Bankless - ROLLUP: Optimism, Layer 2 Summer, Axie Infinity, ETH Documentary, Space Jam NFT (2nd Week of July)

Starting point is 00:00:06 Hey, Bankless Nation, happy second week of July. What time is it, David? It is Friday weekly roll-up time where we take the whole entire week in crypto and condense it down into one single episode. Ryan, I'm actually particularly stoked for this weekly roll-up episode because so much stuff happened in the last week. There's so much stuff to talk about, so much stuff to cover. And so we are going to go through all of it with the Bankless Nation. This is going to be a tricky one to condense because, as you said, there is so much to talk about. But let's get into it. If you're new to the roll-ups, they come out every Friday.

Starting point is 00:00:36 morning and our job is to boil this down into markets, releases, news, take what we're excited about, and we end with the meme of the week. We hope you enjoy this. It comes out on YouTube and also on the podcast, David. Before we get into it, we've got to talk about something big that is coming to crypto. That is the smart contract summit that is happening August 5th to August 7th. And this is like, it's put on by the folks at Chainlink, but this is almost like a free defy conference because everybody's going to be there. They're having a. having like 200 different projects discussing defy, NFTs, blockchain. They're talking about MEV. We're going to be talking about layer to you. David, you and I are going to be there.

Starting point is 00:01:17 We have a special panel that we've got lined up on EIP 1559, which hopefully on August 5th will have just happened by the time we do this panel. I'm super stoked about this. It's going to be EIP 1559 week. And this is going to be part of the weekly orchestra of EIP-159 content going out that week. So definitely stay tuned to the Smart Contract Summit, get a ticket or sign up. The tickets are free. So sign up for one and watch the EIP panel that Ryan and I put on. We will have a link in the show notes to the Smart Contract Summit so you can hook yourself up. Once again, a free conference, like a two-day conference, huge value in that. And it's going to be happening here soon. One other thing we should talk about, David,

Starting point is 00:02:02 is the staking services panel that we did last night. It was super late for me. but this panel was definitely worth the weight. Do you want to give folks a preview? Yeah, so we did this 8 p.m. last night for my time, 11 p.m. for Ryan's time yesterday. And the reason why it was so late is because East Staking is a global phenomenon. Therefore, these staking as a service providers are found all across the globe. So we brought on Darren Langley from Rocket Pool, who's from Australia.

Starting point is 00:02:26 We brought on Veslia Shepalov from, I actually don't know where he's from, I think, Eastern Europe. And then we also brought EJAS from Coinbase. And so we have three different staking. as a service providers coming and giving their pitches, their opinions, their approaches towards staking ETH. And there was a ton of knowledge got dropped there. Definitely check that out. That is a panel that you do not want to miss.

Starting point is 00:02:47 It went out on the podcast yesterday morning and YouTube yesterday evening as well. So definitely watch that. Once again, it'll be in the show notes. All right, David, you ready to get to markets. Let's start with Bitcoin Price. Bitcoin Price started the week at $32,000, went to the high highs of, of $34,000 and a half dollars and is now down to the low lows of $31,800. Is this more crab season?

Starting point is 00:03:14 Are we starting to get into bear season? This is like, I hope it's crab season still. I still hope it because it's starting to like, you know, push on that bottom boundary of crab season, right? It's starting to be like, ooh, crab bears. I still feel like Bitcoiners, Bitcoiners feel okay as long as it's above 30K. And Ethereum's feel okay as long as price is above.

Starting point is 00:03:35 of 2K, and I'm not sure that we're there yet for it. Either, we'll talk about that in a second. But you know what has been growing on Bitcoin is capacity in Lightning. So this is actually some fairly decent growth, a growth rate, I would say, over the last 40 days or so in Lightning. There's 1,800 Bitcoin in Lightning as of right now.

Starting point is 00:03:56 What's your take? Yeah, we Bitcoiners pay attention to Lightning Network. And so seeing that growth actually follow through is really important. At the end of the day, this is like one micro strategy purchase worth of Bitcoins in the Lightning Network. So, like, still small numbers, but fast growth rate. So definitely something to keep an eye on. Yeah, definitely. And let's talk about Ether now. So, Heath Price, we are below 2000. So Heath Bull's not feeling great. Yeah. The Holder's not

Starting point is 00:04:23 feeling great. Maybe we're dipping into you a little more that bear with crab arms or crabs with bear arms. What's your take on Heath Price? Yeah, East Price started the week at 21 $1,200, got up to a high of 2175, so really didn't have any much of an interweek momentum. And now we have fallen down below the $2,000 level currently at $1,925. Crab with bare arms. Crab with bare arms. All right. You know why I find it hard to be bearish?

Starting point is 00:04:55 And there's lots of reasons, but here's one of them. Ether this year is on track to do $8 trillion in settlement value transactions. trillion on its network in 2021. That's absolutely incredible. This is like a three or four X of PayPal. And these numbers are absolutely staggering. Like a huge chunk of this, probably 50% or so is settlement in ETH, denominated in ETH. The rest is in stable coins. I'm not sure if this even includes. I don't think it includes all of the tokens on Ethereum, which would put these numbers even higher. No one's talking about this. Like this is becoming a settlement network. for the world, bigger than PayPal, and still mainstream doesn't know the word Ethereum.

Starting point is 00:05:40 This is why I find it so hard to be bearish when I see metrics like this. Yeah, price does not matter here. Like settlement value, settlement speed, settlement volume, going up and to the right, it doesn't matter what price is. Stable coins don't change in value. And even with ether dropping in value, the value of ether being transferred keeps going up. you know, keep in mind, EIP-159 directly translates this settlement volume into ETH scarcity. And so while we are seeing crabs with bear arms, we are also seeing lots and loss of economic activity on Ethereum, which would ultimately lead into ether fundamentals. I know we're not going to talk about EIP 1559 and all those sets. I don't even know what that is.

Starting point is 00:06:21 Yeah, no more talk of that. Okay, let's go to Eith and the Bitcoin ratio. So where's the ratio hanging this week? just above 0.06. And so ETH BTC is in straight up crab season with crab arms. No, no bare arms there. But it is bouncing between that 0.055 and that 0.07 level. Not really much of a story here. It's not going down, not going up. It would be nice to see Eith hold that 0.06 level, which would set a higher low versus the 0.055 that we set right before July at the end of June. but other than that, neutral,

Starting point is 00:07:00 neutral territory. You kind of need, as we discussed last roll-ups, you kind of need ETH to run if we are going to remain in a bull market. I definitely feel that way. Let's talk about total locked value in D-5.

Starting point is 00:07:12 This is crab, crab, crab arms. Crab with crab arms. Just hanging out, 55 billion. I feel like we've been at the, in the 50 billions or so for quite a long time. Right.

Starting point is 00:07:21 I guess we have. The north side, 55 and above, I think, has been like pretty common and ever since, you know, the mania kind of left the markets. Mania left. That was May. That was May when we had all-time highs of close to 90 billion in total octalia.

Starting point is 00:07:36 Remember those days? Remember those days? They'll be back. Don't worry. All right, let's talk about defy Tocans. The DeFi Pulse Index this week, where are we and where did we start? We're down on the week, it looks like. They're down on the week.

Starting point is 00:07:48 I think the start of the week we saw, I think, $320, and we are now down to $280. So down on the week. down 16% or so. But let's take a look at usage, because this is such a cool metric. These things never line up. Prices and fundamentals are not ever aligned. It's like they are oil and water in this industry. Look, this is the thing. I, you know, I tweeted this out the other day. It's like don't join crypto and expect to be a millionaire overnight. Like, just be patient. The big moves happen in just a few days. You have to be in the market during the

Starting point is 00:08:26 those big moves. When you see fundamentals like this, why would you exit the market? I just don't understand. Like, we haven't even talked about what the fundamental is. Three million defy users. That's what it is.

Starting point is 00:08:38 We now have three million defy users. When I first started talking about this metric, David, when we were talking about it originally, Richard Chen used to put these out. It was at like 150K. And I remember thinking, oh, that's about the size of a, you know, a small American city, right?

Starting point is 00:08:54 And then it grew to like a million. We're starting like a decent size, metro type season. Now we're at 3 million, right? So we're creeping up to like New York City levels and beyond. And pretty soon this number is going to be the size of like a country, size of Canada or something, size of Australia. But like 3 million defy users. This is not active. This is not a number of addresses.

Starting point is 00:09:18 This is actually defy users, I believe, cumulative defy users. Unique addresses. And so it's probably less. humans. Yes. But still, it's still, you know. Bank accounts. Call it bank accounts.

Starting point is 00:09:31 The trend is phenomenal. The trend is what's important, which is up into the right. The last time Richard Chen tweeted out one of these, he keeps on retweeting his own tweets of the last milestone we made. Two million defy users came in April 25th and three million defy users came July 12th. So the rate of growth is impressive. To what you were saying at the beginning of this segment, Ryan, where you're talking

Starting point is 00:09:51 about how like people come into the world of crypto, they say, oh, look at the insanely strong fundamentals behind this asset. I'm going to buy it and then I'm going to become rich. Get in line, buddy. They all have good fundamentals. We're all waiting to become rich. Like every single thing. There's so many things that we talk about in the bankless world have awesome fundamentals. It just takes a lot of time for the world to figure it out. Yes. It takes a lot of time. And yet it doesn't take that much time. You know what I mean? In hindsight it wouldn't. Wait a year. Wait two years. Right. Like these fundamentals are going to catch up. The market's going to catch up with these. All right, let's talk about what you love. Maybe you like this this week.

