Bankless - 📺 ROLLUP: 3rd Week of May (Dip Week, The Rise of Polygon, Elon Crypto, Coinbase Outage, China)

Starting point is 00:00:01 Bankless Nation, it is the third week of May, and it is a Friday morning. That means it's roll-up time, and this is dip week, David. Diff week, David. Roll-up time, too. Are you excited? It's dip week, David. Also, all-time high week and dip week all in the same week. Yeah, ether hit its all-time high in the Friday after we recorded the last week of the roll-up, and then crypto also crashed all in the same week. All in the same week, too. Guys, we're going to be talking about all of that. That's going to be in the market section. That's what we do here. Every Friday morning, we try to cram as much of the week that was crypto into your brain, where we cover markets, releases, news, takes, and then we end with what we're excited about,

Starting point is 00:00:52 except that we don't end there. We actually end with the meme of the week. So stay tuned for the meme of the week. This comes at you every Friday. All right, David, before we get in, we got to talk about consensus. Big crypto conference. Come in right up. People can get their tickets. This is the last chance, though, to get their tickets. David, you're going to be speaking. What are you speaking about. Ultrasound money on Monday. Still working on my presentation, but it's going to be hot. Ultrasound money gets its debut at Consensus. And then I'll also be speaking on a panel about the current state of defy and of course how to live a life without banks. So bankless also getting its debut at consensus. Really excited for this particular year of consensus because so many of Ethereum things have gone

Starting point is 00:01:32 mainstream as we expected them to for years and years. But now they are finally here. Now they have like the front stage at consensus, defi, NFTs. So much to talk about. Really excited to talk about all those things and listen to the other conversations that are going on. Ray Dalio is going to be there. Michael Saylor's going to be there. Anyone who's anyone in crypto is going to be there. So you should be there too. It's awesome. Yes, I'm definitely going to be there. And bankless listeners, you still have a chance. I think two more days from today to get your ticket, $20 off with the bankless codes. Make sure you do that. There's a link in the show notes, David. Also, this is no longer an opportunity. We, the bankless Dow, that is, issued an awesome shirt. And this is based on our April's,

Starting point is 00:02:15 April Fool's Day joke where we said, like, bankless was getting acquired by Wells Fargo. Psych. That'll never happen. Right. And anyway, the Bankless Dow created community, created this fantastic shirt to commemorate that. It's the first, I think, in a future apparel line. It's all sold out now. That was a limited edition sale. I think you got one. Yeah. From what I've heard, hundreds of sales there. It went really well. Over 300. Yeah. So the thing to do, guys, is next time, don't miss out on this. Go to Cryptoculture.substack.com sign up. Get your email address there. That's where the drops will be dropped. So you're first to know. I think future drops, David, might have a set amount and, you know, sell out.

Starting point is 00:02:57 Might be time limited, but it might be also number limited. Like a hundred of these things. Scarcity in one form or another. And that is really the through line with bankless apparel. is in the non-crypto world, the non-cryptoculture world, apparel is not scarce. And there is the world of scarce apparel and just like, you know, street wear that some people are into. And we want to emulate that culture in crypto apparel. There is a through line about fixing fast fashion, like bad garments that just cost $2 and you wear them two times and then you never touch them again. No, we want scarce apparel that you wear for life. Because it has that premium price tag, It doesn't fray. It doesn't wear out. It's a dope design done with an intent.

Starting point is 00:03:39 The cool thing about this is that we didn't mass produce these shirts and then sell them. We took the orders and now we are making one shirt per unit of demand. So there's no excess. There's no environmental issues. It's about changing the culture of the world around us using scarcity and scarcity tools. And also rug pulling the Wells Fargo logo and making it our own. Oh, that's just exporting crypto culture. And that's just the fun part. in one of these, which is ritual Bap design, only 50 have ever, will ever be made. Really fun, guys. So get in on that. Okay, David, you ready to get in? We got to start with markets this week.

Starting point is 00:04:16 And with markets, we have to start with the dip. But before we get there, let's describe it for folks. Bitcoin, what happened this week in Bitcoin price, sir? Yeah, Bitcoin fell from 58,000 of the high of the week all the way down to 36,500 or so at the deepest part of the dip, which is a level that I don't think anyone saw coming. A slight rebound up into the low 40,000 range. But Bitcoin has really been having a tough number of weeks. Ryan, if you zoom out all the way until April, Bitcoin has been in this consolidation period, which everyone was hoping would break out from because it's a bull market. You tend to break out in bull markets, but no, it broke down. And it's been having a real tough time with, you know, and overall in the news cycle, just the Elon's

Starting point is 00:05:05 just been pounding it, like environmental issues, blah, blah, blah, China, Fudd. Bitcoin having a really tough time lately. We're like, this is definitely three months low. Lows. It's not quite year-to-date lows, but it's getting close, man. You're getting really close year-to-date lows. I do think there's a case to be made that the current risk-adjusted return risk profile is really, really strong with Bitcoin right now. Like, oh, interesting. We'll get back to that too. But first, let's talk about what happened in Ether because that went down as well. The price of ETH went down after, as you said, we hit all-time highs. So tell us about the highs and then let's go to the lows. Yeah, Ether hit an all-time high of $4,390, which is really,

Starting point is 00:05:47 really high. And it kind of makes sense as like when things are that high, like, it's easier to go in the down direction. And that's definitely what happened. Again, no one really expected this level of downness and that's really the through line of the markets this week is like holy shit like I kind of thought the this was the only thing that I can remember of a move like this was Black Thursday in all of my years of crypto is never really seemed to move that much that quickly and Ether went for after after it topped out of its high as $4,300 it came down to $3,700 could then went down to $3,500 and held there it kind of seemed like it was going to make a nice basing pattern but then the floor just fell out and it went from $3,500 all the way

Starting point is 00:06:27 down to $2,000, no, all the way down to $1,800 on some exchanges. Think about that. $4,300 down to $1,800. Like, that is insane. That is insane. Really quick, right? 55% drop really quick. I've got some hot takes on that, but I'll reserve that for now.

Starting point is 00:06:45 Let's take a look before we get to those takes on the dip. It was dip week, guys. You know, buy the dip, maybe. We'll talk about that to you. First, let's talk about how the ratio, held up. This is the ETH to Bitcoin ratio. It's something, David, we've been monitoring since the first part of this year. When ETH was really gaining on Bitcoin, how did the ratio hold up last week? Yeah, the ratio peaked out at just over 0.08, which again, really, really high.

Starting point is 00:07:14 And then historically, when dips happen, the ETH-BTC ratio, quote-unquote, nootered. It gets slaughtered consistently every single time. You know, when Bitcoin sneezes, Ethereum just gets absolutely wrecked. And to some degree, like the ratio did pull back a little bit, but like, it's still really strong. And that's kind of the sentiment around crypto Twitter right now is the ratio held up between ether and Bitcoin, which is something to take note of. People don't remember, but do you know, another time it held up, David, was 2017, like when we saw this kind of action. And like, I feel like this is maybe a theme when we get into talking about the dip. But like, So far, dude, 2017, 2021 feels like a fractal of 2017.

Starting point is 00:07:59 It's playing out very similarly. Definitely 2018, 2019 when Bitcoin sneezed, ETH got destroyed. That was not the case in 2017. And this is reminding me a bit of 2017. We'll get to that in a little bit. Speaking on that, I actually want to dive into that. Can you go into ETH USD chart and then also go back into and go into weekly candle so we can go all the way back into 2017 because I've been kind of thinking about like the

Starting point is 00:08:25 what it means to go a full cycle and I got into crypto and Ethereum after Ethereum pumped all the way up from like $10 up to $430 and that was crazy and that's when I started paying attention to it and then after Ethereum or Ether hit $430 it crashed down to $135 and that's the moment that I got in and that feels like a this feels like a fractal of that now. I know a lot of my friends who have just gotten into Ether in this brief moment of time. You're really struggling with these charts. Yeah, dude, it's like zoomed in and like, I don't know. Anyways, I described it pretty well. All right. And so like all a lot of my friends are just now getting into Ethereum and, you know, price is a great marketing tool. And it feels like that time

Starting point is 00:09:11 when Ether ran up to $430 off of its insane floor of like $10 to $20 and then fell down to $130. Oh, dude, that's exactly it. Look, and the number of, the number. are similar to like I remember those days this is why I feel like this is like 2017 right so that was 66% off of all-time high and I remember that drop David it's like 420 the memes were about 420 Heath price 420 and then it all the way to 130 it was like mass panic bull markets over eat was a bubble this whole time the entire platform's like worth nothing like I told you guys all of this talk and it happened very rapidly like in this move it was like in the flash of a day two days all of a sudden six

Starting point is 00:09:50 66% drop. It feels very much like that right now. All right, David, let's take a look at this chart because I think this really nails at home. This is one ugly looking chart, or at least one strange looking chart. Green candle up, spike, green candle down, spike. What are we looking at here? Yeah, this is the weekly chart. So each candle is one week for the ETH dollar price. And there's a famous line, both in markets, but especially in crypto, where, you know, stairs up or escalator up, but elevator down.

