Bankless - ROLLUP: Build the Dip | GameStop Wallet | Terra Relaunch | PoolTogether Lawsuit - Mint a Pooly

Starting point is 00:00:00 You know, crypto represents just 0.3% of the average household's net worth. 0.3%. That's it. My house is a little different than that. I imagine your households is a little different. Bankless Nation, happy 4th and final week of May. David, what time is it? Oh, Ryan, it's the Friday Bankless Weekly Roll-up time where we cover the entire week in crypto, which is always an ambitious endeavor. Yet we persevere nonetheless. As we go into this build market that we are going into, We're going to talk about all the shenanigans that went down in the last seven days. I like that, man. It's not the bear market, it's the build market, right?

Starting point is 00:00:38 And that's our mantra is build the dip. You're not going to buy the dip. Well, you should do that to you. But first, let's build our way out of this thing. And that's what we're doing. David, it's good to see you back, man. But this is our last recording from your studio apartment in San, in San Diego, right? Yeah, yeah.

Starting point is 00:00:53 It's going to be the last time you're going to see this background. I'm going to be, like, kind of figuring it out for the next three weeks because my stuff is going to take time to get to Brooklyn. But in three weeks time, There's going to be a nice shiny brick apartment in Brooklyn somewhere. So new background, new background. My background changes. Ryan's never changes. Mine stays the same.

Starting point is 00:01:10 And it will be here for the next five years of Pankless. I guarantee you. All right, well, what do we get into this week? Topics of the week. Number one, GameStop is releasing a wallet. That's a big deal. That's a big deal. The GME force on our side.

Starting point is 00:01:22 Well, they're going to take a peek at that. What else we cover in David? We got Luna relaunching. We got Luna round two. We unironically now have Luna Classic and new Luna. So that is getting spun up under new management. Joe Doquan's troubles continues. We're going to update you on that.

Starting point is 00:01:38 Also, optimism token updates. Warning, it's good for holders. And then, of course, Ryan, you want to take this one, Defi going to court. What's going on here? Yeah, Defi, it's a court case that we covered a while ago. Frivolous lawsuits, someone taking the pool together protocol to court. But the community is fighting back.

Starting point is 00:01:56 And now there's a way to mint your protest. I've minted mine. We'll talk about poolies. and what we're trying to do in the Defi community to get some funds to guard against that frivolous lawsuit. Last thing, David, this feels like a bear market, but that's the thing with crypto. There's always a bull market somewhere. Where's the bull market this week? The ENS numbers right now are absolutely insane. So we got the April and May numbers in from the ENSDAL about all the ENS metrics. So we're going to go and cover all of those because ENS is in a

Starting point is 00:02:29 bull market at the moment. Guys, every Friday, this comes at you. So if you're on YouTube, make sure you like and subscribe right now. Just do that right now. If you're listening to this podcast on Apple or Spotify, leave us a five-star review. Okay, that's how we pump this thing to the top of the charts. It's how we get out of the bear market. Oh, is that how?

Starting point is 00:02:48 That's how. Because more people listen to bank lists, more people like buy the dip, more people build the dip. And all of a sudden, we have a bull market on our hand. So five-star reviews strongly correlates to bull markets, happens every time, works like a charm. There you go. Review the dip as well. Subscribe through the dip. We also got something to tell you from our friends at Alchemics. Alchemics sponsored this message. They wanted us to tell you about their fantastic protocol. Dude, this is the closest thing to financial magic I've seen because this kind of thing is not available in traditional finance. But let me tell you how this works. So the merge is coming. We're in a bare market, but who wants to sell their ETH at these prices in the 1,000 range? Like, who wants to do that? I don't want to do that. But maybe you need some money. 1800 not 8,000. 1800, okay?

Starting point is 00:03:30 In the thousand range, I said, in thousands range. So here's what you can do with Alchemics. You could take your ETH. You could put it in Alchemics and you get your future yields paid you up front. So like a lump's on payment and you could do whatever you want with the yields. So maybe you need some student loans to pay back, some car loans to pay back. But you just want to treat yourself, go, I don't know. Fancy your tax bill.

Starting point is 00:03:51 Pay your tax bill. Yeah, treat yourself to paying off that tax bill. It's a way you could do. just pulling those yields for. After a long while, you eventually get your ETH back. Okay. And we call this the never sell plan. In fact, David, you wrote an article about this, like back in the day. Really cool protocol. And it's not Eith. You could do this with other assets as well. Yeah, you can also put Dye in and die. Alchemics will go out and yield farm your die in DFI, and it'll pay you your interest payments up front. And all you got to do is sit on your hands

Starting point is 00:04:24 and wait for that loan to be paid back. It does take some time. But they've, beautiful thing is, is you can't get liquidated because that's how the protocol works. There is no leverage here. You are just taking future yield payments up front. So there is a link in the show notes to get started, bankless. at ccc-slash-alcics. It's a capital A at the start for if you want to dive into the alchemics. They also updated their tokenomics.

Starting point is 00:04:44 So if you are an ALCX holder, they have a tokenomics upgrade. You can take a peek at. Very cool. All right, speaking of tokenomics. Let's take a look at the Bitcoin Economics. Bitcoin price. What's that telling us, David? I'm going to show my screen here.

Starting point is 00:04:58 Bitcoin price, it's down. It lost $700 in the last week. We started at $33,000. We had $29,400-ish. So overall down 2% on the week. That's what a bear market looks like. Just 2%. That's like a good week in the bear market because Eath is down harder. Eith is down harder. East is like on the seven day. Yeah. Lost 7% in the last seven days. That's 1% a day for the math quizzes out there. Started $2,000. We are currently at $18. 40. Dippity, dip in the dipper, dipper on this one. So yeah. Dippity dip. Dippity. Dippee. And of course, ETH Bitcoin ratio. That's where we suffered, right? Also down bad. Yeah, down 6%. Yeah, my Eith Bitcoin long position is not feeling good because I opened it right at the top, right over there. Did you really? Not the most recent spike. So I keep going a little bit to the right.

Starting point is 00:05:52 Like, right. I can't really show you on the, on the, yeah. Yeah. Well, it was at point, like, point seven something. Anyways, you got to stop betting on these ratios, my friend. Just go long on the asset you love. Like, do you remember, I'm not going to bring it up. Now I'm going to bring it up. The defy eth ratio. What's that going?

Starting point is 00:06:09 Oh, God. Yeah, well, I mean, yeah, there's no more DPI left in me on that one. The ratios will kill you in this market. But yeah, so, I mean, people are more bullish Bitcoin than they are ether in this particular week. That's kind of funny going into the merge. but is it sort of a flight to safety? Is everyone freaking out?

Starting point is 00:06:29 And like, hey, Bitcoin is still the traditional safe asset. So we're going over there. It is who the hell knows. The ether ratio is inherently hard to trade on the short timeframes. I'm just bullish on the fundamentals flipping in ether's favor with merge in August, which is what was said by both Preston Van Loon and Justin Drake on our panel and permission lists. Merge in August time where all of a sudden, ether gets $30 million a day, increased net buy pressure. And so, like, how can you not be bullish?

Starting point is 00:06:58 What probability do you give that merch in August? So, by the way, it's not just David and I saying this. Not David and I saying this. This is Preston Van Loon at Permissionless last week and also Justin Drake saying that it was very likely that the merge would happen in August. I'm paraphrasing a little bit. But all the, like, the stars are aligned. Also said there was a great deal incentive for this to happen before block fees. increase, what's it called? What am I thinking of David? Blockfeet increase. Oh, uh, I was, uh, Ice Age.

Starting point is 00:07:32 Ice Age. Yeah. Difficulty bomb kicks in. Yeah. Difficulty bomb kicks in. So it feels like it it's, you know, I don't know, what, what percentage do you sign it? I'm going to go with, I'm going to go with 80% probability that happens in August. Yeah. I mean, I was going to say like 90% by the end of September just to include a couple weeks of, of, uh, lead time. Being said there needs to be no bugs discovered. So under a condition of no bugs discovered. we are like 90% likely that we're going to be a post-merger Ethereum by the end of September.

Starting point is 00:08:01 Agreed. That's going to be a big deal, but it's likely going to happen during a bear market, and we'll see how the market reacts. But how much did we lose on the crypto market cap? $40 billion in total crypto market cap lost in the last week, which is, you know,

Starting point is 00:08:15 that's just small change, I guess. It could be worse. Just a Luna. Just a Luna. One Luna down. All right. Well, let's get into some news, man. We're going to divide this because it's, you know,

Starting point is 00:08:26 bear market season. Let's talk about the bear market news first. Then we'll get into the good news, but bad news first. So bear market news. This is just general macro markets, but have you seen ARC innovation lately? Remember we had Kathy Wood on the podcast, not less than a year ago. And things are pretty good at ARC still. That has completely reversed. Look at these charts down bad. Arc down bad. Very sad. So, okay, ARC is, they were up. Let me see, no. 750% since October 2014. Since their inception. That's a lot of percent.

Starting point is 00:09:03 Okay. So they were up 750%. And now they're only up 112% and they're actually underperforming the NASDAQ. By a lot. QQ is in this chart. By a lot at this point. So if you just had held NASDAQ versus ARC,

Starting point is 00:09:19 this point in time, you would have been up more than double. 2X, yeah. That's pretty brutal. What do you think is going on here? Well, I mean, it makes sense if you take everything together, right? Like the whole idea about ARC is that it prices in the future. Kathy Wood is saying like there is so much growth that the market is not pricing in right now.

Starting point is 00:09:38 We got growth in crypto and blockchain. We got growth in electric vehicles like battery technology, biotechnology, and people are mispricing how much future growth is coming in the short term. And so ARC is based on the future, which is crazy to think about. Like, oh, investing is about the future? Weird. But that's what? what the ARC real brand is, is like so much of typical investing is about just pricing in historical

Starting point is 00:10:00 history, like historical patterns, but Kathy Wood is taking the counter trade of generally well-accepted investing in pricing in future growth, which just makes sense to me. But also, when the Fed injects a bunch of money into the market, it allows the whole market to price in the future. When interest rates are cheap, you allow people to look into the future and invest and speculate. And so ARC goes up 750%. And then the inflation happens. And then we increase the interest rates to tell people to stop looking for the future and start saving your dollars now.

