ROLLUP: ConstitutionDAO | Tarantino NFT Sued | Beeple & Jimmy Fallon | FEI RARI

3rd Week of November, 2021 ------ 📣 OPOLIS | YOUR CRYPTO CAREER https://bankless.cc/Opolis ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum 🍵 MATCHA | DECENTRALIZED EXCHANGE AGGREGATOR https://bankless.cc/Matcha 🔐 LEDGER | SECURE YOUR ASSETS https://bankless.cc/Ledger 🧙‍♀️ ALCHEMIX | SELF-PAYING LOANS http://bankless.cc/Alchemix ------ Topics Covered: 0:00 Intro Permissionless: https://newsletter.banklesshq.com/p/discount-to-permissionless-2022 Office Hours: https://twitter.com/BanklessHQ/status/1461054473355202563?s=20 4:30 MARKETS 5:06 BTC Price 5:38 ETH Price 7:30 ETH BTC Ratio 7:49 DeFi Action 9:57 EIP 1559 https://twitter.com/ultrasoundmoney/status/1459817712859983874 14:01 Hot Tip https://twitter.com/marcandu/status/1458899957713412108?s=20 14:54 ETH Flows https://dataalways.substack.com/p/a-flows-based-ethereum-price-model 19:52 Memory Lane https://twitter.com/birdygoesnomnom/status/1460555652649074691?s=20 25:05 Metamask Users https://twitter.com/MetaMask/status/1460991963650576388 25:31 New Uniswap Fee https://twitter.com/haydenzadams/status/1460483484615643137?s=21 28:30 RELEASES 29:30 Polygon Miden https://twitter.com/0xPolygon/status/1460609713922457606?s=20 31:29 Argent on Starkware https://twitter.com/argentHQ/status/1459494241332342785?s=20 32:21 Ledger & Metamask https://twitter.com/Ledger/status/1459174812300025861 33:27 Brave Wallet https://brave.com/brave-wallet-launch/ 34:20 Bitwise DeFi Report https://twitter.com/BitwiseInvest/status/1460674225489027079?s=20 35:54 The Rug https://twitter.com/TheRugNews/status/1460007995710971904?s=20 37:43 Consensys Raise https://www.theblockcrypto.com/post/124615/consensys-raise 39:03 New Paradigm Fund https://twitter.com/matthuang/status/1460246458272137217?s=20 40:31 StarkWare Raise https://www.theblockcrypto.com/post/124479/ethereum-layer-2-developer-starkware-raises-50-million-now-valued-at-2-billion 41:41 Gallery https://twitter.com/usegallery/status/1460690275945246723?s=21 42:43 Jobs https://pallet.xyz/list/bankless/jobs 44:20 NEWS 44:36 ConstitutionDAO https://www.sothebys.com/en/digital-catalogues/the-constitution-of-the-united-states 50:00 Fei Rari https://twitter.com/joey__santoro/status/1460693387426729987 52:02 Adidas POAP https://twitter.com/adidasoriginals/status/1461057188529594375 52:45 Huobi & zkSync https://blog.matter-labs.io/huobi-2dabb6c2bfb2 55:26 Optimism Opening Up https://twitter.com/sassal0x/status/1459372143519490050 56:12 Beeple on Fallon https://twitter.com/BandoNFT/status/1458685013348786176?s=20 58:40 Tarantino Lawsuit https://twitter.com/coindesk/status/1460757938256162824?s=21 1:02:17 Time & Galaxy Digital https://time.com/6121132/time-and-galaxy-digital-partner-to-demystify-the-next-immersive-digital-frontier-the-metaverse-through-a-first-of-its-kind-partnership/ 1:03:18 OpenSea 10B Valuation https://www.theinformation.com/articles/nft-marketplace-opensea-offered-10-billion-valuation 1:03:49 Bitcoin Taproot https://cointelegraph.com/news/breaking-the-bitcoin-network-welcomes-taproot-soft-fork-upgrade 1:05:40 Crypto.com Arena https://twitter.com/ShamsCharania/status/1460832641352040449?s=20 1:07:47 Infrastructure Bill https://twitter.com/jerrybrito/status/1461317078175072263?s=21 1:09:30 India Kinda Banning https://www.coindesk.com/policy/2021/11/17/india-to-ban-crypto-as-payment-method-but-regulate-as-asset-report/ 1:12:00 TAKES 1:13:00 CZ is Rich https://twitter.com/RyanSAdams/status/1461098707361878017?s=20 1:16:32 Bitcoin vs ETF https://twitter.com/woonomic/status/1460117810273656832?s=21 1:19:05 DAOs are Games https://twitter.com/nicknaraghi/status/1459166906968154121?t=3MziN0Lt2_8hq7DHFmeqRw&s=19 https://twitter.com/nicknaraghi/status/1459166906968154121?t=3MziN0Lt2_8hq7DHFmeqRw&s=19 1:19:51 Best of Both Worlds https://twitter.com/trustlessstate/status/1459589386173964288?s=21 1:24:22 Why Web3 Wins https://twitter.com/TrustlessState/status/1460383727998017539?s=20 1:29:10 NFTs vs Scammers https://twitter.com/RyanSAdams/status/1460662418636513285?s=20 1:32:18 What David’s Excited About 1:33:10 What Ryan’s Excited About 1:35:56 MEME of the Week https://twitter.com/dogetoshi/status/1460957920666038276?s=21 https://twitter.com/TrustlessState/status/1460446365629120516?s=20 MOMENT OF ZEN https://twitter.com/songadaymann/status/1460686031762739215?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?

  Bankless Nation, happy 3rd week of November. David, what time is it?

• 0:11David Hoffman?

  It's the Friday Bankless Weekly Roll-Up Time, the time where we try and roll up an entire week of crypto, which is always an ambitious endeavor, but we have fun doing it regardless. Ryan, are you ready to roll up the week?

• 0:22Ryan Sean Adams?

  I'm ready, man. Hey, I like your shirt, by the way, David. It looks like we're doing the red-black combo.

• 0:27David Hoffman?

  Yep, red-black. Totally, yeah.

• 0:29Ryan Sean Adams?

  Wait, is that a full Spider-Man uniform? Do you have the pants to match that?

• 0:32David Hoffman?

  No, no, pants are just shorts. They're just shorts.

• 0:34Ryan Sean Adams?

  I was just like, wait a second, Peter Parker.

• 0:37David Hoffman?

  People always tell me I look like Tobey Maguire, so I'm just taking that and running with it.

• 0:42Ryan Sean Adams?

  The original Spider-Man, Tobey Maguire?

• 0:44David Hoffman?

  Yes, the OG.

• 0:45Ryan Sean Adams?

  Who's your favorite Spider-Man, by the way?

• 0:47David Hoffman?

  Oh, Peter Parker. Excuse me, excuse me, Tobey Maguire, Tobey Maguire.

• 0:50Ryan Sean Adams?

  Tobey Maguire?

• 0:51David Hoffman?

  I look like him. That's what people tell me. Of course he's my favorite.

• 0:54Ryan Sean Adams?

  New guy's really good. What's his name?

• 0:56David Hoffman?

  Oh, yeah, yeah.

• 0:57Ryan Sean Adams?

  Why can't I hear his name? He's really good, too.

• 0:59David Hoffman?

  I know who you're talking about, but I don't know his name.

• 1:01Ryan Sean Adams?

  Yeah, all right, all right. Brian Sean Adams, Tobey Maguire. We've got some main events to cover this week. One is Constitution Dow. David, a Dow is buying the US Constitution. What's up with that? We gotta cover that. Also, Adidas is issuing NFTs now, a Poet Badge. Jimmy Fallon just bought a Bored Ape, or so I'm told, and Crypto.com bought an entire... No, they didn't buy it. I think they put their name on an entire arena, which seems to be the trend among crypto banks. So guys, we are going to cover all of those things. It's gonna be a hot week in crypto, as it always is. David, we should talk about permissionless, because I believe new tickets just went on sale. You recall, every 2 weeks, new tickets go on sale. They're issued. They get a little bit more expensive every time,

• 1:43Ryan Sean Adams?

  so you want to get in early. This is going to be the, I think, conference event, DeFi conference event of 2022. And I said DeFi, but it's not just DeFi. It's the Metaverse as well. It's, you know, regulation, DeFi, like, we're covering it all. If you are a Bankless listener, if you're a Bankless member, I should say, premium member, you get a discount on the subscription. It's a 20% discount. We'll include a link in the show notes to that. David, are you excited about this conference? Going to a lot of conference conferences lately, but what's, what's special about this one?

• 2:13David Hoffman?

  Oh yeah. All of these conferences that I'm going to are just practice for going to permissionless in, in May. I'm like working my way up to it, right? Yeah. So permissionless in May in Miami or yeah, in South Beach Miami. Uh, excuse me, Palm Beach in, in Florida. Oh, Florida is the same. Uh, it's going to be a ton of fun. I'm really looking forward to the, the party that we're throwing. We still have to get that ball rolling with planning that thing. Uh, May is going to come around quick. Uh, so you gotta get your tickets because you gotta come. Me and Ryan are, uh, unless we find some reason to meet beforehand, this will be where me and Ryan shake hands. So if you want to watch that, like, yeah.

• 2:48Ryan Sean Adams?

  I might come to ETH Denver, but, but maybe this will be the one. We'll see, we'll see. Uh, anyway, it'll be historic. Certainly biggest DeFi conference of the year. David, let's also talk about this. We are doing a new office hours. This is for bankless premium members. First one starts today as you're listening to this on Friday. So we're going to be hanging out in the inner circle Discord and answering questions, uh, kind of ask me anything style. And a whole bunch of bankless members have been already asking questions. And these are pretty tricky, dude. Like, uh, like this is not the one-on-one level of questions, right? These are like, you know, three hundreds level, four hundreds level. Some of them, uh, I'm curious, like somebody asked, uh, what our bags are. Yeah. I want to hear what your bags are, David Hoffman.

• 3:26David Hoffman?

  I think that that's going to be the, the theme of this AMA is like really technical, hard questions that I'm actually going to have to do my homework on. And then what are my bags? That's going to be the two types of questions that we see.

• 3:37Ryan Sean Adams?

  Yeah, that'll be really fun though. Uh, last thing we got to mention is our friends at Opelis are doing something super cool. David, tell them what Opelis is while I click the link here.

• 3:47David Hoffman?

  Yeah. Opelis is DAO infrastructure by a DAO. Uh, so we always talk about how you can go work for DAOs nowadays. Just hop into the Discord, start contributing. One of the unsolved problems with living a DAO life is things like healthcare benefits or all the other benefits that you would get at a typical centralized company. Well, Opelis is a co-op, a co-op DAO of sorts that is providing all of these, the same basic employment services for people that work for DAOs. So you can get healthcare payroll services all through Opelis. And just like all the other DAOs, if you use. Opus, you become an owner in Opulus. And so if you actually sign up before the end of the year and choose to get your payroll paid by Opulus, you get a 1,000 work token. That's

• 4:30David Hoffman?

  the token for Opulus bonus, along with 1,000 bank tokens as well. So if you want to sign up with Opulus, there's a link in the show notes where you can chat with a membership steward today and get some of your typical web two legacy infrastructure working for you in web

• 4:45Ryan Sean Adams?

  three. Guys, this is really cool. The future of work is the self sovereign worker, basically. And this is what Opulus allows. Also, David, I didn't know this, but on the payroll, you can get paid in crypto. Want to get paid in ETH? Want to get paid in, you know, some, well, you can with Opulus. So really cool that they are providing this. So make sure you check that out, Bankless listeners. All right, David, you ready for markets time? Let's talk about King Bitcoin, still on the top, but it's been a sad week for Bitcoin. We are down. What, how much are we down at the time of recording, David?

• 5:16David Hoffman?

  Yeah, we had some, some good weeks leading up to this one. So it's no surprise that we had a bit of a pullback. We started this week at $60,000, hit a high of $66,000, but currently are at $57,000 and 800. So down about 11% on the week. So yeah, 11%. That's not a small number.

• 5:36Ryan Sean Adams?

  Sad music playing right now. How about ETH? Is it saying a similar story?

• 5:40David Hoffman?

  Yeah, yeah. Started the week at $42,000, hit a high of $4,800 and is currently clocking in at just above $4,000. We were very briefly below $4,000 about an hour ago before we started recording. Right now, we got $4,056 overall, down 13 and a half percent on the week.

• 5:59Ryan Sean Adams?

  Allow me, sir, to zoom out. May I zoom out?

• 6:02David Hoffman?

  Right. Please do. Please do.

• 6:04Ryan Sean Adams?

  Let's look at it on the monthly.

• 6:05David Hoffman?

  Up, we're up on the monthly.

• 6:07Ryan Sean Adams?

  We're up a little bit on the monthly. So we started the month at 3,800, still up on the monthly. So, you know, if, if you told us we would be about here a month from now, that would be okay. Let's take a look at the three month time period. So I guess we're up on the three month. Remember all crab season, all summer, we were basically into like, I guess into September, we were kind of hanging in this 3K range, you know, and under 3K felt a little bit like sad, a little bit bearish. We were just hugging this 3K line. Now we're at 4K. So, I mean, still like, we got. Lot to be thankful for going into the Thanksgiving holidays.

• 6:46David Hoffman?

  Two weeks ago, people were just like, please give me 4K. Please give me 4K. Then we got up to $4,800 and now we're back down to 4K and people are like, oh, I'm so bearish.

• 6:58David Hoffman?