Starting point is 00:10:18 Right? And so markets climb a wall of worry, right? And so we were all super euphoric when Ether hit $4,300 and then just one week later, it spikes all the way back down and retraces one, two, three, four, five, six, seven, eight weekly candles are erased in two weeks, right? And so this is a lesson in A, just being in Zen about this because like this is going to happen. Pain comes in markets. If you feel pain, it's just in.

Starting point is 00:10:48 inevitability. And so this is also a lesson in leverage. If you were on leverage and you got liquidated, I'm sorry, that's the pain. It's a lesson to be learned. If you didn't get liquidated, good job. And the take here is that, you know, perhaps as, you know, crypto becomes more mainstream, we always thought that markets were becoming less volatile. Perhaps as these markets become bigger, the volatility actually gets bigger. Hmm. Hmm. Yeah, I still think volatility is going down over the long term if you like cycle all the way out a little bit but yes absolutely we're not over the volatility days and i actually think volatility is a feature not a bug at some at some level right like so people are so afraid of volatility but you only have to worry about volatility if like holders

Starting point is 00:11:34 don't have to worry about volatility right like i'm i'm holding eith yeah traders do the holders don't Like, the market gets, and I feel like the news cycle, David, gets all hung up on crypto's volatility. And they think that volatility is like a proxy for risk, right? But like the fiat markets are a lot less volatile. But I think they have a massive, like a whole lot more tail risk here in fiat markets, right? So it's just a different, it's almost a more honest market, if you will, right? Like there aren't people tinkering with the dials. And so you get this craziness.

Starting point is 00:12:14 And of course, less liquidity to you at these earlier phases. But let's talk about everyone's asking what happened. So when something like this happens, you get a big drop. Everyone wants to know. What was the cause of this? So we have to talk about this. What was the cause of this? Here is a trader's perspective.

Starting point is 00:12:33 This is Dylan LeClair had a great tweet thread about it. Let's go through some of these, David. So first off, Dylan says, bull market corrections on the general of 25 to 30% are completely normal and expected. This has happened in all previous bull runs. That's his first point. His second point, he talks about Elon Musk here, throwing a Molotov cocktail into the mix here. Also, Elon Musk talking about energy consumption of Bitcoin. So that's one other possible explanation for it.

Starting point is 00:13:08 Where else does this thread take us in terms of Dillon's explanations for this downturn, David? Yeah, he looks at some UTXO analysis where like who is sending Bitcoins. This is a Bitcoin focus trader. Who is sending Bitcoins and at what prices? And he draws the connection that you can do this thing called the spent output profit loss ratio. I'm not familiar on this metric. But the conclusion he comes to is that there was a ton of leverage in the system. It's all about leverage.

Starting point is 00:13:38 where these normal 20 to 30% drawbacks, which are healthy, turn into violent, immediate, cascading, quick drawbacks. And so he goes on his next tweet, Ryan, he looks at, here's what he says. Following the 64,000 all-time high, the market started to sell off, during the sell-offs, funding flips negative, which means that you are actually incentivized. I think this is right. Correct me if I'm wrong, listeners, I guess, when funding flips negative, you are actually paid to go long. And so each time traders quickly leverage back up. So like Bitcoin hit $64,000, it dipped down to $55,000.

Starting point is 00:14:17 And people are like, there's the dip. I'm going to buy it and I'm going to leverage up. And so the leverage never got flushed out of the system, right? Underwater Longs kept adding to their leverage, right? Every dip, they added more to their leverage. And at some point, this guy claims that on the next tweet that a bunch of whales saw this, opportunistic whales saw this and deposited into exchanges and began relentlessly spot selling, knowing that these, knowing that how many leverage traders were going to, they were going

Starting point is 00:14:46 to forcibly make them underwater and forcibly liquidate them, right? And so the, this, you know, in theory, whales looked at all how much leverage was in the system and they're like, if we dump the market, we can buy like discounted bitcoins, right? And so that's the conspiracy is that there was way too much leverage that was identifiable. Very much like the GME debacle, right? Like people notice how much short position there was, and so they bought a bunch of GME, and then all of a sudden we had the squeeze.

Starting point is 00:15:16 This is the same exact thing, but just in the inverse, right? And so now there's a ton of leverage that's flushed out from the system. If you get liquidated, your leverage goes to zero, and that's what happened to a lot of people. We had $27 billion of open interest at the, I believe, the $64,000, market, and now we got that cutting more than half.

Starting point is 00:15:37 The trader finishes by saying this is nothing and should be treated as a huge buying opportunity. I feel like that's a great trader's explanation of what happened. It's just like there was so much leverage in the market downturn caused cascading downturn because of leverage. The leverage was flushed, right? And that has to happen periodically as part of a bull run, which is why you've seen this pattern in other bull runs. You know, it's also interesting, David, that's kind of the trader's.

Starting point is 00:16:04 take of why this happened. But of course, like, crypto media and like the narrative side of crypto wants to take too, here are, I guess, a few popular takes I heard for why this happened. One, routers China banned Bitcoin. Routers reported that China banned Bitcoin. I don't know if you saw this circulating, but it was in fact not the case. China did not ban Bitcoin. I don't know how many times this has happened. Like it's literally doesn't. More than 10. Like for real. So you had that. It's like honestly a ceremony at this point. It's like, oh, we got to try to fuck this week.

Starting point is 00:16:39 Yeah, it's going to happen. It's going to happen every three months or so, just like clockwork. Elon Musk tweets his tweet that Tesla was dumping 1.5 billion Bitcoin stash. Of course, Tesla was not dumping the Bitcoin stash. Although Elon's pretty erratic these days in his tweets about cryptocurrency, which we'll get to. So some people said that was the cause. It was Elon's fault. over leverage, which we talked about.

Starting point is 00:17:05 Other people said it was Tether. So Tether published a breakdown of its reserves, not super cash-centric. I don't know if you saw that, David. It's like very little. Ceremonious Fudd. We always get it. Yes, yes. Also, Tether's compilations, like when you buy a Tether, you're definitely not buying

Starting point is 00:17:24 a dollar in the bank account. You're buying a lot of other things, but it's not a dollar in the redeemability of a dollar. Yeah, plus like treasuries and bonds and also. sorts of things. Anyway, separate discussion. That was a reason given. Also, broader macroeconomic trends, inflation warnings. What was the reason? Maybe that's led like a correlation with stocks. Maybe that's led to the growing fear and uncertainty investors are getting skittish. You know, all of these things are given as explanations, but I almost feel like they're always like narratives that sort of retrofit the data. And I just, I'm not. I'm not.

Starting point is 00:18:03 convinced by any of them right I just think like in bull markets this sort of thing is going to happen and then people will look back after it happens to be like oh here were the causes very clearly right it doesn't actually have to have a cause it could have been anything that happened so holistically we can say like oh yeah all of those things like overall it just made everyone just really down like our hero Elon turned against us. People are just down about this tether fud, like China. Maybe it made people pessimistic,

Starting point is 00:18:36 right? Holistically, not really any one of these things, but overall people are just like, oh, there's so much to fight. The energy debate is relentless. Nick Carter is getting swarmed. And then also at the same time, we have these over-leverage traders in Wales, which really just like lights the dynamite.

Starting point is 00:18:51 Like that, I feel like is a more rational explanation. For sure. And I guess I feel like you could swap this set of headlines out with any other set of headlines in a given week or two weeks in crypto and it would be the same thing like the net of this david is i feel like a reckoning was needed a rectining people needed to get wrecked after this after this bull run like it had to happen and dips happen um i tweeted this out david right so like people are stunned by the um the drop the sudden drop right and i get that but like Also, feel it, we feel it. We feel it. But also guys, like, zoom out. So the prices that you just quoted, right? Ether all the way down to 1800. It was 1800, 45 days ago. Like, just 45 days. We only lost 45 days at the lowest of the low. Now, eth is recovering a bit. But like, oh my God, man. Like, if you bought 45 days ago, you wouldn't have lost anything.

Starting point is 00:19:57 on Eath. Like, let's zoom out a little bit and realize how much this asset class has been growing, right? Rather than focus on the dips, like, it is true. When in doubt, zoom out. Like, you have to zoom out and realize that we're sitting at a price right now that we were like 30 days ago, less than 30 days. And as low as low, it was only 45 days ago from a price perspective. There's a, there's a tweet response on my response that just made the point that David, you and I were talking about that the same thing happened in in 2017 from the 420 mark to the 150 mark. So dips are going to happen. It could have been anything. I feel like this was just destined to happen at this point in the cycle. Yeah. And again, this feels like the marker of the second half of the ball market. That's what

Starting point is 00:20:46 it was in 2017. I feel like that's what this is now. Good take. Springtime. It's funny. It kind of happened around the same time in 2017 as well. Let's go. Let's go. to Raul Paul. I thought, I thought this was interesting too. So Raul Paul does a chart comparison. The first is Bitcoin now versus 2013, where he's comparing the two. And in white, you see current price of Bitcoin. Right. In this navy color, you see Bitcoin price 2010, 2017. The lines kind of line up. Yeah. I mean, chaotically line up. Yeah, totally. Fractally line up. Mm-hmm. Let's go to...

Starting point is 00:21:30 BTC now for 2017. Right. Yep. Perfect. And this is exactly what we're just talking about. Like the dips almost, yeah, exactly what you just said. Like, seasonality is actually the same. The dip amount is pretty similar.

