ROLLUP: A New Era For Crypto | Bitcoin All Time High | Polymarket Dominance | Where Do We Go Next?

Gary Gensler’s reign of terror is over. It’s ATH week. With a sweeping Republican win and Trump’s declaration of a ‘Golden Age of America,’ the U. S. election results have reshaped the crypto landscape overnight. Join us as we dive into the Polymarket effect on election night coverage, analyze the election’s impact on key crypto legislation, and explore the post-election market surge. We cover price action, pro-crypto shifts in Congress, and big players like Elon Musk and Michael Saylor making moves. Plus, is the DeFi Renaissance here? Tune in for an in-depth look at what this political shift means for the future of crypto. ------ 📣 LEGION | MERIT BASED ICOs https://bankless.cc/Legion ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2 ⁠ 🐧 CARTESI | LINUX-POWERED ROLLUPS https://bankless.cc/CartesiSimple ⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🦄UNISWAP | BROWSER EXTENSION https://bankless.cc/uniswap 🤖 dYdX | UNLIMITED LAUNCHING SOON https://bankless.cc/dYdXUnlimited ------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/91?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E ------ TIMESTAMPS & RESOURCES 00:00 The New President https://polymarket.com/elections https://x.com/Reuters/status/1854093869664837997 https://www.perplexity.ai/elections/2024-11-05/us/senate 11:29 Polymarket’s Big Win https://x.com/llamaonthebrink/status/1854017757588705432?s=43&t=2ZINVXJQKx6xO_6Wiiu_2g https://x.com/llamaonthebrink/status/1854017757588705432?s=43&t=2ZINVXJQKx6xO_6Wiiu_2g https://x.com/shayne_coplan/status/1854045045806023002 https://x.com/Polymarket/status/1854248877798674529 19:15 Markets https://x.com/quintenfrancois/status/1853336478476050503?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g https://x.com/quintenfrancois/status/1853336478476050503?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g https://imgur.com/J9TUNmR 25:53 ETF Updates https://x.com/matthew_sigel/status/1853463874772643926?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g https://x.com/matthew_sigel/status/1853463874772643926?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g https://x.com/EricBalchunas/status/1854281747082477696 32:02 Post Election Winners https://www.coingecko.com/ 33:55 DeFi Renaissance https://unchainedcrypto.com/defi-tokens-jump-on-hopes-that-trump-will-provide-crypto-regulatory-clarity/ https://x.com/ethena_labs/status/1854295616907862150?s=46&t=bg7XEx0DtAdxgT9lGVWZ6w https://x.com/ethena_labs/status/1854295616907862150?s=46&t=bg7XEx0DtAdxgT9lGVWZ6w 39:06 Fed Watch https://www.cnn.com/business/live-news/fed-meeting-november-11-07-24/index.htm l 40:42 $42 Billion Dollar Bitcoin Bid? https://x.com/saylor/status/1851718391889043954 43:20 Global Dollar Network https://x.com/global_dollar/status/1853558740957405362 48:36 UBS Launches Fund on Ethereum https://www.ubs.com/global/en/media/display-page-ndp/en-20241101-first-tokenized-investment-fund.html 50:28 Base Fault Proofs https://x.com/base/status/1851672364439814529 https://x.com/l2beat/status/1853429669204230230 51:34 Roman Storm Trial Delayed https://www.coindesk.com/policy/2024/11/01/tornado-cash-developer-roman-storms-trial-pushed-to-april/ https://x.com/RyanSAdams/status/1853440809644802159 52:03 Devcon https://lu.ma/0bpju5ic 54:54 Permissionless IV https://x.com/Permissionless/status/1854542280301892074 https://x.com/BanklessHQ/status/1853426117157245208 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures ⁠

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

• 0:03Speaker 00

  This afternoon, I'm laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world. And we'll get it done. The day I take the oath of office, Joe Biden and Kamala Harris's anti-crypto crusade will be over. It will end. It'll be done. It'll be done.

• 0:27Speaker 00

  On day one, I will fire Gary Gensler and appoint a new SEC chairman.

• 0:36Ryan Sean Adams?

  There it is, David. The absolute loudest cheer on the firing of Gary Gensler. Got to say, on the week, Gary Gensler's reign of terror is over. It's over, man. And we're at all-time highs. I think those two things are related, David.

• 0:49David Hoffman?

  And these clips that you just heard, that was from the Bitcoin conference a number of months ago. But it's just a reminder for what is going to happen, or at least what Trump says will happen, when he enters office on January 20th, 2025. So we still have a couple of months. Technically, Gary Gensler still has a couple of months to shoo in some Wells notices. That's technically still possible.

• 1:09Ryan Sean Adams?

  Yeah, you think he's gonna do that? You should spend that time polishing his resume.

• 1:13David Hoffman?

  I would not put it past him. The guy is getting the boot. He could cause some chaos on the way out. But nonetheless, like you said, the reign of terror is definitely going to come over. And then the day that we get a Bitcoin president, Bitcoin gets an all-time high, a brand-new all-time high, which is pretty exciting. Regardless of your personal politics, you have to say that it's a huge win for crypto in America.

• 1:35Ryan Sean Adams?

  Well, I think everyone listening, I'm sure a lot of folks voted Trump who are bankless listeners, I'm sure like a fair number also voted the other side. I mean, regardless of which way you voted, you got to be happy about this outcome of Gary Gensler is leaving office. And you said Trump was talking about, he was talking to a Bitcoin conference, of course. Let's also keep in mind, he has ETH? He has like $5 million worth of ETH from NFT sales?

• 2:01David Hoffman?

  Donald Trump is an Ethereum DeFi project founder.

• 2:05David Hoffman?

  A DeFi project founder is the president of the United States, the president-elect.

• 2:10Ryan Sean Adams?

  This is so cra- it's so crazy. Alright, so let's just start there, okay? Uh, the big news is of course, US elections, and it was a complete red wave sweep.

• 2:20David Hoffman?

  Yeah.

• 2:20Ryan Sean Adams?

  Okay, so, let's talk about the presidency. It's the case that Trump not only won the Electoral College and all the votes from that, he also won the popular vote, which was completely unexpected by a lot of people. I don't know what Polly Market predicted, but completely unexpected by the public.

• 2:35David Hoffman?

  Polly Market predicted Harris would win the popular vote by like 60%, 60, 40%. And for the abroad listeners, the non-American listeners, the way, the, there were three things at stake every election. There's the president, there's the senate, and there's the house. And what Ryan means by red wave is that the conservatives, the Republicans, won all three of those. And now, whether or not they were gonna win all three was up for debate. There were some, the Polly Market was leaning towards that outcome. Uh, but a complete red wave was a surprise. Uh, and then the cherry on top is that even though the Democrats, Kamala Harris, was expected to win the popular vote, and the why, why the popular vote is not equivalent to the president is like, you know, that's our Electoral College system, we know it's weird.

• 3:21David Hoffman?

  Uh, regardless, Kamala was expected to win the popular vote 60, 40. And even that, the cherry on top, the insult to injury for the Democrats, was that Donald Trump also won the popular vote. So, to say that Donald Trump and, uh, being more right is in vogue is like kind of an understatement. Like, the people are looking towards Donald Trump's leadership in America.

• 3:43Ryan Sean Adams?

  The one thing I should call, qualify is like, officially, officially, the Republicans have not won the house yet. Officially, officially, I guess, like the final numbers are not in, but it's looking like they're going to win the house as well. So that would be a complete, clean sweep. Of course, Trump, in his victory speech, called this a, "The Golden Age of America." He also spent a few minutes praising Elon Musk and thanking him for donating $120 million to the campaign. I don't know if you saw the Kamala Harris concession as well, but she conceded- You know, said it was over. We got a free and fair election. There was no dispute. I mean, that is another plus side in the back of this, too.

• 4:23David Hoffman?

