Bankless - ROLLUP: Curve Exploit | BASE Memecoins | Richard Heart vs SEC

Starting point is 00:00:00 Binance could face fraud charges from the Department of Justice. But what is the Department of Justice waiting for? Bankless Nation, happy first Friday of August. David, what time is it? Oh, Ryan, it's the Bankless Friday Weekly Roll Up where we cover the entire weekly news in crypto, which is always an ambitious endeavor. Yet we persevere into this bullish frontier. I'm claiming it's bullish this week.

Starting point is 00:00:24 It's a very bullish week to me. I think it's a bullish. David came down from the mountains bullish. Okay, so what was the elevation of Matterhorn? And how did that go? The elevation of Matterhorn was 14,690 feet. Okay, mark that number, bankless listeners. You can't necessarily judge a mountain by its elevation.

Starting point is 00:00:43 Matterhorn's very steep. Yeah. I mean, but that elevation is high, though, right? That elevation is high as far as mountains go. I mean, high is relative. I wouldn't call it super high. Like Everest is 26,000 feet or something like that. Okay.

Starting point is 00:00:59 Yeah. Yeah. I mean, I was definitely like feeling the altitude. That's for sure. Do you see my comment? That's going to be the elevation of Matterhorn is going to be the top price of ether during the next bull cycle. So give us that number again, 14,000 what? 14,690.

Starting point is 00:01:16 There it is. It has been prophesized. I'm looking forward to like as ether pumps through this next bull market, it's like, oh, it passed my summit at Baker. Oh, it passed my summit at Pollux. Oh, it passed up my summit at Rainier. You need to tweet that every single time it does, man. That's great. Well, it's great to have you back, Dankl. It's really good to be back. I'm just called you Dankless. David, David and Bankless is bankless.

Starting point is 00:01:39 It's great to have you back, David. It's not the first time the word dankless has been uttered. I'm very excited to be back. It's a very good time to be back. It's a very good week to be in crypto. I was a very entertaining week. Good things happened. Some bad things happened. More good things than bad things, I would say. And like I said, I'm feeling pretty bullish. I don't know about you. All right. No, I'm feeling bullish, too. Although there were some bad things that happened this week. the curve exploit, which we've got to talk about, that led to a cascade of events across all of defy. Everyone's talking about the CRV token right now. We did an entire episode on that. I think we've got to get the recap in today's roll up. David, what else we're covering? What else we got? The base launch date is announced. We're about to drop the base and a meme coin frenzy has already happened on base. So it's already had its mean coin frenzy cycle or at least the first of perhaps future cycles.

Starting point is 00:02:25 Richard Hart is sued by the SEC for fraud and issuing unregistered securities. Man, like, I never thought I'd see the day. But here we are. So we're going to talk about all of that and why some people are thinking that the Department of Justice is not far behind.

Starting point is 00:02:39 And then also, Binance is in the hot seat. Speaking of the Department of Justice, investigation for fraud, are they too big to fail? Does that matter for Binance? What else we got, Ryan? We got some birthdays, don't we? We got a birthday to celebrate in the episode.

Starting point is 00:02:53 I'm not going to tell you what birthday we're about to celebrate, but it's a big one. It's an important one. So stay tuned in the show, guys, for that. David, while we're here, we got a shout out our friends and sponsors over at Stater, a new staking protocol that is also decentralized, which is very exciting. David, what's going on with Stater? What do they want the Bankless Nation to know? Brand new staking as a service protocol on the scene with as low as four ether for your bond. So if you want to run a node with Stater, not just stake with Stater, but run your node with Stater because it's a permissionless protocol. You can do this. You only have to stake for ETH.

Starting point is 00:03:26 It's one of the lowest capital requirements that I've seen. They also are issuing SD token, the native token of the protocol, to people who stake. So if this peaks you, there is a link in the show notes to get started staking with stater. Staking with stater. Kind of rolls off the tongue. All right, let's go see what's cracking. Oh, thanks, cracking for these fantastic charts. What's Bitcoin price on the week?

Starting point is 00:03:47 When did you think of that one? Not going to lie, it was a while ago. You know, I've been waiting for that. I've been waiting for you to come down the mountains. Oh my God, I'm glad you did. Bitcoin started the week at 29,400, down 0.3% to 29, 330. Bitcoin lost a whopping $70. So that is flatter than flat, I would say.

Starting point is 00:04:07 That's pancake flat right there in the week. How about ETH price? ETH price, a little bit, a little bit actually down. A little bump. Yeah, down 18,00075 down 1.5% to 1840. I didn't say 18,000. We're not there yet. That's later.

Starting point is 00:04:22 1875 down to 1840. Yeah, 18,000 would be past your Matterhorn peak there. You've got to climb a higher mountain for that to happen. Yeah, that's exactly right. That's a great excuse to go climb another mountain. Don't. Don't. Man, I was, I'm not going to lie, a little bit worried for you on this one.

Starting point is 00:04:39 You know, you're posting about like snow conditions and, you know, whether you should do it or not. And, yeah, so I think we're good for now. How about the ratio, eathcic-bik coin ratio? Yeah, down about 1.5%. So 0.062. It stayed in the low 0.006s for a while now. Can I zoom out here for a second? It's been kind of flat summer, hasn't it?

Starting point is 00:04:58 Yeah. Well, it's been flat since the start of the last bull market. It's been flat for a very long time. It's been like two years now. I'm looking back in June. And this is what Ether does. It is a stable coin and then it goes vertical. All right.

Starting point is 00:05:15 Well, it's great. We found our stable coin finally, the centralized stable coin we've been waiting for. How about the crypto market cap, David? 1.2 trillion, over 1.2 trillion. All right. Hey. Man, we've been up, the total crypto market cap. I mean, it goes up, it goes down,

Starting point is 00:05:29 but it's been on an upward trend for seven months in a row now. Yeah. Ever since FTCS. Yeah, I mean, not too bad to be above a trillion, as we would say. David, let's talk about all of that eth, what it's doing, what is it doing?

Starting point is 00:05:42 It's getting staked. This is crazy to me. Look at these numbers. Can you read them out? I mean, this isn't new news. It's just the news is that there's more of it happening. 25 million ether staked is the threshold that we have recently passed. 22 and a half million is actively staking with 2.5 million over 10% is actively

Starting point is 00:06:03 queued up to stay. Waiting to get in. Wow. Yeah. And I think there's like a 30 to 40 day wait time now. Like if you're in the queue, you got to, in order to get in the staking club, you got to wait 40 days, which is pretty incredible. Man, a lot of interest there. But what happens when more ethos stake. That means yield goes down. You'll go down. Yeah. Okay. Is that okay? Are we happy with that? I don't care. Yeah. It goes down. Yeah. It's part of the game. Part of the game. I mean, y'all can all please unstake, and I will gladly take your issuance. They'll take the issuance. Dave, they'll take all the MEV. Let's talk about another type of yield, and that is interest payments.

Starting point is 00:06:46 Interest payments are the fastest growing U.S. federal expense. Did you? Did you? you know? What is this chart that we're looking on? They're about to pass one trillion dollars. I'm, of course, talking about how much the U.S. government has to pay in interest on its debt because, yep, the U.S. government is in a lot of debt. Look at this chart right now. What are we looking at? We are looking at the chart of government debt. It looks like a shit coin parabola. That's how I would describe this. So in 1991, we were looking at maybe $4 trillion of government debt. It had already started to increase pretty fast at that point for the decades prior. Moving up to like 2005, we're at a doubling of $8 trillion in debt. Moving into 2012, we're at $16 trillion, so another doubling.

Starting point is 00:07:31 2019, $22 trillion of debt to where we are now at $32 trillion in debt. And that makes, according to this tweet, about $1 trillion in interest payments that the government has to make this year. That's a lot of money. This is more than the U.S. spends on defense. Yes. And you know the U.S. spends a lot on its military. That sounds like spiraling debt. That sounds like spiraling debt. Well, related to this, Fitch. Fitch is a ratings agency. So they rate various debts of different kind. Fitch downgraded the U.S. debt rating, basically their creditworthiness to AA plus from AAA. And that apparently... One grading lower than AAA is double A plus. These ratings, I think, could... do it with a redo, but whatever. Crypto can't fix that yet, David.

Starting point is 00:08:25 Their statement was why. So why did they downgrade the U.S.? A few reasons? Three, primarily fiscal deterioration over the next three years. Okay, that means they expect the legislators and Congress and the president to continue to spending.

Starting point is 00:08:42 Number two, a growing general debt burden. Oh, we just saw it. $32 trillion. Number three, erosion of governance related to its peers. So the U.S. having an inability to actually govern itself? Some of the comments that they gave are pretty funny. The U.S. government lacks a medium-term fiscal framework.

Starting point is 00:09:04 I think that's related to the governance issue. Like they just, you know, we can't govern our own spending. The budgeting process is extremely complicated, they cited. U.S. politicians don't really know what's going on with their own budget. I think that seems right. You're too confusing to even be a proper government. Wait, who said that? Okay, I'm quoting Kyla Scanlon.

Starting point is 00:09:25 Who's quoting? So we're hearing this for the great fine a little bit. But then also they cited the rising cost of social security and Medicare. We got an old population. And just like shout out to Kyla in her humor. Boomers are booming. Very true. Luke Rahman has a take here.

Starting point is 00:09:41 The U.S. cannot mathematically sustain their debt and deficits without sustained negative real rates. That's a problem when you raise rates. So don't tell me the downgrade doesn't make sense. Tell me which suckers at the card table collectively have a big enough balance sheet to hold $32 trillion in debt at negative real rates. Yeah, that's the question. I don't know who's buying bonds, David. Do you?

