ROLLUP: ENS Airdrop | MetaMask Token? | Discord Teasing Crypto | PayPal Bitcoin | Tim Cook Apple

2nd Week of November, 2021 ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ ------ 📣 DHARMA | Trade on Polygon! https://bankless.cc/dharma ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini​ https://bankless.cc/go-gemini%E2%80%8B 💧LIDO | DECENTRALIZED STAKING https://bankless.cc/Lido 👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave 🦄 UNISWAP | DECENTRALIZED FUNDING https://bankless.cc/UniGrants ------ Topics Covered: 0:00 Intro Metafactory https://shop.metafactory.ai/ Dharma https://bankless.cc/dharma 5:18 MARKETS 5:37 BTC Price 6:40 ETH Price 11:12 ETH/BTC Ratio 11:51 DeFi Action 13:10 3T Market Cap https://www.theblockcrypto.com/linked/123762/crypto-market-cap-3-trillion-bitcoin-ether-reach-record-highs 17:28 Reaching $500B https://twitter.com/RyanSAdams/status/1457816073881980928?s=20 20:36 ETH Volume https://twitter.com/trustlessstate/status/1458206075342098440?s=21 24:00 RELEASES 24:45 ENS Airdrop https://newsletter.banklesshq.com/p/-alpha-alert-claim-your-ens-airdrop 40:26 Overpriced JPEGs https://jpegs.banklesshq.com/ 42:05 Across Protocol https://medium.com/@AcrossProtocol/across-protocol-is-live-and-you-can-be-a-co-founder-43d848a969d1 45:30 Coinbase Wallet https://blog.coinbase.com/coinbase-wallet-is-now-available-as-a-standalone-browser-extension-c65bb5c87b83 47:06 Rocket Pool https://twitter.com/rocket_pool/status/1457893042367582209?s=21 49:12 $MASK? https://twitter.com/ethereumJoseph/status/1457834493469884418 51:45 DAI Wormhole https://twitter.com/krzKaczor/status/1458442949956603920 53:34 Uniswap Branding https://twitter.com/uniswap/status/1457826935950675973?s=21 55:19 Matter Labs https://medium.com/matter-labs/funding-ea89c1fa731e 56:06 Jobs https://pallet.xyz/list/bankless/jobs 58:20 NEWS 59:05 Discord Rumors https://twitter.com/jasoncitron/status/1457841222995693570?s=20 1:07:55 Sotheby’s Banksy https://www.theblockcrypto.com/linked/124075/sothebys-to-hold-real-time-bids-in-eth-for-banksy-art-auction 1:09:05 Games & Tax https://www.protocol.com/nft-game-tax-scholarships 1:12:05 NYC Mayer Bitcoin https://www.theblockcrypto.com/linked/123326/nyc-mayor-elect-eric-adams-says-he-will-take-his-first-three-paychecks-in-bitcoin 1:13:41 Grayscale Bigger than Gold https://decrypt.co/85798/crypto-firm-grayscale-hits-60-billion-overtaking-top-gold-etf 1:15:02 Infrastructure Bill https://twitter.com/jchervinsky/status/1456275741398683648?t=fAkvY7-AEbWE83lP8esm2w&s=19 https://twitter.com/jchervinsky/status/1456275741398683648?t=fAkvY7-AEbWE83lP8esm2w&s=19 1:16:39 PayPal Bitcoin https://blockworks.co/paypal-reports-13-revenue-increase-plans-to-increase-crypto-offerings/?oly_enc_id=9918E2523689A0T 1:17:29 Quick Takes Tim Cook https://www.theblockcrypto.com/linked/123796/apple-ceo-tim-cook-reveals-that-he-owns-some-cryptocurrency Stripe https://twitter.com/matthuang/status/1456686883790942208?s=20 DaveDAO https://twitter.com/TrustlessState/status/1457003417558298634?s=20 OEVM https://twitter.com/optimismPBC/status/1458495316164964355 ETH Roadmap https://twitter.com/BanklessHQ/status/1458537195464273922?s=20 1:23:30 TAKES 1:24:15 Don’t Get Phished https://twitter.com/sniko_/status/1456320221564780550?s=21 1:26:34 Margins & Culture https://twitter.com/trustlessstate/status/1457349619093024776?s=21 1:27:20 Character vs Ego https://twitter.com/mrjasonchoi/status/1457567837250224137?s=20 1:31:22 Startups in Web3 https://twitter.com/sama/status/1457764748242554881?s=21 1:32:06 Settlement Layer https://twitter.com/epolynya/status/1458140801876123655 1:35:13 Then & Now https://twitter.com/cloncast/status/1457425724860633090?s=21 1:37:04 What David’s Excited About 1:40:56 What Ryan’s Excited About 1:43:24 MEME(s) of the Week https://twitter.com/dimsomedim/status/1456981036970090498?s=21 https://twitter.com/banklesshq/status/1457001249430147085?s=21 Moment(s) of Zen https://twitter.com/songadaymann/status/1457799654733594627 https://twitter.com/NFTWonderfull/status/1458600124020670469?s=20 ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. 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.

• 0:07Ryan Sean Adams?

  Happy second week of November, Bankless Nation. David, what time is it?

• 0:10David Hoffman?

  It's the Friday Weekly Roll-Up, where we roll up the entire week of crypto. It's my favorite part of the week, is when we get to talk about all the crypto things, all the fun things that happened, and there's always a fun thing that's happening. And then we get to talk about it for way too long, and that's why these shows go for an hour and a half.

• 0:26Ryan Sean Adams?

  That's right, but you know what? It's really fun. It's like a way to digest everything that's going on. It actually puts me at peace, because every single week in crypto, like, I feel like this frenzy of frenetic activity. And then after the Weekly Roll-Up, I'm like, "Ah, I've absorbed it now. I know what's going on." Like, and that's why I enjoy this time, too. Other than that, it's just, it's also fun, there's so much going on. But like, I feel like the box is checked. I got through another week of crypto, and I absorbed as much material as I could.

• 0:54David Hoffman?

  Yeah, listeners think that we know all of these things before we talk about them, but no, we're just learning as we read them aloud. And so let's go ahead and get started with that, huh?

• 1:02Ryan Sean Adams?

  Guys, some hot topics this week, including the ENS airdrop, alright? So if you have a .ETH, you probably had a right to claim some ENS tokens, and those skyrocketed in price. We're gonna talk about that. We're gonna talk about the potential of other airdrops as well, MetaMask with a token?

• 1:18David Hoffman?

  Informs? Question mark?

• 1:20Ryan Sean Adams?

  Question mark, question mark. Discord teasing Ethereum integration. They did some teasing, too. Their CEO nonetheless, and then they kind of rug pulled it, so let's talk about that.

• 1:29David Hoffman?

  A little bit of rug pull.

• 1:30Ryan Sean Adams?

  Uh, Tim Cook, is he bullish on crypto, David? And also, Bankless is launching a new podcast.

• 1:38David Hoffman?

  What? We are?

• 1:40Ryan Sean Adams?

  Because we need another podcast.

• 1:41David Hoffman?

  Wait, are you doing your own podcast?

• 1:43Ryan Sean Adams?

  Oh, you'll have to tune into the full roll-up to hear all the details.

• 1:47David Hoffman?

  Ryan's doing a podcast, I'm Brian.

• 1:49Ryan Sean Adams?

  Yes, right, sure. A few things we've got to mention before we get into it. The first is this, look at this. Uh, this just dropped, um, last week, this week? It's still going on. This is the Bankless, we're gonna make it hoodie, dude. I got a hoodie. I also got a t-shirt. You can get both of those. This is a Bankless-Dow MetaFactory collaboration drop.

• 2:10Ryan Sean Adams?

  And if you recall, these things only last for like a week or so. Actually, this is your last day to get this. Wow. Okay. I'm just reading that now. November 12th is the last day. So if you want this hoodie, if you want the shirt, go ahead and pick it up. Of course, you put in your metamask and there's also some robot for you waiting on the other side eventually. So.

• 2:30David Hoffman?

  People love the shirts, the bankless shirts that I'm wearing out at these crypto conferences. And every time I tweet about it, hey, like, where can I get that shirt? And I'm like, yo, like, it's too late.

• 2:38Ryan Sean Adams?

  You missed it.

• 2:39David Hoffman?

  That's why you always have to get every single drop because you don't know if you're going to want it in the future or not. So you, it's insurance, right? You gotta get every single drop. So.

• 2:47Ryan Sean Adams?

  It is scarce, right? You only have a specific time window. If you don't get it there, it never comes back. It's gone.

• 2:52David Hoffman?

  Yeah, this is scarce merch. Yeah. So that sale ends tonight at midnight Eastern, 9:00 PM Pacific time. So if you are listening to this on Friday morning, you don't have too long to get this.

• 3:03Ryan Sean Adams?

  And if it's Saturday, you're too late. Should listen to these on Friday. Sorry, guys.

• 3:07David Hoffman?

  You're not gonna make it to the weekend. T-shirt.

• 3:10Ryan Sean Adams?

  But you are gonna make this. I think you have some extra time for this. This is Dharma. Go sign up for their smart contract wallet. It's a mobile app. It's super easy. Connect your bank account to Dharma in like 10 minutes. You can go from bank account all the way to DeFi. So do this and then invite a friend. Because waiting for you on the other side is $50 in ETH and that is deposited, I think relatively instantly. You just have to trade $500 worth of tokens. So good place to start with DeFi bank to bankless in 10 minutes and make sure you click the bankless link in order to get this code and get the $50 in ETH on the other side. That's where it's waiting for you. Great user experience too. I mean, these wallets are getting.

• 3:51Ryan Sean Adams?

  Guys, if you are new in this space, this technology was not available a year ago or like two years ago or like, oh my God, three years ago, this would have been beyond our wildest dreams.

• 4:04David Hoffman?

  It's pure magic. Yeah.

• 4:05Ryan Sean Adams?

  Yeah, it's pure magic. We're living in the future. Go check this out. Even if you have other wallets, like it's good to have a Dharma wallet as well. All right. Also, David, we're doing office hours.

• 4:15David Hoffman?

  I'm excited for this.

• 4:15Ryan Sean Adams?

  Tell them what's going on. What's this?

• 4:17David Hoffman?

  Office hours with Ryan and David. So this is a. Premium member perk. And so we get ton of requests for people to just want to like ask us simple questions. We don't really have time for everyone's questions, but if you are a premium member, we are setting aside 90 minutes to chat with you and answer all of your questions. If you are trying to get into crypto, I know it's you want those trusted resources to ask all of your questions that like maybe they're noob questions, maybe you don't know, but you want to want to ask the people that you're comfortable with asking. Maybe that's me and Ryan. And so if you are a bankless premium member, we are doing office hours November 19th from 4pm to 5:30pm Eastern Time. This is going to be the last Friday of every single month. This is going to be a reoccurring thing, except for this month because of Thanksgiving, and then also except for next

• 5:00David Hoffman?

  month because of the holidays. But after that, every last Friday of the month, we're going to have office hours for bankless premium subscribers can be in the premium discord. So if you want to take part in that Q and A session, sign up for bankless premium, so we can answer your questions.

• 5:13Ryan Sean Adams?

  Yeah, you sign up for bankless premium, you get a link to the discord, and then we'll open this channel to you. And and should emphasize too, like noob questions welcome, right? If you have just something you think is like, you know, a dumb question or too stupid to ask, or something that's just taking too long to research on Google, that's where you can ask the question, right? And we are happy to answer. And so is the the bankless team, the rest of the bankless staff. All right, David, let's get to it, man. Market time, there's always stuff happening in the markets. What's Bitcoin doing to us or for us this week?

• 5:43David Hoffman?

  Well, remember how it was all time high last week last week, Ryan?

• 5:46Ryan Sean Adams?

  Oh, yeah. Did that happen?

• 5:47David Hoffman?

  All time high week this week. Yeah, absolutely. So yeah, Bitcoin painted a new all time high of $68,640, almost hitting that magic, magic meme number of $69,000. Not quite there. Tumbled up, tumbled a little bit off the high currently at $65,300. Oh, no, no, excuse me. It's $64,700. It dropped a little bit since last I checked. Overall, up 3.6% on the week. So Bitcoin, all time high week for Bitcoin. Congrats.

• 6:14Ryan Sean Adams?

  Do you know what our friend Raul Paul said when we had him on in what, August or so? We're like, hey, give us some price targets, right? And I was thinking he'd be very, you know, like vague and not give a time horizon. He's like, boom, 100k Bitcoin, end of year, 10k ETH, end of year.

• 6:28David Hoffman?

  Yep. Yep. We're getting close. It feels very much within striking distance.

• 6:33Ryan Sean Adams?

  We are within striking distance to Ralph Paul's numbers and you know, that that didn't seem as likely a few months ago. What's ETH doing for us?

• 6:40David Hoffman?

  ETH, same story, also all time high week, hitting a new high of $4,850. Immediately after hitting that high, it tumbles $350 down to $4,500. It's crazy to see Ether make $350 moves inside of like one hour. Think how crazy that is.

• 7:01Ryan Sean Adams?

  I didn't even think about that. Do you remember when ETH was below $350?

• 7:04David Hoffman?

  Yeah.

• 7:04Ryan Sean Adams?

  That would have meant dropping to zero, sir.

• 7:06David Hoffman?

  Yeah, but after tumbling $350 down to the low, low price of $4,500, it has since reclaimed up to $4,730 at the time of recording. Overall, up almost 4% on the week. So Ether, new time, all time high. Bitcoin, all time high, all time high week. And also a little something behind the scenes, but like the Bankless Podcast downloads charts looks like the Bitcoin and Ether charts right now. So we are also Bankless.

• 7:34Ryan Sean Adams?

  Except it doesn't go down though.

• 7:36David Hoffman?

  Except it doesn't go down. That is true. Yeah. Up only on the Bankless listens. Yeah.

• 7:40Ryan Sean Adams?

  Do you know what? Okay. So you know, two things. One, 5K continues to elude us, right? Every other day when I when I see kind of like a run up, I'm just like, 5K today? Question mark. And I throw it out on Twitter and it doesn't happen. So to me, that's a top signal. Me, I should stop doing that and like doing the Anthony Sisano thing. The other thing I'll say is like this drop, the sudden $350 in the price of ETH, Bitcoin got hit too. Was this like, what were the rumors going around? I saw like Evergrande or something, some sort of weird FUD, whatever. I just pay no attention to these things because they're so temporal and temporary. It didn't matter. Do you think that was just a, you know, explanation?

• 8:20David Hoffman?

  I have no clue, dude. I have no clue, right? Like it barely, it barely dropped below where it started in the week. And so like it went from like super high to just really high. Like maybe it was Evergrande. I don't know. I just think it's funny at this point.

• 8:32Ryan Sean Adams?

  Just don't try to explain these things, right? Sometimes bots leverage traders, games in the short run, you'll see moves like.

• 8:40David Hoffman?

  Yeah, you only see moves like this when you zoom in on the on the one week charts. Like when you zoom out on the one year charts, it doesn't actually show up.

