And I didn't take it, of course, because I don't really short things. But yeah, it's just obvious to me that there's just going to be an absolute flood of GPUs. And I think Nvidia themselves should be scared of this because they're trying to launch a new kind of like line of GPUs by end of the year. Well, why would anyone buy their new line when they can get like a severely discounted mining GPUs, which for those who don't know, miners when they use these GPUs, it doesn't actually materially reduce the GPU's effectiveness and doesn't really harm them.

Starting point is 00:08:50 So it's not like you're buying a car that's going to die on you within a few months. the card is fine to buy. It's just that it's severely discounted because there's going to be so many of them flooding the market at once. And it's going to be a pretty good time for gamers, I think, that want to pick up a card here. Yeah, I actually came into the world of crypto via mining. And so I remember, like, taking the profit maximalist approach to mining was not to actually run these units at super hot, high speeds. You would run it at like 80 to 85% capacity because you need that thing to live a long time and not break down on you. And I do think that, there's going to be like this stigma discount on these things.

Starting point is 00:09:27 We're like, oh, a mining, like, gamers are kind of like, what's the word? Kind of like, what's the word I'm going for? I'm really picky. I know what you're looking for. Yeah, they're really, really picky, right? And so, like, no, I don't want, like, a mining GPU in my computer. Like, that's, I don't want the miners to have touched my GPU. I want my GPU to be flawless.

Starting point is 00:09:49 But the GPUs themselves, the cards are going to be, like, not bad. Different corner of the market, the GPU market, but you can start to see the effects of the merge getting priced in here. All right, fam. Coming up next, we're going to talk about the three arrows capital contagion, the continued fallout from that,

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Starting point is 00:12:13 Voyager is an exchange, apparently. Anthony and I were just talking about what the hell Voyager is right before. before we got here. Not an exchange I'm familiar with, but somehow they ended up having exposure to Three Arrow's Capital. And Voyager tweeted out,

Starting point is 00:12:28 to better serve and protect our customers in current market conditions, today we announced that we signed a term sheet for a $200 million and 15,000 Bitcoin revolving line of credit with industry leader Alameda research. We'll get into the Alameda side of the story here. The reason the details behind this, why this is happening, is because apparently Voyager

Starting point is 00:12:48 had $663 million of money that they just lent out to three arrows capital, which then like went full leverage, full tilt leverage, and then lost it all. And so apparently Voyager and exchange lent three hours capital $660 million. And now that three rows capital is completely insolvent, they lost all that money, which is weird that it's coming from an exchange. Anthony, what are your thoughts on here? I just can't believe like this stuff that's come out over the last few weeks. Like, people, the funny thing about people in the crypto space, I mean, probably people just generally, is that they think that because someone has a lot of money or like a company has a lot of money or a fund has a lot of money, that they somehow have like the intelligence

Starting point is 00:13:32 to back that up. And as we've seen from the Three Aras Capital Fallout, that definitely wasn't true. They were literally pretty much the same as the DGens you see on crypto, Twitter, just with a bigger kind of balance sheet. And it's also, it seems to be that they didn't actually have much of their own money. They didn't take outside capital's investment, but they borrowed money from pretty much everyone, and then we're putting that into their trades and then paying back the loans, right, that they took out, using the profits from those trades and not telling anyone that they were borrowing from everyone else. And obviously, once they blew themselves up, they had all this exposure to various parties out there. And I don't know why Voyager gave them so much money because you just

Starting point is 00:14:08 saw in the tweet, they have like $150 million left themselves, which basically makes them insolvent if 3AC doesn't pay them back, right? And I'm just so confused. Like, why did they do this? Like, do they really get FOMO and think that 3AC was going to trade this money up to be worth billions of dollars or something for them? And the fact that they're kind of like, I think a customer facing exchange as well that kind of like has retail investors. It's really sad because retail investors have gotten absolutely slaughtered over the last few months, right? They had the terror stuff.

Starting point is 00:14:39 Then you had Celsius. You had BlockFi recently. BlockFi, there hasn't been any fall out there yet because they got bailed out too. but you know you have kind of like Voyager now it's just like how how much damage have we done in such a short period of time to these people like it's actually just insane to me right here's a tweet from tom lombardi showing one of the like terms and conditions of Voyager where there is a consent to re-hypothecate which I guess means that if you put your money in Voyager you are consenting to let let them go and do whatever that they want with your money kind of like a bank and Tom the

Starting point is 00:15:14 take here from Tom is that when you don't know where the yield comes from, you are the yield. So you go and deposit your money into Voyager. Voyager on the back end, gives all of their money to Three hours capital, who probably promised Voyager some yield, right? Like, give us your money and then we'll go and give you this percentage of yield. And to some degree, and this also happened, we talked about this last week where a lot of startups gave Three O's Capital their treasury to go do that same thing, right? Like here's our treasury for our new project that from what we just raised. Ethereum's Capital, please go give us like 6% yield.

Starting point is 00:15:48 And then like Theros Capital like probably just takes it and puts it into like anchor on Terra Luna and then that goes down bad. And then they leverage themselves up, probably trying to make it back and which just never ends up working out. Anthony, you brought up BlockFi. So this is also part of that story. Zach Prince, the CEO of BlockFi goes today BlockFi signed a deal sheet just kind of like Voyager did with FTX official.

Starting point is 00:16:13 also kind of like how Voyager did to secure a $250 million revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength. The proceeds of that credit facility are intended to be contractually subordinate to all client balances across all account types and will be used as needed. Basically to ensure that BlockFi is solvent enough to allow for users to withdraw their assets and they're actually being assets there to withdraw and they're getting this money by a loan from FTX because BlockFi, like many other lenders in this base, basically every crypto lender that Three Eros Capital could borrow money from, three O's capital borrowed money from, BlockFi included. And so Zach and BlockFi, like, definitely, like, I would

Starting point is 00:16:59 call it more regulated, more above the board type of lender out there. But even, you know, even BlockFi is not immune to this. Anthony, any thoughts on the BlockFi side of things? Yeah, I mean, I think we're just very quickly. seeing why CFI is not sustainable, why CFi is what we're trying to replace with Defi, right? While we're actually trying to build better systems is because once you throw your funds into these CFi platforms, it's opaque as hell and you have absolutely no idea what they're doing with your funds. As opposed to Defi, even if these defy protocols aren't actually decentralized, you can still track whatever, what's happening on chain, right? You can see

Starting point is 00:17:36 where all the funds are going, like it's all open and transparent. And there's no need. to kind of like just kind of be in the dark about it. And even with the terror collapse, people were screaming about it for a long time because you could see exactly how it all worked. I mean, even the white paper told you how it worked. Whereas with these C-fire platforms, you're just drawing money into the void and hoping you can withdraw it one day. And you mentioned that were regulated.

Starting point is 00:18:01 They are, but they're not regulated like banks are, right? And they don't suffer the same consequences as banks. And that's what they need to get to if they want to be, you know, better platforms. But I think that's going to come now. I think regulators are really going to screw these guys now because they've just played with fire and got burnt. Yeah, like we say frequently on bankless, if you can be regulated, you should be regulated. And if you can't be regulated, it's because you're decentralized and you're transparent and therefore you're regulated by code. The last part of this story comes from BlockFi, which is apparently, allegedly,

Starting point is 00:18:32 struggling to raise. So they are going through another raise round. I believe BlockFi raised something that raised at a valuation of like $5 billion, at least that's what this tweet says from Frank Shapiro at the block, definitely a reputable news source. So when Franks tweet something, it's not like vapor. And so previously, BlockFi raised at a $5 billion valuation. And they are now raising, again, raising more money, but at a valuation of just about $1 billion. So going from a $5 billion valuation to a $1 billion valuation in about six months' time. So a significant loss of valuation by BlockFi. I mean, probably related to crypto market prices going down, yields going down, but then also like losing a bunch of money to three euros capital too.

Starting point is 00:19:17 And so overall, just like not a, it's a bad week to be a centralized money lender. Let me tell you that, Anthony. Yeah, yeah, exactly. And I think this is just following on with the trend as well of like the private markets coming down. They typically lag the public markets by about three to six months, but some of the private valuations are getting way ahead of themselves. And when I saw BlockFi, I raise at that valuation that $5 billion one, I even thought at the time that that was insane. Like I didn't think that they were worth that much at all based on kind of like, I guess, what they were at the time. And definitely today they're not.

Starting point is 00:19:49 And I think the market is kind of repricing that there and also repricing the risk now of these kind of like these services. All right, moving on to the second big news item of the week, DYDX chain, the whole entire blockchain. DYDX, the has, used to have its own layer two on Ethereum using StarCwe. technology, and it still does, I don't think they've migrated yet, but they are planning D-Y-D-X version 4, which includes D-Y-D-X chain, which is a Cosmos chain, so going from Ethereum Layer 2 to a Cosmos zone, I think, and so they tweet out, D-YDX V4 will be developed

Starting point is 00:20:24 as a standalone blockchain based on the Cosmos SDK and Tendermint, proof-of-stake consensus protocol. At D-YDX, we embrace radical changes in technology that have the potential to dramatically improve the protocol. After exploring the landscape, of current and upcoming blockchain technologies, we've decided that Cosmos will allow us to build the best and fully decentralized protocol. Anthony, what are your thoughts on this move? So there's a lot of thoughts here, like a lot of thoughts.

