Bankless - ROLLUP: The Bull Market is On | Ethereum ETF | Near Layer2

Episode Date: November 10, 2023

Bankless Weekly Rollup  2nd Week of November ----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT  ----- 🌎 Linea DeFi Voyage https://bankless.cc/Linea-defi-voyage  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE ⁠https://k.xyz/bankless-pod-q2  ⁠ 🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING ⁠https://bankless.cc/MetaMask  ⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  ⁠ 🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/Toku  🦄UNISWAP | ON-CHAIN MARKETPLACE ⁠https://bankless.cc/uniswap  🔗 CELO | CEL2 COMING SOON https://bankless.cc/Celo  ------ TIMESTAMPS & RESOURCES 0:00 Intro 2:30 Markets 7:50 Layer 2s 8:40 Illuvium https://x.com/illuviumio/status/1722235730695799152  10:45 Chainlink https://x.com/ChainLinkGod/status/1722053266043724107  https://x.com/TrustlessState/status/1722309323894702359  https://x.com/sassal0x/status/1722409371395817670  12:00 Other Big Movers https://x.com/0xferg/status/1722495714411139335  https://twitter.com/abhishek095/status/1720193061232451722  https://www.tradingview.com/chart/?symbol=NASDAQ%3ACOIN  https://x.com/punk9059/status/1722577108843528313  14:30 Money Markets https://twitter.com/EricBalchunas/status/1721919275886166362  17:30 Bitcoin Halving https://twitter.com/CarpeNoctom/status/1721928615112196347  22:00 Blackrock Spot ETH ETF https://x.com/BanklessHQ/status/1722633044388147547  https://x.com/EricBalchunas/status/1722632267032613146  https://twitter.com/SummersThings/status/1722630271013675199  24:15 SEC Bitcoin ETF https://twitter.com/NateGeraci/status/1722368515292733896  https://twitter.com/JSeyff/status/1722321412218638632  26:00 Near L2 Validium https://twitter.com/sandeepnailwal/status/1722276746077331913  29:22 Kraken Layer 2 https://www.coindesk.com/tech/2023/11/07/kraken-said-to-seek-partner-to-help-build-it-a-layer-2-blockchain-network/  34:00 Elizabeth Warren vs Crypto https://www.forbes.com/sites/digital-assets/2023/11/08/how-misinformation-on-hamas-and-crypto-fooled-nearly-20-of-congress/?sh=5610dfab8270  https://x.com/brian_armstrong/status/1722312064100909212  37:20 Opensea Layoffs https://twitter.com/dfinzer/status/1720516605933756514  https://twitter.com/fintechfrank/status/1722030246206034134  https://x.com/openseapro/status/1720125516995346855  43:00 Jump Capital and Terra https://blockworks.co/news/sec-terraform-labs-ust-depeg  https://twitter.com/FatManTerra/status/1722296209971241250  48:45 US Blocking China https://www.coindesk.com/policy/2023/11/08/us-bill-proposes-outlawing-government-use-of-china-made-blockchains-and-tethers-usdt/  51:30 SEC Crypto Experts https://twitter.com/jeffjohnroberts/status/1721543698784419917  53:45 Bankless Takes https://youtu.be/yN7h88gImHc  55:30 MEME of the Week https://x.com/0xgaut/status/1722597724418101527  ----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures 

Bankless Nation, it is the second Friday of November. David, tell them what time it is. Oh, it's bull market time, Ryan. It's a bull market. It's also... David, what's up? This is a special edition of the weekly roll-up. And you told me not to ruin this title, this theme for you. So I'm not going to do it. Go. You say it. It's the We Are So Back edition of the Friday Bankless Weekly Roll-up where we cover all the weekly news in crypto, especially focusing on the markets this week because God candles are happening. Coins are moving. We're getting the double-digit price movements. Markets are alive.

And NFTs are no exception to that. Everything is up. Every single listener of this podcast has more money today than they had last week. So congratulations. Pat yourself on the back. I declare that we made it. We made it through the pair. We made it. The Bears over. You're saying it? Bears over. It's official now.

It's official. All right. Well, so everybody is up on the week except for those few Fiat maximumers. Except for the short sellers who are idiots. Do you think any Fiat Maximus and short sellers listen to bankless? How dare they? Just hate listens. Hate views, hate listens.

Guys, in addition to the markets, though, we got a few other questions that we're asking. I'm going to rattle them off. Did BlackRock just file for a new spot? ETH ETF is near moving to Ethereum? Did Elizabeth Warren apologize for lying about crypto? I bet you can guess that last one. There's so many questions today. There's a lot of excitement going to the episode.

David, before we get in, want to shout out our friends and sponsors over at Linia. They are inviting the bankless nation to go on a voyage. This is a D5 voyage, a crypto voyage, because they have a new ZK EVM that you absolutely have to check out if you want to pioneer the frontier. David, tell them about Linnea and what is the voyage? The voyage is six weeks of 10 ways of activity, 10 core tasks, some optional bonus tasks as well. With over 60 defy apps all to engage with, why would you engage with them? Well, you know the points mechanism.

Friend Tech did this. They're given out points. Linear XP, Voyage XP. It's like a game. Non-transferable ERC20 token that you accrue for going on the Lineat Voyage. So there is a link in the show notes to explore what is a new, a new, ZK EVM layer two on the seam. So you can collect some Linea XB by doing the Linea Voyage. There's a link in the show notes. I think this is where we're going to spend the bull market. David is on roll-ups

and layer twos because Ethereum gas fees are going up, my friends. Oh, they are not low. We've got to migrate. We got to migrate. But let's talk about the markets. All right. These charts look so beautiful today. This is the Cracken Bitcoin chart from Cracken Pro. And look at this candle up, this big green candle, followed by a candle down a little bit. But I'm still happy because it's still up. Tell me about this candle. What's going on? What's the price on the week?