Starting point is 00:10:33 And so then our dies and goes down from 750 percent to 112 percent. So like this all just makes sense. Other than, yeah. You're not saying the future is more pessimistic suddenly overnight. You're just saying like the expectations of the market reaction to that future, right? The liquidity is kind of dried up. And so cash flow potential of the future. just looks much more pessimistic and dim.

Starting point is 00:10:56 Right. And this is why we're calling it the build market, right? Same thing applies to crypto. Like, crypto's future has never been brighter. Like, the amount of building going on right now is insane. Yet prices don't reflect that. Prices are down bad because of monetary policy and the interest rates and all that stuff. So it's not that you're wrong.

Starting point is 00:11:14 It's that the Fed doesn't like it. Welcome to the build market. This is the new reality. I think we're all embracing. OpenC, new reality. A seven-day app. is a chart of seven day average. They're back to December 2021 levels and I think continuing to drop. So NFT market, pretty bearish here to you. Let's switch it up, though. There's been some

Starting point is 00:11:35 good news here. Okay, here's the one I want to start with. Uniswap just hit $1 trillion in lifetime trading volume, David. I remember not too long ago. Okay, less three years ago, people said, again, ether was dead. Bitcoin is kind of like the, the only only, you know, only use case, but it was dying as well. Defi would never work. Smart contracts would never work. What are they good for? Here comes this upstart uniswap that's saying, hey, we're creating a different type of exchange.

Starting point is 00:12:03 It's not going to be peer-to-peer. It's going to be peer-to-peer. It's going to be peer-to-contract. Okay. Now, here they are. The experiment worked incredibly well. Three years later, one trillion in value. All right?

Starting point is 00:12:16 A lot of people said that this would never happen, and now we've hit it. It pays to be contrarian in these bear markets. 10 trillion by the end of 2024, I'd say. Also in the world of awesome numbers and metrics during our build market, the ENS boom is absolutely insane. So here are the April 22 ENS stats. 163,000 new. Eath registration. So that's almost a million names registered.

Starting point is 00:12:42 All of those fees for registering all those names goes to the ENS Dow. So the EMS Dow collected 2,660th in fees, which is up from the most, the previous all-time high of November 2021, which is the 900-Eath more than November 2021. That's basically $8 million going to the Dow. 38,000 new Eth accounts with at least one new EMS name. So this is a proxy for users because new Ethereum wallets buying their first EMS name, 38,000 of those. And then over 40,000 ETH being traded in secondary market sales just on OpenC. It's 4,000, I think. 4,000 Eth, yes. And that was April. That wasn't even May, Ryan.

Starting point is 00:13:23 That was April. May is now all in, and there is an all-time high for every single ENS metric that Nick Johnson's from ENS tracks. There's a link of the show notes to go look at this, but here are the things to look at. April, we're not even done with May, and it looks like May is already well beyond. Yeah, no, we're not done with May. We're already like 20% longer or higher in terms of revenue for the protocol versus April. We still have like five days left. There's one of my favorite lines. is that there's always a bull market somewhere. It doesn't matter what phase of the market in. You can always find a bull market. The bowl market cycle has rotated into ENS names in the last like couple months or so. That's really cool. And this is another chart from Nick. What's this showing?

Starting point is 00:14:08 Let's not, he says, oh, let's not forget new and returning users to all time high with returning users, all time high for new users. EnS speculation. That's a thing. There's more on the E&S Boom from William Piser. He wrote a fantastic article on this in Metaverse. We'll include a link to the show notes there too. David as well, some interesting reports, actually, two reports that I wanted to highlight is one from Goldman Sachs and the other from the Federal Reserve. And I think the story here is, oh, my God, most people don't have crypto yet.

Starting point is 00:14:40 So few people have crypto, all right? Just a few stats from the Goldman report first. You know, crypto represents just 0.3 percent. of the average household's net worth 0.3%. That's it. My house is a little different than that. I imagine your household is a little different, but 0.3%. Okay. And this is if you compare it to the rest of the economy, the total crypto market cap is about 1.3 trillion. American household wealth sits at 150 trillion, less than a percent. Less than a percent of total wealth is held in crypto right now. There's some other interesting stats. Like if you if you sort of compare how many

Starting point is 00:15:24 adults hold crypto last year, 12% of all adults in the U.S. held crypto. Yeah, the story here is that there's a lot of people left to buy our bags. Bankless doesn't stop until 90% of all household wealth is crypto-denominated. And so we got a lot left to do. The crazy thing is that these are numbers even after like the mania right and so uh we're about to see probably an exodus out of out of the crypto industry from all the tourists and while that you know i would say like got check me on this run right but like 20% of people that come in during bull markets to stay as long-term settlers is that kind of high oh 20% stay you 20% stay you say yeah i'd say 80% leave on the high side it might be like 10% really stay 20% stay kind of interested they listen to podcasts yeah

Starting point is 00:16:14 Yeah, occasionally. Some people are like, oh, that's me. Yeah, some people are not listening to this already. We still have a bunch of people to leave in the next day. If we are indeed in a B market. And so, like, there's so much growth left, left in crypto. Hashtag early, I guess. Did you say if we are indeed in a B market?

Starting point is 00:16:36 We're definitely in a B market. Are we not? We're in a build market, David. Either still $1,800, man. We're still $400, man. We're still $400 above, uh, The top take of the last bull cycle, which means maybe we have more to go. Yeah.

Starting point is 00:16:50 We'll talk about this more. But like, there is universal consensus that we are going down like another 50%. And like, I'm still skeptical. I don't buy it. I think we could. I definitely think we could. Everyone thinks that. Everyone thinks that.

Starting point is 00:17:02 Here's, you know what. Did you know, though? This is super interesting. I saw this from coin metrics. They put the start out this week. If you look at kind of the three classes of tokens on Ethereum, right? Just divided into this. Ether, stable coins, and other tokens, other ERC 20 tokens.

Starting point is 00:17:19 All right. The numbers come out like this. Stable coins are about $108 billion. All right. Other tokens, non-stable coin tokens, are actually less than this than that $86 billion. And ether is $240 billion. So ether is still the vast majority of value on the Ethereum network. Stable coins are only $108 billion, but they've,

Starting point is 00:17:44 already exceeded as a killer app, the rest of the ERC20s, which are $86 billion. Do you think that this will stay like this as a proportion? What do you think happens in the future, David? Okay, so Ethereum is meant to be a protocol for other applications. Many of those applications being token-related and seems to be the product market fit of Ethereum. We like tokens. It's been thought by the developers that a secure Ethereum has like roughly a 1 to 10 to

Starting point is 00:18:11 roughly one to 100 ratio of value on top of Ethereum to ether value because the ether value proof of stake secures the network, right? And so if we have a $10 trillion ether market cap, which is where we will eventually get to, I'm sure, we will have roughly a, it will be safely storing and managing a hundred to $200 trillion of total wealth on top of that. And so that is the balance. Like a strong foundation of $10 trillion of ether market cap can safely secure 100 to maybe 200 trillion dollars on top of that as well. Also, shout out to just like wealth generation on Ethereum. Like when in the bowl case for Ethereum, the long term, what we're, what we're here for is like hundreds of trillions of dollars of total wealth creation.

Starting point is 00:18:57 And so right now when we see only something like 20% of the Ethereum, of the ether market cap being secured on top of Ethereum, so much room left for growth. Absolutely. It's another indication that we're early. we got so much more coming up, including the GameStop wallet. We're going to peek that open. What else we got, David? Oh, my God. The Loopring Boys are going to be really happy about the game stock wallet.

Starting point is 00:19:21 So shout out to those guys. Luna 2.0. Noah Algo Stablecoin this time. So what is it? And also loyalty coin season. We're going to talk about that a little bit. Bare market prices, but bull market building. We will be right back after we talk to some of these fantastic sponsors that make the show possible.

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Starting point is 00:22:10 It's GameStop season. The GameStop wallet is here. You can go and download the GameStop wallet. It looks like a Metamass extension. I believe it's also on mobile, wallet.wallet.com. It's a Layer 2 wallet, and Ryan has got it built into his browser already.

Starting point is 00:22:25 So, I mean, if you know what MetaMask is, you kind of are going to be familiar with it, but it's built on the Loopring Layer 2. And so the loop ring bros are super happy about that. And so shout out to all them. The alpha for what this thing actually is. I was trying to go around in the blog post for like, all right, who's released, like loopering didn't release very much information.

Starting point is 00:22:45 GameStop didn't release very much information. You know where the alpha is, Ryan? You know where I found it? I bet it's it on the GME subredits? It's not on the GME subredits? No, it's not a super stock or anything like this? Yeah, the alpha is on the Chrome Web page store. And so it goes through the features.

Starting point is 00:23:01 Self-Cosodial Ethereum wallet. You can buy Eath with a few taps or credit card using Apple Pay. There's probably a back-end payment integration there. It's on the loop ring layer two. It's got all the token standards, of course. ETH, ERC 20, ERC 721, ERC-1-55. Send and receive. It's good for payments.

Starting point is 00:23:19 You can swap both on the Ethereum L1 and the loopring layer two. You can connect your GameStop wallet to decentralized apps in the world of Ethereum, of course. But the bigger question is what you can connect this to in the world of GameStop. And so there are GameStop NFTs at beta. dot nfti dot gamestop.com. That was four dots. And you can check it out there. So game stop.

Starting point is 00:23:41 Yeah. Going from a brick and mortar business to a web three NFT store. I can't believe it. I'm super impressed by this. Actually, like the meme became reality and they're actually getting into crypto in a meaningful way. I mean, this is like a Metamask level. It looks good.

Starting point is 00:23:56 Wallet. It looks fantastic. There's a place for your coins. There's a place for your NFTs. There's a place to swap. Just like Metamax. In fact, the user interface in some ways is kind of nice. I mean, obviously, I haven't used this very much yet, but it's supporting layer two out of the box, which is loopering right now.

Starting point is 00:24:13 But they're going to be incorporating other layer twos as well. That's impressive. Completely self-custodial. These guys are on it. And I'm blown away with what they delivered in this first release. So it's super cool to see. David, I thought we had wallet week. Because remember we talked, it was like Robin Hood and Coinbase releasing a wallet and Ledger releasing a wallet.

