Bankless - ROLLUP: Uniswap vs. SEC | Eigenlayer Mainnet | Blackrock BUIDL Fund | $TNSR Solana Airdrop

Starting point is 00:00:00 Uniswap in the left corner versus Gary Gensler in the right corner. Let's go. Showdown into the century. We're going to talk about all his details of why Gary Gensler thinks he's able to step into the ring against Hayden Adams. Bankless Nation, it is the second week of April and it is time for the Bankless Weekly Rollup. David, I was out last week. What did I miss, man? You know, not too much. A couple SEC court cases, a couple airdrops, a couple main nets, you know, just an average week in crypto. You know what? I feel like with the lawsuit that's just happened, we're going to get into with Gary Gensler and SEC suing uniswap.

Starting point is 00:00:39 It feels like Gary got stronger while I was out. And I'm wondering like when you go out. Stronger or just like more audacious? Audacious. Yeah. I don't know if he's actually stronger, but he thinks he is in his head. So it's weird that when I go out, when I miss a roll up, he gets stronger. But when you miss a roll up, you're out there like slaying horror cruxes.

Starting point is 00:00:57 I don't know what you're doing, man. You're on mountains. I'm at the beach and he gets stronger. and then you just do something else. So I think in order to win this lawsuit against Gary Gensler, we've got to send you to another mountain top. Yeah, sounds like I'm going on vacation.

Starting point is 00:01:10 You're staying here, buddy. You must stay. You must produce podcasts. Oh, my God. Did you catch the eclipse, by the way? There was another thing that's off topic that happened this week. In New York, yeah, which was 91% coverage. And then I come back to, like, my friends.

Starting point is 00:01:24 I'd be like, yeah, that was kind of lame. And then I got sent this, like, XKCD comic of, like, the coolness, like, levels of the eclipse as a function of how close you are to the path of totality. Yeah, you got to be right there. It's either 100% covered or nothing. Yeah, it's not cool to be like 95% covered. It's like you, yeah, so.

Starting point is 00:01:43 But yeah, regardless, everyone went to their rooftops and like looked at the sun. It was like slightly darker. It was slightly cooler. Yeah, what about you? You were in the path of totality. No, I was like, I was like 95%. So I caught that, but I didn't get the full effect. And actually, I regret that.

Starting point is 00:01:57 I regret that now. I regret missing that. Yeah. Yeah. promo. I actually had tickets to this one event in Austin that was going to be like 200 people, but I didn't get flights. I didn't look at flights until like two weeks before. And I didn't realize how big of a deal it was. And when I looked at flights like two weeks before the eclipse, it was like $3,000. And I'm like, I can't do that. And plus there was a dick butts on ice event

Starting point is 00:02:20 here in New York, which I just had to go to. Yeah, of course, because that's like a once in a lifetime opportunity, right? It truly was. It truly was. Well, I'm glad you made that one. I just Just not, you know, the way I rationalize it to myself is, well, what if I show up at the place? Like, my family lives in Southern Ontario. So what if I show up in Southern Ontario? It's always cloudy there. What if it's cloudy? Right. I've gone all that way and it's, I won't see it. But anyway, I regretts. Regrets. I have no regrets about this bull cycle, though, David, that we're in right now. I'm pretty excited about it. What are we covering this week? Uniswap Labs versus the SEC. Let's go. It's going down.

Starting point is 00:02:56 Hayden Adams, another Adams, first Gary, Getswaping. Gensler, probably the biggest throwdown that I think the crypto industry will ever see. I'm just looking forward to Hayden, just like absolutely wiping the floor with the SEC. Like that's the only logical conclusion of this, right? By the way, Adams v. Gensler isn't the only matchup. We're going to talk about a matchup. My co-co is actually boxing someone in crypto. Yeah, not in the SEC.

Starting point is 00:03:22 Somebody else in crypto. We'll talk about that at the end of the podcast. Wait till the end. Also, Eigenlayer, the main net is here. That's a big freaking deal. It's mostly here. We'll talk about what's here, what's still to come. What else we got?

Starting point is 00:03:34 BlackRock Biddle Fund now has a direct pipeline to USDC. Bankless Nation who listened to that episode with Securitize, got the Alpha first. What does this meet for this new tokenized treasury product? What does it mean to have a direct pipeline to USC? And also another week, another token drop this time on Solana. It's always a good week in crypto, especially when prices are going up, which they were kind of going up a little bit this week, which we're going to talk. Are we bored of token drops yet?

Starting point is 00:04:01 I mean, are we bored of getting free money? Like hundreds of millions of dollars. And I feel like it's just like, oh, it's another token drop. It's boring for all the people who didn't get the token drop. But like if you got that token drop, like say what you will about the points meta. Like token drops are doing their job of becoming more precise and more directed towards people's respective communities. So like people who are getting the token drop are extremely excited because they committed, you know, the time costs of their money and their capital to that project. So they're very excited.

Starting point is 00:04:30 Did I receive this token drop? No, because it's on Solana. Actually, maybe I did actually. Now that I think about it. You don't know. Check your bankless claimbles, David. What are you doing? I bought my mad lad on tensor.

Starting point is 00:04:41 So maybe I got the token drop. I don't know. See, that's what I mean. You're not even motivated enough to check at this point. You're just like all the free money coming in. I think I might have lost that wallet. Anyway, so we're going to get into all of these conversations and more. But first we're going to talk to Cartese, our friends and sponsors over at Cartese,

Starting point is 00:04:56 who's building the first modular execution layer. as layer two or layer three on Ethereum for using a Linux runtime, which helps you produce real world computing environments for Web3 devs. That was kind of a mouthful. Basically, imagine running Doom as a layer two with on-chain state. Just think about all the things you can do with Linux, which is like literally endless, with all of the decades of rich code libraries and open source tooling around the Linux ecosystem.

Starting point is 00:05:25 And I'll put that onto a runtime as a layer two or a layer two or a little. layer three on Ethereum. So, Cartesey, they're giving away money. That is a call to action. You can get a grant from Cartesi for developing inside of the Cartese ecosystem. And also, there's an open source bug hunting initiative. So click the link in the show notes. So getting started with Cartesey today. This is one of those built to earn models, too. You got to build something in order in that grant. Build to earn. I think that's just called work. Okay. We discovered that a long time ago, I guess. Let's talk about markets today, David. So tell me about Bitcoin on. the week. What are we looking at? Uh, three percent up this week, which I would call, you know,

Starting point is 00:06:04 flat, flatty up, flatish up. Uh, started the week, $68,000, ending the week at, uh, $70,000. Actually, it's a little bit more up than I thought, uh, maybe at 4%. So, uh, keeping its, its nose, its eyeballs right above that $70,000 mark. That's not bad. I'm feeling great above 70K. Uh, give me a quick Bitcoin ETF update, if you will. This is a headline here, gray scale Bitcoin ETF sees record lowest daily outflow of 18, million. This is kind of like a one-time event, isn't it, for the gray scale Bitcoin ETF to have sort of all of its outflows leaked out into, I don't know, where does it go? Tell me, why is this significant? Yeah, so the outflows of gray scale, the gray scale

Starting point is 00:06:44 ETF are like the breaks on the Bitcoin price, whereas the inflows to all the other Bitcoin ETFs are the gas. And right now, like gas and breaks have been in this war with each other. and right now, yesterday, April 11th, this is when, that's actually today, gray scale Bitcoin ETF sees record lowest daily outflows of 18 million. So only $18 million of pressure is being put on the brakes. Granted, like, the approval and initial, like, opening of the doors of the floodgates into the Bitcoin ETFs is also kind of like a one-time event, so it's not like that. That also kind of teeters off.

Starting point is 00:07:19 But the thing is, it's like we kind of are expecting the brakes to teeter off way sooner than the gas, the gas has, we got a lot of, there's a lot of gas in the tank. And so as we see the lowering of the outflows out of gray scale, we see a release of the pressure on the brakes. So hopefully when this continues to approach zero, we will see liftoff. So why are people outflowing? Is it, basically, it's been less liquid previously. Now it's much more liquid and they've been locked up for a while and gray scale fees are a lot higher than the other ETFs. And so that's why there's outflow and gray scale in comparison? All of the above. All of the above. Yeah. So people were buying the GBTC discount back when like, you know, you could buy discounted Bitcoin at 15% on the bet

Starting point is 00:08:04 that like eventually gray scale will turn into an ETF and now it is. Like you said, gray scale fees are 2.5% versus other ETFs at, you know, 0.2%, 0.3%. And so like why are people just paying those fees? Well, because also some people are sitting on like, you know, a mountain of capital gains. And so selling, selling to avoid those fees actually incurs a larger fee, which is capital gains tax. That was a good bet a year ago, by the way, when Bitcoin was trading in gray scale off like 25% nap, I'll note, because we're going to talk about ether price right now. It's about that with ether right now. So there is an grayscale ether trust, if you're called. It's called Ether E. You can buy that in your 401k account right now. And it's trading at a 25% discount

Starting point is 00:08:51 to premium. Right. So that will come in line on the actual ETH price as soon as an Ethereum ETH is approved. Which you would assume the ETH price would also be much higher once the ETF is approved. So you get 25% off of a higher price later, is the idea. It seems like a great deal. It's a good bet. We don't know whether it's going to happen this year or next year, but we are pretty confident it's going to happen. So why not just lock in that 25% discount. Anyway, what is your time frame is not two years? Like it's going to happen within two years. Right. It's a good deal on Smeath, I think. Anyway, where are we at on the

Starting point is 00:09:27 ETH price this week? East price up about $100, sort of the week at $3,400, up about four-ish percent to $3,500, really having its ratio with Bitcoin that pay the 0.05 number really be defended. We fell down below 0.05, but it came right back up. Eric Wall, did you notice, Ryan, maybe while you were out, maybe you didn't see this. Eric Wall made this tweet saying if the ETH-BTC ratio drops below, like 0.0495 or something, I'll shave my head. And then it drops down below it and he goes and shaves his head. Wait, why? And he's like, no one was telling him to do that. Okay. He just tweeted it out. And then he was like, oh, well, it fell down below. Guess I have to go shave my head now. And he went and shaved his head. Okay. And like Eric, it's not like he had short hair to begin with. He had like

Starting point is 00:10:15 long, luscious locks. No, it's fantastic hair. He had fantastic hair. And now it's gone. for all of us. I don't know if that's a nickname. Well, but I don't, was he trying to, like, proofs of that? I know he's more of a bick-pointer than Ethereum, but he doesn't hate Ethereum. This was one of his tweets in, it was one of his New Year tweets.