Starting point is 00:20:50 I do want to say that I think DYDX isn't being that forthcoming with their reasoning here. I think that from people I've spoken to and just thinking about this a lot since it was announced, I think that the main reason they're doing this is regulatory. I don't actually think this has much to do with the technical. aspects of it. And I'll explain my reasoning there. In this announcement, in this blog post, they talk a lot about decentralization, right? Decentralization is, decentralization, that, blah, blah,

Starting point is 00:21:17 right now with their Starkware implementation of DIYDX, they cannot decentralize it because StarCware does not have the ability to have decentralized sequences yet. StarCGGGG hasn't put in those features or anything like that. And the order book specifically is centralized and D-YDX does with the matching and things like that. Whereas with a Cosmos chain, for example, they can spin up their own validators. They can say, well, there's DYDX. People can stake their token holders can stake their tokens and validate the chain. And then they can kind of say to regulators or anyone that comes knocking, hey, we're actually decentralized. We don't centrally control any part of the protocol. It's part of the, the, uh, the, um, DYDX protocol. And there's,

Starting point is 00:21:56 there's, uh, nodes that validate it and they spread it all around the world. When in reality, it's not really going to be that decentralized because the, 50% of the token supply belongs to insiders anyway. But I guess that's orthogonal to the point of that I think this is just much more to go to do with regulatory than it does with technical because I actually think this is the third time that DYDX has now pivoted on their product stack. First they were on layer one, Ethereum, then they went to Starkware, layer two. Now they're doing DYDX chain.

Starting point is 00:22:24 And honestly, like, yes, they kind of got a lot of traction as their layer two. And their layer two is actually really cool. I love using it. But from what I've seen, they're nowhere near the capacity that Starkwe can give them, right? They think they do like 10 TPS or something like that. And I'm sure Starkware has plans to decentralize the sequencer and kind of like improve their technology and bring more scale and all that sort of stuff.

Starting point is 00:22:45 So I think it's less technical and much more regulatory for those reasons I outlined. And I just don't think that this is a good move from that perspective because I get the regulatory side of things, but you're sacrificing your product and your technology for that. And maybe they believe that they can build a better product. Maybe they truly believe it, but I don't know. Like from everything I know, layer two's is still strictly better than Cosmos chains. And it's not even a technically a Cosmos zone because they're not going to connect to the Cosmos hub from what I've seen. There's going to be their own standalone chain that uses Cosmos technology and the DYDX token will be used to validate the network.

Starting point is 00:23:19 And so by doing that, they're actually giving up heaps of security too, right? They're literally leaving, say you're in like a massive fortress and you have an army protecting you, this is what they're doing. They're leaving that fortress and they're going to their own camp out in the wilderness, have a few guards posted, and that's how they're going to protect their chain now. So I think the tradeoffs that they're taking here are really, really kind of like bad, and I actually don't think this is a positive for them. But as I said, if you take the regulatory view, I think it makes a lot more sense than the technical view. Yeah, I definitely agree with that take. That's an interesting take that I haven't heard yet. About the security comment, this is also where the changes in the DYDX, DX,

Starting point is 00:23:58 token come into play. And so the, the, the, the, the YDX token, which, you know, is is a token on Ethereum, but it's now going to be part of its own layer one blockchain. This is a brand new layer one blockchain that's coming to play here. In this blog post, they go, the DYDX token is the protocol token of the DYDX protocol, of course, governed by its holders. The V4 protocol is designed what they need for layer one protocol token. The protocol token would be used for staking to validators as well as ongoing governance of the chain. The D.S. the D-YD-X token would seem to be a natural fit to be used as the layer one token of the V4 network, but we look forward to understanding the perspectives of the D-YD-X community.

Starting point is 00:24:38 I'm trying to find where this is on screen, but I'll find that in sec. But basically, now in order to have a layer one blockchain, you need to have a token. And so, like, D-Y-D-X is becoming the ether of, you know, ether is to Ethereum. D-D-D-X token is to D-Y-D-D-X, and now you stake D-Y-D-D-X and run a validating node, and you, like, the blockchain, as one does. But previously, D-Y-D-X didn't have to pay for security, which is what you were saying. They would just receive the security from Ethereum.

Starting point is 00:25:10 Now that they're going to their own layer one blockchain, there needs to be D-Y-D-X emissions to pay for security, changing the nature of the token. And so you can now, if you're bullish on D-YDX, you can now stake it, run a node, process the blockchain, and receive those emissions. But this is now an expenditure that the system didn't previously have,

Starting point is 00:25:27 and now it does have, because like you said, they have to pay for their own security. Yeah. Any thoughts on that? Yeah, I mean, you're totally right. And I think, like, you know, some people have kind of brought up points around, are they doing this because they want to drive more value to the DYDX token? And I'm like, yeah, okay, I could see that, right?

Starting point is 00:25:46 There is typically a layer one premium some of these things get. But at the same time, by doing this, as you said, they have to inflate their token to secure their chain here. and actually one thing I forgot to mention about the regulatory stuff before and gives further kind of proof to this is that the air drop that DYDX did, they barred US investors from getting that air drop. So they have been very, very careful when it comes to regulatory stuff, right? So I think that that game is kind of like further proof that this is a lot to do with regulatory stuff rather than technical technical stuff. And we've had Antonio on the show before. And one of the takes that I really enjoyed from

Starting point is 00:26:26 Antonio is that he is not a maximalist in anything other than DYDX himself. He's going to build the best derivatives exchange possible. And I like that day because he was building it as a layer two on Ethereum and he says that he's going to be able to beat out competition by optimizing for decentralization and using decentralization as a tool. But the take here is Antonio is a DYDX maximalist. He's going to do whatever possible to make DYDX the best exchange possible. And so the writing on the wall actually started, I think, forever ago when Suu had that abandoning Ethereum tweet, which Antonio retweeted and said, here's a risky tweet of the day. This is said much harsher than I would put it, but I somewhat directionally agree. Ethereum has not executed over the past

Starting point is 00:27:11 years. I can't think of a single 10x useful improvement Ethereum has made in the last four years. And this was back in November of 2021 when we had this drama with Suu and the Ethereum community. and Antonio kind of tapped on and agreed with Stu saying like, well, you know, Ethereum as a protocol hasn't really upgraded. And so the writing on the wall here was definitely present. And then later Antonio tweets, I 100% don't care what chain DYDX is built on. All I care are the technical tradeoffs, decentralization, security, scalability, UX, etc. DAPs will move to other chains if or when they offer better tradeoffs. Anyone who doesn't like it will be outcompeted.

Starting point is 00:27:49 So you could kind of see the tone that Anthony was taking forever ago, Antonio, excuse me, was taken forever ago in November 2021. And now it has come to fruition of DYDX going on its own blockchain. We are actually having Antonio for the state of the nation this coming Tuesday. So we're going to talk to him about this decision and like what made him make this decision for moving DYDX over to Cosmos. There's some takes from some ecosystem participants. Paulineya had this take where he said, they said, very interesting. technically everything here can be done with roll-ups and better so for many reasons. There are two advantages of going with their own layer one blockchain I can think of,

Starting point is 00:28:28 sovereignty and timing. Probably a combination of both. Concerned about the plummeting security, though. One observation of potential red flag, they have some deep answers about, they have some deep answers about decentralization, but there's not a peep about security. They say they will use the DYDX token with 50% of tokens allocated to insiders.

Starting point is 00:28:46 How will this thing be economically, secure and sustainable. What do you think of a Polynias take here, Anthony? Yeah, I think he has it on the money. I think it, like, when you kind of look at these sorts of stuff and the arguments from the pro, I guess, Cosmos people, I should say, their arguments usually revolve around them thinking that sovereignty is critical. They think that every chain should be an app chain, should be sovereign, should be able to do what it wants and have full control over its kind of like destiny. And you know what? I actually get that. I get that view. I don't agree with it, but I get it. And I think this is where the divide comes as well from Ethereum and Cosmos.

Starting point is 00:29:22 Like Ethereum ecosystem believes that sovereignty of a chain is just really not that important. You don't get any benefits from it. The tradeoff includes, you know, your plummeting security, as Polynia said here. And then timing, I would also agree with because I don't think Starquare is ready right now for what DydX wants to do. So if they're trying to get ahead of regulators, then they're, you know, it's probably existential enough for them to kind of like go to a new chain as well there. So, so yeah, I agree with those points. But I also just wanted to quickly touch on what you were saying with Antonio before. I actually don't really believe what Antonio was saying a lot of the time.

