Bankless - ROLLUP: Bull Market Week 2 | Blackrock ETH ETF | WSJ vs Crypto

Episode Date: November 17, 2023

Bankless Weekly Rollup 3rd Week of July, 2023 ------ 🎙️ Tap into the Bankless Premium RSS Feed https://bankless.cc/premiumfeed  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE ⁠https://k.xyz/bankless-pod-q2  ⁠ 🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING ⁠https://bankless.cc/MetaMask  ⚖️ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum ⁠  🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo  👾GMX | V2 IS NOW LIVE  https://app.gmx.io/   🦄UNISWAP | ON-CHAIN MARKETPLACE ⁠https://bankless.cc/uniswap  ------ TIMESTAMPS 0:00 Intro 3:00 Markets 4:30 MicroStrategy https://bitcointreasuries.net/  https://twitter.com/thepowerfulHRV/status/1724892561100443741  7:20 ETH https://imgur.com/P4U1F4r  9:50 Layer2 https://l2beat.com/scaling/summary  12:45 Solana https://twitter.com/0xjaypeg/status/1723085649928937960  16:00 Cathie Wood https://twitter.com/AltcoinDailyio/status/1724602432347689321  17:20 ETH Next https://twitter.com/RyanSAdams/status/1724813998770602176  18:20 Inflation and Liquidity https://www.cnbc.com/2023/11/14/cpi-inflation-report-october-2023.html  https://twitter.com/wclementeiii/status/1723340365749493822  23:00 Blackrock Spot ETH ETF https://www.theblock.co/post/263299/blackrock-ethereum-etf-sec  24:00 XRP ETF Hoax https://vxtwitter.com/WhaleWire/status/1724170699944722614  https://x.com/EricBalchunas/status/1724528224892326128  26:00 ETF Speculation 28:25 WSJ vs Crypto https://www.wsj.com/world/middle-east/hamas-needed-a-new-way-to-get-money-from-iran-it-turned-to-crypto-739619aa  https://x.com/BanklessHQ/status/1724897239611629636  https://twitter.com/GOPMajorityWhip/status/1724841543872266381  31:20 OKX Layer2 https://x.com/okx/status/1724472549197619561  https://www.coingecko.com/en/coins/okb  https://coinmarketcap.com/rankings/exchanges/derivatives/  https://twitter.com/sandeepnailwal/status/1724517804852834411  36:00 Coinbase Verifications https://twitter.com/CoinbaseCloud/status/1722702330406060282  38:20 Nocturne https://twitter.com/nocturne_xyz/status/1724806199777042623  42:30 NEAR Protocol https://twitter.com/NEARProtocol/status/1722973131374010559  45:30 Lattice Redstone https://x.com/latticexyz/status/1724744074089943051  47:45 Poloniex Hack  https://x.com/peckshield/status/1722991018272759816  https://x.com/justinsuntron/status/1723008641433784695  48:55 Ordinals Seed Round https://www.coindesk.com/business/2023/11/16/bitcoin-focused-ordinals-project-taproot-wizards-raises-75m-in-seed-round/  49:30 MEME of the Week https://twitter.com/cyounessi1/status/1722629171241955353  ----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures 

Grab your coffee. It's the weekly roll-up. David, what are we talking about? The bull market continues. Week two of the crypto bull market. What is pumping and why? This new and improved market section in the weekly roll-up where we have the movers of the week. We'll unpack which tokens are moving and why. And sometimes at some point in the market, you'll have to be reminded that sometimes they're just going to move and there's not going to be a why. But there's perhaps a why this week. And also another big win for layer two's on Ethereum. Another centralized exchange is launching another layer two. It's basically table stakes for exchanges to have a layer two these days. What else is going on, Ryan? First of all, I'm glad you said centralized exchange because I can't stand,

like, sex just doesn't work for me. Another sex. C.EX? It just still doesn't work for me. Also, last week was speculation, but this week's, it's official. Black Rock has officially filed their ETH ETF and not to be outdone. The XRP community tried to meme their own ETF application from Black. rock into existence. It didn't work out well. And finally, the base roll-up is introducing on-chain perks for people who identify themselves. And also, we have some identity protection, a new privacy protocol coming to Ethereum that we're going to talk about. David, there's always so much we jam-pack in this roll-up. And you know what? We also jam-pack another feature of bankless that we don't talk about too much on the podcast. And that is the bankless premium feed. The other podcast, the other RSS feed.

There's another layer to bankless that many of those listening don't even know about. Most of you are still on the main chain. Yeah. Yeah. There's another echelon to your banklessness that you can get to. And that is the bankless premium feed. It comes with a subscription to the bankless citizenship. It's just a whole separate premium feed that we release that has bonus episodes.

So after every Monday episode, David and I do a debrief, we call it. We are going to start doing monthly Q&As. as well from the bankless nation. So all of this bonus content, it's also ad free as well. David, what else can you say about this fine, you know, second layer, layer two podcasts?

Yeah, some people say that after they've been listening to bankless for forever, they actually don't listen to the Monday podcast. They just, don't tell them, Matt. They just listen to the debriefs. They're like, eh, the Monday podcast is really long.

I'm just going to listen to Ryan and David talk about the podcast. Oh, wow. So if that's your mind. Also, there's just a discord where me and Ryan hang out when we are not doing podcasts. I've got my own channel where you can ask me anything. And this is where we'll be having our town halls and overall where we just hang out during

the bull market. So if you want some companionship along the bull market, if you want to just ask some questions or just overall hang out, also this is where we're getting the questions for the Q&A episodes. Just come hang out in the Discord. There's a link in the show notes to get your bankless citizenship. It is your bull market companion package that you need. I should mention it costs money. Okay.

So this is $16 a month if you commit for a year. But we know you can afford it because it's the bull market. Bold market. Week two of the bold market. All right, David. What are we covering today? Let's talk about the markets first. Bitcoin.

