Optimism $OP Airdrop | OpenSea Arrest | Kanye West NFTs | Solana Halted | ETH 2.0 Merge | Velodrome

Transcript

yeah we persevere nonetheless through the the no the beer market bagless nation it is the last week of may david what time is it it's the friday thankless weekly roll up time ryan where we covered the entire news uh in crypto which is always an ambitious endeavor yet we persevere nonetheless through the the no the beer market no i was gonna say bear market but i remembered it's actually a build market uh and it will always will be a build market uh and so uh yeah we're persevering right what a great intro david guys we come out with these every friday this is the fastest way to get your fix in crypto get your ingestion on what's going on in

the markets the releases the news the price action we covered all here remember grab your morning coffee enjoy this with us because it comes out every friday morning david we got some hot topics this week what are we going to cover yeah some stuff happened this week ryan uh and we're gonna talk about it cause that's what we do every friday uh the optimism token is live and trading and that's what gets everyone super excited so of course is what we're going to talk about did you get your op tokens did you get your op tokens ryan i did yeah as many as i could find i'm still scouring wallets as well i still have a couple extra wallets to check yeah so we got the metrics uh comparable to the uni airdrop in size so we're going to compare the optimism airdrop to previous airdrops as well as some other

air drops that have come hot on the heels of optimism so there's not only the optimism token air drop to check there's another one which we're going to talk about after that uh after we get done having riding the highs of the optimism token we're going to ride some lows of a former open sea uh employee who got arrested for insider trading this is the same story that came out like months and months and months ago but this individual actually got rested and faces up to a maximum of 20 years in jail which is ridiculous uh yeah what's your quick take on that one ryan uh well you know what i'm gonna tease my take uh okay so you'll have to listen to my take midway through the roll-up to hear what i think about this issue uh so i'm i'm

not no spoilers all right david we're also going to talk about the uh the merge update are we there yet is everyone in the back seat of the car that justin drake and vitalik are driving asking are we there yet guys when are we gonna get the merge is it coming in august is it coming in september we're gonna talk about that too uh also kanye west doing some trademark stuff with nfts kanye west has entered the chat yeah he's coming uh as always make sure you like or subscribe to this of course if you're watching on youtube make sure you subscribe hit that like button if you're listening on the podcast thank you for doing that as well rate and review don't forget to do that whether it's spotify apple wherever you listen your podcast leave those rates ratings and reviews ideally like five stars you

know as high as you want to get bank lists but i feel like you know we put these on every friday so we deserve something we deserve at least above four at least above four there's only one option above four there you go all right guys uh before we get in wanted to tell you a little bit about our friends at metamask of course everybody uses the metamask wallet i use this on the day on a daily basis right just used it to claim my op airdrop tokens but did you know david this is a button i hadn't seen very often in metamouse just because i'm doing other things but there is a big blue buy button in the middle of metamask where you can actually refill your wallet with eth with any crypto asset you so desire

it's much faster way to get crypto directly into your metamask wallet because you don't have to do the thing where you got to connect your bank account to an exchange like coinbase and then transfer all of that back to metamask that's like a three four-step process and it gets really costly once you you know go the ach transfer uh it takes days and then you like do the the coinbase exchange and then by the time you're meta metamask like you didn't even know why you wanted the e in the wallet in the first place so this is a handy buy button i'm going to click this here you can use transact you can use moonpay you can use wire i'm told this also works in mobile i have not used it look at this david put in your credit card put your apple pay put in your

google pay and uh just get your eth right embedded in med mask and i actually use this a lot when i want any when i just need some gas especially for like claiming air drops on old wallets that i haven't touched in years but like i gotta go claim an airdrop and i need to get gas into that wallet but i don't want to dox my wallet uh so this is actually when i use this i also use apple pay to get that two percent cash back on your eath buy which is nice you know what's crazy david is i've i haven't even noticed that button which is probably why metamask wants us to spread awareness that the buy button exists super handy for wallets old wallets reclaiming air drops uh you don't have any eath and and yet you need like you know 20 worth of

beef in order to make that claim so uh one click buy in metamask of course you can navigate to metamask at bankless dot cc slash buy download the metamask app and use that buy button next time you need some eth in your wallet david let's get to markets man what's bitcoin price telling us bitcoin up just a smidge up two percent on the week started the week just below thirty thousand and is ending the week just above thirty thousand so twenty nine thousand five hundred ending at thirty thousand two hundred and seventy tweet okay anything about anybody anything above 30k i'm uh i'm feeling okay i guess price last time we said that that that was 40k i know it's just is it gonna hold and the last time i said it

about ether it was above 3k i'm feeling good i'm still not i'm i'm not feeling good under 3k it's definitely a b market right build market uh below but what are we hitting on eath this week we up or down uh eth took a took a little bit of a hit this week started the week at 1950 ended the week at 1820 uh so sad east noises uh this week so down six percent versus bitcoins up two percent on the week um some kind of funny counting just on the timing of these things uh if it was like a one day shift it would be a different number um so that's how i'm coping this week well uh how are you coping with this ratio what are we looking at keep it light yeah so like we got the 30 000 line for bitcoin we got the 2 000 line

for for ether and we got the .06 line for the east btc ratio which is where we are at right now point zero six zero three three keeping its head above water um allegedly this is look this is a great bear market uh predictor i feel like are we in a boat if the indicator is if the ratio is down if it's low we're more likely to be in a bear market if it's if it's high we're more likely to be in a bull market and look this is off of may we've certainly dropped quite a bit from 0.07 6 range all the way down to 0.06 so i guess that tells us everything we need to know about the current market

conditions david sad eath noises total crypto market cap is uh flat at point 1.3 trillion last week to 1.3 trillion this week so overall the market did nothing nothing uh i'll take it i mean flat week is better than it downloads don't take it did you know this ftx just surpassed coinbase as the second biggest centralized crypto exchange that just happened last month ftx was always gunning for number two finance of course in first place but now it's binance ftx and coinbase and third what are your thoughts on this do you think this will last uh yeah yeah i mean ftx's trajectory has always been gaining more and more and

more market share and to be honest i kind of don't really count by nance uh maybe that's just like my western united states citizen bias um but like binance is not going to like play nice with regulators in the long term and so i kind of have discounted the value of binance in my head that's definitely probably bias but uh for all all the regulated onshore exchanges that are the u.s regulator approved now ftx is number one uh and so that's kind of how i count things in my head yeah you really gotta hand it to sbf right i mean he's built this business like over the past three years i mean it's not very old fdx is not very old at all and here it's taking the number two slot from coin look at that chart like you're going from july 2019 that blue line just going

up up up up up up up that's crazy yeah look at this market sheriff legitimate volume spot exchange though oh definitely i'm not the legend i'm not the only one with this stuff yeah right uh how about this next thing wait also yeah for the record they did not have binance they only had binance us in there uh they did not have actual finance in there uh and so it looks like the block shares my opinion as to the illegitimacy of finance let's see the dominant player in the market is still binance by far which is 64 followed by ftx 10 and coinbase nine percent look at how dominant bianca's 64 yeah that has got to be wash trading right i don't i look man binance is a juggernaut outside of the us like it is

absolutely massive and uh so i mean i discount some of this as maybe watch straight or you know something different but like not all of it binance is definitely a juggernaut in the space and expanding everywhere too um coin uh excuse me gemini another exchange i guess they would come in number like would they come in number four number five something to that effect light blue uh that is yeah i think that's third the winklevoss twins gemini they are laying off 10 of staff right now and the headline is to prepare for crypto winter here's the quote on gemini's blog the crypto revolution is well underway and its impact will continue to be profound the winklevoss brothers wrote but its

trajectory has been anything but gradual or predictable these are seasoned vets who've been through a few bear markets in crypto and they're getting ahead of this by actually cutting some of their staff now what do you what do you make of this david yeah so um gemini is a very like saturated company right that's been around uh and so it's not like any of these like newer projects that i still have a ton of growth potential uh so it makes more sense for it it's staffing to like follow the whims of the market right just because like it's already hit like it's saturation point so when the bear market does come that there does have to be cutbacks um i mean there should be cutbacks all the time like we've got to cut out the fluff of of all companies so i mean only ten percent uh

in comparison to 2018 is a big improvement yeah uh i i do think we are seeing some belt tightening in specific areas in crypto certainly there's a ton of hiring still happening but in other locations we're starting to see belt tightening newer stuff hiring newer stuff layoffs uh we've got a lot more to cover guys coming up next we're going to talk about that optimism airdrop it feels like that airdrop is kicking kicking off airdrop summer uh which is uh happening now also the openc insider trading story i want to cover that does the crime fit the punishment it's the big question in our mind we're going to get to both of those stories but before we do we want to talk about the sponsors that made this episode possible

