Bankless - ROLLUP: Solana’s MakerDAO & Visa Win | Base L2 Halted | Uniswap Court W | Justin Bieber NFT Drop

Starting point is 00:00:00 Is Maker Dau's Endgame on Solana? David, what are we looking at here? Okay, so Rune Christensen puts out this tweet that, like, rocked the Ethereum community. In the broader crypto world, I say. And he just says, the last phase of Endgame is the launch of a native blockchain for Maker with code name New Chain. It will make the ecosystem more secure and efficient. After some research, I believe the Solana code base should be considered as the basis for New Chain. Whoa.

Starting point is 00:00:27 It is the second Friday of September, and it is time. Time for what, David? The bankless Friday weekly roll-up where we cover the entire weekly news in crypto, and that is always an ambitious endeavor. And Ryan and I are squeezed for time today, so we're going to go so fast through this agenda. It's going to take us 90 minutes. Yeah, that's a promise. You can commit that to the blockchain, settlement assurances.

Starting point is 00:00:52 David, it's good to see you, man. Back from Burning Man. I'm glad you came back. I got so lucky. Do you hear the Twitter rumor? You're destroying horror cruxes? Oh, yeah, I did hear that. Every time you go away, something bad happens to Gary Gensler.

Starting point is 00:01:05 I know. Like, he loses a court case. I'm aware of what happens. So what are you really doing, my friend? What am I really doing? Was I truly a Burning Man? How did I get back so soon from Burning Man while everyone else got stuck? What's to deal with that?

Starting point is 00:01:17 Yeah, and when are you going again? When am I leaving next? I actually do not have another trip plan that's not a crypto conference for a while. So Gary Gensler is going to be, he's going to rest okay for now. Well, when he's already gone. Yeah, he is. We're going to talk about that. But when you're gone, some things happened. So the first is Maker Dow, at least Roon Christensen, said the final stage of end game for Maker Dow is Solana. Question mark. We're going to talk about that. What else we got going on? Also in Solana world, Visa announces it's going to settle USDC on Solana. While simultaneously this week, the base layer two sees a halt in block production. Did Solana take the dub this week? Wow. Wow. Wow. Okay, but including to those dubs, Uniswap takes a dub in the courts, adding to the tally of crypto dubs and Tradfai L's. And then also I did not see this coming, but Justin Bieber drops an NFT that I give two thumbs up for quality, quality and integrity. It's a good... You looked at this?

Starting point is 00:02:23 Well, I didn't, I didn't mint it. I'm not a Justin Bieber fan. I'm not a Justin Bieber fan. But this NFT is not like all the others. So we will talk about why this NFT is different and what it means for as a model for future NFT drops. Oh, good job, Bebes. Good job.

Starting point is 00:02:37 Guys, before we get in today, there's a message from our friends and sponsors over at AVE. David, you ever use AVE? I'm currently using AVE. Oh, my God. Ave is the best. And Avei wants us to let you know that AVEV3 is here. and why are we telling you this now? Ave V3 actually David came out in January of this year,

Starting point is 00:02:57 which means it's a bit more hardened, it's a bit more tested, and there is some protocol liquidity to migrate from V2 to the new AVE. So that is the message. There are some benefits that come with AVEV3. Do you know what those are, David? Oh, there's a handful of them.

Starting point is 00:03:14 There's more efficiency. There's reduced gas prices for swapping. You can swap collateral without having to like unwind trade on uniswap and then put it back in. Avey will just do all that for you. I'm doing this from memory. Is there anything else? What else did I miss? No, you got it. Asset isolation mode. So there's lower risk for different asset pools, all of those things. So if you are an AVEV2 user, then you can move your assets from V2 to V3 with an easy migration tool that's on app.a.com. Oh, and if you're a builder, by the way, so Avey just

Starting point is 00:03:44 released their Go stable coin, if you remember that. And they are funding anyone who is building on top of Go. So there's a link in the show notes, Avegrants.org, where you can get your grant on if you're building something on Go. That's it, man. You ready to get to the markets? I'm ready to get to the markets, yeah. Okay, here we go. Bitcoin on the week. Tell us, what are we looking at? Everything is flat. Everything, the whole markets are flat. Should we call it good? Nothing has happened. So you're telling me, yeah, Bitcoin's flat, ETH is flat. We can just cut in the last week's prices from last episode, and it would be the exact same. Man, pancake fly.

Starting point is 00:04:18 I feel like that's like been the last month or so, last six weeks. I mean, we're incrementally downwards. Like, Ethan is low right now. 1630, that is a low price. Bitcoin at 25,800, that's a low price. Things are low. Yeah. Are you feeling in the mood to buy these prices?

Starting point is 00:04:36 I mean, I bought it. If I don't do anything, I buy because of reoccurring buys. I mean, anything below, like, 2K, but if we get below 1,500 on Ether, that is like a Right, right, right, right. Wait, wait, wait. Do you think we could get back to triple digit eat, David? Moving on. Do you think we could get back to triple digits? Below 1,500 is on the table. Like, that's totally reasonable. Three digits is not, not on the table. If we get to triple digits, then I called it, okay, and I never capitulated. You uncalled it. No, no, no, no, no, uncallbacks. All right, I called it once. That counts if it dips. All right. Well, we'll see.

Starting point is 00:05:17 what's in store in this crab market. Thanks to Cracken, as always, for providing these glorious charts, even though nothing at all is happening on them. Here's some charts that things are happening on. This is on Layer 2 beat. We got TVL going up. We got Scaling Factor going up.

Starting point is 00:05:33 Let's see, let me look at the 7-day. I think it's down because of 3.5% down. We're below $10 billion on layer 2s. All right. Hold your breath. It'll be back up above $10 billion. Oh, my God. That activity chart is.

Starting point is 00:05:47 is so good. Activity's going up. That makes me so happy. Something's going up. Also, well, look at this. Starknet had a big week this week, apparently. Here's an article from the defiant Starknet activity surges on token speculation.

Starting point is 00:06:00 So apparently somebody tweeted this out maybe from the Starknet account, a tweet that was then deleted about Starknet tokens. So there's some additional speculation going on that increase the activity. There's no confusion that Starknet had. The Starknet. token is minted. There is a contract address. It does exist. That's not what's being up for speculation. This story of how Starknet tokens becomes distributed is the unknown thing. And I think the reason why it's unknown is the Starkware org is not, is hands off. And they are totally giving it up to the

Starting point is 00:06:33 foundation and some sort of just like community decided governance about how to distribute the thing. And so like I think if you want Alpha on Starknet distribution plans, like I'm pretty sure that information's public. You just have to go sift through forums to go. I thought it would have been distributed by now. I thought they would have kind of launched and released it. I mean, it is partially being distributed. There's not, like, unlike previous tokens with like retroactive air drops, blah, blah, blah, blah. There's not like one distribution event.

Starting point is 00:06:58 They are saying like, okay, like, these people are good in doing valuable stuff. Let's give them some tokens. And then that gets distributed. And then, you know, repeat this process many, many times. And all of a sudden, we have a liquid token. I don't think the token took it, though. It's definitely not liquid. Yeah, I don't think it's liquid.

Starting point is 00:07:12 Anyway, we got L2BET activity going up. At least that is going up on the week. but how many crypto millionaires you think there are? Just guess. Less this year than last year, that's for sure. Okay. Or two years ago, at least. How many?

Starting point is 00:07:25 How many crypto millionaires are there? Over 10,000. Over 10,000. Not 100,000. Everyone in the bankless community, of course. Every single bank. That has been here since the podcast is number one. Not a, maybe up to 100,000 is my final answer.

Starting point is 00:07:44 Up to 100,000. All right. Well, here's the answer for you. at least according to Henley and Partners. Really close, David. 88,200. I'm awesome. Total crypto millionaires,

Starting point is 00:07:55 according to this report. I don't usually get stuff like this, correct? 182 centa millionaires. That's 100 million and above, apparently, in crypto. And 22 billionaires in crypto. Only 22 billionaires. Yeah. And according to this, anyway,

Starting point is 00:08:11 this is why I'm actually not sure of these stats. the total crypto users is 425 million. Okay? This is Henley and Partners compiled a crypto wealth report. Apparently they do this thing for all sorts of other asset classes, and they list their methodology on the methodology page. And it's kind of like... I wish there was a standard for users.

Starting point is 00:08:33 Public information. Yeah, in health. It's like a proprietary database type things. So I don't know how accurate this is, but interesting data set nonetheless. Yeah. millionaires, sent to millionaires and billionaires. Let's get, let's add some zeros onto those numbers. Trillionaires? I think the dollar would have to. No, no, the number of millionaires.

Starting point is 00:08:53 Oh. I guess that's the same thing, but I'd rather have more millionaires than more trillionaires in crypto. More distribution. Yes. More distribution here. I want every single listener of this podcast to be a millionaire. Oh, really? Is that saying something about the, uh, the dollar inflating? Because that's the next story I've got for you. You ready? That's not what I had in mind, but sure, let's go there. That's what that's what. You have, A one shortcut of the way to there. Look at all the millionaires. U.S. deficits explode despite the growing economy.

Starting point is 00:09:22 There's actually been, this was a Washington Post article, which I don't often see these types of things in like mainstream media like the Washington Post talking about U.S. deficit explosion. But did you know, David, that the deficit, the U.S. deficit this year, that is, you know, spending more in their kind of their fiscal, their annual budget than previous years, it's going to to rise from about 4% of GDP last year to almost 8% this year of GDP. So 8% of GDP. So just understanding this, this means that if the deficit is 8% of GDP, is that

Starting point is 00:09:58 we need to take 8% of our economy, the revenue from our economy, every single year and pay that to stay flat in our bills. We're going in debt by like 8% of our GDP every single year. So every single year, we owe 8% of our GDP to stay flat. Yep, right now. Like, this is kind of the year. What do you mean to stay flat, though? So like not to stay flat.