Starting point is 00:10:35 It was like, here's my, like, 20 predictions for 20-24. And he says, like, the ETHBTC ratio will not fall below, like, this particular line. And the line was, like, 0.095 or something. You got to, that's why you've got to be careful with your predictions, your New Year's resolutions and your predictions here. Yeah. Where are we at on the total market cap? Kind of unchanged over the last three weeks.

Starting point is 00:10:54 2.7. So about the same. We are just like hovering right below last cycles all time highs. Do you read this post from Arthur Hayes? I did not. Tell me about it. Notorious crypto trader. The TLDR is he's actually short term bearish on April. So it's not going to be upril. He's like bearish on crypto. Specifically on the month of April? Yeah. That's what Arthur, he's a trader, right? So he can be bearish on these timelines. He gets more bullish after April in May. Okay. But he is selling.

Starting point is 00:11:24 He's actively been selling in April because... What's his rationale? Yeah. The happening occurs at a time when dollar liquidity is tighter than usual. There's some... Like, he goes through this entire post. There's some reasons that dollar liquidity is kind of getting tighter in the month of April.

Starting point is 00:11:40 You know, the BTFD. Is that what it's called? Yeah. Yeah. Bank term fund deposit program or something, which is over. That over. ended like two weeks ago or something. He thinks that will affect it, kind of a liquidity suction in April.

Starting point is 00:11:54 But so he took, I took full profit on these positions. Mew, Sol, and NMT is basically like selling his meme coins and such. Not that soul's a meme coin. I didn't mean to imply that. But he says that. I'm selling my meme coins. He says Soul is a meme coin? No.

Starting point is 00:12:08 I said, I'm not implying that. I'm not implying that. Yeah, careful what you say about Soul these days. People will come after you. Let's do an L2 update. I'm really excited about L2s these days. This is brought to you by our friends over at Mantle, which is a new and up-and-coming L-2.

Starting point is 00:12:26 You know what? I shouldn't say they're up-and-coming because they're already established. They're crushing it. They're an incumbent at this point. Yeah. Oh, wow. We broke through $40 billion in layer twos. Hell yeah, $43 billion.

Starting point is 00:12:37 We've been at like $39 billion. We're like the last three weeks trying to get our heads about $40. $43 billion. Nice drop. Nice drop. That's a lot. That's a lot. That's a lot.

Starting point is 00:12:45 That's a lot. That's more money than I have. Yeah. Okay, so what are the other stats? I mean, should we look at active addresses today? Yeah, so we don't usually look at. Yeah, active addresses, they're up across the board. So base at 1.5 million new active addresses as of this year,

Starting point is 00:13:03 that's up 300% in the last month. Arbstrom at 1.4 million active addresses. That's up 120% in the last 30 days. ZK Sync era, 1.2 million active addresses, 20% up in 30 days, and then Optimism Mainnet at 650. thousand addresses that's up 85% in 30 days. So like layer two summer. Remember, we've been talking about layer two summer since what? 2021? 2021? Well, it's 24 in 2024. It's here. And it's finally here.

Starting point is 00:13:31 We, I mean, we had to wait for an actual like bull cycle, I think. Yeah. Surprise. And some big protocol upgrades, which we'll get to in a second. But one thing I want to call attention to here is as a result of this traction, it's real economic value being created in particular, in this case, on Coinbase. So, you know, Coinbase releases its quarterly earnings. It's a publicly traded company, so they do that. So, and you can also see this on chain, Coinbase's total revenue from base, the layer two that recently launched has now surpassed $40 million and is starting, look at this chart, starting to go parabolic. That is, there is some healthy area under the curve there. So what I love about Coinbase being public is everybody on Wall Street gets to see

Starting point is 00:14:13 this. All the analysts get to start tracking a layer two as a product unit. line as a source of revenue for this exciting growth stock. And everybody else will catch on as well. I don't know about that leap. They're going to look at that line item and the PM and I'm like, what the hell is that? Just ignore it. I don't know how to categorize that. It's all mean coins. Under the miscellaneous category. I mean, but still, I mean, that's substantial. 40 billion net new revenue for a layer 20 million. 40 million, yes. And also what I would say is what a great deal. like on Ethereum. They don't pay much in terms of transaction fees to Ethereum.

Starting point is 00:14:52 They get to take home. They pay very little. They're taken home. It's like a 99% profit margin. Pretty good deal here. David, give us an update on blob space, please. Blobs space. Okay, so four weeks later, blobs are now coming up on four weeks old.

Starting point is 00:15:08 The median gas fee on layer two's is now 10 times lower from above 50 cents to about three cents. Blobs have met layer two demand. despite inscriptions, which means that, like, layer twos aren't actually competing over blob space with other layer twos. And actually aren't even, there's no one's truly competing for blob space right now, even though people are still putting their JPEGs into inscription space. It seems to be there's enough room to go around for now. Optimism Collective profits at record high. That's, I mean, that's pretty obvious.

Starting point is 00:15:37 That $40 million going into Coinbase 15%. I don't know actually whether that $40 million was calculated before or after Optimism Collective took its 50%. 15% tax into the collective, it's fee. But like, base, Zora, mode network, and then actually optimism main net, these are all part of the optimism collective, right? So they're all paying 15% into this like collective that is supposed to be like shared resources for all of them. And then of course, layer two is seeing all time high record five times the amount of demand

Starting point is 00:16:07 from the start of this year. Hell yeah. Yeah. I mean, it's no accident that all of these metrics are up. Most activities up because we just got a big blob space. stimulus in terms of reduction costs here. Very cool. David, what's going on with the top 10? It's been a while since we looked at this. And there's a new asset that has entered the top 10 cryptocurrencies by market cap, which I don't recall seeing since like it reminds me of 2017 and 2018.

Starting point is 00:16:37 That is a ton. It's the telegram blockchain. And they have just surpassed their number 10 now in terms of total market cap worth, you know, total fully diluted, 36 billion fully diluted. This is a telegram chain, is it not? Yeah. So, Ton is the token, Telegram Open Network. You said $36 billion, $37 billion fully diluted, but with an actually market cap of $25 billion, which like in this world of like high FDV low float tokens, this is not one of them. Like two thirds of these tokens are out on the open market.

Starting point is 00:17:12 And it's commanding a $25 billion. market cap. Okay, so there's some backstory here that probably newer crypto entrance probably aren't familiar with. Telegram did an ICO, one of the, I think one of the biggest ICOs in 2017. It was like top three ICOs to do a token for their app. And maybe for listeners who aren't familiar, Telegram, it's like a messaging app that is like the backbone of a lot of the crypto meta. Like every project, every founder is on Telegram, every VC is on Telegram, their Telegram group, There's just like, it's like the alternative to discord that's a little bit more universal. Everyone across the world all uses Telegram.

Starting point is 00:17:51 It's like WhatsApp. It's just like WhatsApp, but for some reason in crypto, we use Telegram. They did this ICO, 2017, one of the largest ICOs. They got sued. They got sued by the SEC for doing an unregistered security sale. I forgot about that. Yeah, yeah, yeah. And that like really put just a damper in the whole project.

Starting point is 00:18:10 And I kind of thought it was disappearing, like many of. of the ICOs. Just a zombie chain. To zombie chain. Yeah. Just did their ICO like pocketed the cash. EOS. It was like EOS. Ships something and then called it good. Yeah, just like EOS did.

Starting point is 00:18:24 Yeah. And then it turns out there's this Telegram Foundation, which is meaningfully differentiated. I think this is like actually true, not just like decentralization theater from the telegram app, app leadership. And they are making Telegram the blockchain. And I think if like, I don't know because I'm in America,

Starting point is 00:18:43 but like if you're not in America, there's like a Telegram wallet. And it's like now kind of becoming, like you would classify this as an, as an ETH killer, I guess, actually just because like they're putting a wallet into their app and they're putting like defy and tokens on it. And honestly, like Telegram has a literal bazillion users. And so it's actually kind of makes sense. It's catching a bid. It's catching a bid. Yeah. Yes. And so it has entered the top 10 crypto market cap, top 10 tokens, which like is a kind of a hard place to enter.

Starting point is 00:19:12 I was pretty impressive. I'm not sure how much there is there because I haven't really spent any time on it. I don't know very much about the ecosystem, but it's ahead of Cardano at this point and avalanche. Well, well. Huh? Think of that. Those are darlings of the last cycle. So we'll see how these top 10 change as we continue here. Let's do like a quick snapshot of the top 10. Bitcoin number one. Of course, yeah, like just a review of the top 10 because like whenever when I got into crypto. You start with Bitcoin. Yeah, it's Bitcoin still. Bitcoin is his number one, meaningfully number one. It's always been number one.

