ROLLUP: 4th Week of November

BLACK FRIDAY DEAL: GET LEDGERS for 40% OFF! 🔥🔥🔥https://bankless.cc/ledger 🚀 SUBSCRIBE TO NEWSLETTER: http://bankless.substack.com/ ✊ STARTING GUIDE BANKLESS: https://bit.ly/37Q17uI ❤️ JOIN PRIVATE DISCORD: https://bit.ly/2UVI10O 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 👕 BUY BANKLESS TEE: https://merch.banklesshq.com/ ----- GO BANKLESS WITH THESE SPONSOR TOOLS: ⭐️LEDGER - 40% OFF LEDGERS THIS WK ONLY! 🔥🔥🔥 https://bankless.cc/ledger 🚀 ZERION - INVEST IN DEFI FROM ONE PLACE (download it now!) https://bankless.cc/zerion 💳 MONOLITH - GET THE HOLY GRAIL OF BANKLESS VISA CARDS https://bankless.cc/monolith 🤖YEARN - YIELD-SEEKING MONEY ROBOT THAT FARMS DEFI FOR YOU http://bankless.cc/yearn ------ ROLLUP: 4th Week of November 🦃 (MARKET) What’s the Market saying? BTC Price - Touched previous ATH - BTC on Ethereum - Down 200 to 151,700 - Frontpage of Wall Street Journal (https://twitter.com/blockfolio/status/1330887985181679619?s=20) - Jim Creamer tweets about Bitcoin https://twitter.com/jimcramer/status/1331246721637167108?s=20 ETH Price - $600 - Almost 734k ETH in the deposit contract https://launchpad.ethereum.org/ TVL in DeFi - 14.1B, up from 13.4B DPI Price - $104 to $108 Spencer Noon: 8 Signs We’re in a new $ETH Bull Market https://twitter.com/spencernoon/status/1331638662573027333?s=20 (RELEASES) What got released? Deriswap, From Andre Cronje https://andrecronje.medium.com/deriswap-capital-efficient-swaps-futures-options-and-loans-ea424b24a41c Daily Gwei Ecosystem from Anthony Sassano https://thedailygwei.substack.com/p/turbocharging-the-daily-gwei-123 Slingshot https://slingshot.finance/ - Rebrand from DEX. AG DeFi Database https://defidatabase.info/ - Exactly what the title suggests. Database of all DeFi projects/endeavours Jeff Coleman ETH2 Tweet thread https://twitter.com/technocrypto/status/1330150362427387910 (NEWS) What’s in the news? BlackRock CIO says Bitcoin will replace gold https://cointelegraph.com/news/blackrock-cio-says-bitcoin-will-take-the-place-of-gold-to-a-large-extent Coindesk suspending all margin trading due to regulators https://www.coindesk.com/coinbase-ends-margin-trading Office of Comptroller messaging that banks need to service legal, but unfavorable, industries (thats crypto) https://twitter.com/msantoriESQ/status/1329898854242603012?s=20 Bitcoin Suisse deposited $100k of ETH into the deposit contract (https://www.trustnodes.com/2020/11/21/bitcoin-suisse-to-deposit-nearly-100000-eth-to-ethereum-2-0) - Demand for staking-as-a-service providers - Strong signals that the staking industry is going to be BIG MAP OF STAKING OPTIONS - https://twitter.com/Philiff/status/1331088361579180036/photo/1 (TAKES) What’s on your mind? David Bankless wasn’t here in 2017 Ethereum media wasn’t a thing in 2017 Ryan Retail isn’t here yet (https://twitter.com/RyanSAdams/status/1331233516722528261?s=20) (https://twitter.com/lawmaster/status/1331163575205965824?s=27) ONRAMPS...our pipe to absorb capital is easily 10x INSTITUTIONS: Futures, CME, Options, Custody... FinTech is going to betray the banks and flood into crypto (top 5 crypto apps) inTech is going to betray the banks and onboard the world to crypto and the banks don't even see it coming Venmo, Robinhood, Square, PayPal These have turned into crypto apps The banks are legacy ledgers Crypto is the future What are you excited about? David This time, it’s different Ethereum will respond completely differently this bull market. We are all going to be humbled by what Ethereum becomes this bull-cycle. Rapid change happens in bull markets. The people that come into this space now are a significantly different co-hort than the people that pay attention to this industry 24/7/365 Ethereum is similarly a different thing than in was in 2017. DeFi wasn’t a thing in 2017 DeFi hasn’t seen a bull market. No DeFi app has seen a bull market. There is about to be some CHURN (Ryan) The community… Crypto isn’t a single player game. Community came together to launch Eth2. Incredible people Thank some of those incredible people who helped me Andreas Chris Burninske Karl Floresch ------ Don't stop at the video! Subscribe to the Bankless newsletter program http://bankless.substack.com/ Visit the official Bankless website for resources http://banklesshq.com/ Follow Bankless on Twitter https://twitter.com/BanklessHQ Follow Ryan on Twitter https://twitter.com/ryansadams Follow David on Twitter https://twitter.com/TrustlessState ----- 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 we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case.

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

• 0:00David Hoffman?

  Guys, the next sponsor is Ledger and Ledger is running a 40% off Black Friday week sale. So if you haven't gotten your Ledger yet, you are in luck. For the week of the 23rd through the 30th, you can get 40% off of all Ledgers on the Ledger website. So if you are still using a hot wallet or you're just looking to get a backup, maybe for a multi-sig or just for some more redundancy, now is the time to go get that Ledger. There's a link in the show notes that can get you that 40% off Black Friday deal. If you want to live a bankless life, you need to get a hardware wallet. There is no alternative for storing your crypto in a self-sovereign fashion.

• 0:40David Hoffman?

