ROLLUP: SBF 25 Years | Coinbase vs. SEC | Blobs Demand | Blast Controversy

Bankless Friday Weekly Rollup Last Week of March, 2024 ------ 🖼️ NFTFi Borrow ETH or USDC with an NFT at https://bankless.cc/NFTFi_pod Check their rewards program at: https://bankless.cc/NFTfi_rewards_pod ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2 ⁠ 🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo 🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 💸 CRYPTO TAX CALCULATOR | USE CODE BANK30 https://bankless.cc/CTC 🦄 UNISWAP | SWAP SMARTER https://bankless.cc/uniswap ------ TIMESTAMPS & RESOURCES 0:00 Intro 3:45 BTC ETF https://dune.com/hildobby/btc-etfs https://x.com/WatcherGuru/status/1773069643923570968 https://twitter.com/ki_young_ju/status/1772916778621919490 7:28 ETH ETF Update https://twitter.com/WatcherGuru/status/1772999593577390172 https://x.com/CraigSalm/status/1772360837094691302 https://x.com/EricBalchunas/status/1772372601098162624 https://dune.com/21co/tokenization-government-securities 13:00 L2 Update https://x.com/RyanSAdams/status/1772721673541747099 14:30 BASE TVL: https://l2beat.com/scaling/projects/base https://x.com/Uniswap/status/1773375430285799546 https://x.com/MSilb7/status/1770621672237720001 https://www.growthepie.xyz/chains/base https://x.com/0x_Osprey/status/1773044075802849391 https://imgur.com/8GiwM4e https://x.com/base/status/1772767382362055097 https://twitter.com/jessepollak/status/1773085753850925073 https://x.com/jessepollak/status/1773099759235993725 https://twitter.com/maxbranzburg/status/1772716138499039612 https://twitter.com/hildobby_/status/1772775087562764791 https://x.com/TrustlessState/status/1772736730623332673 23:45 Markets https://twitter.com/TimmerFidelity/status/1772645291088388128 https://twitter.com/BrantlyMillegan/status/1772314510088409382 29:50 Blob demand skyrocketing - is it too much for Ethereum to handle? https://twitter.com/nero_eth/status/1771198600405463531 https://x.com/hildobby_/status/1773036022726627795 https://imgur.com/M8N9Plt https://x.com/ercwl/status/1773152515875340704 https://x.com/Data_Always/status/1773056653664940219 https://x.com/terencechain/status/1773123126202601942 https://x.com/peter_szilagyi/status/1773158997446557930 https://x.com/TrustlessState/status/1773160352479392107 38:23 Blast Controversy - Rollback the chain? https://twitter.com/PopPunkOnChain/status/1772746208047518025 https://twitter.com/zachxbt/status/1772843238539325947 https://twitter.com/0xquit/status/1772751865467596823 https://x.com/ercwl/status/1772781474867011752 https://x.com/_munchables_/status/1772846122236862789 https://x.com/PacmanBlur/status/1772871466935013701 https://twitter.com/nearisbuilding/status/1772866110733287466 https://twitter.com/jchervinsky/status/1772970536441713001 46:10 SBF Sentenced to 25 years https://x.com/innercitypress/status/1773376299626574125 https://blockworks.co/news/sam-bankman-fried-sentenced https://x.com/innercitypress/status/1773347397181092141 https://x.com/innercitypress/status/1773349731638394936 https://x.com/TrustlessState/status/1773358297308868973 https://x.com/crypto_bobby/status/1773358858678816783 https://x.com/Dogetoshi/status/1773370058892271763 53:57 Ethena is launching its token! https://twitter.com/ethena_labs/status/1773077170132320626 https://www.bankless.com/airdrop-hunter 55:23 Google integrated ENS into search! https://warpcast.com/sassal.eth/0x36e35d26 https://twitter.com/RyanSAdams/status/1773076211947765921 56:57 Did Coinbase lose to the SEC? https://x.com/RyanSAdams/status/1772984052653478333 https://x.com/iampaulgrewal/status/1772993916146479193 https://x.com/iampaulgrewal/status/1772993916146479193 https://twitter.com/jchervinsky/status/1772999508462309511 58:49 CFTC vs KuCoin https://www.coindesk.com/business/2024/03/26/crypto-exchange-kucoin-violated-anti-money-laundering-laws-us-charges/ https://twitter.com/jchervinsky/status/1772666739995595007 59:50 Kraken Financial, a state-chartered bank, is live! https://twitter.com/davidlripley/status/1770952985411301724 1:00:37 Raises and BVC Investments https://x.com/build_on_bob/status/1773020961597452634 https://twitter.com/SuccinctLabs/status/1770843544388771914 1:02:41 MEME of the Week https://twitter.com/liamihorne/status/1772363988757561474 1:03:23 Closing & Disclaimers 1:03:33 Moment of Zen https://x.com/outttoforderrr/status/1773020500060512767 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠ https://www.bankless.com/disclosures%E2%81%A0

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

• 0:00Ryan Sean Adams?

  I'm glad it's over. It's done. We don't have to talk about it anymore. Is this the last weekly rollup for Sam Bankman-Fried? I hope so.

• 0:06David Hoffman?

  It could be. It very well could be.

• 0:13Ryan Sean Adams?

  Bankless Nation, it is your Friday weekly rollup and the last one of March 2024. What do we got for him, David?

• 0:19David Hoffman?

  Blobs trying to take down the Ethereum Layer 1. Why? Why are they doing this to us? We also got base fees moving up. That's base the chain, not base fees. I thought Layer 2s were cheap now. What the hell is going on? Over $100 transaction fees who were just seen on base in this last week. Also, North Korea is back. A $62 million exploit on a BLAST app leads to an existential crisis about whether or not BLAST is centralized. Ryan, what else we got?

• 0:45Ryan Sean Adams?

  You said they're back, but I don't think North Korea ever left, David. That's the problem we have here.

• 0:49David Hoffman?

  No, the bull market is that back, and now North Korea is back with us.

• 0:52Ryan Sean Adams?

  You know who else is here, though. This time Larry Fink is here, okay? And he racked up some more wins this week. We're gonna talk about that. Also, he weighed in on the Ethereum ETF. I want to tell you what he said, David. And Coinbase is moving more of their stuff from their private ledger to on-chain, so we'll talk about that.

• 1:10David Hoffman?

  Athena announces their token, one of the most hyped token drops recently. Also, probably the biggest news of the week, SBF gets sentenced. So we actually know how many years SBF is going to be sentenced in jail. How many? We'll let you know.

• 1:23Ryan Sean Adams?

  Years or decades, David?

• 1:25David Hoffman?

  Decades. Decades.

• 1:26Ryan Sean Adams?

  Okay, that's a tease.

• 1:28David Hoffman?

  Yikes. And then probably the most hilarious moment of Zen that you all have ever heard on the Bankless Weekly Rollup or ever in crypto. Probably the funniest skit is at the end of this podcast. So thanks for joining us here. We're gonna cover the entire weekly news in crypto. But first, we're gonna talk to our friends and sponsors over at NFT5, one of the most battle-tested and secure lending protocols for your NFTs. It's on-chain, it's trustless, it's peer-to-peer, all the things that we enjoy. ETH, USDC, or DIE, pick your currency of choice. You can put up your NFTs as collateral and get some extra liquidity on your NFTs without giving them away. There's no auto-liquidation risk, so as long as you repay, you get your asset back.

• 2:08David Hoffman?

  There are points available to you. NFT5 wants to know that they want to give you some points, so you can click the link in the show notes to go to NFT5 and discover some of the points that they want you to get.

• 2:19Ryan Sean Adams?

  David, it's like a pawn shop for your NFTs. A whole digital pawn shop, you know, you take it in. I would do this, except I don't have any NFTs that have any valuable value.

• 2:29David Hoffman?

  Your NFTs are on the floor. Yeah, no one wants to give you a loan against your turtles, bro.

• 2:33Ryan Sean Adams?

  Yeah, unlike you, who have excellent taste, let me say.

• 2:38David Hoffman?

  It is known. Everyone knows that.

• 2:40Ryan Sean Adams?

  Everyone, everyone says that.

• 2:42David Hoffman?

  Everyone says that.

• 2:43Ryan Sean Adams?

  Everyone I ask says that.

• 2:45David Hoffman?

  What do people say about the Bitcoin price?

• 2:46Ryan Sean Adams?

  Well, they're saying that it's up on the week, I think. I don't know, you do prices. This is the first time I've looked at it. Here are the Bitcoin charts for listeners here. What are we at on the week?

• 2:56David Hoffman?

  Bitcoin, start of the week at 65,200, up 8.5% to where it is right now. Yeah, nailed it. $70,700 at the current time of recording. Almost back up to the all-time highs. That whole like dump week that everyone thought we were going into a bear market last week is gone now.

• 3:17Ryan Sean Adams?

  What happened to it?

• 3:18David Hoffman?

  We went back up. So all the bears are wrong once again. Bears, go back to hibernation. We don't want you here.

• 3:26Ryan Sean Adams?

  Yeah, they're gonna be so weak. The bears are so weak this entire bull market, man. Look at them. Like, they were getting mouthy when we were back down towards 60.

• 3:32David Hoffman?

  They didn't even have seven days, man. They had like five days of victory and then they're gone now.

• 3:37Ryan Sean Adams?

  And we're almost up to all-time highs. So what is the official all-time high? It's 73 something, 73.8?

• 3:42David Hoffman?

  I will tell you. It is $74,000.

• 3:46Ryan Sean Adams?

