ROLLUP: Inflation, Nike NFTs, Disney & Marvel IMX, CryptoPunk Sale, Ledger Debit Card

3rd Week of December, 2021 ------ 📣 HASHFLOW | POOL & TRADE OTC https://bankless.cc/Hashflow ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum 🍵 MATCHA | DECENTRALIZED EXCHANGE AGGREGATOR https://bankless.cc/Matcha 🔐 LEDGER | SECURE YOUR ASSETS https://bankless.cc/Ledger 🧙‍♀️ ALCHEMIX | SELF-PAYING LOANS http://bankless.cc/Alchemix ------ Topics Covered: 0:00 Intro Permissionless Conference 2022: https://newsletter.banklesshq.com/p/discount-to-permissionless-2022 4:00 MARKETS 4:19 BTC Price 5:16 ETH Price 6:15 ETH/BTC Ratio 7:34 Inflation https://twitter.com/biancoresearch/status/1469722686939140101?s=20 11:56 Issuance Tracker https://twitter.com/dmihal/status/1468950264304467971 19:34 Sotheby’s Sales https://twitter.com/TheBlock__/status/1471169594802987021?s=20 21:00 RELEASES 22:15 Optimism Floodgates https://thedefiant.io/optimism-removes-whitelist/ 24:27 ETHGlobal 2022 https://ethglobal.medium.com/announcing-the-ethglobal-2022-season-51a7906bb3a4 25:25 Balancer Boosted Pools https://fernandocmartinelli.medium.com/ba3daadb59f9 26:37 Superfluid on L2 https://twitter.com/Superfluid_HQ/status/1471176342733479936?s=20 28:20 Forgotten Runes RPG https://twitter.com/forgottenrunes/status/1471197252437741573?s=20 29:15 Bitwise NFT Index https://twitter.com/matt_hougan/status/1471489244824674306?s=21 30:45 Aztec Connect https://medium.com/@aztecnetwork/beb2982a92f3 33:07 Slingshot https://www.coindesk.com/business/2021/12/09/defi-trading-platform-slingshot-raises-15m-led-by-ribbit-capital/ 33:37 RAISES 37:38 Jobs https://pallet.xyz/list/bankless/jobs 38:45 NEWS 39:12 Ether Capital https://www.businesswire.com/news/home/20211215005502/en/Ether-Capital-Corporation-Announces-First-Commitment-to-Ethereum-Staking 40:12 Polygon Zero https://www.theblockcrypto.com/post/126991/polygon-acquires-mir-protocol-400-million-zk-rollups 41:48 Uniswap Polygon https://app.uniswap.org/#/vote/2/10 42:23 Ledger Debit Card https://www.theblockcrypto.com/post/126914/ledger-unveils-crypto-debit-card-partners-with-ftx-coinbase-rarible 43:46 ETH Client Validators https://twitter.com/AyaMiyagotchi/status/1470654120180649986 45:30 Aave v3 https://twitter.com/StaniKulechov/status/1470874379152150535?s=20 46:16 Nike & RTFKT https://twitter.com/Nike/status/1470504318671458307?s=20 47:16 Marvel & Disney https://twitter.com/Immutable/status/1471178240643448837 48:35 Mintable & IMX https://twitter.com/epolynya/status/1470251518741811205?s=21 50:29 CryptoPunk $10M Sale https://www.theblockcrypto.com/linked/127049/a-rare-cryptopunk-has-sold-at-a-record-10-2-million 51:35 Dr Seuss NFTs https://www.hollywoodreporter.com/business/digital/dr-seuss-nft-seussibles-1235062806/ 52:12 BTC Core Devs https://twitter.com/mikeinspace/status/1469377581015355397?s=21 53:27 90% of Bitcoin Mined https://www.theblockcrypto.com/post/127275/90-of-all-bitcoin-has-now-been-mined 53:55 Coinbase Earn https://blog.coinbase.com/coinbase-makes-it-easy-to-earn-yield-with-defi-bd38156e2715 57:45 Facebook Stole Meta https://www.nytimes.com/2021/12/13/technology/instagram-handle-metaverse.html 1:00:32 Elizabeth Warren https://twitter.com/senwarren/status/1470843764843458560?s=21 1:03:03 Hester Peirce https://twitter.com/HesterPeirce/status/1470475491580825601?s=20 1:04:34 Russia Ban https://cointelegraph.com/news/bank-of-russia-to-ban-mutual-funds-from-investing-in-bitcoin 1:04:55 IMF https://www.theblockcrypto.com/linked/127218/imf-advocates-for-coordinated-crypto-policy-among-the-worlds-governments 1:06:19 Quick Takes Katie Haun a16z https://www.theblockcrypto.com/linked/127672/katie-haun-to-depart-a16z-form-new-fund-focused-on-crypto-and-web3-report Kevin Durant https://www.bloomberg.com/news/articles/2021-12-15/nba-star-kevin-durant-signs-deal-to-promote-crypto-platform-coinbase 1:08:00 TAKES 1:09:00 POAPs are Memories https://twitter.com/izgnzlz/status/1470789729348112386 1:11:29 Linguistics https://twitter.com/RyanSAdams/status/1469054916966682624?s=20 1:14:13 Decentralization https://twitter.com/RealNatashaChe/status/1470560283215159297?s=20 1:18:48 Moloch https://twitter.com/TrustlessState/status/1470943188105846785?s=20 1:21:37 Optimists https://twitter.com/TrustlessState/status/1464638114048065539?s=20 1:24:35 What David’s Excited About 1:26:19 What Ryan’s Excited About 1:27:58 MEME of the Week 1:29:00 Closing & Disclaimers ----- Not financial or tax advice. Do your own research. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00David Hoffman?

  Like rugged communicates a lot, right? It communicates a lot.

• 0:04Ryan Sean Adams?

  So useful in the 2020s. So many, so many institutions are trying to rug us like right now.

• 0:14Ryan Sean Adams?

  Hey, Bankless Nation. Happy third week of December. It's Friday morning. You know what time it is. David, tell them.

• 0:19David Hoffman?

  Oh, it's the Friday Bankless Weekly Rollup time. We roll up the whole entire week in crypto. And I know I say this every single time that it's such a crazy week. There's a lot of stuff in this week. A lot of stuff got released, a lot of cool news happened, some cool takes happened. And we are going to go through all of it because that's what we do on the Friday Weekly Rollup. So grab your coffee. It's going to be exciting. We're going to have a fun time as we start to wrap up this year in crypto.

• 0:41Ryan Sean Adams?

  Guys, a few things that's going on. Nike is entering the metaverse space with the acquisition of a company. Also Marvel and Disney issuing NFTs on immutable. That's a big story. Polygon just makes a big acquisition as well. Doubling, tripling, quadrupling down on their ZK rollup strategy, their rollup strategy in general. Also Ledger releasing a debit card. There's so much we have to talk about, but before we get in, David, man, you're doing this on your birthday and I admire that. Happy birthday to you, sir. I'm a, I can't believe we're doing a rollup on your birthday. Just, you know, the timing worked out that way. That shows the dedication that my co-host David Hoffman has to the Bankless community. He's willing to do this on his birthday, not only your birthday, the birthday of Beethoven.

• 1:26Ryan Sean Adams?

  I am told.

• 1:27David Hoffman?

  Yes, yes. Yeah, me and Beethoven share the birthdays. And it's just very, very fortunate that my birthday landed on a Thursday this week or this year. Because I don't know, the weekly rollups are, I think, the most fun thing I do every single week. So there's no better way I think I could spend my birthday than doing a weekly rollup with my business partner here.

• 1:43Ryan Sean Adams?

  Dude, that's awesome. That is touching. Wow. No wonder this is the greatest podcast in crypto. There was dedicated hosts, that's what. I'll do a podcast on my birthday too. How about we do that? Just so you know, share it in the burden. All right. Well, you know what? Before we get into it, we got to talk about a few things that are going on. The first is the permissionless conference. It's coming down the pike. They just released another tranche of tickets. We'll include a link in the show notes. That is a conference that happens in May. It's going to be the biggest DeFi conference ever. Not of 2022, ever. The greatest DeFi conference ever assembled. So we're going to talk about the metaverse, DeFi, regulation, institutional stuff. You gotta get a ticket.

• 2:21David Hoffman?

  NFT galleries out the yin yang. It's gonna be fantastic. Yeah, no, it's gonna be everything.

• 2:26Ryan Sean Adams?

  Parties? Every night's a party?

• 2:27David Hoffman?

  Every night's a party.

• 2:29Ryan Sean Adams?

  Every night, there's gonna be at least three parties. I'm told. I'm, you know, some of them I will spend in the hotel room, but you know, some, I'll be there for some of them. We're definitely throwing a bankless party as well. So hopefully we catch you there. Grab your ticket. They go up every two weeks in price. You want to get it early, just like crypto. You gotta get earlier. You just FOMO in later. Also, let's talk about Hashflow. So Hashflow wanted to tell bankless listeners about their service. It's really cool. So this is like a OTC desk for DeFi. David, what's an OTC desk for people who aren't familiar with that term?

• 3:03David Hoffman?

  Yeah, OTC sounds for over the counter. So it's kind of like a white glove service. If you have a bunch of money and you are going to make a big trade, an OTC desk can help you optimize the price that you get. And so they search around. It's kind of like order routing, but it's manual because this is coming from the old world and still existing in crypto today. But now with Hashflow, we have a DeFi service that does OTC-like activities, but now as a protocol. Once again, software eating the world of finance through DeFi.

• 3:34Ryan Sean Adams?

  This is really cool because it's trustless, it's non-custodial, it's bankless. The old OTC marketplaces were completely banked. And this is built on DeFi, so low gas fees, MEV protection as well. So you can use Hashflow today for some of your OTC trades. Here's a bit of alpha for you. In the coming weeks, Hashflow is going to open liquidity pools. So individuals can invest, can deposit funds in these liquidity pools and provide liquidity to the Hashflow OTC desk. That's some early alpha. For you. If you want to get in on that, it's going to be yield on your various tokens. You can sign up for that for early access. There's a Google form. We are including in the show notes. Make sure you check that out. Think that's going to be some alpha for you as well.

• 4:19Ryan Sean Adams?

  Speaking of alpha, David, let's turn to the markets. Is there any alpha to be had in the Bitcoin markets today, my friend? What are we at from a price perspective?

• 4:29David Hoffman?

  Yeah, we started the week at $48,500 and then got up to the high, high price of $50,500. And then we had what I like to call a big oof candle.

• 4:42Ryan Sean Adams?

  Which one is that?

• 4:44David Hoffman?

  This one? Yeah, it's the one that goes all the way down to $46,500. And really hung out real, real low for a while, below the $50,000 mark. And then almost tried to reclaim it earlier this week. Had a little bit of a resurgence yesterday, but overall still down 2% on the week. A big oof to start the week with a small to modest recovery, but not yet fully recovered. So down on the week, 2%.

• 5:11Ryan Sean Adams?

  Crab December, crab December. I don't know what Santa's bringing us. Maybe it's higher prices, but maybe it's just more crabs. What's ETH doing?

• 5:18David Hoffman?

  ETH, starting the week at $42,000, hit a, and that was its high. It's oof candle, brought it all the way down to $3,700. Dipped a little bit before that, but then recovered. And then also had a fantastic resurgence above $4,000. So reclaiming the $4,000 level, reclaiming that meme line. But still overall down 8% on the week. So oof, oof.

• 5:42Ryan Sean Adams?

  Oof, indeed. But this is still like, look at this face, man. This is my, I'm not worried at all face. Like, I feel like this is totally healthy. Yeah, it's just, this is fine. Like, zoom out a little bit. Actually, why don't we do that? Zoom out to the year.

• 5:56David Hoffman?

  Wow, that looks like nothing.

• 5:59Ryan Sean Adams?

  Looks like we're doing okay. This time last year, actually, let's do the the full one year. This time last year, we're hanging out in the 600 range for ethers, 638. So, a pretty good year, all things considered. As we reflect and we close things down, let's talk about the ratio. How was the year for the ratio? Look at that on a one-year timescale.

• 6:20David Hoffman?

  Also, a big victory for the ratio. And the ratio during the big oof week, which was, again, this week, started the week at 0.086, which was really pretty, pretty damn high. All the ETH people were really, really stoked. It fell down almost below 0.08 and did not break below 0.08 and now has reclaimed 0.084. So, my mind is like, it's down on the week, but on a oof week, it's doing pretty good. And so, holding the 0.08, again, that meme line, it's really, really important. And overall, really, again, signs of strength, signs of strength.

• 6:57Ryan Sean Adams?

  Doesn't usually do that on weeks like this, for sure. So, that recovery has been important to see and still indicates a lot of strength in the ratio. How about the bankless bed index? So, that is a third Bitcoin, a third DeFi, and a third Ether. What's that looking like on the week, David?