What's the price in the week? Bitcoin and Eth, actually relatively flat on the week. A lot of the action was further down in the market cap stack. So Bitcoin started at 36,300. It's actually falling as we are recording this. Yeah, sad. Down 1%. So 36,000 flat is where we are with Bitcoin.

Down 1% on the week. Okay, but maintaining those relatively high levels, which feels pretty good. Tell me about this, the GPDC discount. premium to nav. What are we looking at? Yeah, so as markets are heating up, I'm going to just be looking at the gray scale discounts or premiums, mostly discounts, because it's just a sense, it's a kind of a sentiment indicator, it's also an indicator of outside money coming into crypto, and they're using greyscale, an inferior product, nothing against gray scale, but simply an inferior product to a spot

ETF, which we are going to be getting soon. And we are watching the GBTC and ETH discounts approach par, where they ought to be. they were negative prior during the bear market because everyone outside who's getting access to crypto via these mechanisms, like, I don't want crypto, sell. Now people are buying. So the gray scale GPDC discount has gone from like negative 40% back in July to where it is now what we are looking at and the punchline I'm trying to finally get to, which is negative 13%. So we are negative 13% on the gray scale discount coming up to zero. We want it to be zero. When this hits zero, all outside interesting. capital that's interested in buying Bitcoin would be motivated to not buy it through this venue but actually would just buy

spot. It'll spill over. So this is kind of absorbing actually like true spot market buy pressure because people are just buying the grayscale Bitcoin and Ether trust first. But we're getting close. It was negative like 50%. Now it's negative 13%. David, do you know with this

Bitcoin price ride, who is sitting on $1 billion worth of profits? Whose trade finally paid off. Can you give me a guess here? Who just happens to have? Who do you think happens to have so much Bitcoin that going up to $36,000 means that they have a billion dollars of paper gains? Who could that be? Who is that? It's micro strategy. Currently, they have $5.7 billion of Bitcoin with a cost basis of $4.6 billion. So congratulations, Michael Say earlier. You didn't really time your buys in the best possible places in the market. Doesn't

matter. He was dollar cost averaging in, David. But like Ryan said, it was going to work out. And it finally has. I want to say, we have consistently said that, that this is actually a fantastic buy. But David, I don't know if you saw this clip, okay? What kind of crazy person would actually be buying Bitcoin during all of these dips? Let me give you a flavor for Michael Saylor. This is him in a recent podcast. And I just love this clip. I want you to see it. But when you go all in on something, I would say that does take conviction. Now, your conviction might be- How many- Chairs are you sitting on right now? One. Are you all in on the chair? I am all in on the chair. Like, the point really is you put on one pair of glasses. You've got one pair of of air pods right now. You're looking at me through one screen. You're using one microphone. That's a one microphone. Like you trust it. Is that conviction? Seems kind of scary. Why don't you diversify? Why don't you use 10 microphones? The point really is,

Things in your life, do you drive in 10 cars at the same time or one car at one time? Do you drive down one street? Aren't you afraid that you're driving down one street? Do you take a different way? You know? Look at his face. He's like, I don't know how to respond to this. Oh, my God.

Michael Saylor never changed. That is the guy who has been purchasing this entire time. Oh, that is what you call some conviction. Your analysis right there. I actually have two pairs of AirPods, Ryan. Yeah. In fact, yeah. I'm not an AirPod Maximus. David, does he feel the way about Bitcoin that you feel about Ether? I don't think so. I think it's directionally the same, but he feels something. I'm not feeling what Michael Saylor's feeling.

I don't think I've ever felt that way about maybe anything, the way Michael Saylor feels about Bitcoin. Those are some conviction purchases. And that's what gets you a billion in profits, my friend. Okay, that's Bitcoin's story. Tell me about the Ether Prize. We're looking at the Cracking Pro charts. What is Heath doing on the week? Well, it's going down from the last time I looked at it. So that's sad. We started the week at $2,016. I wrote down to where we ended up at 1973, but we're actually looking at your screen. It's 1960. So down 2%, so currently falling. We started this episode and we called the Bull. Now I'm feeling below 2K. I'm not feeling as bullish. This is what markets in the bull market can do to you. They go back down. That's not fair. You wanted to show us the ETHI discount, though. ETH-E discount, again, it used to be almost at negative 60 back in July. So negative 60%. So like if you bought one, if you put it in $100 into the ETH-E discount back in July when it was at negative 60, you actually got, what's the math here? Like 1.6-ish. Extra 60%. Yeah.

One amount on your dollars at par. We are not at par. We are up to negative 15. So there's been a lot of buying pressure on the E-th E-D discount bringing up to negative 15. So that's also approaching par. Yeah, and part of your thesis is that has to be evaporated before etha really goes up. It doesn't have to hit zero. It's just like once you are approaching like below negative 10 to zero, then this difference is between gray scale and spot is like less. So like we're already starting to like it's mostly gone. I want to believe, David. I want to believe. Okay. How about the ETH Bitcoin ratio? It's flatty down. Flatty down. Flatty down. And total crypto market caps hanging in at 1.44 trillion. So still pretty up.

So slightly up on the week because a lot of price appreciation happened down the market cap stack. People are placing their chips on the lower cap coins right now. Remember you asked me last week about like what's the market cap of crypto this cycle? Well, I asked that question after last week's roll up crypto Twitter and here's what they said. The vast majority, 42% of my followers said six to 10 trillion. Okay. And then second to that was two to five trillion. Okay.

Which I mean we're almost to two to five trillion right now. Those guys aren't bullish. Those are bears. Bears are saying two to five trillion. Yeah. And my answer was in the range of 10 to 15 trillion. Apparently 20% think that. And 14% think over 15 trillion.

So that's the distribution, at least, according to my Twitter followers. I hope we don't stop at $5 trillion, David. That would be lame. That would lame. That was a bull market for ants. I'm not interested in that. I mean, I got my takes about this bull market, but I guess this is now a news show.