Starting point is 00:10:22 No, that's not to stay flat. No, that is us sinking further in debt. Oh. This 8% is basically of our GDP, another 8% in the hole. That's what's happening this year. That feels large. That feels large. So this was COVID, right?

Starting point is 00:10:40 Big bump in terms of deficit. So 3.1. trillion in 2020. You might expect that. 2.8 trillion in 2021. Then it went way down in 2022. Well, now it's back up to 2 trillion. And just for some context here, we've only had higher deficits as a share of

Starting point is 00:10:55 GDP in 1942 to 1945. So those three years. Yeah, you remember that? Well, you don't remember that. I know what those are. Those dates ring a bell. I know those numbers. 2009 to 2011. Remember those dates? Okay.

Starting point is 00:11:11 And then 2020 and 2021. Okay. COVID. Those are the only years we've had a higher deficit. Wait, but this is a normal year because COVID's behind us. It's not normal from a deficit perspective. What's going on? Yeah.

Starting point is 00:11:25 Anyway, I mean, we kind of have talked about this a little bit. Interest payments going up and some of the reasons. Tax revenue apparently is way down. So that's another contributing factor. Government's going to have to print money out of this one, which maybe brings us to what's going on in Turkey, David. Do you read the headline here? Yeah, so the follow-up on this happening right after we talk about deficit is too good and also in a bad way.

Starting point is 00:11:49 Okay, so over the last year and a half, adoption in Turkey of crypto has increased from 40% to 52% of the Turkish population. So 12% of the Turkish population has adopted crypto in the last year and a half. That's pretty good. And why is this happening? Well, Turkey inflation, which is what a deficit in your budget leads to, right? Right, right, that's the right logic, yes. Turkey reported 60% inflation in August. So according to this Ku-coin article, blog article,

Starting point is 00:12:20 our findings in Turkey and other previous country reports, the growing number and percentage of crypto investors indicate an increasing interest and acceptance of crypto as a hedge against inflation, especially with the Turkish lira, losing over 50% of its value against the US dollar. So is this America's future? Hopefully not soon, but slowly, inevitably, yes.

Starting point is 00:12:41 Yeah, and I think it's interesting. So I don't know how reliable these percentages are. The sample size is somewhat small, but I mean, this report is saying 40 to 52% of the Turkish population own some crypto. Yeah, so there's like an interesting set of countries out there. And I think it might be data points of two, Argentina and Turkey, of Internet-connected, developed countries with high inflation, are also the spearhead of crypto adoption. Right. I mean, this is the crypto use case. I mean, you know, some people are like, well, where are the use cases? Well, when you have a fully developed kind of bank system and you have like Venmo and PayPal and other things, then Normies don't need this as much. When you have

Starting point is 00:13:26 capital controls, right. When you have your store value currency inflating away, well, you very much need this. And it's good to see kind of crypto holding up its use cases where it's most needed. David, a follow from last week. All right. We got some. maybe good Bitcoin ETF news, of course. You heard about the court case. That was one. Here is a follow-up from one of the analysts in that space who's really tracking this. This is Eric B. What is Eric saying? Eric and his colleague James are saying that they are upping their odds of a spot Bitcoin ETF launching this year up to 75% odds. So three out of four odds. And then also 95% by the end of 2024, which is pretty good. These are just two people's numbers, two informed people's numbers.

Starting point is 00:14:13 They said that they previously had a 65% odds of SpotBick-Own ETF launching this year, but since the Grayscale court case, they have up to 75%. Basically, they are saying that the SEC has been left with very little wiggle room. And then they are also adding that beyond the legal loss, this is just overall a PR loss for Mr. Densler. Sucks to suck. It does. By the way, Eric and James, these are the people who know. Actually, we had James in the podcast. I did that one solo while you're out. He's absolutely phenomenal.

Starting point is 00:14:43 And he tweets a follow-up here. Next dates to watch the middle of October are the next major days to watch for the Bitcoin ETF, namely October 16th. Well, David, something else happened this week as well. And this is, again, from an ETF analyst, Eric B. Boom. Ark just filed for a spot Ether ETF. The first one, probably, I love these words.

Starting point is 00:15:05 probably more coming imminent. All right. We're just talking about a Bitcoin spot ETF potentially getting approved either this year or maybe early next year. And we're talking about those odds. Well, so that is, he says probably not the only one. That's also true. A 21 shares that that company also filed for a spot ether ETF this week too. They did? I missed that. There's two. There's two. That's absolutely. Both would like to custody their assets with coin-based custody. Interesting. I mean, it's so great that Bitcoin is kind of macheting its way through the regulatory jungle. And once it gets a spot Bitcoin ETF approved, then you've got to think that

Starting point is 00:15:46 the spot ether ETF is just like months away. At least if Gary Gensler doesn't get his way. I mean, it seems to be that's going to be what's happening. Because there's no excuse to not follow up with a Ether ETS. Yes. The dislocation. The dislocation. between the fundamentals of this entire industry and the prices, it's like nearing all-time highs. Highs I have not seen since like 2018 to 2019. Are you telling me it's not priced in? You think those retail ETSs are going down and the ETIF is becoming more and more assured

Starting point is 00:16:21 sooner. Why do you think that's a big deal? So just an ETA product will just be retail. Big pipes of money to buy our assets. I mean, one example of this is, you know, financial advisors. How many financial advisors do you know or how many people do you know, like just normal people who get their advice from their professional financial advisor, like Edward Jones guy or something like this? You mean the sheep of the world? Yeah, by definition like most of them.

Starting point is 00:16:45 The people who don't, you know, pay attention to their finances as much, right? Well, the reason most financial professionals in the U.S. don't actually recommend crypto's because they don't have crypto products. There's no mechanisms. Yes. Yeah. And so once they get a ETF, which is what they do, these types of financial advisors,

Starting point is 00:17:02 you just recommend ETFs all day. Right. Imagine what FTX did for the financial advisors who were trying to say, like, yo, let's get some crypto in your portfolio. We're going to open up an exchange or crypto exchange just with this company called Coinbase. What's the difference between Coinbase and FTX? Like, I can't explain that to you because I have other things. Oh, they would never advise that.

Starting point is 00:17:20 They would never do that. But now there is a buy this Bitcoin ETF button inside of their Charles Schwab brokerage, which they already have. All the other assets, right? So just, you know, allocate two, three percent. You know, that'll probably be the advice coming down the pike. David, this is really cool. What are we looking at here?

Starting point is 00:17:36 Rasterly Rock, Ryan Rasminson, fun fact, I went to college with him. Uniswap flips Coinbase's spot trading volume in Q1 and Q2. So two quarters in a row has Uniswap been the number one source of liquidity versus Coinbase. That is surprising me. Is that surprising to you? I mean, it's always been inevitable. Man, I know we thought this and we predicted this. like, wow, to see it happen.

Starting point is 00:18:01 Yeah, it's nice to see it actually, actually work out. Two quarters in a row. Like, how many, how many quarters can we get? Maybe. Four. Forever. Forever is on the table. Forever more.

Starting point is 00:18:10 Forever more. Coinbase will never exceed uniswap. Sorry, coin. Now on. You're doing great, but uniswiswis great, too. Yeah. What are we doing? Coming up next.

Starting point is 00:18:18 Coming up next, Rune envisions Maker Dow on a salonah chain. We're going to unpack that. I've actually got some pretty hot takes to give. I, of course, Maker Dow has always been near and dear to my heart. and so I'm going to give my perspective there. I think it's a pretty good perspective. Arbitrum is releasing Stylist. Stylist is coming to Mainnet to do some multi-language building

Starting point is 00:18:36 on top of Ethereum to route around the constraints of solidity. And another big win for Defyte and the court system. We're going to get to all of this and more. But first, a moment to talk about some of these fantastic sponsors that make this show possible, especially Cracken, a preferred exchange for crypto in 2023. Go check them out if you do not have an account. Crackin Pro has easily become the best crypto trading platform in the industry.

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Starting point is 00:20:18 If you want to get started working with the first Dow-led Layer 2 ecosystem, check out Mantle at Mantle. dot XYZ and follow them on Twitter at ZeroX Mantle. Is Maker Dow's Endgame on Solana? David, what are we looking at here? Okay, so Rune Christensen puts out this tweet that like rocked the Ethereum community and the broader crypto world I say.

Starting point is 00:20:36 And he just says the last phase of end game, MakerDAO has this end game plan. So this is the name of this plan. End game is the launch of a native blockchain for Maker with code name new chain. So like the placeholder of a name calling it new chain. It will make the ecosystem more secure. and efficient. After some research, I believe the Solana code base should be considered as the basis for new chain. Whoa. Okay, so it's not, it has never been like, this is not new information that Maker Dow wanted to put Maker on a chain that has been part of the fifth phase, the fifth

Starting point is 00:21:11 and final phase of Maker Dow's end game since that's not surprising, that's not new, that's not new information. People have just always assumed, oh yeah, you're going to be a layer two on Ethereum, because MakerDAO was born on Ethereum. The MakerDAO project actually started, fun fact, before the first block of Ethereum. It's always been, uh, Wait, really? Yeah, yeah, they started.

Starting point is 00:21:30 That is a fun fact. They started making the planning MakerDAO before Ethereum even launched. Um, and so like crazy to, to think that when they talk about a new chain, they're not talking about like a layer two, especially during this like OP stack fork phenomenon. First defy app I ever used. And actually, uh, defy piled me through using this,

Starting point is 00:21:46 this, uh, janky version of Maker Dow back in the day. Right. Remember Peth? Jesus. Peth, yeah. Okay, so, and then Rune just shocks the world saying we're going to use Salon as the code base, implying, like, there's a lot of things that that implies, but we'll go through some of the technical details. Okay, so the purpose of the new chain is specifically to allow the ecosystem to use hard forks to gracefully recover from severe forms of governance attacks or technical failures. and allows also the system to deal with the eight years of technical debt in the Maker Dow Protocol. So like, you know, clean slate for MakerDowl.

