ROLLUP: Build the Dip | GameStop Wallet | Terra Relaunch | PoolTogether Lawsuit - Mint a Pooly

4th Week of May, 2022 ------ 📣 ALCHEMIX | Get a self-repaying loan today! https://bankless.cc/Alchemix ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALED ETHEREUM https://bankless.cc/Arbitrum ❎ ACROSS | BRIDGE TO LAYER 2 https://bankless.cc/Across 🏦 ALTO IRA | TAX-FREE CRYPTO https://bankless.cc/AltoIRA 👻 AAVE V3 | LEND & BORROW CRYPTO https://bankless.cc/aave ⚡️ LIDO | LIQUID ETH STAKING https://bankless.cc/lido 🔐 LEDGER | NANO S PLUS WALLET https://bankless.cc/Ledger ------ Topics Covered: 0:00 Intro 4:55 MARKETS 5:00 BTC Price 5:16 ETH Price 5:38 BTC Ratio 8:05 Total Crypto Market Cap https://www.coingecko.com/en/global_charts 8:23 BEAR 8:35 Rekt ARK https://twitter.com/charliebilello/status/1524384920184963072 11:20 OpenSea Volumes December 2021 Levels https://imgur.com/Nw0b10k 11:33 BULL 11:37 Uniswap Hits $1T Lifetime Trading Volume https://twitter.com/uniswap/status/1529102980296867842 12:32 The ENS Boom https://twitter.com/ensdomains/status/1520920301583822848 13:24 May https://twitter.com/nicksdjohnson/status/1528516461668380672 14:08 New and Returning Users https://twitter.com/nicksdjohnson/status/1528516666643976192 14:25 Read Metaversal https://metaversal.banklesshq.com/p/the-ens-boom- 14:30 Reports from Goldman Sachs & Federal Reserve https://www.coindesk.com/markets/2022/05/20/goldman-sees-little-us-economic-impact-from-lower-cryptocurrency-prices/ 15:25 12% Adults Held Crypto Last Year https://thedefiant.io/fed-survey-crypto/ 17:03 Stablecoins as Portion of ERC20s vs. ETH https://imgur.com/ZUSP1wZ 21:43 NEWS 22:09 Gamestop Wallet https://twitter.com/GameStop/status/1528693604364976129 https://wallet.gamestop.com/wallets https://chrome.google.com/webstore/detail/gamestop-wallet/pkkjjapmlcncipeecdmlhaipahfdphkd 24:50 Terra Relaunching Without Algo-Stablecoin https://twitter.com/terra_money/thread/1529451631263174656 https://www.theblockcrypto.com/linked/148253/korean-police-seek-freeze-on-luna-foundation-guard-assets-kbs 28:20 DeFi Defending Itself 28:35 Story of Frivolous PoolTogether Lawsuit https://twitter.com/lay2000lbs/status/1529827211401842694 30:05 Mint a Pooly https://mint.pooltogether.com/ 33:46 Optimism Cracks Down on Airdrop Farmers https://www.theblockcrypto.com/post/148417/optimism-cracks-down-on-airdrop-farmers 35:45 Loyalty Coin Season 33:57 Coindesk Launches $DESK https://twitter.com/CoinDesk/status/1528756858307100672 37:39 Revolut’s $Revcoin https://www.theblockcrypto.com/post/147768/revoluts-planned-native-token-will-reward-customer-loyalty-storonosky-says 39:05 Tl;dr: https://c.tenor.com/CMsesV7bO7kAAAAC/iasip-its-always-sunny.gif 40:10 NFTs 40:15 OpenSea Launches Seaport https://beincrypto.com/opensea-launches-web3-nft-seaport-marketplace/ 41:38 Seth Green is Down Bad https://twitter.com/morebuttertv/status/1529151981792727040 43:50 MISC 43:52 Cami Gives Her Book to the Pope https://twitter.com/CamiRusso/status/1527371285835067394 44:23 SBF Could Spend $1B in 2024 Elections https://twitter.com/fintechfrank/status/1529185967705292801 46:47 JOBS https://pallet.xyz/list/bankless/jobs 49:34 RELEASES 49:40 Tracer DAO Perpetual Pools V2 https://twitter.com/TracerDAO/status/1527289735500247040 51:45 Sense Finance Web3 Yield Curve https://twitter.com/senseprotocol/status/1527334388232466432 https://app.sense.finance/eth-mainnet/pool https://www.statista.com/statistics/1058454/yield-curve-usa/ 55:57 RAISES 56:00 a16z Crypto Fund 4 $4.5B https://www.cnbc.com/2022/05/25/andreessen-horowitz-raises-4point5-billion-crypto-fund-in-down-market.html https://newsletter.banklesshq.com/ 56:54 Adam Neumann-Backed Flowcarbon $70M a16z https://twitter.com/TheBlock__/status/1529190581133619205 59:12 StarkWare Series D $8B https://twitter.com/StarkWareLtd/status/1529454921451458560 59:34 Standard Crypto $500M Fund https://www.theblockcrypto.com/linked/148537/standard-crypto-raises-new-500-million-fund-axios 1:02:55 Community Questions https://twitter.com/TrustlessState/status/1529561952648716289 https://twitter.com/MateyNikolov/status/1529569116994080771 1:13:35 TAKES 1:13:40 Step Aside Disney https://twitter.com/sobylife/status/1527400472251752448 1:14:32 DeFi’s Benefits https://twitter.com/econoar/status/1527873338600611840 1:16:33 UNIchain is Inevitable https://twitter.com/delitzer/status/1528497663607328768 1:21:38 13 Years of Web3 and NFTs Converted https://twitter.com/w3b_eth/status/1528782828481171456 1:23:25 What David’s Excited About Alfalfa Podcast https://imgur.com/EtRtCpD https://imgur.com/9XWu0VT 1:24:49 What Ryan’s Excited About https://twitter.com/pythianism/status/1528501361452584960 1:29:46 Meme of the Week https://twitter.com/cryptoreumd/status/1527706078624063489 1:30:57 Moment of Zen https://twitter.com/BanklessHQ/status/1529899137713549312 ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

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

• 0:00Ryan Sean Adams?

  You know crypto represents just 0.3% of the average household's net worth. 0.3%, that's it. My house is a little different than that. I imagine your household is a little different.

• 0:14Ryan Sean Adams?

  Bankless Nation, happy 4th and final week of May. David, what time is it?

• 0:19David Hoffman?

  Oh Ryan, it's the Friday Bankless Weekly Roll-Up Time where we cover the entire week in crypto, which is always an ambitious endeavor, yet we persevere nonetheless as we go into this build market that we are going into. We're going to talk about all the shenanigans that went down in the last 7 days.

• 0:35Ryan Sean Adams?

  I like that, man. It's not the bear market, it's the build market, right? And that's our mantra, is build the dip. You're not going to buy the dip. Well, you should do that too. But first, let's build our way out of this thing, and that's what we're doing. David, it's good to see you back, man, but this is our last recording from your studio apartment in San Diego, right?

• 0:52David Hoffman?

  Yeah, yeah, this is going to be the last time you're going to see this background. I'm going to be like kind of figuring it out for the next 3 weeks because my stuff is going to take time to get to Brooklyn. But in 3 weeks' time, there's going to be a nice shiny brick apartment in Brooklyn somewhere. So new background, new background. My background changes. Ryan's never changes.

• 1:09Ryan Sean Adams?

  Mine stays the same, and it will be here for the next 5 years of Bankless.

• 1:14Ryan Sean Adams?

  Alright, well, what are we getting into this week? Topics of the week. Number 1, GameStop is releasing a wallet. That's a big deal. The GME force on our side. We're going to take a peek at that. What else we covering, David?

• 1:24David Hoffman?

  We got Luna relaunching, we got Luna Round 2, we unironically now have Luna Classic and New Luna. So that is getting spun up. Under new management, DoKwon's troubles continues. We're going to update you on that. Also, optimism token updates. Warning, it's good for holders. And then, of course, Ryan, you want to take this one, DeFi going to court. What's going on here?

• 1:47Ryan Sean Adams?

  Yeah, DeFi, it's a court case that we covered a while ago, frivolous lawsuit. Someone taking the Pull Together Protocol to court, but the community is fighting back, and now there's a way to mint your protest. I've minted mine. We'll talk about Pooleys and what we're trying to do in the DeFi community to get some funds to guard against that frivolous lawsuit. Last thing. David, this feels like a bear market, but that's the thing with crypto. There's always a bull market somewhere. Where's the bull market this week?

• 2:18David Hoffman?

  The ENS numbers right now are absolutely insane. So we got the April and May numbers in from the ENS Dow about all the ENS metrics. So we're going to go and cover all of those because ENS is in a bull market at the moment.

• 2:31Ryan Sean Adams?

  Guys, every Friday, this comes at you. So if you're on YouTube, make sure you like and subscribe right now. Just do that right now. If you're listening to this podcast on Apple or Spotify, leave us, leave us a five star review. Okay. That's how we pump this thing to the top of the charts.

• 2:45David Hoffman?

  It's how we get out of the, of the bear market.

• 2:47Ryan Sean Adams?

  Oh, is that how?

• 2:48David Hoffman?

  That's how, because more people listen to Bankless, more people like buy the dip, more people build the dip. And all of a sudden we have a bull market on our hands. So five star reviews strongly correlates to bull markets. Happens every time. Works like a charm.

• 2:59Ryan Sean Adams?

  There you go. Review the dip as well. Subscribe through the dip. We also got something to tell you from our friends at Alchemix. Alchemix sponsored this message. They wanted us to tell you about their fantastic protocol. Dude, this is the closest thing to financial magic I've seen because this kind of thing is not available in traditional finance. But let me tell you how this works. So the merge is coming, you know, we're in a, we're in a bear market, but who wants to sell their ETH at these prices in the thousand range? Like who wants to do that? I don't want to do that, but maybe you need some money.

• 3:28David Hoffman?

  Eighteen hundred, not eight thousand.

• 3:29Ryan Sean Adams?

  Eighteen hundred. Okay.

• 3:30David Hoffman?

  Eight thousand is post-merger.

• 3:31Ryan Sean Adams?

  I said in thousands range. So here's what you can do with Alchemix. You could take your ETH, you could put it in Alchemix and you get your future yields paid to you upfront. So like a lump sum payment and you could do whatever you want with the yield. So maybe you need some student loans to pay back, some car loans to pay back. But you just want to treat yourself, go, I don't know.

• 3:51David Hoffman?

  Pay your tax bill.

• 3:52Ryan Sean Adams?

  Pay your tax bill. Yeah. Treat yourself to paying off that tax bill. It's, it's, it's a way you could do, just put those yields for after a long while, you eventually get your ETH back. Okay. After, and we call this the never sell plan. In fact, David, you wrote an article about this like back in the day, really cool protocol. And it's not ETH. You could do this with other assets as well.

• 4:15David Hoffman?

  Yeah. You can also put DAI in and DAI will, Alchemix will go out and yield farm your DAI. DeFi and then it'll pay you your interest payments upfront and all you gotta do is sit on your hands and wait for that loan to be paid back. It does take some time, but the beautiful thing is, is you can't get liquidated because that's how the protocol works. There is no leverage here. You're just taking future yield payments upfront. So there is a link in the show notes to get started. Bankless.cc slash Alchemix. It's a capital A at the start for if you want to dive into the Alchemix. Also, they updated their tokenomics. So if you are an ALCX holder, they have a tokenomics upgrade you can take a peek at.

• 4:49Ryan Sean Adams?

  Very cool. All right. Speaking of tokenomics, let's, let's, let's take a look at the Bitcoin token economics. Bitcoin price, what's that telling us, David? I'm gonna turn my screen here.

• 4:58David Hoffman?

  Bitcoin price, it's down. It lost $700 in the last week. We started at $33,000. We had 29,400 ish. So overall, down 2% on the week. That's what a bear market looks like.

• 5:12Ryan Sean Adams?

  Just 2%? That's like a good week in the bear market because ETH is down harder, right?

• 5:18David Hoffman?

  ETH is down bad. Yeah. Last, it lost 7% in the last seven days. That's 1% a day for the math whiz is out there. Started at $2,000. We are currently at 1840. Dipity, dip in the dipper dipper on this one. So yeah.

• 5:33Ryan Sean Adams?

  Dipity dip.

• 5:36David Hoffman?

  And of course.

• 5:36Ryan Sean Adams?

  ETH Bitcoin ratio, that's where we suffered, right?

• 5:38David Hoffman?