• 8:46Ryan Sean Adams?

  Let's do it.

• 8:46David Hoffman?

  Yeah.

• 8:47Ryan Sean Adams?

  I'm gonna zoom out in the one.

• 8:47David Hoffman?

  Like you can't actually see it. Yeah, like it's not there anymore.

• 8:50Ryan Sean Adams?

  It's gone.

• 8:51David Hoffman?

  Wow. Look at that up and to the right. Can you go down to the very bottom of that up and to the right trend? Right? A little bit to like pass sometime between November and September where it just starts linearly going up right there. Okay, so yeah, around the early in October, we have just been linearly up and to the right. Like, yeah, perfectly. That's crazy. That's crazy.

• 9:11Ryan Sean Adams?

  This is stair stepping. I guess like feature these stairs are little hilltops, little mountains. We're just stair stepping out. That's a really interesting looking chart. Let's zoom out a little further, though. Look at that.

• 9:20David Hoffman?

  That is.

• 9:21Ryan Sean Adams?

  This is not logarithmic, but you know.

• 9:22David Hoffman?

  You can hit that log button.

• 9:23Ryan Sean Adams?

  Do you remember?

• 9:24David Hoffman?

  Hit that log button on the bottom.

• 9:26Ryan Sean Adams?

  I'm not. I want to see it linear first. Do you remember 2018?

• 9:29David Hoffman?

  Yes.

• 9:29Ryan Sean Adams?

  This is the high, my friend.

• 9:31David Hoffman?

  Burned into my.

• 9:31Ryan Sean Adams?

  Look at it. Just a tiny little.

• 9:33David Hoffman?

  Tiny little blip. Yeah.

• 9:34Ryan Sean Adams?

  Tiny little blip.

• 9:35David Hoffman?

  Famously, like there's a the trader trader memes is when like the top of the previous market cycle just doesn't actually show up anymore. On a linear view, you can still see it, but it's getting small. It's getting pretty small.

• 9:48Ryan Sean Adams?

  Do you know what's crazy is I was listening to your Griff Green.

• 9:52David Hoffman?

  Layer zero.

• 9:54Ryan Sean Adams?

  Which is great, by the way. I really enjoyed that. Anyway, do you remember the Dow crash?

• 9:58David Hoffman?

  Yeah, it went.

• 9:59Ryan Sean Adams?

  It hit 20.

• 10:00David Hoffman?

  Right.

• 10:01Ryan Sean Adams?

  You can't even see on the chart. So this was like the massive like whiffle moment where we're F'd, it's over. When the Dow collapsed and ETH price totally lost like 50, 60, 70, 80% of its value. Basically in a very short time span, like a month time period of time. You can't even see on this chart.

• 10:19David Hoffman?

  All right, hit that log button, just just to appease appease me and the viewers. Yeah, look at that. That is sustainable, dude. That is. Look how like vertical the price action was in 2017, right at that blow off top. And look how not vertical it is right now. Like that. That's pretty cool. That's pretty cool. This seems very sustainable.

• 10:37Ryan Sean Adams?

  Are we falling in love with charts right now? Should we get someone on the Bankless Podcast to like chart with us, David?

• 10:42David Hoffman?

  Perhaps, perhaps. I'm in conversations right now with Ben Cohen, who I believe, last I checked, just said that he's down to come chart with us on Tuesday. So, Chartie Chart Show on the Bankless livestream.

• 10:52Ryan Sean Adams?

  We don't do charting very often, so this is a special treat. And like, I do feel like it's kind of like candy. It's, you know, I'll partake in it every once in a while, but I know it's not really good for me, do you know? But like, every once in a while, I'll indulge myself. So that's what's happening. Hopefully next Tuesday, we'll have a charting show at the speed of the nation. David, another chart, ETH Bitcoin ratio, what are we looking like?

• 11:15David Hoffman?

  Yeah, comparison to where we were at last week, we are up just a tiny little smidge. We were at 0.728 last week, we are at 0.073. So up basically like 1% on the week overall, kind of flat. But flat at a very, very high level.

• 11:32Ryan Sean Adams?

  Yeah, we're kind of, I guess we're looking at to see if we can beat the highs of the year on the ratio, and it looks like we're still getting close, right? The highs are 0.08.

• 11:46David Hoffman?

  Yep, yep. So. That will be a fun day when that breaks.

• 11:50Ryan Sean Adams?

  Total locked value above 100 billion. Ryan likes to see that.

• 11:54David Hoffman?

  $112 billion locked in DeFi. You know what's interesting about this week on total locked value in DeFi, Ryan?

• 12:00Ryan Sean Adams?

  What's interesting?

• 12:01David Hoffman?

  Maker Dow, number one. It has been a long time since Maker Dow is the number one.

• 12:07Ryan Sean Adams?

  Hello, old friends.

• 12:08David Hoffman?

  Hello. Welcome back to the King's Thrones, Maker. Did you see there was a, somebody minted, I can't, oh, did I put that tweet in there? Oh yeah, I did put that tweet in there. I don't know if you pulled it up or not.

• 12:20Ryan Sean Adams?

  I don't think I did.

• 12:21David Hoffman?

  But yeah, so one, one single person, and I believe this is Celsius, actually. Celsius, the lending app, unconfirmed though, minted $150 million of DAI in one.

• 12:33Ryan Sean Adams?

  Wait, Celsius did this?

• 12:34David Hoffman?

  Celsius minted $150 million with a liquidation price of 3,150 Ether, which is a pretty high number. But yeah, Celsius minted $150 million, and that's why Maker Dow is number one in the TVL charts today.

• 12:47Ryan Sean Adams?

  Well, that's super interesting, actually, and that's interesting on a number of levels, not just Maker number one, but Celsius doing the minting. That's kind of DeFi mullet thesis. Celsius being sort of like a blockFi, like a crypto bank, if you will, and they're doing something to generate yields. Now they're using DeFi protocols, right? Protocols sink.

• 13:04David Hoffman?

  Yeah. DeFi at the bottom. Not new. Celsius has always been minting with Maker, just for...

• 13:09Ryan Sean Adams?

  No way. I didn't know that.

• 13:10David Hoffman?

  Yeah, this is an old thing, but like 100 million, 150 million dollars is that's the new thing. Like, that's a large number.

• 13:15Ryan Sean Adams?

  It's a lot of money. That's news to me, too, though. Okay, let's talk about the DPI, DeFi Pulse Index. Was it a good week for DeFi?

• 13:23David Hoffman?

  Oh, you bet it was. Started at $370, currently clocking in at $410, up 9% on the week. Even hit a high of $442 before that big drop. So yeah, DPI, strong performance this week.

• 13:37Ryan Sean Adams?

  DeFi's back, baby. It's too soon to say. David's knocking on the wood.

• 13:42David Hoffman?

  I just knocked on wood, yeah.

• 13:43Ryan Sean Adams?

  It's too soon to say, but you know what tells us the truth is the DeFi to ETH ratio here.

• 13:50David Hoffman?

  At this point, flat is up. It was flat this week.

• 13:55Ryan Sean Adams?

  At this point, flat is up. If that's not the most capitulation coke sentence I've ever heard.

• 14:02David Hoffman?

  The DPI versus ETH pair did not go down this week. It held its ground. In fact, it is up 0.4%. So congratulations to DPI.

• 14:11Ryan Sean Adams?

  I wish I had some skis so I could ski down that hill, David.

• 14:14David Hoffman?

  Yeah, you'd be going real fast.

• 14:17Ryan Sean Adams?

  Well, let's talk about Bed, which is the ultimate split, where you get a third, a third, a third, a third Bitcoin, a third ETH, and a third DPI. What are we looking at on the week?

• 14:26David Hoffman?

  Yeah, very strong performance by the Bed Index, which of course illustrates the market as a whole. And the market as a whole was up 6.3% this week. Started the week at roughly $182, currently clocking in at $195. If you want to get some Bed, you can go buy it or mint it at indexcoop.com/bed. Sleep comfy in Bed. If crypto's stressing you out because of the volatility, the Bed Index is meant for you. So get comfy in Bed.

• 14:54Ryan Sean Adams?

  I love this chart, man. It's just so much more muted than like Bitcoin and ETH and DPI.

• 14:58David Hoffman?

  Yeah, because it's just like up only.

• 15:00Ryan Sean Adams?

  Yeah. Well, yes, exactly. And it's less like up and down. And it's just like, it looks like the adult in the room here. Good job, Bed.

• 15:09Ryan Sean Adams?

  Let's talk about this. This happened and I barely remember it. So apparently last week crypto market cap just topped three trillion dollars. Three trillion dollars. Wow. Where does this end? David, where are we going to end this, uh, this cycle?

• 15:26David Hoffman?

  Over 10.

• 15:27Ryan Sean Adams?

  If you believe in cycles.

• 15:28David Hoffman?

  Over 10.

• 15:29Ryan Sean Adams?

  Over 10?

• 15:29David Hoffman?

  Absolutely over 10. Yeah.

• 15:31Ryan Sean Adams?

  That's easier to call now, I feel like, but like three trillion 12 months ago, 18 months ago.

• 15:38David Hoffman?

  I remember, I remember, uh, in December of 2017, we crossed a trillion dollar crypto market cap in, in the ICO mania. And I remember asking my friends like, all right, like guys, like bets on when we crossed 10 trillion dollars. And I think I remember like saying May, six months later.

• 15:57Ryan Sean Adams?

  Yeah.

• 15:58David Hoffman?

  I was wrong. I was the top.

• 16:00Ryan Sean Adams?

  But you know what? Like, um, this is how the human brain works, right? So like, uh, do you remember, hmm, let's see, 18 months ago, again, um, people started, us included, started calling for like ETH to 10K, right? Now when I post, hey, ETH is still on the road to 10K. Everyone's like, that's FUD.

• 16:18David Hoffman?

  10K is bearish. Yeah.

• 16:19Ryan Sean Adams?

  Yeah. They're like 10K is bearish. You know, now, now people are calling for 100K. And this is how

• 16:24David Hoffman?

  The market psychology works. Right?

• 16:26Ryan Sean Adams?

  Market psychology. It's always like now 10, 10 trillion dollars because we're at 3 trillion. That feels very rational. Obviously it's going to 10 trillion. You can't be wrong with that prediction, sir.

• 16:36David Hoffman?

  Right.

• 16:37Ryan Sean Adams?

  But like, if you're to say 100 trillion, that would be crazy. And if you were to say, hey, it's going back to 100 billion, that would also be crazy.

• 16:44David Hoffman?

  Right.

• 16:45Ryan Sean Adams?

  So this is how it always works. Every single cycle.

• 16:48David Hoffman?

  Right. Bullishness.

• 16:48Ryan Sean Adams?

  Goalposts are moved.

• 16:49David Hoffman?

  Bullishness begets bullishness, begets bullishness. People are like, oh, this thing's $1. Well, if it can get to $2, it could probably get to like $5. And if it could get to $5, it could probably get to $10. And then this just goes and goes and goes. Like, oh, I get $10, I get $100. And at some point, like the just all blows up, right? Like this turns into like this, it turns on just like the, this very ingrained like speculative fervor that humans have. But again, when I said, when I, when we looked at the slope of Bitcoin and Ether, very sustainable. We're not there yet. We're not there yet, but maybe we will.

• 17:19Ryan Sean Adams?

  Yeah, I agree. And you know, there's different sectors now in crypto where things can bubble, where other things are not bubbling. Let's talk about this, though. I saw this chart. Someone put out a fantastic report. And this is a graph of how long it took some major companies and also Bitcoin to reach a $500 billion valuation. That's a lot. So it took Apple about 36 years to do that, to hit $500 billion in market cap and total value. It took Amazon less time, 23 years. It took Tesla 17 years. It took Google just over 14. Facebook did it in 13. You could see

• 17:58Ryan Sean Adams?

  the trend here. Bitcoin did it in 12 years to $500 billion. ETH just did it in six years.

• 18:07David Hoffman?

  ETH is the only chart that you see here that did it in less than half the time of the other examples on the chart.

• 18:15Ryan Sean Adams?

  Absolutely.

• 18:15David Hoffman?

  That's crazy.

• 18:16Ryan Sean Adams?

  This is, I think this is, I mean, what are we saying here? Like, somebody could say, well, the value of the dollar is not what it used to be. Okay, sure, that's that's some effect. But I think what we're really seeing is the difference between like these computing revolutions here, right? So you see like an Apple, which was a massive revolution in compute, but it was physical, like physical computers, like the PC revolution, it led that, and then it led mobile. And then we get like, kind of the internet with the Google and the Facebook and the Amazon, right? And that's a revolution in it of itself. Now we have the network revolution, the network economy that this has turned into. And this is where you see Ether and Bitcoin,

• 18:57Ryan Sean Adams?

  and how fast the growth can be in these economies is absolutely astounding. This is like blitz scale growth here.

• 19:06David Hoffman?

  Yeah, and there's such a such a strong story to be told here. First off, the pace of innovation of not just crypto, but overall, innovation always gets faster and faster and faster. And when we start these shows, we always say, such a crazy week in crypto. Well, when a network grows to $500 billion valuation in the most record time, 5.8 years, like, that's because there's always so much stuff happening. And this actually reminds me of that line that we'd said. With Josh Rosenthal and our Crypto Renaissance podcast. The Crypto Renaissance, the Renaissance, the actual Renaissance took time because you actually had to build out the printing presses and then it had to actually diffuse out from a central point. Internet, the Ethereum is actually being built on another network. So it's a network on top of a network. It's being birthed across the globe globally.

• 19:49David Hoffman?

  And like also, it's not just Bitcoin where there's only BTC, like you can do any assets, any NFTs, whatever on Ethereum. And so this, this malleability, this open source and this, this permissionlessness of Ethereum allowed it to be the fastest growing network in history, which is pretty cool.

• 20:04Ryan Sean Adams?

  Totally. Yeah. Chris Dixon made the point when we had him on that like the internet, something like Ethereum is a network of networks, right? All of these other examples are companies. These are companies. And so their permission, you have to hire employees. Like with Ethereum, people just work for Ethereum for free. They, they, they set up shop there, right? They don't have to be hired. And so it is continuously expanding in all of these directions at once. So no wonder we're seeing this level of growth. David, this is your take. This is from actually Coinbase. I believe this is their quarterly earnings report. Yeah. What happened here?

• 20:38David Hoffman?

  Yeah. So last quarter, it was the first quarter that Ether volume was the number one traded asset on Coinbase for the first time ever, passing Bitcoin. And this quarter, it happened again. So for two quarters in a row, Ether, the number one most traded asset on Coinbase.

• 20:54Ryan Sean Adams?

  What is a definition of monetary premium, right? And what is money? One of the definitions that we've talked about since like early in the podcast, a couple of years ago was liquidity. Depth of the order book is basically a good definition of money. And this is always something that Bitcoiners have, have said for a long time, right? Like what, why is Bitcoin money? It's because it is the most saleable good, the most liquid asset. Well, it's interesting when Ether starts to surpass Bitcoin on the exchanges. Hard to deny now that Ether is money and it meets the same criteria for money that Bitcoin did. Although there was a lot of denial of that in 2018, 2019. Yeah.