Starting point is 00:19:42 Ever since I got here, it's been number one. Number one, Bitcoin, two, Ethereum, three, tether, four, Binance train, five, Solana, six, XRP, seven, Lido-staked ether, eight USDC, nine Dogecoin, ten, toncoin. How do you feel just about like the state of the top ten right now? Not super surprising. I mean, B&B and Solana continue to battle it out, which is interesting. XRP, just, God knows, man, they have the diehard fans. It's so sticky.

Starting point is 00:20:11 I have no idea. They've always been here. I just kind of like skip it, gloss over it. Still in the top 10. Actually impressive at this point. Yeah. And then Dogecoin, having a meme in the top 10 is interesting. I mean, they're staying power to meme coins isn't there.

Starting point is 00:20:25 At least, you know, high Lindy type meme coins. They're not going away. Yeah, pretty interesting. I would be very happy to see Dogecoin flip XRP. I'm totally unbothered by a meme coin being in the top 10. Dogecoin just, it feels like very honest. It's, they're like meme coins are real. There's something to be learned about meme coin,

Starting point is 00:20:43 so I don't mind it being in the top 10. XRP can just get the hell out of there. That's the one that really bugs me in this top 10. It's like, XRP just can like, it can exist. It doesn't bother me anymore. Nothing bothers me, David. Well, because it's always been a conversation about like here, the top 10 is like 90% of the crypto market cap.

Starting point is 00:21:02 So it's a little bit reflective of like what the industry is. It's been growing in quality ever since. Like ever since I've gotten into, like the top. 10 used to be a complete joke. Bitcoin Diamond. Now there's only one, now there's, yeah, Bitcoin Diamond, yeah. Now there's only one joke in the top 10. That's XRP. Wow. All the XRP fans of Bankless just immediately deleted this podcast from their player. How many of those do you think we have left?

Starting point is 00:21:26 Let's talk about this. Another top 10. So we're looking at NFTs breaking. Bitcoin Ordinals now have two collections amongst the top three NFTs by market cap in the world. Wow. What are these collections here? even recognize them because I'm not a Bitcoin NFT enjoyer. Yeah, so this is actually not true anymore. This was a blip in time. So right now, the top NFTs are Cryptopunks by market cap. So that's $1.4 billion.

Starting point is 00:21:51 Roon Stones, which is a Bitcoin Ordinance project at $700 million, followed by Bored 8's Yacht Club, not dead yet, at 430. Wait, but Roonstones is number two. Roonstones is number two. And that's a Bitcoin NFT project. It's a Bitcoin NFT project, yeah. My God, I would not have thought that that could the case going into this cycle. Not at all. Yeah. Not done yet, though. So like, bored apes are

Starting point is 00:22:14 number three, pudgy penguins, number four. Node monkeys are number five, also at Bitcoin Ordinals. Bitcoin Puppets, also Bitcoin Ordinals is number six, followed by Mad Ladd's on Salana for number seven, followed by Meladies, followed by Chromy Squiggles, which was like the original are like generative art, art blocks. So yeah, like, Bitcoin Ordinals, like aggressively entering the top NFT projects. Let's talk about Trad 5 for a minute. There's a big metric that came out, which was inflation this week. I'm going to give you some stats.

Starting point is 00:22:47 So it was hotter than expected in the month of March. So we are up to almost 4%, David, inflation. Up to almost 4%. So we're below 4%. We were 3.8. We were 3.2 in February. This is hotter than people thought. So surprisingly stubborn inflation was a term that was thrown around.

Starting point is 00:23:07 Is that why markets kind of like weren't happy? week? Yeah, and by the way, the 3.8%, it's 3.5% if you include food and fuel prices, which are a bit more volatile, but 3.8, if you don't, which is kind of like another important metric, an analyst said this, it's problematic for the Fed. I don't see how they can justify a June cut with this strong inflation data. And yeah, so what I think, so I guess the real question is, like, what's the trend, though? Because, like, if the trend is like, you know, still downwards, please go down. Do you want to talk trends, though? Look at this. I do. This is also from the Arthur Hayes article.

Starting point is 00:23:43 He got it from Jim Bianco, Bianco Research. This is yearly federal spending as a percentage of nominal GDP. So I'm changing tracks. As a result of nominal GDP. What does that mean? Okay. So I'm changing tracks now. I'm not talking about inflation.

Starting point is 00:23:56 I'm talking about debasement, debasement. And issuance of the dollar essentially. Okay. So, or actually not issuance of the dollar. This is, sorry. This is federal spending. So this is fiscal policy. You know how we're moving into, you know, modern monetary theory where kind of like fiscal takes charge of more spending and that's why deficits grow and that's why like the dollar inflates and we're printing money this way.

Starting point is 00:24:20 As a percentage of GDP, America's GDP, right, which is a nice metric, like relative metric. So look at from 19 the 70s to all the way to 2008, and we spike up and then there's COVID. Look at this spike. In COVID, we got up to March, you know, 2021, we got up to 33% of our GDP we were actually spending from a federal government perspective. And now we're back down.

Starting point is 00:24:55 And so like the problem with all of, this, David, is we are spending like it's a wartime. Yeah, I'm not much of a TA guy, but that chart is bullish. I would buy that chart. He would buy this chart, right? And the question is, how do you, how do you buy this chart? It's probably by selling your dollars and selling your T bills. Buying things that are inflation and debasement hedges. Yeah, debasement hedges. Anyway, that's, that's the long-term reality here. So whether inflation heats up or whether it cools down, I mean, you've got to deal with all of this debasement at some point, don't you? indeed indeed there was also some bad news i think while i was out and i got caught up with it about

Starting point is 00:25:33 ethereum ets so probability continues to tick down that we only get bad news about ethereum ets that's the only flavor of that news comes in it's a hated asset right now um yeah what's this from nate guy knight who is a general tradfai etf market commentator says several ETF issuers have met with the SEC regarding the SPOT Ether ETF, but according to Barron's, which is like this financial media agency, quote, those discussions

Starting point is 00:26:01 have largely been one-sided without the agency giving companies critical feedback needed to finalize their products with, of course, the May 23rd deadline approaching very quickly. So people are kind of like starting to like throw in the towel. I was like, yeah, that like low percentage of the ETHTF

Starting point is 00:26:17 is like quickly approaching zero. Polymarket, however, has it coming in at 21%? 21% by June 30th. By June 30th. By June 30th. Yeah, but like it's basically May or nothing. Like once the May deadline passes, that's going to go to zero.

Starting point is 00:26:32 So there's $91,000 betting on a 80% chance of getting denied. Yeah. I think it gets denied. Unfortunately. Okay, so ready for conspiracy theory? You have another one? Is it one every single week, brother? Yeah.

Starting point is 00:26:49 Yeah, I'm ready. Tell me. Okay. So the market's already priced in the ETH ETF denial. Okay. Of course. Once the denial, this isn't, I'm not completely standing by this, but like this is like, the ETH price goes up.

Starting point is 00:27:02 The market, the ETH price goes up. Okay. I choose to believe. A big question, like for that to happen, though, is what part of the cycle are we in? I know we just, a record an episode with Raoul Paul. That's, he gives his estimate for where we are in the cycle. You know, are we in spring, summer, fall, winter, that sort of thing. but I think a great comparison is if we compare it to the previous three cycles that we've had, you know?

Starting point is 00:27:26 I like, I love this actually. At 2011, 2015, in terms of the number of days elapsed, you know, these cycles are all about, you know, say, a thousand to fourteen hundred days or so, right? And we are just over, we're about 500 days into the current cycle, the fourth bull market cycle, if you will. And so if this plays out the way the other previous three cycles have, then we have roughly one year to the cycle top. Like the top, that would be summer time, right? All time highs. No, sorry, like all time highs of this cycle. Of this cycle, yeah.

Starting point is 00:28:05 And then another subsequent year to the bear market. So another like year where you spend in fall season where it's kind of like up and down, up and down. It gets some recoveries. So about two years, but one year to the top. if it plays out like the other cycles. You believe this? If it plays out like the other cycles. Okay, so it's really for the podcast listeners

Starting point is 00:28:27 who can't view these charts. You basically have three, well, four lines that are overlaid each other. And really the first one of like the 2009 to 2011, that one doesn't count because that one just was insane, like such an outlier. Yeah, it's Bitcoin going up infinity percentage. Yeah, sure.

Starting point is 00:28:46 Okay, so like we have 2011, 2015, and 2018 as the years that we are comparing this 2022 to 2024 bull market in. And then every single year of previous bull markets gets more muted and more prolonged than the previous. So it goes up, it goes up less, but it also lasts longer in time, generally speaking. This one is everyone is going to start talking about how this time is different. And they're going to give you, like, evidence that you are totally going to be compelled by, like, the ETF. It's totally prolonging this bull market. It's going to be a super cycle because of the ETFs.

Starting point is 00:29:23 People are saying this? They're saying super cycle again? I'm predicting that this is. Well, people are saying that this time is different because of the ETFs. We have like a larger like fundamental shift in capital flows. We have people have like using their 401k or just passively buying Bitcoin without thinking about it. So that is totally changing the game. And honestly like I'm compelled by that argument.

