Bankless - ROLLUP: Jito Airdrop | Cosmos Blocksize Wars | Kyber Hack | Paradigm's Blast

Episode Date: December 1, 2023

Bankless Weekly Rollup Last Week of Nov. 2023 ----- 🌐 Near's Cost Effective Data Availability https://bankless.cc/near   ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE ���https://k.xyz/bankless-pod-q2   ⁠  🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING ⁠https://bankless.cc/MetaMask   ⚖️ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  ⁠  👾GMX | V2 IS NOW LIVE  https://bankless.cc/GMX  🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo   🦄UNISWAP | ON-CHAIN MARKETPLACE ⁠https://bankless.cc/uniswap  ------ TIMESTAMPS & RESOURCES 0:00 Intro 3:50 Markets https://twitter.com/camillionaire_m/status/1729850195012456518  https://x.com/saylor/status/1730222828270612851  https://x.com/WClementeIII/status/1730250345291375043  https://twitter.com/jseyff/status/1728087271084028346  https://twitter.com/datarade/status/1729416261149340002  18:32 Jito Launching Governance Token JTO https://twitter.com/jito_sol/status/1729172532971065626  https://www.bankless.com/airdrop-hunter  21:00 Cosmos enters its “Blocksize Wars” era  https://twitter.com/DefiIgnas/status/1729155760850981130  https://twitter.com/DefiIgnas/status/1729155760850981130/photo/3  https://twitter.com/lurkaroundfind/status/1728805585313767528   29:29 What does Paradigm think about Blast?  https://dune.com/alec/blast-the-new-eth-l2  https://x.com/danrobinson/status/1728817674543862023  39:03 Ethereum blockchain Shenanigans https://twitter.com/nero_eth/status/1728680630773575956 https://arxiv.org/pdf/2305.09032.pdf  45:11 KyberSwap Dex aggregator hacked for $54.7M https://twitter.com/KyberNetwork/status/1728115858889929021 https://x.com/TheDEFIac/status/1730196414154608785?s=20  48:40 Move-based L2 arrives on the scene https://twitter.com/movementlabsxyz/status/1727385496953958571?s=20  Sei Network gets an upgrade https://twitter.com/jayendra_jog/status/1729865516175798536  50:47 NFTs https://twitter.com/coolcats/status/1729281454792929561  51:35 Regulation https://www.theblock.co/post/264702/the-sec-is-having-trouble-serving-hex-founder-richard-heart-with-its-lawsuit  https://blockworks.co/news/binance-changpeng-zhao-us  53:39 Meme of The Week https://twitter.com/yugacohler/status/1728892556304625708   54:44 Closing & Disclosures ----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosuresBankless 

The Solana community is getting an airdrop, and it looks to be absolutely massive. Gito is launching a governance token. It's called GTO. David, can you give us a recap of what Gito even is for folks that are unfamiliar? Bankless Station, it's time for your Friday weekly roll up. David, what are we talking about this week? All of the news across all of the chains. Ryan, it's non-Etherium AirDrop Week this week. Solana is getting a token, perhaps one of its biggest. Cosmos. Adam? Getting a new token? as well. What else is going on? We got Khyber. They got hacked. This is one of

DFI's oldest protocols. So it's not good news, David, but you know the craziest thing? I don't know. Did you read the message from the Kiber hacker? It is absolutely unhinged. It is completely unhinged. So we've got to talk about that. What else? Some chains are getting some upgrades. Lots of more TPS coming into

the fold say a layer one is getting an upgrade. A move layer two is coming to Ethereum, a new flavor of layer two on Ethereum. And also a large Ethereum validator is starting to play shenanigans with the blockchain. I'll tell you this story. I think it's pretty cool. And speaking of shenanigans, we've got to give him update on a CZ. What's he doing this week? Is he still in the US? Is he somewhere else? And while we're

talking about locations, where in the world is Richard Hart? That's what the SEC really wants to know right now. And if you're listening to this, wherever you're listening, make sure you give us a review, a like, if you rate it, subscribe. If you're checking this out on YouTube, David, you know, Spotify wrapped. It's Spotify wrap season. One of the best seasons to be a podcaster, I would say, is when you get all the appreciation. Well, I saw somebody. I think the biggest Spotify wrapped bankless listener moment, like minutes was something like 14,000 minutes.

14,000 minutes. Yeah. So if you are listening to this on Spotify and you have more than 14,000 minutes on listening to bankless, tweet at us. We will send you some swag. We'll send you something. David, I did the numbers on that. 14,000 divided by 60s, something like 233. You're 233 hours.

233 hours. Is that crazy or what? Have we done that many podcasts? 10 days? I think that's how math works. 10 days straight. 10 days of our voice. Wow.

I'm sorry. But also, also thank you. I mean, humbled and honored to have so many people listen to this podcast. We do it for you. Do it for you.

We do it for you guys. We do it for you guys. Okay. David, speaking of things that we do for people, our friends and sponsors. I'm in sponsors. Over at Near.

This is super cool, actually. We had a Twitter space with Ilya from Near, where we got to ask a little bit more about this data availability layer. Yeah, tell me about it. You want to share screen? So the way we've been expressing this is like, oh, near data availability. Near is the layer one. It is also supplying data availability to Ethereum layer twos, which is exactly what's happening.

There's just like a bunch of second order, very positive second order effects that come with this, and that is cross-chain composability for Ethereum layer twos. They've also been working with eigenlayer for fast finality. And Ryan, you know, I've been talking to you about this. I'm like on a quest to understand how Ethereum roll-ups become recomposed. Like eventually we need Ethereum just become invisible. And that means whether your assets are on like optimism or arbitram or like future chains, all of that needs to be abstracted away.

How does that happen? What is the mechanism for doing that? One of the silver bullets for getting that done is like low latency finality, which is how chains can talk to each other. This, NIRDA, along with their partnership with EigenLayer, is helping achieve some of that. And so this is one of the reasons why I'm really excited about what NIR has been up to. They announced this about like two weeks ago. Anyways, there is a link in the show notes.