• 21:39Ryan Sean Adams?

  I feel somewhat vindicated on that whole ethers money thing, David. How about you?

• 21:42David Hoffman?

  Yeah, 100%. And I'd like to see the the numbers for other exchanges because centralized exchanges is where Bitcoin finds its liquidity. And Ether can also find its liquidity there. It's finding its liquidity there. It's the most liquid asset on Coinbase. And that's not even counting all of the liquidity in DeFi. And so if you want to add the global liquidity of Ether, you have to add the centralized exchange liquidity of which at least Ether is dominating on Coinbase. And it's also clearly dominating in DeFi because it's all on Ethereum. Ether, the most liquid asset of all time.

• 22:15Ryan Sean Adams?

  Yeah, it it seems to be the case. All right, guys, we got a lot more to talk about. We're going to get to releases, of course, and the news of the week. Man, there's so much news to talk about, too. But before we do, we want to thank the sponsors that made this episode possible.

• 22:29David Hoffman?

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• 23:11David Hoffman?

  Another product I'm stoked to get my hands on is the Gemini Crypto Back Credit Card, which gives you 3% cash back on all of your purchases, but paid to you in your preferred crypto asset. When I get my Gemini credit card, I'm going to make sure that I get my cash back in ETH. So whenever I buy something, I get a little bit of ETH bonus back to me at the same time. You can open up a free account in under three minutes at gemini.com/go-bankless. And if you trade more than $100 within the first 30 days after signup, you'll be gifted a free $15 Bitcoin bonus. Check them out at gemini.com/go-bankless.

• 23:46David Hoffman?

  The Aave protocol is a decentralized liquidity protocol on Ethereum, which allows users to supply and borrow certain crypto assets. Aave version 2 has a ton of cool features that makes using the Aave protocol even more powerful. With Aave, you can leverage the full power of DeFi Money Legos, yield, and composability, all in one application. On Aave, there are a ton of assets that you can supply to the protocol in order to gain yield, and all of those same assets can also be borrowed from the protocol if you have supplied collateral. Here, you can see me borrowing 200 USDC against my portfolio of a number of different DeFi tokens in ETH. I'll choose a variable interest rate because it's a lower rate than the stable interest rate option, but I could choose the stable interest rate

• 24:31David Hoffman?

  option if I wanted to lock in that interest rate in permanently. V2 also features the ability for users to swap collateral without having to withdraw their assets, trade them on Uniswap, and then deposit them back into Aave. With Aave, users can do this in one seamless transaction, saving you time and gas costs. Check out the power of Aave at ave.com. That's A-A-V-E dot com.

• 24:54Ryan Sean Adams?

  All right, guys, we are back talking about releases today. David, let's start here. The ENS airdrop, this is the big one, big airdrop, maybe airdrop of the year. I don't know if that's too much, but it feels that way.

• 25:04David Hoffman?

  Oh, certainly, so far, yeah.

• 25:06Ryan Sean Adams?

  Yeah, because if it's like, like, how many people actually received this for one? But also, the market cap of this thing has been absolutely extraordinary. We had the ENS guys on earlier this week, so take a listen to that podcast and take a look at that show if you want all of the details. But what happened here, David? This is, by the way, our alpha alert, so anytime a really cool thing happens like this, an airdrop or something else, we send it out to Bankless Premium members so they get notified. But what was this airdrop? What happened this week?

• 25:34David Hoffman?

  Yeah, so this has been a long time coming, and no one really knew that the ENS team was going to do an airdrop. But if you had been paying attention to ENS, you would understand that the mission and culture and values of ENS was to eventually have this thing managed by the community. And so I remember talking to Brantley Milligan forever ago when they were talking, when ENS was really getting bootstrapped. And talking about like, oh, so ENS sells domains in ETH, but ENS does not want to be a company. ENS wants to be a public utility. And the reason why they have to sell domains is because of an anti-sibyl mechanism. If you don't buy, if you don't actually have to pay money for these things, somebody will just claim all of them. So they were selling ENS names, generating a treasury.

• 26:15David Hoffman?

  And now this protocol, the namespace of Ethereum is now this public good. And that doesn't, that specifically should not be managed by two people or a team of people, but instead should be managed by the broader community of people that are stakeholders. And so this is just the perfect marriage between what we've all been talking about with DAOs and tokens and a public utility on Ethereum. So if you have an ENS name that happened before the snapshot, and the snapshot wasn't too long ago, just a couple of weeks ago, you can go claim your ENS tokens. There's 100 million tokens are currently trading for about $60. The average airdrop recipient got between like maybe 100 to 300 tokens or so, which is a pretty healthy amount.

• 26:59David Hoffman?

  And there's a few formulas with how your token amount was calculated. The longer that you've had your ENS name, the more tokens you get, the longer you've renewed it for, the more tokens you get. If you've actually registered your ENS name to an actual Ethereum address, you get even double that. All that information is in the state of the nation that we did with the ENS team. But this is, this is really foundational, Ryan, and I actually think that this is even more foundational than Uniswap. Because ENS is something deeper and closer and more related to Ethereum, the protocol itself than Uniswap is. They're both in the app layer, but Ethereum is really, or but ENS is really about the namespace of Ethereum.

• 27:40David Hoffman?

  So I think that a lot of people wanted to compare ENS to something like GoDaddy, where you can register websites. It's even bigger than that. It's ENS is actually comparison to DNS, where like the dot coms of the world. And that is another DNS is another global public good that has to be managed by this private company. Instead, ENS is now being managed by the people that are using it. And so the ENS DAO is now being handed over to everyone that has a dot ETH address. So we are all now managers of this open public good system.

• 28:13Ryan Sean Adams?

  Yeah, so like something like GoDaddy is just an app on top of DNS, right? It's not DNS itself. And so reminding folks what this .eth address is, it's basically just a human readable name for your Ethereum address. And recall, an Ethereum address, okay, one model of that is as a bank account. That's what we talk about so often. It's just like your self sovereign bank account. But more than a wallet, more than a bank account, more than a vault, it's also your self sovereign identity. And it's becoming more like a passport every single day. So we talked with Brantley and Nick about the ability to sign on with Ethereum. I think these addresses are going to become increasingly important to individual identity

• 28:57Ryan Sean Adams?

  in this whole Web3 world, right? So you're storing your NFTs, you're storing your tokens inside of your ETH address. If I want to send some ETH to you, David, or some tokens to you, an NFT to you, it's very easy. I know you have davidhoffman.eth, I could just do that very easily rather than this like public key with all of these like characters. So very cool stuff. You know, one thing that blew my mind, though, is the price on this thing.

• 29:25David Hoffman?

  Yes.

• 29:25Ryan Sean Adams?

  Okay. So like, I know, you know, Nick and Brantley weren't the ones to talk price, but let's you and I talk price here for a second, because this really surprised me, all right? So like, here's the market cap of this thing. And this is not fully diluted market cap. This is just like, I guess, market cap that is unlocked up in supply. But here we are in coin market cap and we hit $1.3 billion, some highs of probably over $7 billion in fully diluted market cap for this thing.

• 29:55David Hoffman?

  I think the peak was $8 billion, yeah. It peaked out at $8 billion, yeah.

• 29:58Ryan Sean Adams?

  Why? Do you understand? Like, so why is this thing valuable to people, right? So like, if you sign the constitution to get your drop, which I did... It's basically like a not, it's kind of a nonprofit, right? You have governance rights in this thing. You've been given a responsibility. Why do you think people are valuing it at six, seven, eight billion dollars?

• 30:21David Hoffman?

  I definitely want to answer that question, but I want to answer that question at the very end because it'll be easier to, to explain that. And so some of the dynamics, just to fill listeners in about what, what happened here is like the ENS token got airdropped. Then there was a bunch of shenanigans with the Uniswap contract because everyone who didn't have ENS wanted to buy it, but there were zero liquidity at the very start. And so if you were watching the Uniswap, like it would go like for a moment, ENS, one ENS token was worth 577,000, $100,000. And so like for a brief moment in time, everyone was like a billionaire just by this weird proximate, be there being like no liquidity in Uniswap. Eventually liquidity came in, the market settled, and that's where we started some, to see some actual price discovery.

• 31:03David Hoffman?

  Started around 20 to $30, which is again a two to three billion dollar valuation. And then it zoomed up to $80 per token. And now it's currently clocking in at just below $60 a token. But some really astonishing, like imagine just like releasing your thing and like it immediately, like it had no valuation. ENS had no public valuation. It was managed by Brantley, by Nick, these guys that were just like-

• 31:24Ryan Sean Adams?

  Eight people.

• 31:25David Hoffman?

  Eight people, just stewards of this thing, not taking profit and like not doing this for revenue, just managing this open protocol. And then boom, the token launches and it comes out at clocking in at a max of eight billion dollars. That's absolutely insane. And so like to unpack what this thing actually is, what ENS actually is. ENS is a public good. It is a public good for Ethereum. The namespace of Ethereum, if you could go back one tweet, Ryan, to my tweet, the namespace of Ethereum is a public good. What do we call all of us? Because you can't, we like Ryan, there's Ryan here, and then there's also Ryan Selkis. We can't have two Ryans. One of them's got to be Ryan S. Adams and one of them's got to be Ryan S. Selkis, right? Like we need two-

• 32:06Ryan Sean Adams?

  You hear that, Ryan Selkis? There can't be two of us.

• 32:09David Hoffman?

  Can't be two of us. You guys need two different names.

• 32:10Ryan Sean Adams?

  One of us is going down.

• 32:11David Hoffman?

  You can't have conflicting names because we need to actually point to things. Only one entity per name. So that, that is called- What is called a namespace, where we label all of the entities that exist in Ethereum. And with the Ethereum name system, we actually get to put in human readable names around these very complicated public addresses. And so the E N S is a public namespace around Ethereum, the system for collectively deciding how we name things. And this actually lends itself to how blockchains work. E N S is a consensus system. It's a consensus for all identifying how we name all the things. Just like how a blockchain comes to consensus, E N S is a public goods that comes to consensus about how we name all the things. So just like Ethereum itself, E N S is a public good

• 32:55David Hoffman?

  that needs to be protected from free riders. And this is the magic of Ethereum. This is why this gets me so excited. Ethereum as a protocol, like you said, a network of networks. Ethereum as a protocol is finally able to price in public goods in ways that we've never seen before. So like clean water, clean air, the free market doesn't do a very good job of like pricing in those those free resources. E N S is a resource, a system that is now establishing a market value, which is somewhere between four and eight billion dollars right now. And just how like proof of sake and proof of work is the protection around blockchains. The value of the E N S token is the protection around the Ethereum name system. And so Ethereum is unlocking the free market to actually finally price a public utility.

• 33:38David Hoffman?

  And so Ryan, to answer your question about why this is so valuable, it's because we don't know how valuable this thing is. We have never been able to price public goods like this. And so like, and then like the bullish side of that is like, oh my God, we don't know how to price these things. Like the last thing I learned that we didn't know how to price was ether and like the sky's the limit on that one. The other, the bare case is that these are public goods. Like it's actually really hard to like monetize public goods. That's actually why they're called public goods. So maybe they're not worth that much. This is going to be a grand experiment about finally pricing in some public goods for the first time ever. And I think the price action is really going to be emblematic of how well Ethereum can finally price these things that have always been left out of the market and ultimately caused a lot of human suffering, but that's a topic for a different day.

• 34:22Ryan Sean Adams?

  Yeah, you had a lot to say about that.

• 34:24David Hoffman?

  I did.

• 34:25Ryan Sean Adams?

  There's a lot there. I mean, one thing, one point that Brantley makes is this, you were not dropped, airdropped free money, you were airdropped responsibility. That's another way to look at it. I think the ultimate question of what you're saying is like the question of how to price a public good, whether right now $6 billion is overpriced, or whether $6 billion is underpriced, is ultimately decided by individuals who own ENS tokens, alright? And so you tweeted this out, raise your hand if you're holding your ENS drop, I choose to bear this responsibility. So the question to everyone who just received this, of which there are like 150,000 more, or about 150,000 or so ETH addresses that were eligible to receive this, is what you gonna do?

• 35:10Ryan Sean Adams?

  It's worth $6 billion, you probably made thousands of dollars on this, I know people have made tens of thousands of dollars easily on this airdrop, so what are you gonna do? You gonna sell it? Are you gonna hold? And if you're gonna hold, are you gonna bear the responsibility of voting? But it's awfully tempting to sell at these prices, is it not? And so, what are people doing? They're not selling. That's why price is going up, a lot of people have decided that it's worth holding on to, this thing could be more valuable in the future, they want to participate in this network at any cost, and so they're not selling. But I've actually been pretty surprised at where supply and demand have kind of met with the valuation of this thing.

• 35:53Ryan Sean Adams?

  And to your point, like, nobody knows how to price it, okay? But like, I feel like some things in crypto are definitely overpriced right now. I just, honestly, I don't know whether ENS is overpriced or underpriced. Like, it's a legitimate project, this is not smoke and mirrors, this could be insanely valuable. Like, team is fantastic, the distribution seems to be... And they distribute it to all, a whole bunch of ETH bulls, who have done well on ETH, and so they're going to be some of the last people to sell. But like, is it worth $6 billion? I legitimately don't know. So, let me ask you the question, did you sell? Or did you hold, David?

• 36:32David Hoffman?

  So, my two ENS names that I have, trustlessstate.eith and davidhoffen.eith, those private keys are in Seattle.

• 36:40David Hoffman?

  So I am holding.

• 36:42Ryan Sean Adams?

  Okay.

• 36:43David Hoffman?

  Yeah, no, I can't.

• 36:43Ryan Sean Adams?

  So it's all hypothetical.

• 36:45David Hoffman?

  Yeah, but I actually, I have actually bought some in addition to that as well. And so I've actually doubled what my airdrop is worth by buying some. And I think I'm going to be holding that for, for a good, long while. And like, it's also really something that's really, if you're paying attention to the crypto Twitter sphere, something that's also emerges, there's a big like culture around ENS right now. And I, I, I think it's just this very emergent property of everyone being really, really excited about ENS. So like these memes are coming out in the same vein that we saw memes about like chain link and all these other memes. There's a, there's a holding culture around ENS right now, which is like pretty damn cool. That we're going to have, we are going to have two moments of zen at the end of this podcast.

• 37:28Ryan Sean Adams?

  So good.

• 37:28David Hoffman?

  And they are absolutely phenomenal. There are two songs about ENS and ENS DAO. They are actually catchy and I, I hope you guys stay tuned to the very end so you guys can, can listen to that.

• 37:38Ryan Sean Adams?

  Oh yeah. How can you not? ENS stands for everyone not selling, I guess, right? That's the meme here.

• 37:42David Hoffman?

  Can I, can I get you in on a little bit more hopium, Ryan?