Starting point is 00:29:45 But at the same time I'm also equally compelled by like what most of the same time. I'm also equally compelled by like what must go up comes down. So any amount of reflexivity up will be met with reflexivity down, which is why I want, and I think everyone wants this bull market to be as prolonged as possible. And so the less like crazy we can go up, the longer we can have good times. Yeah.

Starting point is 00:30:07 Well, that's what we want. I mean, the question is what's going to happen. My case, my, my, the base case here, and again, I, um, I like the idea of being dumber this cycle. it's just going to

Starting point is 00:30:17 it's just going to play out how the other three cycles did somewhere in that range right might go up a little higher might last a little longer it might be a little shorter but it's going to go up and we probably have

Starting point is 00:30:28 about a year a year and a half maybe two years and it's gonna we're gonna repeat again I think that's the base case and yeah I'm not trying to overthink this one

Starting point is 00:30:37 the fractal it's just a fractal it just happens every single time this way if you if you do think it's gonna happen like there's like this window of time

Starting point is 00:30:45 call it like that starts in like 400 days and ends in 800 days and if you sell at any point in that window and just hold you'll end up being happy yeah yeah I agree well I'm happy already David are you happy I'm happy it's been a good market so far what do we got coming up coming up next I can layer now live on the Ethereum main net with its first AVS what to do now what comes next we're going to talk all about that and all the details what does it mean to eigenlayer to be live. And uniswap in the left corner versus Gary Gensler in the right corner. Let's go. Showdown into the century. We're going to talk about all these details of why Gary Gensler thinks he's able to step into the ring against Hayden Adams. But first, a moment to talk

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Starting point is 00:34:07 just received a enforcement notice from the SEC. This is called a Wells notice, which is the SEC telling Uniswap, we are bringing you to court. Get ready. What are the details here? What actually happened? So we still need some more details about like why what's motivating the SEC, like why they are saying they are taking the Uniswap Labs company, the software company to court. So there's three different vectors of speculation here. There is operating an illegal exchange like Uniswop the protocol, which like seems dubious because like completely decentralized permissionless protocol. That's what they said about Coinbase though, right?

Starting point is 00:34:48 Yeah, same thing that they said about Coinbase, right? But like at least Coinbase is a centralized exchange, right? Same thing with like crack in, same thing with all the other like exchanges. This one's different because it's for all the reasons that we talk about on bankless. It's, you know, on chains, smart contracts, totally permissionless. Could be that, though. Could be that. I guess it could be that.

Starting point is 00:35:05 There's the Uniswap wallet, which the Uniswob Labs company actually does produce. And then there's the Unitoken itself. So like speculation is like it's one of these three things. Maybe it's a handful of them. Maybe it's all of them. What we do know though, that because the SEC is not FinC, it's nothing to do with AML and KYC, which is because that's out of scope for the SEC. So it's highly likely that it's one of these three things.

Starting point is 00:35:29 We're still kind of waiting to hear about exactly what the details are. But that's what we know of to this day. David, I think this is a big deal because... Yeah, I think this is great. I'm stoked. You're stoked. You're excited about it. You've got to tell me why you're excited.

Starting point is 00:35:40 Like, first of all, I'm just, like, deeply disappointed in the U.S. and the SEC and Gary Gensler because this is not them picking on an exchange or the centralized order book, right? This is them picking on cryptos and DFI's flagship protocol that has done things incredibly well to decentralize all of the things that need to be decentralized. This is them pushing a message to all of DFI. and saying, we don't want this. The SEC does not want this here in the U.S., in America. Like, this is the first targeted attack on DFI that I've seen,

Starting point is 00:36:22 and it's no mistake that they're picking the largest, like our poster child protocol in order to place this attack. So that's why it's a big deal and pretty disappointing. Like that, like, they're going this far. Now it's just like this feels like a new type of, attack. And for all of those reasons, those are the same exact reasons why I'm stoked. Hayden Adams, Hayden Adams, when he tweeted out about this, he goes, I'm not surprised, just annoyed, disappointed like you, Ryan, and ready to fight. So like the Uniswap Labs, you know, they have a chief legal

Starting point is 00:36:59 officer. They knew that this was a possibility. They're ready to fight. And I would much rather have Hayden Adams and Uniswap Labs, a beloved protocol who decentralized and did things right and is literally the hardest nut to crack for the SEC to go to court with the SEC. They are literally our best people to send. Wow, that's a good point. That's a great point. Chose them to go after them. And so like, they chose our pride fighter. Yes, they're like, they're going after the champion, Hayden Adams. Like, they're going to get absolutely worked. And then we're going to be able to take that victory and then like paraded around defy and like look guys like uniswap is like leading the example here they are the vanguard for us uh this is hayden adams i think this is a slam dunk it's just

Starting point is 00:37:47 sadly unfortunately take a lot of time uh hayden adams goes on i'm confident that the products we offer are legal and that our work is on the right side of history but it's been clear for a while that rather than working to create clear and informed rules the SEC has decided to focus on attacking long time good actors like Uniswap and Coinbase all the while letting bad actors like FDX slip by Like imagine in the world where Gary Gensler and the SEC found some like shady low market cap like shit coin copy carbon copy

Starting point is 00:38:21 Fork of Uniswap that was actually led by a scammer And then they took them to court and then they sued them And then they paraded them as like this is what DFI That would have been a way better strategy for Genselor. That would have a way better strategy. is really messing up here. Yeah. And so like,

Starting point is 00:38:35 so Jake Shravinsky's take in my episode with him recently was that the SEC is determining what is regulation of the crypto industry by taking everyone to court and losing. Like as part of their strategy to determine what regulation is. Like if you are not going to court and losing, then you are not trying hard enough to regulate crypto. So they're taking our best people to court. Maybe they win, maybe they lose,

Starting point is 00:39:00 probably going to lose. And then they will say, like, look, we tried to regulate them. They won in court, and that's where the line is drawn. You know what I'm excited about, actually, now that you reframe it like that, you're giving me some more hope here, David, is like the entire world. This could go to the, and Hayden said this, this could go to the Supreme Court actually at some point in time. I hope it does. Sorry Hayden, it has to be someone. It's going to be you. Well, like, thank you. Well, like that, that means the entire world is going to hear, hear this narrative. And let's talk about the narrative.

Starting point is 00:39:28 Fast forward to today, Hayden says, the UNisot Protocol has processed over two, trillion in volume, two trillion. Many thousands of teams and developers have forked our code and built on top of it. We built an entirely new financial infrastructure that is transparent, fair, secure, and accessible powering an entire industry. The team did all this from the U.S. in their offices in New York City. Probably. Yeah, probably. U.S.-based entrepreneur, founder. People often ask me why we stay in the U.S. and my answer is simple. I believe that blockchain is incredibly powerful technology like the internet it's here to stay so someone needs to figure this

Starting point is 00:40:04 out it might as well be us and when you build technology that improves people's lives you don't need to hide David everyone's going to hear that story from uniswap and Hayden Adams and like who hasn't used uniswap and been like this is incredible right this is like the Google of

Starting point is 00:40:22 finance essentially I just click here and I swap and I'm done he ended this tweet with a huge mic drop he says the SEC's mission is protecting investors, maintaining fair and orderly and efficient markets and facilitating capital formation. This is a noble mission, Hayden says. I would argue Uniswap does a far better job of this today than the SEC. I would love to hear these arguments be made on the record in court in front of the entire world. Way better than FTCS and Sam Begman-Fried and the world hearing

Starting point is 00:40:55 that story. Let's hear this story in a court system. Sorry, Hayden. You got to be right. Hayden is a smart, sharp dude who is like not afraid to bite back when he needs to. And like Gary Gensler is just like leaning forward, giving him his face for like a right hook. He's also the person I at least expect to be in this kind of situation. He's kind of like a, he said it, an introverted engineer. He's just kind of like heads down building. But maybe that makes him perfect for this. Right. This is Uniswop Labs tweeting despite SEC rhetoric that most tokens are securities, the reality is that tokens are just a digital file format. Let's talk about what we're actually doing here and trying to regulate and call securities. You can't regulate JPEGs and GIFs. You know, like, Gary Gensler, the SEC doesn't have a

Starting point is 00:41:39 mandate over open source software. They don't, they're not regulators of GitHubs on the internet. This is a digital file format that we're actually talking about. Anyway, what does some of the legal minds think about this? Yeah, so Gabe Shapiro, who is a lawyer over in the Delphi world, he tweets out, and this is why some people are perhaps considering this might be about the UniToken. My opinion, Gabe says, don't overthink the Uniswap case. Probably the SEC will win on securities issues with the Unitoken and lose on Uniswop, the AMM being a securities exchange. Of course, we'll have to see all the facts and circumstances.

Starting point is 00:42:18 I have no insider knowledge, just my hunch on current info. I would actually kind of call that a big loss if it was about the Uniswap token and then the UniToken, and then the uni token was like deemed the security. definitely call that an L. That would definitely be an L. This is another take from a crypto lawyer. Today's well notice against Uniswap is disappointing, but it's not unexpected from the SEC.

Starting point is 00:42:38 It's another abuse on power. Unsurprising from an SEC that last month, the federal judge ruled, committed a, quote, gross abuse of power by lying in court about a crypto project. That's the context here. This is the chief legal officer of Uniswap, not just a lawyer. Oh, really? Oh, wow. Okay. This is the dude.