  Like this, this, the year to date graph that you have up right now, like it's pretty choppy, but there is a very clear up and to the right trend for the entire last 12 months. Right. And so again, just short-term chop.

• 7:10Ryan Sean Adams?

  And I think if you want the big picture story, we had Ben Cohen, Cowan on our podcast on Tuesday of this week. And he kind of, you know, he's the chart expert. He's the cartographer, as he said. He charts this out far into the future. So if you're looking to get a hold of where we are in the cycle, the fourth cycle, make sure you check out that episode as well.

• 7:28David Hoffman?

  Yeah, that was really, that was a really fun episode to record.

• 7:30Ryan Sean Adams?

  Let's talk about the ETH Bitcoin ratio, because that's something we talked about with Ben as well. Where are we right now?

• 7:37David Hoffman?

  Marginally down on the week. I believe last week we're at point 072. We are clocking in at point 07. So just down, down a smidge on the week.

• 7:45Ryan Sean Adams?

  Down a smidge on the week. Not a big story there, but we continue to monitor that. DeFi Paul, DeFi Pulse is telling us total locked value in DeFi is still above $100 billion. Not bad for sort of a bearish week. We're at 106 billion. Anything else you want to say about that?

• 8:02David Hoffman?

  Yeah. Maker continuing to have that dominance as the number one most locked DeFi app, clocking in at 16.7% of all value locked in DeFi.

• 8:11Ryan Sean Adams?

  Yeah, it's pretty cool. DeFi Pulse index. So this is a list of your DeFi tokens. So looks like DeFi took a big tumble.

• 8:20David Hoffman?

  It looks like a big oof, Ryan.

• 8:23Ryan Sean Adams?

  That's, is that down 18%?

• 8:25David Hoffman?

  Almost 19%. Yeah. Started the week about $420. Nice. Now is at $320, down $100. Yeah. Almost 20% on the week.

• 8:35Ryan Sean Adams?

  What happened to DeFi? I guess, you know what? It's still, if you zoom out on the month, it's about the same as it was a month ago. It's just because we thought we were going back into a DeFi season momentarily. And then this week told us otherwise.

• 8:48David Hoffman?

  Absolutely. Yep. Big rug by the DeFi tokens for the last month. Like big, big up and followed by big down.

• 8:55Ryan Sean Adams?

  Sad story for DeFi tokens lately, but this tells the saddest story of them all, David. You know this, you know this graph very well. You know what's coming at this point in the show. You try to strip it out of the agenda. I put it back in, sir. You don't really do that. It's okay.

• 9:07David Hoffman?

  This is, Ryan's talking about, of course, the DPI over ETH, the DPI ETH ratio, which over the last November, it's been flat. So that that point zero eight is the new floor. Well, we don't know how strong that floor is. Last time I talked about the floor, I was wrong about that. But yeah, so it's been flat for November, clocking in at point zero eight, a little bit down on the week.

• 9:31Ryan Sean Adams?

  Wow, it's it's down just like.

• 9:34David Hoffman?

  We know, we know it's down. We know it's down.

• 9:36Ryan Sean Adams?

  It just keeps going down. Let's talk about the bed, though. So this is our combo of a third Bitcoin, a third ETH, and a third DPI. So what is this showing us this week? It's down.

• 9:47David Hoffman?

  Yeah, it's down. It's down. Yeah, down. It started the week at $200, clocking in currently at $160, down 16% on the week.

• 9:54Ryan Sean Adams?

  Yep. Sadness, sad music playing, down, down, down. But let's look at the happier side of things, David. One contract, that is OpenSea, just clocked in 100k ETH that it has burnt. You know, we monitor the amount of ETH being burnt on kind of a weekly, monthly basis. This is one single application on top of Ethereum, of course, like the most, the largest NFT application to date. And that application alone, OpenSea, has burned over 100,000 ETH supply. Pretty insane to see these numbers.

• 10:28David Hoffman?

  Yeah, and it's crazy. That's just one application. Granted, if you add in Uniswap V2 and V3, you actually get 108,000 ETH burned, if you combine those two things. But again, the point is, one single contract burned over 100,000 ETH, which is just crazy.

• 10:44Ryan Sean Adams?

  I think it's interesting to look at this leaderboard by apps, right, over the full time span. So what what are the big product market fits for Ethereum to date, right? Well, the first is NFTs. You see that in OpenSea. The, you know, second is Uniswap, as you mentioned, that's maybe even greater than OpenSea. So we're doing NFTs, we're doing a lot of trading. The third is actually ETH transfers. So we're sending ETH back and forth to one another. ETH, the pristine collateral, the the native currency of Ethereum, the money of the Ethereum economy is. Actually burning a lot of ETH itself. And then the the fourth is a stablecoin is Tether. I think this shows us like if you want to encapsulate what are the product market fit use cases for crypto to date?

• 11:27Ryan Sean Adams?

  It's like NFTs, DeFi predominantly trading, ETH transfers, ETH payments and stablecoins. That kind of sums it up. So it makes sense that we'd see those applications here.

• 11:38David Hoffman?

  Actually, I'm not sure. I'm going to be offer a counterpoint because I actually don't think that that is the perfect proxy for showing product market fit. Because collateralized borrowing and lending is a huge product that DeFi offers that clearly has demand. And that's actually something that doesn't burn a lot of ETH by the nature of what it is because it doesn't just doesn't require a lot of transactions. Right? So you lock up a bunch of ETH one time, you borrow like USDC or DAI one time and then you go and do stuff. But like, that's a huge use case, a lot of value. Like, imagine how much TVL is in DeFi, over $100 billion. But that doesn't necessarily actually create the incentive to make transactions on Ethereum in the way that trading and payments do.

• 12:19David Hoffman?

  Payment, trading and payments is just simply things that happen in very large quantities on a reoccurring basis and therefore burns a lot of ETH.

• 12:26Ryan Sean Adams?

  Yeah, that's a great point, David. I guess it doesn't cover everything. Certainly it doesn't cover all of those total locked value collateral type use cases in this metric. Let's also talk about this. This, why don't you read out this tweet? It's another crazy metric that we don't often talk about.

• 12:40David Hoffman?

  Yeah, for the listeners, there's a graph here and the tweet says, crazy metric that I haven't heard anyone talk about. EIP1559 has now burned more tokens than Ethereum miners currently hold. Miners generally hold the assets that they are mining because they generally believe in the things that they're mining rather than just being pure profit. But as you can see, the amount of community of Ether being burnt is just like skyrocketing in relation to actual miners being holding on to Ether. And so it's just a kind of a cool comparison, cool metric. This is, it feels like forced hodling by the network itself, right? Like all that orange amount of Ether being burnt is like Ether, Ethereum itself, the protocol, putting Ether in the piggy bank for a rainy day.

• 13:22David Hoffman?

  Right? And this is really what EIP1559 is. It's, it's locking in revenue so that it makes Ether more scarce. So that when it becomes time to actually subsidize security, we actually have like reserves to actually subsidize security for.

• 13:36Ryan Sean Adams?

  Of course, this also means gas fees continue to go up. So average gas fees, I believe, like the month of October and into November were like higher than they ever have been. So people transacting on mainnet are feeling the squeeze for sure. And that's why hopefully Layer 2 is coming. And I, you know, I believe it's coming. We're seeing it coming, but hopefully it gets here quickly.

• 13:57David Hoffman?

  We have some Layer 2 things to talk about, so we will dive into that subject later.

• 14:01Ryan Sean Adams?

  Well, let's talk about when's the best time actually to do an Ethereum transaction on mainnet?

• 14:05David Hoffman?

  Yeah, this is a fantastic, fun little, fun little fun fact, which are my favorite kind of facts. This is Mark Andre Dumas, who I believe still works at MakerDAO, really big data guy. And he says Ethereum base fee, which is the gas price, is on average 8% higher at the top of the hour. So you should schedule your transactions accordingly, meaning that the last 10 minutes of an hour, like, you know, 250 to 259, is actually there's 8% lower gas fees on average. And if you want to click that little, that image, Ryan, you can, you can see the data here. Apparently, there's just a surge in demand in the first like 15 to 20 minutes that tapers off for the rest of the hour. So that's an interesting little tidbit. People have their transactions scheduled for the top of the hour for some reason.

• 14:49Ryan Sean Adams?

  That's kind of weird, huh?

• 14:50David Hoffman?

  Yeah, that's weird.

• 14:52Ryan Sean Adams?

  Yeah, I wonder why that happens. But you know what? I read this report this week that was, you know Bitcoin's stock to flow model that has been quite popular in terms of predicting Bitcoin's price? Somebody actually put together a flows-based price projection for Ethereum, which was super interesting. And this is the graph they came up with. This is flows based on a price model with and without EIP 1559. So the without EIP 1559 is shaded in this red portion. The with EIP 1559 is shaded in this blue portion. And then they went as so far as to estimate what this looks like, kind of like a long-term theoretical price

• 15:33Ryan Sean Adams?

  model on a, on a flows-based calculation post the merge. So when issuance on the proof of work chain goes away, drops from like 4, 4.25% all the way to zero, and all we have is Issuance on the proof of stake chain, which is like also, of course, you have to subtract the IP 1559 and the fee burn for that. What's this going to look like? And the model tries to produce predict pricing and it predicts pricing as of like July. Let's say the merge happens in July of next year, which might be about right, right? It feels like maybe not too conservative, feels probably about right.

• 16:11Ryan Sean Adams?

  Anyway, price for July 2022 should be oscillating around 65,000 ETH at that point in time. And this again is if you just use a stock to flow kind of, you know, theoretical pricing model, which it takes into account all of the new supply that is getting injected into the market and you kind of model that out. So what's super interesting to me, David, is just this is still another is yet another indication that it's not priced in. Okay. Like the merge, proof of stake, everything that's happening on Ethereum. I still feel like whether we're at 4,000 ETH, 3,000 ETH, 5,000 ETH, 8,000 ETH, 10,000 ETH,

• 16:56Ryan Sean Adams?

  maybe it's still not priced in. I mean, like you guys can read this, uh, read this report for yourself and see what you think. There's some other interesting graphics from it as well, including this one, which is actually one of my favorite, most bullish charts for going bankless. This is the amount of Ether on exchanges and over the last 16 months, there's been a 36% decrease on Ether of Ether on centralized exchanges. And it's going somewhere. It's going to staking contracts, going in smart contracts, going in, you know, DeFi protocols is going off of exchanges. And that is a good thing for, for bankless. So I don't know. What's your take?

• 17:36Ryan Sean Adams?

  Do you think this stuff is priced in or are we like, I mean, why, why isn't the market reacting to this? Because, you know, somebody told me the other day, hey, Ryan, none of this is secret information, right? What you guys are saying, like people know that the merge is happening. People know that there's this supply shock. I mean, it's not just bankless. Saying this now, it's others who are saying it. It's a well-known public fact. Has the market priced this in yet or not?

• 18:02David Hoffman?

  Oh, I don't think the market has ever priced anything about Ethereum in like what Ethereum is is so hard to like completely understand. And like, yeah, a lot of people are talking about like the whole modular blockchain, how Ethereum over its time will ultimately become a platform that sells its space to other blockchains, not to other humans or individuals or funds or whatever. And like, that's the most sustainable form of revenue of all time. When you're like, other blockchains are your, your primary clients. And like, maybe people look at that $65,000 Ether price and they just scoff and like, that's too ridiculous. That's too crazy. Why are you in crypto in the first place? If that's what you think, this is why our industry is crazy.

• 18:42Ryan Sean Adams?

  It's like, do you know crypto? Like, have you been here? How long have you been here exactly?

• 18:46David Hoffman?

  We're here for the craziness, right? And so

• 18:49Ryan Sean Adams?

  But the craziness is commonplace. I mean, it would be, it would be crazier to expect not crazy things.

• 18:55David Hoffman?

  Yes, that is true. This is absolutely true. And like, the humans are not very good at understanding or thinking in exponentials. And so like you, it takes some time to wrap, wrap your head around, this isn't a 2X game. This is a 10X game, right? And this isn't happening over a decade. This is happening over like one to three years. And so like, when I see the $65,000 ETH price tag, I'll be shocked, just like the next person, just because it's a shocking number. But like, it's also kind of expected.

• 19:24Ryan Sean Adams?

  Well, and this, this model specifically is kind of interesting because it's just based on issuance, right? It's based on you, you hold demand constant and then you decrease issuance by the amount it's about to decrease. And then you model that out and you see what happens. And this is what happens, right? So like, unless demand spikes all the way down, this is kind of going to be what, what happens, guys. Like, I, I don't know. I mean, I guess we'll have to see. Nothing is certain, but it does feel very underpriced to me. But David, let's, let's go back down memory lane. We were talking about previous markets and, and previous runs. Birdynomnom.eth put together, like apparently this person has been taking a screenshot of coinmarketcap.com

• 20:07Ryan Sean Adams?

  for the past like five or six years and putting them together. And what's super interesting, here's November 2016.

• 20:15Ryan Sean Adams?

  Look at, look at the market caps here.

• 20:17David Hoffman?

  That's crazy.

• 20:18Ryan Sean Adams?

  Let me read some of this out. Bitcoin, $12 billion in market cap, only $12 billion. What is it now? It's well over a trillion, right?

• 20:26David Hoffman?

  Yeah, it's well over a trillion, yeah. Individual Bitcoin clocking in at $747.

• 20:32Ryan Sean Adams?

  Ether, $9.53. This is 2016. What were you doing in 2016 at this time?

• 20:40David Hoffman?

  Working in social services.

• 20:42Ryan Sean Adams?