• 7:15David Hoffman?

  Yeah, started the week at $143, bottomed at $123, and currently is at $142. So, down like 1% to 2% on the week. So, a flat week.

• 7:24Ryan Sean Adams?

  It's always, it's always a little flatter, a little less volatile in the bankless bed index. And that is the purpose of the index. A good asset to hold in your portfolio, I think. You know what's not a good asset to hold in your portfolio, David?

• 7:37David Hoffman?

  Oh, I have a guess, Ryan. Tell me.

• 7:39Ryan Sean Adams?

  It's dollars, okay? 7%, 6.8% annualized inflation. This is not asset price inflation, which we talk about all of the time. This is the inflation that everybody actually, everybody else actually sees. And this is CPI inflation, the price of energy, the price of rent, the price of food at the grocery stores, up 7% year over year on all of these things. If you look at the composite, that's not good, man. People, right? Wages are increasing by, you know, 2%, 3% max.

• 8:11David Hoffman?

  If you didn't get a 7% raise in the last 12 months, you got a pay cut.

• 8:16Ryan Sean Adams?

  You got a 4% loss, right? All your dollars went down. The only way to escape that is, of course, by holding assets. This is something we're going to get into a little bit in the macro side, but let's first read this take from our friend Jim Bianco. Basically, the country knows, this is the US, inflation is hurting them and they're not happy about it. There was a CNBC poll yesterday that was bad for Biden. Why? Because inflation is now the number one concern. No longer coronavirus, not COVID anymore. Inflation is number one concern. And so Jim goes on to say, what does the Fed do in response to this? And there was a Fed meeting earlier in the week that we're going to touch on briefly, but he said, the Fed's choices are both bad. Okay?

• 8:57Ryan Sean Adams?

  You either respond to inflation and hike interest rates aggressively. Increase interest rates, of course, that is one lever the Fed can pull. Flattening yield curve says this is what the Fed will do. And they did end up doing that. They indicated that they were going to do that. Or you don't respond to inflation at all and you destroy your reputation. Democratic Party, not good in a midterm election year. That's not an option either.

• 9:23David Hoffman?

  Being in the party in power right now feels like the hot potato, right? Like, because the Republicans are totally going to blame the Democrats for all this inflation. And it would totally happen in reverse if it was the other way as well.

• 9:34Ryan Sean Adams?

  Totally. And it was gonna, it was gonna happen no matter what.

• 9:36David Hoffman?

  It was gonna happen.

• 9:36Ryan Sean Adams?

  It was bound to happen, no matter who's in charge.

• 9:39David Hoffman?

  And so some quick numbers that I got from a friend. So definitely double check this, these numbers. But he's talking about how the Fed is trapped. And so just doing the napkin math on our $30 trillion of debt at 5% interest rates, if we were to hike rates up to 5%, that is 1.5 trillion in interest payments per year, which is about half the annual budget for the US, already running at a $1 trillion deficit per year. So when people say the Fed is trapped, oh yeah, the Fed is trapped. They can't raise interest rates because there's too much debt. Oopsies. That's also what we call a big oof.

• 10:17Ryan Sean Adams?

  Yeah, and you know what? So like, I feel what's happened is a chain of events has been set in motion that is now like inevitable. It's just gonna play out. It doesn't matter who the central banker is, whether it's Jerome Powell or someone else, doesn't matter whether it's President Biden or someone else, they're all kind of actors. They no longer have control. That's what I feel like. It's kind of like we're in the Jesus take the wheel economy. You know, it's like, we don't even know where this, we don't even know where this is going, right?

• 10:41David Hoffman?

  Oh my gosh, yeah.

• 10:43Ryan Sean Adams?

  I really feel like no one is actually in control. And so the Fed is in a position where they're just kind of responding. And what they did do this week, interestingly enough, is they indicated, this is like, you know, you gotta read the tea leaves and everything Jerome Powell says, but they indicated that they were going to raise the rates three times in, over the next year in 2022. And of course, that can change. But what was interesting to me, David, is like, the market's reaction to this was like, oh, cool, that's not so bad. And then like, stock prices resumed their incline, all time highs yet again, like-

• 11:16David Hoffman?

  Right, this is the moment where Bitcoin and Ether actually like bounced off that floor a little bit.

• 11:20Ryan Sean Adams?

  Exactly.

• 11:21David Hoffman?

  That's, that was that moment. Yep.

• 11:22Ryan Sean Adams?

  So it was like an oof in the anticipation of Jerome Powell's speech. And then after, it's, oh, it's not so bad. Even though they're raising rates, was kind of the inclination.

• 11:32David Hoffman?

  Does the market believe them, is the question? I think TBD on that.

• 11:35Ryan Sean Adams?

  Does the market believe them? Will they actually, yes, will they actually raise rates? Or was this less bad than they thought? It's really interesting to me, David, that the European Union banks, they said, we're keeping our interest rates at 0%. Go Fed, the Fed can do what it wants. So this is, you know, definitely not following, this is not like global, they're not following what happens there. David, let's also talk about this. This is a cool-

• 11:58David Hoffman?

  Speaking of inflation in different contexts.

• 12:01Ryan Sean Adams?

  Moneyprinter.info. This is not what you think. You'd think this was like a Jerome Powell, money printer, go berm meme. But what is this actually?

• 12:08David Hoffman?

  Yeah, so this is talking about the network issuance of currencies for cryptoeconomic networks, and also as an inflation percentage, right? So what we are looking at are the different issuance rates of all the different cryptoeconomic networks, and then the dollar value of that issuance. So clocking in at 14.19%. Inflation is Ethereum, which is issuing $54 million per day. Next up is Bitcoin at 1.79% inflation, clocking in at $45 million per day, followed up by Solana at 8.25 or excuse me, 7.25% issuance rate at $18.5 million per day. You can check these numbers out for yourself. They change on a daily basis at moneyprinter.info.

• 12:51David Hoffman?

  And overall, it's just a nice way to see like, how much is the actual monetary unit of each chain inflating on a yearly basis? And with that inflation, how much actual daily issuance, which is economic security, does that chain actually achieve from that issuance? So some nice metrics here.

• 13:07Ryan Sean Adams?

  Yeah, so I think one of the takeaways of this that is really nice is if you start comparing this with a, another, I guess, chart that David Mihal put together in cryptofees.info. So, interesting thing about what you said is if you think of a daily issuance, that's just any, let's think of these blockchains as a, as a business, for example, for a company, for example. Daily issuance is essentially their cost. That's how much money they pay for, as you said, David, economic security. So every single day, right now, as denominated in ETH, of course, but translate that to dollars, Ethereum pays $53 million or so, $54 million in economic security.

• 13:49Ryan Sean Adams?

  Bitcoin pays $45 million in economic security. Solana pays $18 million in economic security. Polkadot pays $7 million in economic security. That's like a cost to the business. And what's interesting is if you start to contrast that with the revenue that they bring in. Remember, what business are these blockchains in? Well, blockchains, they sell blocks.

• 14:12David Hoffman?

  Blockchains sell blocks.

• 14:14Ryan Sean Adams?

  That's the thing they're selling. Apple sells iPhones, Amazon sells everything. Blockchain sell blocks, okay? That's the thing that they're selling. So you can look at the revenue contrast. And Ether, its revenue, $36 million in blocks sold. That's one day fees. That's how you measure it. How much fees did this blockchain pull in? $36 million. You look at Bitcoin, it's about 500K, $500,000 in blockchain sales. If you look at something like Polkadot,

• 14:45David Hoffman?

  Okay, keep going.

• 14:46Ryan Sean Adams?

  Switching down.

• 14:46David Hoffman?

  Keep going. There it is.

• 14:47Ryan Sean Adams?

  There it is. $4,600.

• 14:50David Hoffman?

  Oof.

• 14:51Ryan Sean Adams?

  Not a million.

• 14:52David Hoffman?

  That's the third big oof of the roll up, Ryan.

• 14:55Ryan Sean Adams?

  $4,600. Okay, so what does that mean if you think about this as a business? All right, so we've got daily expense for Ether of $54 million. That's cost. And then you got daily revenue of $33 million. So it's operating at a bit of a loss. But if you think of it like this, for every $100 spent on blockchain security for Ethereum, it's making $61 in revenue. Okay, spend 100, get 61 in sold product. Polkadot, $100 spent, less than one cent in revenue.

• 15:32David Hoffman?

  Oof.

• 15:33Ryan Sean Adams?

  .06.

• 15:35David Hoffman?

  Big oof.

• 15:35Ryan Sean Adams?

  In revenue. .006, excuse me, less than a cent in revenue. You're gonna be oofing the entire podcast, aren't you?

• 15:44Ryan Sean Adams?

  Bitcoin, $100 spent, $1 in revenue. And the reason I think these metrics are interesting is because I think this is a marker of maturity, of health, of sustainability, of persistence during the bull run, of the durability and strength of these blockchain sales, how much people actually value their blocks. And so I really like these charts that were put together and I think people should be looking at. And when we talk about fundamentals, these are some of the fundamentals that we consistently come back to. How much is your blockchain spending for its product, for its economic security? How much revenue is it actually bringing in? Any other thoughts on that, David?

• 16:28David Hoffman?

  Yeah, you said this is a sign of maturity and I think that actually is a really great framing to put on this. I actually do think it's appropriate for some of these younger blockchains to be issuing much, a lot more, because that's, we also need distribution, right? Distribution is a very key component of blockchain security, of how you get decentralization. Issuing all the currencies into all the different people of the world is nice and issuance allows that to happen. In these very, very young phases of cryptoeconomic networks, we need more issuance than we need capture because these things are so young. We need a lot of people to enjoy the fruits of these systems. And so how these things are actually getting issued and where they're going is also really, really important.

• 17:10David Hoffman?

  I think it's very appropriate that Solana is actually issuing quite a lot right now because it's only like 18 months old, something like that. The other half of the story is where is that money going? And is that actually becoming distributed into the hands of the users, into as many different people as possible? That's what I would like to argue, and I think Bitcoiners would believe, agree with me, is that proof of work is really, really useful for. Why I'm very happy that proof of work actually is where Ethereum started for the first five years. And what concerns me about Solana and these other delegated proof of stakechains is that the issuance is actually going into a very small set of individuals, which are the validators, which is why Ryan and I are concerned about centralized validation.

• 17:51David Hoffman?

  Because the new issuance of these networks are being captured by fewer and fewer individuals. Where this is going really, really matters. There's also the topic of the buyback, the EIP 1559. We've seen roughly a 70-30 EIP 1559 burn and a 30% tip rate going back to the validators. And so this is 70% of the revenue for blockchain Ethereum fees is getting distributed to ETH holders via the burn. That's what it does. And it's democratizing access to protocol income to not just people that are validating, but any and everyone that holds ETH, which is an open, permissionless thing to do. And that allows this income to be democratized off,

• 18:36David Hoffman?

  70% of the income to be democratized off to a broader set of individuals. And then 30% of that revenue gets added on to validator compensation in order to subsidize security, pay for security. So that's really just the full story here. And it does dovetail nicely with like the inflation conversation of the US dollar. Because the goals for it to be long-term sustainable, to have long-term equilibrium so that we can enjoy these things and then our children can also enjoy these things and also their children, is that eventually all blockchains need to collect in fees more than what they issue, or else we get unsustainable inflation over the long term. So these are things that we need to be thinking about today because these will be eventually systems that our children and our children's children inherit.

• 19:21Ryan Sean Adams?

  Absolutely. And so I think not enough people are looking at charts like these. And so if you're looking at fundamentals, we encourage you definitely to to check this out and and make your own decisions, you know, evaluate chains this way as well. David, let's talk about this Sotheby's. They just netted $100 million in NFT sales.

• 19:39David Hoffman?

  Picks and shovels.

• 19:41Ryan Sean Adams?

  Picks and shovels. Do you know what? More than three quarters of the NFT bidders were completely new to Sotheby's as well. So it's like a new demographic and over half of those were under 40. All right. So Sotheby's has got to be like just over the moon excited about the NFT market and its performance. How much of their growth was attributed to NFTs in this whole new demographic that probably wasn't going to art house auctions previously is now showing up?

• 20:09David Hoffman?

  I'm just reminded of the take that we had earlier this year where like a lot of the crypto people were skeptical about NFTs, but a lot of the rest of the world they're just going to be like, oh, we buy JPEGs now? Okay, sounds great. That seems to be how it played out.

• 20:23Ryan Sean Adams?

  Totally. I think it is. Guys, we will be right back with the releases of the week and also the news and you can't miss the memes and the takes and everything else we do on the weekly roll up. But before we do, we want to thank the fantastic sponsors that made this episode possible.