  Okay. Can we look at flows? Because that's the driver, right? And we had some, last time we were talking about Bitcoin, on the last weekly roll-up, we had negative flows.

• 3:56David Hoffman?

  Oh!

• 3:58Ryan Sean Adams?

  For the first time. That felt bad. And I'm talking Bitcoin ETF flows. Where are we this week?

• 4:03David Hoffman?

  Actually, still negative, but kind of just like marginally so. Fidelity actually had the biggest inflows this week. It's about flat. Last week, it was very red. It was very weighted towards the flows out. This week, it's about flat. We're hanging just right where exactly where we were. You can only assume that this is going to resume up only, you know, just like seven days, not that much time.

• 4:27Ryan Sean Adams?

  You know who's been a big winner of these flows all along? It's this guy right here.

• 4:30David Hoffman?

  This guy.

• 4:31Ryan Sean Adams?

  I'm showing Larry.

• 4:32David Hoffman?

  Somehow now our ally?

• 4:34Ryan Sean Adams?

  Yeah. Ally, question mark? Okay, here he is on Fox News.

• 4:37Speaker 02

  I'm very bullish on the long-term viability of Bitcoin. What was I saying? Did that surprise you? That surprised me how much that's gone up. I mean, look at it.

• 4:47Ryan Sean Adams?

  You surprised.

• 4:48Speaker 02

  It is, we're creating now a market that has more liquidity, more transparency. And I'm pleasantly surprised, and I would never have predicted it before we filed it, that we were going to see this type of retail demand. So you thought you'd do good, but not this good? I thought, yes.

• 5:05Speaker 03

  Well, iBit is your ETF over at iShares.

• 5:09Speaker 02

  Yes.

• 5:10Speaker 03

  It's about to overtake Grayscale, which was in the business certainly a lot longer. You look at the gains since January 11th, when it first came about.

• 5:21Speaker 02

  Yes.

• 5:21Speaker 03

  Have you ever seen this much inflow this quickly into?

• 5:26Speaker 02

  iBit is the fastest growing ETF in the history of ETFs.

• 5:30Ryan Sean Adams?

  The fastest growing ETF in the history of ETFs. Look at this guy's face right here. Larry Fink, let's enlarge this face.

• 5:38David Hoffman?

  That is a happy man.

• 5:39Ryan Sean Adams?

  Big smile on his face.

• 5:40David Hoffman?

  That is a happy, happy man.

• 5:41Ryan Sean Adams?

  He is very happy. This overperformed his expectations. He didn't think it would be such a big deal. And I think he's pretty much crypto-pilled and crypto-bullied. He tastes profit, David. That's what's going on in this clip.

• 5:54David Hoffman?

  There's a chart that we're looking at here, which shows the Bitcoin price in log overlaid the actual Bitcoin going into institutions. And it starts last bull market, because if you remember, Ryan, last bull market, it was like, it was the bull market of the cycle where all the institutions are going to put Bitcoin on the balance sheet. It turns out it was just micro-strategy.

• 6:14Ryan Sean Adams?

  Yeah, it was just Michael Saylor.

• 6:16David Hoffman?

  Who did a fantastic job, actually, just like being the sole institution putting Bitcoin on the balance sheet.

• 6:21Ryan Sean Adams?

  It was one guy.

• 6:22David Hoffman?

  It was one guy, yeah. But now BlackRock's here. And the size of the hockey stick that once the actual real institutions come in to put Bitcoin on the balance sheet, it's hard to, it's hard to express how big it is.

• 6:34Ryan Sean Adams?

  Yeah, I guess that's a hockey stick.

• 6:35David Hoffman?

  That is a rocket launch. As a rocket launch. Yeah, it goes from 200 units to 80,000 units of Bitcoin like really, really fast. This is the year. This is the cycle where the institutions actually came. I remember in 2017, Ryan, everyone was talking about, oh, the institutions are coming. You gotta, you gotta, you gotta buy these ICO tokens now because the institutions are totally gonna come and buy our bags. And then turns out they didn't come. And then in 2021, it's like, you gotta buy, you gotta buy all these NFTs because the institutions are coming. Turns out that didn't happen. It is actually happening for the first time in my crypto career. The institutions are actually here.

• 7:08Ryan Sean Adams?

  Hotline from Matt Hogan this week. You know how the institutions used to say, like, the thing was get off zero, seriously, like 1%, allocate 1%. He said 3% is the new 1%. Right. Not enough for large asset managers. You just have 1% in crypto. You gotta have 3%.

• 7:24David Hoffman?

  1% is bearish.

• 7:25Ryan Sean Adams?

  Yeah, 1% is bearish. Uh, let's talk about the ETH price. Is that bearish or bullish on the week?

• 7:31David Hoffman?

  It's bullish on the week. Start of the week, $30,440, up 3.5% to $3,580 where we are right now at the time of recording. I'm sure it'll be sometime, something different by the time you listen to this though, because like, why the hell do we do this?

• 7:44Ryan Sean Adams?

  3%, though. Only 3%, David.

• 7:46David Hoffman?

  3% is flat.

• 7:47Ryan Sean Adams?

  Yeah, that feels flat to me now. When you look at Bitcoin, it's like 8.5%. I think the big question is, are we going to get some of that institutional ETF magic inside of Ethereum? And David, I don't know if you saw this, but Fidelity filed officially an S1 form for their spot Ethereum ETF with staking included. So I saw this and I wondered, I asked, is this a big, does this improve our chances of getting an Ethereum ETF done by May? What's the answer to that?

• 8:18David Hoffman?

  Definitely not. And I've got another conspiracy for you this week. Are you ready for the second conspiracy about ETFs in two weeks?

• 8:25Ryan Sean Adams?

  Yeah, sure.

• 8:26David Hoffman?

  Okay, so this one is that why are all of these, like, almost every single ETH ETF has a staking component included in it? And people are like, why are you doing that? That's like risky, not conservative. Like, we don't even have the ETH ETF approved. Why are you guys trying to get staking in the ETFs? That's like hard mode. Why, why aren't you going for easy mode? The conspiracy is that everyone is a Assuming that we're gonna get a denial in May, a May denial. But then what happens is that we are, we, you know, like Grayscale, whoever Coinbase is going to sue the the SEC for denying the ETH ETF and for the SEC for being arbitrary and capricious. And then the SEC is going to be forced to approve the ETH ETF later.

• 9:07David Hoffman?

  And they're gonna have to approve them in whatever form they are, they are filed with.

• 9:12Ryan Sean Adams?

  With staking?

• 9:12David Hoffman?

  With staking, yes. And so they are, they are.

• 9:15Ryan Sean Adams?

  I don't know.

• 9:15David Hoffman?

  Yeah.

• 9:16Ryan Sean Adams?

  You think so?

• 9:17David Hoffman?

  I think.

• 9:17Ryan Sean Adams?

  Staking is a bridge too far, David. I don't know.

• 9:19David Hoffman?

  I don't think so. I don't. Okay, bear.

• 9:24Ryan Sean Adams?

  Don't call me a bear, but I don't know about that. But here, here's somebody who's on your side, at least with respect to the conspiracy theory you threw at us last week.

• 9:31David Hoffman?

  Last week's conspiracy theory.

• 9:33Ryan Sean Adams?

  David's conspiracy theory was, you know why there's no activity? You know why it's all quiet between the SEC and these ETF issuers? It's because they've already done the work. They have no questions. They just approved a Bitcoin ETF. So you just swap out those BTC letters for ETH and you just hit, you know, like stamp approve. And so we're good to go. That's why there's no questions.

• 9:51David Hoffman?

  We already did the engagement. You only engage once.

• 9:53Ryan Sean Adams?

  The chief legal, I think this is the chief legal officer at Grayscale. He seems to agree with you, David.

• 9:59David Hoffman?

  Hell, yeah. Yeah. Conspiracy, taking that tin foil, twin foil hat right off my head.

• 10:04Ryan Sean Adams?

  Yeah, Craig says this, basically, there's, there's not a lot of difference between Bitcoin and Ethereum. He says, the only difference is rather than the ETF holding Bitcoin, it holds Ether. So in many ways, the SEC has already engaged and issuers simply have to engage less this time. So he's answering the question, why has there been no engagement between the SEC and issuers? He's like, they've already done the work. All you have to do is just, you know, like kind of swap it out. So he totally agrees with you.

• 10:27David Hoffman?

  Yeah, I don't know actually how to square this hole about there's staking inside of the ETH ETFs, but they're also carbon copies of the Bitcoin ETF. Those are like, I don't know how to square those two things. I think the staking component of these ETFs is like, it's optional to stake. We need more experts to comment on this. So we should probably talk to the, to the ETF boys sometime soon. Speaking of the ETF boys, Eric Balachunas, who's one of the two ETF boys, he goes, read the ETH ETF approval. We are holding the line at 25% odds. Although, to be honest, it's a very pessimistic 25%. So despite, this is in response to the Grayscale Chief Legal Officer's analysis on like, we don't need engagement. They've already engaged. He says like, sure, good point, point taken. We're not changing our odds. We remain pessimistic at 25%.

• 11:13Ryan Sean Adams?

  25% is not zero. 25% is not zero. So one other voice in this that I think might be relevant and important is the voice of Larry Fink of BlackRock, who certainly has a horse in the race, let's just say, and is feeling awfully bullish on crypto lately. In that same interview that we played a clip from earlier, they actually asked him if an Ether ETF would still be in the cards in the event that the SEC somehow called Ether and declared it a security. And Larry Fink said, yes, I think so. Huh. Yeah. Slightly unexpected. Even if it's a security. A little bit unexpected. I don't know what to do with all of this. What the hell do I know? I'm not a lawyer. Uh, one other big BlackRock thing, as I said, it's a, you know, a BlackRock week, I suppose.