Yeah, Bitcoin started the week at 34,600, trying desperately to get its head back above 35,000 and not fall resistance to that, not fall back down. And then it just like blasted through right before we started recording, touched $38,000, going from right below $35,000 where it's been all week to $38,000. It is now at the time of recording at $36,000. thousand five hundred so coming back a little bit but 36,500's real nice. It's really, really nice. And this is the highest Bitcoin has been. I mean, I'm just scrolling out on the, of the crack in charge here. For like 24 months? How long has it been? I got to keep scrolling. It's been a very long time.

You can't keep on scrolling because your, your candles are one hour candle. So if you go up to the top left and hit one day. Yeah, this is how you, this is how I trade. Okay. Here we go. So that, so look at the line. See where it intersects. May of 2022. Okay. Okay. So, okay. So, We are, we have, we killed the FTX liquidation. Bitcoin replaced that pretty early in early 2023. And then halfway through 2023, we erased the three-euroz capital liquidation. So three-ers capital is now in a distant memory. Those are no longer relevant parts of the market.

And we are in process of finalizing the removal of the Terra Luna dump, which happened in May of 2020. We're almost there. I think if we just get maybe up to back, if we hold $38,000, Tara Luna is in the rearview mirror. It's also this season where you're starting to get, you're going to start to get text messages from your friends and family. You have? Oh, my very dormant crypto chat that was dominant throughout 2020 and 2021 is now, is now like, oh, we're back, baby. I'm very thankful because this is a couple of weeks before American Thanksgiving. And it's always sad.

to have to face your family during a crypto bear market. And they're like, oh, how are you doing? How's that podcast that you have? Like, how's the industry going? And I'm going to have a big smile in my face this year, I think, for Thanksgiving. Of course, of course. Speaking of smiles, I'm smiling looking at this chart. This is the ETH price chart at Cracken Pro.

Once again, what are we looking at? Yeah, ETH starting the week at $1,800. Literally, 1,800 is where we started. Up 13%. Maybe 11% now. touched 2050, $2,500. We are now down to $2,000 at the time of recording, up, yeah, 11-ish percent. So, big bowl. Big bullish. Okay. 2K. And Eith, Eth, Eth above 2K, the last time it was above 2K, was that same pre-doquan era?

Okay, we are in the process of erasing Doquan from history. David, do you want to kill the ratio this week? Do you want to talk about it? Look at this. has a very large green candle on it, the ETH Bitcoin ratio, up 5% to 0.055, up from where it was dabbling with below 0.052. All right, but you got to explain this candle, all right, and we, we can. It goes back to the question I asked at the beginning of the show is, is BlackRock filing an ether ETH? I think this is why we're seeing a candle on the ratio. And again, a candle in the ratio, ETH Bitcoin ratio means ETH is appreciating relative to Bitcoin. It's a than Bitcoin. It's been down.

The ratio's been hit hard. Down is an understatement. It's been down bad. It's allotted. Yeah, there is hope here for David's ratio trade. Let's talk about crypto market cap. What are we looking at? Total crypto market cap.

Total crypto market cap, 1.45 trillion. Man, that is accelerating and how fast it's, remember when we were just moving at 0.01 trillion every single week? And this week, I think we moved by like 0.1 trillion, like 10, 100. billion dollars added to the market cap, but in the last week or so.

We did indeed. That's pretty impressive. So this is another signal that we've beaten the bear market. David... Wait, before we move on, call the top of the crypto market cap at the top of the market. Do it? But you want me to call it?

I want you to do it. What's the number? Yes, in your head. What's the number, the top, the highest number that we'll get to on Coin Gecko? 13 trillion dollars. 13 trillion?

Sounds about right. So that's a 9 to 10x. That's an unlucky number, though. I should say, I should say 12. Between 12 and 15. 12 and 15. I feel like that's safe. I feel like that's safe.

That's safe. I think, a safe bet. A safe bet. I mean, it's bigger than the dot. 15 is high. It's bigger than the dot com bubble. Okay. But,

uh, fiat was worth a lot less than. Dollars were worth a lot less. And assets are now worth a lot more because we're else going to put your money. Um, so I think that's where we could get this cycle. Above 10. Anyway, man,

listen to me. I keep hedging. the more I talk, the more I hedge. Value locked in Defi. This is up to auto on high as well. On layer two's. Ron Bull Market, Ryan. That was last board market.

Bring me back to 2023. We don't care about in Defi as much as we care about value locked on layer twos. And this is what, David? 12.8 billion dollars shooting up like almost $3 billion in a two-week period. New high. New high. New high is all around. Everybody just pat yourself on the back.

Can we go back to the fact that we all made it? Just pat yourself on the back. Are you, you are literally, he is literally guys patting himself on the back. Oh yeah. When people say that, they don't do it into the microphone. Absolutely giddy on bankless this morning. Let's talk about some big movers on the week, some coins, some tokens that moved big. If this is, if you sort by seven day, number one, you get a token called alluvium.

And it's been a long time since I've heard the term, the name, alluvium. But this was a crypto native game. I believe and still is. Why is this up almost 65% on the week? They actually had a release, a catalyst. And I just love it when the number one mover on the seven day on the Cohen Gecko Top 100 chart is because of a catalyst and not a meme. If you go back to the chart, like we're going to talk about the big movers, Alluvium, Link, IMX, Polygon, and Coin. There are others.

Like we're not going top five, for example, because Caspa token is up 63% followed by WeMix, token at number 76 on the chart. I just don't know what these are. And so of my editorial discretion, I will ignore them. If the Thorchain people were disappointed in bank lists for not covering Thorchain, that's fine. I'm sorry. I just don't know much about Thorchain. But that could be included, but we didn't. I'm sorry. Okay, back to Illuvium. Coming in at 66% up on the week because of a catalyst, an actual release. And so beta PVP is coming. And Eluvium is, like kind of this Dungeons and Dragons type game. But if you win, you win crypto. You win money. And it's in the Epic Game Store. Illuvium is in the Epic game store. Oh, that's it. We took a while to get to

this. So the big announcement is, Illuvium is now an Epic in the game store. Yes. And I just love the alignment that Epic has because Epic is suing or has attempted to sue both Apple and Google for their like monopoly over, uh, their own relevant app stores because of all the, you know, pay us 30% tax. Illuvium, I think is going to be, excuse me, Epic Games is going to be, I think, perhaps a big, um, ally of Web3 gaming, um, shown here by the fact that Illuvium is now in Epic Game store and it's a crypto enabled game up 66%. Congratulations to Aluvium and all Illuvium holders.