• 37:45Ryan Sean Adams?

  Yeah. How, well, you're gonna, you're gonna crank me up on more ENS?

• 37:49David Hoffman?

  More ENS hopium.

• 37:50Ryan Sean Adams?

  Okay, convince me. So I, I have a claim to now, David. Part of me thinks that this is a bit overvalued, my friend. I love ENS as a project. It's fantastic. I'm incredibly bullish, but why should I hold at these prices?

• 38:05David Hoffman?

  How many funds do you think have purchased or invested in, in ENS? VC funds, zero, zero funds, zero hedge funds. It's all people.

• 38:15Ryan Sean Adams?

  No one's going to dump on me?

• 38:16David Hoffman?

  No, there's no one to dump on you. It's all people all the way down. There's the only people that got the ENS tokens were people that were using the ENS system or were part of the ENS team, which was like, you know, building the ENS system. So yeah, there's no one to dump on you like that's.

• 38:32Ryan Sean Adams?

  Except my friends.

• 38:33David Hoffman?

  Except your friends.

• 38:34Ryan Sean Adams?

  My friends.

• 38:34David Hoffman?

  Except your friends, right? And so like this is kind of like.

• 38:36Ryan Sean Adams?

  Friends don't dump on each other, right?

• 38:37David Hoffman?

  We can, we can pump this thing to the moon if we all agree to not sell. This is how this works.

• 38:43Ryan Sean Adams?

  I think it's a great project. And look, guys, this is just another reminder to you of the value of using these protocols. We've been saying this for the past like two and a half years. Okay. Use these protocols. There's like, we're not just saying there's, you'll be rewarded as in you'll learn a new skill and there'll be some educational rewards and it'll enrich your life. No, you get free money.

• 39:03David Hoffman?

  Yeah.

• 39:03Ryan Sean Adams?

  Like, why are you not using these protocols? Okay. Like when we say. You're getting rewarded. You're literally getting airdropped money. Okay, tokens, value, responsibility as well, but these things have have value. So we we we published an airdrop guide about two and a half weeks ago now. It had 25 different opportunities. This was number 16, guys. So that went to Bankless Premium members. That's another reason you should subscribe. I feel like we're we're shilling the Bankless Premium. But like, look, what's the ROI on that? You spend $22 a week and you get a few thousand dollars a month? Yeah, sorry, a week. It would still be worth it, though.

• 39:42David Hoffman?

  Yeah, I did see a fantastic, there was, I think we put a meme on the weekly roll up a number of like a month or two ago about somebody's daughter wearing one of the crypto, the Cypherpunk t-shirts in middle school. That person's daughter got the ENS drop.

• 39:56Ryan Sean Adams?

  No way.

• 39:57David Hoffman?

  A middle schooler got a $20,000 ENS drop. Changed her life.

• 40:02Ryan Sean Adams?

  We talked about this. Andrew Yang just got it, right?

• 40:04David Hoffman?

  Andrew Yang got it. You're welcome, Andrew Yang.

• 40:08Ryan Sean Adams?

  We gotta go help Andrew Yang claim his airdrop. We should put it in his address and see how much he got, actually. But anyway, guys, airdrop season, really fun. I think this is the airdrop of the year. There's some great ones this year, DYDX, but nah, I don't know. This is really fun from a distribution perspective. David, we gotta burn through these, man. We spent a lot of time on that, but let's talk about this new podcast launch. We teased it in the intro, overpriced JPEGs. What is happening here?

• 40:32David Hoffman?

  Oh, Ryan, this isn't you. This is Carly.

• 40:34Ryan Sean Adams?

  No, this is not me. It's somebody way better than me.

• 40:37David Hoffman?

  Yeah, newest host.

• 40:38Ryan Sean Adams?

  You guys don't want to hear another podcast with me in it. Dear lord.

• 40:41David Hoffman?

  They probably, the listeners probably do.

• 40:43Ryan Sean Adams?

  No.

• 40:44David Hoffman?

  Overpriced JPEGs with Carly Riley, exploring the world of NFTs and the metaverse. We've always wanted an NFT podcast. Carly Riley is the person to do it. Ryan met Carly Riley while he was on the Yang Speaks podcast. Carly Riley is the former finance manager for the Andrew Yang campaign. Sorry, Andrew Yang, for stealing your finance manager, but she's great. And yeah, so now she's starting her own podcast, part of the Bankless Network. And so there are links in the show notes to go subscribe to overpriced JPEGs. It's going to be on a different RSS feed than the Bankless podcast. So you need to go subscribe. Subscribe to that. It is going to come out on the Bankless YouTube. So we're going to share the YouTube's, but Carly gets her own RSS feed and I'm really, really stoked for this. Carly is a fantastic content producer.

• 41:27David Hoffman?

  She's a great speaker. She's a ton of fun. And yeah, I'm really, really excited for this.

• 41:32Ryan Sean Adams?

  She's articulate. She, she knows her stuff. I, yeah, I couldn't be more excited about the talent we're bringing in here. And think of this as like the sister companion to Bankless. This is if Bankless is, we definitely talk about the metaverse and NFTs and you know, but like the show is also called Bankless. So you know, we're going to be coming back to DeFi and crypto money systems or these things. This is the sister that talks about NFTs in the metaverse all the time, right? You need this in your life. Two episodes a week, one with a weekly recap, the other with interviews. You need this in your life. So go hit subscribe. If you like Bankless, you're gonna love this. All right, David, more releases. Across Protocol is live. This is like a hop. This is like a connects. This is a bridge, but they're doing something different.

• 42:14Ryan Sean Adams?

  You could be a co-founder, apparently. You join their Discord, you could be a co-founder. They've like created a DAO from inception in this thing. What's going on?

• 42:24David Hoffman?

  Yeah, Across Protocol and one of the many, many protocols for bridging money across that layer two. And so that's not everyone. I think by now people understand this. We got Hot Protocol, we got Connects. There's also Mover. Now there's Across. Just illustrating you how vibrant this market is going to be. There's going to be a lot of value to be won by whoever can win through in their market and their network effects. So be the cross-chain protocol. This one has this very interesting strategy of what they are calling a fair, fair launch. Fair launches are no longer fair. They've kind of been like played out and gamified. But this, they're trying to do a brand new experiment. And I think this is, this experiment by itself is going to be fun to launch,

• 43:03David Hoffman?

  where they are going to mint a DAO token. And then as a community, they're just going to like manually figure out how to to give it to. Right? And so the community is going to determine the distribution, right? So not one person isn't top down. This isn't a retroactive airdrop, which is getting farmed. This is going to be a very interesting experiment to see like, can the, can we just mint a bunch of tokens? And then collectively agree as to who to get, who to give them. And I think that's it's humans all the way down, right? And so the human choices of this DAO is how they're giving out the tokens. And the the if they can make sure that they do it correctly and not get corrupted along the way is going to be extremely bullish just for not only across, but all the concept of token distribution in general.

• 43:45David Hoffman?

  It's like, it kind of like throws it into the face like, you know, retroactive airdrops, meh, yield farming, meh. Let's just pick and choose. Let's just put in the labor to pick and choose who gets the token.

• 43:55Ryan Sean Adams?

  Yeah. And what I've seen with something like this, it's going to be like meritocracy. It's like, you know, that word gets used a lot and it gets abused a lot, right? And it's like, our company is a meritocracy. No, it's probably not really a meritocracy. This is going to be much more like a meritocracy because I've seen these DAOs in the early stages, how they work is basically you join a Discord, okay, you're a co-founder. I joined the Discord, I'm a co-founder. I don't have time to like, figure out everything the DAO needs. I don't, I'm like involved in other DAOs, but I'll be kind of a small like time co-founder, I guess. But if you want to figure out exactly what the DAO needs, take a leadership role, start contributing, start actively doing things for the DAO.

• 44:38Ryan Sean Adams?

  You can quickly rise up the ranks and you'll get rewarded on the other side. This is like the create your own job path. And people would be surprised at how many of these opportunities now exist in crypto and it's pretty unique. It's unique, like you don't find this in the regular economy. I'm going to join a Discord. I'm going to figure out what's needed and I'm going to create my own job based on what like it's it's a form of network entrepreneurship, right? You join a network, you be a entrepreneur in that network. And you create your own job. That's what's happening in these DAOs. And I think that's what a cross is doing.

• 45:09David Hoffman?

  I've always thought that the most bullish DAOs are the ones that figure out how to collapse the cost of contribution down to the absolute minimum. So anything can be can be contributed. And a part of that is the incentive. And when you're very limited contribution of like, oh, guys, I made a meme. And you actually like get some tokens out of that, like that's that's interesting. So fantastic, fantastic experiment. Let's see how this plays out.

• 45:30Ryan Sean Adams?

  Absolutely. Okay, Coinbase. Brian Armstrong said that they would be the DeFi exchange we were hoping for. They just released the Coinbase Wallet as a standalone browser extension. So you know how you have MetaMask in your desktop browser? Well, now you can also have Coinbase Wallet. I haven't tried this yet, but I need to. And it's good to see MetaMask having some competition in this space. What are your thoughts, David?

• 45:57David Hoffman?

  Yeah, that's exactly right. Like more competition, the better. MetaMask gets an unfair amount of flack for like basically supporting entire ecosystems worth of like support request tickets for things that are just outside of their control. And so

• 46:09Ryan Sean Adams?

  They're the front lines, aren't they?

• 46:11David Hoffman?

  There's been a ton of hate on MetaMask lately, and it's totally unjustified. They are doing like, yeah, they are doing, they are spreading the mission. And it's just like unfortunate that that the entire crypto Web 3 funnel funnels down onto MetaMask. But congratulations Coinbase. Like this is, this is your guys' win. We want more browsers, extensions. I said at the beginning of this week that I think Coinbase is turning a page. I think they have kind of figured their shtick out and they are really like going hard into this whole Web 3 DeFi world. And this is an example of that.

• 46:41Ryan Sean Adams?

  Yeah, absolutely. I mean, we went into the Brian Armstrong podcast and our mission was basically to say like, hey, it seems like Coinbase hasn't selected its strategy for what it's going to do in DeFi, right? With smart contracts and all of this. What is your strategy, right? And I think Brian said, I'm going to double down on open, credibly neutral protocols. And this is an example of that. So hopefully these words are followed up with actions. We're starting to see them. Rocketpool.

• 47:07David Hoffman?

  Speaking of open, credibly neutral protocols.

• 47:10Ryan Sean Adams?

  So tell us about Rocketpool. Staking your ETH in Rocketpool. What just launched? And what's, what's still unavailable too, David?

• 47:18David Hoffman?

  Yeah, Rocketpool mainnet has launched. So Rocketpool is a decentralized staking as a service protocol. So if you want to stake your Ether, but you don't want to run a node, but you also don't want to trust anyone to run a node, Rocketpool is a protocol for running nodes in a trustless fashion. And so it's a, it's a home away from home with regards to staking your ETH. Been a long time coming for Rocketpool to get launched. They are finally live in a very limited capacity. Kind of in the same way that like Arbitrum and Optimism have spun out their L2s in a very constrained fashion. Rocketpool has started its mainnet in a constrained fashion. They've actually already hit their limit, but the limit is going to be expanded and expanded and expanded over time.

• 48:00David Hoffman?

  And so Rocketpool is going to be, I think, a very favorable place to stake your Ether. Rocketpool has captured, now I love from a very beginning, from very early days in Ethereum. They've been around since 2017, just building. And the cool thing about Rocketpool is they have not cut any corners. They have stayed decentralized through and through. So like, there's no multi-sig, there's no anything. And it's actually, that strategy has, while it's very honorable, has actually cost them in adoption. But now that they're here, now that they are alive, they are out the gate and I'm really excited to see what Rocketpool can do. So congratulations to the entire Rocketpool team and the entire Rocketpool community that is stuck with Rocketpool. I think because of the values that Rocketpool has upheld. So really, really a nice day.

• 48:44Ryan Sean Adams?

  Yep, you can't stake your ETH with Rocketpool right now, but as David said, they're going to be expanding soon. So they're at their limit.

• 48:51David Hoffman?

  You could have, right? But it got filled up.

• 48:53Ryan Sean Adams?

  It got filled up in the first 45 seconds as well. And it was only like 150 ETH. But they're gonna, like, every single phase, I think, maybe on a weekly basis, they're gonna increase capacity. And they're just doing this to have a measured phased launch. So this will be available to everyone pretty soon. Speaking of being available to everyone pretty soon, David, airdrop season, okay? This is Joe Lubin responding to something on Twitter.

• 49:21David Hoffman?

  A little bit of drama, but it's kind of aside from the story.

• 49:23Ryan Sean Adams?

  Okay, yeah, yeah. So aside from the story, the main point is, he's hypothetically asking the question, "Are we driving towards decentralization?" "We are driving towards decentralization of several of our projects," Joe Lubin says. "When mask?", question mark? That's the MetaMask token, by the way. Stay tuned. And then he says something snarky. But that's the main thing. It's like, "When mask?", stay tuned. So this is a little tease, MetaMask with an Airdrop, okay, this is like, this is like the industry's best kept secret, like it's gonna happen, guys. What do you do to get this airdrop? Alright, you use MetaMask, specifically, use swaps.

• 50:02Ryan Sean Adams?

  Not financial advice, we don't know for sure, we have no insider information, this could also not happen, but like, it could happen.

• 50:10David Hoffman?

  Yeah.

• 50:10Ryan Sean Adams?

  I mean, how many airdrops have come true?

• 50:12David Hoffman?

  Joseph Lubin, the leader of consensus, which owns MetaMask, goes, "When dollar sign mask, stay tuned." There was also another clip of the MetaMask, I think, community call, answering this question, "When token?" They said, "We have no plans for a token, but we are actively investigating the best ways to engineer a token and also distribute it." Like, there's probably gonna be a token. I used to think that it was just totally going to be off of the swaps, because that's the only verifiable way that MetaMask can act.

• 50:39Ryan Sean Adams?

  But you don't think that anymore.

• 50:40David Hoffman?

  I, I mean, I think it's, I, I mean, it can be a component, it's definitely probably a component about it. There's other ways too as well, like, but that involves like going into Infura, where MetaMask routes its orders, and then collecting the addresses that have used Infura to airdrop tokens there. I think that distributions, it's a very hard problem just by the nature of what MetaMask is. MetaMask doesn't actually know what Ethereum addresses are in it or not. And so that's why the swap feature is the only verifiable way to airdrop a MetaMask token. I think they're trying to spin up some sort of alternative distribution plan, because I think that the distribution for MetaMask is gonna be really, really hard, but we're gonna see how that goes.

• 51:17Ryan Sean Adams?

  Yeah, absolutely, and again, just saying, the ultimate guide to airdrops, I'm sure this was listed in it, MetaMask.

• 51:24David Hoffman?

  Yep.

• 51:25Ryan Sean Adams?

  Let's see, that was number...

• 51:28David Hoffman?

  Oh, that, it's in there, it's in there somewhere.

• 51:31Ryan Sean Adams?

