ROLLUP: Elon Buys Twitter | Free Speech | Optimism Airdrop | Moonbirds NFTs | OpenSea Gem

Last Week of April, 2022 ------ 📣 THE GRAPH | Graph Day in San Francisco | June 2-5 https://bankless.cc/GraphDay ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALED ETHEREUM https://bankless.cc/Arbitrum ❎ ACROSS | BRIDGE TO LAYER 2 https://bankless.cc/Across 🏦 ALTO IRA | TAX-FREE CRYPTO https://bankless.cc/AltoIRA 👻 AAVE V3 | LEND & BORROW CRYPTO https://bankless.cc/aave ⚡️ LIDO | LIQUID ETH STAKING https://bankless.cc/lido 🔐 LEDGER | NANO S PLUS WALLET https://bankless.cc/Ledger ------ Topics Covered: 0:00 Intro 3:00 MARKETS 3:25 BTC Price 4:15 ETH Price 5:10 USD ATH https://imgur.com/GTS2ugz 6:38 Huge Gains in 2021 https://www.theblockcrypto.com/post/142795/crypto-investors-made-163-billion-in-gains-in-2021-chainalysis 7:59 ENS Bull Market https://twitter.com/ENSbrokerage/status/1518939316671725569 13:12 ApeCoin Mooning https://www.coingecko.com/en/coins/apecoin 15:00 RELEASES 17:20 Stripe Crypto Payments https://www.cnbc.com/2022/04/22/stripe-launches-crypto-payments-feature-with-twitter-as-first-client.html 18:38 Volt Protocol https://twitter.com/VoltProtocol/status/1517578992278249472?s=20&t=6WCwIscpmBkQhvfILpTomw https://twitter.com/VoltProtocol/status/1517578992278249472?s=20&t=6WCwIscpmBkQhvfILpTomw 19:49 Fidelity 401k https://t.co/f9rRRHIG3h 21:34 AngelList USDC Payments https://twitter.com/CharleyMa/status/1519322237815472128?s=20&t=zGG6hpeB0kWP_Z6eCUDtxw https://twitter.com/CharleyMa/status/1519322237815472128?s=20&t=zGG6hpeB0kWP_Z6eCUDtxw 22:35 CryptoKicks https://decrypt.co/98488/nike-rtfkt-reveal-cryptokicks-ethereum-nft-metaverse-sneakers 24:05 JPEG’d Protocol https://medium.com/@jpegd/jpegd-protocol-launch-e255f32546bb RAISES27:44 Joe McCann $1B Fund https://www.theblockcrypto.com/post/143448/founders-from-a16z-solana-and-more-back-new-billion-dollar-crypto-fund 30:48 Dragonfly’s Fund 3 https://techcrunch.com/2022/04/27/crypto-focused-dragonfly-capital-launches-650m-third-fund/?tpcc=tcplustwitter 31:35 Other Releases https://techcrunch.com/2022/04/21/liquifi-is-building-carta-web3-for-crypto-companies-tokens-blockchain/ https://www.theblockcrypto.com/post/142800/scroll-raises-ethereum-scaling-project-funding https://www.coindesk.com/business/2022/04/26/dex-protocol-0x-labs-raises-70m-from-greylock-opensea-and-jared-leto-report/ 32:55 Jobs https://pallet.xyz/list/bankless/jobs 34:00 NEWS 34:25 Elon Buys Twitter https://twitter.com/bnonews/status/1518632272395657218?s=21&t=9jRlT-9PdCasZsm27QH9uw https://twitter.com/bnonews/status/1518632272395657218?s=21&t=9jRlT-9PdCasZsm27QH9uw 35:50 Stani Kulechov Twitter Ban https://youtu.be/1af9OSCZlXA OPTIMISM 40:01 Optimism Collective https://twitter.com/optimismPBC/status/1519001562345005057?s=20&t=THP1M38B0NcxGVsTKDuAAQ https://twitter.com/optimismPBC/status/1519001562345005057?s=20&t=THP1M38B0NcxGVsTKDuAAQ 43:48 Airdrop https://community.optimism.io/docs/governance/allocations/ 44:50 Data & Takes https://twitter.com/princecrypto9/status/1519289833616777217?s=20&t=z4CB0TolqtCvB3HLwAUTOg https://twitter.com/princecrypto9/status/1519289833616777217?s=20&t=z4CB0TolqtCvB3HLwAUTOg 50:40 Ridley Scott Producing https://decrypt.co/98421/alien-director-ridley-scott-produce-film-ethereums-rise 52:04 Infura Down https://twitter.com/RyanSAdams/status/1517515771441778689?s=20&t=16kdQ3GmdiPJi3O1vU-u3w https://twitter.com/RyanSAdams/status/1517515771441778689?s=20&t=16kdQ3GmdiPJi3O1vU-u3w NFTs 52:49 Moonbirds Mooning https://www.theblockcrypto.com/post/143249/moonbirds-nft-record-sale-1m-kevin-rose-project 58:00 Solana NFTs https://decrypt.co/98848/solana-okay-bears-top-ethereum-nft-projects-18m-sales 59:12 OpenSea Acquires Gem https://twitter.com/opensea/status/1518590087285678081?s=20&t=VKBLpz9v5eYYDCuRW7p7ow https://twitter.com/opensea/status/1518590087285678081?s=20&t=VKBLpz9v5eYYDCuRW7p7ow 1:00:04 Bitcoin News https://www.businesstoday.in/crypto/story/central-african-republic-accepts-bitcoin-as-legal-tender-331077-2022-04-25 https://www.coindesk.com/policy/2022/04/22/panamanian-legislative-assemblys-committee-approves-bill-regulating-cryptocurrencies REGULATION 1:00:42 Snowden Zcash https://twitter.com/documentingzec/status/1519427037752004609?s=21&t=QS3Yfpgqv2cfreFjRnZLVA https://twitter.com/documentingzec/status/1519427037752004609?s=21&t=QS3Yfpgqv2cfreFjRnZLVA 1:02:42 Tron Terra Copycat https://twitter.com/WuBlockchain/status/1517124429737648129?s=20&t=0KayrDtwHK_0FnyqiNSSDw https://twitter.com/WuBlockchain/status/1517124429737648129?s=20&t=0KayrDtwHK_0FnyqiNSSDw 1:03:20 ECB Speech https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220425~6436006db0.en.html 1:06:00 TAKES 1:07:30 Toxic Insecurity https://twitter.com/RyanSAdams/status/1517540916210319361?s=20&t=6Epyd6KM2V4Ns1W22w2AKA https://twitter.com/RyanSAdams/status/1517540916210319361?s=20&t=6Epyd6KM2V4Ns1W22w2AKA 1:09:30 Jon Stewart Authoritarianism https://www.hollywoodreporter.com/news/general-news/jon-stewart-mark-twain-prize-2022-1235134621/ 1:10:08 CT vs NFT Twitter https://twitter.com/0xwave/status/1518027212951150594?s=21&t=8RZbDznkwbg4jwp2Cs-IIA https://twitter.com/0xwave/status/1518027212951150594?s=21&t=8RZbDznkwbg4jwp2Cs-IIA 1:11:20 EVM Equivalence https://twitter.com/0xSianLiu/status/1519462941657276416?s=20&t=HzjZQwpeTY9PO4WkV7BRNw https://twitter.com/0xSianLiu/status/1519462941657276416?s=20&t=HzjZQwpeTY9PO4WkV7BRNw 1:13:24 How to Get a Job https://twitter.com/bkiepuszewski/status/1518528435253043201?s=20&t=YxMWdERkVla3kEsDscIcqw https://twitter.com/bkiepuszewski/status/1518528435253043201?s=20&t=YxMWdERkVla3kEsDscIcqw 1:14:24 What Ryan’s Excited About 1:16:39 What David’s Excited About 1:17:45 Meme of the Week https://twitter.com/nir_III/status/1519143079206428682?s=20&t=EPBZLVJB890e2GZ1PdZVAg https://twitter.com/nir_III/status/1519143079206428682?s=20&t=EPBZLVJB890e2GZ1PdZVAg ----- 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?

  So that's pretty cool. So I guessed flat on the week. My numbers are already, I put

• 0:03Ryan Sean Adams?

  We'll see.

• 0:03David Hoffman?

  I wrote these numbers in 30 minutes ago, dude.

• 0:06Ryan Sean Adams?

  By the time people hear this, it'll be inaccurate anyway. Guys, these numbers are always inaccurate, no matter what.

• 0:12David Hoffman?

  12 hour lag.

• 0:16Ryan Sean Adams?

  Bankless Nation, it is the fourth week of April. It's Friday morning. So what time is it, David?

• 0:21David Hoffman?

  Oh, it's the Friday, Bankless Weekly Roll-Up Time, Ryan, where we roll up the entire news in crypto that happened in the last week, which is always an ambitious endeavor. Yet we persist. Nonetheless, ready to get into it, Ryan? What happened this week?

• 0:35Ryan Sean Adams?

  I'm ready, man. It's good. Look, first of all, though, it's good to see you back in your place. We've been doing a lot of these road tour roll-ups and look, you've been doing them from hotel rooms, Airbnbs, like everywhere, and now you're back. You're back in San Diego, at least for now.

• 0:48David Hoffman?

  Yeah, we have two more roll-ups here before this place goes away forever.

• 0:53Ryan Sean Adams?

  Wow.

• 0:54David Hoffman?

  And a brand-new apartment in Williamsburg will be the background.

• 0:58Ryan Sean Adams?

  It's great. David's background's constantly changing. Mine is always staying the same. The immutability of my background, David. It's not going anywhere, apparently.

• 1:06David Hoffman?

  We need to do rendering for your background for whenever I move.

• 1:10Ryan Sean Adams?

  All right, man. So, Topics of the Week. First, we've got to discuss Elon Musk. He just bought Twitter.

• 1:15David Hoffman?

  Wow.

• 1:15Ryan Sean Adams?

  Okay, in an effort maybe to preserve free speech? I don't know. That's what he's saying. But also, the same day, something else happened. What happened?

• 1:21David Hoffman?

  Stani Kouchov of AVE and also Lens Protocol gets banned from Twitter because it's so ironic because Elon Musk buys Twitter to preserve free speech. In the same day, Stani gets banned from Twitter for tweeting out a joke about how he is the interim CEO to Twitter. I mean, you can see why Twitter would ban him. It's like, that's, well, that's false news. So like, ban hammer. But the irony of that happening the same day is interesting. And so we actually interviewed Stani and we'll get some cuts of that interview here in the Weekly Roll-Up when we talk about Elon Musk buying Twitter.

• 1:53Ryan Sean Adams?

  Also, there was an optimism airdrop this week. This is the starting pistol for Layer 222. We're going to discuss the details, the metrics, the governance system, we got it all. And finally, what's the last one here, David?

• 2:04David Hoffman?

  Edward Snowden has been a secret founder of a crypto project that we had no idea about until now. So we're going to get all of those details. What has he been up to? What project is it? That's coming later in the show.

• 2:17Ryan Sean Adams?

  Guys, before we do that, I got to tell you about Graph Day because it is conference season. That's why David's backgrounds are always shifting because he's going to all these different conferences. After Permissionless, the next one you need to go to, particularly if you are a builder, is Graph Day. Graph Day is happening June 2nd. It's going to be a learning session on June 2nd. A ton of fantastic speakers, followed by a three-day hackathon, okay? Speakers like who, David? Name some of these out for us.