How about Link? Link. Okay. So interestingly, Link is one of the ones that has a gray scale trust associated. associated with it, just like GBTC or ETHE from Grayscale. And the Grayscale Link Trust is trading over a 2X premium versus Link. Which, by the way, that means it's an absolutely terrible product, by the way. It does mean that. It does mean that. But nonetheless, like this is showing that people who don't want to go buy Link directly through like Coinbase or Cracken or on Uniswop or whatever,

they're just buying the link gray scale trust in their tried-fied brokerages. And that's creating over a 2x premium versus actual link, which is how the last bull market started in 2020 with the gray scale Bitcoin trust being added premium for so long. So this is dragging up the actual price of actual link. So coming in at number two of our big movers of the week at 33% is link. Link. And you have rotated into Link it looks like.

And you updated your disclosures page. I bought them right before this. Before that I mean, it was so perfect. Yeah, I mean, David's switching bullish link. I don't know. I'm now a link. I wouldn't have thought this could happen, but it happened. The arc is funny.

You've seen this profile picture, right? Yeah, this is when they used to make fun of you for being such a link ignoramus. It wasn't even about link or was about frogs. The frogs. The frogs still remember. I think the nuance is lost on the frog community here. Okay, another token that's up. IMX up 33% on the week.

And I think as a result of another announcement with a gaming studio here, Ubisoft has partnered with IMX. Pushing IMX up 33% on the week. Followed up by Polygon. After IMX, we got Polygon up 22% on the week. Why Polygon? Actually, did you know, Ryan, that Polygon has more Polygon Supernet,

which is like their version of the OP stack, chains, then optimism has OPSAC chains? I did know that, yes. Polygon is absolutely crushing it on a biz dev perspective. I think it's one of the untold stories. Yeah, so the immutable ZK. Evm, the one that we just talked about, which has the partnership with Ubisoft, that is a Polygon ZKEVM chain.

And so we have like these two gargant, like the immutable business development arm so strong, followed up by Polygons, BD arm as well. And so, I mean, Kanto, Aster, just like so many different new ZK. Roelioleups built on Polygon. There's more Polygon ZK. Rolips coming up later in the show. That's a big announcement there. So that's Polygon up 22%. And then last of the movers of the week, this is not a crypto token. This is called a coin. It's called Coinbase, up 20% on the week. It's where people are just getting exposure to crypto as kind of an index. Lastly, David, NFTs might be awakening. This is NFTs are alive, dude. Yeah. Yeah. Third day

straight of recent highs here. So, wow, I thought the JPEGs were dead. That's what I've been told, but it looks like you're having a bit of a resurgence here. JPEG's not dead at all. There's a lot of graphs here in this one tweet that are all pretty good. Cryptopunks, $100,000 floor, regaining $100,000. $55.000. Denominate in Eth, sir. Is it up in ETH terms? Oh, yeah. Oh, yeah. Okay. I feel like it was like 45 to 50. It was 45. 45 was at the bare market low. You're now at 55. Not that I track. I have told Ryan to buy a crypto punk at like the lowest of lows like three times in the last bear market. He's like I don't want to do it. It's a JPEG guys. Don't don't don't don't buy a JPEG. It's like more than a validator. It's a crazy town. David, that's enough

crypto for now. Okay, we'll come back to it. But let's talk toad Fy for a minute. You know what my favorite yield farm is this cycle? Uh, uh, no. There aren't any good farms. Actually, yeah, there is. There's a great one. It's brought to you by Jerome Powell. It's called, uh, Tradify money markets. Trad farms. Yep. You go, you deposit your dollars in. You have to convert it to this non-ERC standard.

It's called like a bank dollar. And then you put it in a money market and you get 5%. It's a fantastic source of yield here. And this is Eric Balachunis saying that officially, this is the year of the money market mutual fund. These once boring but now sexy because they yield 5% funds utterly dominate the leaderboard. This is the money market funds. dominating. And you know what I kind of realized going to the section, David, is my entire adult life was mostly spent here. This is the Fed funds rate. Okay. And I'm looking at, you know,

2010s all the way to up to now. And the interest rate was nothing, like nothing, zero. You know, capital is free. And so you talk money markets, like, who cares? I mean, I'd rather have like cash savings accounts and banks. Like, what is that? It doesn't exist. And now we're resetting to something. much closer to normal in these 5% rates. And yeah, this is the modern yield farm is in Tradfai right now, David. Can you go back to that money market chart? Can I give you my take about this?

Yeah. So we're looking at flows into these different money markets like Charles Swab and millions of dollars. Like these are massive amounts of money because this is like the, this is not, it's not the risk-free rate, but it's like the collection of risk-off yield that has been sucking markets dry, risk markets dry for the past two years. I would call it the risk-free rate. I mean, the Fed funds rate, effective rates, risk-free rate basically for the dollar for capital. This has been the gravitational black hole of capital, sucking money away from markets ever since the Fed started hiking in March of 2022. And so we're seeing these flows go in here.