• 11:57Ryan Sean Adams?

  Do you know their new Biddle fund that we were talking about with tokenized treasuries on Ethereum? Yep. It is now 250 million. Started at 100 million, jumped up to 250 million. So 150 million of demand came. So that means we now have 1 billion in tokenized treasuries in crypto on chain. Yeah, that number is going up. How, how long do you think it's going to take to get to 10 billion on that number? Oh, not before this half of this year. Right? On this half of this year. Right? Yeah. Which even seems pretty slow. Like, it could, it could be like April. Yeah. So not only are the institutions here from the perspective of ETFs, but they're also here from the perspective of tokenization. And they're starting with the most logical thing to tokenize, which is treasuries. Yep. That's what's happening.

• 12:42Ryan Sean Adams?

  The closest things to actual dollars. Total crypto market cap, David, where are we at? Where are we at? We are at 2.8 trillion dollars, almost above three. We're gonna, we're gonna break all time highs, both in Bitcoin and all time market cap, mm, inside of 10 days. Well, let's get to the all time highs of layer twos as well. I mean, we are, we are right there. And this layer two update is brought to you by Mantle, which is a new and up and coming layer two that we enjoy. They're sponsors of this podcast episode. Also, their token hit all time highs. If we're talking about all time highs. That's right. Congrats to the Mantle ecosystem. That's right. 4 billion, I think, in value this week. So pretty impressive. So tell me about total value locked in layer twos.

• 13:22David Hoffman?

  Just under $40 billion as we have been for the last three weeks. We have just been teasing that $40 billion number. As soon as we break 40, you know what happens next?

• 13:30Ryan Sean Adams?

  What happens?

• 13:31David Hoffman?

  That's how that's how numbers work. Scaling factor 10.4X. As soon as as soon as blobs come online, just layer twos have just taken all of the brakes off. There seems to be no limit to the scaling factor for layer twos. Base at base found a limit, but then they just raised the limit. We're going to talk about that later in the show. Active addresses are all time highs. TVL at all time highs. It's a really good time to be to be a layer two base TVL in base. 257 days ago, it hit 1 billion. 25 days ago, it hit 2 billion. Five days ago, it hit 3 billion. So there are some parabolas going on inside of the layer two ecosystem, especially on base.

• 14:11Ryan Sean Adams?

  David, you see this chart right here. This is layer two gas fees, right? And you see after blobs came after EIP 4844, they absolutely fell off a cliff. So this was around March 13th.

• 14:22David Hoffman?

  Hit the floor.

• 14:22Ryan Sean Adams?

  So in the days afterwards, they hit the floor. And then, do you see this line here? This little blue line's been creeping up. That's base. So after hitting the floor, base has suddenly gotten more expensive. I saw some tweets this week of people surprised that it costs like, you know, 30 cents to do a transaction on base.

• 14:38David Hoffman?

  Oh, I do. I saw a $100 transaction on base.

• 14:42Ryan Sean Adams?

  That had to be a mistake. I can't believe it's something to be $100. Okay, well, what is going on? So all the other layer twos are still cheap. I understand that base is getting a ton of demand. And so that accounts for for some of this, but I thought blobs fixed this. Are blobs going up in fees or like what's going on?

• 14:59David Hoffman?

  Basically, we are trading bottlenecks right now. And so blobs for the base chain were extremely cheap, just like they were for all of the other chains. And so base was paying very, very little to settle on Ethereum. Base itself was congested. Like what is base? It is literally a layer two that is Ethereum as a layer two on Ethereum. All OP stack force are like this. They are basically a carbon copy of Ethereum settling on Ethereum. You can congest a layer two, and that's what happened with base. And so the execution layer, which is base itself, actually got congested. There were more transactions that could go inside. Of the base EVM, then it could process. So it was a, it was literally a compute bottleneck.

• 15:39David Hoffman?

  It was not a settlement bottleneck. And so as a result of like MEV bots, you know, meme coin traders, a lot of it was meme coin activity, meme coin trading. People were just like trying to, you know, squeeze themselves into base and the execution side of base was just too constrained to let them all in. And so that's what happened. Fees go up.

• 15:57Ryan Sean Adams?

  Okay. So I want to make sure I understand that because I didn't understand that at the beginning of this week of where the bottleneck was. I just assumed the bottleneck has always been Ethereum. I was like, oh, it's Ethereum's fault. Blobs got really expensive. We anticipated this and we're going to talk more about blobs a little bit later. And so they, they must have gotten more expensive. But it turns out the fees on base are more expensive and it's not Ethereum layer one's fault.

• 16:18David Hoffman?

  Right.

• 16:18Ryan Sean Adams?

  Okay. It's base. There is a constraint in kind of execution. And there is this metric that I learned. Gas per second. Okay. GPS, gas per second. And that is a measure of what, how much gas there is in a base block. Like in how much execution throughput and how much compute throughput you actually have. And again, this is something that base can kind of scale out and control on its own, but apparently can't happen overnight. Can you talk a little bit about that? What is, what is gas per second? And how does base intend to actually scale that?

• 16:52David Hoffman?

  Gas is basically Ethereum's version of compute. It is a Ethereum way of measure and compute. And so like different functions inside of the EVM have different weights for how much gas they are, like multiplying has some amount of gas cost, dividing has some amount of gas costs. Different, different compute functions have different gas costs. Really, really expressive, complicated ones have high gas costs. Very simple ones, just like, you know, adding or subtracting have low gas costs. So basically it's a function of compute, like how much compute demand is this going to put on somebody's CPU? So gas per second, which we are in like the milli, milli gas per second, as in millions of gas per second, is how much throughput base has. And this is the bottleneck. This

• 17:36David Hoffman?

  is the execution bottleneck of base that we are currently hitting. We weren't hitting it before because previously it was called Data, layer one settlement, that was the bottleneck. That bottleneck's gone. Now the bottleneck has moved to a layer two.

• 17:49Ryan Sean Adams?

  Why don't they just widen that pipe, David?

• 17:52David Hoffman?

  That's what we did, Ryan. So on base this week, they've increased the size of the bottleneck around base compute. So it's gone up 50% to 3.75 milli gas. And then they are going to, after they observe and make sure that, you know, the chain is still stable, they're going to raise it again to five milli gas, targeting early next week. So Monday, Tuesday, Wednesday of next week, we will go up to five milli gas. Already since increasing the scale of the base layer two, gas fees have gone down. So we are now enjoying like one, two, three cent transactions again. But yeah, all of that happened inside of one week.

• 18:28Ryan Sean Adams?

  For now though, right? What if there's another, so there's a 5X increase in demand that caused this because gas fees are so cheap. So we like increase our gas per second and demand's just going to fill that up too, right? How do we get to something that is far higher than milli gas? How do we get to gig of gas per second? Is there a roadmap to that?

• 18:46David Hoffman?

  Yeah, well, there's a bunch of things to optimize, right? There's like state bloat, there's just like the execution bottleneck. There are a variety of different things that still have like juice left to squeeze in them. And Jesse's just saying, hey, like, we're gonna do all of them. There are layer one optimizations like pure DAS and DANG sharding, plenty of layer two optimizations. RETH from Georgios from Paradigm is working on RETH, which is Rust Ethereum, rather than GETH, which is Go Ethereum. Rust is just more performance. So we can get just a better execution client to have some of this. There's just like, actually like five or six or seven different ways to squeeze this juice here. There's just, there's just a lot left to do here.

• 19:27Ryan Sean Adams?

  All right. So my favorite thing about this is the bullish thing is now the bottleneck is somewhere else. And the place that it is, is on the execution layer with teams that can execute far faster and without kind of the constraints of like, let's plan multiple years for like an Ethereum.

• 19:40David Hoffman?

  There's no all core dev calls here. It's just Jesse.

• 19:43Ryan Sean Adams?

  And it's all of the layer twos competing. I mean, they're all going to parallelize, you know, their compute, they're all going to make this hyper efficient. And eventually, I don't know when this is going to be, but eventually. The constraint will move back to the DA layer and it'll be blobs. We don't have enough blobs on Ethereum again.

• 19:58David Hoffman?

  But then we're gonna get more blobs.

• 20:00Ryan Sean Adams?

  Then we're gonna get more blobs, okay? So we're just like, kind of like moving constraints. And this is what progress actually looks like. This is what scaling kind of looks like, right? We are globally increasing the trustless bandwidth throughput of our chains. And this is just like the engineering work that's happening. So from my perspective, now we're in kind of this territory of like, it's incremental. Like, we're just making these gradual, quick incremental changes to scale up our fees now that we have this new blob space primitive.

• 20:28David Hoffman?

  Yeah, Vitalik said it really well in his most recent article. We've gone from zero to one with scaling, one being the introduction of 4844. And now we are going from one to N, as in exactly what you're saying, like incremental. Like, now it's like up to like 17 different ways to get more scale out of Ethereum. There's something I want to highlight about this movement towards like the whole Ethereum rollup-centric roadmap. Zerex Alphari tweeted out, "In the past 24 hours, base users have paid 670 ETH in fees. 570 of that went to Coinbase, the operators of Base, of course. 100 ETH of that went to Optimism as part of the OP Collective. And then 0.3 ETH went to Ethereum to pay for blob space."

• 21:10David Hoffman?