• 2:43David Hoffman?

  Oh, so many. We got Kevin Owaki and from Gitcoin, we got Arjun Buppani from Connect. Camila Russo from The Defiant, she's going to be there. Also, one of my personal heroes in the space, Reese Linmark is going to be there as well. We got Ava Baylin from the Graph Foundation and so many others. Jake Burman, who pilled us on NFTs in the first place, they're all going to be there. So if you are looking to bootstrap your Web3 career, if you just want to hear from the builders, or if you're looking to hack and be a part of the hackathon, the Graph Day event in San Francisco, June 2nd to 4th is for you. There is a link in the show notes to get $50 off if you are so inclined.

• 3:21Ryan Sean Adams?

  You should be so inclined, especially if you're a builder, this is the place to go. But David, let's get into the markets first.

• 3:27David Hoffman?

  You know what? It's more than $50 off, Ryan?

• 3:30Ryan Sean Adams?

  What's more than $50 off? You're going to tell me it's Bitcoin?

• 3:34David Hoffman?

  It's Bitcoin. It's Bitcoin. Bitcoin started the week at $41,300. It's down 3.9%. Oh, gosh, it jumped actually since I wrote these numbers. So my numbers are out of date. Started the week at $41,300. I thought it went down 3.9%, but it looks like it only went down $50 because apparently it's mooning as we speak. So that's pretty cool. So I guessed flat on the week. My numbers are already out.

• 3:58Ryan Sean Adams?

  We'll see.

• 3:59David Hoffman?

  I wrote these numbers in 30 minutes ago, dude.

• 4:02Ryan Sean Adams?

  By the time people hear this... It'll be inaccurate anyway. Guys, these numbers are always inaccurate.

• 4:07David Hoffman?

  Twelve hour lags.

• 4:09Ryan Sean Adams?

  Yeah, at least. Anyway, so we're, what are we, kind of steady in the week?

• 4:13David Hoffman?

  Yeah, I guess flat on the week, flat on the week. Wow, my, my numbers got rugged by Bitcoin. All right. Well, let's go to Ether and see, see how good or bad these numbers are.

• 4:20Ryan Sean Adams?

  I bet it's gotta be down too, since you wrote this, right?

• 4:22David Hoffman?

  Yes, yes. Right. Okay. So we started last week at $3,080. We are currently at $2,960. So we're down just a couple percent on the week. Not too bad, not too bad.

• 4:33Ryan Sean Adams?

  Yeah, kind of a flat week and the ETH Bitcoin ratio, we were down at the time of recording as well. What does that look like?

• 4:39David Hoffman?

  Yeah, we were down 1.5%. It's probably going to be about there still nonetheless.

• 4:44Ryan Sean Adams?

  How about all of crypto, total crypto market cap? We are at, let's see, 1.9 trillion, ah, below 2 trillion. Sad. That's a shame.

• 4:53David Hoffman?

  We ended last week at 1.98 trillion. We are at 1.93 trillion right now. Last, last, lost $50 billion in the crypto market cap. But what's a, what's a few billion dollars, you know?

• 5:06Ryan Sean Adams?

  Here's the thing, we're, we're kind of crabbing out. We have been for the last few months. Crab season, back and forth, not necessarily up or down, just kind of back and forth. But we should also count our blessings because US dollars is heading towards all time highs. The Dixie, this is where you measure US dollars, hasn't looked like this in a long time. We mentioned this last week and it's been up only since last week. And what's the big story here? It's not that US dollars are up, but US dollars are up and yet what?

• 5:35David Hoffman?

  And yet crypto prices are flat. So like relatively, it's a, it's a win, I think. Because it usually, when the Dixie goes up, crypto prices go down. And so when the Dixie goes up a lot, as if it has, as it has, because it's actually higher. The Dixie is higher than it was during the depths of COVID, where people were fleeing to dollars. In the, in, when, during that March liquidation event, people were fleeing to dollars. And we are well above that point in the Dixie right now. And yet, over the last, I don't know, like month or so, crypto prices are flat. Historically, when the Dixie goes down, crypto prices go up bigly. And so right now, we're watching. Watching the Dixie go up and crypto markets stay flat? If the Dixie goes down, will crypto markets still go up?

• 6:20David Hoffman?

  Is a big question.

• 6:21Ryan Sean Adams?

  Yeah, the Dixie is kind of a short term fear index, right? And so you're talking about that spike in March 2020 when COVID happened and the spike all the way up in the dollar. And yet, and what happened to crypto? It went the complete opposite direction and absolutely tanked. And now markets are fearful again, and yet crypto is not getting to hit, to impact it. And of course, in markets, all of this comes on the back of huge gains that crypto investors made in 2021 last year. So while this year feels a little bit like crab season, last year was like boomtown. Crypto investors made $163 billion in gains in 2021. That is according to a chain analysis report and they've looked directly at the data to drive that number. Incredible, $162 billion.

• 7:06Ryan Sean Adams?

  What do you think?

• 7:07David Hoffman?

  Yeah, I mean, it's no wonder that like all of a sudden sports stadiums now have like companies names, including ours as their, as their, as their new naming rights, right? I just love that this is Chainalysis report, it's Chainalysis, just like the eye of Sauron of the government, probably sending this information straight to the IRS.

• 7:25Ryan Sean Adams?

  Oh, definitely, absolutely. They're advertising Chainalysis, Chainalysis is advertising their services to every tax jurisdiction in the world.

• 7:33David Hoffman?

  Yes.

• 7:33Ryan Sean Adams?

  Like, hey, you want some money? Because all governments want money right now. Look at this $163 billion sitting for you.

• 7:40David Hoffman?

  We know where the capital gains are, says Chainalysis.

• 7:45Ryan Sean Adams?

  This is also why you should pay your taxes, incidentally, as well. I mean, there are crypto people who are like, how are they going to know? I'm like, Chainalysis knows.

• 7:54David Hoffman?

  The IRS doesn't know how to tax JPEGs?

• 7:56Ryan Sean Adams?

  Come on.

• 7:59Ryan Sean Adams?

  ENS bull market, right? There has been a bull market in dot ETH, the ENS domain name. Haven't heard a lot about ENS, at least, you know, kind of in the narrative section, since their big airdrop and ENS price governance token responsibility token price has been down since. But I've always seen this, and I think you have too, as like. Maybe the best NFT out there, one of the OG NFTs. And what's happening now is ENS registrations are going like crazy. Particularly in, is it four-digit ENS names?

• 8:32David Hoffman?

  Yeah, yeah, low-digit ENS names, like three digits are also hot, but there's just so few of those. So four digits are the ones, I think there's like something like 16,000 combinations of four-digit ENS names. So not that many, if we're talking about like the URL of the future internet. And so for this ENS broker, which looks like a bot Twitter account, says 70 to 100 four-digit ENS registrations in under an hour. Only 6,622 remain, so not all of them are minted. So that's what's going on. There's like a gold rush to mint the remaining four-digit combination ENS names.

• 9:07Ryan Sean Adams?

  Look, here's one that went 555.eth went for 55.5 ETH. It was just, it was sold for 55.5 ETH. I think, I think some of this is coming from a NFT world, right? So people are like basically buying the, you know, their Bored Ape number or their, or their CryptoPunk number. That's some of the speculation.

• 9:28David Hoffman?

  Oh, snap. Is 1118 available?

• 9:31Ryan Sean Adams?

  Yeah, it's like, yeah, so now you're getting the film out.

• 9:34David Hoffman?

  Oh, snap.

• 9:35Ryan Sean Adams?

  It's the 10 key K NFT market, right? And so people are, you know, how there are CryptoPunks who go by like I'm 6410 or whatever. And so why not have 6410.eth?

• 9:46David Hoffman?

  Damn, 1118 is already minted.

• 9:49Ryan Sean Adams?

  Is that your CryptoPunk?

• 9:50David Hoffman?

  That's my CryptoPunk.

• 9:51Ryan Sean Adams?

  Yeah, too late, see? When we talk about it on a bank list, it's too late.

• 9:55David Hoffman?

  Yeah. Someone's gonna sell it to me for 1,118 ETH decline on that one.

• 10:01Ryan Sean Adams?

  Yeah, there you go. I got RSA.eth back in the day.

• 10:04David Hoffman?

  That's a good one.

• 10:05Ryan Sean Adams?

  I'm hobbling that. But this is crazy. If you look at the revenue, ENS revenue is now greater than all the fee revenue of Bitcoin right now.

• 10:15David Hoffman?

  Yeah, but like at this point, like, so is everything else is higher than Bitcoin? Like Bitcoin just doesn't generate revenue, dude.

• 10:23Ryan Sean Adams?

  But it kinda needs to for its security budget. Uh, Bitcoiners should be a little bit more worried about that than they are.

• 10:30David Hoffman?

  Yeah, uh, the ENS revenue is also kind of the ENS security budget because that is the value flow that the ENS Dow governs over. Uh, and part of the, uh, this ENF, ENS mania is probably triggered at least a little bit by Fallon dot ETH, Jimmy Fallon dot ETH, the biggest dot ETH name, uh, yet. He is, I think, number one on the leaderboard now, or at least, no, excuse me. He's in the top 100 most followed Twitter accounts with a dot ETH in the Twitter name. So congratulations, Jimmy Fallon, also owner of a board ape. Uh, and then of course, there's also Budweiser beer dot ETH. We all know that Budweiser bought beer dot ETH previously, uh, but now Budweiser owns Budweiser dot beer dot ETH. Uh, this is a feature of ENS, subdomains.

• 11:16David Hoffman?

  Uh, so if you own something dot ETH, you can make something dot something dot ETH. Kind of like how you can make a goo, like a Gmail dot com, right? Like I own, I, I own MoneyLegos dot ETH. Did you know that, Ryan? Yeah, I own MoneyLegos dot ETH.

• 11:28Ryan Sean Adams?

  I didn't know that. I knew somebody did. I didn't know, uh, somebody I knew did.

• 11:31David Hoffman?

  So I could sell David dot MoneyLegos dot ETH, or I could sell you, Ryan, Ryan dot MoneyLegos dot ETH. And so now Budweiser-

• 11:39Ryan Sean Adams?

  How much, how much you want for it?

• 11:41David Hoffman?

  Uh, you, I'll give it to you, Ryan.

• 11:42Ryan Sean Adams?

  Oh, my God. Thank you, David. I appreciate you. I'll give you a David dot RSA dot ETH.

• 11:47David Hoffman?

  I love it. I love it.

• 11:49Ryan Sean Adams?

  Only tradesies.

• 11:50David Hoffman?

  Uh, so yeah, Budweiser dot beer dot ETH, maybe, uh, dude, I would love David dot beer dot ETH. I like beer.

• 11:56Ryan Sean Adams?

  David dot beer dot ETH.

• 11:58David Hoffman?

  Yeah. Think of the possibilities, right? Like, not a lot of people-

• 12:03Ryan Sean Adams?

  Bankless dot beer, dot ETH?

• 12:04David Hoffman?

  Uh, I, I, absolutely, absolutely. Um, all the combinations. Anyways, this is a PSA, uh, to claim your ENS drop because the last time that you are able to do that is on May 4th. If you have, for some reason, I don't know, maybe your private keys are locked in a safe or something.

• 12:22Ryan Sean Adams?

  Somewhere you don't live?

• 12:23David Hoffman?

  Some, or somewhere else, like you need to go get your private keys and like unlock your ENS airdrop by May 4th, or else it's gone forever. So you haven't done that yet, uh, don't go do that.