Starting point is 00:21:45 Like, I guess this is just the ceremonious halfway through the bull market. Like, whales are getting more bullish and they have more resources to liquidate markets who are over leveraged. Maybe this is it. I think he did ETH somewhere, too, in the thread. Someone asked him, hey, do ETH. Here it is. Yeah. Or ETH now versus BTC in 2017.

Starting point is 00:22:07 Is that what this is? Yeah. Wow. So Ether in the bear market of 2018 to 2019 was lower than BTC in 2017, and right now it's higher. And I feel like that's just a perfect indicator of just like Ethereum and ETHER's narrative was getting just absolutely slaughtered in the bear market. And now finally people are starting to figure out. And so it goes from underperforming to overperforming.

Starting point is 00:22:27 performing really quickly, that's interesting. That is interesting. What's he doing? So he's doing one for Eith. Oh, that was what we just looked at. Okay, I would love to see like Eith now versus Eith in 2017. I'm sure that's out there. Anyway, like these patterns are all super similar.

Starting point is 00:22:44 So there's that. While this chaos was going on, of course, crypto exchanges went down. I think a number of them, David. I think the record number of them. Coinbase, which I mean usually goes down. finance US US went down crackin went down Gemini went down bit stamp went down that's all of the exchanges that's all of them that's every single one what didn't go down what didn't go down david didn't defy did not go down ethereum did not go down 99 gas prices went up though guys prices went up

Starting point is 00:23:12 kind of a proxy of going down if you can't afford a gas price is it really is it really up for you yeah it's a bigger bigger conversation yeah uh did not go down though all right david let's let's let's talk a little bit more about what happened in defy so total locked in defy almost 90 billion dollars and then it got flushed out to below 60 billion dollars we were almost we were almost celebrating that 100 billion mark and then all the way down um so that's total locked value in defy how did how did defy tokens hold up this week let's look at defy tokens have been doing okay right like uh ave still 460 uniswap 26 um impressive is very impressive is very pretty impressive as in like generally flat i mean they definitely took a hit of course but as far as things

Starting point is 00:23:59 go defy tokens didn't really get the run-up that ether got but also didn't get like the slaughtering that ether got either that's super impressive actually i didn't realize defy tokens held up uh so well this week they did okay defy did okay let's uh take a look at this and look yeah look at it dPI versus ether again called the bottom last week a little bit so roughly 10 days ago called the bottom of point 1 3. You did, sir. Eth per DPI. We are at the level of 0.161.

Starting point is 00:24:29 We almost got up to 0.18, down to 1.161. But yeah, Eth versus DPI, bottom still in. Patting myself on the back. Maybe I'll become a trader. You know, that's actually impressive, David, because I actually would have predicted that a DPI would have gotten slaughtered relative to Eton in this, in this. And that didn't happen.

Starting point is 00:24:49 So maybe that bottom will hold, sir. I think so. I like this. I like this chart, too. This is from alternative. It's the fear and greed index, right? I think they measure this based on various social media sentiment, other sentiment scores.

Starting point is 00:25:04 But right now, we are on the extreme fear side of the spectrum. I think the other side of the spectrum is like, you know, jubulence, exuberance, rational exuberance, right? We are now in-Shibu tokens are going bajillion X's. Yeah. Last week. And then also, eth-maxis are gloating about the ratio. Yeah, exactly.

Starting point is 00:25:23 Wait, wait, who does. does that. No one does that. No one does that. No one does that. But let's say hypothetically, they did gloat about the ratio. They would do that in the exuberant phase. They would not do that in the extreme fear phase. And now we are in extreme fear phase. I'm reminded of this Warren Buffett quote where he says, be greedy when others are fearful and be fearful when others are greedy, right? Like so when you dial into the extreme fear phase when we're over there, that's when you got to be greedy. Right. Right. When we're in exuberance, that's when you feel like, like your lizard brain tells you, it's like, oh my God, it's going up. It won't stop going up. I got a leverage. I got a

Starting point is 00:26:00 leverage. I got to get more. Fomo, fomo. That's worse, right? That's worse when you lever up to even get, like, increase those gains. That's when you should be fearful. Like, you should look around and be scared. But right now we've swung into the extreme fear. And I think that investing adage, Buffett's investing adage holds up. You got to be greedy during those times. times. I will say one thing, back to your comment, David, earlier about margin. You know, the, the thing that gives you confidence during the extreme fear times, like confidence to be greedy, like the ability to be greedy is if you don't have margin. It's a lot harder to be greedy when you have margin, like during that times of extreme fear, because you're just like,

Starting point is 00:26:44 you're feeling that fear. You're flushed. Yeah, you got nothing. There's no dry powder. Exactly. So how do you be greedy when others are fearful? It's no leverage fan. Like if you want to do that, have the dry powder ready. Don't overinvest. Long term time horizons. All of these things are important. I think it's also a practice in mindfulness.

Starting point is 00:27:07 If you can be zen about the dip and be like, yay, I get to deploy capital. Everyone else is scared. I'm scared too and I'm buying anyways. That's a practice. that's a practice in mindfulness and that's how you survive long-term in crypto. Position yourself to do that. You have to position yourself to do that, too. This was a good take from Hasu.

Starting point is 00:27:28 Man, he might be more EIP 1559 bullish than we are, David. And that podcast, guys, if you haven't listened to podcasts we had with Haseo on EIP 1559, go listen to it. But he did a thought experiment. Imagine if EIP 1559 was live today. David, what did he say here? every single block mined during this big dip had 30 eth in fees or more. That was the basal level of eth fees per block during this crazy volatility times.

Starting point is 00:27:57 All of that would be burned and retroactively paid like via buyback and burn to ether holders. Like 30 ethers just deleted every like 12 seconds, by the way, because that's how fast Ethereum blocks. 30th paid every 12 seconds. I don't know what that is annualized, but it's a really big number. And then, of course, if proof of stake goes well, stakers receive all of the extra fees, right? One-day fees of $80 billion. Yeah. 80 million.

Starting point is 00:28:24 80 million. Excuse me. 80 billion. I bet you it was over 100 yesterday. I forgot to check it yesterday. But 80 million dollars of revenue per day. Think of Ethereum as a business. 80 million dollars per day in revenue with no overhead.

Starting point is 00:28:42 Like, that's a profitable business that you want exposure to, and ether's how you do that. Dude, also look at Uniswap. I was, like, paying attention to Ethereum all week on fee revenue. But, like, look at Uniswap, man. 10 million in fees. Sushi swap, 8 million in fees this week. Decentralized exchanges have really hit their stride, and they do best in bull markets. Sorry, in volatile market, whether that's bull or, like,

Starting point is 00:29:12 like bearish volatility. So here's a new member on the, the crypto fees pages, quick swap, which is the uniswap fork on Polygon. Polygon. Yeah, Uniswap fork on Polygon is the number one, two, three, four, fifth, the fifth largest revenue generating

Starting point is 00:29:28 application in all of crypto. And it's on an Ethereum L2. This includes, does this include all of the finance chain stuff too? I think it does. I think it does. Command F pancake. Command F pancake.

Starting point is 00:29:42 Yep. Pancake. Nope. Not here. Maybe it doesn't. Might not. It's filtered out. Does not include Ethereum XI Polygon.

Starting point is 00:29:53 That'd be interesting to look at those too. Per discussion with Udi. We know who's doing that. Maybe he's not doing it for a reason. Anyway, that is markets, guys. We are going to be back with some hot releases, some news, some takes, of course, meme of the week. Stay tuned for all of this.

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Starting point is 00:31:28 which can lead to fractured liquidity across the many pairs in Defi. With Balancer, you can access the full power of multiple tokens inside of one single AMM, which unlocks an entirely new playing field of possibility. This makes Balancer an awesome building block for so much. many different use cases. Balancer pools can make asset indexes, but instead of paying fees to portfolio managers, Balancer lets you collect fees from traders

Starting point is 00:31:49 who use your portfolio for liquidity. Additionally, Balancer Smart pools can be programmed to have properties that change according to predetermined rules, such as changing the swap fee based on market conditions, or even liquidity bootstrapping pools, which can help you launch and distribute your token with day one liquidity.

Starting point is 00:32:05 At Bankless, we used a liquidity bootstrapping pool to sell our BAPT-T-shirts to much success. Bouncer V2 brings powerful new features that makes your money work even harder for you. In V2, idle tokens are capable of generating yield in DFI without sacrificing liquidity in the pool. To top things off, Balancer is reimbursing all gas costs with BAL rewards,

Starting point is 00:32:23 meaning that all your gas costs are returned to your wallet with the Balancer governance token. Balancer's mission is to become the primary source of liquidity in DFI by providing the most flexible and powerful platform for asset management and decentralized exchange. Dive into the balancer pools at pouls.bancor.exchange. All right, guys, we are back with releases. We've got to talk about uniswap v3 at the start of this.

Starting point is 00:32:48 V3 released two weeks ago, maybe three weeks ago now. It is already the second largest decentralized exchange on Ethereum, trailed only by uniswap v1, and it's fast catching up. V2, excuse me, yes. And it's fast catching up. So at this pace, it might actually surpass uniswap. v3 or sorry v3 might surpass v2 by the end of this month. Are you surprised about that?