  It's in there, it's in there somewhere, yeah. Oh, it was an honorable mention, okay, so you're not just getting 25, you're getting like 35, 40 or so airdrops in the ultimate guide to airdrop, which was published by Bankless, Bankless Premium, you do that, you get that. All right, let's talk about this. What is DAI wormhole, David? It's another release for the week.

• 51:50David Hoffman?

  This is really, really cool. This is about the layer two ecosystem and this is Maker Dow with one of the coolest innovations, I think, of one of the coolest innovations of the year. And so what this means is DAI can now be minted on any of the L2s, Arbitrum, Starknet, Fuel, all these, all these layer twos. And this is not DAI being minted on the layer one and being sent to the L2 via a cross-chain like hop like cross like Connect or hot protocol.

• 52:18Ryan Sean Adams?

  You're actually minting it through a wormhole.

• 52:20David Hoffman?

  You are wormhole minting DAI natively on the L2. And so it's coming out of the maker contracts out of L1, but being minted on L2. And so this, there are some crazy cryptographic consensus magic going on here. But this is exactly why Rune Christensen was talking about the differences between layer two rollups and multi-sig bridges. You could not have built a wormhole through a multi-sig bridge. You can only build a wormhole through a rollup. We're just, we're just making up this. A wormhole is not a technical term, by the way. We are just making this up because that's a great metaphor.

• 52:53Ryan Sean Adams?

  But I'm getting the visual. Yeah. And is this available now or is this?

• 52:56David Hoffman?

  I think so. Maybe. I bet you, I think maybe the contracts are live. Maybe the UI is not, not quite there yet. But yeah, this is a fascinating development where you like, you can just birth an asset anywhere around the layer two ecosystem without having to use hop, without having to use Connect. Not that using those things are bad, but it's just like, you know, efficiency gets efficiency.

• 53:18Ryan Sean Adams?

  I'm just paying layer two gas fees. I'm not paying mainnet gas fees, right?

• 53:21David Hoffman?

  Yes, right.

• 53:22Ryan Sean Adams?

  Wow.

• 53:22David Hoffman?

  Yeah. Minting DAI on L1 would cost over a hundred to $200. Minting DAI on L2 costs 10 cents.

• 53:29Ryan Sean Adams?

  Man, I need to read more about this. This is, actually, this, this is the first I'm seeing this. Let's talk about this. Rebrand for Uniswap. They're rebranding, potentially. This is a governance vote. Still the unicorn. This looks like a medieval unicorn, something you put on like a knight's shield, like a suit of arms. What's, what's going on here?

• 53:48David Hoffman?

  Okay, Ryan, let's play a game here. On the count of three, thumbs up or thumbs down, it was whether you like it. Ready?

• 53:52Ryan Sean Adams?

  Okay.

• 53:53David Hoffman?

  Three, two, one.

• 53:56David Hoffman?

  Oh.

• 53:56Ryan Sean Adams?

  Wait, I can't see it. You gotta put the camera. Yeah.

• 53:59David Hoffman?

  Oh, I like it. That was thumbs down from Ryan, thumbs up from David.

• 54:03Ryan Sean Adams?

  Yeah, so people can see that. I like number four, actually, because that preserves some of the simplicity that I love. But like, yeah, one, two, three, just a bit too complicated for me. It doesn't have like the-

• 54:15David Hoffman?

  Two's a little bit of a mess. Two's a little bit of a mess. Yeah.

• 54:17Ryan Sean Adams?

  Yeah, it doesn't have like the apple, you know, esque simplicity. Can I draw it in the sand? That means it's a good logo. Like-

• 54:24David Hoffman?

  Hmm, that's a good take.

• 54:25Ryan Sean Adams?

  It's a little too much for me, but I like it. Like, I would, you know, put this on my shield, maybe.

• 54:33David Hoffman?

  Shield that you have. I like pulling forward the like the medieval era of Europe into like DeFi. It's just like such a, such a juxtaposition that it's so crazy that it kind of works. This is actually not official, so this is actually going up for governance vote. So if you are a uni token holder and you want to participate in the-

• 54:50Ryan Sean Adams?

  You can say yea or nay.

• 54:51David Hoffman?

  You can say yea or nay on this. So yeah, Uniswap getting a rebrand question mark.

• 54:54Ryan Sean Adams?

  Yeah. You know what? So this is the thing. I feel like we're post medieval era, David. I feel like we're Renaissance. Right?

• 55:01David Hoffman?

  Yeah.

• 55:01Ryan Sean Adams?

  Okay, old era. Web, web two is medieval. All right. We are, we are Renaissance and then moving into the modern era. That's whatever.

• 55:09David Hoffman?

  Josh, Josh, we need your help.

• 55:11Ryan Sean Adams?

  Josh Rosenthal.

• 55:12David Hoffman?

  Josh Rosenthal. What era are we in?

• 55:15Ryan Sean Adams?

  Uh, raises. Okay. Matter Labs. Uh, Matter Labs just announced 50 million in new funding for ZK Sync. Pretty excited about this because this is like a Starkware-esque, uh, ZK rollup. It's going to have the EVM, general purpose smart contracts inside of a rollup. They released some sort of a, a testnet, I believe, um, a month or two ago. I'm not sure when mainnet is coming, but it has to be soon. And they just raised another $50 million. Pretty impressive.

• 55:42David Hoffman?

  Congrats, Matter Labs. What's the valuation on this now? After they raised 50, 50 million?

• 55:46Ryan Sean Adams?

  Uh, above a billion.

• 55:48David Hoffman?

  Over a billion.

• 55:49Ryan Sean Adams?

  That. Yeah. I don't know all of the details of this race.

• 55:52David Hoffman?

  Layer two's are hot.

• 55:54Ryan Sean Adams?

  Layer two's are hot and they're raising and they're well funded.

• 55:56David Hoffman?

  Yep.

• 55:56Ryan Sean Adams?

  And yeah, they're coming. They're gonna be here.

• 55:59David Hoffman?

  There were other raises this week, but uh, that's the only one that we got.

• 56:03Ryan Sean Adams?

  Yeah.

• 56:04David Hoffman?

  That's the only one we're talking about. It's the best one. Yeah.

• 56:07Ryan Sean Adams?

  Jobs.

• 56:07David Hoffman?

  Jobs.

• 56:08Ryan Sean Adams?

  What's the reminder, David?

• 56:08David Hoffman?

  Get a job. Why haven't you got a job in crypto yet? Your web two job is not as cool as a web three job. If you're not even in web two, then it's definitely not as cool. Get a job.

• 56:17Ryan Sean Adams?

  Get a job in crypto, okay? Either work for Dow or work for a protocol company or some sort of company in crypto, okay? You're listening to Bankless, so you obviously are already down the rabbit hole. Crypto is probably one of the top five things that you think about all the time, if not like the number one thing. So why not let it consume all of your waking hours?

• 56:37David Hoffman?

  Just let it happen. Just let it, just let it happen. Just give in, just give up, yep.

• 56:41Ryan Sean Adams?

  People, people tell, have told me, David, that I say the word capitulate too often. I was just about to say the word capitulate. You should capitulate and get a job in crypto.

• 56:49David Hoffman?

  Yes, yes.

• 56:51Ryan Sean Adams?

  Let's talk about these jobs. These are new this week.

• 56:53David Hoffman?

  Ooh, Bitwise, Bitwise, nice, alright.

• 56:56Ryan Sean Adams?

  Okay, so Bitwise is an asset management company, bridging kind of the, I guess, the old world of finance and the new world of crypto. Love that company.

• 57:06David Hoffman?

  Doing God's work by funneling boomer money into our crypto assets.

• 57:10Ryan Sean Adams?

  Look at these job titles, oh my God. Crypto research analyst, NFT specialist. What?

• 57:16David Hoffman?

  Wow, that's awesome.

• 57:18Ryan Sean Adams?

  Dream job. Research analyst, you research smart contract platforms in web three all day. Do you want to spend all of your day doing those things? A crypto research analyst is a governance specialist? These job titles are amazing.

• 57:31David Hoffman?

  Okay, governance specialist, I want to hang on this one real quick because it's really, really cool. Bitwise is an asset management company. They have assets under management. They have to be governors. And so you can be a governor specialist for managing the governance of, I think.

• 57:46Ryan Sean Adams?

  They have tokens that you have to vote, like be a proxy voter for.

• 57:49David Hoffman?

  Yeah, right, how crazy is that?

• 57:51Ryan Sean Adams?

  So you have to, wow, it's such cool jobs, guys. Head of growth at Dex Guru, sounds amazing. Technical lead at Draftly. An accountant at Smart DeFi, a product manager, Smart DeFi. Head of research at Immutable, sorry. Head of Ethereum research at Immutable. Head of tokens at Immutable, community manager, Dexible. Lead engineer at Hats.Top Finance, community manager, Yagronum.

• 58:16Ryan Sean Adams?

  A CTO at Eageronum, Senior Back End Engineer, Smart DeFi Blockchain Technical CTO Merit, Community Manager, Aragon, Founding Blockchain Engineer, Highlight, I could go on. There are so many jobs on this job board now. We have promised to read all of the featured jobs, so that's what we have done, guys. But what you need to do is go to the jobs board, link in the show notes, banklist.pallet/xyz/jobs, hit subscribe. You get these via email. And not only do you hear it from us weekly to get a job, you get an email alert saying, here are the jobs that you can get. That's what you need to do.

• 58:51David Hoffman?

  Yes.

• 58:52Ryan Sean Adams?

  Man, you don't find job titles like this anywhere else. This is crypto.

• 58:55David Hoffman?

  I'm bummed that we don't have a meme lord, but that's because all the meme lord jobs get snapped up too damn fast.

• 59:01Ryan Sean Adams?

  That's right. We could use another meme lord too. So maybe we'll post around, David. All right, let's talk news of the week. All right, big news of the week. Let's start with Discord. What are they doing? Man, Discord is where I spend so much of my time. It is the office for crypto. That's like, I'm going to the office and basically logging to a Discord server. What did they tease this week?

• 59:23David Hoffman?

  Yeah, they teased an Ethereum integration. The CEO of Discord says, probably nothing, with an image of the Discord icon plus Ethereum, and it also has MetaMask and Wallet Connect, right next to the connections page. So some sort of like address authentication, address integration into Discord being teased. Ryan, there's-

• 59:44Ryan Sean Adams?

  They know what we want. They know what we want. This is exactly what we want.

• 59:48David Hoffman?

  Sadly, there is a very sad part two of this story.

• 59:52Ryan Sean Adams?

  Okay, that's part two.

• 59:53David Hoffman?

  After, let's see, about a day later, the same CEO tweets out, "Thank you for all the perspectives, everyone. We have no current plans to ship this internal concept. For now, we're focusing on protecting users from spam, scams, and fraud. Web3 has a lot of good, but also lots of problems, and we need to work through at our scale more soon." So like, they teased this thing, and then they had to say, like, "Don't worry, guys, we're not actually doing this." So yeah, what the hell happened?

• 1:00:18Ryan Sean Adams?

  A two-day period. This is, by the way, these are like tweets from the CEO, Jason Citron, who is the founder of Discord, right? This is the- Guy who who would be in the know, it almost feels like something happened within that 48 hour period of time to like chill him on the concept or chill them on the concept. They get it like a call from a regulator? Like, what do you think happened?

• 1:00:39David Hoffman?

  They got, I think we know what happened is that he got absolutely mobbed by the anti crypto folk of the world, right?

• 1:00:46Ryan Sean Adams?

  No way.

• 1:00:47David Hoffman?

  So here, here's Anthony Sazl0RX saying on a tweet, this is, this is wild. There are literally hundreds of quote tweets like this. People quote tweeting the Discord CEO. And he also says, imagine being this uninformed about something, but also still have a such a strong opinion about it. So there are four tweets in here. Okay, so somebody, somebody who's not in crypto Twitter says, so this is the Discord CEO teasing some sort of crypto integration. Make sure to let him know Discord know how much you hate this, both on Twitter and here. Go there, make a thread, yell, tell your friends to do the same thing. NFTs and crypto belong in the trash. That's just one. There's another one. Let's go on. I don't like to use my platform for big statements often, but Discord recently had a work in progress. Yeah, a work in progress blog post about a partnership with Axie, a community that exploits

• 1:01:32David Hoffman?

  people in an MLM structure, embedding new users and making them share personal data. This is the antithesis of trust and safety. We could go on. There. So apparently the Discord, yeah, I am canceling my Nitro subscription immediately and will be encouraging all my friends and followers to do the same. I will not support a platform that aligns itself with crypto and NFTs, not to mention MLM schemes and sharing of personal data. Oof, rough.

• 1:01:55Ryan Sean Adams?

  MLM is multi-level marketing.

• 1:01:56David Hoffman?

  Yes, big oof, big oof. The CEO of Discord informally teasing integration with Ethereum wallets, Ethereum misspelled, isn't surprising. Discord is a home of number of NFT grifts masquerading as exciting projects and is en vogue about know-nothing tech lords, but it's definitely a disappointing development.

• 1:02:13Ryan Sean Adams?

  Damn.

• 1:02:14David Hoffman?

  I want to swear, I want to swear, I want to say, everyone F off. You don't know what you're talking about. Like, ugh, it's so frustrating. And like, this goes back to the cognitive dissonance that people have about cryptos. Like, oh, you didn't get rich off Bitcoin? Well, you hate it because of the environment. Oh, like, you haven't made any money off NFTs? That's because they're a scam. Oh, MLM schemes? Guess what? The dollar's an MLM scheme. Like, it's so frustrating. It's so frustrating. And the fact, like, I understand as a CEO why he had to capitulate to this. Here's me saying capitulate.

• 1:02:45David Hoffman?

  But like, damn, is it really frustrating? Because like, that could do like, sign in with Ethereum, self-authenticated, like, self-sovereign identity where you don't have to sell your data to Google, or Yahoo, or Facebook to sign in, is the exact opposite of what they're talking about.

• 1:03:00Ryan Sean Adams?

  David, here's the thing, dude. It's just a login with MetaMask. If you don't like it, don't freaking use it.

• 1:03:07David Hoffman?

  Yeah.

• 1:03:07Ryan Sean Adams?

  If you don't like it, don't use it. Why are you getting mad that somebody's building an integration to something like? Look, the biggest Discord server in the world is Axie Infinity.

• 1:03:17David Hoffman?

  Right.

• 1:03:18Ryan Sean Adams?

  Right? Don't you think those members of Discord, those users of Discord, would like some integration with their MetaMask wallet? I asked this question because I saw some of this pushback. I actually didn't read everything that you just put out. But this guy said Discord is pausing NFT plans after the huge backlash. Apparently, some people in the gaming studio totally hate NFTs. And I was previously unaware of that, but you read some of the quote tweets. So I asked the question of one of the guys who was tweeting this, why? Like, why do you hate it? And this is his response. Oh, well, I'm unable to view it. I may have just gotten blocked.

• 1:04:00David Hoffman?

  Open it up in a private browser, then.