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currently has over a thousand independent validators it's yield farming but with ethereum nodes you can get started at rocketpool.net and also join the rocketpool community in their discord you can find me hanging out there sometimes in the chat so i'll see you there the layer 2 era is upon us ethereum's layer 2 ecosystem is growing every day and we need bridges to be fast and efficient in order to live a layer 2 life across is the fastest cheapest and most secure cross chain bridge with across you don't have to worry about the long wait times or high fees to get your assets to the chain of your choice assets are bridged and available for use almost instantaneously across bridges are powered by uma's optimistic oracle to securely transfer tokens from layer 2 back to ethereum a token proposal is being deliberated as we speak in the

across forum where community members will decide on the token distribution you can have your part of across the story by joining the discord and becoming a co-founder and helping to design the fair fair launch of a cross if you want to bridge your assets quickly and securely go to across.to to bridge your assets between ethereum optimism arbitram or boba networks and we're back and also diving into optimism airdrop summer people got their tokens ryan you're showing an address banked.ethe got 827 optimism tokens for being a donator to get coin grants on layer one and also at dal voters so good job ryan uh congrats on your tokens uh so the optimism token is launched with a total supply of 4.3 billion tokens

inflating at two percent a year uh and the air drop of 215 total million tokens went to almost a quarter million addresses 248 699 addresses for comparison ryan uniswap was just 2 000 more addresses larger eligible addresses larger than optimism coming in at 251 500. that is fantastic that's great distribution right to get half a million addresses in this thing it's just like you know second in size to uniswapping from a distribution perspective yeah and so people who check their addresses a couple weeks ago might notice that they actually got more than they uh were previously quoted because optimism went through the whole airdrop

uh or excuse me the airdrop farming they scalped the farmers so like oh they identified all the farmers just like hot protocol did they pruned them uh and so then they redistributed what was uh going to be given to the farmers to the rest of the community which just makes sense you got to reward the actual true humans not the farmers uh and so uh as of right now 62 of all op tokens have been claimed with 120 000 addresses uh having claims uh-huh okay this happened in the last like day right last 24 hours from the time of recording a hundred and twenty thousand addresses not necessarily people but like probably a hundred thousand people give or take these are bank accounts yeah definitely have they've claimed tokens so like the participation rate is crazy uh and so if

we wanted to compare the the claiming of optimism versus uniswap uniswap has had 90 of all addresses that were eligible claimed the uniswap airdrop so 10 were like loss of history probably uh and so if optimism uh were to reach 90 that would be 223 000 airdrop claimers right now we're at 120 000 so we have a lot to go but where unit swap beat optimism by 200 or 2 000 eligible addresses optimism still has room to be the largest air drop by how many actual people claimed the token uh so that's the number i'm gonna be watching moving forward do you know what's awesome about this is not only claiming the token you're also like

claiming it on optimism you're also claiming it on a layer to you and this reminds me you know how we always talk about like you know going out west and and settling and finding new lands a new opportunity you know like um in in the west in some of the new horizons in the us they used to just give out parcels of land to individuals to settle there right it's like it's the frontier no one wants to live here it's going to be a rough life like and but here's some land to make it worth your while here's why you should move from the east coast and settle into this new land and that's what's happening with these layer twos it's essentially you're getting free property uh if you if you settle if you move from the ethereum main net manhattan and you cross the bridge and

uh you settle on the other side they're giving you free voting rights responsibility tokens in the form of op in order to settle here and the op tokens have some value we should note that what is op trading at right now and what is the fully diluted market cap yeah at the time of recording it's at one dollar and 57 cents uh yesterday it peaked at dollars and twenty cents at the height of the mania also dumped down below sixty cents so we're still in price discovery mode ranging somewhere between sixty cents and two hundred and two hundred two dollars and twenty cents currently at one dollar and fifty seven cents fully diluted valuation if you multiply the price by the total number of uh four uh four point something billion tokens the total supply of optimism tokens here's a trivia fact for

you is 2 to the power of 32 that's the total supply uh and uh i guess i can actually just read that out since it's on the screen the total supply is 4.294 billion tokens coming in at a fully diluted valuation of 6.7 billion dollars so 6.7 billion dollars just got just just created out of thin hair uh and comparison comparing that to matic i think matic is somewhere in the same ballpark i think matic was like actually can you look up thematic tokens uh yeah market cap yeah matic market cap 6.8 billion dollars right oh excuse me that's total luck value 6.1 billion dollars uh so optimism is higher than polygon which is wow which is nuts because like okay

polygons credit they have done an insane amount of just like adoption and onboarding and like business development so like people are pricing in a lot of optimism into the optimism market cap that is true now i will say there's a lot more supply circulating supply out in the market formatic and polygon versus uh optimism the circulating supply is still very small at this point right um and part of that story is because there are many many more air drops uh for optimism coming that's a part of this conversation but yeah this is just airdrop number one uh airdrops two and three and n are on the horizon it's super exciting man the clean process by the way was so easy i did this with a couple of wallets you're only saying it's an easy claiming

process because you didn't try and claim it literally at the same exact time as everyone else there was an actual a bunch of drama with the clogging of not the optimism network but the rpc endpoint which is a new place to get clogged we'll talk about that a little bit but optimism release an airdropped recap thread which we'll go through because it's got some cool stats and some cool metrics they say yesterday was an absolute whirlwind it wasn't without the hiccups that's referenced to the rpc thing but to much excitement op was born we'll have an extensive retro on the drop day next week meaning meanwhile we uh wants to share some stats coming out of the launch with over 50 of drop one now claimed let's dive in optimism hit a cup a couple of major high water marks yesterday in

terms of transaction count hourly rate peaked at 12 transactions per second averaging about 10 transactions per second matching ethereum while consuming less than five percent of ethereum's gas so ethereum's level of scale which wasn't like it didn't even come close to completely congesting optimism while consuming less than five percent of ethereum uh uh hourly rate peaked at 12 transactions per second but spiked to 22 transactions per second so people were claiming optimism tokens at a rate of 22 transactions per second plus doing other things like basic units up trades okay here's where they like the drama came in ryan remote procedure calls rpcs hit an all-time high of 20 000 pings per second and so

they write simply put these are requests to read network data and this chart shows our free community endpoint this includes the not just the claims but unit swap reads bridging on hop basically any time if you've ever loaded up like the optimism rpc endpoint into your meta mask and then use the actual official like optimism link which you probably did it's in there by default you're using like the optimism sponsor like um supported rpc endpoint you can and that just means a whole bunch of servers out there whether it's uh hosted by infuria infrastructure provided or hosted by alchemy these these are servers that are for reading kind of the archival data the history of the of optimism so that's what powers all of the user interfaces right and so you can

set that up in metamask and you're saying the default the uh optimism default rpc endpoint the one that they sponsor was having some trouble keeping up right right exactly and so they they just like they run their own server or endpoint to alchemy uh and people were trying to so whenever you like load up your metamask into a website that is connected to the optimism like data and it needs to collect optimism data to feed you some of that data would be like do you have an airdrop to claim is like some of the data that is relevant here or just like a pinging unit swap on optimism for what is the price of something like all these things read the optimism chain that's what got clogged and that is web 2 ryan which is crazy so all the dj's

who wanted to claim their optimism tokens broke web too and so like we were talking to jing about the details on this so we could get this right for the roll up and jean gives us this funny story she would uh where where she was working at the time where the the optimism team was working happens to be uh like in the same building as alchemy and so she like she ran downstairs to the alchemy offices and like knocked out like hammered on the door and was like hi uh this i'm from optimism we're releasing a token today and we need ten thousand f-cups and then apparently the alchemy team was like f cups what the what the hell are f cups and then she she was what she what what she was saying was actually fcpu yeah but but carl flores is apparently dyslexic and so he told jing we need 10

ten thousand f-cups so jean goes running to the alchemy like offices and like knocks on the door he's like we need ten thousand a hundred thousand f cups you need a hundred thousand f cups and alchemy is like what the hell is going on anyways as soon as alchemy figured it out they they spun up the notes and that was all fixed uh and so like causing people cause a bunch of drama be like oh i can't get my tokens uh like all the token claimers were clamoring as the as they do but once that once the extra servers from uh alchemy were spun up everything was fine and everyone could claim their tokens yeah it's important to note like obviously optimism did not go down none of the smart contracts actually went down there was the ability to claim tokens if you knew how to do it

outside of the user interfaces um it was just the kind of the web 2 infrastructure dependency of like serving the data up the archival historical data up that's the piece that needed some additional juice and some additional servers and if you knew a different rpc endpoint you could still claim as well um it sounds like um well that's cool i mean i i i got uh as i said a few of these but i'm still on the hunt for more did you do your claiming yet david i did my claiming yes i did nice and also my delegating uh i delegated one i have two two addresses that i claimed optimism one i delegated to david mihal uh the other one i delegated to paulina uh here's an anthony cesano tweet saying pretty cool to see optimism coming in fifth place

for the amount of eth burned on layer one today so this is what happens when you get a token all of a sudden you just get a bunch of economic activity optimism yesterday burned 102 ether uh and so putting it ahead of usdc and unit swap v2 not ahead of viewing swap v3 so it goes open c basic transfers unit swap v3 tether and then optimism the optimism layer two uh birding the fifth place for the amount of eath burned and then in the seventh place is thick friends my favorite nft uh and so like i was actually i went to some dune analytics dashboards uh just to see some of the activity that was going on on optimism uh and so i put

that into a tweet uh when you pull this up ryan find find the airdrop point on the screen where you think the airdrop happened oh my god this is uh transactions per day for people on the podcast absolutely spiking on may 31st all-time highs uh yeah like tripling quadrupling something like this from from normal and uh definitely all-time highs and addresses per day look at that rock it up all the way up this is uh transacting addresses per day or active addresses per day that is the token effect on layer two yeah and they're the number of first i think if you scroll down like i put some numbers on the first time addresses that that were transacting um yeah 45 000 first-time optimism users yesterday and

