Bankless - Weekly Rollups - 2ND WEEK OF OCTOBER

Starting point is 00:00:07 Bagless Nation, welcome to the first weekly roll-ups round. I am Brian Sean Adams. I'm here with David Hoffman, my host, and we are doing a weekly roll-up. David, why don't you tell the folks what roll-ups round are going to be? Yeah, the crypto world is insane. It moves way too fast. And so we don't really have enough time to talk about it. And so what are we doing? We're rolling them up. We're rolling them up. We're going to bundle everything that happens into a week into a 30-minute episode. We have five categories that we're going to spend five minutes on each and then a little bit at the end of what we are excited about. But we are trying to get as much information into, injected into your guys' brains as fast as possible. And that's exactly what roll-ups do. And so hence,

Starting point is 00:00:52 roll-up rounds. So if you want to catch up on the week that just happened in crypto, tune in on Fridays. That's when we're releasing this. We're actually doing a simultaneously, simultaneous release on both YouTube. So you can catch us there. We're going to have graphics. We're going to show you graphs, that sort of thing. It will also be published on the podcast on Friday morning for you podcast listeners. So you can enjoy the everything that happened in crypto for the previous week on Friday morning with your morning coffee. Roll up round and morning coffee sounds pretty good to me. Absolutely. Let's get right into it. What are we rolling up first, Ryan? All right. Well, so we've got five categories, right? So we've got market. What's the market saying? We've got releases. What got

Starting point is 00:01:33 released. We've got news, what's happening in the news. We've got some hot takes. And then lastly, we're going to end with what we are excited about. So first, we've got market. What is the market saying? David, we've got five minutes. I'm going to start the timer in five minutes to keep us on us here. And let's talk about the first items, which is Bitcoin and ETH price. Yeah, Bitcoin is at $11,500. Ether is at $378. Kind of been. relatively flat, I would say, but there are some really cool things going on behind the scenes. Namely, along with this, is the Bitcoin hash rate is at an all-time high. And so while prices, this is the first time Bitcoin has really sustained above $10,000,

Starting point is 00:02:22 which is bullish in of itself. But, you know, it's been here for a while. It's being pretty flat. But hash rate is at an all-time high. And historically, something that's interesting about miners is that minors, is that minors tend to be really good traders. And so when they sell Bitcoin and when they don't sell Bitcoin, it has historically been really strong signals

Starting point is 00:02:43 as to what's been about to happen next. So no lack of conviction on behalf of the miners. David, why should we care about hash rate? It's always been like a metric that's like kind of close to the bottom of my list of things I personally look up. I like to look at like minor revenue, that sort of thing. But hash rate matters, right?

Starting point is 00:03:01 Why does it matter? Yeah, hash rate is like the shield around Bitcoin, right? And also around Ethereum during its proof of work phase, right? It's the height of the wall that any attacker has to get over. Right. And, you know, you are as a minor compensated for being a part of that wall, right? Adding a brick to the wall. And also what what hash rate is a really good signal of is skin in the game bets. Right. So like nobody has more at stake than with regards to the Bitcoin price than miners do. Right. So minors are the most convicted party in Bitton. coins system, right? And so paying attention to what miners are doing is really important. And what miners are doing are accumulating more mining hash power, which is why hash power is at an all time high. So miners are bullish. So we've got Bitcoin price above 10K around 11,500. We've got ETH price at $380.380. So they're both kind of hanging in range, but like haven't had a precipitous fault lately. Pretty bullish, I would say. At least they're hanging in there. through some of this market uncertainty. Let's talk about total locked value. That's another metric that

Starting point is 00:04:06 we like to look at particularly in DFI. So you can look at it in two ways. The first is total locked value of US dollars. We're at 11.3 billion right now. This is like super close to our all-time high total locked value in D5 protocols. What does that mean? Yeah, I think the total was the the peak was 12.2 or something. And then, then DFI took a big tumble. But the fact that we, but the fact that we we are still at 11, you know, 11 plus, I think is so bullish. You know, yield farming seems to have taken, you know, a backseat, all the liquidity mining's pause. People aren't like cropping up farms left and right.