Starting point is 00:10:02 Who's buying bonds? You buying any bonds? Not me. I'm buying ether, the internet bond. Yeah, yeah. The bonds that are both giving you real yields and also capital appreciation. Yeah. I remember talking last week, we were talking about like the Fed.

Starting point is 00:10:16 because the Fed race interest rates last week, a quarter, quarter, 25 bips, if you will. Ooh, Bips? I like, I like the cut of your jib, David. You learn these finance terms. But the comment I made is like, man, I haven't thought about macro or interest rates. We haven't talked about the Fed pivoting in forever now. It's like the market, A, kind of has, like, written off how big of a deal these interest rates are anymore. Because they are also slowing down and getting smaller, but also inflation is coming down.

Starting point is 00:10:45 but also like all of the points that people have originally made is like sure we can jack up interest rates to combat inflation but the Fed has a date with destiny and that destiny is to print money at some point in time and so I think there's a decent possibility that the markets have written off the pivot we've forgotten about it but at some point in time the money printer must resume and whether that's one year three years five years 10 years, I don't know, but like, I think the market has written that off. David, you're starting to sound a little bit like radio to me. Yeah? Yeah.

Starting point is 00:11:20 Oh, I guess you're bullish crypto. You're bearish government debt. Do you remember, I think it was a couple of roll-ups ago where I asked this question about, you know, all this Fed tightening. I mean, interest rates raised from basically close to zero percent all the way to, you know, above 5 percent, right? And I remember being told at that time and a lot of the prognosticated. were saying that will absolutely devastate everything.

Starting point is 00:11:47 Like that will be a catastrophe. Widespread job loss. Like stock market will go down. Like all of these bad things would happen. And so, I mean, I was told the Fed tightening would nuke everything. And the question is, why didn't it? Guess what? I think Ray Dalio is a listener to the bankless podcast because he heard that question, maybe,

Starting point is 00:12:05 and wrote his entire post about that this week. And he answered the question. And I think he did a good job answering it. Here's the take from Ray Dalio on why. There was a big government engineering shift in wealth from, one, the public sector, the central government and central bank, and number two, the holders of government bonds to the private sector, which are households and businesses. This made the private sector relatively insensitive to the Fed's very rapid tightening

Starting point is 00:12:35 to a more normal monetary policy. And as a result of this coordinated government maneuver, the household sector's balance sheets and income statements are in good shape while the governments are in bad shape. So that's why unemployment is low. Feels like the private sector is doing okay. The stock market is almost all-time high because you know who took all the bullets for us?

Starting point is 00:12:57 The U.S. balance sheet, that $32 trillion that we were looking at over there. And bondholders, that was the take. He simplifies it a little bit. More simply, central banks took on a lot more debt so their balance sheets deteriorated, and the central banks printed a lot more money, which caused inflation to rise, and bought a lot of the debt to get money into the hands of the private sector, which now, as a result, is in relatively good shape financially. So yeah, bondholders took a haircut. The government's balance sheet took all the bullets. The private sector's doing okay.

Starting point is 00:13:31 Wealth inequality increased even more, and that begs the question of what's the next phase of all of this. And I think the answer, according Ray Dalio, is more money printing, as you're saying, but a different type of money printing. We already did the QE thing. We already did, you know, the buying bonds thing. The next step, according to Ray Dalio's, you know, long-term cycles. And his planning is basically like helicopter money directly to the people to decrease wealth inequality, all sorts of government programs, fiscal and central bank programs kind of,

Starting point is 00:14:08 become the same and we're just printing money and giving it to the people. That's kind of the next step. Why do the people get the money? That's what's the motivation there? Well, because look at things. Like the stock market's at an all-time high, right? But also wealth inequality has increased in the US. But don't the people need to like, you know, grab their pitchforks in order to induce the motivation in order to get the helicopter money? Ah, yes, David. Right. And then we're not going to be like, hey, we've decided to give a distribution to the people like, no. I mean, look out there. Are you seeing pitchforks? Because I see pitchforks. They might be a little bit in the distance. I'm not seeing peace force. There's so much anger, like politically. I mean, look at our political

Starting point is 00:14:46 climate. I think so much of... Yeah, I see there's a number of step, a gap in that happening and then also helicopter money. I don't see those things like having a smooth direction. I don't think it'll be smooth, but I think that there is increasing anger. You know, we blame social media for some of these things, blame the internet for some of these things, I think a lot of the anger, just in general, the question, answer to the question of why is everyone angry all of the time is due to wealth inequality, due to like shrinking pie, due to lack of economic opportunities. There's, again, the, you know, the top 10%, the top 1% are doing fairly well in this type of environment, but a lot of people are left behind. The whole rural versus

Starting point is 00:15:30 urban thing, you know, that's, that's another lens on this. I mean, we're, we're, not to get into politics, but 2024 in the U.S. political scene is going to be real rocky. For many reasons, for lots of reasons, but one of them, I think,

Starting point is 00:15:45 is part of the wealth inequality story. Yeah, yeah. And I think one of the big things that people were looking for is a depreciation of house prices, housing prices, and that has not happened.

Starting point is 00:15:56 Like, if you bought at the real estate at the top of the market in 2021, you're doing just fine. Like, you're doing great. Student debt is another example. That, you know, a whole large conversation. I mean, there's, there's many things, areas where this is spilling over

Starting point is 00:16:09 into political. Let's move on. Let's talk about tether for a second. Did you know, David, that tether now holds more U.S. T bills than Australia? It's pretty crazy. All righty then. Okay. I mean, I don't know how many Teebles, Australia holds. Less than Tether. Yeah. So Tether, David, has 72 billion dollars worth of T bills. And apparently this is, uh, larger than the nation state of Australia. So there's a comment from Collins Belton about this. Wow, if true, Tether is apparently holding more T-bills than Australia and also the UAE and many other countries. At this point, regardless of whether you believe on their history, I think it's hard to see the U.S. government railroading these guys easily anymore.

Starting point is 00:16:55 What does that mean? You think about that. Who's the U.S.G and what's railroading? US government. He's saying the U.S. government is the U.S.G. What's real-roading? I think what he's saying is basically like, the U.S. government is not going to shut tether down, is not going to completely like excommunicate them. Oh, is it too big to fail? Yeah. I think that's what he's saying. Basically, when something like this gets too big, the government doesn't kill it because that would be

Starting point is 00:17:20 too painful for everyone involved. Instead of killing it, they just legitimize it in some way. And so Collins is making the point that this seems to be what could be happening with tether. I mean, they got more T-bills than most countries. I'm not sure how I feel about that. That's probably bullish for crypto assets because it reduces the systemic risk of tether. But then crypto just made another bank that's too big to fail. I'm not sure how to feel about this. I don't know. I don't know how to feel either, Dave.

Starting point is 00:17:51 I'm going to take the bullish side. I'm bullish because of it. All right. It's bull week. So when in doubt, you choose bullish. David, what do we have coming up next? Coming up next, Curve Exploy and its founder's mega loan sends DeFi into a hot seat, base surpasses arbitrageeum in daily transactions and it's not even live yet. And a protocol

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Starting point is 00:20:00 Curve finance was hacked this week and it sent shockwaves across all of Defi and crypto. David, what happened here? Yeah, so there was a vulnerability in the coding language, Viper, that Curve used for some of its pools. So this is actually pretty damn deep in the tech stack. And so I don't think it was anything in the way that curve pools were built, but because they used Viper and because Viper forgot to have these re-entrancy checks in the, their in their code base. As a result, it allowed for a re-answerency attack, which is a pretty known attack. It's actually how the Dowhack got drained back in 2016. And so Curve had a re-entency attack thanks to, I guess, thanks to the coding language Viper that forgot to have re-entrancy checks in it. 70 million dollars was drained from four curve pools, the Pindle-Eath pool, the metronome-Eth pool, Alchemix, eth pool, and then the curve-slash-Eth liquidity. pool. About $20 million was actually recovered by white hat hackers and MEV bots,

Starting point is 00:21:07 interestingly enough, which is an interesting little side quest of this story. But the big story is that because of the curve-eath pool, $5.1 million of curve tokens, 7.2 million curve tokens, was drained and then taken into the exploiter's wallet. Now, that's one thing. That's bad, because this exploiter gets $7.2 million. The reason why this goes from, a bad story about curve to a bad story about defy is because the curve founder Michael Igorov had taken out about $110 million of stable coin loans against his 460 million curve tokens, which was almost $300 million at the pre-exploit price. Then once you put $7 million of curve tokens into the hands of an exploiter, people start

Starting point is 00:21:53 to react to that because that is, you know, we are just one button press away from dumping $5.1 million dollars of curve tokens into the market. So people start to withdraw liquidity. People who are providing liquidity to curve across defy, either in stable coin pairs with curve or ETH pairs with curb, they start to yoinkled liquidity because they don't want to get dumped on. So liquidity starts to dry up around curve. And so that makes the liquidity profile around curve very precarious.

Starting point is 00:22:18 And especially when Michael has $110 million of collateral, of borrowed stable coins against his curve collateral, he is under duress. his positions were under duress. And if that curve exploiter decided to liquidate his curve, they would cause a cascading liquidations if Michael was not able to bolster up his positions. He has since sold about $16 million of curve to pay back some of his loans, but he still has $90-something million in loans to pay back across DFI protocols. Now, here's all of the DFI protocols that Michael has put curve tokens,

Starting point is 00:22:59 into and borrowed stable coins from. Ave v2 is the biggest one coming in at 3,300 million curve tokens, which is 34% of the circulating supply of CRV. Abercadabra has 51 million. Fraxlens had 41 million, inverse finance at 25 million. Dakedow had 3 million. Silo had 2 million. This guy put curve across DeFi and then borrowed stable coins.