Starting point is 00:22:23 New Chain will contain the back end of Maker Protocol and its sub-Dow's. So Maker-Dow, sub-dows, it's going from like a singular monolithic central bank plus commercial bank all in the same system. And it's breaking that out into just the central bank of Maker-Dow, the issuer of Dye, and then sub-dows, like its own commercial banking list. So it's breaking these out into different DAOs, different orgs, and so becoming modular. So the governance, the back end of these systems, the supporting infrastructure of this system, will be hosted on new chain. All user-facing products, like Dai, for example, the product of MakerDAO, and systems will be untouched and remain on Ethereum or its layer twos or wherever die exists out in the crypto landscape.

Starting point is 00:23:10 And these in Dai and other MakerDA products will be connected to New Chain through advanced bridges. secured by the Maker protocol called two-stage gravity bridges. I don't know what these are. I'm assuming it's just a bridge. The benefits of this is that this allows for the more advanced tokenomics of endgame, which Rune is calling neural tokenomics, which also was a topic of conversation, like neural tokenomics, what the hell is that? Well, this will benefit from having its own new chain and then allows the ecosystem to recover as much value as possible, minimizing value leaked to MEV and transaction costs. And also he says that this provides Salana mainnet access to native maker D5 features in capital. And importantly, he says that we don't have to build it from scratch.

Starting point is 00:23:51 We can just fork an open existing source, open source protocol where, of course, like I said, the Ethereum community is like, oh yeah, you're just going to fork the OP stack. And Rune is like, no, I'm going to fork Solana. All right. So a couple of things made to clarify here. So this whole new chain idea, this is still many years out. And Rune kind of admits this. This is like future things. This is him saying, new chain will be many years out. Its main purpose is to act as a secure and efficient back into the system, but it's many years out.

Starting point is 00:24:20 But there was the big question, of course, is Rune said the S word, right? And you know how tribal crypto is, right? And so everyone from Ethereum is like, why not the EVM? Right, right? Like, are you abandoning Ethereum? Just like, you know. Well, it's not only that, but it's saying, why not the EVM? But the thing the big crux is that he's not proposing.

Starting point is 00:24:43 an Ethereum layer two. He is proposing a brand new layer one using this a lot of code base. And again, this is a D5, like a marquee blue chip, D5, been building on Ethereum since, you know, V1, dyed in the wool, kind of like Eith bull, and he's kind of saying these things. So there's a question of, why not EVM, sir? This is Rune replying. Evm is still the most important when it comes to building stuff for users, since that's where the users are. But for a specialized backend for maker's specific needs, it is not ideal. In solutions like Solana or something like Sai, or something like say, are a much better fit. That's what he says. So why Salana, David? So I think this is actually a pretty legit endorsement of Solana's tech. And I think even the

Starting point is 00:25:29 tribal fighting from Ethereum versus Solana is actually not about Solana's tech. Like, Solana's tech is probably pretty strong. It, again, doesn't have technical debt. It doesn't have baggage that the EVM has. Like what happens? You're talking about specifically the Solana virtual machine? Yes, yes, exactly. Yeah. And so, like, when there's Solana people and Ethereum, people fighting, it's not over who's got

Starting point is 00:25:49 the better technology. Technologies is, like, one thing that makes up a blockchain. But this statement is Rune saying, hey, this Falana tech's good. Let's use that. And so that's the motivation for why the Solana code base. The interesting thing, and Rune does address this,

Starting point is 00:26:04 is that he, like, vetted Cosmos as an alternative, which if you're thinking about being your own layer one, and again, the reason why, not an Ethereum layer two is that even what Rune is saying is that MakerDAO wants to be able to fork, arbitrarily fork its own chain to recover

Starting point is 00:26:21 from governance attacks or any like failure of the back end system to because die is is considered wholly in MakerDAO. It is the first class citizen of MakerDAO, it is the purpose of MakerDAO. And so anything else is secondary to MakerDA to die. And so if we need to recover

Starting point is 00:26:37 governance, for example, then we can fork the MakerDAO chain without disrupting die. And the layer two actually doesn't give sufficient sovereignty over freedom of forking. It's still on-chain governance. And so what Rune is saying is that we want

Starting point is 00:26:53 to be so incredibly sovereign that we can be maximally free to fork our chain as needed to make sure that governance is upheld by its social layer. So this is actually MakerDAO's social layer breaking free from shackles. And you would think that this is the cosmos

Starting point is 00:27:10 thesis. Just build an app chain on Cosmos because you're beholden to no one. It's interesting that Rune did evaluate Cosmos and he says the major benefits of Cosmos. It's large and highly quality talented pool. Range of independent developer companies. Huge amount of existing cases like successfully developing app chains using the Cosmos stack. Disadvantages Cosmos not built around efficiency the same way Solana is. Cosmos doesn't have a strong central foundation like Solana has. But yet with understanding these, he's still didn't say Cosmos, which is directly in violation of Cosmos' vision. It's a direct violation of like the belief that he has about. You mean Cosmos was hoping to win this one?

Starting point is 00:27:51 Right. Right. It's very clearly a sovereign app chain. Yes, exactly. Yeah. Yeah. Well, okay. So he's saying like Cosmos, I see your vision and no. Would this mean like, you know, all dies backed by collateral? And if you were using sort of new chain, you're putting your eth in new chain? No. Don't you lose? No. Okay. So that's not what. This is mainly for governance and kind of the back end stuff. Yeah, there is liquidity. So each sub-dow has its own token. And you could imagine

Starting point is 00:28:18 like some curve-like pool or some uniswap, liquidity pools on new chain to be the liquidity for MKR and the sub-dow tokens. And because that's part of this, I think it's part of this whole like neural tokenomics thing. So liquidity and MEV would be on new chain

Starting point is 00:28:34 while dye and CDPs would be on Ethereum, Solana, whatever. Well, let's get some of the community reaction. Then I want your reaction and I'll kind of give mine to this. All right. So here's one data point here. Actually, a couple hours after that, Vitalik Buren... Immediately after Roon tweets this. Vitalik Bueteran dumps 500 MKR, all of his MK tokens. That's about 600K worth. It's a pretty clear statement of beliefs. Swapped it for Eith. So he didn't say anything publicly, but you can look at the on-chain data for

Starting point is 00:29:10 maybe how he feels about this, this does seem like it's a, it's some sort of, um, statement of, uh, Vitalik's take on this. So he did,

Starting point is 00:29:18 he did make public statements. He went into the reflexor, not on Twitter. He went into the, the, um, for, rye reflexer fork of single collateral maker Dow, but without the US dollar as the peg instead of it's a free

Starting point is 00:29:32 floating peg. Um, and so kind of like trying to fulfill one of the original visions of maker Dow before it's done all this development and directional progress. Uh, And so he goes into Rai, the Rai Discord, and says, this has made me change my mind on one chain.

Starting point is 00:29:46 I think it's somewhat more okay before than for the Rye community to have somewhat more activist governance than I previously thought. Rye previously has been all about ungovernance, zero governance. And Vatalk saying, hey, you guys could have a little bit more governance. Not going all the way, but like being okay with doing more active governance to support Staked Heath and ideally intentionally accepting only non-dominant forms of Staked Heath, so not Lido Staked Eath, other like Rocket Pool or anyone else, down the long tail of Stakeith. And so he's coming into the Rye Reflexer Discord and is like, hey, there's like an opportunity for you guys here.

Starting point is 00:30:23 But is he also saying like implicitly with selling this is he, and last time you bought Maker MKR was April 2018. Yeah. So, according to kind of the on-chain data. So this is also a statement of like losing faith in NPR. He said these words, if Maker Dow is. torpedoing itself in weird directions, then it makes natural sense for Rye to move somewhat closer to the category of Dow governed real world asset-backed stable coins.

Starting point is 00:30:50 Here's another take. This is this one from one of the leaders of the Salana community, Anatoly, what does he say? Anatoly says, Make her considering Solana's tech is a win for open source. It has nothing to do with Salana's main net or soul or Eith. I really hope people in the Salana community don't use this as a casual to attack Ethereum. Ethereum is awesome. I've got a take about this take later. Very good.

Starting point is 00:31:11 Okay, this is somebody from the Ethereum community. So this is Justin Leroux. Uh, Rune, Justin says, Room's forum posts advocates for a privately controlled app chain to, quote, use hard forks to gracefully recover from the most severe form of governance or tax or technical failure. And then Justin's take here is that

Starting point is 00:31:31 this completely negates all legitimacy achieved by initially building Maker Dow on a public blockchain. What he's saying is that what happened to immutability? what happened to smart contracts. If we can, if we're just explicitly devolving back to the social layer, well, that's TradFi.

Starting point is 00:31:49 Isn't it? We're taking the immutability out of governance, which I think is a fair take. Just the governance is on this kind of salonah chain. It's not the immutability of kind of the dye smart contracts. The die preserves its immutability, yeah. Okay. Here's another take this one from Fubbar.

Starting point is 00:32:04 Yeah, Fubbar just kind of gives like the amalgamation of, I think, the average Ethereum person take. Maker, we will have an over collateralized stable coin. Users, great. Maker, you will back it, we'll back it by USC. Users. Wait, wait, why?

Starting point is 00:32:17 Maker, we will spend the money on Rwandan carbon credits, users. Can I have a refund? Maker, governance for neural tokenomics will live on a Solana layer two. Oh, boy. It's just saying no one's asking for this. Yes, exactly.