Starting point is 00:04:44 Yet the total value locked in defy continues to just march up a goddamn mountain. It does, it does not seem like it's going to starve. You see this? Yeah. This is crazy. Like if you zoom out and see the one year on this, it is charging up that mountain. Yeah. And maybe I'm biased, but I think that if,

Starting point is 00:05:02 you know, we can just extrapolate that what that slope looks like so much further, many, many more months into the future. So I'm excited for when DeFi US dollar value locked in Defi breaks $100 billion in 2021. All right. So that's hanging in there, even though DeFi assets themselves have experienced some decline recently, some as high as 50% or more. Also, ETH locked in DeFi is hanging in there too. So there's 8.7 million Eithlocked in DFI. You know, that's around like 7, 8% of all of ether supplies is now locked, and that's hanging pretty steady. I would say that's bullish for our thesis around economic bandwidth, wouldn't you? Absolutely. And, you know, I'm going to be really interested to see what happens when staking goes

Starting point is 00:05:44 live. I don't think it'll have much impact at the start, but for some reason, I feel like, you know, eith staking is actually going to add more ether into defy because of the yields that are possible to be able to be extracted by defy based on the fact that ether staking, offers yields in the first place. We also have tornado cash, which is doing more and more. This is a private solution for private transactions on Ethereum. They did 2.7 million in volume last week. That's pretty good. Right. So what we're looking at here is how many people are using tornado cash in a 24 hour, you know, at a 24 hour level, right? So it was 24 hour, not two point seven million in 24 hours. Wow. Yes. Right. Yeah. Yeah. And so like so there were 60,

Starting point is 00:06:29 transactions that you put 100 ether into the 100 ether batch in tornado cash, which means that you can get, you know, you can hide in a crowd of 66 other people in with 100 ether and then come out and come out of that crowd like totally obfuscated. And, you know, that you can stay in that crowd for as long as you want. So like it's 66 people one day and then it's going to be 120 the next day,

Starting point is 00:06:52 180 the next day. But the crowd in tornado cash is really strong. And so this is a privacy tool, right? We need a lot of ether and we need a lot of people in tornado cash as this thing that can help people enter and exit in a private manner. David, we just hit our time for the market section. One last thing I'll throw out is in the bankless newsletter, Ben published, Benjamin Cohen published a brilliant piece on when Bitcoin move, moon that sort of predicts the longer term of Bitcoin using his predictive models and data science. Fantastic piece. Check that out.

Starting point is 00:07:27 We'll include it in the show notes. today. Let's get to the next topic. What got released this week? We've got five more minutes on that. What should we start with? I think we should start with the protocol sync thesis, which is uniswap on Trading View. I'm not sure. This is kind of an atypical protocol sync thesis take, but I think it fits. I'm counting it. Are you counting it? I'm counting it. But what is trading view for people who haven't used it? Yeah, Trading View is kind of the go-to place to look at charts, right? And they have charts from all different markets, all different assets, and are definitely leading the world. with crypto charts, and they integrated their first decks, right, with Uniswap. So now you can

Starting point is 00:08:04 use Uniswap or use Trading View to chart things on Uniswap, right? So, you know, I've noticed a ton of traders who have gotten into the DeFi space in the last three or four months. I'm sure they are absolutely stoked about this release. Yeah, like this is a mainstream kind of trading, you know, graphing and analytics pieces of software that everyone uses. If you're trading stocks, if you're trading bonds, no matter what you're trading. It's like, it's like universally used and it's absolutely fantastic. And now they're integrating uniswap. So if you type in uniswap colon, you get to see all of the high, I think this is rated by the most liquidity of markets on uniswap. It's like, it's like just like a, an exchange that just as they would incorporate a centralized exchange, now they're incorporating

Starting point is 00:08:50 uniswap. I'd say that's pretty, that's compelling evidence for the protocol sync thesis, which basically states that these credibly neutral protocols will kind of sink to the bottom and become the basis of a lot of other things. What else should we talk about in the new releases? What else happened? Something that's pretty cool is that Wi-Fi and balancer governance has been added to Maker collateral or I think there's a governance vote for this. And so if you are a Wi-Fi holder or if you're a balancer holder,

Starting point is 00:09:19 and maybe you are also an MKR holder, you should go vote in the Maker governance to get your Wi-Fi or balancer integrated as collateral in MakerDAO. It's good to see those capital defy capital assets in there instead of like something like USDC, which is like a centralized stable coin. That's pretty, I'm glad maker is moving in that direction. Now the better assets are on Ethereum. Agreed. All right. Danny Ryan's got something. So bounty program for ETH II. What's, what's that about? Yeah. So this is the, this is an open invitation for people who want to try and filibuster, ETH II. And so if you can, if you think you can find something to stop ETH II, there is a bounty available. I believe there's a $50,000 reward for a critical bug discovery. And so there's a