That is bankless.cc slash NIR if you want to learn more about NIR's data availability solution and how they are bringing cross-chain composability to Ethereum. And thanks to NIR for getting this message out to the Bankless Nation. David, let's talk about prices. You ready for this? Yeah. So like the prices have just up, up, up, up, up. all like month.

We, when you measure it for the last seven days, it's actually just flat, but that's like a, you know, measurement error. Bitcoin's up 1% on the week, 37,300 where it started, 37,700 where we're ending. Ether price also relatively fat,

flat, flat, 2030 to start. Fat works. Yeah, 2030 to end pretty flat in the week. And then the ETH BTC ratio also pretty flat on the week. And also no major big movers of the week.

I mean, like Iota had a big pump, but honestly, who cares? What do you think of December? Do you think December's going to be good to us? You think I remember some December in crypto have been very bleak and it felt like coal in my stockings. December 2019 may have been this. However, December 2020 was not bleak. It was very happy. That was the month in which we had like six months of why do you need ETH. You just buy Bitcoin and defy tokens after like defy summer.

And that was the month. I remember we were talking about. about this actually and we were talking about this take on the weekly roll-up and you're like what do you think about that take and I'm like well it really just takes one strong week of price movement in ether you're saying we were talking about this in 2020 yeah remember an episode from 2020 yeah exactly yeah because I because I god that that feels like decades ago yeah right so like we were talking about that thesis and the like what do you think about the thesis about like the barbell of no ether just Bitcoin and defy tokens and I was like yeah sure that's like the narrative that's in vogue in the moment because that's what the price action has been

but all that really is that could just be very quickly invalidated by a massive ether run. Yeah. And then literally the next week, Ether broke out of its like three year bear market range and broke through $425, which hadn't broke through in forever. And then it ran to like $700. And the narrative just completely flipped.

Wait, wait, wait. Was that 2020 or did that happen in 2019? No, that's 2020. That's 2020. That was December of 2020. Because by the January of 2021, Ether had broken like by is like $1,100 in the first week. I remember this very, very well.

It's like $1100 in the first week and we're on a way to $2,000 and like the whole barbell idea looked super cringe in hindsight. And it was when, and it was when ultrasound money really became a huge thing. Yeah. Yeah. Good times. Good times. We'll see if Santa Claus is coming to town this month.

I'm hoping for good things. I think we've got a fantastic setup. We'll finish this out. Tell us what's the cryptocurrency market cap? 1.48 trillion. We are narrowing in on a one and a half trillion dollars in market cap, but we're not there yet. Do you want to give us some perspective on all of this? So when you say stuff like $1.5 trillion, right, that sounds like a very large number. But here's a tweet giving some context on the size of the entire crypto industry relative to another asset that probably many of us know. What's this tweet?

Yeah, so this is a tweet from a chameleonaire, works at a serotonin. a dear friend of mine, she tweets out Daily Reminder that the entire crypto industry is still a small boy by market cap at our peak in autumn of 2021. At the peak of the bull market of last cycle, we were equivalent. The whole industry was equivalent

to the market cap of Apple. Not a small company, but it's insane to think that like a industry about crypto networks that's disrupting money and finance itself is equivalent to an equity. We're still small. You remember,

remember when you asked me what my prediction was for the cycle for the market gap? I'm still going to stick with it. What was it? 12 trillion on the low side. 12 to 15 trillion was my number. Yeah, okay, so we got a 10x in market cap ahead of us. What's your number? Oh, gosh.

I'm going with 10. 10? Your gas, I'm breaks, but gas is under my prediction. If you do the whole log curve, like cycles are always smaller. Cycles are always smaller. And we have higher interest rates now. All right.

You might be right. Are you counting, though, are you counting like stable coins, real world assets? Yeah, I'm counting the number that is reported by coin gecko in the banner that it reports it in. Yeah, all right. Fair enough. We will see. Either way, pretty bullish. And speaking of bulls, can you get any more bullish on a particular asset than Michael

freaking sailor who just put in another acquisition of a cool 16,000 Bitcoin? If you're curious, I could do the math for you. That's about $600 million worth of Bitcoin. Shut up. You're not doing math. I'm doing the math for them. I didn't say I was doing the math myself. At an average price of $36,000 per Bitcoin. So there he is. He's just continuing with that dollar cost averaging in strategy.

But these numbers are huge, David. Huge numbers. Huge numbers. Where does he get the number from? Like, A, first off, congrats on Michael Tyler for first having the first one of the first major purchase of Bitcoin where the reported average price of Bitcoin is significantly under the actual current price. Usually it was the inverse. Where does he get all this money from? Where does he just start pulling $600 million out of his pockets? Well, okay, so the answer

is leverage. It's leverage. And so when Bitcoin goes up in price, micro strategy stock MSTR, it's basically a Bitcoin like ETF in a roundabout way because like the value, like it's a stock. It's a software company. He sells software, but really it's just about exposure to Bitcoin. So when Bitcoin pumps and pumps up to $38,000, all of a sudden, micro strategy trades at a much larger premium goes up in price. And all of a sudden, he can borrow against it to buy more Bitcoin. So he's just taking, he's just winding himself up.

Why don't we do that? We got a little media company. We'll go public. We'll have bank lists as a publicly traded asset. We'll just buy a dollar cost average every single week into ether. And just announce it. Yeah. We'll start small, but we'll start small.

We'll just wind our way up and wind up big. We'll just take some debt. It's just free money, right? We're just printing money, right? And there's no risk there. Honestly, it's a fantastic business model, I think. So long as Bitcoin continues to go up. But, you know, we've already given our takes on that.

We think it will. But did you see this tweet? Actually, I know you did because you sent this to me. Ice Bergey giving a take on what Sailor is doing. Because I don't know if you've looked at Sailor's Twitter feed recently, but stuff like this. Yeah, he just types in, this is mid-journey. He goes into Mid-Journey and goes like, imagine, which is how you prompt mid-journey.