Starting point is 00:42:57 Who is bald? Paul is bullish. Paul is foolish. Good job Eric Wombe. Maybe that's why he did it, huh? He's trying to get more bullish. What's Paul Gray will say? Who's also under, like he is Coinbase's chief legal officer

Starting point is 00:43:12 and obviously fighting the SEC right now. Yeah, okay. So about the three things that the SEC might be taking uniswap to court on, the actual exchange itself, the UniToken and then the uniswap wallet. We already know that the Coinbase wallet would, that case that the SEC was trying to take against Coinbase. It's thrown out. That part was thrown out.

Starting point is 00:43:33 And so, like, that part feels super secure because a court already threw it out. So, like, you know, preemptive checkmark on, like, the wallet side of things. We also know that secondary transactions are cleared from being security sales. We know this from the XRP case when Ripple and the SECC tried to take Ripple and lost versus Ripple. And so we already know that, like, any sort of secondary transactions on the Uniswop AMM does not make a token of security, you can try and go argue that a token is security, but just being on uniswap the exchange does not make them securities. So like two of the three big things is already have like preemptive checkmarks in them because we already have court cases that have

Starting point is 00:44:12 produced clarity where the SEC has not leaving the uni token as like kind of the one that we don't have. Which would still be a huge loss. Which would if they won, but they would also still have to like make the argument that they would win. And like the, you, again, like, the way that the Unixwap token has entered the world and the lab's relationship with the token and the, all of that stuff is like, the best that has ever been done in terms of like buttoned-down compliance.

Starting point is 00:44:38 It's one of our best ones, I think. It's our best ones. And so, like, again, it's our, they're picking on our star fighter. Like, I choose to box the champion. Like, you don't do that. Maybe, like, all these losses that Paul Grewell is pointing out, maybe the SEC just likes taking L's in court, man. Well, see, that's what Jake Shravinsky said.

Starting point is 00:44:54 It's like, if you aren't taking crypto to court and losing, you're not trying hard enough. Well, the SEC's trying really hard because they're losing a lot. This is Jake again. I don't know who needs to hear this, but the SEC is a financial markets regulator, not the open source software police. I think they need to hear that, Jake. He's got a summary of the vibes here in case you were down in the dumps about this. He says, a good thing that crypto as an industry is not a group that scares easily. Here are five reasons to stand strong in the face of the SEC's threats.

Starting point is 00:45:25 Number one, as a reminder, the SEC doesn't make the law. Congress does that, okay? So they can take the middle of court. They don't make the law. Number two, they're taking Ells in courts. Many courts are rejecting the SEC's approach. Number three, the industry is going on the offense. That's happening right now.

Starting point is 00:45:40 I'm getting fired up just talking about this. Number four, new SEC leadership could change everything. Gary Gensler is not Emperor King. You won't be there forever. Number five, the industry keeps innovating. we are continuing to build out here. So those are reasons to be optimistic here, David. Yeah, and even with the strategy that the SEC needs to take people to court and lose

Starting point is 00:46:02 in order for, like, the Democrats to be satisfied with SEC performance, eventually the courts also, like, catch up to that. They, they, you know, catch wind of other SEC cases in other court cases. Yeah, that's right. And so when they see, like, these, like, yeah, I don't think you've had the time to listen to the Jake Chavinsky episode. Yeah, it came out this morning. But like there is this one court case that the SEC,

Starting point is 00:46:26 not Gary Gensler, but the SEC lawyer, lied through his teeth to the judge. And then the judge called them out on that fact. Yes. And so you can only do this so many times before the court, like, sir, SEC, your reputation precedes you. You're going to take the L here. And the L's just come faster and faster. Well, I, you have switched me to be a bit more optimistic about this because I think you're right on that this is a, a great case to bring front of courts, and it's kind of our prize fighter.

Starting point is 00:46:57 I will say one thing, though, David, that's kind of bad in the interim. Well, this all gets figured out. Again, it could take years. This is bad for U.S. crypto developers and founders. Totally. Okay? Because what startup is going to build a crypto company in the U.S. after this? When you have the resources of a Uniswap, that's one thing.

Starting point is 00:47:15 And U.S.Wap wouldn't have had this like a few years ago. Now they've kind of, quote, unquote, made it so they can defend themselves. But you're for a startup founder, and you're thinking about doing any crypto project, there's no way you're going to do it in the U.S. Who loses from that? U.S. founders, U.S. entrepreneurs, U.S. citizens, the U.S. economy, the U.S. jobs market. And, like, that's kind of painful. And it's going to set the U.S. back. I think that gets fixed through regulatory arbitrage.

Starting point is 00:47:40 Other companies will welcome these entrepreneurs and welcome these builders. And it'll all be fine. At some point in time, the U.S. will change its policy, change its mind, hopefully not being dragged, kicking and screaming. But in the interim, it's just a complete cell phone, and particularly for the founders that are trying to build in the U.S. Speaking of founders building in the United States, EigenLer and EugenDA are currently on mainnet. Yeah. So shifting gears here a little bit. So after a successful test net and passing $13 billion in TVL, Eigenl has turned on some of its switches, not all of them.

Starting point is 00:48:15 So like the Egan Layer brand, the Eugen Layer cautiousness, they are slowly rolling out their main net. So some things have been turned on. Other things are still to be turned on. So what are the things that have been turned on? Restakers can now delegate their ETH, their restaked ETH, to their operator of choice. Operators, what are operators? These are the people who run AVS's.

Starting point is 00:48:38 Operators can now register with EGEN layer and opt in to run AVS's. And then AVS themselves can now register with the protocol, starting with Igen, DA, which has already done this, which is now online. Remind people when AVS is, too, David. an AVS actively validated service it's basically an eigen app think software as a service plus crypto economic security of ETH so you are just a software normal SaaS business but you can add trust

Starting point is 00:49:06 into your service offering by integrating with eigen layer as an ABS so it's an Igen app one of the biggest apps to launch as well as this homegrown application a data availability application called eigenDA and that has also launched this week what What are the details behind Igen-DA? Yes. Well, in order for Igen-Layer to launch, at least one A-V-S needs to be online or else what does it even mean to launch? Igen-Layer, Igan-D-A is the only incubated, self-incubated A-V-S out of the Igen-Layer

Starting point is 00:49:36 team. It's kind of, it actually just makes perfect sense as like a-Igen-Layer needs to, like, kind of dog food his own project. Aigen-DA just is the most proximate, like, it's the best AVS to really get this whole system started. All, if you're in roll up. Ups need DA, basically really cheap DA, so why not do it here? Yeah, and also specifically there is like a very close relationship between the concept of

Starting point is 00:49:59 DA and coordination, and Sri Ram just loves coordination. Igen layer is like this big coordination app. If you really like want to zoom out and get kind of like cosmic about it. And so Igan DA is now online, which now many of the rollups who have been like positioning to consume eigen DA are now consuming eigenDA, like projects like Mantle, many, many, many others. and so that is the big news. There are things that are not online right now. So in protocol payments from AVS to operators,

Starting point is 00:50:29 which is like why is everyone excited about Eugen layer because it gets yield. Yield is not turned on. Payments like paying for the AVS services not yet turned on. That will be coming soon. And also slashing. And so there is actually really no notion

Starting point is 00:50:44 of like slashing in Eigen DA. But like slashing is a very core, primitive of the eigenlayer system. So to really have like all cylinders of the eigenlayer app, the eigenlayer system running, you need these two things to get turned on. And then also many, many more AVSs. 10 AVSs are currently on the Holski TestNet. And so like they're all trying to get online as soon as possible here. So there's a lot, there's like, there's going to be like a series of these announcements of like even more about the eigen layer system is online. But this is very much the big one. We are now through the first big hurdle. No word on a token.

Starting point is 00:51:18 yet, of course, not publicly. First, first we go main net and then maybe something else later. I think what's really interesting to me here is how Igen-DA is going to compete against Celestia, right? And how all that's going to maybe compete against, you know, blob space. But reportedly, eigen-DA is like 5x, has 5x the throughput capacity of Celestia, even. And I'm sure Celeste will upgrade. I'm sure that will change, but it'll be a race for that. And some pretty big layer two is are set up to use eigenDA. So Mega-Eath, that's like one that's coming on the scene. Movement conduit.

Starting point is 00:51:53 These are Roll-ups as-a-service, Caldera, all of these. So some early traction for sure. I also like Shuram's framing of this. You know, he thinks like abstractly, almost philosophically about these things and his take in general on the stack that we are building in crypto, at least from the Ethereum perspective, is. Ethereum is the verifiable Internet. Roll-up is the verifiable web server, AVS,

Starting point is 00:52:16 is the verifiable software as a service, SaaS, and eigenlayer is the verifiable cloud. And then he goes through, kind of like some more details, what that means. Hot, hot, hot. Yeah, it's a pretty good take, I think. Yeah. There was just like a big, like, celebration

Starting point is 00:52:31 in the crypto space because, like, eigenlayer has already, like, produced its own ecosystem of, like, startups. Like, every AVS is a startup. Operators are leveraging this. So there's a lot of people, like, hooking into the eigenlayer ecosystem. So there's, like, one just big grand celebration.

Starting point is 00:52:45 just like, hey, Igenlayer team, congrats for launching. And there's this, like, there's this, like, meta that emerged of just, like, people would retweet the AgenLayer announcement tweet with their, like, selfie with SriRom. So I just put it into a collage. Oh, my God. There were so many, dude. Three ROM selfies. It turned into this meme of just, like, number one, congrats to the AgenLayer team for launching

Starting point is 00:53:07 on Mainnet. Number two, here's my selfie with SriROM. And so I just took a screenshot of every single one. Well, you said just put it into a single picture. He's just, he's just, he's, he's just, he's, he's, he's, he's, he's, One of the most beloved founders I've ever seen in the cryptospace. Yeah, I really enjoy Sri Ram. I think one thing that's interesting about this, David, I'm going to see, we'll see how this emerges.