Starting point is 00:29:55 Like a lot of the comments I've seen from him over the years, and this might be controversial. I don't know Antonio personally or anything like that. But the comments that he's made, especially that tweet that you highlighted from November 2021, showed that he just doesn't really have a deep understanding of Ethereum or it's scaling roadmap or how it's going to kind of like get to where he would want it to be for DYDX. So I do believe it when he says he's at DYDX maxi because it's his company, right? he's trying to grow it as big as possible. But I think that he's making strategic mistakes here personally.

Starting point is 00:30:22 And, you know, that's just my own opinion. I could be wrong. I'm not going to say I'm right here. But I do think that he makes some comments like, oh, you know, ETH two is three, you know, habitually three to five years away. And it's like, well, no, even back then we knew Proto Dang Sharding was going to be that thing that gave a lot of benefit to layer twos and that should come like relatively soon. He also had made a comment about EIP-159 and he thought it lowered gas fees when, you know,

Starting point is 00:30:46 anyone who was paying attention knew it didn't do that. So I think that there's just a divide here that, you know, I don't know if it's other app developers or just Antonio where they don't seem to understand how Ethereum is going to actually scale, even though he built on a layer two and everything. I feel like because he's so focused on DIYDX itself as a product, he seems to miss the forest for the trees, so to speak, right? He seems to be focusing a lot on DIYDX, but losing sight of maybe the bigger picture of kind of like the scaling stuff.

Starting point is 00:31:14 And, you know, I guess it's his kind of like thing to prove everyone wrong, you know, with, with, not Cosmosch, with the IDX chain. We'll see how that, how that goes there. But this isn't the first time we've seen this either. There was Compchain from Compound back in December of 2020. That went nowhere. They didn't build it on Cosmos. They built it using Pocodot substrate, or at least they attempted to. That went nowhere. And now Cosmos wants to deploy to other EVM chains and things like that, like layer twos and things like some other apps have done. So, you know, we're still early. Remains to be seen. But, but. Again, going back to what Paulinear said, I just don't think the tradeoffs are worth it. Like trading off massive security for some sovereignty, for what? Right. Like, what do you need that sovereignty for that is worth all that security loss is my question to people? And I haven't really come up with a good answer yet. Yeah.

Starting point is 00:32:00 And the other conversation is, do you have the same on ramps when you're on your independent blockchain versus a layer two to Ethereum? Because if you're on a layer two to Ethereum, like I can send my assets on Ethereum straight over to DYDX instantly. But in order to get to a cosmos chain, I'd have to take a bridge or go through a centralized exchange. So, like, there's a conversation about, like, where the money flows in. But let's go ahead and move on to the next big item, the last big news week, news item of the week. Uniswop acquiring Genie.

Starting point is 00:32:30 Uniswap Labs tweets out the Uniswop universe is expanding. In pursuit to unlock universal ownership and exchange, we're excited to share that we've acquired Genie XYZ, the first NFT marketplace aggregator, expanding our products to include both EERC20s and NFTs. Anthony, first impressions on this news. First impressions was that it was only a little bit surprising to me. I think that Uniswap as a kind of like a vibe and a culture has always been about just swapping things in general. It doesn't matter if it's tokens or NFTs. I mean, obviously they had Unis socks, which technically isn't an NFT,

Starting point is 00:33:05 but I mean, it kind of, like it practically is. So yeah, I wasn't really surprised by this. but I also had some thoughts about like just aggregators in general and how I think that so far decentralized exchange aggregators themselves have actually not fared well against the single exchanges. So like, for example, one inch has not really fed well against uniswap and neither has the other aggregators. But I actually think when it comes to NFT aggregators,

Starting point is 00:33:29 it's going to be a different story because, you know, you can have the same fungible liquidity pool across many different deckses, but a lot of the time you won't have the same kind of like thing between different NFT marketplaces. So for example, there might be an NFT that's listed on OpenC, but it's not listed on looks rare. And then you're only on looks rare. Well, then you haven't found it there,

Starting point is 00:33:48 and you won't be able to buy it. Whereas an NFT aggregator will actually tell you where the NFT is, like what marketplace it's on. So I think that because of that, the NFT aggregator probably has much more of a chance of being a thing than the decentralized exchange aggregators have been to date. And Unisop obviously has that brand power to make it happen too, like just insane brand power.

Starting point is 00:34:08 and awareness around uniswap, that's for sure. And in case you missed it, we talked to Hayden on the YouTube. So that show, if you guys want more details on that show, Hayden and I talked, this is him in the Uniswap offices down in Soho and New York. Pretty cool offices. I've been there. I was over there about a week ago where he actually gave me the alpha a little bit ahead time, so I kind of knew what was coming.

Starting point is 00:34:30 If you guys have used Jeannie, you got a USDC air drop. If you used Jeannie more than once, you got airdropped USC, which is an interesting airdrop. I don't think I've ever seen a dollar or stable coin air drop before, but either way, that's what happened. So air drop season's still on, still on, but USDA air drops this time.

Starting point is 00:34:50 All right, that is the big news items, but there's so much more news left. We got the Arbitrum Odyssey to talk about, which is extremely exciting. We got some defyed down bad stories as well as some ether staking stories, and of course we got some Elon Musk and Dogecoin things to talk about as well.

Starting point is 00:35:06 So all that is coming up now. next right after we get to some of these fantastic sponsors that make the show possible. There is a brand new staking feature in the Ledger Live app today. We all like staking the assets that were bullish on, and now you can stake seven different coins inside the Ledger Live app. Cosmos, Pocadot, Tron, Algarayans, Tezos, Solana, and of course Ethereum. With Ledger Live, you can take money from your bank account, buy your most bullish crypto asset and stake that asset to its network all inside the Ledger Live app.

Starting point is 00:35:34 Through a partnership with Figment, Ledger also lets you choose which validator you want to stake your assets with. And Ledger is running its own validating notes, offering a convenient way to participate in network validation, and it even comes with slashing insurance. Ledger Live is truly becoming the battle station for the bankless world. So go download Ledger Live. If you have a ledger already, you probably already have it and get started securely staking your crypto assets. The era of proof of stake is upon us, and Lido is bringing proof of stake to everyone. Lido is a decentralized staking protocol that allows users to stake their proof of stake assets using Lido's distributed network of nodes. Don't choose between staking your assets or using them as collateral and DFI.

Starting point is 00:36:12 With Lido, you can have both. Using Lido, you can stake any amount of your ETH to the Lido validating network and receive STEth in return. SCEEEEETH can be traded, used as collateral for lending and borrowing, or leverage on your favorite DFI protocols, all this without giving up your ETH to centralized staking services or exchanges. Lido now supports Solana, Kusama, and Polygon staking. Whatever your preferred proof of stake asset is, Lido is here to take away the complexities of staking while enabling you to get liquidity on your stake. If you want to stake your ETH, Sol or Matic, and get liquidity on your stake, go to Lido.FI to get started. That's LIDO.fI to get started.

Starting point is 00:36:47 And we're back, Bankless Nation, onto the rest of the news. Starting with the Arbitrum Odyssey. Arbitrum Tweet's out the Arbitrum Odyssey will officially start on Tuesday, June 21st. That was this last Tuesday, so this has already started happening. We know all you Arbinauts have been very excited to venture into the unknown with us, and we're very eager to have you on board. And so starting on June 21st at 1 p.m. By using any of the bridges or centralized exchange listed below,

Starting point is 00:37:13 here's the tweet, to move ETH into Arbitrum, you'll be able to claim the first NFT after the week ends. Users who end up using the bridge that have the most wallets bridging into Arbitrum are in store for a bonus NFT. So here is a bunch of available bridges. Hot protocol across, transact, Li-Fi, LeFi, DeGate, seller network, cash flow.

Starting point is 00:37:35 There's so many of these. And so I guess if you get your ether onto Arbitrum, you get an NFT. And then that is the first part of the Arbitum artistee. That's the Bridge Week. And then Weeks 2 through 8 is like DAP week. It's kind of how I've separated this in my head. First there's Bridgeweek to get all the ether onto Arbitrum. And then there's Dap Week, which are Weeks 2 through 8.

Starting point is 00:37:55 So there's so many applications on Arbitrum that you're going to use. And then they're going to give you NFTs if you use. them. So it's basically just a big treasure hunt for NFTs over the Arbitrum Odyssey. Anthony, any comments on this? I think it's an interesting way to grow their ecosystem without using a token. That's what I really like about this. Obviously, Arbitrum does not have a token yet, may or may not in the future. But because they don't have a token yet, they're using this as a way to bootstrap the growth. And I think also they are aware of the fact that people are going to be using this as a way to potentially farm a future air drop right, which obviously has factored.