Starting point is 00:24:31 And now here's GameStop entering. just in the past seven days, all of these wallets have come to fruition, at least like, I don't know, 14 days now. I don't know what the time span is, but it's two weeks. Granted, I haven't tried to explore the other wallets yet that you just mentioned, but this isn't the first wallet that we have on screen in the browser, ready to go. So kudos to GameStop for that. Oh, boy, from the ashes.

Starting point is 00:24:53 Ryan was going. Yeah, okay. So it looks like Luna is rising from the ashes, I think. So a Luna 2.0 sort of thing. Here's a thread that explains it. Terra 2.0, I guess I should say. So Luna is a token. Terra is the chain.

Starting point is 00:25:06 Of course, there's going to be a new Luna as well. And basically what they're doing is relaunching this blockchain network as a layer one without the Algo stable coin this time. So there seems to be some acknowledgement, hey, I think that was kind of a bad idea. That didn't work. Let's not do that again. And they are distributing tokens, Luna Classic, or sorry, Luna tokens to the Luna Classics, to the Luna classic so i guess the old luna network is now called luna classic is that the case or is this luna classic uh no old old chain luna classic new chain is currently called luna okay and they're

Starting point is 00:25:43 giving it to a community pool first of all so that's the guy guess the slush fund for the community to vote on that sort of thing then they're giving an allotment to the pre-attack luna holders 35 the pre-attack us d ust holders 10 percent and then the post attack yeah oh my god i can't believe i'm reading that out and I didn't even notice that propaganda. But absolutely, I refuse to call it an attack now that you said that. The post-incident, post-collapse Luna holders and the post-a-collapse UST holders as well are getting some portion of this. So I don't know. I'm glad there's some resurrection. It seems like that, you know, some similar ideas, same management as well. Like, I think Doquan is going to be involved in this?

Starting point is 00:26:33 Other than Doquan. No, he will not be involved in this. Oh, really? He is in trouble. Oh, okay. Like, was this his idea, though? I thought this was partially his idea, but, like, he's not going to be, like, he's got other things to deal with is more what you're saying.

Starting point is 00:26:46 Yeah, I think, like, maybe, I don't know the details, not connected to the terror ecosystem. I would be surprised if Doe Kwan is a leader in this whole entire thing, especially while he is going through some legal issues. Oh, boy. Can you tell us? Some of those might be. I think that's our next story. Yeah, this is more related to the Luna Foundation Guard.

Starting point is 00:27:06 And so police authorities in South Korea have taken action to freeze assets tied to the LFG, the Luna Foundation Guard. The Seoul, Seal, so how do you pronounce the capital of South Korea? I've actually never. Sol. Seoul. Oh, okay. Sol Metropolitan Police agency. He's got Soul.

Starting point is 00:27:22 Yeah. It's like Ethereum's got Seoul. Absolutely. The police of Seoul has asked multiple exchanges to block Luna Foundation guards from withdrawing any corporate funds. And so there is rumors of embezzlement, TBD on that. But that is one of the reasons why the police have said that they have the authority to do this. They said they intervened after finding clues.

Starting point is 00:27:43 They were indicating there was embezzled funds within the LFG. Oof. That is an oof, Ryan. That's what that is. I remember there was some podcasters, maybe some critics who said that holding assets like Bitcoin off-chain was not a good idea by a small set of multi-sig signers, not a good idea, not to have a clean,

Starting point is 00:28:04 transparent audit trail for all of that stuff. Yeah, but you're just a fighting ethmaxy, Ryan. Man, I am, look, I'm glad. I hope this,

Starting point is 00:28:12 this will not be the last time we talk about Taryn Luna, I'm sure, but I'm just hopeful that all of this can be pushed behind us. I'm just done talking about it. It's like, it's over.

Starting point is 00:28:22 Let's move. Let's move on this. Moving on. Well, not the only thing taken to court, but this time, not so nice. Slaten QSack of Pool Together is sadly getting wrapped up in this whole Pool Together lawsuit. And this is becoming a bigger and bigger deal.

Starting point is 00:28:35 As we get more details about the lawsuit itself, somebody deposited $12 into Pool Together and immediately filed a quarter billion dollar class action lawsuit on Pool Together because, you know, flagging is like it's a lottery, it's illegal. I lost money on gas. I'm not making a joke about that. That's in the whole thing. And so Pool Together has like sadly. been paying hundreds and hundreds of thousands of dollars of legal fees to fight this thing.

Starting point is 00:29:03 This very innocent, very beloved defy app, a no-loss lottery, you literally cannot lose money. It's a savings account. It's a savings account. It's a game-of-fied savings account. It's called a prize-linked savings account. You put your money in and every once in a while, if you win, you get a bunch of money. And then if you don't, if you want to get out, you get out. It has pooled together has onboarded so many communities from all across the world. It's probably the most multinational defy app that I know of. they've done a fantastic job putting out documentation and literature in many, many languages to onboard people from Asia, from Africa, all over the world. And so it's like the most like

Starting point is 00:29:37 diverse app by usage. And they are getting these absolute schmidt suit out of them by somebody connected to Elizabeth Warren. A previous Elizabeth Warren campaign person is doing this. And so pool together. This is the call to arms. Like we, defy is under attack. They're not just going after pool together, they're going after defy, and they're using pool together to do it. And so, if you think that this isn't your problem, it is your problem. This is an attack on all of us, all of us. Yeah, so here's what they're doing. It says keep poolie flying. So they're minting all of these poolie birds. These are NFTs that you can purchase. So there's a poolie supporter. It's 0.1Eath all the way to a lawyer and a judge, and those are more expensive.

Starting point is 00:30:20 And there's limited quality of each. And all of the funds, all of the proceeds go to the defense. of pool together in this in this lawsuit and i think david this could become a shelling point for uh the rest of the defy community because this is not this is like the first battle of a war that we have to fight the nation state level and more specifically i mean we're fighting this war with the kind of lobbyists and washington politicians and regulators this sort of thing we also have to fight it in the court system okay so this is how we uh defend our rights in the court in the court system. And this is less about like, no, will this court case kill defy? Of course it can't kill defy. It's not that that can't happen. What this is about is making sure that Americans, people in the

Starting point is 00:31:02 U.S., people in whatever jurisdiction you live in, do not get left behind. Because if our governments come together and they say regular citizens can't use a defy savings account like this or even worse, maybe I don't can't open an ether dress. I don't know where this leads in the court system. then it's U.S. citizens who will be left behind. That's why this is so important. I'm into the Pooley. I am a lawyer. I am a lawyer.

Starting point is 00:31:27 We are now lawyers. We are lawyers. You and I are lawyers. And look, David, it's scary, man. Do you ever think, like, even what you just said? I mean, you could be sued. Bankless could be sued for what you just said. I mean, we've talked about pulled together in the very early days.

Starting point is 00:31:41 No, no, no, before that. Just talking about pooled together. Oh, yeah. We've posted articles about pulled together. tactics about how to engage with a prize-linked savings account. And I remember writing about pool together back in my POV crypto days all the way back in like 2019 or something. And as a result of that, people took their money and put it in pool together.

Starting point is 00:32:01 Some made money and no one has lost money. And we might be sued for like stating that you can do this. Totally. David, I wouldn't be surprised if we were at some point. Some frivolous lawsuits coming down. So look, the community's got to rise up. We've got to protect people that. So they are going bank lists, protect our defy protocols, fight this out in the court system.

Starting point is 00:32:21 So American citizens don't get left behind. That's what this is about. Defi will be fine. Let's make sure America doesn't miss the boat here. Okay, so what you got to do, you got to go mint your poolie. Mint.com link in the show notes. There are three different tiers that you can mint. Point one, eath for the little guy, one eath for a lawyer, and 75th for a judge, if you

Starting point is 00:32:42 want to be a real Chad. The bowl case for this, the financial bowl case for this. this is that with this in your wallet, you are signaling that you are somebody who cares about defy and you are a good community member. And so with this NFT in your wallet, you get to signal to the world that you care about defy and that you are a good Ethereum wallet to have this NFT in it. And so this is- Are you implying that this could have financial upside? Yeah, this is added to an airdrop list, a list of good people who care about defy. And I remember just like, and this is a story of

Starting point is 00:33:16 air drops, right? Like things I did in 2017 ultimately got me an air drop in like 2022. And so you don't know when it's going to come, but you want to be on the list. You want to put your name on the list. So that is the financial bull case for minting a pulley. Yeah.

Starting point is 00:33:33 Yeah. Do it for the right reasons. Or do it for the wrong reasons. Yeah, whatever. It's re-gen crypto. Like, we can turn bad incentives into good ones. This is a good thing to fight for. There's some crypto, beautiful. What do we got next, David?

Starting point is 00:33:47 Optimism token. Okay, so optimism cracking down on airdrop farmers, removing 17,000 addresses that have been verifiable to have been farming the crap out of the air drop. This is also a very similar strategy from Hot Protocol. These two air drops, which have come out in the last month or so, I've been calling the new meta for air drops. It is an arms race between farmers and air drops senders. So we're trying to find all the farmers and nix them because they're not the community. They're toxic. They just farm and dump the token. And so doing having this like strategy, the optimism, the optimism strategy was to create six different criteria that you can get theirdrop for. And then if you had multiples of those criteria, you had a multiplier. And so that's, that was a community surgically discovering, surgically discovering the community strategy. And then hop protocol strategy was you could go and do like ether scan like, like,

Starting point is 00:34:42 NARC on farmers. And if you could find the hot protocol of farmers, you could report them and you could receive 25% of the tokens that they would have received. Wow. Mitigating token distribution that way. So smart. So this is the new meta for air drops. So Ryan, for the listeners out there who are like, damn, but I want to farm theirdrop,

Starting point is 00:35:00 what do you think that they need to do? I think they should be a real human instead. Yeah. And just use the protocol the way a real human would use it and stop trying to game the system. And instead of trying to game the system and go for the short-term rewards here, just think about crypto as just a long-term, multi-year, multi-decade journey. Put your student cap on, go learn how to use the protocol, treat it like a homework assignment,

Starting point is 00:35:25 find every single corner about the protocol, put real money in, and then you will probably be getting an airdrop to other things related to like size of money and time of money, so those are all concerns as well. Anyways, that's your alpha for the week. There's more alpha here, which is, which is, uh, yeah, uh, uh, loyalty coin season. That may be starting. We've, we've talked about loyalty coins in the past a little bit, but maybe you can give the TLDR and what a loyalty coin is.