Starting point is 00:33:16 I mean, no, because uniswap v3 is straight up a new paradigm in AMMs, where AMMs to begin with are already a new paradigm, but V3 is a new paradigm inside of a new paradigm. And so I like to use the word paradigm. It's also interesting to note that, you know, uniswap v2 and V3 are not uniswap, right? There is no one, there is no uniswap. There is uniswap v1, there's uniswap v2, and now there's uniswap. NOSWB3. These are all different things. They just are under the same brand, right? And technically shelling point social consensus around the same token. Yes. And we all, everyone expects big

Starting point is 00:33:49 things out of V3. And so, and V3 has been adopted in very specific niche circumstances. But now people are coming to learn how to use it. The UI is getting better. People are getting more strategic with their liquidity. Look, man, there was always the chance that it could fail. I remember like, you know, because it's such a new paradigm, right? Right. So like, You know, you hit a grand slam and then is the follow-up going to be as good? It kind of reminds me of like, you know, Apple released the iPhone and then they released the iPad. Analysts were like, what is this? Right.

Starting point is 00:34:21 Yeah, like, is this going to do well? And this kind of felt to me like this. It was definitely a paradigm shift, but also risky at some level. You're changing the core way Uniswap V2 worked. Are you changing everything about it? And so it felt risky to me. But like, it's working. and it seems to be working really well.

Starting point is 00:34:41 So, congrats to the Uniswap team. Absolutely. Slingshot, let's talk about that. What does Slinghot, David, used it this week? Yeah, Slinghot is a AMM or a decentralized exchange aggregator on Polygon. So this is a new polygon release. I've traded on it and, God, dot damn, are the fees. Absolutely awesome.

Starting point is 00:35:00 It literally feels like a centralized exchange. Also in like non-existent, right? Sorry? Awesome as in non-existent fees. Yes, as in .000-1-Matic, which one Matic is like $2.001. Matick is basically zero, call it zero. And also basically instant finality, right? And so block times are really, really short in Polygon.

Starting point is 00:35:21 I think they're like two or three seconds. And they always get through on the first block because there's so much extra free real estate. It's a suburb. It's an Ethereum suburb, right? And so the great thing about Polygon and specifically Slinghot is like Polygon is still relatively new, even though that they have been being adopted very, very fast. there's actually really decent liquidity on Polygon, but there can always be more, and that's what Slingshot does.

Starting point is 00:35:43 It's a liquidity aggregator. It's a Dex aggregator, much like one inch, much like matcha, but now it's on Polygon. And so really just adding liquidity into Polygon, making Polygon a very hospitable place to live. That's cool that there's enough liquidity on Polygon for a deck to aggregator at this phase. I think we're going to be talking about Polygon some more later because it's had a big run-up and a big week. So we'll get that. Desert some attention. Yeah, Coinbase is excited to announce, they say in this tweet, a new Coinbase wallet extension, a wallet extension to more easily and securely connect to apps and Defi on your desktop. David, this sounds like Coinbase is rolling out their version of Metamask. Is that what this is?

Starting point is 00:36:25 Right, yeah. People have just gotten used to using a browser extension to interact with Defi. And so Coinbase is getting into that game. They already had this Metamasker, this Coinbase wallet, which I don't think very many people will be familiar with. If you have downloaded what is canonically known as Coinbase, this is not what you have downloaded. This is Coinbase wallet, which is a self-custody, you control your own private keys, defy-enabled wallet with Defi apps involved. And so you put your own ether there, you put your own tokens there, you pay for your own gas. It's non-custodial, non-centralized. And so now they are trying to really finally double down on this infrastructure, what they've basically had in the back pocket forever now, and finally trying to get that thing integrated into defy, because they finally know, finally recognizing that defy is the place to be. And so hopefully, Coinbase just expends more and more resources into the Coinbase wallet, because we could definitely use some diversity of options in Defy.

Starting point is 00:37:18 Yeah, I'm very excited that MetaMask has some competition to make them better. And you know, another reason I think Coinbase joined is because, because MetaMask is absolutely crushing it on fees. Like they are generating real revenue. It seems for a while like, well, is MetaMax going to be sort of a public good? Does it really have a business model? But they incorporated some decentralized exchange aggregation, added a layer of fees on top of that. People are using it for convenience reasons.

Starting point is 00:37:45 And they're just crushing it in terms of revenue. So Coinbase is like business opportunity. What are we? We're a business. We're a crypto business. So we're going to go where the business opportunities are. And I think that that's part of their expansion in the space, too. Yeah, absolutely.

Starting point is 00:37:59 Let's talk about this, David. Miso. Miso on sushi swap. What is this? Yeah, so this is interesting. This is a really interesting conversation. And this is kind of, I feel like very much in my, in my camp because I came in into the crypto boom.

Starting point is 00:38:13 ICOs leave like a bad taste in people's mouths just because of what they turned into. But as a primitive, all an ICO was was a token launch and distribution or mechanism slash mania. Permissionless. Permissionless, right. And it was very, very, like I said, rudimentary, primitive, bare bones and also too early. We are returning to the concept of good token issuance, or just token issuance at large. So like this is basically a rebranded ICO platform, but maybe we should stop, maybe we should leave the term ICO behind. This is a token launch and distribution sale infrastructure platform. And so they have a bunch of different mechanisms to get,

Starting point is 00:38:53 your token out into the wild. And so here's what I'll read this from the, the launch article. Miso is a suite of open source smart contracts created to ease the process of launching a new project on the Sushi Swap Exchange. Miso aims to drive new capital and trade to the exchange by increasing the attractiveness

Starting point is 00:39:12 of Sushi Swap as a place for token creators and communities to launch new project tokens. We aim to create a launch pad for both technical and non-technical project founders that will allow communities and projects access all the options they need for a secure and successful deployment to the Sushi Stop Exchange, choose from crowd sale, Dutch, or batch auctions, and as well as how you would like to manage participation. So it's basically a suite of tools built on top of Sushi Swap to launch your

Starting point is 00:39:38 token. This is exactly what Binance tried to do with their IEOs, which was just an iteration off of ICOs. I remember Consensus, how they had the Foundry spin-off that didn't really do well, that tried to capitalize on the token issuance. Sushi swap, getting back in the into token bootstrapping tools. And I'm really optimistic about that because while ICOs were corrupted, that doesn't mean that token issuance and token creation is bad. And I think we could just have more optionality and expressivity with how we launch these things. And now that we kind of, as a community, I'm more self-regulating. I'm very much bullish on open, more permissionless, easy launch tools. Because I remember, I wanted to launch my own token back in 2017 because I was a, I just wanted to.

Starting point is 00:40:21 Why not? And I didn't really have any help to do it. I would have. had to learn how to code. If this is allowing just random people to just launch their token ways they see fit, people like Gary Vee, who just wants to launch a token, doesn't really care about the technicals or any other community member. This is a tool for them. That makes me really bullish. Awesome. Yeah, it's really exciting. And like with Binance, Jan, or with Binance, IEOs, they sort of got corrupted, right? Like you had to pay Binance a fee. They wanted their cut of the process. This is really open, permissionless, like, you know, Saki and Miseau. is not taking an inordinate cut out of this this whole process. So it's, it's really different and

Starting point is 00:41:01 really accelerates that idea. The other thing that struck me, David, is like, what a perfect project for a pseudo-anonymous team to capture, to execute on, right? There are many other teams that wouldn't want to even touch this because of 2017 SEC securities type pressures. But where is, where is the sushi swap team? I don't know, all over the world. outside jurisdictions, right? This is a Dow pseudonymous project. Great launch, public infrastructure, more tokens are coming. Some of these tokens will be terrible, absolutely terrible, as they were in 2017. But this is a new primitive and mechanism for us to experiment on. Like it. They're actually, they're also launching with this sake token, so they have their own internal projects. And sake is literally,

Starting point is 00:41:43 it's a token redeemable for a bottle of sake. And what? Yeah, right? So they've partnered with like this, you know, very craft sake, I guess, you would call it. I don't know what to call it, but very premium sake, and there's only going to be, I think, 800 sake bottles. So, like, don't even think that this is just like a, you know, a defy token launch platform, like literally launch your token for whatever.

Starting point is 00:42:04 Like, we could have launched our BAP tokens with this as well. Literally, it's up to you to use your imagination to how you want to use this infrastructure. And also, it's really bullish for sushi because they make, they help people launch their tokens. And naturally, they were going to people who launch their tokens on sushi swap

Starting point is 00:42:20 are going to be so inclined to keep their tokens on sushi swap and keep liquidity there. So it's a really big play by the sushi swap team. The last take on this is remember when sushi swap was just a fork of uniswap? Man, has it evolved, right? Evolved into its own thing, doing a separate direction. Really cool to see the community build new things around this. All right, David, let's get to the news of the week.

