ROLLUP: Kim Kardashian vs Gary Gensler | Credit Suisse Crisis | Celsius Foul Play | ENS NFTs

First Week of October, 2022 ------ 📣 Galxe | Explore Crypto’s #1 Credential Network https://bankless.cc/Galxe ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum ❎ ACROSS | BRIDGE TO LAYER 2 https://bankless.cc/Across 🦁 BRAVE | THE BROWSER NATIVE WALLET https://bankless.cc/Brave 💠 NEXO | CRYPTO FINANCIAL HUB https://bankless.cc/Nexo 🔐 LEDGER | NANO HARDWARE WALLETS https://bankless.cc/Ledger ⚡️FUEL | THE MODULAR EXECUTION LAYER https://bankless.cc/Fuelpod ----- Topics Covered 0:00 Intro 2:00 Galxe https://bankless.cc/Galxe 3:25 MARKETS 5:50 The Fed https://time.com/nextadvisor/investing/latest-stock-market-news/ 8:35 Global Markets Japan - https://www.reuters.com/markets/asia/japan-confirm-size-yen-buying-intervention-eyes-size-war-chest-2022-09-30/ England - https://www.bankofengland.co.uk/markets/market-notices/2022/september/market-notice-28-september-2022-gilt-market-operations 9:50 Oil Reserves https://twitter.com/EddieZipperer/status/1577658417807859712 12:30 The Pivot https://twitter.com/matthew_pines/status/1575466006314717184 14:20 L2 All Time Usage https://twitter.com/MSilb7/status/1576194105763590144 AVAX - https://twitter.com/jamesjho_/status/1576386383018569728 BNB - https://thedefiant.io/bnb-retail-favorite-nansen 18:30 NEWS 19:45 Credit Suisse Crisis https://www.bloomberg.com/news/articles/2022-09-30/credit-suisse-ceo-says-firm-at-critical-moment-sees-strength Credit Default Swaps - https://twitter.com/GrahamStephan/status/1576601663477059585 24:00 Left Hanging https://twitter.com/DylanLeClair_/status/1576263249506410497 25:55 SEC Charges Kim Kardashian https://twitter.com/tier10k/status/1576897832954785795 SEC Report - https://www.sec.gov/news/press-release/2022-183 28:00 Clout Chasing https://twitter.com/mdudas/status/1577711416521494529 30:25 Influencer Officials https://youtu.be/vbZS6tYQKIM 33:00 Picking Battles https://twitter.com/tomhschmidt/status/1576967556815953922 36:22 Celsius GRIFTERS https://www.coindesk.com/business/2022/10/06/celsius-top-3-execs-cashed-out-56m-in-crypto-before-bankruptcy/ 38:15 Calling Out Scams https://bankless.cc/YouTube 42:15 MakerDAO 500m Investment https://www.coindesk.com/business/2022/10/06/stablecoin-issuer-makerdao-allocates-500m-for-treasuries-corporate-bond-investment/ Winklevoss - https://thedefiant.io/makerdao-gemini-deal 45:25 Fidelity Ethereum Index Fund https://www.theblock.co/post/174806/fidelity-reveals-ethereum-index-fund-with-5000000-in-sales-in-new-filing 47:04 ENS Registrations https://thedefiant.io/ens-registrations-ath-september Top Sales - https://nonfungible.com/market-tracker/ethereumnameservice 49:16 Moonbirds DAO https://decrypt.co/111147/moonbirds-dao-2-6m-thereum-nfts-kevin-rose-proof 50:45 Coinbase Documentary https://twitter.com/brian_armstrong/thread/1577327143557603328 54:15 Liquidating 3AC NFTs https://decrypt.co/111317/three-arrows-capital-cryptopunks-starry-night-ethereum-nfts 54:55 Solana Down Again https://fortune.com/crypto/2022/10/01/solana-back-online-after-latest-outage Uptime - https://twitter.com/RyanSAdams/status/1576222916840411142 59:25 Crypto in Africa https://blog.chainalysis.com/reports/sub-saharan-africa-cryptocurrency-geography-report-2022-preview/ 1:01:25 Tornado Cash Update https://www.theblock.co/post/174016/arrested-tornado-cash-developer-alexey-pertsev-appeal-rejected 1:03:55 Consensys x BanklessDAO https://twitter.com/consensys/status/1578051507769032704 1:05:24 Euler Aztec Integration https://twitter.com/aztecnetwork/status/1576997493987868672 1:06:40 RAISES Uniswap Labs - https://decrypt.co/110952/uniswap-labs-eyes-200m-in-fresh-funding-report DeFiance Capital - https://twitter.com/TheBlock__/status/1575994613738999808 Horizon - https://twitter.com/0xHorizon/status/1577284097806041088 1:08:10 JOBS https://pallet.xyz/list/bankless/jobs 1:10:00 Questions from the Nation 1:11:00 Emerging Categories https://twitter.com/finity_mike/status/1577843386924531713 1:14:15 EVM Compatibility https://twitter.com/A_Crypto_Dude1/status/1577694946378891264 1:15:00 TAKES 1:15:15 Start a Pod https://twitter.com/trustlessstate/status/1577419284342530050 1:16:04 Bootstrap! https://twitter.com/RyanSAdams/status/1578068696219746304 1:17:45 Whoops https://twitter.com/dastormy1/status/1575956684732006400 1:19:40 What David’s Bullish On https://imgur.com/NFQdeYG 1:22:10 What Ryan’s Bullish On 1:25:10 Memes of the Week 2022 vs 2008 - https://twitter.com/wallstreetsilv/status/1575610336496873472 Environmental Ponzi - https://twitter.com/DylanLeClair_/status/1577793279273455616 ——— 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.

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

• 0:00Ryan Sean Adams?

  Gary Gensler versus Kim Kardashian? I can't believe this. This is not on my bingo card. What timeline are we living in, David?

• 0:09Ryan Sean Adams?

  Bankless Nation, happy first week of October. David, what time is it?

• 0:13David Hoffman?

  Ryan, it's the Bankless Friday Weekly Rollup, where we cover the entire weekly news in crypto, which is always an ambitious endeavor, yet we persevere nonetheless into the frontier with coffee.

• 0:23Ryan Sean Adams?

  With coffee. Grab your coffee, hot tea. Join us as we venture into crypto, tell you what happened in the week that was in crypto. This is the fastest way to get all of the crypto updates. Every week, David and I do this. It comes out on Friday mornings, and we try to consolidate everything you need to know in about 90-ish minutes. Sometimes we get to 90-ish minutes, David. But what are we going to be covering this week? What's coming in at number one?

• 0:47David Hoffman?

  Coming in number one, Credit Suisse, the Three Arrows Capital of TradFi, Lehman Brothers 2.0, or a bunch of finger-mongering we will discuss. Ryan, what's coming up after that?

• 0:58Ryan Sean Adams?

  We also have Gary Gensler versus Kim Kardashian. I can't believe this. This is not on my bingo card. What timeline are we living in, David? And which one's actually doing the clout chasing? Because it's not quite clear. We'll talk about that. What else we got?

• 1:11David Hoffman?

  Then a smattering of a bunch of other pretty cool stuff. Coinbase documentary, documentary about Brian Armstrong and the rise of Coinbase, which I'm really excited for. That is coming out today at the time of listening, followed by the Three Arrows Capital Starry Night NFT Fund liquidation. So, you know, get ready. Get your wallets ready if you're an NFT collector, because there's some good NFTs coming out. And then sadly, Solana is down once again. Well, it's back up now, but it went down once again.

• 1:39Ryan Sean Adams?

  Just a tiny outage.

• 1:40David Hoffman?

  Tiny little outage.

• 1:41Ryan Sean Adams?

  Wee little outage. No big deal at all. And of course, guys, if you enjoy this weekly rollup, you can like it, subscribe, rate and review, wherever you're listening, wherever you are watching on YouTube. Make sure you hit that subscribe button so you get notifications as these things come out. All right, David, before we dive in, got to tell them about our friends and sponsors at Galaxy, making crypto fun again, going on some adventures, maybe by yourself, maybe with friends. Into the frontier, that's what this is about. So what is Galaxy doing and how can folks go on adventures?

• 2:14David Hoffman?

  Galaxy is producing task-based campaigns for us in this, in the metaverse, in the frontier, on the bankless journey. You can go to galaxy.com, G A L X E dot com and get a task for you to go and explore something. Whether it's an optimism quest or something, I don't know, on Arbitrum or something where some project wants you to go do something. And you can go and do that thing. And then what do you get, Ryan? You get a little credential, a little badge, a little gym badge, Pokemon gym badge to put in your Web three passport that Galaxy gives to you to prove that you did it. So it's a little booklet, like a little metaverse passport to go and put all your credentials in of how you've explored a part of the crypto universe. There's a link in the show notes to go get your Web three passport from Galaxy.

• 2:57Ryan Sean Adams?

  I should say, like any gamified adventure, of course, some of these campaigns have rewards on the other side, have treasure as well. So this is a learn and earn opportunity for each of these campaigns, a great way to explore crypto during the bear market, during any market. And I do think in the future, David, these sorts of adventures are going to be the way tokens are issued. This is like the new airdrop.

• 3:22David Hoffman?

  Surface area. Yeah, there's a lot of surface area here.

• 3:24Ryan Sean Adams?

  The new airdrop is an adventure drop, I think. All right, let's get to markets. What is Bitcoin doing in the markets this week? We up, we down?

• 3:32David Hoffman?

  We up a decent amount, three and a half percent. Bitcoin started the week at below $20,000 at 19,400 ish. And we are above $20,000, at least at the time of recording at $20,100. So eyeballs right above waterline, right above waterline.

• 3:47Ryan Sean Adams?

  Play that happy music. I'll take a 3.5% in these trying times. How about ETH price? Is that up too, please?

• 3:53David Hoffman?

  Yep, up a little bit, a little smidge, a little bit over 1%, very marginally over 1% sort of the week at 1350. We are at 1365. So we went up $15.

• 4:05Ryan Sean Adams?

  Okay, $15.

• 4:07David Hoffman?

  Remember when $15 was actually nothing and now it's actually something?

• 4:10Ryan Sean Adams?

  There was a time when the price of ETH was just $15. So, uh, aren't we blessed?

• 4:15David Hoffman?

  I don't remember that time.

• 4:16Ryan Sean Adams?

  Aren't we blessed? These are ancient times. A few, few remember, a few are here. ETH Bitcoin, the ratio, what are we looking at on the week?

• 4:23David Hoffman?

  Bitcoin ratio down, I think like a percent, a little bit over a percent. We are down to 0.678. 0678. So flattish.

• 4:31Ryan Sean Adams?

  Back in that crap season for the ETH Bitcoin ratio. How are we like historically, we're still up from the July 22 lows, I guess. I'm looking at this from a year-long basis, but look at the five-year.

• 4:43David Hoffman?

  I mean, if you zoom all the way out, the ETH ratio has been fantastic.

• 4:47Ryan Sean Adams?

  Like the ETH ratio last bear market, I mean, look at those, David. ETH ratio 2019 into 2020.

• 4:54David Hoffman?

  Remember when it went down to 0.018? That was when I was like, okay, I don't, I don't have to go back to school, right?

• 5:02Ryan Sean Adams?

  Honestly.

• 5:02David Hoffman?

  This is still irrational, right?

• 5:04Ryan Sean Adams?

  No, no, no. This time was basically like, oh, I'm going to start a newsletter because the ratio shouldn't be this low. And we were like, this is when we started the Bankless Podcast in 2020. We were like, this is stupid.

• 5:16David Hoffman?

  We started it at the absolute bottom of the ETH Bitcoin ratio.

• 5:19Ryan Sean Adams?

  Of the ratio, yeah. It's because I felt at the time that DeFi and ETH were going completely underappreciated relative to Bitcoin, which is fantastic in and of itself. So, uh, yeah, look at the trajectory. Since the Bankless Podcast was launched, David, it's been up only.

• 5:34Ryan Sean Adams?

  There's gotta be some causation. It's not correlation. All right. Global crypto market cap, we below a trill?

• 5:41David Hoffman?

  Just barely above. 1.0003 trillion dollars is the total crypto market cap. There's some zeros in there.

• 5:49Ryan Sean Adams?

  Happy music. Uh, well, let's talk about the Fed. Everything hinges upon the Fed these days. And we've been talking so much, I think all of crypto is talking about a pivot. So when is the Fed?