Starting point is 00:53:26 It's kind of like the Heathholder alignment behind Eugenlayer. Okay, so if you were an Eith holder, just like economically rationally, what's good for my bags type of question? Then what's good for your bags is roll-ups using Ethereum for blob space, essentially, and using Ethereum as a DA layer, right? That's good for your bags. It's not good for your bags if Rolup start using Celestia DA, because that's not Ethereum. But it is good for your bags.

Starting point is 00:53:56 It is good for ETH price or fundamentals if they use EGENDA. And I'm wondering how sticky that magnet will be in crypto at all. Like you could see the ETH community and ETH holders at least pushing EGENDA over Celestia because it's more economically aligned. It's in their incentives to do so. Did I just say some dirty words like on the show today? I mean that's just an incentive that's at play, right? You said some tribal words, which I don't think either of us have ever avoided prior to this.

Starting point is 00:54:27 I did do an episode with Nick White yesterday about Celestia. And like, Celestia has a project really, really interesting. However, as a fan of Ethereum alignment, I really also super interesting. As an Eve bagholder. As a Eve bagholder, yeah. Well, there are just fundamentally different properties about Celestia versus eigen-DA, where like, eigen-D-A, Celestia is a blockchain,

Starting point is 00:54:49 IGN-D-A, not a blockchain, so has the luxury of just truly optimizing for an absolute magnitude of capacity, where Celestia has, like, consensus and, like, sovereignty and some, like, other things that is interested in. Yeah, which makes it, which, like, makes these things, like, materially divergent, right?

Starting point is 00:55:05 Like, there could be a world of, like, eigen-layer roll-ups that are just completely independent from Ethereum roll-ups. And so it makes sense that Ethereum roll-ups would opt for eigen-D-A, just because it's close to the heart, right? It's like close to the nexus. What's this tweet you included in our list year?

Starting point is 00:55:22 Yes, okay. So this is actually kind of like I'm moving on to a new subject, but the new subject is an AVS. And so this is Omni Network, which is an AVS inside of the eigenlayer ecosystem. And this is one of like the big predictions I've been making about eigenlayer and my strategy, this bull market,

Starting point is 00:55:39 which is not to speculate in meme coins because I don't got that kind of time and I'm like actually just bad at it. You want to speculate on restaking. don't you? I want to speculate on resaking. That's right. That's right. And so the Omni network, which is an AVS on top of eigenlayer, which provides just interoperability and defragmentation of the Ethereum roll-ups based by providing economic security between roll-ups is dropping 13.3% of their total allocation going to eigenlayer restakers.

Starting point is 00:56:09 13.3% of a drop. It's not just points. This is an air drop. It's not just points. This is an actual air drop of a real token, not just points. 10% going to beacon chain solo stakers, 7.7% going to Melades and 5.7% going to Pugy Penguin. So giving away like an aggressive amount of the tokens, 13.3% of that is going to eigenlayer restakers. And so like the idea, the whole thesis behind the eigenlayer like point farm, which is like you farm the eigenlayer token, you farm the LRT that you're using to farm the eigenlayer token. And then, in the background, you have these like plethora of aviases that are all going to air drop to the restakers, of which this is one, I think the first one that's actually happened and is now

Starting point is 00:56:56 happening. And all you have to do is stake your teeth. All you have to do is stake your teeth. Double staking. No, restaking, not double staking. Why didn't double staking catch on? What do we have coming up? Coming up next, Solana's NFT platform, TensorFlow, also drops their token, probably one of the more

Starting point is 00:57:14 hyped token drops in a while, newly announced Circle partnership with a BlackRock, why that's a big deal. I'm excited about that. Yeah, and Monad shatters records with the largest raise in crypto this cycle. Ethereum killer, maybe. Question mark. Or Ethereum execution client. Maybe both. Executor or execution client. Stay tuned to find out. But first, we're going to talk about all these sponsors that make this show possible, especially Mantle. Mantle, the layer two, that is actually building eigen-DA in collaboration with eigenlayer itself. Before it was cool. Before it was cool. So shout out Mantle. Let's go hear from them right now. Mantle, formerly known as BitDAO is the first Dow led Web3 ecosystem, all built on top of Mantle's first core product, the Mantle network,

Starting point is 00:57:59 a brand new high-performance Ethereum Layer 2 built using the OP stack, but uses IgenLayer's data availability solution instead of the expensive Ethereum Layer 1. Not only does this reduce Mantle Network's gas fees by 80%, but it also reduces gas fee volatility, providing a more stable foundation for Mantle's applications. The Mantle treasury is one of the biggest Dow-owned treasuries which is seeding an ecosystem of projects from all around the Web3 space for Mantle. Mantle already has sub-communities from around Web3 onboarded like Game 7 for Web3 Gaming and Buy Bit for TVL and liquidity and on-rowns. So if you want to build on the Mantle network, Mantle is offering a grants program that provides milestone-based funding to promising projects that

Starting point is 00:58:37 help expand, secure, and decentralize Mantle. If you want to get started working with the first Dow-led layer 2 ecosystem, check out Mantle at mantle.xyZ and follow them on Twitter at 0x Mantle. Welcome to Consensus 2024. Consensus is one of the biggest hubs for all things crypto, blockchain, and Web 3. This May, Consensus is celebrating 10 years of decentralizing the future. Going to Consensus means being in good company with over 15,000 attendees from over a hundred countries. You have the opportunity to learn directly from the architects and advocates representing Bitcoin, Ethereum, Solana, along with the teams from popular layer twos like Mantle, Arbitrum, optimism, base, and others.

Starting point is 00:59:13 Well, consensus is more than just discussions and presentations. Badgeholders get access to witness 10 professional karate combat fights and one unprofessional one between myself and Nick Carter. For the visionaries, pitch fest is your spotlight, presenting a stage for the most promising early stage web three companies. And for the devs, the hackathon offers a unique chance to build your next project or take your existing project to the next level. Immerse yourself in hundreds of side events and hacker houses scattered around Austin.

Starting point is 00:59:38 Register for consensus 2024 today and save 20% with code, bankless. Sello is the mobile first EVM compatible carbon negative blockchain built for the real world. Driving real world use cases like mobile payments and mobile defy and with Opera MiniPay as one of the fastest growing Web3 wallets, cello is seeing a meteoric rise with over 300 million transactions and 1.5 million monthly active addresses. And now Sello is looking to come home to Ethereum as a layer two. Optimism, Polygon, Matter Labs, and Arbitrum have all thrown their hats in the ring for

Starting point is 01:00:08 the Sello Layer 2 to build upon their stacks. Why the competition? The cello layer two will bring huge advantages, like a decentralized sequencer, off-chain data availability secured by Ethereum validators, and one block finality. What does that all mean for you? With cello layer two, gas fees will stay low, and you can even pay for gas natively using ERC20 tokens, sending crypto to phone numbers across wallets using Social Connect. But Sello is a community-governed protocol.

Starting point is 01:00:31 This means that Sello needs you to weigh in and make your voice hurt. Join the conversation in the cello forums. Follow Sello on Twitter and visit sello.org to shape the future of Ethereum. TENSR just dropped NFT trading infrastructure I would kind of call Tenser part of the big three of Solana I don't know if anyone else calls this the big three but like Tensor the NFT platform

Starting point is 01:00:53 and Jubei the exchange and then Gito the execution client yeah and so this was the last of the big three tokens to get dropped into the Salana ecosystem holders of the TENSER token benefit from fee discounts when transacting on Tensor so utility for the token which is you know bearish because

Starting point is 01:01:10 Fundamentals are bearish. This is part of season three. So participants of season one, two, and three received treasury boxes with their tokens. Those treasury boxes are now available to be opened. So the prices hopped around from $1.8 to $1.6 with a max supply of a billion that puts tensor out as a 1.6 fully diluted billion market cap. We got another unicorn airdrop. You know unicorn airdrop. Current market cap around 200 million because the circulating supply is 12 and a half percent. So still pretty early in the distribution. So 55% of the token goes to community, which is like great. Well done. Well done. Well done. Well done. 27% to core contributors. I'm assuming that's the team itself. 9% investors and advisors and then 9% for future fundraising

Starting point is 01:01:56 and development. So just like miscellaneous. You have 180 days to claim. I actually don't know what the criteria is. If I got this token drop, that's hilarious. And they are starting season four. So season four has begun. I bet that's where that remaining 9% is going. You know, I think the best alpha for this cycle is I have never seen air drops fall this thick and this large. We just got another unicorn air drop this week, okay? And so if you are...

Starting point is 01:02:21 We don't really need to raise the threshold of what it means to me to be a unicorn. AirDrop Hunter is all I got to say. So Tenor was in the air drop hunter. It's been on there for a long time. It's been on there for a long time. This is a product that Bankless provides. You can go click the show, link at the show notes and get access to it. It's bankless.com slash air drop.

Starting point is 01:02:37 drop hyphen hunter. Or if you are just so advanced that you don't think that this product is for you, but you don't want to answer any of your annoying friends questions about what they should be going to do, just send them here. Yeah, look at all these new ones, David. This is like new means it was added in the last couple of weeks.