  I would agree. Moving on to the Senate, the Republicans flipped control over the Senate, which was the expected outcome. So they know there are now more Republican senators than Democrats. And again, this means that we, we, the crypto industry, have a much favorable legislative body for any possible future legislation that we want to push through in the United States. There was a key Senate race in Ohio. Bernie Moreno, the Republican, defeated Sherard Brown. This was very important for the crypto industry. Sherard Brown is the current Chair of the Senate Banking Committee, which oversees the SEC. He is

• 4:59Ryan Sean Adams?

  This is Gary Gensler's boss.

• 5:01David Hoffman?

  This is Gary Gensler, one of Gary Gensler's boss. Yeah, he, he has been the major roadblock for getting many things done in crypto. He voted against Sab 121. He has been a big ally of Elizabeth Warren. This was also one of the races that Fair Shake, the crypto, the pro crypto super PAC, spent the most amount of money on out of all of the Senate and House races. Spent like something like $20 million on it. And the signal here is that this was specifically a crypto, a crypto issue, a crypto race. So this has been called by Alex Thorne, who we had on the podcast to kind of unpack all this. A big shot across the bow for every anti crypto member of Congress.

• 5:41Ryan Sean Adams?

  Wow. Well, I mean, they literally painted a target on his back. Yeah. And then like went and spent in this election to just like make sure that he didn't win.

• 5:49David Hoffman?

  Yeah, this guy Sherard Brown, who's gone now, was a player in Operation Choke Point 2.0. And so Operation Choke Point 2.0 lost a big key player today, this election.

• 6:00Ryan Sean Adams?

  And the House, as we said, it's looking like that's going to flip red as well. Some commentary from Brian Armstrong, the CEO of Coinbase. He said, "Welcome to the new members of America's most pro crypto Congress ever. There were 219 pro crypto candidates and counting that have been elected to the House and the Senate. That number is a major takeaway for everybody who's worked in kind of the crypto lobbying space. 219 pro crypto candidates that were just elected to the House and the Senate.

• 6:28David Hoffman?

  I remember entering the bear market post FTX, thinking like, whoa, what wrath, what regulatory wrath have we just brought upon us? And that was two years ago. And now I would say like, we got that wrath, but now the pendulum is shifting so far in the other direction, just as a reaction to the unfair wrath that we got. I like this tweet from Victor Bunin, who tweeted out, "Crypto one. Next, we're going to free Ross, fire Gary, end Operation Choke Point 2.0, pass commonsense stablecoin legislation, enable end kind redemptions, turn on staking in the Ethereum ETF, shutter the SEC lawfare investigations and provide regulatory clarity for crypto."

• 7:08David Hoffman?

  I think there's just a great, big, wide-open, clear path for the next steps for what we want out of the next four years of leadership in America. We can now get things done. Now it's our turn to actually get things done.

• 7:21Ryan Sean Adams?

  Yeah, at least on the crypto side, that's certainly true. And a lot of question, I think there's going to be a hand wringing, a lot of hand wringing on like where the Democrats went wrong this cycle. This is Paul Graham commenting, so a notable investor. "Their biggest mistake," he's talking about the Democrats here, "their biggest mistake was antagonizing the entire crypto community, and this was entirely unnecessary. There wasn't some other constituency they were trying to win points with by doing it." This is Paul Graham noticing this, he's peripheral to crypto, but he's not actually...

• 7:53David Hoffman?

  He's not a crypto person.

• 7:54Ryan Sean Adams?

  He's not a crypto person.

• 7:55David Hoffman?

  He's a commentator.

• 7:56Ryan Sean Adams?

  This is something that you and I had mentioned, like preceding this. When Kamala Harris was the nominee, okay, could this be an opportunity for Kamala Harris to pivot? She actually never pivoted, right? I remember thinking like, this whole anti-crypto army thing, and like, not speaking in kind of pro-crypto terms at all, like, it would be very easy for Kamala Harris in the campaign to kind of nullify everything that Trump said by being like, "We're pro-crypto too, why would you not be pro-crypto, pro-technology, pro-America? It's all the same thing." And I remember thinking, this has got, there must be a method to the madness here. They must see something I don't. They must see some collection of votes, or there must be some reason that they're doing that. It turns out, David, there was no method to the madness. There was no strategy here.

• 8:38Ryan Sean Adams?

  It was just old-fashioned ivory tower hubris that led them down this path. I feel like it wasn't Trump who won, so much as the Democrats decided to lose. Like, they were completely ignoring not only crypto, but other large constituencies in the US voter base.

• 8:54David Hoffman?

  Yeah, I would agree with that. Paul Graywall, the chief legal officer from Coinbase, says, "I hope the SEC understands what happened tonight. On many, many issues, the voters said loud and clear that they want change. Crypto is no exception. Stop suing crypto. Start talking to crypto. Initiate rulemaking. There's no reason to wait." I think we're going to look back on this election. Gary Gensler was a key player in this election for losing it for the Democrats. And the Democrats just not hearing those signals at all from the crypto constituency, which they also underestimated. Emily Choi, she tweeted out a headline saying, "The crypto industry spent over $130 million on the election, and it paid off." And she comments, "We're just getting started."

• 9:38David Hoffman?

  Interesting to note, did you see the Harris campaign is actually ending $20 million in debt, Ryan?

• 9:43Ryan Sean Adams?

  No, really? Who pays that?

• 9:45David Hoffman?

  I don't know. I don't know. But Brian Armstrong and other Fair Shake PAC members or commentators talked about how like Fair Shake is already accepting donations and spending money to win the midterm elections in two years. Like, we're already gearing up for the next one.

• 10:01Ryan Sean Adams?

  It was fantastic ROI. And this is why I think crypto is definitely here to stay. Alex Thorne made the comment, "What does this mean?" In broad strokes, can you hear that? That's the sound of thousands of crypto and blockchain founders booking tickets to the United States, looking up office space. He's saying, "There's going to be a flood of founders and entrepreneurs who are going to come back to the US for crypto." Crypto is now turning towards a friendly jurisdiction, which I think is a big freaking deal. Do you remember all of the Wells notices that we got this year? All of those will just evaporate in a puff of smoke. I think they're going to be gone. So many of the things that Gary Gensler, the CFTC, Operation Choke Point, FDIC, Treasury were doing to push against crypto and to try to squeeze it out of existence, that's

• 10:46Ryan Sean Adams?

  going to be not just stopped, it's going to be actually reversed. We're actually going to get tailwinds in our direction on the regulatory front. And I'll just point out, we have never had that before in crypto. We have never been in crypto. Crypto's never existed at a time when the US had a crypto-friendly regulatory regime. The way the US was internet-friendly in the 90s, I think this is the opportunity to swing crypto-friendly in the 2020s, the first time ever.

• 11:13David Hoffman?

  And if anyone knows a job for someone who is good at gaslighting and just bureaucracy, Gary Gensler, open to work. He's looking for work.

• 11:24Ryan Sean Adams?

  Maybe we could ship him to Europe, Dave.

• 11:26David Hoffman?

  He would fit in so well over there. Another big player out of the election this week was, of course, Polymarket. Ryan, you were watching the election, I'm assuming. I'm assuming you had, I'm going to guess that you had mainstream media on your television, and you, in some way, shape, or form, iPad, phone, computer, laptop, had also Polymarket open.

• 11:44Ryan Sean Adams?

  Yeah, exactly. I mean, that's the way I've traditionally done it. You have, you know, like mainstream media, some sort of ABC, NBC, whatever, like calling election results in real time, and then I had my phone with Polymarket just like hitting refresh.

• 11:55David Hoffman?

  Right, yeah. I think most people who are listening to this podcast probably had some form of that setup. But having Polymarket open was such an asset. It was so cool to see because you are watching the results come in, you're seeing some numbers show up on the screen, but Polymarket is just giving you such a clear picture so much faster than what's on your television screen.

• 12:17Ryan Sean Adams?

  Hours ahead.

• 12:18David Hoffman?