  Really? This is like, and then, okay, Ripple clocking in at number three, and then Litecoin, Monero, Ethereum Classic, Dash, Augur, NEM, Made Safe Coin. Okay, which ones are still left standing? I guess Litecoin. Is Litecoin even in the top 10?

• 20:58David Hoffman?

  It's not in the top 10. No, I think it's in the top 30 now, yeah.

• 21:01Ryan Sean Adams?

  We had a crazy year in 2017. Look at the, the, the market cap increase. $124 billion for Bitcoin, Ethereum number two, and then Bitcoin Cash, number three. We still have Ripple there, still Litecoin. Do you remember Dash?

• 21:16David Hoffman?

  I do remember Dash, yeah.

• 21:17Ryan Sean Adams?

  Do you remember Iota in 2017? Bull Run. Monero's still there. NIO, NEM, like, what are these things? Do they even exist anymore?

• 21:24David Hoffman?

  Negated to history.

• 21:26Ryan Sean Adams?

  NIO was like the Ethereum of China.

• 21:28David Hoffman?

  Yeah, that was his brand, yeah. The Ethereum of China, like, forgetting that, like, these are based on the internet, not domiciled in countries.

• 21:35Ryan Sean Adams?

  Do you remember Iota 2017? Do you remember something called a DAG?

• 21:39David Hoffman?

  DAG, yeah. I, I, the DAG trade was my biggest trade. I was, I made, I made my first big trade on Iota, and I rotated that right into Rayblocks, and those were my two big wins of 2017, I remember.

• 21:51Ryan Sean Adams?

  Rayblocks, wow, that is, that is memory.

• 21:53David Hoffman?

  Now branded as Nano, yeah.

• 21:55Ryan Sean Adams?

  Dash was the interesting privacy coin at the time. It was master nodes and privacy coins, and that was like the future. None of those things are now a big deal. But here is 2018, very sad. You know, 2018 was in the depths here. Look at 2018 chart. It's Bitcoin first, not Ethereum second, Ripple number two.

• 22:16David Hoffman?

  Ripple came in second for a brief moment in time, yeah. And in hindsight, like, that was like a great bottom signal.

• 22:23Ryan Sean Adams?

  Then Stellar.

• 22:24David Hoffman?

  Yeah.

• 22:24Ryan Sean Adams?

  Then still Bitcoin Cash and then EOS, our friend EOS jumping on the scene. Litecoin, Tether, Cardano making an appearance, Monero. We got 2019.

• 22:34David Hoffman?

  Cardano still in the currently in the same state that it was all the way back then.

• 22:37Ryan Sean Adams?

  Really? Are you talking about from a developer perspective, David? Or are you talking about from a position perspective?

• 22:44David Hoffman?

  Developer, like the state of the blockchain hasn't changed since like 2017 or whatever.

• 22:49Ryan Sean Adams?

  Bitcoin, Ethereum, XRP. This is, uh, this is 2019. Here is, uh, 2020. Bitcoin, Ethereum, Tether.

• 22:57David Hoffman?

  Finally, some changes. Yeah. Chainlink makes it up there. Polkadot makes it up there, but other than that, still kind of the same thing.

• 23:02Ryan Sean Adams?

  And then here we are. Now here we are just last week. Bitcoin number one, Ethereum number two, Binance Coin. First time it's making an appearance. Tether still on there, of course. Solana, first time at number five, making an appearance. Cardano still hanging out there. XRP goes from number, number two, three years ago, uh, four years ago. No, three years ago, all the way down to number seven, but still in the top 10.

• 23:26David Hoffman?

  Still crazily in the top 10. Yeah.

• 23:28Ryan Sean Adams?

  Polkadot, then we have USDC, which makes, uh, sense. And then Dogecoin.

• 23:32David Hoffman?

  You know, it's weird to see, it's weird to see Dogecoin in the top 10. Like why is a meme in the top 10? But then if you look back at all the other years that we just look back on, it's like, oh, okay. Like, I guess by comparison, like Dogecoin is welcome to be in the top 10.

• 23:44Ryan Sean Adams?

  So what are the takeaways from this? Okay. It's like, one of my takeaways is just like, um, look at the things that have stayed the same and look at the things that have changed. The things that have stayed the same are Bitcoin, Ethereum, like.

• 23:57David Hoffman?

  Decentralization.

• 23:58Ryan Sean Adams?

  Number two, right? The most decentralized money protocols, still holding the, the number one and number two slots. I feel like under that, it's like, it's like Bitcoin.

• 24:08David Hoffman?

  It's churn.

• 24:09Ryan Sean Adams?

  Ether and all the narratives.

• 24:11David Hoffman?

  Yep.

• 24:12Ryan Sean Adams?

  Right? Like all the narrative friends that you bring along with you every single like bull or bust cycle.

• 24:16David Hoffman?

  XRP is the banking coin, like, uh, Cardano, I don't know what the narrative is. Has a partnership with Africa, like stuff like that.

• 24:25Ryan Sean Adams?

  I mean, you could make the argument instead of EOS, we have Solana. Some people might say that, right? It's like, I realize Solana, Solana is different than EOS. It's kind of a different thing, but it's. A similar narrative, right?

• 24:37David Hoffman?

  Feels the same niche.

• 24:37Ryan Sean Adams?

  It's a similar narrative. Cardano is still there. It's just hanging on by the pure willpower of Charles Hoskinson, I guess. Polkadot, another kind of ETH killer, but like, we've seen many of these narratives play out in previous cycles. Just the players tend to change, but the things that stay the same are like Bitcoin and Ethereum. Any other lessons from this for us?

• 25:00David Hoffman?

  I'm looking forward to what this looks like in 2022.

• 25:02Ryan Sean Adams?

  Yeah, that's the one that's hardest to predict, of course. MetaMask doing big things. They just hit 21 million, I believe, monthly active users or 21 million, sorry, MetaMask users total, which is absolutely insane and that is monthly active users. So congrats to MetaMask for that.

• 25:23David Hoffman?

  And the 21 as in 21 million Bitcoins, they kind of just made a show out of the 21 million.

• 25:27Ryan Sean Adams?

  Ah, that's why, that's why it's 21, yeah. Okay, that makes sense. What's this, David? This is Hayden Adams talking about a new pool.

• 25:34David Hoffman?

  Yeah, so this is pretty cool. Uniswap V3 launched with three fee tiers, 1%, 0.3% and 0.1%, I think. And then Uniswap Governance actually added in a fourth fee tier of 0.01%, which is specifically meant for the most stablest of stablecoins, right? And so the 0.01% USDC to USDT pool is currently doing $100 million in volume on only $15 million worth of stablecoin lockup, which is absolutely crazy. Just the capital efficiency there is absolutely insane. And this is, in my mind, stablecoins, the fees for stablecoin swaps just being collapsed to zero. It was basically going to be free to swap stablecoins.

• 26:19David Hoffman?

  0.01% is basically nothing. And it's gone from, I think if you scroll down, Ryan, and I think this was a quote tweet, maybe it wasn't. This went from the stablecoin trading pairs on Oneinch, which is a DEX aggregator. It went from like, I think 10% Uniswap dominated volume and then probably the other dominant volume was Curve. And I think it went up to something like 95% Uniswap volume.

• 26:42Ryan Sean Adams?

  After this move or after V3?

• 26:44David Hoffman?

  After the adoption of. Of this 0.01% fee tier stablecoin pool.

• 26:48Ryan Sean Adams?

  Wow, that's great.

• 26:48David Hoffman?

  So Uniswap, starting to like corner the stablecoin swapping market.

• 26:52Ryan Sean Adams?

  What's interesting here, though, is like, does this worry you if you're a uni holder? Right? Because that's less fees that you can potentially extract through your governance token, right? It's like it's collapsing the margins.

• 27:05David Hoffman?

  Well, it's more volume. It's way more volume. So yes, it's one tenth the fees, but I think it's roughly 10 times the volume.

• 27:15Ryan Sean Adams?

  Interesting. So you kind of the argument is you make it up in volume there. And I guess the the big thing here is like, how can other exchanges, maybe more centralized exchanges, compete with those kind of margins, right? Uniswap can do that because it's a protocol.

• 27:29David Hoffman?

  That's exactly right.

• 27:30Ryan Sean Adams?

  Guys, we are going to be right back with some of the hot releases for the week. But before we do, we want to thank the sponsors that made this episode possible.

• 27:37David Hoffman?

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

• 28:21David Hoffman?

  Matcha also allows you to make limit orders on chain so you can set and forget your DeFi trades and they will go through automatically while you're away. So when you're making a trade, head over to matcha.xyz/banklist, connect your wallet and start getting some of the best prices and most liquidity when you trade your crypto assets. Alchemix is one of the coolest new DeFi apps on the scene. It introduces self-paying loans, allowing you to spend and save at the same time. Deposit the die stablecoin into the Alchemix vault in order to get an advance on the interest it generates. 50% of the total amount of your deposited DAI in the form of Al USD stablecoin.

• 29:01David Hoffman?

  Here's the craziest part, the loan pays itself back and you cannot be liquidated. Unlock your asset's potential in the ultimate DeFi savings account. And brand new to Alchemix is the ETH vault where you can deposit ETH into the application, borrow Al ETH against your deposits while having your advance gradually paid back over time. V2 is rapidly approaching, which will allow for even more collateral types, plus a variety of yield strategies to choose from. Harness the power of Alchemix at alchemix.fi. That's A-L-C-H-E-M-I-X dot F-I. Follow Alchemix on Twitter at @AlchemixFI and join the Discord to keep up to date with Alchemix V2 and to get involved in governance.

• 29:46Ryan Sean Adams?

  Alright guys, we are back with the releases of the week. The first is this, Polygon continuing to add solutions to its network. Just added Polygon Miden. Miden is a Stark-based EVM-compatible rollup. It's really cool. So you might have heard the term ZK rollup. That's effectively what this is and it's general purpose, so it's EVM-compatible. Polygon is adding that to its arsenal, its toolkit of different solutions. Along with, we've talked about Polygon Nightfall, of course, it has this proof of stake chain right now. Hermes is another ZK type of solution and it's just added this. Miden apparently is like open source as well.

• 30:28Ryan Sean Adams?

  So it's from a former Facebook ZK researcher who led the development of Winterfell, which is a Facebook project. And what's cool about this, David, is I feel like Polygon has long committed to being more than like just side-chain technology and now it's moving into kind of a rollup sort of design. And now it's definitively moving in that direction in big ways. Love to see this.

• 30:54David Hoffman?

  Yeah, Polygon proving to just be an absolute gargantuan in this space, kind of gobbling up every single, you know, scaling startup that they can buy. So just absolutely crushing it on the BD front.

• 31:07Ryan Sean Adams?

  Yeah, and we'll have to find out a bit more about this Midan solution compared to like, you know, the Matter Labs, CK Sync, and also what Starkware is cooking up because as of now, I don't really know the similarities or differences, but that's going to be content that you're going to find on bankless in the future for sure. Vitalik Buterin said good things about it as well, which is nice to see. David, Argent, smart contract browser, or smart contract wallet, I should say, looks like they are investing in ZK rollups as well. What's happening here?

• 31:39David Hoffman?

  Yeah, we talked about this, I think, last week or the week before, but Argent is working on their own version of their smart contract wallet, but putting it on the Starknet, the ZK Sync, which I think is just like the right place to put Argent. Interestingly, in this tweet, Argent says, "Coming to a browser near you very soon," which is different because they're historically only in a mobile app. So having a browser-based Argent is interesting. That makes actually a ton of sense because, I mean, I do all of my DeFi stuff on a browser. I don't know about you doing on a phone. It sounds really, really cumbersome. So, cool. Excited to see this coming out of Argent.

• 32:14Ryan Sean Adams?

  Yeah, absolutely. Argent's been kind of quietly building for a while, so I'm excited for the next release from them. I think it's going to be big. MetaMask and Ledger are working together seamlessly again. That is good news on Chrome in particular, I believe. So, what do you have to do? Update MetaMask to the latest version, update your Ledger firmware, which is kind of a pain, but you have to do that from time to time anyway. And what do you get in return? A smoother signing flow. So, right now, Ledger and MetaMask is pretty clunky if you're using Chrome. And not only did they announce this fix, which is great for that problem, but they also announced a partnership between MetaMask and Ledger

• 32:58Ryan Sean Adams?

  so that they're going to be cooperating more and collaborating more to make sure this sort of thing doesn't happen again and that they continue to improve the user experience. Because it's just kind of like, you're using both, right? You're not just using one or the other. You can't just use Ledger to do all your DeFi stuff. And you don't necessarily just want to use MetaMask. You need both. So it makes a lot of sense that these two companies are talking to figure out how to make it work more seamlessly.

• 33:25David Hoffman?

  Yep, agree. Happy to see it.

• 33:27Ryan Sean Adams?

  What's this, David? Another wallet?

• 33:29David Hoffman?

  Yeah, Brave Wallet, a browser-native crypto wallet with no extension required. So on the other side of things, Brave is building out basically their own version of MetaMask. Brave is, for those that don't know, a privacy-focused browser. Very, very big part of the crypto story, I think, because it's kind of using crypto ethos, but not in a way that is cryptocurrency, right? It's just a brave browser. They do have the BAT token integrated for ad payments, but kind of like a self-sovereign browser. And now they have their own native Brave Wallet inside of the Brave app. So Brave, in addition to having this like privacy-first, user-first browser, are also putting DeFi and crypto-native infrastructure right into the browser itself.

• 34:10Ryan Sean Adams?