• 6:00David Hoffman?

  When pivot. Used to be when merged, now when pivot.

• 6:03Ryan Sean Adams?

  When pivot. When is the Fed going to start ratcheting down, right? It's when is it, when are easy monetary policy, uh, when is that coming back? I mean, does that feel like? Like we're bad Austrians to say that like, please Fed, give us an easy monetary policy.

• 6:20David Hoffman?

  Can you please print some more money? I love some of that money printer.

• 6:23Ryan Sean Adams?

  That's, that's not exactly like why we're saying it's just like inevitability, right? At some point, we're trying to like forecast what the market's going to do. And because macro markets right now have such an influence over the prices of everything, we're trying to anticipate when Jerome Powell is going to pivot because David, it seems inevitable that he has to pivot at some point. I know he's trying to slay, break the back of inflation. Has that already happened yet? Is that just a lagging indicator? Don't know, but we do know there's a lot of pressure on the Fed to start this pivot now. We'll go over a few of those pressure points right now. Number one, the stock market has had its worst year in more than a decade and it keeps getting worse. This is a headline from time.com, I believe.

• 7:07Ryan Sean Adams?

  And this is actually the worst start to any year in the stock market since 20, uh, since 2002. Post nine 11 year, post.com crash year, the worst start to any year since 2002. And we are down in the S and P around like negative 25%. NASDAQ negative 32%. So US stocks are heading for their, this feels almost like a 2009 financial crisis in the stock market. That is one pressure point. Now you might say, and I might agree with you actually, that Powell doesn't care about the stock market.

• 7:48David Hoffman?

  He's not supposed to, yeah.

• 7:49Ryan Sean Adams?

  I think to some extent that's true. I wonder how much that's true. So that, that is pressure point one, David. Pressure point two is there's some rattlings beginning around the world from other countries that aren't in a position to raise rates in quite the way that the Fed is. The first is the UN, so international body, and they are calling on the Fed and other central banks to halt interest rate increases. They're saying, I'm going to quote this, "The Federal Reserve and other central banks risk pushing the global economy into recession, followed by prolonged stagnations." Stagnation if they keep raising interest rates. It's interesting. I didn't know the Fed or the UN advised on economic policy in this way.

• 8:33Ryan Sean Adams?

  But you know, some of these voices are surfacing as well. And further, we are starting to see other central banks begin their soft pivot. Now, the Fed hasn't, Powell hasn't, but Japan just spent $20 billion on intervention to support the yen. So the Fed, the US dollar wrecking ball is destroying other fiat currencies, including the yen. It's losing ground relative to the dollar. And so Japan is actually printing money to intervene to support the yen. We also talked a little bit about the UK pension crisis last week, David. Well, Bank of England is working to bail that out as well. They are buying long dated UK government bonds. That started, that process started last week.

• 9:17Ryan Sean Adams?

  So some of these other central banks are beginning to pivot. And I'm thinking this is putting more pressure on Powell for a pivot at some point soon. Now, we're not getting, we're still getting very hawkish messages, I think, from Powell and the Fed so far that, you know, they intend to continue raising rates, you know, want to break the back of inflation. But you almost wonder if that lasts, like past maybe November midterms, like past maybe some of this increasing economic pressure from other central bankers. Past maybe, did you get a chance to see this graph, David?

• 9:54David Hoffman?

  Yeah.

• 9:54Ryan Sean Adams?

  What are we looking at here?

• 9:56David Hoffman?

  Yeah, we're looking at the supply of oil reserves. And so people might have noticed, except in California, I've heard California gas prices are still super high. But gas prices overall are just down. Like I've seen like three and a half dollar gas in New York, maybe $4. Other people are talking like gasoline prices are down. Well, so is our supply of gasoline reserves. So it used to be at its peak in like 2010, 750 million barrels. It was at 650 million barrels up until 2020. And it has just dropped off a cliff going down to 350 million barrels. So it's halved and it hasn't been like that since like 1982. So we have the lowest supply of oil reserves since 1982.

• 10:39David Hoffman?

  And the tweet here, the political tweet is saying that Biden is on track to practically empty our strategic oil reserves to make sure Democrats get elected in November, as in wanting to push down the price of bear of oil to have political clout say, hey, look what we did, like gas prices aren't bad. But that's because we're just like draining our supplies. We're draining our reserves. You don't, you don't, that's not oil out of the ground. That is like oils we've saved up. That's our savings of oil has been halved in the last like two years. And so I think the story here with everything that you just said, and also this, it's like the, we can see the sidewalk running out, like there's not less and less like roadway here. It does, we don't really know how much roadway is left. But I'm also reminded of that, that one famous internet gif where like there's

• 11:24David Hoffman?

  a car hurtling towards like a wall. And then as soon as it was about to crash, the camera cuts to a different angle and the car's about to crash again. And then it's as soon as it gets close to the wall, the camera cuts again, and then the car's further away. So it's one of these things like, yeah.

• 11:38Ryan Sean Adams?

  It just repeats forever.

• 11:38David Hoffman?

  We're, yeah, and it just repeats forever. And then one time it actually does crash. But you don't actually know, like, so we're seeing all the, we're seeing the roadway run out, but we also don't know how much roadway is, is left, right? So like, we could be talking about this, I don't know, maybe through the rest of the year. It's like, oh, there's a pivot soon. There's a pivot soon. Some, one day it will actually happen. How much roadway we have left? TBD.

• 11:57Ryan Sean Adams?

  Yeah, three months, six months, a year. No one knows. I don't even think Powell and the, you know, the Fed actually know what the breaking point might be, and when they will start that pivot. But

• 12:08David Hoffman?

  Although if you, if you do trend, like trend out this trajectory of oil reserves, it goes to zero in like, guess me, like napkin, napkin trajectory here, like soon, quickly.

• 12:18Ryan Sean Adams?

  December.

• 12:19David Hoffman?

  Yeah.

• 12:19Ryan Sean Adams?

  Something like this. By Christmas, we have no oil.

• 12:21David Hoffman?

  Yeah.

• 12:22Ryan Sean Adams?

  The US strategic reserves. I'm laughing about this, but this seems a little serious.

• 12:27David Hoffman?

  A little dark.

• 12:27Ryan Sean Adams?

  This doesn't seem like it's a good thing.

• 12:30David Hoffman?

  Well, this is, this is why this world is so weird right now is like the more bearish things get, like the more bullish it becomes because then we have to pivot and print more money. So it's just weird, weird state of things.

• 12:40Ryan Sean Adams?

  I guess it's more bullish for commodities. It's more bullish for things that can't be inflated for non fiat currencies, right? We're definitely living in this, in this fiat world, a hollow world per our podcast episode that we just recorded with Ben Hunt that's coming at you guys in a, in a couple of months. He has this phrase.

• 12:57David Hoffman?

  Couple of weeks, couple of weeks.

• 12:58Ryan Sean Adams?

  Excuse me. Yeah, a couple of weeks. He like has this phrase he likes to use calling the world very hollow right now. And I think that's what we're seeing. But some words to look for, if you are looking for signs of a pivot, the language of a pivot maybe comes out as from Matthew Pines. This is a tweet. It won't be QE that is quantitative easing. They won't use those terms anymore. It will be restoring financial stability.

• 13:23David Hoffman?

  Right.

• 13:23Ryan Sean Adams?

  When we see the Fed pivot. It won't be YCC that is yield curve control. It will be fixing market dysfunction. It won't be called a bailout. It will be extingent and unusual circumstances. It won't be indefinite debt monetization. It will be a targeted, limited intervention. This is the Fed doublespeak, I think. So look for this kind of, these kind of words in the future when, when you want to tell if the Fed is beginning to pivot. Restoring financial stability, fixing market dysfunction, responding to unusual circumstances, and targeted, limited interventions. I think this is a

• 14:05David Hoffman?

  Or words like this. Yeah.

• 14:06Ryan Sean Adams?

  Yes. This is central bankers speak. This is how they, they speak when they are intervening. And they have to, they have to use different words than last cycle because those ones don't work anymore. They're dead. They've gotten bad press.

• 14:16David Hoffman?

  The alpha's been squeezed out of those.

• 14:18Ryan Sean Adams?

  We have to invent new words. So watch for that. What's happening in crypto though? Layer two is having a moment?

• 14:24David Hoffman?

  Yeah, so this is the optimism. We've reported on this a number of times every other week or so. Optimism makes new highs with transactions per month. And so what was this last month? September? September was no exception, coming in at 4.51 million transactions in the month of September, which is a new high. And another high was set last month. The high before that was June. The high before that was the month before that. The high before that was the month before that. So like optimism is in a transactional bull market. And I'm pretty sure Arbitrum is the same. And so this is like, and my mental model for how if we're going to play this bear market out

• 15:02David Hoffman?

  is that some things just crescendo for the entire bear market. And this is something we're seeing.

• 15:10Ryan Sean Adams?

  It's kind of that slow build.

• 15:11David Hoffman?

  Slow build, slow build.

• 15:12Ryan Sean Adams?

  You know what this reminds me of is right before DeFi summer 2020, we had like months, many months of like more total block.

• 15:21David Hoffman?

  TVL and DeFi.

• 15:23Ryan Sean Adams?

  Increasing, just bit by bit, just by bit by bit. And we would look at it and you have to like bring your magnifying glass and like zoom up really close on the charts to actually see the TVL going up. But it was in, you know, increasing from month to month. And then explosion, boom.

• 15:37David Hoffman?

  As soon as we hit 1 billion, we hit 10 billion. And remember when we hit 1 billion?

• 15:41Ryan Sean Adams?

  Yeah.

• 15:41David Hoffman?

  Everyone in Ethereum crypto Twitter was talking about 1 billion locked in TV. Everyone wanted that first tweet. We hit 10 billion like three months later. And then it was, and then it was the DeFi summer.

• 15:51Ryan Sean Adams?

  Yeah. DeFi is real. I mean, that kind of proved the use case. But an interesting comparison is compare optimism and Arbitrum to Avalanche, which has previously been kind of a darling. And the number, the lines are different here. What are we looking at?

• 16:06David Hoffman?

  Yeah, the lines are different. Yeah, bankless analysis.

• 16:11David Hoffman?

  Both optimism and Arbitrum have passed Avalanche in daily transactions. Now optimism's passed Avalanche before, so has Arbitrum a few times, but this time is different. This time is like meaningfully sustained. And Avalanche is now both below active use of both optimism and Arbitrum since I think the whole month of September. Yeah, almost. And so this is different. And this is what we've always been saying is like these execution optimized monolithic layer ones like Avalanche or Solana are not competing with the Ethereum layer one. They're competing with Ethereum layer twos. And now Avalanche is behind two of Ethereum's two leading layer twos. So yeah, congratulations to the optimistic roll up world.

• 16:51Ryan Sean Adams?

  I feel like that thesis has. Taken a long time to play out.

• 16:55David Hoffman?

  Yeah.

• 16:55Ryan Sean Adams?

  And now it is maybe starting to play out. Not the end of the story, so we haven't been proven correct yet. Did you know, by the way, David, still, the number one EVM chain in terms of total user or total transactions is still Binance Chain.

• 17:09David Hoffman?

  Yeah.

• 17:10Ryan Sean Adams?

  By like a large margin, 6 million or so, 4 to 6 million, I believe, like per month is what we're looking at here. What's interesting about this chart that we're looking at, it's definitely down. And so it's definitely decreased in, you know, in this bear market relative to layer twos that are going up. And look, I mean, Ethereum is kind of steady state.

• 17:33David Hoffman?

  Well, the Ethereum transactions are maxed out. Like, we can't have any more transactions on the, on the layer one anymore.

• 17:38Ryan Sean Adams?

  That's what's interesting is transactions aren't a perfect proxy for actual usage. So it's just like one measure among.

• 17:44David Hoffman?

  Value transfer is the missing, missing metric.

• 17:45Ryan Sean Adams?

  Value transfer is super important, how much you actually settling. All right, David, what do we got coming up next?

• 17:52David Hoffman?

  Shit.

• 17:55Ryan Sean Adams?

  Is Credit Suisse Ryan going to trigger a 2028 financial crisis? Or not, perhaps not. And also, is Gary Gensler the newest influencer on the block? Because he made a video that made it kind of seem like he wants to be one. So we're going to get into all these stories and so much more right after we talk to some of these fantastic sponsors that make the show possible.