  Hours ahead. So I remember listening to a podcast, I think it was The Daily, and they talked about when, they were talking about when the Kamala campaign realized that like something wasn't so great. And they said like, it was at 11:00 PM Eastern Time was when, was when the, when the campaign realized that the votes in the swing states were not coming in. I'm like, what do you mean 11:00 PM? Polymarket was reacting before 8:00 PM.

• 12:44Ryan Sean Adams?

  Dude, I knew at 7:30.

• 12:45David Hoffman?

  Polymarket swung heavily towards Trump at 8:00 PM, three hours ahead of when the Kamala campaign realized it.

• 12:51Ryan Sean Adams?

  At 7:30 Eastern, Georgia was starting, on Polymarket was starting to swing. And you could see, oh, Polymarket settling, Georgia's swinging, that was the first like swing state. And then by 8:00 or 8:30, I was like, it's over. I can go to bed.

• 13:03David Hoffman?

  8:30, 8:30, we realized that like, if this trend continues, like, this is a Trump victory.

• 13:07Ryan Sean Adams?

  And, and the reason why, it's like, people say, you know, Polymarket, prediction markets, all probabilities, but when you start to see a market resolve at the tail end, right, that's an indicator. It's like, it's just, there's this divergence in the charts, and in a market, it's like, okay, this market's resolving, because you see like Trump jump up to like 80% odds, and Kamala, you know, drop down to like less than 20%, and it resolves. And it's so cool to watch this in real time. It's much faster than any of the mainstream media organizations are able to call these elections. It's just a different tool. It's a different type of intelligence and truth.

• 13:40David Hoffman?

  And we can talk about like whether you think like MSNBC, NBC, ABC commentators are biased. But also, when, one of the conversations was like, the swing states, they're just waiting for the very end to call these swing states, even though they are obviously leaning Trump. Well, MSNBC humans, they cannot call states until the very, until it's completely objective, that the state is one for one side or the other. So they can't undo a call. They can't, they can't think that it's going-

• 14:10Ryan Sean Adams?

  They're more conservative.

• 14:11David Hoffman?

  They're more conservative. So like, they're kind of hamstrung by their own mechanism. Whereas Polymarket is an alternative mechanism that just moves so much faster. Shane Copeland, the founder of Polymarket tweeted out, "I just got word that the Trump campaign headquarters literally found out that they were winning from Polymarket." History was made today. Wow, that's so cool. That is so cool.

• 14:31Ryan Sean Adams?

  Yeah, and actually, the Polymarket forecast, this is the chart of the US map, Polymarket forecast, right? You could see red states, blue states. You see the actual results.

• 14:40David Hoffman?

  They are the same. This is the Polymarket forecast on October 25th, so 10 days ago.

• 14:46Ryan Sean Adams?

  10 days before.

• 14:47David Hoffman?

  Polymarket had the actual results nailed.

• 14:50Ryan Sean Adams?

  Much different than the poll data. Like, if you cast that map and poll data, it would be just like completely different, and Polymarket kind of nailed it. All-time highs for Polymarket, some stats from yesterday. Got 20 million website views. It had 300 million in volume. 1 million concurrent users across the web and app at peak. I mean, it's safe to say crypto has a mainstream application. It's built on Polygon, by the way, which I think the future of Polygon is to become a layer two, you know, roll up on top of Ethereum. So, very bullish, and people don't even know they're using crypto. Of course, ironic, David, that, you know, US citizens cannot actually bet in these markets. That's part of the irony of this whole election win.

• 15:32David Hoffman?

  Cannot legally bet. I think there's plenty of US citizens. Another tweet from Shane saying, with a picture, 2020, running out of money, solo founder, headquarters in my makeshift bathroom office. Little did I know, Polymarket was going to change the world. And he's tweeting out what kind of looks like-

• 15:48Ryan Sean Adams?

  This is a janky office.

• 15:49David Hoffman?

  It's super janky. He's got his laptop on like a laundry hamper.

• 15:52Ryan Sean Adams?

  Yeah.

• 15:53David Hoffman?

  He's got his keyboard on his like knees. I mean, hey, that's what a gritty founder looks like.

• 15:58Ryan Sean Adams?

  Yeah.

• 15:59David Hoffman?

  Congratulations to Shane and the entire Polymarket team. Also, behind the scenes, like you said, Ryan, Haseeb put out this tweet. Can we just take a second to shout out Polygon for handling all the Polymarket load right now? Volume's going crazy, zero downtime or issues as far as we've seen. So there are certain Polymarket activities that are all done on chain. Basically, all of the market actions, activities, placing an order, taking an order, you know, all the things that are going to a market on Polymarket are done on chain on Polygon. So both Polymarket's like backend, it's backend, frontend, all of its servers stayed online. Good job, guys.

• 16:37Ryan Sean Adams?

  Did not go down.

• 16:38David Hoffman?

  Polygon, the blockchain, also stayed online. Probably one of like crypto's most trafficked events ever.

• 16:44Ryan Sean Adams?

  Yeah.

• 16:45David Hoffman?

  Well done, well done.

• 16:46Ryan Sean Adams?

  Pretty impressive. Meanwhile, in France, I don't know if you saw this, but France is planning to ban users' access to Polymarket, according to a report. Okay?

• 16:56David Hoffman?

  Oh my god, they would.

• 16:58Ryan Sean Adams?

  Literally, the government in France thinks that like institutional trust is at an all-time low, and the solution for that is to ban prediction markets. Like, very bad idea. And these are the types of ideas coming out of bureaucrats, so good to see kind of the US swing in a different direction. Bye-bye Gary Gensler is the summary. Bye-bye Operation Choke Point. I don't think we've ever existed in a world where the US government is openly supportive of crypto. This is like uncharted territory. We're going to get into the markets in a second, but we got a word from our friends and sponsors over at Legion. This is a really cool application. Tell us about Legion.

• 17:29David Hoffman?

  Yeah, Legion, we did, had a conversation with them on Twitter. Legion is bringing back, this is perfect timing, trying to bring back the ICO mechanism, making it cool again. I always thought ICOs were cool, but in 2017, you know, scammers, grifters kind of got in-

• 17:43Ryan Sean Adams?

  They got bad.

• 17:44David Hoffman?

  They got bad. We are trying to, but the ICO mechanism itself- It's good. People enjoy the ICO mechanism. What do we need to make it better? Well, I think Legion's merit-based ICO mechanism is a potential answer to that. They are offering MICA-compliant merit-based ICO. So you can go to Legion and you can get a Legion score. It's kind of like a reputation score. It'll measure your on-chain activity. It'll measure your social influence. It'll measure your dev skills. And then it'll give you a score. And people, organizations, startups, projects, who are looking to raise capital can solicit you as an individual to join in this sale. And so this is like a mechanism to become an angel investor. This is for people in Europe, unfortunately not for Americans.

• 18:28David Hoffman?

  But if you are a credit investor, then you can do this. But this is trying to open up and add some more reputation to the ICO mechanism, which I think we all want. If you guys want to check this out, you can go get your Legion score and potentially invest in some angel opportunities if you so choose. There's a link in the show notes, banklist.cc/legion.

• 18:47Ryan Sean Adams?

  Oh, you said it's not available for American unaccredited investors. And that is true from an investment perspective. But everybody can go get their Legion score, whether you're in the US or not. And I encourage you guys to go do this. You can connect your Twitter account. You could see how you rank against David, as I did. And you get on the leaderboard. It's really cool. I mean, this is the way ICO should be done and will be done in the future. So really cool. Go check out Legion right now and get your score. David, let's-

• 19:14David Hoffman?

  Make ICOs great again.

• 19:16Ryan Sean Adams?

  Let's move to the markets, okay? We got all-time high week over here at Bankless. We don't often get those, so let's celebrate it for a second. We hit all-time highs for Bitcoin. Was this before or after the election results came in?

• 19:30David Hoffman?

  This was right after, right after the election, like 30 minutes, an hour after it became clear that Donald Trump was going to win. We got $76,000 on Binance, $76,460 on Kraken, and $76,500 on Coinbase. CoinGecko is reporting this at $76,250, so kind of like a median between all of those. So somewhere around $76,200, $300, $400-

• 19:56Ryan Sean Adams?