So I can save my take for a different show. I know, this is only the facts, okay? No takes here. No opinions. No opinions. Value locked in layer two. That's a 13.64 billion. That's healthy. That is up bigly, up 5% on the seven days. More than that. We should just celebrate every time this hits all-time high. And it's all-time highs, yet again on the week. That's going to be real annoying. Not for us, though. Up only. Just for our listeners. All right. Now you wanted to show, we've got this new section for the Bull Market, Movers of the Week. Moves other week. I'm going to sort coin gecko by the seven-day movers. Tell me about them.

Yeah, Celestia, Avalanche, and Thorchain. Sorry, Caspa, I still don't know where you are. Celestia, data. Importantly, haven't cared enough to go research. Technically, Casper is at number three. Celestia, data availability layer. Also, I recently had their airdrop. So congratulations on all of you non-American listeners who were able to get your Airdrop and also congratulations to people who claim the Airdrop and then didn't sell it because it's been up like 3x since you claimed it. This segment brought to you by the SEC and Gary Gensler. So the Celestia, like what's the market cap on Celestia right now? The fully diluted valuation is pretty big. Okay, yeah, excuse me. Market cap is 8.00 million. That's not that big. Fully diluted. It's a 5.7 billy. Okay, so low, very low float, but this is typical for very young coins.

overall, just a huge just like vote of confidence for the multi-roll-up, the many, many, many-roll-up thesis. Like, Celessia, the token TIA. Really? Yeah. David, we're on the seven-day.

This is a totally narrative trade. Narrative trade. Don't you think? Well, the narrative is roll-ups. There's no other narrative for Celestia other than many, many, many roll-ups come and use Celeste data availability. It does one thing, which is sell data availability,

and who are the one people that buys data availability. It's Rolex. No, I get it. All I'm saying is it feels like it's a vote of narrative confidence and not necessarily a vote of... Bro, it's narrative season, man. It's the bull market. Oh, okay. Those are the same things now. I forgot. What kind of market do you think we're in? What else we got? Followed up by Avalanche coming back from the dead plus 71% on the week. That is a big move. Celeste is at 140% in the week, so I didn't say that. Yeah. And then Thorchain, like really impressive return by Thorchain up 63% of the week. Thorchain and you are doing a bull episode on Thorchade because David he tweeted out just it's basically

an opportunity for some of these communities and some of these other assets to come basically give their their bull take and we're airing these on their best foot forward yeah Eric Ford has wanted to actually step in and join the bull case for Thorchain. I know he's been quite bullish on he's been bullish yeah it makes sense if you know his history with um what was his deck's shape shift shape shift yeah and I'm going to scroll down a little bit but I don't have to scroll too far before I see Solana yet again, David. It's been up only and another 37% on the seven day here. Here's a take that institutional demand is actually one of the drivers for Seoul. And you can see that through the sole gray scale trust. So we're talking about the other gray scale trust.

And here's a tweet saying the gray scale soul fund is trading at 125 a share. That's a 600% premium to nav. Holy crap. You have a take about this, I think. I do have a take on this. I first, before I get into my take, I'm going to give Jay, who we had Jay on the podcast for the Bull case for Coinbase. I'm going to give him a bonk. This is the Dogecoin bonk. Oh, this is Jay? This is Jay.

Yeah, the Coinbase analyst. Yeah, the Coinbase analyst. You're bonking him on the head? I'm bonking him. This is the Doge meme of bonking him. He gets a bonk. Why does he get a bonk? Okay, so not all Grayscale trusts are the same.

So what are the main differences between like Bitcoin and Ether trust and Grayskill and like all the other ones? which we're about to pull up and talk about. For Ryan, pop quiz. What do you think the size is of the gray scale Ethereum trust versus the gray scale Solana trust? Ooh. In terms of like market cap,

assets under management. So I know that the ether one is big. It's definitely in the billions. So I'm gonna go like $2 billion would be my guess for that. Okay. And I know that Solana is a lot smaller. And it's, you know, 10% of the market cap of Ethereum. So it'll call that, you know, $200 million.

Okay. Bankless listeners, put everyone, consider the numbers. Lock them in. The correct answer is the Grayscale ETH-E Trust has seven billion

ether of dollars under management. That's a lot. And the Salana Grayscale Trust has seven million. Oh my God. One percent? Seven million.

Yes. It is absolutely tiny. And so going back to Jay's tweet, when he tweets that like the, let's see, the implied valuation is at $328 per token. That's like,

having a shit coin, market, uh, shit coin centralized exchange that's like third rate, have almost zero volume on Solana. An ands could move that. Like I could, I could move that price.

Yeah. Like the $600 premium to NAV, uh, is that's just not, it's not real. So like, also what a terrible ripoff. Imagine paying six.

Right. Also don't buy it. Don't buy it. Just buy a spot. And so Jay, I'm giving you a bunk for, uh, bull posting without,

what is bull posting for people who want to Twitter. Just like posting bullish stuff and you get a ton of engagement. He got a ton of engagement on this tweet, but he gets a bong. Well, I feel engaged. Can we look at all the Grayscale, the sizes? Okay, so Grayscale GBTC trust. How much total holdings? $23 billion, followed by ether at $6 billion, followed by Ethereum Classic, because Barry Gilbert was weirdly in Ethereum Classic Bowl, at $230 million, light coin at $110, Bitcoin cash at $72, Z cash at $9 million. Dollar Lumens at 8 million, followed by Mana, the Decentral Land currency at 8 million, followed by Solana at 7.5 million. You're like, it's behind the grace, the, the decentralal,

what was that, that Metaverse project, the mana, anyways, 7.5 million. So like, you, there's no signal. There's a long tail here. It's a very long tail. Yeah. All right. And sorry, Link Marines, this also goes for you, because Link is at 4.5 million. Okay. So maybe, maybe Jay feels sufficiently balked. What's your take on Kathy Wood, though? Here is Kathy Wood talking about Soul. And David, spoiler alert, she's bullish. So Bitcoin and Ether, anything beyond that? Well, you know, there are infrastructure players. Salana is doing a really good job. I mean, if you look at ether was faster and cheaper than Bitcoin in the day. That's how we got Ether. Salana is even faster and cost-effective than Ether. So, you know, there are infrastructure.