  That's why I have four Ledgers that I use to manage my different crypto assets using the Ledger Live account as well. Ledger Live is like your home base for managing your Ethereum, DeFi, and crypto accounts. It does a really good job of aggregating all of your different Ethereum wallets if you are the type of person that uses more than one. But you can also add other cryptocurrencies like Bitcoin or Cosmos or whatever your preferred blockchain is. And then it will display an aggregate portfolio of all your accounts at the main page. One thing that Ledger is doing a really good job of is enabling all the money verbs that me and Ryan talked about with the Bankless Skill Cube enabled in the Ledger Live app. So right now in the Ledger Live app, you can buy, sell, lend, swap, and stake your crypto assets,

• 1:25David Hoffman?

  which is doing a really good job of fulfilling all of the money verbs in the Bankless Skill Cube. Something that's new to Ledger Live is Ledger Swap, where you can swap assets one for another directly inside the Ledger Live application, ensuring trustlessness in your financial activity on Ethereum and on Bitcoin. If you want to learn more about what you can do with a Ledger, go to the blog post "The Power of Ledger Live" on the Ledger website, where they share some of the more advanced things that you can do with your Ledger that you might not have known about. There's a link in the show notes that will take you to the Ledger shop where you can get your preferred Ledger hardware wallets. I personally like the Ledger Nano X, but I also have both. They're both great options.

• 2:06David Hoffman?

  When you own a Ledger, you own your own assets in the way that they have been designed to be held by the user and the user alone. So go get your Ledger today to make sure that you are as self-sovereign as possible. The Bankless State of the Nations are brought to you by Wyarn. Wyarn is DeFi's first self-building, community-run project, which I just get really, really excited about. Wyarn is a system that seeks out yield in DeFi, and it does that in a number of different ways. A very aggressive way is with the vaults, where you can deposit your preferred asset of choice, and different DeFi experts will come in and generate a strategy for what to do with your deposited token.

• 2:47David Hoffman?

  And so it'll go find ways to get yield in that deposited token in DeFi. For those who want to just earn yield on their stablecoins, the Earn system is for you, where you can deposit your preferred stablecoin, and Wyarn will go and figure out which money market on DeFi in DeFi is producing the best interest rate, whether it's DYDX, it's Compound, or AVE. It looks around DeFi to see where the yield is coming from, and it directs stablecoins automatically, so you don't have to. Check them out at wyarn.finance to get started, and also check out the stats page to see what other people are doing as well.

• 3:21Ryan Sean Adams?

  Bankless Nation, happy Thursday morning. We're coming at you a day early because it is Thanksgiving edition of our weekly roll-up. Happy Thanksgiving, David. How you doing, man?

• 3:31David Hoffman?

  It's a turkey roll-up this week. Glad you guys are here. Hope you guys are having a fantastic Thanksgiving, and we are ready to get this roll-up underway. Going to go through five topics, get it injected right into your brain. First, we're talking about the markets. What are the markets saying? Five minutes for that. Then we're going to go into releases. What got released this last week? Five minutes for that. What's in the news? Five minutes for that. And then we go into what's on your mind and what are you excited about? Five minutes each. Ryan, are you ready to roll up this week?

• 4:05Ryan Sean Adams?

  I am super ready, guys. Grab a drumstick, grab your morning coffee. It's time to roll up. As a reminder, this usually comes at you on Fridays on YouTube. You can catch it live with the visuals. You also get it on the podcast. We're doing it Thursday, special today, and I am ready. Let's get started, David, with the market. What is the market telling us this week, my friend? Let's open these Bitcoin charts and see what's going on here.

• 4:29David Hoffman?

  Bitcoin is at eighteen thousand and eight hundred dollars. It's been poking around nineteen thousand, the low nineteen thousands, the high eighteen thousands, really flirting with all time highs. So that's just an absolutely exciting thing to see with Bitcoin. Ether is at five hundred and eighty dollars. It got up to six hundred and twenty dollars earlier. So both of these assets are really into uncharted territories with regards to their previous levels.

• 4:54Ryan Sean Adams?

  Yeah, it's been a long time coming for ETH. Last week when we were talking Bitcoin had that big run up. And now this week, from then till now, it was ETH's turn. Let's talk about Bitcoin on Ethereum because that continues to run up as well. Although it might be down a little bit from a previous week. It's up in terms of total value probably, but down a little bit in terms of Bitcoin.

• 5:15David Hoffman?

  Yeah, it's, we, last week it was a hundred and fifty one thousand nine hundred and it's a hundred and fifty one thousand eight hundred. I do think that it's interesting to see that that number go down. I never really, I always kind of thought that it would be easier for that number to go up. But going down by a hundred is kind of inconsequential. If you look at that chart, it's still just perpetually up and to the right.

• 5:33Ryan Sean Adams?

  Pretty much flat from week to week. Okay, let's talk a little bit about some mainstream coverage of Bitcoin. It's starting to get attention and this will rapidly increase, especially as we exceed all time high, which we assume is just a matter of weeks at this point in time. This is the Wall Street Journal. Price of one Bitcoin made the front page of the Wall Street Journal. They have a nice little price chart here. You know, it's like they're getting the mass media FOMO engines running, right?

• 6:01David Hoffman?

  Yeah, absolutely. And if you think about the perspective of somebody who was paying attention to Bitcoin back in 2017, they saw a twenty thousand dollar price tag. And for people that aren't in the Bitcoin world that compare that twenty thousand dollar price tag to that ten thousand dollar price tag that was just present in Bitcoin roughly four to five weeks ago. Ten thousand looks really just like inconsequential. It's like Bitcoin's never coming back to life. It's not ever coming back to twenty thousand. And then all of a sudden, there's four or five weeks later, it's back at twenty thousand, right? And so this is, this is where people are, realize that you, wow, once again Bitcoin is not dead and it's past all time highs. So this is when we start accumulating new people who are interested in Bitcoin.

• 6:39Ryan Sean Adams?

  And for those of you who tune in and listen to people like Jim Crainer Kramer on CNBC, he tweeted this out, "It is not too late for Bitcoin. Great alternative to gold," which I've always believed in. Oh, yes. Jim Crainer has always been a huge crypto believer. I think this is an example of one of those individuals in mass media who is just like, obviously sees the trend a little bit before it happened. Definitely not in the bear market, but a little bit before it happened. He's sort of planting that seed out there, but he's somebody that financial folks listen to from time to time.

• 7:12David Hoffman?

  Yeah, I mean, he's very entertaining and he's the intersection of finance and entertainment. And so like, you know, just another way for Bitcoin to have exposure to eyes that don't usually see Bitcoin.

