Bankless - ROLLUP: Solana & Arbitrum Outages | OpenSea Front-Running | Elizabeth Warren Crypto

Starting point is 00:00:07 Hey, Bankless Nation, happy third week of September. It's roll-up time. David, this roll-up's coming a day early. You are off on a trip somewhere. We're releasing this on Thursday instead of Friday. So you guys get a jump start to your roll-up this week. David, where are you headed? First to Denver for M-Con coming in a day late, but going to have a fun time hanging out with all the people at Metacartel and also all the Denver homies. Denver, home of East Denver, always feels like home for talking to all the Defy Crypto-Etherian Bros. And then after that, going over to Mainnet in New York for a whole other week at Missouri Mainnet, which is also going to be fantastic. New York has a fantastic crypto scene, and I'm there for a whole week. Pleaser Dow is throwing a dog party. There's going to be a bunch of parties as well, so I'm looking forward to it.

Starting point is 00:00:54 Yeah, I got my bags already packed. As soon as I'm done recording this, I'm off to the airport. That's awesome, man. Well, enjoy yourself. I'm glad, you know, you're getting out there. I'll be holding the home front. I know you will. That's how we roll.

Starting point is 00:01:09 All right, guys, this is an episode where we take you through markets, releases, news, takes what you're excited about. We end with the meme of the week, so make sure you stay tuned to the end. David, I think there are two major hot subjects this week. What are they? Yeah, we got a tale of two outages. Both Solana and Arbitrum went down. Actually, I think within like the same few hours of each other. And also at the same time, Ethereum also had an unsuccessful attack.

Starting point is 00:01:34 And so this weekly roll-up is going to be a lesson in distributed network consensus and uptime and why some things should not be tinkered with. In addition to that, there's an open-sea employee front-running the customers, so there's lots of drama there. And then, of course, Elizabeth Warren has some hot takes, which I think are hilarious, I think which will come towards the end of the show. She's making a lot of the roll-ups lately. I think she's saying, Washington.

Starting point is 00:02:02 Well-deserved Elizabeth Warren. and you were definitely saying things worth talking about. At the very least, yeah. All right, guys, we are going to get into the markets. Let's start there, David. What's Bitcoin showing us this week? Bitcoin started the week at $46,500 fell down to the low, low price of $44,000 and is currently at the high, high price of $48,250, eyeing that $50,000 dollar Bitcoin level.

Starting point is 00:02:30 Not quite there yet, but looking real strong. What are the traders telling us, David? This is Ben Cohen, who I know you're a fan of. What's he saying? He's saying 100-week SMA. Is this some sort of moving-apples, Bitcoin? So the SMA is the simple moving average, I think, yeah, as opposed to the exponential moving average.

Starting point is 00:02:50 So it's the slower of the two moving averages. And it's just, he follows it up saying the price is noise. And when you, you know, do the simple moving average, the Bitcoin price just kind of looks like a wavy line going up and the right. I thought this tweet was pretty interesting, a nice perspective. You don't really see like these... Nothing alarming there. It's just like slithering up like a snake. Like naturally, when you put the price into a simple moving average, of course it turns into a line. That's what the moving average does. But it's just a nice perspective to have that like,

Starting point is 00:03:20 the more you zoom out, the more Bitcoin just looks like an up into the right chart. Well, we talked about this in our episode with the Ledger when he was teaching us a little bit about TA. We mentioned, I think it was a Death Cross at the time. But now, The Bitcoin Golden Cross has arrived just a few months later. What is the Bitcoin Golden Cross? Right. Yeah. So it's the opposite of the Death Cross.

Starting point is 00:03:39 Leisure reminded us that this is a lagging indicator. So all this is saying is that one simple moving average, which is the faster of the two, the blue one here versus the orange one, has crossed. And so now we are going and our local price has moved up faster than the long-term price, which indicates bullishness. and if anyone was listening to that ledger show, and they were calling the fact that this was a fake out or a bear trap, congratulations.

Starting point is 00:04:08 This, I guess, now proves that you are right. But Bitcoin, yeah, the simple moving average or the short-term moving average, which I think is the 50 week, again, we're not traders here, is now above the 200-week moving average, which I believe is what the Golden Cross is. It's funny. We had him on just after the Death Cross was crossed, right? And he said it could mean something. It might not mean anything, but it could mean bad things.

Starting point is 00:04:32 And here we are at the end of the summer. We've just hit the golden cross. It looks like Bitcoin is gearing up for another run. Maybe all of crypto, that's what we've been kind of talking about the last couple of weeks. This is really interesting. The wrapped Bitcoin bot, so this is wrapped Bitcoin on Ethereum. They just minted 2,500 Bitcoin. That's $113 million worth of Bitcoin on Ethereum.

Starting point is 00:04:56 You don't see that every day. impressive amount of Bitcoin continues to be tokenized on Ethereum. Yeah, a bunch of WBT liquidity coming to defy. This is more Bitcoin in a single minting transaction than all of the Lightning Network, which just kind of puts things into perspective. Ooh, it does. All right, let's talk ether. Price of ether this week, we are higher on the week.

Starting point is 00:05:19 What's going on here? Yeah, absolutely. We started this week at $3,500, hit the low, low price of $3,200. and we are currently at the high of the week at $3,560 overall up 3.5% on the week. This is the death rattles of the crab market, in my opinion, David. I really think we're due for a breakout. We'll see whether that remains true. People are bullish.

Starting point is 00:05:42 People are bullish. We're getting into that season, that fall season. What about the ETH to Bitcoin ratio? What's that telling us this week? Yeah, ETH Bitcoin ratio, 0.074, mostly flat with a slight note of up on the week, but largely flat. Largely flat. How about locked, total locked in DFI on the DFI pulse index?

Starting point is 00:06:03 We're at 90 billion this week. Still haven't hit that 100 billion mark, which is the next major threshold up. But, you know, not down on the week. What's going on here? Yeah, currently clocking in that 90 billion locked in DFI. That flash crash that we saw about a week ago where there's a bunch of cascading liquidations now just looks like it's deeply in the rear view mirror. Kind of almost looks like it never happened.

Starting point is 00:06:25 And again, eyes are on $100 billion locked in defy. Eyes, I don't feel like, are on defy tokens themselves. Maybe they should be. I'm not sure. What's the DPI showing us this week, David? Yeah, DPI coming in at $398 right now. Start of the week at 365, hit a low, low price of $324 in the middle of the week, and is currently coming in right below $400.

Starting point is 00:06:50 We got a nice 12% rise in the week in DFI token. So that's looking okay. But the test of whether it's D5 season versus ETH season is right here in the DPI to ETH ratio. David, we are still under 0.13, my friend, but up a little bit on the week. What's his show? I think roughly up maybe 12% on the week since we last talked about it. I want to have hope, but I've learned my lesson. So we're going to go ahead and wait and see for this one to start to have a meaningful breakout.

Starting point is 00:07:21 It is still in that a very long descending channel. that it started ever since March. But again, like, I feel like a bull market would really set off some defy tokens. You kind of wonder whether we're going to have another ETH season first or a DFI season first. If you had to guess, what do you think? ETH season or DFI season next. ETH season next.

Starting point is 00:07:41 Which maybe means the actual time. Maybe it's a contra indicator. But how about the bed? This is the combination. Can't go wrong on the bed index because this is the combination of Bitcoin, Eith, and DFI tokens, a third of third. to third, and we are up on the week. This chart likes to go up. Yeah, last week was the first major, like not up week. I think we were down 8%. And we are up 5.5% on the week. Overall, over the full

Starting point is 00:08:07 month, we are up also 5.5% on the month. The all-time chart for the bed index. Again, looks fantastic. The bed index, the best crypto index there is. Do you know, speaking of fantastic, I think these are the numbers of the week right here. Look at that. And this is what? we've been waiting for. Man, we all knew that that was going to come. We called L2 Summer earlier in the summer. We're not the end of summer. So it's like L2 Summer Fall Edition, as we said before. We're starting to see it. We're starting to see it, David, a little bit late, but better late than never. Arbitrum, 2.3 billion locked. I don't know, last time when we had Arbitrum

Starting point is 00:08:47 in the podcast, a week and a half ago, it was like we were celebrating 30 million or something, 50 million, something like that. Suddenly, we're at $2.3 billion in value locked on Ethereum's largest layer two right now. And that just exploded from Friday up until now. Super impressive here. What's going on? Overall, all value in all L2s has been up 300% over the last seven days, which, again, it seems to be up into the right.

Starting point is 00:09:15 Because L2s are really other intrancy, right? So value can only flow on there. There's no value to flow away from there. But yeah, Arbitrum dominating the week this week. That's because they went live last week. So that's like, you know, obvious. And so like now it's up to the open permissionless world of developers and apers to get a much of value into Arbitrum. They are up over 3,000 percent of value increased when they finally opened up and removed the white list and allowed, you know, the open source community to start tinkering.

Starting point is 00:09:46 Now, we should say some of this volume is like, in fact, a lot of this volume is not like the uniswap and the kind of the balancer and the more sustainable D5 protocols. A huge chunk of it is actually in kind of a meme farm token. Is this a Nyan Cat meme? Another one, we've got it going on in Layer 2 right now. This is $2 billion flowing into Arbitrum from the Nyan Cat meme token. I haven't even looked at this, man. What is it?