Starting point is 00:32:30 And these are kind of hairbrained ideas, basically, is the take here. Yes. The carbon credits is in reference to part of Roon's Post about the end game, gets into kind of like making dye green money and that sort of thing. You know, carbon credits are mentioned there. Yeah. The strategy there is to use collateral to legitimize crypto, which I think

Starting point is 00:32:50 is valid, albeit political. All right. Well, give your take and then I'll give mine. So what do you, what do you make of all this? Okay. So my take is that I understand that this is unintuitive, but I don't think that people should immediately cast this off as an incoherent decision with regards to Makers long-term vision. I think if you understand some of the social contract that Maker-Dow was incepted by, you would be able to fit this into that vision, regardless of whether you think it's good or bad. Like, you're free to still consider it bad, but at least it is coherent with one of the

Starting point is 00:33:22 early establishments of Maker-Dow's idea of like, hey, let's hold die of the highest regard. We have this emergency shutdown mechanism. Let's improve that. And so it is not totally incoherent. Maker-Dow is saying that it needs even more sovereignty than in its ability to fork its own chain than what an Ethereum layer two can allow for. And as maximally sovereign as an Ethereum Layer 2 can be, which is really, really sovereign, Maker Dow is saying that that's not enough.

Starting point is 00:33:47 And this is a really, really big choice because it implies that social forking is more important than immutable finance, which is kind of a very core principle of crypto. And like we've covered, but die will still remain as permissionless and censorship resistance as ever. On the Salana piece, this is an endorsement of Solana's tech, but not Solana itself. When people say the name Solana, they're referring to the Solana blockchain and also the Solana vision of a single shared monolithic state, one single state, one global state, one ecosystem, one block space. A forking of Solana's code base and spinning up a new secondary Motmaker Dow app-specific Solana chain is antagonistic to the Solana vision. The Salana product project wants to

Starting point is 00:34:32 be one chain. Solana as a system is a maximum list of itself. And so a Solana copy doesn't actually fit inside of the vision. It is a bullish statement on the SVM, the Salon of Virtual Machine, as a growing ecosystem that stands in contrast to the EVM. And that is a story for a different day. That is something that we are thinking about coordinating a podcast around. So that's my Salon intake. On Cosmos, I think the real loser here is Cosmos. Cosmos is supposed to be the perfect glove to fit the MakerDAO hand that is wavering around. And MakerDAO chose not to even join the Cosmos ecosystem. And also, I will say Ethereum is all. also a loser here. It doesn't get a MakerDAO-P stack chain. It loses the economic activity of

Starting point is 00:35:13 Maker-Dow and its sub-Dow tokens. It does retain its supply of dye across its layer twos and layer ones, but maybe it has a less firm grip on future die issuance. So Ethereum doesn't win. Solana doesn't win. Maybe the SVM does get a win. Cosmos doesn't win. Who does win? Who wins here? Whether or not Maker-Dow wins, I think we will have to wait and see. In theory, die holders win because now they are buffered from any chaotic occurrences in MKR governance, but this is still theory, not in practice. We will have to wait and see. And then I will also finish this off by saying that this is just a proposal. This is up to the Maker-Dow community. If they wanted to do something different and go in a different direction, then that is free.

Starting point is 00:35:54 This is not codified. This is not set in stone. This has to be accepted. And so I think the future is still very unwritten and we will see what plays. Those are my takes. Good take. Good take. Do you want to hear my take? I do. I don't care about any of this. I feel like people are just bored and they're making much ado about nothing. This is a proposal from Rune

Starting point is 00:36:21 for something in the future. He may change his mind, something may or may not happen. It's basically just the governance portion. He's effectively saying, we're doing this governance portion in a side chain, and rather than do an EVM

Starting point is 00:36:36 or thinking of doing SVM Solana that's it and I just it does I don't think it matters very much I felt like this was just Twitter being bored and having some like an excuse for like a little bit of tribal infighting

Starting point is 00:36:50 the other thing I'll say about Rune is he's very much a vision person yes right so big like audacious kind of visions contrarian things sometimes inside of end game is legitimately AI governance It's some crazy stuff.

Starting point is 00:37:04 Like neural tokens, like what? Like how much of that is actually going to come to play? I remember even if you look at kind of Rune's early ideas around what, what die would be, what it was Cy at the time was going to be an SDR, like a Fiat, like, you know, a, not just the dollar. It would be like mapped to the SDR, which is like a basket of different stable coins. So you're not dependent. Like some of the vision just doesn't always play out in the execution.

Starting point is 00:37:31 And so that's the other element. And then I guess lastly, I would say, it is interesting somewhat that that Maker is becoming a bit more bank-like, I would say. A bit more like Coinbase in sort of that spectrum of pure defied or you're just to appointing a protocol. Although I will say it was a small step in that direction. I think it's a small step in that direction. The bigger step in that direction is a multi-collateral die, basically. And using real-world assets to sort of back your stable coin. If you want to be sort of purists and just on chain, you do something like the original

Starting point is 00:38:05 sigh or you do something like like Rye. And so they've already stepped in that direction. It's another step. But yeah, in general, I don't know. Sorry, I didn't mean to dismiss what you were saying. I think those are all validates. I have like 5,000 words to say about almost anything and you're like, well, you know, it was a good discussion.

Starting point is 00:38:24 And it was certainly had on crypto Twitter this week. For what it's worth all that take that I just wrote out just there, I was thinking about writing that into an article. And then, like, I came back from Burning Man and I was like, oh, wait, no one cares about this anymore. We've already moved out. This is interesting, though, this week. So another win for Solana that you mentioned. Visa has expanded its, Visa has expanded its stable coin settlement to Solana. I do think we can consider this a win for the Salana community. They're treating it as a win, that's for sure. All right. This is Q Sheffield. He's been on the bankless podcast before. Of course,

Starting point is 00:39:00 He is on the forefront of everything that Visa is doing with crypto and blockchain. And he says, we are excited to announce that Visa has expanded our staple coin settlements to the Solana blockchain. Do you think this is a big deal, David? I'm having a hard time totally understanding if it's a big deal or not. I know that the Solana community would love for you to think it's a very big deal. Visa announcing that it's going to settle USC on Solana. Yeah, like, Solana is supposed to be for payments, instant transaction, blah, blah, blah. So that fits with the Salana Vision.

Starting point is 00:39:28 FISA formally integrating Solana is very big deal. Visa has integrated other chains before that have not seen adoption. So other chains have come and go. So this is like the opening of the door, but whether or not people go through the door is completely up to the future. And that is unwritten. I mean, Solana does have like a strong base of people and developers. And so perhaps compared to other previous chains that Visa has integrated with,

Starting point is 00:39:55 this one stands out amongst the crowd. but I think the Salana community is doing massive victory lapse, and I think that part is premature, although it could very well play out that, yes, indeed, this does formally get adopted by the free market. I think it's a bigish deal. I think it's a good win for the kind of the staying power of Solana for sure. One thing I would say,

Starting point is 00:40:15 when it comes to like USDA or anything that is kind of like Tradfai backed, basically, I mean, settlement assurances don't become that important. Right. So it's like, I don't know. It's just like, why use Ethereum if you're if your visa? I mean, if you have to, I guess, settle something that is crypto native, okay. But like let's remember that any sort of stable coin on visa or even USC itself is not ultimately settled on a network like Ethereum or actually like Tron is the most used USDC stable coin network when it comes to transactions. It's actually settled in the legal system of the United States banking system because each of those dollars. are just, they're tokenized IOUs that are actually backed by money in an account somewhere, in a bank account somewhere. It's kind of like banked money using crypto rails. So, yeah, settlement will be all over the place. And I don't think settlement assurances are really prioritized, but someone like Circle or

Starting point is 00:41:15 USC or Visa. So that would be one thing I would add to that. The reason why I'm like kind of hesitant about this is that like previously like Visa integrated with stellar lumens. I think they had a partnership with Ripple at some point in time. Both of those just came and went. So I'm like, okay, great, congrats on the partnership. Show me the money, right? Like, let's see the traction. David, you were so harsh on the Salonah community and they will be sure to point that out, my friend. I'm sure they will. Yeah, they love me. I'm their favorite. Was this an L for base? We were just talking about a couple of weeks ago. How good, how smooth

Starting point is 00:41:51 the launch of the base layer two went. And earlier today, they're reporting out. This is a the base Twitter account, there was a delay in block production. Dewe in our part to internal infrastructure requiring a refresh. Basically, the base blockchain was offline for some period of time. How long was it? One hour and two minutes. Okay. Why? What's, you have any takes here?

Starting point is 00:42:14 I don't know. But you can go to base status. Status.base.org. I found this website while I was looking at this. actually kind of cool website to look at base just like uptime stats and so yeah they just said that there was a global issue

Starting point is 00:42:30 critical issue it stalled out there was a major outage for one hour and two minutes but overall 99.92% uptime so what does this mean when in base goes down it's like seven or 18 more times then it'll finally approach Solana level of downtime wow

Starting point is 00:42:48 what's what happens when something like base goes down, right? So if I have assets, if I have Ether on base, which I do have some a little bit, what happens when there's an outage? I mean, all of my, like, I guess my user interfaces are kind of dead, but do I still have the ability to withdraw funds back to Ether? So let me compare this to the Arbitrum non-outage but non-finality event that happened a while ago.

Starting point is 00:43:15 Like for a while, Arbitrum blocks were still being produced, but it was not submitting state roots to the Ethereum layer one for some reason. That happened a while ago, right? Yeah, that was a number of months ago. And so in that instance, you were still able to use Arbitrum completely uninterrupted. You were just not getting Layer 1 settlement finality for like, I think, a 90 minutes or something. And then they fixed it, and then it was fine.

Starting point is 00:43:38 That in that moment of time, you could have actually still bridged out of Arbitrum. You could have, like, your usage of Arbitrum is totally un-file. It was totally fine. This base blocks stopped happening. The chain stopped moving forward. So for one hour and two minutes, you could not do anything on base. You couldn't trade friend shares. You couldn't withdraw using the normal mechanisms.

Starting point is 00:44:03 You could have done a forced exit of the inclusion. That is and always is possible. The Salana community would say that, like, well, show me the button. And, I mean, they're right. There is no, like, easy button to write a script automatically to withdraw your things, even though it's technically possible, like me as a non-technical person, I'm not unable to do that.