  So out of 670 ETH, the base layer two only paid the Ethereum layer one 0.3 ETH to settle to Ethereum. So this is how cheap settlement is now for layer twos onto Ethereum. This is the cost of security. To me, like, people are interpreting this as like, oh, this is super bearish for ETH. Like, how is this any sort of value accrual for ETH asset? Layer twos are parasitic to Ethereum, like all this kind of stuff. My perspective on this is that this is the trade-off that the Ethereum network is making with the rollup-centric roadmap. Layer twos are being charged the minimum amount of rent necessary to maximally secure layer twos.

• 21:51David Hoffman?

  And as a result of that trade-off, and for reducing the burn, ETH becomes a unit of account, the monetary asset in layer twos. Layer twos right now are the most profitable business model. I have ever seen because settlement costs are almost nothing and sequencer costs, layer twos are getting all the sequencer costs. And so layer twos as a business right now are absolutely printing in profitability. And their cost to the Ethereum network is almost at zero. The way that Ethereum benefits Ethereum, the network benefits is that ETH becomes money in all of these networks. And so there's a reason why we've launched like a thousand layer twos over the last year. And there's a reason why over the next year, we're going to launch 10,000 more.

• 22:33David Hoffman?

  And it's because ETH becomes the most cheap, secure settlement layer, while ETH becomes money in all of these networks.

• 22:39Ryan Sean Adams?

  I think what you're saying is the value proposition of Ethereum, at least like, you know, if you think of Ether, the asset moves from discounted cash flows and like receiving cash flows based on these chains by, by charging chains rent extraction to like monetary premium. Because it is getting, its liquidity is getting bootstrapped, is being used as money by all of these chains. My take on that is it's such a 4D chess move because like it makes it incredibly hard for any other chain to kind of compete. Why compete directly against Ethereum if you can just settle on Ethereum? Like, it's just kind of like, join, join the pirates, basically, right?

• 23:16David Hoffman?

  Join the Peloton.

• 23:17Ryan Sean Adams?

  Yeah, like you just, why would you do anything else?

• 23:20David Hoffman?

  We've seen outflows of ETH from centralized exchanges. ETH supply on centralized exchanges are like hitting like one of the deepest lows that they've been in some time. But actually ETH on the Ethereum layer one is staying like flat. Where is all of that ETH going? All to layer twos, like layer twos are sucking up so much ETH. Have, they have so much demand and reservation demand for ETH, like that's where all the demand is coming.

• 23:46Ryan Sean Adams?

  David, a quick check in on TradFi markets, you know, the S and P is all time highs, look at this chart.

• 23:51David Hoffman?

  The only S and P, I don't even know if it's in the S and P, the only equity that I pay attention to is coin. And let me tell you, the coin chart is looking real good.

• 23:59Ryan Sean Adams?

  Yeah, well, so, so are, so are everyone else's stocks, just so you know, we're at all time highs, it's looking like a very green territory.

• 24:05David Hoffman?

  So my coin is an exceptional, bummer.

• 24:07Ryan Sean Adams?

  It is probably exceptional. I mean, I don't think S and P is moving like, like that particular asset. One add to the whole strategy around Layer 2 is that I think we're going to see repeated again and again and again. This is a tweet from someone at Coinbase. Coinbase is going to be storing more corporate and customer USDC balances on base. This enables us to manage and secure customer funds with lower fees and faster settlement times with no impact to the Coinbase user experience. So they're basically saying base is going to be our home chain for USDC moving forward. This is Coinbase saying that. What I see, David, is this is an evolution of an exchange becoming a chain. And like one meta take of this is if you if you zoom all the way out, every single asset is

• 24:52Ryan Sean Adams?

  going to become a token. Every single bank is going to become a chain. And Coinbase kind of dabbles in that world, just like other exchanges like Kraken. They're all going to launch their own chains and put more and more on-chain rather than their private databases. They'll still have private databases, but it'll gradually become kind of an empty shell of like AML KYC and just kind of the regulatory checkmark. I think we'll see more and more activity migrating on chain. We're starting to see that with USDC.

• 25:20David Hoffman?

  This is Coinbase carving a path to showing how financial institutions can be on-chain financial institutions. And they're not doing this now. They're moving their own internal business logic on-chain. But what I think they will do is just become a like user verifiable on-chain financial institution. They're not like they're not like spilling their guts. They're not like opening the doors and like, hey, here's everything. But like this is the first step to that. Like user verifiable financial institutions, which we're like, there's a lot of talk about like meme coins and like, what are we really doing here? What's our purpose in crypto? Are we doing any good? This is like literally 2008 armor. On-chain financial institutions that are secured and verifiable by their users. That's where we're going. That's extremely bullish.

• 26:05Ryan Sean Adams?

  So let's summarize where we are. This is from Brantley dot ETH. We're not even done Q1, and yet we already have this year in 2024, nine Bitcoin ETFs. BlackRock launching its first fund on Ethereum. Larry Fink pushing crypto talking points on CNBC. Google integrating ENS into search. We'll talk about that later. GoDaddy adding a crypto wallet tab that lets you connect your DNS name to ENS. Seven Ether ETFs filed. The London Stock Exchange announces Bitcoin, Ethereum ETNs. It happened this week. We don't have a chance to talk about it. And to top it all off, the SEC is not only losing in court against crypto, but is actually rebuked by the court for lying. Got to say, it's been a good start to the year.

• 26:46David Hoffman?

  Feels good. Yeah, this is what a bull market feels like. All right. Coming up next, we've got our first big hack of the bull market. We're going to talk about that and all the consequences. SBF, jail time, how much? But first, blob demand is trying to take down Ethereum. They're trying to take down the network. I'm going to talk to you all about this and more. But first, a moment to talk about some of these fantastic sponsors that makes all of this happen. Our preferred place to trade our tokens in 2024. If you do not have an account with Kraken, consider clicking the link in the show notes to getting started with Kraken today. If you want a crypto trading experience backed by world-class security and award-winning support teams, then head over to Kraken, one of the longest-standing and most secure crypto platforms in the world. Kraken is on a journey to build a more accessible, inclusive, and fair financial system, making it simple and secure for everyone, everywhere, to trade crypto.

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• 29:50Ryan Sean Adams?

  Blob demand is skyrocketing, but David, is this too much for Ethereum to handle? Where do we start this story?

• 29:56David Hoffman?

  Two weeks into blobs being live, we are finally seeing a blob fee market emerge. The EIP155 mechanism also works for blob space as well, and over the last week, we have seen 100 ETH being burnt due to blob space consumption. And this was happening, Ryan Olive, yesterday, Wednesday, the 27th, for people listening. We actually went a little bit above that demand. First, let's look at Tony's tweet here, who's showing a graph of blob space. And so all of that yellow is the blobs. You can actually see the effect of blobs in blob space. All of the yellows blobs, that's layer twos and what's about to be blob inscriptions. We're going to get to that. Saturating blob space. And so Ethereum in the short term is actually a bigger beast in terms of like data.

• 30:39David Hoffman?

  But then we actually have the execution layer and the consensus layer size of the blockchain. So think about like the size of the blockchain. Those two things which are permanent Ethereum actually got smaller. Blobs, which are temporary 14 days of state, those are temporary. So temporary state has gone up, but permanent state of Ethereum has actually gone down. So this is part of Ethereum's long-term sustainability plan. Like Ethereum itself is becoming more lightweight.

• 31:05Ryan Sean Adams?

  But so, so let me back up there. So we were waiting for a time where all of this demand would essentially exceed the supply of blobs and cause there to be a competitive fee market, you know, like burning of ETH and that sort of thing. And two weeks after we've launched blobs, you're telling me basically we've crossed that threshold? And like, it's not that we don't have enough blobs, but we have so much demand that it's, a fee market is emerging and it's starting to become competitive and costs are going up. Is that, is that what's going on? Our blobs are full?

• 31:38David Hoffman?

  That's exactly what's going on. That's exactly what's going on. Yeah, so the average over the last 24 hours, the average GUE price for blobs is 30. It's 30 GUE. But this is being bought by layer twos, not by users. And so like you amortize 30 over like a thousand users on a layer two. So that's actually like really low on a per user basis.

• 31:58Ryan Sean Adams?

  I mean, so that happened really fast, right? Like, we knew this would happen, but like we're only two weeks in and we're already out of blob space?

• 32:06David Hoffman?

  Well, I wouldn't call it out of blob space. Layer, layer twos, I think are actually being relatively efficient with blob space. The thing that's happened in the last week are these things called blob inscriptions. So actually, there's actually no reason, like layer twos are not the sole consumers of blobs. Anyone can consume a blob. And so now we have inscriptions going into our blobs. So like instead of layer twos, people are just writing JPGs straight into the blobs, which I totally saw coming. Everyone saw this coming like a mile away. And now layer twos are competing with people putting in dick butts into blob space. That's what's going on.

• 32:44Ryan Sean Adams?

  Yeah, so here's what blob space actually is. So it doesn't get processed like blob space. You described it last week as like a high occupancy vehicle lane. It's like the fast lane. And so it doesn't go through kind of the layer one EVM and require all of that processing. It's like a side lane. And the primary consumers for this are like supposed to be the layer twos. And indeed, they have been the layer twos. Are they intended to be layer twos? But because this is a permissionless commodity that anyone can take advantage of, anyone can jump in that HOV lane. All you have to do is just like buy it, right? And it's expensive relatively, but if you want to buy it, you can. Anybody could do that. I could go do it. You could go do it. We're not layer twos, David.

• 33:27Ryan Sean Adams?

  And so you're saying that's what's happening, except some of this, a lot of this demand, that's the demand that's spiking fees upwards is not from layer twos. It's from what? You said eth inscriptions? What are these?