  That's our new all-time high.

• 19:57David Hoffman?

  Is our new all-time high for Bitcoin. For Bitcoin.

• 20:00Ryan Sean Adams?

  Wow, big deal.

• 20:01David Hoffman?

  75, nice number. Not too far away from 100,000, man. Like, we could see 100,000 by the end of this year.

• 20:08Ryan Sean Adams?

  Did you know this, David? Fun fact. Each US election week has set a Bitcoin price floor that's never been revisited.

• 20:15David Hoffman?

  Yeah, wow.

• 20:15Ryan Sean Adams?

  So is this the new floor? You know, the 7500, 7600? Is this the new floor?

• 20:21David Hoffman?

  God, look at that placement on the chart. That is a fractal.

• 20:23Ryan Sean Adams?

  Can you read some of these other floors from other election events? All the way back to 2012.

• 20:28David Hoffman?

  So the first Bitcoin election in 2012, Bitcoin was $11.81.

• 20:35David Hoffman?

  November 2016, it was $720. In 2020, it was $14,900. And of course, now it's at $75,000, which is just a great, great trajectory.

• 20:48Ryan Sean Adams?

  Yeah, I mean, that, I mean, according to this, doesn't mean it's not going down from here. It, it, it does mean if it follows this pattern four years from now, it'll be much higher, or it will be higher.

• 20:56David Hoffman?

  That's right, that's right. Bitcoin will be much higher four years from now.

• 20:59Ryan Sean Adams?

  Let's talk about the ETH price, David. ETH is it getting a little bit of something?

• 21:04David Hoffman?

  It's doing great, man. It's doing great. We started the week at 2,500. Well, we actually, we didn't even talk about the, how much Bitcoin was up last week. Bitcoin was up 4% last week. Started the week 71,000, ending the week where we are now at 74,800. Ether, starting the week at 2,580, up 7%.

• 21:22Ryan Sean Adams?

  7%.

• 21:23David Hoffman?

  7% to where we are now at $2,800. Almost got to 2,900, currently at 2,800. The ETH/USD chart, Ryan?

• 21:32Ryan Sean Adams?

  Yeah.

• 21:32David Hoffman?

  When you zoom out, looks so good.

• 21:35Ryan Sean Adams?

  ETH/USD?

• 21:36David Hoffman?

  It looks great.

• 21:37Ryan Sean Adams?

  Why?

• 21:37David Hoffman?

  So we're, we're looking at monthly, monthly candles, so every candle is one month. We are just like on a long-term floor, because we've gone down so much. But man, we like, like popped right off of that floor.

• 21:49Ryan Sean Adams?

  Wait, why does this look good? I mean, give me some TA insight.

• 21:52David Hoffman?

  I don't know, just look at it, man. It's just like, it's just a good-looking chart.

• 21:55Ryan Sean Adams?

  I mean, I like this one over in the Kraken charts. I like this big green Gensler candle up. Gensler's fire candle. Candle, it's going up. But this chart looks good to you?

• 22:04David Hoffman?

  Uh, yeah, yeah, yeah, yeah, I think so, yeah. It looks just, this is like, how far back are we going? And then we're going back like almost four or five years. I think it's just a good-looking chart. The trajectory, the vibes are good, the vibes are good. You know what else is good?

• 22:16Ryan Sean Adams?

  What?

• 22:16David Hoffman?

  ETH BTC. Is up on the week.

• 22:20Ryan Sean Adams?

  Really?

• 22:21David Hoffman?

  We bounced off of .035, which was very low, to .037. And I'm not going to get too excited about one week of green on ETH BTC, except Ben Cohen, we had Ben Cohen on not too long ago, who says, he's like, soon he's going to call the bottom. He tweeted out, "I would watch ETH BTC here. If we can get above the 50-day simple moving average, there's a good chance that ETH BTC is bottom." So he is saying, "The bottom is approaching. Maybe it's here." I'm seeing different people call the bottom around my spheres. Similarly, also Bitcoin dominance. He has some TA here. He's saying, "Tagged the upper part of this wedge at 65%, which corresponds to 60%, including stables.

• 23:05David Hoffman?

  Bitcoin dominance has gone high enough for me as my target, has always been 60%, including stables. Still a chance dominance goes slightly higher before end of year, but I think it makes sense to start planning for this thing to turn around in 2025." Ryan, for the crypto newbies out there, tell me what happens when Bitcoin dominance goes down.

• 23:22Ryan Sean Adams?

  Well, David, we get an altcoin season.

• 23:24David Hoffman?

  We get an alt season. We get an alt season.

• 23:27Ryan Sean Adams?

  As is tradition. Is this what's going to happen this time?

• 23:29David Hoffman?

  Usually when Bitcoin dominance goes down, it's not because the Bitcoin price is going down, it's because everything else is going up bigly.

• 23:37Ryan Sean Adams?

  Okay.

• 23:37David Hoffman?

  Stablecoin, or excuse me, meme coin dominance, which is a very rough metric, currently is around like 2%. So like the entire crypto market, market cap is like 2% meme coins. We've seen meme coins be as high as 8% in the past. So some people are calling for like a meme coin season. But overall, when Bitcoin stops going up so much, when Bitcoin, you know, Bitcoin smash season is over, then you get an altcoin season.

• 24:01Ryan Sean Adams?

  Okay, okay, that's great. Altcoin season, that'd be fine. But David, just for a few weeks or a few months, would it be too much to ask for an ETH season? Just like, just a straight up ETH god candle season? I mean.

• 24:12David Hoffman?

  We haven't, we haven't had an ETH season in a while.

• 24:14Ryan Sean Adams?

  I've been hurt so many times. I don't, I don't want to wish this. I don't like, I don't want to assume that this is going to happen, but like, it could happen.

• 24:22David Hoffman?

  ETH season comes to you. You can't go to ETH season. ETH season, you gotta wait for ETH season to come to you.

• 24:26Ryan Sean Adams?

  Is it blob season, though? What are we looking? Looking at a new blob like all time high? Is this what we're?

• 24:32David Hoffman?

  Yeah, I would say that. Blob consumption over the last seven days has hit an all time high. So we are consistently seeing layer twos pay for blobs rather than blobs be fee. We are at the blob target, have been for over a week now. In the last seven days, Ethereum has had a low, but you know, it used to be zero amount of revenue from selling blob space. It's accrued $100,000 in seven days of selling blob space, which of course gets burned. And we are just hitting the blob space target recently.

• 25:02Ryan Sean Adams?

  This could be enough to swing the narrative, just a little bit, right? Because the narrative-

• 25:06David Hoffman?

  Just show it how it happens.

• 25:06Ryan Sean Adams?

  The narrative has swung in the direction of like, well, ETH will never be burnt again because like there's infinite blob space, there's not enough demand, it will never like be a cash flow. We know that that's not true, right? But if the market gets a hint that ETH is starting to burn again, and these cash flows are going back to ETH validators and ETH holders, right? Maybe that'll be enough to just change the narrative on Ether and that'll be a thing that people point to. Some hope here.

• 25:34David Hoffman?

  I think that's right. I think that's right. Yeah, in 2021, the narrative, the anti ETH narrative was that the ETH burn is just Ethereum just extracting from users. Well, now if the burn happens from rollups, are we extracting from rollups who are just amortizing costs across thousands and thousands of users?

• 25:49Ryan Sean Adams?

  I think it might be enough to shift the narrative.

• 25:51David Hoffman?

  Narrative doesn't really work the same like that.

• 25:53Ryan Sean Adams?

  Let's talk about ETFs because the volume and the flows have been hot. I think this is the biggest volume day for iBit, which is the primary Bitcoin ETF. This is Eric Belchunas. iBit just had its biggest volume day ever with 4.1 billion traded. For context, that's more volume than stocks like Berkshire, Netflix, or Visa saw today. It was also up 10%, its second best day since launching. So all time highs in ETF world as well.