Starting point is 00:42:44 I think there are two big stories of the week that we need to cover. The first is Erratic Elon. What is Elon Musk doing again to do? the crypto markets. We've got to talk about that. And the second is this theme that we've talked about elsewhere, which is the rise of polygon. What does that mean for layer twos? What does that mean for side chains like finance smart contract chains? So let's talk about that first. Erratic Elon. What, what what why is Elon picking a fight with pick and fight left and right? What's he doing here? Michael Saylor of all people. So you know, uh, uh, Peter McCormack made this big thread trying to like

Starting point is 00:43:21 help Elon, like, guide him down the rabbit hole of crypto. And then Elon was like, annoying maxi threads like this just want to make me ape all my money into Doge. You know, Michael Saylor made a comment. And then Elon Musk made a meme of some guy looking in the mirror, pointing at himself in the reflection and goes, no, you are a genius. Everyone else is wrong. It's not the bull market. You really are a genius, which is poking fun at Michael Saylor, who, you know, bought a bunch of Bitcoin and then Bitcoin went up in price. And so now everyone loves Michael Saylor. He's really just picking fights left and right. Like he picked a fight with chain link god. And so like really has no friends in the crypto space because he

Starting point is 00:43:59 picks fights with everyone. Except Doge community. And then goes and chills Doge, right? Erratic Elon. Why? What's he doing? And so probably contributed to some of this market decline because again, it's just like it was just demoralizing for everyone. Like fuck, Elon. Like it's just ceaseless. It's endless. Like why are you even doing this? It makes no sense. Like why are you concerned about Bitcoin's energy now. Why didn't you care about it two weeks ago? It's like, God damn it. Just shut up, Elon. Just shut up. Delete Twitter. But of course, he's never going to do it. Do you know, here's the thing, David. And it's like, I don't care, though. I feel like, so here's the mistake that I feel like the crypto community made. And this is, I understand it, right? Like, when somebody

Starting point is 00:44:40 with a lot of clout says something good about an asset, you, the community wants to put this person on a pedestal. And that's what, that's what Bitcoiners. specifically, but also crypto in general did with Elon two months ago when he added Bitcoin to the balance sheets. Like Elon loves Bitcoin now. He's a supporter. He's our hero. We put him on this pedestal, right? But like now he's turning on them. And like this was all, we didn't have to put Elon on a pedestal in the beginning. Here's what I feel like, David. It's like billionaires have been last to crypto, except maybe the Gemini, or the Winklevoss twins of Gemini. But like, they've been last to crypto this entire time. It's been the nobodies who've really adopted

Starting point is 00:45:28 crypto and I understand where the puck has been going, right? Like very beginning of Bitcoin, it was the nobodies. Like Ethereum, very beginning, all of the VCs turned down Ethereum, didn't buy any ether in ICA. Very few of them did anyway. And it was the regular people, the crypto natives who got in first. It was like, it was the people, it was the nobody's. Like, why are we even taking advice from billionaires? Like, we don't need their clout. Who cares, dude? I don't care what Elon says.

Starting point is 00:45:55 I don't care in the slightest what he says. Has Elon ever used Uniswap? Has he used AVE? Does he know anything about, like, using MetaMask and non-Costodia wallets and D-Fi, right? If the answer to those questions is no, he doesn't really know about crypto yet, in my opinion. Like, okay, here's another. Mark Cuban, different situation. billionaire he's gone deep like he knows what he's doing in defy you could see self-sulidity teaching himself solidity we had him on the podcast right

Starting point is 00:46:24 different story he's informed i don't think elon's takes are informed right now maybe someday they will be but uh why do we care so much i think there's i think there's good reasons as to why we care uh Elon it's not Elon Musk is just one man happens to be the richest man but he has influence and so who cares about Elon, but I care about the people that think of him as a leader and are looking to him for information, right? Because the guy landed a rocket and stuff on Mars. I think he did that. Like he does stuff, right? Like, he does really good stuff. He like basically memed electric cars into existence and forcibly change the entire automotive industry. The guy moves markets. Like, crypto markets aside, he moves markets. He memed it. He meamed it, but he also built it.

Starting point is 00:47:08 He also built it, right? Yeah. And so while he's just one man, like there, he's got a ton of clout and following. And so it's not just this one guy. It's like if he legitimizes Bitcoin, that's really powerful. If he's delegitimizing Bitcoin, uh-oh, fuck. Like a lot of people are going to take what Elon says at face value and be like, well, if Elon doesn't like it, like, you know, the guy lands rockets on Mars. Like, who am I to disagree with this man? So this is why we had this, we had this, um, uh, podcast we did with Udi, Wertheimer, right? And this was kind of like, I actually, I expected that to be sort of a, you know, kind of a troll fight back and forth. But Udi actually had some good takes about this.

Starting point is 00:47:45 Yeah, he has good takes. Like, one of his takes was, yeah, he does, but good take here. One of his takes was like, hey, you are crypto-natives are dramatically underestimating influencer coins. Yeah. And what is Elon doing is he's propping Doge up as an influencer coin. It's kind of like his coin. It's now Elon coin, yeah.

Starting point is 00:48:04 Yeah. And like the market doesn't necessarily care about like Bitcoin maximalism or decentralization. They very much care. what Elon buys and what he says. So they're going to go to whatever he says. I don't know. What's your take on that? Do you think we're underplaying in crypto, influencer coins? You think they have a huge future here? Yeah. I mean, at the end of the day, crypto needs help going mainstream. Like, we can't do it ourselves. We can try and bootstraps our way into existence and like it'll work, but really slowly. And we all want crypto to be here like tomorrow, right? So we do need

Starting point is 00:48:36 influencers to come and say like, oh yeah, crypto's dope. And Elon Musk is perhaps the world's biggest influencer and right now he's saying crypto's not dope and so we're all like fuck yeah that's that's that's Elon here's my take you go yeah there you go not a kid friendly show not this week sorry let's go to another take um oh this is Elon again I'm skipping yeah we're done with so many so many doges yeah all right another take polygon rise of Polygon what does this mean sushi swap passed 500 million total locked value on Polygon this week. That's just that's just one. Delphi Digital released a report about Polygon as the Swiss Army knife of scaling solutions and emphasized how fast it's growing, how well it's doing, how many

Starting point is 00:49:25 defy apps have migrated to it. This is what the Polygon ecosystem looks like. We've got to talk about the rise of Polygon, David. So what's happening here? Yeah, so the Swiss Army knife of L2s is a really interesting take. And my buddy, Michael Wong, the chief of culture at Bankless, made this really good take that, you know, there's a reason why loopering has had, like, troubles trying to, trying to get out the door. And it's because, like, Sushi Swap can't build on loop ring. Lering has to build its own loop. It's not open. It's not open, right? And so Sushi Swap comes into Polygon, just deploys itself on Polygon. And, like, oh, like, we take this big project on AL1 and just we put it on the Polygon. And all of a sudden that makes sense. That makes a lot of sense. Shout out to Michael Wong. Here he is.

Starting point is 00:50:16 Oh, hey, Michael Wong, what are you doing? Is that real? Did that just happen? That really does happen. He's in the back. And so, and that's kind of like, this gets into a broader conversation as what really Polygon is, right? It's not like a specific L2. It's a Swiss Army knife of L2. Oh, I got to stop you here. I got to take you here, though, okay, because L2, we've defined this before. Oh, sure. L2 is secured by an L1. So an L2 on Ethereum would be secured the economic security and the underlying asset of the L1 of E. And Polygon is not quite that. It does checkpoint back to Ethereum, but it is more like a side chain.

Starting point is 00:50:56 At least they have a plasma version, but that's not really what's what we're talking about here. It's their proof of stake version, which has like a set of validators. So it's almost like similar to maybe Cosmos, similar to a more. I guess distributed version of Binance chain even right right it does checkpoint to Eith so there are some differences but like you you were saying layer two would you like would you amend that is it's not because it's not really a layer two is it yes you are technically correct and that is the correct way to view things and that's the informed way to view things I will not amend this because I'm going to

Starting point is 00:51:36 put on my first cycler hat and my crypto novice open like like non-informed perspective and which is going to be the mainstream perspective, right? So they come on to Ethereum and they say like, oh, gas prices, those really suck. How do I get rid of those? Some people got rid of those by going to finance smart chain and which is a different chain. Other people are going to get rid of those by going to Polygon. And this is where the question of does decentralization really matter can actually, I think, be much more fitting because the difference between optimism and arbitram, which are like holistic, complete, uncompromising L2s and Polygon, maybe that difference is less.

Starting point is 00:52:16 And maybe we are ready to sacrifice decentralization, not because we're sacrificing it at the base layer, but we're okay with sacrificing it at the L2 layer, the L2 layer. And so to some degree, if Polygon is not a true L2 and it's actually just a side chain that checkpoints to Ethereum, to some degree, if it just works and it's, is not maximally decentralized in the way that other L2s could be. If it just works and everyone gets their funds back and nothing breaks, that's great. That's fine. Call it an L2 at that point in time.

Starting point is 00:52:47 Okay. I'm going to take the other side of this for a second. Would you say the same about Binance chain? Binance chain has had definitely some transaction volume. There are definitely some applications on finance chain that are doing well, definitely lower gas fees. Is there a difference between Binance chain and Polygon. in your mind. Yes, there's two main differences. One, you have to go through Binance to finance smart chain. So that is a big change. Like the process of actually moving your funds there

Starting point is 00:53:16 actually literally goes through, I think that's true, literally goes through a centralized service. Well, let's say there was a bridge. Yeah, okay. So say there is a bridge. Okay. One is about the incentive misalignment between Binance smart chain and Ethereum. And in stark contrast, the attempted incentive alignment between Polygon and Ethereum. The Polygon and the Polygon, The Polygon team, Mihailo, Sandeep, Ethereum Bulls, like want to help Ethereum. They are politically aligned with Ethereum, and Polygon is trying to become constructed in a way that's politically aligned to Ethereum. On a technical level, that's involved with checkpointing to Ethereum, and that kind of removes that centralization vectors over time, not perfectly, but over time it removes that centralization vectors by checkpointing. But also, there's a conversation of allowing Ether to be gas on Polygon.