Starting point is 00:44:23 But if this happened for any sustained period of time, as long as there's a way to do that, there would be user interfaces that are spun up that would support those. But you're saying for base, there is a way to do that right now. There is a, yes, so forced withdrawals are alive for all roll-ups,

Starting point is 00:44:38 all optimistic roll-ups, but there's just no button for it. So, like, I mean, the critique is like, great, it's technically possible, but if the end user isn't technically have the technical skills to do it, I don't understand that because somebody will just obviously spin up. It's an open source community.

Starting point is 00:44:52 Someone will spin up a button. That's not that hard, right? There is a script that Arbitram made that is available on their GitHub for the outside world to, like, turn that into a UI. And they gave a grant to blockchain at Berkeley to go do that. And but it hasn't been done yet. And like, why hasn't it been done yet? Because we haven't needed to. Like the free market doesn't do anything that people won't pay money for.

Starting point is 00:45:13 And so, like, without a need for this button, then the button hasn't been created. It'll be created eventually. I know layer 2B has this on that roadmap. Well, I'm excited for a roll-up to actually go down for some period of time where we get to actually test the button. I totally want to test the button. I want to see how this works, soup to nuts, because that is the promise of a roll-up, right?

Starting point is 00:45:31 It is the promise of the main net didn't go down. If a layer 2 goes down, okay, that's kind of crappy, but I have the ability to withdraw my funds. That is the entire purpose of a roll-up. So I want to see that soup-to-nuts confirmed sometime. So we have a roll-up volunteer to do a fire drill. Yeah. We should do a fire drill.

Starting point is 00:45:48 That's a great. A layer to a fire drill. Yeah. No one's going to want to do that. No one's going to want to do it. Optimism is be like Arbitramm, you do it. And Arbitram's going to be like, ZKSink, you do it. And ZK.

Starting point is 00:45:57 Hey, if any roll-up listing is willing to do a fire drill, we will broadcast it live on playlist. Yes, we will. Yeah, absolutely well. We'll see if it works. All right. Well, this was great news this week, David. I saw this in, you know, the back of the tornado cash, everything else happening in the court system,

Starting point is 00:46:12 developers getting arrested. This is a win for defy. What are we looking at here? Court sides with the uniswap over. class action lawsuit. So Southern District of New York judge Catherine Polk Falalia, the judge who's also in charge of the Coinbase case, has thrown out a class action lawsuit against Uniswap ruling that software Uniswap cannot be held accountable for the losses of its users or the damages of third parties. Obviously. Thank you. Obviously. Thank you.

Starting point is 00:46:41 So this original complaint was filed last year that alleged that Uniswap, founder Hayden Adams, and Driesen Horowitz and Paradigm, all Uniswap investors, were responsible for, quote, rampant fraud on the exchange and push for Uniswap to register with the financial industry regulatory authority. This is an onion article, bro. Who are the plaintiffs here? Who's pressing the charges? Just random names here.

Starting point is 00:47:07 I guess Uniswap users. Class action lawsuit. Yeah. Of course, targeting where the money is, right? So you get the VCs and the founder makes sense. So the judge stated, due to the protocol's decentralized nature, the identities of the scam token issuers are basically unknown and unknowable, leaving plaintiffs with an identifiable injury but no identifiable defendant. Wait, wait. The complaint was that there are scam tokens on Uniswap, and I went and I bought one, and it's your fault that I went and I bought that token.

Starting point is 00:47:36 It's Uniswop's fault. It's Uniswop's fault. And all of the people being charged here that I went and made a stupid financial decision. and bought a token that represented a dog and it dropped to zero. And it's zero. Yes, you were correct. The plaintiffs launched the suit hoping that this court might overlook the fact that the current state of crypto regulation leaves them without recourse. But that does not allow them to blame Uniswap for their injury.

Starting point is 00:48:03 Yeah. The topic of responsibility just goes so deep in crypto. And whoever's doing this suing is just trying to abscond from responsibility. Oh, totally. Yeah. Okay, so what does Hayden say here? Huge win, long-lived defy. One long-time fear of mind has been bad legal interpretation, he says, of our complex technical industry. It's highly motivating to U.S. courts hold up arguments I felt deeply for years. Here's some of the best, most based comments from the court case. This quote, it defies logic that a drafter of computer code underlying a particular software platform could be liable for a third-party's misuse of the platform. As discussed, smart contracts are self-examined. executing self-enforcing code. Wow, David, this judge gets it. Again, same judge on the, on the Coinbase case, which seems to be good news. They, the plaintiffs, now sue the defendants,

Starting point is 00:48:56 hoping that this court might overlook the fact that the current state of cryptocurrency regulation leaves them without recourse, saying something we've been saying for a very long time. Like, there is no coherent cryptocurrency regulation. This one, too. The court declines to stretch the federal securities laws to cover the conduct alleged and concludes that the plaintiff's concerns are better addressed to Congress than to this court. The court's saying, we're not going to decide. We're not going to stretch securities law to meet the plaintiff's request here. That's for Congress to decide. That totally makes sense to. No plaintiff would sue the New York Stock Exchange or NASDAQ for tweeting that its exchange was a safe place to trade after that plaintiff

Starting point is 00:49:37 had lost money due to an issue as fraudulent schemes. Exactly. So somebody buys a a stock on the NASDAQ and it drops to zero and it's fraudulent. You're not going to sue the NASDAQ for that. Anyway, it goes on a bunch of good news, a bunch of common sense being injected through these court cases. And you love to see it. This is precedent being set. It is like moderately frustrating that like statements like this that you and I were

Starting point is 00:50:01 saying in like 2019, 2020. It's like you can't sue software. And then like we actually have to go to court over that very obvious. Like, ugh. If you just skip to the end where we win. Yeah, well, it feels good. I mean, somebody talking some common sense. David, speak of common sense. What do we have coming up next? Coming up next, a firm with $5 trillion asset under management releases an investment thesis for ether. Ooh, get me hot and bothered. Kevin O'Waqi coming back to Gitcoin, we're going to talk about this, and Justin Bieber releases a 2015 hit as an NFT and we'll share streaming revenue with its holders.

Starting point is 00:50:33 I kind of tease the punchline there, but we're going to talk about all that. But first, I'm going to talk about some of these fantastic sponsors that make this show possible, especially MetaMask and MetaMask portfolio to help you prepare for the bull market. incoming, hopefully, knock on wood. Let's go hear from them right now. Metamask portfolio is your one-stop shop to manage your crypto assets and to tap into defy all in one place. And the most important part of that experience, buying crypto, obviously, MetaMask portfolio's buy feature enables you to purchase crypto easily without going through centralized exchanges. Designed with you in mind, you can fund your wallet directly in just a few clicks with convenience and simplicity. What happens when you press the buy button? Rather than being limited to a single payment provider,

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Starting point is 00:52:31 This doesn't really come as a surprise. I 100% understand that Roman Storm doesn't think he's guilty. I also think he's not guilty. And so this is just the next step and what's probably going to be a long court battle as well. I mean, one of the themes of this episode, I would say, is crypto is winning in the courts.

Starting point is 00:52:48 It was a thing, we did, we had one last week in the week before, like Grace Gale, Gary Gensler, some other class actor lawsuits are getting walked back. So a recent theme is that crypto's taken the, taking some dubs in the legal world. I wouldn't want to say that we are winning

Starting point is 00:53:03 against the SECC. We're winning against the CFTC. We're winning against the CFTC. We're winning against stupid class action ambulance chasing lawyers. This case is not those. This is the Department of Justice. It is, these are the biggest, biggest people. It's also, it's also financial surveillance crimes.

Starting point is 00:53:20 It also gets into kind of national defense, re-invote North Korea. And so this is a different type of battle. You know, some have called this kind of the final boss. This feels a little bit more like the final boss. So we'll see how we do. So we're stacking up some dubs, but this doesn't mean that this one is just going to follow lawsuit. This is going to be a hard one seems like the most obvious open source developer. I mean, privacy code. Anyway, we'll be covering this one closely. You guys can count on that. Polygon just launched

Starting point is 00:53:46 their supernet kit, David. This sounds a lot like super chains from optimism. What is this launch? Exactly what you just said is their chain development kit, which, I mean, is actually the right name for these things. Chain development kits, like an SDK, but for a chain. So Polygon has launched super nets. Optimism has super chain. ZK Sync has the ZK stack, hyperchains, Arbitrum has orbits, Polygon has supernets, and now that the Supernet Kit is out and about. A important point of difference between Optimism, Superchain, or this is a ZK EVM. So this is going head-to-head with ZK Sync and Starkware,

Starting point is 00:54:23 which released their Super Chain kit not too long ago. So it allows anyone to spin up a chain. It's a ZK rule-up type chain, and it's all connected through Polygon technology, basically. So this is their version of a super chain It's the super net. David Roll-ups on the move this week. This note is from Arbitrum as well. I was really looking forward to this.

Starting point is 00:54:44 This is for the devs. This one's for the devs. The release of stylus. What is stylus? Stylus is a coding environment, I think. Is that the right word? That is not based on solidity, but based on Wasam, WebAssembly,

Starting point is 00:54:56 which is like, I would say, the status quo for devs out there to build stuff. Like Web 2 devs. Web 2 devs. All build against, you know, was a Wazm. So we're taking like Web 2, dev infrastructure and popping out solidity and popping in whatever devs want to choose to build on.

Starting point is 00:55:11 So it just opens up a larger supply of developers to build on Arbitrum. And that's great. I mean, right. So basically the value proposition is rather than learning this esoteric, you know, crypto web, web three thing called the EVM, you just bring your existing skills over. No, it's still the EVM. Yeah, but you basically, you get to use kind of whatever coding language compiles to Wazil. which is not solidity, basically. So it's solidity, right. Solidity, I mean, it's esoteric,

Starting point is 00:55:38 but it's also pretty close to JavaScript, which is pretty common. But, like, you know, other people like C++. David and I talking about it's like, yeah, solidity's easy. Just learning, come on. It's so easy. It's pretty cool.