• 20:36David Hoffman?

  Matcha, everyone's favorite DEX aggregator, has just launched an open beta for gasless trading. So if you're trading more than $5,000 in common ETH and wrapped Bitcoin pairs, then your gas fees on Matcha are free. And that's why you should be using Matcha. Matcha routes your orders across all the various DeFi exchanges on Ethereum, Polygon, Binance Smart Chain, and gives you the best possible price without any trading fees or unnecessary slippage. Matcha has smart order routing that splits your orders across multiple liquidity sources. If Matcha sees that that it gives you better pricing. Trading on Matcha is super easy because it pulls the liquidity for me into a single and easy to use platform and has even saved me multiple times from accidentally picking the wrong DEX to trade

• 21:18David Hoffman?

  on and getting a bad price. Matcha also allows you to make limit orders on chain. So you can set and forget your DeFi trades and they will go through automatically while you're away. So when you're making a trade, head over to matcha.xyz slash bankless connect your wallet and start getting some of the best prices and most liquidity when you trade your crypto assets. Living a bankless life requires taking control over your own private keys, not your keys, not your crypto. That's why so many in the bankless nation already have their ledger hardware wallet, which makes proper private key management a breeze. But the ledger ecosystem is much more than just a secure hardware wallet. Ledger is the combination of the ledger hardware wallet and the ledger live app.

• 21:58David Hoffman?

  And if you're used to seeing all of your crypto services and favorite DeFi apps all in one spot, Ledger Live is where you want to be. Not only does Ledger let you buy your crypto assets straight from the app, but it also hooks into all of the DeFi apps and services that you're used to. Using Ledger Live, you can stake your Ethan Lido, swap on DEXs like Paraswap, or display your NFTs with Rainbow. You can also use Wallet Connect inside of Ledger Live to connect to all the other DeFi apps that keep coming online. DeFi never stops growing and the Ledger Live app grows alongside with it. So click the link in the show notes to see all of the DeFi apps that Ledger Live has and stay tuned as more apps come online. And if you don't have a Ledger hardware wallet, what are you even waiting for?

• 22:39David Hoffman?

  Go to ledger.com, grab a ledger, download Ledger Live and get all of your DeFi apps all in one space.

• 22:47Ryan Sean Adams?

  All right, guys, we are back with the releases of the week. Layer two, optimism, removing whitelist, opening floodgates to developers. What is happening? I think that's happening today, so it'll be live by the time people are listening to this. What is it?

• 23:01David Hoffman?

  Yeah, this is optimism removing the whitelist, allowing anyone to come build on the optimism layer two. So congratulations to optimism for getting this far. Optimism really differentiates itself via EVM equivalence. As in, if you have something on the main chain, you can press a button and then have it work on optimism layer two. That's that is the whole and the whole point of what optimism is trying to do. And overall, I think that it's really going to give it really strong tailwinds, just the ease of development. That's why we've seen so many get forks, Ethereum client get forks spin up and have a lot of outside success. Binance Smart Chain, Avalanche among them, because it's really easy to port your Ethereum thing. From one EVM chain to another EVM chain, optimism is making that even easier.

• 23:46David Hoffman?

  You don't get one click deployment to like Binance, smart chain or Avalanche. You do have to tinker with it a little bit, but still it's not a complete rework. With optimism, you can just boom, deployed. So congratulations to optimism. I expect a ton of activity to end up flooding there. And I'm looking forward to see what happens in 2022 for optimistic Ethereum.

• 24:05Ryan Sean Adams?

  David, look, you're quoting this article. David Hoffman of Crypto Media à la Bankless described the removal of optimism's whitelist as a one way decision. This is one way, right? They don't get to come back from this too.

• 24:14David Hoffman?

  Can't go back.

• 24:15Ryan Sean Adams?

  That's what's so cool about this move as well. Look, next year is going to be the year of layer twos, 2022. We're calling it now. Big year for optimism, big year for all of the layer twos out there. We'll keep tracking what's going on there. Also, something to keep tracking ETH Global, they just rolled out their 2022 season. Six in real life hackathons, 10 online hackathons and 15 summits. What's ETH Global, David? What's, why are these events important?

• 24:42David Hoffman?

  ETH Global just hosts all these cool, different Ethereum events all around the world because Ethereum is a global network. And so we need representation all across the world. And so there are so many different ways to, if you're a hacker, developer, or just enthusiast, to take part in the Ethereum ecosystem. So check out the link in the show notes. There is, there's definitely something coming to a city or country near you. In probably every single continent except for Antarctica. And yeah, so there's, there's options for you to go do in real life stuff. If you are not yet completely pilled about crypto, go to one of these events because by the time you leave, you absolutely will be.

• 25:19Ryan Sean Adams?

  Absolutely. No love for Antarctica though, huh?

• 25:24David Hoffman?

  Not enough developers there.

• 25:24Ryan Sean Adams?

  Okay. Balancer, they just launched boosted pools. What are boosted pools, David?

• 25:30David Hoffman?

  Yeah, Balancer, they did this like V1 of this concept earlier with AVE. So basically all of the liquidity that gets deposited into Balancer just waits for people to come and trade on it. And that's when it gets the fees. But like 80% of that liquidity in Balancer pools are actually kind of stagnant. It's really the remaining like 10 to 20% that really matters just to allow the trade. So what Balancer is doing is they're allowing this stagnant liquidity in their pools to be deposited. First, they did it into AVE. That happened a number of months ago. We did a show on that. So check that out if you want to get up to speed. But first, they would just lend out the liquidity into AVE in their pool. So not only are they collecting trading fees from Balancer, but they are also collecting yield in AVE. They have now made this generalizable.

• 26:13David Hoffman?

  So now liquidity in Balancer can now be put more in just AVE, but can be generally tapped into by any protocol. And so this is Balancer just really becoming capital efficiently. And this is the theme of DeFi is capital efficiency, capital efficiency, capital efficiency. That's what Balancer is doing with their boosted yield pool. So both getting trading fees and yield in DeFi at the same time.

• 26:35Ryan Sean Adams?

  Capital efficiency, superfluid collateral. Speaking of superfluid, there's actually a protocol called superfluid. Yeah, I know. And it just worked out that time. Okay. They're excited that they just announced on Optimism and Arbitrum, two Layer 2s, of course. Remind us what superfluid is. If I'm recalling correctly, it's this really neat payment type protocol. Payroll to pay contractors. It's, yeah, tell us about it, David.

• 27:02David Hoffman?

  It's streaming payments.

• 27:04Ryan Sean Adams?

  Streaming.

• 27:05David Hoffman?

  Yeah. So if you are an employee of somewhere and you are getting X dollars per year, well, you could actually break that down into X cents per second if you really wanted to. You could start in getting your income the moment you clock in and have that verifiable on-chain. And that is what superfluid is. It's like these plummings, the plumbing between different contracts. And it's just streaming payments on a per second.

• 27:28Ryan Sean Adams?

  It's like microtransactions. Do you remember when Andreas Antonopoulos used to talk about this in the earlier days of Bitcoin, being so excited about this use case? Like now it's here.

• 27:39David Hoffman?

  So it's actually even more granular than microtransactions. It is literally fluid transactions. There are no, microtransactions implies like a bundle. This is more like liquidity. This is like more water flowing through a tube. It's, that's why they call it superfluid. And so again, per second, per microsecond payments on L2. So like the use cases for this is infinite. Like it's like streaming.

• 28:01Ryan Sean Adams?

  We don't even know. We don't even know what all the use cases are, right?

• 28:03David Hoffman?

  Streaming for bandwidth, like maybe you're walking around some city and you need some internet and you go buy some internet from someone and you just stream them pennies per second.

• 28:12Ryan Sean Adams?

  For a few seconds.

• 28:13David Hoffman?

  Yeah, really cool.

• 28:13Ryan Sean Adams?

  Automatically withdrawn from your, you know, your ETH address, something like this. Yeah, this is going to be a big primitive in the future, I think. Speaking of primitives that are big, okay, NFTs are big. This is an NFT project called Forgotten Runes Wizards. These wizards that you can collect. It's kind of a PFP type project. Now they have just rolled out an RPG game. Check this out. This is a, you know, a graphic from the game. Looks like you're playing your wizards.

• 28:43David Hoffman?

  Looks like an Axie Infinity type of game. Just like you got little characters, you gotta fight some people, you get some stuff.

• 28:48Ryan Sean Adams?

  So look at this. An NFT project now spinning up a game. I wonder if this is the future for a ton of different NFT projects, the direction they're going. You can almost see the beginnings of the metaverse this way, right? It starts with a boring JPEG and then it becomes digital property and then it turns into a game. And then before you know it, it's immersive and virtual and you become your NFT and you're in the metaverse. This is how we evolve.

• 29:12David Hoffman?

  Exactly right. Looking forward to play.

• 29:14Ryan Sean Adams?

  Yeah, absolutely. Um, let's talk about Bitwise.

• 29:18David Hoffman?

  This is cool. Okay, so Bitwise, launching the Bitwise Blue Chip NFT Index Funds, the world's first NFT index fund. So if you are perhaps a baby boomer and DeFi and NFT scares you, fear not, Bitwise has your back. So if you want to get into the cool hip new NFTs that all the kids are getting with, you can get into the Bitwise Blue Chip NFT Index Fund. Ryan, I've actually checked out what's in this index fund. It's, it's pretty good, man. It's pretty good. Uh, yeah, so.

• 29:46Ryan Sean Adams?

  Not just for baby boomers. Like it's for anyone, if you're trying, if you don't want to custody your own keys, all right? If you don't, if you haven't been fully DeFi pilled and you're like scared of a lot of things, you just want an index of these things.

• 29:57David Hoffman?

  Of a diversified blue chip NFT portfolio. Yeah.

• 30:00Ryan Sean Adams?

  Yeah. In your retirement account, which is kind of wild. So what's in this thing?

• 30:03David Hoffman?

  Yeah. CryptoPunks weighted at 37% of the total fund, followed by Bored Apes at 29%, uh, Mutant Apes, uh.

• 30:11David Hoffman?

  B friends, autoglyphs, Fidenzas, Cyber Kongs, Cool Cats, MeBits, and Chromie Squiggles. Those are the 10 blue chip NFTs that are in the Bitwise NFT fund. I think it's a pretty good list. I think it's a pretty good list.

• 30:22Ryan Sean Adams?

  Well, you like it because CryptoPunks are at the top. That's why you like it, right? I don't see any turtles here, okay?

• 30:26David Hoffman?

  That's not an opinion. That's just the market cap.

• 30:29Ryan Sean Adams?

  Sir, there are no turtles in this blue chip NFT fund. I refuse to believe this is the market.

• 30:33David Hoffman?

  Is that the alpha? It's like buy the turtles before they're in the Bitwise blue chip NFT fund.

• 30:38Ryan Sean Adams?

  Oh my god. That is not alpha, guys. None of this is financial advice, alright? I just have a turtle fetish.

• 30:45Ryan Sean Adams?

  Aztec.

• 30:46David Hoffman?

  Aztec.

• 30:47Ryan Sean Adams?

  Privacy network on Ethereum, layer two, super cool. What is this technology? Look, okay, up to 100x gas savings, fully private transactions by default, all in a rollup. Private DeFi is here. I think they're on testnet. Have they rolled out their mainnet yet, David?

• 31:05David Hoffman?

  Uh, no, I do not. I do not think they have rolled out a mainnet. No, just a testnet.

• 31:09Ryan Sean Adams?

  It's coming though.

• 31:09David Hoffman?

  So this is like, this is a private, privacy layer two. Uh, and so think of it like tornado cash, that same technology, but on a layer two. And also better, uh, because tornado cash, you have to wait for entropy to happen. That's not true with Aztec. You get immediate privacy. Uh, in theory, I don't know if this is true at Genesis, but in theory you can send any asset, uh, any ERC 20 token. Maybe, maybe NFTs, maybe that comes later. Uh, so think of it like the Tor layer two. Like the layer two where if you go in there, you can do a bunch of private stuff and you can come out completely anonymously. Uh, so a fantastic privacy tool. So you can stop doxing yourself anytime you send anyone money from your wallets. Uh, and, uh, really, really, really bullish. And the cool thing is you simultaneously get privacy and scale at the same time.

• 31:54David Hoffman?

  That's what simultaneously means.

• 31:57David Hoffman?

  Uh, you, this is the same technology. Uh, and so this is one of those things where the more people that use this thing, the cheaper the transactions get. Uh, and so with full adoption, gas, gas fees for privacy should come down really, really low. It's already better than the layer one. So for a basic Uniswap trade, it's 130,000 gas, clocking in at $54. Right now on Aztec, a Uniswap trade is 17,600 gas, $7.52. And I think that will not stop there. Many of these L2s continue to have optimizations. Uh, so really, really bullish on that. Also disclaimer, Ryan and I are seed investors in this, angel investors.