Starting point is 00:38:30 into this but i mean i don't think that's that's kind of like a big deal there i've already seen some really nice metrics that people are kind of like bridging in and they're kind of using um kind of arbitram there and they're kind of like obviously using i think hot protocol i think yeah that was that's the tweet that i saw so most people seem to be using hot protocol there and there's actually a lot of bridges now like that graphic that you just show there's so many bridges there's too many at this point i think but like i just don't i don't i don't think most of them are going to like survive long term. There's too many, right?

Starting point is 00:39:02 But it's cool to say that they're all being supported at least by Arbitram. people can use them. They can kind of like get value out of them. But yeah, as I said, I think it's cool that Albatrim is bootstrapping kind of growth, new users without using a token because I've always for like a long time now said that I want to see more kind of like incentive programs that don't involve a token because we all know how liquidity mining programs end. They don't end very well.

Starting point is 00:39:28 for the podcast listeners, this tweet that we're looking at here says, over 4,000 users have bridged to Arbitrum on the first day of the Odyssey campaign. Over 2,800 alone used Hot Protocol amazing to see. And then the chart here is just like a big candle, which is illustrating daily new users bridging into Arbitrum. It looks like it's hovering around like 50 to 200 on like an average day. And then like this big red candle is at over 4,000 people in one day and about 2,000 people the next day.

Starting point is 00:40:00 And so people like the tokens, people like the NFTs. And so William Pister in the bankless newsletter put an article out called The Arbitrum Odyssey begins breaking down the Arbitrum Odyssey and getting you all that information you need. So if you're trying to do a deeper dive into what you should be doing, if you want to embark upon the Arbitrum Odyssey, you can check out that newsletter for all the details down there. All right, moving into the DeFi Down Bad section.

Starting point is 00:40:24 This is a governance proposal on this thing called Solent. And this is some spicy drama. The title of this governance proposal is mitigate risk from whale. And basically the TLD of this proposal is that there is somebody using sole lend on Solana. And Solend is basically like the Ave or the compound version, but on Solana. Soul lend, like lend your money. And there's somebody, there's a big whale that put all of his sole tokens into Solend and borrowed a bunch of stables from it. And it's very, very close to getting liquidated.

Starting point is 00:40:56 I think the liquidation price is something like $22. The sole price is back up to like something like $35, but it did get down to like $28. And the problem here was that there were so many Solana tokens in this position, and there was not enough sufficient liquidity in the Salana decentralized exchanges to liquidate this for what it was worse. So like the sole token in Solana's defy ecosystem was literally going to go to zero because there wasn't enough liquidity there.

Starting point is 00:41:21 And so there was a governance proposal to take the money, take the position from this whale and take it over, liquidate a part of it, and then just in order to prevent this cascading liquidation. Anthony, what do your takes here? Yeah, I mean, this is like the cardinal sin, right, of kind of like DeFi. If you do this, you just are not DeFi, like, at all. Like, I mean, there are obviously admin keys for a lot of DeFi protocols and multi-segs and things like that, but I'm not aware of any in the Ethereum ecosystem that have done something like this, even propose something like this, even propose something like this of taking over an account because they want to kind of like do it for the good of the

Starting point is 00:42:00 protocol or something like that right so i i think that it was insane and then they had another vote i don't know if we're going to talk about that but like they had another vote to like invalidate this first vote which was i mean in very much in favor of yes you can see a 97.5 percent yes um and like which was i think a lot of the lot of the voting was the team like in investors because of course they're just going to vote with with them but uh yeah it was not it was not good that's for sure Okay, so this initial vote to take over the position of this whale passed, but then there was another vote that said like, wait, wait, no, just kidding, we don't want that? Well, yeah, because the sole price went back up, right? And they're like, well, the sole price is up, but it's no longer risk anymore. So let's do another vote to cancel the first vote. And I was like, this is just clown world now. Like, this isn't even funny anymore. Like, it's just stupid. But I don't know if it's going to load for you there. But yeah, there was another vote. I think. Like, this is the end, but mind you, this is the first vote on the governance forum.

Starting point is 00:43:02 They had no other ones. They just had this one. Oh, man. It's just, it's funny. It really is. Yeah. Well, I think there's a, I mean, we imagine that the sole end token doesn't have a lot of distribution because of how, uh, how young the application is.

Starting point is 00:43:18 Uh, and so there's the critique going around that this is basically just like the operators of the protocol voting to take over the margin position of this, of this, of this large whale who just didn't do anything. So I hope this guy, both the sole end community, the sole end operators, and this whale is definitely hoping that we don't go down like another 20, 30%, because then we will start be liquidating all the Solana tokens. Yeah, I mean, there is that, but the thing that the whale is that, like, I don't think the whale even cares to pay this back because how are they going to liquidate that much

Starting point is 00:43:46 salt? They've already got over $100 million of stable coins that they can just keep, right? Like, who cares about the soul? Like, there is obviously a $60 million difference here. but if they can't sell the soul anyway because there's too much of it, they're just going to take that money and run, right? Right.

Starting point is 00:44:03 Right. Yeah, there's a lot more liquidity for U.S. dollars than there is Solana tokens. That is for sure. Here's a tweet from Fat Man Tara. This is pretty wild. The sole end team wants to take over the whales accounts and execute the liquidation themselves.

Starting point is 00:44:16 The Wales position is so degenerate that if soul drops too low, it will cause cascading liquidations, basically recapping what we just said. And then at the end of this tweet thread, He said the Solent team just confirmed to me that when this change is implemented, the whale will instantly be partially liquidated down to a safer ratio. Soul price is 32, but his current liquidation price is only 22 on the fence about the main proposal,

Starting point is 00:44:37 but I do not agree with that part. So some interesting decisions going around when communities get stressed. And speaking of communities getting stressed, Bankor has released a market conditions update in June 19, 2020, which is when this was posted. And they said, due to hostile market conditions, Bankor's impermanent loss protection is temporarily paused. I.L. protection will be reactivated on the protocol as the market stabilizes. This is a temporary measure to protect the protocol and its users.

Starting point is 00:45:06 And so what this really means is Bankor has this interesting mechanism to mitigate from IL and permanent loss protection. And basically, if you just want to supply ether into Bankor's AMM, Bankor is very much like Uniswap, it's an AMM, but it's got some extra features. and it was involved with his token and some other things. And so you can do single-sided liquidity providing, so you can provide liquidity for the ether BNT pair.

Starting point is 00:45:33 But if you don't want to provide liquidity for both, you can just do it for BNT, and the Bankor Protocol will mint the extra BNT to provide that balanced liquidity, and that this is a way for people to not have to deal with impermanent loss because they just inflate to BNT in order to mitigate from impermanent loss, which is attractive for LPs, but also it's a sacrificing value capture in the BNT token by making it inflationary as a function of impermanent loss.

Starting point is 00:46:01 And so Hazu had this really spicy take that says, Bankor's shell of impermanent loss hiding is collapsing. They print new BNT to compensate underwater liquidity providers, and they call it impermanent loss protection. The cost is transferred to BNT holders via inflation, which causes further impermanent loss to all other BNT pairs, and leads to further inflation, a death spiral. You can see it clearly in the performance of these Dex tokens.

Starting point is 00:46:27 Uni's down 20%, sushi's down 20%, but BNT is down 61%. And then he continues saying, now Bankor is pulling the plug to stop the bleeding, didn't even take three weeks from my prediction to play out more reading. And he tags a Kobe tweet, and Kobe says, the need to pause impermanent loss protection as a result of how we designed and built in permanent loss protection, Kobe always being a little bit facetious here. Anthony, what are your takes here?

Starting point is 00:46:53 I've been really harsh on Bancor on my own show over this, and I've just not been a fan of Bancor since basically day one. I remember their ICO. I participated in their ICO back in 2017, and back then they actually, in their ICO, for those maybe who weren't around, they changed the rules of the ICO mid-sale where they were supposed to be capped, and then they changed it to kind of like be uncapped because there was so much demand, and they got all this extra money. And ever since then, I've just like not liked them. And then even on the, even on their technology side, they didn't really seem to do anything innovative, right? They have the obviously the AMM and everything like that. But this impermanent loss protection thing that they were doing,

Starting point is 00:47:32 I looked at it. I'm like, what, how does this make any sense? It's literally just inflating the token to, uh, and, and the, um, the cost is born by token holders. So as far as I'm aware, there's no kind of like solution to impermanent loss, like in terms of like everyone winning. Someone's always losing. Like, you know what I mean? mean, like, there's always going to be someone losing if you're trying to protect against impermanent loss. So I think from that perspective, I think what Banko did here is another cardinal scene where they paused. They broke their social contract with their community to save their own kind of like token value. But, you know, you'll bring up the chart here.