  Also down bad. Yeah, down 6%. Yeah, my ETH Bitcoin long, long position is not feeling good because I opened it right at the top, right over there.

• 5:47Ryan Sean Adams?

  Did you really?

• 5:48David Hoffman?

  Not the most recent spike. So I keep going a little bit to the right, like right. I can't really show you on the, on the.

• 5:54Ryan Sean Adams?

  Right here?

• 5:55David Hoffman?

  Yeah. Well, it was at point like point seven, something. Anyways.

• 5:58Ryan Sean Adams?

  David, you gotta stop betting on these ratios, my friend. Just go long on the asset you love. Like, do you remember, I'm not gonna bring it up. No, I'm gonna bring it up. The DeFi ETH ratio.

• 6:09Ryan Sean Adams?

  What's that going?

• 6:09David Hoffman?

  Oh, God. Yeah. Well, I mean, yeah, there's, there's no more DPI left in me on that one.

• 6:17Ryan Sean Adams?

  The ratios will kill you in this market, but yeah, so I mean, people are more bullish Bitcoin than they are Ether in this particular week. That's kind of funny going into the merge, but is it sort of a flight to safety? Is everyone freaking out and like, hey, Bitcoin is still the traditional safe asset, so we're going over there?

• 6:34David Hoffman?

  It is, who the hell knows? The ETH ratio is inherently hard to trade on the short timeframes. I'm just bullish on the fundamentals flipping in Ether's favor with the merge in August, which is what was said by both Preston Van Loon and Justin Drake on our panel and Permissionless. Merge in August time where all of a sudden Ether gets $30 million a day increase net buy pressure. And so like, how can you not be bullish?

• 6:58Ryan Sean Adams?

  What probability do you give that merge in August? So, by the way, it's not just David and I saying this, not David and I saying this, this is Preston Van Loon at Permissionless last week, and also Justin Drake saying that it was very likely that the merge would happen in August. I'm paraphrasing a little bit, but all the, like, the stars are aligned. Also said, there was a great deal incentive for this to happen before block fees increase. What's it called? What am I thinking of, David? Block fee increase?

• 7:29David Hoffman?

  Oh, Ice Age.

• 7:32Ryan Sean Adams?

  Ice Age, yeah.

• 7:33David Hoffman?

  Difficulty Bomb.

• 7:34Ryan Sean Adams?

  Difficulty Bomb kicks in, so it feels like it's, you know, I don't know, what percentage would you sign it? I'm gonna go with, I'm gonna go with 80% probability that happens in August. What do you think?

• 7:45David Hoffman?

  Yeah, I mean, I was gonna say like 90% by the end of September, just to include a couple weeks of lead time. Being said, there needs to be no bugs discovered. So, under a condition of no bugs discovered, we are like 90% likely that we're gonna be a post-merge Ethereum by the end of September.

• 8:01Ryan Sean Adams?

  Agreed. That's gonna be a big deal, but it's likely gonna happen during a bear market, and we'll see how the market reacts. But how much did we lose on the crypto market cap?

• 8:09David Hoffman?

  $40 billion in total crypto market cap lost in the last week, which, you know, is like small change, I guess.

• 8:16Ryan Sean Adams?

  We lost a Luna.

• 8:17David Hoffman?

  Just a Luna.

• 8:19Ryan Sean Adams?

  One Luna down. All right, well, let's get into some news, man. We're going to divide this because it's bear market season. Let's talk about the bear market news first, then we'll get into the good news. But let's bad news first. So bear market news. This is just general macro markets. But have you seen ARC innovation lately? Remember, we had Kathy Wood on the podcast not less than a year ago. And things are pretty good at ARC still. That has completely reversed. Look at these charts.

• 8:48David Hoffman?

  ARC down bad. ARC down bad. Very sad.

• 8:50Ryan Sean Adams?

  So, okay, ARC is, they were up, let me see, no.

• 8:55David Hoffman?

  750% since October 2014.

• 9:00Ryan Sean Adams?

  Since their inception.

• 9:01David Hoffman?

  That's a lot of, that's a lot of percent.

• 9:03Ryan Sean Adams?

  Okay, so they were up 750%. And now they're only up 112%. And they're actually underperforming the NASDAQ.

• 9:12David Hoffman?

  By a lot.

• 9:12Ryan Sean Adams?

  Q is in the chart by a lot at this point. So if you just had held NASDAQ versus ARC this point in time, you would have been up more than double.

• 9:22David Hoffman?

  2X, yeah. Oof.

• 9:24Ryan Sean Adams?

  That's pretty brutal.

• 9:25David Hoffman?

  It's pretty brutal.

• 9:25Ryan Sean Adams?

  What do you think's going on here?

• 9:26David Hoffman?

  Well, I mean, it makes sense if you, if you take everything together, right? Like, the whole idea about ARC is that it prices in the future. Kathy Wood is saying that there is so much growth that the market is not pricing in right now. We got growth in crypto and blockchain. We got growth in electric vehicles, like battery technology, biotechnology. And people are mispricing how much future growth is coming in the short term. And so ARC is based on the future, which is crazy to think about. Like, oh, investing is about the future? Weird. But that's, that's what the ARC real brand is, is like so much of typical investing is about just pricing in historical, history, like historical patterns. But Kathy Wood is taking the counter trade of generally well-accepted investing and pricing in future growth, which just makes sense to me.

• 10:09David Hoffman?

  But also, when the Fed injects a bunch of money into the market, it allows the whole market to price in the future. When interest rates are cheap, you allow people to look into the future and invest and speculate. And so ARC goes up 750%. And then the inflation happens. And then we increase the interest rates to tell people to stop looking for the future and start. Saving your dollars now. And so then ARC dies and goes down from 750% to 112%. So like this all just makes sense. Other than, yeah.

• 10:41Ryan Sean Adams?

  You're not saying that futures more pessimistic suddenly overnight. You're just saying like the, the expectations through the market reaction to that future. Right. The liquidity is kind of dried up and so cash flow potential of the future just looks much more pessimistic and dim.

• 10:56David Hoffman?

  Right. And this is why we're calling it the build market, right? Same thing applies to crypto, like crypto's future has never been brighter. Like the amount of building going on right now is insane. Yet prices don't reflect that. Prices are down bad because of monetary policy and the interest rates and all that stuff. So it's not that you're wrong. It's that the Fed doesn't like it.

• 11:16Ryan Sean Adams?

  Welcome to the build market. This is the new reality I think we're all embracing. Open C new reality, a seven day, this is a chart of seven day average. They're back to December 2021 levels and I think continuing to drop. So NFT market, pretty bearish here too. Let's switch it up though. There's been some good news here. Okay. Here's the one I want to start with. Uniswap just hit $1 trillion in lifetime trading volume. David, I remember not too long ago, okay, less than three years ago. People said, again, Ether was dead. Bitcoin is kind of like the, the only use case, but it was dying as well. DeFi would never work. Smart contracts would never work. What are they good for?

• 11:58Ryan Sean Adams?

  Here comes this upstart Uniswap that's saying, hey, we're, we're creating a different type of exchange. It's not going to be peer to peer. It's going to be decentralized. It's going to be peer to contract. Okay. Now here they are. The experiment worked incredibly well. Three years later, $1 trillion in value. All right. A lot of people said that this would never happen and now, now we've hit it. It pays to be contrarian in these bear markets.

• 12:24David Hoffman?

  10 trillion by the end of 2024, I'd say. Also, in the world of awesome numbers and metrics during our build market, the ENS boom is absolutely insane. So here are the April 2022 ENS stats. 163,000 new dot ETH registrations. So that's almost a, that's almost a million. Names registered, all of those fees for registering all those names goes to the ENS Dow. So the ENS Dow collected 2,660 ETH in fees, which is up from the most the previous all time high of November 2021, which is 900 ETH more than November 2021. That's basically $8 million going to the Dow. 38,000 new ETH accounts with at least one new ENS name.

• 13:05David Hoffman?

  So this is a proxy for users because new Ethereum wallets buying their first ENS name, 38,000 of those and then over 40,000 ETH being traded in secondary market sales just on OpenSea.

• 13:17Ryan Sean Adams?

  4,000, I think.

• 13:18David Hoffman?

  4,000 ETH, yes. And that was April. That wasn't even May, Ryan. That was April. May is now in and there is an all time high for every single ENS metric that Nick Johnson from ENS tracks. If you are, there's a link in the show notes to go look at this, but here is here are the things to look at. April, we're not even done with May and it looks like May is already well beyond. Yeah, no, we're not done with May. We're already like 20% like longer or higher in terms of revenue for the protocol versus April. We still have like five days left. There's, this is one of my favorite lines is that there's always a bull market somewhere. Doesn't matter what phase of the market in, you can always find a bull market.

• 13:59David Hoffman?

  The bull market cycle has rotated into ENS names in the last like couple of months or so.

• 14:05Ryan Sean Adams?

  That's really cool. And this is another chart from Nick. What's this showing?

• 14:08David Hoffman?

  Let's not, he says, oh, let's not forget new and returning users to all time high with returning users, all time high for new users. ENS speculation, that's a thing.

• 14:18Ryan Sean Adams?

  There's, there's more on the ENS boom from William Peace. He wrote a fantastic article on this in Metaverse. We'll include a link to the show notes there too. David as well, some interesting reports, actually two reports that I wanted to highlight is one from Goldman Sachs and the other from the Federal Reserve. And I think this story here is, oh my God. Most people don't have crypto yet. So few people have crypto. All right. Just, just a few stats from the Goldman report first. You know, crypto represents just 0.3% of the average household's net worth. 0.3%, that's it. My house is a little different than that. Imagine your house is a little different, but 0.3%, okay?

• 15:00Ryan Sean Adams?

  And this is if you compare to the rest of the economy, the total crypto market cap is about 1.3 trillion. Uh, American household wealth sits at 150 trillion. Less than a percent, less than a percent of, uh, total wealth is held in crypto right now. Um, there's some other interesting stats, like if you, if you sort of compare how many adults hold crypto. Uh, last year, 12% of all adults in the U.S. held crypto.

• 15:32David Hoffman?

  Yeah, the, the story here is that there's a lot of people left to buy our bags. Banking list doesn't stop until 90% of all household wealth is crypto denominated. Uh, and so we got a lot left to do. The crazy thing is, is that that, these are numbers even after like the mania, right? And so, uh, we're about to see probably an exodus out of, uh, out of the crypto industry from all the tourists. And while, you know, I would say like, gut check me on this, Ryan, Ryan, but like 20% of people that come in during bull markets stay, stay as long-term settlers. Is that kind of high?

• 16:03Ryan Sean Adams?

  Oh, 20% stay.

• 16:04David Hoffman?

  20% stay. Yeah.

• 16:06Ryan Sean Adams?

  I'd say that might be on the high side.

• 16:08David Hoffman?

  It might be high.

• 16:08Ryan Sean Adams?

  It'd be like 10% really stay, 20% stay kind of interested.

• 16:13David Hoffman?

  They listen to podcasts. Yeah.

• 16:15Ryan Sean Adams?

  Yeah. Yeah. Occasionally.

• 16:17David Hoffman?

  Some people are like, oh, that's me.

• 16:20Ryan Sean Adams?

  Yeah. Some people are not listening to this already.

• 16:22David Hoffman?

  And so we still have a bunch of people to leave in the next, if, if we are indeed in a B market. Uh, and so like, there's so much growth left, left in crypto. Uh, hashtag early, I guess.

• 16:34Ryan Sean Adams?

  Did you say if we are indeed in a B market, we're definitely in a B market, are we not?

• 16:39David Hoffman?

  Either still $1,800, man, we're still $400 above the top tick of the last bull cycle, which means maybe we have more to go. We'll talk about this more, but like there is universal consensus that we are going down like another 50% and like I'm

• 16:57Ryan Sean Adams?

  David doesn't buy it?

• 16:58David Hoffman?

  I don't buy it.

• 16:58Ryan Sean Adams?

  I think we could. I definitely think we could.

• 17:00David Hoffman?

  Everyone thinks that. Everyone thinks that.

• 17:02Ryan Sean Adams?

  Here's, you know what, did you know though, this is super interesting. I saw this from CoinMetrix, they put this chart out this week. If you look at kind of the three classes of tokens on Ethereum, right, just divided into this, Ether, stable coins, and other tokens, other ERC20 tokens, all right. The numbers come out like this, stable coins are about $108 billion, all right. Other tokens, non-stable coin tokens, are actually less than this, than that $86 billion. And Ether is $240 billion. So Ether is still the vast majority of value on the Ethereum network. Stable coins are only $108 billion,

• 17:43Ryan Sean Adams?

  but they've already exceeded as a killer app, the rest of the ERC20s, which are $86 billion. Do you think that this will stay like this as a proportion? What do you think happens in the future, David?