• 32:33Ryan Sean Adams?

  This is really cool. Like it's, it's Zcash, man.

• 32:36David Hoffman?

  Zcash as an app, where it should be.

• 32:38Ryan Sean Adams?

  It's Zcash as an app, but with smart contract functionality in a rollup. That's what we're talking about here. This is why we're so bullish on rollups, guys. New ones coming about all the time.

• 32:47David Hoffman?

  Paradigm was the lead investor in this at $17 million, Series A.

• 32:52Ryan Sean Adams?

  Yeah, well, that kicks us over to raises then. So they also announced a raise this week, almost simultaneously as well.

• 33:00David Hoffman?

  That was strategic, for sure.

• 33:01Ryan Sean Adams?

  17 million, Series A, Paradigm, to bring this, this network to mainstream. That is the headline here. Let's talk about a few other raises. Slingshot just raised 15 million in funding. It's like a DeFi trading app. I believe they started on Polygon. Really slick user experience. I'm pretty bullish on what Slingshot is doing. Any other thoughts on this, David?

• 33:23David Hoffman?

  Yeah, this is coming out of the same team as DeFi Pulse, so there is a relationship there. I've used it once. It was great. Haven't used it since, but that's because, yeah, I don't know.

• 33:32Ryan Sean Adams?

  Life is busy.

• 33:32David Hoffman?

  Life is busy. Not much of a trader.

• 33:35Ryan Sean Adams?

  Yeah, you're holding instead of trading. That's why, I guess. Let's talk about Anchorage. So we just had Anchorage on the podcast. At least one member of the Anchorage team with Visa as well. They just raised $350 million. This is the group that purchased Visa's CryptoPunk, custing a ton of assets for big fintech companies as well. This is a $3 billion valuation. Billion with a B. We're seeing a lot of Bs. You know, a lot of unicorns in crypto.

• 34:02David Hoffman?

  B-level valuations.

• 34:04Ryan Sean Adams?

  Yeah, B-level valuations. Let's go to the next one. Euler Finance, they just launched a new DeFi lending platform. It's a crowded market, but they have kind of a permissionless take, similar to Rari, I believe, and maybe the Fuse Protocol. Think of it sort of like that, only it has its own unique differences. Any thoughts on what Euler is doing here?

• 34:22David Hoffman?

  Yeah, so where Reflexor is kind of like MakerDAO, but with control theory baked in, as in some equilibrium mechanics that remove governance. This is a very similar thing. This is like Compound or Aave, but with some equilibrium balancing mechanisms that removes governance. So governance minimized protocols, which is, you know, we forget to talk about this a lot, but kind of the whole point of this whole thing is to actually remove governance. Governance is like kind of a means to an end. The whole point is to remove governance. So, cool, bullish. Also, disclaimer, me and Ryan are angel investors in this one, too.

• 34:56Ryan Sean Adams?

  Let's talk about LiFi, plug and play, interoperability. This is an aggregator, so I think of this as kind of the one inch for bridges, basically. So if you want to do hop, connect, you're trying to get liquidity from one bridge to another, you just use LiFi, it pulls it all together and aggregates it.

• 35:14David Hoffman?

  Not only that, but you can also exchange at the same time. So it's a liquidity aggregator between layer twos, but it's also a layer two DEX aggregator. So it's like, oh, I have Ether on Arbitrum, but I want USDC on Optimism. It will both get you from layer two to layer two and from asset to asset simultaneously. So, I mean, just very obvious use case, I think.

• 35:37Ryan Sean Adams?

  They just announced their raise as well. Let's talk about Nansen. Nansen, fresh funding, $750 million valuation, pretty close to that B word. Not quite there, but an analytics platform in crypto. I've used Nansen before. I think it's fantastic. Do an analytics, Nansen, there's a few others that I think very highly of. Any thoughts on this, David?

• 35:59David Hoffman?

  Congratulations, well deserved. This is going to be like something along the lines of like the Bloomberg Terminal for DeFi.

• 36:05Ryan Sean Adams?

  Ramp time. Ramp is a fiat on-ramp and they're doing a lot with layer twos, which we are super bullish on because it feels like exchanges have taken too long. I was hoping for a Coinbase integration for layer two platforms by Christmas, but it's getting a little late, man. It's not happening so far.

• 36:20David Hoffman?

  Get the show on the road Coinbase.

• 36:22Ryan Sean Adams?

  And Gemini, Kraken, all you guys, got to get on it. But Ramp Network, they just closed a $52 million raise. I'm not sure what valuation that is.

• 36:33David Hoffman?

  300 million, 300 million valuation.

• 36:37Ryan Sean Adams?

  300 million, and that is to provide fiat all over, fiat on-ramps and off-ramps all over crypto. So go direct from your bank account, directly to Optimism, directly to Arbitrum, directly to Starknet, directly to ZK Sync. That's what this enables. So good to see that they are funded as well.

• 36:55David Hoffman?

  Nidig, Nidig announcing a $1 billion funding round valuing the company at $7 billion. So Nidig is both a fund and also I think an OTC desk is overall just like crypto Bitcoin focused infrastructure, but they get into other things as well, raising a massive round at $1 billion. So congratulations to Nidig.

• 37:15Ryan Sean Adams?

  You take this last one, David.

• 37:17David Hoffman?

  Yeah, Circle's USDC stablecoin is now on the Avalanche blockchain. So sufficient adoption on Avalanche means that USDC is going there. So there's now, I didn't even realize that USDC wasn't actually there yet. So congratulations to Avalanche for getting USDC.

• 37:29Ryan Sean Adams?

  USDC going everywhere, going on all chains, going on all exchanges.

• 37:33David Hoffman?

  Inflating everywhere as well, yeah.

• 37:36Ryan Sean Adams?

  That's not their fault, to be fair.

• 37:37David Hoffman?

  That's true.

• 37:38Ryan Sean Adams?

  Jobs time, alright?

• 37:40David Hoffman?

  Here we go.

• 37:40Ryan Sean Adams?

  You heard our inflation talk earlier. You heard about wages not increasing, you know, 2% to 3% per year. Going up in crypto, though. I think wages will continue to rise because demand is there. Crypto needs people, needs you. Get a job in crypto. That's the message coming to you from Bankless every single week. I'm going to read off the jobs. You ready, David?

• 38:00David Hoffman?

  Yep, I'm ready to dance. Here we go.

• 38:02Ryan Sean Adams?

  Alright, alright. Founding full stack engineer at Utopia Labs. Senior iOS engineer, smart DeFi, senior backend engineer, smart DeFi, senior software engineer, popcorn, community ecosystem lead, DYDX. Got to check that out. Crypto research analyst. You got to be an NFT specialist, a smart contracts platform and web three specialist, and a governance specialist. Those are three positions from Bitwise. We're talking about the NFT index earlier. I wonder if that NFT specialist would be involved in that. Ahead of growth, Dex guru, technical lead draftly, head of Ethereum research immutable, head of tokens immutable, community manager, dexter, lead engineer, hats dot finance, community manager, e agronom. Those are some of the jobs. David exhausted. Look, man, I can go faster, I can go slow.

• 38:46Ryan Sean Adams?

  Depends, I went fast because it's your birthday, okay?

• 38:51Ryan Sean Adams?

  Those are the jobs, guys. You want to get clued into the jobs? Go check out the Bankless jobs board at bankless.pallet.xyz. Make sure you subscribe. You get these in your inbox. We'll also remind you on a weekly basis. David, you want to get to some news items? We should do that.

• 39:06David Hoffman?

  There's some cool news items. Again, this is a really awesome week.

• 39:09Ryan Sean Adams?

  All of them are awesome. We just like nonstop good news. Okay, here's a big one. The first publicly traded company, we talked to these guys, Ether Capital, they're based in Canada, first publicly traded company to go big on staking ETH. No wonder they have a big balance sheet, but $50 million worth of ETH they are staking. Publicly traded company, staking ETH on their balance sheet. I think this is the first of many. Ether Capital has been the first of many in lots of ways. And I wonder how long, David, until we see some of the Fortune 500 companies with ETH on their balance sheets actually staking it in what we call the internet bond. Any thoughts on this?

• 39:47David Hoffman?

  Ether Capital is basically like MicroStrategy. Their one job is to buy ETH or put it on the balance sheet. They're a Canadian company. The only difference between them and MicroStrategy is that they don't have this ancillary company that makes money in completely different ways than what the new purpose is, which is to buy Bitcoin. So it's a public company, put an ETH, staked ETH on the balance sheet, also taking part in Ethereum staking. So pretty cool.

• 40:10Ryan Sean Adams?

  Yeah, it's very cool. Let's talk about this too. Polygon, they just acquired a ZK rollup. We were talking about this in the intro called Mirror Protocol, $40 million acquisition. This is Polygon-

• 40:21David Hoffman?

  Big number, big number.

• 40:22Ryan Sean Adams?

  Yeah, this is, look, man, this is Polygon going all in on rollups. We just had the Polygon founders on the podcast a couple of weeks ago. If you didn't catch that, go listen to that episode. I think it's really key to understand both Polygon and where rollups are going and what they think of this entire space. They're calling this product Polygon Zero. And what's interesting about the Polygon strategy is they have a lot of these chains, all right? They're kind of a Swiss Army knife for chains. This is a graphic that they put out that I kind of like. Their thesis is Ethereum is the settlement layer, kind of in the center. It is the chain of chains, if you will. And then Polygon is going to provide lots of different chain solutions for different use cases. So Polygon Nightfall,

• 41:04Ryan Sean Adams?

  more focused on privacy and enterprises. Polygon Hermes, it's kind of a payments type rollup. ZK rollup. Polygon Proof of Stake, of course, that's the first one-

• 41:14David Hoffman?

  That's the one that you're familiar with, yeah.

• 41:16Ryan Sean Adams?

  That's the less, less secure- But also a very scalable chain, higher throughput chain, Polygon avail.

• 41:24David Hoffman?

  Data availability layer, yeah.

• 41:25Ryan Sean Adams?

  Yeah, so look, that's their strategy, sticking to it, and they just made another big move in ZK rollup space. It's pretty cool.

• 41:33David Hoffman?

  Look, only a few of these need to work out for it to be very, very bullish. And so like, yeah, again, if you think that Polygon is just the proof of stake chain, you're missing the forest for the trees.

• 41:43Ryan Sean Adams?

  Yeah, absolutely. And they said they were coming here, and now they have in a big way. Let's talk about this. This is a Uniswap proposal to get... Yeah, what is this proposal about, David?

• 41:54David Hoffman?

  Yeah, we've been following this for the last three rollups. This will be, I think, the last one because there are 66 million for votes from uni token holders and only half a million against votes to get Uniswap spun up and deployed on the Polygon proof of stake chain. So this sounds like it's definitely going to go through. And we will shortly see Uniswap V3 deployed on the Polygon proof of stake chain. So, cool. Took a while, but also, fine, great, great, fantastic. Love it.

• 42:20Ryan Sean Adams?

  Community wants it. Big show of support there. Let's talk about Ledger. So that is a hardware wallet, you know, and love. Actually, last week, they just unveiled a plan to issue a crypto debit card. We had the VP of Product from Ledger on our YouTube earlier this week to talk a little bit about that. But a few highlights are: An interest-free 30-day debit card. So you actually get credit for 30 days on your debit card and pay that way. You can convert to crypto at the point of sale. So basically, you can sort of charge up your Ledger debit card from your Ledger and pay for your coffee, whatever you're buying on a Visa as well.

• 43:01Ryan Sean Adams?

  You can even have salary sent to your account. So like, salary sent to your account, they converts it to crypto and drops it off in your Ledger wallet. Some cool stuff there. I'm not exactly sure how this is going to evolve, but I know when it comes out, I'm going to check it out and see what's up.

• 43:18David Hoffman?

  Do you use it? The other thing you can do is you can put like Ether or Bitcoin in your account and then spend dollars back to buy that Bitcoin and that Ether. So you're not spending the Bitcoin and Ether, because don't do that. Those things are going up while the dollar's going down. But you can use those things as collateral to spend dollars, which is an interesting use case. Do not get over your ski tips. Just because you have the Bitcoin and Ether doesn't mean you get to spend freely dollars.

• 43:42Ryan Sean Adams?

  It's really cool, but be careful is David's message, right? Let's talk about this.

• 43:47David Hoffman?