• 7:23Ryan Sean Adams?

  Yeah, absolutely. And as you said earlier, the big story is ETH this week, jumping from, wow, the 400s all the way to 620, I believe it had something to that effect. And now it's as we're recording this around 580. You know, does the staking contract have anything to do with that, David? We're about to talk to Vitalik in just a little bit, but the big news is we are going to launch ETH 2 because enough ETH was deposited in the ETH 2 staking contract to make that happen on December 1. Does that have anything to do with price?

• 7:58David Hoffman?

  You know, if you ask me, what is the most bullish scenario to come out of the ETH 2, it would have been exactly what happened, right? We blew the limit out of the water. We got there at the earliest possible day, which is December 1. And then in addition to that 525,000 minimum that we needed, we got 200,000 more Ether than what we needed. However, I don't think it was impactful on the price. I don't think that people's trading Ether and making the price discovery happen actually are paying attention that much to Ethereum 2.0. So maybe there was like a little bit of price action, but not something that you could extrapolate from the noise, from the price run from 470 to 620. I think that was going to happen regardless. And I think that that was just, it was Ether's

• 8:41David Hoffman?

  valuable, that valuable. That's a fair valuation for Ether. And, and so I don't, I actually think that this was not reflective in the price.

• 8:49Ryan Sean Adams?

  Definitely a big moment for the Ethereum's who've been watching this the entire time, though. DeFi, the DeFi numbers total locked value is about flat this week, but we're approaching that 15 billion number of total value locked. It seems astounding to say 15 billion, but that's, that's what we're looking at pretty crazy here. We also have the DeFi Pulse Index, which is an index of DeFi tokens. That's gone up a little bit this week from 104 to 108. So it's kind of hanging there. Really, the story has been ETH's big run over the past week. And let's pull up this, this tweet from, from Spencer Noon, our friend who talks about eight signs that we've entered an ETH bull market.

• 9:31Ryan Sean Adams?

  We should go through these super quick, David, but what are the eight signs that Spencer's pointing out that we've entered a new ETH bull market here?

• 9:41David Hoffman?

  Yeah, the first one is the number of daily active addresses. This is a pretty safe metric to see the trend for unique people that are using Ethereum. The trend is up and to the right. We're flirting with all time highs of 500,000 daily active addresses. So that, that's, that's a really big number. And so that, that's up and to the right. You want to take number two, Ryan?

• 10:02Ryan Sean Adams?

  Bank accounts, absolutely. That's what those are. Every ETH address is a bank account. Ethereum is also dwarfing everything else in terms of average fees paid. This was not the case in 2017. It's distinct. It's different. At that point in time, Bitcoin was dominating, but Ethereum block space is now the MVP, the most valuable block space. And it's looking pretty good from a productive asset perspective, when you think of Ether as an internet bond as well. Why don't you take number three?

• 10:29David Hoffman?

  Yeah, number three, the gas being used on a daily basis. So 8 billion gas is now being used. What that means is that the network is being used at its maximum capacity. Gas being used on a daily basis or a time unit basis is just a measure of how underload Ethereum is. The more gas being spent, the more transactions and more, you know, complex transactions that Ethereum is doing. It's at an all time high, you know?

• 10:54Ryan Sean Adams?

  We've got 16. Number four, we've got 16 billion in stable. Coins issued on Ethereum. I don't think we have to go into that detail. It's been a theme on bankless. It's been parabolic since the beginning of the year. So that is huge. All those crypto dollars are on Ethereum. Why don't you take five?

• 11:13David Hoffman?

  Yeah, according to Dune Analytics, we are basically at 1 million total DeFi users, which is up 10x from the start of this year. And we're just getting started.

• 11:22Ryan Sean Adams?

  David, I like to compare these two cities. Now we are a major American metropolis. We've gone from like a few city size of, you know, 100,000 and now we're in the the major metropolis area. Definitely huge growth there. Okay, number six, I'm trying to load it here. Okay, there's now 14 billion total locked in DeFi. We already talked about that. Number seven, all of the Bitcoin on Ethereum. There's 150k now. We report on that on a weekly basis. Why don't you take this last one? Number eight?

• 11:55David Hoffman?

  Yeah, Dexes. Dexes have done over $20 billion in volume over the last 30 days, meaning that the entirety of this entire year, we've seen 86 billion in this this last year and 20 billion of that is over the last 30 days. So Dexes are in and they're going to be really hot, especially in a bull market where people like to trade and speculate.

• 12:16Ryan Sean Adams?

  Guys, that is the market. Let's talk releases. What got released last week? Can you explain this one to me, David? I know you've got a fantastic video with Andre from Wire and YFI about it. But what is the TLDR on Dara Swap, this new project that he's working on?

• 12:32David Hoffman?

  Yeah, if you want to learn more about this, check out the bankless YouTube. I did a quick interview with Andre to get down into the details about what this is. Andre is obsessed with making things capital efficient on Ethereum. And one thing that he is definitely not doing is staying within the confines of traditional finance tools and instruments. And he's trying to take like three or four different instruments and see if he can slap them all together into one single contract. And so Dara Swap is a swaps like Uniswap, it's loans like Compound and Ave, it's options like like Deribit, which doesn't really actually have a DeFi correlate at the moment. That's something that's lacking in the DeFi world and and then also futures, which is the same thing as options, but just with a time delay on it. And so Andrew has the

• 13:15David Hoffman?

  thing that he calls Dara Swap that is just all these things all at once. So when that gets a, you know, slapped up onto a website with the front end, I'm really excited to tinker around with that.

• 13:23Ryan Sean Adams?

  Is this all going in the wire and ecosystem? Is this all part of YFI? Somebody asked me how to get exposure to Andre's brilliance around a Dara swap. How do they get that exposure?

• 13:33David Hoffman?

  Yeah, so there's no token, so it's not, to my knowledge, or maybe there, I don't think there needs to be ever. And so it's not something that's investable. As an application, it is something that YFI could tap into and utilize. Because what Andre, after Andre, you know, was done working on, on wire, not that he's done, but he's building out like hubs, spokes away from Wi-Fi that make urine more useful, right? And so this is a place that makes wire more useful. Wire can find healed here.