infrastructure plays. We do believe Web 3, digital assets. That's a big idea, actually. Digital assets with property rights. First time ever online that we're seeing property rights. Okay, so thoughts. This is just like Chris Berniske whispering in Kathy's ears. Here, Kathy, here's how you talk about crypto in the year of 2023. Chris Berniske, He used to work at Arc. He's a big Salana, Salana Bull, like loaded up his salana bags, been investing in the slana ecosystem. And then Kathy Wood is going on Squawk Box, and she's like, oh, I'm going to talk about

crypto. David, what are you doing? This is not our take's episode. This is just the facts. You asked me my take. A big mistake. All right, let's move it on. We did an entire episode talking about why not Eith.

And that was actually in the takes episode that we released earlier this week. But my take is, David, the TLDR is this reminds me a lot of fall, And that was a time when everyone was rotating into the latest kind of like chips on the table, crap table thing, which was defy tokens at the time. And it was defy and Bitcoin. This time, it's basically like Bitcoin and all of the other like tokens that still have communities. It's not defy. So it reminds me a lot of fall of 2020.

And if it plays out the same way, then ETH is going to have its run up soon. That is the hope. Maybe that's some of the cope. I totally agree. but it was also not just fall, it was also summer and a little bit into spring of 2020. It lasted for a while. It was like a half a year.

It did. I know. So we might be in for a long one here, at least for those ETH holders that are feeling left behind. David, here's something boring for you, David. CPI hit a two-year low. Okay, so that's what we're talking about macros. But the reason I think that's relevant is because this was the smallest increase in September 2021.

And the big question on everyone's mind is, is the Fed going to continue to raise rates, or is it going to hold steady, or is it going to cut? When inflation is down, it is more likely to hold steady or to cut. So that seems to be the trajectory in macro markets these days. I think that's good. We want that, right? Yeah, we do. I think we want that.

I mean, inflation down and Fed pivot up. I mean, that's good for crypto for sure. That's like it's going to be the biggest bullish catalyst that I can think of if we do have this bull market. It's going to do things like this. when the Fed pivots, we're going to get more of this stuff, which is this is a tweet from Wilklemente, who's an on-chain, just like on-chain wizard, I'd say. And he tweets out, for the first time in 1.5 years, the 90-day change in stable-coins supply just flipped positive. We have more stable-coins today than we did 90 days ago. What is stable-coin supply as an

indicator for crypto? Liquidity. More stable-coins, more liquidity. More liquidity. Number goes up. That's how you do math. Yeah, actually, in all of the things that we've talked about so far, this is the biggest fundamental bull-mark. Like we were talking about the narrative market. This is actually a fundamental. When stable coin liquidity goes up, I get much more bullish, and this is a very good sign

of good things to come for crypto, for sure. What do we got next? Coming up next, a new exchange is a new layer two. Every centralized exchange making layer twos these days. I declare layer twos are now table stakes, but who is it?

And after that, we're going to talk about how blockchain data was used in Congress to fact-check Elizabeth Warren. I love these words. And then also how XRP tried to meme an FETF into existence. We'll figure out if that worked out for them. But we'll get to all of that and more.

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GMX is leading the charge in terms of opportunities for defy liquidity providers. The future is on-chain with your wallets, with your trades, and with your money in your own hands. Try it out now at app.gmx.I.O. You know that rumor last week of BlackRock filing the spot Ethereum ETF, David? Yeah, the rumor, it came out right before we started recording last week. And it was buzzer-beater. We went out a limb on a limb and we said, you know what, this is probably going to happen. You know, coin telegraph style.

We just, you know, but it took that risk. Well, today, as of Thursday, the 16th, BlackRock actually filed the official spot Ethereum ETF with the SEC. It was not a false alarm. is not a bankless stafoo. This is now a fact. So BlackRock has the Bitcoin ETF filing and now it has the Ethereum ETF filing. And that, my friend, is very bullish. Has anyone informed the ETH price of this? I'd like to file a complaint with the crypto manager. Right. Someone tell Ether that it's getting a spot ETF.

All right. Well, you know what? Not to be outdone. The XRP community was hoping for their own spot XRP ETF, at least on the back of this. This is from Whalewire, an account on on Twitter. Justin, BlackRock has officially filed for a new I-Share's XRP trust entity, XRP, of course, the token behind Ripple. And here it is. This looks like a valid screenshot, David. Looks super legit. From the beautiful state of Delaware, it looks like a government filing. But there was only one problem. What was the problem with this particular filing? It wasn't real. Okay. Whether or not this particular screenshot was just straight Photoshop, which is super easy to do or something.

We just had to wait for Eric Balacunis and a few others to come out and say, nope, nope, nope, nope, nope, that is fake. That is fake. Somebody pumped the price of XRP up like 7 or 8 percent and then it immediately fell back down. Yeah, so it was actually, David, it wasn't just a screenshot. It was bogus paperwork. Oh, so the screenshot's legit. Yeah, the screenshots legit. It was just like bogus paperwork.