Starting point is 00:10:29 The DPI, the DPI to Eith ratio index, I guess it's above your numbers. So you're feeling your guess. Yeah, it definitely is. I am claiming victory left and right here so far. Like, I know it dipped down, but like 0.13 is the number. And like, I'm sticking by it. When it dips below 0.1.2, you're not even to show up that week, are you? I'm just going to like, rate with the podcast. I can do the roll-ups. I feel kind of Yeah, well, you're hanging in there, but no moves. It's definitely not D-5 seasons. We're not bullish, but your boy's just excited that 0.13 is still a really good number to call. All right, and once again, that tracks DeFi relative to the price of ETH through the DPI index.

Starting point is 00:11:15 David, let's talk about this. This token has been on an absolute tear. We had Axi Infinity on. We didn't really discuss price at all. We're just talking a number of users. We had them on State of the Nation on Tuesday. But look at their token price, dude. The market cap has just absolutely exploded. What was it right before it jumped? The market cap was $250 million to where it is today at $1.5 billion. It was at $250 million just like, I think, at the end of June.

Starting point is 00:11:44 I think if I'm reading that chart, yeah. At the 27th of June, it was at a quarter billion dollars. Now it's at $1.5 billion. at dollars. That is insane growth. I want to check this out. Let's go to a year ago, what you could have bought AXS. Oh, don't, no, we don't need to do that. No, no, I want to see this. We need to see this.

Starting point is 00:12:03 We need to appreciate this. This is what, this is a year ago? This could have been you. This could have been me. I'm just saying, like, so the end of a DFI summer, I guess it wasn't out yet, but it's like, defy summer was over and we're in kind of this lull period. November 2020, market cap of AXS tokens, seven million.

Starting point is 00:12:23 Wow. 7 million. Seven million. Got to find those gems. A year and a half ago. Got to bet on the communities before everybody else knows about them. And they were hustling. This is why it pays to use defy.

Starting point is 00:12:35 Like if you just even had like, I don't know, what would $100 have gotten you? It would have turned, $100 would have turned into like tens of thousands, hundreds of thousands. Yeah. I think it's doing quite well if you're buying axes in November, December of last year when the market didn't think much of them. Anyway, let's move on. Maybe that's a sad story for some who are not in AXS. Fully diluted valuation divided by monthly volume per dex. This is an interesting index from Richard Chen.

Starting point is 00:13:03 What's this about, David? So this is a comparison of dexes on Ethereum, and it divides the volume that, or the, excuse me, the valuation, the fully diluted valuation of the token divided by the volume going through the exchange. And so this kind of just tells you the valuation over volume ratio. And so Richard has compared against all the common dexes that we know, 0x, sushi swap, bank, or uniswap curve, balancer, Kiber. And he's organized it against, like, the ratio of how much volume

Starting point is 00:13:33 versus how valued the project is. Zero X coming in on top, followed by sushi swap, as extremely favorable volume to market cap ratios. And then coming in last is balancer and kiber, as in a high ratio of market cap versus total. volume going through the system. So potentially overvalued on this metric versus zero X and sushi swap are potentially undervalued on this metric, which is interesting to look at.

Starting point is 00:14:01 I love that we're getting more granular in our sort of valuation metrics for this asset class, particularly exchanges. It's super cool. I wanted to show this off too, David. This is a website called deep dow.io. These are the people that are most active in governance. You know, on bank lists, the newsletter, you remember that newsletter we have, David? What?

Starting point is 00:14:19 Yeah, it's pretty cool. You should subscribe if you haven't. We published a post. It was called, I don't remember what it's called. It's about building your defy-building your resume on Ethereum. It's the idea that your Ethereum address is your resume. And this is what I see. This is the people in governance who have the most number of proposals, most number of votes,

Starting point is 00:14:43 are involved in the most number of Dow's. And this is like a leaderboard, right, for them. So we've got a person by the name of Van Gist. We've got Peter Pan, whom we know had on bankless. We've got Kupaputrupa. He's number four. We've had him on bankless before. Top tokens, bankless Dow.

Starting point is 00:14:59 Nice. All right. Yeah, exactly. And like, it's super cool to see that some of these Dow participants are getting recognized on leaderboard. This, start thinking about this as your new resume, your new digital reputation, right? Like, back to the Josh Rosenthal episode. you know, new Medici, the Crypto Medici, this is the Crypto Renaissance, what are you doing

Starting point is 00:15:22 to build your resume? These people are building it through participating in government, participating in DOWs. And you're being recognized for this because all this is open can be displayed in these kind of leaderboards and benchmark, super cool. Yeah, the right takeaway is that if you work and contribute to DOWs, you get noticed to the point where somebody will make a website and put you on a leaderboard. That's pretty crazy. Here's a little bit of a, uh, Ethereum trivia for you for the listener. Also, this became relevant when we do trivia at TopSignal in the future. That's going to happen.

Starting point is 00:15:53 Peter Pan, number two on the leaderboard, the author of the before Bitcoin series, which we read on bankless a while ago, he was actually, he applied to become a Moloch Dow member, which was kind of like, you know, the original Dow that really spawned the Dow Revolution. He applied to become a Moloch Dow member and was actually rejected by the Moloch Dow Committee. And then he turned into one of the greatest. dows of all time. So Moloch Dowell down definitely did not make the right choice on that one. He eventually did get membership into the Dow, I'm pretty sure. Yeah, he is absolutely

Starting point is 00:16:28 dowing it up and become quite good and become a thought leader in the space. So super cool. All right, guys, we are going to get to the releases in a moment and the news and all of the other exciting things on the roll-up. But before we do, we want to thank the sponsors that made this episode possible. Living a bankless life requires taking control of your own private keys. Not your keys. not your crypto. That's why so many in the bankless nation already have their ledger hardware wallets, which makes proper private key management a breeze. But the ledger ecosystem is more than just a secure hardware wallet. Ledger is the combination of the Ledger hardware wallet and the Ledger Live app. And if you're used to seeing all of your crypto services and favorite DAPs all in

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Starting point is 00:18:57 follow them on Twitter at Arbitrum and join their Discord. All right, guys, we are back talking about the hot releases. David, we have to start here. This one's hot. We just swap V3 on optimism. We've been waiting for this for months, years, even, and now it's here.

Starting point is 00:19:14 uniswap on its own layer two and you can actually use it today. In fact, you used it. I've used it. I've used it. How was it? Positively glorious. Is this a video of you using it? This is a video of me using it in real time, by the way. So this is not sped up. And so you can kind of see my mouse like erratic mouse movements as I'm kind of thinking like, oh. No, no, you're just excited. You can't control your stuff. That's exactly right. And so I made five swaps on uniswiswap. I traded like $200 of ether or $350 of to die, to eth, to die, to eat to die. I wasn't even trying to be fast. I was just doing it just to do it.

Starting point is 00:19:50 I made five swaps in under like 30 seconds. And that was just be tinkering around, right? And the cool thing is, is like, as soon as I hit confirm, it's done. It's done. How much cost? As well, okay, so the gas cost to get my ether into optimism cost me about $19. You got to cross the bridge. Got across the bridge.

Starting point is 00:20:08 Goet. It cost me $19 at 39 Gwe, I think. So gray price, not too high, not too low, cost me $19. And that's the most expensive part. The most expensive part. And then each swap cost me like 0.000-0-0-something ETH. So like there was like, I think there were four zeros before the first number of ETH transfer fees on optimism. And so swaps were costing me pennies and they were going instantly.

Starting point is 00:20:34 The cool thing. And here's what I think this is unconfirm. This is my speculation. But when I hit the swap button and then confirm on Metamask, the website UI already showed it as completed, right? And so the website UI showed it instantly. And I think they are doing a clever little hack where they are saying it's completed, regardless of whether it's actually going to the optimism chain or not.

Starting point is 00:20:57 But that's the power of optimistic roll-ups, because as soon as you sign the transaction, the strength of the settlement assurances allows the website front end to just say that it was completed regardless of whether it checked or not because it has such strong assurances. I'm speculating on whether that's true or not. Maybe they are actually talking to an endpoint and getting a confirmation. I guess the transaction was included into blockchain.

Starting point is 00:21:18 But it happens so fast that I think they just skipped that step because they have such strong settlement insurances that it actually did get included so they can just say that to you, the user, yeah, your transaction went through. You know, this is super cool. And I haven't used optimism yet. But it's got to feel like a similar experience like on Polygon, which I have used is it feels like a bandwidth upgrade, right? It feels like you're on an old, like, I don't know, 56K modem. You're using these websites. And suddenly you get broadband, cable modem. And then it's the same thing, except it loads 10x, 20x faster.

Starting point is 00:21:53 Right. I think that's a good metaphor. But Polygon feels like the broadband moment. And this feels like fiber optics. Because when you press the button, it's done. It's already done. With Polygon, you actually have to wait a few seconds. You know the other thing I used to be worried about with this is, I don't know.

Starting point is 00:22:09 Have you withdrawn anything yet? They have a little bug on their withdrawal bridge. So I wasn't actually able to withdraw because if you hit the withdrawal button, it sent me into this loop where I needed to pick the network. But once I picked the wrong network, there was a bug in the UI. Is this a UI bug? Is this a UI bug? Yeah. And so I'm not technically enough to fix it.

Starting point is 00:22:28 Yeah, we haven't withdrawn. I used to be more worried about that crossing the chasm because, you know, you paid $20 to get across the bridge. Low gas prices. I mean, that could be like $50. That could be 100. That could be impediment. But after our conversation with Arbitrum, I realized that there's going to be so many other bridges into these roll-ups, right? The main bridge, maybe the most trustless bridge, censorship-resistant bridge, will be the bridge that you used.