this graph is really really cool where the black line is the order orders of magnitude times cheaper optimism is uh and then the the transactions is the number of uh number of transactions there are yes and so yeah uh so you did see like a little bit of congestion in uh optimism but like not not to like it didn't actually like saturate the whole entire blockchain what happens it's just like as it gets heavily heavily used uh it becomes uh lesser orders of magnitude more scaled than ethereum but again that is before eip4844 that is before more like optimism uh optimizations come to optimism um but but pretty cool and people don't know they still have the throttle on basically they sold the

governors um so it's not going as fast as it will be going as efficiently as it will be going this is a tweet from sassel too what's he saying here yeah he goes friendly reminder the op airdrop is going to generate a lot of fee revenue on the optimism network with the proceeds from this fee revenue later being donated to retroactive public goods funding turning d gens into regions this is a crypto economic future that we're all here where we take our externalities and we funnel them into public goods uh and so this is optimism retroactive public goods funding innovation we did a show on this called the layer to the trillion dollar layer two opportunity part two although part one is definitely worth listening to something else people always talk about with um layer twos is that this thought

of it being parasitic to layer ones so well all of the transaction fees kind of evaporate from layer ones will that migrate to layer two so layer two is essentially steal the economic activity and the chain revenue for layer one this is david mihal kind of responding to that criticism optimism was responsible for 1.6 percent of all fee revenue paid on ethereum yesterday that's hundreds of thousands of dollars of eth burned in just a couple hours airdrop didn't start until late in the day who says layer twos are parasitic to layer ones who says that indeed i i've never understood that argument it's like saying the state of texas or the state of california is parasitic to the united states of course it's not these are tax-paying states

they're contributing to the gdp of the ethereum economy that's what a layer that's what a layer two essentially is it's part of the united roll-ups of ethereum so it's definitely not parasitic we're starting to see that reflected with optimism as you said being number five on the burn leader board the taxpayer leader board if you will uh happening just this week and speaking of network effects this is or a token effect excuse me this is a coinbase announcing that coinbase will add support for optimism on the optimism network only uh and so uh op is trading on coinbase but in order to if you want to trade your op on coinbase you have to send your optimism tokens on the optimism network to coinbase meaning coinbase now supports the optimism

network uh so i think we can see further integrations with optimism over time especially now that the tokens there and all the economic activity there i expect usdc die other asset deposits straight onto the optimism network so we've been clamoring that for that for a while uh coinbase finally delivered uh and a part of this whole saga part of this whole story it comes with this very controversial governance post that's titled the optimism governance post titled users who sold the initial o beach airdrop should become ineligible for all future air drops uh and so uh this the xerox of john on the optimism forum post saying i've seen a lot of wallets claim the op airdrop and then swap it straight to uniswap these accounts are not playing a constructive role in optimism

governance uh and so he makes a claim that people that just claimed and then dumped their opi token should be ineligible for future op tokens controversial posts there was a bunch of uh a bunch of replies he actually named some addresses here uh none of these are your addresses are they david no i did not i did not claim 32 000 op airdrop tokens i also did not sell i mean there's some airdrops that i sell like uh automatically this to me was uh is definitely a keeper i mean optimism has a bright future ahead of itself but why was this so controversial so what was the back and forth it's like well it's a it's a conversation about like uh how do people get rewarded because we're rewarding people

uh for their behavior and their activity and their engagement on the optimism layer too and so like if you reward people but you also restrict them from selling are you really rewarding them because like you know if you report people like they need to put food on the table at some point right they've got to pay rent but they're not they're not restricting from selling they're just saying next time around yeah you shouldn't like if there's you could sell but like next time it says you can't sell because then we won't reward you in the future i kind of i don't hate it honestly it's like what do you what are you trying to incent towards you trying to incent towards the settlers of the community those that will stick around and actually govern and actually contribute you're not trying to incent to the people who are

like just dumping and so i you know i don't know i i definitely see the argument for this as well but what if they are taking the optimism token selling it for usdc and then they keep the usdc on optimism like then we're still having uscc liquidity on optimism so that's still useful i think that's something but it's less useful than like holding the op token actually contributing towards governance and so like there are degrees of uh utility to the network and what you want to reward and i'm not saying like maybe this is advocating a complete like black listing of these accounts or something like that uh i i don't know that i'd go that far but it is interesting thought process to say hey if you did sell versus if you if you if

you cap the people who kept the people who are actually settling in this land should be rewarded more next time you know and there should be some disincentive towards just trying to flip uh your tokens on on day one um i understand both sides of the argument i guess but i'm probably more in favor of like let's try to incent the network towards um governors and towards settlers and away from the the traders and liquidity locusts and that sort of thing so i can definitely understand this governance post our friend kobe did not or at least i don't think he did he he uh responded with a governance post of his own i think this is like a satire maybe some time this is definitely satire okay what was he saying here

uh kobe goes i recently saw this proposal on the optimism forum that we should be restricting airdrops to people that sell uh and so he goes and takes it even further right uh he goes however i'm unable to support this proposal in its current form uh my lack of support for this proposal is not because i disagreed with the sentiment on the contraries because this proposal does not go too far enough so he has created some extensions to the proposal he goes in addition to canceling the air drops of opi sellers we should also consider a wider net of eligibility for airdrop slashing uh and so he he talks about uh the ways to do that um i propose that we the optimism collective cancel the future airdrops for anyone that has sold any token in the last six months these people have a

pattern of undesirable behavior and we can consider them potential future sellers i think i speak for everyone when i say do we really want people that might one day sell in the governance group no we don't uh so he says increase the severity of the punishment is canceling a future airdrop good enough i propose that the punishment for disrespecting optimism's governance price should be significantly harsher in order to dissuade future bad actors two ideas we have is we issue a debt token to the sellers and instruct local debt collecting agencies to collect the debt from these people uh bonus is added revenue to optimism and part b we consider physical violence against the sellers nobody will take us seriously unless we are willing to fight for what we believe in there's precedent here

most governance groups have an active army for example the us government i think this is a good area to get creative so i request my fellow optimism collective governance groups colleagues to also suggest preferred punishment ideas uh also cancel the air drops of everyone that bought op since the airdrop everyone that has bought the airdrop has also sinned because they have interacted with the sellers this is bad enough the op tokens they hold are tainted sold tokens uh basically kobe is just making a farce out of the governance post saying uh you know people are allowed to sell their tokens and not get punished for selling yeah and then i also think the governance community is allowed to like respond to that and be like but we want an incentive incent holders and settlers

and so i i kind of see both sides of it i i do think kobe's point is taken though right like there's obviously a way to take this way too far and be super punitive on people who are just like i mean it's worth 6.8 billion dollars guys like that's a lot of money and uh maybe you want to cash out some amount of that um i i see both sides i don't know if this how this is uh progress in the community but uh it's definitely turned up some interesting debate back and forth on right all of the future airdrops because that's really what governance is is determining now the existing token holders get to figure out what criteria future airdrop should be you know how they should be awarded and who should

get them yeah and i think the interesting thing is like this is how kobe actually engages in governance like i know it's satire but this is a legitimate governance post that kobe is making a very legitimate point on right and and it's discussion is creating a lot of discussion so like the way that kobe chooses to engage in governance is like pretty interesting it's pretty clever it's pretty cool well i mean what's exciting about this though david is this is the kickoff to uh maybe airdrop summer layer two summer right it's like i think there's going to be ton of these sorts of uh air drops in the future and it's not just layer twos it's also applications on top of the layer twos i is that where we're going i think that's where we're going next i want you to actually tell me about this

david because you put it in our agenda to discuss velodrome finance velo airdrop is live what is velodrome finance what is that airdrop should i actually claim it and uh where can i do that sir yeah so velodrome is a liquidity protocol native to optimism that air dropped their token in following of the optimism token uh and so they literally start their post saying it's optimism airdrop season baby this time velodrome finance and amm inspired by solidly finance is launching his protocol with an airdrop of velo tokens so what is velodrome finance uh it is actually a project that got spawned on phantom this is an old andre inspired project uh it had like a bad start on

phantom but the team has like fixed their problems and then taken their the project to optimism it's basically like a curve except it's not uh fixed to like four like assets uh and so you can it's more like uniswap where you can trade ether for uscc or volatile pairs uh curve is also working on this i think in curve v3 uh and so it's light curve in the sense that uh it has that custom custom curve amm curve uh and then but it also has like ve tokens so there is ve velo uh and so uh they gave out their v velo tokens to a bunch of people that did various different things one of them being people that are repeat optimism users uh people that uh have curve uh curved wallets that have staked curve for the

maximum amount of time 1450 days convicts protocol lockers a vl cvx treasure dow genesis mine magic stakers platypus protocol stakers redacted cartel participants and eminence finance wallets uh and who got affected with a with emn that uh there's a backstory there anyways the whole point is that like right on the heart of the heels of the optimism airdrop is the fellow airdrop for for this application brand new application coming to optimism and so this is this is like the takeaway is that it's air drop season so like stop being depressed about the market like pick your head up and go start exploring because like there's so many air drops left not only optimism air drop number two number three number n but there's

also the application tokens and so if you want some of these air drops you got to go be on the optimism land because that's where the surface area is for all the air drops guys crypto pays you to learn about crypto crypto is literally paying you to go bankless all right that's what's happening that first uh criteria for the velo airdrop you listed addresses qualified as repeat optimism users are you a repeat optimism user that has some criteria that's how you qualify for these airdrops uh really cool to see and i think this is a great way to kick off june david is is to have this airdrop happening um david mihal also rolled out a really interesting site where we can start to see all of