It's like slash imagine Bitcoin to the moon. And then he just like post it and gets like... Bitcoin to the mountain tops. It gets like 10,000 likes on Twitter, just like these stupid AI generation things. Look at this. Show me a picture of America Eagle. An American Eagle with a Bitcoin on.

Yeah, and that's what you get. And he just pumps them. And these tweets do so well, David. Look at this. Almost 10,000 likes for this, like, just robot mid-jury thing. Like, I'm going to be honest, low effort, majority artwork. It doesn't matter.

What's the type? It takes you from Iceberg. He just tweets out, Taylor starts tee-wopping half a yard on Coinbase, does a line, then immediately goes to mid-jurney in types. Imagine Bitcoin to the moon. Four hours. Oh, my God. I don't know if that's what he's doing, but I do picture that in my head.

I mean, bro, do you remember the super unhinged clip we played like two weeks ago? I was like, how many charities? are you sitting on right now? Like when people's like, why do you, why don't you diversify out of Bitcoin? And he goes like, well, how many chairs are you sitting on? Are you sitting on one chair? Are you sitting on one chair? Like, there's only one asset. Are you sitting on 10? I love it. All right, GPDC. Give me, give me an update on this. Record lows, a discount. What are you talking about here? Record loads for discount. So in June, the discount was like negative 40 of this year for Bitcoin, the Bitcoin spot discount for GBT

now at just 8.6%. That's closing. And what was our prediction that that will continue to close and once it does, what will spill over into the spot price? Yeah, and as it approaches closing, people are just more likely to buy spot

in the first place because the incentive is lessened. But yeah, so as we are approaching zero, just all of that demand is going into spot, which is bullish. You know what's after December, David is January. That's how that works.

I was promised a Bitcoin spot ETF by Mr. James Safer. Well, that's what I'm going to go do when I go climb my mountains in the first week of January. So, okay, you're climbing mountains in January. The first two weeks of January? First week of January. Okay. So it's a very likely bankless nation that Gary Gensler is going to take a massive L and have to give us the Bitcoin spot ETF. Well, David's in the mountains.

Yeah. I got to go to the mountains because that's where he has the Horkrucks, the Bitcoin UTF Horkrucks. I have to go smash. This is a down bad story, David. And these numbers are pretty stark. This is from Kumar, OpenC revenue. January, 2022.

Speaking of January, that was not too long ago. Their revenue was 387 million. That's monthly revenue for OpenC. Top of the NFT cycle, January 2020. 22. You know what it is today? I know you do because you're looking at it. But bankless list or imagine, you go from 387 million to now last month, 1.9 million. Wow. That's a big drop, David. Well, hey, like 1.9 million dollars a month is a lot of money. I don't want to believe that. That's still a lot of money. No, no, that's a lot of money. It's just like, it just came down so hard.

Okay, so like why did this happen? Well, the NFT market just dried up obviously. Easy, easy go. NFTs is totally not dead. They'll be around forever, of course. It's just like that was the first mania. And so like that was them selling picks and shovels of a tulip mania, right? And so that's, they were making all their revenue then. And so, you know, actual demand for NFTs have dropped off.

But then also OpenC has been disrupted by Blurt. And so their market share back then was like 90 plus percent. And now it's only like 35%. So the revenue from the industry has disappeared. And they're also taking only a third of it. So between those two. It's just, they're doing fine at $2 million a month. That's fantastic. Like, that would be a fantastic business. What's difficult about crypto is this whipsaw. And bankless listener, you know, because you

hold these whipsawing assets and the volatility of them. But if you're an entrepreneur, if you're a project trying to start this, you see $400 million in revenue and you're like, hey, even if that goes down 80%, like we can hire another 100 people, 200 people. Like, there's market demand for this. It's growing. And then you get this, the other side, when all of this crashes. Yeah, it doesn't go down 80%. It goes down 98%. Oh, it's difficult to ride out these markets.

So, you know, that's why the key thing to do in crypto, whether you're running a project or whether you're an entrepreneur, whether you're a startup or whether you're a lowly holder is just to hang on for the ride. You know, don't get liquidated. That's the key to survival, as we say so often. I did just do the math stress now. Well, yeah. I'm bad at math, so I don't know if I did it right.

but 387 million down to 1.9 million is 98%. I mean, that's what a lot of assets got a 98% hit too. David, what do we got coming up next? Coming up next, a bunch of news. We're going to start with the Gito AirDrop. I mean, it's governance token on Salon. I think Salon is by far biggest air drop of a very esteemed protocol. And also, Cosmos Hub is having a civil war.

It's entering, you remember the block size wars of Bitcoin? Oh, yeah. I think that's what's going on with Cosmos Hub. So an airdrop? What does that mean for a chain split for atom holders? We're going to talk about that. But first, a moment to talk about these fantastic sponsors that makes this show possible, especially Cracken. Our preferred exchange for crypto in 2020 and 2024, if you do not have an account with Cracken, consider clicking the link in the showdowns getting started with Cracken today. Cracken knows crypto. Cracken's been in the crypto game for over a decade. And as one is the largest and most trusted exchanges in the industry, Cracken is on the journey with all of us to see what crypto can be. Human history is a story of progress. It's part of us, hardwired. We're designed to seek change everywhere, to improve, to strive. And if anything can be improved, why not finance? Crypto is a financial system designed with the modern world in mind, instant, permissionless and 24-7. It's not perfect, and nothing ever will be perfect. But crypto is a world-changing technology at a time when the world needs it the most. That's the Crackad Mission, to accelerate the global adoption of cryptocurrency, so that you and the rest of the world can achieve financial freedom,

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projects that actually has to do with the Solana chain itself. So it's like these app infra projects. Gito Sol is like the staked ETH version. So LIDA we have staked ethereum, Gito Sol on Solana. But it's not just that. It's also MEV extraction as well. So you can run the Gito client to get MEV trading done, like Ottenham built, kind of like the block proposer system of Ethereum. And so it combines MEV extraction plus the staked sole. And then it combines that in together to optimize your sole yield. And this is called the Gito network, the Gito client. All right.