My interpretation, my take for what this is, is a gas tank that has been filling up and up and up with all of these funds like tradfai yield farming going into these money market funds, as soon as the Fed pivots, this is energy ready to go back into the markets. This is jet fuel. This is market jet fuel. But you know what's so interesting about this is I would have expected that a Fed fund rate above 5% would have brought about financial like Armaged. Basically all of the liquidity in all of your other assets, your stocks, your crypto and that sort of thing would have been sucked in. All of these dollars would have been sucked into that

five percent. It was already getting for crypto, bro. I don't know where you've been there. That just felt like another bear cycle. Yeah, that's because you have a closure to Eath, but everything else got decimated. What's, what's, yeah, I guess so. But I mean, stocks are up. What's interesting is now we have high interest rates and we have a money market yield farms and assets are appreciating. Yeah. Maybe, maybe I'm just in a bull market season. And we haven't even tapped to the money market jet fuel yet. We don't even have the pivot, Ryan. Well, speaking of not tapping things here, Bitcoin has not tapped its next happening, which is going to happen pretty soon here. We're a matter of months. I think this happens in April of next year. The happening again, what are we looking at? This is kind of an interesting chart. Explain this to us. Yeah, so we're looking at the Bitcoin price as it approaches the happening. And so, like, there's like four lines here. And it's every time, it's a four-year cycle, right? And so at the end of a four-year cycle, the line ends at the right. And then it resumes. on the left at the price that's a higher price. And so of course we are at the line at the top approaching the happening. But I think really just the thing I wanted to talk about with this

particular like image is just like the lines on the left part of the having are flat and the lines on the right part of the happening are up. Three for three. Three for three. And this is log scale. This is log scale. This is log scale. So like it's up more than it's perceived. And so like all of this excitement and exuberance that we're seeing in the markets and you're hearing in my voice so far on this episode, you ain't seen nothing yet. No, this is just, this is just a crypto-native exuberans. The crypto-natives know that they, the bear markets over and that assets, like what's going to happen. We can extrapolate this line. Main Street doesn't know this yet. They get excited on the right side of this line here when things are starting to go up bigly. David, we got some more things to

100K sooner rather than later. David, we got some more things to talk about today. What's coming up? Next, we got a Black Rock filing a spot ETH, ETF, question mark, is near becoming an Ethereum layer two? Also, question mark. Is Cracken getting a layer two? Crackin the exchange? Also, question mark. I hope we get some answers. We'll see.

I don't know, no promises on the answers, but we'll talk about that, all of that and more. As soon as we talk to some of these fantastic sponsors, one of which might be getting a layer two. Maybe. But until then, we'll continue complimenting them on their beautiful charts. thanks to Cracken. Let's go hear from them right now. Cracken knows crypto. Cracken's been in the crypto game for over a decade. And as one is the largest and most trusted exchanges in the industry,

Cracken is on the journey with all of us to see what crypto can be. Human history is a story of progress. It's part of us hardwired. We're designed to seek change everywhere, to improve, to strive. And if anything can be improved, why not finance? Crypto is a financial system designed with the modern world in mind. Instant, permissionless, and 24-7. It's not perfect and nothing ever will be perfect.

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Visit Arbitrum.io, where you can join the community dive into the developer docs, bridge your assets, and start building your first app on Arbitrum. Is BlackRock filing an ether ETF? That is the question. Well, we don't know for sure, but we do know they took an absolutely massive step forward, David. They filed for a trust in Delaware. We don't know that they're doing it. We don't have 100% confirmation, but like, come on, they're doing it. David, look what happened to Coin Telegraph, okay, when they tweeted a rumor. Bankless will not be the new coin telegraph, not under our watch here.

Okay, can you explain the nuance about why we are but aren't getting it? No, I was going to throw that to you. You do it. Oh, damn it. Explain the nuance. Okay, so Summers, Summers things on Twitter says, Ishares's Ethereum Trust has just been registered in Delaware. I shares, that's a Black Rock product. For context, BlackRock's IShare's Bitcoin Trust was registered in a similar manner, seven days before they filed the ETF application with the SEC.

details below. I didn't totally understand this tweet out of the box, which is why I enjoy our good friend Eric Balachunis, who just basically told us what this means. And that is, Black Rock has made the first step towards filing for a spot ether ETF, just confirmed on the website, myself. So he's basically saying, the ball's rolling. And why would BlackRock stop at not? They, what does Black Rock do?

First and foremost, they sell ETFs. They're making their spot ether ETF. And also, you're right. When we had Eric on the show, he was like, oh, yeah, as soon as we get the spot Bitcoin improved, like ether's following inside of half a year. He said, how long did he say half a year? Yeah, he said by June, by basic summer is a good estimate. So by January, we have Bitcoin. And by June, we have ether. Maybe faster. I have mountains scheduled for both of these things.

It could be faster. So, yeah, I, you know what? David, I don't think it's an exact, like, it's not an exaggeration. This is what's happening. It's just like, look, this is an official i shares ethereum trust filing in delaware that is step one seven days after they did the exact same step with bitcoin they actually officially filed with the SEC so next week at this time we might be talking about their official filing of the ether etif with the SEC by the way we should maybe get an update on some of these things the SEC has apparently open talks with gray scale about converting their gbdc trust to a spot bitcoin ETF which will be great that will be be like, man, that is the final sign that the bear market. If you, if you were looking for a

final sign that the bear market's over, this product really like wrecked us last time. And to get this product made whole, basically, that's just, I don't know, that has some symbolism to me. I'll keep on saying it. When this happens, we get tens of billions of dollars recapitalized into the pockets of our fellow comrades market participants. And so when you get more capital in people's hands. That's just bullish. It's just bullish. That's it. There's no other explanation. An estimate, a re-estimate on the timeline, James Seyfert, who is the guy to go to. We still believe there's a 90% chance by January 10th for spot Bitcoin ETF approvals. But if it comes earlier, we are entering a window where a wave of approval orders for all the current applicants could occur. Okay.

I just want everyone listening to this to know is like 90% chance is what analysts are saying by January, but it actually could happen any time between now and then. So I don't know. Like, you have a choice. If you were planning to buy Bitcoin or Ether, you have a choice. Are you going to make those actions before the Bitcoin and Ether ETF or after? That is the choice that everyone has to make who's listening to this. Imagine the market participant who's like, I don't know. It might not get approved. It's a sell the news event. It might be, but like, event. Look at the trend lines. Whatever. People fixate on the wrong time horizons. I'm not going to convince anybody. Let's talk about the next thing, David, which is, is Near becoming a layer two,

at least a volidium layer two on Ethereum? This is a tweet from Sandeep of Polygon. What are we looking at here? The answer is yes. Near is migrating to become a validitym layer two on Ethereum in collaboration with Polygon, but not using the Polygon ZK-EVM. Interesting. A little bit of a curveball. Okay, so just to set the table straight, NIR is settling on Ethereum. Near is turning into like another layer two, just like optimism, arbitram, et cetera. Data availability is staying on NIR, but they're becoming, so like NIR is turning into a data availability platform. Wait, is that official? So NIR is going to be, use Ethereum as its settlement layer? Is that 100% official?