Starting point is 00:55:50 And the other thing, this has been a promise for a while. Do you remember back in, God, I feel like a grandpa crypto here. Back in 2019, we're talking about deploying Wasam, you know, on the EVM.

Starting point is 00:56:01 There's like an EF team working on this. Anyway, the layer twos are the ones who brought across the finish line and actually built it up, which is great to see here. So something I don't understand about how this works, but Rachel from Arbitrum says, Arbitrum stylist flashes fees across four categories. Compute is 10 to 100 times cheaper. Memory is 100 to 500 times cheaper. And other cheap things. Cheap things, yeah. I don't know how that works, but cool. Oh, Dan, I need to do an episode on this. Yeah, I mean, yeah, it's getting cheaper. it's getting more optimized.

Starting point is 00:56:35 What does Starknet doing? They're doing some things too. Starkware, Starknet, Stone Prover is now open source. So a prover is a very important piece of ZK roll-ups. You need to prove zero knowledge proofs. You have to prove them. And that's a part of completing the circuit. And now Starkware's stone prover is now open source.

Starting point is 00:56:55 So this is like ZK thinks, Buzum or Polygons Planky 2. This is Starkware's stone. And it's now open source. It's good. They're all going open source. Love to see it. Rocket pool is launching some new stuff.

Starting point is 00:57:07 What do they got on the menu? This whole thing is a very long post. Jasper put a thread together. But TLDR is a big architecture redesign. There's 10x scalability. And on-chain governance, birth of rocket pool layer two's. There's a bonding curve for the lower ETH rocket pool nodes. I sadly didn't have enough time to fully dive down into this.

Starting point is 00:57:28 I apologize to the rocket pool community. But Jasper put a tweet thread together that summarizes all of this. It's a big update. It's a very big update. David, Kevin O'Waki is now returning to a Gitcoin. This is his announcement. He says, I'm excited to announce my plans to return to Gitcoin. The Dow has made some solid strides and decentralizing things at the same time. I think some of the community's criticism of Gitcoin is valid. He's coming back to help them turn a corner together.

Starting point is 00:57:53 I think that is bullish for Gitcoin. Sometimes you need that leadership injected back in. And of course, you know, Kevin has great takes on what public goods means and how Gitcoin can transform the world. So I'm bullish on that. I imagine you are as well. Very, very bigly, yeah. We love the Kevin O'Walkie. He's also going to be at permissionless, given a talk, one of my favorite talks that he's going to update, and also I'm sure he's going to talk about his return to Gitcoin as well. All right, I've been waiting for this the entire podcast. Tell me about the Bebs. Justin Bieber, he's got an

Starting point is 00:58:20 NFT, and you said you were a fan. You didn't say you made to one. Of the NFT drop. You're a fan of the drop mechies. You're not a fan of Beeps? You said you're an ambivalry towards songs. Okay. The Justin Bieber, Kanye, Good Friday, Christmas, and Harlem song, ooh, he kills it. That's some early Bieber. That's actually a Bieber deep cut. And I don't really know if I like mainstreamed Bieber. Yeah, I was like, I hadn't heard of that. Okay, so tell me about the NFT, though. That's what the crypto people want to hear. Yeah, so his song and company from 2015 is being tokenized. I do not know this song. 2,000 NFTs, $28 each. One of the reasons why I like this is like, you know, that's a pretty modest price.

Starting point is 00:58:57 0.017 ether, yeah. So that's actually the real price is 0.017. So all of these got minted out all 2,000 of them, max per user 10. So Justin Bieber made $56,000, which for what he could do, I think is completely modest and respectable. Every single NFT individually receives 0.005% of royalties when the company is streamed. And so if this is ever played on Spotify or, makes money wherever, however music makes money these days. You as a single NFT owner, you get 0.005%. So it's a cash flowing asset. It's a capital asset then, you might say. Does that make it a security? Well, I'm sure they've worked around that. Oh, actually, look at this. I'm not sure. U.S. citizens cannot access minting and royalty claims due to regulatory uncertainty. U.S. citizens were barred from. Oh, man. Well, good things is Canadian. I probably just explicitly say due to regulatory uncertainty.

Starting point is 00:59:57 Like that's actually a big step forward from just like banning it. Because it's like waves like, Gary Gensler's not letting you do this. Yeah, yeah, yeah. We should just put his picture in front. And it's just be like, this man does not want you to have this NFT. Instead of saying if you have a U.S.S. It's like you try and click the button and Gary Gensler's face just comes up and just like stop right there. Yeah, he's like, he's pointing his finger at you.

Starting point is 01:00:17 You can't have it. I mean, that's really what's happening here. That's exactly what's happening. Okay. We've got some good news. I think coming out of 50. Fidelity as well. This is my tweet here. The world's third largest asset firm with $4.2 trillion in assets just released. This is it. This is what they called the paper. Investment thesis for

Starting point is 01:00:36 Ethereum. Here are some of the major sections. ETH as an aspiring money. ETH as a store of value. ETH as a yield-bearing asset. The company is Fidelity. So a second largest assets under management firm in existence. And they've got their Ethereum investment thesis. I skimmed through this. David, it's pretty good. I've got to say, there are some references to the Ultrasound Money website, believe it or not, multiple references. I'm not surprised they didn't use

Starting point is 01:01:04 bankless as a source for some of this, but I saw some of our energy inside of these narratives for sure. Ryan's trying to collect his receipts. No, I mean, I'm not saying that this was us, but

Starting point is 01:01:20 kind of was us. Anyway, can Eith be considered a money, the same as Bitcoin. Oh, I should say some context, too. Fidelity for a very long time, they've been involved in crypto, but specifically Bitcoin. And they've almost been like a Bitcoin heavy, I wouldn't say maximalist, but a Bitcoin heavy shop. And so also seeing Fidelity, see the light on ether, as a store of value asset is great to see as well. So they get a lot of it right. I would have some quibbles with some of what they said. But let me give you some takes here. Ether technically has unlimited supply parameters, which are kept within a range

Starting point is 01:01:59 depending on the number of validators and burn. That is correct. It seems unlikely that any other digital asset could improve upon Bitcoin as a monetary good because Bitcoin is viewed by some as the most secure, decentralized, sound digital money. So that's another quote from it. So you can see they're still pretty bullish on the Bitcoin side of things. Nonetheless, this is a fantastic report and you can see them kind of gearing up maybe for future ETFs, future financial products around Ethereum as well. David, we've invited them on the show, actually. So they're going to come on bankless and talk about this report with us.

Starting point is 01:02:33 And ask why we were not cited. I'm going to ask. If they ever listened to the ultrasound money episode, they know anything about that. Where did you get your information? I think this is bullish. And you know when I saw this, it was, for me, it was, wow, how things have changed for,

Starting point is 01:02:49 the last bull cycle, 2018, 2019, we were just, like, fighting for the existence of this asset. And now, you know, we've got major financial institutions writing papers on it and getting it, like, 80 to 90 percent right from my perspective. This is just great ether-ETF fuel. I think so. Hey, why are you suggesting I buy this ether-ETF thing? Go read the fidelity report. Oh, here's a report from Fidelity.

Starting point is 01:03:13 Here you go, go read this. Yeah. Go learn about ultrasound money. Yeah. Or go listen to the bankless pie. Or go listen to the bankless. This next thing is maybe a sign of things to come a little bit worried about it. Privacy coins are now outlawed and delisted from exchanges.

Starting point is 01:03:27 This is a finance exchange. Finance exchange in Belgium. The country's Belgium, of course. Starts in Belgium, though, and it goes out from there. Yeah, so Minero, remember Minero? Mobile coin, Zen. I don't see Zcash, but no privacy coins. Can't buy privacy coins.

Starting point is 01:03:46 This worries me, David. Yes. I hope this is not a sign of things to come. This is a war on privacy. It's an encroachment. I mean, Monaro inside of Belgium on Binance is very far away, but that,

Starting point is 01:03:58 you know, it starts there, and it doesn't stop until we fight him. Yep. David, some cool things coming out of Metamask this week.

Starting point is 01:04:06 They shipped a sell feature. Do you see this inside of the MetaMas portfolio? No, buy, only buy. Don't you want the option? Only buy. Well,

Starting point is 01:04:14 you got to sell at some point, don't you? No, you don't. It would be a first. I mean, I've definitely hit the sell button. It would be a first.

Starting point is 01:04:21 But not in a meaningful capacity. Anyway, what's cool about the sell button in MetaMass portfolio is you can actually sell back to your bank account. Oh, that's kind of a full-supported yet. Great. Well, United States minor outlying islands. I can just put U.S.

Starting point is 01:04:35 The U.S. is supported. What VPN are you on, bro? I'm not telling you. I can tell them all my secrets here. Yeah, so you can pick your state and you can exit directly to a bank account if you sell one of those. Why? If you're a hypocrite and you still have a bank account, I can't imagine. I can't imagine. I wouldn't

Starting point is 01:04:52 know. My land, my 82 year old landlord takes USC. But yeah, anyway, pretty cool release. He doesn't. He doesn't do that. I know that. Neither does the IRS. Pretty cool release from MetaMast. David, what else we got coming up? Coming up next. We got some questions from the nation. Why don't we ever talk about Pocod? Why don't we talk about Pocod? Ryan? We're going to talk about Pocodot for the first time. And it's going to be about why we don't talk about it. How is Burning Man? It's a question that somebody is asking. Yeah, I want to ask you that.

Starting point is 01:05:21 And if you are still in crypto and you haven't lost your private keys, you are very well positioned for the next decade, according to a take who might be given by this guy here, Ryan and Adam. So all of that and more. But first, a moment to talk about some of these fantastic sponsors that make the show possible. You know Uniswap. It's the world's largest decentralized exchange with over $1.4 trillion in trading volume. You know this because we talk about it endlessly on bank lists.