• 18:14David Hoffman?

  In all of my years in crypto, I have never been hacked, scammed, or lost money to a thief. And a lot of that credit goes to my Ledger hardware wallet. The Ledger Nano X and the Ledger Nano S plus hardware wallets allow users like you and me to secure and manage all of our crypto assets and our NFTs, all with the security of storing users' private keys offline and out of reach from hackers. The Ledger Nano X is the perfect hardware wallet for managing your crypto and NFTs on the go because it connects to your phone with Bluetooth and has a nice big screen for easy transaction readings. Ledger has also upgraded the iconic Ledger Nano S and made the new Ledger Nano S device more DeFi and NFT friendly, making it the perfect hardware wallet for beginners. Ledger has truly maximized for both ease of use and security.

• 18:56David Hoffman?

  So discover which Ledger device is best suited for your journey by going and visiting shop-ledger.com. Arbitrum One is pioneering the world of secure Ethereum scalability and is continuing to accelerate the Web3 landscape. Hundreds of projects have already deployed on Arbitrum One, producing flourishing DeFi and NFT ecosystems. With the recent addition of Arbitrum Nova, gaming and social dApps like Reddit are also now calling Arbitrum home. Both Arbitrum One and Nova leverage the security and decentralization of Ethereum and provide a builder experience that's intuitive, familiar, and fully EVM compatible. On Arbitrum, both builders and users will experience faster transaction speeds with significantly lower gas fees.

• 19:37David Hoffman?

  With Arbitrum's recent migration to Arbitrum Nitro, it's also now 10 times faster than before. Visit arbitrum.io, where you can join the community, dive into the developer docs, bridge your assets, and start building your first app. With Arbitrum, experience Web3 development the way it was meant to be: secure, fast, cheap, and friction-free.

• 19:55Ryan Sean Adams?

  There are some rumors that Credit Suisse is about to trigger another 2008 financial crisis, another bank collapsing. What do we make of this? Let's start with the story, David. Where do these rumors come from?

• 20:07David Hoffman?

  Yeah, the first part of the story ever manifested in the world is this guy Dave Taylor News on Twitter says, "A credible source tells me a major international investment bank is on the brink." As it turns out, he is talking about Credit Suisse. Also, this tweet has since been deleted, which is interesting. And this just got the world of finance, both in crypto and outside of crypto, just murmuring about Credit Suisse, whispering about Credit Suisse. And then, the Credit Suisse CEO says that Credit Suisse is at a "critical moment" as "bank prepares for latest overall," the Credit Suisse CEO says. And so, this felt like it was corroborating what that tweet says, that Credit Suisse is

• 20:49David Hoffman?

  at a "pivotal moment," whatever that means. And now, as a result of that, Credit Suisse credit default swaps hit a 14-year high. Credit default swap is basically an assurance against the company defaulting. So if you have a credit default swap and Credit Suisse defaults, then you make money, basically, on that. This is the thing that happened in 2008 that caused so much like contagion event. Uh, and so this tweet here from Grand Stefan says 600 billion. What Lehman Brothers held in assets when they crashed and took the entire economy with them. 2,800 billion Credit Suisse and Deutsche Bank control in AUM 4.6 times more.

• 21:32David Hoffman?

  And he said, he continues, Credit Suisse is at a critical moment now, says the CEO. What lies in store for the world? And he made a thread about this. Now, this is just me reporting on the actual events and, and what people are talking about. I am not, no, I don't think Ryan or I are like anywhere close to being able to like be accurate informants about exactly what's going on in the world of Credit Suisse.

• 21:53Ryan Sean Adams?

  And who exactly knows?

• 21:54David Hoffman?

  And who exactly knows?

• 21:56Ryan Sean Adams?

  Only Credit Suisse management, only if relatively few people who are in the internals of that beast actually know what's happening. But yeah, go on.

• 22:04David Hoffman?

  But I will, I will defer to somebody who knows much more than me, who's very well researched, which is Kyla Scanlon. And she's put out a great video on this. So I've pulled out some tidbits to, uh, to talk about here where she has said, doing some analysis that is decently above board. She goes, the market is pricing in a 1.4% chance of Credit Suisse going bankrupt. Uh, and she did this with just a cross referencing and a bunch of numbers, which are a little bit confusing, but that's what she came out with. 1.4% chance is what the market is pricing in. That is pricing in a less likely chance of default than Ford, the motor company. Ford being an anchor, an irrelevant anchor point, just to say like, hey, that's like not very likely.

• 22:49David Hoffman?

  And so she is of the opinion that this is not at all a Lehman moment, even though that Credit Suisse is not necessarily like in the clear. And not everything is like, you know, good. It's not a Lehman Brothers moment is what she has taken away from. And so, uh, I generally trust Kyla. Uh, she knows way more than I do, pays attention to these things way much more than I do. And that is her take and that is better than I could ever produce.

• 23:15Ryan Sean Adams?

  These are still, these are still just like multiple takes on it, right? It's like, it seems like the, the market's still trying to figure out the, uh, the truth here. I mean, the CDS spreads at 14 year highs, looks like some sort of market reaction to some, some negativity. So we don't know, but what does seem true though, is like, I feel like the market is looking for something like this. You know, this is why tweets like this, um, you know, the original tweet, what was it? Said something like credible source tells me a major international investment bank is on the brink. That seems like it could be so true.

• 23:46David Hoffman?

  Right.

• 23:47Ryan Sean Adams?

  And because we felt this-

• 23:47David Hoffman?

  And if it bleeds, it leads.

• 23:49Ryan Sean Adams?

  Yes, and we, because we felt this in living memory, some rumor like this spreads around the internet in like nanoseconds.

• 23:56David Hoffman?

  Right.

• 23:56Ryan Sean Adams?

  And so, pretty soon, everyone's kind of chanting it, and then it can, they can actually affect the market.

• 24:01David Hoffman?

  Right.

• 24:01Ryan Sean Adams?

  Uh, that's what's interesting about this. I, um, here, here's another take, I guess, on the, uh, on the, on the subject. Like, some, something is probably foul in the traditional finance market, isn't it? And this is that moment where the tide is going out and you get to see who's wearing pants, who's wearing shorts and who's not. It was Warren Buffett says. And I think the entire world, the entire market is anticipating that we're going to find some people who aren't wearing any shorts. Right? This is, uh, Dylan Leclerc saying that Three Hours Capital TradFi is out there somewhere praying for a bounce here to unload some of their illiquid garbage. I just feel like crypto may have front run-

• 24:44David Hoffman?

  Right.

• 24:44Ryan Sean Adams?

  -a lot of this, like, I actually feel like crypto is, um, healthier now than it's been in a long time. Because we had our deleveraging moment in-

• 24:53David Hoffman?

  Early.

• 24:54Ryan Sean Adams?

  -May and June, when Three Hours Capital went bust, we had multiple crypto banks go completely bust. Like, we already faced the deleveraging event, and you sort of wonder, if it's not Credit Suisse, maybe Credit Suisse is healthy, maybe Kyle is wrong. I don't think the market's wrong to have, like, be in high alert status and be watching for something like this. Because of excesses of the last decade or more, David.

• 25:22David Hoffman?

  Crypto has only had, it only had like 18 months of bull market to be able to wind up its leverage.

• 25:28Ryan Sean Adams?

  Yes.

• 25:28David Hoffman?

  The traditional market has had like 12 years-

• 25:32Ryan Sean Adams?

  12 years.

• 25:33David Hoffman?

  -to embed leverage and debt deep into the financial system, and that is-

• 25:36Ryan Sean Adams?

  You know it's there.

• 25:37David Hoffman?

  -difficult to unwind, yeah.

• 25:38Ryan Sean Adams?

  And, but we just don't know where it's going to pop. It almost seems so, it almost seems too simple-

• 25:43David Hoffman?

  Right.

• 25:44Ryan Sean Adams?

  -for, oh, it's a, it's a bank again, credit default swaps, like, again, same thing. It almost seems, it's probably going to happen in some unexpected area, but like, I guess we'll have to monitor and, and see what happens from here. Um, what else we got going on? Gary Gensler is up to some things. And Kim Kardashian, how is she involved in crypto?

• 26:03David Hoffman?

  The SEC is charging Kim Kardashian for unlawfully touting crypto security. So you might have remember Ethereum Max, right? I think, I can't remember where I saw her promoting this, but Ethereum Max is like, she was paid to shill pump this Ethereum Max thing.

• 26:20Ryan Sean Adams?

  What is it?

• 26:20David Hoffman?

  She, uh, it's, it's a grift, basically.

• 26:25Ryan Sean Adams?

  Was it like an Ethereum fork of some kind?

• 26:27David Hoffman?

  Yeah, it's a, yeah, it's Ethereum fork. I don't know a single thing about it, other than the fact it was Ethereum Max. She was paid for it and no one in my Twitter, Twitter circles or friends that ever used it at all. Pretty sure it's just a scam through and through. She was paid to promote it. She did promote it on her Twitter. It was extremely creative. I remember when that was going out. Now she is being charged to settle these charges for a whopping $1.26 million. And I'm being facetious here. That is a, that's pennies for Kim Kardashian and probably less than what she got paid for it to promote the damn thing.

• 27:00Ryan Sean Adams?

  Well, no, actually I remember reading that she, she got paid like 250K or something to promote it. And she's getting fined.

• 27:06David Hoffman?

  She did that?

• 27:07Ryan Sean Adams?

  Yeah, so it's a bad business decision for her. It's just raw business decisions.

• 27:12David Hoffman?

  Yeah, she must have just not understood what it means to promote a security. She probably did not think about that.

• 27:18Ryan Sean Adams?

  In good news, David, what this means is we could pay Kim Kardashian 250K to promote Bankless.

• 27:23David Hoffman?

  I don't think that works so well.

• 27:25Ryan Sean Adams?

  No, no, wrong crowd, different crowd, different cross section.

• 27:29David Hoffman?

  So here's the press release and also an interesting quote from its side that Gary Gensler said. So here's a quote from Gary Gensler saying, this is a, this case is a reminder that when celebrities or influencers endorse investment opportunities, including crypto asset securities, it does not mean that those investment products are right for all investors. We encourage investors to consider an investment's potential risks and opportunity in light of their own financial goals. Yeah, it's a normal, normal speak, but like, yeah, yes, Kim, you shouldn't have done this.

• 27:57Ryan Sean Adams?

  Yeah, definitely, definitely. She shouldn't have done this. Like, and then I guess, you know, Gary's coming to the rescue here.

• 28:03David Hoffman?

  But that's only half the story.

• 28:05Ryan Sean Adams?

  Okay, yeah.

• 28:05David Hoffman?

  That's only half the story. The other half of the story starts with this tweet from Mike Dudis, who goes, "LMAO, literally everyone hates Gary Gensler, including his own staff. It's amazing." And he is tweeting out a picture of Charles Gasparino, three tweets, saying, "SEC enforcement staffers, people that work for the SEC, are complaining that Gary Gensler violated protocol by hyping the Kim Kardashian settlement, appearing on CNBC within minutes of the case being announced. People with direct knowledge have told Fox Business this. They are calling, they, again, the SEC employees, are calling this a publicity stunt that has been designed to burnish his reputation to be named Treasury Secretary."

• 28:48David Hoffman?

  They also say Gensler stealthily approached CNBC for his appearance and created a video on the settlement, "An unusual move for chairs who usually allow staff to take credit for actions and pursue broader issues." "It's the latest skirmish between Gensler and enforcement departments that continue to lose attorneys amid complaints about Gary's management style and workload. As the SEC dives into non-traditional areas of enforcement, i.e. corporate ESG mandates, SEC has no immediate comment." So, the take here is that Gary is doing a, he's doing like a speaking tour, patting himself on the back for going after Kim Kardashian. And this is why I highlighted that $1.26 million fine for Kim Kardashian, which is pennies.

• 29:31David Hoffman?

  She's just gonna pay it because she's like, eh, go away. Like, buzz away, fly, get out of my, and then he's gonna be like, "Yeah, we got her. Look what we're doing to like..."

• 29:40Ryan Sean Adams?

  We got the bad guys.

• 29:41David Hoffman?

  We got the bad guys. We were stopping crypto scams and not actually going after the real scams, like Celsius, which was an actual security, and actually like needed banking regulations, blah, blah, blah, blah. So like, leaving all the actual hard scams, like freeing, clear, and going after Kim Kardashian, because everyone's like, "Oh, Gary Gensler is going after Kim Kardashian promoting crypto security. Nice job, Gary. Nice job."