Starting point is 00:22:57 But bridges from exchanges are coming, right? Like directly Fiat, directly ETH from an exchange into optimism, that's coming. bridges from other chains, like a polygon, for instance, to optimism. That's coming. We're going to talk about that in the releases. So I'm way less worried about this, and it's super exciting. Now, David, correct me if I'm wrong, but optimism isn't like generally available. They are sort of going through a process of kind of permissioning and rolling out defy

Starting point is 00:23:26 apps one at a time. Is that right? That is correct. And so Uniswap coming first because it's one of the easiest things to deploy. Uniswap doesn't really need any other infrastructure. We have more to talk about with optimism further on in the roll-up, but synthetics is also coming as well as some infrastructure projects as well. Before we go on, Ryan, there's actually so much more to talk about.

Starting point is 00:23:45 You talked about how the bridge, you know, the optimism bridge. The optimism bridge is like the bridge of last resort, right, in the future, right? Like the bridge needs to exist, the optimism bridge needs to exist. But that needs to exist so that if other bridges that are going to spin up, which we also are going to talk about in this weekly roll-up, if those don't work, you have the option. of using the optimism bridge. The optimism bridge existing is just to have the option,

Starting point is 00:24:09 the ability to escape under your own terms, and then other service providers, other bridge operators, again, who are going to talk about in this weekly roll-up, are going to offer better experiences, better times, better speeds, perhaps even better fees, I don't know, but they will be able to compete for you to use their bridge.

Starting point is 00:24:27 But if they are malicious, if they go down, if they break, whatever, you have the option of using the optimism bridge with the slowest withdrawal period of seven days and not super duper fast deposit periods of like, I think, 20 or 30 blocks. So that's what's up with that. Yeah. And there's also a decent amount of, actually, if you scroll down in this tweet and we'll link

Starting point is 00:24:50 the tweet in the show notes. First off, there's a meme. So there you go. And then there was also a decent amount of communication. Nick Kunkel from the Maker Dow, he talked about how there's already the die bridge is getting spin up and running. Maybe it's not showing here. but like MakerDow already has plans to build like the super fast die bridge.

Starting point is 00:25:08 So there's already plans to like have multiple bridges on and off optimism. I just think this is the theme for the first part of releases. David, you mentioned synthetics. They are launching on optimism, the full synthetics platform, I believe. And that is coming possibly the week of July 26th.

Starting point is 00:25:27 So this is coming governance. So we've got uniswap. Synthetics will be number two. I think optimism. will go more generally available a little bit later, but they are permissioning apps one at a time. We also have this, David, which is getting back to these bridges. Some of these, this is Hot Protocol. So Hot Protocol has officially announced the Hot Bridge. They're starting with instant USDC transfers between Ethereum, Polygon, and X-I. So two side chains and Ethereum,

Starting point is 00:25:56 obviously expand to Arbiturium Optimism as Layer 2. And this provides, the ability not to, you don't even have to go to main net. You can just move your USDC assets directly from Polygon to X-Di or in the future directly from Polygon to optimism if you want. And this is super cool. And I believe State Channels is actually the technology behind Hop Protocol. In the future, when we say like, oh yeah, I used to have all my assets and do all my trading on the L1,

Starting point is 00:26:32 that's going to be such a crazy statement in the future. There's so much infrastructure getting built out. That means we will never actually have to touch the L1. Like the L1, the floor is lava. Like, you don't got to touch it. Like you can just go from side chain to L2 to side chain to L2, all using payment channels will never actually touch the L1 anymore. No, the roll-ups will be touching it.

Starting point is 00:26:54 Yes. And this is the thing, again, I was worried about that is diminishing over time, which is like a couple years ago, sort of realized that the entirety of defy would need to be re-architected on layer two. But it's happening. Look, NOSIS SAFE is live on layer twos. So they deployed on Polygon, finance smart chain. These are not layer twos.

Starting point is 00:27:18 We call them side chains, X-Di, but also arbitrium coming soon, then optimism. So that's some key infrastructure that we need. We've got Coinbase wallet now supporting Polygon. So you can actually switch from the Ethereum mainnet to Polygon. You also see the optimism main net there. So we're getting wallet support. We also have the set protocol launching on Polygon so you can buy your DPI and in the future your bed index, guys, coming soon on the Polygon network as well. I'm just running through these. Infura is now supporting Arbitrum 2. So the process of D5 being re-architectedicted on layer 2, it's happening,

Starting point is 00:27:57 like right before our eyes. And it's going pretty well so far. Imagine being an ETH killer right now. I don't know. That's all I have to say. I can't imagine. I cannot imagine. Nor would I want to. I mean, the prices are doing okay, though.

Starting point is 00:28:12 For now. Fundamentals and prices are separate things, as we know. As we know. Okay. So where are we now? Let's talk about this. Dow Jones is launching, just launched five crypto indices. You know what's weird about this, David?

Starting point is 00:28:25 So, first of all, this is the S&P Dow Jones. Jones indices. So this is a big deal, right? Like everywhere here index quoted for stocks is like S&P 500 or Dow Jones Industrial average. Now these indices players are coming into crypto and they're creating indexes of their own. What's super weird is I have like no visibility into what these things are. Right. Like clicking around trying to find actually what these indexes are composed of and it's very difficult. We couldn't find the answer. We spent like 10 minutes trying to figure it out before the show. We couldn't find it. What was crazy is just there's such a contrast between open finance.

Starting point is 00:29:04 Like if you want to peek into what is inside of the DPI, that's, that's, you know, the token set technology, that's index co-ops index. You can see exactly what it's composed of in real time. You could verify that and check that on chain. For these indexes, you have to, I don't know, dig through their methodology, call customer support. I don't know. I don't know either.

Starting point is 00:29:27 It just seems. The categories are a large cap index, and then they have another index that excludes Bitcoin and Ethereum, and then they have another index that excludes Bitcoin and Ethereum and other large cap. So I think it's like different scales of market cap. But again, just tell us what they are. And also the waiting. Like what's going on here? Like, D-5Pulse and index co-op are leagues ahead of you guys.

Starting point is 00:29:53 And you guys have been doing this for centuries. Yeah. Well, it's just they're building it on, on, close finance and traditional finance. And that is the constraint there. But I guess it is a big deal that S&P continues to come up with these indices and mainstream crypto. So they're trying. They're trying their best. You're doing it. Work harder. Work faster, guys. All right, Nifty Island. What, what's this? So Nifty Island is a new game. A game verse is what they're calling it. And it's a place for you to take all your NFTs and put them on your island. So in crypto,

Starting point is 00:30:24 we all want to get our islands. Now you can go get your island and you can put all your NFTs there. And so it's a place, it's a virtual world, a metaverse world, where you can physically place all of your crazy, awesome NFTs that you want to show off all of your friends. And I think the grand vision is much more, you know, grand than that. It goes and goes from there. But the idea is that this is a game, a physical or a virtual reality, virtual world, where you can come and put all of your NFTs. And so you can go and check out other people's NFTs, go to other people's islands. The vibe I'm getting is, It's kind of like a second life type of game where you actually exist in this virtual world

Starting point is 00:31:02 and you can go from place to place. And then you can have your own island with all of your own NFTs. Look this is appealing. Millionaires will be made in the metaverse. So David, David, come to my... Come to your millionaire island. Yeah. Millionaire island and check out all my...

Starting point is 00:31:16 I want to go to DC Investor's Island because I think his island is probably pretty dope. Yeah, you can't afford to get to his island, man. D.C. will let me into his island. Maybe. All right. Ultrasound Monday. Ultrasound.money is now a website. Wow, the meme became a website and a nice website at that. I don't even know who's behind this, but good job, whoever is behind the ultrasound money website.

Starting point is 00:31:40 This is displaying we have 19 days, 22 hours before EIP 1559, which we weren't going to stay in the show, but we absolutely have to. This is a chart of the total ETH supply over time with projections. You can dial this up or dial us down based on assumptions around staking amounts, based on gas price. Really great user interface for this. And then you could join the 1670, 1,672 members who are wearing the bat signal in, I guess, their social media profile. Twitter, yeah. You're there. Super cool.

Starting point is 00:32:17 This is a cool place to send people when they ask about ETH's monetary policy because it just sort of sparks the conversation and dispens. blaze in real time what is about to happen. I think this is really just illustrates how much excitement and energy there is behind the ultra-sound money meme. At the end of the day, memes are memes, but also in crypto, memes are also fundamentals. And so this is just a really strong indicator that the ultrasound money meme is turning into real website infrastructure to help support the metrics and the ultrasoundness behind the ultrasound money meme. And so after 19 days, after EIP-159 gets integrated, I'm excited to see what this website turns into, right?

Starting point is 00:32:55 Because now the next step is the merge. And so I think this is just going to be a website that really illustrates this ultrassoundness behind ultrasound money. Absolutely. And it definitely projects, as Justin Drake has said, we'll never have above 120 million eth, which is very likely. So super cool.

Starting point is 00:33:16 All right. Let's talk about this. The Infinite Garden. This is a documentary, like a movie that somebody is making about Ethereum. They're going to be talking to folks like Vitalik, people in the Ethereum ecosystem. What's this about? Yeah, so this is exactly, as you just said, there's a documentary being crowdfunded on the mirror platform, which is pretty cool with illustrations coming from People Pleaser, the artist that made

Starting point is 00:33:40 the Uniswap X times Y equals K, NFT, which is the thing that started off the People Pleaser Dow. and so now she has been being recruited by this documentary, this team making this documentary to make Ethereum's first movie, which I am absolutely stoked for. David, do you notice this, dude?

Starting point is 00:33:59 I just noticed this. Yeah, that's Kevin O'Waqi. We might be in this. Yeah, that's Kevin O'Waki probably doing our state of the nation with him. Yeah, so we're on the other side of the computer. Yeah, we're on the other side. Maybe we'll be a cameo.