So it's like when you said MEV boost, that is a product from flashbots that basically helps to create a marketplace for all of the MEV buying and selling on top of Ethereum. and Gito does something similar for Solana. It democratizes access to M.AV rewards. So instead of actually giving it to the most of it to MEV extractors, it gives it to people who just run the clients. And Gito now puts it into the Gito token. So it's spreading out MEV capture on Solana.

So it's that. And plus it's also Lido, as you said, for Solana. Exactly. Exactly. Okay. So you can imagine why the Salana community is very stoked about this. It's like, you know, a very deep integration with the Salana system. itself. And how deep is the air dropped? Does it go to everybody? Or like, who gets this? Yeah, so probably

some more granular distributions into internal Gito community members, but really the big one is, if you are a holder of the Gito Sol token, which is like the staked ETH or R-Eth of Ethereum, but for Solana, if you hold Gito-Soul, so because you're getting the yield of Solana in Gito-Sole, then you're getting air-dropped. That's probably the big one. There's other ones as well. 10% of the total supply is being airdropped to its community members. fun fact for you David the ETH maximalist over at Bankless you know Bankless right

they've got an AirDrop Hunter and they actually predicted Gito and they predicted the drop of Gito and so Wait so people using the ETH Maxi product got the Salana AirDrafts? That's right Bankless.com slash airdrop Hunter and you would have known about that in advance

David fortunately I didn't because I didn't actually take the time to use this fully David let's talk a little bit about Cosmos. So we talked about Salana and their AirDrop, but we also said that the Cosmos community is getting some sort of a new token. Tell me about this. I used to be pretty active in the Cosmos community back in the day. Yeah. So Cosmos is entering its block size war. Block size wars is this era in Bitcoin in which there was the civil war between the big blockers

and the small blockers. And it fractured into Bitcoin and Bitcoin Cash. It was the largest split of Bitcoin ever. And Bitcoin Cash was like, decently relevant for a while and it's just like slowly faded off into a relevant. Can I ask you something about this? So when you say the block size wars, it wasn't, it wasn't just about the size of blocks, was it? It was about something a bit more fundamental in terms of like what Bitcoin was supposed to be. Was it supposed to be this store of value asset or was it supposed to be this like kind of

payment network? Is it exactly right? Yeah. Is Cosmos actually having a war of block size or is it about some fundamental philosophical divide here. It's a philosophical divide. It's not about the size of blocks on the atom chain, but it is about like what is the identity of the cosmos hub, the atom token. And so it's like kind of the fractal equivalent, right? And so it's not about the size of blocks. It's more about, it is about the money in this conversation though. So the block size wars for Bitcoin was like,

well, small blockers are like Bitcoin is a store of value. And big blockers are like Bitcoin is a payment network. Store value people won. Payment networks is Bitcoin cash. That's completely relevant now. Cosmos is entering a similar phase in which the token of Adam, it's like, what is the purpose of atom? Is it meant to secure Cosmos or is it the money of Cosmos? And this is the divide that is happening right now in Cosmos. And there is, unlike Bitcoin, there is a on-chain voting for Cosmos. So we actually get to see these votes show up and take place. And that vote did take place. And so the question is, is the atom token good collateral for defy or is it meant to only serve the security of the atom hub? And this was the vote that happened. And this is a

question of inflation. How much do we inflate the atom currency? And so this vote went through to cap the inflation of atom at 10%. Right now it's at about 14 plus percent. And the vote was to lower inflation and to cap it. So it only inflates so much over time at 10%. That vote went through and passed. And so the, not by a crazy amount. Like there was a clear division in the community. The, it was 41% supported it and 32% voted against it. So like that's really close. A clear victory that shows a very strong division in the community, right? So like an 80% of the validators participated. It wasn't like binary. And so now, Adam, the token, will be capped at 10%.

What does this do? How do we, like, analyze what this means for the atom ecosystem? Here's something that was helpful to analyze this. People out here are thinking that lower inflation equals less supply equals higher atom price, and they are voting, yes. The other camp is saying lower inflation doesn't affect price and are voting, no. Meanwhile, traders big and small are like, oh, yield is going down. Maybe I should move Adam into defy.

Adam liquidity goes up. Adam, DeFi strategies become more reliable, and DeFi protocols start earning more revenue. Basically, lowering inflation takes away Adam from staking and incentivizes it to be more productive in DeFi because they are lowering the productivity of Adam as a staking asset because yields are lowered. It's becoming more like money. It's becoming more like collateral. Like Ethereum has gone through this. Remember minimum viable issuance, right?

Decreasing the issuance all the time until we kind of put a permanent monetary policy in place that is based on demand. for a block space and the amount of staking it turned ether into a much more of monetary type of unit that accrues value. And this is a similar type of conversation is happening in Cosmos, right? That's exactly right. Jay Kwan, who is the founder, one of the main core founders of cosmos, wrote the tendermint white paper, like built IBC. He is not pleased. So this is like the Satoshi, if you will. original Inceptor of Cosmos, the guy, and it's like, I don't agree with his vote. And my understanding, too, David, is he's been kind of checked out of the Cosmos community for the last

couple of years. He's been kind of on the periphery, not as actively involved. So that's some other context going into this, I believe. Sure. So Jayquan says, despite the vote passing, which is something not too surprising, it would be good to know whether the later votes came from newly purchased Adams or not. Now, let's coordinate a split, he says. He's like, Wow. Yo, that's great, great for you guys. You guys do you. I'm forking.

And so Jayquan is going to fork Adam. And now there's going to be Adam one, like Adam number one. As in you're going to make a new Adam, Cosmos Hub. And it's going to be the one that doesn't support Adam as money and instead optimizes for chain security by issuing high yields, high inflation for Adam holders who stake, which is how you get high security. I don't understand how that gives you high security, though. Because it incentivizes all the atom to stake to the atom hub. Yeah, but if the value of your atom is lower, then the economic security is lower. That's why we are ethmaxis, brother.