• 30:05Ryan Sean Adams?

  Yeah, it does seems like it's some kind of regulatory clout chasing here. It's like he's, he's just, um, he's trying to cash in and what like a great name to do it. Like Gensler versus Kardashian. I brought down this kind of wealthy elite influencer who everyone hates in the name of retail investors. I'm here to protect you like Captain Gary kind of thing. That's what it feels like a little bit, but I, you know, it's not just this tweet. It's, um, the video that was, that was mentioned in this tweet. So this is, um, the Gensler, uh, video pushed out on YouTube. High production value, like relatively for a regulatory agency, like, you know, hey, who's your editor? You know, Gary, because like we need more editors at Bankless.

• 30:50Ryan Sean Adams?

  Uh, and, uh, the title of this video is use caution with celebrity endorsements of investment products. Should we play part of this video? Yeah, let's do it.

• 30:58Speaker 02

  Sometimes celebrities endorse investment opportunities like crypto tokens or special purpose acquisition companies. Celebrity endorsements though, don't mean that an investment product is right for you or even frankly, that it's legitimate. Even if a celebrity endorsement is genuine, each investment has its own risk and opportunities and may not fit your investment needs.

• 31:26Ryan Sean Adams?

  Yeah. So, so David, that, that's a flavor of the video. It's, uh, it's office hours with Gary Gensler. It's got this, you know, cheerful music that you probably just heard. And like Gary pops up and he tells you that, um, celebrities can't give good investment advice and shouldn't. And, you know, if you're just a normie retail investor, you should be very careful and pay attention to like, you know, celebrity endorsements around things. Um, first of all, it's just incredibly basic advice. And, but, but there's something about this video that just feels like, almost like, um, You know, financial advisor influencer kind of thing. I don't know. There's something that just doesn't feel genuine about it.

• 32:09David Hoffman?

  He's like an anti-influencer.

• 32:10Ryan Sean Adams?

  We'll let Bankless listeners, you know, get their own kind of take on this and insight into it. But like, how does it strike you? Like, is this really the explanation? Is Gary kind of like jockeying for some sort of influence, some sort of clout in order to get the next rung up in his career? That is Treasury Secretary coming for Janet Yellen's job?

• 32:33David Hoffman?

  It's just something, something's just so off about like this, this Mr. Burns type figure who's doing like a highly edited like influencer type video. Like he is an influencer. He's trying to be an influencer, except he's Gary Gensler. And he just does not look like an influencer. And so the whole thing is just like, it's, it just makes me like shiver, man. It's like weird.

• 32:58Ryan Sean Adams?

  It's pretty cringe. This is a article in Fortune Crypto, the crypto side of Fortune, I guess, says the SEC's Kardashian fine was a dumb publicity stunt. And then talks about it.

• 33:11David Hoffman?

  This is what happens when you're cringe on the internet, Gary.

• 33:14Ryan Sean Adams?

  You get called out. This is what happens. This is Maya. Imagine an alternative world where Gary Gensler had gone after Meshensky, the Celsius CEO, before the crash, or the real shilling as a biz entities, instead of shilling some Kardashian news that doesn't matter in the grand scheme of things. This is, this is the end of the day. Whether you think that was cringe, or you think that was just, you know, Gary being kind of Gary, and that's who he is, and maybe he's trying to be helpful. Give him the benefit of the doubt for a minute. Here's the problem. It just doesn't matter in the grand scheme of things. Like, no, no one is really going to be helped by this Kim Kardashian suit. There are so many other scams. Like, this is one thing that we've asked the help of regulators. Like,

• 34:00Ryan Sean Adams?

  Crypto has scams, doesn't it, David? Like, all sorts of scams. We're about to talk about one, right? And like, there is work for the regulators to do to help clean this industry up, all right? Partner with innovators, those that are providing transparency. Give us safe harbors for those that are building truly innovative entrepreneurial products. And then go after the Mieschenskis. Like, please help us with this. But like, don't just do the surfacy, clout chasing type stuff that like, where's, where is our Bitcoin ETF?

• 34:34David Hoffman?

  Right.

• 34:34Ryan Sean Adams?

  I mean, that would, that would save retail, literally, tens of millions, hundreds of millions of dollars.

• 34:39David Hoffman?

  Unlock billions of dollars of capital.

• 34:41Ryan Sean Adams?

  Right? Like, why don't we work on that together?

• 34:44David Hoffman?

  Right.

• 34:44Ryan Sean Adams?

  This is not helpful to us. How about clarity around the difference between like, kind of a security and a token that's not a security?

• 34:52David Hoffman?

  Right.

• 34:52Ryan Sean Adams?

  And that would unleash the potential of thousands of entrepreneurs. We're not doing these easy things. Instead, we're going for the, like, the glam, the cheap stuff, the surfacy, the whitewash stuff. It's just, it's stupid. It's just feels very like, political game. It feels very Congress. It feels very, let's call the bankers in front of our bank committee hearing and yell at them for two hours without actually doing anything. I'm just tired of seeing this.

• 35:18David Hoffman?

  Can you click on his profile picture there, on his Twitter account? Like, the guy very clearly really cares about his public image.

• 35:27Ryan Sean Adams?

  Yes.

• 35:28David Hoffman?

  Like, he is a public image SEC chairman.

• 35:31Ryan Sean Adams?

  Yes.

• 35:32David Hoffman?

  Not doing his job. He's made so many videos. He has, he has, that wasn't the only video he's made. If you go back to his YouTube channel, he's made a bunch of videos. What is short selling? What are crypto trading platforms with Gary Gensler? Rule 10, 5B1 insider trading plans. 1.7 thousand views. Oof, that kind of sucks. Yeah, you should work on that, Gary. What is short selling? 1.9 thousand views, one month ago. Oof, bad, bad ROI on these videos, Gary. What you doing, bro? Can you go back to your job? He do your job.

• 36:05Ryan Sean Adams?

  I think, I think, I think one thing that, you know, he could do is definitely is hire someone to do these things, right? Hire somebody with some kind of charisma, some, some ability to like, like maybe partner with some other influencers, like that would be more effective. It's just very weird to take center stage in this way, but, uh, I don't know. Let's go on. Let's talk about the, the crypto grifters because-

• 36:29David Hoffman?

  Things that he's left on the table.

• 36:30Ryan Sean Adams?

  Yes, there are some things left on the table and, and certainly crypto has its share of grifters that, uh, could be gone after.

• 36:37David Hoffman?

  So Celsius top three execs, apparently they cashed out $42 million before they filed for bankruptcy out of their own platform. So ex-CEO Alex Mashinsky, who we were just talking about, ex-CSO, Chief Security Officer? Is that what that is? Daniel Leon and CTO Nuke Goldstein. Wow, that's an unfortunate name.

• 36:56Ryan Sean Adams?

  Nuke Goldstein?

• 36:57David Hoffman?

  Yeah.

• 36:57Ryan Sean Adams?

  Wait, their CTO's name is Nuke Goldstein?

• 37:00David Hoffman?

  Goldstein.

• 37:01Ryan Sean Adams?

  How did I just find out about this?

• 37:03David Hoffman?

  Yeah, wow, that's pretty crazy.

• 37:05Ryan Sean Adams?

  This is not, this is a real article, right?

• 37:07David Hoffman?

  This is a real article. This is, this is not a regular article.

• 37:10Ryan Sean Adams?

  I got screwed over by Nuke, Nuke Goldstein?

• 37:13David Hoffman?

  Yeah.

• 37:13Ryan Sean Adams?

  He's got my ether.

• 37:14David Hoffman?

  These three, the top three execs of Celsius pulled Bitcoin, Ether, USDC, and the Cell token, the Celsius token, from the custody accounts of Celsius in May before the company suspended all customer withdrawals.

• 37:27Ryan Sean Adams?

  Oh, so they got their money out first?

• 37:28David Hoffman?

  They got their money out, uh, before the assets were frozen. Uh, and so Mashinsky withdrew about $10 million, Leon withdrew about $7 million, uh, and the other person withdrew about, uh, $6 million.

• 37:40Ryan Sean Adams?

  Do you remember that Mashinsky tweet?

• 37:42David Hoffman?

  Ryan, that's, that's your money, Ryan. That's your money that they, that they pulled out.

• 37:45Ryan Sean Adams?

  Nuke Goldstein?

• 37:46David Hoffman?

  Nuke Goldstein has your ether, yeah.

• 37:47Ryan Sean Adams?

  Well, if I had to get screwed, I guess I was gonna get screwed by a guy named Nuke. That just makes sense. Do you, do you remember at the time all this was going on, the rumors were flying, Mashinsky came out on Twitter and he said, "Stop with the FUD. There's nothing to worry about." I forget the exact phraseology of the tweet, but that was post, he, he tweeted this after he had just taken all of his money out of Celsius.

• 38:09David Hoffman?

  Right, right.

• 38:10Ryan Sean Adams?

  It's unbelievable, man. Unbelievable, the level of grift.

• 38:13David Hoffman?

  Grifter.

• 38:14Ryan Sean Adams?

  Uh, you are calling it out though, David.

• 38:16David Hoffman?

  Mm-hmm.

• 38:17Ryan Sean Adams?

  What's uh, you're trying to compete with Gary Gensler on the influencer game?

• 38:20David Hoffman?

  Yeah, I think I'm a better influencer than Gary Gensler.

• 38:23Ryan Sean Adams?

  We'll see.

• 38:23David Hoffman?

  Although I would like to first be labeled as an educator who happens to influence, not an influencer. I know I'm getting into this YouTube world where I do these YouTube optimized stuff, we'll talk about that, but I would just like to plant that flag. I'm an educator first and influencer second.

• 38:40Ryan Sean Adams?

  It just sounds like something Gary Gensler would say, David.

• 38:43David Hoffman?

  Wow.

• 38:46David Hoffman?

  Anyways, there is a brand new Bankless YouTube account out there. This is a big news number for the week. It's the biggest news in crypto of the week, of course. It's a brand new Bankless YouTube account. The current Bankless YouTube account, you might have noticed if you're watching this on YouTube, is now called Bankless Shows. There's a new Bankless YouTube account called Bankless where more YouTube optimized videos are going to go. And so I released the first video that I made and it's titled, "Why is Crypto Full of Scams?" And it gives my model, my mental model for how I understand the crypto industry to be what it is, which is core devs at the center, crypto believers around them, crypto grifters around the crypto believers that separate the crypto believers from the outside world.

• 39:28David Hoffman?

  And this is people like Alex Mashinsky, Daniel Sesta, Do Kwon, the people that got really loud. Interestingly, all three people Bankless got in a fight with. And Alex Mashinsky is featured in this video. And so definitely go subscribe to this new channel because we are going to be putting like just newbie optimized short form content, things that you would find on YouTube. Thank you, everyone on the comments who told me that I needed to iron my shirt. Noted. I will do that next time.

• 39:56Ryan Sean Adams?

  That's funny. And these are, these are brief videos, right? So this is not like a 90-minute roll-up, okay? This is like 10 to 15-minute quick explainers for you guys. So if you're listening, if you're watching on YouTube right now, make sure you go to this new Bankless channel. We'll include a link in the show notes. It's different than Bankless Shows and this turn notifications on for this. All right, David, we got a lot more to cover. What are we talking about next?

• 40:21David Hoffman?

  Coming up next, we got some MakerDAO stuff. MakerDAO is investing $500 million into different kinds of bonds, but also the Winklevoss and Gemini want to also strike a deal with MakerDAO. So MakerDAO making some moves. And then after that, Fidelity, a multi-trillion dollar asset management company, has built a pipe. Straight into Ether with an Ethereum index. We're going to talk about that. There's also so many more things to talk about. ENS, the ENS markets are blazing hot that they always have been. There's a documentary about Coinbase coming out. Solana is down again. And crypto, really awesome, heartwarming story about crypto adoption in Africa, Ryan, which I did not expect, but yes, some really good news out of Africa, which is not something we hear about frequently.

• 41:05David Hoffman?

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• 41:48David Hoffman?

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• 42:32David Hoffman?

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• 42:54Ryan Sean Adams?

  Maker, the stablecoin issuer, is investing $500 million in US treasuries and also corporate bonds. David, this is a big move.