Starting point is 00:10:13 Yeah, no, it's exactly right. It's a yield farm based off of a meme. And like when we talked about the whole Layer 2 summer meme, we meant yield farming. I kind of thought yield farming with like, you know, uniswap and balancer and AVE, like not necessarily memes, but hey, like yield farms on our yield farms, right? And like the dollars on the value that's been sent to Arbitram has been in Ether.

Starting point is 00:10:38 I think there might also be these NionCat tokens too. But like it's because a lot of ether has also moved over to Arbitrum to farm this token. And so like I guess, Kare, we had a meme pull a bunch of ether onto Arbitrum. At least there's ether now there. Look, man, a year ago, that meme coin would have been on mainnet. Now it's on layer two, which is kind of where it should be, right? So it's a good place to experiment. It's also like permissionless.

Starting point is 00:11:04 I mean, someone complaining about this on Twitter, David, like what? Like another meme token on a layer two? It's just like, yeah, we can't control. They're all memes. They're all memes. Anyone can build whatever they want. So no surprise that this is one. one of the first applications. I don't think it'll stay the dominant applications for arbitram.

Starting point is 00:11:27 But anyway, it's good to see some traction there. Certainly, these kind of experiments are happening on other Eith Killer type chains as well. Let's talk about this to you, David, the burn. Are you feeling the burn? These layer two are starting to layer two burn. Layer two burn. Okay, what's that like? What's going on here? Yeah, so we're getting a lot of economic activity going on on optimism and now also Arbitrum. And over the last 24 hours, they have both themselves shown up on the Eastburn leaderboard on Ultrasound.m money. So optimism came in at burning 138 ether yesterday, and Arbitrum burnt 115 ether.

Starting point is 00:12:05 I believe that puts that at Arbitrum at number seven, and optimism at number seven, arbitrament number nine on the 24-hour Heathburn leaderboard, which is letting us know that there is enough economic activity going on. on these layer twos that when they actually make a layer one transaction, there's a lot of activity going on there and they're burning a lot of ether. L2s are alive. Nice. That was on September 11th and September 12th. I don't know if they're still in the top 24th. That's a few days ago. Okay. Do you remember when we talk to you, the arbitrarian folks, we asked the question of like, how long is it going to take to see layer two on the leaderboard? And they said, end of the year, right? Well, now we've

Starting point is 00:12:41 already got a glimpse. I don't know if they'll be on the 30-day leaderboard, but at least they're on the one-day leaderboard. And I think there will come a time, David, when essentially the entire Heathburn leaderboard, most of the economic activity and transactions will all be layer two. That is the plan for Ethereum, essentially to scale its execution layer on layer two. And so a whole bunch of these layer twos will be burning a lot of ETH. We'll pack our bags. We'll migrate. We'll be living our lives on the layer twos and the extended universe. We won't be on the main net anymore. Like, we're getting out of Manhattan. We're moving to the suburbs. That's what's happening here.

Starting point is 00:13:15 Right. And as a as a quick lesson for people who want to live on layer two, it is the arbitram or our optimism like contract that is making that transaction on the layer one on your behalf. And so all of your assets, whenever optimism or arbitrarum makes a transaction on the L1 to update the state. That's you not making a transaction yet still making a transaction on Ethereum. You get the benefits of having a transaction, but you didn't pay for any of the gas. magic. All right. Magic. We're burning a lot of ETH. Let's see, Ultrasound Awakening. This is the Ultrasound.commoni website. And I think we passed a couple of thresholds here. The first is 300,000 ETH burnt. In the last hour at the time of recording. So this is Wednesday, 15th at 2 p.m. PST. We just passed 300,000 Eth burnt. We also passed another threshold in U.S. dollars. This would be $1 billion worth of EF have been burned. in the past, what, six weeks or so? Incredible.

Starting point is 00:14:17 No, all time. Oh, yeah, six weeks, six weeks. Six weeks since it launched. It's only been alive for six weeks. Every six weeks, you burn a billion dollars worth of Eath. It's got to do something to supply economics there. It's got to add a little bit of scarcity. Right. Just a smidge.

Starting point is 00:14:33 It's more ETH than I have. That's for sure. Yeah. All right. Well, what's going on here? So I think the bridge protocols are doing some cool stuff too, and interoperability protocols, this is Kinex, what's Kinex reporting out.

Starting point is 00:14:46 I mean, we're overall just seeing an absolute blossoming of the whole entire Layer 2 ecosystem. We see money moving on to arbitram and optimism, and once money's on there, the L2 bridges. It's now it's their turn to have a bunch of value flow. So Kinex just announced that they had $500 million of cross-chain transactions has gone through their protocol

Starting point is 00:15:07 since they launched their V-1, I think maybe six or eight weeks ago or so. And so, like, I think we're just going to start seeing these milestones just start flying by as more and more people move on to L2s and then want to do stuff on other L2s, yet don't want to be bothered with the L1 transaction. They're just going to use the cross L2 bridges. These flows, like $500 million, like it's just nothing, right?

Starting point is 00:15:31 It's just the numbers we're talking about in DFI are absolutely tremendous. And guess what? A year from now, I think these numbers are going to look tiny. Super tiny. where we're going to be. Remember when we were celebrating 1 billion locked in Defi and now we're almost at 100?

Starting point is 00:15:44 That was less than a year ago, by the way. Really? Yeah. Uh-huh. I can't believe that, man. I can't believe how fast this space grows. Let's talk about this. $7.5 billion are locked inside of bridges

Starting point is 00:15:58 or have crossed over from Ethereum to either an alternate layer one or to a layer two or to a side chain, something like polygon. And this is a chart on Dune Analytics that shows all of that activity. The vast bulk of this, this is looking like is on Polygon, but there's some bridging to. A healthy amount elsewhere, too, I would say. Yeah, a healthy amount elsewhere, too.

Starting point is 00:16:24 And, you know, things like Arbitrum, of course, are like quickly moving up. If you look, actually, in the past 15, you know, 30 days, it's a much more distributed amount here. Actually, Avalanche, too. Kind of interesting that the model for Ethereum being sort of the, you know, Anthony Sassano is called this like the economic nexus, right? We've called this before the chief settlement layer for crypto. And so all of these assets essentially ultimately settle on Ethereum, but they're being bridged to these other chains in, you know, for use inside of those ecosystems too.

Starting point is 00:17:02 And it's kind of interesting that you can see all of this on chain. Totally. Any other takeaways from that? Should we talk about Gipcoin? Gekcoin doing their grant round 11, number 11. I remember like number one a long time ago now. And some pretty interesting stats here, David. What are they?

Starting point is 00:17:21 Yeah, Gitcoin already on day one, this is their announcement. I think at the time of recording, we're at day like six or seven or something. So when you are hearing this, you only have a few days left to deposit or to donate any money to any of the grants that you see fit on Gitcoin. But since then, on the first day, they've already had over 4,600 contributions from 350 people, $36,000 coming in on the very first day. And so you can go to Gitcoin and donate to your favorite grant project of what you want to see funded. Fund public goods. That's important. All right, David, we are going to get to the releases next.

Starting point is 00:17:56 And then we're going to talk about the news. But before we do, guys, 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.

Starting point is 00:18:22 And if you're used to seeing all of your crypto services and favorite DAPs all in one place, ledger is where you want to be. Not only does Ledger let you buy crypto assets straight from the app, but it also hooks into decentralized exchange aggregators like Paraswap, which makes sure that you are getting the best prices on your trades without your assets ever leaving your control. Defi never stops growing, and the Ledger Live app grows alongside with it. So click the link in the show notes to see all the Defy apps that Ledger Live has,

Starting point is 00:18:49 and stay tuned as more and more apps come online. And if you don't have a Ledger hardware wallet, what are you even waiting for? Go to Ledger.com, grab your ledger, download Ledger Live, and get all of your D-Apps all in one place. Arbitrum is an Ethereum scaling solution that is going to completely change how we use Defi. If you've been using Ethereum for the past 12 months, you've probably noticed the high gas fees and the slow confirmation times that have been plaguing Defi. Too many people want to use Ethereum and it doesn't have enough capacity for all of us. That's where Arbitrum comes in.

Starting point is 00:19:22 Arbitrum is a layer two to Ethereum, which means Arbitrum can increase Ethereum's throughput by orders of magnitude at a fraction of the cost of what we are used to paying. When interacting with Arbitrum, you can get the performance of a centralized exchange while tapping into Ethereum's level of security and decentralization. This is why people are calling this Ethereum's broadband moment where we get to add performance onto decentralization and security. If you're a developer and you want to save on gas costs

Starting point is 00:19:48 and make an overall better experience for your users, go to developer.offchainlabs.com to get started building on Arbitrum. If you're a user, keep an eye out for your favorite defy-apps building on Arbitrum. Arbitrum has been working with over 300 teams, including Ethereum's top infrastructure projects, and we'll be opening up to all users shortly. There are so many apps coming online to Arbitrum, so you may want to pack your bags in preparation for the Great Migration to the Arbitrum layer two. To keep up to speed with Arbitrum, follow them on Twitter at Arbitrum and join their Discord.

Starting point is 00:20:21 All right, guys, we are back with the hot releases of the week. David, let's start with this. We've been talking about the Tracer Dow for a long time. Now the Tracer Dow is launching their Perpetuals product. It's not out today. I think it will be out by the time you listen to it. A pretty cool product that I'm personally excited about. And Tracer Dow is a friend of the bankless show and has sponsored us as well.