• 14:01Ryan Sean Adams?

  Last question, because I think this is big ETA. When's that shipping, David?

• 14:06David Hoffman?

  Well, I'm assuming the contracts are up on main net. When is the actual project up and running? No clue.

• 14:11Ryan Sean Adams?

  Okay, all right, let's go to our friend Anthony Sassano, the Daily Gway. So Anthony is a repeat guest and visitor. What's Anthony doing?

• 14:20David Hoffman?

  Yeah, so he's always on the Daily Gway, which is a daily newsletter, which talks about like the subject of the day and kind of distills and analyzes it for you. Anthony is like into the source code of Ethereum, both on a technical level and on a media level. And so when he analyzes something, it's almost always the correct take. It's always the correct take. I've never seen a bad take out of Anthony. He's doubling down on the Daily Gway ecosystem. He's going to do daily video recaps. He's going to build tutorials. He's just really into the idea of like capturing all the people that come into this space confused and then educating them. And so I think that's going to be a really valuable thing for the Ethereum community and then the Ethereum ecosystem. We need more knowledge people. We need more people spreading out knowledge. And Anthony's, I'm sure Anthony's going to do a great job with that.

• 15:05Ryan Sean Adams?

  Absolutely. Friend of Bankless. If you like Bankless, you're going to like Anthony's stuff. So connect with the Daily Gway. All right, this DeFi database, I'll just, I'll just mention it, great resource that someone came up with. But there are hundreds of projects in here. If you're looking for a project, just an index of some project you've heard of, but you don't know the link, you, we will include a link to the DeFi database in the show notes. You can click here, you can find a project. It is astounding, David, to see the vast number of DeFi projects that have just seemingly popped out of nowhere. Like, I can't keep track of them, you know? Like, it's impossible for us to keep track of them at this point in time. Pretty amazing stuff. You want to tell us about-

• 15:43David Hoffman?

  Really glad that that effort is happening before the bull market. So that's a really useful website.

• 15:47Ryan Sean Adams?

  Absolutely. All right. You want to tell us about Slingshot?

• 15:50David Hoffman?

  Yeah, Slingshot is the rebrand from Dex Ag coming out of the Concourse Open Team. That's Scott Lewis over at DeFi Pulse, really just a big friend of Ethereum, big friend of DeFi. And I'm really excited to see this Slingshot. This Dex Ag, for those that haven't used it, it's like a Dex aggregator. And like I said, they're rebranding to Slingshot. I'm assuming that there's going to be some spiffy new features coming out of this release. Check them out at slingshot.finance. It's a pretty spiffy looking website. And it's kind of a UX or a brand identity that I think is like really cutting edge. And I think would be really attractive to all these new people who are trying to come into this sci-fi world of DeFi. So nice job, Scott and Chad and everyone at Concourse Open.

• 16:31Ryan Sean Adams?

  I love the branding and Slingshot guys just raised a whole bunch of money. So I think they're putting it into this. It's going to be like one inch, if you're familiar with that. It will be like that, maybe with some enhancements to pretty exciting stuff. Hey, last thing we got to touch on, just on the releases side, is of course, proof of stake is released. But the question on everyone's mind is, why the heck did it take so long? Our friend Jeff Coleman put together a fantastic tweet thread on this, but what's the TLDR on this tweet thread, David?

• 17:02David Hoffman?

  Yeah, the TLDR is that proof of stake is hard. And the reason why it's taken so long is because Ethereum didn't cut any corners. It did it right. It did it methodically. It didn't rush anything. The whole like move fast and break thing ethos of Ethereum is totally just wrong. And so like Jeff Coleman kind of gives the historical account of just like the process of developing proof of stake Ethereum. If you are just, and the reason why we're talking about this right now is just, it's a really good resource to get up to speed with what happened over the last three years in proof of stake. So if you just want to know a little bit about the history of Ethereum, Jeff Coleman summarizes this really, really well in this thread.

• 17:37Ryan Sean Adams?

  I'm involved in other ecosystems too and other chains that have talked about proof of stake for a pretty long time. But what, like the money line here is basically all of these other proof of stake chains are doing something that's more akin to delegated proof of stake, right? So this is not like delegated proof of stake is not anything new. You have a small Of permission validators. ETH2 is doing something completely different. It's launching with already 16,000 validators. That's never been done before in these numbers. So doing proof of stake is easy. Doing it in a decentralized way, which is what Ethereum is trying to accomplish, very hard. That's why it took so long, but we're here now, right at the very beginning. Exciting stuff.

• 18:20David Hoffman?

  Because of the efforts that Jeff is talking about, we all get to stake at home. And that's, that's why we get to say on the bankless program, it's your patriotic duty to stake. You don't have that duty in delegated proof of stake. That's not a thing.

• 18:32Ryan Sean Adams?

  No, you can just outsource that duty to someone else. All right, let's talk news. News is always exciting these days. Let's start with BlackRock CIO. So BlackRock, for people don't know, managed eight trillion in assets. This managed like all the world's assets. There's a few other Renaissance technologies. We talked to Nick Carter about this, but the CIO, something you would have never heard in 2017. That's why this bull run is different. Jeff said Bitcoin will take the place of gold to a large extent. Bitcoin will take the place of gold to a large extent. Can you imagine that in like 2015 or even 2017? This is crazy.

• 19:10David Hoffman?

  Yeah, and this is just indicative of Bitcoin is just becoming more mature, more financialized, much more of an accepted asset. Like people that thought it was rat poison in 2017 are starting to come around to it in 2020. And again, like the 2020 was a year that kind of blindsided everyone. And so I actually think as a just an ability to be adopted, the threshold for adopting Bitcoin is just lower. Like, you know, it's 2020, like all bets are off.

• 19:34Ryan Sean Adams?

  Yep, absolutely. All right, so something else that's happening, we always talk about this is a recurring theme of government in crypto. Coinbase, a crypto bank, as we call them, is suspending all margin trading operation tomorrow. This feels like it's to get on the good side of the CFTC, right? Like, what's your take on this, this action? They just recently opened margin trading. Now the bull runs here and they're closing it. Why else would they be doing this?