• 43:02David Hoffman?

  It's a lot of money, big time.

• 43:04Ryan Sean Adams?

  Yeah, what's going on here?

• 43:05David Hoffman?

  So Maker Dow, of course, is allocating $500 million for investing in US treasuries and corporate bonds, and this is coming from its over-collateralized stablecoin supply. 80% of this is going to short-term treasuries, 20% going to investment-grade corporate bonds. And this was, a proposal was presented last June and accepted. So, that is what's going on in the world of Maker Dow. That's a big move. $500 million is not small.

• 43:31Ryan Sean Adams?

  What else? You mentioned the Winklevoss before the break. What are they doing?

• 43:34David Hoffman?

  So this is the second time that an exchange has gone over to Maker Dow to make them an offer, and I think this is coming off of that offer that Coinbase made Maker Dow not too long ago. So Maker is entertaining an offer from Gemini, the crypto exchange from the Winklevi twins, of course, and they are offering to pay Maker 1.25% annual issuance rates on deposits of GUSD, the Gemini USD stablecoin from the Winklevi from Gemini. And in return, Maker must hold more than $100 million of GUSD in its peg stability module, known as the PSM, which is this thing that like helps DAI stay at $1. So GUSD has definitely been like, underrepresented, definitely not like a leading stablecoin, but this looks

• 44:16David Hoffman?

  like a strategic partnership between Gemini and Maker Dow to boost liquidity of GUSD and acceptance inside of DeFi.

• 44:23Ryan Sean Adams?

  It's just a proposal, right?

• 44:25David Hoffman?

  It's just a proposal.

• 44:26Ryan Sean Adams?

  So they haven't accepted this yet. What's really interesting is like banks negotiating with DAOs.

• 44:29David Hoffman?

  Yeah.

• 44:30Ryan Sean Adams?

  I think it's like, yeah, and DAOs negotiating with banks. Like this, this whole treasury story that you're getting into, this bank called Sinjum is the one executing it, and it's working with BlackRock Switzerland to allocate part of the $500 million, so 250 million of the $500 million. And I'm just kind of like, well, what is Maker itself? It's such an interesting entity. It's not, it's not a, it's not just a protocol. It is a protocol, but they've built kind of this like DAO. You know, soft tissue layer of human governance around it for risk management that can actually interact with real world.

• 45:10David Hoffman?

  Yeah.

• 45:10Ryan Sean Adams?

  So it's kind of like, it's almost like a crypto native bank?

• 45:13David Hoffman?

  Yeah.

• 45:13Ryan Sean Adams?

  Question mark?

• 45:14David Hoffman?

  Uh huh.

• 45:14Ryan Sean Adams?

  It's something like that. And yeah, it's a very interesting entity. And I mean, working with BlackRock, working with Gemini, you know, negotiating with the Winklevoss Twins, this is a decentralized autonomous organization doing that. And it kind of blows my mind sometimes.

• 45:27David Hoffman?

  Yeah, it's pretty, pretty sci fi. Anyways, moving on, Fidelity has revealed its Ethereum index fund, straight between Fidelity clients and Ether. And so with $50,000 minimums, sadly, it has generated about $5 million in sales already, which is, and this thing's brand new, so $5 million in sales between Fidelity Investments and its clients and Ether. So there's now a nice, big fat pipeline between Fidelity and Ether, which is what we like. We want boomers to buy our bags.

• 45:58Ryan Sean Adams?

  Well, this is Fidelity, look, Fidelity did this in 2020 with Bitcoin. And now they've become friendly with Ether, which is great. And like, we have to, like, I guess, Fidelity has to put these sorts of trusts together in the absence of having a freaking ETF, which we all need. Come on, we need an ETF for both Bitcoin and Ether, but we don't have it. But you know, Fidelity is absolutely massive, David. Like, our corporate, you know, a whole bunch of US corporate 401Ks, for example, all managed by, you know, Fidelity. And if you're just like slaving away in the office, in a corporate job, and you want to buy some crypto in your 401K, it's really, like, in Fidelity, it's really hard to do that. So providing onramps to that is a good thing.

• 46:40Ryan Sean Adams?

  And hopefully this turns into something that's a bit more retail friendly, consumer friendly, or at least has Fidelity continue to apply the pressure to regulators. Cause I think they take the phone calls of banks, David.

• 46:51David Hoffman?

  Yes.

• 46:52Ryan Sean Adams?

  They're not taking my phone call, they're not taking your phone call. Maybe they're not even taking Brian Armstrong's phone call, but I think they're listening to the Fidelities of the world. And so Fidelity calls and is like, hey, we have demand for products. And maybe they'll, they'll pick up the phone and listen to them. In ENS News, we got another all time high. ENS is All time high, I believe, is this, uh, sales in September, David?

• 47:16David Hoffman?

  No, this is a domain registration.

• 47:18Ryan Sean Adams?

  Ah, registrations.

• 47:19David Hoffman?

  New ENS names have been registered as also with ANS renewals. And so names that were already registered also got renewed.

• 47:27Ryan Sean Adams?

  Big, big.

• 47:28David Hoffman?

  Just like how optimism and Arbitrum are having their like slow crescendos of transaction volume, ENS is having its maybe faster crescendo of registrations. Uh, so the BNS bull market continues.

• 47:40Ryan Sean Adams?

  Bullish ENS. I've seven sold my airdrop, David. I'm just holding. I like that protocol. Um, look at this. These are the top, the highest all time sales of dot ETH names. And what's cool about this website is of course, all of this is like publicly available data. You don't have to scrape any databases. It's just like all on chain. So you can come up with these sorts of dashboards. But, uh, coming in at number one, the biggest dot ETH sale ever. You ready for it?

• 48:08David Hoffman?

  Hit me.

• 48:09Ryan Sean Adams?

  Paradigm dot ETH.

• 48:11David Hoffman?

  That's a long, that's a not a large number of digits. That's one, two, three, four, five, six, seven, eight digits. Wow.

• 48:17Ryan Sean Adams?

  Two million dollars for this. Uh, 420 ETH.

• 48:20David Hoffman?

  ABC dot ETH was only spent, uh, a quarter million dollars. Wow. So I'm, I'm assuming that's Paradigm, the investment company.

• 48:28Ryan Sean Adams?

  Yes.

• 48:29David Hoffman?

  Venture fund.

• 48:29Ryan Sean Adams?

  That comes in at number one. PJ, PJFI dot ETH.

• 48:32David Hoffman?

  I don't know why that's worth so much.

• 48:34Ryan Sean Adams?

  Almost 500 million dollars. 000 dot ETH.

• 48:36David Hoffman?

  Five, half a million dollars, not 500 million.

• 48:38Ryan Sean Adams?

  Excuse me, sorry. Half a million dollars. Uh, ABC dot ETH. What else we got? Um, DPAC dot ETH went for 75 ETH. Porno dot ETH, of course.

• 48:50David Hoffman?

  140 ETH.

• 48:51Ryan Sean Adams?

  Art Dow dot ETH. These are the top 10. Um, 196. I'm just glad we got Bankless dot ETH when we got it.

• 48:58David Hoffman?

  Yeah.

• 48:58Ryan Sean Adams?

  And this is like, I think.

• 48:59David Hoffman?

  In hindsight, the $2,000 we spent on Bankless dot ETH was an absolute steal.

• 49:03Ryan Sean Adams?

  Somebody would have squatted that and tried to sell it for, what do you think?

• 49:06David Hoffman?

  Yeah.

• 49:06Ryan Sean Adams?

  200,000, 300,000.

• 49:08David Hoffman?

  Stupid number. Yeah.

• 49:10Ryan Sean Adams?

  Somewhere between Paradigm and Porno, I bet they would have tried to charge us.

• 49:16Ryan Sean Adams?

  Because it's a good brand. Speaking of good brands, Moonbirds, the DAO launched. So they just launched a DAO. 2.6 million in ETH in the DAO, also some NFTs. What are your thoughts on this?

• 49:29David Hoffman?

  Well, it's pretty cool that Kevin Rose and Proof seeded the DAO with this $2.6 million. So they, hey, you guys have a DAO now. Also, you guys have $2.6 million. Go play with it, I guess.

• 49:41Ryan Sean Adams?

  No, actually. So here's the cool thing. It's not just go play with us. Play with us. Go play with it and do whatever you want. It's kind of focused. The focus is empowering creatives that are building towards furthering the Moonbirds ecosystem, reputation and lore. That's a bit more specific. So reputation and lore, right? So I can imagine this DAO specifically doing a function that DAOs do very well, which is like, hey, generate a whole bunch of ideas and spread those ideas. So I actually kind of like some more focused targeted DAOs. Because sometimes if you give DAOs a complete blank slate, they don't really know what to do.

• 50:23Ryan Sean Adams?

  They're kind of like, oh, a little bit here, a little bit here. Sometimes they're walking around like a zombie without a brain, right? And if you give it a focus and you say, here's some money, here's some things the community can do, and it becomes kind of like a grant funding mechanism, I think that could be successful. So I think that's what they might be doing here. Of course, we'd have to talk to Kevin Rose to get all the details. But a nice, narrow scope DAO might be a good refresher compared to some of the DAOs we've seen recently.

• 50:49David Hoffman?

  This is really cool. Here's a tweet thread out of Brian Armstrong saying, "Big announcement. We've been working with director Greg Ko on a documentary about cryptocurrency and Coinbase over the last three years, and it will be coming out this Friday," that's today, if you're listening to this on Friday, "on Amazon Prime slash iTunes slash YouTube. You can watch the trailers. You can watch the trailer in the show notes." I got goosebumps when I watched this.

• 51:11Ryan Sean Adams?

  Really?

• 51:12David Hoffman?

  This is gonna be awesome.

• 51:13Ryan Sean Adams?

  Why? Why'd you get goosebumps?

• 51:15David Hoffman?

  Just like watching Brian Armstrong like practice a pitch in 2011 about like how to pitch Coinbase. It's like dude like

• 51:22Ryan Sean Adams?

  It goes all the way back to 2011, huh?

• 51:24David Hoffman?

  Yeah, it goes goes real far back, right?

• 51:26Ryan Sean Adams?

  There's Fred Arisum.

• 51:27David Hoffman?

  Uh, and so like, I mean, uh, there, there's a lot of really cool people here. David Chom was is is featured in here. Vitalik's in here. Yeah, it's like it's, uh,

• 51:37Ryan Sean Adams?

  Oh, Matt from Bitwise.

• 51:39David Hoffman?

  Yeah, Matt from Hogan from Bitwise, right? Uh, I think it's gonna be great. And this is, I think, uh, a really going, it's gonna be very useful to help explain crypto to the outside world. Movies, documentaries. There's like, there's like two other Ethereum movies. Like there's the Infinite Garden and Cammy Russo's documentary. It's also going to come out and I think this is going to be a great way to onboard people to crypto. And like, here's the story of like these people that have been grinding this out for years.

• 52:07Ryan Sean Adams?

  Do you know that the guy who's making this, uh, Greg Coes? He also made the documentary I really love, came out like four or five years ago called AlphaGo. And this is about DeepMind, uh, which is an AI that I believe Google created, um, to beat the Go champion of the world, right? So you, so you know, this links into maybe, uh, your story at the end.

• 52:31David Hoffman?

  Yes.

• 52:31Ryan Sean Adams?

  Something special that you met.

• 52:32David Hoffman?

  Don't do not spoil that.

• 52:34Ryan Sean Adams?

  I will not spoil it. Okay, but the, the first AI beat a chess player in what year was that? 1999, 2000, something like this?

• 52:43David Hoffman?

  That was, oh, God, I don't know. When was that?

• 52:46Ryan Sean Adams?

  Okay, around that. And but before that, it was thought inconceivable, um, like a difficult problem for an AI to actually beat a, a human chess player. And then, um, an order of magnitude more complexity is actually, um, the, uh, the game Go, which is a strategic game is very popular in the, in the East, uh, less so in the West. But it's kind of like the, the chess of the East, right? Very popular in places like Korea. And this chronicled this effort of DeepMind and AI to take on the world's best Go champions. And I won't I guess I could spoil it because it's like five years after, but like the AI wins in the end and it's this whole battle. Yes. Maybe that's maybe that's the entire. Yeah,

• 53:30Ryan Sean Adams?

  maybe that's the entire era that we're living in. We could, the AI wins in the end. Okay. So it beats the humans and yeah, it's a really cool story because there's some drama like the, it's very hard for the world AlphaGo players to kind of like come to grips with this. Anyway, great documentary, going into a complicated subject and actually like helped me understand neural network AI type systems and also Go, which I had no previous understanding or knowledge of through documentary format. So it helped mainstream that to me. Maybe we could do the same with crypto.