Starting point is 00:35:53 And we're seeing actually two examples of it in play this week. One at Coin Desk, the desk token. And the other is a Revolut, which is with Rev. Con, Revolute, a major fintech platform as well. So give us the TLDR. What is a loyalty coin and what's happening this week that, uh, you know, people should pay attention to. Well, people should be familiar with like loyalty points, right? And now it's just loyalty points, but as tokens. And so like airline, there was a big like movement in 2017 to like during the

Starting point is 00:36:19 ICO mania to tokenize airline miles, which I thought was hilarious. Actually wasn't the worst idea of the ICU mania. But there's this concept that is universal. It's a primitive, I'd say, where if you put and engage your economic activity through a particular like host, like your credit cards or your airlines, they just give you back rewards. They, and it's basically, like yield farming, right? Like, if you buy a flight, you get some points and the points get you to buy more flights, right? It's like a form of yield farming. This is a primitive. One of the great marketing strategy is just to pay people to use your stuff. And so CoinDesk has launched the desk token and it's a part of the experience of Consensus 2020 for the people who are going to

Starting point is 00:36:58 Consensus 2020. You can earn Desk throughout the festival by engaging in consensus stuff. So you can, and you can also redeem it for swag, food, drinks, NFTs, and more. It's basically like the internal currency of consensus and overall the CoinDesk ecosystem. This isn't nothing new, but there's now, now like a verifiable place where you can spend all your points for swag and food and stuff. So it counts as money, I guess. And again, this is not the CoinDesk, which is very large company. It's a big deal that they're doing this. Revolut, even bigger company, even bigger deal, though, they're also doing this. So they're doing Revcoin. Yeah, and Revcoin is kind of what you were just saying, David, is from the article. Revcoin will function in a similar one.

Starting point is 00:37:39 to airline air miles programs where users earn rewards based on how often they use the service it definitely won't be a stable coin says the founder the goal is to make loyalty tradable i love how he says it definitely won't be a stable coin right after the collapse of terror i guess no no we're not that guys but it's also it's also like hey price can go up by the way that's that's the other between the lines well that's the thing that's what he said the goal is to make loyalty tradable so the problem with airline miles and hotel points and i don't know if david if like in my uh younger user i used to try to like open a bunch of cards and like game the system and you know get the get the maximize my my uh credit card farming yeah yeah exactly man uh similar thing i do today i guess

Starting point is 00:38:26 i think about it anyway it was way less way less profitable then and part of the reason why is because you couldn't transfer the tokens or trade them like what is the value of an airline I mean, whatever American airline says it is. Plus, they're highly inflationary. They're kind of a shit-in. Highly inflationary. They're terrible. And so the ability to actually have a market price and allow these things to escape

Starting point is 00:38:47 in the open finance economy and the defy economy, that's what's special here. That's cool. I think we'll see all sorts of, look, there's no real regulatory pain points here in the way there is with like security is that sort of thing, right? Loyalty coin is sort of a different thing. We have some precedent for that in the real world. So I think that's all a good thing. And if you listen to that.

Starting point is 00:39:09 You have a summary. Yeah. And if you listen to that and you were like, ooh, I'm bullish, here's the bear case. There's this one of my favorite episodes of Always Sunny in Philadelphia

Starting point is 00:39:17 where they mint patty bucks. Patty is the name of their pub. And they give out Patty bucks to incentivize people to come into their bar. And then people come into their bar and they buy beer with the Patty bucks. And then at the end of the day, they're like,

Starting point is 00:39:29 okay, now we don't have any beer because we sold it all. And all we have is Patty bucks. And so, And so they're like, okay, well, what do we do? Like, oh, well, we go give the paddy bucks back out so they can come and drink our beer. And they're like, wait, when do we get the money, though? Where's the dollars come in? And then they never quite figure that out.

Starting point is 00:39:46 It's like a, yeah. But D5 figures that out because they could just swap the paddy bucks on Uniswop, right? There's going to be a market for that. So you have your paddy bucks at the end of the day? Well, no. But then they, that's what we're talking about. You get a coin desk. Let's them like take their dust token to Unswap and sell it for Eid.

Starting point is 00:40:02 I don't know how it works, David. It's an experiment, okay? And we are not a stable coin, definitely. It's not a stable coin. OpenC just launched something big, too. This is OpenC marketplace called Seaport. And I'm not sure it's one marketplace, but it's a set of marketplaces. Can you try to explain this? I know the details are scant right now, but do the best you can. Details are scant about what this whole like spin of a marketplace thing means. The details that I do know that it is verifiable is that it is opening up more ways to express a sale. So right now you go to OpenC and I like, I like those properties. I will buy it with my Eath. A seller now with, with, with, with, uh, with, uh, C port can take their, uh, one of their NFTs, like, uh, I don't know, a, a hoodie, uh, crypto punk, for example. And then they put up the hoodie crypto punk and they're like, I want, I want a, uh, 3D glasses crypto punk.

Starting point is 00:40:53 And so I will sell my hoodie punk for a 3D glasses punk. Uh, and that trade can be executed by somebody who owns a 3D glasses punk. And so you can just like skip the money. We're, apparently the theme here is we're skipping that we're barter. We're going back to the barter system. Wait, I thought we were speed running finance. Now it sounds like we're going in the wrong direction. We're going in all directions, right?

Starting point is 00:41:13 It seems to be like the theme of the show is the part where we skip the money. But yeah, so like you can, I mean, think about it inside of a video game, right, where like you have like your axe and you like want to trade it for some guy's sword or something. Or just like you have one. It would make more sense. Three axes for one sword. Yeah, stuff like that. Yeah.

Starting point is 00:41:31 And so it's just like expressing more abilities to trade stuff. So useful tool. That's cool. What's not cool? Here's what's not cool. Seth Green. Yeah, he has a TV show and he is because he owns, oh, TBD on that one, because he owns a board ape, he can use the property, the IP of that to make a TV show.

Starting point is 00:41:52 So he's made a TV show. He's invested money into this. But he sadly lost his ape as many apes do to a fishing attack. So he no longer has the commercial rights to the NFT and therefore cannot run. the show. Wait, is that for real? That is for real, Ryan. He no longer has ownership over the IP because he lost his ape to a fishing attack. His entire show got hacked. Yes, the entire show, the entire show. So this is like really bullish for CCO, I'd say, like Creative Commons Open, which are things like nounstow is this, MFers are this. There's a bunch of CCO type NFTs where like

Starting point is 00:42:30 anyone can use anything. And so like if you, but imagine like, imagine like, imagine, imagine, if you have like a Star Wars level franchise around your NFT that has embedded IP and it gets hacked and it gets hacked right and so like you have to have that thing in the deepest cold storage of all time in case somebody steals the IP. Wow. Isn't self custody fun? Yeah. Right. Right. So bullish CCO I think it's the TLDR. Sorry Seth Green, you lost your, your ape. Look, I also think like bullish smart contract wallet, social recovery, better security. Like people are learning the hard way this cycle and it's. It's funny. It's not just like the crypto-OGs losing their Bitcoin. It's like people who are in the NFT space and just didn't take the time to go all the way back down the rabbit hole to figure out how to secure their stuff before they're diving into this. On a separate note, would you watch an NFT TV show, Ryan?

Starting point is 00:43:23 Only if my NFTs were in it, sir. I mean, to be honest, I don't know. It would have to be, it has to be good content. I can't like. I guess it's all the content. I don't want to watch it. Yeah, with somebody else's bag. because I don't want it to show of somebody else's

Starting point is 00:43:35 apes unless I'm part of the ape community. Right. So there'll be at least 10,000 watchers of that show. I don't think that's a very high number for a TV show. I think you need more. It has to be good content. We'll see. I'll suspend judgment until we see it.

Starting point is 00:43:49 David, just some quick things. You know, Camie, Rousseau, meant the Pope? She met the Pope and she gave him her book. So the Pope now owns an Ethereum book. Bullish, I guess. I think so. Well, a couple weeks ago, when we say the Vatican was doing NFTs? The Pope Eithpilt.

Starting point is 00:44:10 I forgot about that. Nice job, Cammy. Yeah. Oh, yeah, we got crypto missionaries going out and recruiting popes through our religion. Wow. All right, that's a deep cut. I don't know how many people you offended with that, but we'll keep going. SBF, San Bankman-F, just says he could spend as much as $1 billion in the 2024 election.

Starting point is 00:44:30 $1 billion. Yeah. So SBF, his brand is all about philanthropy, right? Like, I'm going to give back all of my net worth. I'm going to give it all away. I'm just going to make a bunch of money just to give it away. Has he spent, has he given away a billion dollars yet? I don't know.

Starting point is 00:44:47 I don't know how much he's got. I have been tracking that. I don't know that. This is not philanthropy. This is political clout. Yeah, this is like, lobby. Help, I will steer the ship with a billion dollars.

Starting point is 00:44:58 So there's a. How do you feel about it? this. I mean, it's probably good for the industry. It's definitely good for the industry. It also is really good just to say, like, yo, politicians, there's this people giving out billions of dollars to other politicians. And so we know the world of politics responds to money. It's probably good. It's probably good. Yes. It's not awesome that this is how it works, though, that this is how the existing. It doesn't make me feel good. It doesn't make me feel good. It's like when we talk about kind of lobbying, like I imagine it much more of a grassroots thing where it's like, you know,

Starting point is 00:45:31 100, thousands of people, hundreds of thousands of people, millions of people who are donating small amounts in order to fund some sort of political action movement. It coming this way is a little bit different. I guess as long as what SBF is doing is protecting like the values of decentralization and like hardcore crypto values, right, and like defending against those and supporting politicians who put those in place and not trying to prop up this. neo-crypto banking sector, and I am still aligned with his mission here. Yes. But I don't necessarily trust that that's going to be the eventual outcome.