I mean, it's just, this is an argument we've had for a long time. We've done this before. That was all of our cycle. Bitcoin did this. Ethereum certainly did this. And the core argument was if you are a layer one, and you're trying to optimize for security, economic security, then what you have to do is also,

if you want to fully optimize for security, you have to fully optimize to have your layer one assets be a monetary instrument and be in money. Actually, that's one of the things that kind of pulled me away from the Cosmos community is I was just like,

I don't understand how Adams accrue value in this world. Yeah, because y'all keep on inflating it into infinity. Flating it 14% a year, bro. Well, the answer is always it's not money, it's something else. and what is money in us really anyway? And if we need money, we'll just import Bitcoin into our system.

And like, if you do that, you won't have economic security to actually support all of the things that you. It was just a circular argument. And it sounds like now the debate is being settled, the crypto way, which is a fork choice. You get to decide. So I haven't seen a good old fashioned fork in a very long time, David. Remind me what happens. All right.

Oh, yeah. Okay. I have some Adam tokens. Do I get Adam one? You get Adam one. If you are an Adam at token. your your blockchain is just going to split into the historical state will be copied and then you'll have both atom and adam one um you should be called adam two but i get it uh

it's adam classic classic yeah to j's vision yeah so yeah if this fork does happen you'll you'll have atoms on both chains uh and one will have more value than the other and one the market will decide the market will decide and one will likely i'm like pro like jay i love the philosophy man but like you're gonna lose to money like capital begets capital liquidity begets liquidity governance begets governance like you're gonna lose like well i just feel like we've seen this experiment play out with forks uh enough times and um yeah but who knows maybe this time it's a little bit different and the cosmos community to be fair is a little bit different yeah than other communities so uh i don't know but i'm pretty excited about getting those uh those forked

tokens with my atom one and i uh can't wait to hit sell because it's not money. Sorry, Jay. I mean, bankless listener, you do whatever you think. You know our stance on this whole thing. That's why window our thesis has just become just like, if this plays out the way that are the bankless thesis about money and layer ones plays out, I declare that it is no longer a thesis and it's just correct. No, no. We're going to retest that every single cycle. You're going to be for infinity, infinity cycles. We've got to retest all our assumptions every single cycle. Okay, this last thing, remember we talked about... Speaking about learning.

Yeah, speaking about learning lessons. What was the learning lesson for paradigm? We talked about this new layer two that had some... This two... Pyramid scheme. It's not a layer two. Oh, it's not a layer two. This multi-sig calling itself a layer two called Blast,

which was basically pyramid scheming the whole thing. Like, I'll use this term, ponzifying everything it could. Ponsivs, yes. Incentives, right? Incentive Ponzi's, yeah. Not necessarily. bad, not necessarily good. I'm personally neutral on that. It's a growth mechanic. Like, you have to understand that it comes with risk and all sorts of things and, you know, easily up, easily down.

It doesn't really come with risk because, like, you're depositing your assets in and then, like, other people get, like, rewarded more if they referred you in the issuance of new blast tokens. Yeah. Rather than just, like, paying a new incoming money being paid to support old money, that's the true Ponzi. No one's ether's. being like redistributed. It's just the Ponzi incentives of blast tokens or the ponzi. What I mean is risk to the ecosystem in that like you have you're just, it's a, it's a, it's a cocaine, man.

It's a huge, it's a sugar rush. And so you shoot all the way up and you know what's going to happen. It's going to come crashing down at some point in time because it's not, anyway, that aside, the bigger issue we talked about last week was it's not actually a layer two. It's a multi-sig of some sort. And even worse, it's a one-way multi-sig. You can't withdraw.

And so, David, we are on a dune. analytics board and I am seeing some numbers here that are very big how much value is actually locked in blast at this point 620 million dollars has been deposited to blast is that product market fit on a 3 of 5 one way multi-sig that's not a layer 2 and then being advertised as a layer two and so like at this point it's just like why do layer 2s go do these engineering challenges do the hard stuff. Bite code EVM equivalents and like distributed sequencers. Like, why are we doing the hard stuff?

You're getting $600 million for being a three or five multi-sig that you can't withdraw from. Like, it's just an insult to all the actual hard engineering teams out there. I guess so. I mean, my take is it's just a shortcut. But anyway,

a lot of money has piled into this, right? And, for comparison, that is the equivalent of the entire TVL of Solana. What? Yeah. They did the entire. TVL of Solana in like a week.

Yeah, a couple weeks. Yeah. Uh-huh. Oh, wow. Yep. Well, uh, there we go. That's a lot of money that's already been injected in this. And I got to imagine most of this is ETH. Yeah. Look at this. It's Ethan Stables. Yeah, but mostly ETH. Yeah, ether is just so massive. Um, okay, so paradigm has been associated with this project because they're a key investor in FrenTech, right? So they're starting to get this reputation of like, if you want your token to go up, if you want to experiment with these, you know, Ponzi economics, Paradigms the name, right? And so like paradigm plus new project equals number go

up, token go up, TVL go up. Paradigm, it looks like, is trying to distance itself maybe a little bit from that. And we've had Dan Robinson on before. We think very highly of many of the folks at Paradigm and many of the research that they do, much of the research that they do and the projects that they support. George, we could go on with some fantastic people. Okay, so what is Dan saying here? What's the gist of this? Yeah, so he goes, there are a lot of components of blast that I'm excited about and would be interested in engaging with people to work on. That said, we at Paradigm think that the announcement this week crossed lines in both messaging and execution. What we don't agree with is the decision to launch the bridge before the layer two.

So you launch the deposit contract before the network exists and then also not allow withdrawals for three months. Oh, I forgot about that. You can't get your money out of that, huh? Right. Dan says it sets a bad precedent for other projects. Yeah. To draw another lesson out in history. Like, why did BlockFi go under?