Starting point is 00:10:04 bunch of different things that you can try and figure out how to, how to poke holes in Ethereum. And there's a bunch of financial rewards to do this, right? And so really, really good to see this out and running. This is starting to generate that honeypot where it says, like, I dare you to crack Keith to. Like, you can't do it. I dare you. Hopefully we iron those things out. This is a good way to do a bug bounty. Also, this was huge, man. A meta mask at the wallet, like everyone in DFI, everyone on the bank list journey uses metamask. They just exceeded one million users, not just users, monthly active users. That means there are one million monthly active users of DFI protocols. That's pretty huge. That's huge. And I think this is a much better metric than the Uni AirDrop, right? So

Starting point is 00:10:49 the UniAirdrop happened to like 150,000 wallets, you know, which means like 150,000 people interacted with Uniswap. But I had more than one wallet. And so like we should probably cut that number in at least by half. But this is different. This is monthly active users. And so, you know, not fewer people, fewer people have like multiple computers that they use Metamask on. And most people just have one. And so, you know, I'm going to go ahead and call this as like pretty accurate data for, you know, how often people use Ethereum. or excuse me, how many different people use Ethereum. So, you know, fantastic numbers showing by the metamass team. Yeah, absolutely. They're also rolling out a swap, which is pretty cool.

Starting point is 00:11:27 Hopefully we're going to talk more about that next week. We've got two other things, David, but we've got like 30 seconds. So I'm going to cover this one really quick. This is the Zincan test net. This is an ETH2 test net. That rolled out without a hitch, which is a good sign that ETH2 is going to be coming. I guess the next thing we're really waiting for is a release date from the ETH2 dev team. bullish there. Also, you wanted to talk about the block and their new metrics that they rolled out. What's cool here? Yeah, the block just rolled out their on-chain metrics page, really stepping into the world of data, like chain visualizations and chain data. So they have Bitcoin and Ethereum. They also have, like, and I think they're really leading the game here. They also have like stats on, you know, stable coins, stats on like on-chain lending, stats on-a-mms and Dex's and volume. And so I think this is going to maybe become like my go-to spot to see like data about Ethereum. Yeah, I need to totally dig into this. This is fantastic.

Starting point is 00:12:28 We'll include a link in the show notes. All right, we've done market. We've done releases. We're doing okay on time. We've got five more minutes, maybe four for news. What's in the news? Where do you want to start? I think the big thing is Grayscale.

Starting point is 00:12:41 Grayscale just reported their biggest quarter ever, which is a piece of news that we are coming to be used to from Grayscale, as this is the third quarter in a row that they have posted their biggest quarter ever, right? And so they have experienced over a billion dollars of flows into their crypto products. That's a really big number. That's a big number. Ethereum market cap is $40 billion. And so like one 40th of Ethereum has flowed through Grayscale in just one quarter of a year.

Starting point is 00:13:10 Yeah. And so I think the numbers that stood out to me is that every week on average, $55 billion, gets put into Grayscale into the Bitcoin Trust and $15.6 million per week gets added to the Ethereum Trust. Every single week, that's how much people are buying of these assets using Grayscale as like a, I don't know what to call it like an intermediary service. Yeah, I don't love Grayscale because of the fees, but I do love that they are onboarding, basically the institutions. People always talk about one of the institutions coming. Well, they're here. They're doing a billion a quarter into crypto money protocols. I think

Starting point is 00:13:48 that's super bullish. You can buy gray scale assets, of course, in your fidelity accounts that's connected that way. So it's a decent, it's not bankless, but it's a decent way to onboard into a at least central bankless monetary system. So bullish news there. Let's talk about something. Distinction. I like that distinction. Yeah. Well, so let's talk about something that's maybe less bullish, which is the DOG. So the Department of Justice released an 83-page crypto framework. I haven't read all 83 pages, have you? I don't, I don't know. I have not, and I don't intend to.

Starting point is 00:14:23 However, the very front page is worth reading. And also Jake Schrovinsky put a great tweet thread together, which really distills down the whole thing. So he read it, and he did the legwork for you. So we recommend that tweet thread to go understand what the hell they were talking about. Absolutely. And, you know, we had Jake on, I guess a couple weeks ago on State of the Nation. He was fantastic.