Starting point is 00:48:06 It's already down 95% from its all time high. So it's not much left to save. It's actually interesting. You can see this dynamic play out when you compare the price to the market cap of Bank Cor, because since the token supply is flexible, the market cap and the price charts look very, very different. So, like, the market cap chart actually has gone up. Like, the system has captured value. It's lost a lot of it in the last, like, you know, week or so. But, like, the price seems to have, you know, been down over the course of time since, like, July of 2017 when this token came into existence. But the market cap has actually gone up a decent amount because the system captures value, but the token is just sacrifice in order for the system

Starting point is 00:48:49 to capture value. And so with the removal of the impermanent loss thing, what happens is that if you as an LP would have suffered impermanent loss, but then you withdrew your assets, BNT would just be minted and sold into the market so that you could be protected from impermanent loss. But since so many bank or liquidity providers would have felt impermanent loss, because of how down bad the BNT price is, it would cause a hyperinflation event, not unlike the one that we saw with Terra Luna, but just with a different mechanism.

Starting point is 00:49:23 And so, like, you know, impermanent loss protection, good in times of market, when markets don't go moving in one significant direction. Like if it stays within a particular band, that's kind of where the mechanism works. But as soon as you find any long-tail risk and, like, down 90% market conditions, that's when the whole system breaks.

Starting point is 00:49:46 So moving on from that, defy down bad. Here's some more optimistic side of the crypto world going into Ethereum staking. This is the leather mine saying with the Sopolia beacon chain set to be launched today, we can confirm the readiness of our Sopolia nodes. Today will mark another big step towards the merge with the panda emoji. Anthony, I know you pay attention to this side of Ethereum much more than the average person, much more than me and Ryan. Can you give us the TLDR?

Starting point is 00:50:13 of what's going on here? Yeah, so the Sepolia public test net needed a beacon chain because if it's going to run through the merge transition, it already has a execution kind of like layer chain. It needed a consensus layer to merge with. So they launched a new beacon chain for Sepolia, which will be merged into the existing Sepolia network, and that will happen.

Starting point is 00:50:33 Look, there's been some dates thrown around. It's either going to be late this month, like really late this month or early next month. And then once that happens, that'll be the second public test net that goes through the merge transition. and then we have one left after that and that's golly. But yeah, the beacon chain needed to be launched for Sepolia

Starting point is 00:50:48 because there just wasn't one. So we couldn't merge into anything unless we launched a new beacon chain. But this is test net. This is not main net. Nothing to do with main net. It's just all test nets still right now. Yeah, but there's only so many test nets left before the main net day eventually comes.

Starting point is 00:51:02 Continuing on the theme of e-staking, Lido has announced an expansion of the Lido node operator set. So I previously believed that Lido had about 14 validators, independent validators from around the ecosystem, and they are adding in a bunch more chain safe, a testant, a few others, never mind Prismatic Labs, all becoming validators in the LIDO network. But also at the same time, while Lido does move forward in adding more and more validators to their network, we have Swell Network, an alternative newer staking as a service application protocol, launched a test net. So things are moving in the world of staking as a service.

Starting point is 00:51:40 service. The Swell Network Dow says they are pleased to publicly announce the launch of Swell v2 test net on the GORley network, a critical milestone in the development of Swell's next generation ETH liquid staking design. And so if you are interested in that world of staking, you want to be part of the Swell Network's test net. There's a call to action to join that test net, and there's a link in the show notes to get started. Anthony, any comments on these two bits of news? Yeah, I think staking, especially LSDs or liquid staking tokens and provides. have been the talk of the town over the last few months, especially because Lido's dominance got so high,

Starting point is 00:52:16 you know, over 30% on the network. And I think with this addition of new validators, or they're basically going from, I think, 21 to 28 or 29 validator nodes, which is pretty cool to see. And some of these include, you know, obviously Ethereum core teams as well, which has led to a bit of controversy, people saying, you know, we shouldn't be throwing so much support behind Lido

Starting point is 00:52:35 because they're already a big part of the network and things like that. I mean, you know, I see all the sides to it, but I've long been a belief. believer that there's just just there's really only two things that are going to fix the um i guess like distribution of stake and is going to make the stake be more distributed uh it's more competition which you just mentioned swell network entering the the fray there with their test net going to be on main net hopefully soon um and there's others out there like rockerpool and things like that and also waiting until withdrawals are enabled on the beacon chain for people to actually

Starting point is 00:53:02 be able to withdraw because right now all you can do to exit your lido position is sell your s teeth on the open market which is actually at a discount right now you can't actually redeem your STE for ETH from the beacon chain because withdrawals aren't enabled. So Lido's position can only go up only unless people stake with another provider and their share of the network goes down. But all of the ETH that went through Lido is still going to be locked through Lido until the beacon chain withdrawals are enabled. So those are the two main things I look out for. And I'm always for kind of like more competition coming online for these staking providers. And there's going to be so many of them. The opportunity is so big to be a kind of like staking

Starting point is 00:53:40 as well. So, so yeah, I'm glad to see that kind of like, um, kind of that continue on here. Uh, if you want to, you can go to coin get go and see it quickly if it's not working on, on curve. Oh, there you go. Yes, it's a lot of five percent discount there. Yeah. Damn. It was, uh, it was up to seven percent a few days ago. I was thinking about locking it in, but now it's down to five percent. Um, price. It's basically a free year of staking yield when you think about it, right? Because if you're willing of taking that little bit of risk on to buy ST now and just wait till beacon chain withdrawals are enabled, you get like a free year's worth of staking yield that you can just redeem once the withdrawals

Starting point is 00:54:16 are enabled. You can get one-eath back for 0.95 STEth, right, for example, which is pretty cool. But again, there is some additional risk there, right? Some additional assumptions. But I was going to buy it a way. Your capital is going to be locked up for a while. So you've got to be ready for that. All right. Okay, moving on.

Starting point is 00:54:31 I'm going to close these tabs. On to some NFT news. Crypto's Web3 expert leaves auction house to run Cryptopunks for Yuga Labs. Noah Davis, a key factor in the storied auction houses embrace of crypto and was involved in Beeple's 69 million sale in March of 2021, has left Christie's and joined Yuga Labs to lead in the Cryptopunk effort, which is a unique thing to do, of course, because Cryptopunks, a unique place in the world of NFTs on Ethereum, being like kind of the first OG NFTs on Ethereum. So Noah tweets out, I'm humbled in honor to announce I'll be leaving my current post in July to steward Cryptopunks as brand lead under the umbrella of Yuga Labs. Before I say anything else, it's important to confirm what we won't be doing. Simply put, I will not F with the punks, which is a very important part of like the crypto punk ethos. As a crypto punk owner, I align with this.

Starting point is 00:55:23 Don't mess with the punks. Leave them alone. They don't need a roadmap. They don't need any sort of like the punks kind of think the apes are kind of cringe. I would agree with that. And so Noah just wants to put up this tweet thread saying that he will leave the brand of the punks where it is. And so he says, what does this mean? It will be no punks

Starting point is 00:55:43 on lunchboxes or cringe TV or shitty movies. It means no arbitrary rush utility through thoughtless airdrops. It means if you love your punks because of what they are, just punks, then you and I see eye to eye. The first thing I will do is this. If you are a punk holder and you will care about the legacy future of the brand, I want to talk

Starting point is 00:55:59 one-on-one. I will be at the punks brunch during NFT, NYC, that happened last Tuesday, and we begin scheduling with sit-downs immediately. Wherever punks go, the community will help guide us. Anthony, on this. Not too many thoughts. Like, I'm not an NFT guy, but I thought it was funny that there was inside a trading that happened before this was announced. Yeah. Right. About like 24 hours or so before this was announced. Yeah, you can see. Yeah. The, the, the crypto punk floor just absolutely

Starting point is 00:56:25 went bananas and everyone was wondering why and then we saw why. And it's just funny how like obvious it was right. And people were trying to say, no, it's not because of that. It's because punk's a back baby. And it's like, well, no. It's because of this announcement. But this announcement could mean that punks are back so to speak and punks will actually um you know uh be given the love they deserve so to speak that they've because they've been neglected for a while here so i guess whatever the reason was it's just still funny to see that this was a pretty big move as well this went from like what 30 eighth to 60 or something i can i can see on the chart there yeah i think the low was like 48 or 45 eath i wasn't i wasn't checking the absolute low um but yeah like punks did

Starting point is 00:57:02 have their all-time high volumes in week last week uh and every like and again it happened so much volume without any explanation. And then we realized that somebody got the leak and then it started just trading. Also in the NFT world, Doodles announces that Farrell is coming on as the chief brand officer along with a fundraise led by Alexis O'Hanian.

Starting point is 00:57:23 So if you're a doodle holder, congratulations, I guess. Farrell is now your chief brand officer. And Alexis O'Hanian also a part of the doodles ecosystem. And then, of course, what else do we have in the NFT world? Yeah, Time Magazine. partnering with Sandbox to build the Time Square version of itself in the Metaverse, and this will be used as a hub for all of the time pieces. And so Time did that NFT sale forever ago, forever in crypto. It was like six months ago.