• 54:04David Hoffman?

  Yeah, that was, that was a great way to full circle. This is like complicated, complicated story. We have a great storyteller. They're going to tell the Coinbase story very well. So excited for this. I'm going to watch this perhaps on my flight to Bogota.

• 54:17Ryan Sean Adams?

  Are you?

• 54:18David Hoffman?

  Yeah. In other NFT news, Three Arrows, CryptoPunk and other Starry Night collections on Ethereum, their NFTs are set to be liquidated. So the Starry Night Fund, which was of course Three Arrows Capital's NFT fund, is in the hands of a liquidator, Tenio, apparently.

• 54:35Ryan Sean Adams?

  That has the goose in it, doesn't it?

• 54:36David Hoffman?

  Yes, I believe so. Yeah. So Art Blocks, CryptoPunks, like all this stuff getting liquidated. So if you are an NFT collector with cash on hand, you might be able to score a pretty cool NFT.

• 54:48Ryan Sean Adams?

  Three Arrows Capital, starting Starry Night, starting Starry Nights at the top of the, the bull market.

• 54:53David Hoffman?

  That was the top. That was the, they funded that fund at the very top.

• 54:58Ryan Sean Adams?

  At the very top. Solana went down again last weekend. This is

• 55:03David Hoffman?

  This one actually made me sad.

• 55:04Ryan Sean Adams?

  Solana back online after the latest outage. It was down in September. Sorry, it was down for 18 hours. That was September of 2021. This time, I don't know, it was down.

• 55:18David Hoffman?

  Looks like five hours?

• 55:19Ryan Sean Adams?

  Five hours.

• 55:19David Hoffman?

  Five hours. Yeah.

• 55:20Ryan Sean Adams?

  Why, why did it get down? What happened?

• 55:22David Hoffman?

  It looks like there was a validator that signed two blocks, which is bad because that's forking the blockchain. And because of this, the remaining validators, I think, couldn't find the chain. They were confused as to which chain was the correct one because there were two versions of Solana. And so both of them just didn't progress. And so the Solana blockchain just halted.

• 55:46Ryan Sean Adams?

  I want to ask you. So I want to ask this question of you, right? So this is a question I tweeted out. If a blockchain keeps going down, it is still worth billions of dollars, which Solana definitely is. Do we conclude from this that the market doesn't value blockchain uptime?

• 55:58David Hoffman?

  Well, remember when Ethereum Classic kept on getting 51% attacked and it would pump the price?

• 56:05Ryan Sean Adams?

  Because it recovered?

• 56:07David Hoffman?

  2018, 2019. No, because it was in the news.

• 56:11Ryan Sean Adams?

  Ah, attention?

• 56:12David Hoffman?

  It's all it, yeah.

• 56:13Ryan Sean Adams?

  Well, this was not a price pump. This was just kind of nothing happened. It was just the market shrugged it off.

• 56:19David Hoffman?

  I think if you're a Solana holder, you're in, you have, you just, I don't know.

• 56:25Ryan Sean Adams?

  Well, no, Anatoly responded somewhere in the tweets. Anatoly has something to the effect of like, actually, this is a strength because see how fast Solana can actually recover.

• 56:37David Hoffman?

  What?

• 56:38Ryan Sean Adams?

  Yes, that is a take. Here you go.

• 56:41David Hoffman?

  What?

• 56:41Ryan Sean Adams?

  The whole point of decentralization is to recover from arbitrary catastrophic failure without loss of state, including bugs in the code. Maybe doing so so quickly and reliably is important as well. That was his take. So, and I said-

• 56:54David Hoffman?

  That's a bold take, Anatoly. I mean, I get the point. Like, you can recover your blockchain, but like, centralized companies can recover databases. That's not the hard part. That's not, that's not hard.

• 57:06Ryan Sean Adams?

  It's interesting, right? Because the market doesn't seem to care, David. So, you know, there's all sorts of other explanations, but I'm curious, yours. What do you think?

• 57:15David Hoffman?

  Yeah. So you put out that tweet like through two or three weeks ago, saying like, "Facts. Solana has had over two months of uninterrupted uptime." And that was September 10th. So we're basically one month later. So now it was three months. They had a three month streak.

• 57:30David Hoffman?

  It would, Solana going down during the bull market, I think it's, I mean, it's not really excusable, but it's more excusable when there's high activity. But Solana going down in the bear market, like, they need to get this number of, like, days without incident high. They need to not be going down. Because you need to be dependable of a blockchain. If you're gonna have the future of finance on your ecosystem, you need to not go down, and you need to prove to the world that you're not going to go down. So during times of depressed activity and you're still going down, you are burning that chance of growing the Lindy effect of saying that Solana's not gonna go down.

• 58:05Ryan Sean Adams?

  Does it matter? If the social, if there's a social recovery, if a bunch of validators just meet in Discord and reboot the network?

• 58:12David Hoffman?

  That doesn't matter. It matters to the current set of users. We're talking about, we need to onboard the rest of users, and the rest of the world hopefully will care if their financial system goes down.

• 58:23Ryan Sean Adams?

  I'm coming to the conclusion that Solana is kind of playing a different game than Ethereum.

• 58:26David Hoffman?

  Oh, it's always been.

• 58:27Ryan Sean Adams?

  I don't, and I think that maybe that's always been, and maybe that's why sometimes the communities talk past each other.

• 58:32David Hoffman?

  Yeah.

• 58:32Ryan Sean Adams?

  Because if you're like hardcore Bitcoin Ethereum values, you're like, your chain can't go down. It's a layer freaking one. It's like a property rights system for the entire world. You can't go down. If it goes down, it's dead. And, but I don't think Solana's competing there. I think it's competing against other, almost like, open fintech type of applications, where sometimes things go down in those worlds. It's like-

• 58:59David Hoffman?

  If your chain goes down, people will not issue valuable assets on your chain as much. And I don't see how Solana can say that they don't want that, and that's a go optimized KPIs. How many valuable assets are being issued on Solana? And if the more Solana goes down, the less people are, less comfortable people are going to feel doing things on Solana.

• 59:19Ryan Sean Adams?

  So you're saying it makes them less scalable, like socially, because they're less dependable and dependability, scalability, and all of these things. Yeah. It's to be determined. But I'm good luck to the Solana community as you guys continue, as Solana continues to iron out those bugs. Also, stuff happening in the- Crypto community in Africa. This was a really cool report put out by Chain Analysis. Chain Analysis, I should say. What is this saying?

• 59:43David Hoffman?

  Yeah, so some tidbits from this report saying this report shows strong crypto usage and adoption rates in the region of Sub-Saharan Africa with highly educated young people and low job prospects. Crypto is a "way to feed their family," says Konvexity Fandler Adidigai Owaniby. Oof, I'm sorry about that. Small retail payments in Sub-Saharan Africa are powering exponential crypto adoption and usage with the region conducting the world's highest proportion, 80% of crypto retail payments less than $1,000, according to the Chain Analysis report. The report also highlights how peer-to-peer transactions are more common in Sub-Saharan Africa than anywhere else in the world. At about 6% of all crypto transaction volume, Africa's peer-to-peer transactions dwarf those of Central and Southern Asia, the region

• 1:00:27David Hoffman?

  with the second highest volumes in that category. And the report continues and says, "Many Africans have integrated crypto into everyday life. Besides, retail transactions, remittances, and commercial transactions have also been key drivers for Africa's high adoption and usage rates." Did not expect to see a report like this, but that's really good news. This is just the fundamental adoption of crypto that's not speculative, that's not shenanigans, it's not like NFTs, like going JPEGs. This is like real utility being leveraged by Sub-Saharan Africa.

• 1:00:59Ryan Sean Adams?

  Yeah, I think this is really cool to see in places in Africa. It's peer-to-peer, small transactions, improving people's lives. It's under-reported as well, because it's not kind of a big news event happening in the West. And honestly, David, I want to dedicate some cycles to explore the cryptocurrency community in Africa. Not talked much to that community. I know there's a Bankless Africa chapter, actually, that's rocking it and doing some things. So maybe there's some opportunity to get an update from them. David, speaking of updates, a negative update from Alex, the arrested Tornado Cash developer. He is staying in jail after his appeal was rejected. This is from The Block. David,

• 1:01:43Ryan Sean Adams?

  what, refresh people, who is Alex Pertsef, and what was this appeal about?

• 1:01:48David Hoffman?

  Alex Pursev was the tornado cash developer that was arrested in the Netherlands and has been waiting to hear why he's been arrested. And so I believe he appealed to be either released or just to, hey, can I hear why I'm arrested? And that repeal was rejected.

• 1:02:02Ryan Sean Adams?

  Not only that, David, this, this story goes on. It was not only rejected and he has to stay in jail. They're actually auctioning off his car, starting to take his property.

• 1:02:15David Hoffman?

  What?

• 1:02:15Ryan Sean Adams?

  Yeah. Um, this is, uh, this is from the article, property seizure and auction. Um, at the moment, they've only taken a car. This is his wife talking, but I think they can come and take something else at any moment. I don't feel safe. Prosecutors will sell all of our legal property at auction, leaving me with nothing.

• 1:02:35David Hoffman?

  Yo, what the hell?

• 1:02:37Ryan Sean Adams?

  Arrest the guy for creating-

• 1:02:39David Hoffman?

  Dude, this is the Netherlands!

• 1:02:40Ryan Sean Adams?

  Don't, you're not, uh, charging him with anything. You're leaving him in jail. No charges, absolutely no charges. For, for all we know, the only thing he did was create an open, open source smart contract code on Ethereum that was used without his permission by some nefarious actors, but completely without his permission. Now he's in jail, doesn't know why, they won't tell him, and they're auctioning off his freaking property, stealing his property. Let's call, let's call it stealing, because that's what it is. The government does it. They call it seizure, but it's stealing. What is happening here? I don't get it. Right?

• 1:03:22David Hoffman?

  What do you even do about this?

• 1:03:23Ryan Sean Adams?

  I don't know. I mean, we're not in the Netherlands. I, we've tweeted about it before. We've talked about it before. There are locations we've directed people to, uh, to donate to the cause is legal defense. There was, uh, Gitcoin grants that were raised, uh, continuing to talk about it, continue to keep it in the news cycle, I think is really important. Continuing to tweet about it, uh, is really important. Um, I don't know. This is the Netherlands. This is like the quote unquote, like a Western liberal democracy.

• 1:03:51David Hoffman?

  That's insane. It's infuriating.

• 1:03:53Ryan Sean Adams?

  It's infuriating. So our thoughts with Alex will continue keeping you guys updated about this.

• 1:04:00David Hoffman?

  And happier announcements, Ryan. You know, Google's 10% time. Have you heard about this?

• 1:04:04Ryan Sean Adams?

  Yes.

• 1:04:05David Hoffman?

  Yeah. So like on Fridays, like if you work at Google, you can go work on something that you're passionate about.

• 1:04:09Ryan Sean Adams?

  It's like 10%, is it 20% or something?

• 1:04:11David Hoffman?

  Or 20%.

• 1:04:12Ryan Sean Adams?

  Okay, I think it's 20%.

• 1:04:13David Hoffman?

  Yeah, yeah. So policy at Google, on Fridays, you could go do something that you want to do.

• 1:04:16Ryan Sean Adams?

  Sounds good.

• 1:04:17David Hoffman?

  Intrinsic, intrinsic work. Just pick something.

• 1:04:20Ryan Sean Adams?

  Okay.

• 1:04:20David Hoffman?

  So Consensys is doing something very similar with their employees, saying, hey, on Fridays, or like, I don't know, 20% of your time, go work for a DAO. So there's a partnership between Consensys and Bankless DAO to develop what they are calling the first ever DAO relationship, where Consensys employees and Bankless DAO are going to work together to like to build out Bankless DAO. So that is pretty damn cool, I'd say.

• 1:04:43Ryan Sean Adams?

  That is awesome. Big, big move by Bankless DAO to get that set up. Funny, we had absolutely nothing to do with this.

• 1:04:51David Hoffman?

  I had no idea.