• 20:00David Hoffman?

  Yeah, Coinbase wants to offend the nation state, not at all. And it does everything crosses, crosses all the Ts. All the eyes. So when when the regulators come and say something Coinbase follows. And this is just the burden and of crypto banks of legacy institutions. And this is not something that you would see on DeFi. This is the opposite of DeFi. So let it be known that, you know, margin trading on DeFi is up and running. And margin trading on all crypto banks or USA crypto banks have been paused. Right. And so if you want to margin trade your Bitcoin, you've got to come to a DeFi or go to some offshore exchange.

• 20:37Ryan Sean Adams?

  Absolutely. It always is the case that if you present some surface area as a centralized crypto bank does, you're going to have to interact with regulators. And this is the case. By the way, I don't think it's all bad that Coinbase plus regulators are interaction. They do a lot of work on the lobby side of things to push the nation state in favor of crypto. So that is definitely a benefit. And I think Brian Armstrong and team are doing some good work here. Here's another maybe outcome of some of that crypto industry pushing in. The US Office of the Comptroller of Currency just proposed a rule prohibiting large banks from something they've been doing for a very long time through regulators, which is basically disfavoring certain industries.

• 21:21David Hoffman?

  Right.

• 21:21Ryan Sean Adams?

  So if you are, say, in the marijuana industry, you can't open a bank account. For instance, if you're in crypto, I've gotten kicked out of crypto, like banks. I've gotten kicked out of banks. Bank of America sent me a Dear John letter one time because I had a

• 21:38Ryan Sean Adams?

  a transfer from Coinbase to my B of A account. They shut me down. They just said, we don't do anything with crypto. Sorry. See you later. And Office of Comptroller is saying, sorry, you can't do that anymore. Everyone has an opportunity. There should be no disfavored industries. What's your take here?

• 21:58David Hoffman?

  Yeah, this is really good. I think just for society, like if you are in a legal, but perhaps

• 22:05David Hoffman?

  stigmatized industry, banks still have to serve you regardless of the stigma. And we ran into this at Realty where PayPal kicked us off the platform. For, I mean, they didn't actually say why, but like these reasons obvious because we're doing stuff in crypto. And that's just like, that's just BS. Like, no, the marijuana industry, like you said, the crypto industry, like the hell, the porn industry, like all these things are like stigmatized, but should be offering banking services. So this is actually something that is like, nice job, nation state. Like you got it right. Good job.

• 22:34Ryan Sean Adams?

  This is Coinbase's influence too. I mean, they are getting people like this. I think like this industry, they're getting people like this in these positions where they can do things like that. Okay.

• 22:43David Hoffman?

  The long term, the implications of this is that new companies, new startups can access banking services, which is really important. It's really bullish on innovation in the space.

• 22:53Ryan Sean Adams?

  Absolutely. The banks are also, this is our next news item here, the banks are also entering ETH staking apparently. So Bitcoin Suisse is depositing almost 100 ETH, 100k ETH, 100,000 ETH into ETH 2.0. They've already done that, I believe, almost all of it at this point in time. What's your, what's your take there?

• 23:13David Hoffman?

  My, my take here is this, this is just indicative of the gargantuan industry that centralized staking as a service providers will be. That is going to be a massive industry. There's just the, the, the demand to just charge fees on staking is just going to be so high. So, you know, competition's good for the consumer.

• 23:31Ryan Sean Adams?

  It's interesting because it's, it's not something you can do with your Bitcoin. You can't turn it into a, an internet bond. So this is definitely going to be like a big industry.

• 23:40David Hoffman?

  Entire industry is based around solely Ether, the asset.

• 23:45Ryan Sean Adams?

  We're going to include a link to, I think, was Staking Rewards put this out as a super useful table. So you can get a sense as a consumer of what the end destination options are going to be to stake your ETH, right? The top is these custodians and exchanges. That's the crypto bank option, but that's only like one of, you know, six different options here. You could also do a lending platform. We talked to Liquid Stake about that. We are super bullish about staking pools, particularly ones like Rocket Pool that aim to be decentralized. Also, there's validator as a service solutions where you're just paying for infrastructure, but you're not giving up your private keys. That's a fantastic option as well.

• 24:23Ryan Sean Adams?

  There are pre-configured validator nodes, hardware. We wrote a guide on the best hardware that you can buy, like DAP node and Avato. You can just buy it in a box and stake from home. And then of course, you can run your own validator nodes in the cloud. So just because the crypto banks want a piece of this, doesn't mean you as a consumer aren't going to have this slew of options available, which is super exciting because I do think we're going to see a mix of both centralized and decentralized. People running in like big data centers and people running from home, staking providers is something you don't see in these other proof of stake networks.

• 24:59David Hoffman?

  Yep, yep.

• 25:00Ryan Sean Adams?

  David? You ready to talk about what's on your mind?

• 25:03David Hoffman?

  Yeah, I've got stuff on my mind. Looking for the front page of DeFi, look no further than zerion.io. Zerion is your home base for managing your DeFi portfolios. Zerion offers a central place for you to engage with all of the DeFi protocols and assets that you engage with on a daily basis, but all in one central spot. Here you can see I've loaded up a wallet and Zerion is giving me the portfolio performance of all the assets in this wallet over time, as well as a breakdown of all the assets that I own, as well as all of my transaction history that I've ever done in an easy to view fashion. Zerion also lets you invest right into DeFi's best yielding financial opportunities right from their homepage.

• 25:46David Hoffman?

  Zerion also makes it super easy to access interest in DeFi using applications like Compound and Aave in the background. And you can also exchange your assets using the Zerion app, using an exchange aggregator in the background to make sure that you always get the best rates. You can even use the Zerion mobile wallet to add your MetaMask or Argent or another Ethereum address right into your mobile wallet. So you can see your portfolio and engage in DeFi on the go. Here I just loaded up my Argent wallet and now I'm going to load up my MetaMask as well. And Zerion will do the same thing. It will add all of my assets and wallets together, all in one space and give me a portfolio summary of what's going on. Adding wallets is trivially easy.

• 26:27David Hoffman?