• 17:55David Hoffman?

  Okay, so Ethereum is meant to be a protocol for other applications. Many of those applications being token related, and seems to be the product market fit of Ethereum. We like tokens. Like, it's been thought by the developers that a secure Ethereum has like roughly a 1 to 10 to roughly 1 to 100 ratio of value on top of Ethereum to Ether value, because the Ether value proof of stake secures the network, right? And so if we have a $10 trillion Ether market cap, which is where we will eventually get to, I'm sure, we will have roughly, it will be safely storing and managing $100 to $200 trillion of total wealth on top of that. And so that is the balance, like a strong, a strong foundation

• 18:37David Hoffman?

  of $10 trillion of Ether market cap can safely secure $100 to maybe $200 trillion on top of that as well. Also, shout out to just like wealth generation on Ethereum, like when, in the bull case for Ethereum, the long-term, what we're, what we're here for is like hundreds of trillions of dollars of total wealth creation. And so, right now, when we see only something like 20% of the Ethereum, of the Ether market cap being secured on top of Ethereum, so much room left for growth.

• 19:08Ryan Sean Adams?

  Absolutely. It's another indication that we're early. Guys, we got so much more coming up, including the GameStop wallet. We're gonna peek that open. What else we got, David?

• 19:17David Hoffman?

  Oh my god, we have, the Loopring boys are gonna be really happy about the GameStop wallet. So shout out to those guys. Luna 2.0, Noah, I'll go stablecoin this time, so what is it? And also, loyalty coin season? We're gonna talk about that a little bit. Bear market prices, but bull market building. We will be right back after we talk to some of these fantastic sponsors that make this show possible. The era of proof of stake is upon us, and Lido is bringing proof of stake to everyone. Lido is a decentralized staking protocol that allows users to stake their proof of stake assets using Lido's distributed network of nodes. Don't choose between staking your assets or using them as collateral in DeFi. With Lido, you can have both. Using Lido, you can stake any amount of your ETH to the Lido validating network and receive ST ETH in return. ST ETH can be traded, used as collateral for lending and borrowing,

• 20:02David Hoffman?

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• 20:44David Hoffman?

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• 21:18David Hoffman?

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• 22:03David Hoffman?

  That's A-L-T-O-I-R-A dot com slash banklist and start investing in crypto today. And we're back. It's GameStop season, the GameStop wallet is here. You can go and download the GameStop wallet. It looks like a MetaMask extension. I believe it's also on mobile, wallet.gamestop.com. It's a Layer 2 wallet, and Ryan has got it built into his browser already. So, I mean, if you know what MetaMask is, you kind of are going to be familiar with it, but it's built on the Loopring Layer 2. And so the Loopring bros are super happy about that. And so shout out to all of them. The alpha for what this thing actually is, we actually, I was trying to go around the blog posts for like, all right, who's release? Like Loopring didn't release very much information. GameStop didn't release very much information. You know where the alpha is, Ryan?

• 22:48David Hoffman?

  You know where I found it? I bet, is it on the GME subreddits? It's not on the GME subreddits. No, it's not on SuperStonk or anything like this? Yeah, the alpha is on the Chrome Web Page Store. And so it goes through the features. Self-custodial Ethereum wallet. You can buy ETH with a few taps or a credit card or debit card using Apple Pay. There's probably a backend payment integration there. It's on the Loopring Layer 2. It's got all the token standards, of course. ETH, ERC-20, ERC-721, ERC-1155. Send and receive, it's good for payments. You can swap both on the Ethereum L1 and the Loopring Layer 2. You can connect your GameStop wallet to decentralized apps in the world of Ethereum, of course. The bigger question is what you can connect this to in the world of GameStop.

• 23:31David Hoffman?

  And so there are GameStop NFTs at beta.nft.gamestop.com. That was four dots. And you can check it out there. So GameStop, yep. Going from a brick and mortar business to a web three NFT store.

• 23:46Ryan Sean Adams?

  I can't believe it. I'm super impressed by this. Actually, like the meme became reality and they're actually getting into crypto in a meaningful way. I mean, this is like a MetaMask level.

• 23:55David Hoffman?

  It looks good.

• 23:55Ryan Sean Adams?

  Wallet. It looks fantastic. There's a place for your coins. There's a place for your NFTs. There's a place to swap, just like MetaMask. In fact, the user interface in some ways is kind of nicer. I mean, obviously I haven't, I haven't used this very much yet, but it's supporting layer two out of the box, which is loopering right now. But they're going to be incorporating other layer twos as well. That's impressive. Completely self custodial. These guys are on it and I'm blown away with what they delivered in this first release. So it's super cool to see. David, I thought we had wallet week this week because remember we talked, it was like Robinhood and Coinbase releasing a wallet and Ledger releasing a wallet. And now here's GameStop entering just in the past seven days, all of these, these wallets have, have come to fruition, at least like, I don't know, 14 days now.

• 24:39Ryan Sean Adams?

  I don't know what the time span is, but it's two weeks.

• 24:41David Hoffman?

  Granted, I haven't tried to explore the, than use the other wallets yet that you just mentioned, but this is the first wallet that we have on screen in the browser, ready to go. So kudos to GameStop for that. Oh boy, from the ashes. Ryan was going on.

• 24:53Ryan Sean Adams?

  Yeah. Yeah. Okay. So it looks like Luna is rising from the ashes, I think. So a Luna 2.0 sort of thing. Here's a thread that explains it. Terra 2.0, I guess I should say. So Luna is a token. Terra is the chain. Of course, there's going to be a new Luna as well. And basically what they're doing is relaunching this blockchain network as a layer one. Without the algo stablecoin this time. So there seems to be some acknowledgement, hey, I think that was kind of a bad idea. Let's not do this. Let's not do that again. And they are distributing tokens, Luna Classic, or sorry, Luna tokens to the Luna Classic. So I guess the old Luna Network is now called Luna Classic? Is that the case? Or is this Luna Classic?

• 25:37David Hoffman?

  No, old chain Luna Classic, new chain is currently called Luna.

• 25:42Ryan Sean Adams?

  Okay, and they're giving it to a community pool, first of all. So that's the slush fund for the community to vote on that sort of thing. Then they're giving an allotment to the pre-attack Luna holders, 35%, the pre-attack USD, UST holders, 10%, and then the post-attack. Yeah. Oh my God, I can't believe I'm reading that out and I didn't even notice that propaganda.

• 26:07Ryan Sean Adams?

  But absolutely, I refuse to call it an attack now that you said that. The post-incident, post-collapse Luna holders and the post-attack, post-collapse UST holders as well are getting some portion of this. So I don't know, I like, I'm glad there's some resurrection. It seems like that, you know, some similar ideas, same management as well. Like I think Do Kwon is going to be involved in this. Oh, Do Kwon is not going to be involved in this?

• 26:34David Hoffman?

  No, he will not be here. He is in trouble.

• 26:38Ryan Sean Adams?

  Are you sure? Oh, okay. Like, was this his idea, though? I thought this was partially his idea, but like, he's not going to be, like, he's got other things to deal with is more what you're saying.

• 26:46David Hoffman?

  Yeah, I think, like, maybe, I don't know the details, not connected to the Terra ecosystem. I would be surprised if Do Kwon is a leader in this whole entire thing, especially while he is going through some legal issues.

• 26:59Ryan Sean Adams?

  Oh, boy. Can you tell us what some of those might be? I think that's our next story.

• 27:03David Hoffman?

  Yeah, this is more related to the Luna Foundation Guard. And so, police authorities in South Korea have taken action to freeze assets tied to the LFG, the Luna Foundation Guard, the Seoul, Seoul, so how do you pronounce the capital of South Korea? I've actually never, Seoul? Oh, okay. Seoul Metropolitan Police Agency.

• 27:21Ryan Sean Adams?

  Greece got Seoul. It's like Ethereum's got Seoul.

• 27:23David Hoffman?

  Absolutely. The police of Seoul has asked multiple changes to block Luna Foundation Guards from withdrawing any corporate funds. And so, there is rumors of embezzlement, TBD on that, but that is one of the reasons why the police have said that they have the authority to do this. They said they intervened after finding clues that they were indicating there was embezzled funds within the LFG. Oof, that is an oof, Ryan, that's what that is.

• 27:50Ryan Sean Adams?

  I remember there were some podcasters, maybe some critics, who said that holding assets like Bitcoin off-chain was not a good idea by a small set of multi-sig signers. Not a good idea not to have a clean, transparent audit trail for all of that stuff.

• 28:06David Hoffman?

  Yeah, but you're just a fighting ETH maxi, Ryan.

• 28:09Ryan Sean Adams?

  Man, I am, look, I'm glad, I hope this, this will not be the last time we talk about Terra and Luna, I'm sure, but I'm glad, I'm just hopeful that all of this can be pushed behind us. I'm just done talking about it. It's like, it's over. Let's move. Let's move, let's move on this.

• 28:24David Hoffman?

  Moving on. Well, not the only thing taken to court, but this time not, not so nice. Leyton Q-Sac of Pool Together is sadly getting wrapped up in this whole Pool Together lawsuit, and this is becoming a bigger and bigger deal. As we get more details about the lawsuit itself, somebody deposited $12 into Pool Together and immediately filed a quarter-billion-dollar class action lawsuit on Pool Together because, you know, flagging is like, it's a lottery, it's illegal, I lost money on gas, that's not, I'm not making a joke about that, that's in the whole thing. And so Pool Together has, like, sadly been paying hundreds and hundreds of thousands of dollars of legal fees to fight this thing. This very innocent, very beloved DeFi app, a no-loss lottery, you literally cannot lose money. It's called a-

• 29:09Ryan Sean Adams?

  It's a savings account.

• 29:10David Hoffman?

  It's a savings account. It's called a prize-linked savings account. You put your money in, and every once in a while, if you win, you get a bunch of money, and then if you don't, if you want to get out, you get out. It has, Pool Together has onboarded so many communities from all across the world. It's probably the most multinational DeFi app that I know of. They've done a fantastic job putting out documentation and literature in many, many languages to onboard people from Asia, from Africa, from all over the world. And so it's like the most diverse app by usage, and they are getting these absolute schmick suit out of them by somebody connected to Elizabeth Warren, a previous Elizabeth Warren campaign person is doing this. And so Pool Together, this is, this is the call

• 29:52David Hoffman?

  to arms. Like, we, DeFi is under attack. They're not just going after Pool Together, they're going after DeFi, and they're using Pool Together to do it. And so if you think This isn't your problem. It is your problem. This is an attack on all of us, on all of us.

• 30:05Ryan Sean Adams?

  Yeah, so here's what they're doing. They're, it says, keep Pooley flying. So they're minting all of these Pooley birds. These are NFTs that you can purchase. So there's a Pooley supporter. It's 0.1 ETH all the way to a lawyer and a judge. And those are more expensive and there's limited quality of each. And all of the funds, all of the proceeds go to the defense of pool together in this, in this lawsuit. And I think, David, this could become a shelling point for the rest of the DeFi community. Because this is not, this is like the first battle of a war that we have to fight, the nation state level. And more specifically, I mean, we're fighting this war with the kind of lobbyists and Washington politicians, regulators, this sort of thing.

• 30:44Ryan Sean Adams?

  We also have to fight it in the court system. Okay, so this is how we defend our rights in the court, in the court system. And this is less about like, no, will this court case kill DeFi? Of course it can't kill DeFi. It's not, that, that can't happen. What this is about is making sure that Americans, people in the US, people in whatever jurisdiction you live in, do not get left behind. Because if our, like, our governments come together and they say, regular citizens can't use a DeFi savings account like this, or even worse, maybe, I don't, can't open an ETH address? I don't know where this leads in the court system. Then it's US citizens who will be left behind. That's why this is so important. I minted a Pooley. I am a lawyer.

• 31:26David Hoffman?

  I also got a lawyer. We are, we are now lawyers.

• 31:28Ryan Sean Adams?

  We are lawyers. You and I are lawyers. And look, David, it's scary, man. Do you ever think like, even what you just said? I mean, you could be, you could be sued. Bankless could be sued for what you just said.

• 31:38David Hoffman?

  What, that I'm a lawyer?

• 31:39Ryan Sean Adams?

  Together in the very early days. No, no, no, before that. Just talking about pooled together.