Starting point is 00:23:23 Like I said, 110 million stable coins. And so all of these are in precarious positions. if curve goes down to the price of, I think, 34 cents. It's currently at 38 cents last I checked. But if it ever went to 34 cents, he would be liquidated. And that would cause- Wait, 38 cents? Did it get that low?

Starting point is 00:23:40 It did flash crash that low, but not to the point of it actually being liquidated in Defi protocols. So we're still good here for now. Curve price is currently at 58 cents, which is where it was 24 hours ago as well. So he's looking good for now, but he's still. not a good place to be. Why? What did this man do with the $110 million that he borrowed from all these defyprop protocols? Well, just a few months ago, he happened to have bought a $40 million mansion and also a second one. So he's got two million, like multi-million dollar mansions in Melbourne,

Starting point is 00:24:19 Australia that he bought, one of them he bought just a few months ago. I don't know about the other one. It seems like it could be related to the stable coin. borrowing, but we don't know for sure. We don't know for sure, let's say. So that's, you know, a question, I suppose. Yeah. So there's actually a ton more in this story, and we did a 45 minute, an hour-long episode yesterday that got released.

Starting point is 00:24:43 So we are just kind of giving the highest level of recaps. So if you want to catch up on this and go dive down into this, there's a, there's a fantastic article that Bankless, the Bankless Newsletter team put together. Shout out Jack. And then also we use that article to inform a podcast that we, put out yesterday. And so that you, we have just given you me the high level recap. The story goes very deep. But that's it right there. I mean, the TLDR is we're going to be okay. This is not systemic beyond right now the CRV token. Yes. And also, and also if you are a

Starting point is 00:25:16 Defi protocol governor, then you who has CRV as collateral, you need to pay attention. But other than that, you're fine. Some cool things going on in the Layer 2 world. This is, after all, Layer 2 summer. It's been layer two summer for about two years now, but it's definitely layer two summer now. The base mainnet has just been announced that the launch date for that. That date is, you ready for it, David? August 9th. Okay, this is next week. The next roll-up you hear, Base Mainnet will be launched.

Starting point is 00:25:45 There's already been some activity on base mainnet as well. Should we talk about that? Yeah, sure. So base has been open for developers to go build stuff, and some developers. have definitely built stuff. And some people have just went on and minted tokens and meme coins and started trading them. And so this has been like the news of base in this last week or so. This bald token was launched on July 30th, so just like four days ago. It's literally called bald, right? It's called bald. Why is it called bald? Because there's a meme that bald founders

Starting point is 00:26:16 are bullish. I'm pretty sure that was D-Gen Spartan that started that. And so, you know, this is Brian Armstrong's chain. It's not actually, but you know, associated with Coinbase, therefore associated with Brian Armstrong, who is a bald man, who was a bullish bald man. And so the ball token was made. And so that launched on July 30th. When all tokens are minted, they all start at a valuation of zero. And that went to $50 million in market cap in just under a day with over $100 million of trading volume.

Starting point is 00:26:43 Now, this is a pre-mainnet base. One of the reasons why this just, you know, rocketed to $50 million in market cap is because you can't actually leave base. You can only go on base. You can't go out of base. There's no off ramp. There is now since an off ramp, but while this thing was pumping, there was no way to get off of base.

Starting point is 00:27:04 And so Bald token, which has created $50 million out of thin air. And you know what happened next, Ryan? Tell me. It was a rug. And so as soon as it hit $50 million, the bald deployer yointed to over a thousand ether of liquidity and others removed 6,800 ether of liquidity. and another person released 1,800 ether of liquidity. So over about 10,000 ether was joint of liquidity.

Starting point is 00:27:27 And this thing goes from $50 million down to below $10 million. We are the valuation of bald, not that it matters or you should care, but if you are curious, the valuation of bald is about $11 to $12 million. As of now. As of now, after falling about 90%. And so a short little token meme coin mania in base. But the founders removed about 32,000. million dollars. Now, we've seen meme coins before. I mean, that, you know,

Starting point is 00:27:55 I've seen a lot of mean coins of first. This is the first on base, and it was certainly the largest last week. Congrats. Congrats, base. You got your first meme point. And you were just talking about the liquidity being drained. There's more to that because the person, the individual, who removed the liquidity, seems to be the founder of Bold, the instantiator of the meme coin. And this individual, the founder, was actually the lead rug puller here and withdrew $32 million of ETH liquidity. So it was basically a founder rug meme coin that happened on the base blockchain. Do you get to call yourself a founder if you just founded a meme coin? I shouldn't have said founder. I mean, what is that? Scammer? Like, scamer? Is it a scam? Is it a scam?

Starting point is 00:28:45 because like you're what is the scam anymore it's a you're ruggedity but you never I'm assuming they never brought like advertised here's what I'm going to do

Starting point is 00:28:55 with this base token it's gross I don't know what it is gross we use for it but like we'll call it gross that's for sure but there's some conspiracy theories

Starting point is 00:29:03 going on about this on who is the the mentor the scammer in chief behind Bob so there's a lot of this conversation going on in crypto

Starting point is 00:29:12 Twitter this is one accounts hype saying to summarize thousands of ETH between FTX and Bald. The Ball Deployer was the first voter on all sushi proposals. Listen to these clues. The Ball Deployer tweets the same sentence structure as who? SBF.

Starting point is 00:29:28 What? First time we've used those initials in a while. The Ball Deployer was the biggest DYDX farmer. The Bald Deployer's DYDX post sounds a lot like SBF in terms of sentence structure. The on-chain activity lines up with court dates and bail of who? SBAF. We know SBF was doing stuff through VPN recently. Okay, a lot of the sleuthers are doing sleuth stuff, okay?

Starting point is 00:29:52 And there is, there was the possibility of all the people, of all the lines going across all the different like clues. This is total crypto Twitter conspiracy theory. But there is the possibility, at least crypto Twitter was considering the possibility that the Rugger in chief was actually our friend SBF. And can you imagine, David, that one of the biggest frauds. in history, just like hypothetically, imagine, okay, Charlie conspiracy theory, gets out on bail from his parents' basement launches a $30 million rug on one of his biggest competitor's chains called bald. And he thought no one would notice. Like, if that's the case, that's what happened. Now, I personally don't think that's the case after the sleuths on crypto Twitter have kind of

Starting point is 00:30:43 batted this around, but I will say it does seem like the individual who deployed this has some ties to automated research. Right. That is a fact. That is a known fact. That is a fact. That is a fact. And it's absolutely crazy here. This is another take. Somebody who's been doing some sleuth-sloathing. What does this say? Yeah, they say, Igor says, all right, I've been sitting on this news all day, but let's look at the bald base, bald Twitter account, which is the account that issued the base token, deployer address. This is definitely someone from Alameda, but I don't think we can safely say that it is FBS.

Starting point is 00:31:19 This is definitely someone from Alameda, but we cannot safely say that is SBF, even though he's a psycho, is what this person says. And so, yeah, so if you just sleuth around and you go back to the originating address, there is a,

Starting point is 00:31:29 it's associated with Alameda research. So, you know, scammers are going to scam, what they do. Wow. And they say that Sam has no access to a laptop or a limited access. So,

Starting point is 00:31:40 Yeah, it's like, I don't know the details of it, but it's like he can access like the New York Times and, you know, government approved websites. I bet you he cannot be issuing contract addresses on Ethereum. I bet that is not allowed. So they say, but the conspiracy theory lives on on Twitter. Anyways, as a result of all this, Bald has made base surpass Arbitrum. Again, before base is launched, Bald transaction surpass Arbitrum transactions in daily. transaction volume, 5.3 million transactions settled in one day, which interestingly enough, Ryan, has made base profitable. So the layer two base sequencer has accrued $700,000 dollars of profit in just three days, which is about $85 million on an annual basis. Now, this is straight alpha for coin price, in my opinion. Do you think Wall Street analysts understand how to value that thing? It's like, it's not even, it's not even on main net and Coinbase, whoever is validating base, I think 15% of these profits goes to the Optimism Collective,

Starting point is 00:32:47 actually. But on an $85 million annual basis, pre-mainnet launch, that's what Coinbase would get. I doubt Wall Street's considering this, although Coinbase does have an earnings report that that's coming out shortly. So maybe we'll see something in that. Go out take a look at that. I don't think Wall Street's considering it, although. And so you're saying this could be a bull case, although you could also.

Starting point is 00:33:10 You could also make this a bear case because the driver of all of this profit was a scammy meme coin. And it's possible that U.S. regulators point to Coinbase and say, ah, so this is your crypto chain that you say is going to revolutionize finance in the world. And the very first big hit on it and a driver of your profit is a scammy meme coin rugpole, right? So I don't know bearish or bullish on this initial use case here. I choose to interpret the bullish scenario.

Starting point is 00:33:45 It's that kind of weak, huh? Although, like, yeah, it is that kind of weak. But, you know, base is a permissionless chain. And just in case anyone was confused, you do not need to go through KYC to get on base. You can go to the base layer two through the Ethereum layer one without doing any sort of KYC. Anthony Sazano had a really good take this week about this.

Starting point is 00:34:04 Funny thing about this launch of base is that it's only meant to be for developers. The official public launch are scheduled for early August. That's August 9th. But DGens are so starved for volatility that they aped anyways. Amazing.