Starting point is 00:20:43 But what are they releasing? Yeah, so they're releasing a brand new Defi primitive, which I think people will be familiar with similar products. If you know Index Co-op's FLI tokens, these are tokens that track the price of BTC. or ETH in a leveraged fashion. And so that's kind of a novel concept, right? And so it's a single token that moves in a leverage fashion to the actual like underlying, right? And that's nice because of that. People like leverage, but then they also like composability and you're getting that as well.

Starting point is 00:21:15 And then also people like liquidity pools and providing liquidity and gaining yield on that. And so this is kind of a hybrid product, a liquidity pool, a leverage liquidity pool, which this is just perpetual pools is what they are constantly. calling it. And this is a brand new product coming out of Tracer Dow, which if you are a trader and want to try a brand new Defi primitive, this might be for you. Yeah, it's kind of cool, too, because people also like low gas fees, and this is deploying not first on Mainet, but it's deploying first on Arbitrum. So another win for the Arbitrum chain. And I think, like, in my head, this is sort of like, you know, it's got Perpetuals, like D-Y-D-X, so you get an ETH Perpetuals product.

Starting point is 00:21:55 And then it's got an element of like, it's got an element of like uniswap because you're, you know, you're sort of trading with a pool. And then it also has this FLI component almost like like set where you actually have tokenized versions of these perpetual. So it's kind of a cool blend and excited to see how it does particularly on Arbitrum. David, a new podcast is coming to the Cryptosphere as well. This looks like maybe an Ethereum type of podcast. I haven't listened to this one. But first episode with Vitalik, I listen to every single Vitalik episode.

Starting point is 00:22:31 And also Carl Floresh from the optimism team where they talk about retroactive public goods funding. What's this podcast about? Yeah, it's just a, I think it's a podcast. He only put out one single tweet about what it's about. But any podcast that has their number one episode with Vitalik Buteran and Carl Floresh is something that captures my attention.

Starting point is 00:22:49 So it looks like it's going to be a little bit of a cryptoeconomic, technically focused podcasts. I think we're going to have to, wait and see for this podcast really take shape. But I'm always excited to see new podcasts come into the Cryptosphere. We support CryptoMedia. This one is called Into the Bike Code. We'll include a link in the show notes for you as well. This is cool, too, a roll-up already expanding. This is an FYI from optimism on the release chart. They just doubled the throughput limit on Mainnet.

Starting point is 00:23:16 We always knew these rollouts were going to roll out in kind of this graduated fashion, right? So not like completely release the governors and all of the valves day one. Now they're starting to increase the transactions per day. So 200,000 transactions per day is what optimism is now set at. So that's doubled. Stay frosty. Stay optimistic is the message there. Good to see the roll-ups increasing in transaction throughput in a cautious way.

Starting point is 00:23:45 Yeah, weird. It's kind of interesting to see people cautiously roll out scale onto their chain. I'm sorry. We'll get to that part later. That's a good move. Zapper, they're releasing, our Terminators cordially invite you back to the Zapperverse. So this is a new season of Zapper.

Starting point is 00:24:03 I'm actually not sure about this one, David. I haven't read all of the details. What's Zapper up to here? Yeah, the first season was all about that. They started to gamify their application, right? And so you would go and do activities and you would level up. And I think the seasons is just reference to like seasons that we've seen on like, you know, Diablo 3 has these,

Starting point is 00:24:22 Overwatch has these whatever competitive like game has these they have them as seasons but then at the end of the season you reset and go back to level one so I think what's going on here is that they have reset everyone

Starting point is 00:24:32 and set on a new bunch of quests onto the Zapper metaverse if you will and now there's a bunch of things to do the entire speculation about this whole thing is that you are giving Zapper provable active use of their application that could be

Starting point is 00:24:49 something that they leverage in the future with stuff. So maybe I don't know. I don't know anything. I don't know anything either. I don't know anything. What we have seen in the past is retrorospective retroactive air drops for usage. So you're going to say it out loud. I'm not going to say that with respect to Zapper because I have no idea, David. But I am saying that could fit a trend that we've seen elsewhere. So do these quests because they're fun. But do them to learn defy, do them to gamify? Do them to gamify? and do them because you never know what could happen in the future. All right, let's talk about raises this week.

Starting point is 00:25:29 Coinbase, they don't need money, but they're raising money, David. Because money is free these days. I guess. What's interesting is how they're raising it and who they're raising it from. This is a $1.5 billion offering from Coinbase for debt, essentially bonds. We call these in the market, like junk bonds. So Coinbase is raising. I think they're doing this.

Starting point is 00:25:48 Their stated reasons are M&A active. of like acquisitions, basically. Coinbase wants to go buy a bunch of things. It's super funny because, you know, of course, Microstrategie and Michael Saylor has used the same tool in the bond markets to go raise funds at a very low interest rate. And then he goes and he buys Bitcoin. It would be so hilarious to me if Coinbase just turned around and bought some like crypto with this. Why the hell not? Like, I mean, money's so cheap. And they could definitely do that. I'm not sure that they will. they'll probably get, you know, use this money for other things, get exposure into other things.

Starting point is 00:26:24 But this is a pretty good showing. And I got to say, you know, even Bloomberg is reporting, this shows that crypto is really going mainstream because the bonds didn't just like sell. They sold out in a flash. And there was a ton of interest in these assets. And it was very easy for Coinbase to do. So people are seeing this as like Coinbase. The market's not afraid of Coinbase's position with respect to regulators and SEC. This is kind of a show of strength and another $1.5 billion added to the war chest. Coinbase, do it again. I dare you. Start dollar cost averaging into crypto with it as well.

Starting point is 00:27:04 Buy back your own stock. That would be absolutely hilarious. All right, billionaire Steve Cohen just raised, just invested in an NFT startup recur. It's called $50 million raise here. What is recur up to? This is like an NFT platform of some sorts, David? Right. I have never heard of this NFT platform, but it turns out they're doing some interesting stuff. Recur has it just like you said, raised $50 million, not only from Steve Cohen, but Steve Cohen was participating for a valuation of $333 million, which is pretty high for an

Starting point is 00:27:39 NFT platform that I've never heard of before. Hasn't been launched, maybe? Yeah, which kind of interesting. But, I mean, we all know that NFTs are something that, you know, resonates very, very well with non-crypto people. So, like, maybe this is like the NFT world has hit some escape velocity where, like, non-crypto, there's a non-crypto side of NFTs that we just don't know about. Anyways, Recur is starting off a product, which is kind of like NBA top shots in the sense

Starting point is 00:28:05 that they like snapshot moments from, instead of NBA, collegiate football. So we are now NFT moments from college football, which is a very, very big ecosystem. I mean, if you're not inside of the United States or you don't care about football, college football is a very big deal. It's a very big industry. And so we are now kind of doing the same thing we're doing with NBA Top Shots, but now we're doing it for college football. And apparently Steve Cohen really likes that idea to the point where he would help this

Starting point is 00:28:33 NFT startup raise $50 million. It's interesting because we've gotten to the stage where we're like just past the billionaire, legendary investors investing in crypto assets. And now they're like down the NFT rabbit hole. Right. Like we're at that point in cryptocurrency. He's totally sold on that. Interesting to see what will come of that.

Starting point is 00:28:53 David, another raise this week. This is in the NFT side as well. A mutable X just raised $60 million in a Series B funding. This is an NFT exchange minting trading platform that is all based on Ethereum's layer two. So they use ZK roll-up tech. So it's lightning fast. Cool to see that they have raised a bunch of big names in this investment. as well. You know, Galaxy, Fabric, who else, Apex Capital, even Gary Vee, it looks like,

Starting point is 00:29:25 got in on this with his fund. What do you make of this? Yeah, this has got to be the last raise that they make before they issue their token because they're also going through a coinless token sale for the IMX token. And I'll be honest, I've been like typing IMX into Coin Gecko every now and then just to see if it shows up. It hasn't yet. but everyone's kind of waiting for this IMX token to come out. Disclaimer, me and Ryan are receipt investors in IMX. I think we were in the last round. One of those rounds.

Starting point is 00:29:53 I can't remember which one of those. All right. Jobs. Hey, this is your opportunity. We say this every single week, but if you don't have a job in crypto, go get a job in crypto. I mean, get a job. It's great. It's so fun.

Starting point is 00:30:07 Start working for a Dow, do something in crypto. So some hot jobs of the week. Even Dow's are posting jobs. jobs. Doows, are DAWs hiring other DAWs too? Dows are hiring DOWs. Dows are hiring people. Hiring is happening. This needs to grow. Yes. Everyone's getting jobs and everyone's getting hilarious jobs and you're missing out some derivative of that original statement. Here's a job. Like even if you don't have technical skills, pick up this community lead role from popcorn. So this is the 55 protocol community lead role. This would have been my dream job like at one point in time.

Starting point is 00:30:40 Go check that link out. All you do is make memes and chat and Discord. Like, it's the coolest job ever. Senior Software Programmer as well. That requires a bit more tech schools. We can take a look at that, too. That's from popcorn as well. Senior front-end Web3 developer, that's Tracer,

Starting point is 00:30:57 folks with the new Perpetuals product looking for that too. These are all featured on the bankless job site. It's included as a link in the show notes. Go check that out and some of the other positions that are listed there. All right, David. Are you ready, man? Oh, my God, I'm so ready. I know you're ready for this.

Starting point is 00:31:15 Okay, so the headline here is a tale of two outages. There have been two outages this week in crypto, chain outages. One, the Solana chain, which we'll talk about. And the second is Arbitrum, which is a layer two that we'll talk about as well. So why don't you take us through? A tale of two outages. Let's talk. What happened with Solana this week?