• 31:43David Hoffman?

  Oh, yeah.

• 31:44Ryan Sean Adams?

  We've, we've posted articles about pooled together.

• 31:47David Hoffman?

  Tactics about how to engage with a prize-linked savings account. So, and I remember writing about pooled together back in my POV crypto days. All the way back in like 2018, 19 or something. And as a result of that, people took their money and put it in pool together. Some made money and no one has lost money. And we might be sued for, for like stating that, that you can do this.

• 32:08Ryan Sean Adams?

  Totally. David, I wouldn't be surprised if. If we were at some point, some frivolous losses coming out. So we, look, the key is gotta rise up. We've got to, we've got to protect people that are going bankrupt, protect our DeFi protocols, fight this out in the court system. So American citizens don't get left behind. That's what this is about. DeFi will be fine. Let's make sure America doesn't miss the boat here.

• 32:28David Hoffman?

  Okay. So what you gotta do, you gotta go mint your Pooley, mint.pooltogether.com, link in the show notes. There are three different tiers that you can mint. .1 ETH for the little guy, 1 ETH for a lawyer and 75 ETH for a judge, if you want to be a real Chad. The, the bull case for this, the financial bull case for this is that with this in your wallet, you are signaling that you are somebody who cares about DeFi and you are a good community member. And so with this NFT in your wallet, you get to signal to the world that you care about DeFi and that you are a good Ethereum wallet to have this NFT in it. And so this is-

• 33:04Ryan Sean Adams?

  Sir, are you implying that this could end up on the airdrop list?

• 33:08David Hoffman?

  Yeah, this go add it to an airdrop list, a list of good people who care about DeFi. And I remember just like, and this is a story of airdrops, right? Like things I did in like 2017 ultimately got me an airdrop in like 2022. And so you don't know when it's going to come, but you want to be on the list. You want to put your name on the list. So that is the financial bull case for minting a Pooley. Yeah, yeah.

• 33:33Ryan Sean Adams?

  Yeah, do it for the right reasons or do it for the wrong reasons.

• 33:36David Hoffman?

  Yeah, whatever. It's regen crypto. Like we can turn bad incentives into good ones. This is a good thing to, to fight for.

• 33:44Ryan Sean Adams?

  This in crypto, beautiful. What do we got next, David?

• 33:47David Hoffman?

  Optimism token. Okay. So optimism cracking down on airdrop farmers, removing 17,000 addresses that have been verifiable to have been farming the crap out of the airdrop. This is also this very similar strategy from, from Hot Protocol. These two airdrops which have come out in the last like month or so, I've been calling the new meta for airdrops. It is an arms race between farmers and, and airdrop senders. So we're trying to find all the farmers and nix them because they're not the community. They're toxic. They just farm and dump the token. And so doing, having this- Like strategy, the optimism, the optimism strategy was to create six different criteria that you can get the airdrop for. And then if you had multiples of those criteria,

• 34:29David Hoffman?

  you had a multiplier. And so that's, that was a community surgically discovering, surgically discovering the community strategy. And then hot protocol strategy was you could go and do like EtherScan like NARC on farmers. And if you could find the hot protocol farmers, you could report them and you could receive 25% of the tokens that they would have received.

• 34:51Ryan Sean Adams?

  Wow.

• 34:51David Hoffman?

  Mitigating token distribution that way. So smart. So this is the new meta for airdrops. So Ryan, for the listeners out there who are like, damn, but I want to farm the airdrop. What do they, what do you think that they need to do?

• 35:01Ryan Sean Adams?

  Like, I think they should be a real human instead.

• 35:04David Hoffman?

  Yeah.

• 35:04Ryan Sean Adams?

  And just use the protocol the way a real human would use it and stop trying to game the system. And instead of trying to game the system and go for the short-term rewards here, just think about crypto as just a long-term, multi-year, multi-decade journey.

• 35:19David Hoffman?

  Put, put your student cap on, go learn how to use the protocol, treat it like a homework assignment, find every single corner about the protocol, put real money in, and then you will probably be getting an airdrop. To other things related to like size of money and time of money. So those are all, all concerns as well. Anyways, that's your alpha for the week.

• 35:39Ryan Sean Adams?

  There's, there's more alpha here, which is, which is, uh, yeah, uh, loyalty coin season. That may be starting. We've, we've talked about loyalty coins in the past a little bit, but maybe you could give the TLDR on what a loyalty coin is. And we're seeing actually two examples of it in play this week. One at CoinDesk, the desk token, and the other is Revolut, which is with Revcoin, Revolut, a major fintech platform as well. So give us the TLDR. What's, what is a loyalty coin? And what's happening this week that, you know, people should pay attention to?

• 36:10David Hoffman?

  Well, people should be familiar with like loyalty points, right? And now it's just loyalty points, but as tokens. And so like airline, there was a big like movement in 2017 to like during the ICO mania to tokenize airline miles, which I thought was hilarious. Actually wasn't the worst idea of the ICO mania. But there's this concept that is universal. It's a primitive, I'd say, where if you Put and engage your economic activity through a particular like host, like your credit cards or your airlines, they just give you back rewards. And it's basically like yield farming, right? Like if you buy a flight, you get some points and the points get you to buy more flights. Right. It's like a form of yield farming. This is a primitive, one of the great marketing strategies is to pay people to use your stuff.

• 36:51David Hoffman?

  And so CoinDesk has launched the Desk token and it's a part of the experience of Consensus 2022 for the people who are going to Consensus 2022. You can earn desk throughout the festival by engaging in consensus stuff. So you can, and you can also redeem it for swag, food, drinks, NFTs and more. It's basically like the internal currency of consensus and overall the CoinDesk ecosystem. This is nothing new, but you get, there's now, now like a verifiable place where you can spend all your points for swag and food and stuff. So it counts as money, I guess. And, and this is again, this is not the CoinDesk, which very large company. It's a big deal that they're doing this. Revolut, even bigger company, even bigger deal, they're also doing this. So they're doing RevCoin.

• 37:33Ryan Sean Adams?

  Yeah. And RevCoin is kind of what you were just saying, David, is this from the article. RevCoin will function in a similar way to airline air miles programs where users earn rewards based on how often they use the service. It definitely won't be a stablecoin, says the founder. The goal is to make loyalty tradable. I love how he says it definitely won't be a stablecoin right after the collapse of Terra.

• 37:55David Hoffman?

  No, no, we're not that guys. But it's also, it's also like, hey, price can go up, by the way. That's, that's the other between the lines.

• 38:02Ryan Sean Adams?

  Well, that's the thing. That's what he said. The goal is to make loyalty tradable. So the problem with airline miles and hotel points, and I don't know if David, if like in my younger years, I used to try to like open a bunch of cards and like game the system and you know, get them, get them maximize my, my loyalty programs.

• 38:19David Hoffman?

  Credit card farming. Yeah.

• 38:20Ryan Sean Adams?

  It was credit card farming. Yeah. Yeah, exactly, man. Similar thing I do today, I guess. Anyway, it was way less, way less profitable then. And part of the reason why is because you couldn't transfer the tokens or trade them. Like, what is the value of an airline miles? I mean, whatever American Airlines says it is.

• 38:39David Hoffman?

  Plus, they're highly inflationary. They're kind of a shitcoin.

• 38:41Ryan Sean Adams?

  Highly inflationary. They're terrible. And so the ability to actually have a market price and allow these things to escape in the open finance economy and the DeFi economy, that's what's special here. That's cool. I think we'll see all sorts of, look, there's no real regulatory pain points here in the way there is with like securities and that sort of thing, right? Loyalty coin is sort of a different thing. We have some precedent for that in the, in the real world. So I think that's all a good thing.

• 39:08David Hoffman?

  And if you listen to that.

• 39:09Ryan Sean Adams?

  You have a summary.

• 39:10David Hoffman?

  Yeah. And if you listen to that and you were like, ooh, I'm bullish. Here's the bear case. There's this, one of my favorite episodes of Always Sunny in Philadelphia where they mint Patty Bucks. Patty is the name of their pub. And they give out Patty Bucks to incentivize people to come into their bar. And then people come into their bar and they buy beer with the Patty Bucks. And then at the end of the day, they're like, okay, now we don't have any, any beer. We can be sold it all. And all we have is Patty Bucks. And so, and so this, they're like, okay, well, what do we do? Like, oh, well, we go give the Patty Bucks back out so they can come and drink our beer. And they're like, wait, when do we get the money though? Where's the dollars come in? And then they never quite figure that out. It's like, yeah.

• 39:48Ryan Sean Adams?

  But DeFi figures that out because they could just swap the Patty Bucks and unswap, right? There's going to be a market for that. So you have your Patty Bucks at the end of the day.

• 39:55David Hoffman?

  Well, no, but then they, that's, that's what, that's what we're talking about. You get, CoinDesk lets them like take their dust token to unswap and sell it for ETH.

• 40:02Ryan Sean Adams?

  I don't know how it works, David. It's an experiment, okay? And we are not a stablecoin, definitely. It's not a stablecoin. OpenSea just launched something big too. This is OpenSea Marketplace called Seaport. And I'm not sure it's one marketplace, but it's a set of marketplaces. Can you try to explain this? I know the details are scant right now, but do the best you can.

• 40:22David Hoffman?

  Details are scant about like what this whole like spin of a marketplace thing means. The details that I do know that it is verifiable is that it is opening up more ways to express a sale. So right now you go to OpenSea and like, I like those properties. I will buy it with my. A seller now with with with Seaports can take their one of their NFTs like I don't know a hoodie CryptoPunk for example and then they put up the hoodie CryptoPunk and they're like I want I want a 3D glasses CryptoPunk and so I will sell my hoodie Punk for a 3D glasses Punk and that trade can be executed by somebody who owns a 3D glasses Punk and so you can just like skip the money. Apparently the theme here is we're skipping the barter. We're going back to the barter system.

• 41:06Ryan Sean Adams?

  I thought I thought we were speedrunning finance. Now it's like we're going the wrong

• 41:10David Hoffman?

  We're going in all directions, Ryan.

• 41:12Ryan Sean Adams?

  Back to barter.

• 41:12David Hoffman?

  It seems to be like the theme of the show is the part where we skip the money.

• 41:18David Hoffman?

  But yeah, so like you can, I mean, think about it inside of a video game, right? Where like you have like your axe and you like want to trade it for some guy's sword or something or just like you have one, it would make more sense than like

• 41:28Ryan Sean Adams?

  Three axes for one sword.

• 41:30David Hoffman?

  Yeah, stuff like that. Yeah. And so it's just like more expressing more abilities to trade stuff. So useful tool.

• 41:36Ryan Sean Adams?

  That's cool. Uh, not

• 41:38David Hoffman?

  What's not cool?

• 41:39Ryan Sean Adams?

  Transition.

• 41:39David Hoffman?

  Yeah, here's what's not cool. Seth Green. Yeah, he has a TV show and he is because he owns, oh, TBD on that one, because he owns a bored ape, he can use the property, the IP of that to make a TV show. So he's made a TV show. He's invested money into this, but he sadly lost his ape, as many apes do, to a phishing attack. So he no longer has the commercial rights to the NFT and therefore cannot run the show.

• 42:06Ryan Sean Adams?

  Wait, is that for real?

• 42:07David Hoffman?

  That is for real, Ryan. He no longer has ownership over the IP because he lost his ape to a phishing attack.

• 42:13Ryan Sean Adams?

  His entire show got hacked.

• 42:15David Hoffman?

  Yes, the entire show, the entire show. So this is like really bullish for CCO, I'd say, like Creative Commons Open, which are things like Nouns Dow is this, MFers are this. There's a bunch of CCO type NFTs where like anyone can use anything. And so like if you, but imagine like, imagine if you have like a Star Wars level franchise around your NFT that has embedded IP

• 42:42Ryan Sean Adams?

  And it gets hacked?

• 42:42David Hoffman?

  And it gets hacked, right? And so like you have to have that thing in the deepest cold storage of all time in case somebody steals the IP.

• 42:49Ryan Sean Adams?

  Wow, isn't self custody fun?

• 42:52David Hoffman?

  Yeah, right, right. So bullish CCO, I think it's a TLDR. Sorry Seth Green, you lost your ape.

• 42:58Ryan Sean Adams?

  Look, I also think like bullish, uh, smart contract wallets, social recovery, better security. Like, people are learning the hard way this cycle. And it's funny, it's not just like the crypto OGs losing their Bitcoin. It's like people who are in the NFT space and just didn't take the time to go all the way back down the rabbit hole to figure out how to secure their stuff before they're diving into this.