Why did Genesis go under? Because Alex effing Machinsky was doing an actual Ponzi and paying ridiculously high yields. And so all of the legitimate competition had to be dragged into the cesspool of like fraud and illegitimacy. Because of one player who was playing unfairly. And so this is what he's this is what Dan is saying. It's like it's a bad precedent. Like don't either incentivizing deposits. The network's not live.

It's a one way multi-sick. It's a bad precedent. Don't encourage this behavior. So I'm pretty proud of Dan for making this statement. Even if Blast isn't doing this, right? It's the bad precedent is the key language here because this is like trust me bro security. And we've, we already had that. We had that with all of the crypto banks and we don't need that again.

So even if Blast doesn't screw people over. Right. The next project to follow this. this new well-trodden path that kind of works from a growth perspective, totally will and totally could. What else does he say here? Because this is interesting. This is a investor basically throwing some shade at a set of founders that they invested in.

It's a VC publicly like denouncing the actions of one of their portfolio companies. You don't typically see that. Generally you don't. That's generally a no-no. Which means that it's really egregious, bro. There's also emphasis on Pac-Man, who is the founder of Blur, who's now also the founder of Blass, who's really been like the guy leading this execution of these strategies, really leaning into the gamification thing. This guy's like 24.

He's like had like this crazy history, like just operator of operators. I think he's going too far. I think he should reel in a little bit and become a little bit more tame. We have seen when people go too far in crypto. I don't want him to follow that path. Yeah. Well, that's what the social layer of crypto is telling them, the non-existent social layer, I believe. I think Paradigm was maybe on the hot seat a little bit more than bankless last week, but it was between Paralymp and Bankless. Yeah, you know who else needs to reel it in,

those goddamn bankless guys. Submitting proposals. Well, you're welcome, Paradigm for absorbing some of the heat for you guys. We're happy to do that. Anyway, don't want to revisit Memory Lane. We did a whole episode on this. What do we got coming up next? Someone is up to some shenanigans with the Ethereum blockchain playing some timing games with blocks being added to the chain. We'll talk about what that means. Also, where in the world is Richard Hart? If you know, the SEC would like...

Give him a phone number. Yeah, give him a call Gary, because the SEC would like to know exactly where Richard Hart is. And also, the Kiber Network has exploited for $55 million. And now the exploiter wants to take control of the company. I don't know if it works that way, but apparently he does. We're going to get into all of these stories, and more, but first a moment to talk about these fantastic sponsors that make this show possible,

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It's a game-changing proposal that's going to bring Sello's rapidly growing ecosystem home to Ethereum. Vitalik has shared its excitement for the Sello Layer 2 on the Selo Forum, so has Ben Jones from optimism. But why? The Sello Layer 2 will bring huge advantages, like a decentralized sequencer, off-chain data availability, and one block finality. What does all that mean? Rock solid security, a trustless bridge to Ethereum, and more real-world use cases for Ethereum without compromise. And real-world adoption is happening. active addresses on cello have grown over 500% in the last six months.

With the cello layer two, gas fees will stay low and you can even pay for gas using ERC20 tokens. But Sello is a community governed protocol. This means that Sello needs you to weigh in and make your voice heard. Join the conversation in the Sello Forum. Follow at Selloorg on Twitter and visit cello.org to shape the future of Ethereum. David, you promised us shenanigans. Tell us about the shenanigans. Oh, I got shenanigans for you.

Here's a tweet from Tony who works at the EF, and he says, p-to-p.org announces he is not associated with p-to-p.org. P-to-P.org announces that it will call get-heder later in this slot. These are technical terms, trading off chain stability against more M-EV profit. This is exactly the centralized behavior that we should not tolerate, as long as we as users, have the choice about where to stake our assets. Okay, what is going on. This is something that is actually...

I'm an Ethereum. I feel like I should know what this tweet means. I have no idea. Yeah. So this was something that was predicted once as something that is possible to do by this guy, Casper, who also works at the EF, as well as a few other people who put this paper together called Time is Money, Strategic Timing Games in Proof-Oak Protocols. Every once in a while I do put on my research hat and open up some research paper. So I read this one. It's actually pretty good. There's a big mathy section that I skipped. But basically, if you go down to slide 8, page 8, Ryan, it really shows you went past it. Bup, bup up. Am I in Ethereum researcher now? Right there, right there, right there, right there. Okay, so this is showing, this is the X axis, is that the horizontal axis? Cut that, the X axis is the flat one, right? And so that's time. And then the Y axis is level of ether extraction based off of time. Yes. If, Ryan, it is your turn to propose a block, you have eight seconds, 12 seconds or something, some number of seconds.

To propose that block before you are late and you get minorly passed. penalized for being late and not proposing a block. If you, usually people, honest behavior and just like not playing any timing games, when it comes time to propose the block, you just propose it, right?

You're collecting the transactions. You put them all together. You get the header of the block, which has all the transactions in it, and then you propose it. It's because I'm an honest validator. That's what I do. If you wait,

you can kind of capture some more M-EV and more transactions because you're having inbound transactions. You're in transactions are coming into you. If you wait, and delay your proposer, you can kind of steal some MEV from the next guy. The skim a little bit off the top. Yeah, right.

You're just collecting more transactions that would otherwise have gone to the next guy in the queue. And so you're just taking it from them. And this is like a rational economic strategy that these EF researchers were like, yo, this is possible. We are not observing this yet, but this is possible. And this paper was released like half a year ago. And it's happening now. And now P2P is a org?

announcing for like proudly announcing that, yo, we're going to play some timing games and we're going to have a higher yield than our competitors. Wait, is P-to-P or, are they, what are they? They are they, block builders, you can go to stake with them. You can go stake with them. Oh, okay. How much, how much ETH stake do they have? Institutional grade staking solution, uh, 2.5 billion dollars. Uh, I'm assuming that is mostly all eth. Yeah. I think this is Kobe's project, bro. I think, I think Kobe is like the founder, one of the founders of this, p.p.org. Yeah, this is, it's, um,

and also one another one of the Lido founders. I can't remember. Fasili, I can't remember. Um, but they're able to present, like, give their, their validators, basically the stakers who stake with them an edge, right? A bit more, uh, yield. Yes. So like, it's dangerous to play, um, timing games because if you, if you, uh, say you, uh,

wait to, to propose your block right up to, to the edge. Yeah. And then you have some sort of latency hiccup. Yeah. Then your block doesn't get proposed. and then you get penalized. Okay. And so you don't get any money.