Starting point is 00:54:04 And so there's the Matic token, which you stake to be part of the consensus level to Matic, which is what separates Matic from Ethereum and makes a division. But what they are considering is using ether as the consumable gas asset on Polygon. And so they are, and I use this metaphor yesterday when I was talking to Mike. It reminds me of like two kingdoms back in old times and one kingdom's bigger than the other. And one kingdom owns the smaller kingdom and makes the smaller kingdom pay taxes to the bigger kingdom. Ethereum is like, oh, do you want our blessings? You use our money as the native fee payment currency on Maddoch, right?

Starting point is 00:54:43 Like, you better use our money. And so Maddoch is giving up. And it's like, oh, Ethereum, please like us. We want you to like us. You know how we will get you to like us? We will use your money as the consumable, transformable asset. And we will give up that role of the Madic token to ether, the token, which just is making a...

Starting point is 00:55:01 And so really what Maddo is doing is optimal. It's making a hybrid bullish position between Madic bulls and Etherbulls and trying to blend Maddoch community and Ethereum community. And that's starkly different than Binance Smart Chain. And so to tie this off, the main difference between Maddo and Polygon and Binance Smart Chain is political alignment with Ethereum. And as we say at the end of the day, it all collapses down to layer zero, which is people. So you're saying even though some of those things haven't happened yet, like ETH being used as, a native fee for instance. And I know, by the way, Polygon has other plans to roll out more layer two like solutions, right? So Polygon is kind of a Swiss Army knife, proof of stake

Starting point is 00:55:44 chain is just one approach. They plan to have kind of a roll-up based approach in the future. But what you're saying is those plans, even though they're in the future, like, because they are socially and politically aligned with Ethereum, then that's why you trust Polygon. more than you would finance chain. It's like CZ is not socially or politically aligned with Ethereum. He is socially and politically aligned with finance, the company, and B&B token holders, maybe. But like, if that's the case, David, is this you being like, and again, I'm playing devil's advocate, right? I like, I like what's going on.

Starting point is 00:56:26 But is this you being tribal about things? Like some people are, some people would say, David's saying, Polygon good, but Binance Smart Chain bad, just, like, there's a contradiction here. What would you say to that? I think the contradiction is not there. And I think Polygon Good, Binance, Smart Chain, bad is that, you know, Binance is bankers and Polygon is attempting to be as aligned with the values, be an extension of the values of Ethereum as possible. I don't, I think there's something to say that the absolute insane rise of Maddoct token over the past month has occurred simultaneously with the rise in Ether,

Starting point is 00:57:07 the asset over the last month. People rotating into Madic is a fractal off of people rotating into Ether. And it was a political rotation both ways, right? Like people understanding that Ethereum is a place to be, also Madik is the Binance Smart Chain killer. And so while perhaps they are fundamentally constructed similarly, even though checkpointing is actually a very big point about... There are some differences for sure.

Starting point is 00:57:30 I totally agree. But the difference is that Binance Smart Chain is a bankers chain through and through, and I'm pretty sure consensus is permissioned, whereas Maddox consensus is not permissioned with a Madic token. And overall, they are committed to Ethereum of values, and that's really what the through line of Polygon is. And so that's a very big difference. The big take here is something that we've, I think, predicted on bank lists

Starting point is 00:57:53 is actually coming true that side chains like Binance Smart Chain aren't actually competing against Ethereum. They're competing against other Ethereum side chains or Ethereum's layer two. That's what they're really competing against. We've seen this massive rise in Polygon as it's kind of got its feet at the expense of not Ethereum, but at the expense of Binance Smart Chain, right? Like a lot of that activity is starting to leak over to Polygon and, you know, at the expense of finance smart chain.

Starting point is 00:58:25 So it's like two layer twos, two side chains competing against one another. and Ethereum is, Polygon is starting to capture that flow from Ethereum now. All right, I think we have some takes on Polygon a little bit later that we'll get back to. But let's get to some other Ethereum stuff. Speaking of billioners, Mark Cuban, this dude on Twitter has been stalking Mark Cuban's ETH address, which is kind of cool that you can do that, I think. Also, Mark Cuban didn't really know that you could do that when he first got into Ethereum. That's true. I think he knows now, though, right?

Starting point is 00:58:56 Yeah, he does know now. But what's Mark Cuban doing? Maybe he's listening to Bankless podcast. Maybe he's reading the newsletter because he's fooling around with Alchemics, which we're big fans of. Right after the NeverSell plan, which had Alchemics front and center. Look at this. He's staking.

Starting point is 00:59:13 Hedgwick. Yep. Some advanced Dify stuff. 200 meter Dow Vault. Wow. Look at that, dude. Nice. Cool.

Starting point is 00:59:23 Good job. Good job, Mark Cuban. That's how you do it. If you're a billionaire. Sorry for stocking you, but we're going to keep on doing it. Someone's going to if we don't. All right. Let's talk about this to you.

Starting point is 00:59:34 Speaking of big money, all right. Arc Invest, massive fund. They've been primarily Bitcoin focused to this point, but it's the fund Chris Berninski came from. They have finally started to purchase. It is official, Eiff. Small increment now, 20 million worth. But David, I remember not too long ago,

Starting point is 00:59:56 we had people on the bankless podcast who were debating us. Ryan Selkis was debating us about institutions never purchasing ETH. Like funds like ARC wouldn't purchase ETH. People like companies wouldn't put it on their balance sheet, wouldn't hold it in their treasury. And like now, not less than six months later, it's starting to happen. I feel like ARC is a big move in that space. Now, they're not custodying it.

Starting point is 01:00:22 They're buying it through Grayscale, but that's how they purchase Bitcoin as well. So it's happening, man. It's only $20 million, but I mean, the bigger signal is that it's at all, right? That's really the new paradigm shift here. I think it is. We should have Kathy on the podcast. It would be a good discussion.

Starting point is 01:00:40 Kathy, please come. eBay, opening up its NFT, opening up its platform to NFT. This is like OG Web 1.0 meets crypto. Kind of cool to see. It's slightly disappointing that they didn't pick Ethereum. They picked a wax blockchain, which is a top. Oh, did they? Wow. Project. But, you know, if they're getting into NFTs, if you're, if you're, if you're, if you believe in the protocol scene thesis, you end up at Ethereum. So I'm just happy they're getting into NFTs.

Starting point is 01:01:10 There you go. Let's talk about this. This is some Bitcoin news is. Bitcoin news is this. This is crypto news. BlockFi botched some promos with an outsized Bitcoin reward payment here. What, what, what happened with with BlockFi? Right. So BlockFi, Crypto Bank, Crypto Lending platform, like, compound or Ave where you deposit assets and you get yield on them. They pay out, they pay out USC payments, obviously in USC. Something got messed up. And when people hit the withdraw USC button, instead of getting USDC withdrawn, they got Bitcoin withdrawn. So instead of one USDC, they got one Bitcoin. And that's a big difference in value. And so I think they, some people got two Bitcoin. Some people got seven bitcoins. Like a decent number of Bitcoins accidentally got sent out by BlockFi. And there was one post on Reddit or on

Starting point is 01:02:00 4chan I saw of one of the recipients of one of these Bitcoins. And they were like, not your keys, not your crypto. Like thanks for the Bitcoin's. And I, and which like not recommended. If this was if one of you guys got Bitcoin's like you're don't send those bitcoins away like the meat space nation state regulation police are coming after you. Oh, I mean to get on BlockFi. Those transactions are getting reverted. Yeah. Yeah. You're right. K. K. YC is on BlockFi. They know who you are. You know. You know. that they know where you live yeah like this is a i think an interesting example of just like this is going to get rolled back not at the protocol level obviously but at the meat space level like those bitcoins are getting sent back yeah yeah like unless you want trouble with the nation state which which you don't like they have your passport on file um anyway too bad for blockfi on that one uh i think it'll get resolved just a little snafu there let's talk regulation um the through line here is that protocols don't mess these things up protocols.

Starting point is 01:02:56 Avey doesn't accidentally withdraw Bitcoin when you requested to withdraw USDC. That is true. That is true. It's as long as the code is written well, they don't mess this up. That would be an interesting bug. All right. So this is part of the China flood, I think, David. So this is regulatory.

Starting point is 01:03:13 Three self-regulatory organizations within China reiterated a 2017 stance on crypto. Here's what they said. These are bank regulators in China. Basically, they said that crypto is, here's the quote, severely damaging the people, the safety of people's property and disrupting financial stability. What's interesting about this is not that this is coming out of China, but I think that this is something that bankers in all nation states will say. The problem with crypto is it's damaging safety of people and it's disrupting financial stability. We're going to hear that reiterated over and over again when nation states and bankers take a negative stance on crypto. So it's coming out of China.