Starting point is 00:46:07 And I don't think we should trust it. I think we should be eyes wide open when we start to use these sort of nation-state tools. Yes, you tapped onto what I was feeling that I couldn't verbalize is that it doesn't make me feel good that a crypto-neo banker is paying $1 billion to Joe Biden. That does not make me feel good. Not necessarily just Joe Biden, right? I bet he'll... I think it is so, by it, actually.

Starting point is 00:46:28 Oh, is it really? I think so. Wow, okay. Wow. He's also saying he could spend $1 billion. So he actually hasn't spent this yet. Okay. Well, he could spend $10 billion.

Starting point is 00:46:39 He could spend $20 billion. I could spend $10 billion, right? All right. Well, somehow it feels more credible coming from SBF. I don't know, but speaking of all of the opportunity in billions of dollars in the crypto space, should we talk about jobs in crypto? This is our weekly. opportunity to tell you to go get a job in crypto. I'm going to pull this up, David, but this is

Starting point is 00:47:02 the bankless jobs board. Okay, this is where we list all of the jobs. And I'm going to read them out for you because you know what you have to do. You have to check this out. Get on the list. Submit your resume to the talent collective as well. Number one, solidity developer from unlocked, senior product designer, smart D5, business development lead, goldfinch, marketing manager, wanderverse, VP of engineering, ZKX, head of growth ZKX, developer evangelist Argent customer success. Talley, I could go on, but they're all available for you. Get on the jobs board list.

Starting point is 00:47:33 Subscribe, sign up, and you can be part of getting this notice in the future. David, jobs are hard and crypto. You know what? I feel like we did this time a lot better is we actually prepared for wintertime. We put some of those chestnuts away. You know, we scrolled them all away. And there are a lot of companies that are still hiring well positioned for this bear market. I don't think we'll see a major decrease in hiring at all.

Starting point is 00:47:59 I think I said this last week, and I might have said it with the week before, but this bear market is going to be the most unlike any other bear market. I treat it out today. This bull market or bear market is going to be the greatest bull market of all time. And then I had to add an asterisk to that, meaning how much fun we're about to have. Not like we're all about to get wrecked. Not price-related fun. Although that might also happen.

Starting point is 00:48:22 But the idea, like, we have so much, this industry is flush with cash. It's not going to the assets, sadly, but it's going to building. It's a build market. So this is unlike 2018, where everyone literally almost, like, everything almost went to zero. We almost lost basically all of our funding. When Ether was $80, we couldn't pay people to develop Ethereum. And so that was bad. Like, we almost ground to a halt.

Starting point is 00:48:47 That is not what's happening right now. It's the complete inverse. We have every single company is flush with cash. Everyone's hiring. Bankless is hiring. We're hiring like crazy. It's kind of scary. And like every single company has the money to spend to pay a lot of people.

Starting point is 00:49:04 And so everyone is going to make so much wealth in this bear market, Ryan. Because like that's where that's where wealth is created. And so many things are going to get built. So many salaries about to get paid. So many people are going to get a job because like hiring is probably at all time highs right now, I'd say. It's, it's insane. Like it's so fun. I'm having a great time.

Starting point is 00:49:22 I think there is going to be some belt tightening, but like, I just, I mean, we'll get into it when we get into the races. I mean, massive raises this week announced as well. But before we do, David, Tracer has just released something cool. You want to tell us about this? Yeah, okay. So I'm going to run through the five things out of Tracer Dow's Perpetuals V2. Disclaimer, Ryan and I are advisors for Tracer Dow. So we're close with the team.

Starting point is 00:49:45 We have tokens. And we also know what's up going on behind the scenes. And that's why we have the information to talk about it. but it's also here in this tweet as well. TracerDau perpetual pools. It's like leverage long, short positions, kind of like DYDX, but in tokenized into a token.

Starting point is 00:50:01 It's on balancer on Arbitrum right now. So you can go like 3X long Bitcoin, 3X short, Bitcoin, et cetera, et cetera. The idea is that you can plug in any sort of price feed into Tracer Dow and you can produce a perpetual pool on that thing. So like, you know, any other crypto asset, but then you can also do like housing markets or like oil or water or whatever.

Starting point is 00:50:17 Anyways, going from V1 to V2, first thing, no minimums. There's no more minimums on getting into a position. You can enter or exit at any size. Love it. Feature number two, more stable value transfers. So in V1, when Bitcoin would go up by 5% in a single hour, the actual value transfer in a 3x market was 13.6%, not 15%.

Starting point is 00:50:37 This makes the whole thing more efficient and better. This which leads into feature number three, which is long-term tokens. That thing is called volatility decay. Previously, tokens would eventually go to zero over time, but that has largely been fixed. These tokens are now suited for long-term holdings. holding perfectly times Ryan for a 3x position to go into the merge, if you dare, if you dare take

Starting point is 00:50:56 that leverage position. Mint fee, there's also a mint fee to get into it. So this also helps prevent volatility decay and increase holding of these tokens. So if you mint the thing, there's a small fee towards the holders, not towards the protocol, towards the holders. And so the holders get the fee. Currently, there are two markets available, 3x BTC long short, 3x eth long short. There's also a quiz. This is why it's also super cool about this. They're teaching you how to use the protocol. There's a quiz that changes every single week, and you can pass the quiz to get a po-op. Same deal with the whole like pool together, NFT thing. Holding these poaps that prove you did something in a product community are useful things to do. So there is my shill of the week. It's a really cool product. I'm really bullish on it. There's a link in the show notes.

Starting point is 00:51:41 Cool. This is also pretty neat. Since finance, they just released a few products. And what's cool is about this is, you know, how we've compared David sort of ether being bonded to like the yield curve, like treasuries, for instance. You know, in the traditional markets, there's this yield curve, right? So you get to look at T-bills, and you get to look at the one year and like the, you know, the 10 year and even the 20 and 30 year, the one month, right? This is called the yield curve, or the risk-free rate, if you will, the risk-free rate of money when you hear terms like this. Well, this is what sense is coming up with. They're coming up with a risk-free rate for ETH, and they're coming out with an ETH yield curve. So as cool is they're creating a two

Starting point is 00:52:23 month, a six month, a one year, and a five year yield curve for ether the asset. So that means like ether as a bond, you know, there's a market for a maturity of that bond in two months. There's maturity in six months, maturity in one year, and five years. And so through this, they can create a yield curve. We can actually see what the risk-free rate for Ether is in the Ethereum economy. So this is kind of wonkish stuff to geek out to you, but I think the risk-free rate for ether within the Ethereum economy is going to represent sort of the cost of capital, right? Because like it's going to be like a really important number for. It's the new interest rate because like, why would you invest in any token, any D5 project,

Starting point is 00:53:09 really in anything in the Ethereum economy, unless you could actually exceed the opportunity cost of staking something in ether for two months or one year or five years, for instance. So I'm just psyched and like kind of geeking out that we're starting to construct these yield curves in crypto. I have like so much to say about this. And I'm like, oh, this is the weekly roll up. I can't ramp. But I'm going to.

Starting point is 00:53:33 So there's two things. It's not called the internet bond for nothing. This is the financialization of ether, the asset in its proof of stake form. This is the internet bond market. This is the new, like Ryan's the cost of capital is what. the Fed does when it controls money, the price of money. And right now, the Fed's like, okay, we need to make the cost of capital go up. The cool thing about the Ethereum interest rate is it's dynamic. It's set by the market. And so yields go up when less people stake,

Starting point is 00:54:01 because then Ethereum is asking for more security, so it's incentivizing you more. Yields go down when a lot of people stake. But also what's not very often discussed, Ryan, is that when the economy is hot, when there's a hot economy, which is generally associated with high inflation rates and low cost of capital. When the economy heats up, what happens to gas prices? They go up. What happens to the staking fees when gas prices are hot? They go up, increasing the stake rate, increasing the cost of capital,

Starting point is 00:54:30 naturally putting a dampening effect on the heat of the Ethereum economy. Exactly. How crazy is that? And so it's like, no, we just got rid of 12 jobs, the board members of the Federal Reserve. Like, we got it, guys. Like, ours is better. We need to honestly do an entire episode around this. like once the yield curve kind of mature.

Starting point is 00:54:47 It's like you can even see here. This is super fascinating. So a ETH bond with a six month maturity is about 7.1, right? So it's high higher with a one month maturity. It's four. Okay? And it goes so one month it's down at four. Six month maturity.

Starting point is 00:55:03 It's seven. You know, picture kind of the slope of the line here. One year, it drops down to 6.69. And then five years, it's 5.6. Interesting slope here. from a time perspective. And it does chart the cost of capital. And if you want to speculate on, like,

Starting point is 00:55:20 I think the Ethereum economy is going to grow hotter or I think it's going to grow colder, you can express that. And so if you think interest rates are going to go up, you can speculate that, or not interest rates, yield rates are going to go up because the future of Ethereum is going to be a hotter economy. This allows you to express that.

Starting point is 00:55:36 Super cool. The financialization of ETH is, like, in, like, day one of, like, 365 days. Like, there's so much left to do. do. It's a build market. Yeah. Well, do you remember when we, when staking came aboard and we made, this is the, the world's first internet bond.

Starting point is 00:55:53 That's what we're really launching here. Now we're starting to see this emerge. David, let's go through some raises real quick. All right. So A16C, biggest crypto fund ever. Where, like, what bear market is kind of what they're saying here, $4.5 billion. And this is their fourth crypto fund. We actually had Mark Andresen, Chris Dixon on the podcast.

Starting point is 00:56:16 We're releasing the full episode Monday. If you're a premium subscriber, you can go access that now on the bankless premium feed. Fantastic, hot episode. And David, what did Chris say he's going to spend all this on the $4.5 billion? Do you recall exactly? Oh, a bunch of companies, a bunch of startups building really cool stuff in the crypto space. Is that the right answer? I think that's a good answer.

Starting point is 00:56:37 It's crypto stuff, like protocols, these stable coins, whole bunch in jobs. This is why crypto is hiring. Also, there's another... Yeah, if you're worried about job security in the bear market, just take note that there is $4.5 billion coming into this industry. That's very true. They also backed flow carbon, which... This is Adam Newman.