• 26:22David Hoffman?

  Yeah, you got to appreciate that every single new Bitcoin buyer that bought because of the Bitcoin ETFs are in the green. So that's got to feel good for everyone. We're still kind of waiting for flow data to come in. IBIT, actually, fun fact, always comes in 24 hours after the rest of the Bitcoin ETFs. So when Bitcoin ETFs report their November 6 volumes, the November 6 volume for IBIT comes in on November 7. There's like a little quirk there. On November 6, we had $600 million of net inflows into the collective Bitcoin ETFs, which has actually been, that's a wash, actually, because there's been some outflows over the last four days. So the last like four or five days or so are kind of, you know, a net wash. Same thing with the Ether ETFs. We had $50 million of inflows, which

• 27:04David Hoffman?

  is pretty good for the ETH ETF, but with the November 4 day, we had $63 million of outflows, also a wash. I think we're looking for one more day of data here. So check back in on this next tomorrow, Friday, which is today for the time of listeners. We're still kind of looking for some data post-election.

• 27:22Ryan Sean Adams?

  Okay, here's the biggest thing, the biggest bright spot, I think, for ETH holders on the week is actually the first state pension, the state of Michigan, their pension bought Ether ETF. This is the first one that's been recorded. Michigan owns Ether? Michigan owns Ether. So the state of Michigan filed disclosures that they have new ETH ETF holdings. They bought Grayscale's mini trust. They bought ETH E shares as well. I don't know why they bought ETH E shares, but they bought ETH E shares. And notably, they actually bought more Ether than they did Bitcoin. So they bought some Bitcoin as well, but disproportionately Ether, which is another kind of win in the column for

• 28:03Ryan Sean Adams?

  ETH holders. So Matthew Siegel said that this makes it the fourth and second largest holder of the fund shares, again, the state of Michigan. So maybe some of that institutional demand is like creeping in there for ETH, another bright spot on the week.

• 28:18David Hoffman?

  Interesting, interesting. Going into the world of the total crypto market cap, we are coming in at $2.6 trillion. $2.6 trillion on our way to that three number. 3.5 by the end of the year is the target. That would make me happy. That's the goal. 3.5 by the last week of December. That's what we want. That's what I'm looking for.

• 28:39Ryan Sean Adams?

  We got more market stuff to talk about, including a bunch of tokens that have been on the move. Which tokens?

• 28:45David Hoffman?

  Token movers.

• 28:46Ryan Sean Adams?

  Did it have something to do with fee switches? Is this the beginning of a DeFi renaissance? People are already talking about this because some DeFi tokens caught a bid last week. Also, MicroStrategy is raising another $40 billion to go buy some more Bitcoin.

• 29:00David Hoffman?

  Actually, you can't say another $42 billion because they don't have $42 billion of Bitcoin yet. They're actually looking to triple their amount of Bitcoin with a $42 billion raise, which is insane.

• 29:13Ryan Sean Adams?

  When something's working, you triple down, of course. And also, there is a new stablecoin on the scene, one that could be a competitor, could be the USDC killer? Maybe. We'll see what that means. And we'll talk about this consortium of exchanges that has teamed up against USDC. All this and more, but before we do, we want to thank the sponsors that made this episode possible, including Kraken, our recommended exchange. I hope you're participating in these glorious crypto markets on the week, and I hope you're using Kraken. Kraken Pro Charts are absolutely beautiful, the best place, our recommended place to go exchange your fiat for crypto. Go check it out.

• 29:47David Hoffman?

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• 30:32David Hoffman?

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• 31:12David Hoffman?

  So go ahead and check out DYDX on Twitter at DYDX to get notified once DYDX Unlimited launches. Uniswap Wallet is officially the preferred wallet of bankless. And it's the one we use anytime when we want to transact on chain. Whether you're on your browser or on the go, Uniswap Wallet makes it easier than ever to swap anytime, anywhere. Use your wallet to transfer funds directly from a top centralized exchange and tap in thousands of tokens across the tier. And over 10 other chains like Base, Arbitrum and Optimism. Uniswap Wallet delivers deep liquidity, fast execution and reliable quotes with zero gas swaps through Uniswap X. And when it comes to security, you can rest easy knowing it's backed by Uniswap Labs, one of the most trusted teams in DeFi. Their code is open source and independently reviewed, so you know it's protected. So why wait? Download the Uniswap Wallet today on Chrome, iOS and Android.

• 31:56David Hoffman?

  And don't forget to claim your free uni.eth username directly in the mobile wallet. Start swapping smarter with Uniswap. Movers of the week. Ryan, if you go to CoinGecko and you sort by the biggest 10 day movers, I think there is a very clear story being told. There's, I'll call it three categories. There's meme coins, because meme coins are up on the week. Yep. DeFi tokens are also up on the week. And SEC oppressed tokens are also up on the week. And so what am I talking about? In the SEC oppressed category, we have Kronos, crypto.com, which had a Wells notice. That is up 17% on the week. Uniswap, which is both a DeFi token and an SEC oppressed token, up 15% on the week.

• 32:38Ryan Sean Adams?

  Wow.

• 32:39David Hoffman?

  Dogecoin, up 13% on the week. You gotta hand it to Elon there. Meme coins, Radium, not a meme coin, but like meme coin infra, meme coin marketplace, up 50% of the week. Athena, Lido and Ave. Athena up 40, Lido up 22, Ave up 22% on the week. Aerodrome up 13%, Maker Dow up 13%. DeFi tokens have caught one of its largest bids in years, honestly, just years.

• 33:07Ryan Sean Adams?

  Okay, okay. DeFi tokens catching a bid, which we're going to talk more about. This makes sense to me.

• 33:13David Hoffman?

  This checks out.

• 33:14Ryan Sean Adams?

  This is fundamentals being priced into a market. Like, this makes sense. We'll talk about why that makes sense, but not the only price action catching a bid too. Coinbase stock, the coin price up 30% in one day?

• 33:25David Hoffman?

  Equity, an equity was up 30% in a single day. Coin just started absolutely ripping.

• 33:32Ryan Sean Adams?

  Okay, well, let's talk about DeFi tokens for a second because some people are talking about the DeFi renaissance. So let's recall, DeFi tokens have not really been catching a bid this entire cycle.

• 33:42David Hoffman?

  For years, even before this cycle, yeah. So it's like, honestly, since 2021.

• 33:47Ryan Sean Adams?

  And the criticism of them is that, oh, like, what are these tokens? I mean, sure, these protocols are producing a lot of value, but are these, these DeFi tokens, are they just like worthless governance tokens? Are they just like, kind of like futility tokens? I mean, many of these protocols don't have a fee switch. David, we saw in the aftermath, even this week, proposals to put a fee switch in many of the DeFi tokens, but I'm getting ahead of myself. So we're looking at this article. DeFi tokens jump on hopes that Trump will provide regulatory clarity. Some token names include Lido, Uniswap, Athena, Ave. What's going on here?

• 34:22David Hoffman?

  With the resurgence of DeFi token prices and the very obvious conversation of, well, Gary Gensler is about to get the boot. And we're going to have a pro crypto president who is literally issuing a token on Ethereum for his DeFi protocol.

• 34:36Ryan Sean Adams?

  Yeah.

• 34:36David Hoffman?

  You, you put all these pieces together and you're like, well, like, come on, let's be a little bit more liberal with some of the choices of how our DAOs are structured and governed. Let's, uh, let's capture some revenue. Let's turn on that.

• 34:48Ryan Sean Adams?

  Lean into that a little bit.

• 34:49David Hoffman?

  Let's lean into that. Yeah. Let's, let's turn on the fee switch. Uh, so there's a handful of protocols out there that have a fee switch that is turned off. As in the protocols operating at, at a loss, it's, you know, subsizing growth, uh, but in theory it could make a ton of revenue. Uniswap is the big obvious one of these. The other one, Athena, actually has a proposal to turn on the fee switch. There's a proposal out there for Athena to say, hey, guys, let's capture some of our value. Let's capture some value.