  If you already have a MetaMask, you can get it right into the Zerion app and it can sync with your desktop app as well. And the best part is you can also buy Ether right into the app itself. Use the Invest tab to look at all the things that you have invested in, as well as other opportunities. And coming soon to the Zerion app is the ability to buy and sell your assets straight from your mobile device as well. So download the app, it works on iOS and Android. Go to zerion.io, plug in your wallets and get a historical report of your portfolio over time, as well as a comprehensive breakdown of all the assets that you own and how much yield they're generating for you. We're also brought to you by Monolith. Monolith is your cool new DeFi account, your DeFi savings account, your DeFi checking account.

• 27:12David Hoffman?

  Except the cool thing about the Monolith DeFi account is that it gets software updates, right? You actually get to increase the usefulness of this over time. So here are some of the features. Monolith is a smart contract wallet with a lot of the features that you would expect if you've come to know DeFi and what it is. You can, you can add money to it. You can put that money to work in Compound and accessing yield. But you can, and you can also swap through Uniswap. What was cool with Monolith is that they will send you a very sexy Monolith Visa card that connects to your smart Monolith smart contract wallet on Ethereum. So it's a really awesome tool to live a bankless life with a savings account that gets software updates. So this is something that you're never going to find out in the real world,

• 27:56David Hoffman?

  but you can still do real world things with, you know, real money and like buy your groceries. So that's just fantastic. Coming soon to Monolith, actually already here to Monolith is now you can buy, die and get it sent to your wallet directly, right? So it's also being an on-ramp. So you don't have to go through your centralized exchange like Coinbase or Gemini or wherever. You can just go straight from your bank account, right into your Monolith checking account, smart contract wallet. So check them out at monolith.xyz. I've got stuff on my mind. All right, what's on your mind? So the theme, I guess of this week is that this bull market is different, right? This bull market is new, there are new dynamics, there are new things to consider.

• 28:37David Hoffman?

  One of those new things is Ethereum media, also bankless, like mainly bankless. Bankless wasn't here last bull run. Like we're putting out like three or four videos a day, like two podcasts a week, like we have a daily newsletter. None of that was here in 2017. And like when I was getting into Ethereum, learning was hard. Like that was a hard thing to do. And like not, not only with Bankless, but with Anthony's Daily Gway and ETH Hub, both of those things weren't around in 2017. DeFi Dad's Yield TV, not around in 2017. Like Ethereum media wasn't around in 2017. And that would have been really useful for learning. And so I'm kind of really optimistic. Mystic and just excited to see like what happens when you have a bull market when Ethereum

• 29:18David Hoffman?

  media is a thing, right? And so listeners, viewers, when people see a, when you see a question, when your friend has a question, just know, like, remember how hard that was for you to get into crypto and do your duty and send them to this source that is helpful. Like, people get, people will get lost in the wrong rabbit hole, in the wrong YouTuber, and then that's how they end up investing in XRP. Do us a favor, do your friends a favor, like, send them to Bankless. We want them. We will, we will get them on the right path.

• 29:50Ryan Sean Adams?

  We will nurture them on their journey. And like David said, we're not stopping. We're just getting started here. So more content, more participation from the community. I'm super excited about that, too, David. You're right. It was completely bleak. There was nothing, just a bunch of technical documents back in 2017 to wrap your mind around. We're trying to make this stuff easy.

• 30:10David Hoffman?

  Remember white papers?

• 30:12Ryan Sean Adams?

  Too many white papers.

• 30:13David Hoffman?

  Too many white papers.

• 30:14Ryan Sean Adams?

  It was terrible. A terrible time in history.

• 30:17David Hoffman?

  Ryan, what's on your mind?

• 30:18Ryan Sean Adams?

  You know what? One thing that's on my mind is this bull market is just getting started, and I don't think retail is even here yet, right? So most of the, the, the price increase that we've seen has just been, I think, this is my sense of things, bulls doubling down and institutions getting in. Coinmetrics has a convincing article about this where they're sort of dissecting who holds the Bitcoin and like how folks are entering the space. And they seem to indicate to you that retail hasn't even entered the party yet. So what happens when retail enters? Here's another, here's another graph from Larry from The Block, who is looking at

• 31:04Ryan Sean Adams?

  this indicator of retail mania. This is an indicator of, of weekly follows of Twitter accounts. And you can see over here in 2017, weekly follows of Twitter accounts for Binance and Coinbase were just off the charts. People are like, how do I get crypto? Oh, like, I'm gonna follow Binance, I just opened an account, completely off the charts. Right now, what's happening? We're seeing price increase, almost all time high Bitcoin, massive price increase for ETH this week. But there's no Twitter activity following. It's pretty flat for Binance and Coinbase. I don't think retail has entered the game at all. I think this has mainly been institutional demand and current bull demand. So that all begs the question, David, what do you think's gonna happen when retail enters the game?

• 31:47David Hoffman?

  When retail's finally here, we are seeing signs of retail coming, like the first, people are starting to download TikTok because tokens are being shelled in TikTok right now and I'm getting

• 31:57Ryan Sean Adams?

  Oh god, I don't even know, is there TikTok to it?

• 32:01David Hoffman?

  There's going to be, yeah, there's TikTok like investments, right? And so imagine what happens when you mix together zoomers, TikTok and illiquid shitcoins that pump 100X.

• 32:12Ryan Sean Adams?

  It sounds, it sounds terrible, to be honest.

• 32:15David Hoffman?

  That's what's ahead of us.

• 32:16Ryan Sean Adams?

  Okay, should we be on TikTok?

• 32:18David Hoffman?

  We are not going on TikTok.

• 32:20Ryan Sean Adams?

  Oh my god, guys, Bankless Nation, you tell us if we should be on TikTok and David and I, no, we'll get somebody to go on TikTok.

• 32:28David Hoffman?

  If you want to run the Bankless TikTok, let us know.

• 32:32Ryan Sean Adams?