Starting point is 00:56:58 Do you know Adam Newman from the WeWork guy? Do you know much about it? I know the story. Yeah, I watched the documentary. All right, well, why don't you tell the story then? I didn't watch a documentary anything. I don't know much of this guy. Okay, so Adam Newman, he is basically like a Theranos-type thing

Starting point is 00:57:09 where he just, like, turned... Theranos thing? Theranos, yes. Thank you. He turned, like, we work into, like, this cult trade where, like, so many people kept on pouring money into this thing. He's a really good salesman. He had this, like, crazy vision. And he was basically adding just, like, this visionary element on top of what was essentially just, like, renting cubicle space.

Starting point is 00:57:28 He was like, we're going to change consciousness. We're going to change society. We have such ambitious projects. And then at the end of the day, when the fundamentals came, because they timed to, they wanted to go public, the public took a look at their documents and be like, these fundamentals are, like, the worst fundamentals of all time. Like, what the hell is going on here? What do we buy? And then they stopped having go private.

Starting point is 00:57:43 It's a big scandal. Anyways, Adam Newman is now backing flow carbon, a $70 million raise for flow carbon. He's not part of the team. So like the controversial nature of Adam Newman is not relevant to what flow carbon is building. But it's just like an interesting story. Also, ACCC is there. This is a startup. He's co-founded it, David.

Starting point is 00:58:04 So he's definitely... Oh, just kidding. Oopsies. No, no, no. He's the co-founder, the thing. All right. So it's back. So it's backed by A16Z and a whole bunch of others.

Starting point is 00:58:14 General Catalyst, Samsung Next, a whole bunch of others. But this is his like, I'm going to be a CEO again and a co-founder. But why don't we say, like, why don't we suspend doubt on who this individual is for a minute? Low carbon, this is like a tokenized carbon sort of platform, right? So this is sort of a public goods refi type angle. Oh, that's cool. Oh, I like that. Oh, maybe this is Adam Newman's like great rebrands.

Starting point is 00:58:39 Like, all right, he's going to make a comeback. Maybe. We'll have to see. I do think it's kind of cool. I guess what could go wrong, even if it is a big Ponzi scheme, you know, clean up the world a little bit. There are worse Ponzi's out there. A Ponzi scheme that makes people money doesn't collapse and also cleans up the world is what Kevin O'Walkie would call a good thing.

Starting point is 00:59:02 Ooh, it's that it's that middle part. That's hard. That's the part. That's the hard part. We got to learn more about it to be fair. But that is the news that it was Adam Newman this week and A16C founded. Starkware, they just announced a Series D added $8 billion valuation. What bear market?

Starting point is 00:59:19 All right? What bear market? $8 billion, dude. That's insane. Only a bear market in the bags that we hold. That's what's going on. It's just it hits public markets faster than privates. These private valuations will take a few months to catch up, I think.

Starting point is 00:59:33 This is true. But standard crypto, this is another crypto fund. they just raised a casual $500 million as well. So the private equity keeps chugging, man. It's the only public markets that are suffering. Won't one public fund care about the crypto prices. Can you just buy the crypto so they stops going down? At some point, some of them should.

Starting point is 00:59:54 I don't know if that's in their charter, but, you know, it's a little lopsided right now. David, we got some hot stuff coming up next, though, including our new segment, questions from the nation. Love it. All right. So some questions from bankless listeners to us. We're going to read those out and try our best to answer them. What else we got?

Starting point is 01:00:09 We also got some bullish takes from Van Spencer, which will, I think, also summarize the whole entire vibe of this. Very giggly weekly roll-up, I'd say, this week, Ryan. That's just you. No, this is just me. I'm stone face. We also got Dan Elliser, Mike Demaris from Rainbow and Haydem Adams, all discussing uniswap chain.

Starting point is 01:00:27 Just a theory. Just a theory. So those takes are coming up next. But before you do, if you haven't liked and subscribe from the first time we told you in this podcast, Please go do this now as you listen to some of these fantastic sponsors that make the show possible. AVE is the leading decentralized liquidity protocol. And now AVEV3 is here. AVEV3 has powerful new features to enable you to get the most out of D5,

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Starting point is 01:03:00 new Ledger NanoS Plus and join the wait list to get yours. And don't forget about the Crypto Life card, also powered by Ledger. The CL card is a crypto debit card that hooks right into the Ledger Live app, right next to all the Defy Apps and Services that you're already used to doing, like swapping tokens and staking. So if you don't have a Ledger hardware wallet, go to Ledger.com, grab a ledger and take control over your crypto. All right, guys, we are back with the questions of the week. And just as a reminder, if you want to get in the next roll up, you got to ask your question on Twitter. I think we got 65 of them this time around, David, but this is the one we picked. It's got a lot of likes. Now, I'll read you the question. Maybe you can give you your shot at

Starting point is 01:03:37 answering first. Why is there, this is from Data underscore always on Twitter. Why is there so much incomplete and misinformation in the space and around the merge? What's up with that? Misinformation about the Ethereum merge. Why? Yeah, this has always been perplexing to me. So I understand why this question, where this question is coming from and why it's getting so many likes. Ethereum is perplexingly misunderstood. Not just about the merge, but like persistently all of the time.

Starting point is 01:04:06 And to why that has happened is a big mystery. The only thing that I really have to say about that is my two answers that seem reasonable to me is that there is like the EF being like the one thing that started Ethereum doesn't really do comms or communications or

Starting point is 01:04:22 anything. And so as there's no like official. There is no ministry of truth of Ethereum, right? And so like Ethereum has like the Ethereum team, but the Ethereum team is like modular and like distributed in of itself because everything single client team represents one component of Ethereum. There is no center of Ethereum to have these comms coming from. And so instead, though, that responsibility falls on the shoulders of like media people, people like Tim Bako who leads all the core devs call. And then we report it here on bank lists. Anthony Sizzano does a fantastic job.

Starting point is 01:04:53 The R.E. Finance community is fantastically well informed if you're trying to get. high signal communities. But other than that, like, if you don't listen to, like, those sources, like, that's about it. Yeah, do you know how, like, the White House has a press secretary? There is no press secretary for Ethereum whatsoever. Not at all. And then, like, the other way that I will also explain this is that this is just for the crypto industry at large.

Starting point is 01:05:18 I've talked about this in other capacities. I view the crypto world as, like, concentric circles. We're at the very center. You have the core beating heart of what makes crypto tick, permissionlessness, decentralization, blockchain networks that imbue all the properties of crypto.

Starting point is 01:05:32 And then you have Bitcoin and Ethereum and that's really at the core center. And then you have all the people that surround them those core values. Like I would put us there, Ryan, like again, Anthony Sizzano, people that really care about these values.

Starting point is 01:05:44 And then there was like one more concentric circle out that are like, okay, there's something here. There's something really valuable here. Let me add my flavor to it and make a lot of money from it. And those are like, I would call that the Terra Luna ecosystem,

Starting point is 01:05:56 which is like, yeah, crypto-algo stable coins. It's kind of a Ponzi at the end of the day, but like it's not true about decentralization. It's not really about the core ethos of crypto. And those people surround like the inner circle and those people make a bunch of noise because they want to suck up attention and put their attention on their thing because they're here to make a bunch of money. And so like there's this like crust of like grifters around like the core beating heart of crypto that is like taking the value out of crypto and like redirecting people away from the center to go to like the grifter side of the crypto community.

Starting point is 01:06:27 And then they like, you know, they just make a lot of money over there. And that's my explanation. Yeah, I think that's a good explanation. I think high level, that's probably what I would say to you. You know, the only thing I'd add is, like, it probably depends on what specific piece of incomplete or misinformation you're talking about. And you could probably take that piece of information and put it in one of the camps, like one of the categories. So, for instance, one thing that's often said is like the merch will reduce gas fees. Like, no, it won't.

Starting point is 01:06:55 Technically 10% actually. It's a 10% scale increase. I mean, that's not what people mean. Maybe that's where it comes from. I just did it. So, right? And they'll be like, well, and so, you know, where does that come from? It's probably just some wishful thinking and people just not understanding.

Starting point is 01:07:11 There being no official communication. It's probably that. It might also be like post-merge. People think it's Ethereum 2.0. And previously Ethereum 2.0 used to have sharding and that would have reduced gas fees. So there's miscommunication there. Exactly, exactly. And then like the incomplete thing, why can't we just get a date on the merch?

Starting point is 01:07:30 Why not? And I think that's, that's nothing malicious. It's not like a community like flooding. That's, that's just like it's, we're coming to consensus and what the date actually is. And we don't know and there's no spokesperson for Ethereum. But then you get something else like the merch will never happen. Right. Right.

Starting point is 01:07:45 Or like, you know, we'll always remain proof of state. And like some of these things are proof of work. Some of these things are more malicious. Right. It's like just completely uninformed. and verging on like Ethereum will never ship, nothing ever happens, you know, Vitalik mans all the like the master nodes, this sort of thing. And so it's this confluence of reasons.

Starting point is 01:08:07 And you almost have to go through the specific piece of misinformation and throw it in one of these buckets. But some total, I think you're right. Yeah. And this is why I call the crypto world. Like navigating the crypto world is navigating the dark forest, right? Like you can't trust every bit of information that comes to you. You need to learn how to do your own research and verify.

Starting point is 01:08:25 for yourself, which is a fantastic skill to have. There is no, like, nine-year schooling for crypto. You got to figure it out. And that's why, like, crypto, the crypto culture is so strong, Ryan, because, like, that's what separates us from society. Like, the crypto, the crypto, Twitter, the crypto culture, crypto communities that all, like, we can speak crypto. We know the words. We know the terminology. We've made it through the other side of the dark forest, right? And so we have that shared story of, like, yes, we all went through the gamut. We all went through the dark forest. We figured out how to reason about it. We know, we know what. right and what's wrong in communities that agree with what's right, like gang up together.

Starting point is 01:09:00 And so that's also why we're so different from society, right? Like we have this big handshake with each other. Like we all made it through the dark forest of learning how to navigate crypto. I think that's true. I will say, though, that's just for me. That's just for crypto. Right. So like another example is I start to like doubt all of the other news sources that I get because I'm like not experts in all of these various other things.