Starting point is 00:34:14 God, that'd be amazing. That'd be so excited. I've always wanted more documentaries, more Ethereum content, like more high production value stuff, because I think there's just, there's more attention needs to come to the space. Obviously, I believe this. And I'm glad to see some like high production efforts being made to, you know, tell this story of Ethereum. It's a really good story. Absolutely.

Starting point is 00:34:35 So many cool stories coming out of Ethereum. All right, let's brief through the raises really quick. This has been like raise week. So super fluid has raised $9 million. This is kind of a real-time finance protocol. Basically, you can do payroll, this sort of thing. It's all deployed on a layer two, using stable coins, using essentially crypto infrastructure. Any thoughts here?

Starting point is 00:34:57 Yeah, so this is kind of an evolution on what Sablelier was trying to do, streaming payments, making payments as discreet as time itself. And so, you know, in Ethereum, we have 12 second blocks on L2s. It goes even faster. And so there's no reason why pay periods need to be two weeks or any, like, you know, time barrier like that, all of a sudden we have, we are able to link the concept of time and payments, time and value transfer. And that's what superfluid is doing. Disclosure, I am part of the ECE investment team. Congratulations. Thanks. All right. Let's talk about this. Connects raised $12 million

Starting point is 00:35:34 as well in a, in some new funding. This is similar to hop in that it's providing chain to chain sort of change you're seeing payment channels and transactions. Right, and so when we were talking earlier about all these

Starting point is 00:35:50 different bridges that are going to be spanning Ethereum and optimism and arbitram Connect is one of those service providers. Connects is payment channel

Starting point is 00:35:58 infrastructure. They've been around Ethereum for forever working on payment channel technology, kind of trying to figure out what the best place to apply it is.

Starting point is 00:36:07 And, you know, Ethereum in its current forum up until now really hasn't needed payment channels above and beyond really specific use cases. But as soon as we have like, you know,

Starting point is 00:36:17 the optimism chain, the arbitrum chain, the polygon chain, X-Di, like maybe even more optimism chains, even more arbitram chains, because there can be many of those. All of a sudden we have like a whole entire mesh network of layer twos, and we need more efficient ways to route orders between all of these L-2s, right?

Starting point is 00:36:36 And so, you know, Kinex is being the payment channels between all of these different chains, between Ethereum and L2s, L2s and L2s, L2s and side chains, other L1 blockchains. And so Kinex says payment channel technologies, finally finding its place where it's really going to thrive. And congrats to the race, we did a fantastic meet the nation with Arjun Boutani

Starting point is 00:36:59 from Kinex Forever Go. Really, really good episode to understand payment channels and how they fit into Ethereum. Also disclosure, Ryan and I are both seeded investors into Kinex Network. Congrats. Congrats to you, sir. I'm going to say that every single time.

Starting point is 00:37:16 All right, block native as well. Mampool. Dot Eith, super cool. The Mampool is a dark forest. This is basically the place all transactions go before they're fully processed. A lot of MEPV takes place there. So these guys are providing visibility to DFI protocols for this to help the D5 protocols design a bit more tightly.

Starting point is 00:37:36 Illuminating the dark forest of the mempool is kind of how I'd summarize this. I'd summarize this. They just raised $12 million in Series A financing. So cool to see this infrastructure being built out and funded. So just what I was saying with all of these different L2s and sidechains, each one has a mempool. Every single chain has its own unique mempool. And Block Native is mempool infrastructure. So imagine a world where there's like a bigillion L2s. There's going to be multiple different ways to do from to get to point A to point B. Right. Like you have, you USDC on Arbitrum and you need to get Dye on Polygon. There's going to be like seven different routes to get there.

Starting point is 00:38:17 And Block Native and its Mempool infrastructure is going to help you route your order across, you know, the Hot Protocol or Connection Network or like different L2s, different bridges. Block Native is going to find the most efficient route to make your point A to point B transaction the most efficient and most speedy. And that's what the Mempool infrastructure allows you to do. Disclosure. I are also seed investors in two block native. Congrats. You beat me to it. Rugpole. All right, defy wallet phantom. The defy wallet phantom just raised nine million series A funding led by A16Z. This is not a wallet I've used before, and it has actually been deployed first on

Starting point is 00:39:00 Solana. So I think that's where it's kind of made its initial home. Then it is going to deploy on Ethereum here shortly and also all the side chains, Polygon, Arbitram Optimism, ZK Sync, maybe give Metamask a run for its money. I'm not sure. It's cool to see this infrastructure funded, though. I'm pleased to see that for sure. Also, guys, crypto is, of course, hiring. Crypto is always hiring.

Starting point is 00:39:24 Bankless just published a job board. There are some great positions on there over 27 already. We've got a senior solidity engineer, quant finance. If you are dev, check that out. Chief Investment Officer, CIO. for Yield app, a software engineer for Arbitrum. Check that out to you. Senior designer for pull together, editor and writer for bankless. You got to plug that one. We are still looking for an editor or writer. Go over to the jobs link in the show notes to check out all of those jobs.

Starting point is 00:39:53 We update them on a daily basis and then also weekly expect fresh jobs. That was just the first five jobs. There are 27 total jobs on the job board. So definitely go check those out. Crypto is hiring all these seed investments are being thrown around. There's money being thrown around in this industry. People are hiring to help build out this industry. That means you. Whatever the Ethereum version of Uncle Sam is, he wants you to come work for Ethereum. So go to the jobs board and find a job. All right, David, let's get to some news. Let's start with this news. So the news of the week was Uniswop's DeFi Education Fund and worries around this. I've been following this story a little bit. I know you've jumped into it. Why don't you give us

Starting point is 00:40:35 the high level what what this story is about yeah we covered this on the weekly roll up i think two weeks ago and so you know uniswap has that massive treasury uh and there was a uh an education team that came together who wanted to get some funding out of the uniswop treasury to help promote defy education regulators you know institutions i think i think more formal education rather than than like what i would call whatever we are doing at bankless where like these people are going seem like a lot of lobbying as lobbying lobbying lobbying i think is a lobbying education type of things like, you know, Jake Chavince was on there and he has, you know, strong interest in educating lawmakers. There seems to be a story here about how this group came

Starting point is 00:41:18 together and some of the decision making behind the actual funds. And so the, there's a little bit of controversy with the actual proposal to Uniswap where the Defy Education Fund proposed that they received half a one million uni tokens, which would be like $15, $20 million total. And they express intentions if they were to receive the money to sell it over time. There's also a little bit of controversy, as in members of the Defy Education Fund voted yes on their own proposal, which is totally kosher, but also just, you know, raise some eyebrows. And so then the Defy Education Fund proposed or indicated there, intent to sell the uny token slowly over the next four to five years, as soon as they got their

Starting point is 00:42:06 hands on the actual tokens, because apparently the governance proposal passed, so they got their one million uni distributions. They sold 50% of them immediately for 10.2 million USDC. And so there's a little, that caused a bunch of hubbub, and this has caused a bunch of controversy with Dow governance. And, you know, is what's really going on here? Is there, has there actually been any malicious, you know, activities that's up for debate like you know people are communicating one thing and doing another thing is that really is that's bad is what's going on here people are confused and they're all having their own takes about it but overall this has caused a bunch of drama and controversy in the space yeah so i guess the facts of the case were 20 million got funded for um by education fund they said

Starting point is 00:42:51 they were going to sell it over three to four years it turned out 50% of that 20 million so 10 million was actually insta-celled yeah yeah fairly quickly. And then there's also the concern that some insiders maybe are benefiting from this. Right. So like and some whales within Uniswap are kind of voting this in to sort of push it through. And I'm not sure the validity of of those concerns either. But like Kobe had an interesting proposal here. I think it's satire. But absolutely satire. Yeah. So what's this what's this proposal? He published this on the Uniswop governance. form. And yeah, what's he saying here? Yeah, he's proposing a one million

Starting point is 00:43:36 uny token distribution, same amount as the Defy Fund, for the removal of established cranical follicles. He's talking about shaving his head. So he wants to be paid one million uny tokens to shave his head. So he's making a farce out of the whole DeFi education fund thing, and he's kind of just making, trying to, you know, use satire as a tool to illustrate what the problems perhaps were with the defy education fund proposal what are the problems process what do you think you know and perhaps some insider

Starting point is 00:44:07 dealing some you know some some people that are inside the industry talking to other people who are having a privileged position saying hey like accept this proposal like use my legitimacy to accept the proposal and then send us the money again like the money hasn't been to my knowledge hasn't been allocated anywhere

Starting point is 00:44:22 and so maybe the biggest error was that they just sold the tokens faster than they originally communicated maybe they're maybe they don't have a good treasury management team in place and so maybe the whoever was in charge of the uny tokens got spooked by the market and it was like oh i'm got to sell all these before the market goes down maybe maybe there was some immaturity in treasury management i don't really know but you know a lack of standardization and best practices was definitely present i think the story it could fizzle out into nothing it could turn into a much bigger story i don't really know what's

Starting point is 00:44:57 interesting about this, though, but isn't this just like token vote? Isn't this how token votes work? Like the token votes are essentially like shareholders of the protocol and they get to vote on how the treasury is used, right? Like that's what a governance token is for. So at some level, like, I'm not surprised that whales are dictating governance proposals. Right. Because that's the design of token vote protocols. Right. And like, the reason I say that is because sometimes I'm a little bit annoyed or bothered when people talk about like decentralized governance at, you know, to equate that with,

Starting point is 00:45:39 with token vote. No, it's not quite decentralized governance, right? It's like open, permissionless governance. But it's the same core governance mechanism we use to see C-Corps and a set of shareholders and board of directors. And there definitely needs. to be some accountability in all of those processes. But part of me is not surprised that whales can push through a vote because of course they can. Yeah. And I think maybe this is no different. Maybe

Starting point is 00:46:10 this is kind of the status quo. But importantly, we can all see it. We can all see it happening. And so if we don't like that, the community raises a hubbub, which is definitely what's happened. Yeah. So we'll have to see how this progresses. But definitely interesting. David, this is cool. Brazil, SEC has just approved an Ethereum ETF. It's 100% Ethereum when SEC, when U.S. SEC, are you going to allow us to have even a Bitcoin ETF? Let's start there. We're falling behind.