the taxes paid by the layer 2 community this is uh layer 2 fees dot info and the question not irs taxes no exactly one security payment l1 security taxes i should i should clarify that so i'm talking bank let's speak here how much are rollups paying for ethereum's security and this goes through the one-day security costs uh in one day so i guess that would be the last 24 hour time period at the time of recording optimism paid almost two hundred thousand dollars for ethereum's security costs arbitrarism our arbitration paid 80 000 zk sync 11 000 a total of 313 000 was paid for ethereum security again

what do blockchains like ethereum sell they sell block space the new purchasers of block space are not actually going to be users on the ethereum main chain they're going to be layer twos here they are ramping up their block space purchasing and that is how we are scaling the ethereum economy it's really exciting to see all this come together yeah and if you scroll down ryan you can see the chart uh and if you go to uh percent of total l1 fees you can see at we just recently hit an all-time high that's l two percentage percent of a total l1 fees bam right at the very end three point two percent three point one percent at the peak that is an all-time high for layer twos consuming layer one block space and that number is up only just

like layer one gas is up only uh because you're gonna be competing if you're still on layer one you're competing with layer twos for block space and you're gonna lose that fight so you might as well just capitulate and migrate to a layer two the other thing is you know the eternal alternative layer ones are actually competing against these layer twos as well and the killer advantage that layer twos have in addition to security is they don't actually have to mint their token to pay these fees they essentially get ethereum's defense budget for free as part of it and so if you want to go dip into um the economic case for layer twos and significance the impact that has on ether and the ethereum economy go listen to that episode

david referenced earlier that's the trillion dollar case for uh later twos is that what it's called david something close to that trillion dollar case uh trillion dollar opportunity on layer two there you go something like that it'll be yeah it's it's got trillion in the name david let's talk about this next thing what is going on with this former open c employee i know we mentioned it in a roll up this was months ago uh and the employee at the time got fired openc put out a statement it was some sort of uh an employee by the name of nate chastain who i believe was a senior product um manager at openc he was caught front running he was caught front running this was a twitter post and now this has made it's all of its way to the u.s attorney's office in the

southern district of new york and they've put out i guess you call this a press release it's labeled under press releases but it's an indictment announcement that this nate chastain has been indicted and he is facing uh charges um what do you make of this david yeah so just to recap the story nate chastain he had information about which nfts were about to be featured on the front page of openc and so he would go buy these nfts before they were featured on the front page of openc and then the price would like jump 2x 4x5x and then he would sell them so he used that insider information to know which nfts are about to be displayed on the on the front page and then he would front run retail that would just like

buy the shiny thing on the front page uh he collected uh 67 000 for this activity wow uh and people found out because like they just found like just saw him ledger's transparent guys well and he was kind of dumb about it and sent it sent it to a wallet that owned his own crypto punk like it might as well be called like nate chastain.eth and so like people found out just by like watching the blockchain so like kind of a dumb move but also what he is being charged with is uh i would call egregious uh in relation to a 67 000 of like insider trading uh and so for he hasn't been charged with this he hasn't been sentenced to this but the one count of wire fraud and one count of

money laundering each of which carries a maximum sentence of 20 years in prison so if he gets the worst of it it's like 40 years in prison uh if he if he the worst possible i can't imagine that he would get the worst of it um and so but this is what like crypto twitter and just everyone has really been alarmed that it's super serious yeah like the guy has to actually like hire a lawyer to not go to jail for sixty seven thousand dollars of like front-running retail and like again it's he shouldn't have done that that was a stupid thing to do also definitely dishonorable and super guilty unethical 40 years of jail time though it seems like i don't know i mean definitely a crime but like now you have

to ask yourself does the crime fit the the punishment of course we don't know what the final punishment will be but just the fact that like the maximum sentence is 40 years potentially in prison for doing this i mean like all sorts of people in crypto front run other people all of the time based on insider information it just happened that nate was actually caught doing it from a twitter thread that's how bizarre this is this just feels like uh he's getting ross ulbricht again he hasn't been charged and so he might just like not this might actually turn into a nothing burger but everyone's being very alarmist is what this could turn into where they could make an example out of nate chastain and say that's what they're trying to do right make an example perhaps what they're trying to say is is hopefully which is good which

is insider trading is not okay in crypto right right the fact that he was put into handcuffs and arrested for sixty thousand dollars of front running uh is a little a little egregious uh there's a way better ways to like solve this grief this grievance um and so like what i'm worried about is that he actually does go to jail for like a really long time kind of like how charlie shrem did charlie schramm he's like he was faced with like a lifetime in prison so he took a plea deal and spent like three years in jail or something uh ross ulbricht uh was not able to get out of like a double life sentence so he is still in jail uh and so like this is this is like the red flag that people are worried about is like do they just make a case out of this individual as a

warning shot to the rest of the crypto industry uh to like you know tough like get your in order excuse me do you think everyone at centralized exchanges right now is just like sweating bullets probably like they're just like yeah i mean they're going to have to button things up for sure and right you know compliance is going to be a big issue the thing i love about d5 at least when you get into kind of the the permissionless uh levers of d5 is because no one decides no one is a gatekeeper on what asset gets listed on something like right uh uniswap anyone can listen nasa anytime there is actually no such thing as front run information about which asset is going to be listed because anyone at any time has the ability to spin up an asset

that to me is the world that we are trying to get to a completely permissionless world where there is no insider information everyone knows at the exact same time because there are no gatekeepers uh open c is not that right of course because they're kind of a i call them a web 2.5 right type of centralized between with a decentralized back end exactly and so there is actually insider information as far as what nfts might might hit the the front page with a coin base or an ftx it's also which assets are we going to list that's information that can be traded on and in those cases david it does make sense to have regulators um you know take a peek and enforce this sort of thing now um again

here 40 years is absolutely crazy for uh for this kind of uh event but we'll have to see and we'll be following the case on bankless um here's a hilarious meme though that i think sums things up what is this david yeah doge toshi tweets out uh crypto twitter vcs right now excuse me crypto vcs right now and this is a scene from kevin from the office i actually don't remember the scene uh but uh kevin is saying i had nate explained to me three uh three times what he got arrested for because it sounds an awful lot like what i do here every day so pretty big knock on vcs and crypto and of course not all vcs are bad some vcs are very bad uh but yeah using privileged information that the rest of the market doesn't have to front run

opportunity um isn't that the but we're talking about like buying ether before the tradify does like so that's not insider information this is this is this i think this meme though does sum up like what is actual front running what is actual like insider training what does that actually mean in crypto and i think a lot of that has to be defined but certainly where there are centralized vectors um where there is like where they're their permission gatekeeping that sort of thing has the potential to expose uh front running as we've seen in kind of equities market but like the more diffuse we can make

this information the more transparent the more on chain the less ability anyone has to kind of front run or do insider trading because we can all be there no one has informational advantage there's no informational arbitrage everyone gets access to it at the same time if you are like watching the chain so that is the world we are looking to get to but it does call into question what front running actually is and what insider trading actually is yeah yeah that's right um wish the best for for nate chastain even though he did commit a crime uh i hope he doesn't go to jail i hope he just has to pay a fine the thing is like on the blockchain he could literally just pay the people back like there is he could there are his verifiable people as like who he sold those nfts to at the

marked up price and he can just pay them money uh that makes much more sense than going to jail uh anyways that wraps up that guys we got so much more left to talk about we've already gone on for so long coming up next in the second half of the show nate kanye west enters the chat so we'll talk about what kanye west is doing with jesus.eth and also the fight over the apes ethereum layer 2 is going head to head with alternative layer ones as to where the apes need to migrate to because they've determined that they need to migrate off of the ethereum layer one as we've said migrate off of ethereum at layer one all of that stuff and more coming up right after we get to some of these fantastic sponsors that make the show possible arbitrary is an ethereum layer two scaling solution

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ethereum ecosystem there's robson there's gourley there's a few others whose name escape me at the moment and each one of those is going to go from proof of work to proof of stake as ethereum in the future will uh and each one of those is going to have its own like merge its own like uh practice merge so robson is getting merged the eighth of june then there's gonna be like ah two if everything goes well two to three weeks for the next one which is going to be girly i believe and then two to two to three maybe more weeks for the next one which is sep low yeah i didn't even know that that was a test that um uh coven's also coming up um uh and so yeah so june 8th the first major ethereum test net merges and then we have a few more

tests after that and then we actually merged it's in a race right now to beat out the ice age coming in late august and so there is conversation about how if we get do get to late august we are going to have to hard fork without the merge to cover to get the transaction fees from the ice age back down to 12 seconds because 20 seconds might become untenable um it's actually like almost halving the total block space supply of ethereum at that point uh and so um i think first time still up in the end are we still gonna do i think the big question is are we still gonna do august is that still in the cards and i'm gonna say from like last week to this week i think the probability of hitting august has decreased at least in my mind maybe like last week i was

thinking okay 80 ish uh now it's probably down to like 50 percent and i'm thinking more of a september no like september october november kind of time uh horizon because they're still having some issues with shadow forks um we'd hope that that would be done right by now but there's still some additional testing that that needs to be done so i wouldn't be surprised if it slipped into uh september october maybe november what are your what's your take here david yeah that sounds about right each each merge represents a variable uh and so it's it's yeah the variable stacked on variables uh still feeling good uh about september at least um but we keep on kicking it out now