Starting point is 01:09:21 I see the headline like, oh, okay. I guess this is what's happening. But my dad was asking me, I'd spend some time with him last week in Florida. He was like, okay, so the Coinbase wasn't going bankrupt? What was that thing? I saw it on all my news. And I'm like, no, dad. Like, they're not going bankrupt.

Starting point is 01:09:38 Like, we pay close attention to this. These are all the reasons why. This is why it was misreported. And it just calls into question all of the other headlines that I'm not an expert in with all of these various eras, whether it's science or technology. It's like, what kind of stuff are we actually being fed? Like the one thing I'm knowledgeable about, and we can see how it's completely farcical, nonsensical,

Starting point is 01:10:00 misinformation, but like how many other things do I just take at surface? Man, information is a very difficult thing, and good information is a very difficult thing to, like, parse through and figure out in this day and age. Yeah, and I really actually love this discussion. Crypto gives you an insane vantage point to view the whole rest of the world. Like we understand global relations because of just how our blackchains

Starting point is 01:10:26 span all borders. We understand economics because our blocks are our prices respond to global economic forces. We have to understand that. But also we have internal economics into the blockchain network. We got to understand computer science.

Starting point is 01:10:39 You have to understand like sociology and like tribalism. And once you make it through the dark forest, I feel like post learning about crypto and getting to the other side and being informed about crypto, I feel like I know at least a little bit of almost anything about the world.

Starting point is 01:10:51 Oh, dude. This is 21st century life skills. I 100% guarantee. This is university. This is like way better than, I mean, don't drop it at school kids, like get your degree, but like also. No, totally do it. Totally do it.

Starting point is 01:11:05 Get a job in crypto. All right. That was only the first question. The second question. What are three things slash ideas that Ryan and David strongly disagree or clash on? Three things is a lot. There was one time where Ryan and I got into a debate about how gas fees are, come to be like how does the value of a gas fee come to be like where does that um like not not how

Starting point is 01:11:27 it's calculated but just like what is the price of a gas fee and does it depend on what was that debate actually it was like yeah it was a debate so uh i think you were saying you were saying basically that eth price and gas fees are kind of one in the same market very very close and i was saying they're not the same market they're separate markets they're correlated at some stages but they are completely separate right like blocks based demand yes it was a really deep geeky conversation and kind of a debate. I feel like we realized at the end of that thing that we should have been recording it because a lot of people have this question.

Starting point is 01:11:58 And like I'm almost tempted to rehash it. I've come to the conclusion, David, that I'm still right about that. Okay, so just to really down. I was saying that when ETH price goes up 10 times, gas prices will also go up 10 times. Like if you hold gas the same, like 10 guay at $100 versus 10 guay. at $1,000 gas fees goes up by roughly a factor of 10x. Yes, these markets are correlated. One float off of each other.

Starting point is 01:12:29 But when everyone who's holding ETH is the person paying the gas fee, I would love to hear somebody make a tweet threat about this to answer this question in more depth. Actually, if you guys would like to hear David and I debate this, if David still feels very strongly about that, maybe we'll record a one-off podcast. The funny thing is, it's like, of all things to debate about, someone that just like does not matter.

Starting point is 01:12:52 Is there anything? I'm trying to think of anything else like major. We have different stylistic choices on the podcast. Yeah, for sure. So there's that. But like that also like works out where like it's a tug and yang. Yeah. It's a tug of war.

Starting point is 01:13:06 Yeah. You know I use like gas and breaks, right? Like we'll break sometimes. You're more gas and you're like, we should buy with everything at this moment. And I'm just like, well, are you sure? Are you sure about that? And the beauty is sometimes you're right. and sometimes I'm right.

Starting point is 01:13:21 And on balance, we're more often more correct. Yeah, and either way, we have fun along the way. But I wouldn't say that strongly disagree on. I think it's the gas thing that we only really strongly disagree on. The Lost Podcasts will probably never happen. David, let's get to some takes, man. So this is a really hot take. I like this.

Starting point is 01:13:39 Could you read it out for us? Yeah, Yuga Labs is valued at a higher valuation than what Disney paid for for the entire Star Wars IP. That's a lot of growth embedded in. into the board ape ecosystem. When you put it that way. Does that mean that anyone who is like holding an ape and holding ape coin and all of that stuff are just like saying that at some point in time the board ape's IP will become equivalent

Starting point is 01:14:05 to Star Wars? I think that's what you mean. I don't know. I'm just feel like asking. That's like, I look, I'm bullish on Eath, but I am not bullish as much as the board ape ecosystem is on the board ape ecosystem. Yeah. I agree with that.

Starting point is 01:14:21 We'll see what happens. Look, the test of an ecosystem or any communities, can you survive a bear market? And so this is where, this is the fiery crucible, right? So it's happening now. This is a great take from Eric Connor. I'm glad he's back on Twitter. I'll read this out and maybe comment.

Starting point is 01:14:37 So much negativity towards defy lately. God, I've noticed that too. Many people are questioning what benefits it actually offers. Annoyed to see it, honestly. Permissionless access to financial tools for anyone in the world is powerful enough to have extreme meaning and staying power. I think the take here is that the Overton window is shifting, as in like, yeah, people have gotten used to permissionlessness and D5 financial tools.

Starting point is 01:15:01 And now we're like, we want more, give us more things. And now that's just a new norm. And so like the people who are like having negativity towards defy, like, oh, it's just like borrowing and lending in Avey. Oh, it's just like trading on uniswap. Like, reminder, those are big deals. It's a huge. It's a huge thing.

Starting point is 01:15:16 We didn't have that three years ago. go guys. Like, this is amazing. I think it's one of those cases where near to fall as price, and so like, DFI prices are in the dump. So everyone's like, defy was never cool. It was never a thing. Who cares? It's not world changing at all. No, no, no. This tech, like, decentralized, bankless money, a bankless financial system, this is like the biggest innovation since the original internet. This is absolutely massive. It's going to change how. human beings coordinate across the world for like generations to come. This is an absolutely huge deal.

Starting point is 01:15:55 And so it's another example of remember the people we said earlier was saying like, yeah, uniswap will never work. Smart contracts will never be a thing. Defi will never be a thing. Okay, cool. No, you hit it. That's actually not the one I was going for. Well, that's the one I feel like, like that's how it falls for me when I hear them say this.

Starting point is 01:16:15 And it's just like, man, narratives are so so overplayed. and so boring. I'm glad we're, I'm glad we're back on the contrarian side of things, though, David, it feels good. Feels like home. Yeah.

Starting point is 01:16:28 That is where I feel very comfy. It's bare market, contrary vibes. All right. Okay, Dan Ellister says, Dan Ellister is the guy that wrote, like this thing that kind of like called the D-5 bull market

Starting point is 01:16:39 before it happened to the superphonic, superfluid collateral. No, superfluid collateral, which is relevant, but also hydrophonic yield farming. He basically called yield farming before it happened. And then he also called superfluid collateral before it happened.

Starting point is 01:16:51 So like when Dan Elster says something, I listen. That guy is like, he only gets loud on things he has high conviction on. And that's always, he's always been right. This is actually completely irrelevant from this. But he didn't make an article. He didn't write an article this time around. But he made a tweet, which I thought was really interesting. And he goes, Unichane is inevitable.

Starting point is 01:17:11 There are three costs to Dex traders, the swap fees. That's like the 0.3% that you pay to the Uniswap liquidity providers. There's also the transaction fee in gas, and you also pay MEV. So if you get like sandwiched or if you get front run by validators who are doing MEV, then you pay them a fee as well, basically. And so today, Dan Ellsor continued saying, today, uni holders can only flip the switch to take part in number one. So only one of the three revenue sources and also probably the smallest one.

Starting point is 01:17:40 And he finishes with two and three being transaction fees and MEV payments are more attractive long-term and better align the chain. So this is why he says unychain is inevitable because if uniswap puts uniswap on a uny chain, it gets access to one, two, and three. And so uny token can be like the currency of uniswap. Would this be like a layer two or something like this? This would be like a layer two, yeah, an application-specific layer two. Think of like, I don't know, if uniswap went on to a application-specific ZK roll-up,

Starting point is 01:18:11 it would be like the APIs of layer two liquidity for uniswap, right? And so you could like ping right, go right into it. And that, and then Uniswap would get the trading fees and then the MEPV on all that ecosystem. It's basically like the Uniswap universe on layer two. And I bet you actually, now that I'm thinking about this, Uniswap does produce like the first meaningful ZK application specific ZK rollup that is engaged with other rollups on layer two. Mike Mandaris from a rainbow wallet goes, wouldn't, would that mean either accepting death

Starting point is 01:18:44 or of composability or that unichain will become competitive and, you know, hustle to Ethereum. And Hayden says that sort of assumes that cross-chain composability won't ever exist. Is that a tweet from Hayden Adams-Ryne because it's a tweet or is it because he knows what he's talking about and this is something that they are actively discussing inside of Uniswap? TBD, I don't know. I don't know. I wouldn't be surprised.

Starting point is 01:19:08 It does seem like that would be a huge barrier to basically like I guess you're not entirely leaving the Ethereum economy, but you're leaving. all of, and I don't know that this would mean leaving. I guess you could launch a chain that's kind of a layer two in addition to everything that you're doing on Ethereum main chain and other layer two. Well, this thing about Uniswap like going into it and being coming its own chain fits in the roll-up centric roadmap of Ethereum model where like applications can become chains. That is like a new thought that actually I'm just having right now in this roll-up. I guess so. Here's where it kind of breaks my mental model, right? It's sort of like like a

Starting point is 01:19:46 company gets big enough, like a Facebook gets big enough. And then they're like, well, we should just become our own nation. Right. And like, we'll create our own money. And then like that'll give us maximum maximal control and all of these things. And what they what they sort of forget is like, okay, but people don't want to live in the Facebook nation because they don't have good representation because it's owned by like, you know, stakeholders and that sort of thing. It kind of breaks my brain a little bit. I guess this is like uniswap saying, this would be like them saying, hey we want to be a state in the union of the like i don't actually not how i see it and that's not how i see it okay so i see it as uh optimistic roll-ups becoming that optimistic as

Starting point is 01:20:26 like generalized roll-ups optimistic roll-ups are like flat land there's a lot of real estate there they have their own internal gas fee markets uh they have their space to build your thing because it's generalized with an application specific zk roll-up it doesn't operate like land like i don't I think you wouldn't leave your assets there. It's more like, I don't know, like a, where the optimistic roll-ups are like wide and flat and they have like real estate for you to settle on. Application-specific Z-K roll-ups are very like long and tall and there's something that you ping and then you send something back.