• 33:38David Hoffman?

  Inscriptions, yeah. Inscriptions, whatever you want to call them. We call now, maybe we call them blob scriptions because they're specifically in Ethereum blob space. But yeah, about like two to a one ratio of demand of blobs was made by inscriptions over the last like 48 hours. And so like to continue the metaphor, like imagine you're like your base chain settlement blob or your optimism chain settlement blob, your extremely refined, high occupancy vehicle. There's like so many transactions, so many riders crammed into this like spaceship bus thing. But then some D gen pays $20 to ride their crypto dick butt blob through the HOV lane, clogging it all up. That's what's going on. Like there are people.

• 34:19Ryan Sean Adams?

  A bunch of silly clown car scooters, right?

• 34:21David Hoffman?

  Exactly, exactly. And people are just like taking, being super fat, like taking up all the space in the HOV lane because they can pay to do it and they think it's funny. And they're putting JPEGs into the chain. And now that actually like encouraged costs upon the layer twos.

• 34:36Ryan Sean Adams?

  And that, this is completely within the rules of the road, right?

• 34:40David Hoffman?

  You can put any data in blobs that you want.

• 34:42Ryan Sean Adams?

  Yeah, it's completely permissionless, so anybody could do it. Expensive, though.

• 34:46David Hoffman?

  It is expensive, which is why this is currently not happening anymore because like a lot of D gens were paying a lot of ETH to make jokes and now the jokes are over because people don't want to actually be doing that.

• 34:56Ryan Sean Adams?

  Okay, well, the thing that concerned me, of course, maybe, maybe some of this is funny. I mean, but like their money is going to like run out if there's not enough like kind of demand for this. So eventually they're going to run out of gas, I would imagine, but it stops being funny when you start to see the network wobble a little bit. So here's a tweet from data always, "I'm pretty confident that this is the worst network performance we've seen without a client outage." And what are we looking at? Slot utilization on Ethereum? Kind of like a spike downwards? What is this?

• 35:25David Hoffman?

  Yeah, so slot utilization is basically people who are missing blocks, but a slot is an opportunity for one block. And yeah, and so we, we were 13% of the network was missing blocks in the worst moment of this period of instability yesterday. And why was this happening? Well, because now there's so much more data and blob space, like the size of Ethereum in the 14 day temporary window, the blob window got like twice as big. It gets pruned, but like in that moment of time, like we are like adding more data to hardware. And so about 14% of Ethereum nodes weren't able to handle this and they, they fell off and they like, they dropped off the network. Actually, not totally true what happened here. People were like freaking out about like, oh, is this a protocol issue? Blah, blah, blah.

• 36:10David Hoffman?

  Like what's going on? Like 13% is a lot. Like if you drop down below 66%, that's, that's when you like lose finality. And in a weakened state like Ethereum becomes like we're in an adversarial environment. People would love to try and take down Ethereum if they could. And so you don't want to be like, like broadcasting your weakened state and we had like 13% of the network offline.

• 36:31Ryan Sean Adams?

  So I assumed when this happened, okay, I guess the network wasn't ready for blobs and something to do with the client software and like, oh, we should have load tested this a little bit more, you know, something like that. And it's probably the clients. But it turns out it's not the clients. Where was the actual fault here?

• 36:46David Hoffman?

  Okay, so the actual fault was in the blob and block relay service from blocks route, which is a block builder on Ethereum. They just had A bug in their relay service that was relaying like two proposers, AKA validators, what blobs or blocks that they should include. Uh, once blocks, blocks route disabled their service for debugging, uh, we haven't seen the issue since. So the network came back totally online. It's been totally fine. It was always totally fine. There was just a bug in a relay and a third-party off-chain relay service that people were using that caused people to be late for their slots and miss their slots. So people, for a moment, people were like, oh my God, the network's about to topple over. And then we realized, oh no, it's just like a third-party relay service.

• 37:27Ryan Sean Adams?

  Yeah. So at the end of the day, network's totally fine. Just another day in Ethereum, I guess. We'll have to see where this blob space demand goes. Are we going to do more clown scooters? Or is it going to be more spaceship buses, David?

• 37:39David Hoffman?

  So this is what Peter from Death was saying, actually, is that like, if there is cheap enough blob space, you will let the D gens put their stupid JPEGs in, in the space.

• 37:48Ryan Sean Adams?

  Hey, hey, stupid is subjective, okay?

• 37:51David Hoffman?

  Stupid is totally subjective.

• 37:52Ryan Sean Adams?

  Or customers.

• 37:53David Hoffman?

  So this is, this is what he's saying with his tweet on, uh, here on the screen. He says, "In my opinion, we need capacity, which we just got. Then we need apps. Then we need capacity. Then we need apps." I actually thought this was a relatively brilliant take where he's saying like, yo, if people are putting stupid JPEGs into blob space, it means, it doesn't mean that we need more capacity because they're driving up fees. It means we need more apps to drive out the dick butts out of the blob space.

• 38:16Ryan Sean Adams?

  Yeah, more higher utility, greater economic value apps, basically. That's the take.

• 38:21David Hoffman?

  Yeah, yeah. Yeah. We need to put the Mona Lisas in the blob space.

• 38:23Ryan Sean Adams?

  Meanwhile, well, that was going on. Uh, there was this controversy around the Layer 2 Blast. And we just had Pac-Man on the podcast, who's the founder of Blast, that came out on Monday. And, uh, there was talk this week of rolling back the Layer 2, the Blast chain. Huge controversy in the space. Where did it start, David?

• 38:41David Hoffman?

  It started on this Blast app called Munchables. Uh, the irony of this, Ryan, is I was at dinner with some friends, literally the night before this happened, and the friend was shilling me on this like game, this app on Blast that he was playing. And it's called Munchables. And there's these schnibbles and like you farm the yield on the, the toke, the, the seed, you plant the seeds and you farm it. It sounded like just a Farmville Ponzi game. So I was being shilled that like the night before. And then the next day it was exploited for $62 million by a North Korea exploiter, as it turns out.

• 39:15Ryan Sean Adams?

  Allegedly, possibly linked to North Korea.

• 39:18David Hoffman?

  Zach XBT indicated that the culprit, who went by a variety of pseudonyms, got their way onto this team to build this Munchables-like game. And then that new team member hired four other Munchables team members. And it turns out that they were actually just hiring themselves four different times.

• 39:36Ryan Sean Adams?

  Wow.

• 39:37David Hoffman?

  To give them enough authority inside of this like new game that was very quickly being spun up. And then they somehow got access to the private keys that controlled this game.

• 39:46Ryan Sean Adams?

  They just let a renegade dev into their GitHub, basically.

• 39:49David Hoffman?

  Yeah, like the Discord handles are like BoldDragon1724. Like the stupid generic Discord names that you get and you don't change them. Yeah, okay, so the scammer pushed an upgrade that no one could have seen because they had the private keys. And it essentially gave this, the scammer, the three wallets that had unlimited access to withdraw the funds. So they had the keys to the upgrader and the main deployer wallets. And then this also affected some other applications on Blast that were connected, Juice Finance. So that's pretty, that's bad. So $62 million got exploited from this one, from this one app. This triggered, ran a conversation amongst crypto Twitter as to what to do with this.

• 40:32David Hoffman?

  Because Zach XBT, like, we don't 100% know this, but determined that there's a likely association with North Korea. And this North Korean Lazarus group, we can only assume, now has $62 million on Blast. Should Blast freeze the chain, roll back the chain, do a top-down centralized action and revoke the $62 million? Or should they remain decentralized and not do anything and allow this North Korean hacker to run away with $62 million? What should they do?

• 41:03Ryan Sean Adams?

  It's funny that you say remain decentralized because the fact that they have the ability to do that, like roll, push an update to roll back the chain or do an irregular state change and yoink the funds, means that they're not decentralized. Centralized in the first place. So it's more like an optics type of question, right?

• 41:18David Hoffman?

  It's an optics question.

• 41:19Ryan Sean Adams?

  Do they want to pretend they're decentralized? Or they, do they want to take some action and actually roll back the chain? And there's like, I guess Pac-Man and the devs at BLAST are stuck between two pretty bad situations.

• 41:31David Hoffman?

  Two bad outcomes.

• 41:32Ryan Sean Adams?

  A lot of people are pointing out, though, there's no way that if they are centralized in their current form, they certainly are, right? They have the ability to kind of like freeze funds or do an irregular state change. There's no way that they shouldn't do that. Or like that they would, wouldn't be held legally responsible if they don't take an action, right? Like if they have the ability, if they have the power and they don't do it, it's probably negligence, isn't it? And that, this was the point that crypto Twitter made.

• 41:59David Hoffman?

  Yeah, and that's kind of the point that I agree with, right? And so like, the dichotomy here is that, you know, they could upgrade the bridge, this is what Quitt says, they could upgrade the bridge, prevent the hacker from moving the $62 million, but ruin all perception of decentralization. Or they could just let it rock, they say, and then users could eat a $62 million loss within the first month of launching BLAST. The thing is, I don't think anyone on BLAST is like there because they believe that BLAST is decentralized. They're there to like play games and earn yields. And I don't know if anyone, like, there's no like veil of decentralization here. I don't think, like, I was, in my opinion, I think the BLAST could have taken a very easy mulligan. You guys have just launched $62 million by North Korea.

• 42:44David Hoffman?