don't we are we there yet are we there yeah are we there ahead of this metallic please um anyways that's that not too much more details than that as each uh test line gets merged we'll have more and more details as things go along um all right uh pulley update pulley yeah this is the uh the latent electric cusack is getting sued because of the whole like five dollars in to pull together turning into a quarter billion dollar lawsuit chris dixon from a16c goes we just bought a 75 eve pooly judge to support leighton cusack and and pulled together uh again this is an attack on pull together but it's actually an attack on d5 which means this attack on you personally uh if you have not meant to pull together to a pooly to help support pool together against their egregious frivolous

lawsuit uh please do that there's a link in the show notes you know a16z is the only uh crypto vc to have minted of pulleys look man i i think they deserve a hand clap for that and they do i saw i'm so sorry chris i don't have my sound board i'd trigger the applause button but good job a16z i hope some other vcs step up and and do this this is definitely how we support uh support this industry and support defy and so far david it looks like they've pulled together nfts have raised close to 500 eath yes that number is actually old they've raised like 580 eth i believe um fantastic yeah um so they said the goal is to raise about 1.5 million dollars of eth and it looks like they're doing that so uh oh no

they still got a lot a lot more to go they have raised 515 each at 937 dollars uh 37 000 they're looking for forty thousand dollars so they have like almost five hundred thousand dollars left to go so we still need help we still need to highlight you're you're thinking that eath is still gonna be below two thousand so i'm calculating that it's gonna be three thousand i'm not and you just you just make the difference that's all we have to do we've already raised it guys all right uh kanye west getting into nft is at least he's filing trademarks for nfts you know and i think this is kind of interesting because the last i heard from kanye west and nfts he was actually like pretty cold on it

i think he put out a instagram message just like a handwritten message saying something knocking nfts my focus is on building real world products in the real world um and about nfts he said ask me later so he's previously been pretty cold on nfts although he deleted this instagram post and now it looks like earlier this morning click on that link yeah it's deleted oh yeah he did delete that that's weird yeah he deleted it so a little cold on nfts saying hey no i'm gonna focus easy stuff on the real world but now filing a whole bunch of uh trademarks it looks like not only that but he also bought yeezus.eth ryan he bought yeezus.eth for four eth uh wow so that's

that's it yeah right well four years i mean that's a that's a lot of eat dude i mean but it's easy stop eat i mean what's it worth to kanye it's got to be worth more than four thief to this guy well yeah but the guy who oh excuse me five five eth uh i mean the seller probably didn't know he was selling it to kanye west actually it's undetermined as to whether this is kanye west uh oh yeah okay yeah we actually actually don't know that so jesus.eth got purchased for five eth um okay we don't know we don't know whether kanye west has it or not uh maybe he doesn't when zachary das uh makes a funny funny tweet uh retweeting this news he goes web theresa look man i think nfts are just prime for somebody like uh kanye west which is

very much all about like kind of the brand and so i fully expect kanye to enter the the metaverse as with all of the other luxury brands uh out there so uh only a matter of time so david update me on this there's a lot of talk these days about liquid staking derivatives lsd i guess and this is coming from some concern some fear that lido actually has a large distribution of all of youth steak it's over 30 i believe at this point in time and so this is danny ryan writing an entire post on why liquid staking derivatives cannot safely exceed consensus thresholds what is the discussion going on in uh in the ethereum sphere about this yeah basically if a staking

derivative token which we assume all future states eats will likely be a part of a steak to eat derivative token that's slido's staked eath that's with lockapool's r eth and all the future ones that are coming uh if there is just too much centralization inside of one single token and the way that that can emerge is like instead of you maybe you have dollars and you go but you want to have upside to staked eath instead of to buying those dollars to buy ease to go steak that eats you can just go to uniswap and buy our ethon uniswap or steak teeth on uniswap uh and and you're probably gonna buy the most liquid one because that's what you want the one with the most integrations in ave you want to like have financialization around your stick teeth and so you just buy the most liquid one

and that has like uh positive power yeah positive feedback loops like it can just like uh the mev if the more and more stake you have the more more mev you can get and so the yields will be higher on the one with the monopoly uh and so danny ryan wrote writes his post risks of lsd liquid staking derivatives uh and he just makes the claim that if a liquid staking derivative protocol exceeds critical consensus thresholds which are at one-third one-half and two-thirds uh each cr crossing each threshold enables powers to that organization be it lido or rocket pool or whichever organization gets too successful it kind of gives them control over ethereum and so he makes a post uh uh illustrating all the risks here and

and basically we cannot allow any liquid staking derivative token to get larger than one third and light of right now is at like 32 percent uh i did an episode with uh superfiz uh from the rocketpool slash r e finance community that's coming out on tuesday if you want to hear more about this uh i'm not necessarily worried in the long term there's yet to be a problem that ethereum the ethereum community hasn't solved although it does need direct attention so i wrote a tweet right before we did this lots of clamoring about lido state teeth dominance lately staking as a service apps are there's a few staking as the service apps come that are yet to come to market swell network obel alluvial which got uh announced that permissionless plus rocket pool i think is about to see a lot of inbound eth still very early in the competition

landscape forsaking derivatives however we do need to ensure that the monopoly of staked ethereal tokens dude it does not emerge yeah i i agree with that i think there's a lot of more competitors that are about to enter the game for sure also like once withdrawals uh happen that'll totally describe it as like shake up the snow globe and things will will settle down after that um i do think the answer to lido having too much stake is actually for competitors to emerge right and um also i think there's some interesting answers in the form of things like obel network that allow some you know the sharing of staked private keys and can add some additional resilience and additional decentralization a bit

like earlier in the stack more like closer to the client level closer to the protocol level and that cryptography has not yet emerged but i think david will probably be doing some stuff with obel in the future where we talk about this technology called shared secret validator technology ssv which is super important and yet to really emerge i think it'll it'll help some of this so it's still very early there's lots of clamoring i am concerned about it but i'm not uh i'm not the stage where i think this is a long-term existential risk uh i do think as a community technologies the cryptography that's going to emerge and uh like we'll have to just let these things settle before we uh hit the panic button too hard on this yeah i

definitely agree there's uh the ethereum auto or the ethereum immune system is definitely showing up to like tackle this problem head on uh ssv also i think it's been rebranded as dvt distributed validator technology um uh it's definitely very very promising to help democratize some of the monopoly power that a monopoly staked each derivative token might um might have anyways moving on to the fight over the apes uh so we have two competing blockchains submitting proposals to the apecoin dow uh to have the uh have a the ape ecosystem be on-boarded to a particular blockchain board apes you're talking about the board apes yeah so the other side mint of the the virtual land clogged ethereum they also had a very

unoptimized like nft contract a bunch of failed transactions uh so on the heels of that uh avalanche comes to the apecoin dow and submits their proposal for the other side metaverse to become an avalanche subnet and so uh they make the proposal uh do all their incentives here's like all the things that we can give you uh an avalanche subnet is kind of like an avalanche side chain as i understand it yeah yeah the avalanche ecosystem says these are competitors to layer twos but that triggers the ethereum community because like they're just fundamentally different constructions with weaker split security uh and so like where ethereum layer two's share ethereum security avalanche subnet split avalanche security uh and for the

security maximalist and decentralization maximus out there we don't really like that um and so but avalanche anyways they come and say hey uh make your ape ecosystem your aped out an avalanche subnet uh and so that's one blockchain competing for for uh the ape ecosystem and the other is immutable mutablex has also submitted a proposal to apecoin's dow trusted layer two scaling partner uh and so we got two blockchains fighting for the apecoin uh and there the links in the show notes are going to the uh will be in the forum posts uh so if you want to see this firsthand about the reactions to to this you can go into the comments and scroll down uh the the brief time i i scrolled down and then read the comments the immutable proposals were very very overwhelmingly positive uh and then the avalanche were

extremely conflict constricted and controversial kind of what you would expect if you're a decentralization maxie so this i like what i see uh because again immutable it's a dk roll up on top of ethereum doesn't compromise on security uh avalanche kind of kind of compromise on security ecosystem uh that's why i've kind of risked that cool too is like ethereum has never done marketing well or like business development very well like you can't it's a protocol like how does tcpip do marketing or business development right and ethereum is much more in the vein of tcp versus like a company uh it's something that alternative layer ones have done very well like they do good outreach good partnerships good business development uh and so that's that's why you're seeing avalanche in

these governance forms like fighting for market share but it's funny because layer twos do not have that restriction so many of these layer twos are becoming ethereum's marketing and business development arm and onboarding arm essentially so it is back to something we were saying that people uh didn't believe so much last year is that many of the alternative layer ones are going to find themselves not competing with ethereum directly they're going to find themselves competing with layer twos and here's an example of that uh avalanche and um and immutable competing for the board apes in these governance form posts and uh you can see in the forum post like avalanche has like hey we have this 290 million dollar incentive program uh immutables like yeah we raised 200

million dollars we also have our incentive program and so like you know this is the ethereum application layer fighting for the best interest of the ethereum protocol uh which i think is just fantastic hal press uh he tweets out both avax and avalanche and immutable have made proposals to move apecoin to their chain community response could not have been more different this is the comments i was talking about strongly against the avalanche and pro the ethereum layer 2 interesting that users would rather have assets backed on ethereum layer 2 than an alt evm chain again if you are curious to see the response for yourself you can go to the link in the show notes and review the comments we got more david what do we have more more alt layer one things uh this is the twitter the