Starting point is 00:14:46 Like, listen to that episode. Yep. and we talk about those themes, but I just want to maybe pull up one of his tweet threads here. This is kind of the takeaway. So this is, Jake is, he's optimistic, but he's also, I guess, understands the risk. He, you know, works in DC, understands the risk of what could be happening. And he said, sort of on the back of some of the actions of the DOJ, I fear we're heading for a world where withdrawing crypto from exchanges to self-custodies restricted as a means of attacking That means you wouldn't be able to withdraw from your exchange without that exchange being

Starting point is 00:15:22 AML KYC identified. That would mean we'd have two separate crypto markets, one for clean coins and another for dirty self-solvement runs, the bankless coins and the clean coins that are regulator approved. That is not a world that I want to live in. That feels very authoritarian. That could be the case if our boomer lawmakers who don't understand this stuff get their way. So that is something that Jake and crew are fighting against, but we have to be vigilant on this. Yeah, anything else you'd say on that?

Starting point is 00:15:54 Yeah, just to put an image into people's mind, think of like, you know, what they are proposing is that, you know, Bitcoin, Ether, these assets are here, but we can still gate how people use them, right? So imagine like Coinbase or PayPal, they let you buy and send Bitcoin, but they only let you buy and send Bitcoin to people that also have a PayPal account, right? Right. And that's what Jake fears is. And that just ruins the whole point of crypto, right?

Starting point is 00:16:18 And so let it be known. There is a war coming that we are going to have to fight in this industry. Yep, absolutely. And I do think the defy protocols are the surest bet we have, the best hope we have of that of this system not becoming totally banked. Hey, we've got 30 seconds for this last one. China is doing an airdrop. What's that about?

Starting point is 00:16:38 They're air dropping their fiat to some of their citizens. Yeah. And let it be known that like, you know, everyone loved uniswrap. when you would swap, airdrop of them, their currency. So, like, this is a really strong move by China. The first one to get out the gate with a central bank digital currency. You know, one thing I read about in a book recently is how, you know, the West doesn't pay attention to the technology going on in China,

Starting point is 00:17:01 but China absolutely pays attention to the technology going on in the West. And so we are at a huge disadvantage with informational asymmetry between, like, what we are doing versus what China is doing. China knows what's up, and we're not watching them. China has a central bank digital currency that is going directly to its citizens' phones, which, I mean, bullish for crypto, bullish for adoption, also really bullish for authoritarianism, right? Which is so like, you know, what I'm worried about is like using China using this air drop money

Starting point is 00:17:33 or like, you know, the MMT that's inevitably coming as like a tool for compliance. Yeah, I mean, so you just open up your wallet, right? They make it super easy. You press a few buttons and you get an air drop free money from the government. right to your account just for adopting this new digital. I wouldn't call it a cryptocurrency. It's a digital money, but it's completely centrally controlled by China. They can freeze your account.

Starting point is 00:17:57 Obviously, it's, you know, the Chinese currency. So, you know, Central Bank controls all of that. Definitely not what we mean when we say crypto. But in a way, they're very smart for moving in this direction. David, okay, so we've gone through news. Those are the top news items. We have less time, but some hot takes. What's on your mind?

Starting point is 00:18:15 Yeah, what is on my mind? I think the first thing that's on my mind is what you and I are calling the tweet heard around the world. Fantastic and very illustrative tweet. Ryan, you wanted to give us the sit-wrap with this one? Yeah, you know, Poppump like tweeted something out, like Anthony Pompliano, who has a podcast, is fairly well-known in the space. Big podcast, you know, and he tweeted something out and basically said, Uncle Jeff could shut this whole thing down, this whole thing meaning Ethereum. Jeff Bezos, if he wanted to, because he was inferred implying that all of Defi was somehow hosted in AWS. I don't engage with those types of tweets because, you know, possibly Pop is doing it for engagement himself. So I generally don't respond to kind of trolling. But someone tagged me

Starting point is 00:19:03 and it was like, hey, Ryan, is this true? Right. And it felt like that individual earnestly wanted to know. So I said, no, it's not true. In fact, it's bullshit. And then Pomp kind of replied in thread and sort of challenged me on that. And he was like, hey, if the government threatened to arrest Hayden, who is the founder and a primary developer of Uniswap, you don't think the government could shut it down. And then that's when Hayden popped in. And he said this. And he totally ratioed on the tweet. That means he got more tweets than Pump on this. It's an immutable smart contract on Ethereum. I have no ability to turn it off. I could try tweeting, can everyone please stop trading, though?