Yes. Wow. Near settlement layers now Ethereum. They get all the assets, all the liquidity gets to plug right into the Ethereum economy. And so rather than compete against Ethereum as a settlement layer, they're competing against a new polygon, avail. They're competing in some ways against Celestia. Igan, DA. They're competing on the layer of data availability layer.

I guess they're competing against Ethereum for data availability as well, but not for settlement. Correct. Correct. And, but importantly, like, if they're collaborating with Polygon, but they're not using the Polygon ZK EVM chain development kit, like their version of the OP stack, right? What are they using? And so there's a new CDK, and they're building a ZK WASIM prover, which allows any WASM chain, which is a web assembly. It's technical stuff. I don't get it. To prove on Ethereum and have layer to security. So there's a new CDK coming to market, is like my interpretation. What is a wasom? ZK. Wasam, it's a prover, generates zero knowledge proofs that native WASM execution is correct. If you understand what this means, then you understand what this means. If you don't,

then you don't. I don't have any more help for you. Okay, David, so here's a quote from somebody in the know on what this actually means. I thought was a good summary. The Near Protocol is becoming Ethereum aligned by becoming a validity. Near and Polygon are building ZK. Wasam, which allows not only EVM chains, but all wasam chains,

which is what Near and many of the cosmos chains actually are, to become validiums. And so for Polygon, this means all of these chains that we're talking about, they'll connect to an aggregator layer, and that layer provides a unified liquidity

and interoperability to all of the chains in the Polygon ecosystem. So in a way, it's basically like near just joined the Polygon super chain. And are also adding to the modules of the Polygon super chain to make it more accessible

for further change to join the Polygon system. Correct. Correct. Okay. Yeah. It's big, right? That's big. That's big. Yeah. One of the reasons why Maddoch is one of the movers. Hi, the movers of the week all have catalysts. It's all fundamentals. There's a reason. There's a reason. I love that. I love this part of the market. No, it's a very, a very, I don't know, refreshing list of movers this week. You know, a few weeks from now. I mean, we cut off all the ones that we don't understand and what we're talking about. That's true. Okay. Well, let's talk about this last thing. There is a rumor going on that Cracken will have its own layer two.

And of course, you guys know Cracken is a strategic sponsor of bankless. So naturally, we asked them about this. Hey, Cracken, when's the layer two coming out? Tell us about it. They couldn't tell us anything. All right. So their lips are sealed. So we don't know any more than this story.

We tried for you guys. But basically, Cracken said to seek partner to help build itself a new layer two blockchain network. That is the headline in CoinDesk. It looks like they're talking to maybe Polygon. They're talking to Matter Labs. They're talking to the NIL Foundation, a bunch of others. That's what the Rubber Mill is spreading.

So I'm sure Cracken is just looking at what base is doing and its success and just saying, hey, we want one of those. We need one of those. Let's go build it. So very bullish if that comes to pass because these would be the two largest U.S.-based exchanges who have their own layer two networks. I don't know. I won't be able to contain myself at that point.

They'll be very exciting. Can I make a prediction? Yeah. I think they're going... It's our show. You're totally... I think I will. I think that they are going to choose Polygon.

Do you know why? Huh? Yeah. Okay, why? Because Polygon is purple and so it's cracking. Shut up. We don't have a purple chain. We don't have a purple chain yet.

I can't believe we waited for that prediction. Yeah. That's why. Yeah. That's why. Bullish purple. Yeah, bullish purple. David, what's next?

Coming up next. We got the Wall Street. Journal and Liz Warren to talk about, did they capitulate yet? Or has someone else entered the fray? Also, extremely spicy story. Was Jump Capital in bed with Terra Luna all along well before the collapse? Someone from Jump, Plead... Someone from Jump Capital pleaded the fifth in court, which I think kind of tells a lot. We'll talk about that as well. And if you ever wondered why the SEC doesn't have the will or expertise or desire or understanding to regulate crypto? Yes, some nights I have, David.

You have under this? Well, I've got an answer for you, Ryan. So we'll talk about all of this and more. But first, a moment to talk about some of these fantastic sponsors that make this show possible. Have you opened up your Metamask portfolio yet? Because it's all green in there. Go check it out. There's a link in the show notes.

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Uniswap Labs just released the Uniswop mobile wallet for iOS. The newest, easiest way to trade tokens on the go. With a Uniswap wallet, you can easily create or import a new wallet. Buy crypto on any available exchange with your debit card, extremely low Fiat on ramp fees, and you can seamlessly swap on mainnet, Polygon, arbitram, and optimism. On the Uniswap mobile wallet, you can store and display your beautiful NFTs, and you can also explore Web3 with the in-app search features, market leaderboards, and price charts, or use Wallet Connect to connect to any Web3 application. So you can now go directly to D5 with the Uniswop mobile wallet, safe, simple custody from

the most trusted team in D5. Download the Uniswap wallet today on iOS. There is a link in the show notes. This is our third week talking about this story because it's a big, freaking deal. Okay, Wall Street Journal, originally they posted a story, a fallacious story with facts in air quotes, that crypto-funded Hamas to the tune of between $90 million and $130 million. Elizabeth Warren and some other members of Congress, approximately 20% of them, then signed on to a letter to the White House saying, we've got to stop this, crypto is bad, we need to put in place

some anti-crypto measures to stop terrorist financing via crypto. It's exciting the Wall Street Journal. Siding the start? Yes. It turned out all of this was was factually false. Otherwise, it was 99% factually false. Yes. Otherwise known as misinformation. The Wall Street Journal issued this puny retraction. Not very much, but basically the sleuthing community of citizen journalists held them to task, led by Nick Carter. Now we're on week three of this story. What is happening? Has Elizabeth Warren issued an apology yet? Have they rescinded their letter? Have they corrected the record in any way? Have they said, I'm sorry? Not in the slightest one. Instead, we have Forbes coming in with a new article saying how

misinformation on Hamas and crypto fooled nearly 20% of Congress. Basically, an article that's more or less pancing anyone who signed that letter with some pretty damning comparison saying that Uncle Sam has a history of making big mistakes based on bad intelligence, such as, The Gulf of Tonkin incident, which caused the Vietnam War, and false reports of weapons of mass destruction in Iraq. I remember that one. Ooh. Ooh, just like absolutely damning comparisons. And then goes and gives the crypto side of the story finally a voice inside of Forbes.