  Better wallet options are like one of the biggest user experience things that we can do for crypto at this point in time. So it's great to see more entrance in the space. David, a really cool report just came out. Why don't you talk about this for a minute?

• 34:23David Hoffman?

  Yeah, this is the Bitwise DeFi Report. And so they, Bitwise, again, the company that is funneling what I just call booming, funneling boomer money into our DeFi assets. They set up a bunch of trusts. They have their DeFi index, their ETH index, Polygon index for people that want to gain access to crypto exposure, but want to do it from the comfort of their own brokerage. They released a decentralized finance, a primer for professional investors. So this is, I've read this, it's about nine pages long, perfect length, not too short, not too long. And it just really is a very hard-hitting analysis about DeFi. And so if you have a friend, a family member who wears a tie, this is, this is the report to send them.

• 35:07David Hoffman?

  This is the report you send to people who wear ties.

• 35:09Ryan Sean Adams?

  Serious people who wear ties.

• 35:11David Hoffman?

  Very serious, who take their jobs very, very seriously. And they put on a suit and tie every single day when they go to work and talk about money and finance. If that, if you know somebody like that, this is the report to send to them. Because this is the language that they speak. This is in a format that they're comfortable with. This isn't some guy in a Spider-Man t-shirt on a YouTube shirt telling you about DeFi. This is people that can speak the same language. So this is a fantastic report for yourself. Read it yourself. Because they just unpacked DeFi very, very well and then send it to your friends and family, especially when it comes to Thanksgiving dinner time.

• 35:41Ryan Sean Adams?

  Yeah, start here. They'll make their way to Bankless eventually, but like it's a weaning process, all right? It gets, it gets, it takes some time to get used to the Spider-Man costumes and the hoodies. Let's talk about this, too. The Rug just came out with a new addition. What is The Rug, David?

• 35:58David Hoffman?

  Yeah, in stark contrast to what we were just talking about, a professional DeFi report, The Rug is a product out of Bankless DAO. So think of the onion plus DeFi, the onion plus crypto. So some of these headlines in here are just absolutely hilarious. I'll read some of these out. "The Museum of Modern Art Announces Closure Following Total Loss In A Right-click-Save-Az Attack." I thought that was pretty funny. On the left, there are a couple of quick headlines. "US Regulators Drop Lawsuit After Celsius Changes Its Name to Fahrenheit." "Top 10 Seed Phrases of All Time." It's just, it's a nice, I think this is gonna come out weekly, I think. I don't know how often they plan on doing this, but basically just like a fake newspaper that is just a

• 36:40David Hoffman?

  bunch of satirical headlines. And, you know, Bankless DAO, putting the funny into crypto, which is very, very needed.

• 36:46Ryan Sean Adams?

  What I think is cool in addition to this content is they're actually like selling these. So like, there's 69 copies of these things, the first edition, yeah. And they all sold out. So it's like your traditional newspaper, and it's only like the homepage, you're buying it as kind of a memento, as a collectible, but it's kind of cool that people are into this idea and are funding it by purchasing these subscriptions. So I think the next one might come out in December, David. This is right. Like, it looks like November 2021.

• 37:17David Hoffman?

  Are these monthly? Fantastic. No, I'm looking forward to all of these. Yeah. So if you, if you, I think there is a Twitter account. Yeah, there's a Twitter account. So The Rug News, you can go follow The Rug News on Twitter. And if you just think of like your shower thoughts, having a shower, think of a funny headline, just tweet it at The Rug. Yeah, maybe like all it takes is you to have a funny idea, a funny satirical idea. You just need a headline, right? And so just tweet at The Rug News on Twitter.

• 37:42Ryan Sean Adams?

  That's awesome. Let's get to raises, David. The big one of the week, Consensus just closed $200 million. They're raising at a $3.2 billion valuation. Consensus, of course, a startup from Joe Lubin. It's no longer startups, a large company, creators of MetaMask, many other things in the Ethereum ecosystem. And this is a pretty big raise for them. So yeah, congrats on that. Any comments here?

• 38:06David Hoffman?

  Yeah, Consensus, very famously, we kind of joke about this with Ethereum people, but like, Consensus was kind of like the cause of the Ether bear market because they kept having to dump all this Ether to pay for payroll. And so there were dark times at Consensus. There were people getting laid off and cut all the time. And now, and Consensus made it through the winter and they're now raising $200 million at a $3.2 billion valuation. So congrats to Joe Lubin and everyone that made it through. That was a rough gamut. The bear market was not friendly. But again, like figured out how to turn a profit, not just with MetaMask, but with a number of other products as well. So extremely well deserved. Glad you guys made it through.

• 38:46Ryan Sean Adams?

  It's funny, it's not too long ago either. That was like two years ago and all of that stuff was going on. Now here we are with a $200 million raise.

• 38:53David Hoffman?

  Going from dumping like $50 million of Ether at like $200, down to raising $200 million at a $3.2 valuation in two years. That's pretty crazy.

• 39:02Ryan Sean Adams?

  At 24 months. This is another, I think, exciting headline that you wouldn't have seen back then, but it's commonplace now. Paradigm is raising another fund, a $2.5 billion fund. I think this is the biggest crypto fund to date. It's a crypto web three fund. And Paradigm, of course, is an investment group that we think a lot of. And you know, Matt Huang is announcing this raise. Any comments on this?

• 39:28David Hoffman?

  Yeah, Paradigm is, it's a very special fund, I would say, because they aren't just a typical fund that invests in startups. They also have very deep involvement with the startups that they fund. Like Paradigm basically wrote Uniswap V3, from what I've heard through the rumor mill. And some of the people in there, we've had Dan Robinson on the podcast, they've got Hozu, they've got Sam Seesun. Georgios, they've got Anash, they've got so many, just like

• 39:54Ryan Sean Adams?

  They have builders.

• 39:55David Hoffman?

  They have huge builders, right? And so like, not only are the partners and the, the people that work at Paradigm good at their jobs of like figuring out where to invest in, but they, they also build their own stuff. And so it's this very hands-on fund. It's, it's, I don't think we've seen a fund like this ever before in history. And so congratulations, every, everyone in the Ethereum world really, really likes Paradigm.

• 40:15Ryan Sean Adams?

  That's a lot of money, too.

• 40:16David Hoffman?

  It's a lot of money.

• 40:17Ryan Sean Adams?

  It's a lot of cash to deploy.

• 40:18David Hoffman?

  That's a lot of money, yeah.

• 40:19Ryan Sean Adams?

  Yeah. You know, what do you do with all that money at this point in time? This is no wonder we're seeing like, uh, private valuations for many of these startups, like just go through the, through the roof, um, these days. Uh, Starkware as well, talking about raises that are through the roof. Double Unicorn now, they're valued at $2 billion. This is of course the Ethereum ZK, uh, Layer 2 solution. They just raised 50 million more dollars. Uh, it's quite a valuation, but wow, they've got quite a product right now, right? So like, they do diversify, they do D Y D X. This is the technology behind immutable. If we're right about this modular blockchain thesis, then this technology will be core to scaling out Ethereum into the, into the future. So

• 41:04Ryan Sean Adams?

  excited about that raise and congrats to them. Actually, they'll be coming on the podcast on Tuesday. So David, we'll have to talk to them about this raise and learn a little bit more about their, their product roadmap, but they are launching a really exciting new version of Starknet, I believe it's called, which is, uh, an EVM compatible. Um, ZK rollup chain, which is like, I thought this thing would be coming out a year from now and it looks like we are, we are pretty close right now. So, um, it's really cool to see this raise. What are your takes?

• 41:36David Hoffman?

  Nothing too much other than that, but really excited to unpack a lot of subjects with them on Tuesday.

• 41:41Ryan Sean Adams?

  Uh, what's Gallery, David? This is another raise for the week.

• 41:43David Hoffman?

  Yeah. So for those that watched our DC investor, uh, NFT portfolio episode a while ago, uh, when we were sharing screen and going through DC's investor, we were using Gallery. Uh, and so Gallery is a, a startup that is focusing on making an online gallery for all of your NFTs. Uh, they are just, they just raised 2.69 Million dollars, nice and well deserved. I actually met some of the founders at NFT NYC, really nice guys. And I'm actually still working up on setting up my own gallery. I just have to figure out how to get these goddamn Fidenda rocks out of my NFT wallet. But yeah, congratulations to them. If you are looking for something to display your NFTs, a webpage, check out Gallery. Use Gallery on Twitter.

• 42:25Ryan Sean Adams?

  Yeah, I think you can filter those out, David, with Gallery.

• 42:28David Hoffman?

  I know, I did.

• 42:29Ryan Sean Adams?

  You don't have to display those.

• 42:30David Hoffman?

  I made a joke, Ryan. Let me have it.

• 42:32Ryan Sean Adams?

  I was gonna say, like, okay, send those to Anthony Sazana or something. Just like, just bomb his wallet with those Fidenda rocks and then publicly shame him, okay?

• 42:40David Hoffman?

  Definitely.

• 42:42Ryan Sean Adams?

  Jobs time.

• 42:43David Hoffman?

  Jobs!

• 42:44Ryan Sean Adams?

  This is the part of the episode where we tell you to get a job in crypto if you haven't already done so.

• 42:48David Hoffman?

  Where we bully you about your Web 2 job until you get a Web 3 job, yeah.

• 42:53Ryan Sean Adams?

  If it's not a crypto job, David, it's a Web 2 job?

• 42:55David Hoffman?

  Yes, that's exactly right.

• 42:56Ryan Sean Adams?

  That's the binary? Old world job. Okay, don't you want your crypto Renaissance job? These are the jobs of the week. Community ecosystem lead at DYDX. That's a DYDX Foundation with that hire. Bitwise, we're just talking about those guys. They're doing a crypto research analyst, an NFT specialist role. They also need a smart contracts platform and Web 3 analyst. Those seem like dream jobs to me. A governance specialist as well at Bitwise. A head of growth at Dexguru. A technical lead at Draftly. An accountant at Smart DeFi, also a product manager. Head of Ethereum research at Immutable. Head of tokens. Community manager at Dexable. Lead engineer at hats.finance. That community manager role looks like it's still up from eGronum. A CTO from

• 43:40Ryan Sean Adams?

  eGronum as well. Senior backend engineer, Smart DeFi blockchain technical CTO as well for Merit. Community manager, Aragon. Founding blockchain engineer, Highlights. I think I'm at the end, David, but it's not the end of this list. There are so many more jobs.

• 43:56David Hoffman?

  There are so many more jobs. We are just reading off the top ones. There's actually, I think, like 10 new jobs from Gauntlet. I think if you scroll down, Gauntlet is a

• 44:03Ryan Sean Adams?

  Oh my gosh.

• 44:04David Hoffman?

  Yeah, Tarun's company, very big brain person to work for. And so like data engineer, engineering manager. Go check out bankless.pallet.xyz/jobs. There's a link in the show notes. Go find yourself a job. We've literally curated a fantastic selection of jobs for you. Go find one. Just go pick one.

• 44:22Ryan Sean Adams?

  Yeah, and then go sign up so somebody can mail you this.

• 44:25David Hoffman?

  Team lead at the Ethereum Foundation. Like, come on, that's gotta be one of the most prestigious jobs of all time.

• 44:31Ryan Sean Adams?

  David's about to quit his bankless job and go through that. He's preparing his resume as we speak. All right, David, you want to talk news items? Let's talk about this one. The first is Constitution DAO. Okay, what's this story? What's going on here?

• 44:44David Hoffman?

  Apparently a DAO is buying the Constitution. And this is just, I think we're gonna see-

• 44:48Ryan Sean Adams?

  You can buy the Constitution?

• 44:49David Hoffman?

  I didn't know that you could buy the Constitution. I did not know that it was for sale. Turns out, there's like 11 of them. There's like 11 copies of the Constitution, and there's only one privately owned one. And that one is going up for auction on Sotheby's. And so a DAO was spun up to try and to do exactly what Pleaser DAO did with the Uniswap animation. The DAO was spun up to funnel a bunch of money into the DAO so they could buy the Constitution. And I think the Constitution was something like $20 million, and the Constitution DAO has already raised, I think, like $40 million. Or at least 30 last I checked. Over $40 million, yeah. So well over the amount of money that they need to buy the Constitution DAO. Which, by the way, is the same thing that happened to Pleaser DAO. Like, they've raised much more money than they needed to buy the Uniswap GIF.

• 45:34David Hoffman?

  This is Uniswap animation. And that extra money is what turned it into like a system that actually kept on going, going, going. And so this has trumped up a ton of excitement, a ton of hype. There's already something like over 10,000 people in the Discord. And so this has just gotten a ton of attention. And it's got a fantastic meme behind it, because it kind of feels like we're gonna steal the Declaration of Independence, right? It's kind of like-

• 45:57Ryan Sean Adams?

  National treasure style?

• 45:58David Hoffman?

  A little national treasure.

• 45:59Ryan Sean Adams?

  Nicolas Cage?

• 46:00David Hoffman?

  We're gonna buy the Constitution. So there's definitely some meme- meme-iness going on. And overall, I think it's just kind of a fun story. Like, yo, look what crypto can do. It can buy the goddamn Constitution.

• 46:12Ryan Sean Adams?

  In seven days.

• 46:13David Hoffman?

  In seven days. Like, what can your non-crypto thingy thingy that you care about do? Not that.

• 46:19Ryan Sean Adams?