• 43:19David Hoffman?

  On a separate note, uh, would you watch an NFT TV show, Ryan?

• 43:23Ryan Sean Adams?

  Only if my NFTs were in it, seriously. I mean, to be honest, I don't know. It would have to be, it has to be good content. I can't like-

• 43:29David Hoffman?

  I guess it's all the content.

• 43:30Ryan Sean Adams?

  I don't wanna watch it, yeah, with somebody else's bag. If I don't want to show of somebody else's, yeah, apes, unless I'm part of the ape community.

• 43:37David Hoffman?

  Right.

• 43:37Ryan Sean Adams?

  So there'll be at least 10,000 watchers of that show.

• 43:40David Hoffman?

  I don't think that's a very high number for a TV show.

• 43:44Ryan Sean Adams?

  I think you need more. It has to be good content. We'll see. I'll suspend judgment until we see it. Uh, David, just some quick things. You know Kami Russo met the Pope?

• 43:52David Hoffman?

  She met the Pope and she gave him her book. Uh, so the Pope now owns an Ethereum book.

• 44:00David Hoffman?

  Bullish, I guess?

• 44:02Ryan Sean Adams?

  I think so. Well, a couple of weeks ago, when we say the Vatican was doing NFTs, maybe the Pope, uh, ethpilt.

• 44:10David Hoffman?

  I forgot about that. Nice job Kami.

• 44:12Ryan Sean Adams?

  Yeah.

• 44:12David Hoffman?

  Oh yeah, we got, we got crypto missionaries going out and recruiting popes through our religion.

• 44:17Ryan Sean Adams?

  Wow. All right, that's a deep cut. I don't know how many people you offended with that, but uh, we'll keep going. Uh, SBF, Sam Bankman Fried, just says he could spend as much as $1 billion in the 2024 election. $1 billion.

• 44:33David Hoffman?

  Yeah. So SBF, his brand is all about, uh, philanthropy, right? Like, I'm going to give back all of my net worth. I'm going to give, give it all away. I'm just gonna make a bunch of money just to give it away. Has he spent, has he given away a billion dollars yet?

• 44:47Ryan Sean Adams?

  I don't know. I don't know how much he's got. I haven't tracking that, but this is not philanthropy.

• 44:50David Hoffman?

  This is not philanthropy. This is political clout. Yeah, this is like-

• 44:54Ryan Sean Adams?

  Lobbying.

• 44:54David Hoffman?

  Help, I will steer, steer this ship with a billion dollars. Um, so, uh, there's a, there's a-

• 44:59Ryan Sean Adams?

  How do you feel about this?

• 45:02David Hoffman?

  I mean, it's probably good for the industry. It's definitely good for the industry. It also is really good just to say like, yo, politicians, there's this people giving out billions of dollars to other politicians. And so we know the world of politics responds to money. It's probably good. It's probably good. Yes.

• 45:20Ryan Sean Adams?

  It's not awesome that this is how it works, though, that this is how the existing system works.

• 45:25David Hoffman?

  It doesn't make me feel good.

• 45:25Ryan Sean Adams?

  Right. It's like when we talk about kind of lobbying, like I imagine it much more of a grassroots thing where it's like, you know, a hundred thousands of people, hundreds of thousands of people, millions of people who are donating small amounts in order to fund some sort of political action movement. It coming this way is a little bit different. I guess as long as what SBF is doing is protecting like the values of decentralization and like hardcore crypto values, right? And like defending against those and supporting politicians who put those in place and not trying to prop up this neo crypto banking sector. And I am still aligned with his mission here.

• 46:02David Hoffman?

  Yes.

• 46:03Ryan Sean Adams?

  But I don't necessarily trust that that's going to be the eventual outcome. And I don't think we should trust it. I think we should be eyes wide open when we start to use these sort of nation state tools.

• 46:13David Hoffman?

  Yes, that you tapped on to what I what I was feeling that I couldn't verbalize is that it doesn't make me feel good that a crypto neo banker is paying $1 billion to Joe Biden. That does not make me feel good.

• 46:25Ryan Sean Adams?

  Not necessarily just Joe Biden, right? I bet he'll.

• 46:27David Hoffman?

  I think I think it is Joe Biden, actually.

• 46:28Ryan Sean Adams?

  Oh, is it really?

• 46:29David Hoffman?

  I think so.

• 46:30Ryan Sean Adams?

  Wow, okay. Wow.

• 46:32David Hoffman?

  He's also saying he could spend $1 billion. So he actually hasn't spent this yet.

• 46:37Ryan Sean Adams?

  Okay, well, he could spend 10 billion. He could spend 20 billion.

• 46:40David Hoffman?

  I could spend 10 billion, right?

• 46:43Ryan Sean Adams?

  All right, well, somehow it feels more credible calling for SBF. I don't know, David. But speaking of all of the opportunity and billions of dollars in the crypto space, should we talk about jobs in crypto? This is our weekly opportunity to tell you to go get a job in crypto. I'm going to pull this up, David, but this is the Bankless Jobs Board. Okay, this is where we list all of the jobs and I'm going to read them out for you because you know what you have to do. You have to check this out, get on the list, submit your. Resume to the talent collective as well. Number one, solidity developer from unlocked. Senior product designer, smart D5, business development lead, goldfinch, marketing manager, wanderverse, VP of engineering, ZKX, head of growth, ZKX, developer evangelist, Argent,

• 47:27Ryan Sean Adams?

  customer successfully tally, I could go on, but they're all available for you. Get on the jobs board list, subscribe, sign up, and you can be part of getting this notice in the future. David, jobs are hard in crypto. You know what? I feel like we did this time a lot better as we actually prepared for winter time. We put some of those chestnuts away. You know, we scrolled them all away. And there are a lot of companies that are still hiring, well positioned for this bear market. I don't think we'll see a major decrease in hiring at all.

• 47:59David Hoffman?

  I think I said this last week, and I might have said it with the week before, but this bear market is going to be the most unlike any other bear market. I tweeted out today, this bull market or bear market is going to be the greatest bull market of all time. And then I had to add an asterisk to that, meaning like, meaning how much fun we're about to have. Not like we're all about to get wrecked.

• 48:20Ryan Sean Adams?

  Not price related fun.

• 48:21David Hoffman?

  Although that might also happen. But the idea that like, we have so much, this industry is flush with cash. It's not going to the assets sadly, but it's going to building. It's a build market. So this is unlike 2018 where everyone literally almost like, everything almost went to zero. We almost lost basically all of our funding. When ether was $80, we couldn't pay people to develop Ethereum. And so that was bad. Like, we almost ground to a halt. That is not what's happening right now. The alternative, it's the complete inverse. We have, every single company is flush with cash. Everyone's hiring. Bankless is hiring. We're hiring like crazy. It's kind of scary. And like, every single company has the money to spend to pay a lot of people.

• 49:04David Hoffman?

  And so everyone is going to make so much wealth in this bear market, Ryan. Because like, that's where, that's where wealth is created. And so, so many things are going to get built. So many salaries about to get paid. So many people are going to get a job. Cause like, hiring is probably at all time highs right now, I'd say. It's insane. Like, it's so fun. I'm having a great time.

• 49:22Ryan Sean Adams?

  I think I think there is going to be some belt tightening, but like I just, I mean, we'll get into it when we get into the raises. I mean, massive raises this week announced as well. But before we do, David, Tracer has just released something cool. You want to tell us about this?

• 49:36David Hoffman?

  Yeah. Okay. So I'm going to run through the five things out of Tracer Dow's Perpetuals V2. Disclaimer, Ryan and I are advisors for Tracer Dow, so we're close with the team. We have tokens and we also know what's up going on behind the scenes. And that's why we have the information to talk about it. But it's also here in this tweet as well. Tracer Dow Perpetual pools, it's like leveraged long, short positions, kind of like DYDX, but in tokenized into a token. It's on Balancer on Arbitrum right now. So you can go like 3X long Bitcoin, 3X short Bitcoin, et cetera, et cetera. The idea is that you can plug in any sort of price feed into Tracer Dow and you can produce a perpetual pool on that thing. So like, you know, any other crypto asset, but then you can also do like housing markets or like oil or water or whatever. Anyways, going from V1 to V2. First thing,

• 50:20David Hoffman?

  no minimums. There's no more minimums on getting into a position. You can enter or exit at any size. Love it. More. Second, feature number two, more stable value transfers. So in V1, when Bitcoin went up by 5% in a single hour, the actual value transfer in a 3X market was 13.6%, not 15%. This makes the whole thing more efficient and better. This which leads into feature number three, which is long-term tokens. That thing is called volatility decay. Previously, tokens would eventually go to zero over time, but that has largely been fixed. These tokens are now suited for long-term holding. Perfectly timed, Ryan, for a 3X position to go into the merge, if you dare. If you dare take that leveraged position. Mint fee, there's also a mint fee to get into it. So this also helps prevent volatility decay and increase holding of these tokens. So if you mint

• 51:05David Hoffman?

  the thing, there's a small fee towards the holders, not towards the protocol, towards the holders. And so the holders get the fee. Currently, there are two markets available. 3X BTC, long, short, 3X ETH, long, short. There's also a quiz. This is why it's also super cool about this. They're teaching you how to use the protocol. There's a quiz that changes every single week and you can pass the quiz to get a PoAP. Same deal with the whole like pull together NFT thing, holding these these PoAPs that prove you did something in a product community are useful things to do. So there is my shill of the week. It's a really cool product. I'm really bullish on it. There's a link in the show notes.

• 51:41Ryan Sean Adams?

  Cool. This is also pretty neat. Sense Finance, they just released a few products. And what's cool about this is, you know, we've compared David, sort of Ether being bonded to like the yield curve, like treasuries, for instance. You know, in the traditional markets, there's this yield curve, right? So you get to look at T-bills, you get to look at on the one year, and like the 10-year, and even the 20 and 30-year, the one month, right? This is called the yield curve, or the risk-free rate, if you will, the risk-free rate of money, when you hear terms like this. Well, this is what Sense is coming up with. They're coming up with a risk-free rate for ETH, and they're coming out with an ETH yield curve. So what's cool is they're creating a two-month, a six-month, a one-year, and a five-year

• 52:27Ryan Sean Adams?

  yield curve for Ether, the asset. So that means, like, Ether as a bond, you know, there's a market for a maturity of that bond in two months, there's a maturity in six months, maturity in one year, and five years. And so through this, they can create a yield curve. We can actually see what the risk-free rate for Ether is in the Ethereum economy. So this is kind of wonky stuff to geek out to you, but I think that the risk-free rate for Ether within the Ethereum economy is going to represent sort of the cost of capital, right? Because like, it's going to be like a really important number for... It's the new interest rate, because like, why would you invest in any token, in any DeFi

• 53:09Ryan Sean Adams?

  project, really in anything in the Ethereum economy, unless you could actually exceed the opportunity cost of staking something in Ether for two months, or one year, or five years, for instance. So I'm just psyched and like, kind of geeking out that we're starting to construct these yield curves in crypto.

• 53:29David Hoffman?

  I have like, so much to say about this, and I'm like, oh, this is a weekly roll-up, I can't ramp. But I'm going to. So there's two things. It's not called the internet bond for nothing. This is the financialization of Ether, the asset, and it's proof of stake form. This is the internet bond market. This is the new, like, Ryan's, the cost of capital is what the Fed does when it controls money, the price of money. And right now... The Fed's like, okay, we need to make the cost of capital go up. The cool thing about the Ethereum interest rate is it's dynamic. It's set by the market. And so yields go up when less people stake because then Ethereum is asking more for more security. So it's incentivizing you more. Yields go down when a lot of people stake. But also what's not very often discussed, Ryan, is that when the economy is hot,

• 54:13David Hoffman?

  when there's a hot economy, which is generally associated with high inflation rates and low cost of capital. When the economy heats up, what happens to gas prices? They go up. What happens to the staking fees when gas prices are hot? They go up, increasing the stake rate, increasing the cost of capital, naturally putting a dampening effect on the heat of the Ethereum economy.

• 54:34Ryan Sean Adams?

  Exactly.

• 54:34David Hoffman?

  How crazy is that? And so it's like, no, we just, we just got rid of 12 jobs. The board members of the Federal Reserve, like, we got it, guys. Like, we are just better.

• 54:42Ryan Sean Adams?