twitter account solana status block production on the solana mainnet beta has halted validator operations should prepare for a restart in mv validators on discord so solana down once again closed for business hours uh take from frogmonk monkey goes validators check discord is the most janky ass web 3 i've read all day what happens when discord goes down to law uh and so yeah it's consensus by discord channel not the best version of consensus uh and so i tweeted this out it was like if people are starting to make memes about solana being down it's starting to get pretty bad and so they're here's the solana is down starter pack solana made net beta intermittent issues validators please come to the discord it was a

simple software bug that in no way reflects badly on our design choices not down blocks just delayed indefinitely engineers are investigating update your nodes now nakamoto coefficient if you're not following uh the solana leaders on crypto twitter uh you might not get some of these jokes um but yeah memes memes about solana being down or is not exactly what you want to see yeah and look i think that there's uh there's some necessary accountability i mean they solana is saying it's a layer one it's also saying it's in beta but it's like a multi like many billions of dollar beta right that's a lot of applications depending on it and uh like the one thing that layer one chains are supposed to do is stay up maintain censorship resistance and maintain

uptime and if it's not doing thing these things then i do think the crypto community is right to sort of call it out and raise attention raise awareness i mean a lot of people didn't do that with the terra ecosystem and kind of look what happened right it really costs the space over the long run so we're going to continue to talk about these things because we think they're important but david another thing we're going to continue to talk about every single week is drop a job we want you to get a job in crypto absolutely there's companies that are hiring even at a faster clip there has been no uh decrease in the amount of jobs on our job boards i'm going to read a few out to you a tech lead at swell network david that's staking as a

service company that's what i thought a techno concept network uh solidity developer at unlocked senior product designer streams a business development lead goldfinch marketing manager wanderverse some of these positions were non-technical already david and associate business operations chain link labs a developer evangelist at argent there's so many more go sign up to receive these jobs in your inbox the bankless.pallet.com jobs also if you haven't done this do this go submit your resume make these projects come to you for the talent we have a talent collective where you can go do that a lot of energy in the bankless talent community these days david i think there was like a twitter spaces earlier this week about this yeah

do you know how many people went to so the talent collective team at bankless uh joni and michael hosted a twitter space to that with some other companies in the space all about just like kind of a job workshop like how to get a job in web 3 how to stand these are like employees part of the channel yeah that's part of the twitter spaces and so you know you know how many people came up to that twitter space ryan like how many people showed up how many tell me 1500 showed up on my twitter space i you not dude like 1500 people so there are 1500 people who showed up for basically what is like a virtual career day a twitter job fair a twitter job fair yeah uh and so again the job market is hot like that tech lead out as swell

network a hundred to two hundred thousand dollars a year that's a nice paycheck uh and so like yeah i know gemini is laying off people but like again the newer people the newer projects are hiring and they're hiring bigly absolutely so make sure uh you get in on this if you're interested in working in web 3 and why wouldn't you be david a few releases we got to cover number one did you see this the bankless dow good old bankless dow they just released the global tax guide all right i love that they did this this is that enthusiasm in russia i'm so excited man is this the most why didn't we lead with this in the roll-up i'm sure of the week right ahead of the optimism yeah forget about the airdrop all right the global

tax guide from bankless dow is here this is the most up-to-date information from the us the uk portugal spain australia poland russia brazil germany a whole bunch of other jurisdictions so it's international again something that bankless hq could have never written did you see this you know how to get this guide yeah you meant it that you spoke to mft dude he's kicking ass right now look at this man yeah of course they also have some art to go with it irs filings that like scribbled uh over and i'm gonna make this bigger and actually see this you're gonna have to cut the features out some of these are hilarious uh anyway go check out the um the global tax guide if you are um i don't know thinking about taxes

actually if you're thinking about taxes you might not need to mint the tax credit if you are not thinking about taxes you might need to go miss so true that's so true you probably need this or at least get your cpa on this or something a present for your cpa another um man every single week we've had more wallets to announce and this is a wallet from zurion xeron of course is a fantastic aggregator it's kind of like a mission control center for all of your d5 wallets and they've just released a mobile wallet i don't know all the details but i think this thing is the details ryan it's it's non-custodial right so that's good so it's still bankless um but what else does this puppy do oh god the here here it goes i'm going to run through this smart

trade routing through every major decentralized exchange multi-chain support for 10 networks including solana when it's up polygon avalanche arbitrary smart chain optimism gnosis chain others dap compatibility with wallet connect you'll love to see it sign transactions on any web 3 app with your phone fiat on ramps we love fiat on-ramps multi-seed phrase management so you can have multiple seed phrases and so we also love that and also xerion dna which is an nft and generated nft that evolves with you as you use web3 i'm so i'm getting something like um uh tamagotchi pet or something a tummy nft that like grows up with you as you're as you're definitely as you do like gen activity across your wallets it kind of adapts and molds to

you and of course that like ryan said they're getting non-custodial aka bankless do you think we can just like stop getting people to use the word non-custody and start using the word bank list do you think we'll be uh yeah we released a bankless wallet that'd be amazing i think you guys should do this around the other thing is this is all mobile first which is fantastic because we need some more mobile wallets uh rather than just uh browser extensions here's a um another release this week is volts protocol what are these guys doing yeah volts protocol interest rate swap mechanism which is apparently uh like a bajillion dollar total addressable market uh bajillions of bajillions yeah and we're not joking 300 national numbers 372 trillion dollars uh in the

in the world is uh interest rate swaps uh because this has to do with bond markets right bond market yields uh and then people can like control and hedge their interest rates blah blah blah anyways uh volts protocol live on main net alpha launch uh a cap of one million dollars per pool uh so it might actually already be fold but full but they uh trade you can trade rates with leverage so you can trade interest rate deviations with leverage and earn market neutral yield and also build the future of finance they tweet uh and so the this is also the the dow that lobbied uniswap governance to allow them to use unit swap v3 the unison v3 license unit v3 license is controlled by the unit swap dial for like three years

or something so volts gave the uniswap dao something like one percent of tokens to be able to use unisoft v3 code inside the of the dial so pretty cool this kind of stuff is going to be great for something we talked about last week which was like the determining what the um uh eat staking yield curve is going to be in the future right i mean that that's why that's why interest rate swaps are such a large market in the traditional space like 370 trillion dollars just the most massive derivatives market in existence and now as we've said so many times david we are speed running the history of finance now i don't know where the 1950s 1960s at least getting these uh interest rate swap derivative markets up and going on d5 i think this is going to be an

absolutely massive sector and it's just getting started this is the part of the story is the financialization of ether the asset and all the other yield on ethereum but like the one that we really like is ether the asset so that is becoming more and more financialized volts protocol is doing it uh i'm talking with simon founder of votes protocol to come on an alpha leak episode uh so we can explain this thing in depth because this is like beyond my brain for comprehension um so that episode will come out sometime soon uh defy saver as well they've just announced they are live on arbitrary and optimism so they are alive on both the optimistic rollups if you haven't used d5 saver it's just a way not to get liquidated it's kind of like it wraps up your your loan whether it's an ave loan

or whether it's a maker loan and it makes sure that you don't get uh liquidated and uh you know the d5 saver team was really key do you remember in march 2020 and all of those cdps and eth dropped to like 80 dollars so many people are getting uh liquidated uh defy savers saved countless uh millions of dollars countless liquidations from many of its community and they've just been continuing to build so i really love what this team is doing it's a really useful product if you haven't checked it out go to d5 saver and see what they're up to or just with those new optimism token tokens and the new exploration area doing on layer twos you can go see it on optimism and arbitrary as well uh david what else we got man we got

protocol fees from immutable uh so protocol fees are live of course every single blockchain needs to charge fees if they don't something is up uh so as uh immutable has announced that their protocol fees are live this is and they tweet out this is the final step before launching imx staking and we will allow the next generation of web three games to reach planet scale with cheap reliable and incentive aligned pricing link in the show notes but if you're into the whole immutable ecosystem the imx staking is what you're excited about and so with protocol fees when you actually stake your imx you actually get the fees that is the idea there that's awesome uh on the regulatory front there's some things happening so uh senator

cynthia lummus she has just released a full draft a very early preliminary draft of a landmark crypto bill and of course she in in the past has been she's a senator who's been very crypto friendly so it's good uh that this is coming from her uh an early draft was was sort of leaked and uh the block did a report on that and you can you can look at the 70 page draft if you want uh lummus has read after this yeah like but lummus has said it's it's not the full draft right it's just something preliminary it's changing a lot and so the real announcement is going to come on on june 7th so it's coming right up but i think one of the things that it i hope it does and it seems like it's going to do i've not read all 70 pages

david is uh add some clarity as to where the cftc starts and stops and what jurisdiction the sec has and that's really what we have wanted from our legislators all along in the us and other jurisdictions is just give us some clarity okay like uh we don't actually know what the laws in uh in in the country are pertaining to crypto whether it's tax clarity or whether it's you know commodities and securities clarity that's what we're looking for so hopefully this injects some of that and hopefully it's not uh something that would squelch but it's something that would uh foster innovation in in the us if if this sort of thing passes so tbd wait for the seventh wait until after until this