  And what's cool about this too, right? So it's the story of a raise very quickly and the collaborative power of the internet plus a capital pool, plus a DAO, plus finance, right? But it's also a story of like giving the constitution back to the people, right? Because what is a DAO? Well, it's open, it's permissionless, anyone can contribute. You wanted in on this, you could contribute like $50, $100, and you would literally own a portion of the constitution. That is governance rights for the constitution. What are they doing with this document? I believe they plan to like put it in a museum somewhere on display, but governance gets to vote on what they do with this document as well. So it's really powerful from that perspective. I think there's a powerful symbolism here too, right?

• 47:01Ryan Sean Adams?

  Like what's the meme power of the people's document? That like the original decentralized governance protocol for a nation-state? I think that has some meme power here too. I wasn't sure whether they were going to make it though, David. So I did this, I, you know, put a little money towards this on like Monday. And at the time, it was just like, there was $2 million, something like this. And they thought they needed at least 20 million for this bid. And I was like, oh, I don't know. And I kept checking back. On Wednesday, it was like, they were like 5 million and then like, and then suddenly, boom, last minute, thing shot up, it's over 40 million. The auction actually happens at the time of recording. We're recording this on a Thursday at 6:30 this evening.

• 47:46Ryan Sean Adams?

  So by the time this comes out to you, the auction will have already happened. And fingers crossed, Constitution DAO has enough capital to actually buy this thing. So they haven't for sure received it at the time of recording, but they certainly have enough money to make probably the most enticing bid that's out there. And that's why this story is super cool.

• 48:06David Hoffman?

  And there's a, again, lessons to be pulled from the Pleaser DAO story where as soon as the bidder that Pleaser DAO was in a bidding war against realized that they were going up against a DAO that kind of in theory had unlimited cash flows, because more and more cash kept on going into the DAO to purchase the thing, then the person that Pleaser DAO was in a bidding war just capitulated. It's like, I don't know how much is on the other side of the thing, right?

• 48:28Ryan Sean Adams?

  I'm done, I can't go. Against the entire internet.

• 48:30David Hoffman?

  Right, that's exactly right. And so like whoever's going up against the like, they know whoever wants to buy this thing. They know they have to at least put up forty million dollars because that's how much the Constitution Dow has. So like they, the Constitution Dow might have just scared off bidders by, by the very nature of its own existence, right? Which is kind of cool.

• 48:50Ryan Sean Adams?

  Yeah. On the other hand, I suppose, um, the, uh, the bit, the, the person who's conducting the bid knows exactly how deep the pockets of the Constitution Dow are.

• 48:59David Hoffman?

  Also true.

• 48:59Ryan Sean Adams?

  Cause it's public and transparent. So that is maybe a downside of this method.

• 49:03David Hoffman?

  Right. They could, they could bid it right up to like thirty nine million dollars and then, yeah. Oh, that's interesting. Oh, this is gonna be a funny story.

• 49:10Ryan Sean Adams?

  Early days, right? It's early days, but the fact that this is possible is kind of cool. And like to your point, I had no idea that there were like, you said eleven, there's between eleven and thirteen copies of the Constitution. Apparently, most of them are museums, but there's like this one that is still private. Somebody bought it in the nineteen eighties and is now selling it on Sotheby's Auctions. So, uh, kind of cool, neat piece of history, I think, and we'll see what happens. Uh, hopefully good news for the Constitution Dow coming later this evening. By the time you listen to this, you will have to look up to see if they actually got the Constitution or not.

• 49:44David Hoffman?

  And hopefully this ends up as just like a nice PR story about crypto where people will hear about this on the news. Be like, oh, a bunch of people bought the Constitution? That's kind of weird. And like, maybe, maybe they'll start to like make click, connect some dots about what crypto can do.

• 49:58Ryan Sean Adams?

  Absolutely. I think that's what it is, uh, for sure. Let's talk about this. Uh, speaking of connecting dots or connecting communities here, maybe there was a governance proposal put in place from the, uh, the Faye community, which has the tribe token and the Rari community to merge those two tokens, those two communities together. A tribe and a Rari merger or a Faye and Rari merger. I guess that makes a Ferrari is the meme here, David.

• 50:22David Hoffman?

  Nice.

• 50:23Ryan Sean Adams?

  Uh, what's happening here?

• 50:24David Hoffman?

  Yeah. So this is, I think, a first of its kind where two tokens are going to be collapsed into one token. And two very different products are going to start to build more intimately with each other. Um, Rari is like a superset of compound where you can make your own borrowing. Lending markets, Faye is a stablecoin. And apparently, these actually are really, really complementary. I'm a little bit fuzzy on the details of how that works, but it's because I'm not terribly intimately knowledgeable about both of these things. But when it comes to different protocols having significantly overlapping surface area, where, you know, this complementary, this is the same pattern that we know with normal mergers. This is why companies merge in the first place. Now it's just happening with tokens. So this is very much uncharted territory. So an interesting experiment, we're going to have to see how this plays out.

• 51:10Ryan Sean Adams?

  And we should say, this hasn't happened yet, and it may not happen, right? So the next step here is this is really just a governance proposal. And it's up to the community, the the Rari voters, and I would imagine the Faye voters to actually thumbs up or thumbs down this. And there has been some pushback. And this was posted right governance forums from the Rari community saying, hey, I don't know if this is a good deal for Rari. I don't know if it makes sense, you know, at this this market price to be kind of merging with Tribe. There are different holders, like the the Faye protocol came with a bunch of VCs. And the the Rari token has been primarily fair launch. So it's still TBD on whether this is actually going to happen. But it's an interesting story nonetheless.

• 51:54Ryan Sean Adams?

  The idea of two protocols merging together and creating potentially something bigger is something that we haven't really seen in DeFi. And I expect we'll see more of. This is another thing, David, I expect we'll see more of. More big brands minting NFTs. What's what's happening with Adidas here?

• 52:10David Hoffman?

  So this is, this pop-up is titled Adidas Original: Our Future Started Here. So November 17th, which is yesterday, there's a pop-up for apparently a virtual online meeting that Adidas issued. So, cool. Unexpected, but let's see what where this goes. Why the hell not?

• 52:28Ryan Sean Adams?

  Look, look for these opportunities, attend these events, I guess, is a message. And interesting to see brands getting into PO apps, which is kind of a was once a very obscure part of the the Ethereum ecosystem and is now going mainstream, oddly enough.

• 52:43David Hoffman?

  Congratulations, Patricio.

• 52:44Ryan Sean Adams?

  Yeah. Huobi is now allowing.

• 52:48David Hoffman?

  Huobi?

• 52:48Ryan Sean Adams?

  Huobi.

• 52:49David Hoffman?

  Huobi?

• 52:49Ryan Sean Adams?

  Did I say Huobi? Huobi.

• 52:53Ryan Sean Adams?

  It's hard to say. Partnering with ZK Sync, this is the team behind Matter Labs to provide a faster and cheaper blockchain experience. What does this mean, David? Does this mean they are going to?

• 53:05Ryan Sean Adams?

  Are they going to provide, is this to do with their exchange?

• 53:07David Hoffman?

  On and off ramps, yeah.

• 53:08Ryan Sean Adams?

  On and off ramps.

• 53:09David Hoffman?

  Yeah, withdrawals of your crypto assets on to ZK Sync directly from Huobi. So Huobi has a strategic partnership. I think they invested in Matter Labs, ZK Sync. And so they are, and now obviously because of that incentive alignment, they are allowing for withdrawals right on to that layer two, which is the future we want. Exchanges should be allowing users where they want to be dropped off on. Like, do you want to be dropped off on Optimism? Do you want to be dropped off on Arbitrum? Do you want to be dropped off on ZK Sync? Where do you want to go? Because the Ethereum L1 is not going to be, is already not a friendly place for humans. It's only going to get even more hostile for humans. You don't want to start there. That's, that's starting in just like the level 99 areas of the metaverse, right?

• 53:52David Hoffman?

  You want to start on like tutorials where, where there's low gas fees and instantaneous transactions. And so this is the future. All exchanges are eventually going to allow people to offload themselves onto layer twos. And this is just one part of that story.

• 54:04Ryan Sean Adams?

  I guess there's two, two pieces here, right? One is like from our conversation with Coinbase, like Coinbase is going in that direction too. Like Brian Armstrong said, we've got some stuff in the pipeline. So expect Coinbase to make some announcements here soon about this. This is really the bridge that most users will, will enter crypto using. It'll be direct from exchange fiat directly to a rollup rather than to the Ethereum main net. The other point here I think is interesting is like, you know, Ethereum can't, it's a protocol, right? So it can't really, it doesn't do its own business development. It's like the internet. There's no like, we're the marketing team for TCPI. Please, please build on our protocol, right? There's nothing, there's not, I know there's Ethereum Foundation, but they don't really put partnerships in place. They're not doing like business development.

• 54:47Ryan Sean Adams?

  They're, they're there for like education to support the research. These rollup teams are really the business development function of Ethereum. I got this from your, your conversation with Robbie from Immutable, right? Like, how many game studios is in social networks is immutable talking to you now? And they are really doing the the marketing business development job to start onboarding the large exchanges and large companies to crypto. So it's really cool to see that function start to to take place. And it's necessary if we're going to onboard the rest of the world to establish these partnerships and have some good business development.

• 55:24David Hoffman?

  Hundred percent.

• 55:26Ryan Sean Adams?

  All right, what's this next one, David? This is Anthony.

• 55:29David Hoffman?

  Yeah, last week, the optimism EVM equivalent version of optimism went live. And now you can see in the optimism discord, a bunch of notifications for different projects finally getting whitelisted to optimism. So this is optimism, opening up the gates for projects to get whitelisted. We see Gnosis, no Gnosis, Gnosis, Curve, Connect, Synapse Protocol, UMA, D Hedge, OptiPunks, Poly Network, Bit BTC, Flux Protocol. Just whitelisting after whitelisting after whitelisting. So optimism really becoming more and more aggressive with onboarding more and more teams. And I couldn't be more excited for it.

• 56:05Ryan Sean Adams?

  The theme park is opening now. The rides are invited in and there's going to be more operational. That's what that means. What about this, David? There's some NFT stuff going on and Jimmy Fallon, is this Beeple on Jimmy Fallon?

• 56:18David Hoffman?

  That's Beeple on Jimmy Fallon, yeah. Where also Jimmy Fallon also announced that he bought a Bored Ape. So this is again, how NFT is just going and taking Ethereum into the mainstream more than DeFi ever could have. And so now we have Beeple, who's, you know, the richest artist of all time, I think, at least in terms of sales, now on Jimmy Fallon. And Jimmy Fallon is talking about how he bought a Bored Ape.

• 56:41Ryan Sean Adams?

  This is so interesting because like DeFi could never do this, right? Nobody wants to hear some finance person talking about like tokenized derivatives on the Jimmy Fallon show, but they are happy to listen to an artist like Beeple talking about NFTs.

• 56:55David Hoffman?

  Could you imagine just like one of us being on Jimmy Fallon talking about, okay, so Uniswap opened up a point zero one percent exchange pool and it's doing a ton of volume?

• 57:02Ryan Sean Adams?

  Nerd alert. Change the channel, sorry. Yeah, it wouldn't happen, right? This is why NFTs have. massively expanded the surface area of Ethereum into the into the culture. Is this Jimmy Fallon?

• 57:15David Hoffman?

  This is his board ape. Yeah, heart glasses, sailor cap, sailor shirt.

• 57:19Ryan Sean Adams?

  This is a good one? I don't know enough.

• 57:20David Hoffman?

  I have no clue. I'm not I'm not an ape person myself. I actually heard an interesting take about apes last night where apes are very, very pop culture versus CryptoPunks, which are very, very crypto culture. And so I think if you see see that line, like the Chainsmokers, they are a board ape person, Jimmy Fallon, board ape person, a few others. But then, granted, there are some other things like Jay-Z, he has a CryptoPunk, right? And a few other rappers have CryptoPunk. But it's interesting to see the dividing line between like the ape culture and the punk culture.

• 57:48Ryan Sean Adams?

  Yeah, that is different, like, different groups kind of jumping in, right? So this is more like the celeb, the NFT for celebrities, would you say? Whereas maybe CryptoPunks are like NFTs for the OGs, anyone who wants to project that OG status.

• 58:01David Hoffman?

  Yeah, but there's definitely a ton of celebrities with CryptoPunks, too, right? Steve Aoki, in addition to Jay-Z, a few other ones.

• 58:07Ryan Sean Adams?

  Different feel, though. The two communities have a different feel.

• 58:10David Hoffman?

  Huge different feel, yeah. And I'm very much legitimizing board apes by putting them into the same conversation as CryptoPunks, which they have no, no deserved belonging to be in the same conversation. So you're you're all welcome if you own a board ape. For me, even talking about apes in the same same breath.

• 58:25Ryan Sean Adams?

  Wow, that is some punk maximalism right here. How do you know, Bankless listeners, I am the neutral party here, okay? So like, no ape, no CryptoPunk, great.

• 58:33David Hoffman?

  Everything means a turtle party?

• 58:34Ryan Sean Adams?

  Yes, that's right, yeah. We're slow to everything, guys, but you know, we get there eventually. All right, let's talk about this. So this was big news the other week is Quentin Tarantino was auctioning off a series of Pulp Fiction NFTs. Well, apparently, he didn't have the legal rights to do that. At least, that's what Miramax is saying. That's the company that produced and distributed Pulp Fiction. I guess you have to remember, right? With some of these these physical NFTs, you can't NFT unless you own the IP, can you?

• 59:04David Hoffman?

  You can't just right click, save a movie and then NFT it.

• 59:07Ryan Sean Adams?

  Oh, okay.

• 59:08David Hoffman?