It's not the Wall Street Journal. Nothing wrong with Forbes, but it's not the Wall Street Journal. But at least we are having alternative views express truth in mainstream media. So tip of the hat to Forbes. Thank you for picking this up. That's great. I think they picked it up, by the way, on the back of citizen journalists who helped. But thanks to Forbes for broadcasting this message.

It's absolutely fantastic. Here's a tweet from Brian Armstrong. Elizabeth Warren in Wall Street Journal spread misinformation on crypto and got caught red-handed. The moment has passed, but the voters won't forget. I certainly won't forget. I won't forget. It was just like a blatant lie and it still hasn't been corrected. And just a big shout out to Nick Carter, who just pulled some massive

amounts of just determination and motivation to make this really clear and easy for Forbes and the author at Forbes who wrote this article, Sam, to just underhand Sam the article with all the data that he needed. So I think the whole entire industry deserves, owes Nick Carter a big old thanks. Yeah, the great thing about this is all of the data is public. It's on the blockchain. You can go look it up yourself. And it's no accident that Nick is the one doing this and he actually founded. a blockchain analytics company of coin metrics that analyzes this very data.

We got an open blockchain, okay? We could tell when people are lying. David, some not great news out of OpenC, open C let go 50% of their staff during the last week. Here's a tweet from Devin Fisner. Here's a tweet thread from Devin Finser

the CEO saying they're making some big changes today. I think the long and short of this is NFD market has been down obviously from the heady highs of 2021. Blur is also taking a significant amount of volume and liquidity from OpenC. So they needed to make some cuts and they needed to change their strategy. I think that's what's going on here. And this is not only reflected in the employee numbers, David, it's also reflected in the market cap, the valuation of OpenC, which of course is a

private company. But we have some reports that the stake in OpenC, so the value of OpenC is down by about 90% from its highs. So they did raise a decent amount of capital at the absolute top of the market. They raised some, they raised at a $13 billion valuation, a Series C where they raised $300 million at a $13 billion valuation. Today, for the secondaries on the secondary market, OpenC is going for around a billion dollars,

which, I mean, for the right buyer could be a good buy, right? Yeah. And it's not when you see your down. 90%. I mean, look at the public crypto tokens. I mean, many of them have been down 90%, particularly with exposure to the NFT market. I think this is the bottom for NFTs. Bottom for Open C. Bottom for Open C as well. Bottom for NFTs. Like we are already seeing volume come back. Excitements coming back. And like Blur is taking a lot of the market share. But I think the transition from OpenC to blur in terms of NFT volume is a transition of mature.

of NFT buyers and sophistication because that's why Blur was built. OpenC is meant as top of funnel consumer like casual collectors. And those people who stayed around in crypto and stayed in the NFT community, sharpened their teeth and got more sophisticated and needed Blur's tools that they had to offer. But when NFT markets come back, they're going to OpenC. Yeah, I think Normies will come back to OpenC. The UX is becoming easier as well. So you wanted to highlight this feature, David.

tell me about it. Yeah, so this is OpenC Pro, which is OpenC's answer to blur. So not only are they going to probably likely get the top of funnel attraction for all and future NFT buyers for this future bull market, but they have this OpenC pro endeavor, which is also trying to get the more sophisticated NFT traders to stay trading on OpenC. And so they also are, they had this tweet about the announcements, and I wanted to bring out number three, where they say bridging is no longer an odyssey. Your first cross-chain swap is only a few clicks away.

The new bridge and swap feature lets you kill two birds with one stone, bridge tokens to other chains, and swap them for different ones, all with a single flow thanks to socket.com. Socket.com tech is a bridge aggregator, decks aggregator. It's basically an order router optimizer for connecting all of the disparate layer twos in this one seamless integration. So what do you want? What asset do you have on what layer two and where do you want to go and with what asset doesn't matter? all of that is obfuscated. And so this is coming and being a part of the sexy, awesome UI and user experience that is OpenZ Pro.

And all of the many, many chains that was presented to people in 2021 is just going to be obfuscated. And that's coming. And OpenCPri is not the only people that have integrated socket.com. Coinbase wallet are doing the same. Last week we talked about instant swaps between on the coinbase wallet between Arbitrum and the Ethereum Layer 1 and I think Polygon. That was also socket.com. And so, like, there's this narrative that, like, Ethereum Layer 2's fragment liquidity

and fragment composability and out of the box, that's true. And there are the amount of juice that's left to squeeze for the re-fragmentation, the recomposability of layer 2s, I think the market is totally underserving that. Yeah, I agree. I think that's actually where our scalability limitation is now. It's no longer block space. We have loads of cheap block space. Now it's user experience, UX, and solutions like this really fix it.

If you think about all of the websites that are out there and the average user of a website, they don't have exposure to any of kind of the networking equipment or the data center. They don't see the network routers behind the scenes that are routing their traffic from one place to another. And that's essentially what this is. Like stock.com.com is like a value router. And it's going to exist behind the scenes. No open-see user is going to be like, oh, what? what value router?

Do socket dot tech just, you know, transit? They don't care. They'll just click a button and get the asset that they want to purchase or sell the asset. And all of these routers will happen beyond the scenes. That I think is the new frontier, is solving these UX challenges. And I am so confident that we're going to solve them. At some level, they're easier challenges, I think. Maybe I'm speaking out of turn here, but I think they're easier challenges than the first challenge that we had to surmount,

which is the block space. availability and cost problem. Supply. Yeah, for sure. Yeah, supply problem. For sure. And the cool thing about socket tech is that using it is, it's a synonymous U.S. U.S.U.I user interface as Uniswap. It is the same thing.