• 12:33Ryan Sean Adams?

  You know, that's happening to a friend that I know, uh, at this very moment.

• 12:36David Hoffman?

  Locked private keys in a safe?

• 12:39Ryan Sean Adams?

  Yeah, in a safe. You can't claim their airdrop. So is it worth the flight home or not? I don't know.

• 12:44David Hoffman?

  No, no, I have the safe here. It's just-

• 12:47Ryan Sean Adams?

  It's just, oh god, even better to livestream the unlocking event. Yeah, you know what? This also goes to show you that like, NFTs are the gateway to the rest of Ethereum. They really are. Here's Fallon buying a board ape, right? Wouldn't have even known what a dot ETH domain name was prior to his board ape. And now he's doing Fallon dot ETH and he's the biggest one. And that propagates it because he's got bajillions of followers. That's how we do it.

• 13:12David Hoffman?

  Pump those ENS bags, Jimmy.

• 13:15Ryan Sean Adams?

  Also, Apecoin. Let's talk about the Apecoin price. Last market section's just going up.

• 13:20David Hoffman?

  When it got airdropped, it got airdropped at something like an eight to 10 billion dollar market cap. Just Apecoin, like valueless governance token of this unbuilt thing came in at $10 billion. And like literally every other like responsibility token that gets airdropped just is like down only versus ETH.

• 13:38Ryan Sean Adams?

  Like ENS, for example?

• 13:39David Hoffman?

  Of course, it's the Apecoin, which governs over nothing, is gets airdropped at eight to $10 and is now at $22 at a $22 billion market cap, Ryan.

• 13:52Ryan Sean Adams?

  You sound a little upset. You sound a little, are you salty about this?

• 13:55David Hoffman?

  This is ridiculous. This is so classic Bored Ape. And I knew this was gonna happen. I'm pretty sure I said this on the rollups. Like, everything that the apes touch just goes up. And so like, why won't this go up as well?

• 14:09Ryan Sean Adams?

  Look at this. This is the ENS drop, right? Which we were just talking about. All of the virtues and values of the ENS with an actual product that's built and it's ready.

• 14:16David Hoffman?

  Higher revenue than Bitcoin.

• 14:19Ryan Sean Adams?

  Down only. Higher revenue than Bitcoin and down to like $2 billion. So like apes are like 10x.

• 14:25David Hoffman?

  10x. 10x that. And like, there's no fundamentals. Like, maybe I'm missing something. I don't pay attention to the ape because it's system that much. But like, what the hell, dude?

• 14:34Ryan Sean Adams?

  Fundamentals don't matter in crypto. Attention does. And apes have the attention. And so they have the capital in the short run. That's how it works, guys. That's the lesson. Enough of markets, because we're tired of talking about it. We'll be back with some releases of the week then. We got some hot news for you and of course, the rest of the show. But before we get there, we gotta thank the sponsors that made this episode possible.

• 14:57David Hoffman?

  The era of proof of stake is upon us, and Lido is bringing proof of stake to everyone. Lido is a decentralized staking protocol that allows users to stake their proof of stake assets using Lido's distributed network of nodes. Don't choose between staking your assets or using them as collateral in DeFi. With Lido, you can have both. Using Lido, you can stake any amount of your ETH to the Lido validating network and receive ST ETH in return. ST ETH can be traded, used as collateral for lending and borrowing, or leveraged on your favorite DeFi protocols. All this without giving up your ETH to centralized staking services or exchanges. Lido now supports Terra, Solana, Kusama, and Polygon staking. Whatever your preferred proof of stake asset is, Lido is here to take away the complexities of staking while enabling you to get liquidity on your stake. If you want to stake your ETH, Terra, Sol, or Matic and get liquidity on your stake,

• 15:42David Hoffman?

  go to Lido.fi to get started. That's L-I-D-O dot F-I to get started. The Layer 2 era is upon us. Ethereum's Layer 2 ecosystem is growing every day, and we need bridges to be fast and efficient in order to live a Layer 2 life. ACROSS is the fastest, cheapest, and most secure cross-chain bridge. With ACROSS, you don't have to worry about the long wait times or high fees to get your assets to the chain of your choice. Assets are bridged and available for use almost instantaneously. ACROSS bridges are powered by UMA's Optimistic Oracle to securely transfer tokens from Layer 2 back to Ethereum. A token proposal is being deliberated as we speak in the ACROSS forum, where community members will decide on the token distribution. You can have your part of ACROSS's story by joining the Discord and becoming a co-founder and helping to design the fair, fair launch of ACROSS.

• 16:27David Hoffman?

  If you want to bridge your assets quickly and securely, go to ACROSS.to to bridge your assets between Ethereum, Optimism, Arbitrum, or Boba networks. If you're trying to grow and preserve your crypto wealth, optimizing your taxes is just as lucrative as trying to find the next hidden gem. Also, IRA can help you invest in crypto in tax-advantaged ways to help you preserve your hard-earned money. Also, CryptoIRA lets you invest in more than 150 coins and tokens with all the same tax advantages of an IRA. They make it easy to fund your alternative IRA or crypto IRA via your 401K or by contributing directly from your bank account. There is no setup or account fees, and it's all you need to do to Invest in crypto tax-free. Let me repeat that again. You can invest in crypto tax-free.

• 17:12David Hoffman?

  Diversify like the pros and trade without tax headaches. Open an Alto Crypto IRA to invest in crypto tax-free. Just go to altoira.com/banklist. That's A-L-T-O-I-R-A dot com slash banklist and start investing in crypto today.

• 17:28Ryan Sean Adams?

  All right, guys. We are back with the releases of the week. This one's big. This is part of the DeFi mullet thesis, David, which is basically fintech is going to look nice and fresh in the front. The party's going to be in the back. That's the DeFi mullet and the party is, of course, decentralized finance, right? That's here. That's on Banklist. Banklist in the back. Uh, this is an example of that. Fintech giant Stripe, they just jumped into crypto with a feature that lets Twitter users get paid in stablecoins. What is the stablecoin? I believe it's USDC. Where are they deploying it? Polygon, an Ethereum Layer 2 slash sidechain. And this is really interesting because Stripe has talked for a while about like, ah, crypto, whatever. It's a fad. They actually abandoned, they adopted Bitcoin as payment and they abandoned it back in 2018.

• 18:13Ryan Sean Adams?

  Now here they are in 2022, re-entering stablecoins on Ethereum. This is, uh, this is the utility that that DeFi mullet gives you. Uh, kind of cool to see.

• 18:23David Hoffman?

  Uh, this is what we love. This is why Layer 2s are so, so important. And the Layer 2.2.2 revolution has only just begun. And so Stripe is getting ahead of the curve here before other payment providers. So as Layer 2 progresses, I expect a lot more things of this nature. All right. Coming up next, there is Volt Protocol, now live on the Ethereum mainnet. Volt Protocol is a CPI-adjusted stablecoin and is now live. And so if you don't like losing the value of your dollars due to inflation, there's a stablecoin on Ethereum that can help with that. Volt is a fork out of the Fae Protocol, uh, and so is using Fae's protocol as code base, which is generally well battle-tested as far as stablecoins go.

• 19:04David Hoffman?

  Uh, and then they also integrate Chainlink Oracles to help with the CPI-adjusted number over time. Uh, and so as the Chainlink Oracles report a, an increasing inflation, the value of the stablecoin will go up. And there's also just a bunch of DeFi 2.0 mafia gang people. I think you'll recognize a lot of people here. Sam Cosmane from Frax, we had him on the show recently. Joey from Tribe, Jay from Rari, Tim Baker as well, and of course, the man whale himself, Tetranode. So really solid project or really solid team behind this project.

• 19:37Ryan Sean Adams?

  Yeah, it'll be cool to see more entrance into the freight.

• 19:39David Hoffman?

  Excuse me, those are not, those are not people in on the project. Those are just angel investors, but they probably are going to help nonetheless.

• 19:46Ryan Sean Adams?

  I'm sure they will. Speaking of helping, Fidelity, they're helping Bitcoin right now, and they're helping all of crypto. They are allowing retirement savers to put Bitcoin in 401k accounts. This is absolutely massive, David, because so many companies use Fidelity for their 401k service. Fidelity has something like $2.7 trillion, $2.7 trillion with a T of assets under management. It's absolutely insane. 23,000 companies. Yeah, it's a little bit more, not much more, but 23,000 companies use Fidelity for their retirement plans. And you know Bitcoin is coming, like Bitcoins here, but other crypto assets are

• 20:27Ryan Sean Adams?

  coming. In fact, they mentioned that in the press release. Fidelity is the custodian here. Okay, so Fidelity is taking custody of the Bitcoin assets too, and they've developed out their custody service for like the last five, six years. So that's all in place. It's really funny in the Wall Street Journal article that I have linked here, the bottom, there's quotes from the Labor Department of the US saying, "This is seriously concerning," and that people should use extreme care when investing in crypto. So a little bit of FUD coming out of the Department of Labor, because they are of course scared of Bitcoin. And Fidelity put a cap on it. So the max cap is

• 21:10Ryan Sean Adams?

  you can only YOLO in 20% of your retirement account, right? So it is still traditional finance, like, "We don't want you to be too risky, not too much crypto on the cap there." But still, a big step in the right direction.

• 21:24David Hoffman?

  Directionally correct.

• 21:25Ryan Sean Adams?

  Yeah, super cool. And it's big. Look, this is gonna usher in a lot of new money into the space.

• 21:30David Hoffman?

  Yeah, awesome. Well, again, directionally correct. Nice job.

• 21:34Ryan Sean Adams?

  This is another cool thing. Angel List is rolling out USDC. So Angel List is kind of a a place that Naval actually you created. It's a place for angel investors to like network and connect to startups. And so the traditional way, if you were an angel investor, you wanted to invest in a startup, you had to wire funds or ACH transfer to the bank. And now they just rolled out USDC. Another example of stablecoins, USDC winning and like, I am so glad that we don't have to wire funds as much as we used to. When that goes away, that will be a happy day for me, David.

• 22:10David Hoffman?

  There are some angel investments that we've participated in, Ryan, where they're like, no, we can't accept USDC. You must wire funds. And we're both like, well, I'm not sure we would.

• 22:19Ryan Sean Adams?

  Are you sure about that?

• 22:19David Hoffman?

  Join anymore.

• 22:21Ryan Sean Adams?

  That's annoying. Wait, you're a crypto native company and you want me to wire funds from a bank account? Like, alright.

• 22:29David Hoffman?

  What are we doing here, folks?

• 22:31Ryan Sean Adams?

  Yeah. Angel List is rolling that out for everybody. This is another thing. You want to talk about this? Nike and Artifact, they're doing something.

• 22:39David Hoffman?

  Yeah. Artifact, they're the NFT studio. Reveal CryptoKicks, the first ever Ethereum NFT metaverse sneakers? I mean, there are sneaker heads out there. They're like the OG NFTs before NFTs were really a thing, right? Like, you know, people, some people collect coins, some people collect stamps, some people collect sneakers. And sneakers generally be most future of those things. So I guess it makes sense to put sneakers into the metaverse. Like sneaker heads, they don't even wear their sneakers anyways.

• 23:08Ryan Sean Adams?

  They just collect them?

• 23:09David Hoffman?

  They just collect them. So I guess it makes sense to have NFTs. They look pretty sick as far as shoes go. But yeah, that is what is going on.

• 23:18Ryan Sean Adams?