Starting point is 00:34:15 See, bullish appetite, trading appetite is on the table. People want to buy tokens right now. For this crap, though, it's like casino stuff. I hate it. I hate it. Hey, you know.

Starting point is 00:34:27 Sorry. We're going to get there. Token's going to token. David, at some point, the like high utility, good for the world use cases will crowd out and buy the block space from the crappy ones. The dumb use cases come first. The better use cases are harder and therefore come second. Yeah. Say that again, so I believe it. The dumb, stupid, easy use cases come first. The harder

Starting point is 00:34:51 public goods, good for humanity, bullish use cases are harder to do, but they come second. Oh, well, speaking of that, I've got another story for you. Richard Hart, do you remember that? A dumb, stupid meme coin token called Hex? What happened with that this week? Not just Hex. Yeah, so the SEC has sued Richard Hart over Hex, Pulse Chain, and PulseX, alleging that he raised over a billion dollars across three different unregistered securities since beginning in 2019.

Starting point is 00:35:21 He also defrauded investors by using investor funds for personal goods. I think there's plenty of evidence for that on crypto Twitter. And he just flashes that around. The lawsuit says that Hart continually touted these investments. as a pathway to grandiose wealth for investors, claiming that Hex, for example, was built to be the highest appreciating asset that it's ever existed in the history of man.

Starting point is 00:35:40 Although Hart claimed these investments were for the vague purpose of supporting free speech, he did not disclose that he used millions of dollars of Pult Chain investor funds to buy luxury goods for himself. As a result of this suit, Hex, Pulse Train, and Pulse X have all dropped a lot. I got a chart tab if you want to open up that one. Hex went from one penny to half a penny,

Starting point is 00:36:01 down 50%, is pretty bad. Pulse chain went from 0.001 dollars, so 1 tenth of one pentee, down to six hundredth of one pennies. This is really annoying because the denomination on these are so low. That's part of the strategy here. And then Pulse X goes from, I'm sorry about this, point zero, zero zero three down to point zero zero zero one eight. We should do these in market caps. It's also hard to see the market cap on these things just because of the way that these, Yeah, but anyways, Hex is down 50%, pulse chain is down 40%,

Starting point is 00:36:35 pulls X is down 40%, which is pretty bad. I put these two charts together. I've layered on the Hex chart on top of the Terraluna chart and also scaled it up to market cap. Did you know that at its very peak? Hex was double the market cap of Teraluna? Wait, what? Yeah.

Starting point is 00:36:54 It was worth $80 billion? At the peak of Hex. It was a top 10 token, bro. At the peak of Hex. It was. Yes. What is wrong with this industry? Dude, this is what we've been doing, man. What?

Starting point is 00:37:09 It's not great. Hex was $80 billion, $2x the valuation of Luna before Luna went to zero. Ah. Yeah. Oh, man. Okay. This is another part of the story, David Uniswap, at least on the user interface side, delisted the hex tokens. The official uniswap user interface basically delist. it. Now, does that mean that Uniswop the protocol has also delisted hex? No, does not. It does not mean

Starting point is 00:37:38 that. Why is? Specifically the front end. So Uniswop.com does not let you, the front end website that you find in your browser does not let you buy or sell hex anymore. Uniswap protocol does not know about the Uniswop.com front end. Those are different pieces of technology. There's many different ways to access the Uniswap protocol. So hex is still trading on Uniswap. No, to can be, has ever be, or will ever be delisted from Uniswop the protocol, but the Uniswop Labs company who operates the Uniswop.com front end has not disabled the ability to buy or sell or interacts with Hex in any particular way, which I think is just completely fine. Can I ask you something?

Starting point is 00:38:21 Right. So as I'm, as I was thinking about Hex, right? So there's no question of my mind. This was sort of a self-promotional meme coin for this individual. Richard Hart. His real name is Richard Schuyler, by the way. So I'll call him that. Richard Scholar, Richard. Richard. It's not as, as cool as Richard Hart. I mean, he used this to personally get wealthy. I remember David, you know, as part of the ledger league, all sorts of addresses were leaked, these sorts of things. I actually received

Starting point is 00:38:51 a physical mailing from hex and pulse chain promoting their token. No way. I don't know that this came from Richard Schuyler or who this came from. But like on Twitter, everything, it was, it was very clearly a pump and dump memetic scam coin promoted by an individual, right? So I, it's incredibly distasteful, not what this industry should represent. We could go on about it. I think the question of my mind is, what is the actual difference between hex and XRP though? All right? So here's, here's the problem. I worry with the SEC. I cannot defend this individual. this project, cannot defend it at all. But if you give the SEC an inch, they'll take a mile.

Starting point is 00:39:37 And I expect they will make similar arguments that they made an XRP case in the Hex case. And who is willing to defend... Richard. Who is willing to defend Hex? Who's willing to defend Pulse Chain? I'm certainly not, right? But is it a security? Is the asset itself a security? Is Bald Coin a security? Are all of the dog coins a security? I don't think that. they are. So I'm not entirely excited that the SEC is coming for a token. I'm sort of excited about the outcome that, you know, hey, we get another kind of scammer off the streets, right? That's great. That's great. But what about the precedent? What's your reaction to that?

Starting point is 00:40:18 What do you think about this? Yeah. I think the point that you are making is that XRP and a hex it can be claimed that they serve very similar purposes, which is to enrich the issuing entity. The major difference between Ripple is that they actually had some intent of doing interbank settlement transfers, as scamy as one might think Ripple is. They actually had some intent of building something. And one might say that Richard, well, he did build a chain.

Starting point is 00:40:51 He raised a billion dollars, and maybe he spent $1 million, dollars actually building the thing that he promised to. But the intent is just so different. Also, I don't think ever Ripple directly like touted financial gain about XRP. And if you, the lawsuit says Hart continually touted these investments as a pathway to grandiose wealth for investors claiming that Hex was built to be the highest appreciating asset that has ever exists in the history of man. I don't think Ripple ever did that. I guess what I'm saying is I don't know that

Starting point is 00:41:23 this passes the how we test any more than XRP does. Yeah, if we went through the litigation process, I think what you're saying is like, yeah, you would find similar, the reasons why XRP is not a security might be similar to the reason why Hex is not a security. Yeah, the intent of the founders

Starting point is 00:41:40 is so subjective, or like the intent of the issuers is so subjective. And then you're saying, like, okay, while we can't support Richard Hart and I would like to see him punished, is this the method that we want to see that happening and I think you're calling into question that and I'm happy just to take this isn't the appropriate way of using Occam's Razor but just taking the simple approach of saying like I don't give

Starting point is 00:42:03 a fuck I want the man in jail I just worry about the president the sets in general is like Gary Gensler stacks it up as a win what an easy target it's kind of the same thing they did with SBF basically which is like of course SBF was a scammer and no one could defend him and like then they go and they present and they they see Exhibit A, this is what crypto is. Here's your God. Here's your hero. His name is Sam Bank of Free, and he perpetrated one of the largest scams in history.

Starting point is 00:42:28 That's all crypto is. And they win their cases that way. And they chip away at us. So that's what I'm worried about, kind of the credible neutrality is. But like what's weird is, now it sounds like I'm defending Richard Schuyler and Hax and Pulse Chain. And I'm not doing that.

Starting point is 00:42:44 I am not doing that at all, to be clear. I just, I worry about the precedent this sets. But it might not just be the SEC. Yes. Bringing a case against him. What's this piece of the story? Okay, so this is now speculation. But Martin Screlli was engaging with Eric Wall.

Starting point is 00:43:03 And Eric Wall is, he's been interestingly a part of like the whole hex ecosystem, not as a promoter as like one of the guys trying to take it down and like help help prove the fraud to the hexicans even though they don't want to see it. Anyways, Martin Screlly is replying to Eric Wall. and Martin Screlly is the guy who went to jail for jacking up, I think, like, EpiPen cost, remember him? And now he's in crypto. And so he goes, if you look at page 90 of these sentencing guidelines, he has already at 40 points, which if you look at the sentencing chart in the same PDF is recommended life sentence.

Starting point is 00:43:36 With all the victims, it's a rough situation if he gets cuffed. So this is, I think, this is talking about the Department of Justice. And so Martin Screlly is saying that he might rack up enough, whatever these points. points are, rack up enough points. And Martin Screlly would be very familiar with this as, as somebody who he racked up, he's had 39 points. And if you get to 40 points, the sentencing chart can put you in jail for life. What are these points? Is this like fraud? I think, yeah, I'm not, I'm not sure. I'm not sure. I've never, I've never racked up any points. I've never been charged by the department and justice. Misappropriation. Yes.

Starting point is 00:44:11 Right. It's a different set of causes. And these caught, these things seem more relevant to the individual question, at least in my opinion, rather than the SEC making a determination as whether some particular meme coin is a security or not. I just don't want them to do that. But I do want our justice system to catch scammers. Right. That would be nice. So I asked Martin Screlly, what do you think the odds are that the Department of Justice picks this up? And he goes, 99% if they have the goods on misappropriation, which I seem they likely do. And he goes, it's likely that he copse, he like settles to 10 to 15 years. in jail if he goes to trial 25 to 30 years is easily on the table. So I don't know. I'm trusting Martin Screlli

Starting point is 00:44:54 is not something that I would do, but he has, he's got experienced in this matter, having gone through this. And so he's saying that it's likely that eventually we will find Department of Justice charges upon Richard Hart. Meanwhile, David, in another court, do you remember Kyle Davies, the Three-Evers Capital co-founder? How could I forget? Well, he said he, uh, said he, renounced his U.S. citizenship. Oh. And so as a result of doing that, I'm no longer an American citizen.