  Yeah, this is from I am Iaguchi, who is tweeting out a very fantastic announcement. And I says, "We strongly believe that a diverse set of clients is essential to Ethereum's health and decentralization to ensure the client teams have a long-term incentive to maintain the network. The Ethereum Foundation has launched the Client Incentive Program." So what they are doing, what the EF is doing, is they are giving each of the nine Ethereum client teams 144 validators. That is total, not each. That is 4,608 ether, roughly $17.5 million each. And that is being given out to the client teams as one part of reward, for all of their

• 44:27David Hoffman?

  hard work, but also as long-term incentives to keep maintaining those clients. The clients, the individual clients are not owned by anyone other than themselves. Their one job is to make Ethereum clients work and work better over time. That's one of the reasons why Ethereum has actually been able to scale. I think, how much higher are gas, are block sizes when Ethereum first launched? Something like 5 to 10 times larger. That is because of clients.

• 44:50Ryan Sean Adams?

  Optimizations.

• 44:52David Hoffman?

  Yeah, client optimizations has made Ethereum 5 to 10 times more scalable since its day one inception. And that's because of the client teams. And now with giving them a ton of ether, a bunch of validators, they both have the actual capital, but then also the staking interest over time. So long-term alignment to keep these clients innovating and moving forward and maintaining the health and security of Ethereum in a decentralized fashion. So that's really, really cool.

• 45:16Ryan Sean Adams?

  It's cool. It unlocks over time. This is a great performance bonus. Like, no one deserves it more than the protocol development team, the client teams that are providing the public good that we call Ethereum. So I'm really glad to see the EF pull that off for all of these client teams.

• 45:30David Hoffman?

  This is great.

• 45:30Ryan Sean Adams?

  What's this, what's happening with AVE, David?

• 45:32David Hoffman?

  Yeah, this is kind of a take, kind of not news, a little bit of speculation, but this is Donnie from AVE saying, "After testing AVE V3, I'm fully in love with Layer 2s, L2s." Calling it now, AVE V3 is going to be L2 only. It will not be AVE V3 on the main chain.

• 45:49Ryan Sean Adams?

  Is that your personal opinion?

• 45:51David Hoffman?

  I'm going to put a lot, I would put a lot of my money on that bet. Yeah. I don't know if that's 100% confirmed, but yeah, I think regardless, even if, even if it's not confirmed, AVE V3 will be used almost primarily on Layer 2s.

• 46:05Ryan Sean Adams?

  I'm anxious to hear more about AVE V3. I wonder what they're adding to the protocol. They're also pursuing a social network that I want to hear more about, too.

• 46:12David Hoffman?

  I think that's completely unrelated, yeah.

• 46:14Ryan Sean Adams?

  It's unrelated, but it's all AVE. Let's switch to NFT stuff. This is big news. Nike Apparel is entering the metaverse, okay? Big acquisition of RTFKT Studios? I'm actually not familiar with who these are.

• 46:29David Hoffman?

  People need to rethink their naming.

• 46:31Ryan Sean Adams?

  I don't know how to say it, but this is a metaverse apparel type of company. Nike has just purchased them, so welcome to Web 3 Nike. Is that what we're saying?

• 46:41David Hoffman?

  That's exactly right. Nike making a very intentional move into the metaverse. Digital apparel, digital goods to go along with your physical apparel and your physical goods. Buying a whole entire NFT studio. So not just like partnering with one, straight up buying one. So this is like getting to be like the Nike NFT metaverse like churn factory. So I expect to see a lot of Nike digital merch out there.

• 47:02Ryan Sean Adams?

  Big moves, digital fashion, digital merch is happening. Nike moving first and, you know, others will follow behind them.

• 47:09David Hoffman?

  Adidas is right there with them. They're also doing similar stuff, yeah.

• 47:12Ryan Sean Adams?

  That's true, yeah. We're gonna see them all. It's gonna be a crowded space. It's gonna be a fun space to watch. Let's talk about Marvel and Disney. Their IP is moving to Ethereum? NFTs on immutable? Talk about this story, David.

• 47:25David Hoffman?

  Yeah, so I think the story here is that Marvel and Disney have their IP licensed towards this Vivev official NFT platform, kind of just like what we were talking about with RTFKT. It's just an IP system for just putting digital merch into the metaverse. And Vivev official is now being migrated over to immutable via the e-commi platform. There's a lot of moving parts here. Basically, the TLDR is Marvel and Disney IP is being issued on the immutable Layer 2. So a huge win for immutable. Like Disney IP, like is there any more valuable IP than Disney? And Marvel's up there as well.

• 48:05Ryan Sean Adams?

  Marvel, Star Wars, all the Mickey Mouse stuff, basically every kid's movie in existence.

• 48:10David Hoffman?

  Harry Potter, I think, yeah.

• 48:11Ryan Sean Adams?

  No, no, no. Harry Potter's universal.

• 48:13David Hoffman?

  Okay, all right. Well, never mind.

• 48:15Ryan Sean Adams?

  I mean, it probably won't be long.

• 48:17David Hoffman?

  One day, yeah, soon, yeah. So all of that IP becoming issued on immutable. So again, a huge win for immutable. And also, cool, Disney now in the metaverse, too.

• 48:26Ryan Sean Adams?

  It's really cool that Immutable's business development is just like

• 48:29David Hoffman?

  Killing it, absolutely killing it.

• 48:30Ryan Sean Adams?

  It's doing stuff that a protocol can't do, right? It's like, you know, good job here. And yeah, so speaking of, how cheap is it to mint NFTs on Immutable, David?

• 48:41David Hoffman?

  Apparently it's free, Ryan, through this new app called Mintable. So Mintable is now live on Immutable. And so all you got to do is set up an account, deposit some ETH, and you get, they say, infinite transactions with no fees. So free NFT minting on the Immutable Layer 2. This is something that a Layer 2 can do, that a Layer 1 could never do, which is free and infinite transactions. And then our good friend Paul and I had a really good take about this. Like, free and infinite? That sounds too good to be true. It is slight hyperbole, but that's because Mintable is actually just fronting the cost for their users. And that's just because the fees are so low that Mintable, the platform, is like, yo, we'll just eat it. Like, it's so low that we'll just do it for the users themselves.

• 49:24David Hoffman?

  So Paul and I says, infinite transactions with no fees. Slight hyperbole there, but the point is, if you want to mint and trade low-value NFTs and trade off security, Immutable X is the premier venue. Can't beat literally zero gas fees. It's still early days, of course. Much more to come from Immutable X. Again, Immutable X just executing in the best of ways. Just nice job, guys.

• 49:44Ryan Sean Adams?

  Are you a person that hates gas fees but loves decentralization? Right? Like, that's what this is solving for.

• 49:51David Hoffman?

  Hopefully that's the whole world.

• 49:53Ryan Sean Adams?

  I hate gas fees. Exactly. But like decentralization is an important public good and worth preserving. And why can't we have both?

• 50:00David Hoffman?

  I think we can.

• 50:00Ryan Sean Adams?

  With cryptography, we can.

• 50:02David Hoffman?

  With cryptography, with the power of cryptography, we can have whatever we want.

• 50:06Ryan Sean Adams?

  Get a little nerdy on it, but look, Justin Drake told us at the beginning of the year, that crypto moon math episode. Go check that out if you're interested in sort of the theory of cryptography and why it scales blockchains. Why that is the, that is the big performance improvement, right? Everything else is a hack. When we make big cryptography leaps forward, that's when we improve these systems, these computers that we call blockchains. And that's what's happening here with these rollups.

• 50:29David Hoffman?

  Coming up next, a rare CryptoPunk has sold at a record $10.2 million. This is the highest CryptoPunk sale. Ever 2500 ETH. Yeah, it's the ape with the blue bandana. CryptoPunk4156 purchased for over 2500 ETH. New records for CryptoPunks.

• 50:48Ryan Sean Adams?

  Are CryptoPunks still going up or is it like kind of, I know everything in NFTs have kind of died down a little bit, but like CryptoPunks being blue chip, are they still?

• 50:55David Hoffman?

  CryptoPunks, they've taken a little bit of a hit lately. There, I think they peaked out 144 ETH floor. They're currently clocking in oof, oof. That's the fourth big oof of the show, Ryan. The new floor is 61 ETH. There's a little bit of drama and FUD in the CryptoPunk world, having to do with licensing and larva labs and stuff like that.

• 51:13Ryan Sean Adams?

  Creative Commons licensing and all that. That's another podcast episode. Well, I'm waiting until it hits $500 or so, David, and then I'm all in. I might buy one.

• 51:21David Hoffman?

  Hold your breath, man. Hold your breath.

• 51:25Ryan Sean Adams?

  Someday, someday. I got turtles, though. Whatever. They're fine.

• 51:29David Hoffman?

  How many turtles do you have?

• 51:31Ryan Sean Adams?

  Many turtles, alright.

• 51:32David Hoffman?

  Is it turtles all the way down?

• 51:33Ryan Sean Adams?

  I'm stacked. I'm shell stacked, okay? I don't have any of these, though. Dr. Seuss characters. They're getting the NFT treatment.

• 51:41David Hoffman?

  Seussables. Seussables. That's a great name.

• 51:43Ryan Sean Adams?

  Little cute little green eggs and ham guy, Sam I Am, Cat in the Hat, Thing One, Thing Two, all your favorites. Coming to the NFT world. Gotta love it.

• 51:51David Hoffman?

  How do people hate NFTs? I just don't know.

• 51:54Ryan Sean Adams?

  Pop culture is so fun. Look, if you hate NFTs, just don't buy them. That's all you have to do. Just ignore them.

• 51:58David Hoffman?

  And also shut up.

• 52:00Ryan Sean Adams?

  Yeah, but you can't resist. You know you'll be back. You know, just wait until your favorite whatever comes to the NFT world. Then you'll be like, oh, those weren't cool, but these are.

• 52:08David Hoffman?

  Wait until it's your turn. Yeah. Everyone will think it's their turn.

• 52:11Ryan Sean Adams?

  It's gonna hit you. Okay, Bitcoin stuff. Two Bitcoin core developers, they stepped down last week. Why are Bitcoin core developers stepping down, David?

• 52:18David Hoffman?

  According to this guy, Mike in Space, the subtext seems to be lack of funding. Luke was talking about lack of funding this week. Trillion dollar asset, no funding. This has always been a problem that has plagued Bitcoin. It is one massive public goods that doesn't have a way of providing funding, R and D efforts. Ethereum also has this problem too, like where we have like billions of dollars per year being spent on security and just a handful of millions of dollars being spent on R and D and public goods. But it's a big difference from zero to a handful of millions of dollars. In stark contrast to the EF, paying the client teams a bunch of ether for long-term sustainable development. Bitcoin doesn't have a way to pay for its own like maintenance, which is unfortunate.

• 53:03Ryan Sean Adams?

  It's unfortunate, but I also respect that they haven't done anything silly like inject a

• 53:08David Hoffman?

  Block rewards, yeah.

• 53:09Ryan Sean Adams?

  A block reward dev fund to siphon off to some third-party organization like Blockstream in order to pay for this stuff like.

• 53:16David Hoffman?

  Blockstream would love that, I'm sure.

• 53:17Ryan Sean Adams?

  Yeah, that would be not a good idea, of course. So I do respect that. There's got to be other ways to pay for public goods funding. I think Square is doing some of this. Hopefully this gets resolved for Bitcoin. 90% of all Bitcoin have now been mined, though.

• 53:30David Hoffman?

  Cross that milestone.

• 53:30Ryan Sean Adams?

  Today I learned.

• 53:31David Hoffman?

  90%. There's only 10% of Bitcoins left to be mined.

• 53:34Ryan Sean Adams?

  Yeah, fixed supply.

• 53:36David Hoffman?

  That remaining 10% is gonna take like 100 years.

• 53:40Ryan Sean Adams?

  And Michael Saylor would capture it all.

• 53:44Ryan Sean Adams?

  No dollar-cost average news from Michael Saylor this week. I'm sure he's doing something, but it's taken off for the holidays. He'll be back in the new year. Alright, let's talk about some traditional finance stuff, regulation.

• 53:54David Hoffman?

  Yeah, this is gonna be fun.

• 53:56Ryan Sean Adams?

  I like this. Alright, so one of our big predictions, longstanding bankless predictions, has been the protocol sync thesis, okay?

• 54:04David Hoffman?

  The DeFi Mullet.

• 54:05Ryan Sean Adams?

  This is the idea, yeah, the DeFi Mullet plus protocol sync thesis, they're kind of, they're kind of related. And the basic idea is that the most credibly neutral decentralized protocols, whether that's a chain like Ethereum, or whether that's a credibly neutral automated market maker like Uniswap, or a protocol like Compound, they're gonna sync to the bottom. And other things will be built on top of those things. Because why? Because they're maximally decentralized, they're credibly neutral, everyone can tap into it, they're totally permissionless. And so we had a longstanding prediction that at some point in time, all of the exchanges, all of the crypto banks, will start tapping into these DeFi protocols for various things. So for instance, they'll start earning interest,

• 54:48Ryan Sean Adams?

  providing access for their users to earn interest in something like Compound. Well, it happened. It's happening. The thing we said would happen is happening.