Starting point is 01:04:00 Wouldn't be surprised we hear it in other jurisdictions too. If you hear headlines like that, what you should actually hear is, we have all the control. We don't like these things that take away control from us. Please, here's some reasons why you should keep us allowing to have control over your lives. Exactly. That's what's really going on. But they'll say they're protecting you. Let's talk about some more banks.

Starting point is 01:04:21 David, Bank of America leaned into blockchain to speed settlements. What's the quick take here? I love leaned into blockchain as if blockchain is the thing. What they actually mean is Ethereum. That is actually what's going on. And so they are actually selling, settling securities on the Ethereum blockchain. So that's pretty cool. Pretty cool. Yeah, what's cool about this is they partnered with the crypto bank to do it, Paxos to do it. So it's like, I think this is what's going to happen. It's legacy banks. They'll partner with Coinbases, the partner with Paxos, and they'll roll out something cool. This might be cool. Securities on chain. We've been promised that for a while. Maybe they could do something in this space. Let's go to Wells Fargo, our favorite.

Starting point is 01:05:01 Wells Fargo is instituting some onboarding to crypto for clients. Yeah, I think they have some Bitcoin fund offerings or or and the thing is like it's only available to wealthy clients, which is just peak, peak banks, peak banks. Bitcoin only fund for wealthy, only Wells Fargo customers. Nice job, Wells Fargo. Two trillion in assets, but only for wealthy clients, like as if we need Wells Fargo to help us buy crypto, right? Too slow.

Starting point is 01:05:34 Too slow. Sorry. Moving on. Wells Fargo. Bye, bye, bye. You think they heard about our T-shirt, David? Oh, I'm sure they're sweating. They are just corporate Wells Fargo is just sweating at the T-shirts we had.

Starting point is 01:05:46 Some bad stuff's happening on Binance Smart Chain, by the way. I haven't kept up with all the. technicals here. But here's one bad thing. It seems like the network is increasingly unstable. What's going on here? Yeah. So we have Crypto Ultron who says he runs a BSC node. He says the network is constantly forking uncontrollably for every block that is part of the main chain. There are around five uncles. So five accidental forks going on before the blockchain can find consensus again. Several validators are running subpar hardware and cannot keep up with the rest of the network. This is first off just a tweet, so unverified.

Starting point is 01:06:20 But we've been covering topics like this of the massive amount of state blow over the last few weeks. And so this was predictable. And so that's kind of why I feel comfortable talking about this here, even though it's unverified. It's like, this is the predictable logical conclusion of what happens when you just fork Geth, and the Ethereum 1 client, add 50 million gas instead of 15 million gas and cut block times down from 13 seconds to two seconds. You just blockchings grows too fast. And so now everyone is having consensus issues because there's too much data being going around and no one can. keep up with things. This is the logical conclusion of the Binance Smart Chain. It's finally coming to a head. CZ, if you're listening, here's how you fix this. I'm going to tell you how to fix this.

Starting point is 01:07:00 Come up with a checkpoint where one single block that was perhaps yesterday's block is just the new Genesis block of Binance Smart Chain, delete all of the history and go from there. Problem solved. All you have to do is do that every two months and come up with the checkpoint and then you can keep going and every single two months you're going to lose consensus, but you just checkpoint. delete the history and keep going problem solved is this defy sir send me my b and btokens please it's funny uh the developers of geth predicted that this would happen here it is it's happening um shocker let's do some drive-bys i'm gonna i'm gonna i'm gonna start with this one david let's go back and forth micro strategy has acquired another 10 million in bitcoin another week another micro strategy

Starting point is 01:07:44 dollar cost average in from michael sailor no wonder he is the save savior of bitcoin right now Now, that's drive by one. What's this one? YERN finance sees at the dip and buys back $1.47 million of YFI tokens doing the same thing as Michael Saylor. And the funny thing is they have these same similar announcements about like YerN bought the dip, you know, added to the treasury. The other cool take on this is that Yern is at the, you know, kind of the team layer,

Starting point is 01:08:12 the team behind Yern is now executing on a MakerDAO style tokenomics value capture mechanism where they're using funds generated by Yern. to buy back YFI off the secondary market and withhold it from the secondary market. It's a buyback and burn model just like MakerDAO. Cool community there. Let's go to the next one. Alchemix audit, it finally came. So Alchemics has been a really cool protocol, but I got to be honest, David.

Starting point is 01:08:35 I was sweating it. I don't think I have the tweet up, but I was sweating it when Alchemics was getting all of this total locked value locked inside of it. And there hadn't been a completed registered audit. Now it's come. I think that will give some folks We'll help them breathe a cyber relief Although an audit does not mean

Starting point is 01:08:56 That the thing is unhackable It is a good sign that they are now audited What's the next one here, David? Usually we wouldn't really report on audits But literally everyone was like waiting For the Alchemics audit So that's why I reported it. The next one is $1 billion

Starting point is 01:09:10 Now stored in Argent wallets. Congratulations to Argent. They have also been innovating at the transaction level. I think pooling transactions together either via mining pools or just other user customers together. I was talking to Mike. He knows about it more than me.

Starting point is 01:09:25 But they have some innovations with reducing gas fees out of Arjunct, which is always helpful because they're a smart contract wallet. Therefore, gas fees are always higher in smart contract wallets. And then they say, yeah, they'll end with layer two is on the way. Hashtag each summer. I like that hashtag. Yeah, I think that's because maybe it's coming in summer. We'll see.

Starting point is 01:09:42 Diversify. $5 million round. Diversify is a DFI exchange. They are built on. Starkware is layer two. This is a true layer two solution. They're closing some more funding, which will help them build out their exchange. I love the work that they're doing. Congratulations to that team. Next up in the funding round, DFI DFI DFI DFI DGi Dashboard Zapper raises $15 million to build on-platform App Store. Hmm, what are the plans coming from

Starting point is 01:10:12 that? Wow, interesting. First off, Zapper's absolutely fantastic. That's where I see the HHS report of all of my wallets and all my little D-Gen activities. They also have Polygon and interacted with there. And so they also just ship so fast. So really excited to see what they can do with this $15 million. Excited to see what an app store is. Yeah, absolutely. All right, guys, we are going to come back with some hot takes

Starting point is 01:10:36 and, of course, the meme of the week. But before we do, we want to thank the sponsors that made this episode possible. Bankless is proud to be supported by Uniswap. Uniswap is a new paradigm in asset exchange infrastructure. Instead of a cumbersome order book system where trades are matched with other humans, Uniswap is an autonomous piece of software on Ethereum, which is what Ryan and I call a money robot. No human counterparties or centralized intermediaries, just autonomous code on Ethereum.

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Starting point is 01:12:59 jemini dot com slash go bankless all right david let's start with the takes defy summer round two this is andrew kang with this take what is he talking about here what is defy summer round to you. How's it going to be different? Right. So DeFi Summer Round 1 was all about yield farming, liquidity mine, token distributions events to people that are using these protocols. And so what Andrew Kang is talking about is the game plan for DeFi Summer Round 2. We're not just going to repeat history because that, you know, that's not how it works. We're going to rhyme history. And so the way that history rhymes with his upcoming DeFi Summer Round 2 that he's trying to illustrate is that instead of applications on Ethereum doing, you know, yield farming, instead it's going to be

Starting point is 01:13:42 L2s doing liquidity mining incentives, distributing tokens on L2s. That's currently what's going on on Polygon. You can get, you know, Matic rewards by depositing liquidity into AVE. You can get Matic rewards by depositing liquidity into Sushi Swap. So many different ways are being subsidized and incentivized by the Polygon team via Matic token distributions. And so just go use Matic stuff. You get Matic rewards.

Starting point is 01:14:07 And that's just to, and they got me with this. I put my Matic L2 deposited into AVE. realized that the yields were insane. So I deposited Madik into one side of Ave, borrowed Maddoch from the other side of Ave, redeposited that, just kind of wound up the position. It's actually not leverage because my borrowing is denominated in what I'm lending. And so that's much more safe. Again, do your own research.

Starting point is 01:14:29 Getting a decent amount of Madic rewards. And now I just find myself with a decent size of my portfolio on the Polygon L2. Like, they got me. Like, they got me with the incentives. Like, I got got. And we're about to have optimism and arbitrum, probably they're probably going to have a token because why the hell wouldn't you have a token? How else are they going to incentivize people to come on board and use their stuff?

Starting point is 01:14:49 They're going to, and they also need to distribute their tokens. Who's funding these incentives, David? Is it the L2s themselves or is it the L2s plus the protocols? Like is it like AVE plus? Right. It works both ways, right? And so the L2s are incentivizing the apps and the apps are incentivizing the people. It all works.

Starting point is 01:15:06 It all works out. And so like you thought DFI summer was crazy with yield farming opportunities. What happens when he is? add a whole entire new dimension, which is the L2, right? So the DFI summer round two is going to be underpinned by just yield farming out of the actual base layer, the L2 itself, not just the application. And then also the applications, right? Absolutely crazy. Really interesting take from Andrew Kang. Guys, I think this is one of those alpha takes. This is one of those opportunities to get ahead of things because what Andrew's saying, what David is saying, feels absolutely right to me as well, right?