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Starting point is 01:07:33 why don't we have a bullcase for Pocodot? It's really similar as the Cosmos Hub thesis and as fast as Solana. I can't see any money theory for Dot, but I think it's a good competitor. this is a related question as well asking us to bring on Pocod and Moonbeam. So some people in the bankless community are asking about Pocod. Maybe the meta question here, though, is why haven't we done a big episode on Pocod? Or why don't we talk about it as much? What's your answer to that, David?

Starting point is 01:08:00 There's many different reasons for this. I would say first and foremost is that like Pocodot occupies this space that other trains also occupy. and in my opinion, PocaDot kind of fills the worst of both worlds space, not the best of both worlds space. So it's kind of like a hybrid between Ethereum and Cosmos.

Starting point is 01:08:21 And I actually kind of just think you should just pick one, either do Ethereum or do Cosmos, but occupying the middle space, I think you kind of get the worst of both worlds. Like Dot isn't money. They correctly identified that. Gavin Wood, like,

Starting point is 01:08:32 I wouldn't call him an aligned actor. He, like, raised a bunch of money with parity. They did an Ethereum client, and then they forked off, and it all valid. felt very mercenary and kind of leveraged Ethereum for his own means. I don't exactly enjoy the Genesis story of Pocod. And overall, I haven't seen too much real meaningful adoption in Pocod.

Starting point is 01:08:52 I could have a blind spot. There have been like a handful of times of bankless citizens in our discourse saying, hey, like, I'd like to do an episode on Pocod. Like, why have you guys done one? Granted, we did schedule an episode with Gavin Wood to do this episode. Yeah. And then he canceled on us. Well, if you heard you talking just now, we'll never get Gavin Wood on now.

Starting point is 01:09:12 Right. Because the reason he canceled was actually, we were informed it was because some past things I had said my Twitter timeline against Pocod. Yeah. And like literally, like my my shit is tame, dude. Yeah, it was very tame tweets. So like somebody, some PR manager from the Pocodd ecosystem like went through Ryan's tweets and was like, hey, you tweeted this about Pocod and we don't like it. And it was like, it wasn't glowing. There's something like dots on money or something like this.

Starting point is 01:09:37 Yeah. Yeah. Yeah, and so like then they wanted to throw us some other Pocodot person. Like, no, we want, we want Gavin Wood. I would still love to do that episode. I'd still do it. I think you're right, David. I just, so the one thing, a couple things I would say on this too,

Starting point is 01:09:51 to accurately say, we can't cover everything. So we have to sort of choose. Crypto's so big. So it could be we're missing huge things in the Pocodot community. And the way it would bubble up and surface to our attention is if there were use cases, if there were apps, if there is things being built and community. Why would I put money on Pocod? I don't know what I would do there.

Starting point is 01:10:10 I know there are some apps. So people are going to say like, oh, but haven't you tried this, this and this? They just haven't gotten big enough relative other things that are going on. What's the biggest table coin on Pocod? I have no idea.

Starting point is 01:10:21 But if anyone's listening, has the ability, would love to do a show with Gavin Wood, if they still welcome to come on. Always has been welcome. Yeah. It's not canceled. David, how was Burning Man?

Starting point is 01:10:31 This is a question from a bankless citizen. I'm going to ask it to you, too. How was Burning Man? Burning Man was great, bro. I had a ton of fun. This is you. This is you and your dad, right? This is me and my father, yeah.

Starting point is 01:10:44 Not only is that me and my father, but that is my grandfather, his dad's navy jacket. Wow. I actually never met my grandfather, so it's kind of cool. That's very cool. Yeah, so like there's like a meme of Burning Man people saying, like, you have to go to Burning Man. And then I go to Burning Man. It takes me a couple days, but I'm like running around the playa on my like LED bicycle with LEDs all over my jacket because that's what you do on the playa and I'm seeing everyone else running around the playa the playa is the desert it's like

Starting point is 01:11:11 this very fat flat um salt flat uh and I'm like oh okay I get it uh there's like a little bit of an aha moment of burning man what is it I don't I'm so glad you asked I cannot explain it to you in such a brief amount of time because we have a podcast that we need to get to in 20 minutes um however I did write a 5,000 word article that is going out on the bankless newsletter yesterday from the time of recording today Thursday and also will be out on the podcast feed. The parallels, the short TLDR, the pitch for why you should go read or listen to that, is that Burning Man like crypto is a rabbit hole. And when you go down the burning rabbit hole at the very bottom, you actually poke out the other side into the crypto rabbit hole. Like these things connect

Starting point is 01:11:54 very deeply. These are big social movements. And they are alternative social platforms for scaling certain cultures. And Burning Man is doing its job and crypto is doing its job. And these things are actually parallel. They're parallel. And so I'll say like if one of these movements succeeds, either Burning Man or Crypto, it actually is conducive to the other. So this is like, well, like I don't expect people to become Burning Men people, burners. It is worthy to understand what powers Burning Man. Burning Man started in 1987 in the first few, like five years. It doubled in size. And then it's been growing like five to 15 percent year over year growth for like almost 30 years, bro. Why? Why? Like, what power is it? What powers Burning Man? Where does his growth come from?

Starting point is 01:12:39 Like, let alone the hundreds of regional events that happen all over the world. It is a decentralized social movement that wants to change the world. I got to admit, what's interesting about this is you kind of talking about Burning Man, like evangelizing for it and talking about your excitement for it. This probably is what crypto sounds like to people who aren't in Crabt Crypto. Because, like, you're saying it. You're saying these words. And I'm just like, I just don't get it. because I haven't experienced it. I haven't read your piece. I haven't done any research.

Starting point is 01:13:07 So I have these like media driven narrative impressions of what Burning Man is. And I think there's like this impression of what Burning Man is right now, which is like, oh, it's a place where Silicon Valley Bros go and just like do mushrooms. You know, like what? I mean, that's not wrong. Okay. So like, and it's just kind of weird, hippie like culture. And then what they're going to do is once they do visit this thing, they'll come back

Starting point is 01:13:31 and tell you how amazing it is. Exactly. Yeah. That's what you're doing right now. So I think, I think I have good writing skills. I think if you read my article, I think it's one of the best ways to accept Burning Man, the Burning Man vision for what it is. And so like the article is titled Burning Man through the crypto lens.

Starting point is 01:13:50 So if you are a crypto person, you'll be able to understand Burning Man at a very deep level. Well, it's also interesting because now I get to feel what enormity feels like when they when they hear about crypto. I think invited to a bankless podcast. All right, we got some takes of the week. David, this first one is from Vance Spencer regarding a socket investment. That was a big investment that they made this week. He says regarding socket, I continue to believe that the way the market thinks about L2's is wrong in the medium term,

Starting point is 01:14:16 probably doesn't matter where your contracts are deployed or if you have your own L2 if the contracts are networked. And Socket is how to get those connected. Just some background. Socket is kind of like an interoperability bridge type tech, you know, connect all the L2s, that sort of thing. Vance goes on. Set another way. The interop protocols will accrue more value. value than the L2s themselves over the longer term, especially if there are a lot or too many L2

Starting point is 01:14:38 chains. The investment, this investment in Socket is a view on the likely fragmentation of contracts over too many chains and the value of networking them. Okay. So one thing to say is Vance, of course, is a VC. This is a bag that he bought. So he is, of course, excited about Socket and what it's doing. But we are also investors in Socket.

Starting point is 01:14:57 That's true. Yes, Angel investors. But I also think that this is interesting take, which is. is very contrary to something that I believe, which is that actually L2 super chains will be the main value accrual mechanism of this new frontier that we're building out in crypto. Vance is saying, uh-uh, that's not true.

Starting point is 01:15:19 It's actually the interop protocols themselves. It's like the sockets and the bridging tech layer themselves. What do you think about this? I think that there's likely a tension between these two things. So you have the optimism super chain, you have like all the super chains. Like, I just list them all. Like, ZKSink, blah, blah, blah,

Starting point is 01:15:34 everyone's doing a super chain. And there's going to be individual singular one-off chains as well. So not only are there like perhaps a plethora of super chains, but that's also, they also have like, what about Aztec? That is going to be a single chain. Like, what about all the other single specific chains like Starkware or Starknet? So there's, in addition to the super chains,

Starting point is 01:15:53 there's also individual chains. And so while I totally agree that the growth of super chains will be how interoperability happens, like you're just relevating the problem. to one dimension higher and it's still the same problem of interoperability between superchains and independent chains. There's a tension between these two things. Yeah, I guess my take is, so again, you're saying a little bit of column A, a little bit of column B. My take, though, is super chains will be like power law winners. And they, within the super chains will kind of solve

Starting point is 01:16:20 the interoperability problem themselves. Like, I don't think there's going to be like, you know, 50 different super chains. What that means, though, is that there's actually going to be one super chain that is a power law winner, because if there's multiple superchain winners, then you still need their interoperability. I think we get like three to four big economic zones, similar to how we have like big economic zones today. We have kind of like the Western Europe and America economic zone. We have like China, Asia economic zone.

Starting point is 01:16:47 Anyway, who knows though? He could be right. This is what we're exploring. I do think that between this socket thesis playing out, there are other socket alternative competitors out there. So there's more than this one. Like layer zero would be one. I mean, there's a lot of big.