Starting point is 00:31:37 Yeah, so Solana had a peak load of... of over 400,000 transactions per second, which is a lot. And then the at Solata status Twitter account says, Solana Maynett Beta encountered a large increase in transaction load, which peaked at 400,000 transactions. These transactions flooded the transaction processing queue, and the lack of prioritization of network critical messaging caused the network to start forking.

Starting point is 00:32:04 This forking led to excessive memory consumption, causing some nodes to go offline. Engineers across the ecosystem attempted to state, the network, but were unsuccessful. And so as a result of this, a bunch of validators had to coordinate inside of a Discord channel, I believe, to coordinate a restart of the network. And then as a result of that, the Solana was down for over 18 hours, I think it was something like 18 to 20 hours.

Starting point is 00:32:28 And then one, some sort of coordinated consensus mechanism to restart the network checkpoint and restart the network. Again, I'm not a distributed systems developer. But they were able to get that Solana network started. it up and running again 20 hours later. So it's down for over 20 hours, which is kind of crazy. 20 hours down. And when you say down, we're not talking about degraded. We're talking about like dead down. There's didn't exist. Your transactions aren't going anywhere. No one's listening to them. Like your money's frozen. Like there's no withdrawals. Right. No, yeah, right. Nothing can happen.

Starting point is 00:33:03 Frozen. This date is frozen. And what had to happen is they basically had to eventually reboot the thing. And I think it required the support of 80% of all of the validating stake, validating nodes. And that was kind of the coordination that you're talking about. We'll get to some takes there. But like I will say never in my history in crypto, have I seen a chain worth like $40, $50 billion, tens of billions of dollars be down for 20 hours? Like that's pretty unprecedented, has never happened at that level of value. People have tried to compare this to the Ethereum Shanghai tax in 2016.

Starting point is 00:33:44 We've got to talk about that one. I don't think the comparison is apt. But before we do, let's talk about we said a tale of two outages. Right, here's the other one. A second outage happened at just about the same time. And I put outage in kind of quotes because it's kind of an outage, but also kind of not. But tell us what happened to Arbishop, David. Yeah, so Arbishop from the layer two to Ethereum had their sequencer go down.

Starting point is 00:34:04 So another interesting thing. Like I said at the beginning, it's interesting that both of these happened really. really closely to each other, I think within the same like hour or maybe two hours. And it had both had to do with the sequencers for both Arbitrum and Salana. One of Salonnas big claims to fame is it has this like natural sequencing built into

Starting point is 00:34:22 the L1. Ethereum doesn't have that. A sequence as things. It allows whoever proposes the block to sequence the transactions as they see fit. But Arbitrum has a centralized sequencer. A centralized sequencer almost kind of is what a roll-up is and that part broke down. And so the report from Arbitrum says all transactions that had been accepted by the sequencer were included and not reordered. Transactions accepted by the sequencer between 1013 and 10.14 a.m. were reassigned a timestamp when the sequencer returned online at 1059 a.m. And so Arbitram was down for about 45 minutes. And they say that the root cause of the downtime was a bug causing the sequencer to get stuck when it received a very large burst of transactions in a short period of time.

Starting point is 00:35:08 almost very similar to what happened to Solana. And then the issue had been identified with a fix and had been deployed. And so there are some takeaways that we should talk about with the whole arbitram being out. Yeah, I'm actually glad. I'm kind of glad, David, this happened at the exact same time. This is great. This is such a great test. It's a great learning lesson, I think, for the ecosystem.

Starting point is 00:35:31 So we can say, Exhibit A, what happens when a layer one sort of has a complete outage and requires a restart from a coordinated set of validators, and then Exhibit B, what happens when a layer two goes down as well? So maybe let's talk about the contrast here. One interesting contrast is when the Arbitrum outage was a little bit different. So sending layer two transactions was not possible, so you couldn't transact on layer two. But Ethereum wasn't down. So you could actually still get some transactions through on Arbitum in sort of a roundabout way, as I understand. Why don't you take us through when Arbitrum fail? How did it fail? Right. So when Arbitrum failed, the Arbitrometre sequencer stopped listening to incoming transactions.

Starting point is 00:36:18 And so all the benefits of the L2, all the scale, all the throughput, all the low gas fees, we lost that. That's what we lost. The sequencer stopped hearing transactions and stopped writing them to the Arbitrum blockchain, the Arbitrum L2. But the whole point about roll-ups is that there is a natural, fallback to a roll-up that doesn't require you using the sequencer. And so because of the roll-up design, users could just make an L-1 transaction and update the state of the L-2 of the Arbitrum L2 themselves using the main chain. It's like a user-only backdoor to Arbitrum. If for whatever reason, the sequencer is not listening to transactions, maybe they're censoring you specifically, but not no one else, it doesn't matter because you can just go through the door that is on the

Starting point is 00:37:09 Ethereum L1. So your funds are never at risk. This is why people like L2s. And so the moral of the story is that when the Arbitrum Layer 2 breaks, the worst case scenario is that it just returns to being an Ethereum L1 smart contract that you engage with on the Ethereum L1. So all you got to do is have some ether on the L1 to make a transaction to the Arbitrum smart contract to say, hey, your shit's broke, excuse my language, give me my money back. And then because Ethereum operates by that code, because of the nature of roll-ups, you get your money back. And so you are never, ever, your money's never frozen.

Starting point is 00:37:46 I kind of get this visual, David, where, like, I, you know, thinking in terms of like, imagine Ethereum is just this bubbled city in the cloud, right? And then arbitrage from this another bubble city in the cloud, right? But it has this bridge, this bridge that just essentially cannot be destroyed unless Ethereum, the city of Ethereum is totally destroyed too. So if Arbitrum goes down, if Arbitrum's on fire, if there's chaos in the city, then that bridge cannot be destroyed. So you always have the ability to like withdraw funds, you know, do some kind of transactions across that bridge as well, and exit. In the case of Salana, like, there's no bridges right there that are enforced by

Starting point is 00:38:28 Solana. So like Salonnas down, the entire Salana network is down. That is not the case. with layer two. It's layer two just fails gracefully back to Ethereum. So it's kind of a question of like, was Arbitram totally down? Right. And I think Daniel from the Arbitrum team actually makes that case. Like practically speaking, kind of was for the average user. But he says, if I want to get nitpicky and pedantic, I could also argue that it's not. And he gets very nitpicky and pedantic in the whole thread. And we're not going to go through it. But what's the TLDR here? Yeah, the TLDR is that there are, three ways to get a transaction in out of arbitram. One of them is like the normal case where like is a normal operating L2. You send your transaction to the sequencer and then the sequencer updates the

Starting point is 00:39:17 arbitram state. It gives you a little receipt and then yay, we can go beyond our merry way. We are actually going to have to scroll down because I'm going to have to read the second way to get in. But this is going to be just a little learning lesson. And so here he says meet the sequencer. that's the thing that orders of transactions accepts the transactions right to the Arbitrum's chain. But the case number two is that when a message from the Ethereum L1 can also be included into the sequencer, and so you can actually write to the Arbitrum sequencer,

Starting point is 00:39:47 even if the sequencer is still live, by writing a transaction to the Ethereum L1. Usually you wouldn't do this. Sometimes there are some specific scenarios, but the transaction gets added to the delayed inbox, and the inbox is like the thing that is where all the transactions go before it gets added to the arbitram chain. And like the most common case here is like when you just straight up add money to your

Starting point is 00:40:12 arbitram account, that's when you make it an Ethereum L1 transaction, put it into the arbitram inbox within 10 minutes. It shows up on the arbitram L2. And that's when one of those cases that you would do that. And then the third case is what we were exactly talking about is that if a message has been sitting in a sequencer's inbox longer than what is the code for max delay, which I believe is 10 minutes, any user can call a function called force inclusion, which pops out the message out of the delayed inbox and puts it into the user's account on the L on Ethereum L1.

Starting point is 00:40:49 And so this is a fantastic thread if you want to go into the in more nitpicky details about how a layer two roll up is constructed. But because there's three different ways and the worst case scenario is always the fallback of like there is always user sovereignty if the sequencer isn't doing what they say they were. That is why roll-ups are so magical. There you go. All right, David, let's get some takes around the crypto-Twitter sphere to round this picture out. So this is a take from Hudson Jameson. I first want to maybe read the take from Anatoli. But wait, before you do, I do want to say that what we are talking about with Solana versus Arbitrum, it is decently apples to oranges. in the sense that Solana is a layer one

Starting point is 00:41:31 and Arbitrum is a layer two. So there is that difference there. And so we are actually going to go into a scenario about, well, what if we were to talk about layer one to layer one to talk about apples to apples? So let's go into Hudson's take. Yeah, so Anatoly said this. He's the CEO, one of the co-founders of Solana,

Starting point is 00:41:50 basically comparing what happened to Solana in that 20-hour outage to the Heath Shanghai attacks. East Shanghai attacks, essentially, Ethereum was DDUS attacked for like a series of days, like weeks, and had to like implement some emergency patch to mitigate the threat of this attack. And Ethereum was not down during that time, but it was effectively like unusable or very hard to use because you couldn't get your transactions through. And so Hudson Jameson is a former ETH coordinator, former Ethereum Foundation employee. Community manager, yeah. Community manager. And he's saying essentially that this is not at all comparable to the Shanghai attacks.