• 35:16Ryan Sean Adams?

  That proposal was, was just, uh, published on November 6th.

• 35:19David Hoffman?

  On November 6th, the proposal was, was created. Uh, and so I think there's some thawing that's potentially happening in the DeFi revenue category. Uh, also interestingly, Morpho has a vote, a proposal that has passed to make the Morpho token transferable. So they've been issuing Morpho tokens to people who are supplying liquidity into the Morpho protocol. Morpho is, is kind of like a, an AVE competitor, uh, but that Morpho token has been given out to people supplying liquidity, but it's been locked. It's just like, you're giving this like inert token, but now the proposal has gone through to turn that transferable, which makes that liquid. Which means we're going to get a market price for Morpho, which is exciting. Congratulations to the Morpho team.

• 35:59David Hoffman?

  Uh, so like, you know, we have a DeFi thawing right now. Like prices are going up, fee switches are turning on, tokens are being issued. It's all happening so quickly.

• 36:06Ryan Sean Adams?

  We can add value to our tokens again. At least we're being less cautious. Like, because is, in your mind, David, is, is the reason that the Uniswap, uh, fee switch not on? And by, by the way, what that would mean is basically, you know, all of the volume that goes through Uniswap, right? Right now, uh, Uniswap, uni token holders don't receive, don't collect proceeds from that, that, um, value because the fee switch is off. It's at 0%. But if they turned it to like, what, you know, 10 basis points or something, which has been discussed, 10, 15 basis points, something like that. Then a portion, that, that amount. Times, all of the volume on Uniswap would be generated in cash, like Ether, some other cash, USDC, something, and directed to the Uniswap UniToken Treasury, right?

• 36:50Ryan Sean Adams?

  And then, from there, it could hypothetically-

• 36:52David Hoffman?

  You can do whatever you want with it.

• 36:53Ryan Sean Adams?

  It could be distributed-

• 36:54David Hoffman?

  Yeah.

• 36:54Ryan Sean Adams?

  Yeah, it could be, it's, it, it looks more like a protocol equity at that point, because you can distribute all of those fees and those proceeds.

• 37:01David Hoffman?

  Which is a trigger word, under the Gary Gensler campaign.

• 37:03Ryan Sean Adams?

  Yeah, but we can say it now, we don't have to whisper it anymore. Is, is this what has been blocking the fee switch on, on tokens like Uniswap? Do you think it's just purely regulatory? We don't want yet another Wells notice? We don't want the SEC kind of like, you know, bringing DAO token holders to court on an individual basis? Do you think this is the reason why there has been no fee switch historically?

• 37:24David Hoffman?

  I don't think this accounts for 100% of the reason, but I do think it's a very large, like, chunk of the reason. There's the issue of like the equity versus token misalignment, and VC investors misalignment with a token. But VCs might have been using like the regulatory landscape, the hostile regulatory landscape, as an excuse. And so that excuse is gone now. Well, there's, we're entering new territory here, so we kind of have to see. Overall, I would say, I've been calling this like the middle of the market hollowing over the last two years, because Gary Gensler and the SEC campaign and just the hostile 2.2.0 and just hostile regulatory environment has hollowed out the middle of the market and put a lot of value into Bitcoin, which has no regulatory concerns, and then a lot of value into meme coins-

• 38:07Ryan Sean Adams?

  Exactly.

• 38:08David Hoffman?

  Which also have no regulatory concerns. But if you are trying to be a project founder, a token founder, and provide value and create value in your token, then you're getting just the cudgel of the SEC. And so the middle of the market has had this hollowing out that I'm hoping is restored, because that is where a lot of the growth from crypto comes from.

• 38:28Ryan Sean Adams?

  I completely agree with you. I mean, we, we saw this in the early days of, you know, Compound, in the initial DeFi summer of 2020, right? This idea of a protocol network revenue, right? And the idea of a, a token behind a protocol network being a form of network equity that generates cash flows, and it being sort of an equity-type instrument. I feel like I don't have to whisper that anymore because the reason you can't say equity is because Gary Gensler is like, oh, did you say equity?

• 38:54David Hoffman?

  Did you say equity?

• 38:55Ryan Sean Adams?

  That's mine. Where's your 10K filing? Yeah, here's a Wells notice for even like speaking the words. And some of that is now gone. We'll have to see how this shakes out, but I think that's what the market is largely reacting to.

• 39:06David Hoffman?

  Okay, so that is all of the crypto markets. We're going to zoom out now and Ryan's going to walk us through the Fed. Ryan, what's going on with the Fed?

• 39:13Ryan Sean Adams?

  Yeah, so apparently today, at the time of recording, we don't know whether the Fed has indeed cut rates, but everyone is projecting that they will cut rates by another 25 basis points. That's priced in basically in the FOMC meeting. Another cut is expected by markets in December. So I think Bankless listeners should know by now what Powell has done, but that's the anticipation at the time of recording. He's basically said, I'm going to stay apolitical. The Fed is independent. We're just sticking to the plan. Election outcomes don't matter to me. We're going to stick to the plan of continuing to cut rates. So that's going on, which means easy money type policy.

• 39:52Ryan Sean Adams?

  Also, David, in China, there is a lot of money printing that is expected. We have Arthur Hayes in the podcast who kind of walks through the Chinese real estate property bubble. And the stimulus outcome that he anticipates on the back of this that could range into the 1.4 trillion dollar range. That could be starting to come into play soon. So we got the Fed with easy money. We've got China with massive projected stimulus. That looks like that's going to be a money cannon. And then you have regulatory tailwinds in our favor, which is what we've been talking about for the entire first half of this episode. So you have the Fed, you have China, the summary's got to be bullish crypto because we now have regulatory wins in our favor as well.

• 40:36Ryan Sean Adams?

  All this feels like it could be a good end to the year and a fantastic setup for 2025.

• 40:42David Hoffman?

  Ryan, you know, who else is trying to get into the printing game?

• 40:45Ryan Sean Adams?

  Who's that? Are you launching a coin, David?

• 40:47David Hoffman?

  I'm not launching a coin. MicroStrategy plans to just print more MicroStrategy stock in order to raise $42 billion to buy more Bitcoin. Ryan, pop quiz, how much Bitcoin does MicroStrategy currently have?

• 41:02Ryan Sean Adams?

  It can't be 42 billion. What does he have, like 1% of all Bitcoin? So whatever the multiple is on that. Does he have 1%?

• 41:09David Hoffman?

  He has 1.2% of Bitcoins.

• 41:11Ryan Sean Adams?

  1.2%.

• 41:11David Hoffman?

  Which is clocking him in at $19 billion of Bitcoin. He would like 42 more billion dollars of Bitcoin.

• 41:22Ryan Sean Adams?

  We say him, but of course it's MicroStrategy holders of which, you know, like Michael Saylor, of course, is kind of like...

• 41:28David Hoffman?

  Is the chief holder of.

• 41:30Ryan Sean Adams?

  Wow, that's a lot.

• 41:31David Hoffman?

  That's a lot of Bitcoin. This actually happened last week, but we did the roll up a day early last week. So he plans to raise this over the next three years in the so-called 2121 Plan. Consists of $21 billion of equity raises and $21 billion of debt offerings in order to raise what comes to $42 billion to buy more Bitcoin.

• 41:54Ryan Sean Adams?

  He just loves it. Can't get enough Bitcoin.

• 41:56David Hoffman?

  Honestly, like, how can you compete with that? Bitcoin just has this like infinite bid from MicroStrategy. And for some reason, he can just make more money out of thin air. How does he do this?

• 42:08Ryan Sean Adams?

  Yeah, it's pretty smart. I mean, there are a few business models like this, like in crypto, that work so well. One is the MicroStrategy thing that Michael Saylor is pulling. The other is Tether, where they're just like printing money on like the spread between their stablecoin and the interest rates. I mean, these are pretty good crypto businesses. That won't last forever, but you gotta get them now.