Starting point is 01:17:02 Lifi, Leafy is one as well. Maybe chain link CCIP. Maybe we'll do a show on that. But up, what was I going to say? Oh yeah. So like one of the big like things that the Salon people will pound their chest about is like single shared state because of the composability. This is like Ethereum fracturing into many, many layer twos to achieve scale and decentralization and sovereignty over your chain. And then socket and super chain type energy like reforming the composability back together. Yeah. Yeah, that's true. Um, well, another take. This one's mine. Do you want to read it? Sure. Ryan, Sean Adams says, if you're still in crypto and manage to hold your private keys through all the scams, rugs, hacks, fishing, fake yield,

Starting point is 01:17:43 and populist demagogues, then I think you're going to do just fine this century. It's everyone else I'm worried about. I feel like so hard and I feel like we are kind of like the veterans on the frontier. Like we're learning about security, rug pulls, you know, populism, how, you know, what to trust online, all of these things in a very accelerated timeline. And these are all skills that everyone else is going to learn, and need to learn for the rest of the 21st century. Even things like securing your private keys, right? I look at like, I don't know, password management for like, you know, my legacy banks and,

Starting point is 01:18:19 you know, financial accounts. I'm like, oh, my God, you guys are so, this is so far behind. Right. So if you can hold your private keys, you're doing just fine. And if you haven't been fished yet, or even if you have been fished yet, maybe that's a good learning lesson in itself. But I think these are all 21st century skills that we're all going to need pretty soon. David, what do you bullish on, man? Okay, I've got, it's right behind me.

Starting point is 01:18:45 It's a picture. I'm going to pull it out as soon as I tell a story. Okay, so I tweeted out this photo that you see on screen. Oh, boy, that's a lot of stuff. And this is like a classic backpacker's picture where they put lay out all of their gear before they go backpacking. So this was in May right before I did like my four months. Yeah, it's a huge amount of stuff. Yeah, right, a lot of stuff.

Starting point is 01:19:04 Actually, that was actually, there was more stuff. Anyways, so someone that's hooded Pepe replies to this and goes, is this Kath Simmered approved? Tag and tags this individual Cass Simmered. No idea who Kath Simmered is. But I click in and I find, if you want to go, yeah, and I find that she's an NFT artist, a photographer. And she has this mint that is currently live in two thirds minted out, which is a piece titled Above the Noise. and I just love it. Fun fact,

Starting point is 01:19:30 does she take this photo? Not only does she take this photo, that is her as a real photo? It's kind of. She is a photographer, digital artist. So this is a composite. So it's a number of photos slapped together, and that's kind of like her deal.

Starting point is 01:19:44 She's a hybrid adventurer, photographer, digital artist. The first money, Ryan I ever made, was actually as photography. Me and my dad would just go backpacking and I would bring my Nikon, and I would take some pictures, and that's kind of like the first skill set

Starting point is 01:19:57 I developed as a young adult. And like I sold these photos as prints. And then and then I went to college and like that was like kind of how I paid for like, you know, slash fund money in college. I would take like sorority pictures. Do you ever do weddings? I never did a wedding. No. But like but then going and doing that like doing taking like sorority photos in college like took the soul out of it because I wanted to do landscapes. Yeah. But landscape like monetizing my landscape photos was like really hard. And I wasn't, I mean I was for what I was. was. I was an okay photographer, but I'm not a professional. And so, like, I didn't have a mechanism to generate revenue as a photographer. And then I also got interested in psychology and then

Starting point is 01:20:37 the blah, blah, blah, blah. Fast forward. Now I'm a podcaster. But I find this NFTman. I'm like, wow, I'm about to go climbing all these mountains. And there's this NFT photographer, who's this adventurer person taking mountain photos, selling them for ether. And so I mint it. And so I mint it and as I purchased it via Cass Simmerd. And then I watched this. This is back in July. This is back in July. She has this crazy, the NFT now, the NFT media, the NFT media media, the NFT media, I'll call

Starting point is 01:21:06 him, did this like great video essay about Cass Simmer, the artist, which I highly recommend. We'll put it into the show notes. So I watched that and like, wow, this is really cool. And so I hit her up on Telegram. Fun fact, she's also a dickbutt holder. So she's in the dickbutt telegram with me. And then, okay, so I'll pull out the picture. And so I bought a print, and now I've got it, right?

Starting point is 01:21:30 Wow. It's super cool. That's great. So now I have to go frame it and put it up. I can't put it in frame, but here we go. So the moral of the story is, I don't know, you can monetize your hobbies. Yeah, I'm bullish on, I know this is a very like big 2021 take, but I'm bullish on new monetization mechanisms for NFT artists. artists that didn't previously have them and also artist,

Starting point is 01:21:56 uh, collector relations. Because now, like, and now her and I just like chat about stuff and it's been pretty cool. That's creator economy stuff, man. That's the, you know,

Starting point is 01:22:05 right. So like in 2021, it was theory and this is practice. Yeah. That's true. We, we, we're not in the fervor of,

Starting point is 01:22:12 you know, JPEG mania here. So we can actually be cool and sober and appreciate the art a bit more. Oh, and the title of the piece, Brian, is above the noise while you and I are talking

Starting point is 01:22:22 man, there's a lot of dumb bankless haters out there. I'm going to stay above the noise. I thought all of it, like, wove together very, very well. That's awesome. You know, another thing I was thinking, by the way, is I'm so glad we don't have to fight the fud that NFTs are bad for the environment this cycle. Yeah, right.

Starting point is 01:22:38 You know, because... We're going to get something else, but at least won't be that. Yeah. Yeah. All right, that was what I'm bullish on. I'm bullish on NFTs in 2020. I get it. What are you bullish on, right?

Starting point is 01:22:49 I am bullish on new product we're releasing. It's called claim. All right. It's, this bankless. This is a little sneak peek here. Okay. These are my wallets in the bankless website. This isn't staging. So I'm actually, I don't know if I'm allowed to show this screen. So I'll flick off it really quick. But this is based on, we acquired a company called Earnify, which we talked about on the roll of a few times. And what it does is you plug in your addresses and it identifies all of the on-chain opportunities that you might have. So were you eligible for an AirDrop. Were you eligible for an NFT mint? An allow list, for instance. Did you deposit some funds

Starting point is 01:23:27 inside pulled together and you won a prize maybe that week? Well, you just plug your addresses into Earnify and it tells you what you've earned, what you can claim. This is a product that we're now integrating into the bankless website. It's called Claimables. We're very excited about it. That is dropping next Monday. If you're a bankless citizen, we'll have access. to this. You'll have access this. So this last week,

Starting point is 01:23:53 Connected AirDrop went live. And so we actually have the numbers for people who have loaded up their address inside of the bankless app. $62 million,

Starting point is 01:24:02 US dollars, fiat dollars, are claimable of the Connected AirDrop to earn five subscribers. So we know that bankless listeners, citizens,

Starting point is 01:24:11 whoever pays for the service, $62 million is up for grabs. The last we checked, $18 million of the expiring soon, TMM Arbitram AirDrop is still yet to be claimed, which is how we know that like there's a,

Starting point is 01:24:24 this is valuable and B, there's work to do. Y'all still need to claim $18 million of Arbitrum. What are you doing? Yeah. You a listener. Well, maybe they don't know about it. This is like back to kind of tools that, you know, we're building because we want ourselves is I don't have a way to like scan through all of my wallets and identify all of the things

Starting point is 01:24:45 I'm eligible for apart from this tool, apart from Earnify. And now we're building inclaimables. So anyway, bankless citizens, if you've been waiting for a reason to upgrade to bankless citizenship, that this might be it. There's always a link in the show notes for you. Of course, you get the bankless premium feed as well. RSS feed, no commercials. The ad-free bankless premium feed.

Starting point is 01:25:05 All the good stuff. Get through the podcast, seven minutes faster. All right, David, I got a meme of the week for you. And this is going to take a little bit of explaining. I think it also ties into the moment of Zen. Okay, but. Oh, I didn't know we had a moment of Zen. Well, you know what? We're going to make this the moment of Zen. So I'm going to get through

Starting point is 01:25:21 disclosures first. Then we're going to go through the kind of the meme, the moment of Zen. So a few things to disclose. David and I are investors and advisors to optimism. We're also members of the Rocket Pool O'Dow. We mentioned Rocket Pool today. And I'm an advisor to Polygon. I'm an investor in Reflexer Labs and Arbitrum and also Socket, as we mentioned. Got to let you know as well. We are long-term. Investors, we're not journalists. We don't do paid content. There's always a link to all full bankless disclosures in the show notes. And of course, crypto is risky. You could lose what you put in, but we're headed west. The frontier.

Starting point is 01:25:50 It's not for everyone, but we're glad you're with us on the bankless journey. All right, let's set up this moment of Zen. David, this is what I was thinking. This video clip from Rick and Morty was what I was thinking the entire time. We were doing that episode this week with Dom. This unreleased episode that bankless listeners haven't heard. Yes. And we're talking about this concept called blobs and blob space.

Starting point is 01:26:15 And I was thinking, how am I going to explore? explain this to my family, like the podcast that I just did. And everything I heard Dom talking, we were talking about polynomials, we're talking about dank sharding and proto-dank sharding. Erasure coding. Aracher coding and EIP 4-844. No, actually, it is real. That's real. That's real. That is a real one. But you wouldn't know. Yeah, it's all of these crazy words. And I was just thinking the entire time when, when Dom was talking, I was thinking of this clip from Rick and Morty. We'll play it now. Everyone has a plumbus in their home.

Starting point is 01:26:49 First, they take the dinglebop and they smooth it out with a bunch of shleim. The shleam is then repurposed for later batches. They take the dinglebop and they push it through the grumbo, where the fleb is rubbed against it. It's important that the fleab is rubbed because the fleab has all of the fleab juice. Then a shlami shows up and he rubs it and spits on it. it. They cut the fleab. There's several hizzards in the way. The blamps rub against the chumbles, and the blubis and grumbo are shaved away. That leaves you with a regular old plumbus. Why don't you do it? Because Murphy's barking. Hold on. Okay, I can do it.

Starting point is 01:27:40 Shut up, Murphy! Hold on. That's a good blooper. God, Murphy? You hear it? It's loud? Yeah, yeah, I hear it. I can do it. No, no, no, he's almost, he's almost done. I can feel it.

Bankless - ROLLUP: Solana’s MakerDAO & Visa Win | Base L2 Halted | Uniswap Court W | Justin Bieber NFT Drop

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