Right, because it actually went through the Bloomberg terminal. Yeah, it did. Right. Oh, that is a rug. All right. So somebody was doing this clearly like just a prank, bro, probably to prop up XRP price. The only problem with that is. Somebody had like a 100x like order on it. Yeah. When you do that in Tradfai, right, there's actual like cops on the beat that don't like this type of thing. So the Delaware Department of Justice is now looking into this. And it looks like they're probably going to be making some arrests. Oh, good. Good. I love that. Yeah. That's how they handle a fake news over in a,

TradFi world, it seems like. So we got that going forward. Right, because it's not the Wild West over there. I want to ask you a question. Yeah, I want to ask a question. So last week, just after we recorded, we had this little back and forth. And my take was, I only think there's going to be this market cycle anyway, a Bitcoin ETF and an Ether ETF. And everything else is like many months away, probably years away, like three years away or so. And we won't actually, we won't actually get that in this market cycle. But I think you disagreed with me. You said, you think there could be the potential for other ETFs. Do you still stand by that claim, David Hoffman? Do you and what's the next ETF? I think you and I both know that I am not an authority

about this whatsoever. I told you. But the problem is neither in my eye. Sure. So I could, it was two people who don't know what they're talking about, like debating this. Right. Yeah. Blind leading the blind. Okay. But if Bitcoin and Ether can get spot ETFs, so can Bitcoin cash and light coin. And we've noticed just like TradFive really just not being being able to differentiate between just like Bitcoin Cash and like coin and like the rest of the crypto assets that people care about. Like it would be meaningful if we saw like a Link ETF. I think Link would be a viable candidate. Honestly, maybe even XRP too because they won their case against the SEC. Like what question do you want to ask? Are we going to get Bitcoin Cash like coin ETFs or are we

going to get like Link and Salon AETS? How about we do this? So how about we do? do this, right? So I was speculating, and I think there's only two. You were speculating as well. You know what I did after? Because you asked an expert. Yeah, I actually went and asked an expert. I'm going to reveal some DMs here because they're not private. James Safert. I asked him, is there any likelihood that will get another non-Eath Bitcoin ETF in the next one to three years? He said, no, sir. Absent new head of the SEC or literal act of Congress. I'd be surprised we get assets other than Bitcoin and Ethan an ETF. And then he said some more. things there. So James Safert says this is still a ways away. And maybe we should count our

blessings. Maybe we're just lucky to have two ETFs. And we only have like more certainty over the one. So Ethereum could still be a, you know, a hump to get over for Gensler's approval on this one. I'm sure he'll be choking that one down. This is why this bull market is going to, if like whoever's like, oh, it's a bull market, it's a ball market, including us, including at least me. But man, if we have a bull market because we have this bought Bitcoin Ether ETFs and Bitcoin and Ether, therefore I have exposure to like all the capital flows from TradFi. Yeah. And right now everyone else is like speculating on like Avalanche and Thor Chain and Solana. Like there's a disconnect here. Like these are different, these are different versions of

reality. Yeah. It's definitely beyond the scope of this episode. You know, we'll have to give some takes on this, I think. The Wall Street Journal, doubling down on crypto plus terrorism, but Congress is fact-checking. This was a story that broke. Remember Wall Street Journal? We've been talking about

so many roll-ups. Well, they just doubled down again, David. This is a brand-new story coming out this week. Hamas needed a new way to get money from Iran. It turned to crypto. They're finding something else

to point to crypto. The pivot to digital currencies helped Hamas receive large sums from Iran in the two years preceding the attacks on Israel. More baseless claims, it appears from the wall Wall Street Journal. But here's the good news. Here's the silver lining this week. I want you to watch

this clip. It was a member of Congress talking about this particular thing. And notice what he says. Here's a tweet. In the aftermath of these attacks, there was an article in the Wall Street Journal that reported that Hamas received a significant portion of its funding from digital assets. A subsequent letter sent by members of Congress stated that Hamas and Palestinian Islamic Jihad has raised over 130 million in crypto. to which the blockchain analytics firm, cited by the Wall Street Journal, issued a correction, and I quote, there's no evidence to suggest that crypto fundraising has raised anything close to this amount,

and the data provided by elliptic and others have been misinterpreted. At the end of the day, bad actors will continue to use any means possible to conduct. David, I'm going to continue this in a minute, but did you notice Congress is now quoting blockchain analytics data? That's cool. All right? That's a cool thing. Yeah, this is Congress learning how this entire system actually works. And our industry is the one that revealed this. I mean, Nick Carter and all the citizen journalists responsible for sleuthing out the actual truth here. And this is making it all the way to the floors of Congress. This is Representative French Hill, continuing.

Any means possible to conduct their illicit activity, but phones on the Internet aren't to be blamed by terror financing and crypto shouldn't either. We must examine these issues head on. and separate fact from fiction. And that's why we're here. Hey, that's nice, right? So that's what's going on in Congress. It's good to push back on this. And Tom Emmer created a bipartisan letter with Richie Torres as well, Representative Richie Torres.

So this is Republicans and Democrats together calling for an inquiry on all of these shenanigans and false allegations. I love that. I love a junior Democrat questioning a senior Democrat, Liz Warren. Richie Torres saying, hey, Liz, that's some BS, and I'm doing a letter of inquiry. That's, that's, I'm looking forward to this. I think in particular for Richie Torres, because I think a lot of the established Democrats are kind of against this. And as you said, it takes a lot to push back against Elizabeth Warren in the party right now.

So, yeah, you're clapping for all these members of Congress that are pushing back on this. Big time, big time. OKX is launching their ZK layer two with the Polygon ZK EVM. OKX is the six largest centralized exchange in crypto with 50 million users, now all getting a layer two to call home. Did you know also, Ryan, that they also already have a token. OKX already has a token in the same way in that finance has a token. It is a $13 billion fully diluted market cap,

350 million dollar market cap. So no small token, now getting a layer two. Yeah, OKX is that token is actually bigger than I thought. I mean, $13 billion is quite a lot. That's going to be used as the payment token. on this layer too. So it's kind of a, it's got a utility use there too. And one interpretation of this, remember last week, David, there was rumors of Cracken looking to spin up their own layer two. It's not been confirmed by Cracken, but of course, Coinbase already has one.