  Clearly, there's a good outcome here. This is what Eric Wall says, quote, "You're seriously considering lying about the decentralization of BLAST so you can let a North Korean hacker group get away for $62 million for the purposes of funding North Korea's missile programs in the spirit of maintaining decentralization?" So this was the debate that people went around, like, what do they do? Turns out, we actually don't know what they did. But what did happen was that the money was secured in a multi-sig by the BLAST core contributors. This is Pac-Man tweeting, says, "It took an incredible lift in the background, but I'm grateful to the ex-Munchables dev who opted to return all the funds in the end without any ransom required." So the dev gave the money back.

• 43:30David Hoffman?

  All of it without any ransom and no one completely knows why, because I'm sure the blast team does, but no one really knows why.

• 43:37Ryan Sean Adams?

  There are some theories though. So here's one theory. My thesis is Pacman froze his address. That's what my buddy and I concluded. Don't quote me on this. Who really knows? But it would make the most sense. By froze his address, there are different vectors of centralization. One, of course, they could like roll back the chain, roll back everyone's transactions. That's, that's the most aggressive and most impactful.

• 43:57David Hoffman?

  That's nuclear.

• 43:58Ryan Sean Adams?

  Another is they could surgically do an irregular state change, have all of the kind of blast clients, update their clients, push, push some software and like, kind of like, remove this transaction or like freeze it or do it that way. Right? That, that, that as well is, is something that is pretty substantial. I mean, that.

• 44:14David Hoffman?

  Yeah. That was the Dow hack. That's what, that is the Dow what?

• 44:17Ryan Sean Adams?

  Exactly. Or they could just threaten some of these things. Recall that blast runs its own sequencer, right? So they could just like censor transactions, really kind of box this hacker into a corner and not let them escape. And maybe there was some negotiated side deal for something like that. Right? Basically you can't escape anyway. So why don't you just give us the funds back? Who knows what happened behind the scenes, but there's definitely some speculation on these things.

• 44:43David Hoffman?

  The picture that this Twitter account is tweeting out says, I don't know, he is refunding them. He can't, he being the exploiter, can't do anything with the funds. Pacman has done something, so he can't send. Occam's razor, the most simple answer here is that this is sequencer censorship. So the sequencer at blast is just saying, hey, that address can't do anything. And then because there's only one sequencer and no other, it's not permissionless, so no other sequencer can come online. The hacker, the exploiter is just like, you know, SOL. Like you can't do anything with the money. Like why he would give the money back if it's North Korea? I'm not sure. Cause like, what's North Korea have to gain by giving the money back? I don't really know.

• 45:25Ryan Sean Adams?

  Yeah, that's weird. That's weird.

• 45:26David Hoffman?

  But like the, the hacker was like, oh, I can't actually touch this. So I might as well just give the money back.

• 45:31Ryan Sean Adams?

  I think it also puts a spotlight, David, on the, on the current state of layer twos, which is they're progressing towards decentralization, but they're not there yet. Right? And so. To go to kind of layer two beat, you can basically see that today. A lot of the layer twos are still at stage zero, which is like last is. So there's some training wheels, some centralization vectors. Only one of our layer two so far have achieved stage one. And we want them all to get to stage two and be basically fully decentralized. Once they're in stage two, they won't even have the ability to make the type of tough decisions that Pac-Man and the team probably had to make. And I think that will take a weight off of everyone's shoulders.

• 46:10David Hoffman?

  Moving into other subjects, SPF sentence happened today, the day of recording, Thursday, the 28th. SPF, he was sentenced to 25 years in prison, which was just about right in between the two ends of the spectrum that was guessed. The defense was asking for six and a half years. The prosecution was asking for somewhere between 30 and 40 years. Ended up getting 25 years. How do you feel about this, this ruling, Ryan?

• 46:36Ryan Sean Adams?

  That feels reasonable. I mean, to me, like, I don't know. I don't have a strong take on this. I feel like if it, if it was in the single digits, that would be absolutely ridiculous.

• 46:46David Hoffman?

  Yeah, I agree with that.

• 46:47Ryan Sean Adams?

  Subjectively compared to other things, but like lifetime sentence? I don't know. So it's a fine outcome from my perspective.

• 46:55David Hoffman?

  Yeah, so there are some tweets that we can read out from a person who, inner-city press, who always goes to the SPF things and live tweets. So some highlights here. Judge Kaplan, this is the judge, of course. A fortuitous run-up of some of the value of crypto currencies bears no relation to the gravity of the crimes that were committed. A thief who takes his loot to Las Vegas and successfully bets is not entitled to a sentencing reduction, even if payback is complete. Judge Kaplan also said, I find that Mr. Bankman-Fried gave perjured testimony at trial. He falsely testified that until the fall of 2022, he had no knowledge that Alameda had spent FTX customer funds. He falsely testified that he had first learned of the $8 billion hole in October of 2022.

• 47:38David Hoffman?

  Finally, he falsely testified that the repayment of third-party loans by Alameda would require Alameda to borrow more funds from customers in FTX. Now, do, does counsel want to address these points? To which counsel did not want to address these points. One other big highlight in the proceedings today. Judge Kaplan asked if there were victims that wished to address the court. A victim, Sunil Kavuri, said, "I flew in from London so that you could hear from victims. I wanted to speak to you in person, Judge Kaplan. You did a fantastic job in the trial. Many creditors feel the same. I followed the trial live. I'd like to address the argument that the loss was zero." This is the argument coming from the defense. "They continue to claim this in the media. It is false. I have suffered for two years.

• 48:23David Hoffman?

  The bankruptcy estate is assuming or mischaracterizing us as unsecured creditors. We had property rights. Sullivan and Cromwell has trampled over our property rights. They have liquidated billions of dollars of crypto assets. There's a token that these liquidators sold at 11 cents. It's now trading at $2. FTX had $10 billion in Solana tokens. They sold it at a 70% discount. They're selling it to their own clients, Galaxy. It is destroying customer value. This is our property." And then there's Anthropic. "Our assets were used to buy the stake. It's our property. I objected, and there's thousands of customers who support me." At least three people have committed suicide because of this FTX fraud.

• 49:05David Hoffman?

  So when this FTX bankruptcy, I guess, what I feel, how it relates to Sam, it has hurt me. Other co-conspirators, aiders and abetors also need to be held accountable. Then there was this pretty insane defense by SBS lawyer. When it was SBS lawyer stern to come on the stand. He said that, "Sam is misunderstood. It's easy to slot people into an old fashioned story of a greedy swindler. Sam never scurried away with the money, he stayed until the very end. He'll tell you how much more it means to him that people get repaid. He is an awkward math nerd. He's into veganism. He has off the charts intellect. He is a beautiful puzzle. He can parse words better than a Talmudic scholar. He was a billionaire unconcerned about material possessions.

• 49:50David Hoffman?

  In middle school, he was thinking about his ethical obligations to the global population. In college, he spent time helping animals. On Wall Street, he gave away his earnings to charity. That's through Age 21. Sam's devotion to others predated FTX. He never sought out to be the king of crypto. He just wanted to have the largest possible impact on the world. But it was not ends justify the means that would harm the altruistic movement. Who is standing by him now? Not Tom Brady or Katy Perry. That defense, how do you feel about that defense, Ryan?

• 50:22Ryan Sean Adams?

  He's not a criminal, he's a vegan.

• 50:24David Hoffman?

  He's a vegan.

• 50:26Ryan Sean Adams?

  A Robert Peyoni tweet.

• 50:29Ryan Sean Adams?

  Yeah, I'm glad it's over. It's done. We don't have to talk about it anymore. Is this the last weekly rollup for Sam Bankman-Fried? I hope so.

• 50:37David Hoffman?

  It could be. It very well could be. Coming up next, Ethereum launches their very hyped token, an update on the Coinbase versus SEC case. Did Coinbase lose? Google integrating Ethereum addresses, Rethrow, and a CFTC dunks super hard on the SEC. All of this and more, but first I'm going to talk about some of these fantastic sponsors that make this show possible, like Mantle, a preferred layer two for capturing all the yield. If you haven't tried out Mantle yet, maybe try it out today. Let's go hear from them right now. Mantle, formerly known as BitDow, is the first DAO-led Web3 ecosystem, all built on top of Mantle's first core product, the Mantle Network, a brand-new, high-performance Ethereum Layer 2 built using the OP stack, but uses Eigenlayer's data availability solution instead of the expensive Ethereum Layer 1. Not only does this reduce Mantle Network's gas fees by 80%,

• 51:21David Hoffman?

  but it also reduces gas fee volatility, providing a more stable foundation for Mantle's applications. The Mantle Treasury is one of the biggest DAO-owned treasuries, which is seeding an ecosystem of projects from all around the Web3 space for Mantle. Mantle already has sub-communities from around Web3 onboarded, like Game7 for Web3 gaming and Bybit for TVL and liquidity and on-ramps. So if you want to build on the Mantle Network, Mantle is offering a grants program that provides milestone-based funding to promising projects that help expand, secure, and decentralize Mantle. If you want to get started working with the first DAO-led Layer 2 ecosystem, check out Mantle at mantle.xyz and follow them on Twitter at @zeroxmantle. Cello is the mobile-first, EVM-compatible, carbon-negative blockchain built for the real world,

• 52:04David Hoffman?

  driving real-world use cases like mobile payments and mobile DeFi. And with Opera MiniPay as one of the fastest-growing Web3 wallets, Cello is seeing a meteoric rise with over 300 million transactions and 1.5 million monthly active addresses. And now, Cello is looking to come home to Ethereum as a Layer 2. Optimism, Polygon, Matter Labs, and Arbitrum have all thrown their hats in the ring for the Cello Layer 2 to build upon their stacks. Why the competition? The Cello Layer 2 will bring Huge advantages like a decentralized sequencer, off-chain data availability secured by Ethereum validators, and one-block finality. What does that all mean for you? With Cello Layer 2, gas fees will stay low, and you can even pay for gas natively using ERC20 tokens, sending crypto to phone numbers across wallets using social connect. But Cello is a community-governed protocol.