Starting point is 00:42:38 David, why don't you read parts of his thread? Yeah. So Hudson says, what happened today to Solana is not the same thing that happened during the Ethereum Shanghai attacks in 2016 by I understand why people think so, so a thread. Hutton says both attacks were D-D-O-S. attacks meant to halt block productions. So that is similar. The big difference is that Ethereum blocks never stopped producing during the attacks because

Starting point is 00:42:59 of a multi-client design that Ethereum has. I believe there were two major Ethereum clients at the time of Shanghai attacks. I think there was a third, but it was more insignificant. It was a parody and geth. Parity and geth. And geth was the one being attacked during the Shanghai attack. So if you had a Geth node, you would have a real hard problem getting a transaction in. But if you had a peri node, you would have a very hard problem getting a transaction in them.

Starting point is 00:43:20 But if you had a perry node, it was fine. It looked like blocks still were being produced. Hudson finishes in saying, I do not like the rhetoric in comparisons to Ethereum that Yoko... How do you pronounce his name again? Anatoli. Anatoly, the CEO of Solana Labs, basically the CEO of Solana. And others have made throughout the day on Twitter

Starting point is 00:43:42 because it feels disingenuous and feels like it minimizes the issue Solana faced. I also don't like some people in the Ethereum community are bashing Solana. for having to manually restart. Ethereum could have just as easily been in a similar position if the merge had a bug. All that being said, I hold no ill will towards Solana and wish them the best. So the important differentiator is that Ethereum's multi-client design, which has saved Ethereum multiple times and also has caused Bitcoin to have to roll back due to an inflation bug back in 2011

Starting point is 00:44:12 or 2013 because Bitcoin also only has a single client design. Solana, like Bitcoin, only has a single client. client design. And the whole point about having a multi-client design is that it promotes decentralization. There's more than one way to interpret the spec of Ethereum and to apply it and to have consensus with other clients. And so worst case scenario is that making a transaction on Ethereum just becomes difficult. Also, because of Ethereum's multi-client design, the Shanghai attacker had to spend a ton of money, a ton of ether to continue to dedos the network. Millions of...

Starting point is 00:44:48 Millions of, yeah. How much money that's worth now? Right. Yeah, got billions. And now it would have been a billion dollar attack, right? So so long as the blockchain keeps on working, attackers keep having to have economic costs to attack the blockchain and a multiple spec design, which Ethereum now, the Ethereum 1 chain has four specs, four different specifications.

Starting point is 00:45:10 And then the Ethereum 2 has, I think, five or six, largely, largely, one of them is largely clients, right? Excuse me, yes, clients. And one of them being. prismatic, which is very significant, but it has like five more other ones as well. Having multiple clients is anti-fragile, and it is a significant difference measure of decentralization that Ethereum has almost over every single other blockchain. There is no other blockchain that has the level of client diversity that Ethereum has, which is directly representation of the

Starting point is 00:45:38 decentralization that Ethereum has. Yeah, so I think, like Hudson's point is like, that's a false equivalence. You can't compare. But he also makes the point that, you know, to be fair, something really bad could happen to Ethereum one day, right? And some sort of social coordination might be required. I just imagine it would look a little bit different than getting a group of validators into kind of a Discord channel and having a conversation rolling out and update. But I'm not ready to take that point. Hudson says like this could have had, this could have happened during the merge or this could have happened. It hasn't, though.

Starting point is 00:46:15 And that's a very important takeaway. It has not happened to Ethereum. It hasn't. It hasn't. If you put a big asterisk on the Shanghai attacks, as in like it was going to be really difficult to get your transaction in, other than that, Ethereum has had 100% up time.

Starting point is 00:46:32 Even during the Shanghai tax, it was still producing blocks. There has not been a day that has gone by where Ethereum has not been up. Look, man, even the Shanghai attacks, like network value of Ethereum at that time, I don't know, it's like $300 million, $500 million, right? Like, you know, in the first year of its birth. I know Salana is relatively young.

Starting point is 00:46:52 I'm like three years old or something like that. But like, it's worth $50 billion. Right. Right. It's a different beast. It's a different beast. There's another argument that was put forward, I think, from people. And I felt like this was sort of a little gaslighty as well.

Starting point is 00:47:10 At best. Kyle Samani saying, hey, it's just in beta. That's why. Salana's in beta. This sort of thing is to be expected. It failed gracefully. No catastrophic problems. Like, I don't even know what to do with those three points, right?

Starting point is 00:47:25 It did not fail gracefully. It fell over and died. It was just be honest with it. Absolutely catastrophic. This is the most catastrophic. It's as bad as it gets. I mean, barring may be an inflation bug. Maybe that's worse, right?

Starting point is 00:47:39 But this is pretty close. And then saying it's in beta, if you're in beta, you don't get to have like final product level valuations in my opinion, right? Like beta product, beta valuations, right? So like, it's hard for me to justify the valuation of Salana when you, like, when you see something like this. I mean, just personally, right? Like, this is not, I tweeted at the time, by the way.

Starting point is 00:48:09 I think a lot of people were, you know, knocking Solana down when the engineers and validators were hard at work trying to restore it, right? And, you know, at that time, it's just like, hey, everyone, hold on. Like, let's just let the dust settle. A lot of talented engineers are working hard to get this blockchain back up. Let's wait for the hot takes and critical takes until that's done, right? Well, now it's done. And I think the crypto industry needs to have a serious look at what happened and why it happened. I mean, and really like take a hard look in the mirror at how we're valuing these various chains.

Starting point is 00:48:51 Are we valuing them? Like, what level of decentralization are we valuing inside of these chains? What level of maturity are we valuing these chains? And like this should really, this is new information. So it should reflect how we perceive the market. I think this is a big incident. I think this is totally underplaying it from Kyle here. What's your take?

Starting point is 00:49:10 Yeah, I think Kyle's being one of the most irresponsible people on Twitter over the last week or so. Because this is the first time I've ever heard him say that Solana is in beta and like we should expect problems like this. That is absolutely ridiculous, especially when people are putting meaningful amounts of their money and investments into this thing. saying it failed gracefully, it's just, I think it's completely irresponsible, and I think he is putting a terrible branding on this whole entire industry. Yeah, well, absolutely. I, you know, I think the response from some people on the, I guess the Salinas side has been what's surprised me. And look, this is the bottom line for me. Actually, Gavin Wood from Pocod actually nailed it to me, right? So if you're to take sort of one thing away from this incident, to me, it's this. He said,

Starting point is 00:49:59 events of today in crypto, just go to show that genuine decentralization and well-designed security make a far more valuable proposition than some big TPS numbers. That's transaction per second numbers coming from an exclusive and closed set of servers. If you can't run a full node yourself, then it's just another bank. If you can't run a full node yourself, then it's just another bank. I think sometimes people are critical of us even, David, calling us like Maximilus of One Shape or another. Like, guys, the show is called Bankless. Okay? We are here to escape the banks.

Starting point is 00:50:38 One vector of attack is a blockchain, a group of validators, a group of crypto banks can become the new banking system for you. I personally don't want crypto to evolve in that direction. So I'm going to fight for principles of decentralization. If you can't run a full node, then it's just another bank. If you don't have a copy of the ledger, then you are trusting somebody else with the ledger. It's just, to me, David, some of these things are like, you know, unnegotiable, right? So call Solana, maybe it's a fintech platform. That's cool, right?

Starting point is 00:51:20 Like PayPal's a fintech platform. platform, Venmo's a fintech platform. It's kind of a new open fintech platform model. It is not reached the level where it's decentralized enough. If we can't run a full node, then it's still a bank. It's still fintech. It's not quite defy. So I think the events of this last week have shown this maybe to more people. I don't know that this is going to be reflected in the immediate market price because look, the market prices in narratives. It doesn't necessarily price in fundamentals. but this is something that if you are in crypto, you absolutely should be paying attention to. Anything else we should say on this, David?

Starting point is 00:51:58 Yeah, I definitely want to, there's been just a growing frustration out of the Ethereum community lately who has, like, said, given out warnings about something like this. We've seen so many chains just like fork Ethereum or like do something similar, except what they would do is they would just increase the block size and increase the throughput. Finance chain, just earlier this year. So, finance chain halted, avalanche halted. So far, every single chain that has, like, tried to become an Ethereum killer by just increasing throughput has halted at some point in time. And there's a reason why we don't just beef up the L1 because like Gavin Wood says here, where he says,

Starting point is 00:52:36 a more just, a well-designed, excuse me, events in today of crypto, just go to show that genuine decentralization and well-designed security make a far better value proposition than some big TPS numbers. we get big TPS numbers from arbitram and optimism. Optimism just doubled their capacity. Our arbitram is instantaneous. We get big TPSs on layer twos, and we have the decentralization and security of a extremely conservative and consolidated and efficient base layer L1 that we can all run the nodes on.

Starting point is 00:53:11 And so so many in the Ethereum community members, especially when the sole price is just pumping through the roof, and it's really, really hard to, like, tell, like, teach these lessons. No one wants to have their bags that are performing really, really well, getting narked on by, quote, unquote, a bunch of ETH Maxis. Except that everyone is coming into all the Ethereum people and saying, like, hey, you guys are just being ETH Maxis because you don't like any other chain. It's not Ethereum maximalism.

Starting point is 00:53:37 It's decentralization maximalism. And so I tweeted out earlier, I said, anyone who labels a decentralization maxi, of which I would call Ryan, of which I would call myself, instead as a toxic maxi just for not talking positively about other chains that have sacrificed decentralization is actually the person being toxic, right? Especially if you are promoting a chain that is actually not decentralized as the base chain and you're just calling them a toxic maxi. It's just wrong.