Starting point is 00:19:44 But that wouldn't work, obviously. Yeah, so people who aren't in Twitter culture, to ratio someone means that your comment to their tweet outdoes them in likes. And like when you are commenting below them, you are deprioritized by Twitter because, you know, it's a thread. But so that means when like you get more likes than that person, like, it's a big deal because your comment was so good that it ratioed that person. And Pomp's tweet has 53 likes and Hayden Apple. items has 2,300 likes. That's brutal. It's the most brutal ratio that big.

Starting point is 00:20:16 It's the most brutal ratio of all the time. Yeah. It's, yeah, so I mean, what that means is a lot of people like saw Hayden's tweet and were like, yeah, that's true. And, um, and retweeted it. So I, I think imagine this happened in like the bear market in 2018. That would have never have happened. No, it was a max, it was a maximalist agenda.

Starting point is 00:20:33 It was lots of different lies about things. And, um, yeah, that would have never happened. So, you know, uh, defy's back, baby. Yeah. People waking up. Exactly. People waking up. It's a good sign to me.

Starting point is 00:20:45 All right, let's talk about the next thing. Speaking of waking up, how to take this. I'm super bullish by it in a way, but I'm also like question mark. So we just talked about the oppressive government cracking down on things. And this is the CFTC chair attending a conference that you just attended as well. And you just spoke at. But he said, let me basically say how impressed I am by Ethereum, full stop. This is Chairman Heath, a CFTC chairman.

Starting point is 00:21:11 He said this in an Ethereum investment conference hosted by CoinDesk. If you play the video a bit more, he also says he's super bullish on defy, actually. He actually thinks it could have the potential to disrupt finance. So what do you make of this, right? Here's CFTC. They just came out with an action against Bitmex. But a chairman is saying, I am super bullish on defy and Ethereum is the next internet. Bitcoin was a one-trick pony.

Starting point is 00:21:41 is the next internet. What is this mean? Yeah, that's literally, well, as a Bitcoin, it's literally the last thing you want to hear. I am cautiously optimistic, but more on the optimistic than the cautious side. I think what I'm hopeful and optimistic that Heath means when he says that he is impressed by Ethereum is like exactly the opposite of what Bitmex is, right?

Starting point is 00:22:00 CFTC just took down Bitmex for being a black box that trades against their customers, right? And also violating the Bank Secrecy Act, which also, I guess Defi doesn't really solve. But what DeFi does solve is it's the opposite of a black box. It's completely transparent. And it can't even, it doesn't even not trade against its customers. It can't trade against its customers. So I'm hoping that Heath is seeing that value proposition in DFI saying like, oh, they're the, you know, where Google had its tagline,

Starting point is 00:22:27 don't be evil, defy has its tagline can't be evil, right? I think that's what he's referring to and why he's impressed by Ethereum. Yeah, it is bullish. I do think we might have an ally in the CFTC. We'll see if we have an ally in FinC, which is the, the, the, the group in the, the, the government that, you know, provides more regulation to, like, anti-munder money laundering and K-YC type of things. All right. What I'm cautious about is that, you know, Heath sees the transparency of Ethereum as, like, a really easy tool to regulate people.

Starting point is 00:23:00 That's my bearish take on this. Yeah. Yeah. And that could be the case, which is, I wonder what he'd think of tornado cash in that case. And also, Aztec. Dude, we should jump on that real quick. So scaling solutions are coming out like mad. There were like three that just announced last week.

Starting point is 00:23:14 We don't have time to talk about them all. In fact, I don't have time to fully grasp them all. It's going to be sort of a survival of the fittest. All of these layer two rollups on Ethereum are going to compete. They're probably going to compete not with Ethereum, of course, but directly against the so-called Heath Killers and other layer one solutions. But here's the graph with a scalable state channel layer two on Ethereum. here is Matter Labs.

Starting point is 00:23:39 This is Curve plus ZK Sync. And here is Aztec, the one I read the most about and most excited about, which is a whole layer two scalability solution. Yeah, but there's also all the transactions are private. And there's some way to actually use like privacy on Ethereum main chain. I haven't read the details. I need to investigate more. In fact, maybe we'll ask Vitalik next week when we talk to them.

Starting point is 00:24:02 But yeah, these layer two slides. solutions, the scalability solutions are coming out like crazy. What does that mean? Yeah. And what's also interesting is that there seems to be every single defy application has its own like chosen scalability solution, which kind of makes you think like what's left on the main chain. I think what's left on the main chain is just like packets of settlement of settlements. Yeah, right. Like not any like it's no longer uniswap. It's like 70% of the main chain. Now it's just like the the settlements between these applications are what make up the main chain. So that's really interesting.