  Yes, please. Alright, um, you know, I've got another take too, not only one, but two takes. Okay, so this is about onramps and it's kind of Nick Carter in our conversation with him earlier this week, sort of like inspired this. But the first I want to talk about two onramps, the first is institutional onramps, okay? Like think of onramps, the ability to move from liquidity from traditional fiat assets or stocks, those sorts of things that exist in legacy finance to crypto, that's like a pipe, right? And the pipe was like this, it was like this small in 2017, very narrow pipe. It was like a, you know, a 14K modem or something like that, right? It's like we were, we were not, we didn't have broadband, but now the pipe has like 10X increased, right?

• 33:16Ryan Sean Adams?

  So now we got a big pipe, a big thick pipe, we got a floodgate, right? And this is true in institutions, how do we know this? Like we talked to Nick about, now we have futures, CME volumes at all time high, these are regulated futures. We have options, we have crypto banks providing customers. Right? So the pipe to institutions is this much bigger. It's like, no wonder institutions like the CIO of BlackRock are becoming bullish. Because last cycle, they didn't want to be bullish on crypto because they couldn't buy any of it.

• 33:46David Hoffman?

  Right.

• 33:47Ryan Sean Adams?

  Like, these asset managers are smart. They're not going to start shilling an asset until they actually have a position in that asset. Well, now they can get a position. That's why you're hearing Paul Tudor Jones talk about it, not talk smack about it, because he's owned some, right? They're all bag holders just like us. Let's be honest, okay? So that's the first pipe that's gotten bigger. You know, the second pipe that's gotten bigger, David, is the pipe to retail, which hasn't even opened up yet. So here's what I see happening is fintech is going to totally betray the banks. Okay, and they're going to start building on crypto rails, right? If you take a look at, these are the top five apps right now in the finance category. I think this is like iTunes or something, right?

• 34:31David Hoffman?

  I'm going to read this. That's Cash App, number one, PayPal App, number two, Venmo App, number three, Robinhood, number four, Coinbase, number five.

• 34:38Ryan Sean Adams?

  Guess what they have in common, David Hoffman?

• 34:40David Hoffman?

  They are all, if not now, then later, they are all onboarding ramps for crypto.

• 34:46Ryan Sean Adams?

  All of them, every single one. So the only one that's not right now is Venmo, and that's coming in Q1 2021. All right, so what happened here? These are all fintech apps. Fintech has spent the last 10 years completely optimizing user interface. Because like you go into your Wells Fargo account online, it sucks. It's a terrible user interface. But you go into something like Venmo, hey, they have an app, it's super easy for friends. Robinhood, like, it's an easy place to trade, it's very millennial friendly, the UX is fantastic. Fintech does that really well. Guess what? They've built on crypto banks so far on that, or, excuse me, they've built on traditional banks so far on that infrastructure. But what's happening?

• 35:26Ryan Sean Adams?

  They're slowly bifurcating. They're starting to enable pathways and bridges to crypto. Well, what happens when they completely abandon the traditional bank legacy infrastructure? And they go completely into crypto. I don't think the banks are ready for that. But that's going to be the team up of fintech plus crypto is going to eat the world. Fintech UX on top, backed by crypto, backend, database, money, infrastructure, DeFi protocols, protocol sync thesis.

• 36:00David Hoffman?

  Yeah, you know, this image just bleeds protocol sync thesis because after number five Coinbase, there's number six Zelle, number seven Chase, and number eight Capital One, like huge losers to all the companies that integrated crypto. Like, you know, no one, no one wants your stupid banking app. Give me the app that lets me buy crypto.

• 36:20Ryan Sean Adams?

  Totally. It's inevitable. They're just falling into the trap. So it's playing out like just as, you know, we might, we might predict that's going to take time. It's not, but like, again, back to that bandwidth, the pipelines. So we saw the institutional pipeline 10x. Well, the retail pipeline has, has 10xed and we're not even seeing it active yet. But I think we will sometime in this bull cycle.

• 36:40David Hoffman?

  That's exactly right. And Nick Carter on our video with him on the Bankless YouTube, which everyone should go watch. He talks about all these different pipes that are built. And the important thing is, is the, the title of this piece was called nine Bitcoin metrics that are at all times highs. Not only are the pipes built, but they're just being used at maximum capacity at the same time. So like, it's not, there's not, there's just that the option is available. The option's available and being used.

• 37:04Ryan Sean Adams?

  Well, I think they're being used, like they're being used at more capacity than they've ever been used, but their capacity for even more is like increased, right? I think CME can do another 5x, another 10x at some point.

• 37:16David Hoffman?

  I'm sure of it. I'm sure of it.

• 37:18Ryan Sean Adams?

  What are you most excited about? Let's, let's spend the last few minutes here, my friend.

• 37:22David Hoffman?

  Keeping on the theme, I am most excited about how unique that this bull market is going to be for Ethereum specifically. We've already talked about how like, you know, Ethereum Media hasn't seen a bull market. Like that's, that's cool. That's going to be new. But you know what else hasn't seen a bull market? DeFi. DeFi hasn't seen a bull market. Like Maker Dow is contracts got deployed in Ethereum in December of 2017, which was the peak bull market. And only like 100 people started using Maker Dow. Uniswap didn't come around until 2018 or 19. Compound didn't come around until 2018. Aave wasn't a thing until 2019. Like the, the protocols that have all of the money in them that are responsible for that 14 billion locked in DeFi,

• 38:05David Hoffman?

  none of them have seen a bull market. The, the number of $14 billion in DeFi, that number hasn't seen a bull market, right? We haven't seen a bull market with applications on Ethereum that collect capital, right? Last bull market, capital came in, bought some ICOs, tried to make some money, then they left. In this bull market, like we have sinks, we have, we have basins for value to go to Ethereum and then collect at the bottom of these basins. And those basins are like you can swap like Maker Dow, things that attract capital. And then, and then there's reasons to stay. There's reasons to settle on Ethereum, right? And so they're just going to get lured into the ecosystem and then they're going to stay there. And then they're going to become bankless. And that's just, that's what I see ahead of us. And that's what gets me real riled up.

• 38:48Ryan Sean Adams?

  It's all been a trap this whole time. You know, what Tyler Winklevoss tweeted right before we're recording here?

• 38:55David Hoffman?

  Yeah, yeah, he tweeted, yeah, go for it.