Starting point is 00:54:05 It's just wrong. You have to protect decentralization. That is the whole reason why we're here. This whole industry is built on decentralization. No shortcuts, guys. No shortcuts. Why take shortcuts? We don't need to.

Starting point is 00:54:16 I mean, just wait a little bit. Cryptography, magic is coming. All of this stuff is going to happen in time. Let's not take shortcuts in the near term. I think that's the message. David, here's what's ironic. While this was going on, Ethereum was actually being attacked.

Starting point is 00:54:32 There was three attacks. It was crazy. Yeah. So, like, people don't know this because... Nothing happened. Actually, nothing happened. And part of the reason why is actually one of the nodes, one of the smaller, the nethermined Ethereum client,

Starting point is 00:54:47 ETH1 client node, was taken down. I think this was some sort of a DDoS attack. Right. So somebody was mining empty blocks for 550 blocks, which had invalid proof of works. And then they published them all at once, right? And so blockchains, they operate by going on the longest chain. Somebody was mining secret blocks,

Starting point is 00:55:06 published them all at once in order to, like, get ahead of the actual Ethereum chain. That caused some clients, some nodes who were on, the nethermind client to go off and start propagating blocks on this new fake bad chain. And so again, another lesson in client diversity. And even with client diversity, not even all of the nodes of the never the mind client with went with a new blockchain, right? And so this is what happens when you have really talented client developers hyper-focused on security and decentralization at the base chain. Attacks don't work. It's great.

Starting point is 00:55:44 Uh, yeah, absolutely. That's what happened. Nothing happened essentially on the frame when it was being attacked. Uh, and that's a good thing. I mean, attacks are going to happen, uh, you know, cross your fingers, knock on wood. Attacks. Attacks should happen. That's the whole point is you can attack it as you see fit. Like, I can't go attack Wells Fargo, but like that's because of they have centralization as their security. You're supposed to go attack Ethereum. Have you ever tried to attack a bank, David? Yeah, I started this. podcast with you. We're attacking it on the meme layer, guys. All right, enough said. A tale of two chains, a tale of two outages. That was it.

Starting point is 00:56:24 David, let's talk about some other Ethereum stuff. Ernst & Young, top four accounting firm, like big name, the professional services realm. They have just selected Polygon to scale their enterprise blockchain products. Here's what I think that means. So people are confused about that. E&Y, their big Ethereum proponents, big, crypto proponents as well. They've been working on some ZK technology, specifically enterprise

Starting point is 00:56:49 technology for enterprises in the privacy space as well. So their whole thing is, hey, a lot of enterprises can't use the public chain because they want their valuable information transactions to remain private. So they went off and they've experimented with some kind of ZK roll-up tech. Now they're folding that into the Polygon family. So Polygon has not only its proof of of stake chain. That's its side chain. But it also has a ZK chain, which is Polygon Hermes. It also has a plasma chain. And now they're adding this Ernst & Young chain into their kind of their API suite. Polygon's kind of a Swiss Army knife, I suppose, for all of these various side chains and L2s. And I think what this could become, David, is like an enterprise roll-up chain that

Starting point is 00:57:40 Ernst & Young is rolling out. So excited to see how that that's. develops and a really cool partnership in the making here. This reminds me of the Goldman Sachs. What was their private blockchain called Corum? Corum, right. It was a fork of Ethereum. It was Enterprise just for Goldman Sachs and their customers. They did their own kind of internal testing.

Starting point is 00:58:00 There was also like the IBM Hyperledger as an enterprise blockchain. And now we have the EUI enterprise blockchain, also with privacy, built as a rollup on top of Polygon. this just reminds me, Ryan, of the protocol sync thesis. Everything gets layered on top of Ethereum, and the benefits of plugging into a public open network can be as wide and large or not as you see fit. Now EY can tap into main L1 Ethereum as much or as little as they like.

Starting point is 00:58:31 They have full control, and they don't impact any of the other L2s or the Ethereum L1. They get to just do it. Yeah, absolutely. This is like the local area networks, like the internal networks plugging into the wide area network, plugging into the internet. That's what's going on here.

Starting point is 00:58:46 Vitalik Buterin was named one of the top, one of the 100 most influential people of 2021, according to Time magazine. He was named that by Alexis O'Hanian. He is one of the co-founders of Reddit, and Alexis gives some reasons why he nominated and named Vitalik as the 100 most influential people in 2021. Glad to see Vitalik,

Starting point is 00:59:11 getting some recognition here. I think it's going to be kind of a legendary name. In fact, we have a podcast with Vitalik coming out next Monday. That's a fantastic podcast where we talk about, among other things, the importance of being able to run a node for yourself. So tune into that podcast. Congrats to Vitalik. Also, I believe this is the senior editor. No, the president of Time Magazine. President of Time magazine. Right. With a .eith name retweeting saying, congratulations to Vitalik beer doing for being named 2021 top 100 influential people. So, President of Time magazine with a Dodd Heath talking about eStuffs. That's pretty cool. Yeah, very cool. Or what's this? Let's talk about the second news item of the day.

Starting point is 00:59:54 So we're in NFT land, moving from Ethereum to NFT land. Why don't you talk about this story? It appears like it's a situation where an internal employee of OpenC has front run the best OpenC NFT deals, the deals that we're going to appear to appear on the front page. What happened here, David? Yeah, so this all got kicked off by this one Twitter account, Zubu TV. He says, Hey, OpenC, why does it appear that Nate Chastain, who is the head of product, I believe, senior product at OpenC, so pretty senior position, has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front page hype spike for profits and then tumbles them back to his main wallet with his punk on it.

Starting point is 01:00:40 So going back to the reference behind identity and NFTs, everyone knows who your punk is. And so then this account did a little bit of more due diligence. So if you want to find out like the analysis behind this, how this was discovered, it's available to you. And apparently this was legit because it got picked up by the block, which in the block writes, OpenC confirms executive used insider knowledge when buying NFTs. So this is a reminder that OpenC is not a defy application. It is a company built on Ethereum.

Starting point is 01:01:13 And so Nate Chassain has been accused of front running drops and from profiting some ETH by first buying and then selling right into the hype. Yeah, that's not a good look. It's a bummer. I mean, OpenCent, their credit has responded and said that they are taking this issue very seriously. I'm not sure what immediate actions they will do. It's an important reminder that any place there's an aggregator in these systems, you have the opportunity for insider information, insider knowledge, the ability to front run and put yourself with an unfair advantage.

Starting point is 01:01:47 What worries me a little bit, David, is this is exactly the sort of thing regulators will point to and say, well, crypto is unfair, right? And we need more regulation, maybe stringent regulation to come down on the space. And my worry is not that like, my worry is more that. dumb regulation will come down on the back of this, right? So like one example of smart regulation, David, would be like, if you are an employee at OpenC, maybe you have to like publicly declare your eth accounts that trade any NFT activity, right? So it's all public, it's all visible, right? Something stupid that could come down the pike is like no NFT or anyone who creates a D5 product

Starting point is 01:02:33 protocol is allowed to have an ether dresser is allowed to trade on these platforms, right, or has to declare every single trade. Or OpenC has to become a broker or something. OpenC has to become a broker, exactly, right? So there are good ways regulation could influence this, but there's also some bad ways. But I think this is potentially a clear case of front running and, you know, could widen the case for why regulators actually should get involved in this space. I'm a little bit worried about that. Yeah, so I guess as a PSA to all people with positions of power around defi apps or companies like, yo, we as an industry are getting looked at. We all have a responsibility to not have the shadowy super coder branding actually fit and instead be good stewards

Starting point is 01:03:21 and self-regulate and be responsible. Like, like, if, like, Nate gets his day in court, metaphorical day in court. No one's actually taking him to court. But like, dude, come on, man. We got a lot to lose, dude. You're letting this all down. Yeah. And I think every company should get serious about disclosures. Use the transparency of the chain to make this stuff out in the open, certainly. So hopefully lessons learned in defy in this. We'll see how it goes. David, what's this? What's happening here? This is an NFT on Arbitrum. Right. Yeah. So kind of a coincidence little announcement of release right after this is that somebody

Starting point is 01:04:01 tweets out Arbitrum needs an NFT market now, completely unrelated to what was going on with OpenC. So they've decided to build one called Small Puddle, S-M-O-L puddle, which is a ERC 721, which are NFTs, market on Arbitrum with a decentralized

Starting point is 01:04:17 order book and 99% client-side power. So it's a decentralized NFT marketplace on Arbitrum. So, funny little timing, on theme with JPEG summer, layer two summer, and the need to have a decentralized NFT marketplace. Look at these Arby punks. Do you have one of these yet, David?

Starting point is 01:04:36 I do not have an RB punk. Are these like complete clones? Yeah, those have got to be complete clones. Yeah. Uh-huh. Because look, look, you can buy one for 0.01, Eth, which is how you know. That's how you know. That's what's being listed on small puddle right now. Other things in the future, I'm sure. Also, this David Sotheby's is getting more into NFTs. a collection of board ape NFTs just broke Sotheby's estimates with three days to go. I guess $19 million worth of board apes via Sothebyes have already been achieved. That's the current bid might go higher than that.

Starting point is 01:05:13 Sotheby's these art houses, they are all into NFTs. It's over. It's done for them. They've jumped down the crypto rabbit hole and they're here to stay. No, that's exactly right. And this is coming right on the heels of Steph Curry and the chain smokers putting board apes as their profile pictures. And man, like Christie's is doing NFTs.