• 1:04:02Ryan Sean Adams?

  Okay, let me try to open it up in a pri... You can open that, okay. Let me open it up in a private... I didn't even respond to it. Anyway, here's a tweet.

• 1:04:10David Hoffman?

  You did get blocked, wow, brutal.

• 1:04:11Ryan Sean Adams?

  I got blocked by basically saying, okay, so, just so people know, here's my response.

• 1:04:18Ryan Sean Adams?

  Ryan tweeted this, and he linked me to this thread. And I said, "I appreciate this reply. This is exactly what I was looking for. I'm not going to use this thread to push back against these points, but I hope you stay tuned into the NFT community to hear the counter-arguments." Apparently, I got blocked over that.

• 1:04:32David Hoffman?

  Yeah.

• 1:04:33Ryan Sean Adams?

  Anyway, so it goes. But basically, the thread, now that I can see it in incognito mode, "NFTs are harmful to games." What? And the entire thread is basically a few points. One, energy, okay? So like, the environmental issue. Every NFT, like, kills the environment, right?

• 1:04:55Ryan Sean Adams?

  Which by the way, in six months, the Ethereum merge, that'll no longer be an issue. Ethereum will reduce its energy expenditure by 99.9%. If you know anything about this, done any research, then you obviously know that NFTs are not on Bitcoin.

• 1:05:09David Hoffman?

  And it's also like individual NFTs don't actually add more carbon to the air. It's just like Ethereum ecosystem as a whole. It's not NFTs.

• 1:05:17Ryan Sean Adams?

  Yes, exactly. That's another subtle point that seems to be missed. And then going through it, it's basically like play to earn is is toxic to the gameplay mechanics, right? Turns it into a multi-level marketing type scheme, right? And it's like, our sponsors, well, then just don't play those games. You're not losing anything from the existing games that you play. Like you don't have to play an Axie if you don't want to. And and then they they basically don't believe the premise of we control, you control what you buy. So they're like, it's you already control what you buy in a centralized database. And if the gaming company goes away, then like the NFTs go away anyway, right?

• 1:05:57Ryan Sean Adams?

  So that's another point, not really understanding the difference between like, like property rights and being able to port your NFT from game to game.

• 1:06:05Ryan Sean Adams?

  Also, the one good point in this thread was basically a point that we've talked about before, which is like, what happens if all of the games turn into like these grinds for for money?

• 1:06:17David Hoffman?

  Right.

• 1:06:17Ryan Sean Adams?

  Right? What does that do to gameplay? Does that remove the fun? Right? So like a whole massive thread of criticisms, maybe a few points, but mostly misinformation.

• 1:06:27David Hoffman?

  Big, big swing and a miss.

• 1:06:29Ryan Sean Adams?

  Like a big swing and a miss. So again, I I don't understand why there's this disconnect. And I didn't even realize until this Discord thing that some of the gaming industry actually hate crypto. Like they hate NFTs and they hate what we're doing here. I didn't realize any of this was the case, but I think there's a massive amount of misinformation out there and just like. Like lack of education on what crypto is actually trying to do. Any other thoughts here?

• 1:06:55David Hoffman?

  Yeah, the concern about like, what happens if these games just turn into a grind and they suck out all the the life out of the game? You know what else is a grind? Working from below poverty wages in a country that doesn't have jobs to support you. That's also a grind. And that really sucks. And so like gatekeeping is like, oh, I don't want to dilute the art of my industry to the point where like you actually are like revoking people's ability to make an income from themselves. They do not know that the reason why Axie Infinity is so incredibly large is because it's supporting an entire like country's GDP right now.

• 1:07:27Ryan Sean Adams?

  It got people through COVID in the Philippines.

• 1:07:30David Hoffman?

  Yeah, so like sometime, this is why like these, I understand that people have cognitive dissonance about accepting crypto. There's a lot to swallow. It really breaks people's brains. But also, you are doing so much harm by just jumping to conclusions that these things are harmful. You are, it is extremely frustrating. I will stop there.

• 1:07:49Ryan Sean Adams?

  It is. Yeah, it is extremely frustrating. But now we know this pushback exists. So we could talk about a little bit more. No pushback at Sotheby's, though. They are auctioning off as many NFTs as they could. And this one is actually denominated in ETH, and it's for Banksy art, David. What's what's the significance?

• 1:08:06David Hoffman?

  Yeah, so if I'm getting the story correct, Banksy went up to Sotheby's and made a stipulation saying, hey, when you auction off my piece of art, you have to do it in ETH. And so there's going to be a live auction for a Banksy art piece. And this is the auctioneer is going to be like, can I get 50 ETH, 50 ETH, 50 ETH, 50 ETH, can I get 60 ETH, 60 ETH?

• 1:08:24Ryan Sean Adams?

  Gray, denominated in gray, please.

• 1:08:26David Hoffman?

  Yeah, 60 ETH, can I get 60 ETH, 75 ETH? That's crazy. Imagine how many like, non-Etherean people, very rich art collectors are going to be in that crowd, hearing instead of, yeah, with their calculators, that's exactly right. Instead of hearing dollars, hearing ETH. And like, this goes back to like, the whole, the first time we had this NFT like bubble, where we started realizing that art is going to be priced in ETH. Well, part of that statement was because we thought all art was going to be digital. But now Ether is moving into physical art. So physical art is starting to get priced in ETH. That's crazy.

• 1:08:58Ryan Sean Adams?

  It is crazy and it's super cool and yeah, it's unexpected that it's happening so quickly is what I would say. Let's talk about this though. Some bad news on the NFT side is like, the games are fun to play, the art is fun to collect, but the tax optimizer is here to ask, have you thought about your taxes this year?

• 1:09:20Ryan Sean Adams?

  This was an article I read, David. "NFT games are fun. Filing taxes afterward is a nightmare." I'm not going to go through this, this whole article, but it's just kind of a PSA that the way the IRS and other nation states treat game items is as like physical property. Okay, so if your Axie breeds with another Axie and you get a new Axie, then you got a new asset. And if you swap that asset for another Axie, it's an asset to asset trade and there's a capital gain on that trade. And I bet none of you listening are tracking that stuff, right? No gamers are, okay?

• 1:09:58David Hoffman?

  Why would they?

• 1:09:59Ryan Sean Adams?

  But this is what the tax code says.

• 1:10:01David Hoffman?

  Right.

• 1:10:02Ryan Sean Adams?

  And what I'm saying is, as ludicrous as this sounds, right? One, you should be aware of it and conscious of it because if you want to do the letter of the law with taxes, you have to record these transactions. But two, my God, how could we tax games in this way? How could we tax digital goods in this way? There's gotta be a better system than recording every single time and reporting to IRS every single time an Axie and Infinity Mates, okay? Like, we gotta, we gotta do better than this, David. Do you have any answers for us?

• 1:10:34David Hoffman?

  Oh, no answers, but just more illustrations of how nonsensical this is. Imagine you're like, you're, you're grinding against this boss, you killed this boss, it drops like a legendary sword and you're like, shit, if I pick that up, that's a taxable event. That's a taxable event, I can't pick that up.

• 1:10:51Ryan Sean Adams?

  And when you pick that up, right? It's a tax event at that moment and oh my God, that, that sword is worth a thousand dollars. So now you have a thousand dollars in ordinary income you have to file on your taxes.

• 1:11:03David Hoffman?

  And so I like

• 1:11:04Ryan Sean Adams?

  Terrible.

• 1:11:05David Hoffman?

  We already know that like crypto, the way crypto works, it's like just incongruent with a tax code. But like previously, like the DeFi tokens and, and like normal ether, like it wasn't that bad where you can still do your taxes compliant and for

• 1:11:19Ryan Sean Adams?

  Like stocks.

• 1:11:20David Hoffman?

  DeFi summer came along and started to really, really get hard.

• 1:11:23Ryan Sean Adams?

  Mess.

• 1:11:23David Hoffman?

  Once gaming is here is like, it is, it's like you, we have to rewrite the tax code or else you are getting none of it. Cause gamers do not give a shit about their taxes.

• 1:11:31Ryan Sean Adams?

  Well, but look, listen to this. Imagine the exact same scenario I laid out, right? Draw boss drops an item. You go to pick up your sword, right? And it's a taxable event and you're 10 years old.

• 1:11:45Ryan Sean Adams?

  You're a 10 year old kid.

• 1:11:46David Hoffman?

  Little Bobby's gonna go to jail.

• 1:11:49Ryan Sean Adams?

  Sorry, sorry Bobby. I hope you've reported that sword to the IRS. God, man. Anyway.

• 1:11:56David Hoffman?

  Bobby, you gotta stop playing the games. Your parents can't afford the tax bill.

• 1:12:01Ryan Sean Adams?

  It's Bobby's responsibility. Sorry.

• 1:12:03David Hoffman?

  Damn Bobby.

• 1:12:05Ryan Sean Adams?

  All right, let's talk about this.

• 1:12:06David Hoffman?

  Fun on this sometimes.

• 1:12:07Ryan Sean Adams?

  Yeah. Well, you know what? Taxes can be fun, right, David?

• 1:12:10David Hoffman?

  You're joking about that, that's for sure.

• 1:12:13Ryan Sean Adams?

  Bitcoin news, the New York city mayor-elect Eric Adams is going to take his first paycheck, his first three paychecks rather in Bitcoin. Wow. This is a, a flag in the ground and he's saying basically, I want New York city to be crypto friendly city. Mayors around the country, around the US have done this, right? Mayor of Miami, some other mayors as well. And it's really cool that they're doing this. Vitalik had this blog post about like crypto cities. You know, mayors and cities have a bit more ability to be flexible and experiment. And New York city is actually talking about launching a New York city coin. I wonder what they're going to do with this, but it's kind of interesting. Eric Adams says, we're glad to welcome you to the global home of web three.

• 1:12:56Ryan Sean Adams?

  They're starting to see the jobs potential, the economic prosperity potential. They're starting to make the connection between that and web three and crypto. What, what's your take, David?

• 1:13:06David Hoffman?

  Yeah, this New York city coin is of the same category as like the Miami coin that happened not too long ago. This is built on this DAX side. Chain bridge thing off of Bitcoin. I'm not sure of that connection there. And which is kind of weird because like Bitcoiners generally don't like tokens, especially especially not like city tokens, but if there's enough traction to justify, you know, another New York coin, like absolutely, let's do it. So let's see what happens here. I still don't know what this whole city coin thing is about, but I'm a fan of experiments.

• 1:13:34Ryan Sean Adams?

  I really don't know either. And mostly I'm a fan of politicians saying, hey, we want this jurisdiction to be friendly to crypto. All right, let's talk about there. I guess I have to consent something. Okay, crypto firm grayscale, this is big. Crypto firm grayscale just hit 60 billion in assets under management. What's interesting about this is this is now larger than the top gold ETF. And this is both incredible from a growth perspective, but what a tragedy. Okay, what a tragedy that we have not really an ETF, but a fund that has additional rent extraction, like, you know, one, 2%. I forget what the grayscale management fees are rather than an ETF, and it's grown as big as gold.

• 1:14:16David Hoffman?

  And it doesn't actually track Bitcoin closely, not perfectly.

• 1:14:19Ryan Sean Adams?

  Exactly. All right. So like the SEC is in action on ETFs. I know we got a futures based ETF. We need a spot ETF. Just take this grayscale ETF and convert it to an ETF. Do the right thing, guys. We're now we're bigger than gold. You've waited four years too long for this. Four years too long. Retail could have had this already. Now you need to make up for for lost time. So SBC, listening, you think to this, David, you think they're going to do that?

• 1:14:45David Hoffman?

  Well, Hester Pierce is.

• 1:14:48David Hoffman?

  Hey, Hester.

• 1:14:49Ryan Sean Adams?

  Hey, Hester. Yeah, we love your work, by the way, Hester. We just, you know, SEC's got to get moving on some things.

• 1:14:56David Hoffman?

  Gary, Gary, though, lukewarm on him.

• 1:14:59Ryan Sean Adams?

  Yeah, we'll see. Maybe he'll come on the podcast and persuade us, David. Jake Trivinsky, okay, the infrastructure bill, you probably heard about this, had some really terrible language in the bill regarding tax reporting and crypto and all of these things. It passed, right? So it's passed in the house. Looks like it's it's moving towards approval. Or was it approved, David? I didn't catch up on the news last week. Okay, I don't know either, but like for crypto, what, you know, this is not great. Crypto stood up and pushed it out, but here's, I think, the main takeaway. There's nothing really we can do at this point in time. Okay? So like, how is this going to get resolved, do you think, David?

• 1:15:39David Hoffman?

  Well, if this does actually go into effects, like 75% of the infrastructure that makes this crypto industry work becomes illegal. And so at that point, we're just go to the courts. Because like, it's not like we're gonna stop doing this. And so I think we might have a destiny in court, which will be fun to watch.

• 1:15:57Ryan Sean Adams?

  Yep, and it doesn't take into effect until 2024, so keep that in mind. Also, there will be some legislative pushes from basically the crypto lobby, people listening to this, to get this amendment, get this stripped from the bill. So there'll be that pushed. And then ultimately, if all of this fails, then we take it to the court system. So, not the end of the world. I think crypto made a valiant stand against this. And I think we'll have some other, you know, steps up to bat to try to get this language out. But we gotta remain vigilant, and I guess that's the story. There's nothing we can do at this point in time. But we will sound the alarm when there's more that we can do on this sort of thing. Jerry Brito has a good comment on that too. We'll include that in the show notes.

• 1:16:40Ryan Sean Adams?

  David, PayPal getting some revenue increases on their quarterly earnings. They plan to increase their crypto offerings. You know what's so cool here is like, corporations become addicted to quarterly earnings reports, basically. They're always looking for the growth, right? That's what the street wants from them, investors want from them, their company wants from them. And once they get on the crypto train, and they start realizing some of that growth for crypto, they ain't coming back. They're gonna do this more and more. They're gonna double down on it, triple down on it. It seems like that's what's happening with PayPal and Venmo. Any thoughts here?

• 1:17:12David Hoffman?

  Yeah, Ryan here always says crypto pays you to learn about it. Well, all these like companies, these financial services companies like integrate with crypto. And they're like, oh, there's a lot more revenue here than I thought. Let's keep going. And so crypto pays companies to integrate with it. And this is how crypto wins.

• 1:17:28Ryan Sean Adams?

  It does, totally. David, let's do some quick takes here. What's this one?

• 1:17:31David Hoffman?

  Yeah.

• 1:17:31Ryan Sean Adams?

  First one.

• 1:17:32David Hoffman?

  Tim Cook of Apple says he's bullish on crypto and that he owns some. So that's kind of cool. I kind of think that's the whole story. Is that the whole story?

• 1:17:40Ryan Sean Adams?

  Yeah. What coins do you think he has?

• 1:17:42David Hoffman?

  Probably Bitcoin and Ether.

• 1:17:44Ryan Sean Adams?

  Yeah, okay. Probably gotta start there.

• 1:17:46David Hoffman?