• 42:30David Hoffman?

  Like, this is leverage, though, and I don't know how much, how it's possible for him to have so much debt and just get more debt. He just keeps on getting more debt.

• 42:40Ryan Sean Adams?

  It just totally works as long as Bitcoin is going up. We just said at the top of this episode, four years, is Bitcoin gonna be higher or lower, David?

• 42:47David Hoffman?

  Yeah.

• 42:48Ryan Sean Adams?

  So if it's going higher, then there's no way he can't make money.

• 42:52David Hoffman?

  I mean, I wish I had just, so I don't even know what MicroStrategy, sell software? I wish I had some just generic company.

• 42:58Ryan Sean Adams?

  You wish you had a public, we could take a bankless public, it could be a media company, and all it does is just like buys ETH.

• 43:08David Hoffman?

  Wait, could we do that?

• 43:09Ryan Sean Adams?

  Yeah, we totally could.

• 43:11David Hoffman?

  Why haven't we done that?

• 43:14Ryan Sean Adams?

  It's a lot of work, dude.

• 43:17David Hoffman?

  All right, we'll take that, we'll talk about that offline.

• 43:21David Hoffman?

  The Global Dollar Stablecoin Network, introducing this, a brand-new network, stablecoin network, trying to compete with USDC, I think that's the implied premise here. But it's like a collection of different institutions, Anchorage, Bullish, Galaxy, Kraken, Paxos, and Robinhood are all teaming up to issue USDG, the Global Dollar Stablecoin Network, trying to take on USDC with one secret trick up their sleeve.

• 43:50Ryan Sean Adams?

  What's the trick?

• 43:51David Hoffman?

  What's the trick? That they can think that they can take and penetrate the USDC market, which is, just like how you said with Tether, Ryan, like the Tether company issues Tether, the dollar stablecoin with no yield gives out to the market, they take all of that money, they put it into treasuries, they collect the yield of the treasuries. Circle does the same exact thing, it's the same business model for Circle.

• 44:10Ryan Sean Adams?

  Right.

• 44:11David Hoffman?

  The Global Dollar Network is providing a solution where partners, people who are issuing the global dollar, can receive 100% of the yields generated by the assets that prop up USDG.

• 44:26Ryan Sean Adams?

  Ah.

• 44:26David Hoffman?

  And so, they are opening up the ability to issue USDG. I'm assuming you have to like, join the consortium, it's not permissionless, but if you're an institution, then you could be like, let in and you could issue the USDG. And then, for the share of USDG that you issue, you get a pro-rata kickback of all the yields generated by the treasuries.

• 44:48Ryan Sean Adams?

  Okay, so it's like this consortium trying to compete with USDC and Circle, and so I guess if you're like, Robinhood, you'd be more incented to do trading pairs on the Robinhood app in this new, like, global dollar network, stablecoin, because, why? Because you get a portion of all of the interest, like, proceeds on that.

• 45:08David Hoffman?

  Yeah, you become a part-owner of the network for all of the activity of USDG that you create.

• 45:13Ryan Sean Adams?

  Yeah, whereas with USDC, you wouldn't, you know, you don't get that cut.

• 45:16David Hoffman?

  You're just beholden to Circle and Coin.

• 45:18Ryan Sean Adams?

  I mean, that makes sense.

• 45:19David Hoffman?

  Makes sense.

• 45:19Ryan Sean Adams?

  Yeah, here it is. It just doesn't imply that users of this USDG will actually get any interest.

• 45:27David Hoffman?

  Neither, in either case, users get nothing.

• 45:29Ryan Sean Adams?

  Because that would be a security.

• 45:31David Hoffman?

  Because that's an illegal, if you either Circle or USDG sent the yields from the Treasuries over to the users of the stablecoins, that would be a security, so you can't have it.

• 45:42Ryan Sean Adams?

  Even if Gary Gensler's out, we can't have it, David? I thought we'd get all the things now.

• 45:46David Hoffman?

  We would still need some, like, reform of the SEC in order to do that.

• 45:49Ryan Sean Adams?

  All right. What do we have coming up?

• 45:51David Hoffman?

  Coming up next, a brand-new competitor to BlackRock's Buildal Fund has entered Ethereum's block space, which $3.5 trillion asset manager is the issuer and what is it issuing? Base, the chain, has shipped fraud proofs, so Ethereum's Layer 2s are continuing to mature. And also, DevCon is happening next week, right after this rollup. I'm getting on a flight. So what to expect out of Ethereum's biggest conference, all of that and more. But first, I'm going to talk about some of these fantastic sponsors that make this show possible. New projects are coming online to the Mantle Layer 2 every single week. Why is this happening? Maybe it's because Mantle has been on the frontier of Layer 2 design architecture since it first started building Mantle DA, powered by technology from EigenDA. Maybe it's because users are coming on to the Mantle Layer 2 to capture some of the highest yields available in DeFi and to automatically receive the points and tokens

• 46:36David Hoffman?

  being accrued by the $3 billion Mantle Treasury in the Mantle Rewards Station. Maybe it's because the Mantle team is one of the most helpful teams to build with, giving you grants, liquidity support, and venture partners to help bootstrap your Mantle application. Maybe it's all of these reasons all put together. So if you're a dev and you want to build on one of the best foundations in crypto, or you're a user looking to claim some ownership on Mantle's DeFi apps, click the link in the show notes to getting started with Mantle. Radically simple ideas always tend to catch on. That's why Cartesi did the hard work of putting Linux on chain, so that building the apps can be radically simple by using Python or JavaScript and their suite of libraries. Simple, like not rebuilding the basics from scratch. Simple, like dedicated scalable compute for your DApp. Simple, like building DApps however you want.

• 47:20David Hoffman?

  Web 3 should be simple, too, like bread and butter. Cartesi brings radically simple solutions to Ethereum, so developers can do what they do best: build. Go ahead and discover a flexible modular stack on Cartesi and build your most powerful, ambitious project yet. Visit cartesi.io/simple and simplify your blockchain journey and start building today. The Arbitrum Portal is your one-stop hub to entering the Ethereum ecosystem. With over 800 apps, Arbitrum offers something for everyone. Dive into the epicenter of DeFi, where advanced trading, lending, and staking platforms are redefining how we interact with money. Explore Arbitrum's rapidly growing gaming hub from immersed role-playing games,

• 48:00David Hoffman?

  fast-paced fantasy MMOs, to casual luck battle mobile games. Move assets effortlessly between chains and access the ecosystem with ease via Arbitrum's expansive network of bridges and on-ramps. Step into Arbitrum's flourishing NFT and creator space, where artists, collectors, and social converge and support your favorite streamers all on-chain. Find new and trending apps and learn how to earn rewards across the Arbitrum ecosystem with limited-time campaigns from your favorite projects. Empower your future with Arbitrum. Visit portal.arbitrum.io to find out what's next on your Web3 journey.

• 48:36David Hoffman?

  And we're back. UBS is launching a tokenized money market fund on Ethereum. What is UBS? It's a $3.5 trillion asset manager financial services company, one of the largest private banks in the world. They are launching U-Mint, which is UBS USD Money Market Investment Fund Token on Ethereum. That's a mouthful. It didn't disclose what financial instruments make up this fund, but I think you could imagine something comparable to BlackRock's Build Fund. It's probably denominated in dollar and it probably gives you yield.

• 49:10Ryan Sean Adams?

  This is so cool. Remember when BlackRock did this? We said, the take was basically, okay, this is BlackRock opening up a money market branch, bank branch on Ethereum? This is exactly what UBS is now doing. So this is going to be their UBS money market, bank branch on Ethereum, where you put in stablecoins, you get treasuries on the other side, and it all kind of works in smart contracts. Very bullish, I think, for Ethereum the network. That happened last week and like people were barely talking about it because of everything else that was going on, but. This is very long-term bullish. We should check in on tokenized treasuries because look at this, David. This is a tokenized treasury since, I guess, the beginning of 2023, where there were effectively zero.

• 49:51Ryan Sean Adams?