Starting point is 01:02:53 All these new air drops to go hunt. And this is just huge ROI, time well spent. I'm actually surprised more people don't do this. And I know only crypto people quote unquote know about it, but like on a monthly basis, people are making like thousands of dollars. At this point in the cycle, I'm not saying it's going to last forever because it won't, it never does. At this point in the cycle, huge ROI for going on an airdrop hunts.

Starting point is 01:03:15 And it's fun too. You get to use these protocols. Learning how to use a protocol and hunting for an airdrop is the same thing, which is actually how this product came to be. Yeah, it should be when everything's aligned. David, you saw this. I know we predicted this because we talked about this on our episode, but we couldn't talk about it explicitly. Yeah. So Circle announces USDC smart contract for transfers by Block Rock's.

Starting point is 01:03:37 middle fund investors. Okay. What that means is bankless folks will remember we were talking about, we did an episode on this, we talked a few roll-ups ago, about BlackRock releasing tokenized treasuries on chains. You can scroll in the ether scan, you can find out, like you can see the contract where they release this. Well, now Circle has partnered with BlackRock. And so investors with BlackRock treasuries can now hit a button, David, and convert those treasuries into USDC. It was a button. Yeah. It's a smart contract call. In fact, look, this is what it looks like. This is the code on EtherScan

Starting point is 01:04:12 that shows the pipeline from BlackRock treasuries to Sablecoins, what it looks like. So in goes U.S. Treasuries and out comes U.S.D. And I just want to remind folks, there's a lot of treasuries out there. A lot of Treasurer out there. And BlackRock has infinite supply access to them.

Starting point is 01:04:29 And the U.S. continues to make more. There's $27 trillion worth of treasuries out there. And we have just started the tokenization. process and already Black Rock is leading. See this? 300 million. It was still early days. But this essentially, this is the bank's opening branches on Ethereum, as we've said before. And I think it's pretty bullish. Smart contracts are the new bank branches. I love that. I mean, so we got a $24 trillion pipeline from treasuries to stable coins. I also actually think that this is a proto-central bank digital currency, actually.

Starting point is 01:05:07 Uh, sure. Yeah, except for like a CBDC is meant for payments and this is meant for like wealth. I think like all of these things are converging. Is the payment part, right? Oh, for sure. This is the connection to treasuries. So this connects treasuries and the Fed directly to a stable coin USDC. So stable coins are going to happen in the U.S. because BlackRock and the banks want them to happen. All right? And I think you'll never get a CBDC through in the U.S.

Starting point is 01:05:32 What you will get are these private stable coins. You know BlackRock owns a part of the equity of Circle? So Circle... Oh, wait, no, I did not know that. They do. They're owners of Circle. Circle's going to IPO this year, I would expect sometime. I mean, that's not public yet, but there's a lot of rumors and speculation going on.

Starting point is 01:05:50 And BlackRock owns a portion of Circle. This is essentially U.S. banks bringing a private market bank-driven stable coin, a private version of a central bank digital current. the U.S. is the answer to central bank digital currency. This is how it's happening. And so I think we're seeing the early phases of the contours of what this will look like. I'm willing to bet that BlackRock has ownership in Circle. I bet you they did some sort of deal, a part of this deal.

Starting point is 01:06:18 So like making Biddle and U.S.E.C. one-to-one convertible, which like just to really talk about the implications here. This makes Biddle a quality collateral asset inside of like things like AVE or Maker-Dade. or like any sort of defy app. And so you can get the yield of treasuries, but you can use this token as collateral and defy. And why you might not have been able to do that without this USC conversion is that you need a liquidity profile

Starting point is 01:06:48 for Avey. If they are ever going to liquidate you, they need Biddle to be extremely liquid. Now Biddle is as liquid as U.S.EC on Ethereum, which is like one of the most liquid assets on Ethereum after Ether. And so it's actually just kind of cool to have on-chain treasuries be like with a direct equivalent pipeline to USC, which is a direct equivalent pipeline to like all of defy. And so like there's like a lot of people saying like,

Starting point is 01:07:16 oh, Black Rock's coming into like the world of defy. The banks are coming. Why are we celebrating the banks coming in into the world of crypto? One of the big problems about like the old financial system is just the walled gardens, the silos that is Wall Street, that like the average player cannot play in and it's a gate. It's a gatekeeping and you can't, you can't, you can't go there. You're not elite enough. But in the Ethereum world, like, we are all on the same platform. And so everyone gets, A, gets to like check on everyone else. And everything is just like, everything's a lot closer. It's all, we're all on the same playing field. Yeah, I don't really understand that take. I mean, people, like, because I tweet something like this out and people are saying,

Starting point is 01:07:55 bankless, look, it's bankless and they're cheering on the banks. Okay. This is, this is the banks coming to our crypto economic system and choosing our system as the base layer, the settlement layer, rather than Fedwire. This is a win for us. This is a Trojan horse for us. They're bringing their tokens on our chain, on our decentralized open, permissionless network. And they're paying us gas fees in order to secure this network and make it stronger. And they're providing liquidity.

Starting point is 01:08:27 And they're helping to distribute more private keys and more hands. This is nothing, from my perspective, but a win for crypto. Now, we lose if they start to co-op this chain and they start to take away the open, permissionless decentralization properties, right? But that's what Ethereum has been built to withstand. And we're going to have to withstand that anyway. So I see this as nothing. And this doesn't preclude your ability to go hold dye or Ethereum or like anything or be

Starting point is 01:08:58 completely bankless if you want to be. it just gives you the choice. So I see it as a total win. I mean, this is just us ripping out the guts of the old financial system and replacing it with better ones, the ones that we built from the bottom up. David, big, big raise going on this week. The biggest of this cycle that we've seen, $225 million. That's not the valuation. That's the raise itself. That's how much cash went into the bank. Yeah. In Monad. Okay. So what is Monad? Monad is a bytecode equivalent EVM.

Starting point is 01:09:29 Layer one, that is, they took everything out of the EVM refrigerator, reassembled it, made it better, and then put everything back in. So it's EVM bytecode equivalent. It's not like a little bit equivalent. It's not compatible. It is 100% equivalent to the Ethereum virtual machine, but it has a parallelized execution client. So it's a parallelized EVM.

Starting point is 01:09:52 We all love parallelization these days with a parallelized database. because if you have a parallelized execution, well, you also need paralyzed input and output retrieval out of data. And so Monon has done the very hard thing of completely rebuilding the Ethereum virtual machine because the network effects around the EVM are massive, but the EVM itself is like kind of broken,

Starting point is 01:10:17 and even Vitalik would say this. And so they've done the very hard work of just like truly optimizing the EVM as a piece of software as well as possible. So I think, like I guess to get a picture of this. Picture Ethereum except it supports 10,000 transactions per second.

Starting point is 01:10:33 Yeah. And I theory on Ethereum layer one that is like, you know, limitless in its constraints. Yes. And the existing smart contracts that work on Ethereum and all EVM chains will work on this. And they're not at Maine yet, so they still have some work to do, but they're

Starting point is 01:10:49 getting closer and this raise gets them even closer. There's a lot of investors in that's basically everybody in crypto, including, by the way, like bankless ventures. And I think there's a question outstanding on this is why doesn't Monad deploy as a layer two rather than they're deploying as a layer one? In fact, I saw title headlines, new ETH killer, right? All, you always get this, right? High TBS chain, it's EVM compatible. Is this the new ETH killer? And so I think a lot of Ethereum people are like, why not just do this as a layer two? It's not what layer twos are for. I can't speak to the founder's intentions here.

Starting point is 01:11:25 I know I've asked that question before, as have you. Keone asked that question. And I think we'll have on the podcast when they get closer to Mainnet and we'll ask him the exact same question. But I do think that there is an economic incentive at play here that people should just like, maybe it's obvious, but people should know about. There's a token premium for big names, big name execution layers to be layer ones, alternative layer ones to Ethereum rather than, layer two's. And what do I mean by that? token price is higher if you deploy as a layer one. I don't make the rules. I wish this wasn't

Starting point is 01:12:03 the case many times, but that's kind of the narrative because you can take Ethereum's value and you basically say, well, X percent of that, you know, and it's a higher valuation. At least that seems to be the current view on the market that market participants are taking. If you're an alternative layer one, you can have a higher valuation than a layer two. until that changes, I don't expect actors like Monad to become layer twos.

Starting point is 01:12:30 Until that narrative shifts, until that meta shifts, it probably won't happen this cycle. If it does happen, it probably will happen during a bear cycle. But until you get that economic incentive shift, as much as people like me want these alternative layer ones to be layer twos anyway, because you benefit from the network effect and economic security of the theorem, I don't think they become layer twos. What do you think of that? I think that's right. I think the answer as to why layer ones catch such a strong premium has always been because if you are a layer one, you are competing as money. Whether you think that you're competing as money or you intend to compete as money, you are competing as money. All layer ones has been part of the bankless thesis. All bankless, all layer ones are money or attempts to be money. And so they get the money premium. They get some sort of like tailwinds because they are the money for. for their own ecosystem.