• 54:56David Hoffman?

  It was literally the example that we've used.

• 54:57Ryan Sean Adams?

  Yeah, it's literally the example. So we said someday, I think we said this a couple years ago, someday Coinbase will use Compound under the covers to provide a lending and borrowing platform, interest rates, that sort of thing. And it's happening. Starting today, it's happening. So, feels good.

• 55:12David Hoffman?

  Feels good, man.

• 55:12Ryan Sean Adams?

  When that happens. I think it's validation of the thesis and only more to come, right? This is Coinbase, but soon it's gonna be every single bank in the world. Where you get your savings rate in your bank account is gonna be in protocols, protocolized form. But here's the thing. Absolute garbage that we can't get this in the US and not Coinbase's fault. All right. This is rolled out to 70 countries already. Rolled out completely to 70 countries. It is not in the US. The service is available in the UK, Germany, Spain, not in the US. And I think that is raw nonsense, not Coinbase's fault.

• 55:50David Hoffman?

  I just appreciate being protected so hard.

• 55:52Ryan Sean Adams?

  I just like, you know, if they do it, the SEC has threatened to file a lawsuit from their Coinbase earned product. So Americans can't have it. So 7% interest rates, my bank account gives me a 0.025% rate in my savings account. Calling that a savings account is an absolute joke. We come out with some innovation called DeFi where you can get a reasonably, like a really safe loan and you're borrowing an interest rate from something like Compound.

• 56:22David Hoffman?

  A very tried and tested protocol that feels very safe.

• 56:26Ryan Sean Adams?

  Not accessible if you're an American through Coinbase. Of course, you can go directly to the protocol yourself, but not through Coinbase. And that's where 36, 40, 40 million Americans have accounts. So like, what are you doing, US? You want to, when you want to help protect consumers from inflation? Give them access to DeFi, don't block it. What's the purpose? Who are they protecting, David?

• 56:47David Hoffman?

  They don't want to give protection from inflation. They need people to own the dollars. This is the same type of capital controls maneuver that we see from Argentina. It's like, no, you, no, you can't escape. No, no, no. Like, we need you guys to keep on holding dollars because we need you guys to like, not have inflation go out of control. And so like, no, like you don't, don't have your 5% interest rates. Like, keep that money in your bank and continue having your 0.05%. Like that will, will protect you like that. Yeah.

• 57:13Ryan Sean Adams?

  Yeah, it's, it's, it's the worst form of protection I can think of. And it's only hurting American citizens. So this is the reason why we say you have to take control of your own digital sovereignty and of, you know, you have to go bankless. Okay. Because

• 57:29David Hoffman?

  Thank God for DeFi actually giving the individuals to go directly to the protocols. Like, thank God for that.

• 57:35Ryan Sean Adams?

  The ability to opt out, all we want. Is the ability to opt out of the crappy system that is they're trying to imprison us in. Let's move on. Let's talk about another system of imprisonment and that's kind of web two, the web two world. So here's a story, David, of somebody who lost their Instagram handle Metaverse. What's happening here?

• 57:56David Hoffman?

  Yeah, so somebody had the at Metaverse Instagram handle and then Facebook pivoted to Meta, making that Metaverse Instagram handle way more valuable. And then a couple of weeks after the pivot, it got revoked from the owner's hands. Unexplained, they said it was impersonating somebody else. The account was impersonating someone. And so they got the ownership of that account got yoinked from the owner. Eventually it was given back to the owner after a bunch of uproar from from her, the owner, and also everyone else on the internet because of the exact reasons why you would expect like, oh, this is like, who are you, Facebook, to just revoke ownership? But this is a very big reminder.

• 58:38David Hoffman?

  Do you invest time into your Instagram account? Do you invest time into your Twitter account? Do you know that you actually don't own those assets? That is not web three, that is web two. And in web three, if Twitter was a web three platform, if Instagram was a web three platform, you would actually have complete property rights and assurances over your ownership of your handles. And this is exactly what we are trying to get away from. Facebook was like, oh, Metaverse handle that we have? Well, it's ours now. Thanks. And then the people were like, whoa, whoa, whoa, whoa, whoa. And thankfully, at the end of the day, the whole entire world resides on people. And so because the people pushed back, this individual has her Metaverse Instagram account back in her hands.

• 59:20Ryan Sean Adams?

  Only has it back, though, by the good graces of Facebook after this public pushback, as you said. So it was interesting when when the pivot happened and Facebook turned to Metaverse, to the name Meta, someone texted, someone messaged her and said, you are now a millionaire. But another person warned, Facebook isn't going to just buy your account. They're just going to take it.

• 59:41David Hoffman?

  It's all theirs. Why would they buy it? It's theirs.

• 59:44Ryan Sean Adams?

  And then early the next morning, she tried to log On Instagram, she got a message saying, "Your account has been blocked for pretending to be someone else."

• 59:51David Hoffman?

  I think that's a big oof, number five, Ryan.

• 59:55Ryan Sean Adams?

  Yes, that's definitely a big oof, number five. And yeah, I mean, this just shows, I guess, the take that you were saying is, I don't own my account, my Twitter account, my Facebook account, Gmail account, YouTube, Twitch. Neither do you. You don't own any of this. It's company property. We live our digital lives toiling away on rented property for our feudal lords. Completely broken model. Web 3 fixes this. Web 3 fixes this. Property rights, that's what we've been talking about the entire time.

• 1:00:25David Hoffman?

  They're louder for the people in the back, Ryan.

• 1:00:27Ryan Sean Adams?

  Web 3 fixes this. We have property rights. The people should own their own property rights. Elizabeth Warren isn't having it, though, David. Should we just play a clip?

• 1:00:36David Hoffman?

  Yep.

• 1:00:37Ryan Sean Adams?

  Okay, and play a clip. Listen up.

• 1:00:40Speaker 02

  DeFi is the most dangerous part of the crypto world. This is where the regulation is effectively absent, and no surprise, it's where the scammers and the cheats and the swindlers mix among part-time investors and first-time crypto traders. Shoot, in DeFi, someone can't even tell if they're dealing with a terrorist.

• 1:01:01Ryan Sean Adams?

  Wow. What do you think of that, David?

• 1:01:03David Hoffman?

  Big oof, number six, Ryan.

• 1:01:06Ryan Sean Adams?

  Well said. In DeFi, someone can't even tell if you're a terrorist.

• 1:01:12David Hoffman?

  Going straight to the terrorist thing. Takes her no time at all. It's like, oh, yeah, terrorism.

• 1:01:17Ryan Sean Adams?

  Shady, scammy, the worst part of crypto, the shadiest parts of crypto, DeFi, that's what she called it.

• 1:01:25David Hoffman?

  Spoken like somebody that's never used it, Elizabeth.

• 1:01:29Ryan Sean Adams?

  This is the way out. So I don't understand. So Elizabeth Warren is somebody who speaks, has spoken up against the banks so many times. It's kind of a populist, anti-bank message. And then, when faced with crypto, when faced with DeFi, the transparent, open financial system that actually provides a way out? No, that's shady. That's for scammers and terrorists.

• 1:01:53David Hoffman?

  It's because she wants those services to be provided by the government, by the state. It's this very paternalistic, very infantilizing take.

• 1:02:03Ryan Sean Adams?

  It's a terrible take.

• 1:02:04David Hoffman?

  Get your services from the government. We know what's best.

• 1:02:06Ryan Sean Adams?

  Look, it's setting us back, though. Okay? She says DeFi is one of the shadiest parts of the crypto world. Not banks, not Wall Street, not our 7% inflation. It's DeFi that's the problem. Sad, man.

• 1:02:17David Hoffman?

  It's sad.

• 1:02:18Ryan Sean Adams?

  I don't know where we went wrong. That's worth another oof, David. That's not just one.

• 1:02:21David Hoffman?

  Oh, I said it at the beginning. This one gets two oofs.

• 1:02:24Ryan Sean Adams?

  Double oofs.

• 1:02:24David Hoffman?

  Double oofs for Senator Warren. Yeah. Alexis Ohanian, co-founder of Reddit, says transparency is the hallmark of Web 3. It's all open source. It's an open database. It's not shady. Rather, it's an antidote to the cigar-smoked field rooms where centralized finance historically gets done. People trust code more than people because it always does what it says it'll do. Elizabeth, get a MetaMask, girl. Like, we'll send you some ether.

• 1:02:47Ryan Sean Adams?

  Come on, Bankless. Come on, Bankless. Let's talk about it. We'll help you out. We genuinely want, we genuinely think this is part of the solution to some of the problems that you're seeing. And we wish you could see that, too. I think you will in time. I hope so.

• 1:02:59David Hoffman?

  Hopefully.

• 1:02:59Ryan Sean Adams?

  Alexis Ohanian, he's coming on the podcast, though, David. This will be a good topic for discussion in January. In other news, we got some badass regulators fighting the fight.

• 1:03:08David Hoffman?

  Got some bad regulators and then we got some badass regulators.

• 1:03:12Ryan Sean Adams?

  Who's this one?

• 1:03:12David Hoffman?

  This is Hester Purce, who tweets out, "The latest regulatory agenda shows that the SEC will be busy in the upcoming months, but it won't be working on the right things." So Hester Purce put out this statement in combination with another Chair Commissioner Rosman, basically saying that the SEC has a mandate and what they are doing is completely adjacent to that mandate. There's not actually following through on trying to provide fair and orderly markets and capital formation. There's, she is just critiquing the Gensler agenda, basically saying, "We're supposed to do our jobs and the things that we're doing are not our jobs right now." Like WTF SEC agenda. Hester Purce, thank you so much for being so bold to put this out there.

• 1:03:56David Hoffman?

  This is how democracy works. This is how this thing goes down. So thank you for pushing forward this conversation in such a public way.

• 1:04:03Ryan Sean Adams?

  This is why we have multiple commissioners. This is exactly the way it's supposed to work so that we can push back and there can't be unilateral control of a given regulator's agenda. And I'm just so glad that it feels like some regulators, like Hester Purce, are fighting for the people. Fighting for the intent.

• 1:04:19David Hoffman?

  For first principles of why the SEC exists in the first place.

• 1:04:22Ryan Sean Adams?

  Thank you. First principles. Go back to first principles and evaluate new technologies and new market approaches based on those first principles. We need more like Hester Person government, that's for sure. David, what's happening in Russia?

• 1:04:36David Hoffman?

  Bank of Russia to ban mutual funds from investing in Bitcoin. I guess, a little oof, just because it's Russia. So like, I mean, they're kind of on the way out. Let's just say, once again, you don't ban Bitcoin, you ban your citizens from accessing Bitcoin. So not going to really work out for Russia in the long term.

• 1:04:54Ryan Sean Adams?

  Yeah. Let's talk about the IMF. Do they have a very different policy?

• 1:04:58David Hoffman?

  Yeah, so IMF leaders, IMF advocates are calling for a coordinated crypto policy amongst the world's governments, basically saying, hey, we need to like team up and fight this crypto thing before this crypto thing comes and eats us. Because crypto is already a globally coordinated set of participants. We are already global. That's the nice thing about being internet networks. And so the IMF saying like, hey, other governments of the world, if we don't team up to take down this crypto thing, it's going to come eat our lunches. The last time global governments tried to coordinate against a problem, it was climate change, and that hasn't gone out too well. Like, global coordination, kind of a hard thing for nation-states to do. That's the whole point of crypto, is we are

• 1:05:38David Hoffman?

  actually more able to out-coordinate them by the nature of our protocols. So, big oof coming for the IMF.

• 1:05:48Ryan Sean Adams?

  Stay tuned. You know what's hilarious, though, David, is they're right. If they do want to stop this, they have to globally coordinate. The thing is, they're never going to be able to do it.

• 1:05:58David Hoffman?

  If we could globally coordinate, we'd have larger, more scaled nation-states than how we have right now.

• 1:06:03Ryan Sean Adams?

  And they have insurgents in every single country that the IMF represents. And those are crypto people who are excited about this technology and want it. I mean, it's basically what we are. Like, good luck, it's going to be a civil war. To them.

• 1:06:16David Hoffman?

  No, no, they're the insurgents.

• 1:06:18Ryan Sean Adams?

  They're the establishment. Let's talk about Katie Haun, okay? This is A16Z VC. It looks like she is departing A16Z. That's the fund that Chris Dixon co-leads as well to start her own fund on crypto and web three. David, it feels like we gotta get Katie Haun on the podcast at some point to tell us a bit about that. Maybe we'll schedule that sometime. What's this?