  And now they are just under 2.5 billion on-chain.

• 49:56David Hoffman?

  And that is growing quickly.

• 49:57Ryan Sean Adams?

  This has grown far faster than stablecoins have in like this sector. Of course, it's still far lower. But like tokenized treasuries are becoming a thing on-chain.

• 50:07David Hoffman?

  Yeah. $3 billion of total tokenized real-world assets, growing 4% in the last 30 days. This is definitely harder to grow than stablecoins because there's just a more diverse set. There's just non-fungible, like a lot of different.

• 50:21Ryan Sean Adams?

  More regulatory crap.

• 50:22David Hoffman?

  Yeah. Yeah. But nonetheless, the flow is inevitable. Everything is coming on-chain. Base. Base shipped fault proofs, so anyone can now participate in submitting a fault proof to Base. This is now permissionless. Fault proofs have two important capabilities. Permissionless proposals and permissionless challenges. Base now has both of those. And this almost gets them to stage one. They are not quite there. They need to set up a security council, which is, I mean, relatively trivial. That's not a technical challenge. And then also, its contracts are currently still instantly upgradable. So once a security council comes in, and then also, once they have like a seven-day delay

• 51:04David Hoffman?

  on the upgradable contracts, then Base will become stage one. And I would say like, both of those are not engineering challenges. Both of those are just like technical implementations.

• 51:13Ryan Sean Adams?

  Yeah, almost like social and technical implementations.

• 51:16David Hoffman?

  Yes, social implementations.

• 51:17Ryan Sean Adams?

  And that means, by the way, Vitalik can talk about them next year. Remember, he said, "I'm not going to talk about your rollup unless it's stage one, starting in 2025." So I guess maybe he'll soon be able to talk about Base. The other stage one L2s right now are Arbitrum One, OP Mainnet, also the old legacy ZK Sync Lite.

• 51:34David Hoffman?

  For those paying attention to Roman Storm, one of the developers of Tornado Cash, his trial has been delayed until April.

• 51:43David Hoffman?

  So that's the update there.

• 51:44Ryan Sean Adams?

  Well, that'll be post-Trump, you coming to office.

• 51:47David Hoffman?

  Interesting, interesting. Will that change anything?

• 51:50Ryan Sean Adams?

  I don't know. The DOJ is so separate. I don't think it changes anything, but I mean, if you're freeing Ross, I don't know.

• 51:58David Hoffman?

  That's a little bit of a hail Mary, but it's a little bit of a hail Mary.

• 52:02Ryan Sean Adams?

  Yeah, hail Mary. Okay, David, you are getting ready to board a flight to Bangkok.

• 52:07David Hoffman?

  That's right.

• 52:07Ryan Sean Adams?

  You are going to DevCon. What's happening at DevCon?

• 52:11David Hoffman?

  DevCon, it is Ethereum's largest conference. One of the largest conferences, other than Bitcoin Conference. It's probably the second largest conference. It happens all over the world.

• 52:21Ryan Sean Adams?

  It's like sold out, right? I mean, it's doing well.

• 52:22David Hoffman?

  Yes, yeah, yeah. It was one of the most attended. Yeah, like I said, one of the most attended. It stands for Developer Conference, so it's like more on the technical side of things, but everyone in Ethereum goes. Last year it happened in Bogota, Colombia. This time it's happening in Bangkok, Thailand. I've never been to Asia, so I'm about to get on this goddamn 17-hour flight.

• 52:43Ryan Sean Adams?

  What's the feel of this conference, like versus others you've been to? Is it kind of technical? Is it kind of nerdy?

• 52:49David Hoffman?

  It's techno-optimist, for sure techno-optimist. It is nerdy. It is very nerdy. I mean, last year we were talking about like roll up decentralization. This was 18 months ago. A lot of like public goods funding type of things, identity. It's definitely one of the more... It's the largest and most nerdy Ethereum conference. I mean, it's one of the... It's the one of two conferences organized by the Ethereum Foundation. The other one being...

• 53:14Ryan Sean Adams?

  So it's like EFE. It's kind of researchy.

• 53:17David Hoffman?

  Yeah.

• 53:18Ryan Sean Adams?

  But like, there's lots of side events, so a lot of the apps and L2s will be there as well. Like, everybody in Ethereum kind of shows up?

• 53:23David Hoffman?

  Yeah, it's kind of like an Ethereum Dirt Festival, so I'm gonna be at home.

• 53:27Ryan Sean Adams?

  And Bankless Summit is also happening on the Saturday after DevCon, so did we just roll out the agenda for Bankless Summit?

• 53:36David Hoffman?

  We did. So Bankless Summit is gonna be where DevCon is mostly technical. Bankless Summit is gonna be more like TED Talks presentations. TED Talks for Ethereum, much less technical. And also, ETH Asset has historically not had too much presence in content terms at DevCon.

• 53:55Ryan Sean Adams?

  Yeah, ETH does it, does it?

• 53:56David Hoffman?

  No, they don't. They do not pump it. The last Bogota DevCon, the only talk about Ether, the asset, was given by Justin Drake on the main stage, and the whole rest of the conference had nothing. So... The Bankless Summit is the unofficial Ether the Asset Track is what I'm calling it.

• 54:12Ryan Sean Adams?

  Yeah.

• 54:13David Hoffman?

  Also in

• 54:13Ryan Sean Adams?

  It's an ETH's Money Conference, isn't it?

• 54:15David Hoffman?

  ETH's Money Conference, yeah. But we also have dissenters, dissenters like Max Resnick and Eric Wall. Eric Wall's talk title is called Going Bankrupt on Ethereum. How the Rollup Centric Roadmap Bankrupts My First Company.

• 54:26Ryan Sean Adams?

  Boo.

• 54:27David Hoffman?

  But it's gonna be entertaining. It's gonna be great. M Team from Spire is talking about based rollups and ETH value accrual. Mike Norders talking about, his talk title is called The Ticker of ETH. The ticker is ETH. Yeah, it's gonna be, it's gonna be pretty great. So, listener, if you are not a Bankless citizen, Community30 will get you 30% off the Bankless Summit. If you are a Bankless citizen, you will get 75% off with a code that is in the Bankless Summit Discord channel or on the perks page. But that is not all for conferences, Ryan, because Permissionless 4 just got announced.

• 54:58Ryan Sean Adams?

  Wow.

• 54:58David Hoffman?

  Where is it gonna be?

• 55:00Ryan Sean Adams?

  USA.

• 55:00David Hoffman?

  Where is it gonna be?

• 55:01Ryan Sean Adams?

  USA.

• 55:02David Hoffman?

  Well, it's always in the United States. It is in Brooklyn, which means I don't have to go anywhere and you have to come here.

• 55:08Ryan Sean Adams?

  Man, that feels like a David Hoffman bribe there. How'd you get that done, huh?

• 55:13David Hoffman?

  Well, both Mike and Yano from Blockworks are also Brooklyn natives. So actually, you're the only one who's not.

• 55:20Ryan Sean Adams?

  That's, it's just, it's just a simple train ride away, though. I love it.

• 55:23David Hoffman?

  Yeah, you don't, you don't have to take a plane.

• 55:24Ryan Sean Adams?

  I'm very happy about Brooklyn. That's fantastic.

• 55:26David Hoffman?

  Permissionless is the United States Conference. Actually, like, there's, all the other New York conferences have just left. Contensus now in Austin.

• 55:34Ryan Sean Adams?

  Oops.

• 55:35David Hoffman?

  Shouldn't have done that. Permissionless just taking the free real estate. That is New York. Especially when the pendulum shifts back into the United States because of our much more favorable regulatory environment. That's definitely coming. That's gonna be pretty hot. This is in June of 2025, so mark your calendars.

• 55:51Ryan Sean Adams?

  June 2025. All right, there we go. Big week, all-time high week, lots going on as usual. Gotta end with this, of course. You know crypto is risky. You could lose what you put in, but we are headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the Bankless journey. Thanks a lot.