• 1:04:51Ryan Sean Adams?

  It just happens in the background. And I think Bankless DAO is doing great work and excited about the new energy that Consensys is bringing there. And the first DAO relationship. So use that 20% time well, Consensys. They're also using their development time well, because this is a new portfolio viewer from MetaMask, the makers of MetaMask. So you can now click a link and like Xerion or Zapper style, start to see what is in your portfolio. Really cool release, really cool app. This is a bank.eal portfolio. See some bank tokens in there, among other things. And yeah, really cool to see.

• 1:05:28David Hoffman?

  Another release coming out of Aztec. They said they are thrilled to announce Euler Finance as the first yield protocol supporting Aztec's 4.626 bridge. I will explain what that is. First, Euler is a money market like Compound or Aave that provides yield to assets. And Aztec is a private Layer 2, privacy Layer 2. And so you can now use and get access to Euler's yield privately on Aztec's, on Aztec's private Layer 2. But they also have this 4.626 bridge, that's an EIP number or an ERC number. They say a yield bridge. And so prior to EIP 4626, every single integration between Aztec and Compound, Aztec and Ave, Aztec and Euler was like a one-off bridge, a unique bridge.

• 1:06:12David Hoffman?

  4626 is what they're calling one bridge to rule them all. And so a yield bridge between Aztec and money markets throughout DeFi. So any place that you can get yield, anything that's a tokenized vault, you can bridge right into Aztec. So DeFi and Yield becoming a little bit more private these days.

• 1:06:29Ryan Sean Adams?

  Private Yield. Private Yield sounds really cool. I um, I hope they don't get OFIC.

• 1:06:35David Hoffman?

  Yes.

• 1:06:35Ryan Sean Adams?

  In the coming weeks and coming months.

• 1:06:36David Hoffman?

  Well, we, if they do, we're investors, Ryan. So we're irrelevant here.

• 1:06:42Ryan Sean Adams?

  That's right. You should mention that as well. Let's get to raises now. Uniswap Labs, they look to be raising about $200 million in a new round of funding. This is a report from TechCrunch, not completely confirmed, but this deal would give Uniswap Labs, the lab side, not the tokens, the lab side, kind of the equity side, a $1 billion valuation. So we'll have to see how that emerges. We've got more raises. Defiance Capital, what are they up to, David?

• 1:07:08David Hoffman?

  Yeah, Arthur Chong's Defiance Capital, which was originally spun out from Three Arrows Capital. And so I think he hit, he got a, Defiance took a gut punch when Three Arrows Capital went down.

• 1:07:18Ryan Sean Adams?

  Reputationally, at least.

• 1:07:20David Hoffman?

  Well, also, also they had to, I think, liquidate some of Defiance's assets because it was owned by Three Arrows Capital.

• 1:07:26Ryan Sean Adams?

  Pretty brutal.

• 1:07:26David Hoffman?

  Yeah. And but Arthur is bringing Defiance back, raising $100 million, raising $100 million to invest in liquid tokens. So can Arthur bring Defiance back from the dead? Looks like he's doing it. So congrats to him.

• 1:07:39Ryan Sean Adams?

  He's trying.

• 1:07:39David Hoffman?

  And last raise of the week, Horizon is thrilled to announce that they've raised $48 million in a Series A to make Web3 easy. Horizon and their wallet Sequence is a platform for both having an awesome wallet that's very easy to use, that is integrated into Web3 games and Web3 things. It's just, and it's also a builder platform. So they also have this integration with Skyweaver, NiftySwap, a few other things. So congratulations on the raise to Horizon. Also, they are a Bankless sponsor for Q4. So that is the disclaimer there.

• 1:08:10Ryan Sean Adams?

  Their smart contract wallet looks pretty badass, man. I love the UX of this. David, we should get to jobs.

• 1:08:16David Hoffman?

  Jobs.

• 1:08:16Ryan Sean Adams?

  I'm sure with all these raises, companies are hiring in the jobs market this week. Let's run through it. I guess maybe Uniswap is raising, but we know they're hiring for sure because number one, we got a developer relations lead at Uniswap Labs, senior front-end engineer at Uniswap Labs, a senior backend engineer for the trading platform at Uniswap Labs.

• 1:08:36David Hoffman?

  That's a lot of jobs.

• 1:08:37Ryan Sean Adams?

  There's a lot of jobs already. Solid World Dow is hiring a senior Web3 developer. Rubicon, a smart contract engineer. Bankless needs a social lord molecule, a head of engineering. Bankless, a growth marketer. Economia needs a lead designer. Rabbit Hole, a tech lead. I could go on, but I don't have to because these jobs will be in your inbox. If you go to bankless.pallet.com and you enter your email address, they will be shipped to you directly. You'll also hear about them on the Bankless weekly roll-up, but don't wait. Get alerts from these jobs and check out the Bankless job boards. All right, David, what's coming up next?

• 1:09:12David Hoffman?

  Coming up next, questions from the nation. What categories of crypto things are going to come out in the bear market? As well as an EVM compatibility, as well as all the takes from the week. A question from Amin Soleimani, hypothetically speaking, if you wanted to use Ethereum to wage a war, how would you go about it? So that is a take that's coming up next, right after we talk to some of these fantastic sponsors that make the show possible. If you've been listening to Bankless, you know that we're fans of the modular blockchain thesis. The idea that blockchains will separate execution from data availability and consensus, allowing all three to become the best versions of themselves. And Fuel has built the fastest modular execution layer in the industry. By supporting parallel transaction execution, Fuel unlocks significantly faster throughput for the Web3 world.

• 1:09:54David Hoffman?

  Fuel also goes beyond the limitations of the EVM with its own Fuel VM, which is more efficient and optimized, opening up the design space for developers. And lastly, Fuel brings a powerful developer experience with its own domain-specific language, Sway, and a supportive tool chain called Fork. With Fuel, you can have the benefits of smart contract languages like Solidity, while adopting the improvements made By the Rust tooling ecosystem, letting the fuel development environment go beyond the limitations of the EVM. If you want to learn more, there's a link in the show notes to see how you can get involved with a fuel network. Nexo is your financial hub for all your crypto needs. Nexo lets you buy crypto instantly with your credit or debit card or via bank transfer. They also have an awesome advanced trading platform called Nexo Pro that pays you rewards when you swap crypto assets.

• 1:10:38David Hoffman?

  And Nexo also lets you earn interest on your crypto in Bitcoin, ETH, or other assets. And they also give you an instant crypto line of credit with as low as 0% APR. And they also give you access to a crypto-backed Mastercard, of course, earning you more crypto when you use it. So enhance your financial life with Nexo, who ensures all credit lines are over collateralized with insurance on all custodial assets. Nexo, the right place for your crypto. So click the link in the show notes to join over 5 million users who are getting the most out of their crypto.

• 1:11:09Ryan Sean Adams?

  Questions time. If you have a question for David and I on the roll up, then make sure you follow @BanklessHQ on Twitter. It tweets out what question you have every Wednesday, and if you reply to that tweet, we may read your question out on the roll up. This is the first one. I think this question is coming from...

• 1:11:30Ryan Sean Adams?

  This question is coming from Mike Finity. Mike asks, are there any new categories in the Ethereum space that are emerging that some of us may not know about yet? David, secret, hidden categories in the Ethereum space that are emerging that people don't know about? Tell us. Drop that alpha, my friend.

• 1:11:46David Hoffman?

  Yeah, there's this one category that's being built out, which requires ZK rollups. It has to be on a ZK rollup because of how many transactions it's going to require. But there's a world of physical simulation, like physical space simulation, like gravity, objects, colliding objects, that when an object moves or collides, that's a transaction.

• 1:12:07Ryan Sean Adams?

  Like game physics?

• 1:12:08David Hoffman?

  Game physics, yes. Game physics on ZK rollups. And so it's, you can, why this is important is you can make a verifiable, provable position of a physical object, like fizzy, physical, digital, a digital but physical object in the metaverse. And you can make this, you can... Provide coordinates, you can provide velocity, you can, you know, mass, magnitude, direction. You can on a provable layer that is a universally shared truth on the internet. Create a physically like mapped out space, physical space.

• 1:12:41Ryan Sean Adams?

  I've, I've seen demos of this kind of thing before. I've seen prototypes of this kind of thing before, but it seemed, it's always seemed so abstract that I don't even, I can't yet grok it. I can't get it. Other than this link between like, as we've always said, what is a blockchain for? Well, it's for securing property in the metaverse. And so you were talking about physical manifestations of property secured by something like Ethereum, but like, how does that manifest?

• 1:13:07David Hoffman?

  More just like objects, like we, we need a single shared source of truth of a bunch of physical space. Except again, it's not physical, it's, it's digital, but it's physically represented digital space. And if we have a single shared source of truth on this thing, it makes that platform incredibly neutral. And so you can imagine like a digitally represented physical space that is being rendered at the periphery because we have this same source of truth as to what objects are where.

• 1:13:32Ryan Sean Adams?

  Okay. So, but like, what do you do with something like this?

• 1:13:37David Hoffman?

  I mean, first you have to build it. And so this is like, still very much like under construction, but I think it's a better question. It's like, what can't you do with it? Yeah, there's, there's a lot out there. This is a topic of, in the Zero Knowledge Podcast with Anna Rose. She did an episode on this with a bunch of ZK teams. But it's like, it's just like a commonly shared source of truth for like games and space.

• 1:14:01Ryan Sean Adams?

  It feels like to me, it feels like this is a new primitive that we just don't know what to do yet on the application layer. And we might see it manifest in cool ways. It's definitely emerging, definitely something that probably few people knew about. And did you say, what's the place to find out more that?

• 1:14:14David Hoffman?

  Anna Rose's Zero Knowledge Podcast. It's an older podcast. I'll see if I can find it and put in the show notes.

• 1:14:19Ryan Sean Adams?

  Cool. We got another question from a crypto dude dot vet. What is the significance of zk sync 2.0 getting EVM compatible? Is it that you can port smart contracts over from ETH layer one with little or no changes in their code? Or is there something more to it?

• 1:14:36David Hoffman?

  No, it's largely that. If previously, like, for example, Starknet Starkware has their Cairo coding language. You can't just take solidity code and put it on Starknet. You can put it on zk sync because it's EVM compatible. So it's it's near one to one compatibility of all, all, anything that's ever been on an EVM chain. Binance Smart Chain, Optimism, Arbitrum, the Ethereum layer one, like Avalanche.

• 1:14:59Ryan Sean Adams?

  95% of all the apps.

• 1:15:00David Hoffman?

  Yes. If it's, if it's an app that's already built, you can just be put right on zk sync out of the box. And so that's why, that's why everyone is super bullish on EVM compatibility.

• 1:15:10Ryan Sean Adams?

  It's a really big deal. All right, David, let's go to takes of the weeks. This is from Amin. He's asking the question hypothetically speaking, if you wanted to use Ethereum to wage a war, how would you go about it? Of course, that came from Amin. If you wanted to use Ethereum to wage a war? I don't know what he's thinking about on October 4th. What are you thinking about on a like casual Tuesday for this for Amin? But your answer was interesting. You said, start a podcast. What are you talking about?

• 1:15:39David Hoffman?

  I actually want to leave that one up to the listener. I'll leave that one hanging there.

• 1:15:44Ryan Sean Adams?

  Really? That's all you're gonna say?

• 1:15:45David Hoffman?

  Yeah.

• 1:15:46Ryan Sean Adams?

  If you wanted to use Ethereum to wage a war, how would you go about doing it? And David says, start a podcast.

• 1:15:51David Hoffman?

  We don't call it bankless nation for nothing.

• 1:15:54Ryan Sean Adams?

  Huh. Are we talking metaphorical war? Are you just gonna?

• 1:15:57David Hoffman?

  Ethereum is talking a literal war. I'm talking, I've expanded the scope a little bit to be like, yeah, but also like narrative wars and, you know, community alignment, stuff like that.

• 1:16:07Ryan Sean Adams?

  There you go. All right. All right, leave it there.

• 1:16:09David Hoffman?

  Take from Ryan Sean Adams says, too many of y'all taking VC money in crypto when y'all should be bootstrapping. Look, Hayden Adams built Uniswap and he gave with a $65,000 grant and a box of scraps. Nice, nice reference there. That's the power of crypto. Just because a VC wants to give you $10 million doesn't mean you need it. More building, less raising.