David, are all of the exchanges going to have a layer two? Is this how this is going to go down? Yeah, it's looking like it. It's looking like table stakes for any centralized exchange to also have its own domiciled blockchain, which I think is great, because that it's just more surface area for more things to become becoming on chain. But I will say, can we get an exchange to use a ZK Validium, basically a roll-up, to not just like have externally to their ecosystem where they have their own chain, but actually be the chain? As in, can you take the back end of the ledger? Because all, what are banks? What are crypto banks? They're ledgers. Can you take the ledger, the state of the bank? You put that on chain. That's, that's the new,

thing that I would like. That would be very, very cool. Yeah, we're just, we're just raising the bar even more. They can never satisfy us, right? We're not, we're not happy with them all up. You can always be more bankless. You can always be more bankless and more decentralized. That might be the trajectory. We'll have to see. David, what do we have coming up next? Coinbase is offering perks on the base chain. If you disclose your identity, if you verify your Ethereum wallet to them, you get some free perks. Maybe you're interested in that. If you give up your identity. Maybe it's worth it for you. But on the flip side, there's a new privacy app to help you hide from Coinbase on the other side of things as well. And then also, I've got some corrections

that I have to say about near from our last week's weekly roll-up. So there's some near things as well. We're going to get to all of these. Yeah, we messed up. Yeah, it was me. I'll take the blame for that one. We're going to get to all of this and more. But first, a moment, to talk about some of these fantastic sponsors that make this show possible. Metamask portfolio is your one-stop shop to navigate the world of Defi. And now bridging seamlessly across. cross networks doesn't have to be so daunting anymore. With competitive rates and convenient routes, MetaMask portfolio's bridge feature

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display your beautiful NFTs, and you can also explore Web3 with the in-app search features, market leaderboards, and price charts, or use Wallet Connect to connect to any Web3 application. So you can now go directly to D5 with the Uniswop mobile wallet, safe, simple custody from the most trusted team in Defi. Download the Uniswap wallet today on iOS. There is a link in the show notes. Coinbase is offering free transactions in exchange for on-chain verification. So I give a little bit of information about myself and then I get free on chain transactions on base. Is this what I'm reading? That's what they're saying.

Yeah, free base chain transactions if you verify your Ethereum wallet to Coinbase. So if you already have a Coinbase account, you already have KYC done with Coinbase. You can just link your base chain wallet. And so like, okay, that's my wallet. And then your wallet will have free transactions on base. There's some other perks as well. you can get access to the base discord. I don't know what goes on in there,

but I'm assuming they talk about base. And you get some other, there's some other perks as well, right? So like a lot of whatever it takes to have like anti-sibleness as a property inside of apps. So like there's air drops, air drop like social gaming stuff. What? I'm scrolling down.

This is all built on the Ethereum attestation service, the open standard. Yeah, totally. We did an entire episode about this. This is incredibly bullish. Yep. Yeah, yeah, yeah. So using E.A.

to provide Coinbase's version of identity for base chain. You know, this could be an entire thing that we do, like exploring what a sci-fi crypto exchange looks like. But if you think about what an exchange actually is, well, it's identity. It's one part identity. It's one part user experience. It's one part wallet.

What does that look like in the future? It looks like this is the next step. Once all of the exchanges have their own layer twos, right? What are they going to do? They're going to provide some sort of identity service on top of that, layer two. Yeah, because they already have the identity service and now they're just extending it into the layer two. I think we should proceed with caution with this. Because I don't think it's too far hard to just imagine that like there's an app that only is useful, only opens to you

if you have done your verification with Coinbase. Oh, I could totally see that coming as well. So we're going to have identity KYC crypto and then we're going to have non-KYC crypto. And One project that's helping us with the non-KYC identity list crypto is a project called Nocturn. And we talked about them, I believe, a couple weeks ago. They are a bankless ventures investment. The cool, exciting thing this week is they just rolled out live on Mainnet. This is a privacy vault UI that's accessible. You go to app.

nocturn. That's where this is located. What is this, David? Simply put, it is a wallet that is a sidecar to all of your other wallet. So every wallet that you have can have its own nocturn wallet. It's basically like a shadow version of your public wallet. So kind of in the same way that I have David Hoffman.eath, I can go take my wallet, and that David Hoffman.

Eth is registered to one of my wallets. I can go get a nocturn wallet, and then I have a private account. And through some cool cryptographic mechanisms called stealth addresses and some account extraction primitives, you get to have your private account, and then it lets you engage in defy. And anytime you make a transaction, Nocturn uses a stealth address, and then you do your transaction, and then it throws away that self address, and then you get another one. And so there's always this hidden wallet behind this mask of stealth addresses. And so it's different than all the other applicant privacy attempts at privacy that have come prior, because it brings privacy to your

wallet rather than it doesn't actually actually it's not asking the consumer to do anything different in the grand in the fullness of time like ideally this is just becomes like embedded in your wallet and i think this kind of project really uh throws a question to the rest of the world right is kind of the nation states uh do you want your citizens to have access to basically um the htttps of of crypto and value transfer or is that not allowed and like right now in the nocturn interface if you go to it. Under the terms of service, I don't think they could get around this, David.

There's a list of prohibited countries. So the user shall not access the software or use it if the user is a citizen of the United States of America. Oh, great. Yeah, that's you. I'm not surprised in the slightest. Many bankless listeners, of course, the European Union, the UK.

These are also listed as countries. Afghanistan, Central African Republic, Crimea, Cuba, Russia on down. So a whole list of countries that according to the terms of service are prohibiting from actually using this if you're a citizen of those countries. So it just shows we have a tremendous amount of work to do on the nation state side clarifying our privacy rights with respect to crypto. And those have not been enshrined or clarified in any degree. And they absolutely need to be if we are to preserve our digital property rights in the 21st century. there is no other way to do it.