And so it really benefits people who have better latency and better connectivity, which is why it doesn't really benefit solo stakers. Like if you are somebody who's like P to P, you can wait the maximum amount of time, which is like four seconds. Whereas solo stakers can't risk, can't take that level of risk because they don't have the same connectivity. And so they can only take a few seconds.

And so it benefits high connectivity. And then P to P is like, yo, we're going to play timing games. Come stake with us because we're going to get more yield. and it's basically just like, yo, we're going to just take the transactions from the next guy and give it to us.

So this is generally considered rational but shitty behavior. It's an MEV problem, basically. It's an MEV. You know, I have a take about that, but I almost don't want to get into this whole take. I think we've got to save it for our takes episode, David. Yeah, but one little bit more of data.

0.0065 ether per second is the price of time on Ethereum block production. So if you wait one second, you on average will obtain 0.0065 more ease. Here's the problem with this, right? And the tweet frames it as like, we shouldn't tolerate this. Like, don't do that. That's bad behavior, right? I agree with all of that.

And yet, and yet also our protocol has to be hardened against that kind of bad behavior. Like, again, David and I were just playing at E3 researchers. So like somebody called the devs. It's not you and I who are going to solve this. But my take is that we can't use these values. like the idea of Ethereum alignment as a crutch. Because we have to accept that there will be people out there that will cheat, that don't share these types of values.

And Ethereum is strongest when it actually harnesses stuff like that, when it harnesses the human greed, when it harnesses the MEV to accomplish its goals. This is why, like, you and I have been in favor of mechanisms like ultrasound money, right? Like the more eth we burn, the more numbers should go up, right? More security for everybody. What does... You take the MEV from the...

the extractors and you give it to the eth holders. There's a wider pool of people. Yeah, so give me that greed. All that greed. ETH number go up like, you know, and then we'll convert that into decentralization. We'll convert that into economic security. Anyway, it's a general observation that I think that it's good to make this visible, but we shouldn't go over the top at, you know, in the crypto community, in the Ethereum community

and wrap people's knuckles and just say, you know, bad builders, bad validators, do not do this. We have to repair it at the mechanism level and at the root. Yeah, that is the power of crypto economics that we have the power to do that. Okay, moving on, ready? Yeah. Khyber Network, which is a defy liquidity protocol. Started in 2017 as an ICO, just been in the background invisibly providing liquidity. OGs, like super competent team, been around for a while.

Sadly, was exploited for $55 million. $20 million from Kyra on Arbitrum, 15 from Optimism, 7 from the Heath Layer 1. And the exploiter, this is the same exploiter. you saw this on crypto Twitter who was like who exploited Kiber and then wrote this on chain message saying negotiations will begin after I've had arrest. Wow. People are like, oh, he's just exploiting. Now he's going to go take a nap.

So here are the demands. He wrote this very long on chain message. He goes to all relevant and or interested parties. This is the hacker who has that 50 million from Kiber Network. Yes. To all relevant and or interested parties, I thank you for your attention and patience during this uncertain time for Kiber as well as the company of. of Khyber, you know, Dow and company.

Below, I have delineated a treaty for us to agree to. My demands are as follows. Complete executive control over Khyber, the company. Temporary full authority and ownership over the governance mechanism, Khyber Dow, in order to enact legislative changes. My current wallet address is fine for this. All documents and information related to company and protocol formation, structure, operation, revenues, profits, expensive assets,

liabilities, investors, and salaries, and the surrender of all Khyber, the company assets, both on and off chain, including but not limited to shares, equity, tokens, partnerships, blogs, websites, servers, passwords, social channels, and any and all creative and intellectual property of Kiber. He's saying, hey, in order for this money to return, you got to give me the company. Like, I'm the captain now. That is, this is so stupid. So first of all, whoever this is not.

obviously a complete dick. Yeah. But also, like, these are impossible demands to meet. Like, I think technically they would be possible, but he would be, he needs to like sign documents. He would get arrested then. Here's, here's my equity. Where is Kiber organized? It's like Singapore or Hong Kong or something, if I recall correctly.

Like, what email address should I send this to? And like, what name should I put? Oh, here's my name. Like, it's settled in meat space, bro. Like, he doesn't. this is impossible. And I would rather just like send the authorities to his house rather than send him legal documents if you know exactly who he is.

And so it's got to be a troll then, right? Like it's got to be a troll. There's got to be a troll. So maybe it's a negotiation tactic. But he ends with this. He says, this is my best offer. This is my only offer. I require my demands to be met by December 10th.

Otherwise, the treaty falls through. And I guess he keeps the 50 million. I actually, I don't think this person's in a good position to negotiate. in so many cases most exploiters end up getting in trouble get trapped it's really hard to hide your tracks yeah FBI somebody hunts him down

finds them uh maybe he can exist for a while but like how's he actually going to exit these positions it's going to be tracked at you know on chain yeah anyway the only thing I can think of is like he just threw a big old distraction their way and he's trying to figure out like how to what his next move is yeah you think some of these hackers

they do the hack and they're like oh i like i like i It caught the car and I don't like know what I'm going to do. Right. Yeah, exactly. Yeah, a dog chases car and catches it. David, we've got some execution layers on the scene. The first one, it's called Movement, I believe. What is this? Yeah, Movement is a Move-based layer two on Ethereum with Celestea data availability.