  You want to see what these puppies are going for on OpenSea?

• 23:20David Hoffman?

  Oh, I don't, but you're going to tell me anyways.

• 23:23Ryan Sean Adams?

  Here's floor price.

• 23:24David Hoffman?

  2.1 ETH? Okay.

• 23:26Ryan Sean Adams?

  Floor price.

• 23:27David Hoffman?

  It's not terrible.

• 23:28Ryan Sean Adams?

  Oh, come on, man. How much? Like, so convert that into dollars. What's that? Like $6,231? Would you pay that for a pair of sneakers if you were a sneaker head, David?

• 23:37David Hoffman?

  Absolutely not, but it's a JPEG, Ryan, of course.

• 23:40Ryan Sean Adams?

  What's the maximum amount you've paid for sneakers?

• 23:42David Hoffman?

  Oh.

• 23:43Ryan Sean Adams?

  Are you a sneaker culture guy?

• 23:44David Hoffman?

  No, absolutely not. I have my pair of Nike dunks that I paid like $80 for. I had one red and black one and one blue and white one. And on 4th of July, I would wear one of each.

• 23:55Ryan Sean Adams?

  That's awesome, man. So no Nike sneakers for David, but I bet you pay more in the Metaverse, though.

• 24:01David Hoffman?

  There's always the Metaverse premium, Ryan.

• 24:03Ryan Sean Adams?

  I guess there is. Now, David, JPEG protocol?

• 24:07David Hoffman?

  JPEG.

• 24:08Ryan Sean Adams?

  What's this?

• 24:08David Hoffman?

  JPEG'd protocol. Dubious name, but okay.

• 24:13Ryan Sean Adams?

  Why dubious?

• 24:15David Hoffman?

  I don't need to explain that. You don't know. Ryan doesn't know, but...

• 24:20Ryan Sean Adams?

  This is a kid-friendly show, David, so I think you're going somewhere else. We don't need to go.

• 24:25David Hoffman?

  JPEG'd collateralized NFTs. We know that this is on the frontier. This is coming out now. There is the PUSD stablecoin, which you can borrow at 2%, which is pretty low as for a fee. So if you put your NFTs into JPEG'd, you get to borrow PUSD at a 2% interest rate, and that's how you get liquidity on your JPEGs. They also have this insurance mechanism. Actually, I'll get to that in a second. Users can borrow up to 32% of the floor price of their JPEGs in PUSD. Liquidation will happen when the debt-to-equity ratio equals or exceeds 33%.

• 25:07David Hoffman?

  There is a chain link oracle for that floor price. I truly hope that they've thought about gaming, because you can totally game the floor price of something. They must have thought about this. I don't know how they did, but I can't imagine that they just left that in there. And then they also have, Ryan, an insurance mechanism, which is only made possible because the Dow underwrites the debt. So users can purchase insurance to repurchase their NFT in case they get liquidated. So if I put my CryptoPunk up for collateralization, I borrowed against it, I got liquidated, I could go with that insurance, which cost me 5%. I could go back, buy back my JPEG, rather than just having to buy back any old random CryptoPunk, and that is JPEG'd.

• 25:48Ryan Sean Adams?

  Do you think this is kind of why the Metaverse premium exists? Because you can't do that if you're a sneaker head. You can't do that with your sneakers, right? But you can do this with your $6,000 Metaverse sneakers. You can actually take a loan out against it.

• 25:58David Hoffman?

  Yeah.

• 25:59Ryan Sean Adams?

  And I also, it just makes me laugh. Do you know in the future how many 12-year-olds are going to become... Millionaires and then go broke and then become billionaires again and then go broke because of this sort of mechanic. You get like NFT game items, suddenly they're worth like tens of thousands of dollars overnight and then some 12 year old like goes and leverages them on JPEGed and like loses it all.

• 26:21David Hoffman?

  Doesn't understand what it means to leverage up all of your JPEGs. Always, as soon as I realized that NFT collateralization was going to be a thing, I've always been of the opinion that this is going to result in a lot of NFTs changing hands and a lot of people being really upset. Because like, I mean, we all know like the, I keep on harping on the ape community, so sorry about that, but I'm going to keep on doing it. Like, if they lose their private keys, they're going to take an unreasonable amount of debt, probably.

• 26:46Ryan Sean Adams?

  As soon as it's easy to do that.

• 26:48David Hoffman?

  Yes, as soon as it's easy to do that, it's probably going to happen. And like, there's just going to be a big churning of like DGEN NFT holders because there's going to be some NFT drop, they're not going to have any more cash, they're going to go to JPEGed and collateralize their NFTs and leverage up on NFTs, the most ridiculous thing to leverage up on. And then, Ryan, they are going to get JPEGed.

• 27:06Ryan Sean Adams?

  This is, this is, this is great because, uh, we, you know, I've, I've been hoping for better financial education in the US and in the world for like kids. This is how they're going to learn. Look, man, this is how everyone learns. Unless you lose a lot of money, unless you get liquidated, better to learn these lessons when you're 12 years old. You're getting JPEGed then, rather than get JPEGed when you're in the early 30s and you get JPEGed on your house.

• 27:31David Hoffman?

  Yeah, just, just hand that tax bill off to mommy, okay?

• 27:34Ryan Sean Adams?

  Oh, there you go. Um, 12 year olds having to pay taxes on NFTs? What is happening? Uh, so much great stuff with crypto. Um, let's get to raises, though. Another $1 billion has just entered crypto in the form of a new fund. This time, Joe McCann is raising. Joe McCann is a-

• 27:54David Hoffman?

  Targeting $1 billion, not $1 billion yet.

• 27:57Ryan Sean Adams?

  Yeah. Okay. Well, I bet they'll be able to do it. Uh, this guy's career has spanned, uh, Microsoft, also, um, Asymmetric, Passport Capital. Look, man, the TLDR is another $1 billion fund has entered the fray. Been talking like channels, people are like, well, private- Where are they going to deploy all of this in crypto?

• 28:17David Hoffman?

  There's nowhere left.

• 28:18Ryan Sean Adams?

  It's getting crazy, like these, these deals that, you know, aren't public for accredited investors. A billion dollars has to go somewhere. Where's it going to go? It's just going to increase the valuations of all of these crypto startups. So.

• 28:29David Hoffman?

  It's absolutely insane, dude. Like.

• 28:31Ryan Sean Adams?

  1999.

• 28:32David Hoffman?

  You know what we should do, Ryan? Like there is, there, there, the number of stories I've heard of just like insane valuations. I've, I heard a story where some startup founder was doing some like modest raise at like 20 to 30 million dollar valuation, which is not modest, but now it is. Uh, and then the VC firm that wanted to, that was going to lead that round came back to him and said, "Hey, we are going to double the valuation that you're asking for. We'll let you raise it $60 million, but you have to give us all of it because they don't have any places to deploy all the capital, Ryan." So the, the private equity rounds are extremely overvalued. Uh, and there's so much cash flowing around. And you know what is happening, Ryan? Is everyone is forgetting about the blue chips. They're forgetting about Bitcoin. They're forgetting about ETH.

• 29:14David Hoffman?

  And like, I think a mistake that people like perhaps Joe McCann are doing is they're thinking like, "Okay, get me into crypto. I don't know what to buy. So like diversify, right? I just invest all across the board and just diversify me into crypto." Not realizing and not real, not knowing that like Bitcoin and ETH are basically indices. They're basically indices of the whole entire crypto market cap. Ether is formally an indices of the Ethereum economy. And so they're, they're, they're making the mistake of thinking, okay, like I don't want concentrated bets deploying my capital everywhere. But then they're deploying their capital in these overvalued valuations and they're forgetting about the blue chips. Ryan, what should we do? We should start a startup that takes in money from all these investors and we just buy ETH. And we're going to outperform every single startup ever in the last year.

• 29:59Ryan Sean Adams?

  That's kind of what I was thinking. If I had a billion dollar VC fund, first thing I'd do is I'd be like, "Thank you for your money. I'm deploying all of this right away and I'm buying a billion dollars worth of ETH." And then I would take that ETH, I would stake a portion of it. And then my objective would be to go beat the value of ETH. Measure all of my denominator would be ETH and all future investments I would weight them against. Is this going to appreciate relative to ETH or not? If it does, I deploy there. There's, there's our fund, David. We just made it.

• 30:26David Hoffman?

  And, and, and Ryan, it's going to outperform every other fund or every other, like, yeah, private equity fund that came out in the last year. I firmly believe in that.

• 30:35Ryan Sean Adams?

  We'll see, we'll see. Maybe we'll announce the launch next week, David.

• 30:39David Hoffman?

  Every single VC fund operator is like, listening to this is like, you guys are idiots.

• 30:43Ryan Sean Adams?

  Yeah, they definitely are.

• 30:45David Hoffman?

  But for those that are listening, we're also think that you're idiots, but who knows? Who knows?

• 30:50Ryan Sean Adams?

  I don't think Haseeb is an idiot. Don't put him there, but this is his firm. He's part of this firm, Dragonfly Capital. We should talk about this.

• 30:57David Hoffman?

  Yeah. Raised 650 million dollars in their third fund. They actually can't deploy money into ETH. So they are restricted in that. They have to do it into private equity. And so 650 million dollars into Dragonfly Capital's third fund, extremely successful fund. I actually did a show with Haseeb on Layer Zero about how to be a VC. If you want to get into the brain of one of the most articulate VCs out there and what it takes to become a VC. That was a really good episode. Dragonfly, 650 million dollars, third fund.

• 31:26Ryan Sean Adams?

  Look, man, I want to be fair. I want to be fair to VCs. They actually crushed it last year, the last couple of years relative to ETH, right? They absolutely crushed it. So I guess, you know, there's credit where it's due. Liquify, they're building a card of Web3. Card is where you basically track your pre-public shares, investing, whether you're an employee and you get invested shares, or whether it's some sort of a startup. And Liquify is bringing that to Web3 companies, doing that with DAOs, I assume. So something interesting going on there. David?

• 31:58David Hoffman?

  Next up, yeah.

• 31:59Ryan Sean Adams?

  This is pretty cool.

• 32:00David Hoffman?

  Ethereum Scaling Solution Scroll raises 30 million dollars from Bain Capital and some other angel investments, of which Ryan and I are some of them. So disclaimer there. Scroll is building a ZK EVM. I met some of the team at ETH Amsterdam at MEV Day. Talented group of people. And some other angels include Santiago Santos, Anthony Cizano, and many others in the Ethereum community.

• 32:25Ryan Sean Adams?

  Yeah, Scroll is a really interesting layer two. They've got some work to do though first. It's gonna be ready for mainnet for a while. 0X, they just raised $70 million from Greylock OpenSea and Jared Leto?

• 32:39David Hoffman?

  Leto?

• 32:40Ryan Sean Adams?

  Why?

• 32:41David Hoffman?

  Jared Leto is actually the actor of one of my favorite movies. It's called Mr. Nobody, but very few people actually know that movie. It's a good movie.

• 32:47Ryan Sean Adams?

  No, I've never, I've never watched it, but Mr. Nobody is now investing in 0X. So it's cool. The celebrities are getting into the game too, a little bit. David, jobs report, you ready for it?

• 32:56David Hoffman?

  Let's do it.

• 32:57Ryan Sean Adams?