• 38:57Ryan Sean Adams?

  Yeah, I'm gonna read this quote. This Ethereum ETH bull run is different. You know, I got a notice, like Tyler Winklevoss, one of the Winklevoss twins, of course, he got a bit more bullish after, am I imagining things or did he get more bullish after our show with him in June of this year, where we talked about DeFi and ETH? I don't know if this is a little bit like, I don't want to take credit for this tweet. We shouldn't take credit for his tweet, but let's also take credit for this tweet.

• 39:22David Hoffman?

  We're taking credit for it because that's exactly what we were hammering on in this week's State of the Nation. So I'm pretty sure Tyler Winklevoss watched the Ethereum side of the bullish part of the State of the Nation.

• 39:32Ryan Sean Adams?

  Well, we know he's a listener. Tyler, if you are listening right now, nice tweet, my friend. We think it's different too. Keep them coming. Very exciting times.

• 39:41David Hoffman?

  All right, Ryan, what are you excited about?

• 39:43Ryan Sean Adams?

  You know, I'm excited about, I think this goes back to what you were saying is really the community coming together. People forget crypto, for all the self sovereignty that we talk about, all of that's true, but crypto is not a single player game. Like, we need a whole community to come around this. Almost everything that we do in crypto is, is social, from agreeing to consensus on what money that we use to like auditing DeFi contract protocols. And you know what we saw in the last week is the crypto community coming together to really launch ETH 2, right? Part of the, the social layer, the investors, kind of the, the meme layer, the media layer that you were talking about, but also the, the engineers and the developers and the brilliant people who

• 40:26Ryan Sean Adams?

  Actually built this stuff and spent the last five years thinking through a decentralized way to do proof of stake. So this is like the community coming together and you know what, because it's Thanksgiving, David. I'm like thankful for that. Like that's the one thing about crypto that I am most thankful for. I'm thankful also for people in the community who helped me along the journey. So today, six years ago today is when I first, like I'd heard about Bitcoin, I'd heard about crypto. But this is when I first jumped down the rabbit hole. I had some extra time, like holidays, right? Like you're hanging with your family, but like you're, you know, pursuing your hobbies.

• 41:07Ryan Sean Adams?

  And I read stuff from Andreas. I watched his talks. I watched some documentaries. Later on, I started getting to Chris Burninske. I mean, these are folks who left a breadcrumb trail for me. And I just want like, thanks. Like, thanks for doing that, guys. Like, thanks, Andreas. Thanks, Chris Burninske, a close personal friend of mine, Jeff. He was running miners in his basement. He told me about this weird crypto thing and those people set me off on this journey. And I'm thankful for that. I'm thankful for this community and I'm thankful for that. Who are you thankful for? Do you have anybody that you're like, really inspired you to start?

• 41:44David Hoffman?

  Yeah, I guess I have to give a tip of my hat to Carl Flors, who he didn't, he didn't. He was somebody I discovered after discovering crypto. I kind of discovered crypto on my own. But one of the first people I discovered that was truly helpful for me was Carl Flors. And his cryptoeconomics.study website, that's when I, when I was like battling between like, do I go off to physical therapy school and/or do I like figure out how to get a job in Ethereum? It was, it was just the ethos and energy and vibes that Carl Flors exuded that I, that I thought he was just representative of Ethereum at large. And so I actually haven't spoken to him about this, but he's like one of my big inspirations for like, you know,

• 42:29David Hoffman?

  Ethereum as a culture I resonate with and Ethereum as a technology I also resonate with. And I see that represented by Carl. So Carl, thanks.

• 42:39Ryan Sean Adams?

  We gotta get Carl on the show. Talk about optimism. That's what he's working on right now. And he is an optimistic fellow, that is for sure. Lots of energy. All right, David? We've taken a little bit of time over, but I think that is it. Oh, last thing I'm excited about is Black Friday deals. Maybe we'll see a few in crypto, but we've got the Ledger deal going on right now, 40% off a Ledger. And I like that shirt you're wearing, David. What's that? That feels like it's going to Black Friday deal too. Tell us about that.

• 43:06David Hoffman?

  The BAP zero shirt, the the sale period, whatever we're calling the sale period wraps up the day after Thanksgiving. So for those who don't know what we're talking about, there's a balancer pool that is a weighted between dye and this token called BAP, BAP zero, BAP Bankless Apparel Season Zero. You purchase the token, you burn the token, you get a sick t-shirt, the one I'm wearing right now. And the cool thing about this balancer pool was that over a one month long period, the weights changed. And so it started heavyweight BAP token, lightweight dye, and then it flipped. And that's kind of like a reverse Dutch auction. So price goes down over time, it goes up when people sell, up when people buy, down when people sell, like Uniswap. And a day after tomorrow, day after Thanksgiving is the last

• 43:48David Hoffman?

  day prices changed. And so it turns into a fixed 9010 Uniswap type pool. And so if you are interested in buying BAPs, know that the prices stop changing the day after Thanksgiving.

• 44:00Ryan Sean Adams?

  And they've never been cheaper. I don't know.

• 44:01David Hoffman?

  $333 right now. They've been a little bit.

• 44:04Ryan Sean Adams?

  Okay, so they went up. Okay, so they, I saw them drop below 200, but you got to keep monitoring that, guys. All right, that's it, everyone. Happy Thanksgiving. Enjoy the time with your family if you guys are doing that. And of course, if they ask about crypto, you know what to say. You know where to send them.

• 44:23David Hoffman?

  Wait, whoa, whoa, whoa, whoa. You, listener, you are bringing up crypto. You are bringing it up. That is your duty. That is the action item that we are giving you with. Bring up Ethereum, bring up the crypto culture. People, people need to be informed.

• 44:38Ryan Sean Adams?

  Yeah, at least we're, at least we're, you know, your t-shirt or something, bankless tea. Get them to ask, you know, make it subtle, whatever, whatever your style is. Guys, thanks so much for joining us for the weekly roll up. This has been a blast. Recent disclaimers, none of this is financial advice. ETH, DeFi, Bitcoin, they're all super risky, but we are glad you're with us. This is the frontier. It's not for everyone, but thanks for joining us.