I think if you're a developer, you really think Move is super cool. I guess, I don't know. Cool programming language. Great, you know, stuff over there. It's not, it's not, it's not, it's not, it's not, it's not, it's not, it's not, it's not solidity, right? Yeah, it's not solidity, yeah. Move, is move like the Facebook language?

I can't remember. It was, yeah. Oh, look at me. Look at this guy. Anyways, uh, move based Ethereum layer two, uh, on the scene got launched with a Slessa data availability. Uh, that's pretty cool. Also, say, say is like one of those like, a big, high valued, like,

chains like, raise a ton of money towards the end of last cycle. Heath killers, yeah. A TBS thing. Yeah. Um, and now, um, and out. They're announcing say v2, paralyzed EVM. So this is also what Monad does as well. Parallelized, right?

Parallelized, EVM. Not paralyzed. It's parallelized, right? Parallelized. So it happens in parallel, yes. Yes. If we could get the parallel EVM to the Ethereum layer one, that would be super cool.

I don't know how much of an engineering lift that is. Anyways. If we could get that by next week, too, guys. That would be great. Yeah, that'd be fantastic. And so, yeah, some cool new chains. Yeah, all the chaney, chiny, cheney stuff. Ready to move on to NFTs?

I just want to say one more thing. I think there's a lot of experiments going on in parallelized EVMs, right? One is this say thing. It's a layer two. Another is monad. We've talked about that before. They're doing like a, you know, a parallelized EVM that, you know, can very high transactions per second. Also, it's like one of the big things that the Solana people flex about the Solana virtual

machine is this like localized fee markets and parallelization. Yeah, they've got a great. This is that for the EVM. This is that for the EVM. And also Eclipse, who we've brought on before, which are basically doing a Solana virtual machine only on a layer two. Anyway, a lot of cool innovation going on. Also with Celestia data availability. Okay, we could talk about NFDs now. Tell me about it, David. Okay. So I, we, Ryan, like the cats. That's a phrase that the cats say. These are cool cats. They got a big blow up balloon on Macy's Thanksgiving holiday day parade. And I I think that's pretty cool. Yeah.

One of my kids was watching this and she said, Dad, it's a cool cat. I was like, oh, they know what a cool cat is? Yeah, they know what a cool cat is. Oh, cool. We don't have the picture up,

but there's a video of Klon who is the creator of Cool Kats, like doing like a selfie video as he's walking through with the cap around him. Yeah, I met him at the Cool Cats meet up in L.A. when I lived in San Diego. And like, there was like,

there was like 200 people there at this Cool Cats meet up in L.A. And like, there was like this cat drawing station. And he was just like there just drawing some cats with like some other cool cat. I was like, yeah. Doing it for the art. We're not doing it for price anymore. We're just doing it because we want to support the art.

Yeah, I thought that was pretty cool. David, where in the world is Richard Hart from Hex? I feel like that's an unsolved mystery. Probably trolling someone online. All right. So we got a block story. It says the SEC is having trouble serving Hex founder Richard Hart with its lawsuits. I'm just shocked.

The SEC has some lawsuits for Richard Hart, I guess. And they can't find him. He lives in Finland. He lives in Finland. He doesn't live in the United States. About the location of Richard Hart. I would like to know. Yeah.

Gary Gensler wants to know about that. Yeah. So the SEC has said that it underscores the legal hurdles in prosecuting international cases involving digital assets. The Eastern District Court of New York City claims jurisdiction as many of the crypto asset transactions, Hex, herein took place on Uniswap, a so-called decentralized crypto asset trading platform whose developers are headquartered in Brooklyn. Yeah. So. Is that, are they trying to implicate Uniswap here? too? Yes, yes they are. So called decentralized. Those are the words of Elizabeth Warren.

I don't know, man. I don't know who I dislike more. Is the scammers or some of these kind of regulators that are trying to say, you know, D... Uniswap Labs needs to like rename to something else. What? Well, because like, oh, the Uniswap, the developers... Are you trying to get into a bankless, bankless doubting again? Oh my God, I am. Oh my God, I am. I am doing that. Can't get it out of my head. Uniswop and Uniswap Labs. Are they the same thing? What are they?

Too confusing. How about CZ? He has been ordered to stay in the U.S. for now. I suppose U.S. authorities think he is a flight risk. So they're saying you got to stay here. You can't leave. Well, he has a massive amount of wealth. And also where he's from, the UAE has no extradition treaty with the United States.

So you put those two things together. And they're like, you know what, CZ, you're going to stay here. And so he is, he's waiting for his. his court case, right, to actually determine his sentencing, like his jail sentencing? Right. How many years, months, he will stay in jail, which will happen in like February 20 something. February. February, yeah.

Okay, wow. So, uh, there you go. David, we got a meme of the week to end this weekly roll up. Uh, what are we looking at here? Elizabeth Warren? We're looking at Elizabeth Warren tweet saying, okay. We do not need another private equity deal that could lead to higher food prices for consumers.

The FTC is right to investigate whether the purchase of some. Subway by the same firms that own Jimmy Johns and McAllister's Deli are creating a sandwich shop monopoly. And it is a political article. This is a serious tweet. Yeah. She is going, she's not only recruiting an anti-crypto army. She's also recruiting an anti-sambitch shop monopoly army as well.

Yuga. orgia, who works at Coinbase, who goes, Senator, as one of your constituents, I would like to thank you for your tough stance on sandwich shops. these crumb jugglers have been wreaking havoc in our communities for too long. The election will be decided by issues of bread and fill, and I'm happy to see you understand that. Oh my gosh. That is great.

That is what Elizabeth Warren is spending her time on. Hey, better sandwiches than crypto. I think she's maybe more productive over there. That's for sure. All right. We're going to end with risks in a minute, but first we disclose neither David nor myself have ever held the token called Hex.

Important disclosure there, but we do owe to eat. Why is that in the disclosure? It's an anti-disclosure. I thought it would be funny. May he's not. Risk and disclaimers. Guys, crypto is risky. You definitely lose what you put in,

but somewhere sandwich shops and delis. 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.