Starting point is 00:46:38 Is the U.S. just going to be the last country to have crypto ETFs in it? Like, I remember asking Hester Perth when she was on the podcast, like, yo, like the longer and longer, I said, yo, I did not say yo. The longer and longer that the U.S. does not have a Bitcoin ETF or, you know, or, you know, or a crypto ETF, the more and more it becomes like a political statement, right? And she completely rejected that premise. But my conspiracy hat is still on. Like to some degree, like the U.S. is the last country that technically wants crypto

Starting point is 00:47:07 ETFs because it subverts the dollar. And they're on the right path to literally becoming the last country with a crypto ETF. Well, you do have to ask why. And so I don't know what the explanation is. That's one possible explanation. But it is super weird that all of these other countries are getting crypto ETFs. and the U.S. doesn't have one. The U.S. wants the crypto E2F the most.

Starting point is 00:47:29 I mean, the U.S. populace at least, right? And so, like, the U.S. regulators are just not responding at all to what the people want. Yeah, absolutely. We'll see when the big banks start to get involved. What happens with that? I bet it moves forward. Wouldn't that be ironic? Because the banks got our ATS before we got our ETS.

Starting point is 00:47:46 Stani is saying a new version of the AVE protocol is now in audit. This team just keeps shipping. I'm pretty excited to see it. Well, this is just a tweet, but I definitely believe. him. But, you know, Ani, excuse me, Stani just said, new version of Avey protocol in audit. I wonder what they got. I wonder what tricks the new version of Avey has. I'm excited to see. Shapeshift is turning into a Dow. We're going to have Eric Voorhees on the podcast on Tuesday to talk a little bit more about this. But what is this about, David? Yeah, so Shapeshift has had this crazy trajectory, crazy story,

Starting point is 00:48:19 started off as a place where you could swap tokens in a non-custodial fashion. And, And so you would, like, say you wanted to trade, this was very big in 2017. Say you wanted to trade Bitcoin for ether or, like, ether for Minero. These are cross-chain swaps. So you would go to ShapeShift. You would, you know, they would tell them, hey, I have ether. I want Monaro. So they would give you an ether QR code.

Starting point is 00:48:42 You would send your ether there. You would also give them a Monaro deposit address and they would send Minero back. So it was trusted, but it was more or less atomic, right? Like you would send your ether there and they would make the trade for you with their own, like, liquidity providers and own trading dust. and then they would send you an error on the other side. The SEC did not like, or maybe it was a CFTC, I can remember, regulators did not like that they weren't taking,

Starting point is 00:49:05 there were no user accounts and there were no sign up, no KYC process. And so they had to shut that down and start, you know, forcing people to actually sign up and KYC with them, which kind of ruined the whole value proposition of ShapeShift. Then Dex aggregators came along, and ShapeShift turned into, you know, a normal permission to exchange, which they didn't want to be, and then they became a dex aggregator.

Starting point is 00:49:28 And that happened. That was the last, actually, the last time we had Eric Voorhees on the show, was when Shapeshift turned into a Dex aggregator. One of the benefits is, with decks aggregators, you can go back to the model of not having KYC information force upon your clients. So people can just sign up, just like we use Macha or 1 inch. You can now use ShapeShift. Now, Shapeshift is going into a Dow.

Starting point is 00:49:49 So they're trying to just cut out all of this, the, you know, the company, basically, and turn their, organization into a Dow. Lots of questions here. How does this even work? You already have a company. How do you turn that company into a Dow? This is not like bankless LLC spinning up bankless Dow.

Starting point is 00:50:07 We spun up bankless Dow separately. We kept the LLC. What's going on with Shapefift is that they are turning the LLC into a Dow. Why are they doing this? I don't know. How are they doing this? I don't know. We're going to find out on the state of the nation on Tuesday with Eric Forhees.

Starting point is 00:50:21 Yeah, he's, Eric Forhees, whenever you talk to him, I love that. He always starts with values and principles, right? And he's unorthodox, but it is the only way to maintain fidelity, talking about shape shift decentralizing is the most important principles of crypto is why they're doing this, specifically self-sovereignty over money. Without that principle upheld, we're all just larping. I'm excited to have that conversation. Can be good.

Starting point is 00:50:46 David, let's turn to NFTs. American Express is doing NFTs as a credit card perk. Yeah, so... Weird? Interesting. Very weird. The company is offering its cardholders a chance to purchase 14 unique digital images from a recent performance by the R&B singer Zah. That's the person. Cizza. Cizzo. No, it's Zsa. Really?

Starting point is 00:51:09 Really? Yes. No, it's Cizza, isn't it? No, I'm pretty sure it's saw. Okay. Oh, God. One of us is right. One of us is wrong. I'm pretty sure it's me. And we're all doubling down. I'm pretty sure it's me. All right. Well, you know what? We're not even to Google this.

Starting point is 00:51:24 going to just let, um, let Twitter will let us know. All right. Anyway, what's, what's the story here? Oh, gosh. A very weird perk, right? Like, do American Express cardholders really want Zaw NFTs? Uh, I'm going to go with no. They don't. Um, not really the right perk for the, for the specific clientele, but, you know, they're trying. They're trying. They're trying. I guess that's interesting. This, I think, is much more product market fit. So Space Jam is getting NFTs. New Space Jam movie coming out. It's going to be accompanied by

Starting point is 00:51:53 NFT. Super cool. I think the meme protocol is involved with this as well. You can claim a free NFT right now. You might just get a legendary LeBron is the tweet heading. Pretty cool. What's happening here? They are launching an official NFT collection for the Space Jam movie, which I didn't even know was getting a sequel. I'm not sure Space Jam needed a sequel, but I guess it's getting it. Hopefully. Every 20 years or so, whatever. I guess so. 30 years. And so we'll see what's going on with this. Yeah.

Starting point is 00:52:26 All right. Super cool. Let's go Bitcoin stuff. So Jack Dorsey wants to build a Bitcoin hardware wallet. Definitely doubling down, tripling down, quadrupling down on Bitcoin. Yeah. I didn't know the hardware wallets were an unfinished product problem in this space. I kind of considered hardware wallace is generally a self-problem.

Starting point is 00:52:43 Yeah. I don't know what he's going to do to add to it. You know what would be cool, I think, if Squares listening, Jack Dorsey, if you're listening, go build a really awesome smart contract. wallet. That'd be cool. It's all software. Yes. And the competitive landscape for smart contract wallets is rich, especially with all of these L2s, right? Like new playing field. Absolutely. That would be way cooler. But, you know, he'll get there. Okay. All right, Bitcoin. All right, cool. Regulation Tradfai. Let's talk about this. The former New York Stock Exchange president

Starting point is 00:53:13 is taking a crypto exchange public via a SPAC. Which is interesting. This exchange is going to be called bullish. What's crazy about this, David, is a whopping $9 billion valuation for an exchange. It's not D5. This is something more akin to maybe a Coinbase that hasn't launched yet, has no users, no volume, no revenue, no branding bullish. I don't know. I am not bullish. I'm not bullish. You're absolutely. It might be trying too hard if you're calling yourself bullish. Maybe I'm just being overly skeptical here, David, but like, what is this? I know obviously crypto banks are huge. Like Coinbase, Gemini, Cracken, and these are all very successful businesses. But you have to go beat these other organizations. And you're starting with nothing and you're

Starting point is 00:54:03 already valued at $9 billion. What gives? Right. Like, Coinbase is already public. Like, all these other exchanges, they've gone through some of the trials of getting an exchange up and running. They've already overcome some of the obstacles. All of a sudden, there's this brand new crypto exchange with a terrible name, valued at $9 billion. The reason why is valued at $9 billion is because Block 1 is an investor into this back, and Block 1 is the company that spun out EOS and took $4 billion of incoming revenue to make EOS, and then turned it into Bitcoin, didn't sell it, and then that Bitcoin has now gone up in price. And so I think, if I remember correctly, they are putting $6 billion into this SPAC for some reason.

Starting point is 00:54:49 There's something going on behind the scenes on this story that is not making it to the forefront. And so it will be a story that we will have to keep tabs on. Anyways, through line, not bullish on bullish. That is the true line. I had bullish on this, though. Fidelity digital assets. This is a bank that's been in the crypto space for a long time, like 2015 or even before. They are planning a big.

Starting point is 00:55:13 Pioneers. Yeah, pioneers, a big head account boost in response to institutional interest in crypto. That's two levels of bullishness. So one, they're seeing this institutional interest, right? And two, Fidelity is just hiring like crazy. Cool to see that. Yeah, it's hard to claim that the whole institutions are coming as a meme when you see Fidelity Digital Assets hiring as many as 100 employees to help bolster cryptocurrency projects in response to institutional demand. Right? Like, no, if institutions are coming, that's not a meme. They're actually here.