• 52:48David Hoffman?

  This means that Cello needs you to weigh in and make your voice heard. Join the conversation in the Cello forums. Follow Cello on Twitter and visit cello.org to shape the future of Ethereum. Uniswap is revolutionizing the DeFi space, not just by enabling swaps, but by empowering you to swap smarter with a comprehensive suite of products for faster, safer, and more informed swapping. Say goodbye to pop-up wallet extensions. The Uniswap extension is coming soon, and this extension is not a pop-up. It is a sidebar in your browser that persists no matter where you are on the web. This means you can swap, sign, or send, and receive crypto anytime, anywhere, without obstructing your browser window. But that's not all. The Uniswap web app now features limit orders, so you can buy and sell any token at your price, on your terms, without having to watch the market. And the best part?

• 53:32David Hoffman?

  Limit orders are built on Uniswap X, which means no gas fees. Also new to the web app is the data and insights pages with real-time candlestick charts, price data, transaction logs, and detailed pool data, all integrated into the Uniswap web app. All of these new releases come together to create one platform to help you swap smarter every time, no matter where you are, on web, mobile, or on the extension. Click the link in the show notes to sign up for the extension waitlist and download the mobile app. Start swapping smarter with Uniswap. Athena, the synthetic dollar, has launched their ENA token. They will launch it. It's on April 2nd. Total supply: 15 billion tokens. Total initial circulating supply: 1.425 billion tokens, so like 9, almost 10%. How the airdrop will work? 750 million Athena tokens, 5%,

• 54:17David Hoffman?

  will be airdropped to users. The snapshot was on the 26th of March. Any user who unstakes or sells USDE before this date will not be eligible for the airdrop, lol. The largest 2,000 wallets will be subject to a 50% linear pro-rata vesting over the next six months. Interestingly, that we're getting some vesting into large airdrops. There is a shard campaign that Athena... Athena is doing for earning this airdrop. It's not over. It'll end on the first, one of the shortest pre-token points campaigns to date. Currently, the Athena USCE supply, that's their stablecoin, stands at $1.35 billion. Congrats. That's pretty damn good. A second campaign, starting on April 2nd. For those who still want to get some of the Athena token, you still have an opportunity.

• 55:02David Hoffman?

  So it will run for five months until September of 2024, or when the USCE supply reaches 5 billion. And that was the Athena drop.

• 55:11Ryan Sean Adams?

  If you don't have a lot of capital, the bull market, like airdrops are the best way to like make money in this market. So participate. We've got the Airdrop Hunter. There's always a link in the show notes. Go check that out. So Google added a new feature where if you type in an address, so an Ethereum address into Google itself, it will pull up the balances directly from EtherScan for that address, not just on Ethereum, but across all of the chains. And so this is Anthony Sisano showing an address and like assets that he holds across multiple chains. It's the first search result after you type in, or copy and paste, you're going to type this in, an ETH address. So to me, this is like a double edged sword because on the one hand, it's fantastic for adoption, right? Hey, Google's supporting our chains, right? It's gathering, it's aggregating all of our on-chain data.

• 55:55Ryan Sean Adams?

  Imagine the great functionality it's going to provide us. On the other hand, let's think about Google's core business model.

• 56:00David Hoffman?

  All right.

• 56:01Ryan Sean Adams?

  They already know everything you do online. Now they can know with crypto, everything you own. It's all open. It's all queryable. It's just like Web1. It's just like the original, like internet. And imagine the ads that they could create if they know your net worth, if they know all of the property you hold in crypto. Combine that with everything they know from ads and like, wow, this could be a very powerful business model for them. And is not necessarily a great thing in terms of our financial privacy, let me say. So like one takeaway from this is, my God, we need on-chain privacy at the base level, don't we? Like, we need that fast. And I guess the other take is, I wouldn't be surprised to see the Googles of the world, the big Web2 ad companies, further integrating this type of functionality.

• 56:46Ryan Sean Adams?

  In fact, the only surprise in my mind is why they've taken so long to get here in the first place.

• 56:51David Hoffman?

  We've got a lot of data and let me tell you, Google knows what to do with that data. They'll figure it out. So a super scary tweet went out this week. Court rules against Coinbase in anticipated judgment. I think everyone got a heart attack by this. Then we realized that this was Coinbase's request for the court to throw out the SEC's case against Coinbase. Coinbase, of course, for its staking program, also for its wallet being a brokerage, ended up, this being a partial victory for Coinbase. So the court did indeed throw out the SEC's case against Coinbase for its wallet, saying that the wallet is not a brokerage or broker dealer

• 57:31David Hoffman?

  or anything like that. But some other parts of the case will proceed mainly Coinbase's staking program. So we are going to see the SEC and the Coinbase lawyers go toe to toe mainly over Coinbase's staking program, whether that was an investment contract or a security or like whatever. And so sadly, this is going to take like years for us to actually see these court cases like play out. So we're not going to get clarity anytime soon. Gary Gensler might even be gone. So he might just like drop this bomb and dip. Yeah, sad. Good news, but like sad it's gonna take so long.

• 58:04Ryan Sean Adams?

  Yeah, and I will say, what are the expectations here? This is kind of a hail mary from Coinbase to just basically before the court, before the case goes to trial, to just motion for dismissal. Like, this, this case is so stupid, Judge. You should just dismiss it all, right? So the fact that they got part of that is a partial win. But overall, Jake Turinsky says, this is probably, at least on this dismissal, this is a win for the SEC. There are some positives. He says, "It's great for DeFi that wallet is not a broker. There's good language on other issuers like Howie's investment of money prong, but the court sided with the SEC incorrectly", in his opinion, "on several key issues, particularly whether staking could be a security or not. And that is worth going to court in the eyes of this judge.

• 58:50David Hoffman?

  Well, we will see the fallout from that. Also, somewhere in the same realm, CFTC versus Kucoin. Kucoin, of course, the exchange, got a regular old slap on the wrist, stuff we've seen before. Kucoin, 30 million customers, did not implement KYC. They had future exchanges and they didn't register with the CFTC. They facilitated money laundering. They accepted money from addresses that touched tornado cash. So, they are getting bonked by the CFTC. That's the news with that. But, Ryan, there is a hidden gem. The CFTC, inside of the complaint to Kucoin, explicitly labeled Bitcoin, Ether, and Litecoin, mainly Ether, as commodities in the complaint. Jake Stravinsky, his comment says, "Usually the SEC and the CFTC pretend they aren't in a turf war over crypto.

• 59:34David Hoffman?

  Today, the CFTC is openly attacking the SEC's supposed investigation of ETH. This may seem minor, but it's actually a pretty savage inter-agency drama by DC's standards." Let's go, I love drama. Me too. Lastly, on regulatory updates, Kraken is launching their own state-chartered full reserve bank. I guess, David, if you can't beat them, join them, alright? They keep shutting out crypto from the banking system, so Kraken's like, "How about we just make a bank?" And that's what they're doing. We'll just be there on the inside. This, I think, only works in certain states. Wyoming is very crypto-friendly, so they have registered this full reserve bank in Wyoming,

• 1:00:16David Hoffman?

  and it's going to be Kraken's institutional play. Kraken institution take custody of all of these various assets under a full reserve bank charter license. No fractional lending, full reserve bank. I wonder what the Fed thinks of this, right? It's like, you know, states' rights, states have the ability to do this, and I don't know how the Fed's gonna take it. Two Bankless Ventures raises this week. We do this segment whenever a Bankless Ventures portco announces a raise. We have two this week. A bob that is build on Bitcoin, that is a Bitcoin Layer 2, using the EVM to make a Layer 2 on Bitcoin. A really cool project. We love the Bitcoin Renaissance. It turns out, Ryan and I love the Bitcoin Renaissance. You know what's crazy about this?

• 1:00:59Ryan Sean Adams?

  I love their approach. So they're basically using the OP stack, right? EVM and they're going to start by actually settling on Ethereum. And they're going to swap that out at some point to settle on Bitcoin. And then they're going to have the ability to settle on Bitcoin or Ethereum. It's like a layer two that is kind of like ambidextrous. It's like one of these platypus layer twos that confuses everybody because Bitcoiners are like, hey, I kind of like that. And Ethereum people are like, hey, I kind of like that, too. I love it.

• 1:01:25David Hoffman?

  I'm very, very bullish on the whole Bitcoin layer two space, mainly just because like Bitcoins got a monetary asset that's worth 1.5 trillion dollars. That asset would like to, you know, play, play games and things like Bob are going to do that. This, that deal was led by Castle Island Ventures, like us and this has Nick Carter, you know, it's like slapping hands. Next up, succinct succinct is a prover network. It is basically commoditizing access towards ZK proofs for developers. Different ZK circuits can all be put into the succinct platform. It's a general ZK platform to helping the devs integrate ZK into their application, either in web two or in web three, doesn't matter. And so basically scaling out ZK for the world.

• 1:02:10Ryan Sean Adams?

  ZK proving is pretty expensive right now, and this is going to make this a lot cheaper. So it's going to make ZK EVMs a lot cheaper over time. But then it's also going to give us the ability to like chains are just one type of ZK app, right? What other types of apps can we build? I think this is a frontier that we're going to explore, not right now, but it's probably like 12 to 18 months out and is super exciting. Yeah, but very cool.