Starting point is 01:05:31 They were Gary V. NFTs on Christie's this week. Jason Derrillo. He's got a punk. Jason Derrillo. God, I remember that I haven't heard that name in a while. But yeah, I got a red-haired, earringed punk. So that's pretty cool.

Starting point is 01:05:45 Oh, and it goes to me. More celebrity sightings. Let's talk regulation really quick. Apparently Fidelity is really pushing the SEC for Bitcoin ETF approval, telling them that it is time when you have a major bank like Fidelity. an insider telling the SEC that it's time for a Bitcoin ETF. I wonder if that's going to actually move them.

Starting point is 01:06:08 Ralph Paul said Bitcoin ETF in October. So he said, this is back in August. I don't know what he knows. But it's been time for a long time. I just don't know that the SEC thinks it's time. And Gary Gensler has been increasingly critical of crypto rent large without extending any olive branches to this industry.

Starting point is 01:06:27 So I guess we'll see what happens. Yeah. Gosh, I remember asking Hester Pierce, her thoughts on like, every day that the SEC doesn't approve a Bitcoin ETF, the conspiracies about this becoming a deal, about protecting the dollar and not rewarding crypto becomes a little bit more valid. And I'm going to go ahead and say that like if this and a Bitcoin ETF doesn't get launched by the end of the year, I think it's a, it's got to be this year. It's got to be this year or it's a political statement by the SEC.

Starting point is 01:06:57 They're making some political statements right now, David. We should talk about that in just a minute. I guess before we do, we should note that micro strategy has dollar cost averaged into Bitcoin again. Hey, it's been a while since we've done one of these. Like a week, you mean? Two weeks? No, it's at least three weeks, I think. I don't know. You said it so many times. Every month at least, Micro Strategy, Michael's Saler, dollar cost average in. They bought another $5,000 Bitcoin. Adding four percent to their treasury in Bitcoin terms, which is not a small purchase. $5.1 billion worth of Bitcoin they hold now.

Starting point is 01:07:30 Where do they get all this money from? I mean, they bought some low, but they're just like, they're raising it. Junk bonds, baby. That's a way to do it. It's arbitrage opportunity. Let's talk regulation again. So there were some hearings on in the Senate. Elizabeth Warren, Gary Gensler, talking about crypto.

Starting point is 01:07:49 David, you want to pull out some key quotes from this exchange? Yeah, yeah. Gary Gensler and Elizabeth Warner are eyeing coinbase. and Elizabeth Warren says, has criticized crypto's claims to financial inclusion saying, we hear a lot about how crypto is all about financial inclusion. Oh, glad you finally heard this, Elizabeth. She said, I want to test out with you if crypto is an improvement over the financial system. So, like, I think what we're actually witnessing is, like, Elizabeth Warren doing her own

Starting point is 01:08:16 little flavor of going down the crypto rabbit hole. So, yeah, yeah, and then she also says that, you know, go ahead, go ahead. She's very concerned, it appears to me, about gas fees on Ethereum. So, like, the fact that she's knowledgeable about gas fees now indicates that she has gone a little bit further down the crypto rabbit hole. She referred to defy exchanges. I assume something like uniswap in air quotes, like defy exchanges, right? As if defy doesn't actually exist.

Starting point is 01:08:46 She was very upset with gas fees. The fee to swap between two tokens on the Ethereum network last Tuesday was more than $500. I mean, her, I think her takeaway is like, this is not for retail. This is price gouging. Gas fees are too high. Maybe regulators can fix this. Maybe defy is a false, is a farce.

Starting point is 01:09:08 Maybe like this whole thing is rotten. I don't know what she's getting at. I think she just doesn't understand the gas markets, right? Like complaining about Ethereum gas markets is kind of like complaining about the price of a barrel of oil. Right. It's a commodity. It's a function of supply and demand.

Starting point is 01:09:26 You don't like the cost for a transaction. Don't do the transaction. Or try to find another chain, another centralized exchange where you can do a similar transaction. It's just a function of supply and demand. It's not, no one's price gouging. And the defy, I don't know why that's in air quotes. Like, Uniswap legitimately is a decentralized exchange.

Starting point is 01:09:48 If you don't believe that, try to take it down. Right. I don't know what's going on here, David, but this is the eye of Soron, I think starting to veer its eye on the defy industry, and I'm not sure what's going to happen next. Yeah, no, complaining about $500 gas fees is complaining about decentralization.

Starting point is 01:10:08 Like, I don't want to pay it either, but like I also want to be bankless. And I think Elizabeth Warren just has a bunch of dots that she hasn't connected yet. Another article that came out was in Business Insider, which was also going on about this, where Elizabeth Warren says, advocates say crypto markets are all about financial inclusion,

Starting point is 01:10:28 she said to Gary Gendler. So this is two articles about the same subject. And then Elizabeth says, but the people who are most economically vulnerable, all the ones who are the ones who are most likely to have to withdraw their money the fastest when the market drops. Does this sound like a path of financial inclusion to you?

Starting point is 01:10:46 And like, I'm just so confused. It's like, I run, I watch like gas bikes up and down during market volatility and like I have no need to actually like run and go do something. The only people that need to go run and do something during times of market volatility are traders who got scared or people who are over leveraged, which we shouldn't even consider that as like typical financial activities. That's also just another form of trading. And so like Elizabeth Warren, I think she thinks this is some sort of like run on the banks. Like, oh no, like the sky's falling.

Starting point is 01:11:16 I got to go get my money out. it doesn't work like that your money's always there that's the point uh and like so she's worried about like these blips of like really high gas prices and like people not being able to access their funds Elizabeth Warren banks are closed 80% of the time and so like just because like you can't for a brief moment in time where you price out of the gas markets like at least Ethereum is up on holidays right unlike the financial system and at least it doesn't have according to a quote from i will quote Kathy Wood, an unhinged monetary policy, which is another barrel which I won't open today. Yeah, absolutely. And the last thing I'd say, I know Elizabeth Warren listened to the show on a

Starting point is 01:11:59 regular basis, the last thing I'd say to Elizabeth Warren is like, hey, we're working on it, right? The entire, you know, blockchain scalability thing, that's what Ethereum's been working on for the last five years, right? So arbitram, the roll-ups that we're talking about, you know, ZK, is all being worked on and we're trying to scale this industry. So come help us. Don't stop us. It's going to lead to more financial inclusion. We've got some shared goals here. I hope they can see that. Maybe, David, there's a sliver of hope for me that her trip down the crypto rabbit hole actually she finds something interesting here and she finds something that she's aligned on. And, you know, we'll see if that happens or not. But at least she's getting educated on it.

Starting point is 01:12:43 I just don't know what I'm. Kind of. Kind of. Kind of. It is education. She's saying the words like crypto markets, defy, gas fees, but they're just like the most uninformed takes about those things, right? And like it just, she just, what she's saying to me is just exuding bias. Like she wants to hate this industry. Yeah, it's definitely unfortunate. We'll see what happens, though.

Starting point is 01:13:07 All right, guys, we will be back with the takes of the week and the meme of the week as well. 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're 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. Mata routes your orders across all the various DFI exchanges on Ethereum, Polygon, Binance Smart Chain, and gives you the

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Starting point is 01:15:18 No matter how big or small your idea is, you can apply for a Unigrant at Unigrant. 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 takes of the week. David, let's start with a take from you. And this is a perspective of your apartment, like I never get to see.

Starting point is 01:15:44 This is pretty cool. What are we looking at here? Yeah, we're saying my apartment from the other angle. But my tweet was actually my best tweet ever. I'm surprised how much this blew up. But I tweeted out, attention all right click savers, which is basically another way to say NFT skeptics. Why isn't my punk on your wall then? And I'm super stoked that I got like this 48 by 48 metal punk right over there. And I think.

Starting point is 01:16:08 That's awesome. Ah, no, I'm losing it. Okay, well, okay, there it is. And it's on my wall. And one of the cool things about NFTs that we've been talking about over and over and over again is that NFTs are the new form of art, right? And like, well, it's kind of weird to have a pixelated character on your wall as art is like, art is like it's not really art. But it's like something that I care about and I value. And so I put it up on my wall.

Starting point is 01:16:31 I feel like this is more than art, though. This is also like your digital identity. It's become your digital identity, right? So it's also, you know, tied into like, you know, a typical art piece that you might put up on your wall is not who you. project on your social media. So this is like deeper than that. Is this like having a picture of yourself inside your apartment? Yeah, it's a picture of my metaverse self, right? Yeah. So like I was painted as a crypto punk and now it's up on my wall. But no, the more important thing is that if, like we keep on saying, crypto's taking over, crypto culture is taking over, crypto culture is

Starting point is 01:17:07 tight and I can't wait for other people to put their Fidenzas on their wall or their crony squiggles on their wall. I think the high value NFTs, because like, you know, the proportion of what that metal print cost me versus the actual cost of the crypto punk is minimal, right? And so all of a sudden, there's some decently large incentive to just like take all of your high value NFTs, which you know are net, you're never going to sell. Put it up on your wall. Make crypto art real art. Can I ask the literal question of like, why isn't the punk on someone else's wall then? Like, couldn't someone else just put this on their wall? Right. Or is that just like a doesn't pass the social legitimacy test so you're you know no like total pose and they please and they wouldn't do

Starting point is 01:17:48 it feel free to put my punk on your wall i will i ask you to please do that i think it would be really cool if you put my punk on your wall but the thing is advertising your punk right advertising my punk but also the real really the reason why somebody wouldn't put somebody else's nfc on their wall is because like you don't have the incentive to do that unless you actually own the damn thing right yeah that's that's that's the difference for people who are curious about how you did this. Like, how did you do this? The mechanics of ordering this. Shinyprints.com, which they are going to get a ton of business from this tweet.