  Okay, this is our weekly reminder to tell you to get a job in crypto. Oh my God, this first job looks amazing. I'm going to read some of them out. A lead community manager at Crypto Skulls DAO. Can't even imagine what Crypto Skulls does, but that's, you gotta get that job. Senior product engineer at Parcel. Junior engineer at Bankless and Ethereum core developer, Nethermind. Golang engineer for Starknet clients, Nethermind. Bankless newsletter editor, we're still looking. Content manager at Talia, director of developer relations. A solidity architect, marketing manager at Meshia, UX designer, Prometheus. Community manager at the Dgen Dogs Club, co-founder for a TBD, DeFi Primitive. A backend software engineer, AGMI. I could go on, but I won't.

• 33:39Ryan Sean Adams?

  There's a link in the show notes to all of these jobs and David is exhausted because he's been dancing this whole time, as usual. What do, what do we have to say about that? Just get a job in crypto?

• 33:50David Hoffman?

  Help David dance less by getting a job in crypto and making this jobs board go down. If you want to post your job, there's a link in the show notes. Also, bankless.pallet.com/jobs. Now also, there's this thing called the Talent Collective for the other side of the matchmaking market. So if you are good talent and you want to be, you know, pitched to join other people's company, there is the Talent Collective where you can upload your resume and, and be, have your, your, your resume be reviewed by all the companies that are hiring in crypto. So that is.

• 34:21Ryan Sean Adams?

  Sometimes that's a good play. You know, you play hard to get. You just like make them come for you.

• 34:25David Hoffman?

  That's exactly right.

• 34:25Ryan Sean Adams?

  All right, our first news item, the biggest, Elon Musk just bought Twitter. Couple of weeks ago, he said he was wanting to buy it. Twitter said no, they've been doing this dance back and forth. It was all public, it was very great. Now he purchased it. So breaking news, Twitter and Elon Musk reach a deal on the buyout to be announced shortly. That was announced, I'm not sure if it's fully closed yet, but it's basically for all intents and purposes, Elon Musk now owns Twitter.

• 34:50David Hoffman?

  Neat. How do I feel about that? I think pretty good. I think pretty good. I mean, he built, he built one of the coolest car companies that exists. He's sending rockets to the moon. So like, you know, don't fade Elon and his ability to innovate. Like Twitter will probably be pretty cool as a result of that. I have a take later on the show about this, but you know, I think probably big changes coming to Twitter. I don't think he bought Twitter, Ryan, just to add an edit button, or just to do a few other tweaks. Like, no, he didn't want to just add that. He's got big plans. Elon Musk never has small plans. He only has big plans.

• 35:25Ryan Sean Adams?

  Well, I hope one of those plans is actually to distribute ownership to, you know, those who aren't Elon Musk. And maybe we'll talk about that because what's still going on right now is people are getting banned, often for no reason. And Stani, from the AVE Protocol, DeFi founder, was actually banned just this week. We actually had a conversation with Stani this morning, and we're going to play the highlights now. Stani, how's Twitter jail going for you? Like, what's, what's going on here?

• 35:52Speaker 02

  Not very well, to be honest. There's no one to talk to here. You know, I feel like, I don't, I feel like I don't have any audience. I had, I had all my audience in Twitter, and I got banned, and I don't know who to talk to.

• 36:05Ryan Sean Adams?

  Look, if you're on Twitter, any social media account for that matter, you don't actually own the property there, right? You don't, do you own, don't own the list of, of your followers? It's completely private property. And we are viewing the actual tweets on YouTube. And I just want to recap this. Okay, so this is innocent. This is innocent AF. This is like even wholesome. It's funny. Stani tweets, breaking, joining Twitter as interim CEO, clearly an Elon Musk style joke. And then it's a follow up. He offers an actual, like tongue in cheek list of solutions of what Twitter should be implementing moving forward. If I'm in the product team of Twitter, I'm like jotting some of this stuff down potentially. And he says this, "Thank you for the opportunity to work at Twitter. My first agenda in the roadmap for the first 90 days is ship an edit button,

• 36:50Ryan Sean Adams?

  open source the Twitter, L goes, add support for ENS, and Ethereum integrate with Lens Protocol." I ask you, the viewer, is this a bannable offense on Twitter? Like, what is going on? No due process, no explanation as to why. This is not a threat of violence in any way, shape or form, or incitement of violence. How does this break the policy of Twitter? These are some of the questions I have. But now this is Elon Musk's problem, isn't it? Because Elon Musk just majority purchased all of Twitter, which makes him kind of the governance vote for everything that happens on this platform.

• 37:28David Hoffman?

  And we have also seen Elon Musk dabble in the world of Web3. He loves to pay attention to Dogecoin, which is like almost Web3. He knows what Ethereum is. He knows the basics of this. Are you optimistic that Elon Musk might actually look into the fundamentals of what Web3 is and why it has drawn so much excitement from the world around it? And perhaps use his platform, use his now majority share over Twitter to turn Twitter into something like Web3?

• 37:58Speaker 02

  I very much hope so because there's just so much value added in the Web3. Pretty much, even if you think about protocols, on-chain protocols with different kinds of rules, whether it's decentralized finance or Web3 social media or something else. So it's a very valuable and efficient way to actually provide the ownership to the users. But also, if you kind of like approach the whole idea of, you know, who is the epicenter most valuable, kind of like a stakeholder in social media, it's pretty much the users.

• 38:38Speaker 02

  And the way we have built social media is that we extract a lot of data from the users and then pretty much use that data and algorithms to essentially sell different kinds of services to the user. In terms of like Web3 social, you can actually, we turn around this mechanism in a way where the user is actually the one who owns its own network. And then these applications, experience layers, algorithms are actually competing to provide the best services, bringing transparency and other values.

• 39:15Ryan Sean Adams?

  I have tweeted this tweet out as an experiment. I'm wondering if I'm about to get banned.

• 39:20David Hoffman?

  Oh, you're not joining Twitter as interim CEO, Ryan?

• 39:22Ryan Sean Adams?

  I'm, I, maybe I will. Maybe we are all CEOs. Maybe that is the web three way. I think that's ultimately what we are saying here is we should be CEOs of our own Twitter accounts. So if you want to tweet out breaking, joining Twitter as interim CEO, you can. Let's see if we get banned here.

• 39:39David Hoffman?

  I really liked that line you said, Ryan. We should all be CEOs of your own social media account. You think about that on the spot?

• 39:45Ryan Sean Adams?

  Yeah, yeah. Well, yes. I mean, it's basically what the tweet was saying, right? It's like, Stani was, I want to be the, I'm the new CEO of Twitter. And it's just like, you know what? We should all be CEOs of our individual Twitter accounts. That is the decentralized web three model, isn't it?

• 40:00David Hoffman?

  Yeah, that's exactly right. All right. And the other big news of the week, optimism introduced the optimism collective, which is code word for releasing an airdrop. So that happened on Tuesday morning. We did a show with an hour and a half long show going all the way into the details about the optimism collective, what it is. And it's basically a two house model. And so it's got the token house, which is governed by, I think you can guess, a token, but it also has the citizens house, which is kind of this new innovation. And they have this bicameral system, this two party system of sorts, where one is focused on the short term incentives, which is the tokens, and the one that is focused on the long term incentives, which is the citizens house. The tokens houses, of course, composed

• 40:42David Hoffman?

  by all the people that own the tokens. The citizens house are on chain identities, on chain people governed by a soul bound NFT. So an NFT that is fixed to your wallet that you cannot transfer, that you have been given because the optimism collective has deemed you a valuable contributor who understands how to drive sustainable growth through optimism, Ethereum, and the new internet. And so this whole idea, this whole concept is that optimism can use the block space revenue from the optimism layer two, and they will generate that, generate that revenue, and then it will send that to, to the, the protocol. And the citizens house will govern over what is called retroactive public goods funding,

• 41:25David Hoffman?

  which is going to unlock something that I think is super massive. Ryan and I are about to record a podcast about this because Ryan, I think- This is a billion dollar opportunity toward by the end of this year and probably more than that. And then by starting next year, it's going to be something like a 10 to 50 billion dollar opportunity that we have never seen before.

• 41:44Ryan Sean Adams?

  What is the opportunity? What is opportunity?

• 41:46David Hoffman?

  Block space revenue going to people who create public goods. This is what optimism has pioneered. Where you can, if you think that you can build public goods, then you can get money for that and not just a little bit of money, Ryan. This whole concept of retroactive public goods funding is injecting Silicon Valley type incentives, but allowing for public goods to be a product. This is something brand new in the crypto space. I'm extremely excited about it. I think this is the new alpha for the rest of the 2022 and 2023, because this I think will become standard for L2s. L2s will need to invest in infrastructure. They're going to use the revenue for their block space to do it. And they will need builders who can build products that have never before has been seen on the face of this earth, which are public goods.

• 42:30David Hoffman?

  So the upside potential of a tech startup, but the product potential of a public good, brand new, brand new thing out of crypto. We needed crypto to unlock this and this has never been seen before. I'm really excited about this.

• 42:40Ryan Sean Adams?

  You know, another term for public goods that people are probably familiar with because we use it all the time is open source software.

• 42:46David Hoffman?

  Yes.

• 42:47Ryan Sean Adams?

  Like that is open source software and that is one of the main public goods that people will be creating. Clients and all sorts of open source tools that will support the crypto industry.

• 42:56David Hoffman?

  That's exactly right. In addition to this airdrop and this new optimism collective, they have also created the optimism foundation, which will be the way that the optimism public benefits corporation, the company, the company that has existed thus far, will start to add in other members that are not part of that company to start to slowly dilute the original members and be a path towards decentralization. So the optimism foundation has been created and it will eventually defer all governance rights of the foundation to the on-chain citizens house eventually. A big step forward for building out an ecosystem of contributors for optimism. So the members of the, two members of the optimism team, Jing and Ben will be joining the optimism foundation.

• 43:36David Hoffman?

  Carl from optimism will be sticking around with the optimism labs, which is a new organization that the protocol. All engineers of optimism sticking around and then over time this will be wholly decentralized. But of course, Ryan, there was an airdrop. And so 5% of the total supply of optimism was airdropped just last Tuesday. You can go check your eligibility. I've got a couple eligible addresses, which is just lovely. If you've donated to Gitcoin, you're eligible. If you have been quote priced out of Ethereum, you're eligible. If you have done a bunch of other things, I think if you've used optimism, deposited into optimism and used it for four weeks, you got an airdrop. There's a bunch of different ways to have gotten the airdrop.

• 44:18David Hoffman?

  If you've got the airdrop for multiple reasons, there is a multiple reason bonus. And then there are tiers to that as well. So if you did all six, I think of the criteria for getting the optimism airdrop, you got the third tier bonus size. So you get bonus for doing more things. So that is pretty cool. And the other cool thing, Ryan, is that there's not just one airdrop. That is airdrop number one. And so implying there will be also airdrop two and airdrop three and airdrop four going forward as determined by the community and what is best for the optimism layer two. What are we looking at here, Ryan?

• 44:53Ryan Sean Adams?

  This looks like some data, some transaction and wallet data, I think for optimism. And it's really cool to benchmark this and actually look at, you know, the usage of the thing because the optimism network is being used pretty heavily. I think it's actually the sixth, the network with the sixth most fees. And they did all of that previously without any token incentive. Okay, so this is definitely top 10 of all chains. And so what we're looking at here is the number of transactions in wallets of the last 30 days. There's been about 66,000 wallets. So every wallet is like a bank account. So 66,000 bank accounts, a total number of addresses that have been created on optimism, 330K.

• 45:38Ryan Sean Adams?