Starting point is 00:24:37 And I think that's going to be a really interesting conversation that we have with Vitalik, who's coming on the podcast, where we talk about a roll-up-centric version of Ethereum. Yeah, absolutely. All right, that takes. Let's end with this. David, what are you most excited about? What's going on in your mind that's super exciting these days? Well, since it is Friday when you guys are hearing us, what I am excited about is the

Starting point is 00:24:58 ETH Online DFI Summit. We are experimenting in the world of virtual conferences, how to pace them. think ethon line is doing a really good job of doing you know they have their uh Fridays so one one day a week they have uh you know a slate of topics picked out which is nice to instead of just like bundling everything in four days they're spreading it out over a month uh so really good job there's a bunch of cool talkers who i'm going to be attending i'm probably just going to sit in my chair and i'm and watch it all day tomorrow. I'm pretty excited about that.

Starting point is 00:25:29 Ryan, what are you excited about? I'm excited about the ETH Online when you click the radio button. You hear this super chill music. And it's just relaxing. So you just pop up the browser and just listen to it.

Starting point is 00:25:38 Yeah, definitely Trent behind that one, I'm going to guess. Yeah. But more seriously, I am excited about like tokens, DeFi tokens in general, right? We came off of a crazy quarter, last quarter,

Starting point is 00:25:56 Q3 report of defy tokens. You've got to check this out. It's published on bankless right now. 27x increase in revenue. Right. Right. Okay. So we're not talking about height price increase, blah, blah, blah. This is revenue. So again, defy tokens, what are they? Their future capital assets, right? And what kind of revenue are these capital assets generating? Well, 108 million last quarter. Okay, that was a 26x increase from the previous quarter. Yeah, some of this was from yield farming mania, blah, blah, blah, you know, et cetera. But that kind of growth is absolutely massive. And it's going to go down next quarter, but it's not going to go down completely.

Starting point is 00:26:42 We're going to have a, you know, a higher low, if you will. So that means what do we have in DFI? Well, we have capital assets that are actually producing cash flows. seems super investable if you're a Wall Street analyst and you're looking at this space. So check out the report. Read that. I'm bullish on that. I'm bullish that we've created on-chain capital assets.

Starting point is 00:27:03 And we're actually seeing them like 108 million in revenue in one quarter. Like that's on track for half a billion annualize. It's not bad. Ryan, I think you might have jumped the gun on. It's going to go down next quarter. I'm not too sure about that. But I will say that Q3, 2020, looks different than all other. cues.

Starting point is 00:27:23 Yeah. This is definitely a quarter to remember and we'll see about that. All right, David, we're at time. Anything else you want to leave with with excitement? Anything else you're excited about? Yeah, the last thing I'm excited about is seeing what happens to the ether price as the execution risk of Ethereum 2.0 starts to dwindle, right? So we are in the very final stages of the test net for phase zero.

Starting point is 00:27:48 The Spinalda test net is up and live, which is the mock tribut. for the deposit contract. And we are expecting the deposit contract to get announced any day now. And basically what has to happen between now and phase zero launching is basically nothing. It just needs to continue as planned, right?

Starting point is 00:28:06 So things need to not change in order for phase zero to go live. And when a lot of investors who have always been bearish about ETH two, say ETH two is never going to come here, you know, we're going to start, you know, tearing down that wall every now and then. Yep.

Starting point is 00:28:21 sentiment is going to reverse. The common motif is that E2 will never ship. Well, what happens when it shifts? We're about to find out, I suppose. That is on the horizon. David, you can almost taste the capitulation. You can almost taste it. Absolutely. And we hope you're enjoying. It tastes like victory. We'll see, though. Let's let it launch. But, you know, we're going to celebrate hard when that launches. Oh, yeah. David, this has been awesome. Our first episode of Roll-ups around. We hope you're enjoying your Friday morning. We hope this caught you up on all of the market releases, news, hot takes, and what David and I are personally excited about. So once again, we will release these every Friday morning on YouTube if you like it in video form and also on the podcast for

Starting point is 00:29:07 audio. Thanks for joining us. I think we've kept a time. We've done a pretty good job. Of course, none of this is financial advice. This is the Journey West, as we've said. Be careful about these DeFi protocols and crypto in general, you could lose what you put in. This is not for everyone, but you're listening because you're on the bankless journey. Thanks for joining us. And also people listening on the podcast, there are plenty of visuals on the YouTube as well. So do know that. Do note that. With that, we're signing off.

Bankless - Weekly Rollups - 2ND WEEK OF OCTOBER

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