Starting point is 00:45:23 U.S. courts have no jurisdiction over him. Is that how that works, David? Can you do that? Can I just say I'm not a citizen? If you break a law and you just you know, I was not a citizen. I actually listened to it. There's an old planet money episode about this. I used to love planet money.

Starting point is 00:45:39 It hasn't been so great lately. But they did an episode on people who just like declared independence from citizenship so they wouldn't have to pay taxes. Really? Yeah, there's been like a handful of court cases about this who people just say, I'm not a citizen anymore. And they're also living inside of the United States when they do this.

Starting point is 00:45:55 And there's been a whole series of like legal efforts about this. It's, you can't do it. They won't let you. It doesn't work that way. It doesn't work like that. No, not at all. So that, I mean, he's just trying to abscond from participating in bankruptcy and all these things that he has to do.

Starting point is 00:46:11 He is currently in Dubai, I believe, which is a non-extradition country. But Yeah, basically Kyle Davies is saying that the United States courts can no longer tell him what to do because he declares to no longer be a citizen of the United States. Which, again, the United States says, you can't do that. Well, certainly racking them up this year, David, you have a tweet here. Doug Juan, jailed in Montenegro awaiting extradition, Alex Mishensky, charged by the Department of Justice, check, SBF, house arrest awaiting trial, check, three hours capital, permanently exiled from the U.S. and all extradition countries will see, check.

Starting point is 00:46:47 Richard Hart sued by the SEC, speculation of DOG indictment. Why are you putting this checklist together, David? This goes back to our permission to be bullish. Weekly roll up, was that last week's? Permission to be bullish? Man, like, we're cleaning up the industry. Like Richard Hart, sued by the SEC,

Starting point is 00:47:04 I will say fingers crossed that the Department of Justice is not far behind. Three hours capital, like, they're not in jail, but they are quarantined as far away from the young, United States is possible and all United States allied countries, you know, the West. They could go to jail. I will give like a two-thirds, a majority checkbox, but there's still left to be things to be done there.

Starting point is 00:47:27 Same thing with SBF. He's under house arrest. He's awaiting trial. I'm assuming he's going to go to jail if I want to have place faith in society. Alex Wysinski charged by the Department of Justice, Doe Kwan is in Montenegro, awaiting extradition to the United States. It's, who else is there? We got him.

Starting point is 00:47:42 We got them all. You know another question here is, does this act as a deterrent for the next cycle? When a new scammer thinks there's easy prey out there in crypto, and I'm going to launch my token, I'm going to do my fraud, I'm going to do it this way. When they look back and they see, well, the previous cycle, look what happened to the scammers-in-chief last time. Justice was served. Does it act as a deterrent? Because if so, that is also bullish moving forward. It means, hopefully, we have less scammers entering the space.

Starting point is 00:48:12 because works like the real world, right? If you commit fraud and it's egregious, then justice will be served. And, you know, I think that is bullish as well. Yeah. Richard Hart got away for all of his trainees for way too long. Do you know there's a documentary being made by him? About Richard Hart? About Richard Hart, about Hex, yeah.

Starting point is 00:48:31 August 4th and 5th? Wow, that's in two days. Oh my God. The timing of this is great. The documentary industry has to love this. Like Hollywood's got to love what happened in crypto. in the last few years, so much material, so much content. There are so many stories that are some of the craziest sitcom-y stories,

Starting point is 00:48:50 ones that Crypto-Tweter does know about, ones that they don't, that I wish all of them could come to light, but there's too many of them. We'll get a few, though. I think we'll get a few. David, speaking of great content, what's coming up next? Coming up next. Heath is getting an ETF, at least a futures ETF, perhaps.

Starting point is 00:49:08 Binance could face fraud charges from the Department of Justice. but what is the Department of Justice waiting for? We'll talk about that. Two protocol birthdays this week. These answers these birthdays keep on changing. Something turns eight, something else turns two. The world coin debate continues, some angles that we might have missed that we're going to cover. And also $750 million magically appears in Bitcoin buy pressure.

Starting point is 00:49:28 Where did it come from? I don't know. But we're going to get to all these stories and more. But first a moment to talk about our fantastic sponsors that make this show possible, especially MetaMast portfolio, the portfolio you need to help navigate the incoming bull market because we're feeling bullish. We're going to go here for them right now. Are you a Metamask user?

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Starting point is 00:51:30 according to people familiar with the matter reported by semaphore.com. Federal prosecutors worry that if they indict Binance, it could cause a run on the exchange similar to the one that befell the now bankrupt platform FtX, causing customers to lose money and potentially spurring a panic in the crypto market. Binance and his co-founder CZ are already facing charges, of course, from the SEC, in addition to the commodities futures trading commission. So the Department of Justice wants to charge finance with fraud, but they're not going to, out of fear, that it will cause an FTX style run on the bank, which is interesting. Do you want to interpret that as bullish this week, David? Okay. So either.

Starting point is 00:52:09 CZ and Binance are completely solvent. There's probably fraud, but there could be completely solvent and they're not getting charged by the DOJ because the DOJ doesn't understand how to tell the difference between FTX and Binance. Or Binance does have a hole in its balance sheet and the Department of Justice does know something

Starting point is 00:52:29 and so this is a real concern. I'm going to cautiously go with the former because I kind of am grouping Binance and TetherFud is the same. things. Like I've heard 10,000 Tethers fuds. I've heard about 5,000 finance fuds. But that is the news. Yeah, who knows?

Starting point is 00:52:49 It's always been our take. Like, it's really hard to speculate. You just don't know. I guess my speculation, though, is there's no way this is as bad as SBF if there's something here. No, no way. There's no way. But there might be something here. We don't know yet.

Starting point is 00:53:02 But CZ's response, as usual, is what? Four. Four. What does that mean? He tweeted this out for the morning of his his shorthand for ignore Fudd, fake news, and attacks. So,

Starting point is 00:53:16 nothing going on here, just four. What would you expect me to say, right? Yeah, yeah, no matter what, four. Yeah. David, did you know this, though? China is actually Binance's largest market by far. 20% of their trading

Starting point is 00:53:30 happens in China. And I thought crypto was illegal in China, but apparently it's the largest market for finance. You know what I don't know is how does China? feel about Binance? How does the Chinese government, what is their stance towards finance?

Starting point is 00:53:44 Do they care about it? Do they not care about it? Do they think it's good? I think it's bad. I don't know the answer to that question. I don't know the answer either. Although didn't Binance originate in China? Yeah.

Starting point is 00:53:54 And then had to move. Yes, because they got kicked out. It's not friendly jurisdiction. So it can't be super friendly. They're not in great terms. But this is crazy. Do you know, even if finance totally pulled out of the U.S. and Europe as a result of this,

Starting point is 00:54:08 they'd still be the largest crypto platform in the world in terms of trading volume. That's how big Asia is. It's pretty hard to state how big Binance is. Bynance is like, like 70 to 80% of all crypto trading volume and Coinbase is not 15. Maybe it is 15-ish. Yeah. We'll watch that. We'll have to see how that evolves.

Starting point is 00:54:27 David, it's birthday time. We've been teasing an entire episode. Whose birthday was it this week? It's Ethereum's birthday. Ethereum turned eight. Ethereum turned eight on July 30th. is when the first proof of work block got minted by Ethereum in 2015. It's been a crazy, crazy journey.

Starting point is 00:54:46 Here's a Left Harris on the day of the, and I'm pretty sure that's Vitalik on the day of the first block of Ethereum. Yeah. Wow. Eight years. You know it was crazy? I came in, I remember coming into crypto,

Starting point is 00:54:58 and this is something I tell all newcomers into crypto. I came into crypto in 2017, two years, two and a half, two years after Ethereum got started. And I felt so late. so incredibly and now we're eight years

Starting point is 00:55:11 into Ethereum and people are gonna people coming in probably in 2021 probably feel the same crypto has a way of making you feel late eight years man

Starting point is 00:55:19 eight years look that's what like second grade that's still pretty young like just an eight year old yeah it's very year yeah it's very young yeah

Starting point is 00:55:26 400 billion dollars in secured value you add up all of the tokens 3.6 billion in annualized profits thanks ultrasound money for that and a total of 17.8 million blocks of uncensoredable digital property. That's not too bad for an eight-year-old.

Starting point is 00:55:43 Not bad. Yeah, it's not a better than me at eight years old, that's for sure. Happy birthday, Ethereum. And maybe to celebrate, something's going on in the Ether futures, ETF race. What's this? Yeah, so here's what Ether gets for turning eight. It gets an ETF futures. And so a handful of companies, Bitwise, Van Eck, Pro-Shares, Great Scale, volatility shares have all submitted an ETF futures for ether, six of them. All at once, interestingly enough. That's actually when you think about it, you know, eight years time to get here, that's not too bad. Not too bad. Like all the way from like a, just a project and a white paper and somebody's head all the way to like the CME regulated futures for a new type of digital

Starting point is 00:56:28 commodity. That's pretty amazing. How much is ether market cap right now, 150 billion? I think it's like 200 or something. It's like top, top 50 assets worldwide. Yeah. $220 billion market cap. There you go. Doing great. That, that ETF might happen before the Bitcoin ETF, which might be interesting.