  Even if you're the director, right?

• 59:09Ryan Sean Adams?

  It doesn't work like that in Meat Space. Okay.

• 59:11David Hoffman?

  Right, yeah. So again, really, all NFTs are RIP. They're instantiated forms of IP. So if the asset that the N token represents grows in IP value, well, that that value goes to the token, right? And so according to this headline, I don't know the details behind the true behind the scene details between Miramax and Quentin Tarantino, but it sounds like Quentin Tarantino issued an NFT about something that he didn't actually own. And so this is this is going to be one of many stories, I think. There's going to be a lot of stories like this where there's IP battles over NFT. Who has the rights to issue the NFT?

• 59:45Ryan Sean Adams?

  I feel like there's something interesting here, right? Because like stuff on Ethereum, like at least the most crypto native, digitally native stuff, doesn't really have a corollary in in Meat Space world, right? It's like where punks were born on Ethereum. They don't have a legal tie into Meat Space. You could build that in some way, but they're kind of native to Ethereum. Whereas something like Pulp Fiction, that exists in Meat Space and has contracts and kind of legal guarantees around it. And you actually have to port that into Ethereum. And in order to port that, you need those legal guarantees. There's something interesting here about like, I guess, how crypto native an NFT asset is

• 1:00:26Ryan Sean Adams?

  in the same way that Ether is more crypto native than something like USDC, which is actually like a tokenized representation of some money that Coinbase has in a real world bank account somewhere.

• 1:00:39David Hoffman?

  Yeah, there's a very, we could take this conversation and just extrapolate it all the way out. There's a very clear definition with, we have transparent blockchains where we know who owns what. And so once an NFT exists, it becomes extremely concrete and just clear who actually owns the damn thing. Which Ethereum address is the NFT actually in? Before it's an NFT, then it's in the Meat Space world where you actually get settled by courts. If there's a dispute, it's not like, okay, if there's a dispute as to who own what, who owns what? On Ethereum, we just open up EtherScan and see who owns it. In the legal world, you got to take people to courts, which is costly. Lawyer money, cost like public infrastructure for courts money.

• 1:01:18David Hoffman?

  And then even more just like then we have to get into the conversation of like, well, the only reason why the courts actually work is because there's a military behind them to actually enforce them. Where on Ethereum, there's just proof of work or proof of stake. And so I think there's we're in this like valley, but this period of time where all of the existing IP on the of the world hasn't been NFTed yet. And so there's going to be a bunch of court battles as to who gets the rights to issue the NFT. But new IP that's coming out in the metaverse world maybe actually starts on day one with NFTs. And it becomes very, very clear because they're able to issue the NFTs before there's any sort of just like, you know, cloudiness as to who owns what. So maybe that's how the story plays out.

• 1:01:55Ryan Sean Adams?

  Yeah, absolutely. Really, really interesting take. And I do think the the new NFTs will be more creative owned than the last one. And you might say Quentin Tarantino, why doesn't he have the right to his own work, right? He was the brain. He was the creative force behind this, but Miramax owns it. Miramax owns it. So too bad. In this world, creators own the the NFTs they issue and it kind of works backwards from there. Let's talk about this. Another intersection of the world. What's Time Magazine doing with the Metaverse?

• 1:02:23David Hoffman?

  Yeah, Time and Galaxy Digital, which is Mike Novogratz's company, who we're actually recording with tomorrow. So that episode will be out a week from Monday. Partner to demystify the next immersive digital frontier, the Metaverse, through a first of its kind partnership. So yeah, very interesting partnership between a fund that is crypto focused and Time Magazine. So Time Magazine really going headfirst into branding itself as a Metaverse focused magazine. I'm sure they're going to keep all their their old businesses, but they're really also building out this Metaverse line. And they are partnering with Mike Novogratz and Galaxy Digital to build out this Metaverse side of Time Magazine. Mike Novogratz also has his own podcast as well, so he's he's in the world of media.

• 1:03:07David Hoffman?

  But an interesting partnership between a magazine and a crypto fund.

• 1:03:11Ryan Sean Adams?

  This is like a media play, right?

• 1:03:12David Hoffman?

  Yeah, it's got to be a media play.

• 1:03:13Ryan Sean Adams?

  Yeah, this is Time doing some kind of media play for the Metaverse. This is also interesting. While we're on the subject of NFTs, OpenSea now offered a $10 billion valuation. So that is the valuation level of OpenSea at this point, $10 million.

• 1:03:31David Hoffman?

  OpenSea is offering that, not being offered. They are offering a $10 billion valuation. And so I think they are soliciting this investment. I'm not sure if it's been fulfilled yet.

• 1:03:42Ryan Sean Adams?

  I feel like they'll get it, though, David.

• 1:03:43David Hoffman?

  Probably.

• 1:03:44Ryan Sean Adams?

  This market is so hot and frothy, like, I would not be surprised. Bitcoin news. Bitcoin just upgraded to Taproot. It's this soft fork upgrade. I know this was a long time coming, much awaited in the Bitcoin community. What is Taproot, David?

• 1:04:00David Hoffman?

  Taproot changes the way signature schemes work with Bitcoin. I'm not too familiar with this, but basically it allows for more expressive signature schemes and does a couple of things. You talked about how this is like super multi-sigs on Bitcoin, which can unlock additional privacy features and I think also makes Lightning Network a little bit more easy to spin up. Bitcoiners absolutely love Taproot. They think it's like the greatest thing to happen to Bitcoin, I think, in the last year or so. And now it's live on the Bitcoin network. So congratulations to Bitcoin.

• 1:04:31Ryan Sean Adams?

  It's cool to see Bitcoin adding new features, right? Adding new things. I don't know what's beyond Taproot. Is there anything else beyond Taproot, though?

• 1:04:38David Hoffman?

  I don't think so, not that I know of.

• 1:04:40Ryan Sean Adams?

  This feels like the last major update in the pipeline. It's also not like expressivity. It's not adding a programmatic layer to Bitcoin. It's not like you're going to be able to spin up Ethereum-style smart contracts on Bitcoin now. This is just like super fancy multi-sigs that Bitcoin didn't have before.

• 1:05:01David Hoffman?

  Yeah, multi-sigs with having like more capacity. Let's read that tweet that's on there. Let's see what that says. The individual with somebody on Twitter with laser eyes says, "Taproot is a 100-years soft fork. Merging every contract and use case under a single transaction type paid to Taproot will, in the long run, yield a more fungible and robust blockchain." I don't know really what that means.

• 1:05:23Ryan Sean Adams?

  This is how you do it. This is how you design a blockchain. That's how the tweet concludes. It's very much that Bitcoin ethos is like minimum surface area. Like, we don't change very much and we keep the underlying blockchain as simple as possible. It's great that they had that upgrade. Crypto.com, they're making some moves. What did they just do here?

• 1:05:44David Hoffman?

  Crypto.com just bought what is now formerly known as the Staples Center. This, the iconic home of the Los Angeles Lakers and Clippers, among others, since 1999, will have a new nickname beginning on Christmas. Crypto.com Arena is believed to be the largest US venue naming rights deal to date. Cool.

• 1:06:03Ryan Sean Adams?

  So they are buying the naming rights for the Staples Center. So it's the Crypto.com Center instead?

• 1:06:08David Hoffman?

  Yeah, yeah. And like that's as a deal, that's going to work out for them. Like Crypto.com, kind of like a banker's products. I'm not the biggest fan, but like this is going to, this is, this is going to work. Like, oh, I don't know what crypto, how do I do crypto things? There's all these crypto things going on. Like, oh, Crypto.com, oh, okay, that makes sense. Yeah, okay.

• 1:06:26Ryan Sean Adams?

  Yeah, it's cool. And I think it's going to pump the Crypto.com's valuation. It's probably a brilliant move for them.

• 1:06:32David Hoffman?

  I mean, it's probably already pumped the coin price. I'm pretty sure.

• 1:06:34Ryan Sean Adams?

  begs the question, David, what, what stadium should, should Bankless buy?

• 1:06:40David Hoffman?

  Wells Fargo Center. Wells Fargo Center.

• 1:06:42Ryan Sean Adams?

  Where's that? Where's that? Is that Philadelphia?

• 1:06:44David Hoffman?

  I have no clue. Let me find out.

• 1:06:46Ryan Sean Adams?

  I think there are a few.

• 1:06:47David Hoffman?

  Yep, Philadelphia. Yep.

• 1:06:49Ryan Sean Adams?

  That's the one? That's the one? Because there's a number of these things that are named after banks.

• 1:06:52David Hoffman?

  Really?

• 1:06:53Ryan Sean Adams?

  Yeah, there's like the Chase, there's a Chase one, there's.

• 1:06:56David Hoffman?

  Oh, no, it's gotta be Wells Fargo.

• 1:06:58Ryan Sean Adams?

  HSBC, yeah. All right. Wells Fargo, the first of many, Bankless is on its way to renaming.

• 1:07:03David Hoffman?

  Do you, do you remember that old book, Frindle?

• 1:07:06Ryan Sean Adams?

  No.

• 1:07:07David Hoffman?

  Okay. It was about, it was about a kid who made up the word Frindle and he just made up the word Frindle to call it a pen. And eventually just enough people started using it that it got into the dictionary.

• 1:07:16Ryan Sean Adams?

  He memed it into existence?

• 1:07:17David Hoffman?

  He memed it into existence. What if we just got as many people as possible to start calling Wells Fargo Center Bankless Center?

• 1:07:24Ryan Sean Adams?

  Making a thing?

• 1:07:25David Hoffman?

  We didn't, we don't even buy it. We just changed the name of our own accord.

• 1:07:28Ryan Sean Adams?

  Hey, you know, as crazy as that sounds, I feel like crypto is about to buy the US Constitution. So crazier things have happened. Uh, maybe we just meme that one to existence. So that'll be a project.

• 1:07:41David Hoffman?

  That's a future, a future rug article. Bankless, Bankless Center buys Wells Fargo.

• 1:07:45Ryan Sean Adams?

  We'll submit it. Tweet, tweet someone on that.

• 1:07:47David Hoffman?

  Yep.

• 1:07:47Ryan Sean Adams?

  Uh, let's talk regulation stuff. So infrastructure bill, horrible, horrible language for crypto.

• 1:07:53Ryan Sean Adams?

  Some senators are already proposing a bill that would strip that language out and make it better, make it less unconstitutional for crypto. I believe this is a bipartisan bill too. So I can't remember whose names are on this. It's definitely Senator Lummis and maybe someone else. But this feels like really good news. That's we've got some senators on our side. Already after the bill has just been put through and just been signed. We already have some potential action to strip out the problematic language for crypto. What are your thoughts?

• 1:08:28David Hoffman?

  That's exactly right. We have heroes like Jerry Britta at Coin Center fighting the fight for us. So we don't have to worry about it too much unless it comes time for us to be called upon, which is not currently that time. But thank you for everyone at Coin Center and all the senators that are actually fighting for this.

• 1:08:41Ryan Sean Adams?

  Yeah, we'll keep you updated on maybe I'm sure there'll be some like some things we can do to contact senators. Once this bill gains more steam to actually get this pushed through. Yeah, it is Senator Wyden and Senator Lummis who are introducing this amendment to the infrastructure bill. So Ted Cruz also has a separate bill, I believe, but he's getting on board too. What's funny to me is like all of these politicians suddenly getting on board, David's like.

• 1:09:09David Hoffman?

  Unexpected allies. Yeah.

• 1:09:10Ryan Sean Adams?

  Yeah, it's unexpected, but it's also like, I mean, it's about time they saw it because we have votes, we have money. Come on, senators.

• 1:09:18David Hoffman?

  Have motivation. Yeah.

• 1:09:19Ryan Sean Adams?

  These are your incentives. So now they're getting in Senate. Now they're understanding that, you know, Ted Cruz in Texas has talked a lot about being a cryptocurrency friendly state. So I'm not surprised that he's trying to get involved as well. India, on the other hand, doing something a little bit different. So what's this headline, David?

• 1:09:38David Hoffman?

  India banning crypto payments, but also regulating crypto assets. So crypto is still cool. You can still purchase and own crypto. You just can't use it as payments, which is an interesting line.

• 1:09:51Ryan Sean Adams?

  I believe the way this started is this is a bill in parliament, Indian parliament, I believe, that used to be a total ban on crypto. So this is actually a pullback from a total ban, and it's only banning payments. It's super interesting to me. It's like, this feels like a little bit like, we're gonna ban, we're gonna let you have the internet, but we're gonna ban email, websites are okay, sort of thing. It's just like, guys, like, do you even understand how this internet thing works? Do you guys even understand how this crypto thing works? Like, you can't just ban one use case of it and let the other ones through. So it, very strange,

• 1:10:32Ryan Sean Adams?

  I think, regulation, but maybe kind of a win for crypto? I don't know.

• 1:10:37David Hoffman?

  It's just like, it's just confusion. It's just, again, tells you how much, how little people know about these things. It's like, hey, you can have Facebook, but no pictures.

• 1:10:47Ryan Sean Adams?

  It's very funny, right? It's like, watching these governments take, like, make their different moves. Like, China knows exactly what it wants to do with crypto, and it's like, get the hell out. That's what it wants to do. And like, more democratic, you know, you know, nation-states are a little bit conflicted. They're like, we can't tell our people no completely, but we don't exactly want to embrace it. So what do we do? This is India's answer to that. And the US is having its own answers to like, the what do we do type scenario, becoming in the form of, I think, the SEC and what they're doing. But maybe we'll talk about that in a little bit. All right, guys, we will be right back with the takes of the week, and they are hot. But first, we want to thank the sponsors that made this episode possible.