  We need, we need to honestly do an entire episode around this. Like, once the yield curve kind of matures, like, you can even see here, this is super fascinating. So a ETH bond with a six-month maturity is about 7.1, right? So it's high, higher. With a one-month maturity, it's four, okay? And it goes, so one month, it's down at four. Six-month maturity, it's seven. So, you know, picture kind of the slope of the line here. One year, it drops down to 6.69. And then five years, it's 5.6. Interesting slope here from a, from a time perspective. And it does chart the cost of capital.

• 55:18David Hoffman?

  And if you want to speculate on, like, I think the Ethereum economy is going to grow hotter, or I think it's going to grow colder, you can, you can express that. And so if you think interest rates are going to go up, you can speculate that, or not interest rates, yield rates, ETH yield rates are going to go up because the future of Ethereum is going to be a hotter economy. This allows you to express that. Super cool. The, the financialization of ETH is like, in like, day one of like, 365 days. Like, there's so much left to do. It's a build market.

• 55:45Ryan Sean Adams?

  Yeah. Well, do you remember when we, when, when staking came aboard and we made this is the, the world's first internet bond? That's what we're really launching here. Now we're starting to see this emerge. David, let's go through some raises real quick, all right? So. A16C, biggest crypto fund ever. Where, like, what bear market is kind of what they're saying here. $4.5 billion. And this is their fourth crypto fund. We actually had Mark Andreessen and Chris Dixon on the podcast. We're releasing the full episode Monday. If you're a premium subscriber, you can go access that now on the Bankless Premium feed. Fantastic, hot episode. And David, what did Chris say he's going to spend all this on? The $4.5 billion? Do you recall exactly?

• 56:29David Hoffman?

  Oh, a bunch of companies, a bunch of startups, building really cool stuff in the crypto space. Is that the right answer?

• 56:35Ryan Sean Adams?

  I think that's a good answer. It's crypto, it's crypto stuff, like protocols, these stablecoins, a whole bunch in jobs. Like, this is why crypto is hiring. Also, there's another-

• 56:46David Hoffman?

  Yeah, if you're worried about job security in the bear market, just take note that there is $4.5 billion coming into this industry.

• 56:53Ryan Sean Adams?

  That's very true. They also backed FlowCarbon, which, this is Adam Neumann. Do you know Adam Neumann from the WeWork guy? Do you know much about him?

• 57:01David Hoffman?

  I know the story. Yeah, I watched the documentary.

• 57:02Ryan Sean Adams?

  Well, why don't you tell the story then? I didn't watch the documentary or anything. I don't know much about this guy.

• 57:06David Hoffman?

  Okay, so Adam Neumann, he is basically like a Theranos-type thing where he just like turned-

• 57:11Ryan Sean Adams?

  Theranos thing?

• 57:11David Hoffman?

  Theranos, yes, thank you. It turned, he turned like WeWork into like this cult trade where like so many people kept on pouring money into this thing. He's a really good salesman. He had this like crazy vision and he was basically adding just like this visionary element on top of what was essentially just like renting cubicle space. He was like, we're going to change consciousness, we're going to change society. We have such ambitious projects. And then at the end of the day, when the fundamentals came, because they timed it, they wanted to go public, the public took a look at their documents and be like, these fundamentals are like the worst fundamentals of all time. Like, what the hell is going on here? And then they stopped having to go private. It was a big scandal. Anyways, Adam Neumann is now backing FlowCarbon, a $70 million raise for FlowCarbon.

• 57:50David Hoffman?

  He's not part of the team, so like the controversial nature of Adam Neumann is not relevant to what FlowCarbon is building, but it's just like an interesting story. Also, ACCC's there.

• 58:00Ryan Sean Adams?

  This is a startup. He's co-founded it, David, so he's definitely-

• 58:04David Hoffman?

  Oh, just kidding, oopsies.

• 58:07Ryan Sean Adams?

  No, no, no, he's the co-founder of the thing. This is like his, so it's backed by A16Z and a whole bunch of others. General Catalyst, Samsung Next, a whole bunch of others. But this is his like, I'm going to be a CEO again and co-founder.

• 58:22David Hoffman?

  Okay.

• 58:23Ryan Sean Adams?

  But why don't we say, like, why don't we suspend doubt on who this individual is for a minute? Low carbon, this is like a tokenized carbon sort of platform, right? So this is sort of a public goods refi type angle.

• 58:34David Hoffman?

  Oh, that's cool. Oh, I like that. Oh, maybe, maybe this is Adam Neumann's like great rebrands. Like, all right, he's gonna, he's gonna, he's gonna make a, make a comeback.

• 58:43Ryan Sean Adams?

  Maybe, we'll have to see. I do think it's, it's kind of cool. I guess like what could go wrong, even if it is a big Ponzi scheme, you know, clean up the, clean up the world a little bit.

• 58:52David Hoffman?

  There are worse Ponzi's out there. A Ponzi scheme that, that makes people money, doesn't collapse and also cleans up the world is what Kevin O'Waki would call a good thing.

• 59:02Ryan Sean Adams?

  Oh, it's that, it's that middle part that's hard, doesn't collapse. That's the part that's real hard. We gotta learn more about it to be fair, but that is the news that it was, it was Adam Neumann this week and A16Z founded. Starkware, they just announced a Series D at an $8 billion valuation.

• 59:18David Hoffman?

  What bear market, what bear market?

• 59:20Ryan Sean Adams?

  $8 billion, dude, that's insane.

• 59:23David Hoffman?

  Only a bear market in the, in the bags that we hold, that's what's going on.

• 59:27Ryan Sean Adams?

  It's just, it hits, it hits public markets faster than private. These private valuations will take a few months to catch up, I think.

• 59:33David Hoffman?

  This is true.

• 59:34Ryan Sean Adams?

  But Standard Crypto, this is another crypto fund. They just raised a casual $500 billion as well. So the private equity keeps, uh, keeps chugging, man. It's only public markets that are suffering.

• 59:45David Hoffman?

  Won't, won't one public fund care about the crypto prices? Just, can you just buy the crypto so they stopped going down?

• 59:52Ryan Sean Adams?

  At some point, some of them should. I don't know if that's in their charter, but you know, it's a little lopsided right now. David, we got some hot stuff coming up next though, including our new segment, Questions From The Nation.

• 1:00:02David Hoffman?

  Love it.

• 1:00:02Ryan Sean Adams?

  All right, so some questions from Bankless listeners to us. We're gonna read those out and try our best to answer them. What else we got?

• 1:00:09David Hoffman?

  We also got some bullish takes from Vance Spencer, which will, I think, also summarize the whole entire vibe of this very giggly weekly roll up, I'd say, this week, Ryan.

• 1:00:18Ryan Sean Adams?

  That's just you.

• 1:00:19David Hoffman?

  Yeah, that's just me.

• 1:00:20Ryan Sean Adams?

  I have a stone face.

• 1:00:21David Hoffman?

  We also got Dan Ellser, Mike Damaris from Rainbow, and Hayden Adams, all discussing Uniswap Chain. Just a theory, just a theory. So those takes are coming up next. But before you do, if you haven't liked and subscribed from the first time we told you in this podcast, please go do this now as you listen to some of these fantastic sponsors that make the show possible. Aave is the leading decentralized liquidity protocol, and now Aave V3 is here. Aave V3 has powerful new features to enable you to get the most out of DeFi, including isolation mode, which allows for many more markets to be launched with more exotic collateral types, and also efficiency mode, which allows for a higher loan to value ratios, and of course, portals, allowing users to port their Aave position across all of the networks that Aave operates on, like Polygon, Phantom, Avalanche, Arbitrum,

• 1:01:06David Hoffman?

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• 1:01:51David Hoffman?

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• 1:02:27David Hoffman?

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• 1:03:11David Hoffman?

  right next to all the DeFi apps and services that you're already used to doing, like swapping tokens and staking. So if you don't have a Ledger hardware wallet, go to ledger.com, grab a Ledger, and take control over your crypto.

• 1:03:22Ryan Sean Adams?

  All right, guys, we are back with the questions of the week. And just as a reminder, if you want to get in the next roll up, you gotta ask your question on Twitter. I think we got 65 of them this time around, David. But this is the one we picked. It's got a lot of likes. And I'll read you the question. Maybe you can give your shot at answering first. Why is there? This is from data underscore always on Twitter. Why is there so much incomplete and misinformation in this space and around the merge? What's up with that misinformation about the Ethereum merge? Why?

• 1:03:52David Hoffman?

  Yeah, this has always been perplexing to me. So I understand why this question, where this question is coming from and why it's getting so many likes. Ethereum is perplexingly misunderstood, not just about the merge, but like persistently, all of the time. And to why that has happened is a big mystery. The only thing that I really have to say about that is like my two answers that seem reasonable to me is that there is like the EF being like the one thing that started Ethereum doesn't really do comms or communications or anything. And so as a result-

• 1:04:24Ryan Sean Adams?

  There's no like official-

• 1:04:25David Hoffman?

  There is no Ministry of Truth of Ethereum, right? And so Ethereum has like the Ethereum team, but the Ethereum team is like modular and like distributed in of itself. Because every single client team represents one- Component of Ethereum, there is no center of Ethereum to have these comms coming from. And so instead, that responsibility falls on the shoulders of like media people. People like Tim Baker, who leads all the core devs call. And then we report it here on Bankless. Anthony Cisano does a fantastic job. The RETH finance community is fantastically well informed if you're trying to get high signal communities. But other than that, like if you don't listen to like those sources, like that's about it.

• 1:05:05Ryan Sean Adams?

  Yeah. Do you know how like the White House has a press secretary? There is no press secretary for Ethereum whatsoever.

• 1:05:12David Hoffman?

  Not at all. And then like the other way that I will also explain this is this is just for the crypto industry at large. I've talked about this in other capacities. I view the crypto world as like concentric circles where at the very center, you have the core beating heart of what makes crypto tick. Permissionlessness, decentralization, blockchain networks that imbue all the properties of crypto. And then you have Bitcoin and Ethereum, and that's really at the core center. And then you have like all the people that surround them, those core values. Like I would put us there, Ryan, like again, Anthony Cisano, people that really care about these values. And then there was like one more concentric circle out that are like, okay, there's something here. There's something really valuable here. Let me add my flavor to it and make a lot of money from it.

• 1:05:52David Hoffman?

  And those are like, I would call that the Terra Luna ecosystem, which is like, yeah, crypto, algo, stablecoins. It's kind of a Ponzi at the end of the day, but like it's not true about decentralization. It's not really about the core ethos of crypto. And those people surround like the inner circle and those people make a bunch of noise because they want to suck up attention and put their attention on their thing. Cause they're here to make a bunch of money. And so like, there's this like crust of like grifters around like the core beating heart of crypto. That is like taking the value out of crypto and like redirecting people away from the center to go to like the grifter side of the crypto community. And then they like, you know, they just make a lot of money over there. And that's my explanation.

• 1:06:32Ryan Sean Adams?

  Yeah, I think that's a good explanation. I think high level, that's probably what I would say to you. You know, the only thing I'd add is like, it probably depends on what specific piece of incomplete or misinformation you're talking about. And you could probably take that piece of information and put it in one of the camps, like one of the categories. So for instance, one thing that's often said is like, the merge will reduce gas fees. Like, no, it won't.

• 1:06:55David Hoffman?

  Technically, 10%, actually. It's a 10% scale increase.

• 1:06:58Ryan Sean Adams?

  That's not what people mean.

• 1:07:00David Hoffman?

  Maybe that's where it comes from. I just did it.

• 1:07:02Ryan Sean Adams?

  So, right? And they'll be like, well, and so, you know, where does that come from? It's probably just some wishful thinking and people just not understanding there being no official communicate. Like, it's probably that.

• 1:07:14David Hoffman?

  It might also be like post-merge, we get, people think it's Ethereum 2.0. And previously Ethereum 2.0 used to have sharding and that would have reduced gas fees. So there's miscommunication there.

• 1:07:25Ryan Sean Adams?

  Exactly, exactly. And then like the incomplete thing, why can't we just get a date on the merge? Why not? And I think that's, that's nothing malicious. It's not like a community like flooding. That's, that's just like, it's, we're coming to consensus on what the date actually is. And we don't know and there's no spokesperson for Ethereum. But then you get something else like, uh, the merge will never happen, right? Or like, uh, you know, we'll always remain proof of state. And like, some of these things are proof of work. Some of these things are more malicious, right? It's like just completely uninformed and verging on like Ethereum will never ship. Nothing ever happens. Um, you know, Vitalik man's all the like, the, uh, the master nodes, this sort of thing. And so it's this confluence of reasons and you almost have to go through the, the specific piece of misinformation

• 1:08:11Ryan Sean Adams?

  and throw it in one of these buckets. But some total, I think you're, I think you're right.