Starting point is 00:56:49 Now, this is not a spot ETF. This is a futures ETF. And Bitcoin already has one of those, but this would be the first time. So that's kind of cool news. And David, as usual, the Canadians are ahead. While Americans are fumbling around with the futures ETF for E, powerful Canadians will start staking ETH in their spot ETHETF later this month. This is DJED Spartan. Canadians already have a spot ETH ETH. So what is America waiting for? Wow. I think that's the

Starting point is 00:57:16 question. I love how it's staked. That's so good. Yeah. So the ETH isn't ether. It's staked ether because of course it would be. That's way better. That makes sense. Yeah, buy your internet bond. Oh my God. There's going to be so much ETH staked. They're going to nuke our yields, bro. They're totally going to need our yields. God damn Canadians. David, you know, that wasn't the only birthday, though. We also have to celebrate another, like, baby birthday, a two-year-old. Yeah. Coming up, coming up this week is not yet.

Starting point is 00:57:42 So we are on the cusp of EIP-1559 turning two. This was August, early, the first week of August, 2021 is when ether started being burned for the very first time. As of now, as of two years, 10 billion dollars of ether has been burned, which is just nuts. $9.6,000 of ether burned every single minute for two years in a row. You know, David, somebody brought this to our attention.

Starting point is 00:58:12 So that is EIP-159. So that's a different type of burn on kind of transaction fees. What would happen if we started burning M.EV? Oh, you mean as in what it's going to happen in the future when we put MEV burn into the protocol? I mean, that's a likely future trajectory.

Starting point is 00:58:30 What are we looking at here? We're looking at a chart of Ether. burn with and without M.EV burn. With MEV burn, we would be what? Very deflationary this looks like.

Starting point is 00:58:42 So without MEP burn we have been at net deflationary by negative 0.285%. With MEP burn, we would have been negative half a percent. So we would be twice as deflationary with MEP burn

Starting point is 00:58:58 than we currently are. Almost twice, almost twice. Almost twice. Man, the furnace just keeps getting bigger. Love it. And Ryan, it's still a bear market. The bull market's ahead of us. Imagine the burn then.

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Starting point is 00:59:30 and you can actually stake your Matic token. You can take ether as well. But adding another verb to the MetaMask portfolio stake, two stake. Yeah, so, okay, so this I think is, A, this is cool because MetaMas portfolio, we're going to talk about with what I'm bullish on and it has to do with setting up my battle station, my bull market battle station, which you should do, a teaser. But MetaMask is now making it easy to stake for a layer two network. Do you think it stops at Polygon?

Starting point is 00:59:59 No, it doesn't just stop at Polygon. all layer two networks once they decentralized, once they become permissionlessly validated, you're going to be able to see that stake button of, am I allowed to do this? Yes, tomorrow, I don't think the announcement is out, but today, Offchain Labs is announcing shared sequencing, permissionless validation of Arbitrum.

Starting point is 01:00:21 So you're going to be able to stake your ArbToken and validate the Arbitrum chain. So Arbitrum, stake, optimism, stake, ZK Sync, Sink, stake. Any layer two that gets to, to the point of decentralizing the sequencer and allows for permissionless validation, there's gonna be a stake button. I mean, probably.

Starting point is 01:00:38 So, there should, there definitely should be. And why stake? For yield, right? For the yield, bro. Yeah. Peace. Stake your ether for the layer one.

Starting point is 01:00:48 Stake your layer two tokens for the layer two. Everyone pick your layer two is that you think's gonna get the most yield and press the stake button that's probably coming to MetaMast portfolio eventually. So much cool stuff going on. This is another cool thing going on. an EIP that almost escaped my attention. EIP 6-9-68. This is Kevin Owocky's writing this.

Starting point is 01:01:10 6-8, 6-9-6-9- oh, I'm sorry. It's waiting for you to get that one. Cut me not getting that joke. No, don't do that. Keep it in. Keep it in. Enables ecosystem chains. What is an ecosystem chain? It's a chain with contract secured revenue, CSR. That means the contract Deployers can earn sequencer fees when their contracts consume gas. Okay, break this down for the layman. What is this EIP proposing? Yeah, so this is, remember Canto? Remember the Canto chain that had a brief moment of, yeah, uh-huh, but no longer. Don't slam. Don't slam, David. So Canto was all, you couldn't help yourself. Canto was all about a chain because of CSR contract secured revenue. So if you built a chain, a contract on Canto, you would get fees at any time as a developer, you would get fees any time that you,

Starting point is 01:02:04 somebody used your contract is like a sustainability mechanism. So this has, like all things, anything that's been put into a chain is now an EIP for Ethereum. This is the way that it goes. This is, never mind. EIP 6968 is contract secured revenue for layer two. So this is meant to be for layer two specifically.

Starting point is 01:02:21 And so any layer two can accept this EIP to create a contract secured revenue primitive on top of their layer two. And so it's an incentive to get devs like, it pays devs. Like if you are a dev and you make a contract on a layer two and people use your contract, you get money. So it's a financing mechanism. It's so huge. I think this is massive. I think it's incredibly bullish. So what this means is basically like if you create a kind of like a public good, you don't have a monetization mechanism. Like let's say you create a very cool stable coin

Starting point is 01:02:50 on a layer two that starts to accrue a lot of value, a lot of, you know, transactions around it. You actually get paid sequencer fees in order to do that. It's a whole new business model, I think, on top of layer two's. And that's what's exciting here. There's been a lot of debate about contract secured revenues and the economic models behind it and whether they're good or sustainable or not. We haven't seen them actually meaningfully get adoption. And perhaps there's good reasons for that. Maybe we haven't seen enough experimentation. But now we are seeing this experimentation move to the layer twos. Speaking of moving to layer twos, the layer, the temperature check for cello. this is the temp check of the cello layer one. The governance checks like,

Starting point is 01:03:32 hey, do we want to move to a layer two? Past 100% to zero. Okay, not it's completely zero. 56 million to 632. Call that 100 to zero. So cell is officially going to be a layer two. Yeah. We spent a lot of time last week talking about WorldCoin.

Starting point is 01:03:53 I think there's just a couple of things to tie off. The first is this tweet thread from Eric, It's actually almost like a Twitter post these days. It's pretty long, so we probably can't read all of it, David. But what's the TLDR here? Eric Wall does a fantastic job just unpacking technical subjects for Lehman. And so it's simply too long. There's maybe, it's almost a thousand words, I'd say.

Starting point is 01:04:15 So I can't read it. It would take five to ten minutes. But there's a link in a show notes to go read this tweet thread. I think if you want to understand the strength and weaknesses of WorldCoyne and specifically where those weaknesses are and why this thing might not work, this tweet thread is for you. He just unpacks all the nuances very, very well.

Starting point is 01:04:33 And so if you just want, if I feel actually like complete on the World Coin conversation because of this tweet thread, this is just such a weird, awkward photo of Sam Altman. This is a mid-jurney photo, David. Is it?

Starting point is 01:04:44 There's no way this is real. There's no way this is real. It's got to be. Yeah, you're right. I don't, that you, a human would not know not to pose like that.

Starting point is 01:04:52 Okay, so that's the call to action. If you want to read this tweet thread, I highly recommend it. also this week I saw a tweet here that Ryan's got pulled up from Martin Copleman who's also a creator of a different decentralized identity protocol and so he was retweeting this tweet that did some address analysis from WorldCoin addresses so they've detected like in this tweet in this image three different clusters of WorldCoin addresses that all appear to converge down to one address. And so it looks like

Starting point is 01:05:27 130 individual addresses actually are just three people. So this... So this... Exactly. So it has been Sibble attacked. And so if you read the Eric, well, Twitter Twitter, Twitter thread, X thread,

Starting point is 01:05:43 basically the TLDR is like, yeah, every single World Coin account is 100% verifiable, a unique pair of eyeballs. That doesn't mean that it is in the hands of a unique person. And this is what we are seeing here today. So this, the whole premise of WorldCoyne and even anyone giving legitimacy to WorldCoyne, which included me, base is based on the fact that they can actually produce civil

Starting point is 01:06:08 resistance. And if they can't do it, then this thing is worth zero. And so, uh, it's not, yeah, that's the base requirement for decentralized identity is you have to be civil resistant. If you're not, then the solution just doesn't work. So, um, just because you can prove unique eyeballs does not mean you can prove unique humans. And so this is the weakness that seems to be appearing with the World Coin, with the World Coin thing. Binance received a deposit address of a bunch of World Coin tokens

Starting point is 01:06:34 from 150 different wallets within 48 hours after launch, profiting about $10,000. So this is, you know, hey, that UBI World Coin distribution, somebody is farming that. Many people are farming that and they're profiting from it,

Starting point is 01:06:48 which breaks the whole system. You've got to fix that if you're going to do this well. Micro Strategy, David. They're continuing to buy Bitcoin. Micro Strategy's about to pump another, what, $750 million into Bitcoin? Dude, thin air, man. They're minting micro strategy shares out of thin air just to buy Bitcoin, and it's working. I totally knew this would work.

Starting point is 01:07:13 Sailor is channeling demand for Bitcoin ETF into demand for micro strategy shares. He's printing infinite micro strategy shares and buying thin it. Finite Bitcoin, yeah. Finite Bitcoin. Central banks and governments should take note. Maybe the next ones to do this is kind of the point. You know, I was looking at like an old E-Trade account I have, and there's a boomer.

Starting point is 01:07:33 There's a crypto section in E-Trade. And you know what they recommend? Because you can't actually buy, you know, a spot E-TF. Of course, the gray scale products, that kind of thing. Also, micro-strategy. No shit. If you want crypto exposure in your E-Trade account, then buy micro-strategy stock. And they're not wrong, but it's...