Starting point is 00:55:48 Like, yeah. Fidelity wouldn't just randomly hire 100 people if it actually wasn't legitimate. No, they're making another big bet here. They are doubling, tripling down on this. Let's talk about inflation, David. Did you know we are at 5.4% CPI inflation year over year as of this month. I think those are for the month of June, yearning June. Like, this is probably 10% higher than what anybody, anticipated, getting hot. 5.4% is getting hot. I mean, we're just another doubling away from double digits here. I don't know that that's going to happen, but this is something that is going to impact not just crypto, but everything. Everything, right. And I want to learn more about, like, why this is happening, what the story behind inflation actually is, too. I saw a funny meme about

Starting point is 00:56:36 this earlier where it talked about how like economists and the federal reserve, they're all super surprised about five point, almost five point five percent inflation. Meanwhile, Bitcoiners were telling, we're telling the whole entire world that this was coming for the last three years. Bitcoiners know the economy better, like the inflation schedule better than, you know, economists, right? And I was at the bankless Dow meet up on L.A. I had, I thought, what I thought was a pretty good take is that if the number one thing that bitcoiners are right about is the fiat commentary commentary on fiat money and like the value of the dollar and the inflation of the dollar they are on the ball when it comes to you know fiat monetary policy and inflation more than they are about bitcoin they are

Starting point is 00:57:22 more knowledgeable about the dollar than they than they are about crypto which is hilarious that's my hot take uh anyways we are actually recording with lyn alden on monday about this specific topic inflation. And this conversation has proliferated into all corners of finance, right? I follow some of the, you know, big Twitter accounts in the Tradfai space who kind of just do commentary on, you know, just Wall Street culture and finance culture. And they all are just making a complete farce out of the Federal Reserve and the world of inflation, right? Everyone who's observing the individuals, the humans, rather than the firms or the regulators, no one is surprised about inflation. It makes sense to everyone and every all these all the individuals all the you know the meme accounts the twitter

Starting point is 00:58:08 accounts are making fun of you know economists and and fred board members about their surprise about inflation or talking about how they're trying to say like inflation's transitory or no just kidding inflation is good they keep on changing their their approach as to inflation meanwhile the people know the people who are paying attention figure it out like the value of the dollar is declining and the powers that be are trying to ascribe some sort of reasoning or rationale to it when in reality, it's like, no, this is just what's going on in the world of the 2020s. The value of the dollar is declining. And it's absolutely something I think people need to wrap their heads around in order to be equipped, equipped to survive and thrive in the 2020s.

Starting point is 00:58:51 Because an inflationary world is going to be a different world. We had asset inflation last decade. It looks like this decade might be seeping into consumer price index inflation. So it's something everyone needs to be cognizant of. We're going to continue to talk about this. You know, I ran across this story in one of the newsletters I read. This is, FinTech is basically trying to get better access to Fedwire, which is the payment system that undergirds the entire U.S. banking system.

Starting point is 00:59:22 So FinTech, if you're a PayPal or a square, any fintech company, you want better access to using FedWire directly. Well, the banks don't want this. The banks want, are lobbying for tighter controls on FinTech and their access to federal banking system. Basically, they're saying, no, you have to be a bank and you have to walk through all of the hoops, step through all of the hoops that we have stepped through in order to have this privilege. You know what's so interesting about this, David, is as FinTech and the banks kind of fight on this. Like, the banks are threatened by FinTech, but they're going to absolutely win this battle. But they're just going to push FinTech into the arms of Defi is my take, right? Oh, we can't use Fedwire. We'll just use

Starting point is 01:00:09 USDC. Whatever. Exactly. Exactly. So I'm not sure that the banks are fully equipped for the next battle that's coming, but I do think a battle will come there. And the banks are not going to like it. If fintech starts using USDC for banking bypassing the banking system, there's going to be some issues. And I wonder how regulators and the US is going to handle all this. But it's interesting to see. Defy and crypto, it's like the ultimate escape hatch. It's like, oh, regulation got in the way of what I wanted to do. I'll just go do it in defy.

Starting point is 01:00:40 Yeah, absolutely. All right, David, let's go through some quick ultrasonic news here. Alchemics, A, all-Eth, volts, they're back up. They're already maxed out. Pretty crazy. They had an issue where they had to take them down, but now they're up. Yeah, so they had that little bug where you could accidentally withdraw your collateral after you minted Al-Eath. That's in the rearview mirror.

Starting point is 01:01:03 Now you can mint Al-Eath again. Those vows are back up and running. Already oversubscribed. They'll need to raise the debt ceiling in order to keep that going. Congrats Alchemics. Binance squeeze is getting a little tighter. Italy joins the list of countries and global regulators that are warning, against Binance, a continuation of a story that we've started over the last couple of weeks.

Starting point is 01:01:24 Yep. Binance not really domiciled anywhere, and the regulators of the world don't like it, and so they're squeezing Binance. David, you do this one. Bitcoin, more hash rate migration. What's happening here? Yeah, so BIT digital migrating 14,500 Bitcoin mining units to the U.S. after China crack down. So continuation of the great westward migration of hash power, which also, also brings us to our next story, which is minor migration towards Ohio and nuclear power. And so Ohio is spinning up, not the state of Ohio, inside of Ohio, not from the actual state representatives or anything. In the state of Ohio, there is a new nuclear power plant

Starting point is 01:02:07 powering a Bitcoin mining facility. And so it's Chinese dirty coal mine hash power getting replaced by U.S. domiciled clean nuclear hash power. So I consider that a win. Hey, last thing, this is cool. MetaMask just turned five. I can't believe it. Congrats to Metamask. Happy fifth birthday. That's really old. Ethereum's six years old. Yeah. And look, Metamask just, it still feels like a kind of a brand new product in some ways. And it's already five. Wow. Congrats to Dan Finley and the Mattamas team. Guys, we are going to be back with some hot takes. We're going to start with a take from Jackson

Starting point is 01:02:44 and Palmer that you do not want to miss, but before we do, we want to thank the sponsors that made this episode possible. When you shop for plane tickets, you probably use Kayak, Expedia, or Google to compare ticket prices. So why would you limit yourself to just one exchange when you trade crypto? When you make your trades, you want to make sure that you are getting the best possible price on your trade and that you aren't paying high gas costs that you could have otherwise avoided. That's why you should be using Macha. Macha routes your orders across all the various D-Fi exchanges on Ethereum, Polygon, Finan

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Starting point is 01:03:44 or debit card and have that fiat be instantly traded for any token that has liquidity. When you're making a trade, head over to macha.xyz slash bankless and connect your wallet to start getting the best prices and most liquidity when you trade your crypto assets. Bankless is proud to be supported by Uniswap. Uniswap is a new paradigm in asset exchange infrastructure. Instead of a cumbersome order book system where trades are matched with other humans, Uniswap is an autonomous piece of software on Ethereum, which is what Ryan and I a money robot. No human counterparties or centralized intermediaries, just autonomous code on Ethereum. Input the token you want to sell and receive the token you want to buy. Something brand

Starting point is 01:04:25 new in the Uniswop ecosystem is the Uniswap grants program is now accepting applications for grants. We have been saying this for a while and we'll say it again. Dow's have money and they are in need of labor. If you think that you have something to contribute to the Uniswap Dow, apply for a grant to Uniswap. Just look at the size of the Uniswap treasury. It's almost $3 billion. This mountain of capital is looking for labor. Do you have something of value to contribute to the Uniswap Dow? No matter how big or small your idea is,

Starting point is 01:04:56 you can apply for a Unigrant at Unigrant.org and help steer Uniswap in the direction that you think it should go. That's exactly what we did to get Uniswap to be a sponsor for Bankless, and you can do the same for your project. Thank you, Uniswap, for sponsoring bankless. All right, guys, we are back with the team. takes of the week. Let's start with this one. This one echoed around the Twitter sphere. I think it was beyond, far beyond crypto Twitter circles. This is a take from Jackson Palmer. I'm going to just start reading the thread. First off, Jackson Palmer is the creator of Dogecoin. So he's the

Starting point is 01:05:28 guy that originally forked Bitcoin, called it Dogecoin, and that's how we have Dogecoin. He used to do a whole bunch of crypto education videos. I don't know if you saw these in the early days, but I remember tracking, following him, good commentary, good education. But he left crypto quite famously a few years ago, and this is his comment on why he left, I am often asked if I will return to cryptocurrency or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted no, but to avoid repeating myself, I figure it might be worthwhile briefly explaining why here. After studying it for years, I believe that cryptocurrency is an inherently right-wing hyper-capitalistic technology built primarily to amplify the wealth of its proponents

Starting point is 01:06:11 through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity. Despite claims of decentralization, in quotes, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time,

Starting point is 01:06:25 have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace. The cryptocurrency industry leverages the network of shady business connections, bought influencers, and pay for play me.

Starting point is 01:06:41 to perpetuate a cult like get-rich-quick funnel designed to extract new money from the financially desperate and naive. I will go on. Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose-built to make the funnel of profiteering more efficient for those at the top and less safeguarded and less safeguarded for the vulnerable. Cryptocurrency is like taking the worst parts of today's capitalistic system, for example, corruption, fraud, inequality, excuse me, and using software to technically limit the use of interventions like audits, regulation, taxation, which serve as protections or safety nets for the average person.

Starting point is 01:07:21 Lose your savings account password? Your fault. Fall victim to a scam. Your fault. Billionaires manipulating markets. They're geniuses. This is the type of dangerous free-for-all capitalism. Cryptocurrency was unfortunately architected to facilitate since its inception.