• 1:06:38David Hoffman?

  FTX US signs NFT deal with the Golden State Warriors basketball team. As a part of this deal, the Warriors will create and launch NFTs, and FTX US will be the main hub for the team's digital asset launches. So, big win for FTX. Congrats.

• 1:06:53Ryan Sean Adams?

  FTX doing celebrity, doing sports endorsements. So is Coinbase.

• 1:06:57David Hoffman?

  Coinbase, FTX and Coinbase going blow for blow.

• 1:07:00Ryan Sean Adams?

  Is this Kevin Durant?

• 1:07:01David Hoffman?

  I'm getting paid well here. Yeah, Kevin Durant now has a partnership with Coinbase, basically doing the same thing that FTX is doing with the Golden State Warriors, but now with Kevin Durant. So, yeah, congrats to Coinbase.

• 1:07:11Ryan Sean Adams?

  Celebrities in crypto. Wow, 2021. That's been a year for that, too. Guys, we will be right back with the fresh takes of the week and of course, the meme of the week you can't miss. But before we do, we want to thank the sponsors that made this episode possible.

• 1:07:24David Hoffman?

  Arbitrum is an Ethereum scaling solution that's going to completely change how we use DeFi and NFTs. And now, it's live and has over 100 projects deployed. Gas fees on Ethereum L1 suck. Too many people want to use Ethereum and it doesn't have enough capacity for all of us. And that's why teams like Arbitrum have been hard at work developing Layer 2 solutions that makes transactions on Ethereum cheap and instant. Arbitrum increases Ethereum's throughput by orders of magnitude at a fraction of the cost of what we are used to paying. When interacting with Arbitrum, you can get the performance of a centralized exchange while tapping into Ethereum's level of security and decentralization. This is why people are calling this Ethereum's broadband moment, where we get to add performance onto decentralization and security. If you're a developer and you want to save on gas costs

• 1:08:08David Hoffman?

  and overall make a better user experience, go to developers offchainlabs.com to get started building on Arbitrum. And if you're a user, keep an eye out for your favorite DeFi apps being built on Arbitrum. Many DeFi applications on the Ethereum L1 are migrating over to Layer 2s like Arbitrum, and some are even skipping over the Layer 1s entirely and deploying to Directly on Layer 2. There's so many apps coming online to Arbitrum, so go to bridge.arbitrum.io now and start bridging over your ETH or any of the tokens listed and start having the DeFi or NFT experience that you've always wanted. Alchemix is one of the coolest new DeFi apps on the scene. It introduces self-paying loans, allowing you to spend and save at the same time. Deposit the DAI stablecoin into the Alchemix Vault in order to get an advance on the interest it generates.

• 1:08:53David Hoffman?

  Borrow up to 50% of the total amount of your deposited DAI in the form of Al USD stablecoin. Here's the craziest part: the loan pays itself back and you cannot be liquidated. Unlock your asset's potential in the ultimate DeFi savings account. And brand new to Alchemix is the ETH Vault, where you can deposit ETH into the application, borrow Al ETH against your deposits, while having your advance gradually paid back over time. V2 is rapidly approaching, which will allow for even more collateral types plus a variety of yield strategies to choose from. Harness the power of Alchemix at alchemix.fi. That's A-L-C-H-E-M-I-X dot F-I.

• 1:09:36David Hoffman?

  Follow Alchemix on Twitter at @AlchemixFI and join the Discord to keep up to date with Alchemix V2 and to get involved in governance.

• 1:09:44Ryan Sean Adams?

  Alright guys, we are back with the fresh takes of the week. The first is this: PoApps. I got a few PoApps. I have many PoApps. All sorts of different things I've done in the past. The take here is that they're memory tokens? What's the tweet and what's the take here?

• 1:09:57David Hoffman?

  This is a 15 tweet tweet thread which we will not be reading out, but basically this individual, I don't know how to read out her Twitter handle, says "It was always stated that PoApps is an ecosystem for the preservation of memories." And I think what I really like about what that take is, like, PoApps, these little badges that you collect? Again, here are all my PoApps. I could name every single time that I've gotten a PoApp.

• 1:10:18Ryan Sean Adams?

  Tell me about a few of them. Tell me about your PoApp stamp collection, sir.

• 1:10:21David Hoffman?

  Yeah, so here's the Bankless Ultrasound Party, the ultrasound party that I went to in New York. Here, oh, I love this one. Here is East Denver 2020. I got plenty of memories there. Here is Mariano Conti's birthday party in Argentina, which I didn't actually go to, but I was actually able to get that NFT. And there's a bunch, there's ETH Paris, there's Metaverso, like

• 1:10:44Ryan Sean Adams?

  You know what this reminds me of, David? So my parents have like a motorhome and they go from like state park to state park all around the US. And they go and they collect stamps at all of the state parks in their stamp book. And my mom loves showing them. Whenever I meet with, with like my parents, they're always like, oh, here's what you want to see where we've been. Let me tell you about it. And then they pull up the stamp, the badge, the NFT, the analog NFT. And they tell me about their memory.

• 1:11:08David Hoffman?

  And they get super nostalgic and they look back fondly on it. Yeah. Like, yeah, especially for people these days that like, I don't know about you, Ryan, but I've outsourced as much of my like brains computational power to all my electric devices that are around me. Like having these little like memory triggers.

• 1:11:21Ryan Sean Adams?

  Barely know my phone number. Yeah.

• 1:11:22David Hoffman?

  Exactly. Yeah. Having these little memory triggers is really nice. Po apps are ecosystems, it's an ecosystem for the preservation of memories. Nice take.

• 1:11:29Ryan Sean Adams?

  That's cool. All right. Let's talk about this. This is my take.

• 1:11:32David Hoffman?

  Go for it.

• 1:11:32Ryan Sean Adams?

  You want me to start?

• 1:11:33David Hoffman?

  Yeah.

• 1:11:33Ryan Sean Adams?

  Okay. So I now use the term rugged whenever something mildly unexpected happens in real life. I'll be like, oh, rugged, rugged again, mate. And I don't know why. It's just kind of fun. And I was thinking about this, but crypto culture has now invaded the way I talk. Especially with the last 18 months without me even knowing it. And so I tweeted this out. I was like, what crypto term do you now use in real life? And there were tons of these great, great answers. Daniel said, he started to use front running and bullish a lot. Like something good happens. He was just like bullish. Someone else said rugged and aped using that.

• 1:12:12David Hoffman?

  Getting aped. Yeah.

• 1:12:13Ryan Sean Adams?

  Yeah. Or aping into something, right?

• 1:12:14David Hoffman?

  The floor, whenever I can find a way to use like the floor for something.

• 1:12:17Ryan Sean Adams?

  How would you use the floor in context?

• 1:12:19David Hoffman?

  So when I, this is about crypto. So maybe this doesn't really count, but like when I bought all 10 of Nate Muller's NFTs, I swept, I like swept the floor. Right. Which is actually the right way to use it, except for the fact that like it's really more for profile picture NFTs more than is like just one of ones. But yeah, it's just like, oh yeah, when I go in and buy a bunch of stuff like, oh yeah, bought a bunch of like chocolate bars at the grocery store, swept the floor on chocolate, chocolate bars. I don't know.

• 1:12:42Ryan Sean Adams?

  It's hilarious. Okay. So like, but I feel like only crypto people. Really understand these these words in this culture.

• 1:12:48David Hoffman?

  It's being exported.

• 1:12:50Ryan Sean Adams?

  Yeah, like rugged is such a great one. So it's like wrecked, aping into pizza. I ape into things. It's great. So what's just fun, what's fun is I feel like crypto culture is is really starting to like invade real life in these fun ways. And maybe it's happening with with us crypto geeks first, but like I think mainstream is catching on, going to start adopting all of these terms. And I don't know, it's just fun to to see anthropologically, the way language evolves, right? And I tweeted this out and I tagged Josh Rosenthal from our crypto Renaissance episode. And of course, he put together like this 15 tweet thread about how this is exactly what happened in the Reformation as well, in the Renaissance and all this new language change.

• 1:13:34Ryan Sean Adams?

  So this has happened before. This is just what humans do.

• 1:13:38David Hoffman?

  Yeah, we are in a phase change. Absolutely. And also just our terminology, in theory, like the reason why it gets adopted is because it's better. In the same way that memes work, memes work as like a packet, a bundle of information, like rugged communicates a lot, right? It communicates a lot.

• 1:13:53Ryan Sean Adams?

  So useful in the 2020s. 100%. So many, so many institutions are trying to rug us like right now. You use these crypto terms in real, in everyday life, guys. Let's talk about this. By the way, language is really cool because it's such a decentralized technology, right? Bottom up, every node has to accept it. Love the parallels between language and what we're doing in crypto. Here's another take on decentralization. You want to read it out?

• 1:14:16David Hoffman?

  Yeah, this is coming from Tasha. Extreme decentralization is a solution looking for a problem with a very small market demand in the real world. Most BTC and ETH maxies have yet to wake up to that. And this tweet got to over 2,000 likes, Ryan.

• 1:14:30Ryan Sean Adams?

  Sad.

• 1:14:31David Hoffman?

  Big oof number seven.

• 1:14:33Ryan Sean Adams?

  No, dude, we're at nine now.

• 1:14:35David Hoffman?

  Oh, my God, whatever.

• 1:14:38Ryan Sean Adams?

  Why is this a big oof, though?

• 1:14:39David Hoffman?

  Okay, this is, okay.

• 1:14:41Ryan Sean Adams?

  What's your take on the take?

• 1:14:42David Hoffman?

  Ethereum's decentralization. Ethereum is decentralized. Attacking Ethereum is really, really hard. That means anything that's on Ethereum taps into that security. Uniswap, protected by Ethereum. Compound, just protected by Ethereum. CryptoPunks, Bored Ape, protected by Ethereum. Name your thing that's on Ethereum, protected by Ethereum. So it's not like we need to have the minimum level of decentralization just to protect, like, the most important application on there. We need to have as much decentralization as possible because all things that exist on Ethereum are protected equally by this level of decentralization. It's not about how can we reduce the level of decentralization down to the absolute minimum. It's how can we export as much security and decentralization so that everything that ever comes to be on Ethereum

• 1:15:25David Hoffman?

  from now into the future has that level of security and decentralization?

• 1:15:29Ryan Sean Adams?

  And here's why decentralization is important. So when you use the term decentralization, people's eyes glaze over, right? They don't know why it's important. But when you use the term anti-corruption, everyone hates corruption, okay? If you said that, hey, we should build our society on the most

• 1:15:47David Hoffman?

  Uncorruptible.

• 1:15:49Ryan Sean Adams?

  incorruptible systems possible, with the best anti-corruption technology, right? I know I always go back to the Constitution, the idea of separation of powers, but like, that's a great example, okay? Rather than kings and tyrants, we do a constitution with a democratic process and separation of powers across three branches of government. It is decentralization, it's anti-corruption technology. Make sure the states have a say. Make sure the federal government has a say. We make sure it's all as balanced as possible. We have a judicial branch, an executive branch, a congressional branch, right? Legislative branch. Those are the three branches of government, okay? We would build, we need to build our systems and our societal governance frameworks on the most decentralized things possible.

• 1:16:33Ryan Sean Adams?

  We don't want to build a government on Facebook shareholder vote where Mark Zuckerberg has over 50% of the vote and he can revoke your Instagram account, all right? So why does decentralization matter? It's so our system And the trust, the fabric of our society doesn't get corrupted. That's why it matters and it matters for lots of use cases like money is a big use case. Finance, banking, property rights. These are the things that crypto is protecting. And if you start screwing with that, then what the hell is the point of the entire industry that we're in?

• 1:17:08David Hoffman?

  Right.

• 1:17:08Ryan Sean Adams?

  That's what I would throw back.

• 1:17:09David Hoffman?

  And the idea is that if like, it's great if we're just decentralized enough for like the value that we have now. But the idea is that very much more valuable things, very much more valuable things will be, will come to exist on these chains in the future. So you need to optimize for that level of security because you, we have ambitions to like 100x the value of the entire ecosystem. Therefore, we need to have a container that can fit that void because if we only have some decentralization, you can't actually 100x the value because then it becomes corruptible. You need to have as, as strong and decentralized as a foundation as possible as a container for future value. Because if it's not that today, it won't actually come.

• 1:17:54Ryan Sean Adams?

  Do you know what I think though is the trump card answer to this whole critique in general? The trump card answer is because we don't have to sacrifice decentralization.

• 1:18:02David Hoffman?

  Also true, also true.

• 1:18:04Ryan Sean Adams?