The juxtaposition between what Base is doing right now with Coinbase, like on-chain verification and the constraints around who Noctrine can provide their services to is like sobering to say the least. And Coinbase and Brent Armstrong have moved mountains for this industry in Capitol Hill, just in our political sphere. And so I applaud them for that. And also I will call on them again. if they're going to incentivize, if they're going to incent doxing of wallets on base chain,

I hope that they also help us make sure that we can have access to our privacy to. Do you see an update from Paul Growl this week? So there's Coinbase representing plaintiffs from Tornado Cash, at least users of Tornado Cash. Preston Van Loon is one of them. The problem is, David, that this is their second court case. they actually lost the first court case, and this is an appeal case. So they're trying to fight this in the court system. They are doing that.

I think we need something stronger. I think we need some politicians with some backbone. They're going to pass some laws and reel in the executive branch from enforcing this kind of thing. The question is, do we want to preserve a function like cash, which is peer to peer to and fully private? Do we want to preserve that in the digital realm or not? Right. And some societies may choose not to, and that's a shame. David, we got a record to correct this week.

We messed something up with respect to the. the NEAR protocol and they called us on it. What did we mess up last week? Yeah. So last week, we said NEAR is now becoming a layer two on Ethereum. That is not true. What is near doing? We did say this part, but it got modeled. Near is an independent layer one. It always will be. It is now also one of the new things. Actually, there's a handful of new things. It is also a data availability layer. So the NEAR main net, the near layer one with all of its apps and assets and all that stuff will continue to settle on NEAR. And it will also become a data available. availability layer, just like Celestia, just like Igen, DA for Ethereum rollups or roll-ups

from any other chain, but honestly what other chain is producing roll-ups these days. And so that is the thing that they are working with Polygon, the Polygon chain development kit. So you can build a layer 2 validity using Near Data Availability. So like Near Data Availability is a module inside of the Polygon chain development kit. And they are also working on bringing this module to the OP stack. That's the updated announcement. But there's actually also some other near things as well.

NIR is also introducing a fast finality layer built with eigen layer. What is a fast finality layer? I'm so glad you asked. This just processes transactions for Ethereum roll-ups and between Ethereum roll-ups in like three to four seconds compared to like whatever exit times, exit queues. You have to go down one roll-up over to the other and back up to the other one.

So it's just secure low-latency cross-roll-up communication. One of many steps of what it will take to recompose many Ethereum layer twos into one seamless Uber. chain on top of, did you read my article not too long ago about the five, five big questions for Ethereum? Yeah, I read those like articles, David. I don't miss any. Thank you. And there's like different versions of the future. It's like one super chain dominates all the other super chains. So this would be like the version of the future in which optimism super chain just like wins. Then there is the one

single layer two, which is like the eclipse model, which is just like not even a super chain, just one one chain and it's gargantuan. Basically the Solana on top of Ethereum thesis. That's the clips thesis. And then there's the Uber chain thesis, which is like a pluralist version of many, many superchains. And so when NIR is working with EigenLayer to introduce fast finality between chains and therefore also superchains, this is a plus one to the multi-superchain thesis, which is as pluralist as it gets, which gets me going. The Uber chain thesis, huh? I kind of like that. I think I'm probably team Uber chain thesis. I will say, even though we got the- It's also the hardest one of the three, by the way. Yes. Even though we got the details wrong, I feel like we got the spirit right,

which is NIR is cozing up a lot more to the Ethereum community with some of these solutions and certainly to roll-ups. I don't know if we can give us that much credit. No, I'm going to take it. I'm taking that as a W, David. The thing that I said that was factually incorrect is that Ethereum assets cannot go to NIR. They are separate settlement layers. Yeah. While we're talking about layer twos, David, you threw this my way. It's something called Laddus. Today we're announcing Redstone a super cost-effective layer two for on-chain games, worlds, and other ambitious applications built on the OP stack. You said you were really excited about this. Why is so excited? This represents a frontier of crypto that is probably one of the most

ambitious frontiers of crypto that I think is possible. This is, I think when we all get into crypto and we all have our minds blown about the future that this could bring, like, oh, everything is going to be super sci-fi and we're going to be able to do everything. Blah, blah, remember when you were like way too overly optimistic about what crypto could do. This is that. Ladis Redstone. It is a roll-up construction that is designed, like purpose-built to build on-chain worlds, fully on-chain games, universes,

things with so much internal state that they need to create the theoretical maximum amount of scale using a roll-up construction, which is why we are returning to the world of plasma. I don't know if you know this right, but plasma has been back in in the, in the conversation. Yeah, the Talicrated Post. I saw this. Yeah, exactly. Okay, so Redstone is the first plasma implementation

for the OP stack. So it's a module for the OP stack. The OP stack's becoming more useful. And it's just meant to optimize to be super cost effective for on-chain games and worlds and highly ambitious applications. Remember OP Kraft?

No. It was an OPE stack chain that ran Minecraft as its virtual machine. Yeah, yeah, yeah. So this is the same people. Scaling that kind of thing up. This is the spiritual descendant of OP craft. So, you know, more research and development, more growth with the team.

So now we have Redstone, which is this like, it's a, it's like a kind of an engine. It's an engine for on-chain games. I think I would like to do an episode on this. I've been trying to do an episode on On-Chane Worlds for a very long time. It's like this weird axis of crypto between the Zero X Park guys, the OP stack people, the lattice people. It's this weird axis and I don't know how to tap into them because they're all kind of like Vitalik and they kind of don't give a fuck and they just want to build. Well, those are the best episodes then. If anyone's hearing plugged into this ecosystem, I mean, I'm connected with them.

I'll just go DM them. Okay. That's the truth. You just haven't asked. I just haven't asked yet. David, there was a big hack this week, $125 million from Polonex, which is his majesty, Justin's son, his exchange. Don't say any bad words, Ryan. Yeah, I mean, I hope this doesn't cause another cease and desist, but this is purely factual.