gains uh some more steam and then of course it has to actually get through the senate which is maybe probably the hard part in the senate in the house before it actually becomes the law and you know biden's signature and all of these things so we're a long ways out but uh something is happening yeah we are fighting the fight uh and so thank you cynthia allen for for making sure that fight gets fought in capitol hill all right one big raise of the week and it is indeed a big one binance labs closes 500 million dollar fund to focus on web3 and blockchain adoption pretty run-of-the-mill headline 500 million dollars that is a large number so binance lapse funding more shenanigans i'd love to see it cool guys there's a lot more we want to cover first of all questions from the nation our new favorite segment that we end

with there's at least two questions that we've heard from the bankless community that david and i will attempt to answer and then some hot takes from crypto twitter as usual including this take no one actually understands the ethereum merge i kind of agree with that but we'll dig into all of that when we get back before we do we want to thank the sponsors that made this episode possible maker dow is the og d5 protocol the maker dao produces dye the industry's most battle tested and resilient stable coin using maker you don't need to sell your collateral if you need liquidity instead you can spin up a maker vault and use your collateral to mint die directly with maker the power to mint new money is in your hands the maker protocol is extremely hardened and operated by one of the most experienced

dows in existence they've been here since the beginning they've seen it all and so you can mint die with the assurance that your collateral is safe soon maker will be present on all chains and l2s so minting dye can take place on oasis.app xerion zapper or any other d5 protocol that you use follow maker on twitter at maker dow and learn from the oldest and most resilient down existence [Music] the brave browser is the user first browser for the web3 internet with over 50 million monthly active users control your digital footprint with built-in privacy and ad blocking inside the brave browser you'll find the brave wallet the first secure crypto wallet built natively inside of a web 3 crypto browser web 3 is freedom from big tech and wall street more control and better privacy but there's a weak point in web

3 your crypto wallet the brave wall is different brave wall is built natively inside the brave browser no extension required which gives the brave wallet an extra level of security versus other wallets with the brave wallet you can buy store send and swap your crypto assets and you can even manage your nfts and connect to other wallets and defy apps all from the security of the best privacy browser on the market whether you're new to crypto or a seasoned pro it's time to switch to the brave wallet download brave brave dot com bank list and click the wallet icon to get started and we're back questions of the week if you want to get your question into the questions of the week every wednesday a tweet goes out to bank lists asking do you want to get your question of the week into the

question of the week so that is what you respond to we prioritize questions with the most likes also the slightly ones that are also the most interesting so this is that segment questions from the nation frogmonkey asks well and eventually uh l2 l3 world reduced demand for mainnet block space what does this mean for demand for eth and supply and also eip155 uh and so i've uh answered this question in the form of another tweet that i found uh and this actually came out of uh the bitcoin block size debate in 2016. and so this is a tweet of like i think texas highways or maybe china or something and there is like it is like a 20 lane highway going in both directions there's lanes on lanes on lanes and they are all congested and the idea the

concept here is something called induced demand where if you increase the size of lanes you will increase the just the usage of those lanes so you don't actually scale anything you're not solving traffic by making more lanes you're just making more usage of those lanes so people just like have will drive more cars and so this concept of induced demand was at the very center of the block size debates of bitcoin in 2016. before bitcoin uh the bitcoin block size wars uh forked bitcoin into bitcoin with small block sizes aka small lanes and bitcoin cash with big block sizes aka many many many lanes uh we all know what happened to the uh bitcoin cash uh versus bitcoin it was like been down only ever since uh and so this is also

at the heart of ethereum scaling strategy rather than a scaling ethereum at the layer one we're going to make instead of more lanes more highways more highways going in different directions to route demand demand elsewhere around the layer one so instead of inducing more to more demand at the layer one we just create layer twos which keeps the layer one safe and secure and so frog to answer your question what does uh ethereum like burning rate do in a layer two layer three world and demand for eath i expect and especially as we're talking about earlier as layer twos become bigger and bigger bigger they're actually going to like bully people out of the layer one because they're going to price them out of the layer one so it's they it's the

layer twos that are going to be these big massive buses these convoys of buses on the very very low lane highway of the ethereum layer one but it's going to be transporting a lot of people because it's like buses or trains rather than individual cars and so in the adoption of layer twos it's going to in the same way that we saw immutable x fighting for like the border heap ecosystem uh like all these layer twos will create demand that ethereum out layer one will never have been able to do like highways going into new cities that ethereum layer one wouldn't have been able to build and attract more demand and so i see layer 2 layer 3s as ethereum increasing its surface area for the ultimate demand of that very small constrained block space at the layer 1.

and so it is they are not parasitic they actually are net generative because they enable new economic activity new places to go uh for the ethereum layer one via routing two layer twos and layer threes anything you wanna add to that ryan yeah i would just say um we're never gonna have enough block space is the thing in the same way we're net you know your computer will never have enough storage enough memory enough processing power because as soon as you get more storage more memory more processing power uh you will have applications that start to consume more of those things chrome it's very much like yeah like chrome like chrome tabs i got a new laptop and all it means is you know so i could have more chrome tabs uh and uh all it means is like the

apps on my laptop in the future are going to like continue to consume more system resources very similar to bandwidth too right think of layer 2s as like adding bandwidth to a trustless transaction space trustless block space that's really what we're doing and will the world ever have enough bandwidth no because we'll just create more apps users use more bandwidth and we'll continue to use it all i think that's similar to what's going on here uh all right here's the next question david what do you think is one of the most useful use cases of ethereum that we we have not deep yet deeply discovered but that will be very big in the next 10 years so most useful use case of ethereum not discovered that will be very big within 10 years

what do you think david yeah the funny thing is while we were prepping this agenda ryan and i came up with our answers and independently and they were the same answer which is how you know that we're on to something uh identity verifiable credentials uh off-chain identity decentralized identity how do we get like this is like non-financial use cases of ethereum how do we get like a self-sovereign identity system built into our crypto systems that can attest to who we are and what we do as humans in ways that is also private and secure uh tomorrow i'm actually recording with vitalik buterin and evan mcmullin uh because we have a debate on our hands and this is actually right the first time i've actually disagreed with vitalik about something and i actually feel like i have the evidence to back it

up we're going to see how well i do i don't know how that's going to go for you i'm not the one debating however and i actually i also don't know if this is going to be a debate we are literally going to just figure out what you do with a soul-bound nft versus an off-chain verifiable credential uh and so uh the the and to answer the question identity and decentralized verifiable credentials rather than just like harvard giving you your uh your credential of you graduated as a piece of paper we can have like a vitalik says a soul-bound nft or evan mcmullis evan mcmullen says an off-chain verifiable credential how this emerges uh is tbd but there's consensus on this is the next big thing in ethereum is

decentralized identity credible attestations as to who you are kind of like your degen score um just like yeah you have done the things and therefore you have this like a dj score is like a new web 3 version of like a credit score right like you did all the dijon stuff on ethereum like people have hired other people like funds have hired people based on their dgen score because it's an attestation of their experiences and who they are and like how how well-informed they are uh and so like bankless dow is issuing a credentialize and you have been an active governance voter um like compound saying you've kept your ethan here for like over two years here's that credential like we can have a more illustrative like expression of our identity uh with these types of

credentials that can unlock use cases that we can't even dream of at the moment yeah i think like if you if you zoom out and think about what uh crypto does is it these are just basically trust computers trust machines right and so what sort of applications require trust well number one we uh did the money thing that's super important right money requires um you know some some level of decentralization a trust computer in order to create on the internet so we've done that we've also done banking and kind of finance we've also done you know property the next major thing that requires a trust machine a trust computer is identity and that's the thing that we have yet to solve has not been a breakout use case at all for

crypto yet but we're starting to see that germinate and that is going to be massively impactful probably as as the poster ass a very big thing within the next uh 10 years that is not yet deeply discovered if you know i put i definitely put a lot of money on identity being a breakout transformational use case i don't know where the investment opportunities are in that by the way i think they're going to emerge but as far as like transformational application that blockchain is is uniquely positioned to give us um that's like a thing that is going to be absolutely huge and if you think about it it's like where do we get our identity today is passports the nation state issues right we are giving it to

you by the government to us exactly they tell us what our identity is exactly so we have to change that and this is going to be very important for our digital freedom going into uh as we continue in the 21st century all right man i will say that uh there are going to be like d5 yield farming for example was a blowout use case in 2020 no one saw that coming so in addition to our identity there's gonna be like 17 other massive use cases that no one's going to see coming to we just don't know what those are yeah exactly uh tbd um all right let's get to some takes for the week this is a take from foodbart fubar you want to read this yeah fubar says quote the merge is already priced in the market must be discounting execution risk and then he more

seriously follows up with my friend the market doesn't even know the difference between robsten which is an ethereum test net and mainnet uh and so that got that got a bunch of likes uh this is after this market meditations twitter account goes breaking ethereum emerge scheduled for june 8th no that's the robson test net merge market meditations i subscribe to that what are they doing mark bailey follows up and says laughed at this for a solid minute at the tweet and kept going but holy crap you're actually right this bear market is going to be a lot of fun yeah the degree that people don't know what the actual true details of the merge are are is like like i hope i hope bakeless listeners know uh because like we've been hounding it for a very long time now people that listen to anything zono in the daily