Starting point is 01:20:57 What do you mean application-specific Z-K? You're just talking about like D-Y-D-X or something like this. Yes, like one single Z-K roll-up that does one thing. And in the unichane world, it is Uniswap. So is Uniswap as a Z-K roll-up? Well, I guess we're kind of repeating this, this, conversation that they just had because then I want to be like, but wouldn't that mean they lose composability from all the other apps?

Starting point is 01:21:17 Not from layer twos. Yeah. And then Hayden goes, well, that assumes cross-chain composability won't exist. Right. Roll-up-centric roadmap of Ethereum. We just speed rate in that whole entire thing. These guys already thought about that. I guess that's why they're the defy.

Starting point is 01:21:33 It's a why it's a take in the roll-up. Let's do this one, man. This is pretty cool. This is a graphic that I really liked. Yeah, 13 years, the tweet says, 13 years of W3B. What does that mean? I don't know what that means. Web 3? Web 3? Web 3? Web 3?

Starting point is 01:21:48 Yeah, Web 3. Web 3 and NFT converted into a 24-hour clock. So for the listeners, we're just looking at a clock where 12 o'clock is the birth of Bitcoin, and then right to the left of it, as in where we currently are, like, 1159 is like the launch of Coinbase NFT platform. And it kind of just like takes you through the history and lets you put things into relationship with each other in time. That's pretty cool. I like that visualization. So like midnight is the birth of Bitcoin.

Starting point is 01:22:16 All right. And the very first non-fungible token that we ever got was Bitcoin. Dot bit. Okay. This is even pre-Etherium. And that happened at 4 a.m. in the morning that day. All right. And the very first ERC 721 that we got didn't happen until 16 o'clock.

Starting point is 01:22:35 What is that? That's 16 o'clock. It's 16 o'clock. How do I read? military at times, 1600 hours. That's 4 p.m. 4 p.m. That was the first ERC 721.

Starting point is 01:22:48 All right. So like 4 p.m. That's like, and now basically six minutes from midnight, that's sort of when Coinbase just launched their NFT platform. This is kind of a cool depiction of the eras and how early things were before and still how early things are now. They kind of, they don't have any L-1s. Like, why don't they have the genesis of Ethereum?

Starting point is 01:23:10 Where is that? That's got to be like somewhere like 9 a.m. Yeah, we should make her own. Bankless Dow, $500 in bank to anyone who makes this and updates that. I'll commit to that. Somebody in the Bankless Dow do that and then ping me when you guys and I'll send you some bank token. Amazing.

Starting point is 01:23:26 All right, David, what do you bullish on, man, besides this clock here? I'm bullish on this new podcast, not from Bankless, actually. It's called Alfalfa. And it's four of my friends that I've made in San Diego. And so they have been grinding away at their Alphalpha. Alpha Alpha podcast. And I've been listening to it. It's been getting better and better. It takes for becoming hotter and hotter. They're into like 20 something, late 20 episodes. And so I said, yo, guys, come over and we'll record a podcast in my apartment. And I finally got to use my

Starting point is 01:23:53 soundboard thing that I really, really like. And so we recorded an Alpha Alpha Bankless podcast, which is going to come onto the YouTube sometime soon. And it's a all in style podcast. And so they are very, very much bankless listeners, but they're also bankless skeptics at the same time. They play in things that, like, Ryan and I generally don't. They're a little bit more D-Gen. How do they do with Luna, Luna, David? They all escape Luna. All except for one.

Starting point is 01:24:17 All except for one. One guy got caught up in Luna. But he's not complete D-Gen, so, like, he's only a small portion of his backs. But also, they also talk about things like real estate markets and also, like, kind of how, like, the All-In podcast does, also, like, politics. And so they get into. This is starting to sound like another bankless podcast launched. Is that what this is going to turn into here? Well, that is potentially a potential future.

Starting point is 01:24:38 So if you are a consumer of crypto content, which you are, you might like this podcast. But you should start with the one that we put on the bankless YouTube in about a week or so, TBD on that. Just stay tuned. I'm really excited about it. I'm really bullish on it. Awesome. Awesome.

Starting point is 01:24:50 Ryan, what are you bullish on? So actually, we forgot. I'm going to steal Van Spencer's take as the thing I'm bullish on and add my own thing because we forgot to cover this in the take section. This is a tweet from Van Spencer. And I think it echoes my sentiments as well. And he's coming on the show, by the way. So we'll talk about this.

Starting point is 01:25:07 He says this, crypto is exactly where it needs to be right now. Very much not dead, very much alive, washing out the excesses, very much building things people want to use, coiled spring on a path to hypergrowth. I think that's why if you're a unicycler and you've heard David and I in the last few roll-ups, we've been like very clearly in a B market, right? A bear market, build market, whatever. How we're so excited. I'm so excited right now. Because like the last B market that we were in, it felt like things could actually fall apart. Like it felt like D5 might not actually ever work.

Starting point is 01:25:45 Ethereum, the project might not ever scale. We would never find product market fit. And the whole Bitcoin experiment was maybe or the whole Ethereum, the whole crypto experiment was maybe Bitcoin if we're lucky. And that would take years to recover. All right. This is a very different feeling entering this bear market. And I couldn't say it better than.

Starting point is 01:26:05 Van Spencer just says it right here. Coiled Spring on a path to hypergrowth. We are washing out the excesses. We are building things people want to use. The hardest part of the whole thing, the whole thing in a new product, in anything. The birth of the Internet, like birth of Google, the birth of any of these transformational Uber, is product market fit. Once you have product market fit, there's going to be cycles. Now it's just a matter of scaling.

Starting point is 01:26:32 We have product market fit. Now we're just scaling. So I've never entered a bare market with more confidence. And you know what that leads me to is the thing I am bullish on is I feel like this is the last time this is going to happen. All right. Ether in the 1,000 range, right? Ether, look, I'm going to say it, David. I know David disagrees on this.

Starting point is 01:26:52 Ether could dip into triple digit territory once again. We could go below 1,000. I'm not saying it will. I'm not saying that'll happen, okay? I'm saying if it does happen, back the truck up. All right? not financial advice. All right.

Starting point is 01:27:07 Some other kind of advice for you. Maybe life advice for you. I don't know. I'm just saying this is the last opportunity that we'll ever have. It's this bear market. And I'm thankful. Honestly, I'm thankful that a whole bunch of listeners who got in the first cycle of the last two years,

Starting point is 01:27:23 a bunch of people who got into crypto, now they can prove their medal, and they'll have an opportunity that previous generations have had. It feels more fair that way. I'm glad we didn't just zoom all the way up to 10K and then pass that and like see you later everybody else. You have another opportunity here. And this means be responsible, dollar cost average in.

Starting point is 01:27:43 That's what you want. Like buy good assets. But think of this as the last great generational opportunity buying opportunity because that's what it is. And this is why I've been saying this is the greatest bear market of all time. So much is going to get built. People are going to get jobs in crypto. People are going to get paid.

Starting point is 01:28:01 and people are going to buy cheap ETH in ways that they never had that availability before. I remember after my first bear market or going into my first bear market in 2018, it was like, oh, okay, that was a cycle where it's not the future. I'm Rex now. And so I had like, I'm not going to put out numbers, but I had an amount of ETH that I had. And I was like, by the time the next bull market comes around, I'm going to have 10 times the amount. And that was like a lot of money for me at the time.

Starting point is 01:28:28 and I made, that was actually cutting it short. I made more than 10 times the target that I had going through the bear market. And so think bigger dreams going into the bear market. Think about what you want to get done and just grind for that and work hard. Because when you grind in the bear market, you turn into flowers, you grow flowers in the bull market. And so this is why we're so excited. Like this is such an awesome time to be in the crypto space when so much gets built and there's such little noise. One of the reasons why bull markets always end is because it becomes a meme, right?

Starting point is 01:29:03 It turns into a self-reflexive loop as in like, oh, there's these things that people are just throwing money into and they're doing that because other people are throwing money into them. Therefore, I will produce this thing that they will throw money into. And the more that that like self-reflects on itself and like turns into a like a loop over and over again, like how can I make the thing that people put the most money in, the fastest. That is literally the opposite of long-term time horizons. And so now that that is fully dead, we have products that are going to be built for things that people's like, oh, maybe in five, like, I'm going to build a thing that people are going to put money into, hold it there for five to ten years and keep it there. And that is called Ryan Fundamentals. And that is why this is a build market. Absolutely. David and I are bullish on the bear market. That's the end of things. You were talking about memes, David. Here's the meme of the week here. You and I just popped out. I think the bankless, bankless HQ Twitter posted captioned. I saw some great captions. I saw some embarrassing ones, but what are we looking at here? It's us doing, I think, the weekly roll-up,

Starting point is 01:30:01 or it was recording the intro to Vlad with Robin Hood, and you're talking into the camera, and I'm just looking at you, and for some reason I'm biting my lift, dude, and I don't know why. Oh, wow. This makes me feel uncomfortable. Yeah, the caption is that you are Eith, and I am layer two. There you go. Yeah, I see it, and I hope this becomes a meme of the ages.

Starting point is 01:30:24 This has been the weekly roll-up. It's fun to do one in person. We are back to our regular schedule where we are a coast away. You're going to be on the East Coast next time, David. No, I'm going to be in Seattle for a little bit because, again, my stuff has to get there. I have no idea where David is. I'm going to be floating around in the world for the next two weeks. I do know, though.

Starting point is 01:30:43 None of this, of course, has been financial advice. Risk and disclaimers. Bitcoin, Eith is risky. It's very volatile. You could lose what you put in. But we're headed west. This is the frontier. It's not for everyone.

Starting point is 01:30:54 We're glad you're with us on the bankless journey. Thanks a lot.

Bankless - ROLLUP: Build the Dip | GameStop Wallet | Terra Relaunch | PoolTogether Lawsuit - Mint a Pooly

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