• 1:11:30David Hoffman?

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

• 1:12:11David Hoffman?

  If you're a developer and you want to save on gas costs and overall make a better user experience, go to developers offchainlabs.com to get started building on Arbitrum. And if you're a user, keep an eye out for your favorite DeFi apps being built on Arbitrum. Many DeFi applications on the Ethereum L1 are migrating over to Layer 2s like Arbitrum, and some are even skipping over the Layer 1s entirely and deploying directly on Layer 2. There's so many apps coming online to Arbitrum, so go to bridge.arbitrum.io now and start bridging over your ETH or any of the tokens listed, and start having the DeFi or NFT experience that you've always wanted. Living a bankless life requires taking control over your own private keys. Not your keys, not your crypto. That's why so many in the bankless nation already have their Ledger hardware wallet, which makes proper private key management a breeze.

• 1:12:55David Hoffman?

  But the Ledger ecosystem is much more than just a secure hardware wallet. Ledger is the combination of the Ledger hardware wallet and the Ledger Live app. And if you're used to seeing all of your crypto services and favorite DeFi apps all in one spot, Ledger Live is where you want to be. Not only does Ledger let you buy your crypto assets straight from the app, but it also hooks into all of the DeFi apps and services that you're used to. Using Ledger Live, you can stake your ETH and Lido, swap on DEXs like Paraswap, or display your NFTs with Rainbow. You can also use Wallet Connect inside of Ledger Live to connect to all the other DeFi apps that keep coming online. DeFi never stops growing, and the Ledger Live app grows alongside with it. So click the link in the show notes to see all of the DeFi apps that Ledger Live has,

• 1:13:39David Hoffman?

  and stay tuned as more apps come online. And if you don't have a Ledger hardware wallet, what are you even waiting for? Go to ledger.com, grab a Ledger, download Ledger Live, and get all of your DeFi apps all in one space.

• 1:13:51Ryan Sean Adams?

  Hey guys, we are back with the takes of the week. I'm gonna start with this one. This is my own. It's weird that CZ, that is the CEO of Binance, he's almost richer than Elon Musk, and no one outside crypto knows who he is. Mainstream completely ignores this industry. I really feel like that's the case, David. I was reading this article about CZ, and he said that he intends eventually to donate up to 99% of his wealth to charity, which is, you know, great. That's a noble cause. And it also mentioned, almost like as a footnote, that he's also potentially worth 200 Billion dollars, billion with a B. And I looked this up and like, this is in the ballpark

• 1:14:32Ryan Sean Adams?

  of the top five richest people in the world. This is like Elon Musk level rich, who is currently the wealthiest individual in the world. And what's crazy to me is like, no one's talking about it. Now, keep in mind, of course, a lot of CZ's wealth is tied up in BNB. But I mean, a lot of Elon's Musk is tied up in Tesla stock.

• 1:14:54David Hoffman?

  Apples, apples.

• 1:14:55Ryan Sean Adams?

  Yeah. What's weird to me is just like, no one is talking about this industry. And it's gotten really big, right? Like, potentially, has the wealthiest individual in the world coming from it, right? Like, I don't love a lot of CZ's tactics, but like, if you're looking at the wealthiest individuals in the world, he would be close to the top and he's gaining on Elon Musk. Why do you think mainstream is not talking about this stuff?

• 1:15:24David Hoffman?

  Yeah, that's a really good question. I didn't know this until you brought this up. CZ, he's not the most like, he doesn't really market himself, right? He doesn't really have too much of an ego, as far as I can tell. He definitely has a desire for money. He definitely wants to pick up every single penny that's on the table. In his statement of, I want to donate 99% of my wealth, like, okay, I'll believe it when I see it. Yeah, I don't know what to think about that. Like, it's all assets, right? It's not like he has probably not very much cash on hand. These are all assets. And so, there's that like, there's that movement on the left. There's like, oh, like, billionaires have like billions and billions of dollars, but they're not giving any way to like the poor people, right? Well, it's not really a fair comparison, because if it's all assets, you

• 1:16:06David Hoffman?

  actually don't have that money. You only have assets. And if you start selling assets, you actually start collapsing the price. And so you destroy other people's capital too. It's not really a fair comparison. But yeah, like, shit, what does a man do with $200 billion?

• 1:16:19Ryan Sean Adams?

  Yeah, I don't know. And he certainly wouldn't have the liquidity to like, market dump $200 billion of BNB. But yeah, it's just interesting observation. I feel like mainstream is still not picking up on this industry. What's the next take, David?

• 1:16:32David Hoffman?

  This one I thought was pretty interesting. This is a Willie Woo comparing the Bitcoin chart versus the ProShares Bitcoin EDF trading hours visualized. And so on the top, you see the Bitcoin chart, which is this very cohesive line that moves from right to left. And on the bottom, you have the Bitcoin ETF, which only trades during trading hours on like, you know, the NYSE or wherever that gets traded on.

• 1:16:54Ryan Sean Adams?

  Anchor hours, nine to four.

• 1:16:56David Hoffman?

  Anchor hours, right? And just look at the incompleteness in the charts. For the listeners, the top chart is the Bitcoin chart. It's a full chart. Every single candle is connected. On the bottom, it's like 80% black space with huge gaps, huge gaps of time between like trades.

• 1:17:12Ryan Sean Adams?

  Entire days.

• 1:17:13David Hoffman?

  And so like, it's like you're trying to fill in the gaps between these different lines and you just don't know what Bitcoin does between the things. Which is the better market? Which is, which gives you more information? Which is just obviously better? It's clearly the market that trades 24/7. And it's not like when we made the Nasdaq, we started making markets. Markets historically trade 24/7. Every single market, every single second of every people's lives, there's a market somewhere. And so it just makes sense that these markets move into 24/7 trading times.

• 1:17:41Ryan Sean Adams?

  Yeah, and I like that, David. And here's Willie Woo's take on the bottom of the tweet. It's like going two steps backwards so legacy investors can have access to the old industrial way, along with the old industrial rent seekers in between you and the asset. That's what these, that's why we have these blank spaces is because it's just old industrial technology. And yeah, it's, it's, it's like not, in addition to the blank, blank spaces and the worst markets, we're also dealing with rent collectors in between, which is like crazy to me that, you know, an ETF would be thought of as a better product.

• 1:18:19David Hoffman?

  Is the black spaces between all the trading markets, that is literally centralization instantiated.

• 1:18:25Ryan Sean Adams?

  Yes.

• 1:18:26David Hoffman?

  The only reason that exists is because people actually can literally turn off the markets. Bitcoin has a complete end-to-end chart for every single second of every single day because it's decentralized. There's no one that can turn it off. And so when you see those gaps of the trading hours pause, you say, well, that's thanks to centralization.

• 1:18:42Ryan Sean Adams?

  Well, yeah, one thing I would say is like, I guess you can turn the exchanges off, right? The centralized exchanges. But like, I totally see where you're going with this. And like, something like a Uniswap would be a great example of like, that's going to be like going until the end of time until Ethereum is dead. And yeah, completely removes that that exchange centralization as well. What's this take? This is about DAOs?

• 1:19:07David Hoffman?

  Yeah, this is coming from Nick Naraghi, who's apparently part of Constitution DAO, as you can tell from the Constitution comma comma that you can see in his name. Nick says, DAOs are games and governance are game rules. And he says, "The magic of smart contracts is that we no longer need referees." And so that last line I really, really like where the EVM is now this global referee, which is inherently unbiased. You can't bribe the referee. The referee can't play favorites with what with what teams are being played. And then he goes on, and he adds on that each DAO is its own game. And the way that every DAO determines what the rules are, are via governance. But the rules can't be broken thanks to the power of smart contracts.

• 1:19:48Ryan Sean Adams?

  Yeah, that's really cool. What's his take? This is your take, I think.

• 1:19:52David Hoffman?

  Yeah, this is this is a take that I was following up from Alex Kruger, who's a Bitcoin trader, a big Bitcoiner. I would, I think he's a Bitcoin maxi. And he goes Bitcoin plus Solana is greater than Ethereum. It's just common sense. Ethereum is trying to do it all itself. That's how you fail. Bitcoin will always be safer and more decentralized. Solana will always be faster and cheaper. And so this is the barbell theory, right? Like, let's let's optimize for decentralization on security, heavily, heavily, heavily with Bitcoin. And then let's use Solana to optimize for faster and cheaper. My rebuttal to this is I say Ethereum's design funnels economic energy from a fast and cheap Layer 2 system into a security budget for the Layer 1. It's literally the best of both

• 1:20:36David Hoffman?

  worlds. And it gets the tailwinds of having a single network effect versus two fractured ones. And I say, "Broke barbell theory, woke Goldilocks zone." And to expand upon this, Ethereum is what it's doing is it's mimicking Bitcoin on the Layer 1 and it's a security Uncompromising security, uncompromising decentralization. But the layer twos on Ethereum, which are distinct and separate from the layer ones, are where you get the Solana-type activity, the fast and cheap economic activity. And the power of rollups funnels all of that economic activity into a security budget. So where Bitcoin doesn't have a security budget, because it has the hard cap, Ethereum does, because it pulls that economic energy from the L2s

• 1:21:18David Hoffman?

  and turns that into the, when I was talking earlier about chains being the ultimate consumers of Ethereum block space. Blockchains consume Ethereum block space and pay for security budget. And that's how you get the best of both worlds.

• 1:21:30Ryan Sean Adams?

  Yeah, I feel like this is a common Bitcoin take, right? This is the reason I think many Bitcoin, particularly maximalists, are so fine with scaling on on sidechains, effectively exchanges, right? Use something like a BlockFi or a Binance for your trading, or a BlockFi for your collateralized loans, is because they just want to optimize Bitcoin to be the money. And then they're fine with the banking layer being more centralized, right? This is kind of a play on that. I really do believe some of these chains, like the avalanches of the world, the Solanas of the world that have not optimized for maximum decentralization to the base layer, like even the Terrors of the world, they're a bit more like fintechy than they are layer one blockchains, right?

• 1:22:15Ryan Sean Adams?

  So like, they have an element of centralization that makes them a bit more like a crypto bank. And I think a Bitcoiner is kind of fine with that, because that is how they want to scale the monetary supremacy of Bitcoin, is on like sidechains and even Ethereum competitors, I guess, or even on Ethereum itself. So it is consistent, I guess, from that perspective. But yeah, to me, it's never really made sense, right? It's like, you're not going to have maximum decentralization unless you decentralize the banking layer as well, right? Like, you have to have that DeFi layer, and that's important. And so like, you need both the monetary asset and the banking layer to be one and the same on the same network.

• 1:23:00Ryan Sean Adams?

  That's kind of the Ethereum approach, so. But this is a popular narrative, David. It's like, grown in popularity of the last like three to six months.

• 1:23:08David Hoffman?

  Yeah, and I think I want to reiterate that one statement I make and I say, and it gets the tailwinds of having a single network effect versus two fractured ones. When Solana gets adopted, that kind of means little to nothing for Bitcoin and vice versa. If Bitcoin gets adopted as a money, it kind of doesn't really mean much for Solana because these two things have their own network effects, their own moats, their own reasons for existence. Ethereum is one network that does both and the consolidation of both network effects being in the same spot, the money network effect, the DeFi network effect, like it's now it's the same network. And really the story of crypto is the consolidation of so many different networks. Just like TCIP is a network, now we have the EVM. Ether is

• 1:23:52David Hoffman?

  a money, liquidity begets liquidity, money begets money, network effects beget network effects. If you put all the network effects into the same spot, like that's what Ethereum is.

• 1:24:01Ryan Sean Adams?

  Well, that's what we've said. It's like the dual flywheel, right? The two flywheels of ultrasound money, which is Ether, the asset, and then ultrasound scalability, which is Ethereum's modular blockchain design, right? It's going to be hard to compete with that in the medium to long term. We'll see how all this shapes out. But yeah, I agree with your take here. All right, here's another take, David. This is from a post that you published in Bankless on why Web 3 will win, right? So it's like Web 3 versus Web 2 versus the nation state. These are the three participants in this three-way battle. You say this, "While Congress wants to break up the Web 2 giants as an antitrust effort, Enes Domains just

• 1:24:44Ryan Sean Adams?

  airdropped 50% of its token to 137,000 people, where Web 2 centralizes power, Web 3 distributes it." And that was your post this week on Bankless. So dive into this take here. What did you mean?

• 1:25:01David Hoffman?

  Yeah, a little over a year ago, the four leaders of the Web 2 world, like Apple, Facebook, Twitter, and Google, the CEOs of each were all summoned to Congress because they were fearful of just like how big these things are getting, like how monopolistic they are. And so each one of these leaders, like Mark Zuckerberg, Jack Dorsey, the other, Tim Cook, I think was also there, they all had to defend themselves as to like why they're not a massive monopoly, right? They had to all pitch themselves, hey, we are constantly in fear of being disrupted. Like, there's so much innovation that we need to work on. And the competition's good for the consumer, basically defending why they're not a monopoly. And the reason why they got summoned to Congress is because of antitrust laws, where,

• 1:25:44David Hoffman?

  you know, antitrust is allegedly good for consumers. My conspiracy is that, well, if you have a monopoly as big as these Web 2 companies, they're actually starting to infiltrate into what would be government services, things like identity with Facebook and data like Google. And so like, the reason why governments feel the threat from Web 2 world is because the Web 2 companies are starting to become as powerful as governments themselves. Meanwhile, and so that's why governments want to break these things up. They want to break up Facebook into its component parts, like make these things smaller in the name of antitrust, which is part of American history. We don't like monopolies. And so while these Web 2 companies are just like clawing teeth and nail for any ability to maintain their monopoly power, because by the way, their products are their monopoly, right? Every single one

• 1:26:29David Hoffman?

  of these companies, their products get better when they have a more monopoly, larger monopoly upon the people, right? The more data that Google has, the better Google can provide. The more people that are on Facebook, the larger social networks there are. And so the business model of Web 2 is a monopoly. That's how these things work. And so they are just fighting government tooth and nail to not get broken up, because that is the core component of their business. In stark contrast to the Web 2 versus the government world, we see the Web 3 world, which is distributing greater than 50% of its token supply to as many different participants as possible as early as possible. It's in the ethos and best interests of Web 3 apps to give away their power, give away control. To the community as soon as possible.