  So these could be all potential citizens. Some citizens might have one, more than one bank account. A lot of fees being generated here too. I've got some other charts here, David.

• 45:46David Hoffman?

  Before you go on though, very, very important to note, there's two, two metrics I want to pull out here. Last 30 days, optimism has Saved 192,000 Ether from getting spent on gas. And because it has saved that much Ether being spent on gas, it has been able to collect 520 Ether. So this is the business of optimism. It is saving users, it saved users over the last 30 days, 192,000 Ether. And for that service, it collected its for itself 520 Ether in 30 days. And Ryan, you can see what happens when a token gets injected. Look at the bottom left chart, transacting addresses per day, up into the right in the final days of April because of the token.

• 46:28David Hoffman?

  Transacting addresses on a daily, weekly, monthly basis, you can see that all go up into the right. Transactions per day up into the right. This is what happens when you inject token incentives. We know this is true. And if you go look at Ryan Avalanche, which is like optimism, a fork of Geth, when they started doing liquidity mining incentives, that's when Avalanche started really succeeding, really getting TVL and driving usage. And optimism has been able to do comparable amounts of usage before having a token, Ryan. So this is why we're calling this the starting pistol for L2 22. It's got to come with the tokens.

• 47:01Ryan Sean Adams?

  And the cool thing about all of these layers twos, of course, is because they are a primary consumer of block space on Ethereum. And so they ultimately they settle on Ethereum because that's where they're driving their security. So this is optimism's layer one gas used per month and transaction fees. The amount of transaction fees they are actually spending, the amount of block space.

• 47:24David Hoffman?

  L1.

• 47:24Ryan Sean Adams?

  L1. L1 purchase purchases they have on Ethereum. So what does this indicate to us?

• 47:29David Hoffman?

  Yeah, I mean, you can just see that, especially that that top chart of just the gas per used per day, just going up and up and up, especially now that there's a token. And as layer two is built out, we are not even close to being done with reducing fees on layer two. So that's also going to drive a ton of adoption. And of course, that is going to increase the total transactions of on the layer one, burning Ether on the layer one, because of course, as we have said, Ethereum turns into a settlement layer, not for people, but for other blockchains. Optimism layer two and other layer twos like it are the settlement layers for people. The L1 is the settlement layer for. Other blockchains. And then I thought this one was funny, Ryan. As soon as they airdropped the token, like, look at that spike at the very far right side.

• 48:10David Hoffman?

  Like, just 2X. In the sense, dropping a token, the number of unique addresses on Optimism jumped from, what was that, 350,000 to where it is now at over 800,000. Inside of one day, 400,000 unique new addresses came onto Optimism because of the token. L222, man, it's right around the corner.

• 48:30Ryan Sean Adams?

  I mean, here's the reality. Here's that list that we talked about earlier. Optimism is the sixth most fee-generating chain right now, and it's above Solana, for instance, just below Arbitrum, which is another layer two. It's getting close to passing Bitcoin, and then Avalanche and Binance are the only higher ones, and then, of course, Ethereum. It's just nails home, I think, something that we've been saying. We expect layer twos like Optimism to compete with the alternative layer ones of the world. So it's kind of like an execution layer competition here. It's Solana, Avalanche versus layer twos. It's really what's going on, and it feels like because Ethereum is positioning itself

• 49:12Ryan Sean Adams?

  as a settlement layer, it's something different. It kind of stands on its own. It's part of the reason we've been a little bearish on the alternative layer one narrative. Not that there won't be other alternative Ethereum chains. Of course, there will be, but how will they fare in the backdrop of layer twos that are getting usage, getting market share, getting free, low-cost economic security from Ethereum, and then starting to issue tokens? That'll be the big question, I think, that will start to be answered as we get into, as we go through the rest of 2022.

• 49:46David Hoffman?

  Optimism's livestream viewer count, when we did our livestream with them, was our second highest ever after Mark Cuban. This is what happens when you release tokens. You get attention, and we all know that in the crypto space, attention, price follows attention, and tokens will put the attention back onto layer twos. Retroactive public goods, because we are funding public goods for not just Optimism, not just for Ethereum, but for the whole world eventually, will eventually push Ethereum into mainstream legitimacy, and also, layer 2222 will also lead us into the merge. Ryan, I'm just feeling really bullish about the Ethereum ecosystem. It's because we needed the tokens, the L2 tokens, all along.

• 50:23Ryan Sean Adams?

  Yeah, I can tell. And I do think this, the Citizen House is a really unique design and gets us away from the thing that I've been really disturbed with, with kind of, you know, token governance, which is this plutocracy where you basically have token holders and capital holders that set all of the rules. So I'm really hopeful that that will be successful. Other news, I guess, on the Ethereum side is Ridley Scott, his production house, Ridley Scott, director, fantastic movies like Alien, Aliens Gladiator, Blade Runner, that sort of thing. His production house is producing an Ethereum documentary.

• 50:55David Hoffman?

  Yeah, it's gonna be based off of Cami Russo's book, her fantastic book, The Infinite Machine. And so a great history of Ethereum walks you before Ethereum was even a thing and to where it is now. And so I can't think of a better book to base a documentary on. So congratulations to Cami Russo. And a bunch of news is coming out next week about that. And so I'm just excited to watch it, man. More and like Ryan, there's two other Ethereum documentaries that I know are being worked on under the, in not in secret, but just like, you know, they're working on it. And so like, there's also the era of Ethereum documentaries coming to things like Netflix or whatever other studio.

• 51:30Ryan Sean Adams?

  And this isn't a documentary, right? This is a full-scale movie. So they're gonna have to actually find actors to play all of these roles, I believe.

• 51:36David Hoffman?

  It's gonna be a drama?

• 51:38Ryan Sean Adams?

  Yeah, dude. Who's gonna play Vitalik? This is gonna be like The Social Network. You remember that movie?

• 51:41David Hoffman?

  Who's gonna play Vitalik?

• 51:43Ryan Sean Adams?

  Who's gonna play Vitalik? Who's gonna play Charles Hodgkinson? Who's gonna play Joe Lubin?

• 51:50David Hoffman?

  So many of these characters are completely irreplaceable.

• 51:54Ryan Sean Adams?

  Really? I can't, I can't think of anyone in Hollywood today that could play Vitalik.

• 51:58David Hoffman?

  Yeah, no, neither could I.

• 51:59Ryan Sean Adams?

  No one pops to mind. I got a few for Charles, though. We'll save that for later.

• 52:02David Hoffman?

  At least a few.

• 52:04Ryan Sean Adams?

  Infira. Let's talk about that. It was down last week, last Friday, I believe. The PSA here is even when Infira is down and MetaMath doesn't work, there are alternative nodes. And our friend David Mihal has a fantastic website where you can see at any point in time, any of the data providers, whether they are serving data or not. And MetaMath, you can change your MetaMath settings and tap into one of these if something like Infira goes down. So not awesome, but we are not fully reliant. On in Fura, if you're hearing that kind of thing, it's like it's absolute flood. It's not true.

• 52:39David Hoffman?

  Haters.

• 52:41Ryan Sean Adams?

  So, and you could just like prove that by redirecting your node to something else. You can even run your own node and process transactions that way. But let's get to some NFT stuff, David. What's this first one?

• 52:52David Hoffman?

  Yeah, Moonbirds, Kevin Rose's Moonbirds NFT profile picture project. A bird sold for a million dollars within one week of launch. Yeah, they're all owls called Moonbirds. They're all owls and the floor price on these things have just like left people completely astounded. I think the last I checked, it was a 33 ether floor for this profile picture NFT. And this just goes to and teaches about the power of community because this is not just a profile picture project. This is a profile picture for a specific community and is a bunch of highly researched, highly engaged NFT collectors that are here for the long term, being stewarded by our friend Kevin Rose.

• 53:33David Hoffman?

  And so this, it's just a combination of like some cool pixel art plus a very powerful community behind it.

• 53:39Ryan Sean Adams?

  Yeah, I can't believe these, these numbers, but they're also getting, getting some major funded funding. So Alexis Ohanian's VC firm just announced along with some others, True Ventures as well, a $10 million investment into the Moonbirds ecosystem. So that happened this week. Also, there was some controversy this week as well. So the Moonbirds COO, Ryan Carson, announced he was leaving the project. And I think that that took some of the community by surprise. You thought that, you know, Kevin, Ryan, some of the others were in it for the long term. I think Kevin Rose is completely in it for the long term. All indications point that way. But Ryan Carson left. He's now starting an NFT firm. There were some back and forth about that and some price reaction as well.

• 54:23Ryan Sean Adams?

  But I don't know, I feel long-term pretty bullish about, about this project. And I think the team is positioned to execute. I don't know about these valuations though, like it's just, it's, it's really hard to get my head around why Moonbirds are worth what they are worth. But I mean, you could buy, when we first had Kevin on the podcast, you could buy a proof path. For like a few ETH at that time.

• 54:45David Hoffman?

  Wow.

• 54:45Ryan Sean Adams?

  And now that that's gone up massively in value since since then and has paid dividends for those who've held it. So.

• 54:52David Hoffman?

  This is the bankless curse. We bring people along because like, yo, this project's really cool. We do the podcasts on it and then we forget to buy stuff. Every single time.

• 55:01Ryan Sean Adams?

  Yeah. You remember like the most painful one is probably, uh, what was the most painful one? There's so many. In 2020, when we got like NFT pilled and and you were like, hey, how are NFTs any different from this painting I had? Do you remember that podcast you did?

• 55:15David Hoffman?

  Of course, of course. Right. We should have just. They use CryptoPunks as an example. I was like, how is it any different from this CryptoPunk painting that I have on my wall two years later?

• 55:25Ryan Sean Adams?

  And that's like, wait, that's like two years later? That's probably a year later.

• 55:28David Hoffman?

  Nine months, nine months. It was nine months.

• 55:30Ryan Sean Adams?

  Anyway.

• 55:31David Hoffman?

  I have a re- I have an answer as to why the the floor price has done so well. It's because Kevin, they're doing like the the proof collective is like this community bottom up like alternative to paid research. Like somebody, some people, instead of just going and Googling and looking at biased research, they pay for research to be done about things. And it feels like that where the community is engaged and the community is serious. And so when that community is successful, Ryan, they're they all have a bunch of money because they all research stuff together. That is the proof collective.

• 56:01Ryan Sean Adams?

  There's such strength in community.

• 56:02David Hoffman?

  They have so much ammo to pump the the bird price floor because they all have made each other very wealthy. That is my interpretation of the of the moon, uh, the the proof collective.

• 56:12Ryan Sean Adams?

  And you notice I have a a bird right behind me. That's because, uh, this was given to me. Uh, David and I have stepped in and joined as advisors of this project. And I think it's because we saw a lot of like parallels with the bankless community and with proof. Like at some level, what proof is doing for NFTs is what bankless could do in the future on the DeFi side of things with some sort of memberships. So there's a lot of commonality, a lot of synergy between these communities. And, uh, you know, Kevin asked us to be part of this and we want it to be because it's a cool experiment that we hope to bring maybe into the bankless ecosystem a little bit more. Maybe there's some potential for collaboration opportunities. So we'll see, have to see how that that.

• 56:52Ryan Sean Adams?

  emerges, but the power of strong communities who are super knowledgeable in crypto is just like, that's all you're doing. You're buying, you're investing in communities at some level, the network effects of communities.

• 57:04David Hoffman?