We're just talking about the news. A further cease and desist. 125 million. I mean, we're laughing right now, but I guess this is a lot of money for people who still had their funds on Polonics. I don't know why you would, but three assets affected, $56 million worth of Eith, some Tron and some Bitcoin. So there you go.

Do you know anything more about this? Yeah, Justin Sun says, the Polonex team has successfully identified and frozen a portion of the assets associated with the hackers' addresses. At present, the losses are within manageable limits. I hope that means that he will just pay. He should. He should. He should. I mean, you should donate some other stuff to public goods. Did you know Justin Sun has like 10 times as much Ethan Vitalik? I think it's like more than 10 times. It's a sad fact. It's a very sad fact. It's a very sad fact. That's a fat, sad fact of the day. David, last thing, we got a raise going on. Bitcoin focused Ordinals project

Taproot, the Wizards, these things. Can you believe people are paying for these NFTs here? That's actually not the stupidest NFTs I've seen. Magic Internet JPEGs. And this Ordinoles project just raised $7.5 million seed round. That's a pretty hefty seed round. Pretty hefty seed round. Oed-Qaeda. Bitcoiners don't have too much seed investment opportunities. So when it all went into this. And it's Oudy Wertheimer and Eric Wall. So, you know, previous podcast guests, immense respect for Eric. Udi is a great troll. We love him too. Yeah.

Yeah. So, congrats. I'm glad Udi has something to do. Wow. David wanted to include this in the agenda just to say that. Meme of the Week. David, what on earth are we looking at? This looks like it's from a Simpsons episode.

Let's go. Banana is the caption. Is there a clip to play that accompanies this that explains this? Yeah, for sure. Okay, so this is Cyrus UNessi, one of many Ethereum people that are frustrated by the lack of performance in Eith. And so there's this bit out of the Simpsons, and they're all on a bus, and the bus is rolling, and all the kids on the Simpsons are, like, racing their fruits.

The video is very, very important. So let's go ahead and watch that. Go apple. Go orange. You can guess. The banana, of course. Between an apple and an orange and a banana, which one rolls the best and which one makes the race. They're racing fruit down the bus.

I'm getting the imagery. I'm getting the imagery. Go banana. But you forgot the punch line. So the Apple is Bitcoin and Seoul and the banana is ether. Yes. All the people watching the YouTube chuckled probably. The podcast is confused because we have to explain memes to them.

You know what? I wonder how many times we can get people to, or how often we actually do get people to laugh at explaining means. We probably never. Probably this is just like this entire episode in format is just for you and I. That's why we do these. That's fine. But David, we do have something for the podcast listeners and that is a moment of Zen, which is a fantastic song from.

our friend, Coco the Corn Cobb. And I think there's some sage advice here on how to not get wrecked during the upcoming bull market. So stay tuned for that. We will end with risks in just a minute. But first, some disclosures. Bankless Ventures, as I mentioned, we are an investor in Nocturn. We are long-term investors. We're not journalists.

We don't do paid content. There's always a link to all of our disclosures. Bankless.com slash disclosures. Crypto is risky. You never knew if you got an apple or if you got a banana on your hands. You can lose what you put in. But we are headed west. the frontier. It's not for everyone, but we're glad you're with us on the bankless journey. Thanks a lot.

Then you get the demagogues who really love to stump and convince you that their token's not a speculative pump With fancy algorithms and 10,000 APRs, forget the fucking moon this time we're reaching for the stars Because crypto has a million ways for you to get wrecked I hope that you are careful and you give it respect Because any kind of asinine way you can divine, exploit her ingenuity will beat you every time Abraham Eisenberg deserves a special verse In a contest for creativeness he'll always come first He pumped the price of mango which had low liquidity

And then borrowed against it and wrecked the LPs But that's not all he did because he's a clever S.O.B He went on down to Ave and he borrowed CRV He shorted the hell out of it and caused the price to fall A sneak attack on Ave And this is possible because code is a law Yes, code is a law This concept is the crux of it all

Will it prevent corruption or is it a fatal flaw Will it allow the robots to obliterate us all? Yes, code is a law Yes, code is a law Because people are the reason that society's fault Did Avi make us tougher by uncovering some flaws Or should he end up pounding rocks behind a prison wall? The Euler hack in 22 is not a lot of fun

He watched the tokens and he sent a piece of Kim Jong-un We figured it was Lazarus behind the attack But then the hacker grew a conscience And sent it all back The Cascio exploiter was different to be sure He gave your money back If you convinced him you were poor Social engineering now a multi-six cracked

Or maybe just a bug in a smart contract But when the code is written If it's immutable And means there's no such thing As spirit of the law If someone stills your shit Maybe it's morally wrong But we all knew the risk

We've been warned all along Then code is a law, yes, code is a law. This concept is the crux of it all. Will it ever of incorruption, or is it a fatal flaw? Well, then allow the robots to obliterate us all. Yes, code is a law, yes, code is a law. Because people are the reason that society's fall. Want to make the cats be evil and exist anywhere at all.

This is what we get when code is a law. Someone's in you a message and he says you're really smart. a panel and he'll pay you for your part. 10,000 Twitter handles follow this guy, but knowing that you recognize, hmm, I wonder why. So you read the white paper, but you really don't get how we can go for 20 pages

but without explaining shit. The discord's full of people just saying, GM, somebody Zach XPT, this guy and blow up his scam. There are too many stories to recount them to you all. Cryptos like walking by some grizzly bears with honey on your balls. This is why all the returns are astronomically huge.

We're working out the cake so that it's safe Normie to use is like. Crypto has a million ways for you to get wrecked. I hope that you are careful and you give it respect. Because if you spend a week here without getting wrecked, you deserve a gold star placed around your neck.