Starting point is 01:07:50 So messed up. I'm just going to chalk that up to Tradfly failings. Last bit of news here from DCG says it's close to reaching an agreement on its Genesis chapter 11 bankruptcy. So in a letter to investors, DCG says, after a month of tireless negotiations led by DCG leadership, we are close to reaching an agreement in principle to resolve the claims in the Grayscale chapter 11 cases. So we expect to bring these cases to a close soon. So maybe the Grayscale, excuse me, the, DCG story is coming to a close here, which is just around the mark the time for the bull market

Starting point is 01:08:29 to start. So that makes sense. Yeah, and getting that story close would be bullish. David, we got some bullish questions coming at us. Number one, will OP tokens a true value? How does base fit in? That's a question from a bankless listener. Also, are L2s as safe as Ethereum? We'll get into that. And there's also a pretty hot Vitalik take this week on the state of crypto right now, and it's bullish, of course. The theme of this episode. Would Vitalik say that is bullish? I don't know. I'm putting words in his mouth, but guys, we'll be right back. We will be right back with all of that just after we thank the sponsors that made this episode possible. Mantle, formerly known as BitDAO, is the first Dow-led Web3 ecosystem, all built on top of Mantle's

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Starting point is 01:10:55 You can reach out to Toku at Toku.com slash bank lists or click the link in the show notes. Question from Kifu. I think I've heard of value accrual to OP from the main OP chain via fees and MEV, but will there be any value accrual from other OP chains like base to the OP token itself? How is a layer two token like OP going to accrue value, David? Yeah, so this is a really, really good question. I think from the early days of base mainnet launch, they said that they committed that they, A, want to be a part of the O.P.

Starting point is 01:11:24 Collective because they used the O.P. stack chain to create base. And being a part of the O.P. collective means that you need to contribute some of your sequencer fees of your layer two towards the O.P. Collective to help finance the retroactive public goods funding efforts, basically put the money in the O.P. collective.

Starting point is 01:11:43 It's like a tax on revenue kind of thing. I think the number is 15%. 10 to 15% I think is right. We are, like I said earlier in the episode, we were doing a episode with Ben Jones and Jesse from base about the law of chains, which is how this standard is going to be set. And if you are an OP stock chain

Starting point is 01:12:00 and you want to be a part of the super chain, you must abide by the law of chains, which assures some level of block space quality and assurances and also like what does it mean to be a part of the OP collective. And that's probably where a certain number, I think, again, I think the number is 15. But it's probably up to governance anyways. That's kind of cool. It's like a confederation of chains. It's a union. Yeah. It's a union of chains. Yeah. You can choose to be a part of it or not. But if you do choose to be a part of it, you have to pay your taxes.

Starting point is 01:12:27 Yeah. Exactly. Right. So 15% of that base revenue that we were talking about earlier goes to the optimism collective. The Zora chain, you know, 15%. World coin. If that is a thing that lasts, 15%. I think, again, we do your own research if the 15% is the correct number. I will ask Ben and Jesse what that number is. is when we do the episode with them. But I think that episode, that number is public somewhere that was announced way back when with the base train. Anyways, we will get those details. So that's how this works. This is why, this is the model for the OP stack chains. If you want to be a part of the super chain, if you want the composability, if you want the network effects of optimism, you got to pay the tax to the optimism collective. Here's a question from Kiwi Dog 4. Once we have ZK roll-ups with permissionless sequencers and trustless bridges, will L-2s have basic

Starting point is 01:13:16 the same security guarantees as L1. This has also been a Twitter debate recently that I've heard. So the question of, will layer twos have the same security guarantees as their layer one? What's your take on that? The operative word is,

Starting point is 01:13:31 will layer twos have basically the same security guarantees as layer one? And yes, basically they will. There will always be some nuances. There will always be some smart contract risks because layer twos are smart contracts. But with permissionless sequencers, trustless bridges, all of the things that decentralized layer two chains. Also with some time,

Starting point is 01:13:50 some Lindy, layer twos will give you basically the same security guarantees as layer ones. And that is why we are doing the layer two roadmap. That's why Ethereum is a roll-up-centric roadmap, because we have found ways to make scalable chains have the same security guarantees as the layer ones. It's always been part of the vision. And so I don't even necessarily think ZK roll-ups are the only, we'll have a monopoly on this. It's just, they have a little bit faster path there. Optimistic roll-ups will also have the same security guarantees, but that is the layer two vision.

Starting point is 01:14:22 The layer one and the layer two's, those lines blur once we get to permissionless sequencers, tresteless provisions, etc., etc., yeah. So a couple thoughts on that or follow-ups, addending what you just said, it's important to realize none of the chains are there today. All right, so you can see this on layer two beats. That's what I have in front of us.

Starting point is 01:14:41 A lot of them are at stage zero, doesn't offer that full decentralization or stage one, which is kind of training wheels, they need to get to stage two. And that's where everything is permissionless. All the sequencers are completely whitelisted. Upgrades are handled correctly. Well, those are the caveats.

Starting point is 01:15:01 And we're certainly not there yet with layer two. The other thing I'd say is there is this dependency on the trustless bridge from Ethereum to a layer two on that working. because there's some smart contract code there, of course, and smart contract code can have bugs. So there's that dependency as well. But for all intents and purposes, it's almost the same security guarantees

Starting point is 01:15:24 as the layer two once we get to this stage two level for across these roll-ups. Remember when layer two only had layer two, but only had like four or five layer twos on them? Oh, those are the days. Scroll down, how far does it? Oh, my God, it keeps on going. 29. 29. 29 layer 2s.

Starting point is 01:15:44 We just got started, David. After, once this, once we, once ether hits all time highs, how many layer twos are going to be on layer two B question for you? Make a prediction. Either all time highs. You mean that, um, the summit amount? What's all time highs? You talk about this cycle? $4,000, $4,900 for ether. Once ether breaks all time highs. And how many, how many, how many matter horn elevation? hitting the Matterhorn. Yeah.

Starting point is 01:16:11 How many layer two is will be on Layer 2 be? Ooh. I'm going to guess, I'm going to guess 900. 900. That's, sorry,

Starting point is 01:16:22 that's my Matterhorn number. Oh, that's your matter. Okay. Maybe all time high. I'll say 300. Okay. Back.

Starting point is 01:16:31 I was going to go with, I was going to go with a hundred, but that seems a little low. I'm going to go. Can I, I'm more bullish than you. 100 to 150 layer two is on layer two B

Starting point is 01:16:43 when ether breaks all time high. All right. It's on. The bet's on, David. Some takes this week. This one from Vance Spencer. What's he saying? Van Spencer says it's important to internalize. Blue Chip Defi or anything was a meme last cycle. Nobody was generating sustainable cash flows. And to be honest, the industry was a shit show. Yeah, it kind of was. Launching a successful protocol and 15 VCs funded forks would come in with tokens

Starting point is 01:17:07 and vampire attack you. this cycle is different. Real sustainable cash flows with paths to scale. Large markets. All competitors now dead or thoroughly discouraged. No VC money to fund second, third, fourth, fifth place, consolidation, blue chippery. I think what Vance is saying is we're off of the shit coin roller coaster and we are focusing on quality and fees.

Starting point is 01:17:31 That was one of my big takeaways from ECC is like the maturation and verticalization of so many defy protocols. And this is the take that Kane Warwick gave. me ECC 2020 a year ago. We are in now a bull market for fees. I mean, we turns out we were going through a bear market, actually,

Starting point is 01:17:47 but, you know, Ethereum people were always just like a couple of years ahead of the curve and our takes are just a couple of years too early. But, you know, we're in, we're witnessing a layer two summer. You're talking about protocols that capture

Starting point is 01:17:59 fees, fees, fees. Yeah. Now, they don't flow to the governance token yet, though, right? Yeah, it'll get there. have its fee switch. Well, it has the fee switch. This is not on. It's not on. Yeah. Turn that, turn it on. Let's stop it. He, uh, he continues and Vance says, we figured out where aggregation

Starting point is 01:18:17 points are and who the long-term incumbents, incumbents in D-Fi will be. We figured out some protocols are features and likely to be rolled into larger incumbents. Exactly what I was saying. If you squint a little bit, you can see the fang of D-Fi is assembling. The fang of D-F-I-E-F-I, which Vance is saying is smell, S-M-E-L-L. I don't actually know if. he's actually articulated which ones they are. S is probably synthetics. We know what they start with, though. S is synthetics.

Starting point is 01:18:43 M is Maker. I don't know what E is. L is Lido and the other one. The second L is, I don't know. Well, for people who aren't familiar with Fang, though, that these are the tech companies, right? Like we got Facebook, Apple, Amazon,

Starting point is 01:18:57 Netflix, Google. Yeah. Does Netflix still belong to be there? I don't know if Netflix belongs to be there anymore. Is the other A alphabet or is that Apple. That's a good question. Anyway, it's up for debate.

Starting point is 01:19:09 Maybe it's, uh, well, who else with the GV? It's Apple, it's Apple and Amazon. Oh, yeah. Apple, Amazon, Netflix, Google. We figured it out live. Look at that. Look at us, David. This is a tweet from my co-host here, a take for the week, maybe.

Starting point is 01:19:24 Can you feel it? The bull market has started. I feel it, David. I'm hitting like. I'm hitting retweet. The, uh, the comments. Not all, not everyone feels it in the comments. Oh, really?

Starting point is 01:19:33 Yeah, not everyone feels it. I feel it. Anthony Sasano feels it. No, he says the bull market never left. Anthony's like a, he doesn't, it doesn't count when you say you're bullish every single day. Can you feel it? The crab market keeps crabbing. That's a reply.