• 1:08:15David Hoffman?

  Yeah. And this is why I call the crypto world, like navigating the crypto world is navigating the dark forest, right? Like you can't trust every bit of information that comes to you. You need to learn how to do your own research and verify for yourself, which is a fantastic skill to have. There is no like nine-year schooling for crypto. You gotta figure it out. And that's why like crypto, the crypto culture is so strong, Ryan, because like, that's what separates us from society, like. The crypto Twitter, the crypto culture, crypto communities that all like, we can speak crypto. We know the words, we know the terminology. We've made it through the other side of the dark forest, right? And so we have that shared story of like, yes, we all went through the gamut. We all went through the dark forest. We figured out how to reason about it. We know, we know what's right and what's wrong and communities that agree with what's right, like ganging up together.

• 1:08:59David Hoffman?

  And, and, and so that's also why we're so different from society, right? Like, we have this big handshake with each other. It's like, we all made it through the dark forest of learning how to navigate crypto.

• 1:09:09Ryan Sean Adams?

  I think that's true. I will say though, that's just for me, that's just for crypto, right? So like, like another example is I, I start to like doubt all of the other news sources that I get because I'm like not experts in all of these various other things. I see the headline like, oh, okay. I guess this is what's happening. But like it's, my dad was asking me, I'd spent some time with him last week in Florida. He's like, okay, so the Coinbase wasn't going bankrupt? What was that thing? I saw it on all my news and I'm like, no dad, like they're, they're not going bankrupt. It's like, we pay close attention to this. These are all the reasons why this is why it was misreported. And it just calls into question all of the other headlines that I'm not an expert in with all of these various eras, whether it's science or technology. It's like, what kind of stuff are we actually being fed?

• 1:09:55Ryan Sean Adams?

  Like the one thing I'm knowledgeable about and we could see how it's completely farcical, nonsensical misinformation, but like, how many other things do I just take at surface? Like it's, man, information is, is a very difficult thing and good, good information is a very difficult thing to like parse through and, and figure out in this day and age.

• 1:10:15David Hoffman?

  Yeah. And I really actually love this discussion. Crypto gives you an insane vantage point to view the whole rest of the world. Like we understand global relations, we under, because of just how our blockchains span all borders. We understand economics because our blocks or our prices respond to global economic forces. We have to understand that, but also we have internal economics into the blockchain network. We got to understand computer science. You have to understand like sociology and like tribalism. And once you make it through the dark forest, I feel like post learning about crypto and getting to the other side and being informed about crypto. I feel like I know at least a little bit of almost anything about the world.

• 1:10:51Ryan Sean Adams?

  Oh dude, this is 21st century life skills. I 100% guarantee this. This is university. This is like way better than, I mean, don't drop out of school kids, like get your degree, but like also.

• 1:11:02David Hoffman?

  No, totally do it, totally do it, totally do it.

• 1:11:05Ryan Sean Adams?

  Get a job in crypto.

• 1:11:06David Hoffman?

  Get a job in crypto.

• 1:11:07Ryan Sean Adams?

  All right, that was only the first question. The second question.

• 1:11:09David Hoffman?

  Second question. What are three things slash ideas that Ryan and David strongly disagree or clash on? Three things is a lot. There was one time where Ryan and I got into a debate about how gas fees are come to be like, how does the value of the gas fee come to be? Like, where does that, like, not how it's calculated, but just like, what is the price of a gas fee? And does it depend on? What was that debate, actually? It was like.

• 1:11:33Ryan Sean Adams?

  Yeah, it was a debate. So I think you were saying, you were saying basically that ETH price and gas fees are kind of one in the same market.

• 1:11:42David Hoffman?

  Yes.

• 1:11:42Ryan Sean Adams?

  Very, very close. And I was saying, they're not the same market. They're separate markets. They're correlated at some stages, but they are completely separate.

• 1:11:49David Hoffman?

  Right.

• 1:11:49Ryan Sean Adams?

  Like block space demand.

• 1:11:50David Hoffman?

  Yes.

• 1:11:51Ryan Sean Adams?

  It was a really geeky conversation and kind of a debate. I feel like we realized at the end of that thing that we should have been recording it because a lot of people have this question.

• 1:11:58David Hoffman?

  Right.

• 1:11:58Ryan Sean Adams?

  And like, I'm almost tempted to rehash it. I've come to the conclusion, David, that I'm still right about that.

• 1:12:07David Hoffman?

  Okay, so just to drill it down.

• 1:12:09Ryan Sean Adams?

  For another podcast.

• 1:12:10David Hoffman?

  I was saying that the ETH, when ETH price goes up 10 times, gas prices will also go up 10 times. Like, if you, if you hold gas the same, like, 10 Gua at $100 versus 10 Gua at $1,000, gas fees goes up by roughly a factor of 10x. Yes, these markets are correlated. Ones float off of each other, but like, when everyone who's holding ETH is the person paying the gas fee, like, I would love to hear, like, somebody make a tweet thread about this who answered this question in more depth.

• 1:12:39Ryan Sean Adams?

  Actually, if someone, if you guys would like to hear David and I debate this, if David still feels very strongly about that, maybe we'll record a one-off podcast.

• 1:12:47David Hoffman?

  The funny thing is, it's like, it's such, it's of all things to debate about, it's one that just like, does not matter.

• 1:12:52Ryan Sean Adams?

  Is there anything? I'm trying to think of anything else like major.

• 1:12:57David Hoffman?

  We have different stylistic choices on the podcast.

• 1:13:00Ryan Sean Adams?

  Yeah, for sure.

• 1:13:00David Hoffman?

  So there's that, but like that also like works out where like it's a

• 1:13:04Ryan Sean Adams?

  It's yin and yang.

• 1:13:05David Hoffman?

  Yeah, it's a tug of war.

• 1:13:06Ryan Sean Adams?

  Yeah, you know, I use like gas and brakes, right? Like a little brakes sometime you're more gas and you're like, we should buy with everything at this moment. And I'm just like, well, are you sure? Are you sure about that? And the beauty is sometimes you're right and sometimes I'm right. And like on balance, we're more, we're often more correct.

• 1:13:25David Hoffman?

  Yeah, and either way, we have fun along the way, but I wouldn't say that strongly disagree on. I think it's the gas thing that we only really strongly disagree on.

• 1:13:32Ryan Sean Adams?

  The lost podcast will probably never happen. David, let's get to some takes, man. So this is a really hot take. I like this. Could you read it out for us?

• 1:13:40David Hoffman?

  Yeah, Yuga Labs is valued at a higher valuation than what Disney paid for for the entire Star Wars IP. That's a lot of growth embedded into the Bored Ape ecosystem.

• 1:13:52Ryan Sean Adams?

  When you put it that way.

• 1:13:55David Hoffman?

  Does that mean that anyone who is like holding an ape and holding ape coin and all of that stuff are like saying that at some point in time, the Bored Ape's IP will become equivalent to Star Wars? I think that's what you mean.

• 1:14:09Ryan Sean Adams?

  I don't know. I'm just feel like asking.

• 1:14:10David Hoffman?

  That's like, I think, look, I'm bullish on ETH, but I am not bullish as much as the Bored Ape ecosystem is on the Bored Ape ecosystem.

• 1:14:19Ryan Sean Adams?

  Yeah, I agree with that. We'll see what happens. Look, the, the test of an ecosystem or any community is can you survive a bear market? And so this is where this is the fiery crucible, right? So it's happening now. This is a great take from Eric Connor. I'm glad he's back on Twitter. I'll read this out and maybe comment. So much negativity towards DeFi lately. God, I've noticed that too. Many people are questioning what benefits it actually offers. Annoyed to see it, honestly. Permissionless access to financial tools for anyone in the world is powerful enough to have extreme meaning and staying power.

• 1:14:53David Hoffman?

  I think the take here is that the Overton window is shifting as in like, yeah, people have gotten used to permissionlessness and DeFi financial tools. And now we're like, we want more, give us more things. And now, and that's just a new norm. And so like the people who are like having negativity towards DeFi like, oh, it's just like borrowing and lending in AVE. Oh, it's just like trading on Uniswap. Like reminder, those are big deals.

• 1:15:14Ryan Sean Adams?

  It's huge. It's so big. We didn't have that three years ago, guys. Like, this is amazing. I, I, I think it's one of those cases where narrative follows price. It's like DeFi prices are in the dumps. So everyone's like, DeFi was never cool. It was never a thing. Who cares? It's not world changing at all. No, no, this tech, like decentralized, bankless money, a bankless financial system. This is like the biggest innovation since the original internet. Like this is absolutely massive. It's going to change how human beings coordinate across the world for like generations to come. This is an absolutely huge deal. And so it's another example of, remember the people we said earlier were saying like,

• 1:15:59Ryan Sean Adams?

  yeah, Uniswap will never work. Smart contracts will never be a thing. DeFi will never be a thing. Okay, cool. No, you hit it. Hit it.

• 1:16:08David Hoffman?

  That's actually not the one I was going for.

• 1:16:10Ryan Sean Adams?

  Well, that's the one I feel like, like that's how it falls for me when I, when I hear them say this. And it's just like, man, narratives are so, so overplayed and so boring.

• 1:16:21Ryan Sean Adams?

  I'm glad we're, I'm glad we're back on the contrarian side of things though, David. It feels good. It feels like home.

• 1:16:25David Hoffman?

  Yeah.

• 1:16:28David Hoffman?

  That is where I feel very comfy. It's bear market, contrary vibes. All right. Okay. Dan Elser says, Dan Elser is the guy that wrote like this thing that kind of like called the DeFi bull market before it happened to the super phonic.

• 1:16:42Ryan Sean Adams?

  Superfluid collateral?

• 1:16:43David Hoffman?

  No, superfluid collateral, which is relevant, but also hydrophonic yield farming. He basically called yield farming before it happened. And then he also called superfluid collateral before it happened. So like when Dan Elser says something, I listen. That guy is like, he only gets loud on things he has high conviction on. And, and that's always, he's always been right. This is actually completely irrelevant from this, but. He didn't make an article, he didn't write an article this time around, but he made a tweet, which I thought was really interesting. And he goes, "Uni-chain is inevitable." There are three costs to DEX traders. The swap fees, that's like the 0.3% that you pay to the Uniswap liquidity providers. There's also the transaction fee and gas, and you also pay MEV. So if you get like sandwiched,

• 1:17:22David Hoffman?

  or if you get front-run by validators who are doing MEV, then you pay them a fee as well, basically. And so today, Dan Ellsor continues saying, "Today, uni-holders can only flip the switch to take part in number one." So only one of the three revenue sources, and also probably the smallest one. And he finishes with, "Two and three," being transaction fees and MEV payments, "are more attractive long-term and better align the chain." And so this is why he says uni-chain is inevitable, because if Uniswap puts Uniswap on a uni-chain, it gets access to 1, 2, and 3. And so uni-token can be like the currency of Uniswap.

• 1:18:00Ryan Sean Adams?

  Would this be like a Layer 2 or something like this?

• 1:18:02David Hoffman?

  This would be like a Layer 2, yeah. An application-specific Layer 2. Think of like, I don't know, if Uniswap went on to a application-specific ZK rollup, it would be like the APIs of Layer 2 liquidity for Uniswap, right? And so you could like ping, go right into it. And then Uniswap would get the trading fees and then the MEV on all that ecosystem. It's basically like the Uniswap universe on Layer 2. And I bet you actually, now that I'm thinking about this, Uniswap does produce like the first meaningful ZK, application-specific ZK rollup that is engaged with other rollups on Layer 2. Mike Manderas from Rainbow Wallet goes, "Would that mean either accepting death of composability

• 1:18:45David Hoffman?

  or that uni-chain will become competitive and hostile to Ethereum?" And Hayden says, "That sort of assumes that cross-chain composability won't ever exist." Is that a tweet from Hayden Adams Ryan? Because it's a tweet? Or is it because he knows what he's talking about and this is something that they are actively discussing inside of Uniswap? TBD. I don't know. I don't know.

• 1:19:06Ryan Sean Adams?

  I wouldn't be surprised. It does seem like that would be a huge barrier to basically like... I guess you're not entirely leaving the Ethereum economy, but you're leaving all of and I don't know that this would mean leaving. I guess you could launch a chain that's kind of a layer two in addition to everything that you're doing on Ethereum main chain and other layer twos.