  Right? Like it's just because you're impatient. That's the reason you're sacrificing decentralization. All right. We have this magic that was given to humanity called cryptography. Now we have the ability to roll it out at scale using ZK proof technology, using optimistic fraud proof technology. Like rollups are a fantastic example of this. And this is not about being like an ETH centric view of the world, right? Other, other protocols can do this too and are doing this. So NEAR is taking this approach, Tezos is taking this approach. All right. But the reason, the reason not to abandon decentralization is because we don't have to. Like just be a little patient. It's coming. It's happening. So anyway, look, we feel passionately about that thing, I guess.

• 1:18:46David Hoffman?

  Long-term thinking, long-term thinking.

• 1:18:48Ryan Sean Adams?

  What about this? This is somewhat related?

• 1:18:50David Hoffman?

  Yeah. This is, yeah. So this is Sue's talking about the concept of anti-network effects. And this is how he explained. Explain like the rise of Avalanche and Solana, saying like, oh yeah, Ethereum was so big and so successful that it creates this incentive to spin up like versions of Ethereum that are valued at the that are on the floor, right? Like, brand new, very fresh, low valuations. Because of the thing was so grand and so big, the incentive to start a new one to try and get some of that upside is really, really strong. And this is exactly what Moloch is. Moloch is rearing its ugly head in this statement of just like anti-network effects. The idea that like a dominant chain creating the incentive to start a fresh L1 so people can get in on the ground floor of something

• 1:19:31David Hoffman?

  is a human coordination failure. And I'm saying that's also a failure of the Ethereum ecosystem. Like, we didn't actually build out this layer two ecosystem as fast as we could have to incentivize everyone to come onto the same network, which in my mind is the whole goal of of this whole progress of humanity. We like to get everyone on the same page. That's coordination protocols. And so Moloch is the this concept of a human coordination failure. If you have 10 fishermen around a lake and they all agree like, hey, if we all fish this lake to 100% of our capacity, like, the the lake will go bone dry. So we all will diminish our fishing of the lake to 70%, therefore sustainable for the rest of time. And then all of them agree to that, except for one person is like, well, I'm just gonna let everyone else agree to that. And then I'm going

• 1:20:15David Hoffman?

  to fish the lake at 100%. And then somebody watches that person do that and like, well, they're not following the rules. So why should I? So then the second person starts fishing at 100%. And then that continues down the line until the fish, the the lake is is completely fish dry. This is Fishless. Fishless. Yeah, this is this is the problem of human coordination failure. We've seen this throughout the end of time. And what Sue's talking about with anti-network effects is the same thing. And so I follow up this tweet saying, new layer twos are the new layer ones. And these layer twos can collectively coordinate in ways that new layer ones cannot via strong cryptographic assurances. That's rollups and also cryptographic bridges between these rollups. And also, new wealth will be created on the new layer twos that will satisfy the desires of new ecosystem

• 1:20:59David Hoffman?

  entrance. Exactly answering to the same exact desire that made and incentivizes so much adoption on Solana and Avalanche, which they won, they deserved all of that, the recent adoption that they've got in the last like six months or so. But I'm saying the pendulum will swing once again, as it always does, the wheel will turn.

• 1:21:17Ryan Sean Adams?

  I think to fully get that take, so people should listen to the Uncommon Core podcast with Suzu. This is kind of a tweet in response, I think, to some of the things he said in that podcast. So that could be some homework for you as well. The other thing I think you're saying is like 2022 bullish, layer two. That's what's gonna happen. We're excited to get there. Okay, here's the final take of the week. Optimists shall inherit the earth. And David, this is your pinned tweet. It sounds like this is an important one to you. Why? Why do you think that? Do you really think optimists will inherit the earth?

• 1:21:47David Hoffman?

  Yeah, I think the arc of human history bends towards optimists because optimists are the people that take risks and build things. They actually say like, oh yeah, I can take a risk, but I think it's gonna work out. Versus a pessimist who's like, I'm gonna stay in my home and not do anything. And I recently saw a tweet from Jake Shervinsky, who pays attention to the Capitol Hill and all that stuff. He goes, "A big problem with US policy broadly, we lack vision. Everyone has a long list of stuff they hate. Everything we now have is bad. Everything we're trying to do is worse. Everything we've succeeded at is particularly awful. It's exhausting. Where's our sense of optimism and progress?" He says, and I say, you know why it's not in Capitol Hill? Well, not among many reasons, but it went to the crypto world.

• 1:22:31David Hoffman?

  The crypto world is full of optimists. We all see a brighter future ahead of us. And those people are the innovators. And optimism is just infectious. People want to be around people that are also positive. And so people that, and this is what I think crypto is, one of the best things about crypto is our ability to export our optimism about the world to the rest of the world. Because like our generations, millennials, zoomers, they're very, very pessimists. For the first generation in history, we do not think that we will actually be better off as a generation than our parents. Crypto people don't think that. And that is something that the rest of the world wants. And so people, the rest of the world will be onboarded into the crypto world by our optimism alone. And for all the other reasons. And so, yes, optimists will, shall inherit the earth.

• 1:23:17Ryan Sean Adams?

  Yeah, I totally agree with that because optimists are what it takes to build the new institutions of the future, right? It's this mindset of not just burn it down, but like build it up, build something entirely new. And I think optimists have that market cornered. I do think it's something that crypto can actually export to the world. And this new meme around Web 3 kind of encapsulates it.

• 1:23:37David Hoffman?

  Yes, it's an optimistic meme. That's exactly right.

• 1:23:39Ryan Sean Adams?

  I do. I think sometimes, you know, Capitol Hill and legacy institutions of the world, they hear the term crypto or like Bitcoin and they get suspicious and start calling you shady before you know it. And but like Web 3, the next generation of the internet, this thing, this technology has brought so much benefit to humanity, allowed the entire world to communicate, created so much progress and economic good for the world. Okay? That's the third, no one wants to shut Web 3 down, the third iteration of the internet. It's an optimistic movement and I think crypto is going to be a next net exporter of optimism. Those who are optimists, right? Look into crypto rather than dismissing it. Those are the ones that are going to help shape these things. I hope you are optimistic if you are listening to Bankless.

• 1:24:24David Hoffman?

  We certainly are.

• 1:24:25Ryan Sean Adams?

  Yeah, and I wasn't before. I mean, we've said that. Did we just synchronize on that?

• 1:24:29David Hoffman?

  Yeah.

• 1:24:29Ryan Sean Adams?

  Was that oof number 10 or is that okay?

• 1:24:31David Hoffman?

  That's great. Anti oof, anti oof.

• 1:24:34Ryan Sean Adams?

  All right, man. What are you excited about? Excited about your birthday? What's happening?

• 1:24:38David Hoffman?

  I'm excited about a number of things. Right after this, about to hop on a plane home back to Seattle for a little bit early of a holiday break, but going right up to Baker Mountain to ski with my friends for a weekend. Haven't skied since last year, so this is my first ski trip of the year, so I'm super excited for that. I'm also excited about this article that's coming out on Bankless today, which is yesterday if you're listening to this on Friday, called Bankless's Layer Zero Technology. And overall, talks what I think is about is the prime goal of this whole crypto thing. This is the thing that I hope everyone gets into their brains. And one of the lines that I have in there is where L1 blockchains sync nodes via the internet, humans sync their brains via stories.

• 1:25:19David Hoffman?

  I think that might just be one of the legacies that I think hopefully Bankless leaves behind is I think we tell good stories, Ryan. Real stories, not just making stuff up. And the story that I hope I told in this article, I think, can get into the brains of everyone. And that's how these things work is the layer zero is where we spread ideas. So we can onboard the rest of the crypto world. And so I hope everyone takes a moment to go to go read that. I enjoyed writing it. Ryan, Ryan helped as well. And I'm really excited about that. And of course, lastly, I'm also excited to just receive all the love from politicians that's coming our way.

• 1:25:59David Hoffman?

  While some politicians do not like us, a lot of politicians are joining forces with us. So I think in addition to 2022 being the year of the L2, it's also going to be the year that politicians all come and swear fealty to the world of crypto. So I'm excited for those. I'm excited for those three things. Yeah.

• 1:26:18Ryan Sean Adams?

  An optimistic take. Actually, you just teed me up for my take. My thing I'm excited about. Yeah.

• 1:26:24David Hoffman?

  Tell me about it.

• 1:26:25Ryan Sean Adams?

  All right, so I think last week or a couple of weeks ago, we said something about like, I wonder if anyone in government, US government actually listens to Bankless. We know regulators do, and we've heard murmurings, right? And actually, Bankless was mentioned in British Parliament at one point in time. Anyway, after that episode, a member of Congress reached out and said, I'm not going to name who it was. I'd like to answer your question as to whether some members of Congress are reading Bankless. The answer is yes. Your podcasts are a regular part of my weekly crypto diet. Thank you for all you do to help educate those of us who are trying to get smart on the space. Politicians, lawmakers, trying to get smart on the space. We need more of that, more optimists. Yeah, bullish, he's a crypto term.

• 1:27:09Ryan Sean Adams?

  Bullish on that. And yeah, anyway, it's been a phenomenal year, hasn't it, David? Like, it's been really exciting for the Bankless movement, for crypto. A lot of things that we thought would happen, you know, happened this year. Bankless got to number four on the US Investing Podcast. I don't know how that worked. I don't know how that happened. I mean, also, you know, hundreds of thousands of members of the Bankless community across the world. So, super excited. We have politicians involved in the movement now. We've got celebrities involved in the movement. I think crypto is really an unstoppable force and it makes me optimistic and excited. That's it, dude.

• 1:27:50David Hoffman?

  Optimism is the word of the week.

• 1:27:52Ryan Sean Adams?

  Word of the week.

• 1:27:53David Hoffman?

  After oof, after oof.

• 1:27:55Ryan Sean Adams?

  Yeah, there's some oof, but there's a lot more optimism than oof. I think we've used it more. Let's turn to meme of the week, shall we?

• 1:28:00David Hoffman?

  Meme of the week, alright.

• 1:28:02Ryan Sean Adams?

  Okay, what are we memeing? What are the memesters kicking up, cooking up this week? Here we go.

• 1:28:07David Hoffman?

  Alright, so when I saw this on Twitter, I just started bawling. This is Iron Man. And who's Iron Man's wife, girlfriend?

• 1:28:15Ryan Sean Adams?

  Gwyneth Paltrow.

• 1:28:16David Hoffman?

  Gwyneth Paltrow.

• 1:28:16Ryan Sean Adams?

  What's her name?

• 1:28:18David Hoffman?

  Penny, Penny?

• 1:28:19Ryan Sean Adams?

  Penny.

• 1:28:19David Hoffman?

  Penny. Oh gosh, we're gonna get, we're gonna get.

• 1:28:23Ryan Sean Adams?

  We're getting grilled by the Marvel. We just mentioned Marvel as NFTs too, this is bad.

• 1:28:28David Hoffman?

  So Penny is talking to Tony Stark saying, "Your account was hacked." And Tony Stark responds, "My MetaMask?" And then she responds, "No, your bank account." And then Tony Stark's like, "Oh, thank God."

• 1:28:39Ryan Sean Adams?

  It's so true. Like, who cares about your bank account these days?

• 1:28:43David Hoffman?

  Yeah, if you're living a bankless life, you definitely resonate with this meme for sure.

• 1:28:46Ryan Sean Adams?

  Yeah, absolutely.

• 1:28:47David Hoffman?

  "Please hack my bank account, I just don't care. There's nothing in there."

• 1:28:50Ryan Sean Adams?

  And please tell us who Tony Stark's wife is after the show, if you will. DM us or whatever.

• 1:28:57David Hoffman?

  Yeah, don't yell at us on Twitter.

• 1:29:00Ryan Sean Adams?

  Guys, this has been the Weekly Roll-Up. Thanks so much for tuning in. Thanks to David for doing this on his birthday. That is awesome. Got to end with the regular comments we always end with, which is this. "Eth is risky, Bitcoin is risky, all of crypto is risky. You could definitely lose what you put in." "But we are headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey." Thanks a lot.

• 1:29:23David Hoffman?

  Hey, we hope you enjoyed the video. If you did, head over to Bankless HQ right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence. We recommend joining our daily newsletter, podcast, and community as a Bankless Premium subscriber to get the most out of your Bankless experience. You'll get access to our market analysis, our Alpha League. And exclusive content and even the bankless token for airdrops, raffles and unlocks. If you're interested in crypto, the bankless community is where you want to be. Click the link in the description to become a bankless premium subscriber today. Also, don't forget to subscribe to the channel for in-depth interviews with industry leaders,

• 1:30:04David Hoffman?

  Ask Me Anythings and weekly rollups where we summarize the week in crypto and other fantastic content. Thanks everyone for watching and being on the journey as we build out the bankless nation.