Starting point is 00:57:53 And they have actually really leaned into a good, useful, an honest application of NFTs, at least in my opinion. And so now they are partnering with Sandbox to produce a virtual version of Time Square where you can see some of the time pieces, this is what they call them, so their NFTs, timepieces, in a virtual version of Times Square. So that is pretty cool. Anthony, any comments on that before we go on? Just on the Doodles thing, they also announced Doodles too, I think. And they hinted it like going off of Ethereum or something and going to, yeah, there you go. And going to another chain.

Starting point is 00:58:25 But I don't know what chain they're going to go to. I don't know if it's going to be a layer two or something like that. But yeah, I don't know. This is why I have like a love-hate relationship with NFTs. Like they say, oh, they're doing doodles too. And it's like, okay, well, you know, I haven't been following this that closely, but like a lot of these stuff always looks like just a money grab to me. And maybe I'm completely wrong.

Starting point is 00:58:43 As I said, I don't follow this very closely. You're actually way more involved with NFTs than I am. But we'll have to see how that shakes out. We'll have to see what Doodles 2 actually is. Is it just like a new platform that people can migrate their doodles to? It's like a layer two or something like that. That'd be cool. But yeah, I mean, they've got like big names on board now for Ralph Williams, obviously, and Alexis,

Starting point is 00:59:03 Alexis is an investor. are they're obviously trying to build a world and trying to build a metaverse around doodles rather than just be a PFP project, which I fuck with, honestly, I like that. Like, that's cool. Like, and you know what?

Starting point is 00:59:13 I wish that I bought like some of those coffee cup doodles early on because I love the look of them. I'm obviously a coffee maximalist for those who know me, but yeah, I don't know. NFTs, as I said, love-hate relationship with them

Starting point is 00:59:23 and you and I get into debates about them quite often, actually. So, yeah, I mean, I hope they prove me wrong. I hope they can be more than just what we've seen over the last, you know, year or so of just constant scam, PFP things coming out

Starting point is 00:59:36 and just like extracting money. I want to see metaverses. I want to see cool shit built. I want to see actual products and services built around them. That's just my kind of like take on NFTs, maybe more generally. It does seem to be the new meta for NFTs

Starting point is 00:59:50 that if you aren't creating a metaverse, then your NFTs like not playing the game. Like every single NFT needs its own metaverse. This is where like ape coin, Dow, started talking about ape chain, having an own independent blockchain and having your own independent metaverse really goes hand in hand

Starting point is 01:00:06 and I totally see a world where every single NFT, PFP profile picture or whatever that wants to really invest in itself creates its own layer two or its own blockchain be it on if I guess if they're doing their own chain

Starting point is 01:00:19 then the theme of the week is like abandoning Ethereum you also know how that turns out in the long term. Anyways, moving on into regulation and trad-fi stuff. Tesla CEO Elon Musk accused of Dogecoin Ponzi scheme

Starting point is 01:00:31 a new class action lawsuit. Elon Musk is facing a class action lawsuit over his Doge Coim HypeFest. The complainant alleges Musk's tweets and public messaging drove a significant price spike in Doge and encouraged people to invest. Those people ultimately feel the fallout when Doge price took a nose dive. Anthony, any comments on this? I mean, I'm honestly just sick of Elon Musk and he's pumping of Doge. Like, I don't think that he's responsible for what people do.

Starting point is 01:00:58 Like, if people want to buy Doge because he tweets about it, that's on that. them, but I'm just like always of the same opinion that I've been off for a while, that he could be using his platform to educate people about crypto and more generally instead of just funneling them into some retail slaughterhouse because a doge coin is not a scam, right? It was not started as a scam or anything like that. It's actually one of the fairest launched coins in crypto, to be fair. But the thing is, is that like it's treated and abused as a retail slaughterhouse because traders just kind of like trade it whenever they know that retail's here and they can make some money off. of it, it has no kind of like fundamental value at the end of the day backing it up.

Starting point is 01:01:35 And no one really cares to hold Dogecoin for the long term or anything. So that's just my overall opinion on it. And I really wish Musk would just use his platform for better crypto things. Yeah, he does seem to be chaotic neutral on Twitter at this point. And sometimes that chaos leads into the negative territory, especially when it comes to financial assets. Ryan Sean Adams, the AI robot that's not here today, said, sorry, dude, Elon Musk wasn't responsible for you buying fake internet money based on a dog meme. You did that to yourself.

Starting point is 01:02:06 Got to take responsibility when you buy some assets. Okay. All right. Moving on into the world of jobs, there are always jobs. There's always hiring going on in the world of crypto. So this is the Bankless Jobs Board. You can go and go off the shelf and pick a job off the shelf here at bankless. dot pallet.com slash jobs. We're going to read some of these out. We got a CTO job at Alliance Dow. Got a software engineer, a full stack software engineer, also at Alliance Dow. Senior software engineer and executive assistant all at Alliance Dow, a solidity engineer at OtterSpace, a front-end engineer at Abstract Ventures, a founder, you can become a founder.

Starting point is 01:02:41 Do you know you can become a founder on a jobs board? Who knew? A founder and CEO of a Web3 community analytics platform, Boolean Labs, Twitter specialist at Bankless. If you can write good tweet threads, let me know. Also, I have research engineer at blockchain capital, a tech lead, a swell network that's staking as a service. Dow that we talked about earlier and had many, many, many more.

Starting point is 01:03:00 We got Argent, we got Talley, we got DeFi Yield. We got a hiring coordinator at Ethereum Foundation. There are so many jobs. So go to the link and the show notes and get a job, banklist. Dotpalat.com slash jobs. Also, if you think that you are highly talented and you don't see a job right for you, you can also post your resume, post your profile to the banklist. com talent board, and you can have the jobs come to you.

Starting point is 01:03:26 So get a job in crypto. That's why we are going to buy the day. dip with all the money that we're going to get from our new crypto jobs. Isn't that right? Anthony? Yeah. Well, I'm not going to get a crypto job, but I think everyone should. I already have a crypto job, right? I do the other way. But I think that if, look, my honest kind of like take on just jobs in crypto in general is that getting them in a bear market's better than getting them in a bull market. I think in the bare market, there are a lot more honest teams. There's a lot more sustainability and a lot more things that are just interesting. And there's a lot less crazy. So you can

Starting point is 01:03:59 actually take your time as well. But yeah, if you're listening to the weekly roll-up every week and you love crypto and you're not working in crypto yet, well, now's a perfect time to get involved, in my opinion. Yeah, music to my ears, man. All right, quickly into the world of releases and Amutable X in the immutable ecosystem announces a $500 million fund to accelerate the adoption of Web3 games and projects. And so they aren't just like spraying and praying. There are these, you have to apply for some of this money. they have a split between ventures and grants. And they say they've taken insights from gauzen chains,

Starting point is 01:04:35 Gild and Gargan, and hiring some of the best people from leading studios. Riot Games. I actually met somebody who works at Amutable at Riot Games here in NFT, NYC, and say they are taking the knowledge that they have from that ecosystem to help spin out a grants program using this $500 million. And there's also venture arms as well. So they are putting money into the people that are investing

Starting point is 01:04:55 in the world of gaming. and that is that details there. Tether, launching a British pound peg stable coin. So if you use the British pound, you have a stable coin that you can use now. I don't expect too many people to be using that, but some do, some do. And then of course, actually, I'll pause there, Anthony, and get your takes on these two things. Yeah, I mean, look, I think I was talking to you about this recently, and I mentioned that on my show as well. If anyone's going to prove me wrong about crypto gaming, it's going to be immutable. Like, I am a bear on crypto gaming. thus far, just because what we've seen so far has not really appealed to me, especially as an actual

Starting point is 01:05:30 gamer who game for most of his life before he found Ethereum. That's basically what I did with all my time, and now it's just Ethereum. But I think a lot of the crypto games we've seen are really just Ponzi's with a coat of gaming on them. So if anyone's going to prove me wrong and build better things, it's going to be immutable. And this is a massive fund. This is a half a billion dollar fund going towards this. And this is on top of the other funds already as well. Like Polygon has huge funds for gaming too. There's a few other ecosystems that are doing it. Like, When I kind of look at this, I'm like, okay, well, something is going to come out of this. Something really cool is going to come out of this.

Starting point is 01:06:00 They're going to onboard the right people. They're going to build really cool things. So I'm just like super pumped to see what they come up with and if they can prove me wrong here. Like I'm bullish on Immutable. I'm bullish on their ability to prove me wrong. That's for sure. Yeah, 100%. They really make this process plainfully easy on their website,

Starting point is 01:06:19 meetable.com slash fund. Submit an application. It'll get reviewed by a panel. Successful applications will be contacted. and then you will be funneled either into the grant or the venture arm, depending on how that ends up. Here's something that's interesting. Ex-Sushi CTO Joseph DeLong raises $8 million for an NFT lending platform

Starting point is 01:06:37 named Astraria, Astoria, I think. Astaria, thank you. The platform that subtitles reads, led by CEO Justin Bram and Dify veteran Joseph DeLong, aims to provide instant liquidity for your JPEGs and should be available to the public by September. That's pretty cool. Anthony, what are your thoughts on here?