  Oh god, you think he has Doge? Oh god.

• 1:17:48Ryan Sean Adams?

  I don't know.

• 1:17:48David Hoffman?

  I wouldn't bet against it.

• 1:17:50Ryan Sean Adams?

  What's this next one?

• 1:17:51David Hoffman?

  Matt Huang of Paradigm is joining the board at Stripe. Stripe, the massive, massive payments company that does a ton of volume. Matt Huang, a crypto native person, coming on board there. He says, "I'm excited to see them invest more energy into crypto and Web 3."

• 1:18:07Ryan Sean Adams?

  This is super cool. Basically, this is Stripe saying, "Hey, we need a crypto native on the board," and them getting a crypto native on the board because they're doing cool stuff in crypto. I think that's what's going on. David, what's going on with this? Dave Dow? David Dow?

• 1:18:19David Hoffman?

  Dave Dow, yeah. It's officially Dave Dow. We have the Dave token. It's on Polygon. There are like 250 Davs in the Dave Dow Discord. And so like, what I'm trying to do is I'm trying to corral everyone into the day, who's named Dave, or David, or Davy, or, from what I've learned, if you're Italian, Davide, or if you are Arabic, Dalwed. Yeah, so all forms of David are welcome into Dave Dow. We're trying to corral every single David that exists into the Discord. There's all over 250 of them. And this has actually generated Matt Dow and Dan Dow. Dan Dow is Dave's Dow arch enemy.

• 1:19:00Ryan Sean Adams?

  Is this just a fun experiment? Or what are you expecting to fall out of this?

• 1:19:04David Hoffman?

  Yeah, so yeah, the cost of issuing a token, the cost of making a Dow have collapsed so low that you can make a Dow out of anything right now. And so like, I think this is a great model of those like, when you strip away everything from a Dow and you just compact it down to just one single thing that people share. That is what this is, right? So, you know, the bankless Dow, that's a complex narrative. Like, we want bankless technology, bankless culture. There's a lot of things there. What happens if you have a Dow collapse down to just the bare minimum, which is like one thing that people share? And I want, I want named Dows to get spun up all over. Over the place. And so if you click that screenshot at the bottom, somebody says, finally, a place for Dave's can feel at home. And then I quote, and I quote him and say, this is unironically

• 1:19:49David Hoffman?

  the point of this. And I say, in quotes, hey, I want to get into crypto. Where should I go? And if there's a bunch of named hours everywhere, you can just say, well, well, what's your name? Just go to your name Dow. And so we said, Dave Dow is going to be maximally successful. If we also get like Ryan Dow, Justin Dow, Sarah Dow, also to get started, that should be our goal. Dave Dow, the Crypto Punks of Dave Dows, by the way, because we're the first ones. But yeah, I think this is a fun experiment. It's just the perfect level of meme and realness to matter. And the goal we have decided, the collective vision of Dave Dow is to buy the statue of David. So we can, so we can own it.

• 1:20:26Ryan Sean Adams?

  Oh, my God, this is hilarious.

• 1:20:28David Hoffman?

  So once, one, once, it's not for sale, but like the power of crypto will, will make it happen. We are going to own the statue of David and it'll be property of Dave Dow.

• 1:20:38Ryan Sean Adams?

  Wow, this is very strange and interesting. And, you know, I don't have time to start Orion Dow, but I'd probably join one. So if there's some listener out there with the first name Ryan, then you've got some, you've got some ideas that Dave, David has just dropped you. Let's talk about this too. Optimism, we were teasing it for the last couple of weeks. What did they just drop?

• 1:20:58David Hoffman?

  Yeah, by the time that people listen to this, the optimistic Ethereum, the EVM equivalent version of optimism will be online. The network is going to go down in 24 hours from a little bit yesterday. So that's going to be coming up at the time of recording. By the time you guys listen to it, it should already be back up line, or maybe it's in that six hour window. But then boom, optimism is EVM equivalent, which I think is going to be an iterative process, but moving closer and closer and closer towards EVM equivalents. It's such a beautiful thing. Really excited for that. Congratulations to the optimism team.

• 1:21:29Ryan Sean Adams?

  Yeah, really cool for sure. We also wrote a fantastic post this week about Ethereum's roadmap. A lot of people have questions about Ethereum's roadmap, like, so when is the merge? What's it going to include? When the merge happens, will I be able to, you know, withdraw my ETH? What about, what about sharding? What about scalability? When's that all happening? We wrote it up in the Ethereum roadmap update. Trent from the Ethereum Foundation wrote that for us. So it's just a fantastic overview. We'll include a link to that in the show notes. Guys, we will be right back with our takes of the week and also what we're excited about. But before we do, we want to thank the sponsors that made this episode possible.

• 1:22:09David Hoffman?

  Bankless is proud to be supported by Uniswap. Uniswap is a new paradigm in asset exchange infrastructure. Instead of a cumbersome order book system where trades are matched with other humans, Uniswap is an autonomous piece of software on Ethereum, which is what Ryan and I call a money robot. No human counterparties or centralized intermediaries, just autonomous code on Ethereum. Input the token you want to sell and receive the token you want to buy. Something brand new in the Uniswap ecosystem is the Uniswap Grants Program is now accepting applications for grants. We have been saying this for a while and we'll say it again. DAOs have money and they are in need of labor. If you think that you have something to contribute to the Uniswap DAO, apply for a grant to Uniswap.

• 1:22:54David Hoffman?

  Just look at the size of the Uniswap treasury. It's almost $3 billion. This mountain of capital is looking for labor. Do you have something of value to contribute to the Uniswap DAO? No matter how big or small your idea is, you can apply for a UniGrant at unigrants.org and help steer Uniswap in the direction that you think it should go. That's exactly what we did to get Uniswap to be a sponsor for Bankless and you can do the same for your project. Thank you, Uniswap, for sponsoring Bankless. The era of proof of stake is upon us. Proof of stake systems like Ethereum, Terra and Solana allow the industry to move away from the hot, loud and wasteful proof of work systems and return back to a cottage industry of individual stakers and individual validators. And that is what we need to make this industry stay decent.

• 1:23:39David Hoffman?

  Centralized. Individuals must play their part in crypto network validation. And that is what Lido is here to do. Lido makes staking accessible to everyone at the click of a button. By delegating your stake to Lido's network of nodes, you can access the yield offered by proof of stake systems and claim your share of the network transaction rewards. Do you have 32 ETH and want to stake it to Ethereum? But running a node sounds intimidating? Or maybe you have less than 32 ETH and you need to pool your ETH with others so you can access staking yields? Lido offers a solution for both. Simply go to lido.fi, choose which assets you want to stake, and deposit them to the Lido validating network. Lido is working to make sure proof of stake stays as decentralized as possible and is committed to decentralizing its own validating network

• 1:24:24David Hoffman?

  to eventually become a completely permissionless protocol. So if you want to stake your ETH, Terra, or Sol and get liquidity on your stake, go to lido.fi to get started.

• 1:24:35Ryan Sean Adams?

  Hey guys, we are back with the takes of the week. David, let's start with a PSA here. Don't get fished on Uniswap. This is harry.eve giving us the warning. What's going on here?

• 1:24:44David Hoffman?

  Yeah, so for the listeners, this is a visual thing. But if you're on Twitter, the links that populate on Twitter, they come with a preview, right? And so if you're used to seeing the same links, you'll see the same previews. There's a link here that has the Uniswap unicorn logo. It says unicorn, uniswap.org. It says Uniswap, swap. And they're all the same things that you'd see on Uniswap. So Ryan, let's go ahead and click that link and see where it goes.

• 1:25:04Ryan Sean Adams?

  Am I gonna get fished here?

• 1:25:07David Hoffman?

  Oh, we are not on the Uniswap page. We are on a page called harrydenly.com, who's probably the guy that made this website, slash fake Twitter unfurling. And it says, "Do you trust links? Well, you shouldn't." And so basically, there is a way to make a link on Twitter look like it's going to someplace and then take you to a different place. And the idea is that it could take you to a clone of Uniswap that looks like Uniswap, acts like Uniswap, but instead takes all of your money. So don't get fished. This is a new scam that we've seen now that we know about it. Check your URLs, check your links, verify everything.

• 1:25:41Ryan Sean Adams?

  Guys, and there are so many phishing scams out there. Okay, so like Discord all the time, 20 times a day, I get hit up by things, okay?

• 1:25:49David Hoffman?

  Don't click weird links in Discord.

• 1:25:51Ryan Sean Adams?

  I get text messages these days, you know, like Ledger had a leak, for instance, that gave away a whole bunch of, you know, people's email addresses. I've gotten letters, okay, like in the mail, physical letters, like phishing, like if you're in crypto, yeah, like basically, if you're in crypto, expect to get these things. And they'll look like they're coming from legitimate sources. That's how a fish works. So this looks like it's coming from Uniswap. I get text messages from Google, right? Google support saying, you gotta check your Gmail, like, stuff like this, be on the lookout for it. If you are in the crypto industry for any amount of time, you are going to become a phishing target. So be very skeptical of messages from unidentified sources as they come in. David, what's your take here?

• 1:26:36David Hoffman?

  Yeah, this is actually a talk that I gave at a local San Diego meetup condensed down into tweet form. I'm still working on the talk. But basically, I say, historically, banking has always been centralized while artists have always been at the margins. Artists are on the frontier, they are exploring the margins. And I say, with crypto, the institution of banking is outsourced to the individual. Banking is now also on the margins where the artists are. And I follow it up saying, I'm so damn bullish on human culture. If you put the money next to the artists, what do you think happens? Artists create more things? Like, that's awesome. And that is why I'm bullish on humanity.

• 1:27:13Ryan Sean Adams?

  Yeah, crypto is very bullish on humanity. Actually, this is, at least I think the Ethereum ethos very much is. Let's take this take from Jason Choi. I'll read it out. "Slow success builds character. Fast success builds ego." That's the take. He says, "It explains most of the people you'll meet in crypto." Wow, that's true. This one hit me, like, as far as like, hey, this is my experience in crypto. There are a lot of people in crypto that have gotten wealthy very quickly. And some of them become pretty egotistical as a result of that.

• 1:27:51Ryan Sean Adams?

  My favorite people are the people who have been here for a long time and have gotten wrecked a few times. Okay, like just like made some dumb mistakes and gotten absolutely destroyed by them at some point in time, right? Or at least been through some shit, right? Like so going through 2018, 2019, holding ETH. You had a 95% price drop, guys, okay?

• 1:28:16David Hoffman?

  Even more if you kept on buying on the way down like I did.

• 1:28:19Ryan Sean Adams?

  Right? That was even more painful. So that's the type of thing, experience that really builds character. And honestly, it's like a quiet, humble type of, um, type of character, right? But like on the other side, you see a lot of people who, man, they just YOLO bet on something. Now they know everything. Hi, I've been in crypto for like eight months and I know exactly what's happening. And I've made like, uh, you know, a 50x return, okay? I see a lot of these people and they have pretty large egos because they haven't gone through the trenches that others have. So I don't know, this one just resonated with me and it kind of explains what's actually going on.

• 1:28:59Ryan Sean Adams?

  It's like, um, too much success too quickly can build ego in, in like when it happens to people.

• 1:29:05David Hoffman?

  Let's do a thought experiment. Say there's two people, both of them at one point in time, both have a million dollar portfolio. One person ground and did research and was patient and was responsible and dollar cost averaged into responsible assets that went up. And now that person, over the course of three to five years, has a million dollar portfolio. This person B ape into Dogecoin and they were poor for all three to five years. And then all of a sudden they have a million dollars. Both people have a million dollars. Who do you think is going to be still wealthy like in the next year, right?

• 1:29:37Ryan Sean Adams?

  Right.

• 1:29:38David Hoffman?

  It's the guy that figured out how to actually maintain long-term wealth and long-term responsibility, right? Like if money comes to you extremely quickly, it can also go away from you extremely quickly. So it's good to practice long-term thinking, long-term responsibility, uh, because again, that's what Jason Choi says builds character.

• 1:29:56Ryan Sean Adams?

  Yeah, and you know, I know someone's listening. He's being like, hey, look, everyone in crypto has gotten rich quick. Okay, don't talk to me. I've been like investing for like 30, 40 years, right? But like, but then I go back to somebody like you had on Layer Zero this week, DC Investor, okay? Like DC Investor has been here for a while and he's gotten wealthy via crypto and NFTs, right? But this wasn't an overnight success. Go listen to his story, okay? He's been thinking about how to get out of the rat race and use his money so that his capital works while he's sleeping for like his entire adult life since college, okay? And like, this is not, and he's been involved in all sorts of different communities, like those investment communities.

• 1:30:41Ryan Sean Adams?

  This is not, you know, suddenly he got rich because he made a lucky bet type of story. And it's funny too, because I see in somebody like DC Investor, that slow success that's built up character rather than the ego. And yeah, I think that's what you get. So even in crypto, people think it's like overnight success, but it's, but it's not. And some of the best, some of my favorite people have, have gone through some serious stuff in crypto in order to get to the other side here.

• 1:31:08David Hoffman?

  Yeah, we are blessed that crypto moves faster than the rest of the world and that includes our markets. But you don't want to go too much faster than that. That's when things get unsustainable.

• 1:31:18Ryan Sean Adams?

  That's right. And you know, keep your ego in check, right? Because this stuff is fleeting. Okay. Let's talk about this take from Sam Altman. David wants you.

• 1:31:27David Hoffman?

  Sam Altman says, "There is a special combination of optimism, excitement, camaraderie, exploration, frontier, speed, and knowing a shared secret that existed in the startup community of 2005 to 2012. It has been dormant for a long time. It's nice to see it again in the Web3 community." I really like that shared secret element. And this is like the difference between the people that like, like hounded the Discord CEO. The people that hounded the Discord CEO to get him pulled back on that Ethereum integration, they didn't know the shared secret. Only we know the shared secret. We've got the secret.

• 1:32:00Ryan Sean Adams?

  This is Sam Olton, by the way. I think this is the Y Combinator guy as well. So, you know, that has some resonance here. This is a take from Paulinaia, one of our favorites, talking about modular blockchains generally, but also has some fantastic takes. And he talks a lot about the settlement layer. And here's his tweet. On five top criteria that matter for a settlement layer, this is the the base layer, the layer one for assets and transactions and like the property rights layer that we talk about so much in bankless. He said, the five things that matter are a culture of users running nodes, running their own nodes, wide token distribution, that's number two, credible neutrality, it's number three. Number four is Lindy effect, that's like

• 1:32:45Ryan Sean Adams?

  time without it breaking. And then number, number five is liquidity. And then follows up with this, Bitcoin is still arguably the leader. So it's frustrating to see there's no concentrated effort to support rollups. I think that's like two takes within the take, right? It's like Bitcoin should be supporting rollups because arguably it's leading, or it's number, one of the number one contenders in a lot of these things. But I guess, you know, my, my take off of this is one I completely agree. But this is also why not all layer ones are equal, right? Just because you say you're a layer one, doesn't mean you have these five characteristics. Your users running nodes, wide token distribution, credible neutrality, Lindy time without breaking and liquidity. Okay. Like, and you have to

• 1:33:30Ryan Sean Adams?

  have five of these to actually compete in the game. And of the chains that are competing in the game, it's honestly, right now, it's only Bitcoin and Ethereum.