It's assets and then also have the chain. And so we know how awesome the Uniswap. UI is. Okay. Jump Capital, their crypto division, Jump Crypto, might have been more engaged with Terra Luna involved with the Terra Luna ecosystem. than we thought. Now, this has actually been a conversation. I've heard in a number of different circles of mine where the MEV and the yield and just the arbitrage opportunities that newer ecosystems like Terra, it was just like magnet to jump because they are experts in this. They're building

the Salana Fire Dancer client because they're high frequency trader experts. They know how to do the whole high frequency trading thing. And so there was speculation that Jump was just all over the Terra Luna ecosystem because, I mean, it was just a place where retail was being able to be inefficient and they were able to eke out those inefficiencies. Lots of money to be made. Lots of money to be made. Loss of MEV, lots of sandwich attacks, lots of extraction. This is why I kind of have a gripe against Jump as a organization. Anyways, the SEC has probed whether the president of jumped crypto has engaged in a secret agreement with Doe Kwan during TerraUSD. collapse. So the context here is that the SEC alleges that Kwan, of course, Do Kwan, perpetrated a

fraudulent scheme to the tune of $40 billion through unregistered securities, Luna, and UST. But now SEC has turned their eye towards Jump. So Kwan and the Jump CEO apparently penned a deal on May 23rd, 2021, one year before the ultimate collapse of Terra Luna, because there was this week of U.S.T. instability because the UST peg was at risk of falling, collapsing, just like it did a year later, but this time at like one one hundredth or one-tenth of the market cap that happened a whole entire year later. So the terms of this deal were that jump would help restore the weak UST peg by purchasing a bunch of UST off of the market and become like market makers and restore the peg.

In exchange, Kwan would amend Jumps Luna loan agreement. and lift the vesting conditions. Basically give favorable terms to jump. The ability to dump Luna tokens. Yeah, it's just like, Jump was like, hey, we'll protect the peg, we'll restore the peg, but give us a ton of Luna.

And market makers have, traditionally have like these agreements with tokens where they have just like option agreements and just basically ways to gain exposure. And Jump was like, okay, lift all the vesting conditions on the tokens that are. locked up for us. Just remove the options and just give them to us. And so there's a quote here

from the article. To incentivize and reward jump for its manipulation of the markets for UST, Kwan agreed to modifies the party's prior agreement and instead unconditionally convey to jump more than 61.4 million lunar tokens at a greater than 99% discount from their then current market price. What? Jump later resold these Luna tokens into the market at a staggering profit. of $1.28 billion. And so my interpretation of these events is that once upon a time, Terra wasn't so big.

It was smaller than it was in 2022. This was May of 2021. And the token, the UST stable coin, was about to lose its peg. And then here comes jump crypto, basically with a cornered Doe Kwan. And it was like, we will defend the peg. We will save your project.

But give us one, $1.28 billion of Luna token so we can dump it into the market. And Doe Kwan did it. Yes. Yes. It wasn't worth $1.28 billion at the time. But that was the net effect. But basically, jump crypto got Luna tokens in order to defend the peg at that time. Right. And I don't know. That, it seems like that should have been open and transparent. Like people should have known about that. And also, here's the thing. A bunch of retail lost a lot of money. You know, hundreds of millions of dollars, billions of dollars. Jump crypto got to keep. It's 1.28 billion in profit. They didn't have to hold the Luna tokens. It would be one thing if they held the Luna

tokens all the way up and then all the way down and all boats rose together and then all boats sank together to the depths of the ocean. That is not what happened. They got out. They exited 1.28. That's what this case is alleging right now. And if so, that is some sharky behavior. It's super sharky. And okay. So, like to put on my pro-jump crypto hat, like jump crypto is about to come in, put capital at risk to defend the peg. And so they need to be compensated for that risk. And so that's why they got to have like the unvested Luna.

Was that an equal fair trade? Was that an equal transfer of risk? Or was this extremely sharky behavior that also perpetuated a system that was fundamentally unsustainable to only increase more than 10x in size? I think something like 50x in size from A to B, from 21 to 22. And then ultimately it just collapsed later, taking a bunch of retail down with it. In the court, during the questioning, the jump crypto, who is this? What is the name?

Kavan Karia, invoked his right to resist self-incrimination and his response nine times by pleading the fifth. And so they said that I plead the fifth. Well, I definitely don't trust the SEC, given its lawsuits, but I also don't trust Jump Crypto and what's like what's gone on here. So we'll have to see. I generally stay away from Jump Crypto because they are more sophisticated than me and they will fleece me if they have the opinion.

Is my opinion. They totally will. Is it my opinion? David, do you see this? This is interesting to me. The U.S. is proposing a bill. There's a U.S. bill, at least being proposed, that would outlaw government use of China-made blockchains and tether, tether's USDT. So I took a look at this. I don't know whether this bill

will move forward or not, but the aim, according to it, is to ensure the nation's foreign adversaries do not have a backdoor to access critical national security intelligence and Americans' private information. It's sort of along the lines of the U.S. government span of government employees from using TikTok, which happened is basically, you know, China surveillance size. what's interesting about this to me, kind of the takeaway for this is I think this type of thing will continue to happen in crypto, particularly to the centralized actors. Like others have observed this and this has been a growing trend over the last decade or so, the balkanization of the internet where you have sort of a Western liberal democracy,

internet, American internet, that kind of thing. And you have China's version of the internet and you have other versions of the internet. And they're all kind of firewalled from each other. I think something similar can and will happen to the centralized elements of crypto. So it'll happen with exchanges. We're already seeing it. The U.S. clearly doesn't want Binance to play in U.S. markets. They clearly don't.