Starting point is 01:15:40 the reason we saw DFI summer last season was because compound issued a governance token. And it worked so well that all of the other DFI protocols did. By the end of September, Uniswap didn't even have the intent to launch a Unitoken. This is what Hayden Adams said when we had them on, but did anyway. Why? Because crypto economic incentives worked so well. Now you've got DFI protocols who continue to have this incentive to push users to layer twos. Plus, you have the layer twos themselves that are locked in this competitive battle to gain traction,

Starting point is 01:16:16 gain liquidity and gain users. So optimism, Arbitrum, Polygon, they're all going to want to incent users and incent liquidity. So token summer, it's about summertime, too. I don't know. That feels like a great take and a little bit of alpha for you guys. Get prepared for the possibility of DFI Summer Round 2. Let's go to this next take. David, this was Dave Portnoy.

Starting point is 01:16:39 man, this almost got overshadowed by everything else as the market fell out. But like, is this the top signal? He introduced what he calls his shit coin announcement. And he got behind this coin called Safe Moon. It has a whole video about it. He did? Kind of funny? Yeah.

Starting point is 01:16:55 Yeah. So you didn't see this? No, I didn't see this. Oh, my God. Yeah. I almost feel conflicted about actually talking about this because it gives more attention to the thing that he wanted to. attention for. But he's basically saying, I am behind Safe Moon now. I bought it. You should buy it to

Starting point is 01:17:17 jump into my influencer Ponzi scheme. Right. It's like it's like his version of Elon's Dogecoin is safe moon here. And he put this out, this tweet out on the 17th. And then we just absolutely had the most violent dump two days later. Perhaps, perhaps that was the quote unquote top. Here's my take on this man like i am not here for meme coins like i'm just not here for this shit like so being a meme coin and by by this i mean like just being sort of an influencer coin or like not having any value proposition beyond the value proposition of somebody else is going to buy this thing in the future right which i don't discount there's some value there right only if it's underpinned by fundamentals there's just it's it's it's not enough for me anymore right right like i feel like everybody chasing

Starting point is 01:18:10 these meme coins by the way bitcoin included at some level it's the most successful meme coin i mean they're playing in the kitty pool and like we're out here exploring the ocean dude like i what it what is ether it's so much different yes there's a meme coin aspect to it but it actually generates transaction fees it's a capital asset right which is the meme by the way which is the mean it's making the world more centralized. It's making the World War bankless. What is Safe mood doing? Safe mood doing that? Is Doge doing that? Like, do you just buy an old doge? Right? Like, it's not enough for me. It's not why I'm here. I'm done with meme coins. I'm done with influencer coins. I'm still bullish on Bitcoin, right? Like, because there is a place for some of these successful meme coins.

Starting point is 01:18:52 But for me, it's totally not enough. And this market and this whole industry will be hollowed out buy meme coins if that is the only thing we're producing for the world. Fortunately, we're not. It's just the thing that media likes to shine its light on and give attention to at this moment in time. But it's kind of annoying, kind of frustrating. I don't hate it. People can do it wherever they want. It's free, open market. People can buy meme coins if they want. I don't hate it. It's just a shallow pursuit to me. And it's not enough. Not enough. You got to have substance at the end of the day. there has to be something real when you collapse down and kill the meme. There has to be something real there.

Starting point is 01:19:31 Good memes are built on real foundations. Absolutely. Good memes have to be validated. Elon Musk is now blowing up the Wall Street case for Bitcoin. Here's the take here. It's basically that if Elon's tweets can evaporate like hundreds of millions in crypto market cap, right? It's not an institutionally ready asset. It's not too institutionally great.

Starting point is 01:19:56 That's basically the Bloomberg take here. That's a fair take. That's a fair take, but also that is kind of the future. The future, in my opinion, here's a standing outside of crypto. The future is chaotic. The next 10 years is chaotic. The next 10 years is volatile. And so you got to learn to play in the game.

Starting point is 01:20:14 Like, this is not your world anymore, institutions. We are finding new institutions. So you better get with the change. But also, what does a statement from Jerome Powell do to markets? Yeah. Jerome Powell can make a statement. Jerome Powell is the world's biggest influencer. Right? Are institutional influencers really that much different?

Starting point is 01:20:37 I don't know. Jerome Powell has this power and people think it's normal. It's just like, yeah, Jerome, like let's watch everything he says. Just a different set of influencers. Yep. Institutional influencers, approved, institutionally improved influencers. Yeah, right. Well, and this is look, the Bloomberg is finance.

Starting point is 01:20:55 it's institutional media so not surprised institutional influencers for institutional media oh man uh i just did a sneak peek oh you just i don't want to go there yet the meme of the week nope we're not ready for that what are you excited about david i am excited about the second half of the bull market i said it earlier in 2017 i got into the world of crypto after i watched ether go up to 430 30 and then fall down to 135 and i was like whoa i got to buy now and that was my first entrance that was my first real buy of ether. A dip. A dip. Well, I also bought the top earlier. Don't have a doubt in that. I'm a crypto novice. I'm not automatically buying the dips. I'm definitely buying the tops the first time around. So I would like to just put myself, pat myself around the back. So this is my crypto birthday.

Starting point is 01:21:41 I went one full cycle around the crypto markets, you know, four years around. I feel like I've gone one full crypto revolution. And so here I am. Cycle around the sun. Yeah. And so I kept on talking about like how there's first cyclers and technically i was still on my first cycle as of this dip this massive dip i now consider myself a two-cycler congratulations two-cycler so that's what i'm excited my crypto birthday sir thank you happy happy happy second birthday first birthday that's awesome man first birthday because i was zero yeah you're zero years old you're one this is what i say like it's like crypto is like three-year-olds teaching two-year-olds things like we're all so early in this right ron what are you excited about uh i i i want to riff off that man i'm

Starting point is 01:22:22 excited about the dip. Like sharing a dip with all of you find people is actually exciting, right? Like this is where you earn the crypto that you hold. It's very much a battle against like your lizard brain against all of your emotional reactions. Like builds character. It does. The volatility in crypto will throw you for a loop if you let it, right? But if you can take a long term mindset, if you can hold through these dips and think about like long term horizons, right? And I don't know, it's actually kind of a Zen-like experience. It's a little like Chris Berninski out there. You know, like that guy is always Zen.

Starting point is 01:23:01 And, you know, he's Zen during the dips. He's Zen during the Bull Runs. He's Zen all of the time. And you achieve that with practice. And I'm excited to go through it. I know many people are on their first birthday, their unicyclers. And like this is all part of the game, guys. This is completely normal.

Starting point is 01:23:20 It's all part of the game. Yeah. It's really a lesson in how well can you control your brain. How well can you control your emotions? Because markets are emotional. Markets are by definition emotional. And when they are so incredibly crazy in crypto, that's by definition, crazy emotions. And I remember when I was first getting into crypto, I was like, oh, that token pumps,

Starting point is 01:23:39 got to go chase. Oh, that token pumps got to go chase. FOMO, FOMO, FOMO, Fear, Fear, Fear. Oh, Fier, fear, fear. Oh, dip. Is it over? Like, shit. I don't know.

Starting point is 01:23:44 And this time around, I'm like, eh, like, congratulations to whoever won on that, on that pump. I'm going to wait my turn. Like, no, I'm not going to pay that gas fee. I'm just going to sit back. I got my bags. I'm comfy. Oh, a dip. Oh, fuck. Wow. You know, Ouchy. That hurt. Let's keep going, though. Much more Zen this time around. And so I hope all the people who are going through these crypto markets are also practicing mindfulness at large, because in separate from crypto is a good skill to have. But it also is a very strong skill to make you more money in crypto markets if you can be mindful. Well said. All right. With that, let's go to meme in the week, David.

Starting point is 01:24:18 Meam in the week. Emotions. This is awesome. It's not even a complete meme because the text is in the tweet itself. So here's a here's a garage. I don't know what GM. He starts saying GM. I don't remember what I don't know what that he means. But he goes, remember you can't spell crypto without cry.

Starting point is 01:24:35 And he's got a teary eyed cat with a thumbs up. Sad, sad kitten. It's a good. Oh, GM sounds for good morning. Thank you, Mike. Okay, good morning.

Starting point is 01:24:44 Remember you can't spell crypto without cry. That's awesome. I was feeling it this week a little bit. All right, what's this one? Documenting Ethereum. Great meme account. Yeah. second meme of the week you get two this week

Starting point is 01:24:54 two now we're spoiling our listeners we can't give them two too many times we have the we have a the grid of gravitational you know waves right and so we have the sun and it's pulling down the gravity of the gravitational you know grid we have a neuron star it's even more and then we have the eth price

Starting point is 01:25:11 just going absolute tanking and then back up and that's what a dip looks like and that's sometimes how you can try and call a bottom they get ending on a happy note of course guys none of this was financial advice. Was this just the dip? Was this the end of crypto? There's no way to be sure. But we're glad you're with us on the bankless journey. We don't think it's the end of crypto. We think we'll continue to do this into the future. Thanks for joining us on another weekly roll-up.

Starting point is 01:25:37 Take care, guys.

Bankless - 📺 ROLLUP: 3rd Week of May (Dip Week, The Rise of Polygon, Elon Crypto, Coinbase Outage, China)

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