Starting point is 01:06:56 Well, my thoughts are that I'm an investor. I participated in this round. I just want to get that out of the way. But I think that it's really cool. Justin Bram, for those who don't know, has his own YouTube channel where he does a lot of different kind of like defy guides and things like that. And he's really, really passionate about kind of like everything, Ethereum, everything crypto.

Starting point is 01:07:12 So I really love his energy. And I consider him a friend. And same with Joseph DeLong. You know, obviously he had a stint at sushi. Before that, he was doing a bunch of Ethereum core developer stuff and things like that. So I saw them teaming up and I was like, you know what? I think this is a cool idea. I think these guys are going to pull it off. They're smart enough. They're passionate enough. And that's kind of like why I back them here. But I think there's NFT lending platforms.

Starting point is 01:07:34 There's a few of them now. I do think that they're going to be a big thing because NFTs are going to be a big thing or already are a big thing. And you know, you don't want to have to kind of like not be able to, I guess, get liquidity on your NFTs and be stuck with it. How many people want to be able to put their NFTs as collateral and borrow against them? There's probably heaps that want to be able to leverage trade NFTs or something. I can imagine that happening and the craziness around that. But I think, you know, I'm super excited to see where they go with this. That's for sure. Yeah, totally, totally. The world of NFT liquidity is just in the first hour of a very long, long time frame of getting more liquidity infrastructure. I mean, we talked about Uniswap acquiring

Starting point is 01:08:17 Genie and NFT marketplace aggregator. There's like liquidity platforms like this NFT lending platform coming about. There's this overall so much financialization left in the world of NFTs. The last raise of the week, Magic Eden raises $130 million, hitting the unicorn status at $1.6 billion valuation, which is an NFT marketplace, which actually just launched nine months ago, raises $130 million in a

Starting point is 01:08:40 series B led by electric capital and Greylock partners bringing, like I said, is valuation to $1.6 billion. Anthony, any comments on this before we go to the next part of the show? Yeah, I mean, Magic Aden, for my understanding is basically the OpenC of Salana and this and kind of like just basically trying to do what OpenC does on Ethereum and and Polygon but on on Solana instead and yeah that they only launched a short while ago and they've had some some kind of some impressive growth there which is cool to see and actually one of their founders is the previous C-O I believe at DYDX are funny enough

Starting point is 01:09:16 his name is Joshin is a friend of mine but yeah I think that um it's it's cool to see like how many NFT marketplaces there are because it's going to lead to a lot of competition. I didn't, like, I don't like that OpenC

Starting point is 01:09:29 had a monopoly for so long because we saw all the kind of, I guess, negative externalities of that. Now they have a lot of competition, not just on Ethereum,

Starting point is 01:09:36 but on other chains as well. So I think OpenC, I think OpenC did announce that they were going to go to Salana, but it's not like they're going to be able to go to Salana and automatically be the big game in town, right?

Starting point is 01:09:45 They're going to have to compete with Magic Eden now. And competition is just good for everyone at the end of the day. So, cool to see this. And, you know, maybe Magic Eden comes to Ethereum and it's like, well, let's see what we do on Ethereum.

Starting point is 01:09:55 Let's see how we can compete here. So we'll see how it plays out. But yeah, huge, huge, I guess, raise and huge valuation. Yeah, that's for sure. Yeah, we got competition between layer twos, between arbitrauma and optimism. We got competition between NFT aggregators and NFC exchanges. We got competition with staking as a service network coming online. The competition in DeFi building, crypto building right now, is at all-time highs.

Starting point is 01:10:20 And of course, like you said, it's always ultimately good for the consumer. All right, fam, coming up next, we got the takes of the week. We got the questions from the nation. And then I'm going to ask Anthony what he's bullish about. And then that will conclude this show with a substitute teacher, Anthony Sizzano. We're going to get to all of those things and more right after we get to some of these fantastic sponsors that make the show possible. The layer two era is upon us. Ethereum's layer two ecosystem is growing every day, and we need bridges to be fast and efficient in order to live a layer two life.

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Starting point is 01:12:04 to the decentralized rocket pool network, which currently has over a thousand independent validators. It's yield farming, but with Ethereum nodes. You can get started at rocket pool.net, and also join the rocket pool community in their Discord. You can find me hanging out there sometimes in the chat, so I'll see you. there. All right, Bankless Nation, let's get into the questions of the week. We just got one question coming from Webb the Third. Web the Third says, how much harder is it to get a job in crypto? Now, if layoffs have flooded the Web3 job market with talent, I'm mid-career change from non-technical to technical, almost done with a computer science masters, and was about to start the job hunt,

Starting point is 01:12:36 but my experience still seems too low, especially with limited positions. Anthony, any thoughts or perspectives that you could give Web3 about getting a job in crypto, now that a bunch of layoffs are happening from some of the bigger companies in the space. Yeah, look, I think that it's definitely going to play into it. There's definitely going to be a lot of people now, thousands of more people to compete with than there was before, maybe even tens of thousands more than there was before, just because of these layoffs. And there may be a slowdown of hiring due to just the bare market generally and teams

Starting point is 01:13:07 not having as much runway as they thought they would be able to and not raising what they thought they would be able to. So that's definitely going to play into it. But I think that if you're kind of like doing your CS Masters, obviously, complete that, finish that up. And I think that, look, you're not going to be at the kind of skill level of someone who'd already completed it, already kind of like worked one of these companies and has already got a bit of experience under their belt. But that doesn't really necessarily mean anything. Like, there's plenty of junior positions still out there. There's plenty of entry-level

Starting point is 01:13:34 positions for you to kind of apply for and get. And I think what really matters for a lot of teams within crypto is that you're a crypto native. I think crypto projects and teams would like to hire people from the ecosystem rather than hiring them from the web to world directly because crypto culture is not something you can teach it's something that you have to just go on and learn yourself and go on your own journey for so i from my experience teams really do love those crypto native so if you're a crypto native already i mean you're listening you're probably listening to the roll-up right you're listening to me answer your question right now then you're already head of the the pack i think or ahead of a lot of people that would be coming into this ecosystem so i guess head up don't don't be discouraged

Starting point is 01:14:10 uh you know and i i think you'll be able to find something that's for sure Yeah, and I will say the companies that are doing the big layoffs are the ones that scaled really, really aggressively. And one of my critiques of Coinbase, I'd say, is that they scaled with, they scaled so fast so quickly that there literally wasn't enough Web3 people to hire. So they had to hire non-crypto people, non-crypto natives who kind of like, you know, so you can't force people to care about crypto. People choose to care about crypto, and that's what makes them a crypto-native. And so Coinbase hired a bunch of like, you know, normies, right? like Web 2 people, Tradify people, and those people aren't necessarily like beholden to the crypto industry in the same way that crypto natives are. And so when Coinbase lays off a bunch of

Starting point is 01:14:52 people, you know, some certainly are going to stick inside the crypto ecosystem. But I would also definitely say that some are just going to look elsewhere and be like, you know, crypto's, I don't want any more crypto. No more crypto for me. So I think like in the companies that scale that fast, that aggressively, are probably more composed of a bunch of non-crypto natives than they are crypto natives. So I wouldn't say that like if there, if you see these big companies laying a bunch of people off that, therefore all these people are coming into the Web3 job market. I think the web three job market is really owned and operated by crypto natives. And being a crypto native is a huge mark on your resume. If you can, if you can, good mark, not bad mark, if you can prove your

Starting point is 01:15:31 crypto nativity, then that is just like, if you can speak defy, if you can speak the language, if you speak the lingo, if you stay up to date with things, that can be a huge value. add to who you are as an applicant. And so learning to be crypto-native and being crypto-native is going to make you be highly competitive versus other applicants who don't have those properties. All right. That's our one question of the week. So into the takes of the week as well, we got some spicy takes. This is from Smush-Axie. Soulbound NFTs are like digital tattoos. Once minted, they're permanently a part of your wallet. People viewing your wallet will always know this culture identifier is or was important to your digital identity. Minting may require levels

Starting point is 01:16:16 of premeditation similar to getting a tattoo. And this is, of course, coming on the backs of these soulbound NFTs, decentralized identifiers, verifiable credentials conversation that has been sweeping crypto-twitter lately. Anthony, any takes on this take? Well, I mean, it depends on how the soulbound NFT is constructed, right? There could be an escape hatch where you could just kind of like be able to send it to the burn address, for example. Like, you can't send it. it to anyone else, but you can send it to the burn address where it just goes into the void and no one has access to it. So in that respect, I mean, it probably, the analogy still fits. I guess probably sending it to the burn address would be like getting tattoo removed by like

Starting point is 01:16:53 lasers or something like that, right. So I think the analogy works if you, uh, works even if you think too hard about it, like what I tend to do sometimes. I think too hard about it. Um, but yeah, I mean, you got this reply up here. You want to read that out? Yeah, there's a reply here. It says, great analogy. If you completely ignore that it's possible to have a tax. tattoo removed and that someone could just sell their wallet in which your tattoo world be the same thing as selling an harm or a leg. Actually, it's a little bit more reasonable to sell a wallet. Yeah. Well, I mean, yes and no. Like that wallet basically you'd have to kind of make sure it has nothing in it and has access to nothing else. And the thing is, why would anyone else want that wallet when you have

Starting point is 01:17:31 access to it as well, right? Yeah, they wouldn't have any assurances. That wouldn't have any assurances that the person that is selling the wallet might actually just keep the private keys. Exactly. Anyways, a bunch of things to explore in the world of Soulbound NFTs and decentralized identifiers. Anna Rose, who's the podcast of the podcast host of Zero Knowledge. A podcast I think is one of the best podcasts in crypto, and I know a thing or two about podcasts and crypto. Anna Rose tweets out, Defy Legos versus CFi Dominoes. Anthony, what do you think she means by this? Well, you know, DeFi, building, building strong, building sustainably, building up like Legos do. And C-Fi dominoes falling like dominoes do, right?