They probably don't want coin base to play in China. The CCP does not want coin base to play in China. So there's going to be a balkanization of our centralized exchanges. We're already seeing that happen. I think stable coins, at least dollar-backed stable coins that are, you know, Bank coins, bank IOUs, they'll have the exact same fate. And so that's just probably the outcome. What I think does really well, though, is our decentralized crypto-native assets.

100%, bro. When the walls go up between our nation state web two layer of the internet, but simultaneously we're building this underground interconnected, global, credibly neutral financial layer that just seeps around the walls of nation states, Where do you think capital is going to grow? Exactly, because there will be, there cannot be a Bitcoin version for China and a Bitcoin for US. There's just Bitcoin. There's not an ether China and an ether, you know, the rest of the world. There's just Ethereum. There's just ether. And it works because this is a decentralized, credibly neutral

network. The way there's just one TCPIP type protocol. Anyway, that was my observation coming out of this. This Balkanization will affect crypto as well, but only on the centralized side is probably bullish for our most decentralized crypto-native assets. David, you want to talk about the SEC here? You know, they're having trouble hiring crypto experts. You want to explain to us why? Yeah. So the SEC needs to know about crypto. They know this. And so they're trying to hire crypto experts because they need to know about crypto. And so it turns out that they're actually having trouble hiring crypto experts because there's a rule, tiny, small, little condition for working with the SEC.

That if you work with the SEC, you must sell all of your crypto. Ryan, we need someone in the industry to go work for the SEC. Okay. On behalf of crypto to do good crypto policy, but they have to sell all their crypto. Who do you think is going to go? So I volunteer someone else. The job description is basically like, hey, crypto experts, do you know all about crypto. Have you been in the industry for like five years? Do you know all of-

Do you understand the fundamental catalyst of Bitcoin and Ether and why they attract value? Come to the SEC, which hates your entire industry. And you'll get a government salary. And before you do, by the way, you have to sell all of the assets through which you've researched over the years and have some upside in. Who's going to answer that job description? It's just, I feel like we can solve this problem with coordination. Is there like a Molok Dow that we can spin up where like we volunteer someone, and we will promise them, we'll all put in money into them all locked out, and they will get those crypto assets in like five years. That person would have to be like a double agent because this is all a pretext for what the SEC is

really trying to accomplish, which is they want to find crypto experts who hate crypto. They know a little bit about crypto, but also hate it. Do not hold it. That's what they're actually filtering for, David, which is the most insidious part here. I think we can find a mole. Can we find a mole? I mean, Gary Gensler regulates the stock market. Does he not? He shouldn't own stocks. I don't know what Gary Gensler does other than be an influencer. He shouldn't own securities then. I mean, it's applying the same rules.

I don't know, David. Gary, if you're listening, come on the bankless podcast. You definitely listen to Bankless. What do you do? He's like, are those bankless boys talking about me? I've got to listen to the weekly roll up. David, we got a meme of the week. We're ending this episode a little bit earlier. This is the new show format here is where we're slimming this down for you so we present the news in this episode now we got a meeting the week before we go to the meme of the week can we talk about okay let's just break the fourth wall and talk about and talk about that can you pull up the show that we did okay so what is missing from this bankless weekly roll-up it is questions from the nation it is takes of the week

and it is what david and ryan are bullish about we are unbundling the weekly roll-up which has gone on for way too long it once upon a time we attempted to make it a 45-minute show and now it has definitely been like over an hour and 20 minutes most of the time. So now there's a weekly Wednesday show called Bankless Takes. We went back and forth about what we were going to call that. We settled on bankless takes. If you have a better name for us, I will pay you money. I'll try and convince Ryan for that to come to the bankless treasury, but I'll do it myself.

And so we're doing the weekly bankless takes, which we are trying to get under 35 minutes. we did it under 43 minutes yesterday. We'll try and get it under 35 minutes, which means this show, if I wasn't going on this fourth wall rant, would have ended at 55 minutes. So we are unbundling the takes and the questions. We're basically the Twitter content stuff,

and we're putting that into a weekly show that comes out on Wednesdays, probably. And that makes the weekly roll-up shorter and as a new show, and both of these things are just much more manageable. So there you go. On Wednesdays, it's our take show, just raw opinions, and the roll-up will continue to be markets and news.

Just straight news, straight facts. Straight news. Biggles. Opinionated facts. Let's be honest. What are you doing here? Meme of the week. David, this is a fantastic lesson.

This is, in my opinion, the secret to winning the bull market. Do you want to hear what it is? Tell me. Do nothing. That's what you have to do, because you will overtrade. If you trust your instinct, you will overtrade, you will fomo, you will chase pumps, You won't beat the market. It's the best thing you can do on the left curve and on the right curve is buy the market and do nothing.

Do nothing. Does that resonate with you, David? It absolutely does. One of the themes that we have talked about is bull market goggles, bull market drunk. You've got to set up your plan. If you are planning on selling at the top of the market, you need to think about that. Well, actually, yesterday because the bull market just started. So like all this exuberance.

You're already a little drunk right now. You're a little drunk. Did you hear my excitement at the beginning of this episode? It's because your boy's been drinking. Metaphorically. Check those charts. Metaphorically. And so like you are now no longer as sober as you were a few weeks ago.

And so if you are not prepared for that, you need to reflect. It comes then. Did you just take a screenshot of your portfolio? Did you just like look at your net worth? Okay. That's fine. It's great. B's in. Like, make a plan. Don't get too drunk. Understand that you are now under the influence because that's what this phase of the market is. We are, the party has started. Yeah. Feels good though. Feels good. It feels good. It does feel good. At the beginning phase, it feels good.

It feels good. Yeah. The coming up phase. We're in the come up. I'm going to end with risks in a minute, but a few disclosures. David and I are investors in Socket, and I am an advisor for Polygon. Both David and I hold lots of crypto assets. You can find all of them on the bankless.com slash disclosure site. It's always a link in your show notes. Let me end with the risks here. You know them well if you've been listening to Bankless. And here we are headed into a bull market. So it's worth reinforcing. Crypto is risky. You could lose what you put in. But we are headed west. This is the frontier. It's not for everyone. But we're glad you're with us on the Bankless journey. Thanks a lot.

Woo!