Starting point is 01:07:38 But these days, even the most modest critique of cryptocurrency will draw smears from the powerful figures in control of this industry and the ire of retail investors who they've sold the false promise of one day being a fellow billionaire. Good faith debate is near impossible. For these reasons, I simply no longer go out of my way to engage in public discussion regarding crypto. It doesn't align with my politics or belief system, and I don't have the energy to try and discuss that with those unwilling to engage in a grounded conversation. I applaud those with with the energy to continue asking the hard questions, implying the lens of rigorous skepticism, all technology should be subject to. New technology can make the world a better place,

Starting point is 01:08:17 but not when decoupled from its inherent politics or societal consequences. Wow. What a thread. What's your take? So many. So many. So Jackson Palmer left the industry in 2018. And so he, in my opinion, has a 2017-2018 perspective as to what crypto is. A lot of what he is saying, I feel is very much coming out of when all of what he was saying was exactly true. In 2017, 2018, we didn't have defy. And we really just had, you know, big players. Bitmain was a big player. The Binance was a big player, Bitmex, Arthur Hayes.

Starting point is 01:08:58 A lot of what he was saying is totally true. It's absolutely totally true. And it's a part of the crypto world that we are trying to leave behind and grow and mature out from. And that has been the story of crypto, in my opinion, since Jackson left in 2018. And so he's critiquing an old version of crypto that still exists to this day, but is becoming less and less about the core part of what crypto means to be crypto. He talks about how it doesn't agree with his politics and how he talks about how crypto is like a bashing for right-wing hyper-key. capitalism, that's not what I see. That's not what I see at all. And I'm, I'm somebody who would

Starting point is 01:09:36 very much get very turned off by far right-wing politics in hyper-capitalism. Like I used to be a hardcore socialist. I've grown up since then. But the point is, I'm lean left, and the economics and capitalism of crypto really resonates with me. And I really think that Jackson is missing the core part of what crypto has turned into in 2020 and 2021, that completely answers to what his problems are in the first place. And also one of the... Which is what, by the way? Is it DeFi?

Starting point is 01:10:08 Yeah, defy and transparency. And one of the reasons, one of the things he was talking about is like how like crypto just enables all the worst about financial markets. Or does it just make it really transparent, right? And we can actually see all of the nefarious negative things better than we otherwise could have. And that's what Jackson is disillusioned by. Like, no, it's actually the same.

Starting point is 01:10:30 but we can see it all better, and now we can self-correct as an industry, right? And so with, you know, transparency in Defi, the creator economy, which is in direct opposition to all of the negative things that Jackson is talking about. The creator economy is about enabling the individual,

Starting point is 01:10:46 financing the individual, rewarding the bottom up rather than the top down. Jackson is just illustrating a part of the crypto world that hasn't fixed its own problems yet, yet it is doing that. The whole Dow movement, Glenn Weil retweeted this thread, Glenn Wilde, who's an economist, part of the radical markets movement,

Starting point is 01:11:02 we tweeted this thread and is like, you know, really great points. And I commented under Glenn Wilde and said, you know, this is largely considered unnuance and outdated by people in the industry. And Glenn said, yes, but I agree with that, but also I still agree with Jackson's red. I know, anyways. Jackson doesn't pay attention to crypto anymore. And he left, and I don't even think that he really came to crypto in the same way,

Starting point is 01:11:28 with the best intentions in the first place. Just a big reminder. Jackson Palmer is a software developer who took the Bitcoin code base, forked it, changed a couple parameters, called it Dogecoin, and now people are treating him as if he is the most knowledgeable person on the planet.

Starting point is 01:11:45 No, the guy just forked Bitcoin, and the biggest innovation that he did was he called it a meme instead of light coin or ripple or something. The innovation was calling it out, and was naming it after something funny. And so, like, as somebody who is giving opinions about what this space could be and is, like Jackson's, he's not dumb, he's a smart guy, but also, who is he? He's not really an authority.

Starting point is 01:12:08 And so just because he's the creator of Dogecoin, he's getting a lot more attention than otherwise would be deserved. Yeah, I think those, I think that's definitely a good take. You know, what I see in this is kind of two major critiques, right? A first half and a second half. In the first half, he's talking about like basically crypto bankers, I think, and this tendency to consolidate, which is sort of a Bitcoin thing. And CZ, Sam Bankman-Fried. Yeah. Generally, people I don't find myself aligned with, and especially the bankless movement

Starting point is 01:12:41 doesn't find themselves aligned with. Exactly. And the other thing he's talking about is scammers who jumped into the industry. And there are tons of scammers. There are people, you know, that have the various projects. and projects that aren't creating a better, more decentralized world, but it's just kind of marketing and hype, and there's not much substance to it, right?

Starting point is 01:13:01 That's another critique. So that's the first part. And I'm like, yeah, I agree. Yeah, crypto has these things, you know. But the first part of his thread just focuses on all the bad. And none of his thread focuses on any of the good things and the benefits that crypto brings, the openness. It's like he's denying that they even exist.

Starting point is 01:13:20 He is not acknowledging them. meant all. And so you could look at any industry, David, and like, just be like, yeah, I mean, corners of the internet. I mean, like, terrible things happen in corners of the internet. If you're just magnifying those things, then you can say the internet is a horrible innovation, set humanity back and is, you know, terrible, a terrible thing. So that's the first part. The second part is interesting where, you know, he says, lose your savings account passwords, it's your fault, fall victim to a scam, your fault billioners, manipulating markets, their geniuses. You know, he's kind of talking about some of the early UX problems of crypto, right?

Starting point is 01:13:59 Like, we have to build this entire thing on a decentralized, trustless system where there are costs for losing your private keys. Otherwise, we get centralization. But like, user experiences is moving beyond these things. And I just get to the point of, like, I feel like it's almost like Jackson is judging crypto. Imagine if it was the birth of the internet, right? And somebody created, you know, some sort of news article that criticized the internet for all of these email scams, like Nigerian print scams. And we get all of this spam and isn't this spam terrible? And people are,

Starting point is 01:14:39 innocent people are like clicking these links and like the penis enlargement pill didn't work and all of these things, right? And you just emphasize that. And you're like, There aren't any singles in my area. Yeah. Let's throw the whole thing out because of those things. I feel like that's kind of what he's. No, spam filters will get better, right? The scams will be processed out.

Starting point is 01:15:02 Like, people will learn the difference between spam and real email, and they won't click on the singles in my area. And it'll all get better. So just be patient. Just wait. little bit. It's just, this whole entire thread just seems clouded with pessimism here. And Anthony Sizzano retweeted this, this thread and said, oh, Jackson Palmer, who is like kind of, if you read between the lines, kind of like on the very far left, kind of radical left side,

Starting point is 01:15:33 like, oh, Jackson Palmer hates capitalism, more news at 11. Like, this is kind of a guy who just is a representative of closer to what I would say, the far left, the radical left, radicalish left. And he's, he's betting things that are having to do with money. I think it's made waves in like radical left circles. And my worry about this is with when you have Elizabeth Warren talking about this, is like everything in America is getting politicized these days. This comment in particular where he talked about it's a far right movement. Crypto is not a far right movement.

Starting point is 01:16:06 It's just crypto. It's just not. It's completely apolitical. It's anti-authoritarian. Absolutely. It's a movement about self-sovereign individuals and self-sovereign community. absolutely it's a movement for the people it is not a far right movement i did not come to crypto to participate in politics okay but like here's the thing not that kind of politics right like but um

Starting point is 01:16:28 here's the thing if this gets painted as something that can be like canceled by one political group or another um i don't know what's going to happen next yeah it'll be an interesting uh i guess season or time um i feel like this is sort of the waves of that maybe building right now this to me this feels the same energy of that Elizabeth Warren rant where she just ranted about Bitcoin and crypto where almost everything she said was just like wrong. It feels like the same energy to me. Here's the thing. What is the solution to these things? Right. Ignore them. I mean, like, when he's talking about like, what about our existing financial system? That is fraught with scams. Millionaires manipulating manipulating markets. They're doing this in the stock market right now.

Starting point is 01:17:13 lose your savings account to password. How about losing 5% of your savings to inflation every year? Right. Right. What's the solution here? Right. Jackson. Because we're building a solution.

Starting point is 01:17:25 Yeah. Say something positive, Jackson. Stop being such a negative, Nancy. All right. That's enough of that. Anyway, long thread. What about this? Crypto Exchange FTX set sites on blue chip acquisitions.

Starting point is 01:17:38 The take here is, it looks like SBF from FTCS. He wants to go buy Goldman Sachs. And the take is, that's not a good thing. Or is it even rational. Like that's my, okay, you, you, you, I think we have different approaches to this take. What's your take? All right.

Starting point is 01:17:59 So here's my take. So Sam Bankman-Fried wants to buy Goldman Sachs. I have no idea if he can actually do that or not, right? That's my take. Okay, but first of all, give him five years, give him 10 years. I don't care. CZ, you know, Sam Bank, McM-M-Fried, whatever. I don't understand why crypto is cheering this on.

Starting point is 01:18:17 What I see, David, is a new class of bankers being established and creating a new system where they are the elites in charge. And rather than have Jamie Diamond of JP Morgan, we get SBF of FTX. And it's the same banking system except it has some crypto rails underneath, like Bitcoin and all of this, but the rest of it's centralized. That is not the crypto vision. That is not the bankless vision. That is not what I'm signing up for.

Starting point is 01:18:45 And frankly, I'm tired of the industry cheering this sort of thing on because it's not good. I think crypto banks and crypto bankers can easily become the villains that we are essentially rebelling against right now. And that's a real threat that I don't think the crypto industry is taking into full account. That's my take. my take is that this feels very Elon Musky as in he just like says some very grandiose things and because he has this like branding and track record behind him all of a sudden people take it as legitimate. FtX is not going to buy Goldman Sachs is not going to happen. FtX is a cryptocurrency exchange valued at like seven or eight billion. Goldman Sachs is valued at like 70 billion. He also

Starting point is 01:19:30 talked about and buying the CME which is another 70 billion dollar company. I'm sorry. Goldman Sachs is 135. 135, right. Okay, so he, between Goldman Sachs and CME, that's $200 billion valuation that FTX wants to buy. FtX is valued at $7 billion. Those do not compute. And so what Sam is saying is like, well, yeah, well, when, you know, my company FtX is going to grow.