Starting point is 01:18:13 They do. There's a lot of contagion between kind of like the C-Fi applications and things like that. But again, this is another analogy that if you think too deeply about it, it maybe breaks apart a little bit because people thought that terror was defy and like the UST collapsing brought down everything on terror. So it's more there was like a domino effect there. But yeah, I think it's kind of like funny analogy when you think about it. All right.

Starting point is 01:18:38 last take of the week, Van Spencer coming in with the spiciest take of them all. Coinbase is a great company, but needs to stop dicking around with this trash. If you spent five minutes on crypto Twitter, you know Pond, the token Pond isn't legit. Stop the retail meat grinder, ship staking, ship basic features like USD to USDC on Prime, improve custody, get better analytics, launch futures. And Vance is retweeting a tweet from Coinbase Exchange saying that our Pond, USDT, trading pair will now enter limit-only only mode on Coinbase Exchange. Base Pro. Basically, he's critiquing Coinbase's listing of all of these weird tokens that no one

Starting point is 01:19:17 seems to use, that no one seems to understand why they are listing. Anthony, any takes here? Yeah, I mean, it's no secret that Coinbase is both listing for trade and also listing as part of their kind of like custody solution, these absolute trash tokens that some of them aren't even on Coin Gecko, which is just so bizarre. They must just go down the list on Coin Market Cap and go to like the shittiest tokens and be like, oh yeah, this one seems good. Let's add this one. And it's for anyone who's been following Coinbase for a little while now on some of their decisions, it's just puzzling, right? They should be focusing on so many other things, but it seems that they're focusing on just this absolute trash. It's just really weird.

Starting point is 01:19:55 Yeah, here's an interesting take. The Seb from Zapper, I believe, yeah, says, I think it's a twofold issue. Drawing the line on which tokens to list and which tokens not to list is either an everything or nothing line. So like either list everything or only do like the most high quality. Fun fact, once upon a time, Coinbase was only Bitcoin, Ether and Lightcoin for a very long time. And then he also follows up saying Uniswap is also an ex-essential threat, implying, well, if you can get liquidity on Uniswap, Coinbase needs to list absolutely everything in order to be competitive. So I think that's a fair take. It's a fair take. I do think Uniswap's going to kill off most of centralized exchange.

Starting point is 01:20:34 Well, not just Uniswap, but the centralized exchanges are going to kill off most of centralized exchange activity anyway over the long run, except maybe for Fiat on ramps. So I guess, yeah, I don't know. I don't know if Coinbase listing, everything is going to really stop that. All right. That is the last takes of the week. I haven't told Anthony that we always talk about what we're bullish on at the end of the show, but I'm going to ask you live for Anthony right now.

Starting point is 01:20:56 Anthony, what are you bullish on? So this might be a funny thing to say, but I'm bullish on the bear, right? I'm bullish on the bear market because we do our best building in a bear market. We do our best innovation in a bear market and it's much easier to pay attention and focus on things in a bear market. So I'm just overall much more kind of like bullish on the bear market than a lot of people are. I think it's a great time to get involved with crypto, whether that's to work within it or do something within it as like a hobby. I obviously think it's a like I mean, I've been stacking Eath lately. I can't believe ETH is kind of like at these prices and things like that.

Starting point is 01:21:31 So I just look at the bear market as both a gift and an opportunity and that's why I'm bullish on the bear. And I mean, other than that, like obviously just bullish on Ethereum generally, the merge is coming still. The market doesn't matter about like for the merge. It's not like the merge gets pushed back because the market goes down in value or something like that. So, yeah, just bullish on the bear is kind of like how I would describe it. Yeah, then that's exactly the sentiments that we echo here on bankless as well. So you can fit in right in Anthony. You guys, the bankless station can tell why we bring Anthony on every time the AI is powered down.

Starting point is 01:22:04 And let's actually take a moment to talk about. what you're up to over at the Daily Gway. For people that do not know, Anthony Sizzano, and aren't familiar with the Daily Gway, I can't imagine that they aren't, but in case they aren't, aren't familiar, can you tell us a little bit about what you do over at the Daily Gway? Yeah, so the Daily Gway is an Ethereum education system, much like bankless, every day on my YouTube channel, I do like a 30-minute video of basically the Ethereum ecosystem, kind of recapping what's happened, giving the news there. I'll also write a daily newsletter about Ethereum, just commentary about something in Ethereum. And there's a lot of it. And there's

Starting point is 01:22:36 a Discord channel that's very, very active. We have a really great community in there. So if you want to be part of a very, very Ethereum native, I guess pretty much on the verge of Ethereum maximalist community, then the Daily Grey is definitely the place to be for you. Certainly. It's been, it's a fantastic resource for me as well. So I appreciate all of the labor that you put into the Daily Gray, Anthony. It's a relentless amount of energy. And Anthony, this is where you have to ask me about what I'm bullish about. Okay. What are you bullish about, sir? Oh, I'm so glad you asked Anthony. I'm bullish on Josh Rosenthal, the guy, the podcast that guest that created the Crypto Renaissance podcast, a very famous podcast episode in the Bankless ecosystem, returns to Bankless. He's coming back on July 4th, the Independence Day for the Freedom burgers out there. And so we have a themed episode, an Independence themed episode coming on July 4th, Monday, July 4th.

Starting point is 01:23:33 I'm really excited to record that one, recording that a week from tomorrow with Josh Rosenthal. And so I'm really excited to get that episode recorded. I always want to hear about what Josh Rosenthal has to say. I'm excited for that, too. I love his first podcast that he did with you guys. So yeah, I'm definitely excited for that. Yeah, and as the person that usually puts the agenda together for these podcasts, Josh Rosenthal gave me 19 pages of notes to turn into an agenda.

Starting point is 01:24:01 Oh, my God. He has put in some work. And so he's got some things to say, and I'm excited to hear it. All right, Anthony, very lost part of the show. You ready for the meme of the week? Yeah, let's do it. Meme of the week. This is Kaleo on Twitter.

Starting point is 01:24:16 He tweets out, don't worry, guys, I'm sure it'll hold. And the picture is of a SWAT team with a battering ram. The battering ram is the global recession. The SWAT team is three euros capital in Celsius insolvency. And of course, the door is being held by a Cheeto, and that Cheeto is labeled 20K. Bitcoin support. So far has been holding, however. We are above $20,000 Bitcoin. Anthony, any comments on this week of the week? I mean, we went below it, so I guess like it broke and then someone

Starting point is 01:24:43 put another Cheeto in there to get us back above 20Ks. So let's say if the second Cheeto can hold stronger than the first one. Oh, yeah, that's, that's that is the idea. Maybe we just needed two Cheetos. Two Cheetos to get this done. Anthony, thank you so much for stepping in for Ryan during this Bankless Weekly Roll Up. Like I say in the beginning, if you have not yet liked and subscribed, please go do that. Click that button on the YouTube right now. And if you're listening to this on the podcast, go rate and review because of like I say, the ETH price and the five-star reviews on bank lists are highly correlated. So the bull market only begins when you give us those five-star reviews. Anthony, thanks a lot for joining me, my man. Cheers. Thank you for having me.

Starting point is 01:25:24 Risk and disclaimers, everyone. Crypto is risky. DeFi is risky. Bitcoin and Ether is risky. NFTs are risky. It's all risky. Also not being in crypto. Also risky. So consider getting a job in crypto. Anyways, meanwhile, we are on the frontier. We're headed west. We are so glad you're with us on this bankless journey. I cannot do this from memory, but close enough. So thank you for joining us this week on the Friday weekly roll-up. Cheers.

Bankless - ROLLUP: 3AC Further Contagion | dYdX Leaves Ethereum | Huge Uniswap Acquisition

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