• 1:16:27Ryan Sean Adams?

  Nice. Bootstrapping, friends, bootstrapping. Like, like, seriously, we don't need tens of millions of dollars to build what we're calling DeFi 2.0. Like, we don't need it. And I think too many teams raise too quickly. So this is like immaturity or some of it's like, there's a glamour in having a large VC with a brand name, write you a check, right? I like, this is the power of Ethereum's, right? One developer, a very small team, weekends, evenings, can crank out some very powerful piece of code. And you need to find out if you have product market fit before you actually know if you need the VC money to scale this thing out. And I think too many people are skipping that step.

• 1:17:12Ryan Sean Adams?

  And it's to their detriment because kind of spin their wheels. I just, I would love to see more bootstrapping and less money right out of the gate. And so that's my encouragement for, for product teams right now, because even in this bear market, David, it seems like the VC money is still flowing. Like the private deals are getting done. We're seeing massive raises every single week. Some of, sometimes that's right, but like you need the money to scale. You don't need the money to actually prove and get some market validation in crypto. You can do that with a small team with a box of scraps, as Hayden Adams showed us.

• 1:17:49David Hoffman?

  Last take of the week, here is, I don't know if this is a take, but it was funny. DasStormy1.e says, POV, you're listening to Bankless with Trustless State and Ryan Schadams talk about the most famous sports figures in the world. And then it's the gif of Michael Scott, just like bearing his face.

• 1:18:04Ryan Sean Adams?

  Oh, wow. We really screwed up last week, didn't we?

• 1:18:06David Hoffman?

  Yeah, it turns out we were talking about Roger Federer and Nadal, like two of the most famous tennis players. I had no idea. I had no idea.

• 1:18:13Ryan Sean Adams?

  That's brutal. We've been outed as.

• 1:18:15David Hoffman?

  Not sports fans?

• 1:18:16Ryan Sean Adams?

  This is not a sports podcast, all right, guys? We talk crypto, we have like, we'll talk like geopolitics and we'll talk economics, but apparently not sports. That is not a prerequisite for understanding crypto.

• 1:18:28David Hoffman?

  The consistency that I got this take across Twitter, YouTube comments, Telegram, Discord, my friends, like, dude, guys, that was Roger Federer. And was it Nadal? Was Nadal's full name?

• 1:18:41Ryan Sean Adams?

  We apologize, don't, don't dig us deeper, David. We apologize to the entire Bankless sports.

• 1:18:47David Hoffman?

  Tennis-playing community.

• 1:18:48Ryan Sean Adams?

  Yes, but I will say this in our defense, okay? Learning about sports is an opportunity cost to learning more about crypto. Like, I've just, I've never been able to justify it. I'm like, I could learn more about a sport and watch a game. Or I could learn more about crypto.

• 1:19:05David Hoffman?

  Right.

• 1:19:06Ryan Sean Adams?

  And I always choose the other thing.

• 1:19:07David Hoffman?

  It feels like one of the trilemma, like pay attention to sports, pay attention to crypto. And like have, have a podcast and you get to pick two of those things.

• 1:19:17Ryan Sean Adams?

  Yes.

• 1:19:17David Hoffman?

  And I know which ones I've picked.

• 1:19:19Ryan Sean Adams?

  All right.

• 1:19:20David Hoffman?

  Yeah.

• 1:19:20Ryan Sean Adams?

  That's right. Me too, David. I'm with you, but um, sorry, on behalf of the sports.

• 1:19:26David Hoffman?

  The people that have chosen to not pick a podcast.

• 1:19:28Ryan Sean Adams?

  Yeah, it's totally fine to have a sports life outside of crypto. It's totally fine. We support you.

• 1:19:35David Hoffman?

  Anyways, in a different worlds, I would like to challenge Bankless listeners. All right. I didn't know who Roger Federer is, but do you know who this is? Cause this is Ryan, what I'm bullish on this week.

• 1:19:44Ryan Sean Adams?

  Let me look. It's so first of all, I see on the right, it's David in a three-piece suit.

• 1:19:49David Hoffman?

  Yeah.

• 1:19:49Ryan Sean Adams?

  Look at snazzy with that gray vest, buttoned up, a nice tie and with a gentleman to his left. Now, um, this gentleman has a flag of Ukraine.

• 1:20:01David Hoffman?

  Nope. That is, uh, that's a, there's a story behind that flag. You're not going to guess what that flag is.

• 1:20:05Ryan Sean Adams?

  Oh, that's not okay. Yeah. It's, it's very small.

• 1:20:07David Hoffman?

  That is, that is the story behind that flag is that is the Russian flag, but the red of the Russian is removed because they are trying to remove the blood of Putin and what he's doing in Ukraine.

• 1:20:19Ryan Sean Adams?

  That's a big spoiler. That's a hint. It's an older, it's an older person. So should we give people like a few more seconds to?

• 1:20:25David Hoffman?

  Yeah. So I'll keep on giving hints. This is at the Oslo Freedom Forum Gala. And uh, that's my last hint. Actually, that's all I got. There's, there's.

• 1:20:33Ryan Sean Adams?

  It's someone that, it's also someone that David highly esteems clearly. You can tell from his voice and the big smile on his face to the camera.

• 1:20:39David Hoffman?

  Your boy is stoked in this photo.

• 1:20:42Ryan Sean Adams?

  Very excited. I know who it is.

• 1:20:45David Hoffman?

  This is Garry Kasparov, who is the last world's best chess player to be the world's best chess player before he was beat by an AI, Deep Blue by IBM in 1994. That is personal hero of mine. Not only is he a fantastic chess player, I don't know if the Bankless Nation knows, but I play a ton of chess. I have.

• 1:21:04Ryan Sean Adams?

  At Gary's level.

• 1:21:06David Hoffman?

  Not at Gary's level. But he is also just a freedom fighter and like very much, I believe, shares a lot of the ethos and values that I do and I think Bankless does. And he's also a great podcast guest and hopefully he will one day be coming on the podcast.

• 1:21:22Ryan Sean Adams?

  That's what this was all about. Is Gary, please come on the podcast. We know you listen to Bankless.

• 1:21:27David Hoffman?

  Well, so the story, the story here is that at, this was a, you know, they, this gala, they try and raise money. They sell, like people put things up for auction. Gary put up a chess game for auction at the gala.

• 1:21:38Ryan Sean Adams?

  A game of chess with him?

• 1:21:40David Hoffman?

  A game of chess with Gary Kasparov.

• 1:21:42Ryan Sean Adams?

  Yes.

• 1:21:42David Hoffman?

  And I bid on that and I won. And so I get to play a game of chess with Gary Kasparov and I'm fucking stoked.

• 1:21:49Ryan Sean Adams?

  David got a utility NFT, which is, you could cash in for a game of chess with Gary Kasparov. That's awesome, man.

• 1:21:56David Hoffman?

  If I can rotate this into a podcast, however.

• 1:21:58Ryan Sean Adams?

  Livestream?

• 1:22:00David Hoffman?

  Perhaps.

• 1:22:00Ryan Sean Adams?

  Yeah.

• 1:22:01David Hoffman?

  We'll figure this out.

• 1:22:02Ryan Sean Adams?

  Just host it at your house. Just put the camera.

• 1:22:04David Hoffman?

  I sent it on my wire this morning, so it's locked in.

• 1:22:07Ryan Sean Adams?

  There you go. That's awesome, man. Yeah, he's a great individual. I've heard him on many podcasts. That gets, by the way, to what I'm bullish about this week, because that's what you were bullish about, just meeting one of your idols, Gary Kasparov. I am bullish on podcasts in general.

• 1:22:23David Hoffman?

  Oh, yeah? That's good.

• 1:22:24Ryan Sean Adams?

  Yes. So I've been doing some podcast binging. I know some of your favorite podcasts, but I probably don't know all of them, David, but like Lex Friedman, I listen to a lot. Sam Harris, I listen to it all, a lot. I think podcasts are like the only digital media source that is somehow not yet a slave to the algorithm. And what I mean is like podcasts aren't like timeline sorted, right? You have to actively go and subscribe to a podcast. And this makes it a very unique media form. Like all of the RSS feeds are self-sovereign, right? They're not hosted by anyone. You can select whatever podcast player you want.

• 1:23:06Ryan Sean Adams?

  And so much of the time, like I, all of the media that we see is just arguing. It's like, they call it debates, but it's mostly people talking past each other. And like all sorts of, like, we're all siloed in these algorithmic information bubbles. And podcasts, to me, at least the ones I listen to, are like a breath of fresh air. Like Lex Friedman will actually have a conversation with somebody who actually listened to the other person, try to understand what they're saying, right? Rather than just freaking like.

• 1:23:37David Hoffman?

  Optimize for the algorithm, yeah.

• 1:23:39Ryan Sean Adams?

  Yeah, optimize for the algorithm. It's like a deep, rich conversation. And I'm just glad that we've preserved this because I feel like in this hollow world, going back to what Ben Hunt was talking about, there's just all this hollow media out there and podcasts have not yet succumbed to that. So I was just appreciative and I'm bullish of podcasts themselves. You said earlier in the episode, if you want to start a war, start a podcast. If you want to start a movement, maybe that's another way of revolution, start a podcast.

• 1:24:08David Hoffman?

  Yeah. And you know why this works so well? And then what, how this is related is RSS feeds are a decentralized technology.

• 1:24:16Ryan Sean Adams?

  They totally are, dude.

• 1:24:17David Hoffman?

  It's like TCP IP, SMS and RSS.

• 1:24:20Ryan Sean Adams?

  Yeah. So anyway, bullish bullish on podcasts in general. This is why we love this, this forum. I mean, we put our stuff out on YouTube. YouTube's important. We're doing like, you know, channels for it, but like, we will always have a podcast. Like, it's just a pure, it's a fantastic, you can't stop us. It's a fantastic form of communication. And David, you taught me that because, you know, you got me into podcasts, man. I appreciate that. Thank you.

• 1:24:46David Hoffman?

  It took me like four times, four messages to convince you to do a podcast. And as soon as that ball was rolling, it was off, off the races.

• 1:24:52Ryan Sean Adams?

  I've long been a consumer, right? I didn't know that anyone would actually tune in and listen to us talk about crypto like every week. But this, this is, I guess, also a question to the Bankless Nation is what podcasts do you guys like? What do you recommend? Who should we listen to as well?

• 1:25:07David Hoffman?

  Leave a comment, drop a comment in the comment section.

• 1:25:11Ryan Sean Adams?

  Yes, leave a comment in the comment section. All right. Meme of the week time. You ready for this?

• 1:25:16David Hoffman?

  That's it. Meme of the week. We actually got two memes of the week this week.

• 1:25:19Ryan Sean Adams?

  Oh, lucky.

• 1:25:21David Hoffman?

  So this one is titled, "This time is different." And in, this is the weak Doge versus very strong buff Doge meme. So you got the weak Doge in 2008 saying, oof, 2008, we made some bad loans. And in 2022, we have ripped very strong Doge. And that caption is, "The global economy is a gigantic Ponzi scheme."

• 1:25:41Ryan Sean Adams?

  Yeah, things seem worse this time around. Is this what this is implying?

• 1:25:46David Hoffman?

  Yeah, it's like, it's like, oh, 2008, that's cute. The entire global economy is a Ponzi.

• 1:25:51Ryan Sean Adams?

  Different order of magnitude we're dealing with in these 2020s.

• 1:25:55David Hoffman?

  And I thought this one was a nice continuation. So this is a cartoon illustration of what is like a Wall Street banker with a suit and tie, standing on top of a pile of money, pointing down at a lady holding a Bitcoin sign. And this banker is saying, "Your Ponzi scheme is killing the environment." And I thought that that was just a nice way to round this meme of the week off.

• 1:26:15Ryan Sean Adams?

  Yeah, I guess it's just a matter of preference in terms of which Ponzi do you prefer? Because it's all Ponzi's all the way down. That's what it seems like, David.

• 1:26:23David Hoffman?

  Yes, yeah.

• 1:26:24Ryan Sean Adams?

  All right, well, this is the time to remind folks, after we just talked about Ponzi, that crypto is risky, all right? You could lose what you put in. So is Bitcoin, so is ETH, so is DeFi. This is definitely not for the faint of hearts, not for everyone, but we're glad you're with us on the Bankless journey. Thanks a lot.

• 1:26:43David 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

• 1:27:28David Hoffman?

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