• 1:19:27David Hoffman?

  Well, this thing about Uniswap like going into and becoming its own chain fits in the rollup centric roadmap of Ethereum model where like applications can become chains. That is like a new thought that actually I'm just having right now in this rollup.

• 1:19:41Ryan Sean Adams?

  I guess so. It's just here's where it kind of breaks my mental model, right? It's sort of like, like, like a company gets big enough, like a Facebook gets big enough. And then they're like, well, we should just become our own nation, right? And like, we'll create our own money and then like that'll give us maximum, maximal control and all of these things. And what they, what they sort of forget is like, okay, but people don't want to live in the Facebook nation because they don't have good representation because it's owned by like, you know, stakeholders and that sort of thing. It kind of breaks, breaks my brain a little bit. I guess this is like Uniswap saying, this would be like them saying, hey, we want to be a state in the union of the like.

• 1:20:18David Hoffman?

  I don't, that's actually not how I see it. And that's not how I see it. Okay. So I see it as optimistic rollups becoming that optimistic as like a generalized rollups, optimistic rollups are like flat land. There's a lot of real estate there. They have their own internal gas fee markets. They have their space to build your thing because it's generalized. With an application specific ZK rollup, it doesn't operate like land. Like I don't, I think you wouldn't leave your assets there. It's more like, I don't know, like a where the optimistic rollers, rollups are like wide and flat and they have like real estate for you to settle on. Application specific ZK rollups are very like long and tall and they're something that you ping and then you send something back.

• 1:20:57Ryan Sean Adams?

  What do you mean application specific ZK? You're just talking about like DYDX or something like that?

• 1:21:02David Hoffman?

  Yes, like one single ZK rollup that does one thing. And in the uni chain world is Uniswap. So is Uniswap as a ZK?

• 1:21:09Ryan Sean Adams?

  I get it. Well, I guess we're kind of repeating this, this conversation that they just had. Cause then I want to be like, but wouldn't that mean they lose composability from all the other apps?

• 1:21:17David Hoffman?

  But not, not from layer twos.

• 1:21:19Ryan Sean Adams?

  Yeah. And then Hayden, and then Hayden goes, well, that assumes cross chain composability won't exist.

• 1:21:23David Hoffman?

  Right. Rollup centric roadmap of Ethereum. Yeah. We just, we just speed ran that whole entire thing.

• 1:21:30Ryan Sean Adams?

  These guys already thought about that. I guess that's why they're the DeFi.

• 1:21:34David Hoffman?

  It's a Y, it's a take in the roll up.

• 1:21:37Ryan Sean Adams?

  Let's do this one, man. This is pretty cool. This is a graphic that I really liked.

• 1:21:41David Hoffman?

  Yeah, 13 years, the tweet says 13 years of W3B. What does that mean?

• 1:21:45Ryan Sean Adams?

  I don't know what that means.

• 1:21:47David Hoffman?

  Web 3? Web 3?

• 1:21:49Ryan Sean Adams?

  Yeah.

• 1:21:49David Hoffman?

  Yes, Web 3. Web 3 and NFT converted into a 24-hour clock. So for the listeners, we're just looking at a clock where 12 o'clock is the birth of Bitcoin. And then like right to the left of it, as in where we currently are, like 11:59 is like the launch of Coinbase NFT platform. And it's kind of just like takes you through the history and lets you put things into a relationship with each other in time. So that's pretty cool. I like that visualization.

• 1:22:12Ryan Sean Adams?

  So like, so like, so like midnight is the birth of Bitcoin. All right. And the very first non-fungible token that we ever got was bitcoin-bit. Okay, this is even pre-etherium. And that happened at 4:00 AM in the morning that day. All right. And the very first ERC 721 that we got didn't happen until 16 o'clock. What is that? That's a...

• 1:22:37David Hoffman?

  16 o'clock.

• 1:22:38Ryan Sean Adams?

  It's 16 o'clock. How do I read military time? 1600 hours.

• 1:22:44David Hoffman?

  It's 4:00 PM.

• 1:22:44Ryan Sean Adams?

  4:00 PM. That was the first ERC 721. All right. So like 4:00 PM. That's like, and now, basically, 6 minutes from midnight. That's sort of when Coinbase just launched their NFT platform. It's kind of a cool depiction of the eras and how early things were before and still how early things are now.

• 1:23:06David Hoffman?

  They kind of, they don't have any L1s. Like, why don't they have the genesis of Ethereum? Where is that? That's gotta be like somewhere like 9:00 AM. Yeah, we should make our own. Bank List Dow. $500 in bank to anyone who makes this and updates that. I'll commit to that. Somebody in the Bank List Dow do that and then ping me when you guys and I'll send you some bank token.

• 1:23:25Ryan Sean Adams?

  Amazing. All right, David, what are you bullish on, man? Besides this clock here?

• 1:23:30David Hoffman?

  I'm bullish on this new podcast, not from Bankless, actually. It's called Alfalfa. And it's for my friends that I've made in San Diego. And so they have been grinding away at their Alfalfa podcast. And I've been listening to it. It's been getting better and better. It takes from being coming hotter and hotter. They're into like 20 something, late 20 episodes. And so I said, yo, guys, come over and we'll record a podcast in my apartment. And I finally got to use my soundboard thing that I really, really like. And so we recorded an Alfalfa Bankless podcast, which is going to come on to the YouTube sometime soon. And it's a, it's a all in style podcast. And so they are very, very much Bankless listeners, but they're also Bankless skeptics at the same time. They play in things that like Ryan and I generally don't. They're a little bit more degen.

• 1:24:13Ryan Sean Adams?

  How'd they do with Luna, David?

• 1:24:15David Hoffman?

  They all escaped Luna, except for one, all except for one. One guy got caught up, caught up in Luna. But, but he's not a complete degen. So like, he's only a small portion of his bags. But also, they also talk about things like real estate markets and also like, kind of how like the all in podcast does, also like politics. And so they get into-

• 1:24:31Ryan Sean Adams?

  This is starting to sound like another Bankless podcast launch. Is that what this is going to turn into here?

• 1:24:35David Hoffman?

  Well, that is potentially a potential future. So if you are a consumer of crypto content, which you are, you might like this podcast. But you should start with the one that we put on the Bankless YouTube in about a week or so. TBD on that. Just stay tuned. I'm really excited about it. I'm really bullish on it.

• 1:24:48Ryan Sean Adams?

  Awesome.

• 1:24:49David Hoffman?

  Awesome. Ryan, what are you bullish on?

• 1:24:51Ryan Sean Adams?

  So actually, we, we forgot, I'm going to, I'm going to steal Vance Spencer's take as the thing I'm bullish on and add my own thing. Because we forgot to cover this in the take section. This is a tweet from Vance Spencer, and I think it echoes my sentiments as well. And he's coming on the show, by the way. So maybe we'll talk about this. He says this, "Crypto is exactly where it needs to be right now. Very much not dead, very much alive, washing out the excesses, very much building things people want to use. Coiled spring on a path to hyper growth." I think that's why if you're a unicycler and you've heard David and I in the last few rollups, where we've been like very clearly in a B market, right? Bear market, build market, whatever, how we're so excited.

• 1:25:34David Hoffman?

  I'm so excited right now.

• 1:25:36Ryan Sean Adams?

  Because like the last B market that we were in, it felt like- Like things could actually fall apart like it felt like DeFi might not actually ever work. Ethereum, the project might not ever scale. We would never find product market fit. And the whole Bitcoin experiment was maybe, or the whole Ethereum, the whole crypto experiment was maybe Bitcoin. If we're lucky and that would take years to recover. All right. This is a very different feeling entering this bear market. And I couldn't say it better than Vance Spencer just says it right here. Coiled spring on a path to hyper growth. We are washing out the excesses. We are building things people want to use. The hardest part of the whole thing, the whole thing in a new product.

• 1:26:20Ryan Sean Adams?

  In anything, the birth of the internet, like birth of Google, the birth of any of these transformation of Uber. It's product market fit. Once you have product market fit, there's going to be cycles. Now it's just a matter of scaling. We have product market fit. Now we're just scaling. So I've never entered a bear market with more confidence. And you know what that leads me to is the thing I'm, I am bullish on is I feel like this is the last time this is going to happen. All right. Ether in the 1,000 range, right? Ether. Look, I'm gonna say it, Dave. I know David disagrees on this. Ether could dip into triple digit territory. Once again, we could go below 1,000. I'm not saying it will. I'm not saying that'll happen. Okay. I'm saying if it does happen, back the truck up. All right.

• 1:27:04Ryan Sean Adams?

  Not financial advice. All right. Some other kind of advice for you. Maybe life advice for you. I don't know. I'm just saying. This is the last opportunity that we'll ever have. It's this bear market. And I'm thankful, honestly, I'm thankful that a whole bunch of listeners who got in the first cycle of the last two years. A whole bunch of people who got into crypto. Now they can, they can prove their metal. And they'll have the opportunity that previous generations have had, right? It feels more fair that way. I'm glad we didn't just. Zoom all the way up to 10K and then pass that and like, see you later, everybody else. You have another opportunity here. And this means be responsible, dollar cost averaging. That's what you want. Like buy good assets. But think of this as the last great generational opportunity.

• 1:27:49Ryan Sean Adams?

  Buying opportunity because that's what it that's what it is.

• 1:27:53David Hoffman?

  And this is why I've been saying this is the greatest bear market of all time. So much is going to get built. People are going to get jobs in crypto. People are going to get paid and people are going to buy cheap ETH in ways that they never had that availability before. I remember after my first bear market and or going into my first bear market in 2018, it's like, oh, okay, this is that was a cycle where it's not the future. I'm Rex now and I and so I had like, I'm not going to put out numbers, but I had an amount of ETH that I had. And I was like, by the time the next bull market comes around, I'm going to have 10 times the amount. And that was like a lot of money for me at the time. And I made that was actually cutting it short. I made more than 10 times the target that I had going through the

• 1:28:36David Hoffman?

  bear market. And so think, think bigger dreams going into the bear market. Think about what you want to get done and just grind for that and work hard because when you grind in the in the bear market, you turn into flowers, you grow flowers in the bull market. And so this is why we're so excited. Like, this is such an awesome time to be in the crypto space when so much gets built and there's such little noise. One of the reasons why bull markets always end is because it becomes a meme, right? It turns into a self reflexive loop as in like, oh, there's these things that people are just throwing money into and they're and they're doing that because other people are throwing money into them. Therefore, I will produce this thing that they will throw money into. And the more that that like self reflects on itself and like turns into a like a loop over and over again, like, how can I make the thing that people put the most money in the

• 1:29:21David Hoffman?

  fastest? That is literally the opposite of long term time horizons. And so now that that is fully dead, we have products that are going to be built for things that people's like, oh, maybe in five, like, I'm going to build a thing that people are going to put money into, hold it there for five to 10 years and keep it there. And that is called Ryan fundamentals. And that is why this is a build market.

• 1:29:40Ryan Sean Adams?

  Absolutely. David and I are bullish on the bear market. That's the end of things. You were talking about memes, David. Here's the meme of the week here. You and I just popped out. I think the bankless, bankless HQ Twitter posted caption this. I saw some great captions. I saw some embarrassing ones, but what are we looking at here?

• 1:29:59David Hoffman?

  It's us doing, I think, the weekly roll up. Or it was recording the intro to Vlad with Robin Hood and you're talking into the camera and I'm just looking at you. And for some reason, I'm biting my lip, dude, and I don't know why.

• 1:30:13David Hoffman?

  And the caption is you. This makes me feel uncomfortable. Yeah, the caption is that you are ETH and I am Layer 2. There you go. Yeah, I see it. And I hope this becomes a meme of the ages. Guys, this has been the weekly roll up. It's fun to do one in person. We are back to our regular schedule where we are a coast away. You're going to be on the East Coast next time, David. No, I'm going to be in Seattle for a little bit because again, my stuff has to get there. I have no idea where David is. I'm going to be floating around in the world for the next like two weeks. I do know, though, none of this, of course, has been financial advice. Risks and disclaimers. Bitcoin ETH is risky, is very volatile. You could lose what you put in, but we're headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey. Thanks a lot.

• 1:30:57David Hoffman?

  And if you are watching on the YouTube, stick around to watch the moment of Zen. Here we go.

• 1:31:44David 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,

• 1:32:26David Hoffman?

  Ask Me Anythings and Weekly Rollups, where we summarize the week in crypto and other fantastic content. Thanks, everyone, for watching and being on the journey as we build out the Bankless Nation.