Starting point is 01:18:22 There you go. Shinyprints.com is how you do it. Let's go to this take from Scott Lewis. The Ethereum community needs to do three things. Number one, embrace side chains. Number two, embrace roll-ups. Number three, build. That's it.

Starting point is 01:18:37 That's it. I think Scott Lewis is saying, like, everybody chill, right? Right. Don't attack the side chains. Don't attack the roll-ups. Heads down, build, focus on that. That's it. Ethereum's success is almost guaranteed if the community does that without distraction.

Starting point is 01:18:59 And I somewhat agree, right? Like, I don't know what you'd add. Would you add anything to that, David? No, yeah, the only thing I would add is I would say that like, I've always kind of thought that more or less Ethereum's design philosophy and also Ethereum's values is what protects it. You can't fork those things. Those things are one of a kind. And people with those values gravitate towards Ethereum rather than gravitating elsewhere. Anthony Sizzano does follow up with a nice addition where he says, well, can I embrace you, Scott?

Starting point is 01:19:29 And I think that's kind of funny because I think the other part about that's missing from this is that we all got to hang out in real life and establish crypto culture in real life and hang out, which is exactly what I'm doing when I go to Denver and New York. right. Exactly. Exactly. How about this take? So this is from Tiger Swami.

Starting point is 01:19:48 This feels like a turning point for Ethereum, ethie asset and crypto at large. What David Hoffman, Trussle State and myself, Ryan Adams, have been preaching for years, is now becoming widely accepted. The genie is out of the bottle.

Starting point is 01:20:01 This is in response to our Kathy Wood podcast. And it's cool that the community is seeing that to you. I feel like our podcast episode, with Kathy Wood from Ark Invest, was kind of a major milestone. Not for bank lists so much. I mean, it was for us too. It was pretty cool.

Starting point is 01:20:19 Yeah, we're happy about that. For ETH the asset, though, right? So like we've been preaching the same thing for the last two years, three years. ETH is money. Heath is an internet bond. EIP 15-59 is coming. ETH should have a monetary premium

Starting point is 01:20:36 is a store of value. D-FI's going to eat the banks. D-Fi is going to eat the banks. Laft at, derided, right? Like, just like, it couldn't possibly be true. It's so small. It's never going to happen, right? Now we have a $75 billion fund manager on the bankless program telling us those things, like saying those things, right? And like, I remember my reaction was being surprised when Kathy Wood said, hey, the banks are scared. I was like, what? Are they? And so hearing that

Starting point is 01:21:08 come from the other side is a turning point, I think, for Ethereum and for the message of Heath. And I just feel like, hey, man, not that our work here is finished, but like a major first chapter has concluded, I think, on this path for defy legitimacy and bankless legitimacy. So super gratifying to see that. I couldn't be more excited. The banks are about to be hollowed out by defy. One of my, out of the YouTube comments, Ryan, which I usually don't go to that place. But on this particular episode, the YouTube comments were absolutely fantastic. And Tyrion on the YouTube says at exactly the one hour mark in the podcast, Ryan had the holy shit. This is actually finally happening moment. It's always sobering to talk to someone

Starting point is 01:21:52 outside of your circle that would generally agree with you and hear some fresh takes. But when these outsiders are saying the same things with a wild conviction, it is a whole different feeling altogether. And that was really like the takeaway of this whole episode. It's like Kathy Wood is telling us that the thesis that we've had is actually happening. Banks are feeling the loss of revenue. And she thinks that it's coming from Defi because DeFi is sucking up all the yield away from the banks. That's why we have a podcast called Bankless. It was absolutely crazy.

Starting point is 01:22:22 And the fact that they discovered this kind of independently as well, it's super cool. David, why don't you take this last take of the week? Yeah, Anthony Sizzano coming in with my favorite take of the week. And I alluded to this earlier. and Anthony said, I'm actually pretty tired of trying to play nicely with other ecosystems or trying to not be, quote, toxic or in parentheses, whatever that means these days. Anthony continues, Solana going offline for 10 over 10 hours, and the CEO is on Twitter just fudding Ethereum as some sort of damage control,

Starting point is 01:22:52 ties it off with saying it's pathetic. And I agree, that's why I was saying, like, I am a decentralization maxi. And so if I don't like your chain because it's not decentralized, that does not make me a toxic Ethereum maxi. That means your chains decentralized and you need to look inwards. Let me ask you something, David. What about the people who say? That sounds a lot like Bitcoin Maximus talk.

Starting point is 01:23:15 You sound a lot like a Bitcoin Maximus. How do you respond to that? Yeah, I was actually talking with Eric Connor on DMs about this. Like, yo, Bitcoiners, they are correct in principles. They are, in my opinion, wrong in execution. But their principles are absolutely correct. small blocks, decentralization, running your own nodes, being able to run your own nodes. A lot of the significant principles that Bitcoiners have are right.

Starting point is 01:23:41 For some reason, they're just applying it to the wrong execution, in my opinion. And so, like, if I sound like a Bitcoiner because I'm, like, promoting decentralization and I'm not accepting centralized chains, like, I'll take that and run with it because, like, hey, there's a reason why Bitcoin is the number one asset in crypto to this date. And that's because it's proven that this market values decentralization above all others. And so fine. So be it. Yeah, absolutely, David.

Starting point is 01:24:09 That's why I would, whenever people ask me, are you a bitconer? I would say yes, right? Like, I'm a bitcoiner because I have these bitcoiner values. I think decentralization is incredibly important. I think Bitcoin Maximus have missed the boat on this whole defy thing. But like the principles are right. Moderate Bitcoin values is how Vitalik has described the Ethereum community. It's how I would describe it as well.

Starting point is 01:24:30 All right, David, that's it. You ready for meme of the week? Or actually, before we get there, I'm going to ask you what you're excited about. Yeah, what are you excited about? Well, in about 15 minutes right after we finish up this roll-up and I get it uploaded, I am yeating myself onto a plane to Denver. Going to go hang out, like I said, with meta-cartel and all the... In real life.

Starting point is 01:24:46 In real life. People you've only met in Discord channels, right? People who I only know as their crypto-punk avatars, all meeting up in Denver. We're going to finish up M-Con and then go on a hike on Saturday. And then on Sunday, I'm going over to Mainnet, New York. We're going to shake hands with Ryan Selkis over at Masari and intend all the conferences there. And then, of course, go to the Pleaser Dow Dog Party.

Starting point is 01:25:09 There's a party that Leighton Kusack from a pool together told me about. And overall, just have a good time in New York, which, at the end of the day, like, while New York's not really my city, it is kind of the crypto capital of the world. So it's a fun place to be. And then I'm also excited about my crypto punk. That's awesome, man. That's a lot of excitement gushing from you this week. There's a lot to be excited about.

Starting point is 01:25:28 Well, there's always a lot to be excited. about. So speaking of, Ryan, what are you excited about? I'm just going to narrow mind to, like, the fact that Arbitrum hit over $2 billion in total locked value is, is hugely gratifying within like two weeks of launch and super exciting. I know last week I said I was excited about layer two. This week I'm also excited about layer two, but more specifically seeing layer two's, like meet those thresholds. Layer 2 beat, right? That is the new DFI pulse. We're going to watch total locked value on DFI, just grow and swell and get to the hundreds of billions.

Starting point is 01:26:03 And I can't wait to look at that every single week on this show. I think it's going to be, I think it's going to be really cool to say. So Arbitrum, $2 billion, looking forward to $20 billion, then $200 billion, and then $2 trillion. And haven't even launched optimism yet. And so when that comes online, it's going to have, you're going to be able to do this all over again.

Starting point is 01:26:22 It's going to be great. Absolutely. All right. The week, David. It's time. It's time. Let's end with this. What are you looking at here?

Starting point is 01:26:28 This is a tweet out of Joseph DeLong, and this is a picture of, I'll pause for a moment and let the viewer look and try and figure out who this is. It is Stani Kulachav of Avey, along with Paris from IDO. And I actually don't know who the girl in the red is. But they went to some sort of masquerade,

Starting point is 01:26:48 weird party in a field somewhere. And Stani. It's like a mad hatter vibe, like Alice in Wonderland something. It's a little, it's a little, not cypher punk. what's the branding of things that are in the wild wild west but they're like steampunk it's a little very very steampunk it's a steampunk ishtonnie's got this crazy hat i think there's a snake on top of it maybe a dead snake it's wearing a pinstripe suit

Starting point is 01:27:13 there's bunch of the crazy costumes okay and so that's that's the context through like three people crazy costumes stony's looking you right in the eyes and joseph delong tweets out this photo and says you apply for this loan this guy walks up and locks eyes with your girl. What do you do? And the point is, is that, well, maybe I don't know if this is crypto culture, but this is a crypto guy doing cool things. And so I'm going to go ahead and say the thing that I always say, which is that crypto culture is tight. There you go, guys. Of course, none of this has been financial advice on the roll-up. You won't hear that on bankless at any point in time.

Starting point is 01:27:48 ETH is risky. Defy is risky. So is Bitcoin. You could definitely lose what you put in. but we are headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey. Thanks a lot. Hey, we hope you enjoyed the video. If you did, head over to Bankless HQ right now

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Bankless - ROLLUP: Solana & Arbitrum Outages | OpenSea Front-Running | Elizabeth Warren Crypto

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