grade they definitely know beyond that ryan i'm not yet convinced that many people know and understand what the magnitude of the merge actually i agree well it's it's bullish if uh you're front running the opportunity aren't you not in the chassis you won't get arrested in a way where you're not gonna get arrested this is what investors should be doing is front running this informational arbitrage that they have uh by educating themselves david here's a tweet from kevin o'walkie i feel like he's laying out a uh new mental model for us this is the dow human actor trilemma uh and what we're seeing is of course a like one of these famous triangles with a trilemic here and i want you to explain this uh to to us but you have to choose

two of three either shared action shared context or shared consent so all of these things are shared but i can either choose shared action shared context or shared consent and i only get to pick two of these three what is he talking about right he's talking about doubts and their difficulty of scale and this is really the big dow problem uh kevin owaki big dow thinker kind of knows what he's talking about definitely from experience as well and so if you have shared consent as in everyone in the community agrees uh that this is the right thing to do you also have shared context as to why you are doing it you are likely going to be missing shared action which is going to be what he calls legitimate inaction as

in the choices are that are that are being made are legitimate but the direction that they're going in are illegitimate as in like we got that wrong and then you can combine shared action as in like all that all the dao is working towards a shared goal and also shared context as the reasoning why we are working towards that goal so if you have those things you have illegitimate action because you forgot to have shared consent as in people made choices without the rest of the dao uh so then the risks for that are like what he calls consent that as in some parts of the dow don't feel heard people will fork off the dow and make their own dao then you can combine shared consent with shared action uh and so everyone in the dow agrees everyone uh in the dow agrees where to go but they are missing shared

context and so you have misdirected action as in the dao is agrees that they need to go somewhere but they forgot to figure out the right direction to go towards so share and he goes uh shared context takes time full context harder and complex systems and so this is like the trilemma of taos it's like it's really hard to get all three it's not impossible but uh getting all of these uh is very very difficult yeah this is this seems like a problem because we either get misdirected action which is kind of bad in our decision making or we get legitimate in action which is bad because you're not actually doing anything or you get illegitimate action which is bad because a whole bunch of the community doesn't actually agree yeah you are doing something but people forgot to agree on it okay well i uh you

always hate presenting a problem without a solution does this thing have a solution right now uh i think the solution is to follow kevin o'walkie on twitter and wait for him to figure it out we're experimenting with dallas right uh we're trying to figure out how to solve the trilemmas as we're solving other trilemmas in in crypto but i bet you solve it with technology yeah well i don't know i mean can you solve governance with technology kind of yeah yeah you can share information better with with uh technology yeah these are this is like the crypto way it's like if we have a problem we'll just write code until we fix it i um i do think you know that the point that we made on the mark and jason kristicson podcast of like crypto's speed running not only finance but it's also speed running human

governance right totally i think uh some of the things i've been doing is like looking back in history with like um you know that book that book recommendation list that mark andreessen recommended i've been starting to go through that and like one of one of the books on his list is um a conflict of visions and like it goes through the history of like uh all of these great philosophers and political thinkers in the past like uh the god winds of the world and and the hobbs and the rousseau's and i've been probably underexposed to many of these thinkers but it's so striking to hear them articulate like they're contemplating the best structure for a free nation state right and at the very early stages of the nation

state now here we are at the very early stages of of the crypto digital nation and wrestling with many of these same problems only with a slightly different context so sometimes it's it's helpful to actually go backward in time and uh you know hear the original forum post listen to the original forum posts and arguments of the philosophies because yeah there can be some answers there as well and i wonder if we might find some yeah uh we've all we've been here before humanity has done this before totally all right last tweet of the week uh anthony suzanna goes ethereum evm evm evm evm evm and he is tweeting out the daily transaction fees uh on date one of david mihal's crypto fee site and it goes ethereum actually ethereum binance

marching optimism arbitrary one avalanche polygon which correlates to actually ethereum then evm chain evm chain it's all edm even so it's all evms all the way down uh so i i know people might call me an ethereum maxie but if you're gonna do that get it right and call me an evm maxie because that's that's the actual epicenter of the crypto world oh really you're an evm maxie yeah is that where you are either neither your decentralization max yeah that's me what are you on dave same same i am bullish well first off i'm very very very bullish from brooklyn because i'm going there i'm in this space between apartments hence why there's a space background uh this week but this summer i go i go out to brooklyn uh but overall what i'm bullish on is just like the sheer amount of surface area that is

coming onto ethereum we got the optimism layer two plus its token now so like now it's real uh we have like uh connects and hop bridging between arbitrarium and optimism and all the other layer twos we have uh the zk rollups of immutable which have as a layer two but then there's layer threes on top of that and so like gamestop is getting built on like a layer three on a mutable uh and so all these things are gonna create an insane amount of surface area which is perfect for what we need in a bit in a build market which is surface area to build on uh and kind of like we were talking about like avalanche versus uh immutable just surface area is on boarding area surface area so there's and so like also at the same time we have so many protocols going live we had

volts go live this week we have like all these other applications go live this week uh the amount of things that are going live over the next like 12 months it's absolutely insane uh and i know these because i'm talking to some of these founders uh and so like the the reason why i'm bullish on what i'm bowling are you saying it's the build market again it's the best build market but no like the beautiful thing about like all these protocols going live is like we have to talk about oh yeah so i'm bullish on like bankless podcasts because there's so much left to talk about over the next year i i kind of i weren't we always talking about like hey when the next bull market bear market comes we'll go take a vacation i don't think that's going to be possible because it's not like a bear market

where it's quiet like you know in 2018 where people are just debating back and forth and there's some buildings like there's so much to talk about because so much it's getting built uh it's really uh yeah it's different this time this time it's different this is different there's a tweet that did make it into the takes i think it was from vance spencer where like you're not supposed to count your net worth from like so like my net worth from the peak of the 2017 bubble to the peak of the 2022 bubble uh was one number but he's he tweeted out the the actual thing that you should count is like your net worth from the bottom of the bear market to the bottom of this bear market oh cool yeah right like interesting interesting perception right and when my net worth hit zero so i'm up an infinity amount of

percentages since the 2017 anyway some perspective there uh but yeah like this bear market different this time i think that's a good take definitely yeah ryan what do you bullish on uh i gotta say optimism what a fantastic airdrop right it's like the second largest in history in terms of like almost the first largest in history potentially first largest yeah potentially and this does something that uniswab didn't do which is it incensed the migration to layer two which means it's incenting more building and sending more um you know public goods incenting less congestion on ethereum mainnet it's like actually solving the scalability problem that um that we've all wanted solved for a long time and it's like and

it's here and it's working and man i've been just been using like optimism and you know arbitrary 2 and other other layer 2s and they just work really well it's just like i'm blown away by how well all of this stuff works at this point in time and again back to the this time it's different last time during the bee market all we had were vague promises of scalability okay like there's this thing called state channels and the radio network and like plasma and like loom and all of the and then sharding might be on the horizon but uh it was so distant it was it was a lot of vapor to be honest this time we actually have it so i'm excited about that david and i'm excited about airdrop opportunities because i would far rather

communities start to give away this land right now uh during the bear market when it's a bunch of settlers not a bunch of liquidity uh locusts that are jumping from chain to chain like when it's relatively quiet and when the the true community has stuck behind to actually um start building on these things and settling on these layer twos so i'm actually glad that all of these airdrops are happening now because it's happening to i guess i would say the true community and not the uh you know the the speculators and uh and and the traders of the world so uh optimism is here air drops are here uh layer two summer even though it's happening during a bear market it's

better than that still summer time that's what i'm excited about yeah it's still summer time that's right that's right so that's it man you want to hop to the meme of the week meme of the week let's do it all right what are we looking at here this is uh your meme i thought this was hilarious but maybe for different reasons than you did yeah this is like a cnbc poll like on twitter and it goes uh is inflation infecting your family so americans were pulled uh and 100 yeah is inflation affecting your family and 122 percent of americans said no and 195 percent of americans said yes i thought this is on cnbc i mean no this is i'm pretty sure this is photoshop i'm pretty sure this is edited

okay so this wasn't actually didn't actually happen all right the reason i think this is so funny is because it's just like hasn't the world gotten so asinine where you like look at this and you can actually like this could be a poll that somebody runs i don't know the 2012 oh yes this was like oh like you actually didn't realize it was fake because the 2020s are just surreal i don't know or it could be fake like the the question of the 2020s is like whether it's fake or not does it matter does it even matter it's like this there's just such an absurdist undertone to the like the 2020s and all of our existing uh you know structures and institutions are kind of eroding and becoming untrustworthy uh so this question almost like they answer this question almost makes sense maybe i'm over analyzing the meme david

but like that's that's the way it hit me yeah yeah um no that that that's right that's right that's all we got man hey next time are you gonna be in your new place when you do this roll up uh maybe i need to figure out uh i won't have a desk there yet uh but uh i could go buy a desk and then put it there so tbd dvd if there's a nice big brick background oh so if you don't have a desk though you'd like do it in a studio somewhere did you find it uh yeah yeah i'm i'm subletting a friend's room uh so i've been uploading an apartment and so because that's where our bed is still don't have a bed but like i still have my apartment so i'm gonna put my in the apartment and we'll go from there so

tbd all right so next week guys the first roll up uh david broadcast from new york city from brooklyn uh that'll be hitting you next week of course as always guys none of this has been financial advice eath is risky crypto is risky you could definitely 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 hey we hope you enjoyed the video if you did head over to bankless hq right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence we recommend joining our daily newsletter podcast and community as a bankless premium subscriber to get the most out of your bankless experience you'll get access to

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