Starting point is 01:13:25 Like the OP token, the ARB token, they are not the monies of their respective networks. ETH is. So Monad, as somebody like Keone, very ambitious founder, he's going for the whole thing. He's going for money as making a layer one. And so whatever the Monad ticker is,

Starting point is 01:13:43 whatever the Monad token is, is trying to be the money of the Monad ecosystem. And that's how you catch a very strong premium. So is this good for Ethereum or bad for Ethereum? well okay all other layer ones are bad for all other layer ones fundamentally that's just like how it works there's why like there is no such thing like there's a lot of people who are like oh why can't we all get along I'm like yeah we can all grow the pie but we can also take a larger share of the pie too like the all competition kind of boils down to that they all compete it is also extra competitive with ethereum

Starting point is 01:14:15 because it's the EVM but we've also seen other layer ones that are EVM based like Avalanche like I guess compete with Ethereum and I guess take away value from Ethereum, but also contribute back to it, right? Developers, if you're developing on the EVM, you're helping Ethereum. I think of all EVM forks of which there have been many in the crypto halls of history, this is the one that I'm seeing actually produce real substantial value for the EVM ecosystem. So like, you know, Ethereum or one of the many Ethereum forks like Avalanche Phantom or whatever could also benefit from the Monad V. The parallelized EVM. Same with layer twos.

Starting point is 01:14:53 Same with layer twos, right? And this is a conversation I had with Onscar not too long ago. It's like, actually, what would it take to like rip out the EVM on the Ethereum layer one and replace it with a better Ethereum EVM? Nuance answer, of course, that episode is out for bankless premium subscribers. What Monad could do, and I think eventually the Monad EVM will be open source. I'm guessing it's going to be like a Uniswap kind of license where they release the, code but under a business license, so it's like protected for like three to four years to give like actual uniswap a head start and then other people can fork it for free later. I bet that's what's going to happen here with Monad. And so I bet you Ethereum layer two will eventually use the

Starting point is 01:15:35 Monad EVM. The Monad virtual machine could actually become a Ethereum layer one execution client because there is, like I said, there's a big difference between like bytecode equivalent Ethereum equivalence versus just being Ethereum EVM compatible. So like this could be an execution client for the Ethereum layer one alongside like Geth or Reth or all the other execution clients, which would be immensely beneficial.

Starting point is 01:16:02 I think people will see in this sort of whatever their preconceptions maybe are because there's multiple ways to view this. You could see this as, oh, VCs are funding a brand new EVM execution client for all of Ethereum. Isn't this amazing? All of the Ethereum, the entire ecosystem benefits, including all of the layer twos and then potentially

Starting point is 01:16:18 L1. Or you could view this as oh my god it's a new Ethereum killer and it's like Ethereum but it's like you know max TPS or you could say this isn't really competitive with Ethereum Ethereum Ethereum is already credibly neutral it's got the most distributed validator set it's got all the infrastructure built on top of it it's a settlement layer

Starting point is 01:16:37 these chains aren't really competing for that they're competing on the execution layer and so this Monad is the Salana killer it's going to go kill the other monolithic chains essentially right there's all different ways you could view this. And I think like who knows, maybe it's

Starting point is 01:16:54 some of all of the above. I think one thing to watch though is for layer two's, parallelized layer twos that are coming. So this is the first as an alternative layer one but we're about to see projects like mega eith, which is like this similar type

Starting point is 01:17:10 of ultra fast, high TPS type of deployment, fully EVM compatible only as a layer two. And then you also have eclipse and ellipsis and you have movement, which are SVMs and movement chains, and they're all deploying as layer twos. And I wonder what pressures, what forces, what forces that they might bring to the table as well. So it's going to be interesting. I think that's a great snapshot. Yeah,

Starting point is 01:17:37 totally. We got some jobs this week, David. Bankless is hiring. What are we hiring for? Number one, a podcast video editor slash media operation. So if you can work your way around final cut or premiere and you know a thing or two about crypto and podcasting we definitely want to talk to you come make our podcast better also a senior product designer and a growth marketer so come join literally the most fun company in crypto at least i have fun i don't know about you right you are having fun here because uh we're about to get to it ending this episode um you got some combat scheduled oh what is going on here david so uh you told me about this a few weeks ago and um you dropped it you are about to do battle with somebody else.

Starting point is 01:18:21 Is this like, first of all, this is karate combat, but it feels more like boxing to me. I don't know my martial arts. Technically, it is karate. So me and Nick Carter are karate combating each other at Austin, in Texas. This is a real thing.

Starting point is 01:18:39 For real thing. Same exact organization that hosted the Bit Boy versus Light fight not too long ago. So like it's called Karate Combat. bat so it's technically karate rules it's basically kickboxing uh so like there's no like on the floor grappling um you can choke each other out you can't yeah you can't choke each other out but like you can punch and you can kick wow punch and kick yeah why are you doing this do you have beef with this this nick carter guy i mean he's been on the podcast more than any other guest do you secretly hate this guy other than italic yeah no nick's great he's awesome i love the guy what does he think of you does he share that

Starting point is 01:19:13 sent to it is he i think so yeah yeah we're super amical so why are you guys fighting we're great buzz Why are you fighting? He hit me up and was like, hey, do you want to box that consensus? And I was like, no, I don't want to box at consensus. And then like, over the weekend, I was like, hmm, but what if I boxed Nick Carter at consensus? And then for some reason on Monday, I was like, eff it, let's do it. I love this quote from Nick Carter. David and I aren't claiming to be amazing fighters.

Starting point is 01:19:38 The objective is to entertain and take on a new challenge, not to begin decorated fight careers. Yeah, so this is both of us experiencing just like, for some reason, season, like this announcement just like brought out all of our haters being like, because Nick and I both have like a very strong amount of haters on crypto Twitter. Like I've offended the Solana Camp one too many times. Nick Carter has offended the laser-eyed maxis one too many times. And so now it brings them all out and like all the haters like, oh my God, I would love to box David Hoffman. And I'm like, well, I don't know who you are. No one does. You're only going to box your friends, right? I'm only going to box my friends. Yeah. It's like kind of like a mirror of

Starting point is 01:20:17 ERISED thing where like if you actually want to like cause harm to someone you don't get to do it. Yeah. Well, so how are you training? How are you going to be ready for this? I'm not disclosing that. Maybe put that on the premium feed. You got to get Nick to subscribe to that. Hey up, Nick.

Starting point is 01:20:36 So this is May 30th in Austin, Texas. There's actually a polymarket. Have you seen the polymarket? Oh, can you play this video? Yeah, yeah. Let me play this. versus Bitcoin. Let's settle this. David Hoffman, I'm calling you out. Let's go. May 30th, Austin, Texas. I'll see you there free on YouTube. This guy's head off. There you go. Oh, wow.

Starting point is 01:20:58 Are you ready for this, David? That guy's got nothing on you. That's what I'm talking about, man. Jeez, I mean, Nick is really training up for this. Yeah, his coach is pretty agro for sure. Okay. I've never, like, I've hung out with Nick Carter like a few times. We went rock climbing once. he's kind of tight. The muscles are kind of tight. It's not very loose. All right.

Starting point is 01:21:23 I sense a little hesitation in your voice, but what are the markets telling us? So when the polymarket opened up, it priced me as the winner by 60-30, a 2-1 odds for your boy, truly. That has now come down, so the margin is now 53 to 40. In favor of you still? In favor of me. Yeah, for some reason the polymarket is saying I'm winning, which, like, I was surprised. Wow. far, right? Huh. So is there a call to action for the bankless nation? Should people get...

Starting point is 01:21:53 Yeah, if you're going to go to consensus, come watch me and Nick Carter punch each other in the face. Oh my God. That's almost enough to get me out of the house to go to a conference statement. Almost. Yeah. But it turns out you can watch it online. That's right. When he's on YouTube, I'm like, sold. I can't wait. Good luck though. And whatever you, you know, do... Dude, there is $39,000 betting on the polymarket between Nick and... Oh, oh, we should say, this is for a good cause, right? So a 10K purse goes to where? So whoever loses pays $10,000 to the respective ecosystem of the winners for open

Starting point is 01:22:30 source development. And so if I lose, which I won't, $10,000 is going to go to Bitcoin Core, which it won't. And then if Nick loses, which you will, $10,000 will be going to Protocol Guild to fund Ethereum developers. Wow. And then there's also one more bet. So Nick Carter has a bet out with Justin Drake about the ETF approval. Oh, he's not going to fight Drake.

Starting point is 01:22:54 I was like, God, no, no, no, no, save that for me and Drake. Save that for the podcasters. And so if the ETH ETF gets denied in May pretty soon here. Yeah, which you will. Then Justin Drake has to give up his tungsten cube to Nick Carter. And this is something that Nick Carter is doing with many people. He's like collected like four or five people's tungsten cubes from winning bets with them. I don't think he's ever lost a bet with a tungsten cube.

Starting point is 01:23:19 That's bad, David. Are you sure? Like, Drake's going to lose. He's going to lose. So you got to, I mean, because this is now set up to be a Bitcoin versus Ethereum thing. I just heard it. Yeah, this is how we're branding it. Yeah, Bitcoin versus Ethereum.

Starting point is 01:23:30 But the loser of the bet has to also give a tungsten cube to the other. And if Nick loses the fight, which you will, I get Justin Drake's Tuncine Cube. Wow. That specific one. The winner of this fight, of course, has to go fight someone from the Salon community, right? Is that how it works? There's zero people in the salon community. that I'm interested in fighting.

Starting point is 01:23:49 Fight anatoly. Disclosures. I don't think either of him and I want that. We got to remind folks, of course, we are investors. We're not journalists. We don't do paid content. There's always a link to our disclosures in the show notes. You can find that at bankless.com slash disclosures.

Starting point is 01:24:03 And, of course, crypto is risky. So is karate. Boxing or whatever David's doing. You can 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.

Starting point is 01:24:14 Thanks a lot.

Bankless - ROLLUP: Uniswap vs. SEC | Eigenlayer Mainnet | Blackrock BUIDL Fund | $TNSR Solana Airdrop

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