• 1:27:14David Hoffman?

  It is literally doing the thing that government is asking Web 3 to do voluntarily, and early in its lifespan, not late, not as a threat, but as a principle. And so this should be what governments really, really want to see out of these new disruptive technologies. And the only way that you can really disrupt a massive Web 2 monopoly is not just by making another competitor to Facebook, but instead is by doing something in Web 3. And so all of these DeFi apps, DeFi protocols, Web 3 systems, they are going to be the things that disrupt Web 2, because it has to come in a different substrate, right? And this is the substrate that is required to actually break these things up. And I finish the post off by saying like, this strips the government of the emperors of their clothes, right?

• 1:27:59David Hoffman?

  Because even though they are, Web 3 apps are doing the things that governments want the Web 2 companies to do, governments are still fighting the Web 3 apps, which tells you exactly what you need to know, that this is not about consumer protection, this is about protecting their power and control over the people. And so that was my big, long take this week in the Market Monday opening note.

• 1:28:20Ryan Sean Adams?

  Yeah, I think we said before, basically, you'll be able to, it's an acid test for how authoritarian a country you live in is their response to crypto and Web 3 technologies, right? It's like, do they shun them? Are they scared of them? Are they fearful of them? Or do they embrace them? Do they welcome additional self-sovereignty and power to the people? It tells you a lot about what kind of nation you really live in. And so I think all nation states are going through this acid test, right? It's like, we'll see. I mean, the outcome is still decided for the US, for example. We were talking about India earlier and their classification, like, all these countries are sort of wrestling with this. And hopefully, we come out on the other side with an embrace of Web 3.

• 1:29:04Ryan Sean Adams?

  But it really does show you where their priorities are, for sure.

• 1:29:08David Hoffman?

  Totally.

• 1:29:08Ryan Sean Adams?

  Let's talk about this. So this is something I realized this week, David, and I tweeted this out. Fake Twitter accounts are about to be killed by NFTs. Once Twitter incorporates NFTs in order to spoof my account, you actually need to own my NFT. NFTs will become the blue checkmark. Their unforgeable, costly, self-sovereign identity is how crypto is fixing Web 2 identity, one block at a time, like one identity block at a time is what I meant. And it's really like, I don't know if you've been getting these on Twitter, right? Because like, all of these fake accounts, right? And so somebody will message me every single day and just say, "Hey, I just got messaged by a fake Ryan Sean Adams."

• 1:29:52Ryan Sean Adams?

  I had this back and forth with this fake Ryan Sean Adams. Sometimes they'll show me like DMs of this fake Ryan, who's like asking them for money or inviting them to a Telegram group or just doing other shady things. And when I have time to respond, there's so many of these, like, I'm just like, "Hell, that wasn't me. I'm sorry." Like, you know, and they always ask me if there's something I could do with it. Well, it's like, it's impossible. It's whack-a-mole, right? Like, you can block, you can report, you can do all of these things, but you can't hunt these people down. What's different is if I have an NFT that I own, let's say, my Turtle David, or my Dow Punk NFT that I own, and I get that authenticated, right, on-chain and through Twitter, basically,

• 1:30:36Ryan Sean Adams?

  the spoof account, the fake Ryan Sean Adams, would have to actually purchase my NFT in order to fake me. Now, that's assuming that Twitter not only validates NFTs, but also validates NFT collections or ENS addresses or that sort of thing, which is not too far of a logic leap. But it's super interesting to me that in one fell swoop, with the adoption of NFTs, you can basically eliminate spoofed accounts. Because, right, anyone who sees a Ryan Sean Adams without my NFT, right? They'll know it's not me. And so, wow, maybe we've just created an identity primitive, the combination of ENS and NFTs and Twitter authentication on-chain.

• 1:31:21Ryan Sean Adams?

  It's kind of a cool realization. Not that Twitter is just going to integrate NFTs, but that NFTs are going to become Twitter's blue checkmark. And they're also exportable to any other social media website as well.

• 1:31:35David Hoffman?

  Yeah, this really just lends itself to the defining the metaverse podcast that we did together. And if listeners haven't listened to that, you totally should. And we talked about NFTs as the identity vehicle for manifesting your digital form into the metaverse, right? Like Ryan Sean Adams, the human doesn't actually can't actually exist in the metaverse, but Ryan's turtle can. And Ryan's turtle is very, a very unique one of one, you know, it's very specific turtle. There only can be one of those. And as a representation of identity inside of Twitter, it works there. And like you said, it also works everywhere else that the metaverse manifests.

• 1:32:07Ryan Sean Adams?

  My God, that's the nicest thing you've ever said about my turtle, David.

• 1:32:10David Hoffman?

  Wow, it's unique.

• 1:32:11Ryan Sean Adams?

  I'm touched. It's one of one. It's unique.

• 1:32:14David Hoffman?

  Don't get used to it. Don't get used to it. All right. It was meant to illustrate a point.

• 1:32:18Ryan Sean Adams?

  What are you excited about this week, David, besides my turtle?

• 1:32:21David Hoffman?

  So I'm excited to go home next week for Thanksgiving. I have a nephew. I've only met him like three or four times. He's one of the cutest little kids ever. And he's like four months older now that now since the last time I saw him. So I'm excited. I'm excited to go home, see some family. It's been a while since I've been home in Seattle. So I'm excited to go home, play with my nephew.

• 1:32:39Ryan Sean Adams?

  What's his name, David?

• 1:32:41David Hoffman?

  His full name is Lincoln, but we call him Link.

• 1:32:43Ryan Sean Adams?

  Lincoln. Okay, Link. It looks like Link is looking outside for you in this picture.

• 1:32:48David Hoffman?

  Waiting for me to come home.

• 1:32:49Ryan Sean Adams?

  He's like, Uncle David, where's my NFT that you promised me? Where's my tiny turtle?

• 1:32:55David Hoffman?

  If I think there's another picture here, if you want to scroll down and just we can have this like cute baby photos time on bank list. Look at him. Look at his teeth. Ah, he's cute. Cute little kid. Cute little kid.

• 1:33:06Ryan Sean Adams?

  Yeah, any more?

• 1:33:07David Hoffman?

  No, that's it. Just two. All right, Ryan, what are you excited about?

• 1:33:11Ryan Sean Adams?

  I'm excited about the Constitution app, man. That's a really cool project. Yeah. So back to like a statement I made before that I really feel like it's not just the 1990s. People always compare crypto to the 1990s. It's more like the 1790s because we are actually creating new decentralized governance protocols on which we can build.

• 1:33:34Ryan Sean Adams?

  All sorts of other things, like we can build entire economies on top of networks like Ethereum. And so the the Constitution is kind of a throwback to that, right? So think about the Constitution. It was written as a decentralized protocol for governance. And on top of that, entire nation was built, right? Entire economy, right? This is, you know, why people go west. This is why immigrants came to Ellis Island for the land of opportunity, right? For these vast, open white spaces of opportunity. And I feel like that's what Ethereum is providing now. And so purchasing the Constitution is kind of like, it's just like, the meme is the message, right? What's the meme?

• 1:34:17Ryan Sean Adams?

  It's the meme that the people are back, right? We care about decentralized protocols. And now we have a new set of institutions to decentralized protocols. That's going to like, you know, govern societies into the 21st century. So I really like the the ability, the raw power to buy the Constitution with a group of people on the internet in a capital pool. And I love the message that this sends to the broader narrative. I think there's something symbolic here. So again, I don't know at the time of recording if they're successful or not, but just the fact that they got to this amount of funds and are making a bid, that in and of itself is a victory. So I'm pretty excited about Constitution Dow. Where does it go from here, man?

• 1:35:00Ryan Sean Adams?

  Like, feels like crypto is just buying like bigger and bigger things. The projects are getting bigger, the coordination is getting more interesting, the tooling is coming along. So yeah, maybe the Wells Fargo Arena in Philadelphia is not not too far away. I don't know.

• 1:35:17David Hoffman?

  I think that's really the right question. I think that buying the Constitution might be pretty easy for them, especially because they have double the money than they that they needed to. I mean, we'll TBD on that, but it's really the what I'm excited about is like, see what happens next. Because they're going to have millions of excess dollars. And now they're going to have a bunch of people with a shared purpose and shared vision. And they're going to have to figure out what that thing is. And then they're going to figure out, do exactly what Pleaser Dow did, which is, well, the first thing that they buy is just the first thing, like what happens next? And so maybe we have a brand new, a brand new player has entered the crypto arena and that is Constitution Dow.

• 1:35:52Ryan Sean Adams?

  That could totally be the case, absolutely. All right, David, you want to get to the memes of the week?

• 1:35:57David Hoffman?

  Meme of the week, we got two of them this week.

• 1:35:58Ryan Sean Adams?

  Here's the first one, what are we looking at?

• 1:36:00David Hoffman?

  Yeah, this is Steven Doge Toshi, who works at The Block, and he writes on a tweet, "Me sitting in a six-figure APY Ponzi while the SEC goes after Block 5 for 3%." And it's the shifty eyes, like puppet, puppet meme, just like, "Oh, don't look at me."

• 1:36:15Ryan Sean Adams?

  I love that.

• 1:36:16David Hoffman?

  This lends itself right back to the meme of the week that we had last week, where the SEC was the army man protecting the users from airdrops while letting crypto scams just like fly out of them. Yeah, so.

• 1:36:25Ryan Sean Adams?

  Good old SEC.

• 1:36:26David Hoffman?

  And then the second meme of the week is a meme that I made while I was trying to get myself to pass 100,000 followers on Twitter.

• 1:36:33Ryan Sean Adams?

  Did you do it, by the way?

• 1:36:34David Hoffman?

  I did, I did it. Yeah, this is the meme that did it. This meme is the classic Billy learning the value of a dollar meme. The format is like a father giving Billy like a dollar. It's like, "All right, son, like you need to make sure that you like spend this money wisely." And then the next thing you see is Billy is like taking the money to a vending machine. I've reformatted this tweet, and it's Ryan goes, "David, here's our company profit share for this quarter. Remember to set some aside for bear markets and taxes." And then the third panel is me just like buying as much Ether as possible with it, and then Ryan saying, "All right, good talk."

• 1:37:09Ryan Sean Adams?

  Oh, my God, dude. I swear to God, we do have that talk, like often. I just always like, "Hey, you know, you should remember these things." And that's where the money goes, apparently. Now I know. I suspected for a long time, David, but I feel like this is a confession tweet that you're using that money, you're just buying more Ether with it.

• 1:37:27David Hoffman?

  Yeah, that is the confession, and I do appreciate the guidance and advice. But man, Ether is just like too damn compelling, man.

• 1:37:35Ryan Sean Adams?

  It's pretty attractive. I get it.

• 1:37:37David Hoffman?

  Can't get away. Yeah. I do one thing. I take dollars and I buy Ether. That's what I do.

• 1:37:43Ryan Sean Adams?

  Yeah, and I do one thing, which is I tax optimize. As we know, the tax optimizer cannot stop. So, yeah, remember bear market and taxes, guys. That's what the father in this meme is telling you.

• 1:37:54David Hoffman?

  Just like last week, guys, Ryan is about to give his famous disclaimers about going west. But before, after that is a moment of zen where you will hear all about Jonathan Mann, the Song of Day man, who we featured last week with the ENS Drop, a new song about bored apes.

• 1:38:09Ryan Sean Adams?

  Here's the disclaimer. None of this has been financial advice. Ether is risky. Bitcoin is risky. So is DeFi. You could definitely lose what you put in. But we are headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey. Enjoy your moment of zen.

• 1:38:29Speaker 02

  Huge mistake, I made a huge mistake

• 1:38:35Speaker 02

  I accidentally sold my board A Thought I had enlisted him but unfortunately Just now I sold him accidentally Huge mistake, I made a huge mistake

• 1:38:59Speaker 02

  I accidentally sold my board A Thought I had enlisted him but unfortunately

• 1:39:11Speaker 02

  Just now I sold him accidentally

• 1:39:18Speaker 02

  He was a gift from Jimmy dot E

• 1:39:23Speaker 02

  Six months ago On the 30th of May

• 1:39:30Speaker 02

  Thought maybe I'd sell him but then I changed my mind I thought I had enlisted him but No Huge mistake, I made a huge mistake

• 1:39:47Speaker 02

  I accidentally sold my board A

• 1:39:53Speaker 02

  Thought I had enlisted him but unfortunately Just now I sold him accidentally, accidentally Huge mistake, I made a huge mistake

• 1:40:11Speaker 02

  Huge mistake, I made a huge mistake

• 1:40:18Speaker 02

  Oops

• 1:40:22David Hoffman?

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

• 1:41:07David Hoffman?

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