  Right. And you plus you can't share alpha on Twitter because then it's not alpha anymore. So you gotta, you gotta grow your very like specialist network of, of alpha. And that's what they've done with NFTs. That's what we want to do with DeFi. And there's always a power of composable communities. There's a ton of overlap between the bird community, the proof community and the bankless community. And so we're going to work on the DeFi side of this whole entire thing. Listeners or people that are watching on the YouTube, drop a comment in the show notes says, who's got the better bird? You can see my bird on the left. It's the pink background with the moon hat.

• 57:36Ryan Sean Adams?

  We already know you're only asking that question because you know you got the better bird. That's why you're asking.

• 57:41David Hoffman?

  Yeah. You think I got the better bird, Ryan?

• 57:43Ryan Sean Adams?

  My bird looks a little angry.

• 57:44David Hoffman?

  Your bird looks a little angry.

• 57:46Ryan Sean Adams?

  I'm only angry. When, when do I get angry, David?

• 57:49David Hoffman?

  I've never seen you angry once.

• 57:50Ryan Sean Adams?

  Well, I just, I don't get angry usually, but this bird is angry. So, you know, David's looking pretty cool.

• 57:55David Hoffman?

  That bird is not angry, Ryan. That bird is determined.

• 57:58Ryan Sean Adams?

  Thank you. All right. Determined to go bankless. Let's talk about the Solana ecosystem. You got something here.

• 58:03David Hoffman?

  Yeah, yeah. Solana NFTs and crazy NFT drops. Birds are not the only crazy thing happening in NFTs. There, there is OK Bears, the new NFT project on Solana, beats out all, every single one, Ryan. Every single NFT project to ever have day one volume, which is all of them, OK Bears beat all of them. B friends is now number two. It got dethroned from number one as the highest NFT project with the most amount of volume, coming in at $13 million in 24 hours. Me bits is now number three at $12 million in 24 hours, followed by what's now number four at invisible friends at $10 million.

• 58:41David Hoffman?

  Solana and the Solana OK Bears came in at 18 and a half million dollars in, in sales inside of the first 24 hours. They look a lot like bored apes. They look a lot like bored apes.

• 58:52Ryan Sean Adams?

  That's cool. And look, this is bullish, I think for sole price because the unit of account and the unit of exchange, the money in the Solana ecosystem is sold. So all of these things are being. Being priced in souls. So that is somewhat bullish to the extent that souls get used as money in the in Solana ecosystem. That's monetary premium. Uh, let's talk a little bit about some other news that came out. OpenSea just acquired Gem. What is Gem, David?

• 59:20David Hoffman?

  Yeah, it's a it's a floor sweeper. So if you just don't care about what you buy, but you know you want to buy a collection, you can just go to Gem. Say I have a five ETH budget, a one ETH budget, whatever, a 50 ETH budget. And you can just press buy and you can just sweep the floor automatically in an automated fashion. And so now that functionality is part of OpenSea.

• 59:38Ryan Sean Adams?

  That's a really cool buy and kind of a tuck in acquisition. The the trouble with some of that, according to the community is like, Gem users were hopeful that Gem would release a token. And now that they're going into OpenSea, that's increasingly unlikely because OpenSea is somewhat stated that they're planning to go the IPO route, not do go the the token route unless forced. So no token, it looks like for Gem, at least in the in the short run and maybe maybe forever.

• 1:00:05David Hoffman?

  Real quickly here, Central African Republic is now accepting Bitcoin as legal tender. So we have moved into Bitcoin macro adoption news. So another country has adopted Bitcoin as a legal tender. And we are also perhaps about to have a third. Because if the president of Panama signs it, all that's left is a signature. It will also become legal tender in Panama. So two big dubs for Bitcoin this week. Almost, almost two, one for sure, almost a second. Uh, and so this is, uh, the final step is the presidential signature. And Bitcoin can be legal tender in almost three countries by the end of this week, Ryan.

• 1:00:39Ryan Sean Adams?

  That's crazy that that's happening so quickly. Um, let's talk, uh, regulation, but first, maybe this is not quite regulation. Snowden and Zcash, what's the tie here?

• 1:00:48David Hoffman?

  Yeah, yeah. So there's been this anonymous, semi anonymous contributor to Zcash called John Doberton. He was part of the ceremony for launching the Zcash network. We'll get into that in the details. Turns out that was Edward Snowden from from Genesis. Uh, turns out Edward Snowden was one of the original signers on the, what do you call it? Trusted setup is what they call it. So Zcash, uh, it's got there with a zero knowledge technology. There's this thing called a trusted setup. Where a bunch of people come and they participate in this like zero knowledge ceremony. And in order for this to work, one person just needs to permanently destroy their keys. And if one person does it, then this whole thing is completely decentralized, right? And so the the final ceremony, which was held in locations across the world, because we're on the internet, was in the October of 2016.

• 1:01:34David Hoffman?

  And that's where people all destroyed their keys. And as long as, again, as long as one of these people destroy their keys, it works. And everyone has said like, oh, I destroyed my keys too. And John Doberton, who was one of the original guys, turns out it was Edward Snowden. Brian, if Edward Snowden told you that he burned his ceremony keys, would you believe him?

• 1:01:52Ryan Sean Adams?

  Yeah, I think, especially in 2016, before any of this stuff was valuable. I mean, the man is principled enough to be like

• 1:01:58David Hoffman?

  Exiled from the United States, yeah.

• 1:02:00Ryan Sean Adams?

  Right, so I would, I would say there's a, there's a high chance of that. And so this is coming out and this is giving Zcash some additional legitimacy as well and giving this some attention. So it's a cool project, really like what Zcash is doing. And I'm not sure this will increase their favorability, like

• 1:02:18David Hoffman?

  In the market?

• 1:02:18Ryan Sean Adams?

  Favorability, not, well, in the market, but also just like US regulators. They already don't like Snowden. You think this is going to make them excited about Zcash and anonymous cryptocurrency prospects?

• 1:02:30David Hoffman?

  That's a good point. That's a good point. There is a coming, just like collision that we know is happening is privacy on blockchains and regulation. Oh, God, here we go. All right, this is coming out of the Tron ecosystem. Justin Sun, the infinite copycator, has imitated Terra to launch an algorithmic stablecoin, USDD, on Tron. And with a reserve of $10 million for the Tron Dow. And also has basic interest rate of 30%. So trumping anchor at 20%.

• 1:03:02Ryan Sean Adams?

  Got to be higher, of course.

• 1:03:03David Hoffman?

  Got to be higher. So Tron refuses to be outdone. And so just copying the Terra ecosystem once again. The copycator, Justin Sun.

• 1:03:12Ryan Sean Adams?

  You know, it's, it's a little sad, but the saddest thing of all is that it actually works. It's worked for him in the past and he's just playing the same thing. It could work for him again. All right, last news item, the EC Some officials gave a speech there, central bankers, of course, for the European Union. I'll just give you the TLDR, but we'll include the link in the show notes. The TLDR is, the bankers say crypto is scary and that we should be scared of it. And what do they say to do about it? Well, inject some additional regulation. This speech goes through four points of that. Number one, they gotta treat all crypto like banks. That is the recipe, that is the prescription for fixing crypto. Number two, state surveillance for everything.

• 1:03:53Ryan Sean Adams?

  They want to make sure that they collect all of their taxes, including taxing the hell out of proof of work. Number three, adding disclosures everywhere. It's interesting is I partially, I partially agree with like the centralized pieces, but I don't think they're, they're realizing that DeFi has like disclosures written into the code. It's all open anyway.

• 1:04:14David Hoffman?

  No centralization, no disclosures.

• 1:04:16Ryan Sean Adams?

  Exactly. And number four, make everyone basically registered financial advisors, right? So a lot more disclosures, a lot more certifications. It goes through this in more detail. I've, I've super summarized it, but I feel like this is, uh, this is how to miss the next internet in four easy steps, basically. I think central bankers are right after a fashion that, that crypto and DeFi and like, does need some more regulation and spots. But if you treat this entire industry, just like the traditional banking industry, you'll get what you've already got, which is a broken system that doesn't service the people and services the elite few. That's the end of that. You can read the full report if you want, but we're going to cut to sponsors and then be right back with the takes.

• 1:05:01David Hoffman?

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• 1:05:42David Hoffman?

  And also check out the Aave Protocol Governance Forums to see what more than 100,000 DAO members are all robbing about at governance.aave.com. Arbitrum is an Ethereum Layer 2 scaling solution that's going to completely change how we use DeFi and NFTs. Over 300 projects have already deployed to Arbitrum and the DeFi and NFT ecosystems are growing rapidly. Some of the coolest and newest NFT collections have chosen Arbitrum as their home, all the while DeFi protocols continue to see increased usage and liquidity. Using Arbitrum has never been easier, especially with the ability to deposit directly into Arbitrum through all the exchanges, including Binance, FTX, Huobi, and Crypto.com. Once inside, you'll notice Arbitrum increases Ethereum speed by orders of magnitude for a fraction of the cost of the average gas fee. If you're a developer who wants low gas fees and instant transactions for your users,

• 1:06:27David Hoffman?

  visit arbitrum.io/developer to start building your DApp on Arbitrum. If you're a DJ, many of your favorite DApps on Ethereum are already on Arbitrum, with many moving over every day. Go to bridge.arbitrum.io now to start bridging over your ETH and other tokens in order to experience DeFi NFTs in the way it was always meant to be. Fast, cheap, secure, and friction-free. Living a bankless life requires taking control over your own private keys. And that's why so many in the bankless nation already have their Ledger hardware wallet. And brand new to the Ledger lineup of hardware wallets is the Ledger Nano S Plus, a huge upgrade to the world's most popular hardware wallet. With more memory and a larger screen, the Nano S Plus makes it easy to navigate and verify your transactions.

• 1:07:08David Hoffman?

  And the paired Ledger Live desktop app gives you increased transparency as to what is about to happen with your NFT. What you see is what you sign. The Nano S Plus gives you the smoothest possible user experience while you're doing all of your crypto things. So go to the Ledger website to check out the features of the new Ledger Nano S Plus and join the waitlist to get yours. And don't forget about the Crypto Life Card, also powered by Ledger. The CL Card is a crypto debit card that hooks right into the Ledger Live app, right next to all the DeFi apps and services that you're already used to doing, like swapping tokens and staking. So if you don't have a Ledger hardware wallet, go to ledger.com, grab a Ledger, and take control over your crypto. Alright guys, homestretch. We're getting to the takes of the week. This one comes from this guy,

• 1:07:48David Hoffman?

  Ryan Tron Adams. He says, "The more toxic the community, the more insecurities is trying to hide. If you were confident in the success of your crypto, you wouldn't be toxic. You're toxic because you're worried. Don't at me." Ryan, I love this take. What inspired you to...

• 1:08:03Ryan Sean Adams?

  It's a little spicy.

• 1:08:04David Hoffman?

  What inspired this one, man?

• 1:08:05Ryan Sean Adams?

  I was inspired by toxic communities, David. Like, toxic communities, it's just this, it's just kind of a pattern. What I mean by toxic community is, is just, uh, communities that kind of like swarm you. They drown out all possible

• 1:08:19David Hoffman?

  Our YouTube chat box.

• 1:08:20Ryan Sean Adams?