• 1:02:34David Hoffman?

  Yeah, so this was led by Paradigm with participation from Robot Ventures, Geometry, ZKV and us, Bankless Ventures.

• 1:02:41Ryan Sean Adams?

  Meme of the week, David, what are we looking at?

• 1:02:43David Hoffman?

  This is a tweet I saw from Liam Horn, who is talking about why stablecoins are just totally going to win. It is an email to Liam saying, hey, Liam, we have processed the wire transfer today and let's hope for the best.

• 1:02:57Ryan Sean Adams?

  Wire stock compared to stablecoins, man.

• 1:02:59Speaker 04

  Wire stock.

• 1:03:00Ryan Sean Adams?

  Man, it's like, it's like going back to the fax machine.

• 1:03:03Speaker 05

  Ryan, are you ready for the most funny moment of Zen that will, I think, has ever been on the

• 1:03:08Ryan Sean Adams?

  I love this. Just, just stay tuned. Maybe a little tease. It's about meme coins.

• 1:03:13Speaker 05

  It's about meme coins.

• 1:03:14Ryan Sean Adams?

  Telling your financial advisor about meme coins and their reaction to it.

• 1:03:17Speaker 05

  This, this definitely works better on YouTube if you're watching, but it'll work just the same if you listen.

• 1:03:23Ryan Sean Adams?

  Guys, gotta end with this. Risk and disclaimers. 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.

• 1:03:42Speaker 05

  These are coins. I'm assuming that I'm looking at this. All of your investments are in coins?

• 1:03:45Speaker 04

  Yeah.

• 1:03:47Speaker 05

  What do they call, they call these, what are they? Shitcoins?

• 1:03:49Speaker 04

  Shitcoins.

• 1:03:49Speaker 05

  Yeah. So you're comfortable having all of your money in shitcoins?

• 1:03:53Speaker 04

  Well, I'm very comfortable.

• 1:03:55Speaker 05

  Okay.

• 1:03:56Speaker 04

  I'm very comfortable.

• 1:03:57Speaker 05

  So we're gonna start, we got Joe Boden.

• 1:04:01Speaker 04

  Yeah. Yeah.

• 1:04:03Speaker 05

  Yeah, it's not that funny.

• 1:04:05Speaker 04

  It's pretty good. It's like Biden, right?

• 1:04:07Speaker 05

  Yeah, they just switched the letters. It's not.

• 1:04:09Speaker 04

  Yeah, and it's fucking crushing.

• 1:04:11Speaker 05

  It's not creative at all and really not that funny.

• 1:04:13Speaker 04

  I'm not judging it by the creativity.

• 1:04:15Speaker 05

  I don't really get, I don't really want to get hung up on Joe Boden. We'll move on. We got Dog with Hat.

• 1:04:19Speaker 04

  That's Dog with Hat. Yeah, all the with coins are just on a rocket ship, like to the moon.

• 1:04:25Speaker 05

  That's what they're calling them? With coins? Or is there other examples of that or just Dog with Hat?

• 1:04:29Speaker 04

  Uh, there's a couple of them. Um, I'd prefer not to say, but let me just tell you. If you got an option to buy with coin, buy.

• 1:04:36Speaker 05

  I'm not gonna buy with coin, but I appreciate the advice. So we'll move on from that.

• 1:04:40Speaker 04

  Okay.

• 1:04:40Speaker 05

  And we got you SUG. Is that like you suck?

• 1:04:43Speaker 04

  No, no. Actually, that's a long-term investment. You SUG. That one we're keeping forever.

• 1:04:49Speaker 05

  Why is that long-term?

• 1:04:51Speaker 04

  That's you sell, you get. I kinda backed myself into a corner on that one. I will admit that. I didn't really think it through.

• 1:04:57Speaker 05

  So if it wasn't you sell, you get, is this something that you would have sold?

• 1:05:00Speaker 04

  Oh, yeah. Fast. That's doing terrible.

• 1:05:03Speaker 05

  Alright, so we're gonna sell that.

• 1:05:04Speaker 04

  No, we're not gonna sell.

• 1:05:05Speaker 05

  I'm gonna sell that one definitely.

• 1:05:07Speaker 04

  Dude, you, you seem like you wanna sell that like a little too bad. Do you wanna sell it?

• 1:05:13Speaker 05

  Take the glasses off. I can't see you with the glasses on.

• 1:05:16Speaker 04

  The thing is-

• 1:05:17Speaker 05

  Off completely, I don't wanna take them all the way off. This is a meeting.

• 1:05:22Speaker 04

  And this is a meeting in church?

• 1:05:23Speaker 05

  We're selling you SUG, we're not holding on to that.

• 1:05:26Speaker 04

  Why do you wanna sell you SUG so bad?

• 1:05:28Speaker 05

  Because you said it was losing you money!

• 1:05:30Speaker 04

  So what, but if you sell, you're gay! It seems like you wanna sell it really bad.

• 1:05:33Speaker 05

  I'm selling it for you, I don't care about this, I'm selling it.

• 1:05:36Speaker 04

  Really excited to sell that.

• 1:05:38Speaker 05

  This next one I can't even say.

• 1:05:41Speaker 05

  You know exactly which one it is, I can't say it, N-wordless cage.

• 1:05:44Speaker 04

  That one is also doing great, so I'm gonna keep it.

• 1:05:47Speaker 05

  Alright, I guess we'll hold on to that one.

• 1:05:48Speaker 04

  Yeah. Whatever makes money, like when other people come in here with their investments, are you breaking down the moral-

• 1:05:53Speaker 05

  No, I've never, but people don't come in with, people come in with Apple.

• 1:05:56Speaker 04

  Yeah dude, Apple's got suicide nets out there! You're not like, "Oh, this is just a word."

• 1:06:02Speaker 05

  No one's ever come into my office with the N-wordless cage. This next one, this next one we got, "Black people don't recycle." Is that even a real thing?

• 1:06:11Speaker 04

  I don't know, man.

• 1:06:12Speaker 05

  So that's, you're just making up new racial stereotypes?

• 1:06:14Speaker 04

  I'm not making them up, I'm investing in new racial stereotypes.

• 1:06:19Speaker 05

  Is that real? Is that a real thing, "Black people don't recycle"? Cause I know black people and they recycle.

• 1:06:22Speaker 04

  I don't know if black people recycle or not, it's just a coin.

• 1:06:25Speaker 05

  It's just funny, it's just, let's make fun of the black people.

• 1:06:27Speaker 04

  It's make fun of people who don't recycle. Who happen to be black?

• 1:06:31Speaker 05

  Well, we'll hold it if it's making, you're making a lot of money on "Black people don't recycle"?

• 1:06:34Speaker 04

  Making a ton of money!

• 1:06:35Speaker 05

  Alright, we'll hold it.

• 1:06:44Speaker 04

  I'm guessing you flipped the page.

• 1:06:49Speaker 05

  See, this is troublesome. Why don't you go ahead and break down Jew coin for me? Nothing funny about that.

• 1:06:56Speaker 04

  There's nothing offensive about it either, it's just a coin that mentions Jews.

• 1:07:01Speaker 05

  Okay, then what about, let's go down to the one next to it, what about the one that is, it's just a swastika? That's all it is, it's just a swastika.

• 1:07:07Speaker 04

  You got a better argument there, I'll give you that one.

• 1:07:09Speaker 05

  How did you even enter that in? Cause that's not on my keyboard, I don't have a swastika on my keyboard.

• 1:07:12Speaker 04

  I didn't know-

• 1:07:13Speaker 05

  Did you have to go buy a separate keyboard somewhere that had a swastika key on it?

• 1:07:16Speaker 04

  I didn't make it dude, I didn't, I didn't-

• 1:07:18Speaker 05

  You had to type it in, you had to type it in to find it.

• 1:07:20Speaker 04

  I just typed in "swastika" and it popped up.

• 1:07:23Speaker 05

  I'm gonna give you two options right now, okay? Cause now you crossed the line. See, I was fine with everything else, now you crossed the line. So I'm gonna give you two options. One, you leave right now, you keep all your coins, you walk out of my office.

• 1:07:36Speaker 04

  Well, I'm not losing USOG, so fine, I'll leave.

• 1:07:38Speaker 05

  And the second option, the second option is you stay, I sell everything.

• 1:07:42Speaker 04

  No, that's-

• 1:07:43Speaker 05

  I sell USOG, I sell Swastika, I sell M Wordless Cage, I don't give a shit.

• 1:07:47Speaker 04

  Nope, we're done, we're all set. We're done, I'll go somewhere else, I'll get the fuck out of here.

• 1:07:51Speaker 05

  I'll sell everything, if you're not out of my office in-

• 1:07:52Speaker 04

  No, dude, not sell anything!

• 1:07:54Speaker 05

  If you're not out of my office in 10 seconds, I'm selling everything. I'm selling USOG first. USOG is going first.

• 1:07:59Speaker 04

  No, it's not!

• 1:08:00Speaker 05

  Get the hell out of my office now!

• 1:08:01Speaker 04

  Dude, but, but, do you, do you know anyone who, who works with Money Risen during?

• 1:08:06Speaker 05

  No, get out of my office now!

• 1:08:09Speaker 05

  My god.

• 1:08:26Speaker 05

  Hey, what's up buddy, it's Uncle Jake. Uh, could you do me a favor and just put everything in Black People Don't Recycle? Yeah, no, I, I don't even know if it's true, but apparently it's skyrocketing right now, so just everything on that. Alright, thanks.