Starting point is 01:19:48 Maybe it's just a crab market, David. We have doubled the market cap over the last seven months. All right. I'm claiming the bull market has started is what I'm saying. I'm going to matter horn. I think you can feel it. Yeah. What do you bullish on this week, David?

Starting point is 01:20:03 So, well, what I was bullish on last week was that, hey, I'm just bullish, which is also what I'm bullish on this week. I'm just bullish. But I will tell you I'm doing something about it now. I'm setting up my battle station, my bull market battle station. And so what does that mean? What is that? Yeah, what does that mean?

Starting point is 01:20:17 That sounds awesome. Yeah. Well, I bought a cheap little computer to do all my signing, which is not my work computer. So I'm taking my signing and having a cheap little computer that is my crypto signing computer. I recommend this for anyone who downloads files or works on their computers like me, and so I'm getting a dedicated signing computer. And also just setting up all of the websites and infrastructure that once was a skill which got rusty in the bear market because appetites for tokens are gone in the bear market.

Starting point is 01:20:49 So this is like, you know, DexSreener.com for people that want to stay ahead of the game on Dexes. And just making sure that you have your situation prepped to make moves and make moves quickly during the bull market. Because if you want to make money in the bull market, you need to be present. pressing, send transaction. You need to be approving transactions. You need to be doing things. And so I think it would behoove everyone to get their wallets in order. Make sure that they're, I've had problems with my web browser attachments, my extensions, getting those fixed, making sure that you are moments away from making a move if you need to make a move. And just setting up

Starting point is 01:21:29 your setup so you can know the state of your things, perhaps metamass portfolios for you, sponsor. But just like setting up your battle station, making sure that you're ready to go, collecting data and being able to purview the defy landscape because I'm saying we are in the first out of a nine inning game. And here we are. That's cool, David. I'm, you know, the defy, the crypto battle station is a great idea. Bull market battle station is a great idea. I will also say, and just to take that, you know, the traditional Ryan boring type approach here is, you also don't have to do that. Oh,

Starting point is 01:22:05 you can do that. This is a game that you choose to enter. You do not have to play. Yes. The game that you can just choose to play if you're kind of like just, um, tired right now is dollar cost average in. I'll just counter this with the point of like the game that David's playing. I know because I know David, he's not playing with his entire stack. So he's got a portion kind of set aside, right?

Starting point is 01:22:30 He's playing this game. Right, David? Right. He's not. The staking, that is a different game. One could play the staking game, which is a different game to play. Yes. And I just want to, so that you don't hear from what David just said, all right, I got my

Starting point is 01:22:43 bull market battle station. I'm going all in with all of my assets on whatever kind of pumping, whatever I'm feeling good about in this bull cycle. I'm going to make it all back this bull cycle. I will just say, I think that boredom has stolen more money from crypto investors than Sam Pegman Freed. Yeah. All right.

Starting point is 01:23:00 The worst mistakes I've made in crypto, have been because I was bored and I wanted to click buttons when I shouldn't have. Sometimes you have to click those buttons. Sometimes you have to be cautious and can just dollar cost average it. So the way to manage this in your mind is just partition things. Yes. You know, have your staking game that you're playing, your accumulation game, you're kind of like maybe your ETH game,

Starting point is 01:23:22 and then have another game on the side that you play and separate those interests, separate those accounts and separate them in your mind too. I think it is worth noting that there are different, games to play. The game that I'm talking about, what I'm setting out by bull market battle station, is the game that, like, there was two main two, yeah, two big victories that I had in, in terms of financial game during last ball market. One was YFI at like $2,000 and loot at two ether. Yeah. Oh, you sold loot. That was a good idea. I did sell. I did sell loot. Not at the perfect top, but I definitely made money. I mean, I definitely made money on loot.

Starting point is 01:23:56 And YFI wasn't so fast, but it was still pretty fast. And you needed to be ready and understand things and make your move, loot was extremely fast. And that's the game that I'm talking about. It's the phenomenon comes and you press buy early and you just ride it and it's a kind of a gamble. Lute was absolutely a gamble. Like it was a fucking text on a JPEG. But that's the game that I'm referencing. And it did not work out long term. It did not work out long term. It worked out for the short term for people who sold. There's other games to play. There is the self-staking at home optimization game where, you know, Ethereum yield is not homogenous. You, like, you, if you play the game well, can increase your yields just by staking.

Starting point is 01:24:37 And so you're not like perusing Twitter. You're not like making gambles. You're not, you are just refining your system. I can't play that game nearly as well because I leave and go away from home. And so I can't play that game nearly as well. But that is a very valid game to play as well. So figure out what game you want to play and then set up your battle station for that. Another way to say that, and this is kind of classic bankless is as you enter

Starting point is 01:24:59 crypto, choose your character class. Yes. You start like your Diablo account and some RPG you're going to play. What are you going to be? Amazon. Amazon. Amazon. All right.

Starting point is 01:25:09 So David is doing this hybrid character class of like settler slash traitor. But he has like a separation of those things. And like you have to choose your character class. You can't like jump from character class to character class or you'll get beat up in this market. Right. There you go. Yeah. All right.

Starting point is 01:25:25 So I've got my battle station set up, Ryan. What do you bullish on? What's your battle station look like? You know what? Well, it's not exactly a battle station, David. but I will tell you what I'm bullish on this week. I am bullish on founders that stayed. The founders, the protocol, the DFI founders in particular,

Starting point is 01:25:41 that did not orphan their projects early. I feel like that happened with a lot of DFI projects, right, as they got orphaned, kind of the founders left, the parents left before they could grow into functional adults. But there are a number of founders who stayed, and I'm very bullish on those founders. And as a result, I'm bullish on those projects too. So synthetics, cane is one.

Starting point is 01:26:00 He kind of left, but now he's back a little bit. He left with good reason to decentralize the protocol, and then he came back also with good reason. Yes. Avey is another, Astani. Uniswap, Hayden Adams is still there. There's a whole list that this Twitter thread pumped out. Defi Dad talks about the founder of Curve, the founder of FRAX, the founder of Instad,

Starting point is 01:26:21 the founders of Balancer, Liquidity, Nexus, all of these founders stayed. And I just want to give a big shout out to the founders who stayed. They are settlers, not tourists. And yeah, I think we have the potential to build the fangs of defy, as Vance was saying. And it's going to be done not over one cycle, but over multiple cycles. And so a big shout out to all of the founders who have just dug deep and had the grit to actually stay through these cycles. I think the results will show for themselves. Yeah, 100%.

Starting point is 01:26:50 And also I also say that Maker Dow, not just Roon Christian. Not just Roon Christensen, but there's a number of very early Maker-Dou. who are still working on MakerDAO and then also have gone off to found other projects. And so not to say that like, hey, you must stick with your first project and your first baby until the end of time, but just staying in crypto, like bankless was not my first job. So sticking around generally is always the way to wealth and success. I totally agree. You know what, David?

Starting point is 01:27:21 We just missed the Vitalik take. We did miss the Vitalik take. We promised that. We teased it. Okay. What did he say? This isn't a tweet. This is just what we were talking to Vitalik about. privately, where he says, I feel like crypto culture might actually be the best that it's ever been

Starting point is 01:27:33 in 2023. People's biggest complaints, amazingly, seems to be that, quote, there's too much focused on infrastructure, which from the point of view of almost any other sociopolitical system in the world today, sounds like not a complaint, but a success story. It's honestly really heartening to hear Vitalik say that crypto culture is in the best place that it's been because Cryptoculture has not always been so great. We're kind of a toxic bunch. We spent some of this episode talking about the bald token and Richard Schuyler. So, you know, yeah, it feels good when Vitalik says it.

Starting point is 01:28:10 What do you think about this point? That it's actually kind of, I all use the words bullish. Vitalik wouldn't use these words. The focus on infrastructure is actually bullish, though. Yeah. Well, I think he's saying this, he's comparing this from socioculturally. He's saying, like, yeah, this is compared to like governments. like cities and, you know, city, like organization planners, like crypto, we're complaining

Starting point is 01:28:31 that like everyone's building infrastructure where the rest of the world generally has failing infrastructure, at least the United States says. Yeah. And so can we get more infrastructure? Right. And so I think even if we're like over indexing on infrastructure, good because crypto is supposed to last for generations upon generations. Like that's a good thing that we're over indexing on infrastructure.

Starting point is 01:28:50 So bullish. You ready for meme in the week, David? I am ready for a meme in the week, yeah. There it is. I think this is you when you came back down from there on. This is exactly what are we looking at? Okay, so this is pseudo-theos from this role team. So this is the meme of the guy coming back into the room with pizza boxes. And the quote is me taking a day off of crypto. This is how I felt because I left to climb the Matterhorn Sunday morning and then I came

Starting point is 01:29:11 back and all of this was happening. Vipers zero day bug, curve exploit, Avey Stables, depegging, base one-way bridges into ball tokens. This all happened into like not even in 24 hours here. This is 12. hours, all of that happened. That was insane. He comes back in the apartment with pizza boxes, and it's just absolute chaos. There's fires and fighting. That's what it feels like to be in crypto for sure. That's why you can't take a day off. We hope you don't take a week off the weekly roll-up, because our job is to absorb all of this chaos and then relay the signal to you. Our mental health is great. I hope you enjoyed. Wristen disclaimers, got to end with this.

Starting point is 01:29:50 Of course, none of this has been financial advice. Crypto is risky. You could lose what put in, but we are headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey. Thanks a lot.

Bankless - ROLLUP: Curve Exploit | BASE Memecoins | Richard Heart vs SEC

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