  Logical responses, right? They call everything FUD. Uh, they hurl insults without engaging with the argument. And they use like swarm techniques. And often these swarm techniques are like pushed down by some sort of a cult leader that says, "Hey, get 'em, get 'em!" And then they kind of like, they're, so there are communities like that. And I just, I kind of identified what the, what the pattern is. And they're all just a little bit scared. They're a little bit worried. It's like a human fear type response. And I think that is the source of this toxicity. If, look, if you're, if you're confident that X-chain is going to dominate, like

• 1:08:55David Hoffman?

  You don't have to be toxic, yeah.

• 1:08:57Ryan Sean Adams?

  Yeah. Why do you have to like, project these insecurities through toxicity? I don't think you have to. I think the quiet, confident chains and communities are the ones, um, that, um, yeah, that are not worried.

• 1:09:09David Hoffman?

  Yeah, that's exactly right. God, I have so much to say about this, but we'll have to leave that for another day. Uh, I thought this take was interesting. And this actually is not about crypto, but Jon Stewart warns that authoritarianism is the greatest threat to comedy, as he receives a Mark Twain Humor Prize. The reason why I want to bring this up, Ryan, is because authoritarianism is also perhaps one of the biggest threats to crypto. Authoritarianism is just a threat in general. Uh, it's a, it's a threat towards expression. And comedy is a, an expression of just like humor and, and social life and social culture. And crypto, what it is, is a financial expression. We get to express things in the financial ecosystem much more than we previously

• 1:09:49David Hoffman?

  could, which is a threat to authoritarianism. So Ryan, authoritarianism, not just a threat to crypto, also to comedy. Uh, and I like both of those things.

• 1:09:59Ryan Sean Adams?

  I agree. If you hear a political take on bankless, it's not going to be right or left. It's going to be anti-authoritarian every single time.

• 1:10:06David Hoffman?

  100%.

• 1:10:07Ryan Sean Adams?

  Let's go to this next one. Look at this. Very clear divide. This is on crypto Twitter, and you notice two clusters here. One cluster is kind of like, not NFT, NFT world, I would say. And the other is a cluster of like, sort of the crypto money type people. And these are these two clusters, and they're living almost like separate lives and different tribes. What do you think of this?

• 1:10:29David Hoffman?

  Yeah, well, on the left, you can see the ERC 20 folk, and on the right, you can see the ERC 721. That's kind of how I divide. There are some people in the middle. I bet people like a DC investor would probably find himself in that middle cluster somewhere. The crazy thing is, like, the whole, like, top third of the whole NFT side are bored apes. So just like, it's showing you how gargantuan the ape community is, which is interesting in of itself. And also, for the podcast listeners, the NFT cluster is like three times larger than the crypto Twitter cluster. And so like, it's just showing you how much adoption came in the last year because of NFTs.

• 1:11:04Ryan Sean Adams?

  Oh, I think there's tons of people in the NFT world that have no idea what bankless is. Like, no idea. Whereas that would be a bit more rare, I would say, on the crypto Twitter side of things.

• 1:11:13David Hoffman?

  Right. Well, you know what, Ryan? We don't know who they are either.

• 1:11:15Ryan Sean Adams?

  That's true. That's why we're in separate clusters somewhat. But it's pretty cool. More surface area. David, this is a take from you. Why don't I read it out? "If you want to go fast, go alone. If you want to go far, go together." That's not your take, of course.

• 1:11:29David Hoffman?

  It's not my take, but I use it in the article.

• 1:11:31Ryan Sean Adams?

  That's an African proverb, or something like this. And that is a shout out to you. And there is a meme that we're looking at. One says EVM equivalence, the other EVM compatibility. Could you explain this meme for us?

• 1:11:42David Hoffman?

  Yeah, so there's this concept of a Peloton, right? Like, no, not the Silicon Valley, like, exercise machine. The Peloton is like the cluster of bicycles. In cycling, when people are racing, they all cluster up, right, to reduce drag. And this is what open source software is. The more open source software contributors you have contributing to the same piece of software, such as the EVM, such as Geth, things go faster. The network effects are shared, because when any of... Other developer contributes something to Geth, everyone who's using that Geth standard gets to benefit from that. When you fork Geth and turn it into something else, or if you just rebuild something else completely from scratch, you don't get to join in the Peloton, you are bicycling solo, you don't get to draft on anyone, you don't get to drag on anyone.

• 1:12:27David Hoffman?

  And so you are not in the Peloton and the Peloton, Ryan, if you're in the middle of a Peloton, like in the middle of that very big one, you reduce drag by like 5, by 95% at times. So like it's basically effortless to keep up with the network effects. Whereas if you have a smaller Peloton, or if you're just going solo, you have to bicycling, you have to work so much harder than the Peloton. So the Peloton always wins, and this is a metaphor for open source nature, collaborative nature versus VC backed forks. And that is the take here. I wrote an entire article on this, which I'm super proud of actually on Bankless. It's also a video on the YouTube that you can listen to as well.

• 1:13:05Ryan Sean Adams?

  I think the big takeaway here is if you want to understand the EVM, that's the Ethereum virtual machines network effect, read David's article because that spells it out in detail and I think is very bullish for the EVM and for Ethereum. So you expect nothing less from Bankless, a bullish article about Ethereum. David, this is another take. What's this?

• 1:13:26David Hoffman?

  Yeah, this is coming from Bartek from Layer 2 Beat where he, one of my takeaways from ETH Amsterdam is that everyone is hiring and there's no one left to hire because everyone has gotten hired. So we have an extreme supply glut of talent. So I asked Bartek for somebody, because he's looking to hire at Layer 2 Beat. Bartek, what are you looking for for a prospect at Layer 2 Beat? And he says, these four things, and if you can do these four things, you can get a job that's like $200,000 plus as an engineer for 50 different companies. So it can make you extremely competitive. And he says, willingness to become an L2 expert in the shortest amount of time possible, implying that they're willing to hire people who are unknowledgeable in Layer 2s, but are very, very hungry for it.

• 1:14:06David Hoffman?

  Full stack TypeScript a must, Web3 and understanding, understanding Web3 TypeScript is a nice to have, plus a passion for exploring the frontiers of the Bankless world. Shout out to us, I guess. Thank you. And also excellent communication skills. So what are you waiting for is what he asks.

• 1:14:21Ryan Sean Adams?

  Yeah, get a job in crypto, as we say.

• 1:14:24David Hoffman?

  All right, guys, that was all the takes. Coming in to the final question I've got for you, Ryan, what are you excited about?

• 1:14:30Ryan Sean Adams?

  I am excited about the permissionless conference, David. Okay, so this is happening Palm Beach, Florida, two and a half weeks. I can't believe two and a half weeks. We are busy dotting the I's and crossing all of the T's on content. I'm excited about a few main stage sessions that I'm going to mention. Number one, we're doing this panel with Chris Dixon. Okay, we did the mental models for Web3 with him. That was like a fantastic podcast. It's still often referenced. Yeah, and, you know, I think we're going to do some of that. It'll be a repeat of some of that, but also some really new concepts. And Chris Dixon is great on anything, especially in person. We're also doing a why we're all here panel with all-stars: Evan McMullin, Kevin Iwaki, Justin Drake, and Mariano. These are four individuals who are perfectly situated to

• 1:15:14Ryan Sean Adams?

  explain why we're here, like why crypto. And then, we are also doing probably my all-time favorite podcast. Is it yours, too?

• 1:15:21David Hoffman?

  Absolutely.

• 1:15:22Ryan Sean Adams?

  Okay, the Crypto Renaissance podcast with Josh Rosenthal. We did that episode. Josh Rosenthal is bringing that to life with some new, really interesting additions with a keynote presentation. And that's just day one. What I just said to you is just day one. And also, all of the kind of the, you know, like, party events and everything that's going on, all the great conversations we're going to have. Permissionless is going to be awesome. I think there are still tickets left, maybe not too many, but still a few. This is going to be, like, max-packed, sold-out, 6,000 people, 7,000 people, biggest DeFi conference ever. Really excited to be involved in this one.

• 1:15:57David Hoffman?

  Yeah, and for those that haven't listened to the Josh Rosenthal podcast, you do not know what you're missing. It is absolutely crazy. The number of times I go to a conference and people tell me that that specific episode was what made them drop everything and get into crypto is like, I can't, I haven't been able to count. It's been like 30 or 40 or 50 or something like that.

• 1:16:13Ryan Sean Adams?

  That's awesome, man.

• 1:16:14David Hoffman?

  And the other takeaway from that podcast was that we are speedrunning the Renaissance. Renaissance took like 200 years, Ryan, but we are going to compress that amount of time into just like 20 in the crypto Renaissance. That's why this is a whole revolution is so powerful. And it's been over a year since we did that podcast with him. So we have basically like a couple decades worth of the Renaissance to catch up on. So I'm excited to see what Josh Rosenthal has in store for us.

• 1:16:37Ryan Sean Adams?

  A few brief centuries have flown by since then. All right, David, what are you excited about, man?

• 1:16:42David Hoffman?

  Dude, I'm excited to meet you, man. It's like 10 days away before, before either this whole thing falls apart because we don't like each other, or, or it just goes just fine. Bankless LLC has an Airbnb where all of us are going to be in the same place for the first time ever, and including where I get to meet my co-host here.

• 1:17:02Ryan Sean Adams?

  That's gonna be awesome, man. That's gonna be fun. Yeah, I guess the, the Bankless Podcast hangs on a knife edge. It could go either way. Yeah, I'm optimistic though, David. I think, look, I think, I feel like I have met you. I like people, people are like, you've, people are blown away that we've actually never met. Like, they're legitimately blown away because I've spent god knows how many hours with you in like the metaverse, like according to everything, like, I feel like I know you. I don't know, but look, man, we get in person, something changes. I don't know, maybe I'm, maybe I'm a total jerk in person, maybe.

• 1:17:33David Hoffman?

  You could smell bad.

• 1:17:35Ryan Sean Adams?

  Yeah, something like this. Something could break up the podcast. So, I don't know, maybe the second last roll up, guys? We'll have to see. We'll let you know after the conference hack goes. See if you still like it.

• 1:17:44David Hoffman?

  You'll see. All right, guys. Ryan, should we get into the meme of the week? Take us there.

• 1:17:48Ryan Sean Adams?

  Yeah, let's do it. Meme of the week, I'll take you there. So, this is, what are we looking at? We're looking at some sort of airdrop metrics, David? What's this?

• 1:17:54David Hoffman?

  Yeah, yeah, this is the optimism airdrop metrics. Where, like I said earlier in the show, there are different criteria that you could have met to get different distributions to optimism. So, here's the meme version of this. Rug pulled by Andre twice. If you got rug pulled by Andre twice, you got 152 million OP. If you're a seed oil eater, which is a deep cut of a reference for crypto Twitter, you got 420,000 OP tokens. If you're a price out of Twitter, you got 100,000. And if you're an Aries sign, you also got 274 OP tokens. Other qualifying things would be donating to Joe Biden's campaign and also an A16Z partner. And yeah, that is the meme of the week. If you had done those things, you would have gotten 6.5 million OP tokens. But of course, this is just a meme.

• 1:18:39Ryan Sean Adams?

  That's a deep cut. Somebody might try that sometime. Guys, of course, we have enjoyed being with you. This has been your, your weekly roll up. Eth is risky, Bitcoin is risky, so is all of crypto, including DeFi. 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.

• 1:18:59David 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 Leaks, 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, Ask Me Anythings, and weekly rollups where we summarize the week in crypto and other

• 1:19:44David Hoffman?

  fantastic content. Thanks everyone for watching and being on the journey as we build out the Bankless Nation.