Starting point is 01:19:51 Also, the cryptocurrency industry is going to grow. FtX has probably has a bunch of crypto on the balance sheet. Crypto is going to 100x and then we're going to buy them. If we weren't already in crab season, that would be the biggest top signal of all times. It's like, no, Sam, you're 29 years old. You're not buying Goldman Sachs. Like, go home and take a nap. There you go.

Starting point is 01:20:12 Two different takes, maybe some accuracy in both of them. David, I know there's accuracy in this one. Give us your take here. This is a tweet from my favorite Twitter account, me. We are just one paycheck period away from EIP-1559. So you got one last paycheck to buy ETH before we start burning it. Wow. That's a good take. We're going to end takes with that one. Super cool. Let's talk about what we are

Starting point is 01:20:37 excited about this week, David. I'm about to take a flight to France, which will be my first ever trip to Europe, going to ECC. I'm super soaked for ETHCC. This was the conference I've wanted to go to, but I haven't been able to go to. I'm finally going. I am bringing my microphone and my setup. I'm going to record a bankless podcast there for all the people that are going to miss out on ECC, who didn't get a ticket because tickets sold out so damn fast. We, the bankless, bankless podcast is going to produce the ETHC experience.

Starting point is 01:21:11 So if you weren't able to experience ECC, we were going to get that done for you. So it's going to be three days, the 20th, 21st, and 22nd, all in France, right in the heart of France in Paris. And like almost everyone who, you know, all the big names in DFI and crypto are going to be there.

Starting point is 01:21:26 And I'm really excited to just like experience, A, Paris, never been to Paris. And also, I love, crypto conferences. Crypto conferences are so much fun. It's basically a festival of, you know, crypto culture. And I just find myself viking in that environment. So I'm really stoked for it. I'm excited that you're going, David, because I feel like I'm going to be able to experience it to you, you know? Like, I'm kind of the hermit. You know, I'm not, I'm not traveling these days very much. And I'm living vicariously through you. So I'm excited to, to hear that podcast and

Starting point is 01:21:55 hear about your experiences there. All right, Ryan, what are you excited about? I'm excited that uniswap shipped on optimism because there's an article in bankless that will have already been published by the time you guys are listening to this about the experience of optimism but defy is switching architecture like I mentioned earlier in the episode and this with arbitrar and with optimism this is the first time I feel like hey we're going to make it is it going to be okay like layer two not just coming it's here and for those that have been in crypto or Ethereum for a long time, you know that layer two has been promised forever. And there have been so many disappointments.

Starting point is 01:22:37 I remember thinking for a while, you know, state channels would be sort of the solution that turns out good for payments, not a lot of adoption. There's some issues. I remember thinking plasma would be the way out and getting really excited about some projects that were developing this new plasma architecture. Turned out that had major problems. It feels like we've been waiting, waiting, waiting, and then the hope was in roll-ups and, like, are they actually going to ship? It was almost like, you know, should we even hope?

Starting point is 01:23:06 I've been disappointed so many times. Now they're here. Now they work. You can actually use them. This is super gratifying. I just feel like layer to you, Ethereum scaling, we're going to make it, fam. It's going to be okay. Defi is going to be architect and it's going to work out.

Starting point is 01:23:21 I forgot to say this while we were showing while we're demoing the transactions on optimism earlier in the show, but like the fact that we are actually showing what optimism is on video on the show, we're here. Like, this is it. We like, we made it. Like, yay, like celebrate. Like, it took us years to get here. And so the fact that we finally have it and can actually prove it. I remember doing POV crypto with Christian and he's talking about, oh, yeah, great. Like another Ethereum thing that you guys are promising. Like, I'm not going to hold my breath. And I was like, a, like, damn it, Good point because it's not here yet, but also B, it's totally going to come. But, you know, for the last three years, kind of took it on faith that, like, you know,

Starting point is 01:24:03 scaling was actually going to come. Not sure. I never. Not certain. Oh, I never doubted it. I just didn't know when. Like, I knew scaling was coming. Was it coming in 2018, 2019, 2025?

Starting point is 01:24:14 I don't really know. Always knew that it was coming. Glad is finally here. But it's one of those things where, like, you know, you don't bet against Ethereum. Like, that's how you lose. And now we finally got the scale. We actually, like, after, I think you and I have been doing this at least for nine months, where we are having like, oh, L2's coming, guys, L2's coming guys.

Starting point is 01:24:33 Like on the bank of show, weekly roll up, L2's coming. No, no, no, no, no, L2. On this, as of this show, L2's here. David, I feel like that with a lot of things. I mean, like, 2021 is kind of the year for that. Remember, you wrote that. All happens at once. If you're missing puzzle piece is EIP 1559 and talk about its monetary policy.

Starting point is 01:24:50 You wrote that like two years ago, over two years ago. It's like, now the puzzle piece is coming. Right. Right. and we have staking, triple point asset, things we were talking about are happening. It's really exciting. And now layer two is happening. Scalability is happening.

Starting point is 01:25:02 Super cool. All right, man, let's get to the meme of the week. That's what the people have been waiting for. That's why people watch this roll up. It's for the meet of the week. What are we looking at this week? We are looking at a meme of beauty and the beast. I actually wasn't familiar with this meme format.

Starting point is 01:25:17 I think this might just be right out of the creative head of Michael Wong. But we have the beast who is dying on the floor. and the beast is titled old random wallet. You know, your old Ethereum wallet, you forgot about, maybe your first set of private keys, and the old Ethereum wallet says, you came back. And then Bell?

Starting point is 01:25:36 Bell? Is that her name? Bell? Someone here clearly has kids. And Bell, who's holding her old smart car, her old wallet, goes, of course I came back, except Bell is labeled me checking for air drops. It's all of these wallets that you forgot you even,

Starting point is 01:25:54 had that you only go and search for as soon as you hear of some air drop that that might have come to you. I think people are probably doing that with um Fox tokens Fox token. Yeah, Fox tokens with um the Air Force Forhey's AirDrop, Shape Shift AirDrop. So yeah, dude, every single time an air drop happens. How many wallets? I mean, it does pay to be disorganized when it comes to your crypto wallets. Let me tell you. You have wallets tend to, uh, to collect every time. Um, yeah, I, I, bankless Twitter tweeted this out basically like, hey, the measure, the most important measure is, are you more bankless this year than you were last year? And a bunch of people said yes. And some guy goes, yeah, I think I am. And I definitely have way more wallets, though.

Starting point is 01:26:39 That's the thing. You have fewer bank accounts, but all of these different Ethereum crypto wallets that tend to compile over time. All right, man, this is bankless. This is the weekly roll up guys. Thanks for checking it out. Make sure you like and subscribe. If you enjoy, enjoy the weekly roll-ups. David, do you want to say something? Yeah, we got a moment of Zen coming. This moment of Zen comes from Ben Jones, who posted this video of him singing and playing the piano at the same time, this wonderful Ethereum-themed song. So here we go, the bankless moment of Zen. Welcome to Ethereum. Have a look around. Any coin that brain of yours can think of can be found.

Starting point is 01:27:17 We've got mountains of contracts, some better, some worse. If none of them are an interest for you'd be the first. Welcome to Ethereum. Come and make a tweet. Are you in it for the tech or just to chill your bags of Eath? Let's head straight to Mainnet. This isn't a test. Just hit deploy and the apes do the rest. Welcome to Ethereum. Oh, what would you prefer? Would you like to buy some stable coins or stake all your ether? Be lending, be loaning or make NFTs. We've got a million different ways to pay fees. Welcome to Ethereum. You'll touch our tips aside. You won't have to pay the miners EIP-1559. We've got farmers and arbor's in a thing called Ice Age. There's like a million different ways to exchange. Welcome to Ethereum. Don't you get to smoke because that anonymous

Starting point is 01:28:10 founder might decide to pull the rug. Now it's dropping. He's selling like he never cared. Don't act surprise he said it's buyer beware. Contract call reverted. You were sure. You were sure. Sure the price won't slip. Stay up late, the market cap keeps falling. Thought you bought the dips and Send transactions, pay for gas and go to sleep and miss the action. Read about account abstraction. Don't forget minor value extraction. This is not trading advice, but mortgage both your homes. Crypto doesn't have under collateralized loans. Should you provide liquidity, just take this quirky quiz. Vitalik pre-mined all the ease to feed carbs to your kids. Could I interest you in finance? That's not 9 to 5.

Starting point is 01:28:51 little bit of finance that's decentralized. Dumping is a tragedy and pumping is a crime. Wall Street but transparent and decentralized. Hey, we hope you enjoyed the video. If you did, head over to Bankless HQ right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence. We recommend joining our daily newsletter, podcast, and community as a bankless premium subscriber to get the most out of your bankless experience.

Starting point is 01:29:21 You'll get access to our market analysis, our alpha leaks, and exclusive content, and even the bankless token for airdrops, raffles, and unlocks. If you're interested in crypto, the bankless community is where you want to be. Click the link in the description to become a bankless premium subscriber today. Also, don't forget to subscribe to the channel for in-depth interviews with industry leaders, Ask Me Anythings, and weekly roll-ups, where we summarize the week in crypto and other fantastic content. Thanks everyone for watching and being on the journey as we're doing. we build out the Banquist Nation.

Bankless - ROLLUP: Optimism, Layer 2 Summer, Axie Infinity, ETH Documentary, Space Jam NFT (2nd Week of July)

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