• 1:33:39David Hoffman?

  That's the whole thing. That's why we consider those two things, the bankless things, because they are actually fighting for these five properties.

• 1:33:48Ryan Sean Adams?

  Absolutely. Yeah. So anyway, it was just nice to see kind of a breakdown of what those things are. And if you have anything to add to this, David?

• 1:33:55David Hoffman?

  Yeah, I put out a tweet that was along the lines of like, hey, do you have a favorite L1 that you identify with? And like everyone in crypto has their favorite L1. And then I said, do you actually, do you understand the values that are embodied in that L1? If you haven't consciously thought about that, you need to. People just and then replied to that like, oh, my favorite L1 is this, my favorite like kind of misunderstanding the point of the tweet. And so this, when I say like, do you understand the values of what is embodied in your L1? And so it's a lot of this, like, do the people run the nodes? Is the actual system decentralized by the people for the people? There is there a wide token distribution? Do we all have access to the upside? Is it credibly neutral, credibly neutral? Or does it king make? Does it bestow rights that some people have that other people don't?

• 1:34:40David Hoffman?

  How long has it been running without breaking? And then of course liquidity, which we talked about at the very beginning of the show, is the actual L1 asset liquid?

• 1:34:48Ryan Sean Adams?

  Do you know what's not listed there is a transaction throughput?

• 1:34:52David Hoffman?

  Yes.

• 1:34:53Ryan Sean Adams?

  How many, how many TPS transactions per second you have?

• 1:34:56David Hoffman?

  Well, so that's why he says, I'm frustrated to see that there's no concerted effort to support rollups on Bitcoin. Cause actually he, he did actually put that there, but it's again, not at the settlement layer. Cause TPS doesn't happen at the settlement layer. TPS happens at the rollup layer.

• 1:35:09Ryan Sean Adams?

  That's right. Bitcoin could totally do this. It's just not.

• 1:35:12David Hoffman?

  It just needs a hard work.

• 1:35:13Ryan Sean Adams?

  Let's do this, David. What's, what's this tweet and what's the take here?

• 1:35:16David Hoffman?

  Yeah, this is Klon. Klon is the OG guy behind the Coolcats NFTs and he does a first now and then later.

• 1:35:26David Hoffman?

  Tweet or picture, it was two tweets, two pictures, 2015. There's this kind of like shoddy looking tent with a bunch of cat drawings that are hanging up on strings, you know, kind of looks pretty weak. But turns out the guy really cares about cats and didn't quit. And now in 2021, on the right side, you see Coolcats on like these LED screens, which are in New York. Amazing. And so

• 1:35:50Ryan Sean Adams?

  Times Square.

• 1:35:51David Hoffman?

  This is what I'm talking about. This is the exact perfect representation of what I'm talking about. When you remove central banking and you push money and banking to the periphery where the artists are, all of a sudden, these guys that really care about their art that are going to stick through it, get funded and all of a sudden we see cute little cats on Times Square billboards. This is what happens when you fund artists. This is the power of NFTs. This is the power of having an asset, like being able to democratize and making NFTs, making assets to everyone. You, you generate communities, you generate culture, you generate art. So congratulations to Klon. If you're listening to this, I actually met you at the LA Coolcats meetup. I don't know if you know, knew who I was, but I appreciate all of your work and I love your community.

• 1:36:35Ryan Sean Adams?

  Yeah, it's just like what this is like the golden age for creators, man. Like the opportunities here, you go from kind of a tent and obscurity to you. You go from like Times Square, right? And this is only possible because of crypto. Back in 2015, when Khan was in this tent, like this whole NFT avenue was not available to him.

• 1:36:55David Hoffman?

  You didn't even have the NFT standard back then.

• 1:36:57Ryan Sean Adams?

  Right? Yeah, we didn't even it hadn't even been invented. So what a golden era, what a golden age to be a creator these days. David, let's talk about what we're excited about. So let me ask you the question, what are you excited about this week?

• 1:37:10David Hoffman?

  Yeah, two things, Ryan, two things. I'm excited about these, this thing that I learned called manifold contracts. And there's a, there's a story here. So while I was at NFT NYC, the last day, Friday, I went to an in real life NFT art show. And a little fun fact about me, fun fact, is once upon a time I was a photographer that was really interested in taking like cityscape, city skylines, geography pictures, and then making like these HDRs where you would take pictures and across many, many brightnesses, and then compress them down into one image. So you get the full range of color and spectrum. It added like a bit of a surreal nature to these like cityscapes. I go into this NFT in real life art show and I see this very, very surreal drone footage of New York.

• 1:37:53David Hoffman?

  And it was like 20, it was on a loop, but it was like 20 minutes long. And I watched the whole thing and I was just like mesmerized by it. And so it's like this, this guy took a drone, flew it around New York, added this like AI like algorithm to make it really, really surreal, really, really like watercolored. He calls them the painted cities. And then I met the artist because he was there. And so there, there's eight different individual units that he was displaying. And he hadn't actually minted these things. And so I do a handshake deal with him and I buy every single one, the whole series to swept the floor. And the thing is we, they weren't minted. So it was a handshake deal. And so I've had to go on a journey with this guy, with this guy Nate, to actually figure out how to mint these damn things.

• 1:38:35David Hoffman?

  And I didn't really realize how big of a problem this is that is currently being tackled right now by so many different teams. And so I asked around because if you mint them on like foundation, if you mint them On super rare, you're putting the, what's that word, provenance in, in foundation or super rare. And we don't want that. That's a little bit of the web two model. I'm sure super rare and foundation have something to say about this. But I want the artist to have the provenance. I want to buy them from Nate, the artist, not super rare, the platform. And so I want Nate to mint the tokens. And so going through the journey of like asking people around like, hey, guys, like, how do we, how do we do this? Because I want my art, I want my NFTs that I paid a lot for to be on all the platforms, not just the one that we minted them on.

• 1:39:20David Hoffman?

  We discovered this thing called manifold contracts from the manifold team. And manifold is this cool NFT minting platform that they call it stateless, as in like it doesn't host anything. It takes your tokens and mince you some contracts that is yours as an artist. And then you can mint the NFTs and that is again your contracts. And then it takes the data of the NFT, the actual JPEG, or in this case, like a gigabyte size of footage, puts them on our weave for decentralized file storage. And then the tokens are owned by the artist and can go anywhere, OpenSea, super rare, foundation, like whatever NFT platform show up and it gives complete ownership to the artist.

• 1:40:01David Hoffman?

  So, so manifold doesn't actually collect any rent from this process. They are just supporting infrastructure to mint these tokens. And I'm really bullish on that. That's really, really cool. And so we're waiting for gas prices to come down because it's going to cost a bunch of gas to mint these things. But I'm really excited for that. And then just like learning through that whole process. We're going to get manifold on a state of the nation to talk about this process and that is what I'm excited about. Only the first thing though. The second thing is I'm also excited about metaverso in Puerto Rico, which is the first week of December. So Puerto Rico blockchain week, G money is throwing metaverso. I'll be speaking there. So if you guys are going to metaverso in Puerto Rico for the first week of December, I will see you there.

• 1:40:38Ryan Sean Adams?

  That's awesome. Very cool, man. Yeah, it's, uh, yeah, I would love to learn more about manifold, honestly, and this whole minting process from, from that angle of not, uh, not learned about that yet.

• 1:40:48David Hoffman?

  Yeah, no, it's, I'm glad I actually had the experience. I didn't know that this was a problem that exists, and now I'm exploring how to solve it. And so I will report back when I find out. Ryan, what are you excited about?

• 1:40:58Ryan Sean Adams?

  Um, what am I excited? Okay, so I'm excited that like, so I always think about this a little bit when the holidays come about, which is like talking to friends and family about crypto, right? Because you know, they're going to ask, especially in up years, usually they're quiet, like in the bear market. Um, so I tweeted this out. Uh, what was the most common objections to crypto you hear from your family and friends? Just, you know, put that out there. Then I read through the objections, David, and my impression was like, holy crap, that's all you got?

• 1:41:26David Hoffman?

  Yep.

• 1:41:27Ryan Sean Adams?

  Right? Like, most of the objections are just a result of a massive education gap. Like, I was, I was left again with the impression that we're still early. It was just the same old stuff. Like, nothing backs a Bitcoin. Um, the governments are going to shut it down. Uh, it doesn't scale. I can't buy my coffee with crypto yet. It's like the same old objections that have been answered in a thousand ways, a thousand different times. Like, there's really nothing meaningful here that, that's new or different. Uh, and so, yeah, I was just left with that, that impression that's like, wow, it's been a while since I've kind of peeked my head at, up from crypto and like talked to people in the real world

• 1:42:10Ryan Sean Adams?

  who aren't yet, I guess crypto pilled, aren't yet into, uh, like why we're in this industry and what we're doing here. And the objections just haven't really gotten any better. In fact, the, they've deteriorated, right? It's like, even, even like, um, what, what does crypto actually do? What are the products behind it? Like, wow, I mean, we have answers to all of those things now. I mean, go check out a Dharma wallet. It's like, where else can you get, you know, 8% yield? Okay, like, it's like NFTs. Where do they exist? Uh, like the metaverse, like Facebook is even seeing this future. Uh, so I think it'll be a different conversation, I guess. Um, you know, during, during the holidays for, for many people and, uh, we'll have a lot to show.

• 1:42:52Ryan Sean Adams?

  But like, I guess just be prepared, the objections haven't really gotten any better. And I guess that's bullish for, uh, for crypto.

• 1:42:58David Hoffman?

  I, I think my take here is that if they haven't gotten better and they've only gotten worse, that's because... They only worse and worse objections actually can work anymore because like we've, we've answered all the good objection. Here's a good objection and then we solve that problem, right? And so we were actually eating away at all the objections because we're actually delivering on some of these promises.

• 1:43:18Ryan Sean Adams?

  Yeah, I think that I think that's true too. So anyway, that's, that's what I got. David, you ready for me of the week?

• 1:43:24David Hoffman?

  Uh, yeah, which one? We got two of them this week, right?

• 1:43:26Ryan Sean Adams?

  We'll start with this one.

• 1:43:27David Hoffman?

  Yeah. Okay. So this is, we've, we've done this meme format before. So this is the army man protecting the sleeping child, right? So we have the SEC and it's protecting the sleeping child from a bunch of money coming in with the airdrops. Like no SEC does no money for the, for, for the, for the child. Meanwhile, on the other side of the frame, we have crypto scams coming in hot with grenades and knives going right for retail investors. So SEC protecting you from those airdrops, but not from the scams. Hmm.

• 1:43:54Ryan Sean Adams?

  This about summarizes it and maybe is a call for a switch of priorities there. David, let's do this next tweet. What's this?

• 1:44:02David Hoffman?

  This one's great. I'm, I'm pretty sure Michael Wong made this one, but the last time I said this on the show, it turns out it was actually you, Ryan. So maybe you'll

• 1:44:08Ryan Sean Adams?

  This was not me.

• 1:44:09David Hoffman?

  This was not you. Okay. So this is the, the guy looking in the mirror of his car. The mirror says, objects in mirror are closer than they appear. The guy is banks. Banks are looking in the mirror. Objects in mirror are closer than they appear. What's in the mirror? L2 scaling. Just coming, coming fast, coming fast.

• 1:44:26Ryan Sean Adams?

  Just chasing down like a predator. That's awesome.

• 1:44:28David Hoffman?

  All right, guys. Ryan is about to give his very famous disclaimer, but after the disclaimer, we have two moments of zen. They are both songs about ENS. One is about the ENS Dow, one's about the ENS airdrop. They are both really catchy and I'm just extremely surprised that both of these songs are fantastic. One of these, the first one is going to be the goodbye, a guy, Jonathan, I think is his name, that makes one song a day and he's done this for like 5,000 days or something like that, something crazy. Uh, and the other song is a rap artist that I don't know, but they're both good. They're both good. Okay. So stay tuned for that. Ryan, tell us about going west.

• 1:45:01Ryan Sean Adams?

  Yeah, yeah, yeah. Stay tuned for the sick beats, but I gotta tell you, none of this has been financial advice. Of course, ETH is risky, Bitcoin is risky, all of crypto is risky. You could definitely lose what you put in, but what are we doing, David? 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.

• 1:45:27Speaker 02

  Nobody can take away somebody else's prize

• 1:45:34Speaker 02

  But still there are just a few things that need to be won And the power of a special discretionary touch of a human E N S down, come on let's go now, we got the power to take it E N S down, come on let's see us how, we're all gonna make it

• 1:46:04Speaker 02

  Decentralize autonomous organization time Use your token to vote for what you think is right

• 1:46:19Speaker 02

  Jamie, Bonnie, and Sunnydale, all these are mine And come what may, they will remain to the end of time

• 1:46:33Speaker 02

  E N S down, come on let's go now, we got the power to take it E N S down, come on let's see us how, we're all gonna make it

• 1:46:48Speaker 02

  E N S down

• 1:46:52Speaker 02

  E N S down

• 1:46:56Speaker 02

  E N S down

• 1:47:07Speaker 03

  Airdrop and a stimulus

• 1:47:19Speaker 03

  I got some E N S for my ether dress on that airdrop, that's a stimulus E N S got me feeling blessed, I got diamond hands feeling limitless E N S, that's a bigger check, it's a bigger flex on the internet E N S for my ether dress, that's an airdrop and a stimulus Ethereum domain, shout out my bro main We blowing up like some propane, we still going up so I'm holding Smart contract down I'm like wow, wait how? Not worry now. I got some ENS for my E to dress on the airdrop, that's a stimulus. ENS got me feeling blessed, I got diamond heads feeling limitless. ENS, that's a bigger check, it's a bigger flex on the internet. ENS for my E to dress, that's an airdrop and a stimulus.

• 1:48:03Speaker 03

  I just got me a D E. NFT domains, I got them for sale. He said he playing and we. ENS stimulus treating me well. I made it came by the beach. New opportunities, we can excel. When I invest, I believe. I got some ENS for my E to dress on the airdrop, that's a stimulus. ENS got me feeling blessed, I got diamond heads feeling limitless. ENS, that's a bigger check, it's a bigger flex on the internet. ENS for my E to dress, that's an airdrop and a stimulus. I got some ENS for my E to dress on the airdrop, that's a stimulus. ENS got me feeling blessed, I got diamond heads feeling limitless. ENS, that's a bigger check, it's a bigger flex on the internet. ENS for my E to dress, that's an airdrop and a stimulus.

• 1:48:46Speaker 03

  Airdrop and a stimulus.

• 1:48:53Speaker 03

  Airdrop and a stimulus.

• 1:48:59David 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, podcasts, 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

• 1:49:44David Hoffman?

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